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HomeMy WebLinkAboutItem #06 Approval of Bluford Avenue Drainage Project Property Acquisition14 lake I Y %/�
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AGENDA ITEM COVER SHEET
Meeting Date: November 19, 2013
Item #
Reviewed By.
Contact Name: Stephen C. Krug Department Director:
Contact Number: 6002 City Manager: y � � ,
Subject: Bluford Avenue Drainage Project Property Acquisition. Commissioner Johnson,
District 3.
Background Summary:
The City has completed the design and permitting for the Bluford Avenue stormwater project extending
from Columbus Street to 7 Street which will alleviate roadway flooding in this area. The project
requires a small portion of additional right of way be acquired from five (5) parcels on the east side of
Bluford Ave. between Orlando Ave. and 7 Street. These acquisitions incorporate a strip of land
approximately thirteen feet wide, corner clips at intersections and temporary construction easements to
)lend the roadway improvements with the remaining property. The appraisal reports for the acquisitions
ave been completed. Due to the small size of the acquisitions with no severance damages found to
the remainder properties, the Attorney would generally recommend proceeding with a voluntary
process, however the title work indicates we may not be very successful due to a number of issues.
These issues include a pending bankruptcy, delinquent real estate taxes that exceed the value of the
parcel sought to be acquired and mortgages which will require a release. Based on the title information,
the Attorney is recommending the City make the statutorily required pre- condemnation offer letters at
the appraised values and then proceed to eminent domain, ensuring the quickest resolution to the
acquisitions.
Public Works recommends Commission approve to expedite the right of way acquisition process on the
Bluford Avenue Stormwater project by authorizing the Attorney to make the statutorily required pre -
condemnation offer letters at the appraised values described in the attached reports and then proceed
to eminent domain. The property acquisition is adequately funded in the project budget.
Issue:
Request the City Commission approve acquisition of right of way required to construct the Bluford
Avenue Stormwater project from Columbus Street to 7 Street.
Recommendations:
Recommend approval to make the statutorily required pre- condemnation offer letters at the appraised
values totaling $33,406.00 on parcels 101, 701, 102, 702, 103, 703, 107, 704, 704A, 105 & 705, and
then proceed to eminent domain on the Bluford Avenue Stormwater project from Columbus Street to 7th
Street.
Attachments:
Doty Solik Law Memorandum, November 6, 2013, Bluford.
Appraisal — Brown property, Parcels 101 & 701.
Appraisal
— Kalsi property, Parcels 102 & 702.
Appraisal
— Ivy property, Parcels 103 & 703.
Appraisal
— Ivy property, Parcels 104, 704 & 704A.
Appraisal
— Braland property, Parcels 105 & 705.
Financial Impact:
The property acquisition is adequately funded in the Stormwater Division budget for the project.
Type of Item: (please mark with an "x')
Public Hearing
For Clerk's Dept Use:
Ordinance First Reading
Consent Agenda
Ordinance Second Reading
Public Hearing
Resolution
Regular Agenda
X Commission Approval
Discussion & Direction
Original Document/Contract Attached for Execution by City Clerk
X Original Document/Contract Held by Department for Execution
Reviewed by City Attorney 4 1
N/A
Reviewed by Finance Dept.
N/A
Reviewed by ( )
N/A
• 0
Mary Doty Solik, Esq.
121 S. Orange Ave., STE 1500
Orlando, FL 32801
MEMORANDUM
TO: Steve Krug
Richard Campanale
FROM: Mary D. Solik, Esq f 1) �
DATE: November 6, 2013
RE: City of Ocoee - Bluford Road
407 - 367 -7868
msolik @dotysoliklaw.com
fax: 407- 377 -6801
We have received the appraisal reports from Dan DeRango and the values are set forth in the
chart below. The reports are attached to this memo as well. Because these are small acquisitions
with no severance damages found to the remainder properties, a voluntary acquisition process
would generally be my recommended course of action. The title work, however, indicates that we
may not be very successful due to a number of issues.
The specific issues are as follows:
Brown property: Ms. Brown has a pending bankruptcy action which acts as an automatic stay
on any action against her property.
Ivy (duplex) property: Property is subject to a mortgage, which will require a release.
Ivy (residence) property: Delinquent real estate taxes that exceed the value of the parcel
sought to be acquired.
Braland property: Property is subject to a mortgage which will require a release.
NAME
RIGHT -OF -WAY
TEMPORARY
TOTAL
CONSTRUCTION
EAS EMENT
. .
t, 310
Karen 131 - Own
Parcels 101 &
6,208
1 , 10 ?,
! i01
Val si
15, 52.1--- -__
—__ 1 , 639
7 `7 160
Parcels )v &
7
5,73?
1,281 — --
7,014
i vy {Duplex)
Parcels 103
Ivy (Residence) (
318
425
arcels 104, 1
04, 1 10 4 A I
1,179
�I3raland
836
343
Pal.Cels 105
{ i1
t
TO
33,406
1
I recommend that we seek Commission approval to make the statutorily - required pre -
condemnation offer letters at the appraised values and then proceed to eminent domain.
Please advise how you want to handle Commission approval.
APPRAISAL OF:
PARCEL Nos. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PREPARED FOR:
CITY OF OCOEE
C/O MS. MARY DOTY SOLIK
DOTY SOLIK LAW
121 SOUTH ORANGE AVENUE, SUITE 1500
ORLANDO, FLORIDA 32801
PREPARED BY:
DERANGO, BEST & ASSOCIATES
REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS
160 1 EAST AMELIA STREEr
ORLANDO, FLORIDA 32803
(407) 895 -6650
DANIEL R. DERANGO, MAI, CCIM
CERT GEN RZ 1054
13 -184 Parce 101 & 701
DERANGO, BEST & ASSOCIATES
PROFESSIONAL REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS
160 1 EAST AMELIA STREET, ORLANDO, FLORIDA 32803
October 28, 2013
City of Ocoee
c/o Ms. Mary Doty Solik
Doty Solik Law
121 South Orange Avenue, Suite 1500
Orlando, Florida 32801
RE: Appraisal of the Brown property, Parcel Nos. 101 and 701 Bluford Avenue Project,
Ocoee, Orange County, Florida.
Dear Ms. Solik:
We have personally inspected and appraised the above referenced property and proposed
acquisition by the City of Ocoee for the Bluford Avenue Project. The purpose of our appraisal is
to estimate the market value of the property to be acquired along with any associated cost to
cure or damages which may accrue to the remainder property. The intended use of our
appraisal is to assist the City of Ocoee in negotiations with the property owner for the
acquisition. There are no other intended users or uses for our appraisal.
Our value estimates, which are documented in the attached report, are summarized as follows:
Value of Taking
101
701
Total
Use
ROW
TC E
Land Value
$2,985
$1,102
$4,087
Improvements
$3,223
$0
$3,223
Dama es to Remainder
$0
$0
$0
Cost to Cure Net
$0
$0
$0
Total Value of Acquisition
$6,208
$1,102
$7,310
Effective date of valuation October 21, 2013.
The values cited above are subject to the assumptions, limiting conditions, certification
statements and definitions presented within the attached summary report.
Sincerely,
DERANGO. BEST & ASSOCIATES
Daniel R. DeRango, MAI, CCIM
Cert Gen RZ1054
13 -184 Parcels 101 & 701
(407) 895 -6650 • FAX (407) 898 -8467 • MAIL @DERANGOBEST.coM
TABLE OF CONTENTS
CERTIFICATE OF VALUE PARCEL 101 ....................................................................... ..............................1
CERTIFICATE OF VALUE PARCEL 701 ....................................................................... ..............................3
CONDITIONS AND CONTINGENCIES .......................................................................... ..............................5
SPECIALASSUMPTIONS .............................................................................................. ..............................5
EXECUTIVESUMMARY ................................................................................................ ..............................6
PROPERTYPHOTOGRAPHS ....................................................................................... ..............................8
INTRODUCTION ............................................................................................................ .............................10
PURPOSE AND INTENDED USE OF APPRAISAL .................................................... ...............................
10
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY .................................... .............................10
REPORTTYPE .............................................................................................................. .............................11
PROPERTY INTEREST APPRAISED ........................................................................... .............................11
LEGALDESCRIPTIONS ................................................................................................ .............................11
HISTORY OF PROPERTY (LAST FIVE YEARS) .......................................................... .............................12
PROPERTY INSPECTION ............................................................................................. .............................12
PROPERTY DESCRIPTION BEFORE THE TAKING ................................................... .............................13
SITEDESCRIPTION ...................................................................................................... .............................13
LOCATION ..................................................................................................................... .............................13
SITE DESCRIPTION (PARENT TRACT) ...................................................................... .............................13
TOPOGRAPHY & DRAINAGE ....................................................................................... .............................14
ASSESSMENTS AND TAXES ....................................................................................... .............................16
ZONING, LAND USE PLANNING, CONCURRENCY ................................................... .............................17
DESCRIPTION OF IMPROVEMENTS ........................................................................ ...............................
18
HIGHESTAND BEST USE ............................................................................................ .............................19
VALUATION METHODOLOGY ..................................................................................... .............................20
LANDVALUATION ........................................................................................................ .............................20
ANALYSIS CONCLUSIONS ....................................................................................... .............................24
PROJECT DESCRIPTION ............................................................................................. .............................25
DESCRIPTION OF THE ACQUISITION ........................................................................ .............................26
PARCEL101 .................................................................................................................. .............................26
LAND WITHIN ACQUISITION ....................................................................................... .............................28
IMPROVEMENTS WITHIN ACQUISITION .................................................................... .............................28
VALUATION OF PART TAKEN .................................................................................... .............................29
SUMMARY OF VALUE OF PART TAKEN ..................................................................... .............................29
VALUE OF REMAINDER LAND AS PART OF WHOLE .............................................. .............................30
APPRAISAL OF REMAINDER ...................................................................................... .............................30
APPRAISAL PROBLEM ................................................................................................. .............................30
DESCRIPTION OF REMAINDER ................................................................................ ...............................
30
VALUATION OF REMAINDER ...................................................................................... .............................31
LANDVALUE ............................................................................................................... .............................31
COSTTO CURE ............................................................................................................
.............................31
SPECIALBENEFITS ......................................................................................................
.............................31
LAND VALUATION OF THE TCE PARCEL 701 .........................................................
............................... 31
LAND WITHIN ACQUISITION .....................................................................................
............................... 32
IMPROVEMENTS WITHIN ACQUISITION ....................................................................
.............................32
ANNUALECONOMIC RENT .........................................................................................
.............................33
DISCOUNTRATE ..........................................................................................................
.............................33
PRESENT VALUE OF MARKET RENT .......................................................................
............................... 33
SUMMARY OF VALUES ..............................................................................................
............................... 34
ADDENDUM .................................................................................................................. .............................35
NEIGHBORHOOD OVERVIEW ..................................................................................... .............................36
LAND SALE DATA SHEET ........................................................................................... .............................42
QUALIFICATIONS OF APPRAISER
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 1
CERTIFICATE OF VALUE PARCEL 101
I certify to the best of my knowledge and belief, that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased, professional
analyses, opinion, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties
involved.
4. My compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5. My analyses, opinion, or conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Practice, and
the provisions of Chapter 475, Part 11, Florida Statutes.
6. 1 have made a personal inspection of the property that is the subject of this
report and I have afforded the property owner the opportunity to accompany me
at the time of the inspection. I have also made a personal field inspection of the
comparable sales relied upon in making this appraisal. The subject and the
comparable sales relied upon in making this appraisal are represented by the
photographs contained in this appraisal.
7. Heather Lynn Haas, who is State - certified general real estate appraiser #
RZ3203, provided professional assistance including sales research, preparation
and verification of comparable sales information, general gathering of supporting
data for the appraisal and further assistance in the writing of said appraisal.
8. 1 understand that this appraisal is to be used in connection with the acquisition of
real property by the City of Ocoee.
9. This appraisal has been made in conformity with the appropriate State laws,
regulations, policies, and procedures applicable to appraisal of right -of -way
transportation purposes; and to the best of my knowledge, no portion of the
property value entered on this certificate consists of items which are non -
compensable under the established law of the State of Florida.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 2
PARCEL 101 CERTIFICATE OF VALUE (CONTINUED)
10. 1 have not revealed the findings or results of this appraisal to anyone other than
the proper officials of the City of Ocoee and I will not do so until so authorized by
city officials, or until I am required by due process of law or until I am released
from this obligation by having publicly testified as to such findings.
11. Regardless of any stated limiting conditions or assumptions, I acknowledge that
this appraisal report and all maps, data, summaries, charts, and other exhibits
collected or prepared under this agreement shall become the property of the City
of Ocoee without restriction or limitation on their use.
12. Statements supplemental to this certification required by membership or
candidacy in a professional appraisal organization are described on an
Addendum to this certificate and, by reference, are made a part hereof.
13. 1 have not performed an appraisal, or any other service, on this property in the
past three years.
Based upon my independent appraisal and the exercise of my professional judgment,
my opinion of the market value for the part taken, including net severance damages
after special benefits, if any, of the property appraised as of the 21 day of October
2013, is:
$6,208
Market value should be allocated as follows:
Land Area: 995± SF
Value of Taking
101
Land Value
$2,985
Improvements
$3,223
Damages to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
$6,208
10/28/2013
Daniel R. DeRango, MAI, CCIM Date
Cert Gen RZ1054
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 3
CERTIFICATE OF VALUE PARCEL 701
I certify to the best of my knowledge and belief, that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased, professional
analyses, opinion, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties
involved.
4. My compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5. My analyses, opinion, or conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Practice, and
the provisions of Chapter 475, Part 11, Florida Statutes.
6. 1 have made a personal inspection of the property that is the subject of this
report and I have afforded the property owner the opportunity to accompany me
at the time of the inspection. I have also made a personal field inspection of the
comparable sales relied upon in making this appraisal. The subject and the
comparable sales relied upon in making this appraisal are represented by the
photographs contained in this appraisal.
7. Heather Lynn Haas, who is State - certified general real estate appraiser #
RZ3203, provided professional assistance including sales research, preparation
and verification of comparable sales information, general gathering of supporting
data for the appraisal and further assistance in the writing of said appraisal.
8. 1 understand that this appraisal is to be used in connection with the acquisition of
real property by the City of Ocoee.
9. This appraisal has been made in conformity with the appropriate State laws,
regulations, policies, and procedures applicable to appraisal of right -of -way
transportation purposes; and to the best of my knowledge, no portion of the
property value entered on this certificate consists of items which are non -
compensable under the established law of the State of Florida.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 4
PARCEL 701 CERTIFICATE OF VALUE (CONTINUED)
10. 1 have not revealed the findings or results of this appraisal to anyone other than
the proper officials of the City of Ocoee and I will not do so until so authorized by
city officials, or until I am required by due process of law or until I am released
from this obligation by having publicly testified as to such findings.
11. Regardless of any stated limiting conditions or assumptions, I acknowledge that
this appraisal report and all maps, data, summaries, charts, and other exhibits
collected or prepared under this agreement shall become the property of the City
of Ocoee without restriction or limitation on their use.
12. Statements supplemental to this certification required by membership or
candidacy in a professional appraisal organization are described on an
Addendum to this certificate and, by reference, are made a part hereof.
13. 1 have not performed an appraisal, or any other service, on this property in the
past three years.
Based upon my independent appraisal and the exercise of my professional judgment,
my opinion of the market value for the part taken, including net severance damages
after special benefits, if any, of the property appraised as of the 21 day of October
2013, is:
$1,102
Market value should be allocated as follows:
Land Area: 1,260± SF
Value of Taking
701
Land Value
$1,102
Improvements
$0
Damages to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
r $1,102
10/28/2013
Daniel R. DeRango, MAI, CCIM Date
Cert Gen RZ1054
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL Nos. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 5
CONDITIONS AND CONTINGENCIES
SPECIAL ASSUMPTIONS
1. We have appraised the property as if free and clear of all liens and
assessments. There are delinquent taxes reported for the property. We have not
deducted delinquent tax amounts or any other existing liens from our estimate of
value.
2. The appraisers have relied upon a survey and legal description prepared by
Southeastern Surveying, as shown herein. We have relied on the estimates
provided in the survey and have used the graphics to locate potential
improvements within the taking areas. We have assumed these estimates to be
accurate for purposes of our appraisal.
3. We have relied on final roadway construction plans provided by the City of
Ocoee dated June 2013. We have also relied on the graphics within the plans to
locate potential improvements within the taking areas.
4. We have relied upon title information, as supplied by Fidelity Title Insurance
Company
5. We do not have the required expertise for 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. We assume no responsibility for the studies or analyses, which
would be required to determine the presence or absence of such substances.
We do not assume responsibility for loss as a result of the presence of such
substances. The value estimate is based on the assumption that the subject
property is not so affected.
6. The 1985 amendment to Chapter 163, Florida Statutes requires local
governments to adopt Comprehensive Land Use Plans that must include
adopted levels of service for seven types of public services and facilities: roads,
mass transit, sanitary sewer, storm water, potable water, solid waste, and
parks /recreation. Chapter 163 prohibits local governments from issuing
development permits if the development's impact would cause levels of service
to fall below the adopted levels. In other words, the availability of the public
services must be concurrent with the impact of the proposed or future develop-
ment.
7. This report is subject to a Concurrency Verification, and assumes that the
subject will not be affected by concurrency at this time.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
EXECUTIVE SUMMARY
PAGE 6
PROPERTY LOCATION: The larger property is located at the southeast corner of 7th
Street and Bluford Avenue in Ocoee, Orange County,
Florida. The street address is 452 South Bluford Avenue,
Ocoee, Florida 34761.
PARENT TRACT OVERVIEW: The larger property consists of a single family residence
developed on 0.42± acres. The parcel is rectangular in shape
and the western boundary abuts Bluford Avenue. The single
family residence was constructed in 1925 and contains
1,797± SF.
OWNER AND ADDRESS
PARENT TRACT SIZE
(BEFORE CONDITION)
According to the information provided by Orange County
public records, the current property owner is:
Karen H. Brown
452 Bluford Avenue
Ocoee, Florida 34761 -2773
0.42± Acres, 18,256± SF
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 7
ZONING (BEFORE
CONDITION):
FUTURE LAND USE
DESIGNATION
(BEFORE CONDITION):
HIGHEST AND BEST USE
(BEFORE CONDITION):
ACQUISITION OVERVIEW:
R -1AA, Single Family Dwelling, City of Ocoee
Low Density Residential
As Vacant Low density residential development
As Improved: Continued use as improved.
Parcel No.
101
701
Use
Right -of -Way
Temporary
Construction
Interest Acquired
Fee Simple
Easement Interest
Size (SF)
995
1,260
Size (AC)
0.023
0.029
COMMENTS: The acquisition area is slightly irregular in shape. The parcel
is a strip of land along the road frontage. Some minor site
improvements are within the area of the taking.
REMAINDER PARCEL SIZE
(AFTER CONDITION):
HIGHEST AND BEST USE
(AFTER CONDITION):
0.40± Acres, 17,261± SF
The Highest & Best Use of the property remains unchanged
after the acquisition.
REMAINDER CONDITION: The remainder is generally the same as before the taking.
There are no impacts to existing structure or site outside of
the taking area.
VALUE CONCLUSIONS:
Value of Taking
101
701
Total
Use
ROW
TC E
Land Value
$2,985
$1,102
$4,087
Improvements
$3,223
$0
$3,223
Damages to Remainder
$0
$0
$0
Cost to Cure Net
$0
$0
$0
Total Value of Acquisition
$6,208
$1,102
$7,310
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 8
PROPERTY PHOTOGRAPHS
VIEWS OF PROPERTY FROM NORTHWEST CORNER
VIEW OF AREA OF TAKING
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 9
VIEW SOUTH ALONG BLUFORD AVENUE (AND AREA OF TAKING)
13 -184 Parcels 101 & 701
VIEW EAST ALONG 7 STREET
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 10
INTRODUCTION
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PURPOSE AND INTENDED USE OF APPRAISAL
The purpose of this appraisal is to estimate the market value of the unencumbered fee
simple interest in the parent tract, subject to the underlying assumptions and limiting
conditions previously mentioned. We have then estimated the value of the portion of
the property to be acquired for the described project. The appraisal refers to the value
of the taking, the effect on market value of the taking, and the damages, if any, to the
remainder.
The intended use of this appraisal is for use in negotiations with the current property
owner for acquisition of a portion of land for right -of -way and a temporary construction
easement by the City of Ocoee. There are no other intended users or uses for our
appraisal.
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY
Since the area of Parcels 101 and 701 were determined to have no impact on the
remainder property, we have prepared a summary appraisal of the property to
determine land value and any improvements in the takings for the parcels to be
acquired. The only approach deemed to apply was the Sales Comparison Approach in
estimating land value. A Sales Comparison Approach was used in establishing the
value of the underlying land for the partial taking based on the taking as part of the
whole, "as if vacant ". Any ancillary improvements were estimated using Marshall
Valuation Service and other local sources.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 11
REPORT TYPE
This is a Summary 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 Summary Appraisal Report.
PROPERTY INTEREST APPRAISED
• Parent Tract: Fee Simple Interest.
• Parcel 101: Fee Simple Interest.
• Parcel 701: Easement Interest.
LEGAL DESCRIPTIONS
Parent Tract
Lot 28 less the East 88 feet and the North 30.00 feet of Lot 36, less the East 8800 feet, in Block 4, TOWN OF
OCOEE, according to the plat thereof as recorded in Plat Book A, Page 100, Public Records of Orange County,
Florida.
Source: Orange County Official Records Book 8891 Page 1246.
Parcel 101 Right -of -Way
A pert Of X0'4 and 3b, bock 4, ;own o` Jcoee per plot tie eo' receded n Plot Dock 'A',
E'a it r„ ;rr 01, f .t,t;c_ Puc:�rds „f Cr o- ecmf;' F ri , being, � t<
J �'�`� J U':' � (, a L�C.t ) 'J (
I C`I �C)VJ i-
NF ji" i:i ihP. Ni () "; ri lr6tzt CG Gf i w %F, i` �CCk �, �;; 4,i rj per plat thtr dot re< :or7 @U in Pic''
Fo ok ° A" F';,fie,a ^i; trirouy+ 10 pw 4e,cc. _as Of Flo da; thence N 89'46'2,3" F c
of 15.95 fr ct Gong the ` {;,.', 1'i ricf�t •5f woy 'drier o' 7 � ?;�t (per sitgr:), a 60.0 -D right
,,,f way c, sf .r, wn .)r; so ;d Pict t-, .. + :,cr ^r 47' 1 3'48" N o cistonce of '. 2.x)4 fee tf-,-. ice
S ,',,'_ E c d stence or 82 a' feet; t -e -ce 0 L o �jistarce ct 29.99 feet to c Gc'nt
the 5,. ,tn ti of „end,; re s( r11h"d n Qf' ; ;m F c .. ,nis Ho,-,K Ft�9 i, P(A.ie '1246,, Pij R<:c.,rc s of „ crig
rG; tnenc:e 5 8, ' , U '�.'cnc r, ;;f 8.79 feel, c,l "q rrie> Soul' i +ne of said e,r,cts to n
County, Fr n
po :nt a^ the ccst rig" o woy Sne of 5i. fc•d Ave -lie cs sf _,n said plot; tnence N 0 'Jv c
cf 121 .00 fetf t cic�rt; sc. a f o. ,Ini o` � cy L• , fo tr, Faint - i` Reg ; -ninq.
Source: Sketch and Legal prepared by Southeastern Surveying.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 12
Parcel 701 Temporary Construction Easement
A pert;cn of Lots 28 and 3 +6, Dock 4, Town o` Ocoee per plot thereo` reco -ded :n '!at Hock "A ",
Pages 1030 !t -ro .gh i Cl rms cf Grc, g ty, t or ; tgK,inS -nor (, t,o ..'c,,lor, y dc.
fc(!o'Ns :
Corrmenc.e at the Nortnvwc"S( cw-r of i o'. 28, Hl,, 4, ',,, n cf Oc:oee per Mat there,)f re.:•ordea in
Rie' Book "4. ", Pcgw; "(C tnrougt; 10?, ALL +'iC Records of C, ly, Flo'-:do; thence N 89'46'23' F
a disfc- c: o 15 .9.`1 f o'ong ts:e S, right or way rre of 7 fn. StrcO pear sign; }, e 60.00 'C o'
rigF o` w•cy> av st*own c;n soid plat to the Point of 5egi: :ri.7q, ,ce vorttn,.,e t`+ 89'46'23" r- a
a'stcnce of 14.70 'feet c�cng scia South rigrtt of wcy nne to c point; thence S 47"3'48" VV c a, ;stcnce
of 18.39 fleet; tt er. -ce S 1 0 1 '37' , 12" a disto^ce of 78.39 feet; thence `a G i" .3'? 3" E c distcnce of
30.20 fF <t to c, paint or, the Sc..:` E cf ,,nc., c;e4 +be<i n Off ..'roi R c a.s P o,< 8.89 Pcge i 246,
pubic Records of Orange County, `-roridc; thence _ &9' t^/ c d stcnce of iC.GC; feet cicrq the
Sc._,tn I;-e of scia lends to a point N ; tt -Lence N C 1' i 3' 1 �" ' o distence o! 25.99 feet; tnence
N 01'37'42" V ' a diston.ce o` 82,9 `eet; thence iV 47",.3'48" E c d stcnce of 1204 feet tc the Pc;nt
ofeginr'inlw.
Source: Sketch and Legal prepared by Southeastern Surveying.
HISTORY OF PROPERTY (LAST FIVE YEARS)
The property is under the ownership of Karen H. Brown, who purchased the property in
September of 2006 from Ken Bailey. The transaction was for $231,000 and is recorded
in the Orange County Official Records Book 8891 Page 1246.
There have been no transactions recorded for the property in the last five years.
PROPERTY INSPECTION
Names of Those Present at Inspection
Mr. Daniel R. DeRango (DeRango, Best & Associates) inspected the property on July
11, 2013. Mr. DeRango has viewed the site on a few occasions since that time, most
recently on October 21, 2013. No owner was present during the inspection.
Extent of Inspection
Daniel R. DeRango, MAI, made a complete inspection of the land, including the area of
the takings. Since no structures are to be affected by the acquisition we did not
complete an interior inspection of the residence on the site.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PROPERTY DESCRIPTION BEFORE THE TAKING
SITE DESCRIPTION
Location
PAGE 13
The property is located at the southeast corner of 7 th Street and Bluford Avenue in
Ocoee, Orange County, Florida. The street address is 452 South Bluford Avenue,
Ocoee, Florida 34761.
SITE DESCRIPTION (PARENT TRACT)
Land Area
0.42± Acres or 18,256± SF
Shape
The parent tract is rectangular in shape with approximately 121± feet of frontage along
the east side of Bluford Avenue.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
Boundary Dimensions
North 151± South 151±
West 121+ East 121±
Ingress /Egress
Topography & Drainage
The site is generally level and appears to drain well.
u Subject
sm
PAGE 14
13 -184 Parcels 101 & 701
Note garage shown at the left side of the photograph Is no longer in place at the aaie or inspecuon.
The property has ingress and egress along the south side of 7 th Street and the east
side of Bluford Avenue. The site is improved with a single driveway along the south side
of 7 th Street and a pedestrian path from Bluford Avenue.
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 15
Flood Hazard Data
�-n MAP NUMBER
Orange Counq +209at iOF
UnincorporutO Areas pa
1211179 MAP REVISED
SEPTEMBER 25.2006
{.4rd Paf.�Far. \lanwpwmV 1 ?w.
According to the Flood Insurance Rate Maps, Community Panel No. 12095CO210 F,
dated September 25, 2009, the property is located within Zone "X ", an area of minimal
flooding.
Soil Characteristics
There appears to be no adverse soil conditions on the property.
EasemenVEncroachments
Based on our review of the Title report prepared by Fidelity Title & Guarantee Company
noted the following:
• The property owner has filed a bankruptcy in the Middle District of the US
District, Florida, Case No. 12- 11446.
• Dismissal of litigation with prejudice and discharge of the Lis Pendens seeking
foreclosure of the property.
Note: Our appraisal has been prepared as if free and clear of all encumbrances.
Environmental Hazards
After a review of the title search and a physical inspection of the property, we are not
aware of any environmental hazards that may exist. However, the detection of any
environmental hazards is beyond our area of expertise.
13 -184 Parcels 101 & 701
i
PANEL #IMF
t 41111. , mz 13 t
N
FIRM
FL INSURANCE RATE MAP
0RA%GF C01
FLORIDA
4%0 IM ORPOkkIll) kkt %S
7
PANEL 210 OF 750
�-n MAP NUMBER
Orange Counq +209at iOF
UnincorporutO Areas pa
1211179 MAP REVISED
SEPTEMBER 25.2006
{.4rd Paf.�Far. \lanwpwmV 1 ?w.
According to the Flood Insurance Rate Maps, Community Panel No. 12095CO210 F,
dated September 25, 2009, the property is located within Zone "X ", an area of minimal
flooding.
Soil Characteristics
There appears to be no adverse soil conditions on the property.
EasemenVEncroachments
Based on our review of the Title report prepared by Fidelity Title & Guarantee Company
noted the following:
• The property owner has filed a bankruptcy in the Middle District of the US
District, Florida, Case No. 12- 11446.
• Dismissal of litigation with prejudice and discharge of the Lis Pendens seeking
foreclosure of the property.
Note: Our appraisal has been prepared as if free and clear of all encumbrances.
Environmental Hazards
After a review of the title search and a physical inspection of the property, we are not
aware of any environmental hazards that may exist. However, the detection of any
environmental hazards is beyond our area of expertise.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 16
Utilities
Potable water is available to the property and is serviced by the City of Ocoee. Public
sewer is not available and the site relies on a private septic system.
ASSESSMENTS AND TAXES
The property is assessed for property taxes by Orange County. Taxes for the year 2012
are as follows:
2012 Property Taxes
Parcel ID
17- 22 -28- 6144 -04 -281
Land Value
$23,634
Building Value
$76,834
Features Value
$7,400
Total Assessed Value
$107,868
Millage Rate
19.4648
Ad Valorem Taxes
$1,338.35
Other Assessments
$354.00
Gross Tax Amounts
$1,692.35
The 2011 and 2012 taxes have not been paid and were delinquent at the date of
appraisal. A tax certificate has been issued for the 2011 taxes. If paid by October 31,
2013 the 2011 tax amount due is $2,139.81. A certificate has not been issued for the
2012 taxes. We have not deducted delinquent taxes from our estimate of value (see
Special Assumptions).
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 1 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
ZONING, LAND USE PLANNING, CONCURRENCY
Zonin
PAGE 17
1 &17\ _
FZAAA
W DELAT .
`✓ E SAWST !d Ocoee ES . c
tcE i
PRIMA
VISTA
0
E ORLANDO
Subject
GOLUKIBUS ST 9.
C
ST
The parent tract is zoned R -1AA, Single Family Dwelling, by the City of Ocoee.
According to the Orange County Code of Ordinances:
{5} R -1 -AA and R -1 -AAA Single - Family Dwelling Districts.
The areas included within R -1 -AA and R -1 -AAA, Single- family Dwelling Districts are intended
to be single - family residential areas with larger lots and lower population densities Certain
structures and uses required to serve educational. religious, utilities and noncommercial
recreational needs of such areas are permitted. This district is primarily intended for areas
shown on the Future Land Use Map as "Low Density Residential ".
Future Land Use Designation
The Future Land Use designation is Low Density Residential. The zoning and future
land use designations are consistent.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL Nos. 1 1 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 18
DESCRIPTION OF IMPROVEMENTS
The property is improved with a 1,797± SF single family home. The home was built in
1925 of concrete block construction. The residence is in good condition for its age. The
right -of -way taking that is the subject of our appraisal is at the west end of the site in an
undeveloped area. Therefore the takings have no impact on the property
improvements. We have not inspected the interior of the building. A sketch of the
building is shown below.
N 1t/a one H Str
W•M
Mi + $41
a• � 4.1 IW�(b
xa ip
r
•
Y
xx
�+ N
117
•
MK
stmt Is
1•
'T
Is xt
ta►
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 19
HIGHEST AND BEST USE
In estimating the highest and best use of the property, we have considered those uses
that are legally permissible, physically possible, economically supported, and which
would result in the highest return to the land. We have considered the features of the
land such as zoning, size, shape, location, access to roadways, and the availability of
utilities. We have also reviewed surrounding land patterns and the demand for property
in the current real estate market. 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 R -1AA, Single Family Dwelling, by the City of Ocoee. The future
land use designation of the site is Low Density Residential. The legally permitted uses
of the site are for single family residential use.
Physical Considerations
The site contains 18,256 square feet (0.42± acres) and is rectangular in shape with a
shape /configuration suitable for development. The topography of the site is adequate.
The site has public water service and a private septic system. The site has good
frontage and exposure on Bluford Avenue and 7 Street. Therefore, the site is
physically suitable for development.
Economic Considerations
In analyzing those uses which would be economically feasible and maximally
productive, we have taken into consideration the locational characteristics of the
property and current trends in the market. The site is located within a residential area in
the City of Ocoee. The economy is currently weak but has been showing signs of
modest improvement over the past year.
CONCLUSIONS
Based on our analysis, the highest and best use of the site is for single family
residential development consistent with zoning and surrounding land uses.
The existing improvements are consistent with the highest and best use of the site.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 20
VALUATION METHODOLOGY
As discussed in the next section of our report, the proposed acquisition will not have a
residual impact on the land or the improvements on the property and we have therefore
prepared a simple analysis of the acquisition. In our opinion the preparation of a "before
and after" analysis is not required for this assignment.
LAND VALUATION
The first step in our valuation is to estimate the value of the underlying land before the
taking. The land value is used to establish a value of the parts of the parcel within the
proposed taking. The land has been valued by the Sales Comparison (Market)
Approach.
Based on our highest and best use of the site as vacant for residential development we
have researched and evaluated sales of similar future single` family sites in the area for
comparison to the appraised tract. Since the neighborhood is older and established, we
have expanded our search to include similar areas of Greater Orlando. The sales in our
analysis are discussed as follows:
0
J Subject a%
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mamr S't
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Sales 1 & 2
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Sale 3
0
J Subject a%
`yet a
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mamr S't
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0
J Subject a%
`yet a
x
4"
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ats
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Sale 4
e� Rd
war
mr lade R4
F: I V -.:. OttwWo
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 21
COMPARABLE LAND SALES
Subject
1
2
3
4
Location
At the southeast
corner of 7th Street
and Bluford Avenue
At the northwest
corner of Rewis
Street and Lyman
Avenue
At the northeast
corner of Rewis
Street and Lyman
Avenue
along the west side
of Main Street south
of Maple Street
Along the east side of
Edgewood Ranch
Road south of Old
Winter Garden Road
City, County
Ocoee, Orange
County
Ocoee, Orange
County
Ocoee, Orange
County
Winter Garden,
Orange County
Orlando, Orange
Buyer
Juan Maldonado
Regino Garcia
Akers Custom
Homes, Inc.
Robert A. Zarate
Seller
Enrique Zepeda
Jorge Delatorre
Michael Lemos
Allen G. Liang
Sale Date
Mar -13
Jun -13
Sep -12
Feb -13
Sale Price
$23,000
$22,000
$31,500
$52,000
Terms of Sale
Cash to Seller
Cash to Seller
Cash to Seller
Cash to Seller
O.R. Book/Page
10550/910
10592/214
10450/2334
10526/6189
Size (AC)
0.42
0.46
0.25
0.22
0.50
Size (SF)
18,256
19,993
10,910
9,799
21,783
Configuration
Rectangular
Slightly Irregular
Slightly Irregular
Rectangular
Rectangular
Frontage
Bluford & 7th
Rewis & Lyman
Rewis & Lyman
Main Street
Edgewood Ranch
Road
Utilities
Water / Septic
All Available
All Available
All Available
Water / Septic
Zoning
R -1AA, Ocoee
R -1, Ocoee
R -1, Ocoee
R -2, Winter Garden
A -1, Orange County
Future Land Use
(FLU) designation
Low Density
Residential
Low Density
Residential
Low Density
Residential
Low Residential
Low Density
Residential
Topography
Generally level
Generally level
Generally level
Generally level
Generally level
Access
Good
Good
Good
Good
Good
Exposure
Good
Good
Good
Good
Good
Price /SF
$1.15
$2.02
$3.21
$2.39
COMPARISON
Marketing
Conditions
Jul -13
Similar
Similar
Similar
Similar
Terms of Sale
Market
Similar
Similar
Similar
Similar
Location
Bluford & 7th
Somewhat Inferior
Somewhat Inferior
Superior
Somewhat Inferior
Access
Good
Similar
Similar
Similar
Similar
Exposure
Good
Similar
Similar
Similar
Similar
Utilities
Water / Septic
Somewhat Superior
Somewhat Superior
Somewhat Superior
Similar
Size (AC)
0.42
Similar
Smaller ( -)
Smaller ( -)
Similar
Configuration
Rectangular
Similar
Similar
Similar
Similar
Topography
Generally level
Similar
Similar
Similar
Similar
Overall Comparison
Subject
Inferior
Inferior
Superior
Somewhat Inferior
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 22
Comparable Land Sale No. 1 is located at the northwest corner of Rewis Street and
Lyman Avenue. This is the sale of 0.46 acres of land to Juan Maldonado for $23,000.
The sale took place in March of 2013. The sale equates to $1.15/SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property. This site is similar in size but is in a slightly inferior location.
Comparable Land Sale No. 2 is located at the northeast corner of Rewis Street and
Lyman Avenue. This is the sale of 0.25 acres of land to Regino Garcia for $22,000. The
sale took place in June of 2013. The sale equates to $2.02 /SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property. This site is smaller in size and is in a slightly inferior location.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 23
Comparable Land Sale No. 3 is located along the west side of Main Street south of
Maple Street. This is the sale of 0.22 acres of land to Akers Custom Homes, Inc. for
$31,500. The sale took place in September of 2012. The sale equates to $3.21/SF of
land area.
The indication from this sale is considered to be above expectations for the appraised
property, due mainly to its smaller size and superior location.
Comparable Land Sale No. 4 is located along the east side of Edgewood Ranch Road
south of Old Winter Garden Road. This is the sale of 0.50 acres of land to Robert A.
Zarate for $52,000. The sale took place in February of 2013. The sale equates to
$2.39/SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property, due mainly to its inferior zoning and somewhat inferior location.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 24
ANALYSIS & CONCLUSIONS
The comparable land sales cited indicate a value range from $22,000 to $52,000 or
from $1.15/SF to $3.21/SF with an average of $2.19/SF.
• The property is located along Bluford Avenue near the center of the City of
Ocoee.
• The property is in a long established neighborhood and there are few available
vacant lots.
VALUE CONCLUSION: FEE SIMPLE
After evaluating all of the described sales data and based on our review of market
trends we would expect that the value of the fee simple interest in the land would fall
near the upper part of the range shown by the comparables.
Based on our analysis our value is expressed as follows:
Land Value Before the Takina
Land
Size (SF)
Price
Per SF
Value Indication
(Rounded)
18,256
$3.00
$54,768
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 25
PROJECT DESCRIPTION
The Bluford Avenue project includes a widening the roadway to permit stormwater and
utility improvements along the roadway.
PROJECT ALIGNMEN I
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 26
DESCRIPTION OF THE ACQUISITION
PARCEL 101
Property sketches and construction drawings are as follows
13-184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 27
. - 1 � • � ;;�� `� � air F : ��.:
r
n
„_, ._... w..r .._._.______ -.-- -• �i�c�. 'w�- ��:'? .; ,. ., .tti #C�a�. ?'�.3t5t 6.[F °a :.1
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ER
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 28
LAND WITHIN ACQUISITION
Parcel 101 consists of a 995± SF strip for a right -of -way for Bluford Avenue road
project. The taking is a slightly irregular piece at the west end of the property.
da. "
9
14 t
C
n R'
f
v°
U
4
* k1
.. LJ
S: t_ ° i .g
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Improvements within Acquisition
Improvements in the taking include approximately 55± square feet of concrete walkway,
a mature Red Maple tree, a shrub, a concrete column, and sod.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 29
VALUATION OF PART TAKEN
The Parcel 101 right -of way strip will be acquired in fee simple.
The land value of the parent tract has been estimated at $3.00 /SF. Thus, the estimated
value of the part taken for land is as follows:
Land
Parcel
No.
Interest
Appraised
Land Area
(SF)
Estimated
Value
101
Fee Simple
995
$2,985
TOTAL
$109
Concrete Block Column
$2,985
Improvements
The values of improvements in the taking have been estimated using guidelines
provided by the Marshall Valuation Service, and a review of costs from local sources
including landscapers. The improvements within the taking have been depreciated to
reflect their age and condition at the date of taking.
Improvements in Parcel 101
Item
Cost New
%
De reciated
$
Depreciation
Depreciated
Cost
Concrete Walkway est. 55 SF
$217
50.00%
($109)
$109
Concrete Block Column
$100
50.00%
($50)
$50
Acer rebrum: Red Maple
$2,570
0.00%
$0
$2,570
Plant Materials
$75
0.00%
$0
$75
Sod 930 SF
$419
0.00%
$0
$419
Total
$3,381
N/A
(159)
$3,223
SUMMARY OF VALUE OF PART TAKEN
Parcel 101
Total Land Value:
$2,985
Improvements Value
$3,223
Total Value:
$6,208
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 30
VALUE OF REMAINDER LAND AS PART OF WHOLE
Value of Whole Property:
$54,768
Value of Acquisition Land Only).
$2,985
Value of Remainder as Part of Whole:
$51,783
APPRAISAL OF REMAINDER
APPRAISAL PROBLEM
The appraisal problem is to estimate the market value of the remainder and to
substantiate damages, or special benefits due to the acquisition, if any.
