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HomeMy WebLinkAboutItem #06 Approval of Bluford Avenue Drainage Project Property Acquisition14 lake I Y %/� 000(> florid. 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 Floral 5t Q Lafayette Ohio St E U) s Ocoee Or Delaware St E Lakeshore nth St r 9 T -�- ° o Ha Subject Y Orlando Ave yormigas St G ) M: 0 W v m Bernadino Or N n o P p b o (¢ N Butterfly Creek p ro Y 5abinal St M 0 n pt1 Gena�ta St Geneva St E R 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% `yet a x 4" 4r mamr S't asr r W A r �Vttvr -Rd O Sales 1 & 2 'r fZ Mate S E +e T E Sir �� cz Sale 3 0 J Subject a% `yet a x 4" 4r mamr S't r W A r �Vttvr -Rd O Y .gyp 0 J Subject a% `yet a x 4" 4r mamr S't r O fsta,a4 O ats CL a R ri& E sk to Ir 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 � s of s 3 � IW= +6 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 T. C � x x - t1 fft a� G • 4x is e. t.,N i.. ... �.rtn SIR n... m..,a t�o-'♦:y �.c�. 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. i ' I L L l� i' — Al 2tA A s't w: 41 K S � � 2 Y of �n •2 1 l 1� .:..i.l:.tx I C E.i k� 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. T r o e . N f+se 71YMe I 9 �r Subject ES f di9H1i (k ^' % Yi - '•'viV' r!1`«t`.rY at ;: W-4 (,1i LI 'a CPxi €iii n .. • ' r v` g 1NtY� Y ��� `� 3,er ar;, � •: b4arrw. +.t p { t e p e # w ^wait 3 4 Q7 �. $ g yr S o gg f 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 - - - - $20,fl00 01 Q2 Q3 Q4 01 Q2 03 Q4 Q1 02 Q3 04 Q1 02 Q3 04 01 Q2 Q3 Q4 Q1 2008 2009 2010 2011 2012 2013 13 -184 Parcels 101 & 701 K t i t N 1.-ut u 'r WEST COLONIAL MARKET DELIVER11 AB%(itty i I t )N LC VA( Ay( Historical Analysis, AH Classos ,t � c s �fiQ� jgleP Sa iSiTC 7� 36ea iq Yo�t'q pea 2Q Jatt# #4tx� Iilt$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 - - - - $20,fl00 01 Q2 Q3 Q4 01 Q2 03 Q4 Q1 02 Q3 04 Q1 02 Q3 04 01 Q2 Q3 Q4 Q1 2008 2009 2010 2011 2012 2013 13 -184 Parcels 101 & 701 APPRAISAL OF PARCEL NOS 101 & 701 THE BROWN PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 41 According to a recent report published by the University of Central Florida (UCF) Institute for Economic Competitiveness (dated July 2013), it is expected that payroll job growth year- over -year is expected to average 2.0% in 2013, 2.1% in 2014, and 2.5% in 2015. It will be the second quarter of 2016 before payrolls recover to their pre- recession levels. Housing starts are expected to have average annual growth of 31.4% during the 2013 -2016 period. The following chart from the report shows the historic and projected Gross State Product. CONCLUSION The long term prognosis for the neighborhood is stable to positive. As previously noted, the real estate market is beginning to show signs of modest improvement. This trend is expected to continue. 