DESCRIPTION OF REMAINDER
The remainder site is generally similar to the property before the taking in physical
attributes. The small area of taking is at the undeveloped west end of the site and the
configuration of the site after the acquisition is still suitable for development to a density
similar to that which could have been achieved prior to the taking.
Highest and Best Use "As Vacant"
The remainder's slightly reduced size does not reduce the market appeal of the
property for residential development. The highest and best use after the taking is the
same as before the taking.
Highest and Best Use, "As Improved"
The existing improvements are still consistent with the Highest & Best Use after the
taking. Before the acquisition the existing residence is approximately 41± feet from the
existing right -of -way line. The setback is reduced by just under 9 feet by the taking and
the structure will be about 32± feet from the new right -of -way line. After the taking the
structure remains well beyond the minimum setback of 25 feet and is not impaired by
the proposed acquisition.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 31
VALUATION OF REMAINDER
LAND VALUE
We have reviewed the comparable sales information provided earlier in determining the
land value for the property after the fee simple taking. Given that the reduced size of
the property will not affect the build -out potential or utility of the site, we have not
reduced our value estimate on a per square foot basis. Therefore, the value of the
remainder is as follows:
Land Value After the Takina
Land
Size (SF)
Price
Per SF
Value Indication
(Rounded)
17,261
$3.00
$51,783
We estimate that the remainder value and the value of the remainder as part of the
whole are the same and therefore there are no severance damages or cures required
accruing to the remainder property as a result of the taking.
Value of Remainder as Part of Whole:
$51,783
Remainder Value
$51,783
Damages to Remainder:
$0
COST TO CURE
N/A
SPECIAL BENEFITS
N/A
LAND VALUATION OF THE TCE PARCEL 701
The value of the Temporary Construction Easement (Parcel 701) over a finite period of
time is a possessory interest that can be likened to a land lease. We have therefore
estimated a rental rate for the area within the TCE to determine a value for the three
years that the land will be encumbered.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 32
LAND WITHIN ACQUISITION
Parcel 701 consists of a 1,260± SF strip for a temporary construction easement for the
Bluford Avenue road project. The taking is a slightly irregular piece near the west end of
the property.
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Improvements within Acquisition
There are no improvements affected by the Parcel 701 taking.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 33
ANNUAL ECONOMIC RENT
We have researched the Central Florida area for recent land leases of properties
considered similar to the parent tract with regard to location, size, and legally permitted
uses. Our research has not produced any leases of land considered comparable to the
parent tract. In our experience, land leases are typically long -term commitments that
are priced as a percentage or yield rate based on the underlying fee simple value of the
land to be encumbered.
We have used a similar method to determine the economic rent of the easement
parcel. We have included our estimate of the value of the fee simple interest in the
land. The underlying land value for the parent tract was estimated at $3.00 per square
foot. Based on the temporary construction easement size, the fee simple value would
be as follows:
1,260± SF @ $3.00 /SF = $3,780
Considering land lease data within the Central Florida area and alternative returns in
the market for various investments, a 10% rate of return has been estimated.
Therefore, the annual rent for the temporary construction easement is estimated as
follows:
$3,780 X 10% = $378Near ($31.50 per month)
DISCOUNT RATE
The three years of rental payments have been discounted to a present value at the date
of value. In order to ascertain the discount rate, we have utilized the interest rate on a
U.S. Government Security Notes of similar terms. We have selected a base rate of
1.4% for our 3 -year easement term. To this "safe rate," we have added a premium to
reflect the lack of liquidity and ownership carrying costs arriving at a discount rate of
2 %. The applicable present value factor for a 2% discount rate for 3 years, payable in
advance as follows:
PRESENT VALUE OF MARKET RENT
Estimated Monthly Rent:
Present Value Factor:
$ 31.50
x 34.971
Total Value of Land Within Temporary Easement (R): $ 1,102
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 34
COMMENTS
There are no improvements within the TCE and there are no impacts from the TCE on
the remainder property.
SUMMARY OF VALUES
Value of Taking
101
701
Total
Use
ROW
TCE
Land Value
$2,985
$1,102
$4,087
Improvements
$3,223
$0
$3,223
Damages to Remainder
$0
$0
$0
Cost to Cure Net
$0
$0
$0
Total Value of Acquisition
$6,208
$1,102
$7,310
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 35
ADDENDUM
Neighborhood Overview
Comparable Land Sales Details
Qualifications of Appraiser
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 36
NEIGHBORHOOD OVERVIEW
GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following:
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden - Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage, however, growth
is currently stalled due to the weak economy.
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GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following:
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden - Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage, however, growth
is currently stalled due to the weak economy.
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 37
Access
State Road 50 (Colonial Drive) is a four -lane, east -west highway that runs across the
entire state of Florida, connecting the Gulf Coast on the west to the Atlantic Ocean on
the east.
Located south of State Road 50 is Florida's Turnpike (Ronald Reagan Highway). This
stretch of roadway runs north and south throughout Florida from Ocala down to Miami.
This road intersects Interstate 4 in the Orlando /Disney World area. Just south of the
appraised property, the Florida Turnpike also connects with the East -West Expressway,
which runs straight into the heart of Downtown Orlando.
The Western Beltway (State Road 429) is located west of the property. This toll road is
part of the larger beltway system that, when completed, will encircle the greater Orlando
area. The Western Beltway has exchanges with the Florida Turnpike and several
smaller roadways, and currently terminates at State Road 441 in Apopka.
Commercial Development
West Orange County is provided with
hospital care via the Health Central
Hospital, located just east and north of
Old Winter Garden Road on the south
side of West Colonial Drive (SR 50),
about a mile east of the appraised
property. This hospital contains 153
beds, 449 staff doctors, and 550 total
employees. Other features of the
hospital include women's, pediatrics and
obstetrics centers.
Also to the east is a Wal -Mart Supercenter and several small strip centers. This
commercial development is located between the appraised property and the Health
Central Hospital.
Newer commercial development in the area includes the West Oaks Mall and the
Winter Garden Village at Fowler Groves. The West Oaks Mall was constructed in 1996
and is located east of the property on State Road 50 in Ocoee. It is anchored by
Dillard's, Sears, Belk, JC Penney, and AMC Theatres, and contains 130 stores.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 38
Winter Garden Village at Fowler Groves is an open -air shopping plaza divided into
three sections: The Exchange, The Crossings, and The Grove. The center contains
nearly 1.2 million square feet of retail space, and over 80 restaurants and shops. The
center opened for business in late 2007. It is located along the east and west sides of
Daniels Road just north of State Road 429 (the Western Beltway), approximately three
miles southwest of the appraised property.
The West Orange Trail is a recreational trail that runs approximately 22 miles from the
Lake County line through Oakland, Winter Garden, and Apopka, and was built primarily
on old railroad spurs. Several bridges crossing over major highways have been built or
repurposed for the trail.
The appraised property is in the West Orange Commercial Center, a self- contained
industrial /commercial business park with approximately 18 lots. Most of these lots have
been developed over the last few years, with predominate uses for medical - related
businesses. This type of land development within West Orange Commercial Center is
fueled by the Health Central Hospital.
Beside the West Orange Commercial Center Development, the Ocoee Commerce Center
is also a major medical park located in proximity to the hospital. This development contains
14 lots, several of which have been developed.
The Central Business District of Orlando is located approximately ten miles east and the
Orlando International Airport is located approximately 16 miles southeast of the property.
To the west of the property is the proposed City Place at Maguire project which contains
frontage along Maguire Road. The City Place at Maguire is planned to provide a mix of
upscale retail, luxury residential, Class A offices, a business class hotel and an array of
restaurants.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL Nos. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 39
Highlights of the project include a planned expansive open -air retail space, a 2 -acre
courtyard that will accommodate community events, and 16 -story condominium complexes.
Project Details:
• 90,000 SF of general retail shopping
• Two 6,000 SF spaces for Roof -Top dining locations
• 65,000 SF for a 5 -story hotel, including 131 rooms
• 49,000 SF of Class A office space
• 3,500 SF bank site
• 2,500 SF Pad for retail site
• Sixteen story luxury condominium, including 100 individual units and a 5 -story
parking garage with 400 spaces
• 2 acre courtyard with limited kiosks locations, designed for community events,
including art and music shows
• 594 parking spaces in a 7 -story parking garage
• Surface parking to include 117 spaces
The City of Ocoee has been working on a Community Redevelopment Area (CRA) plan for
the area around this project. Depending on what the City approves for the plan, the City
Place project may change. The project has essentially been on hold given the weak
economy. The City has yet to finalize CRA plans for the area.
REAL ESTATE MARKET
The market was weak for several years after the collapse of the housing market;
however, conditions have stabilized and in some areas seen modest improvement.
13 -184 Parcels 101 & 701
CONCEPT PLAN FOR CITY PLACE AT MAGUIRE
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 40
The following contains graphics and a discussion of the West Colonial retail market in
particular.
The black line in the graphic above shows the vacancy rate for retail space in the West
Colonial area. Vacancy currently stands at 11.1 %.
The following chart shows the drop in residential sales volume and pricing in the area.
Home Sales in Zip Code 34761
Count Price
650 --- _._ -_ -- $260,000
600 -- ------$240,000
x560 -- -- $220,000
500-- - - -- -- - $200,000
450 - $180,000
$160000 Count of
400 , Home Sales
350 - $140,000 Per Quarer
300 $120,000
250 — $100,000
$a0
100 - - - - -- $40,0 kj Pa
50 - - - - $20,fl00
01 Q2 Q3 Q4 01 Q2 03 Q4 Q1 02 Q3 04 Q1 02 Q3 04 01 Q2 Q3 Q4 Q1
2008 2009 2010 2011 2012 2013
13 -184 Parcels 101 & 701
K t i t
N 1.-ut u 'r
WEST
COLONIAL
MARKET
DELIVER11 AB%(itty i I t )N LC VA(
Ay( Historical Analysis, AH Classos
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Iilt$tq �ft32q Tk'421a i�a ?+� 2eaa �+p asla ;��
times r,�r+�wwr
The black line in the graphic above shows the vacancy rate for retail space in the West
Colonial area. Vacancy currently stands at 11.1 %.
The following chart shows the drop in residential sales volume and pricing in the area.
Home Sales in Zip Code 34761
Count Price
650 --- _._ -_ -- $260,000
600 -- ------$240,000
x560 -- -- $220,000
500-- - - -- -- - $200,000
450 - $180,000
$160000 Count of
400 , Home Sales
350 - $140,000 Per Quarer
300 $120,000
250 — $100,000
$a0
100 - - - - -- $40,0 kj Pa
50 - - - - $20,fl00
01 Q2 Q3 Q4 01 Q2 03 Q4 Q1 02 Q3 04 Q1 02 Q3 04 01 Q2 Q3 Q4 Q1
2008 2009 2010 2011 2012 2013
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 41
According to a recent report published by the University of Central Florida (UCF)
Institute for Economic Competitiveness (dated July 2013), it is expected that payroll job
growth year- over -year is expected to average 2.0% in 2013, 2.1% in 2014, and 2.5% in
2015. It will be the second quarter of 2016 before payrolls recover to their pre- recession
levels. Housing starts are expected to have average annual growth of 31.4% during the
2013 -2016 period.
The following chart from the report shows the historic and projected Gross State
Product.
CONCLUSION
The long term prognosis for the neighborhood is stable to positive. As previously noted,
the real estate market is beginning to show signs of modest improvement. This trend is
expected to continue.
13 -184 Parcels 101 & 701
Florida Real Gross State Product
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CONCLUSION
The long term prognosis for the neighborhood is stable to positive. As previously noted,
the real estate market is beginning to show signs of modest improvement. This trend is
expected to continue.
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL Nos. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 42
LAND SALE DATA SHEET
13 -184 Parcels 101 & 701
1
Location
At the northwest corner of Rewis Street and
Lyman Avenue
City, County
Ocoee, Orange County
Buyer
Juan Maldonado
Seller
Enrique Zepeda
Sale Date
Mar -13
Sale Price
$23,000
Terms of Sale
Cash to Seller
O.R. Book/Page
10550/910
Size (AC)
0.46
Size (SF)
19,993
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$1.15
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Juan Maldonado - Buyer
Contact Information
845 -483 -7225
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL Nos. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 43
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13-184 Parcels 101 & 701
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13-184 Parcels 101 & 701
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-71
13-184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 44
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ss Rd a, y , „ - n' Ftewetiing Ave �
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13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 45
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13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 46
LAND SALE DATA SHEET
13 -184 Parcels 101 & 701
2
Location
At the northeast corner of Rewis Street and
Lyman Avenue
City, County
Ocoee, Orange County
Buyer
Regino Garcia
Seller
Jorge Delatorre
Sale Date
Jun -13
Sale Price
$22,000
Terms of Sale
Cash to Seller
O.R. Book /Page
10592/214
Size (AC)
0.25
Size (SF)
10,910
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$2.02
Comments
VERIFICATION
Date Verified
8/8/2013
Verified By
Heather Lynn Haas
Verified With
Public Records
Contact Information
N/A
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL Nos. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 47
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13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 48
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13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL Nos. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
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[ j"., 3.b I 4no K - 1 . sttga, suhan uo zi as per P:At tliv , -, .n pl.l BM)k L. I'd it 12z, puhlic
K,,ox d, nt Omnz,. Co int) I Lt .A, lcsS the Njnq )ti fact c)! At ataf yr 1011
— SUBJECT PROPERTY IS VACANT LAND"
-Y-"BIECT 10 cx;vcnant , tritricuuts, Ca"C.rem', 1^3 agrcer^r fs of rNtxd, d an), uxaf and
;Lvicusmenis 44 *Iw vvw '2 I and itb5cjoen' ycary znJ 41 AM iipph4ahlc ivinsith: irdtnamv� vri&PT rC4M W rMN-twn
Al ' b y iiiy
IOU I111-R A:"h all the tenemc-l'u, htfck zavlclt,� une incycio 6tiotgzvg ri m cns2o r apperairun
TO Ii AVli A"X* 10 tht: sAzpx it, t7z- ;ririplc (mr-er
AM) - THE 6RANIUK LkjNLcr,;n1, wit AAA GRAN ti -F lh4' cxcrp! ti ohwc noted, the 4,RA\T( is ljwfu 1% jeL4ed of sA 41
lamt in !" atinplc, LfW tIsZ GRAN TOR IiA- p.74 rit1l acid luw ul xalio. it% to ircit acid convc\ s4-3 coral, that t,e GRAMOR hovb,
full, wurnaib 0--Utz to aril nnO wi'l defro", 'lie agai—I the ti% 0XIM5 of all www whmtnuic%er
V',' A I UNi-SS 4t'I-IT ORAWOR bw signed U10 sew ed rre,e� l, to I.ve w ftvtl Ax:,V.
%K IN TRURPA7NCL 1111 ' I INC \k i Al:"Si
Gordon J.
S T A T1 OF F1 ORIDA
C01 IV Or ()P A
ih
he (mviv in 7r,,nirrirrit win strd u A
bJ *jw-tNtXcd 1,cfmv rri� h
rs 1�1 CIA% Lit kxe , N111. r�% jorgc DeiAtotrc, WW j_ Is
known to - r,-- or ;k p
) has PtoCu,16 Ljo~; w fkatfur
j».....,.
10 suMM4,t"W"
A$0 F 1«rt X14
13-184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 50
LAND SALE DATA SHEET
13 -184 Parcels 101 & 701
3
Location
Along the west side of Main Street south of
Maple Street
City, County
Winter Garden, Orange County
Buyer
Akers Custom Homes, Inc.
Seller
Michael Lemos
Sale Date
Sep -12
Sale Price
$31,500
Terms of Sale
Cash to Seller
O.R. Book/Page
10450/2334
Size (AC)
0.22
Size (SF)
9,799
Configuration
Rectangular
Frontage
Main Street
Utilities
All Available
Zoning
R -2, Winter Garden
Future Land Use (FLU)
designation
Low Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$3.21
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Sherrie Stenger, Realtor
Contact Information
sclark7@cfl.rr.com
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL Nos. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJEC
PAGE 51
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13-184 Parcels 101 & 701
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13-184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 52
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13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
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PAGE 53
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL Nos. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
20120524579 Page 202
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PAGE 54
13-184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 55
LAND SALE DATA SHEET
13 -184 Parcels 101 & 701
4
Location
Along the east side of Edgewood Ranch
Road south of Old Winter Garden Road
City, County
Orlando, Orange
Buyer
Robert A. Zarate
Seller
Allen G. Liang
Sale Date
Feb -13
Sale Price
$52,000
Terms of Sale
Cash to Seller
O.R. Book/Page
10526/6189
Size (AC)
0.50
Size (SF)
21,783
Configuration
Rectangular
Frontage
Edgewood Ranch Road
Utilities
Water / Septic
Zoning
A -1, Orange County
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$2.39
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Sidney Tse, Realtor
Contact Information
tse2909 aol.com
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 56
y
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 57
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13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL NOS 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 58
oars "13010"n s. 1633 ¢; 6149
A.
THIS INSTRUMENT PREPARED BY 021221"13 12:64.12 oe P 3 or 3
Ilea Fee . M
RETURN TO AFTER RECORDED: Dead Dee ex: SJH.M
CM Ndain FM: $0,00
InAangi ►le Tax: N
BLAIR M. JOHNSON, PA. K"t 0 sRa N
M 0 Haynie, CewPRr011er
or- County F1
BLAIR M. JOHNSON, ESQUIRE so - R-t To: 11AI It n rotwsaN NTt016MEr
Post Office Box 770498, f �
Winter Garden, Florida 34777-0496
(407) 658 -5521
Florida Bar No, 296171
Property Appraisers Parcel I.D. 0: 35 -22 -28 -0000 -00 -036
WARRANTY DEED
THIS WARRANTY DEED made the tW day of E2hrupry, 2012, by ALLEN G.
LIANG and YVONNE K. LIANG, husband and wife, hereinafter called the Grantors, to
ROBERT A. ZARATE, a single person, whose address is 7334 Catamaran Drive,
Orlando, Florida 32835, hereinafter called the Grantee:
WITNESSETH:
That the Grantors, for and in consideration of the sum of $10.00 and other
valuable considerations, receipt whereof is hereby acknowledged, hereby grants,
bargains. sells, aliens, remises, releases, conveys and confirms unto the Grantee all
that certain land situated in Orange County, State of Florida, viz
SEE ATTACHED EXHIBIT `A° INCORPORATED HEREIN
AND MADE A PART HEREOF.
Together, with all the tenements, hereditaments and appurtenances thereto
belonging or in anywise appertaining
To Have And To Hold, the same in fee simple forever.
And, the Grantors hereby covenant with said Grantee that the Grantors are
lawfully seized of said land in fee simple, that the Grantors have good right and lawful
authority to sell and convey said land, and hereby warrants the title to said land and will
defend the same against the lawful claims of all person whomsoever; and that said land
is free of all encumbrances, except taxes accruing subsequent to December 31, 2012
13 -184 Parcels 101 & 701
APPRAISAL OF PARCEL Nos. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 59
20130105896 Page 2 of 3
and easements and restrictions of record, however, reference hereto shall not serve to
reimpose same
IN WITNESS WHEREOF, the said Grantors have signed and seated these
presents the day and year first above written.
Signed. sealed and delivered in the
presence of:
ess MON G. LIANG
WONIN K. LIANG 4A�
I a ludlt-j - - I
STATE OF FLORIDA
COUNTY OF ORANGE
The foregoing instrument was acknowledged before me this 18th day of
Februa!y. MI by ALLEN G. LIANG and YVONNE K. LIANG who have produced their
Florida Drivers Licenses as identification.
NqWry Name: Blair M, Johnson
My commission expires:
-2-
Warranty Deed
13-184 Parcels 101 & 701
APPRAISAL OF PARCEL Nos. 101 & 701
THE BROWN PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 60
201301058905 Page 3 of 3
C` At ' N comer of the Northeast 1 "4 Of Southwest 1 ' nf&ecti�r 35, Tn�r,-%Hp " Sic ih,
Range 25 Fast. Orange counTY, Flon tf•Anet run S"Ue, DO dtptt 2�'4 EAS along the Wnl ii" of said Nonlleav
114 of the SoUt-,;&eg 14 a divzinc4 of 3 25 feet t leAvmA said Weal lint, rar, No�d 9? deg�rmi 4
&stancc of32 97 !eV to a ro-jit or, •c FASit r19ht of way Inc of Eegewoodl RAndh Road, saiu rem" being t' r --try;
bcgir-frig, th—Ce con!Lriue North RO degrees 26'25' East a distance i i 7 00 feet; the-ice r4n Nnrt�. IM deg m 25'4 " '
W 'st a distance Of 1 5 00 Met, thence run Nana 89 degmcs 26' 1 5' East a distx=e of 1 fml, hence run 'Scj,h
ee?, ets 2 '47' Exv it distance of 175 98 feet, thicenct run South 99 degrow 2624" We$ a d ls * an f 13 4 f t ,
cc 0 , C , ! ,, a
P 01 'he aforrsaiJ F,&- nght Of way li Of FA&twood Ranch Road; thence mr INcrth 00 dcgrr. 2 Wes a;�q
said East ri& ,,I way jk distance cf 1099 feet to the point of f3eginnIn;
13-184 Parcels 101 & 701
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM
DERANGO. BEST & ASSOCIATES
1 601 E. AMELIA STREET
ORLANDO, FLORIDA 32803
(407) 895 -6650
RESIDENT OF: Maitland, Florida
EDUCATION: Graduate of Stetson University, Deland, Florida
Bachelor of Business Administration - Major: Finance
PROFESSIONAL
EDUCATION: COURSES & SEMINARS - APPRAISAL INSTITUTE
• Appraisal Principles
• Basic Valuation Procedures
• Direct Capitalization, Annuity Capitalization, and Mortgage
Theory and Techniques
• Case Studies in Real Estate Valuation
• Valuation Analysis and Report Writing
• Condemnation and Litigation Appraisal Practice
• Standards of Professional Practice
• Residential Valuation Procedures
• Appraisal of Small Hotels and Motels
• Sales Confirmation Methods
• Discounted Cash Flow Analysis
• Electronic Spreadsheets in Real Estate Appraising
• Urban Planning and Development - University of Central Florida
CCIM INSTITUTE
• Financial Analysis for Commercial Investment Real Estate (CI 101)
• Market Analysis for Commercial Investment Real Estate (Cl 102)
• User Decision Analysis for Commercial Investment Real Estate (Cl 103)
• Investment Analysis for Commercial Investment Real Estate (Cl 104)
PROFESSIONAL
Equity Capitalization
AFFILIATIONS: Member of the Appraisal Institute, MAI No. 7557
Member CCIM Institute
Florida State - Certified General Real Estate Appraiser No. RZ1054
Registered Real Estate Broker /State of Florida, License No. 0355191
Director — Appraisal Institute, East Central Florida Chapter
Member of the Association of Eminent Domain Professionals
Member of the American Association of Airport Executives
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
PROFESSIONAL
EXPERIENCE: Qualified as an expert witness in Federal and State Courts.
Special Master, Value Adjustment Board, Orange County, 1995, 1996, 2000 -2002
Present: President - DeRango, Best and Associates, Orlando, Florida
1984 -1997 V.P. /Partner, Matonis MacDermott DeRango Sorich & Co., Orlando, FL
1981 -1984 Staff Appraiser with Irwin Appraisal Consulting Services, Inc., Orlando, FL
Former Member: Board of Directors - East Central Florida Chapter- Appraisal Institute
PUBLISHED: "The Determination of Hotel Value Components for Ad Valorem Tax Assessment"
The Appraisal Journal July, 1993
TYPE OF
ASSIGNMENTS: I have appraised or provided counseling for a variety of commercial and residential
properties throughout the U.S. (primarily in the Central Florida area).
EXPERIENCE WITH:
• Aviation /Aeronautical Properties
• Apartments
• Office buildings
• Retail properties
• Condemnation and litigation assignments
• Industrial properties
• Timeshare resorts
• Hotels & resorts
• Mobile home parks
• Subdivisions
• Mitigation lands
• Warehouse facilities
• Acreage tracts
• Golf courses /country clubs
• Special use facilities
• Mixed use development
• Coastal & island tracts
• Aviation properties
• Air cargo facilities
• Large and small aircraft hangars
• Fixed based operations
• Condominium projects
• Retail centers
(including regional malls)
Appraisal and consulting assignments have been prepared for a variety of lending
institutions, corporations, law firms, governmental agencies, and individuals.
PROPERTY LOCATIONS
IN FLORIDA:
• Central Florida (Orange, Seminole, Osceola, Lake, Polk and Volusia Counties)
• South Florida (Dade, Broward & Palm Beach Counties)
• South Central Florida (Brevard, Martin, St. Lucie & Indian River Counties)
• Southwest Florida (Collier, Lee, Manatee, Sarasota, Pinellas, Hillsborough Counties)
• Northeast Florida (Flagler, St. Johns and Duval Counties)
• North Central Florida (Marion County, Putnam)
• Florida Keys
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
ASSIGNMENTS
OUTSIDE OF
FLORIDA:
• Georgia
• Maryland
• Minnesota
• New York
• Pennsylvania
• California
• Connecticut
• Colorado
• South Carolina
• Pennsylvania
• Texas
• Indiana
• Ohio
• New Jersey
• Illinois
• Alabama
• Tennessee
• Kentucky
• Virginia
• Washington State
AC#672755 STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD SEQ# L12 111501970
DATE BATCH NUMBER LICENSE NBR
111119;/017772747329 PZ1054
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Under the provisions of Cha ter 475 FS.
Expiration date: NOV 30, 2M
DERANGO, DANIEL ROBERT
1601 E AMELIA ST
ORLANDO FL 32803
RICK SCOTT
GOVERNOR
KEN LAWSON
SECRETARY
APPRAISAL OF:
PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PREPARED FOR:
CITY OF OCOEE
C/O MS. MARY DOTY SOLIK
DOTY SOLIK LAW
121 SOUTH ORANGE AVENUE, SUITE 1500
ORLANDO, FLORIDA 32801
PREPARED BY:
DERANGO. BEST & ASSOCIATES
REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS
160 1 EAST AMELIA STREET
ORLANDO, FLORIDA 32803
(407) 895 -6650
DANIEL R. DERANGO, MAI, CCIM
CERT GEN RZ 1054
13 -18 Parcels 102 & 702
DERANGO, BEST & ASSOCIATES
r'ROFESSIONAL REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS
160 1 FAST AMELIA STREET, ORLANDO, FLORIDA 32803
October 28, 2013
City of Ocoee
c/o Ms. Mary Doty Solik
Doty Solik Law
121 South Orange Avenue, Suite 1500
Orlando, Florida 32801
RE: Appraisal of the Kalsi property, Parcel Nos. 102 and 702 Bluford Avenue Project,
Ocoee, Orange County, Florida.
Dear Ms. Solik:
We have personally inspected and appraised the above referenced property and proposed
acquisition by the City of Ocoee for the Bluford Avenue Project. The purpose of our appraisal is
to estimate the market value of the property to be acquired along with any associated cost to
cure or damages which may accrue to the remainder property. The intended use of our
appraisal is to assist the City of Ocoee in negotiations with the property owner for the
acquisition. There are no other intended users or uses for our appraisal.
Our value estimates, which are documented in the attached report, are summarized as follows:
Value of Taking
102
702
Total
Use
ROW
TICE
Land Value
$6,621
$1,639
$8,260
Improvements
$8,900
$0
$8,900
Damages to Remainder
$0
$0
$0
Cost to Cure Net
$0
$0
$0
Total Value of Acquisition
$15,521
$1,639
$17,160
Effective date of valuation October 21, 2013.
The values cited above are subject to the assumptions, limiting conditions, certification
statements and definitions presented within the attached summary report.
Sincerely,
DERANGO, BEST & ASSOCIATES
Daniel R. DeRango, MAI, CCIM
Cert Gen RZ1054
13 -184 Parcels 102 & 702
(407) 895 -6650 9 FAX (407) 898 -8467 • MAIL@DERANGOBEST.COM
TABLE OF CONTENTS
CERTIFICATE OF VALUE PARCEL 102
....................................................................... ..............................1
CERTIFICATE OF VALUE PARCEL 701
....................................................................... ..............................3
CONDITIONS AND CONTINGENCIES
.......................................................................... ..............................5
SPECIALASSUMPTIONS
.............................................................................................. ..............................5
EXECUTIVESUMMARY
................................................................................................ ..............................6
PROPERTYPHOTOGRAPHS
....................................................................................... ..............................8
INTRODUCTION ....... .....................................................................................................
...............................
9
PURPOSE AND INTENDED USE OF APPRAISAL
...................................................... ...............................
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY
9
.................................... ...............................
REPORTTYPE
9
............................................................................................................ ...............................
PROPERTY INTEREST APPRAISED
10
........................................................................... .............................10
LEGALDESCRIPTIONS
.............................................................................................. ...............................
HISTORY OF PROPERTY (LAST FIVE YEARS)
10
........................................................ ...............................
PROPERTYINSPECTION
11
............................................................................................. .............................11
PROPERTY DESCRIPTION BEFORE THE TAKING ...................................................
.............................12
SITEDESCRIPTION
...................................................................................................... .............................12
LOCATION ...... ............................................................................................................
...............................
SITE DESCRIPTION (PARENT TRACT)
12
...................................................................... .............................12
TOPOGRAPHY DRAINAGE
..................................................................................... ...............................
ASSESSMENTSAND TAXES
13
............................................................................... ...............................
ZONING, LAND USE PLANNING, CONCURRENCY ................................................. ...............................
15
16
HIGHESTAND BEST USE ............................................................................................
.............................17
VALUATIONMETHODOLOGY .....................................................................................
.............................18
LANDVALUATION ...................................................................................................... ...............................
18
ANALYSIS CONCLUSIONS ..................................................................................... ...............................
22
PROJECTDESCRIPTION .............................................................................................
.............................23
DESCRIPTION OF THE ACQUISITION ........................................................................
.............................24
PARCEL102 ..................................................................................................................
.............................24
LANDWITHIN ACQUISITION ....................................................................................... .............................28
IMPROVEMENTS WITHIN ACQUISITION .................................................................... .............................28
VALUATIONOF PART TAKEN ....................................................................................
.............................29
SUMMARY OF VALUE OF PART TAKEN ................................................................... ...............................
29
VALUE OF REMAINDER LAND AS PART OF WHOLE
.............................................. .............................30
APPRAISALOF REMAINDER ....................................................................................
...............................
30
APPRAISALPROBLEM ................................................................................................. .............................30
DESCRIPTIONOF REMAINDER .................................................................................. .............................30
VALUATIONOF REMAINDER ......................................................................................
.............................31
LANDVALUE ................................................................................................................. .............................31
COSTTO CURE .......................................................................................................... ...............................
31
':)FLUTAL bENEFl 16 ....................
LAND VALUATION OF THE TCE PARCEL 702
......................................................... ...............................
LANDWITHIN ACQUISITION
31
................................................................................ ...............................
IMPROVEMENTS WITHIN ACQUISITION
32
.................................................................. ...............................
ANNUALECONOMIC RENT
32
......................................................................................... .............................33
DISCOUNT RATE
.................... .
PRESENT VALUE OF MARKET RENT
....................................................................... ...............................
COMMENTS ............... .................................................................................................
33
...............................
SUMMARYOF VALUES
34
.............................................................................................. ...............................
34
ADDENDUM .................. ................................................................................................
.............................35
NEIGHBORHOODOVERVIEW
..................................................................................... .............................36
LAND DATA SHEET ........................................................................................... .............................42
DUALIFICATIONS OF APPRAISER
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 1
CERTIFICATE OF VALUE PARCEL 102
I certify to the best of my knowledge and belief, that
1 . The statements of fact contained in this report are true and correct.
2. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased, professional
analyses, opinion, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties
involved.
4. My compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5. My analyses, opinion, or conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Practice, and
the provisions of Chapter 475, Part II, Florida Statutes.
6. 1 have made a personal inspection of the property that is the subject of this
report and I have afforded the property owner the opportunity to accompany me
at the time of the inspection. I have also made a personal field inspection of the
comparable sales relied upon in making this appraisal. The subject and the
comparable sales relied upon in making this appraisal are represented by the
photographs contained in this appraisal.
7. Heather Lynn Haas, who is State - certified general real estate appraiser #
RZ3203, provided professional assistance including sales research, preparation
and verification of comparable sales information, general gathering of supporting
data for the appraisal and further assistance in the writing of said appraisal.
8. 1 understand that this appraisal is to be used in connection with the acquisition of
real property by the City of Ocoee.
9. This appraisal has been made in conformity with the appropriate State laws,
regulations, policies, and procedures applicable to appraisal of right -of -way
transportation purposes; and to the best of my knowledge, no portion of the
property value entered on this certificate consists of items which are non -
compensable under the established law of the State of Florida.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 2
PARCEL 102 CERTIFICATE OF VALUE (CONTINUED)
10. 1 have not revealed the findings or results of this appraisal to anyone other than
the proper officials of the City of Ocoee and I will not do so until so authorized by
city officials, or until I am required by due process of law or until I am released
from this obligation by having publicly testified as to such findings.
11. Regardless of any stated limiting conditions or assumptions, I acknowledge that
this appraisal report and all maps, data, summaries, charts, and other exhibits
collected or prepared under this agreement shall become the property of the City
of Ocoee without restriction or limitation on their use.
12. Statements supplemental to this certification required by membership or
candidacy in a professional appraisal organization are described on an
Addendum to this certificate and, by reference, are made a part hereof.
13. 1 have not performed an appraisal, or any other service, on this property in the
past three years.
Based upon my independent appraisal and the exercise of my professional judgment,
my opinion of the market value for the part taken, including net severance damages
after special benefits, if any, of the property appraised as of the 21 day of October
2013, is:
$15,521
Market value should be allocated as follows:
Land Area: 2,207± SF
Value of Taking
102
Land Value
$6,621
Improvements
$8,900
Damages to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
$15,521
10/28/2013
Daniel R. DeRango, MAI, CCIM Date
Cert Gen RZ1054
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 3
CERTIFICATE OF VALUE PARCEL 701
I certify to the best of my knowledge and belief, that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased, professional
analyses, opinion, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties
involved.
4. My compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5. My analyses, opinion, or conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Practice, and
the provisions of Chapter 475, Part II, Florida Statutes.
6. 1 have made a personal inspection of the property that is the subject of this
report and I have afforded the property owner the opportunity to accompany me
at the time of the inspection. I have also made a personal field inspection of the
comparable sales relied upon in making this appraisal. The subject and the
comparable sales relied upon in making this appraisal are represented by the
photographs contained in this appraisal.
7. Heather Lynn Haas, who is State - certified general real estate appraiser #
RZ3203, provided professional assistance including sales research, preparation
and verification of comparable sales information, general gathering of supporting
data for the appraisal and further assistance in the writing of said appraisal.
8. 1 understand that this appraisal is to be used in connection with the acquisition of
real property by the City of Ocoee.
9. This appraisal has been made in conformity with the appropriate State laws,
regulations, policies, and procedures applicable to appraisal of right -of -way
transportation purposes; and to the best of my knowledge, no portion of the
property value entered on this certificate consists of items which are non -
compensable under the established law of the State of Florida.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 4
PARCEL 701 CERTIFICATE OF VALUE (CONTINUED)
10. 1 have not revealed the findings or results of this appraisal to anyone other than
the proper officials of the City of Ocoee and I will not do so until so authorized by
city officials, or until I am required by due process of law or until I am released
from this obligation by having publicly testified as to such findings.
11. Regardless of any stated limiting conditions or assumptions, I acknowledge that
this appraisal report and all maps, data, summaries, charts, and other exhibits
collected or prepared under this agreement shall become the property of the City
of Ocoee without restriction or limitation on their use.
12. Statements supplemental to this certification required by membership or
candidacy in a professional appraisal organization are described on an
Addendum to this certificate and, by reference, are made a part hereof.
13. 1 have not performed an appraisal, or any other service, on this property in the
past three years.
Based upon my independent appraisal and the exercise of my professional judgment,
my opinion of the market value for the part taken, including net severance damages
after special benefits, if any, of the property appraised as of the 21 St day of October
2013, is:
$1,639
Market value should be allocated as follows:
Land Area: 1,875± SF
Value of Taking
702
Land Value
$1,639
Improvements
$0
Damages to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
$1,639
10/28/2013
Daniel R. DeRango, MAI, CCIM Date
Cert Gen RZ1054
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 5
CONDITIONS AND CONTINGENCIES
SPECIAL ASSUMPTIONS
1. The appraisers have relied upon a survey and legal description prepared by
Southeastern Surveying, as shown herein. We have relied on the estimates
provided in the survey and have used the graphics to locate potential
improvements within the taking areas. We have assumed these estimates to be
accurate for purposes of our appraisal.
2. We have relied on final roadway construction plans provided by the City of
Ocoee dated June 2013. We have also relied on the graphics within the plans to
locate potential improvements within the taking areas.
3. We have relied upon title information, as supplied by Fidelity Title Insurance
Company
4. We do not have the required expertise for 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. We assume no responsibility for the studies or analyses, which
would be required to determine the presence or absence of such substances.
We do not assume responsibility for loss as a result of the presence of such
substances. The value estimate is based on the assumption that the subject
property is not so affected.
5. The 1985 amendment to Chapter 163, Florida Statutes requires local
governments to adopt Comprehensive Land Use Plans that must include
adopted levels of service for seven types of public services and facilities: roads,
mass transit, sanitary sewer, storm water, potable water, solid waste, and
parks /recreation. Chapter 163 prohibits local governments from issuing
development permits if the development's impact would cause levels of service
to fall below the adopted levels. In other words, the availability of the public
services must be concurrent with the impact of the proposed or future develop-
ment.
6. This report is subject to a Concurrency Verification, and assumes that the
subject will not be affected by concurrency at this time.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 6
EXECUTIVE SUMMARY
PROPERTY LOCATION: The larger property is located along the east side of Bluford
Avenue south of 7 Street in Ocoee, Orange County,
Florida. The street address is 474 South Bluford Avenue,
Ocoee, Florida 34761.
PARENT TRACT OVERVIEW: The larger property is a vacant 0.99± acre site. The parcel is
rectangular in shape and the western boundary abuts Bluford
Avenue.
OWNER AND ADDRESS
PARENT TRACT SIZE
(BEFORE CONDITION)
According to the information provided by Orange County
public records, the current property owner is:
Jasbir S. Kalsi
620 Ferguson Drive
Orlando, Florida 32805 -1014
0.99± Acres, 43,114± SF
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
ZONING (BEFORE
CONDITION):
FUTURE LAND USE
DESIGNATION
(BEFORE CONDITION):
HIGHEST AND BEST USE
(BEFORE CONDITION):
ACQUISITION OVERVIEW:
R -1AA, Single Family Dwelling, City of Ocoee
Low Density Residential
PAGE 7
As Vacant Low density residential development
As Improved: Continued use as improved.
Parcel No.
102
702
Use
Right -of -Way
Temporary
Construction
Interest Acquired
Fee Simple
Easement Interest
Size (SF)
2,207
1,875
Size (AC)
0.051
0.043
COMMENTS: The acquisition area is slightly irregular in shape. The parcel
is a strip of land along the road frontage. Some minor site
improvements are within the area of the taking.
REMAINDER PARCEL SIZE
(AFTER CONDITION):
HIGHEST AND BEST USE
(AFTER CONDITION):
REMAINDER CONDITION
VALUE CONCLUSIONS:
0.94± Acres, 40,907± SF
The Highest & Best Use of the property remains unchanged
after the acquisition.
The remainder is generally the same as before the taking.
Value of Taking
102
702
Total
Use
ROW
TC E
Land Value
$6,621
$1,639
$8,260
$8,900
$0
$8,900
- Improvements
Dama es to Remainder
$0
$0
$0
Cost to Cure Net
$0
$0
$0
Total Value of Acquisition
$15,521
$1,639
$17,160
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 8
PROPERTY PHOTOGRAPHS
VIEW OF PROPERTY FROM BLUFORD AVENUE
VIEW OF AREA OF TAKING
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 1 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
INTRODUCTION
PAGE 9
Floral St ti
�. -- Lafaye
Ohio St E
- - `�a Lan
I f _Osaee �
Dr
1 I — ` E.. taMc�s�h ore o dam
r
o' F Ha
A Orlando Ave — —
Subject Do Horm" as St
G
101 �x
o
m .
M
6binal St =- po
c Geneva St -- ' Geneva St E a
m
PURPOSE AND INTENDED USE OF APPRAISAL
The purpose of this appraisal is to estimate the market value of the unencumbered fee
simple interest in the parent tract, subject to the underlying assumptions and limiting
conditions previously mentioned. We have then estimated the value of the portion of
the property to be acquired for the described project. The appraisal refers to the value
of taking, the effect on market value of the taking, and the damages, if any, to the
remainder.
The intended use of this appraisal is for use in negotiations with the current property
owner for acquisition of a portion of land for right -of -way and a temporary construction
easement by the City of Ocoee. There are no other intended users or uses for our
appraisal.
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY
Since the area of Parcels 102 and 702 were determined to have no impact on the
remainder property, we have prepared a summary appraisal of the property to
determine land value and any improvements in the takings for the parcels to be
acquired. The only approach deemed to apply was the Sales Comparison Approach in
estimating land value. A Sales Comparison Approach was used in establishing the
value of the underlying land for the partial taking based on the taking as part of the
whole, "as if vacant ".
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 10
REPORT TYPE
This is a Summary 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 Summary Appraisal Report.
PROPERTY INTEREST APPRAISED
• Parent Tract: Fee Simple Interest.
• Parcel 102: Fee Simple Interest.
Parcel 702: Easement Interest.
LEGAL DESCRIPTIONS
Parent Tract
THE NORTH j OF LOT 36, LESS THE NORTH 34.00 FEET, AND THE
SOUTH 4.00 FEET OF THE NORTH 34.00 FEET OF LOT 36, LESS THE
EAST 88.00 FEET, IN BLOCK 4, "TOWN OF OCOEE" ACCORDING
TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK " A " AT
PACE 100 OF THE PUBLIC RECORDS OF ORANGE COUNTY,
FLORIDA.
Source: Orange County Official Records Book 4460 Page 252.
Parcel 102 Right -of -Way
", pertic' o f _ots 35 e -j 35, t ?ock 4 cnc a o ^rtic -: of Wcsh' ^gton Streei, Town of ?coee per Plat
there recoroea in Pact [Itook "A" Fcge s ' t; tnr 10 Fuc!ic Records o' ,:rcnge -o nty, r lc
belnq more descri:De; as
Commc,ric:r, ct the Nor'vv
. ( a[ coy car o x;x d T:rn•^ of C?c., r.v p(;r r'ic t 'r c: co+ c ,, crac d rl P! .t Re"Ok
1 00 tn.ougl: 10 ut'i[. Rccc;-c +_s c` ue7nu< Cc;r! - rIc i.[, t[cr�c:c S t(T,37 , E c c sic e,,
of i21.GG feet c!o g the t_cst rght of gray fire of U ;ulord !venue c - [ on aid plat to the
Beg: -n.fg, said port being cn trE �Ncd , tn 1;ne of leans deccr - Cfficre! Records Book 4460 Page
252, P ,Siic Records of Urc G._ County, ioriec, 'nence N 8 �t '23' � a d tance o` 8.7y 'ee` a;7nq fke
N''orth line Of said ;cnas to c po thence ,.. !,.1 -''�t � c distance of - ) , S. ,1 7 `eet; thence 'S r x'39' r 7"
f_ c oistonce of 9.' c feet; t "e ^ce U_7' 1 /" 4" a d ;`a ce o` c /. °6 feet to e Point c- t!-e
-<
1 of 'v,, - r, tree[ vac:at =d pe `ficiu' l co ' 9 ok 8.512, ge.,
� the No tr �) d�c S [h Ou 7t.
.
4858, P'ub'ic rte- ,o-c�5 of ' ':y urid theritf `; 88'58', 3 IN a o 12.7L feel a'ony
cid rul[i '�r,c ie c v '. .gin '- i. Eosf gnt of vcy I � of citi f? `o�d 4v -uc; "c�rrx, N 00'37 17" I
n stc nc_e of i 81.` b feet c 4: u; s cici [ cs ia;!t o ' Cne to the Poi ,', o` Neg: -rii 'g-
Source: Sketch and Legal prepared by Southeastern Surveying.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KA LSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 11
Parcel 702 Temporary Construction Easeme
h, porticn ct "Lots 35 and P, -'ock 4 and a p tic„ cf v4csri��gton Street, 'own 0' Ocoee Per plot
tnereof recoroea in Fict Gok
o 'ages CG to ough 10 ub'ic Kecc�ds 0 Cc-
nty i 1e
being more part ;c_,lar?y described as 'ollows
CGrYVY1C(10E C' i(1 t', h in t'Vi EiSi Ci ; Cr Cf 3 .f:K �, ?Cvv" 1 I'i Ct f f {'r f�tfJ', tn(, f (f( ;(C7 E ;f I(J P��a r?C� ?k
-A-, "Cgs 'GG tnrot,g' 101, Pm !ic Rccc.t s o` -� "ny ,"!Y, rI� ica; tf cri: S C `37` 1' E c cr 5tc;ncc:
of i21.CG feet along tine Lost right cif way line of i3iuford Avenue es shown on sorcl plat to c point or=
the PO�tn 1' of rands desc�'bed C ff a�aP Ra:aras Hook 1460, Pa.,e 252 Public Records of C
County, rioridc; thence N 89'46'23 L a distance of 8.79 feet a'ona the IVY th 'one o` said !ands to the
Pant of �legrn ring, inence c time N 8a nt j z c: c d� tance c" ?G `eet aiora maid "�c-in II e to a
pornt; =,hence
1 { a disronae o ?'.t!J `eel thence S C4 {9 l" F c d fi erce of 59.11 feet;
thence 5 Oc: . `4" r e a st nre of 98- feet. tc :J on "tin: `~outi` ; ne of Uie Nor" 112 of
4^roshl ±on Street vacated p fticic! R orris Gook 83 Gages 48=3 through 4 58, F'uc';c Reccrds of
'Grange g ouniy, ' ioridc;, then 4 i38'S8 dista ..e of 'J.L' t feet a,�ng a " �auth i ne t a point;
inence N GC)" , 5a 'dv c, d st�n:,e of 91.96 feet, N 0 w 1-11 di_,tanee of t9. ` fe. t, tf enc_°
47 fsct to the Point of r3egi ^r•i�le
N` C 1` i 3' 1 j„ 'vJ a d. t 1 -<;e: o .5C) j'
Source: Sketch and Legal prepared by Southeastern Surveying.
HISTORY OF PROPERTY (LAST FIVE YEARS)
The property is under the ownership of Jasbir S. Kalsi, who acquired the property in
July of 1992 via a Quit Claim Deed from Allen & Jeri Hayhurst. The transaction was
recorded in the Orange County Official Records Book 4460 Page 252.
There have been no transactions recorded for the property in the last five years.
PROPERTY INSPECTION
Names of Those Present at Inspection
Mr. Daniel R. DeRango (DeRango, Best & Associates) inspected the property on July
11, 2013. Mr. DeRango has viewed the site on a few occasions since that time, most
recently on October 21, 2013. No owner was present during the inspection.
Extent of Inspection
Daniel R. DeRango, MAI, made a complete inspection of the land, including the area of
the takings.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
SITE DESCRIPTION
Location
PAGE 12
The property is located along the east side of Bluford Avenue south of 7 Street in
Ocoee, Orange County, Florida. The street address is 474 South Bluford Avenue,
Ocoee, Florida 34761.
SITE DESCRIPTION (PARENT TRACT)
Land Area
0.99± Acres or 43,114± SF
Shape
The parent tract is rectangular in shape with approximately 180± feet of frontage along
the east side of Bluford Avenue.
13 -184 Parcels 102 & 702
PROPERTY DESCRIPTION BEFORE THE TAKING
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
Boundary Dimensions
North 238± South 238±
West: 180± East: 178±
Ingress /Egress
The property has ingress and egress along the east side of Bluford Avenue.
Topography & Drainage
The site is generally level and appears to drain well.
a
4
PAGE 13
13 -184 Parcels 102 & 702
•1 y �
� l �v R " !C
i • •
Subject
Q " «#$"
.w.. wy «. +s• o-t. y'Y
�e 1.20
PAGE 13
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
Flood Hazard Data
PAGE 14
According to the Flood Insurance Rate Maps, Community Panel No. 12095CO210 F,
dated September 25, 2009, the property is located within a Zone "X ", an area of
minimal flooding.
Soil Characteristics
There appears to be no adverse soil conditions on the property.
Easement/Encroachments
Based on our review of the Title report prepared by Fidelity Title & Guarantee Company
there do not appear to be any adverse easements or encumbrances affecting the
property.
Environmental Hazards
After review of the title search and a physical inspection of the property, we are not
aware of any environmental hazards that may exist. However, the detection of any
environmental hazards is beyond our area of expertise.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 15
Utilities
Potable water is available to the property and is serviced by the City of Ocoee. Public
sewer is not available and the site relies on a private septic system.
ASSESSMENTS AND TAXES
The property is assessed for property taxes by Orange County. Taxes for the year 2012
are as follows:
2012 Property Taxes
Parcel ID
17- 22 -28- 6144 -04 -361
Land Value
$43,017
Building Value
N/A
Features Value
N/A
Total Assessed Value
$43,017
Millage Rate
19.4648
Ad Valorem Taxes
$837.32
Other Assessments
$120.00
Gross Tax Amounts
$957.32
Proposed 2013 $43,017
Assessed Value
All taxes have been paid and there are no delinquencies reported for the property.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 16
ZONING, LAND USE PLANNING CONCURRENCY
Zoning
The parent tract is zoned R -1AA, Single Family Dwelling, by the City of Ocoee.
According to the Orange County Code of Ordinances:
( R -1 -AA and R -1 -AAA Single - Family Dwelling Districts.
The areas included within R -1 -AA and R -1 -AAA, Single- family Dwelling Districts are intended
to be single- family residential areas with larger lots and lower population densities. Certain
structures and uses required to serve educational, religious, utilities and noncommercial
recreational needs of such areas are permitted_ This district is primarily intended for areas
shown on the Future Land Use Map as "Low Density Residential
Future Land Use Designation
The Future Land Use designation is Low Density Residential. The zoning and future
land use designations are consistent.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 17
HIGHEST AND BEST USE
In estimating the highest and best use of the property, we have considered those uses
that are legally permissible, physically possible, economically supported, and which
would result in the highest return to the land. We have considered the features of the
land such as zoning, size, shape, location, access to roadways, and the availability of
utilities. We have also reviewed surrounding land patterns and the demand for property
in the current real estate market. 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 R -1AA, Single Family Dwelling, by the City of Ocoee. The future
land use designation of the site is Low Density Residential. The legally permitted uses
of the site are for single family residential use.
Physical Considerations
The site contains 43,114 square feet (0.99± acres) and is rectangular in shape with a
shape /configuration suitable for development. The topography of the site is adequate.
The site has public water service and would require a private septic system. The site
has good frontage and exposure on Bluford Avenue. Therefore, the site is physically
suitable for development.
Economic Considerations
In analyzing those uses which would be economically feasible and maximally
productive, we have taken into consideration the locational characteristics of the
property and current trends in the market. The site is located within a residential area in
the City of Ocoee. The economy is currently weak but has been showing signs of
modest improvement over the past year.
CONCLUSIONS
Based on our analysis, the highest and best use of the site is for single family
residential development consistent with zoning and surrounding land uses.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 18
VALUATION METHODOLOGY
As discussed in the next section of our report, the proposed acquisition will not have a
residual impact on the land or the improvements on the property and we have therefore
prepared a simple analysis of the acquisition. In our opinion the preparation of a "before
and after" analysis is not required for this assignment.
LAND VALUATION
The first step in our valuation is to estimate the value of the underlying land before the
taking. The land value is used to establish a value of the parts of the parcel within the
proposed taking. The land has been valued by the Sales Comparison (Market)
Approach.
Based on our highest and best use of the site as vacant for residential development we
have researched and evaluated sales of similar future single family sites in the area for
comparison to the appraised tract. Since the neighborhood is older and established, we
have expanded our search to include similar areas of Greater Orlando. The sales in our
analysis are discussed as follows:
13 -184 Parcels 102 & 702
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13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 19
COMPARABLE LAND SALES
Subject
1
2
3
4
Location
Along the east side of
Bluford Avenue south
of 7th Street
At the northwest
corner of Rewis
Street and Lyman
y
Avenue
At the northeast
corner of Rewis
Street and Lyman
y
Avenue
Along the west side
of Main Street south
of Maple Street
Along the east side of
Edgewood Ranch
Road south of Old
Winter Garden Road
City, County
Ocoee, Orange
County
Ocoee, Orange
County
Ocoee, Orange
County
Winter Garden,
Orange County
Orlando, Orange
Buyer
Juan Maldonado
Re ino Garcia
g
Akers Custom
Homes, Inc.
Robert A Zarate
Seller
Enrique Zepeda
Jorge Delatorre
Michael Lemos
Allen G. Liang
Sale Date
Mar -13
Jun -13
Sep -12
Feb -13
Sale Price
$23,000
$22,000
$31,500
$52,000
Terms of Sale
Cash to Seller
Cash to Seller
Cash to Seller
Cash to Seller
O.R. Book/Page
10550/910
10592/214
10450/2334
10526/6189
Size (AC)
0.99
0.46
0.25
0.22
0.50
Size (SF)
43,114
19,993
10,910
9,799
21,783
Configuration
Rectangular
Slightly Irregular
Slightly Irregular
Rectangular
Rectangular
Frontage
Bluford Avenue
Rewis & Lyman
Rewis & Lyman
Main Street
Edgewood Ranch
Road
Utilities
Water / Septic
All Available
All Available
All Available
Water / Septic
Zoning
R -1AA, Ocoee
R -1, Ocoee
R -1, Ocoee
R -2, Winter Garden
A -1, Orange County
Future Land Use
(FLU) designation
Low Density
Residential
Low Density
Residential
Low Density
Residential
Low Residential
Low Density
Residential
Topography
Generally level
Generally level
Generally level
Generally level
Generally level
Access
Good
Good
Good
Good
Good
Exposure
Good
Good
Good
Good
Good
Price /SF
$1.15
$2.02
$3.21
$2.39
COMPARISON
Marketing
Conditions
Sep -13
Similar
Similar
Similar
Similar
Terms of Sale
Market
Similar
Similar
Similar
Similar
Location
Bluford Avenue
Somewhat Inferior
Somewhat Inferior
Somewhat Superior
Somewhat Inferior
Access
Good
Similar
Similar
Similar
Similar
Exposure
Good
Similar
Similar
Similar
Similar
Utilities
Water / Septic
Somewhat Superior
Somewhat Superior
Somewhat Superior
Similar
Size (AC)
0.99
Smaller ( -)
Smaller ( -)
Smaller ( -)
Smaller ( -)
Configuration
Rectangular
Similar
Similar
Similar
Similar
Topography
Generally level
Similar
Similar
Similar
Similar
Overall Comparison
Subject
Inferior
Inferior
Superior
Somewhat Inferior
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 20
Comparable Land Sale No. 1 is located at the northwest corner of Rewis Street and
Lyman Avenue. This is the sale of 0.46 acres of land to Juan Maldonado for $23,000.
The sale took place in March of 2013. The sale equates to $1.15/SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property. This site is smaller in size and is in a slightly inferior location.
Comparable Land Sale No. 2 is located at the northeast corner of Rewis Street and
Lyman Avenue. This is the sale of 0.25 acres of land to Regino Garcia for $22,000. The
sale took place in June of 2013. The sale equates to $2.02 /SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property. This site is smaller in size and is in a slightly inferior location.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 21
Comparable Land Sale No. 3 is located along the west side of Main Street south of
Maple Street. This is the sale of 0.22 acres of land to Akers Custom Homes, Inc. for
$31,500. The sale took place in September of 2012. The sale equates to $3.21/SF of
land area.
The indication from this sale is considered to be above expectations for the appraised
property, due mainly to its smaller size and superior location.
Comparable Land Sale No. 4 is located along the east side of Edgewood Ranch Road
south of Old Winter Garden Road. This is the sale of 0.50 acres of land to Robert A.
Zarate for $52,000. The sale took place in February of 2013. The sale equates tc
$2.39/SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property, due mainly to its inferior zoning and somewhat inferior location.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 22
ANALYSIS & CONCLUSIONS
The comparable land sales cited indicate a value range from $22,000 to $52,000 or
from $1.15/SF to $3.21/SF with an average of $2.19/SF.
• The property is located along Bluford Avenue near the center of the City of
Ocoee.
• The property is in a long established neighborhood and there are few available
vacant lots.
VALUE CONCLUSION: FEE SIMPLE
After evaluating all of the described sales data and based on our review of market
trends we would expect that the value of the fee simple interest in the land would fall
near the upper part of the range shown by the comparables.
Based on our analysis our value is expressed as follows:
Land Value Before the Takina
Land
Size (SF)
Price
Per SF
Value Indication
(Rounded)
43,114
$3.00
$129,342
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 23
PROJECT DESCRIPTION
The Bluford Avenue project includes a widening the roadway to permit stormwater and
utility improvements along the roadway.
PROJECT ALIGNMENT
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 24
DESCRIPTION OF THE ACQUISITION
PARCEL 102
Property sketches and construction drawings are as follows
13-184 Parcels 102 & 702
APPRAISAL OF PARCEL Nos. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 25
4,
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VO. SO
-7
13-184 Parcels 102 & 702
APPRAISAL OF PARCEL Nos. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 26
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13-184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 27
13 -184 Parcels 102 & 702
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13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 28
LAND WITHIN ACQUISITION
Parcel 102 consists of a 2,207± SF strip for a right -of -way for Bluford Avenue road
project. The taking is a slightly irregular piece at the west end of the property.
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Improvements within Acquisition
Improvements in the taking include two mature trees, a Live Oak and a Laurel Oak.
There are also two Golden Rain Trees (Koelreuteria paniculata) in the taking.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 29
VALUATION OF PART TAKEN
The Parcel 102 right -of way strip will be acquired in fee simple.
The land value of the parent tract has been estimated at $3.00 /SF. Thus, the estimated
value of the part taken for land is as follows:
Land
Parcel
No.
Interest
Appraised
Land Area
(SF)
Estimated
Value
102
Fee Simple
2,207
$6,621
TOTAL
$6,621
Improvements
The values of improvements in the taking have been estimated using guidelines
provided by the Marshall Valuation Service, and a review of costs from local sources
including landscapers. The improvements within the taking have been depreciated to
reflect their age and condition at the date of taking.
Improvements in Parcel 1n2
Item
Cost New
%
Depreciated
$
Depreciation
Depreciated
Cost
Quercus Laurifolia - Laurel Oak 41"
$5,370
'
0.00%
$0
$5,370
Quercus Virginiana - Live Oak 28"
$2,500
0.00%
$0
$2,500
Koelreuteria Panniculata - Golden Rain Tree 15"
$890
0.00%
$0
$890
Koelreuteria Panniculata - Golden Rain Tree 6"
$140
0.00%
$0
$140
Total
$8,900
N/A
0
$8,900
SUMMARY OF VALUE OF PART TAKEN
Parcel 102
Total Land Value:
$6,621
Improvements Value
$8,900
Total Value:
$15,521
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 30
VALUE OF REMAINDER LAND AS PART OF WHOLE
Value of Whole Property: $129,342
Value of Acquisition (Land Only): $6,621
Value of Remainder as Part of Whole: $122,721
APPRAISAL OF REMAINDER
APPRAISAL PROBLEM
The appraisal problem is to estimate the market value of the remainder and to
substantiate damages, or special benefits due to the acquisition, if any.
DESCRIPTION OF REMAINDER
The remainder site is generally similar to the property before the taking in physical
attributes. The small area of taking is at the undeveloped west end of the site and the
configuration of the site after the acquisition is still suitable for development to a density
similar to that which could have been achieved prior to the taking.
Highest and Best Use "As Vacant"
The remainder's slightly reduced size does not reduce the market appeal of the
property for residential development. The highest and best use after the taking is the
same as before the taking.
Highest and Best Use, "As Improved"
N/A
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 31
VALUATION OF REMAINDER
LAND VALUE
We have reviewed the comparable sales information provided earlier in determining the
land value for the property after the fee simple taking. Given that the reduced size of
the property will not affect the build -out potential or utility of the site, we have not
reduced our value estimate on a per square foot basis. Therefore, the value of the
remainder is as follows:
Land Value After the Taking
Land
Size (SF)
Price
Per SF
Value Indication
(Rounded)
40,907
$3.00
$122,721
We estimate that the remainder value and the value of the remainder as part of the
whole are the same and therefore there are no severance damages or cures required
accruing to the remainder property as a result of the taking.
Value of Remainder as Part of Whole:
$122,721
Remainder Value
$122,721
Damages to Remainder:
$0
COST TO CURE
SPECIAL BENEFITS
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LAND VALUATION OF THE TCE PARCEL 702
The value of the Temporary Construction Easement (Parcel 702) over a finite period of
time is a possessory interest that can be likened to a land lease. We have therefore
estimated a rental rate for the area within the TCE to determine a value for the three
years that the land will be encumbered.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 32
LAND WITHIN ACQUISITION
Parcel 702 consists of a 1,875± SF strip for a temporary construction easement for the
Bluford Avenue road project. The taking is a slightly irregular piece near the west end of
the property.
f 4.,
Improvements within Acquisition
There are no improvements within the Parcel 702 taking. Any trees within this area are
expected to remain undisturbed.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 33
ANNUAL ECONOMIC RENT
We have researched the Central Florida area for recent land leases of properties
considered similar to the parent tract with regard to location, size, and legally permitted
uses. Our research has not produced any leases of land considered comparable to the
parent tract. In our experience, land leases are typically long -term commitments that
are priced as a percentage or yield rate based on the underlying fee simple value of the
land to be encumbered.
We have used a similar method to determine the economic rent of the easement
parcel. We have included our estimate of the value of the fee simple interest in the
land. The underlying land value for the parent tract was estimated at $3.00 per square
foot. Based on the temporary construction easement size, the fee simple value would
be as follows:
1,875± SF @ $3.00 /SF = $5,625
Considering land lease data within the Central Florida area and alternative returns in
the market for various investments, a 10% rate of return has been estimated.
Therefore, the annual rent for the temporary construction easement is estimated as
follows:
$5,625 X 10% = $562.50/Year ($46.875 per month)
DISCOUNT RATE
The three years of rental payments have been discounted to a present value at the date
of value. In order to ascertain the discount rate, we have utilized the interest rate on a
U.S. Government Security Notes of similar terms. We have selected a base rate of
1.4% for our 3 -year easement term. To this "safe rate," we have added a premium to
reflect the lack of liquidity and ownership carrying costs arriving at a discount rate of
2 %. The applicable present value factor for a 2% discount rate for 3 years, payable in
advance as follows:
PRESENT VALUE OF MARKET RENT
Estimated Monthly Rent:
Present Value Factor:
$ 46.875
x 34.971
Total Value of Land Within Temporary Easement (R): $ 1,639
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 34
COMMENTS
There are no improvements within the TCE and there are no impacts from the TCE on
the remainder property. As previously noted, it is our understanding that trees within the
TCE will remain undisturbed.
SUMMARY OF VALUES
Value of Taking
102
702
Total
Use
ROW
TCE
Land Value
$6,621
$1,639
$8,260
Improvements
$8,900
$0
$8,900
Dama es to Remainder
$0
$0
$0
Cost to Cure Net
$0
$0
$0
Total Value of Acquisition
$15,521
$1,639
$17,160
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 35
ADDENDUM
Neighborhood Overview
Comparable Land Sales Details
Qualifications of Appraiser
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 36
NEIGHBORHOOD OVERVIEW
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GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following:
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden - Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage however, growth
is currently stalled due to the weak economy.
13 -184 Parcels 102 & 702
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GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following:
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden - Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage however, growth
is currently stalled due to the weak economy.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 37
Access
State Road 50 (Colonial Drive) is a four -lane, east -west highway that runs across the
entire state of Florida, connecting the Gulf Coast on the west to the Atlantic Ocean on
the east.
Located south of State Road 50 is Florida's Turnpike (Ronald Reagan Highway). This
stretch of roadway runs north and south throughout Florida from Ocala down to Miami.
This road intersects Interstate 4 in the Orlando /Disney World area. Just south of the
appraised property, the Florida Turnpike also connects with the East -West Expressway,
which runs straight into the heart of Downtown Orlando.
The Western Beltway (State Road 429) is located west of the property. This toll road is
part of the larger beltway system that, when completed, will encircle the greater Orlando
area. The Western Beltway has exchanges with the Florida Turnpike and several
smaller roadways, and currently terminates at State Road 441 in Apopka.
Commercial Development
West Orange County is provided with
hospital care via the Health Central
Hospital, located just east and north of
Old Winter Garden Road on the south
side of West Colonial Drive (SR 50),
about a mile east of the appraised
property. This hospital contains 153
beds, 449 staff doctors, and 550 total
employees. Other features of the
hospital include women's, pediatrics and
obstetrics centers.
Also to the east is a Wal -Mart Supercenter and several small strip centers. This
commercial development is located between the appraised property and the Health
Central Hospital.
Newer commercial development in the area includes the West Oaks Mall and the
Winter Garden Village at Fowler Groves. The West Oaks Mall was constructed in 1996
and is located east of the property on State Road 50 in Ocoee. It is anchored by
Dillard's, Sears, Belk, JC Penney, and AMC Theatres, and contains 130 stores.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 38
Winter Garden Village at Fowler Groves is an open -air shopping plaza divided into
three sections: The Exchange, The Crossings, and The Grove. The center contains
nearly 1.2 million square feet of retail space, and over 80 restaurants and shops. The
center opened for business in late 2007. It is located along the east and west sides of
Daniels Road just north of State Road 429 (the Western Beltway), approximately three
miles southwest of the appraised property.
The West Orange Trail is a recreational trail that runs approximately 22 miles from the
Lake County line through Oakland, Winter Garden, and Apopka, and was built primarily
on old railroad spurs. Several bridges crossing over major highways have been built or
repurposed for the trail.
The appraised property is in the West Orange Commercial Center, a self- contained
industrial /commercial business park with approximately 18 lots. Most of these lots have
been developed over the last few years, with predominate uses for medical - related
businesses. This type of land development within West Orange Commercial Center is
fueled by the Health Central Hospital.
Beside the West Orange Commercial Center Development, the Ocoee Commerce Center
is also a major medical park located in proximity to the hospital. This development contains
14 lots, several of which have been developed.
The Central Business District of Orlando is located approximately ten miles east and the
Orlando International Airport is located approximately 16 miles southeast of the property.
To the west of the property is the proposed City Place at Maguire project which contains
frontage along Maguire Road. The City Place at Maguire is planned to provide a mix of
upscale retail, luxury residential, Class A offices, a business class hotel and an array of
restaurants.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 39
Highlights of the project include a planned expansive open -air retail space, a 2 -acre
courtyard that will accommodate community events, and 16 -story condominium complexes.
Project Details:
• 90,000 SF of general retail shopping
• Two 6,000 SF spaces for Roof -Top dining locations
• 65,000 SF for a 5 -story hotel, including 131 rooms
• 49,000 SF of Class A office space
• 3,500 SF bank site
• 2,500 SF Pad for retail site
• Sixteen story luxury condominium, including 100 individual units and a 5 -story
parking garage with 400 spaces
• 2 acre courtyard with limited kiosks locations, designed for community events,
including art and music shows
• 594 parking spaces in a 7 -story parking garage
• Surface parking to include 117 spaces
The City of Ocoee has been working on a Community Redevelopment Area (CRA) plan for
the area around this project. Depending on what the City approves for the plan, the City
Place project may change. The project has essentially been on hold given the weak
economy. The City has yet to finalize CRA plans for the area.
REAL ESTATE MARKET
The market was weak for several years after the collapse of the housing market;
however, conditions have stabilized and in some areas seen modest improvement.
13 -184 Parcels 102 & 702
CONCEPT PLAN FOR CITY PLACE AT MAGUIRE
APPRAISAL OF PARCEL Nos. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 40
The following contains graphics and a discussion of the West Colonial retail market in
particular.
WEST COLONIAL MARKET
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DELIV111:1411 A11%0R1-1'I0N & V( kN( I Historical Analysis. AN Classes
.11141'; 2p1C 2a 201014 X0104q 2311tq 2011M 101t 4q 2M214 201224 20234 2cV240 201) 2013.*:
The black line in the graphic above shows the vacancy rate for retail space in the West
Colonial area. Vacancy currently stands at 11.1 %.
The following chart shows the drop in residential sales volume and pricing in the area.
Home Sales in Zip Code 34761
Courd
Pr;ce
650---
$2W,000
600 -
--$240,000
550
$220,000
500
"SIM(W
450—
$180,000
400
—
O%
-
-- $160,000
N �P — k
350
--
$140,000
Qjawr
300
S120,000
250
$100,000
200—
150
$60 000
10C
A
21 —F��—$40,000
X,
53
---$20.000
Q1
Q2 Q3 Q4 Q1
Q2 Q3
Q4 Q1 Q2 Q3 04 Q1 Q2 Q3 04
Q1 02 Q3 Q4 Q1
2008
2009
2010
2011
2012
2013 a
13-184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 41
According to a recent report published by the University of Central Florida (UCF)
Institute for Economic Competitiveness (dated July 2013), it is expected that payroll job
growth year- over -year is expected to average 2.0% in 2013, 2.1% in 2014, and 2.5% in
2015. It will be the second quarter of 2016 before payrolls recover to their pre- recession
levels. Housing starts are expected to have average annual growth of 31.4% during the
2013 -2016 period.
The following chart from the report shows the historic and projected Gross State
Product.
CONCLUSION
The long term prognosis for the neighborhood is stable to positive. As previously noted,
the real estate market is beginning to show signs of modest improvement. This trend is
expected to continue.
13 -184 Parcels 102 & 702
Florida Real Grass State Product
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CONCLUSION
The long term prognosis for the neighborhood is stable to positive. As previously noted,
the real estate market is beginning to show signs of modest improvement. This trend is
expected to continue.
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 42
LAND SALE DATA SHEET
13 -184 Parcels 102 & 702
1
Location
At the northwest corner of Rewis Street and
Lyman Avenue
City, County
Ocoee, Orange County
Buyer
Juan Maldonado
Seller
Enrique Zepeda
Sale Date
Mar -13
Sale Price
$23,000
Terms of Sale
Cash to Seller
O.R. Book /Page
10550/910
Size (AC)
0.46
Size (SF)
19,993
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$1.15
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Juan Maldonado - Buyer
Contact Information
845 - 483 -7225
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL Nos. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 43
Ile 6 ,4� 6
44
'V
too i A 26 too 25
LEE ST
-- is 2, --, m
as 004
3
4
w
> 6
<
v s
X
6
7
13-184 Parcels 102 & 702
U.
CD
z
6
7
13-184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 44
13 -184 Parcels 102 & 702
A ny
a a
Anderson- Rt
Spnngtake
13
ss Rd 2.
Sale
m LakeA9bve
Ftewelling'Ave
z
z
10550/910
-Z Mobile Ln
Apricot Dr
a
-a ,.
o ,
si
Oakwood t_n
Q7
st,
�
tw'
�.
p
Circle
A
E; Center St
N
w
° Ce roe,
!U
'
Q
v a3s rf at
l a St Franklin St
'
Cie O
Starke Lake
arden
' 429 .
ur
Grassy
r�
f!!
bjeCt
Lake OPImpia
St E
ri
➢
�
flak St
23
Enterprise St
Orlando Ave
0 White Rd
a _
}
26
y
o
Capitol Ct'
s
Geneva St E
o
Stor Rd
y
Ocoee
<
R
Cemetery
m
°'
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 45
X3
Ro:ord awl Return to
00Ga !l117411l76 *� iMM� R: "I'll
J 4. 1 i
Pre ,arid 11
N:il is of
ttw M to N
310 't... D rdi. Eaq.
lw Itae as - f1�t .M
0At Aiw rt iao.
Jl8 Swath Din" reet Suitt 13f1
tb in Street.
winter 111. WIN,
�tanE11Y1 #
Garden,
*�
Mar tie 0. 11rywss�lwA►t.oii.e
Pored ttl Ne. ill 5 -31 1tNA- €k6o!I
: C tIC1/t00t
ORKIMAM1
This Warranty
teed
Mask ths, ",* i .ktv of %U101 A 0 :iii 3 by Forpre Zepeda and When zepeda, furibarid and wife
thefCan er cat'rcaf gat "Citanien "T.. to Jnan Mawafttido. a reamed Man w±amst Pest ofTTre address a
I Robert lt wd
Ptnalhk.+ctir NY €'Mat
fhefemafttt Called the "(yfartet ").
i'7et cx.• <c. —4 Acsr.•s ft xv+ 6ra».k AM t*Ao- raa A. All 'At tAo. k fh. , fs €n pN Rnr +sr<
tcgai —ado— a=d wa,tpa ..I �ed.v at.sa:a aa.t llt w ,Zu ^n mt asua" - ? 01 por". e i
W'itwrsseth. that the crwta. for and m taNasatXtattota of der wn of Ski) W anit attar valuable
cmtrderatwxas, the rreeipt and suft5cwm) of whKh n tnrebv acimowksiwJ. hrwc a maters. harpim uil%
,!erns refnmii, rvkxw%• cQMve)s and Confirm, unto the Crrarntc, all 0( the (7ra nor" ngfn title and xdmu to
than certain traI Pfreprrtt "twtr in r1"n;t Couratt. Fl,rrkta . vr2
ihu F-W W4 feet of t_ce A AM tbt Exit qO < fret of € of 7 NO-19 '4 rrth srf t kr°Ce •t "fitc.'
Road of RI'RFN KFCEf:R'S SURRIVISK' N, accwthstu Id dsr flat tterefst a rceirdt9f in
Plat newel A, a[ Fage 11II of tic Publrc Rt,:md, sit <.kanKc t our.4 , F hrk!j
SAID PKOPURTY IS SM If* I.10MES11AI'a Of THE GRAN "IOR SAID PROPI KIly IN Md-€V,
CONVEYED AT THE RF()I TEST <ti' TItF FaR8NI ANN) TT€t: <;R.iNIt.E %'f Tt€ Ntt 111 t k +kAR < "tt
FXAMINA LION OR INSCR.AN< "F RAVIN <> AVI N REQ4 FSTI -D OR I`ROVIEltl3
together w „lr all the renenaenr” lu:edpaxmerts a^tJ af1wurtt -fumet thetrt0 btgmk*tc"-,e ro la acnpwaw
appettatrong
To Have dad to HoW. the Same to fee ttmpv far,vtr
And thz 6rantrvt hereto) Cownwm with the (amilve Mar the (olPtut et lawful€) seized of said real
Fr,,Wr) ht fee itmple. that the crampr Ise, good right and €awf'Al xueh rd) dti grit alts€ uKtvey aua rr I
MTem, that the Cifanta hvrs'A} fbf?) wamaas the tick to faki real grrcgnrl� and will defeawt Otte Larne alkintsl
the law alat+nts stall per, whvatxnrvrt, "that card real fropertt is fret of encwOnanct i exce€rf taut
accruinJ suatry'atni to Dv crntia 1l. Ttilt ant subject n, cactmente_ cowntott. rtttfictatk2h. ta;wYV at retA±.
lanftut,uets And Mgvv".nentV irf word, it art
In W'isaess NberruC In, said <p auttin tiaz M,tv ! ,tat sesanf these fwesenty itr Jp and }tar fhsx
ahsrve wrMtrn
St r f savai. *J 4rcl k',y. r< de :sir rwerx�
wurc.•• +. ar.a s .,, t hse•hr,.a aYMI wpeda
2 °C .vet but
"..air; 'i4wtzw Qt•. lktt �� /�
`+,; f •.kva Mae a.: wt
51ATI:Of f€tdlt0'%
<i>l.ty7Y <aF <KIAVa,F
the fcx%VKng iatsmantecs WU 3Ckn0wied4Vd Nate rsc INS -"" der. ut Ntafc°.i. 2011 ht vo lat
Zepab uw►> Ch" Zrprda wtv ti't FttsJw cd Florida Driven Ffccmri a, ivf„- miNaui
f tnaan Pi a7tC41.kl ire tlatRt M
� � ;, t &1
[dt
Erk C Milk rztap era:
�� a RR13
taPtKi JtIX.2 '+.9ary p�rtax vttf Est,.,ra„
oop mnMA r,+JET: YwDaWM BC ♦i � «z4„n,v
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 46
LAND SALE DATA SHEET
13 -184 Parcels 102 & 702
2
Location
At the northeast corner of Rewis Street and
Lyman Avenue
City, County
Ocoee, Orange County
Buyer
Regino Garcia
Seller
Jorge Delatorre
Sale Date
Jun -13
Sale Price
$22,000
Terms of Sale
Cash to Seller
O.R. Book/Page
10592/214
Size (AC)
0.25
Size (SF)
10,910
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$2.02
Comments
VERIFICATION
Date Verified
8/8/2013
Verified By
Heather Lynn Haas
Verified With
Public Records
Contact Information
N/A
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL Nos. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 47
6 tit it 2,, 24
ISO L�26 'A00 25
j
r
LEE ST
912 S' 10
to- 4
to
2
3
5
7
8
bt
2
17
13-184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 48
Rd
k Circle SL
St
Bay St E ,
41,
44 i �
Ir
Enterprise St
kndersan s 0 1 i I i_1 1 spanyLake
Sale t keh?nx;e Flewelling Ave
10592/214 - Q Mobile Ln Apricot or
Tl a Oakwood Ln
Capitol �- - p , p
Story Rd
—klin St
fn
o
Center St
"438 ESilver
Ocoee C �(
Starke Lake_
Gnssy
Pond
I r �C S
i - -_1 t Sub "ect + -- + Laee0)ympa I
__.tr. J 4
White Rd
ir
Ul
�\ I ©` Ocoee r `uj
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL Nos. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
`iry:--- fl, R-chard K '4*rr;&.
Ner-W L cuing Sat, it", Inc,
'fia I % Addle) Park cr. Sit 402
Orlxado. F1 328M
jtv(zj ul t� i"uarce v
13-26M
p-re
%ARRANIIA OFFIF)
oNntvim Ai,
PAGE 49
DOC 120130336606 6 10692 P: 0214
W. E 1? 1 37 A161 F j 9 e t at
�-tx,pbla TI, SC 01
4 12 L
"I— AAKRAN,'t 1-ILL0, dazed lint! 76. b, JorSt t1claturtc, a married MI", "F(s+.e rww 104-.v 4'14rrsl 1> 1014 stucki
I rrrMC , t. %rmitt (3vrdcn, F 1 3478' hervil—Ifler i;j IcA it, 6MANWR, u- Rectan Garcli, a married man, -147-14: P-Dil
is z Ft. 34
,"Al,rc%er wcJ hcrew tft: TMW *GTA anti *(,r= : hall lnjj& 1li patlie, to 1h, in A uic tknr: cVuf r it, , rtir r.,
411d a "qJ1, W 4-0tviru 'lli and the qw
'A arj
'A 11 NF *SF Tit now if ULAN I OR :o- qrc m cor4Acuatsc:i j! v-- am •I S 01,:O an't E efv v,1:whIr
,, firrecif is twnb acki L'wlcdgce! "-rhN t 7,Txv hefpl'!, "tvN. J crs M4c;Mrl. wd Cronrmr-, q-,go the
xli c hat ,Crur; land �1%,atc tv Ofw,irg C ount, Flof, A� Vs2
t a ^s 1,A I aro X, !- " --k I . S!fFaz ,o,, at, per P tiw-vw, ,, rt lr:' :P PIA1 4o 1,, 127 Puhlic
RCIM�!c s'l i)MnZr t IMIN f kIn ,I, 1c- the 1 ,4,rtt i feet w at vl—v I c
"SUBJECT PROPERTY IS VACANT LAND
Iful aur»rnrnac of r. Sam, Lxxci and
ftK tlw }ew and 116iseq'Acte vCwN, Ind ut W 'IM-h—abit /Kwrig wdinam" eld 01 uldrohlbirs"m
by rZo, ernmengs w 1 k
I O"jF I IMP. -Arch 11:0W dr,i' drp.ffjn.'ncei tv 4-,n n w avptrwring
1 0 HAVFF AND 10 liol f), in. ;"n"Ie lf,fe.r.
AM) ME (AAN I UK is aahx covcrijnt, wjv+ i 61RAN I h Fr 11;i iry r7t ;,; ahw- n ltv— rt 4 iRA\TOR i Ij%fA l, Icuvj Lf au, a
:4N.1 M 'tv AuMpIc, that tfi,: [;RANT( 7R `.sae gc v„jc and ld*,ui t.^ • cil jjjj Ce A , n, ho fi I CF-AN I I )IT kjvh+
A �a J t
fuil) -aff the tt: z to +.jo ;%nd wi'l riefe;11 Ae iallic dg3ir"I the 14,41! cilinf, of all pitrww ""mr. a W%vf
IN 14 i CS jR NN
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lilt
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r.
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,-,, t l,
fir x.1 - rimer? wm sr nod ind &Lkjxs-Aleilyed WrTz rr,� th, 0_�) dd% " j"e" ; Ir t o )(T&t: L' WIW 11
kr io at X7 t Procuti Ljo~,; fkirwr.
%
d o
j n
l �_Gor
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M6Tk7t 00; FLORIDA
EEM0
13-184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 50
LAND SALE DATA SHEET
13 -184 Parcels 102 & 702
3
Location
Along the west side of Main Street south of
Maple Street
City, County
Winter Garden, Orange County
Buyer
Akers Custom Homes, Inc.
Seller
Michael Lemos
Sale Date
Sep -12
Sale Price
$31,500
Terms of Sale
Cash to Seller
O.R. Book/Page
10450/2334
Size (AC)
0.22
Size (SF)
9,799
Configuration
Rectangular
Frontage
Main Street
Utilities
All Available
Zoning
R -2, Winter Garden
Future Land Use (FLU)
designation
Low Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$3.21
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Sherrie Stenger, Realtor
Contact Information
sclark7@cfl.rr.com
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 1 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 51
13 -184 Parcels 102 & 702
5
t��._ aea r
E MAPLE ST T
W MAPLE ST
,,..
h
J.(niM'[BMlq'k11
9
151
.y'
�
� , 70
10
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i s2 :
40
152
120 x
o
rr
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g
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m
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154 4p
0 . C3 1ii
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e,�v
110
ts?
r0
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 52
,t MM s, a
i4 q 1 f {Y1 A.*
an G'
T
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0,�i�
° iw�x n St v" NahBf tea}d caa
r _
e Subject.
c: j"I03 E,"ii c EMO
qj} F 4'Y
4 t Z.t E Sale
wtnn. 10450/2334
b�it '_T E Fa7 'vY''
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.V � Eaar ti� E
r t• �' w � ,,; rt�ar�a Ut
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
s
t;rtacsa $/ k4k, ta,u—
hYO.� MH Ilt0161 flit A. rtt rtlRttt,l er$tY ;♦'t.f 1,
44t w rk i v AA 1 -11
In is lLm Ir 4,4104 ♦ tf-4. }I N°
ttn �..ataaer$ fhrtwrexf
Ivi4r f,taw,a
u}l'tttt34t t I11,& Houjilu. t I Air 4�1. t f t
44.wtytPtANI+txtet sett
'A INTttt G,% tDt A, 1 to k $14'4
s:1 a ucca$atf!. +ttietc:it �v Ss lull: <.,� :
i114ft31nC4 la W Fl} 1llNl' Wi?k eWtM3iStbL3Y: ix.Wry; ttY li
OiDCtt 2ff2ift924>}Ti i It714ii ►. Y234
MsaiFae•fif! N 7 •f t4 trap 6 ®f 2
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IIOM M►$4r f «. fti M
fntatgll+ts Y4w• iw N
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Gra� CauntV !t`f. =yNp ;rsliar
4P Mtyryyt��� i{Iifh�M'Itu
Pil j$:rir A;4irutw4) PutcO Ill 1F1 40 NwitnmiII
2S 22 - 27 - tiT2-t"JO
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Fi r *tsr.wg12621It
WAKRAN W' DFFD
11b6 Wun -aaly Detd' AJI: the 27th dar of Srpt"utwr, 2012, h4• M101A11, 1 FNION, A NIARN1F "1)
PF1t%ON JOF 111,ASKt7, 4 MARRIED PERSON. , a marriwl Pose hrrem4ller :Afkd (@., grit -.1or
whims P"uftwx3'Mt'* A I% }e 1 . ),k✓'cr t f .k`�f C k 14q - Tf-"
1 4 11 '-�urr- pIIi,l t ,l t 164 t.i> f< :44 71 7 '1*tt
to AKCWt C1;5'TO%l 11OMFii INC,, m,—c 1—i rdli4t kir . i, tau TFRRA NINN( t) 11.001
SITU . 200,1)R1 ANIK),1lorida 31VS, hemnufu -i I.Aw mw grtrwr.
W11?il ti.SETit )hat $4111 tCMI,C. 11-V neat m tt ow auxi u: S;1 -cH3 C-Atu, srt.1 tAm ralwGt:
c,me,.kl"Ioma, MCM4 whrre.:f a hrir:n azt tw /wkd crt twrcPy p4ms tw4uuu. W16, Jim retmw" mkx'—
,,�"'�° — earl c axon tht pxitee. a:l *w cauui ww 4,i uar in g), Au cc4rsrr. 1 i ir-;Av • er
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It- }rtt.7 -';x'Y 4,w tAr h.w,a�acret �n tioe taraf.a, =i
' 'I'i1GL72t[R ntett A thet -M� 44, ti.nnivuur IW, jtji. - Ttii":' ik ^Tre,• hl x,,«,'y x sx , ,a .geae..t :�nxg•
Ts li— awl la 1614, the ara 6ro ".cc sIntil, 3sra
APA d rwl [ }urYf cin N. w; nub wa14'"autzr hm I%' p o., / 1— n, 't 1 1 - — c4t L 'T. r - u,�r
hwa rnxf ngto mid 14r+fa. -t}.v u' W x111 „cid —" —: I—L 6„w 0. pint., f rf • ?"R' �a }a icc 11 r 4,k 4,+ Una—Id v ., .
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te� Es$1rs x xoWl4 x„Sszryo€nt Ir- 12'111 ^.uf f nttaxlxt, resuc.;,lgis .uxs �uenrhr nt «eur�.:: 4,r
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ttt wratrt $4 fetrtuF. taf4a2xd tug $,e:iwstr= ut zt ua4..:.. A .} .r 1! -cx1 ux Jas .$,.,1 .c4r Gf J aa".,ti. ulia.e
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PAGE 53
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 54
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or wfw has9wvr prtxlwed drirsv titextac(s1 as iderazCiwUun /j /
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iiw�r Tat w �..,�.teaartrs
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 55
LAND SALE DATA SHEET
13 -184 Parcels 102 & 702
4
Location
Along the east side of Edgewood Ranch
Road south of Old Winter Garden Road
City, County
Orlando, Orange
Buyer
Robert A. Zarate
Seller
Allen G. Liang
Sale Date
Feb -13
Sale Price
$52,000
Terms of Sale
Cash to Seller
O.R. Book/Page
10526/6189
Size (AC)
0.50
Size (SF)
21,783
Configuration
Rectangular
Frontage
Edgewood Ranch Road
Utilities
Water / Septic
Zoning
A -1, Orange County
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$2.39
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Sidney Tse, Realtor
Contact Information
tse2909@aol.com
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 56
W
Y rah
Q
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a =t � at •;�
Ox �t
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13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL Nos. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 57
S
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is
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Sale
10526/6189
Pd Rd
�10 k1r. 6 P4
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to
li
Mil
13-184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KALSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 58
THIS INSTRUMENT PREPARED BY
0XV 2e130145M 0: 1052{ P: side!
$212212013 12:86:19 P" Poor 1 of a
RETURN TO AFTER RECORDED:
ea
8 a a Ow fe"x:
O M tsi: Tom: $
m"I so
Rort Step: W
BLAIR M. JOHNSON, P.A
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t o eowPErellsr
BI.AIR M. JOHNSON, ESt2UIRE
orw4p
sN - Ro to: "In n nttaraew
Post Office Box 770496
9 1 sm NSA LLK 1
Winter Gordon, Florida 34777.0496
(407) 656 -5621
Florida Bar No. 296171
Property Appraisers Parcel I.Q. #: 35 -22 -28 4400 -00 -036
WARRANTY DEED
THIS WARRANTY DEED made the 114_ day of mil 2013 by ALLEN G.
LIANG and YVONNE K. LIANG. husband and wife, hereinafter called the Grantors, to
ROBERT A. ZARATE, a single person, whose address is 7334 Catamaran Drive,
Orlando, Florida 32835, hereinafter called the Grantee:
WITNESSETH:
That the Grantors, for and in consideration of the sum of $10.00 and other
valuable considerations, receipt whereof is hereby acknowledged, hereby grants,
bargains, sells, aliens, remises, releases, conveys and confirms unto the Grantee all
that certain land situated in Orange County, State of Florida, viz
SEE ATTACHED EXHIBIT - A' INCORPORATED HEREIN
AND MADE A PART HEREOF.
Together, with all the tenements, hereditaments and appurtenances thereto
belonging or in anywise appertaining.
To Have And To Hold, the same in fee simple forever.
And, the Grantors hereby covenant with said Grantee that the Grantors are
lawfully seized of said land in fee simple; that the Grantors have good right and lawful
authority to sell and convey said land, and hereby warrants the title to said land and will
defend the same against the lawful claims of all person whomsoever; and that said land
is free of all encumbrances, except taxes accruing subsequent to December 31, 2012
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL NOS. 102 & 702
THE KA LSI PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
20130105896 Page 2 of 3
and easements and restrictions of record, however, reference hereto shall not serve to
reimpose same
IN WITNESS WHEREOF, the said Grantors have signed and sealed these
presents the day and year first above written.
Signed, sealed and delivered in the
presence of:
s AieEN G. UANG
STATE OF FLORIDA
COUNTY OF ORANGE
c am, ., e__ k- x
YVONN K. UANG t`
M Q Hgnkrdon Coutl_
Orlando, Florida 32836
Address
The foregoing instrument was acknowledged before me this Ift day of
February. 2413 by ALLEN G. UANG and YVONNE K. LtANG who have produced their
Florida Drivers Licenses as identification,
�
4y �,er +artrns,,,
Nq&ry Name: Blair M Johnson
My commission expires:
= r r
-2-
Warranty Deed
PAGE 59
13 -184 Parcels 102 & 702
APPRAISAL OF PARCEL Nos. 102 & 702
THE KALS1 PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 60
20130105896 Page 3 of 3
com-rmcc at he Northwest comer o the NorOem, P Of the Southwest I A of Section 35, Townshp r Saute,
Range 28 u, Orange County. Florida; thence run Scut Do eegret 25'4 Eu! along the Wtst !ire of $Aid Nortbraut
IM of the Southwest 14 a distance V51025 feet, t leavmg said w=t l ine, mr, NOMS 89 degrees 26 E a
e*tanct of 32.97 feel to a paint or. the East -fight Of way 1- ne of Edge-ood Ranch Ro", said point hejngt�e "�Cvlt 0'
begirming, exr. continue Ncq* 9 9 degrees 2625' East a distance 1 00 feet; Ownce run Nor(h M eerec 25`4 7'
West a di st'snOt Of 15 N) ttv. 11henct run No 99 dt9M 26' 25' East A distance of 17.00 feer, thence run Soj*h ty"
eeVM 25' F": a distmce of 115.98 feet; thenct run Sooth 89 degme3 2624" West a distance of 134 fti:t to a
F' 0!3' 0-1 the AfOm FA'- right Of way line of Fd&twOO4 Rana koad ttr".ct mm Noah 00 de g," 2 " 4 7" We-it aloll
I
said East right L" wa y % distan cf I fA fm' * 0 tf Point of Bcginmn"R
13-184 Parcels 102 & 702
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM
DERANGO. BEST & ASSOCIATES
1 60 1 E. AMELIA STREET
ORLANDO, FLORIDA 32803
(407) 895 -6650
RESIDENT OF: Maitland, Florida
EDUCATION: Graduate of Stetson University, Deland, Florida
Bachelor of Business Administration - Major: Finance
PROFESSIONAL
EDUCATION: COURSES & SEMINARS - APPRAISAL INSTITUTE
• Appraisal Principles
• Basic Valuation Procedures
• Direct Capitalization, Annuity Capitalization, and Mortgage
Theory and Techniques
• Case Studies in Real Estate Valuation
• Valuation Analysis and Report Writing
• Condemnation and Litigation Appraisal Practice
• Standards of Professional Practice
• Residential Valuation Procedures
• Appraisal of Small Hotels and Motels
• Sales Confirmation Methods
• Discounted Cash Flow Analysis
• Electronic Spreadsheets in Real Estate Appraising
• Urban Planning and Development - University of Central Florida
CCIM INSTITUTE
• Financial Analysis for Commercial Investment Real Estate (CI 101)
• Market Analysis for Commercial Investment Real Estate (Cl 102)
• User Decision Analysis for Commercial Investment Real Estate (Cl 103)
• Investment Analysis for Commercial Investment Real Estate (Cl 104)
PROFESSIONAL
Equity Capitalization
AFFILIATIONS: Member of the Appraisal Institute, MAI No. 7557
Member CCIM Institute
Florida State - Certified General Real Estate Appraiser No. RZ1054
Registered Real Estate Broker /State of Florida, License No. 0355191
Director — Appraisal Institute, East Central Florida Chapter
Member of the Association of Eminent Domain Professionals
Member of the American Association of Airport Executives
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
PROFESSIONAL
EXPERIENCE: Qualified as an expert witness in Federal and State Courts.
Special Master, Value Adjustment Board, Orange County, 1995, 1996, 2000 -2002
Present: President - DeRango, Best and Associates, Orlando, Florida
1984 -1997 V.P. /Partner, Matonis MacDermott DeRango Sorich & Co., Orlando, FL
1981 -1984 Staff Appraiser with Irwin Appraisal Consulting Services, Inc., Orlando, FL
Former Member: Board of Directors - East Central Florida Chapter- Appraisal Institute
PUBLISHED: "The Determination of Hotel Value Components for Ad Valorem Tax Assessment'
The Appraisal Journal July, 1993
TYPE OF
ASSIGNMENTS: I have appraised or provided counseling for a variety of commercial and residential
properties throughout the U.S. (primarily in the Central Florida area).
EXPERIENCE WITH:
• Aviation /Aeronautical Properties
• Apartments
• Office buildings
• Retail properties
• Condemnation and litigation assignments
• Industrial properties
• Timeshare resorts
• Hotels & resorts
• Mobile home parks
• Subdivisions
• Mitigation lands
• Warehouse facilities
• Acreage tracts
• Golf courses /country clubs
• Special use facilities
• Mixed use development
• Coastal & island tracts
• Aviation properties
• Air cargo facilities
• Large and small aircraft hangars
• Fixed based operations
• Condominium projects
• Retail centers
(including regional malls)
Appraisal and consulting assignments have been prepared for a variety of lending
institutions, corporations, law firms, governmental agencies, and individuals.
PROPERTY LOCATIONS
IN FLORIDA:
• Central Florida (Orange, Seminole, Osceola, Lake, Polk and Volusia Counties)
• South Florida (Dade, Broward & Palm Beach Counties)
• South Central Florida (Brevard, Martin, St. Lucie & Indian River Counties)
• Southwest Florida (Collier, Lee, Manatee, Sarasota, Pinellas, Hillsborough Counties)
• Northeast Florida (Flagler, St. Johns and Duval Counties)
• North Central Florida (Marion County, Putnam)
• Florida Keys
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
ASSIGNMENTS
OUTSIDE OF
FLORIDA:
• Georgia
• Maryland
• Minnesota
• New York
• Pennsylvania
• California
• Connecticut
• Colorado
• South Carolina
• Pennsylvania
• Texas
• Indiana
• Ohio
• New Jersey
• Illinois
• Alabama
• Tennessee
• Kentucky
• Virginia
• Washington State
AC#672755 STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD SEQ#LI211150197(l
LICENSE NBR
_111 112012 2_28147329;IRZ1054
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 415 FS.
Expiration date: NOV 30, 2014
DERANGO, DANIEL ROBERT
1601 E AMELIA ST
ORLANDO FL 32803
RICK SCOTT
GOVERNOR
KEN LAWSON
SECRETARY
APPRAISAL OF:
PARCEL Nos. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PREPARED FOR:
CITY OF OCOEE
C/O MS. MARY DOTY SOLIK
DOTY SOLIK LAW
121 SOUTH ORANGE AVENUE, SUITE 1500
ORLANDO, FLORIDA 32801
PREPARED BY:
DERANGO, BEST & ASSOCIATES
REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS
160 1 EAST AMELIA STREET
ORLANDO, FLORIDA 32803
(407) 895 -6650
DANIEL R. DERANGO, MAI, CCIM
CERT GEN RZ 1054
13 -184 Parcels 103 & 703
DERANGO, BEST & ASSOCIATES
PROFESSIONAL REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS
160 1 EAST AMELIA STREET, ORLANDO, FLORIDA 32803
October 28, 2013
City of Ocoee
c/o Ms. Mary Doty Solik
Doty Solik Law
121 South Orange Avenue, Suite 1500
Orlando, Florida 32801
RE: Appraisal of the Ivy property, Parcel Nos. 103 and 703 Bluford Avenue Project, Ocoee,
Orange County, Florida.
Dear Ms. Solik:
We have personally inspected and appraised the above referenced property and proposed
acquisition by the City of Ocoee for the Bluford Avenue Project. The purpose of our appraisal is
to estimate the market value of the property to be acquired along with any associated cost to
cure or damages which may accrue to the remainder property. The intended use of our
appraisal is to assist the City of Ocoee in negotiations with the property owner for the
acquisition. There are no other intended users or uses for our appraisal.
Our value estimates, which are documented in the attached report, are summarized as follows:
Value of Taking
103
703
Total
Use
ROW
TC E
Land Value
$4,626
$1,282
$5,908
Improvements
$1,106
$0
$1,106
Damages to Remainder
$0
$0
$0
Cost to Cure (Net)
$0
$0
$0
Total Value of Acquisition
$5,732
$1,282
$7,014
Effective date of valuation October 21, 2013.
The values cited above are subject to the assumptions, limiting conditions, certification
statements and definitions presented within the attached summary report.
Sincerely,
DERANGO. BEST & ASSOCIATES
Daniel R. DeRango, MAI, CCIM
Cert Gen RZ1054
13 -184 Parcels 103 & 703
(407) 895 -6650 • FAX (407) 898 -8467 0 MAIL @DERANGOBEST.COM
TABLE OF CONTENTS
CERTIFICATE OF VALUE PARCEL 103 ....................................................................... ..............................1
CERTIFICATE OF VALUE PARCEL 703 ....................................................................... ..............................3
CONDITIONS AND CONTINGENCIES .......................................................................... ..............................5
SPECIALASSUMPTIONS .............................................................................................. ..............................5
EXECUTIVESUMMARY ................................................................................................ ..............................6
PROPERTYPHOTOGRAPHS ...................................................................................... ............................... 8
INTRODUCTION ............................................................................................................ .............................10
PURPOSE AND INTENDED USE OF APPRAISAL .................................................... ...............................
10
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY .................................. ...............................
10
REPORTTYPE .............................................................................................................. .............................11
PROPERTY INTEREST APPRAISED ......................................................................... ...............................
11
LEGALDESCRIPTIONS .............................................................................................. ...............................
11
HISTORY OF PROPERTY (LAST FIVE YEARS) ........................................................ ...............................
12
PROPERTYINSPECTION ............................................................................................. .............................12
PROPERTY DESCRIPTION BEFORE THE TAKING ................................................... .............................13
34
SITEDESCRIPTION .................................................................................................... ...............................
13
LOCATION ..................................................................................................................... .............................13
SITE DESCRIPTION (PARENT TRACT) ...................................................................... .............................13
TOPOGRAPHY DRAINAGE ....................................................................................... .............................14
ASSESSMENTSAND TAXES ..................................................................................... ...............................
16
ZONING, LAND USE PLANNING, CONCURRENCY ................................................. ...............................
17
DESCRIPTION OF IMPROVEMENTS ........................................................................ ...............................
18
HIGHESTAND BEST USE ............................................................................................ .............................19
VALUATIONMETHODOLOGY ..................................................................................... .............................20
LANDVALUATION ........................................................................................................ .............................20
ANALYSIS CONCLUSIONS ....................................................................................... .............................24
PROJECTDESCRIPTION ............................................................................................. .............................25
DESCRIPTION OF THE ACQUISITION ........................................................................ .............................26
PARCEL103 .................................................................................................................. .............................26
LANDWITHIN ACQUISITION ..................................................................................... ...............................
32
IMPROVEMENTS WITHIN ACQUISITION .................................................................... .............................32
VALUATIONOF PART TAKEN .................................................................................... .............................33
SUMMARY OF VALUE OF PART TAKEN ................................................................... ...............................
33
VALUE OF REMAINDER LAND AS PART OF WHOLE .............................................. .............................34
APPRAISALOF REMAINDER ...................................................................................... .............................34
APPRAISALPROBLEM ................................................................................................. .............................34
DESCRIPTION OF REMAINDER ................................................................................ ...............................
34
VALUATIONOF REMAINDER ...................................................................................... .............................35
LANDVALUE ................................................................................................................. ............................
COSTTO CURE ............................................................................................................ .............................35
SPECIALBENEFITS ...................................................................................................... .............................35
LAND VALUATION OF THE TCE PARCEL 703 ......................................................... ............................... 35
LANDWITHIN ACQUISITION ..................................................................................... ............................... 36
IMPROVEMENTS WITHIN ACQUISITION .................................................................... .............................36
ANNUALECONOMIC RENT ......................................................................................... .............................37
DISCOUNTRATE .......................................................................................................... .............................37
PRESENT VALUE OF MARKET RENT ....................................................................... ............................... 37
COMMENTS ................................................................................................................ ............................... 38
SUMMARYOF VALUES ................................................................................................ .............................38
ADDENDUM .................................................................................................................. .............................39
NEIGHBORHOODOVERVIEW ..................................................................................... .............................40
LANDSALE DATA SHEET ........................................................................................... .............................46
QUALIFICATIONS OF APPRAISER
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 1
CERTIFICATE OF VALUE PARCEL 103
I certify to the best of my knowledge and belief, that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased, professional
analyses, opinion, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties
involved.
4. My compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5. My analyses, opinion, or conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Practice, and
the provisions of Chapter 475, Part II, Florida Statutes.
6. 1 have made a personal inspection of the property that is the subject of this
report and I have afforded the property owner the opportunity to accompany me
at the time of the inspection. I have also made a personal field inspection of the
comparable sales relied upon in making this appraisal. The subject and the
comparable sales relied upon in making this appraisal are represented by the
photographs contained in this appraisal.
7. Heather Lynn Haas, who is State - certified general real estate appraiser #
RZ3203, provided professional assistance including sales research, preparation
and verification of comparable sales information, general gathering of supporting
data for the appraisal and further assistance in the writing of said appraisal.
8. 1 understand that this appraisal is to be used in connection with the acquisition of
real property by the City of Ocoee.
9. This appraisal has been made in conformity with the appropriate State laws,
regulations, policies, and procedures applicable to appraisal of right -of -way
transportation purposes; and to the best of my knowledge, no portion of the
property value entered on this certificate consists of items which are non -
compensable under the established law of the State of Florida.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PARCEL 103 CERTIFICATE OF VALUE (CONTINUED)
PAGE 2
10. 1 have not revealed the findings or results of this appraisal to anyone other than
the proper officials of the City of Ocoee and I will not do so until so authorized by
city officials, or until I am required by due process of law or until I am released
from this obligation by having publicly testified as to such findings.
11. Regardless of any stated limiting conditions or assumptions, I acknowledge that
this appraisal report and all maps, data, summaries, charts, and other exhibits
collected or prepared under this agreement shall become the property of the City
of Ocoee without restriction or limitation on their use.
12. Statements supplemental to this certification required by membership or
candidacy in a professional appraisal organization are described on an
Addendum to this certificate and, by reference, are made a part hereof.
13. 1 have not performed an appraisal, or any other service, on this property in the
past three years.
Based upon my independent appraisal and the exercise of my professional judgment,
my opinion of the market value for the part taken, including net severance damages
after special benefits, if any, of the property appraised as of the 21 St day of October
2013, is:
$5,732
Market value should be allocated as follows:
Land Area: 1,542± SF
Value of Taking
103
Land Value
$4,626
Improvements
$1,106
Damages to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
$5,732
Daniel R. DeRango, MAI, CCIM
Cert Gen RZ1054
10/28/2013
Date
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 3
CERTIFICATE OF VALUE PARCEL 703
I certify to the best of my knowledge and belief, that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased, professional
analyses, opinion, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties
involved.
4. My compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5. My analyses, opinion, or conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Practice, and
the provisions of Chapter 475, Part II, Florida Statutes.
6. 1 have made a personal inspection of the property that is the subject of this
report and I have afforded the property owner the opportunity to accompany me
at the time of the inspection. I have also made a personal field inspection of the
comparable sales relied upon in making this appraisal. The subject and the
comparable sales relied upon in making this appraisal are represented by the
photographs contained in this appraisal.
7. Heather Lynn Haas, who is State - certified general real estate appraiser #
RZ3203, provided professional assistance including sales research, preparation
and verification of comparable sales information, general gathering of supporting
data for the appraisal and further assistance in the writing of said appraisal.
8. 1 understand that this appraisal is to be used in connection with the acquisition of
real property by the City of Ocoee.
9. This appraisal has been made in conformity with the appropriate State laws,
regulations, policies, and procedures applicable to appraisal of right -of -way
transportation purposes; and to the best of my knowledge, no portion of the
property value entered on this certificate consists of items which are non -
compensable under the established law of the State of Florida.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 4
PARCEL 703 CERTIFICATE OF VALUE (CONTINUED)
10. 1 have not revealed the findings or results of this appraisal to anyone other than
the proper officials of the City of Ocoee and I will not do so until so authorized by
city officials, or until I am required by due process of law or until I am released
from this obligation by having publicly testified as to such findings.
11. Regardless of any stated limiting conditions or assumptions, I acknowledge that
this appraisal report and all maps, data, summaries, charts, and other exhibits
collected or prepared under this agreement shall become the property of the City
of Ocoee without restriction or limitation on their use.
12. Statements supplemental to this certification required by membership or
candidacy in a professional appraisal organization are described on an
Addendum to this certificate and, by reference, are made a part hereof.
13. 1 have not performed an appraisal, or any other service, on this property in the
past three years.
Based upon my independent appraisal and the exercise of my professional judgment,
my opinion of the market value for the part taken, including net severance damages
after special benefits, if any, of the property appraised as of the 21 St day of October
2013, is:
$1,282
Market value should be allocated as follows:
Land Area: 1,468± SF
Value of Taking
703
Land Value
$1,282
Improvements
$0
Dama es to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
$1,282
10/28/2013
Daniel R. DeRango, MAI, CCIM Date
Cert Gen RZ1054
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 5
CONDITIONS AND CONTINGENCIES
SPECIAL ASSUMPTIONS
1. The appraisers have relied upon a survey and legal description prepared by
Southeastern Surveying, as shown herein. We have relied on the estimates
provided in the survey and have used the graphics to locate potential
improvements within the taking areas. We have assumed these estimates to be
accurate for purposes of our appraisal.
2. We have relied on final roadway construction plans provided by the City of
Ocoee dated June 2013. We have also relied on the graphics within the plans to
locate potential improvements within the taking areas.
3. We have relied upon title information, as supplied by Fidelity Title Insurance
Company
4. We do not have the required expertise for 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. We assume no responsibility for the studies or analyses, which
would be required to determine the presence or absence of such substances.
We do not assume responsibility for loss as a result of the presence of such
substances. The value estimate is based on the assumption that the subject
property is not so affected.
5. The 1985 amendment to Chapter 163, Florida Statutes requires local
governments to adopt Comprehensive Land Use Plans that must include
adopted levels of service for seven types of public services and facilities: roads,
mass transit, sanitary sewer, storm water, potable water, solid waste, and
parks /recreation. Chapter 163 prohibits local governments from issuing
development permits if the development's impact would cause levels of service
to fall below the adopted levels. In other words, the availability of the public
services must be concurrent with the impact of the proposed or future develop-
ment.
6. This report is subject to a Concurrency Verification, and assumes that the
subject will not be affected by concurrency at this time.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 6
EXECUTIVE SUMMARY
PROPERTY LOCATION: The larger property is located along the east side of Bluford
Avenue north of Orlando Avenue in Ocoee, Orange County,
Florida. The street address is 528 South Bluford Avenue,
Ocoee, Florida 34761.
PARENT TRACT OVERVIEW: The larger property consists of a residential duplex developed
on 0.50± acres. The parcel is rectangular in shape and the
western boundary abuts Bluford Avenue. The duplex was
constructed in 1983 and contains 1,936± SF.
OWNER AND ADDRESS: According to the information provided by Orange County
public records, the current property owner is:
Mary Lee Griffin Ivy
710 Springdale Road
Orlando, Florida 32804 -7129
PARENT TRACT SIZE
(BEFORE CONDITION): 0.50± Acres, 21,737± SF
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 7
ZONING (BEFORE
CONDITION):
FUTURE LAND USE
DESIGNATION
(BEFORE CONDITION):
HIGHEST AND BEST USE
(BEFORE CONDITION):
ACQUISITION OVERVIEW:
R -1AA, Single Family Dwelling, City of Ocoee
Low Density Residential
As Vacant Low density residential development
As Improved: Continued use as improved.
Parcel No.
103
703
Use
Right -of -Way
Temporary
Construction
Interest Acquired
Fee Simple
Easement Interest
Size (SF)
1,542
1,468
Size (AC)
0.035
0.034
COMMENTS: The acquisition area is slightly irregular in shape. The parcel
is a strip of land along the road frontage. Some minor site
improvements are within the area of the taking.
REMAINDER PARCEL SIZE
(AFTER CONDITION): 0.46± Acres, 20,195± SF
HIGHEST AND BEST USE
(AFTER CONDITION): The Highest & Best Use of the property remains unchanged
after the acquisition.
REMAINDER CONDITION: The remainder is generally the same as before the taking.
There are no impacts to existing structure or site outside of
the taking area.
VALUE CONCLUSIONS:
Value of Taking
103
703
Total
Use
ROW
TC E
Land Value
$4,626
$1,282
$5,908
Improvements
$1,106
$0
$1,106
Damages to Remainder
$0
$0
$0
Cost to Cure (Net)
$0
$0
$0
Total Value of Acquisition
$5,732
$1,282
$7,014
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 8
PROPERTY PHOTOGRAPHS
13 -184 Parcels 103 & 703
VIEWS OF THE TAKING AREA ALONG BLUFORD AVENUE
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 9
VIEW OF MINOR IMPROVEMENTS IN TAKING
VIEW NORTH ALONG BLUFORD AVENUE
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 10
INTRODUCTION
PURPOSE AND INTENDED USE OF APPRAISAL
The purpose of this appraisal is to estimate the market value of the unencumbered fee
simple interest in the parent tract, subject to the underlying assumptions and limiting
conditions previously mentioned. We have then estimated the value of the portion of
the property to be acquired for the described project. The appraisal refers to the value
of taking, the effect on market value of the taking, and the damages, if any, to the
remainder.
The intended use of this appraisal is for use in negotiations with the current property
owner for acquisition of a portion of land for right -of -way and a temporary construction
easement by the City of Ocoee. There are no other intended users or uses for our
appraisal.
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY
Since the area of Parcels 103 and 703 were determined to have no impact on the
remainder property, we have prepared a summary appraisal of the property to
determine land value and any improvements in the takings for the parcels to be
acquired. The only approach deemed to apply was the Sales Comparison Approach in
estimating land value. A Sales Comparison Approach was used in establishing the
value of the underlying land for the partial taking based on the taking as part of the
whole, "as if vacant ". Any ancillary improvements were estimated using Marshall
Valuation Service and other local sources.
13 -184 Parcels 103 & 703
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PURPOSE AND INTENDED USE OF APPRAISAL
The purpose of this appraisal is to estimate the market value of the unencumbered fee
simple interest in the parent tract, subject to the underlying assumptions and limiting
conditions previously mentioned. We have then estimated the value of the portion of
the property to be acquired for the described project. The appraisal refers to the value
of taking, the effect on market value of the taking, and the damages, if any, to the
remainder.
The intended use of this appraisal is for use in negotiations with the current property
owner for acquisition of a portion of land for right -of -way and a temporary construction
easement by the City of Ocoee. There are no other intended users or uses for our
appraisal.
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY
Since the area of Parcels 103 and 703 were determined to have no impact on the
remainder property, we have prepared a summary appraisal of the property to
determine land value and any improvements in the takings for the parcels to be
acquired. The only approach deemed to apply was the Sales Comparison Approach in
estimating land value. A Sales Comparison Approach was used in establishing the
value of the underlying land for the partial taking based on the taking as part of the
whole, "as if vacant ". Any ancillary improvements were estimated using Marshall
Valuation Service and other local sources.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 11
REPORT TYPE
This is a Summary 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 Summary Appraisal Report.
PROPERTY INTEREST APPRAISED
• Parent Tract: Fee Simple Interest.
• Parcel 103: Fee Simple Interest.
• Parcel 703: Easement Interest.
LEGAL DESCRIPTIONS
Parent Trnnf
The West 150 ft. of the North 115 ft.
of Lot 34, Block 4, Town of Ocoee as
recorded in Plat Book A, Page 100 -101
of the Public Records of Orange County,
Florida .
Source: Orange County Official Records Book 3576 Page 973.
Parcel 103 Right -of -Way
A por';on of t.ct .54, Hock 4 cna o no tic - of ''Ncsh;^gton Street, i`own o' Ocoee oer i'tat thereof
cc rc. �r a nt r3ocK "A" �_,;,, J:J '� x,Gt, i G 1. f'.�!aiiC h� , :n d_ cf Or
c County, F oriel ', briinr,
more per ".)a -'y described as fol.ows
I , —
�cr at the S..,ina�cst co ._.. 'J moo! 74, 4, W 0, cwo per Pleat tnerr. -) rr xordca in
r >;at B -;)o;: 'ti' Pages 7rJG thrc_,gn 01, P_bi'z kecores cf C;r F� i rF r 7 7" ar
arae C�ur,ty, ori�a; e� R' at: 3 i �,
distance of 79.27 'cc' t'm Fast , gni of w(:y Lrn cf Aluforo Avon _e ;novv t-- t),ct
ty'c Point of uc `37' 1 7" r ^i 45 t.0 f(: Oc,rg Sr:ia` Fos ' . rig.i;i
of wciy ,`ine t:) c p: wit can the Ni r ', i +' e c%f the Sc,'n 1%2 ,;f Woshi -:g!on Stre -et vacoted pe, ?ff��icl
Yecordls Nock 8,5 age:_: z _ „i th ougr 4ri: Puc!i,. eco c',t> o` iIcnge rlu_rrfy, r iorrda; then_-
p ?B ;�F':3.3” r n r:i °,tonr c o` '2.72 'eu a';w'o said 'Vo'ih I; !o c roorwe 00' F c
'�siati or tna 41t: fee': rt :� i5';; 1 8" Vd c �f 42.7ni ff,ri to tY,e "ci, ^t o` Pc ni g.
Source: Sketch and Legal prepared by Southeastern Surveying.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 12
Parcel 703 Temporary Construction Easement
.4 portion c Lot 34, Brock 4 cne o portion of 0. ^gton Street, iown of Ocoee per l!ot tt
rec.;rc clfl i - Plot pook . 'A' r'agt. -: 10O tr r );.x t C i , P,�!A ke., �)r is of C;ro� _,(, i;ounty, I iorida, bein(_
>ore per'.' -'y described e_ fol ows
Cer;r at tyre .iCnvvESt .., f L-ot 34. Bock 4, Town of C1c'ac'e rer plat thrrcao' recorded in
alai Bock ° A ",
Pcges 100 thro,gn 'C'1, P.,;biic
Recoras of
Crcr County, F'oride f ence N 00 "37' 1 7' Nr
distonce of
224-27 f pct cic ^a tric. Fast r;gnt
of wa �� °(;
of ��iuford A + ✓t3r),�(� ,, h wr) ,. said pint t;;
.., p")";;( On the
NoriF; un(, of (ne 1/2 of
'A(I5r ?i'L]t;)n
`frcc: va " --ctcd ,)v O ;Cl Rc:cwds .Book
83'2 rraes 4853
thro,,gh 4858. P:,bCc. Recnros
;,f Cra •ae.
Coun(y, r +orido, en<:e N 88'58'33" F a
distance o' 12.72
feet o!onq soid Nor', i;rre to
the Poi^:: of Begirn;r t! e ce contin:.e N 83'58'33" c
c distance o`
'(,. -C `ee' ciong so .'d Norm li ^e
to c cc nt,
thence ` CC'' 7'54" L c d stance of G5, 60
feet, tnence S
i5'5i''8" N o ois'erce of 41.18 feet to c
point or the S h rire of rends described
Pcges �7.7 tnrOLJ_]r;
G74 ?UC)�iC
f`('C. C•rf;S Of O,crige .. ,, 0 y. flr;r'do; thence
S 88 8`3�" 4✓ e a _ - .gin of 10.45 feet e'anq
the Do-tri
11' of scia lards tc t ".e Southwest Corner ,of
sod 'ends; tnence
N 1 5 —, l ._ c _;stor;ce o`
4 2. 79 feet,
tnence ,N ;DU 7" ,v c dis'.cnce of
1 04,()6' to tne
I'Oi. , -?r Reg r.n:r'q
Source: Sketch and Legal prepared by Southeastern Surveying.
HISTORY OF PROPERTY (LAST FIVE YEARS)
The property is under the ownership of Mary Lee Griffin Ivy and has been so for many
years.
There have been no transactions recorded for the property in the last five years.
PROPERTY INSPECTION
Names of Those Present at Inspection
Mr. Daniel R. DeRango (DeRango, Best & Associates) inspected the property on July
11, 2013. Mr. DeRango has viewed the site on a few occasions since that time, most
recently on October 21, 2013. No owner was present during the inspection.
Extent of Inspection
Daniel R. DeRango, MAI, made a complete inspection of the land, including the area of
the takings. Since no structures are to be affected by the acquisition we did not
complete an interior inspection of the duplex on the site.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 13
PROPERTY DESCRIPTION BEFORE THE TAKING
SITE DESCRIPTION
Location
The property is located along the east side of Bluford Avenue north of Orlando Avenue
in Ocoee, Orange County, Florida. The street address is 528 South Bluford Avenue,
Ocoee, Florida 34761.
SITE DESCRIPTION (PARENT TRACT)
Land Area
0.50± Acres or 21,737± SF
Shape
The parent tract is rectangular in shape with approximately 145± feet of frontage along
the east side of Bluford Avenue.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 14
Boundary Dimensions
North: 150± South: 150±
West: 145± East: 145±
Ingress /Egress
The property has ingress and egress along the east side of Bluford Avenue.
Topography & Drainage
The site is generally level and appears to drain well.
a
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s
Subject
19 s
a
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 15
Flood Hazard Data
According to the Flood Insurance Rate Maps, Community Panel No. 12095CO210 F,
dated September 25, 2009, the property is located within a Zone "X ", an area of
minimal flooding.
Soil Characteristics
There appears to be no adverse soil conditions on the property.
Easement/Encroachments
Based on our review of the Title report prepared by Fidelity Title & Guarantee Company
there do not appear to be any adverse easements or encumbrances affecting the
property.
Environmental Hazards
After review of the title search and a physical inspection of the property, we are not
aware of any environmental hazards that may exist. However, the detection of any
environmental hazards is beyond our area of expertise.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 16
Utilities
Potable water is available to the property and is serviced by the City of Ocoee. Public
sewer is not available and the site relies on a private septic system.
ASSESSMENTS AND TAXES
The property is assessed for property taxes by Orange County. Taxes for the year 2012
are as follows:
2012 Property Taxes
Parcel ID
17- 22 -28- 6144 -04 -340
Land Value
$22,583
Building Value
$69,198
Features Value
$500
Total Assessed Value
$92,281
Millage Rate
19.4648
Ad Valorem Taxes
$1,796.23
Other Assessments
$354.00
Gross Tax Amounts
$2,150.23
Proposed 2013 $93,227
Assessed Value
All taxes have been paid and there are no delinquencies reported for the property.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 17
ZONING, LAND USE PLANNING, CONCURRENCY
Zoning
-- Z ---- .
�7
W DELAT -
- — ST ►
ST Subject
LAKE 1
PPIM�A
W St�G VISTA
o� E ORLANQO
1 '
COLUMBUS ST - �r -;.�; A E
I ! . cdBUTLY CR
The parent tract is zoned R -1AA, Single Family Dwelling, by the City of Ocoee.
According to the Orange County Code of Ordinances:
(J) R -1 -AA and R -1 -AAA Single - Family Dwelling Districts.
The areas included within R -1 -AA and R -1 -AAA. Single- family Dwelling Districts are intended
to be single - family residential areas with larger lots and lower population densities. Certain
structures and uses required to serve educational. religious, utilities and noncommercial
recreational needs of such areas are permitted. This district is primarily intended for areas
shown on the Future Land Use Map as "Low Density Residential
Future Land Use Designation
The Future Land Use designation is Low Density Residential. The zoning and future
land use designations are consistent.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 18
DESCRIPTION OF IMPROVEMENTS
The property is improved with a 1,936± SF residential duplex. The duplex was built in
1983 of wood frame construction. The duplex is in average to good condition for its age.
The right -of -way taking that is the subject of our appraisal is at the west end of the site
in an undeveloped area. Therefore the takings have no impact on the property
improvements. We have not inspected the interior of the building. A sketch of the
building is shown below.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 19
HIGHEST AND BEST USE
In estimating the highest and best use of the property, we have considered those uses
that are legally permissible, physically possible, economically supported, and which
would result in the highest return to the land. We have considered the features of the
land such as zoning, size, shape, location, access to roadways, and the availability of
utilities. We have also reviewed surrounding land patterns and the demand for property
in the current real estate market. 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 R -1AA, Single Family Dwelling, by the City of Ocoee. The future
land use designation of the site is Low Density Residential. The legally permitted uses
of the site are for single family residential use.
Physical Considerations
The site contains 21,737 square feet (0.50± acres) and is rectangular in shape with a
shape /configuration suitable for development. The topography of the site is adequate.
The site has public water service and a private septic system. The site has good
frontage and exposure on Bluford Avenue. Therefore, the site is physically suitable for
development.
Economic Considerations
In analyzing those uses which would be economically feasible and maximally
productive, we have taken into consideration the locational characteristics of the
property and current trends in the market. The site is located within a residential area in
the City of Ocoee. The economy is currently weak but has been showing signs of
modest improvement over the past year.
CONCLUSIONS
Based on our analysis, the highest and best use of the site is for single family
residential development consistent with zoning and surrounding land uses.
The existing improvements are consistent with the highest and best use of the site.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 20
VALUATION METHODOLOGY
As discussed in the next section of our report, the proposed acquisition will not have a
residual impact on the land or the improvements on the property and we have therefore
prepared a simple analysis of the acquisition. In our opinion the preparation of a "before
and after" analysis is not required for this assignment.
LAND VALUATION
The first step in our valuation is to estimate the value of the underlying land before the
taking. The land value is used to establish a value of the parts of the parcel within the
proposed taking. The land has been valued by the Sales Comparison (Market)
Approach.
Based on our highest and best use of the site as vacant for residential development we
have researched and evaluated sales of similar future single family sites in the area for
comparison to the appraised tract. Since the neighborhood is older and established, we
have expanded our search to include similar areas of Greater Orlando. The sales in our
analysis are discussed as follows:
s J+sr Stnr F a)5
z €prrn 3r E ¢ Ocoee Subject
Mew
Sales 1 & 2'
� a•r
Lr, t, i"P4, "I G i. xlnrislu d;JF �de kai6 fd ;g �. E`..raYrt CG
rrs�l;kns Fk
, �mc St
Sale 3%
se
WAN^fle t. tae
in x
'fY 0 44 0 04
u f * # " rr
V3 p.r. 1»x.4 r Sale 4 , «w
a�a 4
a h11: ta+� �e•+E. Cr¢
aA i a
N, t
1 +NF t'Mro
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 21
COMPARABLE LAND SALES
Subject
1
2
3
4
Location
Along the east side of
Bluford Avenue north
of Orlando Avenue
At the northwest
corner of Rewis
Street and Lyman
Avenue
At the northeast
corner of Rewis
Street and Lyman
Avenue
,along the west side
of Main Street south
of Maple Street
'long the east side of
Edgewood Ranch
Road south of Old
Winter Garden Road
City, County
Ocoee, Orange
County
Ocoee, Orange
County
Ocoee, Orange
County
Winter Garden,
Orange County
Orlando, Orange
Buyer
Juan Maldonado
Regino Garcia
Akers Custom
Homes, Inc.
Robert A. Zarate
Seller
Enrique Zepeda
Jorge Delatorre
Michael Lemos
Allen G. Liang
Sale Date
Mar -13
Jun -13
Sep -12
Feb -13
Sale Price
$23,000
$22,000
$31,500
$52,000
Terms of Sale
Cash to Seller
Cash to Seller
Cash to Seller
Cash to Seller
O.R. Book/Page
10550/910
10592/214
10450/2334
10526/6189
Size (AC)
0.50
0.46
0.25
0.22
0.50
Size (SF)
21,737
19,993
10,910
9,799
21,783
Configuration
Rectangular
Slightly Irregular
Slightly Irregular
Rectangular
Rectangular
Frontage
Bluford Avenue
Rewis & Lyman
Rewis & Lyman
Main Street
Edgewood Ranch Road
Utilities
Water / Septic
All Available
All Available
All Available
Water / Septic
Zoning
R -1AA, Ocoee
R -1, Ocoee
R -1, Ocoee
R -2, Winter Garden
A -1, Orange County
Future Land Use
(FLU) designation
Low Density
Residential
Low Density
Residential
Low Density
Residential
Low Residential
Low Density
Residential
Topography
Generally level
Generally level
Generally level
Generally level
Generally level
Access
Good
Good
Good
Good
Good
Exposure
Good
Good
Good
Good
Good
Price /SF
$1.15
$2.02
$3.21
$2.39
COMPARISON
Marketing
Conditions
Sep -13
Similar
Similar
Similar
Similar
Terms of Sale
Market
Similar
Similar
Similar
Similar
Location
Bluford Avenue
Somewhat Inferior
Somewhat Inferior
Somewhat Superior
Somewhat Inferior
Access
Good
Similar
Similar
Similar
Similar
Exposure
Good
Similar
Similar
Similar
Similar
Utilities
Water / Septic
Somewhat Superior
Somewhat Superior
Somewhat Superior
Similar
Size (AC)
0.50
Similar
Smaller ( -)
Smaller ( -)
Similar
Configuration
Rectangular
Similar
Similar
Similar
Similar
Topography
Generally level
Similar
Similar
Similar
Similar
Overall Comparison
Subject
Inferior
Inferior
Superior
Somewhat Inferior
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 22
Comparable Land Sale No. 1 is located at the northwest corner of Rewis Street and
Lyman Avenue. This is the sale of 0.46 acres of land to Juan Maldonado for $23,000.
The sale took place in March of 2013. The sale equates to $1.15/SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property. This site is similar in size but is in a slightly inferior location.
Comparable Land Sale No. 2 is located at the northeast corner of Rewis Street and
Lyman Avenue. This is the sale of 0.25 acres of land to Regino Garcia for $22,000. The
sale took place in June of 2013. The sale equates to $2.02 /SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property. This site is smaller in size and is in a slightly inferior location.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 23
Comparable Land Sale No. 3 is located along the west side of Main Street south of
Maple Street. This is the sale of 0.22 acres of land to Akers Custom Homes, Inc. for
$31,500. The sale took place in September of 2012. The sale equates to $3.21/SF of
land area.
The indication from this sale is considered to be above expectations for the appraised
property, due mainly to its smaller size and superior location.
Comparable Land Sale No. 4 is located along the east side of Edgewood Ranch Road
south of Old Winter Garden Road. This is the sale of 0.50 acres of land to Robert A.
Zarate for $52,000. The sale took place in February of 2013. The sale equates to
$2.39/SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property, due mainly to its inferior zoning and somewhat inferior location.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 24
ANALYSIS & CONCLUSIONS
The comparable land sales cited indicate a value range from $22,000 to $52,000 or
from $1.15/SF to $3.21/SF with an average of $2.19/SF.
• The property is located along Bluford Avenue near the center of the City of
Ocoee.
• The property is in a long established neighborhood and there are few available
vacant lots.
VALUE CONCLUSION: FEE SIMPLE
After evaluating all of the described sales data and based on our review of market
trends we would expect that the value of the fee simple interest in the land would fall
near the upper part of the range shown by the comparables.
Based on our analysis our value is expressed as follows:
I and Value Before the Takina
Land
Size (SF)
Price
Per SF
Value Indication
(Rounded)
21,737
$3.00
$65,211
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 25
PROJECT DESCRIPTION
The Bluford Avenue project includes a widening the roadway to permit stormwater and
utility improvements along the roadway.
Starke Lake
Ocoee
PROJECT Subject
c� Q
S7� --
CL
> Ortandte Ave C
atM Rd
tp Ocoee
Cemetery
PROJECT ALIGNMENT
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 26
DESCRIPTION OF THE ACQUISITION
PARCEL 103
Property sketches and construction drawings are as follows:
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 27
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 28
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 29
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 30
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 31
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13-184 Parcels 103 & 703
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13-184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 32
LAND WITHIN ACQUISITION
Parcel 103 consists of a 1,542± SF strip for a right -of -way for Bluford Avenue road
project. The taking is a slightly irregular piece at the west end of the property.
I
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tioA ,,rq� t th,J _'QC
,
(T, Y
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Ah'•
xa _. + . . . r r �•f AMP. n ante .ts _�. itt_
Improvements within Acquisition
Improvements in the taking include four crepe myrtle trees, and two mailboxes on
wooden posts.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 33
VALUATION OF PART TAKEN
The Parcel 103 right -of way strip will be acquired in fee simple.
The land value of the parent tract has been estimated at $3.00 /SF. Thus, the estimated
value of the part taken for land is as follows:
Land
Parcel
No.
Interest
Appraised
Land Area
(SF)
Estimated
Value
103
Fee Simple
1,542
$4,626
TOTAL
$4,626
Improvements
The values of improvements in the taking have been estimated using guidelines
provided by the Marshall Valuation Service, and a review of costs from local sources
including landscapers. The improvements within the taking have been depreciated to
reflect their age and condition at the date of taking.
Improvements in Parcel 103
Item
Cost New
%
Depreciated
$
Depreciation
Depreciated
Cost
Crepe Myrtle* 8"
$250
0.00%
$0
$250
Crepe Myrtle* 8"
$250
0.00%
$0
$250
Crepe Myrtle* 7"
$190
0.00%
$0
$190
Crepe Myrtle* 7"
$190
0.00%
$0
$190
Mailbox on Wood Post
$150
25.00%
($38)
$113
Mailbox on Wood Post
1 $150
25.00%
1 ($38)
$113
Total
1 $1,180
1 N/A
1 (75)
$1,106
*Lagerstromia indica Muskogee
SUMMARY OF VALUE OF PART TAKEN
Parcel 103
Total Land Value:
$4,626
Improvements Value
$1,106
Total Value:
$5,732
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 34
VALUE OF REMAINDER LAND AS PART OF WHOLE
Value of Whole Property:
$65,211
Value of Acquisition (Land Only):
$4,626
Value of Remainder as Part of Whole:
$60,585
APPRAISAL OF REMAINDER
APPRAISAL PROBLEM
The appraisal problem is to estimate the market value of the remainder and to
substantiate damages, or special benefits due to the acquisition, if any.
DESCRIPTION OF REMAINDER
The remainder site is generally similar to the property before the taking in physical
attributes. The small area of taking is at the undeveloped west end of the site and the
configuration of the site after the acquisition is still suitable for development to a density
similar to that which could have been achieved prior to the taking.
Highest and Best Use "As Vacant"
The remainder's slightly reduced size does not reduce the market appeal of the
property for residential development. The highest and best use after the taking is the
same as before the taking.
Highest and Best Use, "As Improved"
The existing improvements are still consistent with the Highest & Best Use after the
taking. Before the acquisition the existing duplex is approximately 72± feet from the
existing right -of -way line. The setback is reduced by just under 13 feet by the taking and
the structure will be about 59± feet from the new right -of -way line. After the taking the
structure remains well beyond the minimum setback of 25 feet and is not impaired by
the proposed acquisition.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 35
VALUATION OF REMAINDER
LAND VALUE
We have reviewed the comparable sales information provided earlier in determining the
land value for the property after the fee simple taking. Given that the reduced size of
the property will not affect the build -out potential or utility of the site, we have not
reduced our value estimate on a per square foot basis. Therefore, the value of the
remainder is as follows:
Land Value After the Takina
Land
Size (SF)
Price
Per SF
Value Indication
(Rounded)
20,195
$3.00
$60,585
We estimate that the remainder value and the value of the remainder as part of the
whole are the same and therefore there are no severance damages or cures required
accruing to the remainder property as a result of the taking.
Value of Remainder as Part of Whole:
$60,585
Remainder Value
$60,585
Damages to Remainder:
$0
COST TO CURE
1►U_l
SPECIAL BENEFITS
>J /_l
LAND VALUATION OF THE TCE PARCEL 703
The value of the Temporary Construction Easement (Parcel 703) over a finite period of
time is a possessory interest that can be likened to a land lease. We have therefore
estimated a rental rate for the area within the TCE to determine a value for the three
years that the land will be encumbered.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 36
LAND WITHIN ACQUISITION
Parcel 703 consists of a 1,468± SF strip for a temporary construction easement for the
Bluford Avenue road project. The taking is a slightly irregular piece near the west end of
the property.
r 1
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Q
Improvements within Acquisition
There are no improvements affected by the Parcel 703 taking.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 37
ANNUAL ECONOMIC RENT
We have researched the Central Florida area for recent land leases of properties
considered similar to the parent tract with regard to location, size, and legally permitted
uses. Our research has not produced any leases of land considered comparable to the
parent tract. In our experience, land leases are typically long -term commitments that
are priced as a percentage or yield rate based on the underlying fee simple value of the
land to be encumbered.
We have used a similar method to determine the economic rent of the easement
parcel. We have included our estimate of the value of the fee simple interest in the
land. The underlying land value for the parent tract was estimated at $3.00 per square
foot. Based on the temporary construction easement size, the fee simple value would
be as follows:
1,468± SF @ $3.00 /SF = $4,404
Considering land lease data within the Central Florida area and alternative returns in
the market for various investments, a 10% rate of return has been estimated.
Therefore, the annual rent for the temporary construction easement is estimated as
follows:
$4,404 X 10% = $440Near ($36.67 per month)
DISCOUNT RATE
The three years of rental payments have been discounted to a present value at the date
of value. In order to ascertain the discount rate, we have utilized the interest rate on a
U.S. Government Security Notes of similar terms. We have selected a base rate of
1.4% for our 3 -year easement term. To this "safe rate," we have added a premium to
reflect the lack of liquidity and ownership carrying costs arriving at a discount rate of
2 %. The applicable present value factor for a 2% discount rate for 3 years, payable in
advance as follows:
PRESENT VALUE OF MARKET RENT
Estimated Monthly Rent:
Present Value Factor:
$ 36.67
x 34.971
Total Value of Land Within Temporary Easement (R): $ 1,282
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 38
COMMENTS
There are no improvements within the TCE and there are no impacts from the TCE on
the remainder property.
SUMMARY OF VALUES
Value of Taking
103
703
Total
Use
ROW
TCE
Land Value
$4,626
$1,282
$5,908
Improvements
$1,106
$0
$1,106
Damages to Remainder
$0
$0
$0
Cost to Cure (Net)
$0
$0
$0
Total Value of Acquisition
$5,732
$1,282
$7,014
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 39
ADDENDUM
Neighborhood Overview
Comparable Land Sales Details
Qualifications of Appraiser
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 40
NEIGHBORHOOD OVERVIEW
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GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden-Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage; however, growth
is currently stalled due to the weak economy.
13-184 Parcels 103 & 703
40
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GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden-Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage; however, growth
is currently stalled due to the weak economy.
13-184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 41
Access
State Road 50 (Colonial Drive) is a four -lane, east -west highway that runs across the
entire state of Florida, connecting the Gulf Coast on the west to the Atlantic Ocean on
the east.
Located south of State Road 50 is Florida's Turnpike (Ronald Reagan Highway). This
stretch of roadway runs north and south throughout Florida from Ocala down to Miami.
This road intersects Interstate 4 in the Orlando /Disney World area. Just south of the
appraised property, the Florida Turnpike also connects with the East -West Expressway,
which runs straight into the heart of Downtown Orlando.
The Western Beltway (State Road 429) is located west of the property. This toll road is
part of the larger beltway system that, when completed, will encircle the greater Orlando
area. The Western Beltway has exchanges with the Florida Turnpike and several
smaller roadways, and currently terminates at State Road 441 in Apopka.
Commercial Development
West Orange County is provided with
hospital care via the Health Central
Hospital, located just east and north of
Old Winter Garden Road on the south
side of West Colonial Drive (SR 50),
about a mile east of the appraised
property. This hospital contains 153
beds, 449 staff doctors, and 550 total
employees. Other features of the
hospital include women's, pediatrics and
obstetrics centers.
Also to the east is a Wal -Mart Supercenter and several small strip centers. This
commercial development is located between the appraised property and the Health
Central Hospital.
Newer commercial development in the area includes the West Oaks Mall and the
Winter Garden Village at Fowler Groves. The West Oaks Mall was constructed in 1996
and is located east of the property on State Road 50 in Ocoee. It is anchored by
Dillard's, Sears, Belk, JC Penney, and AMC Theatres, and contains 130 stores.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 42
Winter Garden Village at Fowler Groves is an open -air shopping plaza divided into
three sections: The Exchange, The Crossings, and The Grove. The center contains
nearly 1.2 million square feet of retail space, and over 80 restaurants and shops. The
center opened for business in late 2007. It is located along the east and west sides of
Daniels Road just north of State Road 429 (the Western Beltway), approximately three
miles southwest of the appraised property.
The West Orange Trail is a recreational trail that runs approximately 22 miles from the
Lake County line through Oakland, Winter Garden, and Apopka, and was built primarily
on old railroad spurs. Several bridges crossing over major highways have been built or
repurposed for the trail.
The appraised property is in the West Orange Commercial Center, a self- contained
industrial /commercial business park with approximately 18 lots. Most of these lots have
been developed over the last few years, with predominate uses for medical - related
businesses. This type of land development within West Orange Commercial Center is
fueled by the Health Central Hospital.
Beside the West Orange Commercial Center Development, the Ocoee Commerce Center
is also a major medical park located in proximity to the hospital. This development contains
14 lots, several of which have been developed.
The Central Business District of Orlando is located approximately ten miles east and the
Orlando International Airport is located approximately 16 miles southeast of the property.
To the west of the property is the proposed City Place at Maguire project which contains
frontage along Maguire Road. The City Place at Maguire is planned to provide a mix of
upscale retail, luxury residential, Class A offices, a business class hotel and an array of
restaurants.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 43
Highlights of the project include a planned expansive open -air retail space, a 2 -acre
courtyard that will accommodate community events, and 16 -story condominium complexes.
Project Details:
• 90,000 SF of general retail shopping
• Two 6,000 SF spaces for Roof -Top dining locations
• 65,000 SF for a 5 -story hotel, including 131 rooms
• 49,000 SF of Class A office space
• 3,500 SF bank site
• 2,500 SF Pad for retail site
• Sixteen story luxury condominium, including 100 individual units and a 5 -story
parking garage with 400 spaces
• 2 acre courtyard with limited kiosks locations, designed for community events,
including art and music shows
• 594 parking spaces in a 7 -story parking garage
• Surface parking to include 117 spaces
The City of Ocoee has been working on a Community Redevelopment Area (CRA) plan for
the area around this project. Depending on what the City approves for the plan, the City
Place project may change. The project has essentially been on hold given the weak
economy. The City has yet to finalize CRA plans for the area.
REAL ESTATE MARKET
The market was weak for several years after the collapse of the housing market;
however, conditions have stabilized and in some areas seen modest improvement.
13 -184 Parcels 103 & 703
CONCEPT PLAN FOR CITY PLACE AT MAGUIRE
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 44
The following contains graphics and a discussion of the West Colonial retail market in
particular.
OA{.A}rpU - MiU -Ti AI Tail!
WEST COLONIAL MARKET
D LIN - F I E5, AtIm)R ITION t \ Historical Analysts. AH Gasses
3
4
F
The black line in the graphic above shows the vacancy rate for retail space in the West
Colonial area. Vacancy currently stands at 11.1 %.
The following chart shows the drop in residential sales volume and pricing in the area.
Home Sales in Zip Code 34761
Coura Price
650 -- - - -- $260,000
600 ----$240,000
550— $220,000
500- ----- -
- -. _ - $200,000
450 $180,000
t,o+J'.: 4'
400 $160,000 Home Sale`
350 $140,000 p Quar'zr
3001 $120,000
250 -- -- - $100,000
200 -- -- - $80,000
1 50----- - - - - $60,000 mmme�
1()0-"- _ - - ' _ _
$40,000 tied+ Price
$20,000
OT
Q1 Q2 63 Q4 ' 0162 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 04 Q1 Q2 03 Q4 01
2008 2009 2010 201 2012 2013 zi
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 45
According to a recent report published by the University of Central Florida (UCF)
Institute for Economic Competitiveness (dated July 2013), it is expected that payroll job
growth year- over -year is expected to average 2.0% in 2013, 2.1% in 2014, and 2.5% in
2015. It will be the second quarter of 2016 before payrolls recover to their pre- recession
levels. Housing starts are expected to have average annual growth of 31.4% during the
2013 -2016 period.
The following chart from the report shows the historic and projected Gross State
Product.
CONCLUSION
The long term prognosis for the neighborhood is stable to positive. As previously noted,
the real estate market is beginning to show signs of modest improvement. This trend is
expected to continue.
13 -184 Parcels 103 & 703
Florida Real Gross Stag Product
(1-,C in 11 411 V.11 a_"")
K MA
a1 ��
1`1 /s _77 77 211111 `( $11 2-61` '!1_2 2 11N , 'Wo N1_,1 )1+ 201'
CONCLUSION
The long term prognosis for the neighborhood is stable to positive. As previously noted,
the real estate market is beginning to show signs of modest improvement. This trend is
expected to continue.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 46
LAND SALE DATA SHEET
13 -184 Parcels 103 & 703
1
Location
At the northwest corner of Rewis Street and
Lyman Avenue
City, County
Ocoee, Orange County
Buyer
Juan Maldonado
Seller
Enrique Zepeda
Sale Date
Mar -13
Sale Price
$23,000
Terms of Sale
Cash to Seller
O.R. Book /Page
10550/910
Size (AC)
0.46
Size (SF)
19,993
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$1.15
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Juan Maldonado - Buyer
Contact Information
845 - 483 -7225
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 47
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13-184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 8& 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 48
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
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PAGE 49
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 50
LAND SALE DATA SHEET
13 -184 Parcels 103 & 703
2
Location
At the northeast corner of Rewis Street and
Lyman Avenue
City, County
Ocoee, Orange County
Buyer
Regino Garcia
Seller
Jorge Delatorre
Sale Date
Jun -13
Sale Price
$22,000
Terms of Sale
Cash to Seller
O.R. Book /Page
10592/214
Size (AC)
0.25
Size (SF)
10,910
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price/SF
$2.02
Comments
VERIFICATION
Date Verified
8/8/2013
Verified By
Heather Lynn Haas
Verified With
Public Records
Contact Information
N/A
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 1 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 51
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 52
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
Fee ' R-rhard %, 1 4o"n, P. A .
Lk"Jag s4nicep Inc,
7 013 AWO) Pork ('I.. see 402
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PAGE 53
DOC S 20130335806 6: 10611112 P: 0214
015+:7'X13 ''3 3 A&I r age I
Ret Ito $100"
Deed nvc Tax 3 F,4 L
i-tx qb;t T $C OC
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rerrAce ♦mW Garden, P L 34781 h "em , 'itlet C4 It C 6RANUM, to Region Garcia, a married man, "jxxic p051 0!3�Cc
2- P)tb*9 ( Ircit, Ocncv, Ft. 34 here ll,if`," LlLIICd (!!c (;RAN 1'r—
micf Fercir "u- trruit 'Gratuir 3.1d t rrtnsee halt lr II! in-rxnry .10 tilt
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at, Out ccrw�, land it w c Wito the GILk-NIH
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— SUBJECT PROPERTY IS VACANT LAND"
SUBJECT to "%c.iant, wr,tit:nn', r-Mc-ills, rt e v.rz.orsr tilt AX
irw and mh5c ycurl And l,' LI, 'If r-NX if AICI, 1 11 and
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10(k I lit'R oath all zliw, arc tier(* D-tior, ny v* in 4;7}w - 'C n{ prat
TO the wn, in icl 4'ln"Ie fllre'e-
A' THE GRANIUK twret,,, cmrnantl wit- a:d GRAN tlF. Wiv cxc � ahovc rilc 6RA\TOR is lawf I, sCj "j o f %;LL
1 4-1 in fee MRIPIc, Itut t1t: (;RAN VOR has gtrd 60,1 and fiiwrul to scil atid corttN a. i �'
j ! Ii— GR-AM I )K f�
ION -arrants the tr`, to iaij =ors and wiI qv iianic atga.ps. ohe towl clairnt of all 1wriom w-Miruw%cr
IN A I M SS WHT IRAN D )R hat slgritd ano 5ca co !hear tireic'.14 1h, 'ji"e S
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tit Was squitd and %LkjjiAwIcdyed bvf;-.TC jr qj, day tit ju'ri 7+711
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SUSAN 4, t'
WTARY Pis"
IESTATE OF FLORIOP
LOREN ow" EE0110
4w* Evirot 12119120
13-184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 54
LAND SALE DATA SHEET
13 -184 Parcels 103 & 703
3
Location
Along the west side of Main Street south of
Maple Street
City, County
Winter Garden, Orange County
Buyer
Akers Custom Homes, Inc.
Seller
Michael Lemos
Sale Date
Sep -12
Sale Price
$31,500
Terms of Sale
Cash to Seller
O.R. Book/Page
10450/2334
Size (AC)
0.22
Size (SF)
9,799
Configuration
Rectangular
Frontage
Main Street
Utilities
All Available
Zoning
R -2, Winter Garden
Future Land Use (FLU)
designation
Low Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$3.21
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Sherrie Stenger, Realtor
Contact Information
sclark7@cfl.rr.com
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 55
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13-184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 56
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 57
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
20120524 Page 2 of 2
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PAGE 58
13-184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 59
LAND SALE DATA SHEET
13 -184 Parcels 103 & 703
4
Location
Along the east side of Edgewood Ranch
Road south of Old Winter Garden Road
City, County
Orlando, Orange
Buyer
Robert A. Zarate
Seller
Allen G. Liang
Sale Date
Feb -13
Sale Price
$52,000
Terms of Sale
Cash to Seller
O.R. Book /Page
10526/6189
Size (AC)
0.50
Size (SF)
21
Configuration
Rectangular
Frontage
Edgewood Ranch Road
Utilities
Water / Septic
Zoning
A -1, Orange County
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$2.39
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Sidney Tse, Realtor
Contact Information
tse2909 aol.com
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
T HE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 61
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13 -184 Parcels 103 & 703
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
THIS INSTRUMENT PREPARED BY
RETURN TO AFTER RECORDED:
BLAIR M. JOHNSON, PA.:r':'
BLAIR M. JOHNSON, ESQUIRE
Post Office Box 770496 Fix
Winter Garden, Florida 34777.0496
(407) SH -5621
Florida Bar No, 296171
Property Appralsars Parcel I.D. N: 35-22 -28- 0004-00.036
tar
PAGE 62
WARRANTY DEED
THIS WARRANTY DEED made the 1§1b- day of E2hruga, 2412, by ALLEN G,
LIANG and YVONNE K. LIANG, husband and wife, hereinafter called the Grantors, to
ROBERT A. 2ARATE. a single person, whose address is 7334 Catamaran Drive,
Orlando, Florida 32835, hereinafter called the Grantee:
WITNESSETH:
That the Grantors, for and in consideration of the sum of $10.00 and other
valuable considerations, receipt whereof is hereby acknowledged, hereby grants,
bargains, sells, aliens, remises, releases, conveys and confirms unto the Grantee all
that certain land situated in Orange County, State of Florida, viz
SEE ATTACHED EXHIBIT `A° INCORPORATED HEREIN
AND MADE A PART HEREOF.
Together, with all the tenements, hereditaments and appurtenances thereto
belonging or in anywise appertaining.
To Have And To Hold, the same in fee simple forever.
And, the Grantors hereby covenant with said Grantee that the Grantors are
lawfully seized of said land in fee simple: that the Grantors have good right and lawful
authority to sell and convey said land, and hereby warrants the titte to said land and will
defend the same against the lawful claims of all person whomsoever: and that said land
is free of all encumbrances, except taxes accruing subsequent to December 31, 2012
9: 10529 P; 6140
19 PH Pas 1 0r a
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 63
20130105896 Page 2 of 3
and easements and restrictions of record, however, reference hereto shall not serve to
reimpose same
IN WITNESS WHEREOF, the said Grantors have signed and seated these
presents the day and year first above written.
Signed, sealed and delivered in the
presence of:
tom' 44
• AL G. UANG
/0 '-1 e- 14-
YVONNqK.UANG
Z21Q HunkEdgw9gurt
OrUndo. Florida 32035
Address
STATE OF FLORIDA
COUNTY OF ORANGE
The foregoing instrument was acknowledged before me this Ift day of
February. 241 by ALLEN G. LIANG and YVONNE K. LIANG who have produced their
Florida Drivers Licenses as identification.
NqWry' Name Bla M. Johnson
My commission expires:
-2-
Warranty Deed
13-184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 64
20130105896 Page 3 013
comrlzllc't at 'he Nor'hw4mt comer oltlf Norf-lear I l4 Of thfS'vJUT-=t I r4 of Sectior, 35, Town rip 2
Range 28 Fasi, Orang C ounty, Fl oreal e - ru , "It
1"4 Of the "�Out;jw I �4 n Sl-uth M degmt 2F4'1' East along the West iirt of said Nortoeut
d"'t a diltAnlcc of 510 25 feet, t 1lence l"vmg said West fine, . ne, m North 89 degmC3 "6 m F a
A. of 32.97 feet to a point or, %c of way Imeo!Edgewood Ranch Road, said point L�ejng t�, pm-l" 0'
begirr.fng, t#ae ntc coo nut North A9 dcpces 2675 F
,ast a distance 1 00 feet; thVice run North 00 eegrec 25`4 `
West & distance of 15 00 f U'Mcc = N 99 degrees 26' 25' East a dista-4t of 00 fr et, then x m ajth,�_
distance of 175 fjc 17, . t C n S, , ,
d1t= run South 99 dcrm4* 2624" Wes' a distance of 134 rj0 fcct :a 4
Flom* wl the aforesaid EAS' right ofway 4 OfFdgtwood Rand, Road, th".re ru North 00 25*47" W m !ol
'0 99 litc: to tl poin'. '-f Reginnuls
sai'd Easi right of way 4 distance Cr It, es a
13-184 Parcels 103 & 703
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM
DERANGO. BEST & ASSOCIATES
1601 E. AMELIA STREET
ORLANDO, FLORIDA 32803
(407) 895 -6650
RESIDENT OF: Maitland, Florida
EDUCATION: Graduate of Stetson University, Deland, Florida
Bachelor of Business Administration - Major: Finance
PROFESSIONAL
EDUCATION: COURSES & SEMINARS - APPRAISAL INSTITUTE
• Appraisal Principles
• Basic Valuation Procedures
• Direct Capitalization, Annuity Capitalization, and Mortgage
Theory and Techniques
• Case Studies in Real Estate Valuation
• Valuation Analysis and Report Writing
• Condemnation and Litigation Appraisal Practice
• Standards of Professional Practice
• Residential Valuation Procedures
• Appraisal of Small Hotels and Motels
• Sales Confirmation Methods
• Discounted Cash Flow Analysis
• Electronic Spreadsheets in Real Estate Appraising
• Urban Planning and Development - University of Central Florida
CCIM INSTITUTE
• Financial Analysis for Commercial Investment Real Estate (CI 101)
• Market Analysis for Commercial Investment Real Estate (Cl 102)
• User Decision Analysis for Commercial Investment Real Estate (Cl 103)
• Investment Analysis for Commercial Investment Real Estate (CI 104)
PROFESSIONAL
Equity Capitalization
AFFILIATIONS: Member of the Appraisal Institute, MAI No. 7557
Member CCIM Institute
Florida State - Certified General Real Estate Appraiser No. RZ1054
Registered Real Estate Broker /State of Florida, License No. 0355191
Director — Appraisal Institute, East Central Florida Chapter
Member of the Association of Eminent Domain Professionals
Member of the American Association of Airport Executives
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
PROFESSIONAL
EXPERIENCE: Qualified as an expert witness in Federal and State Courts.
Special Master, Value Adjustment Board, Orange County, 1995, 1996, 2000 -2002
Present: President - DeRango, Best and Associates, Orlando, Florida
1984 -1997 V.P. /Partner, Matonis MacDermott DeRango Sorich & Co., Orlando, FL
1981 -1984 Staff Appraiser with Irwin Appraisal Consulting Services, Inc., Orlando, FL
Former Member: Board of Directors - East Central Florida Chapter- Appraisal Institute
PUBLISHED: "The Determination of Hotel Value Components for Ad Valorem Tax Assessment"
The Appraisal Journal July, 1993
TYPE OF
ASSIGNMENTS: I have appraised or provided counseling for a variety of commercial and residential
properties throughout the U.S. (primarily in the Central Florida area).
EXPERIENCE WITH:
• Aviation /Aeronautical Properties
• Apartments
• Office buildings
• Retail properties
• Condemnation and litigation assignments
• Industrial properties
• Timeshare resorts
• Hotels & resorts
• Mobile home parks
• Subdivisions
• Mitigation lands
• Warehouse facilities
• Acreage tracts
• Golf courses /country clubs
• Special use facilities
• Mixed use development
• Coastal & island tracts
• Aviation properties
• Air cargo facilities
• Large and small aircraft hangars
• Fixed based operations
• Condominium projects
• Retail centers
(including regional malls)
Appraisal and consulting assignments have been prepared for a variety of lending
institutions, corporations, law firms, governmental agencies, and individuals.
PROPERTY LOCATIONS
IN FLORIDA:
• Central Florida (Orange, Seminole, Osceola, Lake, Polk and Volusia Counties)
• South Florida (Dade, Broward & Palm Beach Counties)
• South Central Florida (Brevard, Martin, St. Lucie & Indian River Counties)
• Southwest Florida (Collier, Lee, Manatee, Sarasota, Pinellas, Hillsborough Counties)
• Northeast Florida (Flagler, St. Johns and Duval Counties)
• North Central Florida (Marion County, Putnam)
• Florida Keys
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
ASSIGNMENTS
OUTSIDE OF
FLORIDA:
• Georgia
• Maryland
• Minnesota
• New York
• Pennsylvania
• California
• Connecticut
• Colorado
• South Carolina
• Pennsylvania
• Texas
• Indiana
• Ohio
• New Jersey
• Illinois
• Alabama
• Tennessee
• Kentucky
• Virginia
• Washington State
AC#672755 STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD SEQ#L12111501970
LICENSE NBR
_11 15j2012 IRZ1054
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS.
Expiration date: NOV 30, 2M
DERANGO, DANIEL ROBERT
1601 E AMELIA ST
ORLANDO FL 32803
RICK SCOTT
GOVERNOR
KEN LAWSON
SECRETARY
DERANGO, BEST & ASSOCIATES
PROFESSIONAL REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS
1601 EASTAMELIA STREET, ORLANDO, FLORIDA 32803
October 28, 2013
City of Ocoee
c/o Ms. Mary Doty Solik
Doty Solik Law
121 South Orange Avenue, Suite 1500
Orlando, Florida 32801
RE: Appraisal of the Ivy residence property, Parcel Nos. 104, 704, and 704A, Bluford
Avenue Project, Ocoee, Orange County, Florida.
Dear Ms. Solik:
We have personally inspected and appraised the above referenced property and proposed
acquisition by the City of Ocoee for the Bluford Avenue Project. The purpose of our appraisal is
to estimate the market value of the property to be acquired along with any associated cost to
cure or damages which may accrue to the remainder property. The intended use of our
appraisal is to assist the City of Ocoee in negotiations with the property owner for the
acquisition. There are no other intended users or uses for our appraisal.
Our value estimates, which are documented in the attached report, are summarized as follows:
Value of Taking
104
704
704A
Total
Use
ROW
TICE
TC E
Land Value
$318
$264
$161
$743
Improvements
$0
$0
$0
$0
Damages to Remainder
$0
$0
$0
$0
Cost to Cure Net
$0
$0
$0
$0
Total Value of Acquisition
$318
$264
$161
$743
Effective date of valuation October 21, 2013.
The values cited above are subject to the assumptions, limiting conditions, certification
statements and definitions presented within the attached summary report.
Sincerely,
DERANGO, BEST & ASSOCIATES
Daniel R. DeRango, MAI, CCIM
Cert Gen RZ1054
13 -184 Parcels 104, 704, & 704A
(407) 895 -6650 0 FAX (407) 898 -8467 • MAIL @DERANGOBEST.coM
TABLE OF CONTENTS
CERTIFICATE OF VALUE PARCEL 104 ....................................................................... ..............................1
CERTIFICATE OF VALUE PARCEL 704 ....................................................................... ..............................3
LANDVALUATION ...................................................................................................... ...............................
CERTIFICATE OF VALUE PARCEL 704A ................................................................... ...............................
5
CONDITIONS AND CONTINGENCIES .......................................................................... ..............................7
PROJECTDESCRIPTION ............................................................................................. .............................27
SPECIAL ASSUMPTIONS .............................................................................................. ..............................7
DESCRIPTION OF THE ACQUISITION ........................................................................ .............................28
EXECUTIVE SUMMARY ................................................................................................ ..............................8
PARCEL104 .................................................................................................................. .............................28
PROPERTYPHOTOGRAPHS ...................................................................................... .............................10
LAND WITHIN ACQUISITION ..................................................................................... ...............................
INTRODUCTION ............................................................................................................ .............................12
IMPROVEMENTS WITHIN ACQUISITION .................................................................. ...............................
PURPOSE AND INTENDED USE OF APPRAISAL .................................................... ...............................
12
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY .................................. ...............................
12
REPORTTYPE ............................................................................................................ ...............................
13
PROPERTY INTEREST APPRAISED ......................................................................... ...............................
13
LEGAL DESCRIPTIONS .............................................................................................. ...............................
13
HISTORY OF PROPERTY (LAST FIVE YEARS) .......................................................... .............................14
DESCRIPTION OF REMAINDER .................................................................................. .............................34
PROPERTY INSPECTION ............................................................................................. .............................14
VALUATION OF REMAINDER ...................................................................................... .............................35
PROPERTY DESCRIPTION BEFORE THE TAKING ................................................... .............................15
SITEDESCRIPTION ...................................................................................................... .............................15
LOCATION ..................................................................................................................... .............................15
SITE DESCRIPTION (PARENT TRACT) ...................................................................... .............................15
TOPOGRAPHY & DRAINAGE ....................................................................................... .............................16
ASSESSMENTS AND TAXES ....................................................................................... .............................18
ZONING, LAND USE PLANNING, CONCURRENCY ................................................. ...............................
19
DESCRIPTION OF IMPROVEMENTS .......................................................................... .............................20
HIGHEST AND BEST USE ............................................................................................ .............................21
VALUATION METHODOLOGY ..................................................................................... .............................22
LANDVALUATION ...................................................................................................... ...............................
22
ANALYSIS CONCLUSIONS ..................................................................................... ...............................
26
PROJECTDESCRIPTION ............................................................................................. .............................27
DESCRIPTION OF THE ACQUISITION ........................................................................ .............................28
PARCEL104 .................................................................................................................. .............................28
LAND WITHIN ACQUISITION ..................................................................................... ...............................
32
IMPROVEMENTS WITHIN ACQUISITION .................................................................. ...............................
32
VALUATION OF PART TAKEN .................................................................................... .............................33
SUMMARY OF VALUE OF PART TAKEN ................................................................... ...............................
33
VALUE OF REMAINDER LAND AS PART OF WHOLE .............................................. .............................33
APPRAISAL OF REMAINDER .................................................................................... ...............................
34
APPRAISAL PROBLEM ................................................................................................. .............................34
DESCRIPTION OF REMAINDER .................................................................................. .............................34
VALUATION OF REMAINDER ...................................................................................... .............................35
LANDVALUE ................................................................. ...............................
COSTTO CURE ............................................................ ...............................
SPECIAL BENEFITS ...................................................... ...............................
LAND VALUATION OF THE TCE PARCELS 704 & 704A ...........................
LAND WITHIN ACQUISITIONS ..................................... ...............................
IMPROVEMENTS WITHIN ACQUISITION .................... ...............................
IMPROVEMENTS WITHIN ACQUISITION .................... ...............................
ANNUAL ECONOMIC RENT ......................................... ...............................
DISCOUNT RATE .......................................................... ...............................
PRESENT VALUE OF MARKET RENT ......................... ...............................
SUMMARY OF VALUE OF PART TAKEN ..................... ...............................
SUMMARY OF VALUES ....................................... ...............................
ADDENDUM .................................................................. ...............................
........... ............................... 40
NEIGHBORHOOD OVERVIEW ..................................................................................... .............................41 II
LAND SALE DATA SHEET ........................................................................................... .............................47
QUALIFICATIONS OF APPRAISER
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 1
CERTIFICATE OF VALUE PARCEL 104
I certify to the best of my knowledge and belief, that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased, professional
analyses, opinion, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties
involved.
4. My compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5. My analyses, opinion, or conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Practice, and
the provisions of Chapter 475, Part 11, Florida Statutes.
6. 1 have made a personal inspection of the property that is the subject of this
report and I have afforded the property owner the opportunity to accompany me
at the time of the inspection. I have also made a personal field inspection of the
comparable sales relied upon in making this appraisal. The subject and the
comparable sales relied upon in making this appraisal are represented by the
photographs contained in this appraisal.
7. Heather Lynn Haas, who is State - certified general real estate appraiser #
RZ3203, provided professional assistance including sales research, preparation
and verification of comparable sales information, general gathering of supporting
data for the appraisal and further assistance in the writing of said appraisal.
8. 1 understand that this appraisal is to be used in connection with the acquisition of
real property by the City of Ocoee.
9. This appraisal has been made in conformity with the appropriate State laws,
regulations, policies, and procedures applicable to appraisal of right -of -way
transportation purposes; and to the best of my knowledge, no portion of the
property value entered on this certificate consists of items which are non -
compensable under the established law of the State of Florida.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 2
PARCEL 104 CERTIFICATE OF VALUE (CONTINUED)
10. 1 have not revealed the findings or results of this appraisal to anyone other than
the proper officials of the City of Ocoee and I will not do so until so authorized by
city officials, or until I am required by due process of law or until I am released
from this obligation by having publicly testified as to such findings.
11. Regardless of any stated limiting conditions or assumptions, I acknowledge that
this appraisal report and all maps, data, summaries, charts, and other exhibits
collected or prepared under this agreement shall become the property of the City
of Ocoee without restriction or limitation on their use.
12. Statements supplemental to this certification required by membership or
candidacy in a professional appraisal organization are described on an
Addendum to this certificate and, by reference, are made a part hereof.
13. 1 have not performed an appraisal, or any other service, on this property in the
past three years.
Based upon my independent appraisal and the exercise of my professional judgment,
my opinion of the market value for the part taken, including net severance damages
after special benefits, if any, of the property appraised as of the 21 day of October
2013, is:
$318
Market value should be allocated as follows:
Land Area: 106± SF
Value of Taking
104
Land Value
$318
Improvements
$0
Damages to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
$318
10/28/2013
Daniel R. DeRango, MAI, CCIM Date
Cert Gen RZ1054
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 3
CERTIFICATE OF VALUE PARCEL 704
I certify to the best of my knowledge and belief, that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased, professional
analyses, opinion, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties
involved.
4. My compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5. My analyses, opinion, or conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Practice, and
the provisions of Chapter 475, Part 11, Florida Statutes.
6. 1 have made a personal inspection of the property that is the subject of this
report and I have afforded the property owner the opportunity to accompany me
at the time of the inspection. I have also made a personal field inspection of the
comparable sales relied upon in making this appraisal. The subject and the
comparable sales relied upon in making this appraisal are represented by the
photographs contained in this appraisal.
7. Heather Lynn Haas, who is State - certified general real estate appraiser #
RZ3203, provided professional assistance including sales research, preparation
and verification of comparable sales information, general gathering of supporting
data for the appraisal and further assistance in the writing of said appraisal.
8. 1 understand that this appraisal is to be used in connection with the acquisition of
real property by the City of Ocoee.
9. This appraisal has been made in conformity with the appropriate State laws,
regulations, policies, and procedures applicable to appraisal of right -of -way
transportation purposes; and to the best of my knowledge, no portion of the
property value entered on this certificate consists of items which are non -
compensable under the established law of the State of Florida.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 4
PARCEL 704 CERTIFICATE OF VALUE (CONTINUED)
10. 1 have not revealed the findings or results of this appraisal to anyone other than
the proper officials of the City of Ocoee and I will not do so until so authorized by
city officials, or until I am required by due process of law or until I am released
from this obligation by having publicly testified as to such findings.
11. Regardless of any stated limiting conditions or assumptions, I acknowledge that
this appraisal report and all maps, data, summaries, charts, and other exhibits
collected or prepared under this agreement shall become the property of the City
of Ocoee without restriction or limitation on their use.
12. Statements supplemental to this certification required by membership or
candidacy in a professional appraisal organization are described on an
Addendum to this certificate and, by reference, are made a part hereof.
13. 1 have not performed an appraisal, or any other service, on this property in the
past three years.
Based upon my independent appraisal and the exercise of my professional judgment,
my opinion of the market value for the part taken, including net severance damages
after special benefits, if any, of the property appraised as of the 21 day of October
2013, is:
$264
Market value should be allocated as follows:
Land Area: 302± SF
Value of Taking
704
Land Value
$264
Improvements
$0
Damages to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
$264
10/28/2013
Daniel R. DeRango, MAI, CCIM Date
Cert Gen RZ1054
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 5
CERTIFICATE OF VALUE PARCEL 704A
I certify to the best of my knowledge and belief, that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased, professional
analyses, opinion, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties
involved.
4. My compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5. My analyses, opinion, or conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Practice, and
the provisions of Chapter 475, Part 11, Florida Statutes.
6. 1 have made a personal inspection of the property that is the subject of this
report and I have afforded the property owner the opportunity to accompany me
at the time of the inspection. I have also made a personal field inspection of the
comparable sales relied upon in making this appraisal. The subject and the
comparable sales relied upon in making this appraisal are represented by the
photographs contained in this appraisal.
7. Heather Lynn Haas, who is State - certified general real estate appraiser #
RZ3203, provided professional assistance including sales research, preparation
and verification of comparable sales information, general gathering of supporting
data for the appraisal and further assistance in the writing of said appraisal.
8. 1 understand that this appraisal is to be used in connection with the acquisition of
real property by the City of Ocoee.
9. This appraisal has been made in conformity with the appropriate State laws,
regulations, policies, and procedures applicable to appraisal of right -of -way
transportation purposes; and to the best of my knowledge, no portion of the
property value entered on this certificate consists of items which are non -
compensable under the established law of the State of Florida.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 6
PARCEL 704A CERTIFICATE OF VALUE (CONTINUED)
10. 1 have not revealed the findings or results of this appraisal to anyone other than
the proper officials of the City of Ocoee and I will not do so until so authorized by
city officials, or until I am required by due process of law or until I am released
from this obligation by having publicly testified as to such findings.
11. Regardless of any stated limiting conditions or assumptions, I acknowledge that
this appraisal report and all maps, data, summaries, charts, and other exhibits
collected or prepared under this agreement shall become the property of the City
of Ocoee without restriction or limitation on their use.
12. Statements supplemental to this certification required by membership or
candidacy in a professional appraisal organization are described on an
Addendum to this certificate and, by reference, are made a part hereof.
13. 1 have not performed an appraisal, or any other service, on this property in the
past three years.
Based upon my independent appraisal and the exercise of my professional judgment,
my opinion of the market value for the part taken, including net severance damages
after special benefits, if any, of the property appraised as of the 21 day of October
2013, is:
$161
Market value should be allocated as follows:
Land Area: 184± SF
Value of Taking
704A
Land Value
$161
Improvements
$0
Damages to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
$161
10/28/2013
Daniel R. DeRango, MAI, CCIM Date
Cert Gen RZ1054
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 7
CONDITIONS AND CONTINGENCIES
SPECIAL ASSUMPTIONS
1. We have appraised the property as if free and clear of all liens and
assessments. There are delinquent taxes reported for the property. We have not
deducted delinquent tax amounts or any other existing liens from our estimate of
value.
2. The appraisers have relied upon a survey and legal description prepared by
Southeastern Surveying, as shown herein. We have relied on the estimates
provided in the survey and have used the graphics to locate potential
improvements within the taking areas. We have assumed these estimates to be
accurate for purposes of our appraisal.
3. We have relied on final roadway construction plans provided by the City of
Ocoee dated June 2013. We have also relied on the graphics within the plans to
locate potential improvements within the taking areas.
4. We have relied upon title information, as supplied by Fidelity Title Insurance
Company
5. We do not have the required expertise for 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. We assume no responsibility for the studies or analyses, which
would be required to determine the presence or absence of such substances.
We do not assume responsibility for loss as a result of the presence of such
substances. The value estimate is based on the assumption that the subject
property is not so affected.
6. The 1985 amendment to Chapter 163, Florida Statutes requires local
governments to adopt Comprehensive Land Use Plans that must include
adopted levels of service for seven types of public services and facilities: roads,
mass transit, sanitary sewer, storm water, potable water, solid waste, and
parks /recreation. Chapter 163 prohibits local governments from issuing
development permits if the development's impact would cause levels of service
to fall below the adopted levels. In other words, the availability of the public
services must be concurrent with the impact of the proposed or future develop-
ment.
7. This report is subject to a Concurrency Verification, and assumes that the
subject will not be affected by concurrency at this time.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
EXECUTIVE SUMMARY
PAGE 8
PROPERTY LOCATION: The larger property is located at the northeast corner of
Bluford Avenue and Orlando Avenue in Ocoee, Orange
County, Florida. The street address is 530 South Bluford
Avenue, Ocoee, Florida 34761.
PARENT TRACT OVERVIEW: The larger property consists of a single family residence
developed on 1.99± acres. The parcel is slightly irregular in
shape and the western boundary abuts Bluford Avenue. The
single family residence was constructed in 1930 and contains
1,460± SF.
OWNER AND ADDRESS
PARENT TRACT SIZE
(BEFORE CONDITION):
According to the information provided by Orange County
public records, the current property owner is:
Mary Lee Ivy
530 South Bluford Avenue
Ocoee, Florida 34761 -2773
1.99± Acres, 86,652± SF
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
ZONING (BEFORE
CONDITION):
FUTURE LAND USE
DESIGNATION
(BEFORE CONDITION)
HIGHEST AND BEST USE
(BEFORE CONDITION):
ACQUISITION OVERVIEW:
R -1AA, Single Family Dwelling, City of Ocoee
Low Density Residential
PAGE 9
As Vacant Low density residential development
As Improved: Continued use as improved.
Parcel No.
103
703
703
Use
Right -of -Way
Temporary
Construction
Temporary
Construction
Interest Acquired
Fee Simple
Easement Interest
Easement Interest
Size (SF)
106
302
184
Size (AC)
0.002
0.007
0.004
COMMENTS: The acquisition area is slightly irregular in shape. The
parcels are small areas of land along the road frontage.
There is a tree within Parcel 703, but it is our understanding
that the tree will remain undisturbed by the TCE.
REMAINDER PARCEL SIZE
(AFTER CONDITION):
HIGHEST AND BEST USE
(AFTER CONDITION):
1.99 ± Acres, 86,546± SF
The Highest & Best Use of the property remains unchanged
after the acquisition.
REMAINDER CONDITION: The remainder is generally the same as before the taking.
There are no impacts to existing structure or site outside of
the taking area.
VALUE CONCLUSIONS:
Value of Taking
104
704
704A
Total
Use
ROW
TCE
TCE
Land Value
$318
$264
$161
$743
Improvements
$0
$0
$0
$0
Damages to Remainder
$0
$0
$0
$0
Cost to Cure Net
$0
$0
$0
$0
Total Value of Acquisition
$318
$264
$161
$743
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PROPERTY PHOTOGRAPHS
PAGE 10
VIEWS OF THE TAKING AREAS
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 11
VIEWS OF TAKING AREAS
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 12
INTRODUCTION
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PURPOSE AND INTENDED USE OF APPRAISAL
The purpose of this appraisal is to estimate the market value of the unencumbered fee
simple interest in the parent tract, subject to the underlying assumptions and limiting
conditions previously mentioned. We have then estimated the value of the portion of
the property to be acquired for the described project. The appraisal refers to the value
of taking, the effect on market value of the taking, and the damages, if any, to the
remainder.
The intended use of this appraisal is for use in negotiations with the current property
owner for acquisition of a portion of land for right -of -way and a temporary construction
easement by the City of Ocoee. There are no other intended users or uses for our
appraisal.
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY
Since the area of Parcels 104, 704, and 704A were determined to have no impact on
the remainder property, we have prepared a summary appraisal of the property to
determine land value and any improvements in the takings for the parcels to be
acquired. The only approach deemed to apply was the Sales Comparison Approach in
estimating land value. A Sales Comparison Approach was used in establishing the
value of the underlying land for the partial taking based on the taking as part of the
whole, "as if vacant ".
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 13
REPORT TYPE
This is a Summary 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 Summary Appraisal Report.
PROPERTY INTEREST APPRAISED
• Parent Tract: Fee Simple Interest.
• Parcel 104: Fee Simple Interest.
• Parcel 704: Easement Interest.
• Parcel 704A: Easement Interest.
LEGAL DESCRIPTIONS
Parent Tract
Lots number, 32, 33, and 34, BLOCK 4, TOWN OF
OCOEE, according to the Plat thereof as
recorded at Plat Book A, Page 101, Public Records of
Orange County, Florida.
Source: Orange County Official Records Book 3576 Page 969.
Parcel 104 Right -of -Way
A!. port! Of LO' 3'r, E?,O�:k 4, i'O',ln of Jcoee Gel' plat tfereoi recorded 'n Pfct Dook "A" Po- iGu'
P, :( C r(;.— g c Cou"ty, 1 )ric i) �r._j r- crr, r ..1•tic,�ic,n y : a• ;cr'r�e;
Source: Sketch and Legal prepared by Southeastern Surveying.
13 -184 Parcels 104, 704, & 704A
uee P p r,' ,Neruc ;f 1cc,' "ed i'•: Blot
eistc of
9.34 feet
a'on the scat rigs
of vvoy
;ne or gi_fcrd Ave ^ue cs shown on
_aid plat to c
pc: ~t' thence
5 I0'25'46"
! c c _> cnc.e of
i8_
mence 5 GC GG , ")0" 'Ad c dista ce of
2.91 teet to
c poir- on
the ^fort!-
right cf r cy ling of
tas' 0 , !andc A•ven:_,c cs shown cn ,c ;d pict,
'�l •. _.
S 89'16 i 3'
v'i a istance c.` ? 7.12 lee' oiong So U
cr'^ riqk l o 'No ne tc .ne Pc r
of Peq n -,:!nq,
Source: Sketch and Legal prepared by Southeastern Surveying.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 14
Parcel 704 Temporary Construction Easement
1 portion Of LCZ 34, L 4, 'own of J--oee per plot thereo' recorded in Pict Dock "A", Poges 100
! t' , , .-' I , P'l-1 I _- „f CrGr',(? Coonty, (' id,-,� por t icu'c"y d("-s (:." c!, :
;-ence of thf? S'o", co-e- of i of . Hijck . :")"Vrl of uer pfor thereof recorded 'f)
at 9,)(, A. Poges 10 ) 0
t h r r j n I
fl.. klccoros cf Cro-ge Cow:ty,
F!orido;
;j0 j7' 17"
W c, d;sf:incc
(-,( 9..3-' fcct
cio-C) i'w Fos( 'grit o vwcy G of
R!ijfr ro Avcn.f as
ri so:d plol
t 7j (ne
of tl contin-e N ()L'
e conit;n ..f- N' 0, 0*3 7 ' (7" o
0 5�7 e c -
distanC. r) 6 , ( . d i
p-,"-t; thence
S 70'26'46"
E c d'stcnce
of 29. 1'; thence S CUUG'00" VV a diso of 9.91 feet to c
P„�-!
Nortr grit cf
vicy 11'-c „(
00(i-Jc Aver) -c os ',Jlow o"
uic ; tl"C c'
S 89'16'
'Oi rl
of Ice
'j:or1q so Nior'�-; ri( of Nny !;ric
rc; ')l-:
% 00",Y)'00"
E o disronce
(-,' 2.97 feet;
tnence N 70`26' IN c rj:-s'cnCe
of 18- feet to me
Source: Sketch and Legal prepared by Southeastern Surveying.
Parcel 704A Temporary Construction Easement
1, �
�:oee per pint tl e-o' recorded r Picir Dock "A", P0 1(2,
pnrl�on 3' LCZ E?0�:k 4, �'O'Nr �* j
gf rr�,"(:,' porticij,( c cj (
of. the Soznwest cC -�z- 3f 1-C", 34, L1 4, 7o•n
of 0:.occ per plat (hereof r e j
'Rick "A", PGges
thrc-gn 1 0', , P-bi; Recorcs of
(
Co 1 y, f
;) 7" W c d;stcnce
ct 4.0G fee cic-o tne r est r;•ht
of wc-1
line of [Tuforci Avenue cs snown
on so d plot to trie Poil
of tl contin-e N ()L'
S /'!
V7 a di;sTo-ce of 5t7.2/ feet to the
Southwest corner o' la
described in Officict Records 5cok
' "oges
97�' 'n-ouQt` 974, Public
- <e--o , ds of Orange f GUnty
T io mence N 88`8'3" E o d'stonce
of 'G,. 'eet oio-j �he. Soutl ;'ne
of Fa:,j 'on's to o poi--,
S 17 "5i'1 ' 'v o distance of
me 1 -oi-' of
Source: Sketch and Legal prepared by Southeastern Surveying.
HISTORY OF PROPERTY (LAST FIVE YEARS)
The property is under the ownership of Mary Lee Ivy and has been so for many years.
There have been no transactions recorded for the property in the last five years.
PROPERTY INSPECTION
Names of Those Present at Inspection
Mr. Daniel R. DeRango (DeRango, Best & Associates) inspected the property on July
11, 2013. Mr. DeRango has viewed the site on a few occasions since that time, most
recently on October 21, 2013. No owner was present during the inspection.
Extent of Inspection
Daniel R. DeRango, MAI, made a complete inspection of the land, including the area of
the takings. Since no structures are to be affected by the acquisition we did not
complete an interior inspection of the residence on the site.
13-184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 15
PROPERTY DESCRIPTION BEFORE THE TAKING
SITE DESCRIPTION
Location
The property is located at the northeast corner of Bluford Avenue and Orlando Avenue
in Ocoee, Orange County, Florida. The street address is 530 South Bluford Avenue,
Ocoee, Florida 34761.
SITE DESCRIPTION (PARENT TRACT)
Land Area
1.99± Acres or 86,652± SF
Shape
The parent tract is rectangular in shape with approximately 82± feet of frontage along
the east side of Bluford Avenue and about 478± feet of frontage along the north side of
Orlando Avenue. The property also has about 197± feet of frontage along the west side
of Lakewood Avenue.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 16
Boundary Dimensions
North: 622± South: 478±
West: 82± East 197±
Ingress /Egress
The property has ingress and egress along the east side of Bluford Avenue, the north
side of Orlando Avenue, and the west side of Lakewood Avenue. Vehicular access is
currently in place along the north side of Orlando Avenue.
Topography & Drainage
The site is generally level and appears to drain well.
OWL
6 • , �n
r • i �eYY11YY.. �R�� �* i
,
..- 1
. , Subject
19 `" =' - 20
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 17
Flood Hazard Data
According to the Flood Insurance Rate Maps, Community Panel No. 12095CO210 F,
dated September 25, 2009, the property is located within a Zone "X ", an area of
minimal flooding.
Soil Characteristics
There appears to be no adverse soil conditions on the property.
Easement/Encroachments
Based on our review of the Title report prepared by Fidelity Title & Guarantee Company
there do not appear to be any adverse easements or encumbrances affecting the
property.
Environmental Hazards
After review of the title search and a physical inspection of the property, we are not
aware of any environmental hazards that may exist. However, the detection of any
environmental hazards is beyond our area of expertise.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 18
Utilities
Potable water is available to the property and is serviced by the City of Ocoee. Public
sewer is not available and the site relies on a private septic system.
ASSESSMENTS AND TAXES
The property is assessed for property taxes by Orange County. Taxes for the year 2012
are as follows:
2012 Property Taxes
Parcel ID
17- 22 -28- 6144 -04 -320
Land Value
$103,094
Building Value
$18,691
Features Value
$1,500
Total Assessed Value
$123,285
Millage Rate
19.4648
Ad Valorem Taxes
$2,399.72
Other Assessments
$351.00
Gross Tax Amounts
$2,750.72
Proposed 2013 $123,935
Assessed Value
The 2012 taxes have not been paid and were delinquent at the date of appraisal. A tax
certificate has been issued for the 2012 taxes. If paid by November 30, 2013 the 2012
tax amount due is $453.81. We have not deducted delinquent taxes from our estimate
of value (see Special Assumptions).
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 19
ZONING, LAND USE PLANNING, CONCURRENCY
Zoning
1 17
W DELAMIABEST_.. _
y WARE' ST ' 0. ES
FTRU Subject LAKE `
Pp W -.. AA PRIMA _
�TT�'��ST VISTA
5re sta6gn 1 �1 r ) r - -
1 �tMBUS ST 9
EE
~ t ST p0 •xr
a l YCF
The parent tract is zoned R -1AA, Single Family Dwelling, by the City of Ocoee.
According to the Orange County Code of Ordinances
(`) R -1 -AA and R -1 -AAA Single - Family Dwelling Districts.
The areas included within R -1 -AA and R -1 -AAA Single- family Dwelling Districts are intended
to be single - family residential areas with larger lots and lower population densities Certain
structures and uses required to serve educational religious utilities and noncommercial
recreational needs of such areas are permitted. This district is primarily intended for areas
shown on the Future Land Use Map as "Low Density Residential"
Future Land Use Designation
The Future Land Use designation is Low Density Residential. The zoning and future
land use designations are consistent.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 20
DESCRIPTION OF IMPROVEMENTS
The property is improved with a 1,460± SF single family residence. The residence was
built in 1930 of wood frame construction. The residence is in good condition for its age.
The right -of -way taking that is the subject of our appraisal is at the west end of the site
in an undeveloped area. Therefore the takings have no impact on the property
improvements. We have not inspected the interior of the building. A sketch of the
building is shown below.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 21
HIGHEST AND BEST USE
In estimating the highest and best use of the property, we have considered those uses
that are legally permissible, physically possible, economically supported, and which
would result in the highest return to the land. We have considered the features of the
land such as zoning, size, shape, location, access to roadways, and the availability of
utilities. We have also reviewed surrounding land patterns and the demand for property
in the current real estate market. 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 R -1AA, Single Family Dwelling, by the City of Ocoee. The future
land use designation of the site is Low Density Residential. The legally permitted uses
of the site are for single family residential use.
Physical Considerations
The site contains 86,652 square feet (1.99± acres) and is slightly irregular in shape with
a shape /configuration suitable for development. The topography of the site is adequate.
The site has public water service and a private septic system. The site has good
frontage and exposure on Bluford Avenue. Therefore, the site is physically suitable for
development.
Economic Considerations
In analyzing those uses which would be economically feasible and maximally
productive, we have taken into consideration the locational characteristics of the
property and current trends in the market. The site is located within a residential area in
the City of Ocoee. The economy is currently weak but has been showing signs of
modest improvement over the past year.
CONCLUSIONS
Based on our analysis, the highest and best use of the site is for single family
residential development consistent with zoning and surrounding land uses.
The existing improvements are consistent with the highest and best use of the site.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 22
VALUATION METHODOLOGY
As discussed in the next section of our report, the proposed acquisition will not have a
residual impact on the land or the improvements on the property and we have therefore
prepared a simple analysis of the acquisition. In our opinion the preparation of a "before
and after" analysis is not required for this assignment.
LAND VALUATION
The first step in our valuation is to estimate the value of the underlying land before the
taking. The land value is used to establish a value of the parts of the parcel within the
proposed taking. The land has been valued by the Sales Comparison (Market)
Approach.
Based on our highest and best use of the site as vacant for residential development we
have researched and evaluated sales of similar future single family sites in the area for
comparison to the appraised tract. Since the neighborhood is older and established, we
have expanded our search to include similar areas of Greater Orlando. The sales in our
analysis are discussed as follows:
a
A „
t1t
't° [,15t51GW :31 E s MOW
l 0 Subject
Q.
It Sales 1 & 2
r
4F, ,. tic iae'Pdu r +B Yy'tX[C' 161 y Ek'!il C.:
4" n
[. Sic P4 �44Pq *•S•'3
'G
Sale 3
k q
wars rri
Lot taAS
Old '�`tirlFr ^�rry „.. � 'v”" + "°:IM
_T 1�
4'
Y
914
c '.'rar trsa ¢"1
I �' r w9
s » Sale 4
O R
P
Ya. �
'Of
., T Stec. is F3
s@ us 4 Of
Z
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 23
COMPARABLE LAND SALES
Subject
1
2
3
4
Location
At the northeast
corner of Bluford
Avenue and Orlando
Avenue
At the northwest
corner of Rewis
Street and Lyman
Avenue
At the northeast
corner of Rewis
Street and Lyman
Avenue
Along the west side
of Main Street south
of Maple Street
Along the east side of
Edgewood Ranch
Road south of Old
Winter Garden Road
City, County
Ocoee, Orange
County
Ocoee, Orange
County
Ocoee, Orange
County
Winter Garden,
Orange County
Orlando, Orange
Buyer
Juan Maldonado
Regino Garcia
Akers Custom
Homes, Inc.
Robert A. Zarate
Seller
Enrique Zepeda
Jorge Delatorre
Michael Lemos
Allen G. Liang
Sale Date
Mar -13
Jun -13
Sep -12
Feb -13
Sale Price
$23,000
$22,000
$31,500
$52,000
Terms of Sale
Cash to Seller
Cash to Seller
Cash to Seller
Cash to Seller
O.R. Book/Page
10550/910
10592/214
10450/2334
10526/6189
Size (AC)
1.99
0.46
0.25
0.22
0.50
Size (SF)
86,652
19,993
10,910
9,799
21,783
Configuration
Slightly Irregular
Slightly Irregular
Slightly Irregular
Rectangular
Rectangular
Frontage
Bluford Avenue &
Orlando Avenue
Rewis & Lyman
Rewis & Lyman
Main Street
Edgewood Ranch
Road
Utilities
Water / Septic
All Available
All Available
All Available
Water / Septic
Zoning
R -1AA, Ocoee
R -1, Ocoee
R -1, Ocoee
R -2, Winter Garden
A -1, Orange County
Future Land Use
(FLU) designation
Low Density
Residential
Low Density
Residential
Low Density
Residential
Low Residential
Low Density
Residential
Topography
Generally level
Generally level
Generally level
Generally level
Generally level
Access
Good
Good
Good
Good
Good
Exposure
Good
Good
Good
Good
Good
Price /SF
$1.15
$2.02
$3.21
$2.39
COMPARISON
Marketing
Conditions
Sep -13
Similar
Similar
Similar
Similar
Terms of Sale
Market
Similar
Similar
Similar
Similar
Location
Bluford Avenue &
Orlando Avenue
Somewhat Inferior
Somewhat Inferior
Somewhat Superior
Somewhat Inferior
Access
Good
Similar
Similar
Similar
Similar
Exposure
Good
Similar
Similar
Similar
Similar
Utilities
Water / Septic
Somewhat Superior
Somewhat Superior
Somewhat Superior
Similar
Size (AC)
1.99
Smaller ( -)
Smaller ( -)
Smaller ( -)
Smaller ( -)
Configuration
Slightly Irregular
Similar
Similar
Similar
Similar
Topography
Generally level
Similar
Similar
Similar
Similar
Overall Comparison
Subject
Inferior
Inferior
Superior
Somewhat Inferior
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 24
Comparable Land Sale No. 1 is located at the northwest corner of Rewis Street and
Lyman Avenue. This is the sale of 0.46 acres of land to Juan Maldonado for $23,000.
The sale took place in March of 2013. The sale equates to $1.15/SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property. This site is smaller in size and in a slightly inferior location.
Comparable Land Sale No. 2 is located at the northeast corner of Rewis Street and
Lyman Avenue. This is the sale of 0.25 acres of land to Regino Garcia for $22,000. The
sale took place in June of 2013. The sale equates to $2.02 /SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property. This site is smaller in size and is in a slightly inferior location.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 25
Comparable Land Sale No. 3 is located along the west side of Main Street south of
Maple Street. This is the sale of 0.22 acres of land to Akers Custom Homes, Inc. for
$31,500. The sale took place in September of 2012. The sale equates to $3.21/SF of
land area.
The indication from this sale is considered to be above expectations for the appraised
property, due mainly to its smaller size and superior location.
Comparable Land Sale No. 4 is located along the east side of Edgewood Ranch Road
south of Old Winter Garden Road. This is the sale of 0.50 acres of land to Robert A.
Zarate for $52,000. The sale took place in February of 2013. The sale equates to
$2.39/SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property, due mainly to its inferior zoning and somewhat inferior location.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 26
ANALYSIS & CONCLUSIONS
The comparable land sales cited indicate a value range from $22,000 to $52,000 or
from $1.15/SF to $3.21/SF with an average of $2.19/SF.
• The property is located along Bluford Avenue near the center of the City of
Ocoee.
• The property is in a long established neighborhood and there are few available
vacant lots.
VALUE CONCLUSION: FEE SIMPLE
After evaluating all of the described sales data and based on our review of market
trends we would expect that the value of the fee simple interest in the land would fall
near the upper part of the range shown by the comparables.
Based on our analysis our value is expressed as follows:
Land Value Before the Takina
Land
Size (SF)
Price
Per SF
Value Indication
(Rounded)
86,652
$3.00
$259,956
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 27
PROJECT DESCRIPTION
The Bluford Avenue project includes a widening the roadway to permit stormwater and
utility improvements along the roadway.
S tarke Like
Ocoee
PROJECT
Subject
IP QI
mow
E OrtandoAve P�
UJ
x
stm Rd
Ctmelefy
�.r'
PROJECT ALIGNMENT
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 28
DESCRIPTION OF THE ACQUISITION
PARCEL 104
Property sketches and construction drawings are as follows
13-184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 29
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 30
13 -184 Parcels 104, 704, & 704A
x
j �
i .aLL
r
cis E .
13 -184 Parcels 104, 704, & 704A
x
j �
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r
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 31
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F y K I t
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S
t � r
¢ 1K
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t
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 32
LAND WITHIN ACQUISITION
Parcel 104 consists of a 106± SF strip for a right -of -way for Bluford Avenue road
project. The taking is a slightly irregular piece at the southwest corner of the property.
i -L V 4
I
' c�.l. �d: a •1?zz •kplll.�,
Improvements within Acquisition
There are no improvements within the Parcel 104 taking.
13 -184 Parcels 104, 704, & 704A
`r
,J
k
z;. u
1 4
ti
N lµ _ AV
i -L V 4
I
' c�.l. �d: a •1?zz •kplll.�,
Improvements within Acquisition
There are no improvements within the Parcel 104 taking.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 33
VALUATION OF PART TAKEN
The Parcel 103 right -of way strip will be acquired in fee simple.
The land value of the parent tract has been estimated at $3.00 /SF. Thus, the estimated
value of the part taken for land is as follows:
Land
Parcel
No.
Interest
Appraised
Land Area
(SF)
Estimated
Value
104
Fee Simple
106
$318
TOTAL
$318
Improvements
There are no improvements within the Parcel 104 taking.
SUMMARY OF VALUE OF PART TAKEN
Parcel 104
Total Land Value:
$318
Improvements Value
$0
Total Value:
$318
VALUE OF REMAINDER LAND AS PART OF WHOLE
Value of Whole Property:
$259,956
Value of Acquisition Land Only):
$318
Value of Remainder as Part of Whole:
1$259,638
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 34
APPRAISAL OF REMAINDER
APPRAISAL PROBLEM
The appraisal problem is to estimate the market value of the remainder and to
substantiate damages, or special benefits due to the acquisition, if any.
DESCRIPTION OF REMAINDER
The remainder site is generally similar to the property before the taking in physical
attributes. The small area of taking is at the undeveloped west end of the site and the
configuration of the site after the acquisition is still suitable for development to a density
similar to that which could have been achieved prior to the taking.
Highest and Best Use "As Vacant"
The remainder's slightly reduced size does not reduce the market appeal of the
property for residential development. The highest and best use after the taking is the
same as before the taking.
Highest and Best Use, "As Improved"
The existing improvements are still consistent with the Highest & Best Use after the
taking.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 35
VALUATION OF REMAINDER
LAND VALUE
We have reviewed the comparable sales information provided earlier in determining the
land value for the property after the fee simple taking. Given that the reduced size of
the property will not affect the build -out potential or utility of the site, we have not
reduced our value estimate on a per square foot basis. Therefore, the value of the
remainder is as follows:
Land Value After the Takina
Land
Size (SF)
Price
Per SF
Value Indication
(Rounded)
86,546
$3.00
$259,638
We estimate that the remainder value and the value of the remainder as part of the
whole are the same and therefore there are no severance damages or cures required
accruing to the remainder property as a result of the taking.
Value of Remainder as Part of Whole:
$259,638
Remainder Value
$259,638
Damages to Remainder:
$0
COST TO CURE
N/A
SPECIAL BENEFITS
N/A
LAND VALUATION OF THE TCE PARCELS 704 & 704A
The value of the Temporary Construction Easements (Parcel 704 & 704A) over a finite
period of time is a possessory interest that can be likened to a land lease. We have
therefore estimated a rental rate for the area within the TCE to determine a value for
the three years that the land will be encumbered.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 36
LAND WITHIN ACQUISITIONS
Parcel 704 consists of a 302± SF strip for a temporary construction easement for the
Bluford Avenue road project. The taking is an irregular piece near the southwest end of
the property.
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Improvements within Acquisition
There is a Laurel Oak tree within the Parcel 704 temporary construction easement. It is
our understanding that the tree will remain undisturbed.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 37
Parcel 704A consists of a 184± SF strip for a temporary construction easement for the
Bluford Avenue road project. The taking is a triangular piece along the west end of the
property.
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Improvements within Acquisition
There are no improvements within the Parcel 704A temporary construction easement.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 38
ANNUAL ECONOMIC RENT
We have researched the Central Florida area for recent land leases of properties
considered similar to the parent tract with regard to location, size, and legally permitted
uses. Our research has not produced any leases of land considered comparable to the
parent tract. In our experience, land leases are typically long -term commitments that
are priced as a percentage or yield rate based on the underlying fee simple value of the
land to be encumbered.
We have used a similar method to determine the economic rent of the easement
parcel. We have included our estimate of the value of the fee simple interest in the
land. The underlying land value for the parent tract was estimated at $3.00 per square
foot. Based on the temporary construction easement size, the fee simple value would
be as follows:
Parcel 704: 302± SF @ $3.00 /SF = $906
Parcel 704A: 184± SF @ $3.00 /SF = $552
Considering land lease data within the Central Florida area and alternative returns in
the market for various investments, a 10% rate of return has been estimated.
Therefore, the annual rent for the temporary construction easement is estimated as
follows:
Parcel 704: $906 X 10% = $90.60/Year ($7.55 per month)
Parcel 704A: $552 X 10% = $55.20/Year ($4.60 per month)
DISCOUNT RATE
The three years of rental payments have been discounted to a present value at the date
of value. In order to ascertain the discount rate, we have utilized the interest rate on a
U.S. Government Security Notes of similar terms. We have selected a base rate of
1.4% for our 3 -year easement term. To this "safe rate," we have added a premium to
reflect the lack of liquidity and ownership carrying costs arriving at a discount rate of
2 %. The applicable present value factor for a 2% discount rate for 3 years, payable in
advance as follows:
PRESENT VALUE OF MARKET RENT
Estimated Monthly Rent:
Present Value Factor:
Total Value of Land Within Temporary Easement (R): $ 264
Parcel 704 Parcel 704A
$ 7.55 $ 4.60
Y1AQ71 Y1AQ71
$ 161
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 39
Improvements
As previously noted, it is our understanding that the Laurel Oak tree within the area of
the TCE will not be undisturbed. There are no other improvements within the TCE and
there are no impacts from the TCE on the remainder property.
SUMMARY OF VALUE OF PART TAKEN
Parcel 704
Total Land Value:
$264
Improvements Value
$0
Total Value:
$264
Parcel 704A
Total Land Value:
$161
Improvements Value
$0
Total Value:
$161
SUMMARY OF VALUES
Value of Taking
104
704
704A
Total
Use
ROW
TCE
TCE
Land Value
$318
$264
$161
$743
Improvements
$0
$0
$0
$0
Damages to Remainder
$0
$0
$0
$0
Cost to Cure Net
$0
$0
$0
$0
Total Value of Acquisition
$318
$264
$161
$743
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 40
ADDENDUM
Neighborhood Overview
Comparable Land Sales Details
Qualifications of Appraiser
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 41
NEIGHBORHOOD OVERVIEW
GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden - Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage; however, growth
is currently stalled due to the weak economy.
13 -184 Parcels 104, 704, & 704A
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GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden - Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage; however, growth
is currently stalled due to the weak economy.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 42
Access
State Road 50 (Colonial Drive) is a four -lane, east -west highway that runs across the
entire state of Florida, connecting the Gulf Coast on the west to the Atlantic Ocean on
the east.
Located south of State Road 50 is Florida's Turnpike (Ronald Reagan Highway). This
stretch of roadway runs north and south throughout Florida from Ocala down to Miami.
This road intersects Interstate 4 in the Orlando /Disney World area. Just south of the
appraised property, the Florida Turnpike also connects with the East -West Expressway,
which runs straight into the heart of Downtown Orlando.
The Western Beltway (State Road 429) is located west of the property. This toll road is
part of the larger beltway system that, when completed, will encircle the greater Orlando
area. The Western Beltway has exchanges with the Florida Turnpike and several
smaller roadways, and currently terminates at State Road 441 in Apopka.
Commercial Development
West Orange County is provided with
hospital care via the Health Central
Hospital, located just east and north of
Old Winter Garden Road on the south
side of West Colonial Drive (SR 50),
about a mile east of the appraised
property. This hospital contains 153
beds, 449 staff doctors, and 550 total
employees. Other features of the
hospital include women's, pediatrics and
obstetrics centers.
Also to the east is a Wal -Mart Supercenter and several small strip centers. This
commercial development is located between the appraised property and the Health
Central Hospital.
Newer commercial development in the area includes the West Oaks Mall and the
Winter Garden Village at Fowler Groves. The West Oaks Mall was constructed in 1996
and is located east of the property on State Road 50 in Ocoee. It is anchored by
Dillard's, Sears, Belk, JC Penney, and AMC Theatres, and contains 130 stores.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 43
Winter Garden Village at Fowler Groves is an open -air shopping plaza divided into
three sections: The Exchange, The Crossings, and The Grove. The center contains
nearly 1.2 million square feet of retail space, and over 80 restaurants and shops. The
center opened for business in late 2007. It is located along the east and west sides of
Daniels Road just north of State Road 429 (the Western Beltway), approximately three
miles southwest of the appraised property.
The West Orange Trail is a recreational trail that runs approximately 22 miles from the
Lake County line through Oakland, Winter Garden, and Apopka, and was built primarily
on old railroad spurs. Several bridges crossing over major highways have been built or
repurposed for the trail.
The appraised property is in the West Orange Commercial Center, a self- contained
industrial /commercial business park with approximately 18 lots. Most of these lots have
been developed over the last few years, with predominate uses for medical - related
businesses. This type of land development within West Orange Commercial Center is
fueled by the Health Central Hospital.
Beside the West Orange Commercial Center Development, the Ocoee Commerce Center
is also a major medical park located in proximity to the hospital. This development contains
14 lots, several of which have been developed.
The Central Business District of Orlando is located approximately ten miles east and the
Orlando International Airport is located approximately 16 miles southeast of the property.
To the west of the property is the proposed City Place at Maguire project which contains
frontage along Maguire Road. The City Place at Maguire is planned to provide a mix of
upscale retail, luxury residential, Class A offices, a business class hotel and an array of
restaurants.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 44
Highlights of the project include a planned expansive open -air retail space, a 2 -acre
courtyard that will accommodate community events, and 16 -story condominium complexes.
Project Details:
• 90,000 SF of general retail shopping
• Two 6,000 SF spaces for Roof -Top dining locations
• 65,000 SF for a 5 -story hotel, including 131 rooms
• 49,000 SF of Class A office space
• 3,500 SF bank site
• 2,500 SF Pad for retail site
• Sixteen story luxury condominium, including 100 individual units and a 5 -story
parking garage with 400 spaces
• 2 acre courtyard with limited kiosks locations, designed for community events,
including art and music shows
• 594 parking spaces in a 7 -story parking garage
• Surface parking to include 117 spaces
The City of Ocoee has been working on a Community Redevelopment Area (CRA) plan for
the area around this project. Depending on what the City approves for the plan, the City
Place project may change. The project has essentially been on hold given the weak
economy. The City has yet to finalize CRA plans for the area.
REAL ESTATE MARKET
The market was weak for several years after the collapse of the housing market;
however, conditions have stabilized and in some areas seen modest improvement.
13 -184 Parcels 104, 704, & 704A
CONCEPT PLAN FOR CITY PLACE AT MAGUIRE
APPRAISAL OF PARCEL Nos. 104'704.& 704A
THE Ivy RESIDENCE PROPERTY
PROJECT'«�|TYOFK�COEE'K�LUFOROA6/ENUE�
' '
PAGE4G
The fOUOvvOg CODt8iOS graphics and @ diSCUSSiOD Of the West CO|OOi8l retail market in
D8[ticUl@[
MUD UAR )01 1
WEST COLONIAL MARKET
The black line iOthe graphic above shows the vacancy rate for retail space iO the West
CO|0Di2\ area. Vacancy currently stands @t 11.1%.
The following chart shows the drop in residential sales volume and pricing in the area.
13'18* Parcels 1m*.rn*. uro4A
Home Sales in Zip Code 34761
HorOe S=
250
$100,000
Q11 Q2 Q3 04
Q1 Q2 03 04 Q1 Q2 Q3 Q4 01 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2008
2009 2010 2011 2012
2013
13'18* Parcels 1m*.rn*. uro4A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 46
According to a recent report published by the University of Central Florida (UCF)
Institute for Economic Competitiveness (dated July 2013), it is expected that payroll job
growth year- over -year is expected to average 2.0% in 2013, 2.1% in 2014, and 2.5% in
2015. It will be the second quarter of 2016 before payrolls recover to their pre- recession
levels. Housing starts are expected to have average annual growth of 31.4% during the
2013 -2016 period.
The following chart from the report shows the historic and projected Gross State
Product.
CONCLUSION
The long term prognosis for the neighborhood is stable to positive. As previously noted,
the real estate market is beginning to show signs of modest improvement. This trend is
expected to continue.
13 -184 Parcels 104, 704, & 704A
Florida Real Gross Stag Product
14 M
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CONCLUSION
The long term prognosis for the neighborhood is stable to positive. As previously noted,
the real estate market is beginning to show signs of modest improvement. This trend is
expected to continue.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 47
LAND SALE DATA SHEET
13 -184 Parcels 104, 704, & 704A
1
Location
At the northwest corner of Rewis Street and
Lyman Avenue
City, County
Ocoee, Orange County
Buyer
Juan Maldonado
Seller
Enrique Zepeda
Sale Date
Mar -13
Sale Price
$23,000
Terms of Sale
Cash to Seller
O.R. Book/Page
10550/910
Size (AC)
0.46
Size (SF)
19,993
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$1.15
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Juan Maldonado - Buyer
Contact Information
845 - 483 -7225
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 48
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 49
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 50
Reward and Rcturtt ter IDtLCa ]bF1�8t a. ISM P: "%* F'rc�mf 0? 11At88f2811 �:i0 9! ii1 /mow 1 et 11
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 51
LAND SALE DATA SHEET
13 -184 Parcels 104, 704, & 704A
2
Location
At the northeast corner of Rewis Street and
Lyman Avenue
City, County
Ocoee, Orange County
Buyer
Regino Garcia
Seller
Jorge Delatorre
Sale Date
Jun -13
Sale Price
$22,000
Terms of Sale
Cash to Seller
O.R. Book /Page
10592/214
Size (AC)
0.25
Size (SF)
10,910
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$2.02
Comments
VERIFICATION
Date Verified
8/8/2013
Verified By
Heather Lynn Haas
Verified With
Public Records
Contact Information
N/A
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 52
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 53
13 -184 Parcels 104, 704, & 704A
Anderson Pl
Spring Lake
se Rd a
`
Sale
v L*eAkxie
Fiewelling Ave
p
2
10592/214
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m
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f Capitol ct
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y
Geneva St E
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Cemetery
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
fl> R-Chald W. Nairrm
Nttwwk Clining Semices, Inc.
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PAGE 54
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terra", Winter * Wrden, F'1. 3473' herem,,iftef C4'lr. lf 6RANTOR, tv Rorgivit, Gatclx, a married man, wfxys.: pumi utf
zled"e" is 2'20 P)tbsgOras Circle, 00"ev. Ft. 34'x61 Izcry mlftu "Ikd 0c GR AN TT,
(Wli.r%:Ncr wicjItercir rtw 'Gratitm* wid '(wanuiz' .hall in-Jude k1i inc wAthi: hi:i
'A I tNl'S` "1 11141 tfic GkANI OR !ff and 11 C0n5;dCfalw:1 3! dMt : tE k if sj,� QO ' i
whcreof;s lx rpri, _,CUs. "I , ,�, IM--ril
'CU%, rrlmscs. k4 uidC(wArir into (tic Okk*
Atlw, ccr4in land Fxjdtc VIL
Subd,,ui ; n, as per P di vic-vo!, , rec,< m pjjj i;c ', h
Pa le 12Z I'll ji c
Rccivd,
— SUBJECT PROPERTY IS VACANT LAND'
SUBJECT 10 ci:vcnant liritwxxis, anal ag"mcnt if f atr,, L-til and
sasrsurctit f%9 11w year '711i1 and illtiii, ycurN, end w 911 *PPI" ? vwiig ci ri vid.o! rc4riouons and
by pvcrnw-ritti axh,)A%c�s, if anti
IOU 11 lt-R Arh all the tenr,,T!r ,it. upe -r-ri—rei inercio o-ti(mgatp, v, w anyw c uvperilnrllg
TO liAVE, AND 10 HOJ �), tliv P4,n. Ili iir j (,,rr
AM) THE GICAN I UK hcrtt-i, tovvnant wirn -jul (IRAN I t F IfiX eu c1l « i litow noted, the 4 iRA% T41R is lj%fu 1% cL4,id & Na
6" omptc, OW th, GRAN TOR Im gr",J riCj, aril! Id.M _eho -it, (.) icil and con%o z 8<4 lard, * ll,e GRANO OR K-tt+�
fully waffam the w to iarl `anal and wj:I drfrgij jr, itili A the 14s0 clairiF of all p"wn, iA norruv%cr
IN %% I T CS %kWR [ ")jr
, 6RANTOR has $Ipwd and F-ax'i *It'vx rrr�r-ti ;e1 fwll A _"g
sh'%,171) try oi I III I nA I-, %x fl�,u %sa
dordou 1i 1
_
I A 11 , or FLORI
Wt'IN I Y 01` OR A\(,,
"i I i),,
AC ford 11MA ir,+ -niircnt vk$lp7d 111 AL WrTc irc t his C� roc &lot C 6 11
dd% tit lu", M 11 1p
ovm io 'r, has rc,.0 1~0 v.c fic ation
j
or F 1011'0
Se
13-184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 55
LAND SALE DATA SHEET
13 -184 Parcels 104, 704, & 704A
3
Location
Along the west side of Main Street south of
Maple Street
City, County
Winter Garden, Orange County
Buyer
Akers Custom Homes, Inc.
Seller
Michael Lemos
Sale Date
Sep -12
Sale Price
$31,500
Terms of Sale
Cash to Seller
O.R. Book/Page
10450/2334
Size (AC)
0.22
Size (SF)
9,799
Configuration
Rectangular
Frontage
Main Street
Utilities
All Available
Zoning
R -2, Winter Garden
Future Land Use (FLU)
designation
Low Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$3.21
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Sherrie Stenger, Realtor
Contact Information
sclark7@cfl.rr.com
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 56
W MAPLE ST E MAPLE ST
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z
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we 152 2S
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 57
'
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
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PAGE 58
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
20120524579 Page 2 of 2
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PAGE 59
13-184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 60
LAND SALE DATA SHEET
13 -184 Parcels 104, 704, & 704A
4
Location
Along the east side of Edgewood Ranch
Road south of Old Winter Garden Road
City, County
Orlando, Orange
Buyer
Robert A. Zarate
Seller
Allen G. Liang
Sale Date
Feb -13
Sale Price
$52,000
Terms of Sale
Cash to Seller
O.R. Book/Page
10526/6189
Size (AC)
0.50
Size (SF)
21,783
Configuration
Rectangular
Frontage
Ed ewood Ranch Road
Utilities
Water / Septic
Zoning
A -1, Orange County
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$2.39
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Sidney Tse, Realtor
Contact Information
tse2909 aol.com
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704,& 704A
THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 61
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13-184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 61
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 62
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3
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 63
Wo "IntN" 6: 1452$ P: ""
THIS INSTRUMENT PREPARED BY eVn/2013 12M, to PR Pow ter 3
RETURN TO AFTER RECORDED: N 0 e ►.N
BLAIR M. JOHNSON, P.A. tri':'0 'Metarle,ceeptrelter
BLAIR M. JOHNSON, ESQUIRE SA ' Met Ton AN n 3a AtfOWISY
Post Office Box 770496 1PIRMISMAIWM11
Winter Gordon, Florida 34777.0496
(407) 656 -5621
Florida Bar No. 296171
Property Appraisers Parcel I.D. 8: 3S- 22.284000-00 -036
THIS WARRANTY DEED made the MIL day of EWMA11 2 02, by ALLEN G.
LIANG and YVONNE K. LIANG, husband and wife, hereinafter called the Grantors, to
ROBERT A. ZARATE, a single person, whose address is 7334 Catamaran Drive,
Orlando, Florida 32835, hereinafter called the Grantee:
WITNESS ET H:
That the Grantors, for and in consideration of the sum of $10.00 and other
valuable considerations, receipt whereof is hereby acknowledged, hereby grants,
bargains, sells, aliens, remises, releases. conveys and confirms unto the Grantee all
that certain land situated in Orange County, State of Florida, viz;
SEE ATTACHED EXHIBIT 'A' INCORPORATED HEREIN
AND MADE A PART HEREOF.
Together, with all the tenements, hereditaments and appurtenances thereto
belonging or in anywise appertaining.
To Have And To Hold, the same in fee simple forever.
And, the Grantors hereby covenant with said Grantee that the Grantors are
lawfully seized of said land in fee simple; that the Grantors have good right and lawful
authority to sell and convey said taro and hereby warrants the title to said land and will
defend the same against the lawful claims of all person whomsoever; and that said land
is free of all encumbrances, except taxes accruing subsequent to December 31, 2012
13 -184 Parcels 104. 704. & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 64
20130105896 Page 2 of 3
and easements and restrictions of record, however, reference hereto shall not serve to
reimpose same
IN WITNESS WHEREOF, the said Grantors have signed and seated these
presents the day and year first above written.
Signed. sealed and delivered in the
presence of
AL. &N G. LIANG C)
ATAEA�1111111111
STATE OF FLORIDA
COUNTY OF ORANGE
The foregoing instrument was acknoMedged before me this 1M day of
FqhB!&!y. 2413 by ALLEN G. LIANG and YVONNE K. LIANG who have produced their
Florida Drivers Licenses as identification
N r'y Name: SIMIr M,'hhnson
My commission expires:
* . .........
-2-
Warranty Deed
13-184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 65
20130105896 Page 3 of 3
C '" n " at the Northwest Conrict a the Notinew 14 of the So 1/4 of Secboar, 35, Tnwr4l ip 2' 2 South,
Range 28 Fast. 07 m9c COMY, NOTlitV, theme run South Do degme 25'47" East along the West ji of said Northeast
U4 of the South west 14 a disumce 0'5 10 25 fritt, thence leAvmg said Well tint, run North 89 degr= 4675 Lmt a
dtgancz of 32 97 fte, to a p on ,
t he East right of way kne of Edgewood Ranch Road, said point being the P-v!" 0f
beginning, ttim- conlinue North 99 devea 2625' East a distance 1 00 feet; dw–rice run Nnr� M degret 25'4"
We & diAvlct Of 15 N) t the= run Nor*, 89 degrm 26'25' E" a dist=t of 17.00 feeir. thence rvn SOJ600'
et9:t 2 Exv a diswkee of 175-99 fte t run South 89 depta 2624" WW, a distance of 134,M4 fret
Point 0 the aforesaid Fast night of way It-
ot Of FA&ewood Ranch Road; d mce ran North 00 ftme 21'47" West along
said East right 0 WAY 4 etsttrice Cf 10.98 fed to the Point of Reginnaig
13-184 Parcels 104, 704, & 704A
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM
DERANGO. BEST & ASSOCIATES
1 601 E. AMELIA STREET
ORLANDO, FLORIDA 32803
(407) 895 -6650
RESIDENT OF: Maitland, Florida
EDUCATION: Graduate of Stetson University, Deland, Florida
Bachelor of Business Administration - Major: Finance
PROFESSIONAL
EDUCATION: COURSES & SEMINARS - APPRAISAL INSTITUTE
• Appraisal Principles
• Basic Valuation Procedures
• Direct Capitalization, Annuity Capitalization, and Mortgage
Theory and Techniques
• Case Studies in Real Estate Valuation
• Valuation Analysis and Report Writing
• Condemnation and Litigation Appraisal Practice
• Standards of Professional Practice
• Residential Valuation Procedures
• Appraisal of Small Hotels and Motels
• Sales Confirmation Methods
• Discounted Cash Flow Analysis
• Electronic Spreadsheets in Real Estate Appraising
• Urban Planning and Development - University of Central Florida
CCIM INSTITUTE
• Financial Analysis for Commercial Investment Real Estate (CI 101)
• Market Analysis for Commercial Investment Real Estate (Cl 102)
• User Decision Analysis for Commercial Investment Real Estate (Cl 103)
• Investment Analysis for Commercial Investment Real Estate (Cl 104)
PROFESSIONAL
Equity Capitalization
AFFILIATIONS: Member of the Appraisal Institute, MAI No. 7557
Member CCIM Institute
Florida State - Certified General Real Estate Appraiser No. RZ1054
Registered Real Estate Broker /State of Florida, License No. 0355191
Director — Appraisal Institute, East Central Florida Chapter
Member of the Association of Eminent Domain Professionals
Member of the American Association of Airport Executives
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
PROFESSIONAL
EXPERIENCE: Qualified as an expert witness in Federal and State Courts.
Special Master, Value Adjustment Board, Orange County, 1995, 1996, 2000 -2002
Present: President - DeRango, Best and Associates, Orlando, Florida
1984 -1997 V.P. /Partner, Matonis MacDermott DeRango Sorich & Co., Orlando, FL
1981 -1984 Staff Appraiser with Irwin Appraisal Consulting Services, Inc., Orlando, FL
Former Member: Board of Directors - East Central Florida Chapter- Appraisal Institute
PUBLISHED: "The Determination of Hotel Value Components for Ad Valorem Tax Assessment"
The Appraisal Journal July, 1993
TYPE OF
ASSIGNMENTS: I have appraised or provided counseling for a variety of commercial and residential
properties throughout the U.S. (primarily in the Central Florida area).
EXPERIENCE WITH:
• Aviation /Aeronautical Properties
• Apartments
• Office buildings
• Retail properties
• Condemnation and litigation assignments
• Industrial properties
• Timeshare resorts
• Hotels & resorts
• Mobile home parks
• Subdivisions
• Mitigation lands
• Warehouse facilities
• Acreage tracts
• Golf courses /country clubs
• Special use facilities
• Mixed use development
• Coastal & island tracts
• Aviation properties
• Air cargo facilities
• Large and small aircraft hangars
• Fixed based operations
• Condominium projects
• Retail centers
(including regional malls)
Appraisal and consulting assignments have been prepared for a variety of lending
institutions, corporations, law firms, governmental agencies, and individuals.
PROPERTY LOCATIONS
IN FLORIDA:
• Central Florida (Orange, Seminole, Osceola, Lake, Polk and Volusia Counties)
• South Florida (Dade, Broward & Palm Beach Counties)
• South Central Florida (Brevard, Martin, St. Lucie & Indian River Counties)
• Southwest Florida (Collier, Lee, Manatee, Sarasota, Pinellas, Hillsborough Counties)
• Northeast Florida (Flagler, St. Johns and Duval Counties)
• North Central Florida (Marion County, Putnam)
• Florida Keys
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
ASSIGNMENTS
OUTSIDE OF
FLORIDA:
• Georgia
• Maryland
• Minnesota
• New York
• Pennsylvania
• California
• Connecticut
• Colorado
• South Carolina
• Pennsylvania
• Texas
• Indiana
• Ohio
• New Jersey
• Illinois
• Alabama
• Tennessee
• Kentucky
• Virginia
• Washington State
AC#672755 STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD SE0#L12111501970
DATE BATCH NUMBER LICENSE NBR
1115 /2012 IRZ1054
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS.
Expiration date: NOV 30. 2M
DERANGO, DANIEL ROBERT
1601 E AMELIA ST
ORLANDO FL 32803
RICK SCOTT
GOVERNOR
KEN LAWSON
SECRETARY
APPRAISAL OF:
PARCEL Nos. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PREPARED FOR:
CITY OF OCOEE
C/O MS. MARY DOTY SOLIK
DOTY SOLIK LAW
121 SOUTH ORANGE AVENUE, SUITE 1500
ORLANDO, FLORIDA 32801
PREPARED BY:
DERANGO, BEST & ASSOCIATES
REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS
160 1 EAST AMELIA SrREEr
ORLANDO, FLORIDA 32803
(407) 895 -6650
DANIEL R. DERANGO, MAI, CCIM
CERT GEN RZ 1054
13 -184 Parcels 105 & 705
DERANGO, BEST & ASSOCIATES
PROFESSIONAL REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS
160 1 EAST AMELIA STREET, ORLANDO, FLORIDA 32803
October 28, 2013
City of Ocoee
c/o Ms. Mary Doty Solik
Doty Solik Law
121 South Orange Avenue, Suite 1500
Orlando, Florida 32801
RE: Appraisal of the Braland property, Parcel Nos. 105 and 705, Bluford Avenue Project,
Ocoee, Orange County, Florida.
Dear Ms. Solik:
We have personally inspected and appraised the above referenced property and proposed
acquisition by the City of Ocoee for the Bluford Avenue Project. The purpose of our appraisal is
to estimate the market value of the property to be acquired along with any associated cost to
cure or damages which may accrue to the remainder property. The intended use of our
appraisal is to assist the City of Ocoee in negotiations with the property owner for the
acquisition. There are no other intended users or uses for our appraisal.
Our value estimates, which are documented in the attached report, are summarized as follows:
Value of Taking
105
705
Total
Use
ROW
TC E
Land Value
$633
$343
$976
Improvements
$203
$0
$203
Dama es to Remainder
$0
$0
$0
Cost to Cure Net
$0
$0
$0
Total Value of Acquisition
$836
$343
$1,179
Effective date of valuation October 21, 2013.
The values cited above are subject to the assumptions, limiting conditions, certification
statements and definitions presented within the attached summary report.
Sincerely,
DERANGO, BEST & ASSOCIATES
Daniel R. DeRango, MAI, CCIM
Cert Gen RZ1054
13 -184 Parcels 105 & 705
(407) 895 -6650 • FAX (407) 898 -8467 0 MAIL@DERANGOBEST.COM
TABLE OF CONTENTS
CERTIFICATE OF VALUE PARCEL 105 ....................................................................... ..............................1
CERTIFICATE OF VALUE PARCEL 705 ....................................................................... ..............................3
31
CONDITIONS AND CONTINGENCIES .......................................................................... ..............................5
10
SPECIAL ASSUMPTIONS .............................................................................................. ..............................5
11
EXECUTIVE SUMMARY ................................................................................................ ..............................6
11
PROPERTY PHOTOGRAPHS ....................................................................................... ..............................8
11
INTRODUCTION ............................................................................................................ .............................10
PURPOSE AND INTENDED USE OF APPRAISAL ...................................................... .............................10
31
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY .................................. ...............................
10
REPORTTYPE ............................................................................................................ ...............................
11
PROPERTY INTEREST APPRAISED ......................................................................... ...............................
11
LEGAL DESCRIPTIONS .............................................................................................. ...............................
11
HISTORY OF PROPERTY (LAST FIVE YEARS) ........................................................ ...............................
12
PROPERTY INSPECTION ........................................................................................... ...............................
12
PROPERTY DESCRIPTION BEFORE THE TAKING ................................................... .............................13
SITEDESCRIPTION ...................................................................................................... .............................13
LOCATION ..................................................................................................................... .............................13
SITE DESCRIPTION (PARENT TRACT) ...................................................................... .............................13
TOPOGRAPHY & DRAINAGE ....................................................................................... .............................14
ASSESSMENTS AND TAXES ....................................................................................... .............................16
ZONING, LAND USE PLANNING, CONCURRENCY ................................................... .............................17
DESCRIPTION OF IMPROVEMENTS .......................................................................... .............................18
HIGHEST AND BEST USE ............................................................................................ .............................19
VALUATIONMETHODOLOGY ..................................................................................... .............................20
LANDVALUATION ........................................................................................................ .............................20
ANALYSIS & CONCLUSIONS ....................................................................................... .............................24
VALUE CONCLUSION: FEE SIMPLE ........................................................................... .............................24
PROJECTDESCRIPTION ............................................................................................. .............................25
DESCRIPTION OF THE ACQUISITION ........................................................................ .............................26
PARCEL105 .................................................................................................................. .............................26
LAND WITHIN ACQUISITION ..................................................................................... ...............................
31
IMPROVEMENTS WITHIN ACQUISITION .................................................................... .............................31
VALUATIONOF PART TAKEN .................................................................................... .............................32
SUMMARY OF VALUE OF PART TAKEN ................................................................... ...............................
32
VALUE OF REMAINDER LAND AS PART OF WHOLE .............................................. .............................33
APPRAISAL OF REMAINDER ...................................................................................... .............................33
APPRAISALPROBLEM ................................................................................................. .............................33
DESCRIPTIONOF REMAINDER .................................................................................. .............................33
VALUATION REMAINDER ...................................................................................... .............................34
LAND VALUE ................................................ ...............................
COSTTO CURE ........................................... ...............................
SPECIAL BENEFITS ..................................... ...............................
LAND VALUATION OF THE TCE PARCEL 705 .........................
LAND WITHIN ACQUISITION ...................... ...............................
IMPROVEMENTS WITHIN ACQUISITION ... ...............................
ANNUAL ECONOMIC RENT ........................ ...............................
DISCOUNT RATE ......................................... ...............................
PRESENT VALUE OF MARKET RENT ........ ...............................
SUMMARY OF VALUE OF PART TAKEN .... ...............................
SUMMARY OF VALUES ....................... ...............................
ADDENDUM ................................................. ...............................
.......................... ............................... 38
NEIGHBORHOODOVERVIEW ..................................................................................... .............................39
LAND SALE DATA SHEET ........................................................................................... .............................45
QUALIFICATIONS OF APPRAISER
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 1
CERTIFICATE OF VALUE PARCEL 105
I certify to the best of my knowledge and belief, that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased, professional
analyses, opinion, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties
involved.
4. My compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5. My analyses, opinion, or conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Practice, and
the provisions of Chapter 475, Part 11, Florida Statutes.
6. 1 have made a personal inspection of the property that is the subject of this
report and I have afforded the property owner the opportunity to accompany me
at the time of the inspection. I have also made a personal field inspection of the
comparable sales relied upon in making this appraisal. The subject and the
comparable sales relied upon in making this appraisal are represented by the
photographs contained in this appraisal.
7. Heather Lynn Haas, who is State - certified general real estate appraiser #
RZ3203, provided professional assistance including sales research, preparation
and verification of comparable sales information, general gathering of supporting
data for the appraisal and further assistance in the writing of said appraisal.
8. 1 understand that this appraisal is to be used in connection with the acquisition of
real property by the City of Ocoee.
9. This appraisal has been made in conformity with the appropriate State laws,
regulations, policies, and procedures applicable to appraisal of right -of -way
transportation purposes; and to the best of my knowledge, no portion of the
property value entered on this certificate consists of items which are non -
compensable under the established law of the State of Florida.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 2
PARCEL 105 CERTIFICATE OF VALUE (CONTINUED)
10. 1 have not revealed the findings or results of this appraisal to anyone other than
the proper officials of the City of Ocoee and I will not do so until so authorized by
city officials, or until I am required by due process of law or until I am released
from this obligation by having publicly testified as to such findings.
11. Regardless of any stated limiting conditions or assumptions, I acknowledge that
this appraisal report and all maps, data, summaries, charts, and other exhibits
collected or prepared under this agreement shall become the property of the City
of Ocoee without restriction or limitation on their use.
12. Statements supplemental to this certification required by membership or
candidacy in a professional appraisal organization are described on an
Addendum to this certificate and, by reference, are made a part hereof.
13. 1 have not performed an appraisal, or any other service, on this property in the
past three years.
Based upon my independent appraisal and the exercise of my professional judgment,
my opinion of the market value for the part taken, including net severance damages
after special benefits, if any, of the property appraised as of the 21 day of October
2013, is:
$836
Market value should be allocated as follows:
Land Area: 211± SF
Value of Taking
105
Land Value
$633
Improvements
$203
Damages to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
$836
10/28/2013
Daniel R. DeRango, MAI, CCIM Date
Cert Gen RZ1054
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 3
CERTIFICATE OF VALUE PARCEL 705
I certify to the best of my knowledge and belief, that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions and are my personal, unbiased, professional
analyses, opinion, and conclusions.
3. 1 have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest or bias with respect to the parties
involved.
4. My compensation is not contingent upon the reporting of a predetermined value
or direction in value that favors the cause of the client, the amount of value
estimate, the attainment of a stipulated result, or the occurrence of a subsequent
event.
5. My analyses, opinion, or conclusions were developed and this report has been
prepared in conformity with the Uniform Standards of Professional Practice, and
the provisions of Chapter 475, Part 11, Florida Statutes.
6. 1 have made a personal inspection of the property that is the subject of this
report and I have afforded the property owner the opportunity to accompany me
at the time of the inspection. I have also made a personal field inspection of the
comparable sales relied upon in making this appraisal. The subject and the
comparable sales relied upon in making this appraisal are represented by the
photographs contained in this appraisal.
7. Heather Lynn Haas, who is State - certified general real estate appraiser #
RZ3203, provided professional assistance including sales research, preparation
and verification of comparable sales information, general gathering of supporting
data for the appraisal and further assistance in the writing of said appraisal.
8. 1 understand that this appraisal is to be used in connection with the acquisition of
real property by the City of Ocoee.
9. This appraisal has been made in conformity with the appropriate State laws,
regulations, policies, and procedures applicable to appraisal of right -of -way
transportation purposes; and to the best of my knowledge, no portion of the
property value entered on this certificate consists of items which are non -
compensable under the established law of the State of Florida.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 4
PARCEL 705 CERTIFICATE OF VALUE (CONTINUED)
10. 1 have not revealed the findings or results of this appraisal to anyone other than
the proper officials of the City of Ocoee and I will not do so until so authorized by
city officials, or until I am required by due process of law or until I am released
from this obligation by having publicly testified as to such findings.
11. Regardless of any stated limiting conditions or assumptions, I acknowledge that
this appraisal report and all maps, data, summaries, charts, and other exhibits
collected or prepared under this agreement shall become the property of the City
of Ocoee without restriction or limitation on their use.
12. Statements supplemental to this certification required by membership or
candidacy in a professional appraisal organization are described on an
Addendum to this certificate and, by reference, are made a part hereof.
13. 1 have not performed an appraisal, or any other service, on this property in the
past three years.
Based upon my independent appraisal and the exercise of my professional judgment,
my opinion of the market value for the part taken, including net severance damages
after special benefits, if any, of the property appraised as of the 21 day of October
2013, is:
$343
Market value should be allocated as follows:
Land Area: 392± SF
Value of Taking
705
Land Value
$343
Improvements
$0
Damages to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
$343
�
10/28/2013
Daniel R. DeRango, MAI, CCIM Date
Cert Gen RZ1054
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 5
CONDITIONS AND CONTINGENCIES
SPECIAL ASSUMPTIONS
1. The appraisers have relied upon a survey and legal description prepared by
Southeastern Surveying, as shown herein. We have relied on the estimates
provided in the survey and have used the graphics to locate potential
improvements within the taking areas. We have assumed these estimates to be
accurate for purposes of our appraisal.
2. We have relied on final roadway construction plans provided by the City of
Ocoee dated June 2013. We have also relied on the graphics within the plans to
locate potential improvements within the taking areas.
3. We have relied upon title information, as supplied by Fidelity Title Insurance
Company
4. We do not have the required expertise for 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. We assume no responsibility for the studies or analyses, which
would be required to determine the presence or absence of such substances.
We do not assume responsibility for loss as a result of the presence of such
substances. The value estimate is based on the assumption that the subject
property is not so affected.
5. The 1985 amendment to Chapter 163, Florida Statutes requires local
governments to adopt Comprehensive Land Use Plans that must include
adopted levels of service for seven types of public services and facilities: roads,
mass transit, sanitary sewer, storm water, potable water, solid waste, and
parks /recreation. Chapter 163 prohibits local governments from issuing
development permits if the development's impact would cause levels of service
to fall below the adopted levels. In other words, the availability of the public
services must be concurrent with the impact of the proposed or future develop-
ment.
6. This report is subject to a Concurrency Verification, and assumes that the
subject will not be affected by concurrency at this time.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 6
EXECUTIVE SUMMARY
PROPERTY LOCATION: The larger property is located at the southeast corner of
Orlando Avenue and Bluford Avenue in Ocoee, Orange
County, Florida. The street address is 550 South Bluford
Avenue, Ocoee, Florida 34761.
PARENT TRACT OVERVIEW: The larger property consists of a single family residence
developed on 0.27± acres. The parcel is rectangular in shape
and the western boundary abuts Bluford Avenue. The single
family residence was constructed in 1988 and contains
2,302± SF.
OWNER AND ADDRESS
PARENT TRACT SIZE
(BEFORE CONDITION):
ZONING (BEFORE
CONDITION):
According to the information provided by Orange County
public records, the current property owner is:
Darryl & Tara L. Braland
550 South Bluford Avenue
Ocoee, Florida 34761 -2749
0.27± Acres, 11,604± SF
R -1AA, Single Family Dwelling, City of Ocoee
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
FUTURE LAND USE
DESIGNATION
(BEFORE CONDITION):
HIGHEST AND BEST USE
(BEFORE CONDITION):
ACQUISITION OVERVIEW:
Low Density Residential
PAGE 7
As Vacant Low density residential development
As Improved: Continued use as improved.
Parcel No.
105
705
Use
Right -of -Way
Temporary
Construction
Interest Acquired
Fee Simple
Easement Interest
Size (SF)
211
392
Size (AC)
L_
I 0.005
0.009
COMMENTS: The acquisition area is roughly triangular in shape. The
parcel is a triangular portion of land along the road frontage.
Some minor site improvements are within the area of the
taking. Additionally, there are trees and landscaping within
the TCE area, but it is our understanding that these
improvements will remain undisturbed.
REMAINDER PARCEL SIZE
(AFTER CONDITION):
HIGHEST AND BEST USE
(AFTER CONDITION):
0.26± Acres, 11,393± SF
The Highest & Best Use of the property remains unchanged
after the acquisition.
REMAINDER CONDITION: The remainder is generally the same as before the taking.
There are no impacts to the existing structure or site outside
of the taking area.
VALUE CONCLUSIONS:
Value of Taking
105
705
Total
Use
ROW
TC E
Land Value
$633
$343
$976
Improvements
$203
$0
$203
to Remainder
$0
$0
$0
- Damages
Cost to Cure Net
$0
$0
$0
Total Value of Acquisition
$836
$343
$1,179
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 8
PROPERTY PHOTOGRAPHS
VIEWS OF TAKING AREA
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 9
13 -184 Parcels 105 & 705
VIEW EAST ALONG ORLANDO AVENUE
VIEW SOUTH ALONG BLUFORD AVENUE (AND AREA OF TAKING)
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 10
INTRODUCTION
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PURPOSE AND INTENDED USE OF APPRAISAL
The purpose of this appraisal is to estimate the market value of the unencumbered fee
simple interest in the parent tract, subject to the underlying assumptions and limiting
conditions previously mentioned. We have then estimated the value of the portion of
the property to be acquired for the described project. The appraisal refers to the value
of taking, the effect on market value of the taking, and the damages, if any, to the
remainder.
The intended use of this appraisal is for use in negotiations with the current property
owner for acquisition of a portion of land for right -of -way and a temporary construction
easement by the City of Ocoee. There are no other intended users or uses for our
appraisal.
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY
Since the area of Parcels 105 and 705 were determined to have no impact on the
remainder property, we have prepared a summary appraisal of the property to
determine land value and any improvements in the takings for the parcels to be
acquired. The only approach deemed to apply was the Sales Comparison Approach in
estimating land value. A Sales Comparison Approach was used in establishing the
value of the underlying land for the partial taking based on the taking as part of the
whole, "as if vacant ". Any ancillary improvements were estimated using Marshall
Valuation Service and other local sources.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 11
REPORT TYPE
This is a Summary 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 Summary Appraisal Report.
PROPERTY INTEREST APPRAISED
• Parent Tract: Fee Simple Interest.
• Parcel 105: Fee Simple Interest.
• Parcel 705: Easement Interest.
LEGAL DESCRIPTIONS
Parent Tract
Lot 1, CMUMBUS ADDITION, according to the plat thereof, as recorded in Plat
25, Page 27, Public Records of Orart;tgA Colony, Florida.
Source: Orange County Official Records Book 3938 Page 2721.
Parcel 105 Right -of -Way
r.0
o _ct I, o-' mtiu + Acdit!cr
Per c' inerecr recoraea in P`cl gook, ", Pcge_.
2:, P_bi.c
's ;o T)er C7t
�, '_,,,�Jf1'ih :s A t:G "' ire i ct tr1 t: - t rE, r:7 f; C7
��- 2',
%ourity,
Fioriac; tnc icB ti! HQ tC�} z" f ❑ + "li °ot,] iCt' Of
%'.n fee,
c' ^:< th
Vc:'in !i of [,t:ia l..;l 1 Ii;
.. F,:?r., ,`:. „,,,,, `.� 4T 12'21 ”: ca i'i5tOr7c.c cif 2 9. '`-
fee J
r .;;iii rin
Crlr V>E=FC .'IrtE W S =.lid :_D`
Ch€:'.nCE? N LJ G d 5.c: r.C:'. %f Scf __`.) rt'E;[ l0
(nE,' o
Source: Sketch and Legal prepared by Southeastern Surveying.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 12
Parcel 705 Temporary Construction Easement
A cc of Lot 1, Cc'umbus Acditicc per Pict tnereci recoraed in P'ct Li or) k 75, Pcges 27, P.,blic
r�ecc, dea o` Ccj—',y, r1.x.da tbc4iq rncrc pa
%or!' Wes'
._._,r!er of ' ;7 t 1, ...;;urrnh.ls Addihcr; per PIct tnereof rr,coroea in F %.e` Hook
`, Pu 27, Publi:.
o' CY -jn (;c
Count rIc: ;dn tnernce N 89 "F.'1 F ., disst:)nce of 21
fef'E it - '' J tnc
Mori - 5 Itrt Cf
., IC3 Lcf I
tc {1ic Po :nt Df Bcgin'} ;ng; ., r'CC: C;ort`ntac N 8P G n
d�st^nce c: 14.93
fee` cio "a
said No rn
Gr,e ',o o no`nf; thence 5 47`;7'21" W c dis'crc <.> r;f 49.28
feet to c poi ^'.
on the We .
line o' sa
'_o: 1; tnence N 00'39'26" 0V c c stance of j 3.49 feet to c
pc.n, t "e� N'
47'12'2? '-
e d `croe
o* 29.15 feet to the Poin. c' Bea' ^nir.a
Source: Sketch and Legal prepared by Southeastern Surveying.
HISTORY OF PROPERTY (LAST FIVE YEARS)
The property is under the ownership of Darryl & Tara L. Braland and has been so for
many years.
There have been no transactions recorded for the property in the last five years.
PROPERTY INSPECTION
Names of Those Present at Inspection
Mr. Daniel R. DeRango (DeRango, Best & Associates) inspected the property on July
11, 2013. Mr. DeRango has viewed the site on a few occasions since that time, most
recently on October 21, 2013. No owner was present during the inspection.
Extent of Inspection
Daniel R. DeRango, MAI, made a complete inspection of the land, including the area of
the takings. Since no structures are to be affected by the acquisition we did not
complete an interior inspection of the residence on the site.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 13
PROPERTY DESCRIPTION BEFORE THE TAKING
SITE DESCRIPTION
Location
The property is located at the southeast corner of Orlando Avenue and Bluford Avenue
in Ocoee, Orange County, Florida. The street address is 550 South Bluford Avenue,
Ocoee, Florida 34761.
SITE DESCRIPTION (PARENT TRACT)
I and Area
0.27± Acres or 11,604± SF
Shape
The parent tract is rectangular in shape with approximately 78± feet of frontage along
the east side of Bluford Avenue and 149± feet of frontage along the south side of
Orlando Avenue.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 1 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
Boundary Dimensions
North: 149±
West: 78±
Ingress /Egress
PAGE 14
The property has ingress and egress along the south side of Orlando Avenue and the
east side of Bluford Avenue. The site is improved with a single driveway along the south
side of Orlando Avenue.
Topography & Drainage
The site is generally level and appears to drain well.
WT
'�+ .• w � ► • • ; Subject
19 '�_ �" • ...... ...
..� .?0
South: 149±
East: 78±
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
Flood Hazard Data
PAGE 15
ST
FIRM
i
FLOOD RMWRANCE RATE YAP
-
4
OR *.%GF ( Ot N'il.
NFORIp.a
r .
♦ \t}14( CtN('(iN #akl} 4 k
PANEL 210 OF 750
T
Subject
°x
at
ah�
n
a.
{
ran C oMnh
YAP NUMBER
4201l=OF
Unincorporated Arew,
'
1211 179
MAP REWSEO
SEPTEMBER 25.200!
According to the Flood Insurance Rate Maps, Community Panel No. 12095CO210 F,
dated September 25, 2009, the property is located within a Zone "X ", an area of
minimal flooding.
Soil Characteristics
There appears to be no adverse soil conditions on the property.
Easement/Encroachments
Based on our review of the Title report prepared by Fidelity Title & Guarantee Company
noted the following:
• The property is subject to the restrictions, covenants, conditions, easements and
other matters contained on the Plat of Columbus Addition, recorded in Plat Book
15, Page 27, of the public records of Orange County.
There do not appear to be any adverse easements or encumbrances affecting the
property.
Environmental Hazards
After review of the title search and a physical inspection of the property, we are not
aware of any environmental hazards that may exist. However, the detection of any
environmental hazards is beyond our area of expertise.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 16
Utilities
Potable water is available to the property and is serviced by the City of Ocoee. Public
sewer is not available and the site relies on a private septic system.
ASSESSMENTS AND TAXES
The property is assessed for property taxes by Orange County. Taxes for the year 2012
are as follows:
2012 Property Taxes
Parcel ID
19- 22 -28- 1562 -00 -010
Land Value
$33,924
Building Value
$92,711
Features Value
$1,500
Total Assessed Value
$126,458
Millage Rate
19.4648
Ad Valorem Taxes
$1,700.20
Other Assessments
$357.00
Gross Tax Amounts
$2,057.20
Proposed 2013 $128,608
Assessed Value
All taxes have been paid and there are no delinquencies reported for the property.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 17
ZONING, LAND USE PLANNING, CONCURRENCY
Zoning
a*e ES
Subject LAKE l i
PRIMA
E ORLhN00
- AA
The parent tract is zoned R -1AA, Single Family Dwelling, by the City of Ocoee.
According to the Orange County Code of Ordinances:
(F) R -1 -AA and R -1 -AAA Single - Family Dwelling Districts.
The areas included within R -1 -AA and R -1 -AAA Single- family Dwelling Districts are intended
to be single - family residential areas with larger lots and lower population densities. Certain
structures and uses required to serve educational, religious utilities and noncommercial
recreational needs of such areas are permitted This district is primarily intended for areas
shown on the Future Land Use Map as "Low Density Residential
Future Land Use Designation
The Future Land Use designation is Low Density Residential. The zoning and future
land use designations are consistent.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 18
DESCRIPTION OF IMPROVEMENTS
The property is improved with a 2,302± SF single family home. The home was built in
1988 of concrete block construction. The residence is in good condition for its age. The
right -of -way taking that is the subject of our appraisal is at the west end of the site in an
undeveloped area. Therefore the takings have no impact on the property
improvements. We have not inspected the interior of the building. A sketch of the
building is shown below.
16
i
35
10
14 7 14 25
FOR PC-0
TO B BAS PC-0 1
FLIP C•0
J IS
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 19
HIGHEST AND BEST USE
In estimating the highest and best use of the property, we have considered those uses
that are legally permissible, physically possible, economically supported, and which
would result in the highest return to the land. We have considered the features of the
land such as zoning, size, shape, location, access to roadways, and the availability of
utilities. We have also reviewed surrounding land patterns and the demand for property
in the current real estate market. 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 R -1AA, Single Family Dwelling, by the City of Ocoee. The future
land use designation of the site is Low Density Residential. The legally permitted uses
of the site are for single family residential use.
Physical Considerations
The site contains 11,604 square feet (0.27± acres) and is rectangular in shape with a
shape /configuration suitable for development. The topography of the site is adequate.
The site has public water service and a private septic system. The site has good
frontage and exposure on Bluford Avenue and Orlando Avenue. Therefore, the site is
physically suitable for development.
Economic Considerations
In analyzing those uses which would be economically feasible and maximally
productive, we have taken into consideration the locational characteristics of the
property and current trends in the market. The site is located within a residential area in
the City of Ocoee. The economy is currently weak but has been showing signs of
modest improvement over the past year.
CONCLUSIONS
Based on our analysis, the highest and best use of the site is for single family
residential development consistent with zoning and surrounding land uses.
The existing improvements are consistent with the highest and best use of the site.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 20
VALUATION METHODOLOGY
As discussed in the next section of our report, the proposed acquisition will not have a
residual impact on the land or the improvements on the property and we have therefore
prepared a simple analysis of the acquisition. In our opinion the preparation of a "before
and after" analysis is not required for this assignment.
LAND VALUATION
The first step in our valuation is to estimate the value of the underlying land before the
taking. The land value is used to establish a value of the parts of the parcel within the
proposed taking. The land has been valued by the Sales Comparison (Market)
Approach.
Based on our highest and best use of the site as vacant for residential development we
have researched and evaluated sales of similar future single family sites in the area for
comparison to the appraised tract. Since the neighborhood is older and established, we
have expanded our search to include similar areas of Greater Orlando. The sales in our
analysis are discussed as follows:
13 -184 Parcels 105 & 705
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13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 21
COMPARABLE LAND SALES
Subject
1
2
3
4
Location
At the southeast
corner of Orlando
Avenue and Bluford
Avenue
At the northwest
corner of Rewis
Street and Lyman
Avenue
At the northeast
corner of Rewis
Street and Lyman
Avenue
Along the west side
of Main Street south
of Maple Street
Along the east side of
Edgewood Ranch
Road south of Old
Winter Garden Road
City, County
Ocoee, Orange
County
Ocoee, Orange
County
Ocoee, Orange
County
Winter Garden,
Orange County
Orlando, Orange
Buyer
Juan Maldonado
Regino Garcia
Akers Custom
Homes, Inc.
Robert A. Zarate
Seller
Enrique Zepeda
Jorge Delatorre
Michael Lemos
Allen G. Liang
Sale Date
Mar -13
Jun -13
Sep -12
Feb -13
Sale Price
$23,000
$22,000
$31,500
$52,000
Terms of Sale
Cash to Seller
Cash to Seller
Cash to Seller
Cash to Seller
O.R. Book/Page
10550/910
10592/214
10450/2334
10526/6189
Size (AC)
0.27
0.46
0.25
0.22
0.50
Size (SF)
11,604
19,993
10,910
9,799
21,783
Configuration
Rectangular
Slightly Irregular
Slightly Irregular
Rectangular
Rectangular
Frontage
Bluford &Orlando
Rewis &Lyman
Rewis &Lyman
Main Street
Edgewood Ranch Road
Utilities
Water / Septic
All Available
All Available
All Available
Water / Septic
Zoning
R -1AA, Ocoee
R -1, Ocoee
R -1, Ocoee
R -2, Winter Garden
A -1, Orange County
Future Land Use
(FLU) designation
Low Density
Residential
Low Density
Residential
Low Density
Residential
Low Residential
Low Density
Residential
Topography
Generally level
Generally level
Generally level
Generally level
Generally level
Access
Good
Good
Good
Good
Good
Exposure
Good
Good
Good
Good
Good
Price /SF
$1.15
$2.02
$3.21
$2.39
COMPARISON
Marketing
Conditions
Sep -13
Similar
Similar
Similar
Similar
Terms of Sale
Market
Similar
Similar
Similar
Similar
Location
Bluford & Orlando
Somewhat Inferior
Somewhat Inferior
Somewhat Superior
Somewhat Inferior
Access
Good
Similar
Similar
Similar
Similar
Exposure
Good
Similar
Similar
Similar
Similar
Utilities
Water / Septic
Somewhat Superior
Somewhat Superior
Somewhat Superior
Similar
Size (AC)
0.27
Larger ( +)
Similar
Similar
Larger ( +)
Configuration
Rectangular
Similar
Similar
Similar
Similar
Topography
Generally level
Similar
Similar
Similar
Similar
Overall Comparison
Subject
Inferior
Inferior
Superior
Somewhat Inferior
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 22
Comparable Land Sale No. 1 is located at the northwest corner of Rewis Street and
Lyman Avenue. This is the sale of 0.46 acres of land to Juan Maldonado for $23,000.
The sale took place in March of 2013. The sale equates to $1.15/SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property. This site is larger in size and is in a slightly inferior location.
Comparable Land Sale No. 2 is located at the northeast corner of Rewis Street and
Lyman Avenue. This is the sale of 0.25 acres of land to Regino Garcia for $22,000. The
sale took place in June of 2013. The sale equates to $2.02 /SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property. This site is similar in size and is in a slightly inferior location.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 23
Comparable Land Sale No. 3 is located along the west side of Main Street south of
Maple Street. This is the sale of 0.22 acres of land to Akers Custom Homes, Inc. for
$31,500. The sale took place in September of 2012. The sale equates to $3.21/SF of
land area.
The indication from this sale is considered to be above expectations for the appraised
property, due mainly to its superior location.
Comparable Land Sale No. 4 is located along the east side of Edgewood Ranch Road
south of Old Winter Garden Road. This is the sale of 0.50 acres of land to Robert A.
Zarate for $52,000. The sale took place in February of 2013. The sale equates to
$2.39/SF of land area.
The indication from this sale is considered to be below expectations for the appraised
property, due mainly to its inferior zoning and somewhat inferior location.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 24
ANALYSIS & CONCLUSIONS
The comparable land sales cited indicate a value range from $22,000 to $52,000 or
from $1.15/SF to $3.21/SF with an average of $2.19/SF.
• The property is located along Bluford Avenue near the center of the City of
Ocoee.
• The property is in a long established neighborhood and there are few available
vacant lots.
VALUE CONCLUSION: FEE SIMPLE
After evaluating all of the described sales data and based on our review of market
trends we would expect that the value of the fee simple interest in the land would fall
near the upper part of the range shown by the comparables.
Based on our analysis our value is expressed as follows:
Land Value Before the Takina
Land
Size (SF)
Price
Per SF
Value Indication
(Rounded)
11,604
$3.00
$34,812
i Ica [L!0aM111.`iW"11
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 25
PROJECT DESCRIPTION
The Bluford Avenue project includes a widening the roadway to permit stormwater and
utility improvements along the roadway.
PROJECT ALIGNMENT
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 26
DESCRIPTION OF THE ACQUISITION
PARCEL 105
Property sketches and construction drawings are as follows:
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 27
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13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 28
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13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 29
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13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 30
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13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL Nos. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 31
LAND WITHIN ACQUISITION
Parcel 105 consists of a 211± SF strip for a right-of-way for Bluford Avenue road
project. The taking is a roughly triangular piece at the northwest end of the property.
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Improvements within Acquisition
Improvements in the taking include approximately 25 linear feet of wood beams and
about 200 SF of sod.
13-184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 32
VALUATION OF PART TAKEN
The Parcel 105 right -of way strip will be acquired in fee simple.
The land value of the parent tract has been estimated at $3.00 /SF. Thus, the estimated
value of the part taken for land is as follows:
Land
Parcel
No.
Interest
Appraised
Land Area
(SF)
Estimated
Value
105
Fee Simple
211
$633
TOTAL
$633
Improvements
The values of improvements in the taking have been estimated using guidelines
provided by the Marshall Valuation Service and a review of costs from local sources.
The improvements within the taking have been depreciated to reflect their age and
condition at the date of taking.
Improvements in Parcel 105
Item
Cost New
% Depreciated
$
Depreciation
Depreciated
Cost
Wood Beams
$150
25.00%
($38)
$113
Sod (200 SF)
$90
0.00%
$0
1 $90
Total
$240
1 N/A
(38)
1 $203
SUMMARY OF VALUE OF PART TAKEN
Parcel 105
Total Land Value:
$633
Improvements Value
$203
Total Value:
$836
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL Nos. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 33
VALUE OF REMAINDER LAND AS PART OF WHOLE
Value of Whole Property:
$34,812
Value of Acquisition Land Only):
$633
Value of Remainder as Part of Whole:
$34,179
APPRAISAL OF REMAINDER
APPRAISAL PROBLEM
The appraisal problem is to estimate the market value of the remainder and to
substantiate damages, or special benefits due to the acquisition, if any.
DESCRIPTION OF REMAINDER
The remainder site is generally similar to the property before the taking in physical
attributes. The small area of taking is at the undeveloped west end of the site and the
configuration of the site after the acquisition is still suitable for development to a density
similar to that which could have been achieved prior to the taking.
Highest and Best Use "As Vacant"
The remainder's slightly reduced size does not reduce the market appeal of the
property for residential development. The highest and best use after the taking is the
same as before the taking.
Highest and Best Use, "As Improved"
The existing improvements are still consistent with the Highest & Best Use after the
taking.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 34
VALUATION OF REMAINDER
LAND VALUE
We have reviewed the comparable sales information provided earlier in determining the
land value for the property after the fee simple taking. Given that the reduced size of
the property will not affect the build -out potential or utility of the site, we have not
reduced our value estimate on a per square foot basis. Therefore, the value of the
remainder is as follows:
Land Value After the Taking
Land
Size (SF)
Price
Per SF
Value Indication
(Rounded)
11,393
$3.00
$34,179
We estimate that the remainder value and the value of the remainder as part of the
whole are the same and therefore there are no severance damages or cures required
accruing to the remainder property as a result of the taking.
Value of Remainder as Part of Whole:
$34,179
Remainder Value
$34,179
Damages to Remainder:
$0
COST TO CURE
IaU_1
SPECIAL BENEFITS
N/A
LAND VALUATION OF THE TCE PARCEL 705
The value of the Temporary Construction Easement (Parcel 705) over a finite period of
time is a possessory interest that can be likened to a land lease. We have therefore
estimated a rental rate for the area within the TCE to determine a value for the three
years that the land will be encumbered.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 35
LAND WITHIN ACQUISITION
Parcel 705 consists of a 392± SF strip for a temporary construction easement for the
Bluford Avenue road project. The taking is a slightly irregular piece near the northwest
end of the property.
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Improvements within Acquisition
Improvements in Parcel 705 include Laurel Oak trees with a landscaped stone
surround. It is our understanding that these improvements will remain undisturbed.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 36
ANNUAL ECONOMIC RENT
We have researched the Central Florida area for recent land leases of properties
considered similar to the parent tract with regard to location, size, and legally permitted
uses. Our research has not produced any leases of land considered comparable to the
parent tract. In our experience, land leases are typically long -term commitments that
are priced as a percentage or yield rate based on the underlying fee simple value of the
land to be encumbered.
We have used a similar method to determine the economic rent of the easement
parcel. We have included our estimate of the value of the fee simple interest in the
land. The underlying land value for the parent tract was estimated at $3.00 per square
foot. Based on the temporary construction easement size, the fee simple value would
be as follows:
392± SF @ $3.00 /SF = $1,176
Considering land lease data within the Central Florida area and alternative returns in
the market for various investments, a 10% rate of return has been estimated.
Therefore, the annual rent for the temporary construction easement is estimated as
follows:
$1,176 X 10% = $117.60/Year ($9.80 per month)
DISCOUNT RATE
The three years of rental payments have been discounted to a present value at the date
of value. In order to ascertain the discount rate, we have utilized the interest rate on a
U.S. Government Security Notes of similar terms. We have selected a base rate of
1.4% for our 3 -year easement term. To this "safe rate," we have added a premium to
reflect the lack of liquidity and ownership carrying costs arriving at a discount rate of
2 %. The applicable present value factor for a 2% discount rate for 3 years, payable in
advance as follows:
PRESENT VALUE OF MARKET RENT
Estimated Monthly Rent:
Present Value Factor:
$ 9.80
Y '1d Q71
Total Value of Land Within Temporary Easement (R): $ 343
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 37
Improvements
As previously noted, it is our understanding that the landscaping and tree improvements
within the TCE will not be disturbed. There are no other improvements within the TCE
and there are no impacts from the TCE on the remainder property.
SUMMARY OF VALUE OF PART TAKEN
Parcel 705
Total Land Value:
$343
Improvements Value
$0
Total Value:
$343
SUMMARY OF VALUES
Value of Taking
105
705
Total
Use
ROW
TCE
Land Value
$633
$343
$976
Improvements
$203
$0
$203
Damages to Remainder
$0
$0
$0
Cost to Cure Net
$0
$0
$0
Total Value of Acquisition
$836
$343
$1,179
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 38
ADDENDUM
Neighborhood Overview
Comparable Land Sales Details
Qualifications of Appraiser
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 39
NEIGHBORHOOD OVERVIEW
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GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following:
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden - Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage; however, growth
is currently stalled due to the weak economy.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 40
Access
State Road 50 (Colonial Drive) is a four -lane, east -west highway that runs across the
entire state of Florida, connecting the Gulf Coast on the west to the Atlantic Ocean on
the east.
Located south of State Road 50 is Florida's Turnpike (Ronald Reagan Highway). This
stretch of roadway runs north and south throughout Florida from Ocala down to Miami.
This road intersects Interstate 4 in the Orlando /Disney World area. Just south of the
appraised property, the Florida Turnpike also connects with the East -West Expressway,
which runs straight into the heart of Downtown Orlando.
The Western Beltway (State Road 429) is located west of the property. This toll road is
part of the larger beltway system that, when completed, will encircle the greater Orlando
area. The Western Beltway has exchanges with the Florida Turnpike and several
smaller roadways, and currently terminates at State Road 441 in Apopka.
Commercial Development
West Orange County is provided with
hospital care via the Health Central
Hospital, located just east and north of
Old Winter Garden Road on the south
side of West Colonial Drive (SR 50),
about a mile east of the appraised
property. This hospital contains 153
beds, 449 staff doctors, and 550 total
employees. Other features of the
hospital include women's, pediatrics and
obstetrics centers.
Also to the east is a Wal -Mart Supercenter and several small strip centers. This
commercial development is located between the appraised property and the Health
Central Hospital.
Newer commercial development in the area includes the West Oaks Mall and the
Winter Garden Village at Fowler Groves. The West Oaks Mall was constructed in 1996
and is located east of the property on State Road 50 in Ocoee. It is anchored by
Dillard's, Sears, Belk, JC Penney, and AMC Theatres, and contains 130 stores.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 41
Winter Garden Village at Fowler Groves is an open -air shopping plaza divided into
three sections: The Exchange, The Crossings, and The Grove. The center contains
nearly 1.2 million square feet of retail space, and over 80 restaurants and shops. The
center opened for business in late 2007. It is located along the east and west sides of
Daniels Road just north of State Road 429 (the Western Beltway), approximately three
miles southwest of the appraised property.
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The West Orange Trail is a recreational trail that runs approximately 22 miles from the
Lake County line through Oakland, Winter Garden, and Apopka, and was built primarily
on old railroad spurs. Several bridges crossing over major highways have been built or
repurposed for the trail.
The appraised property is in the West Orange Commercial Center, a self- contained
industrial /commercial business park with approximately 18 lots. Most of these lots have
been developed over the last few years, with predominate uses for medical - related
businesses. This type of land development within West Orange Commercial Center is
fueled by the Health Central Hospital.
Beside the West Orange Commercial Center Development, the Ocoee Commerce Center
is also a major medical park located in proximity to the hospital. This development contains
14 lots, several of which have been developed.
The Central Business District of Orlando is located approximately ten miles east and the
Orlando International Airport is located approximately 16 miles southeast of the property.
To the west of the property is the proposed City Place at Maguire project which contains
frontage along Maguire Road. The City Place at Maguire is planned to provide a mix of
upscale retail, luxury residential, Class A offices, a business class hotel and an array of
restaurants.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 42
Highlights of the project include a planned expansive open -air retail space, a 2 -acre
courtyard that will accommodate community events, and 16 -story condominium complexes.
CONCEPT PLAN FOR CITY PLACE AT MAGUIRE
Project Details:
• 90,000 SF of general retail shopping
• Two 6,000 SF spaces for Roof -Top dining locations
• 65,000 SF for a 5 -story hotel, including 131 rooms
• 49,000 SF of Class A office space
• 3,500 SF bank site
• 2,500 SF Pad for retail site
• Sixteen story luxury condominium, including 100 individual units and a 5 -story
parking garage with 400 spaces
• 2 acre courtyard with limited kiosks locations, designed for community events,
including art and music shows
• 594 parking spaces in a 7 -story parking garage
• Surface parking to include 117 spaces
The City of Ocoee has been working on a Community Redevelopment Area (CRA) plan for
the area around this project. Depending on what the City approves for the plan, the City
Place project may change. The project has essentially been on hold given the weak
economy. The City has yet to finalize CRA plans for the area.
REAL ESTATE MARKET
The market was weak for several years after the collapse of the housing market;
however, conditions have stabilized and in some areas seen modest improvement.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 1 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 43
The following contains graphics and a discussion of the West Colonial retail market in
particular.
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Puce
650— - - -- - -
- - --
-- $260,000
600
WEST
COLONIAL MARKET
$240,000
550
\ 1 , „ 0R1 *'l7;o & V A(
\i 1 Hi s t o r ical A AN Classes
$220,000
500
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- $200,000
�
$180,000
400
$160,000
count Of
Home Sales
--
- --
A3L
p Quaner
350—
-
t
$120,000
a'7
250.
J*.
$100,000
200- -
- -
''
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150
as... >�!s s*re.•n.t
--
$60,000
mwle�
100 -- - -
The black line in the graphic above shows the vacancy rate for retail space in the West
Colonial area. Vacancy currently stands at 11.1 %.
The following chart shows the drop in residential sales volume and pricing in the area.
Home Sales in Zip Code 34761
Count
Puce
650— - - -- - -
- - --
-- $260,000
600
$240,000
550
$220,000
500
- $200,000
450
$180,000
400
$160,000
count Of
Home Sales
--
- --
$140,000
p Quaner
350—
-
$120,000
300
250.
$100,000
200- -
- -
''
- -
$80,000
150
_
--
$60,000
mwle�
100 -- - -
-
-
-
$40,000
Median Price
50
$20,000
.3 ,___
01 02 03 Q4 01 Q2 Q3
-- __- , __. _ ._ , _ .
Q4 Q1 Q2 Q3 Q4 01 Q2 Q3 04 Q1
Q2 Q3 04 Q1
0
2008 2009
2010 2011
2012
2013
k za
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 44
According to a recent report published by the University of Central Florida (UCF)
Institute for Economic Competitiveness (dated July 2013), it is expected that payroll job
growth year- over -year is expected to average 2.0% in 2013, 2.1% in 2014, and 2.5% in
2015. It will be the second quarter of 2016 before payrolls recover to their pre- recession
levels. Housing starts are expected to have average annual growth of 31.4% during the
2013 -2016 period.
The following chart from the report shows the historic and projected Gross State
Product.
Florida Real Gross State Product
I , ,
�f�r.�i ��t? �tl' ►, '!1( €a `t!j � Vtl� `t)" �tt�r;'ti�t y)�1 �tt:e '1�i,`.
CONCLUSION
The long term prognosis for the neighborhood is stable to positive. As previously noted,
the real estate market is beginning to show signs of modest improvement. This trend is
expected to continue.
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 45
LAND SALE DATA SHEET
13 -184 Parcels 105 & 705
1
Location
At the northwest corner of Rewis Street and
Lyman Avenue
City, County
Ocoee, Orange County
Buyer
Juan Maldonado
Seller
Enrique Zepeda
Sale Date
Mar -13
Sale Price
$23,000
Terms of Sale
Cash to Seller
O.R. Book/Page
10550/910
Size (AC)
0.46
Size (SF)
19,993
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$1.15
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Juan Maldonado - Buyer
Contact Information
845 - 483 -7225
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL Nos. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
'Z;00 25 1Z
SAO wo
LEE ST
004
4
,W 5
ii — T
2 i a
w 3
4 F 6p
0
LL
m
z
6
PAGE 46
112
;� 11
k, ao
7
8
13-184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 47
Rd o
za
b
a
Circle
St
Bay St E
Geneva St E K c
Story Rd p Ocoee R
Cemetery
� p I
13 -184 Parcels 105 & 705
s
Anderson PI !
M SpnngLake
Sale
z taeeAftie
FleWelting Ave M
10550/910
Q Mobile Cn ',
Apricot Dr m
a
bakwood Ln
05
Y
Center, 5Y - ^�
n w w a Cerve
r �
w . SIvei �d
—
- S�r_1__ _ 438 _ 1Iv
FranKltn St
Cow Dr
43a �lenkltn
St
OcoeeQ
Starke Lake
2 (
I
PPP
9
m �
{ sp
Grassy
Paz}
N
rn
Lake Olympa
Subject
oak St
Z
ro
43
7th St
a
Enterprise St
Orlando Ave
While Rd
d
3 U
m'
Capitol Ct
dn'
fa
p 3
Geneva St E K c
Story Rd p Ocoee R
Cemetery
� p I
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 48
W3
Retard xui Return w
pmvwrJ 0.
DOOR win4"� 11: t11M V. fill!
041 2311 t a:
a:
Erie C. Rai l.,40. F.
y.
t►aa wa 11
0ae a 11 1.
� 1. m.
118!Siwth Willard Streit. Soil# 120
30'8'
tntarelb 40
88
W inn Garden. K
me
�rifrB t'aArtraElar
Portc4 td No.� 11- 22.2fN1WIIW1
fItIC C tttlMM11D1
�)
This Warranty Deed
tick Ous 1 sb+ of Starc'l A () 20t 3 txt Farigre 7,rprda and Metiaa Upeds. Nattwid will wil-e
thrt oAncr called Olt "LitaM,x" 1. In jail" Nadu, t married man ah w"of lee address it
1 Rot+trt Road
Puwthk+vriv, NY 12605
fhneuuHtt Called the `Gritaatitt ").
,WArd. a wc,l Iw.xu tm ren - IixaRa+t ant `t raetcc ur.�,tlr N1 +gat #^e�trt t, ale= essaumern¢ reaA �r tc,.4
4 real.w,ryacraxnx. and out}u , €t �rd�. d,.sti and qr tt,. « :u.>n rri uy+W- "- +s^K �xltiwrw�mi
%itsaueit that the GrAnI r. for and is 00"Ideralbaa of dre asnn of itoOu and otw. vtlutable
ccestxdrralwirls, the rMC44 and sufl'kirml tit wWO it bmbv ackrAI krjiptd, hrach} pa . bagaim wlfx_
alirm, reta�a, rekxws cumve)s tad conrimis "Wo tht G vwr. all of ** Grantor'. righl title and mirmit in
that certain m4- proti rtA tOmfr in t)rattge Cour*ti F'l.xaia st
ltw faal 1 01 t fort of I ae 1 an:! the Last 40 # trot txl 1,4 ' ^.trap North of Ckrrt Clart:,ma
Ronal of RI'RFN KFG1_FR'S SLtRDI ISIUNH UXAwil n>t t( dte Plat �krcof as racsvk'i to
Plat Fhxih A, at Put I II of the Publsr Rticmdt cal0rwwr touray Fkoltli
SAID PKOPFRlY IS NOT fill- HOME SItAt Of THE GRAN VOR SAID PR(tPfRTI is KIM
C'OMLYEJ AT THE KFOITST OF Do GR,kNIT0X A \U THE CMANif.E WIIT1 NCI TI I "lE 4#.ARCIC
F YAMINA tiCMr OR INSURA*k F HAVIN( FII'I.N RFQCTSTI -D Gilt PROVIDED
I'oyttlttt wrth all the :rnrtr >rnh. hcredeisrinress a^xI appurtr^raaacts ihcrrirt !tars., g m In aa}issw
appertamiag
To Hasc tad to HOW. the same in !cc simp.r forever
And dac G,rmwq horrfn irnrttaanv wa.h the Gerarilre 1 ttw (itantca °t ".ay.Iuft) vcixzd (of RW real
propert. lit for ttntple, that the Gramm bas pod right AM 4%fil auttimt) to .aril acrd txe.tt ta.I real
f+aKK , that the (rmfeN hrn'M fully %mitt the Lair to said rral rrq rtl and aIII drfttrl ttw came aiatnat
ttac Ia.. rat daunts ofall pea -"mil whuliv tx.ct."that sad real pse+(irrry is free 01 enGambMCCt tserpt teats
a"ruing .ultrwW_k^rd It t)nemt^ct j i ''W I AM cutyart cu rrents. r nxi t h ix rettrici eta. not rvatr c ,
Imutatic'm aril ague -rnrntx of tvx,vd, it dr%
in witness WbtrcuL taw stud Cosru"r has sat„eej Aral wj,7rd these presents the day and rCir Ftm
afkwc ararlm
,S'pred ts�A;'a wui.irt l.r ed it, t 40 I - ewm_r
tA' ^nrc•.« h�K, •.:.. ,' hs+�hv�a nrp xpe4a
2v: k tees titer
S t
r�emc rs..txw tkv A►ehn
t ti.F 4a, W ei
, l._ tl
STATE G)f 1-109I0A i
CfA,NIYOFORA%0l 1
iII, f+.xtfvhng iratruntest was acit^strislrJgrJ t<-tcKe nie ihia : "` Jay of htars't. ?i?17 ny Ftrrtque
Zepa►a 4m;I Neli2a 1.rpeda wtv f-a.t I°rojwed ll,vµda Oliver, t,ccmacs as i&OWItatt"r,
MART K Y1N ,f)at'« tN' t1.UttIW.
EPIC C R-WII& dt
t i�(I cuumL s"8 EBI®l%J
kM./IElpim imis,2115
prtsac ai• �,xrx` MHalslw LA. etc
law t,+i t Itena,a+.,h
°�aan avlx,. Mw 6r1..fiSa
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 49
LAND SALE DATA SHEET
13 -184 Parcels 105 & 705
2
Location
At the northeast corner of Rewis Street and
Lyman Avenue
City, County
Ocoee, Orange County
Buyer
Regino Garcia
Seller
Jorge Delatorre
Sale Date
Jun -13
Sale Price
$22,000
Terms of Sale
Cash to Seller
O.R. Book/Page
10592/214
Size (AC)
0.25
Size (SF)
10,910
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$2.02
Comments
VERIFICATION
Date Verified
8/8/2013
Verified By
Heather Lynn Haas
Verified With
Public Records
Contact Information
N/A
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL Nos. 105 & 705
THE BRALANDPROPERTY
PROJECT'{�|TYOF��COEE'��LUFORDAVE0UE�
' ,
PAQE5O
le
LEE ST
13-184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 51
0 a
Anderson Pt � s cA�oom Spring take
se Rd o Sale taketxbxe Flewellmg Ave M
=' z 10592/214 Q'` Apket Dr
a o Mobile Ln oakwood LA m
AO y L`� Zj
Q
C4rcte Center St w Q 7 OeMor St y
_
- _ 4ae fr isles t FranKatn St � � C me Or
St
o
Starke Lake
arden �P
4259 b,]
J(rlji, LakeONmpa
m
Subject Oak sr
, Bay St E " 49
l �th S
23 J , 4 m�Q,
( !1 Enterprise St Orlando Ave While Rd Ce
} 2 6 o
Capitol et �' U
�( Rd $ Geneva St: E ° o
story n
Cemetery s
i Cemetery m o
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 52
8y Rirhatd tA. Narrm P.A.
ticrwars C)vtiag 5arlica, lac.
?hitA ,111143 Park (`t.. Ste 402
Orlaada, Fl. 312#35
tee dtaMaf ±l tht ixxuance #:.f s * c tnx..ratx c
He N ir:*"
W'ARRAN I V I )FFI)
(INDIVIIWAL1
DOC 1 201134935806 8: 10592 P: 0 214
% , — '. 1 01 3 ! 3 37 Am rage 1 ❑1
;S PC 'e0 $''0 "'
reed ^tic T 1x 115: Q�
k €axrgage -^- T ax $A ,,I'
t "IwgiWr Tax 10 X,
ktanrn - t.7Yra� t`nr3F =�r +11411
C3tar ,or C u.nty r l
filet I Mt tJ4
71t,4 A A€ RKNN 1 Y ULE€.t, daUd ianc 'G. ;013 114 3trrp t3elaturre, a mar Tied man, whw.d 14,0. afflare atd,lrc,i ss 1014 Stai`ki
Terrrre, Winter Garden, P'1 3416' heretma'!rr .d'Ir.1 1tr (,RANMR, w Region Garcia, a married man, wtxrac Poit utf +ct
z4&eax i1 2120 P) tAa6nras Ctrctc Ocner., FL 34t61 hCMILIPtcx called t ±ts t i R AN T t T
('Wh,Ltu uwJ tsereir, the trmk 'titAf)1or' and 'Granter shall t.nJude all j trtary °111 thin in vttlrn a1 t11c ,ra tcyul rcTresearnalrr.
411d aativv, W tnctivut a-4h and the buc wkti cY z xr } as'ttkR, c+f crT+:rat >crrt i
t! II V1 4SF TIt I'ut tt G€ZANitiR :(r arts 11 cnr:s.dttdt +x 1 u'. tr:e su r v1 5',t!1:(r anj cxt,et v,Ihu hle crm > «1 racians, r�>er,t
whoreaf 1s €srrtb, ackf�r 7e *ehy rani, tMtgat�.,. ,can. ¢I as ren,5c* relcuc" izt5ot % arnl eonClrlt, w1ita lric OkA!o111
at that c- 4i,11d1s 1 si':xdtc it- Ormpe { Fl r s a, vii
I ,ra. 11,6 T ar+r Lf m tt ,,k f , Seegar SuWrn1. -win, m pv P:at t xc,ru', °s resor is r to Plat Bkwk t., €'a;it I:;, Polk
R a:avd+ .-1 t)nxngr Co vity f €ors a, Icy. 010 N(40 Y;, fret #1 31 a'alve I,tA
"SUBJECT PROPERTY IS VACANT LAND
SUBJECT IrJ ,:oe 'atlty c rC rti t,c,1:s, rest rat.nrs h1111541 v'Is, C&Nc+ rert•. val aarrmems if rc�Lwd, d Aw" tsucs and
aSs,t .srtwtm fw tit#.: year - 2 1 ,1 1 - - and u6i,:lgcn:.cari, and 4 01 1p>ilt3h1e i ordin:ancv :tM of rc 46,;;ataxls a nd'ixlahitskalm
111` €?�srti by ga�emrnrnta an *hnrittts, 1 { a11r
1( *oF I I I R wt�,h ai? 1 t tene;Tc -its, her c� rawc, It, aril 4npr3tenwnr0A I let Ntueni a,g ,:. w inYw it apperBinlag
To RAVE, -N%t) I() viol .?, tsar aa, 1r1 €c: a,nrie trre�-r
AM5 THE 6RAV €UK hc.cby cxlxerant, wwi :a l GRAY t F 1 61- cx,.ep 1 :: atlow n,1tvd, the i,RA\ "TOR 1, low fu xrlaud 1,f xa,
arl 1n ees aifnpic, tfat tlsc GRAN ti )R ha „<�. i, r.gi• and law .`0 axh1^ir, t,1 acil end ccnsey sa::l canal, that ti
r,
w° t A*:ytti# 1srrls
lwl1 `arTLtm th; tv°4 to �iai.f :'vm' and W14 delend J r ianic dgax.: the 1ais11a1 04IM1r of all I1ers1 w W1 vfnztacvcr
IN Al TNf -Si W14 UM, ORANI 'WR has slgncd dna k;a eu li-c Ii-c rre :hr a•r set fcwti', stk.ve
S11 NP E) IN TH 1.ESrN(.'I. tai 1111 1 01 I 0A IN(i °d ; i NI :tiSf.
le
Pflr.tc 'ti IM
.teyaa j•■
orden
■ ^ ' /a }4xxaa��
is xaa G 1�'C • t±"4.9tc ?4'?'.
1
S I A 11 OF FLORIDA
COtAIY of ORA\(,
he (MV Trs-na:r/tnt WW s14'led $31d akkttowtviged 1 °4v trc it 4�1- 03% ut t xr. "Jx 1, I:e tat ,°r tklal"f%, Wtw +__.i is
t YS;` +1a!(� kn1"rvn
1" me #7r 'y h35 rrocu�� 1, t_rat tf Mion
Aft C' ar.a, >r1 C�r1s. �CIQ
gi�gAN i.,c#t�t�
tr4TARY PAL
STATE OF FLORIC)f
C0ooe%# FE0330R
EVits ®12Ji
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 53
LAND SALE DATA SHEET
13 -184 Parcels 105 & 705
3
Location
Along the west side of Main Street south of
Maple Street
City, County
Winter Garden, Orange County
Buyer
Akers Custom Homes, Inc.
Seller
Michael Lemos
Sale Date
Sep -12
Sale Price
$31,500
Terms of Sale
Cash to Seller
O.R. Book /Page
10450/2334
Size (AC)
0.22
Size (SF)
9,799
Configuration
Rectangular
Frontage
Main Street
Utilities
All Available
Zoning
R -2, Winter Garden
Future Land Use (FLU)
designation
Low Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$3.21
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Sherrie Stenger, Realtor
Contact Information
sclark7@cfl.rr.com
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 54
5 t r�ls
W MAPLE
E MAPLE ST
�
145 77 70 70
ha�erseu roc 40 , `
3 70 70 maz 2 1
2� _.
10 15
147
fb i0
I u - 6
A 153
ii
as
e
1 154 Jil
1 f b
t
$0 40
1W 26 so 0225
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 55
��f r IEx4fi .rtw.x
rr , r^!nq 17M A.*
a l a 0 A A 4 2CPe
421 rt taF Ln
i
v c rj.
'
Mack St
s.
r p4 iiLbr ;fat +R4 'M
' 4 05 4 *
� � n F 4�. StasA,�,wieFe
4A
w T x°
.. W
r r .*4 :,t F % v4 r Sale Subject J,
10450/2334
R)i x
zi �t r ntt�i5r sf hdaG
W Miirct St v c7 t'i K
Ln
C
+° � (~ slJr. Mi � ;.l vry {•'�� . Vc -nrR. St 1r
Mani
61
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 56
n
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ri t:,l Vi 4,1 YtNt.tl, att
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a+?fitifYtn ra. a Wr u...aa. w.Y r. rmtu:adsc+r, i --"' 1'� +I
PlIfIvrtw Aplrrut Berta Purecl 1 1) 4F +alas Ntustt Hs1
Sd 2:4 54?2 -40
ditatatrc+(x) 5 S4(31
1 i?k ''tu4 W 124218
WAktR.ANTI` DEED
ooc. ztltm�srs � teas • a2a�
is »trtutx 4T �! t>rt rM, t .r x
Mu Foe i 14
ONd Ora T +��sa
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tna+n�tMts t��. fr M
71►*•1N 0 Steyr' !f N
t4rtNe 0 Mttyntr, CatMt +.iler
u t Ttnx
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T'Wt W'ttrrauty DMAI ? AI101At t I k, 4t()5, A SIAk!{1k:1)
rt:ILS()N Jim III. %SK0, A )IARRIE.1) I , a tttarrNd prrxas, txrctatatter catkd tts.; pat-tut,
wtww puss oltwe adtircm is. i V%w 11`,e It r.Ft i " "€ t M c '« f <a , F �, 1 i q — Tr}
F': 744'717}%, t_
k) AK S+ CI STOAT 110NIFS, INC, wtt c I—i r.Rw¢ iftWic.. 1! 144 TERRA MAYtttt 1.000',
surru 200. ORI ANIH). klotida 3'..1.45, hcrctnanea c tttri ter grua N
W11 stif Tit )hat wlj antic In and at wasuk aixat s,( Use kun t l Sit N! lil 1sd?arr art,1 al i vAtwtds
e.a"MI&tA10m.. rectvl wharecf is hetv wA1)'.w6irCA her'»+ v4ju. , i,¢rrAwN, wit" jieaa.. mmises. r Iej>c"
cam +s acd c ntmm aarar: t9e trtntee, aFI xlutt crosax tan,, a;twue .n tltrxav Cow,^, 1 - 416kx su
IM, VAIN AND VIt`X1,11A1.AtCOKIAv"iTa. PLAT t RKAPi)I!M111AN91tf11110ifN
Hot* 1 PAtA 6 4i+TI M 11331, tt RtCORDNth trft.14 -.4 k01'Nt1,f1, <1pat61A
tlK liNlt:s^,Cf iY WI SbC tmaaY.1k { 171I1.� -1,ry et.�lt�f
Tt1t:STtt6A pall, 13 1 tfte lgw. rf 1pK' .tMMCYN?ifM (st••s1t:Yi'x'nA .'4 stM'Fk l.S "tpS , oZ eaa p t +t,i <.d}�Cnc.'1:a :trq
Ts f4tns 1rnl to IM6),, thr ssaa cs txt sarn4 fxe. rt
Amt tare ct'tax terrb, ac• to rtttri .W f'.d- thm *- p .rtut ra Iaa,la.t, — ',ft A >..as tIC nv t k tlu} sta,rnu
hm cc.:+t rtgta Wit 1-1(; Autlr tt� kt �a '4d .a.a�erp .,e«:' (mad. a>nf Itaa 4mdvt i +„ !'41, t*sr.ara rite mk m u'd
a
It ,htntu a „uvn rgymusa+z Ira tal aLrtna <d a31 mad O.r uat! •.vtx,S t, 6cr ..i :Li t-,<wplrmar- r a,tt
eaa.a aexxuut} �.ra7pt<'y�caatw 1,`.,)t:Ult nwa: uaau,, tcstet+'tts�,»a: �srnrctttb t mtwa casu
c. rOr hr «,: 'tt -5r.m. ,o.d Ifsorr ttrr,b«ka+4 ".atsswr,e» - �nbw .,4'.cwtr �a aw 1+++ ,_..•«... �,w.,.M... .>sa. ,.w
to Wttatft 11'ttxrteG lstiitG,i iu, 3rC1tX31in set rf u,i<e : fret —! «x.:a1 O— L' . i ,— r-A a. ", urit6x
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL Nos. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 57
201205245r9 Page 2 of 2
s.rjlvj. swWcj aarJ 4kA'v'rT':'j m 'm P � Iw'
K ililc' %'. �ikit.�IKY � � ���.L r�. �;�..� 1��G ;�•��. -ems , r". a Wi°"�'�.'a*C"
1 4.ulw i w lin f } bi4l 1 LEMON
Fr1wrd Narw
SIATL Of FLORIDA
('()t N Of Ormoze
W k4CgUaW 0NrU1qt%1 WW' JCkN>Wkd,rd tvloft tix, flm - '"01 di". 0' 1 'Cp1'wjxf "W !'y Mit
L I MON, A MARRIED 1 JOE HLA�SK(L A MARRIED PLILSON' w1u ma' vtlw kno-1 W W
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13-184 Parcels 105 & 705
APPRAISAL OF PARCEL Nos. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 58
LAND SALE DATA SHEET
13 -184 Parcels 105 & 705
4
Location
Along the east side of Edgewood Ranch
Road south of Old Winter Garden Road
City, County
Orlando, Orange
Buyer
Robert A. Zarate
Seller
Allen G. Liang
Sale Date
Feb -13
Sale Price
$52,000
Terms of Sale
Cash to Seller
O.R. Book/Page
10526/6189
Size (AC)
0.50
Size (SF)
21,783
Configuration
Rectangular
Frontage
Edgewood Ranch Road
Utilities
Water / Septic
Zoning
A -1, Orange County
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$2.39
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
SidneyTse, Realtor
Contact Information
tse2909 aol.com
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 59
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13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 60
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13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL NOS 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 61
THIS INSTRUMENT PREPARED BY OV22t12013 19 � aw I of 3
RETURN TO AFTER RECORDED:
BLAIR M. JOHNSON, P.A. ni:,ltlro' law io7aoptrni
Oranpn County FL
BLAIR K JOHNSON, ESQUIRE so - set To: "M n JOHN" ATTONWY
Post Office Box 770496 1
Winter Garden, Florida 3477740496
(407) 656 -5621
Florida Bar No. 296171
Property Appralsers Parcel I.D. 9: 35- 22 -28- 0000 -00 -036
WARRANTY DEED
THIS WARRANTY DEED made the 1jtL day of E2r +„may. 2012, by ALLEN G.
LIANG and YVONNE K. LIANG, husband and wife, hereinafter called the Grantors, to
ROBERT A. ZARATE, a single person, whose address is 7334 Catamaran Drive,
Oriando, Florida 32835, hereinafter called the Grantee:
WITNESSETH:
That the Grantors, for and in consideration of the sum of $10.00 and other
valuable considerations, receipt whereof is hereby acknowledged. hereby grants,
bargains, sells, aliens, remises, releases, conveys and confirms unto the Grantee all
that certain land situated in Orange County, State of Florida, viz.
SEE ATTACHED EXHIBIT `A` INCORPORATED HEREIN
AND MADE A PART HEREOF.
Together, with all the tenements, hereditaments and appurtenances thereto
belonging or in anywise appertaining
To Have And To Hold, the same in fee simple forever.
And, the Grantors hereby covenant with said Grantee that the Grantors are
lawfully seized of said land in flee simple, that the Grantors have good right and lawful
authority to sell and convey said land, and hereby warrants the title to said land and will
defend the same against the lawful claims of all person whomsoever; and that said land
is free of all encumbrances, except taxes accruing subsequent to December 31, 2012
13 -184 Parcels 105 & 705
APPRAISAL OF PARCEL Nos. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
20130105896 Page 2 of 3
and easements and resinctions of record, however. reference hereto shall not serve to
reimpose same
IN WITNESS WHEREOF, the said Grantors have signed and sealed these
presents the day and year first above written.
Signed, sealed and delivered in the
presence of:
At4EN G. LIANG
STATE OF FLORIDA
COUNTY OF ORANGE
'C 4 lrp-,l "
W e-
ONNCK. LIANG
72'Q HunladlanGeRd
Orlando, Florida 32835
Address
The foregoing instrument was acknowiedged before me this Ift day of
Fetmiry, 201; by ALLEN G. LIANG and YVONNE K. LIANG who have produced their
Florida Dnvers Licenses as identification,
N916Fr Nam9:_QL;k1LM, Johnson
My commission expires:
Warranty Deed
-2-
PAGE 62
13-184 Parcels 105 & 705
APPRAISAL OF PARCEL Nos. 105 & 705
THE BRALAND PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 63
20130105896 Page 3 of 3
Cornrnrnce at the vcyrhwmt wme Of tl'-* Nor0m 14 of the Southwest P4 of Sertjor, 35, Towr'$Hp 22
RAnge 28 FASI 0-8 49t County, Florida: thtnce run Scuth DO degmt 2547" W along th W est 'j" of isid Nort'�east
"
l"4 o the Southwev ce 1/4 a diltan 0' ?' 5 10 25 feet, t1hemee leaving Said Wc3t tins, rur, North 8? dcgTets Z6- t' Fast
d*tancc of 32-91 fed to a point or, th East -1 0 Of way hnii of Edgewood kandh Road, said point being jlt pnin" 0'
bcgirring, tlxn. ccnlinue North A9 deprew 26'15' East a distance 117 00 feet; the—me run Nmrt7 0 efg7m 25*47*
West a distan" of 15 N) f oot;
'wnrX Mr North 91 degmes 26'23' fast d3ta-toe Of 17,00 fed, thence rTin SO?,vh , y7
et,rcts 2 45* 47 ' Us— a distance of i,5,qfl f thence run S outh 89 degrees 2624 west a distance of 134 44 feet to a
pomt 01 the aforesaid FAA1 right of way line or Fdatwood RAna Road thence run North 00 i3c&-- 254 Wtst ate tg
SaW F"I right of way 4 (! rstan cc of 10 99 feat to tf-o Poirr of beginning
13-184 Parcels 105 & 705
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM
DERANGO. BEST & ASSOCIATES
1601 E. AMELIA STREET
ORLANDO, FLORIDA 32803
(407) 895 -6650
RESIDENT OF: Maitland, Florida
EDUCATION: Graduate of Stetson University, Deland, Florida
Bachelor of Business Administration - Major: Finance
PROFESSIONAL
EDUCATION: COURSES & SEMINARS - APPRAISAL INSTITUTE
• Appraisal Principles
• Basic Valuation Procedures
• Direct Capitalization, Annuity Capitalization, and Mortgage
Theory and Techniques
• Case Studies in Real Estate Valuation
• Valuation Analysis and Report Writing
• Condemnation and Litigation Appraisal Practice
• Standards of Professional Practice
• Residential Valuation Procedures
• Appraisal of Small Hotels and Motels
• Sales Confirmation Methods
• Discounted Cash Flow Analysis
• Electronic Spreadsheets in Real Estate Appraising
• Urban Planning and Development - University of Central Florida
CCIM INSTITUTE
• Financial Analysis for Commercial Investment Real Estate (Cl 101)
• Market Analysis for Commercial Investment Real Estate (Cl 102)
• User Decision Analysis for Commercial Investment Real Estate (Cl 103)
• Investment Analysis for Commercial Investment Real Estate (Cl 104)
PROFESSIONAL
Equity Capitalization
AFFILIATIONS: Member of the Appraisal Institute, MAI No. 7557
Member CCIM Institute
Florida State - Certified General Real Estate Appraiser No. RZ1054
Registered Real Estate Broker /State of Florida, License No. 0355191
Director— Appraisal Institute, East Central Florida Chapter
Member of the Association of Eminent Domain Professionals
Member of the American Association of Airport Executives
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
PROFESSIONAL
EXPERIENCE: Qualified as an expert witness in Federal and State Courts.
Special Master, Value Adjustment Board, Orange County, 1995, 1996, 2000 -2002
Present: President - DeRango, Best and Associates, Orlando, Florida
1984 -1997 V.P. /Partner, Matonis MacDermott DeRango Sorich & Co., Orlando, FL
1981 -1984 Staff Appraiser with Irwin Appraisal Consulting Services, Inc., Orlando, FL
Former Member: Board of Directors - East Central Florida Chapter- Appraisal Institute
PUBLISHED: "The Determination of Hotel Value Components for Ad Valorem Tax Assessment"
The Appraisal Journal July, 1993
TYPE OF
ASSIGNMENTS: I have appraised or provided counseling for a variety of commercial and residential
properties throughout the U.S. (primarily in the Central Florida area).
EXPERIENCE WITH:
• Aviation /Aeronautical Properties
• Apartments
• Office buildings
• Retail properties
• Condemnation and litigation assignments
• Industrial properties
• Timeshare resorts
• Hotels & resorts
• Mobile home parks
• Subdivisions
• Mitigation lands
• Warehouse facilities
• Acreage tracts
• Golf courses /country clubs
• Special use facilities
• Mixed use development
• Coastal & island tracts
• Aviation properties
• Air cargo facilities
• Large and small aircraft hangars
• Fixed based operations
• Condominium projects
• Retail centers
(including regional malls)
Appraisal and consulting assignments have been prepared for a variety of lending
institutions, corporations, law firms, governmental agencies, and individuals.
PROPERTY LOCATIONS
IN FLORIDA:
• Central Florida (Orange, Seminole, Osceola, Lake, Polk and Volusia Counties)
• South Florida (Dade, Broward & Palm Beach Counties)
• South Central Florida (Brevard, Martin, St. Lucie & Indian River Counties)
• Southwest Florida (Collier, Lee, Manatee, Sarasota, Pinellas, Hillsborough Counties)
• Northeast Florida (Flagler, St. Johns and Duval Counties)
• North Central Florida (Marion County, Putnam)
• Florida Keys
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
ASSIGNMENTS
OUTSIDE OF
FLORIDA:
• Georgia
• Maryland
• Minnesota
• New York
• Pennsylvania
• California
• Connecticut
• Colorado
• South Carolina
• Pennsylvania
• Texas
• Indiana
• Ohio
• New Jersey
• Illinois
• Alabama
• Tennessee
• Kentucky
• Virginia
• Washington State
AC#672755 STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD SEQ# L12111501970
LICENSE NBR
11115/2012 128147329 !RZ1054
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS.
Expiration date: NOV 30, 2014
DERANGO, DANIEL ROBERT
1601 E AMELIA ST
ORLANDO FL 32803
RICK SCOTT
GOVERNOR
KEN LAWSON
SECRETARY