13 -184 Parcels 101 & 701 Florida Real Gross State Product ! ". t, JIA MA (`rJti Iti' IMk ", „'lilf) '#)11 V)1S 20- .ii r> 211 �N)*$ '1):ti X 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 ,ju ad 3 6S 3 6 a 26 75 LEE ST 1 12 3 2 S 4 Cv i` -71 13-184 Parcels 101 & 701 0 Lu m z 7 3 1 O N 6 a 26 75 LEE ST 1 12 3 2 S 4 Cv i` -71 13-184 Parcels 101 & 701 0 m z 7 6 a 26 75 LEE ST 1 12 3 2 S 4 Cv i` -71 13-184 Parcels 101 & 701 APPRAISAL OF PARCEL NOS 101 & 701 THE BROWN PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 44 a Anderson R! G s et Spong Lake Sale taxent;� ss Rd a, y , „ - n' Ftewetiing Ave � 2 10550/910 ¢ Mobile Ln - Apricot Dr 3. rn Oakwood Ln 437'.: 5[ C & Circle ' Center Si c Q = certtep Qr i438 a St _ - -- -- a387EMMI -Sit Fxankltn St �« Ocoee t `� Core Dr Starke Lake arden 429.. m ; tp Grassy N +rrr m 3 Subject Lake Olympia il P' O Oak Si- Bay 5t E �rf 438` St 23g i, 4 � 9 � I J Enterprise St 0° i _ Orlando Ave White Rd a l Capitol Ct - I "� , Story Rd Geneva St E " 3 a Ocoee R Cemetery 13 -184 Parcels 101 & 701 APPRAISAL OF PARCEL NOS 101 & 701 THE BROWN PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 45 o� Re ord aw Return to Oozy 3nita4t3?� L. 1iN! F "to Pmrarcd Dv "t"ful N 13 !b MI fap( 1 of I Eric C. Ra4hardt. Ertl_ a" free fir O I .M )IO South DiNard Str"*. Suite 120 OCR IAdwin fu . 0 M Mauer tardm FL .1413• intw t►►1 t p " 1:'M ttarlFa`C. tar p+te, �ae�'is�llev Paree1 P+t+.: 13.22. 4IMC-IIA01I a .� Itat T.; C IN €oomm m M M IRS OM I This Warranty deed %I*k this 21' St. alt Starch IN D :011 M F'angnc 7.eprda aad Malian Zrpr4m. hmhand mr! wilt I ltrremanrt caltad the "tirar?hg" ),. in Jaaa Ma" *% a ttrartwed man, , A*;w "off Address is 1 Robert Rand Poa:gh►rrPs . NY Q603 lhcrecta@er called the "(;satec "t. �'Mtaearev —4 hctaxa t. "ni litan.t awt ' i..". eve i* a!t vw ww ll .z 'N. wd . i,," `riNl -t-aiia cad dw w.i:xs+ers ws( "w`, et n >s rrrrx.*m i W itaraseth, thm &.0 Graritm- for and net cxmsh&ralwn of die worn of SWIM we other valuable catsnderaakwps, the retxiItif and suMLMJ :? of whch a basrbs aclno*kJlttd. Swish 3rwwt -4, twartaim, selts ree"Oes, rolraxL eemve)s a!id "intOme amo tTR C;ra Mr, 411 of the t irantsw fled tdic and warmu m that certain real rgvgW rs 24hratr in (Yran;r C ourR). f'Iswkhd stz Ths Fast W 4 fret of lit F anal the East go t fees of 1 ar 7 •3rsig lsrth of tkcce C'tarsr?na Raved of RVFIFN KFGI,E:R'S SUBDIVISION. ans+rdrng tO tlac Plat aticreot as r,,,;On xd to Plat It"011 A, 9 Pwtge 111 nsf the PnbIK Records car OrwW Coum� f kytt+ SAlt1 PRCtPERTI I4 tii)I INF HC}44ESTr1i) c!f THE (YR.AN'14)R. SAID PXOPt:RIY IS N3Iht; U)N VEYED AT THE REI)I?EST Or THr rRANT "OR AND Ttif.: 4:.RANTtE %Mi NO 1171.E SEARCH EXAMINA tICK OR fNCt RAW4 11AVIN6 I11'I N RFQt'r5I7I7 UR d aROYIDf U To3dher wed: All iha: rctwcr-cn(,, t» rct#esrrrcrse srd a arrm+ ace rhsreto IV orging or in anFrtsc appertaining To Have wall to NoW. the wnc at fee stnnPr wtrT tr Aad the (arAnic" hrtrtn (0%etlw, with IPX (irarilee the aw (harlot q lawtall) 1 XIM4 anf said rea+ I+ocapert+ un fcr'Ample, that the 6"Isinr Iua enod "It" Arid iawfal authml to ill arid alas +rT 6i:+1 real pnapem, that the (irmlor hcmt5 fstlt+ watrtawta the mit to said real rrupevtj aual w 111 (kft"d Ow %niece aptn'a the lawral cMtutis of all R'rra'e*s wha>atswa,er- ar" that >• A Brad rrrspertR is free of enctmbrStt itt, mt r taus acarumm aubilelpiml tv L?ttrmhct if '01 k and ruhlect ro condunavil, rrstr(s(ak:^s, rcxrr'sai : Irm<Eaticaa and mean of rccard, ft w% In Witaa» Whttevr, than xrld Ewes -<g-W4 asst sca.iel their prettwi the da) j0d teat 1#v. il&Yvr wrdicn ,Segft, t a <ta +'r :E u,Uf &-l" <rrd wet ;;wf�vwr(. r w�tae�.. vanx > .0 l 11rMA�4i aNQ .epada 14: f 5.t,w idol F�:rt Vi as N S IATt Of F71)RI01k 0 MNIVoFtax Idle la*E%Vmng itaMonera was aci<trorledzrnl Milts rx 6, w.n daN of KLvvr 2P)3 w.f tarique Itpeds araJ mvik a Zeprda who Nsr I-fWw; cd Florida Driven Itcenwi as I'liwtflaalixin leatattrwa stet Iw"ttas �lh � Eric C Re9osaar* 1 Cummas ea 3 91101%3 EIFm JIT.& IS.2015 waan t� :erg t � rsw..ws arwaCO rtax att xr: taxteaa tn. oe ,(. i ._+ranro.w l y.rr.< 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 $2.02 Comments VERIFICATION Date Verified 8/8/2013 Verified By Heather Lynn Haas Verified With Public Records Contact Information N/A 13 -184 Parcels 101 & 701 APPRAISAL OF PARCEL Nos. 101 & 701 THE BROWN PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 47 6 A31 fb.3 004 8g P. ?3 rao 14 Mi 1 p 24 F 1p 59 1 1d rt - G.�.....:.. - .- ,._.«.w....:.... n..... <w _. { _ _. 9 13 a ittf sr � 9 LEE ST V 12 ills 10 ,1 tt 2 9 7 \ lb 1�1 16 17 tlrb �! s 1" 13 -184 Parcels 101 & 701 APPRAISAL OF PARCEL NOS 101 & 701 THE BROWN PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 48 Anderson Fl 4s s &\ ��o SpongLake ss Rd o n Sale z take.M14axe 'Flawelling Ave M a 2 a 10592/214 Q Mobile Ln woo - Apricot Dr m ° Oakwood Ln o. > Center Si n3 w m Certf Circle M ;uSt= Siluef Star..Fi°�- , 91PY�.t.L_Ys31'$f� I — 43e Fra�kha1 Frankltrt St Ocoee Q C ne Dr St -- j .._ ... Starke Lake ED T +' � d arden n 9 r Subject Lakeo jY� fi �^ Oak St Bay St E j ° die; st a Orlando Awe e� m! White Rd a Enterprise St - v v ° ` U I Capitol Ct 3 v y Geneva St E 3 st Rd n f � ` Ocoee I Cemetery � `<<,, m 13 -184 Parcels 101 & 701 APPRAISAL OF PARCEL Nos. 101 & 701 THE BROWN PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT 1',=%,.W tly Richard %. Notrm P.A Net.0fli, LunisiIISorrNicts, tar- *!6414 AAtej Park Ct.. Ste 40. 01 F11 3Z"5 fr,-,Acrw !a t:^ inuarce 0 A tf',r n!: rlimc F hk N jr-'w- I S -M4{ Par;:c 11) u I I - '1' 28 ` 'MiA WARRANr DUM fINDWIT)VA14 PAGE 49 DOC # 20130936606 8: 10692 P; 0214 0r, 3 - Am r jqt i at t fit, #0 5'0 O» Dec-d Dac 1 3. S1 0 ^vw I ax $0 T 3� SC 00 4ajrw Co—Fla0ef �t arge C omlv F L Thi% A AKIKAN'. )i DUD, dated Jine 7 6 'M t b Jorge Dclaturrv, a married man, xhv-x Ott offlize aiidrcsi is 1014 Stucki terrsm Wmier Wirdtia, lit, 3478' herezAifter the 6KANVtiR, w Revint Gattla, a married man, w1wric Post cilf,Zt i krete. Occer. Ft. 34?61 hvc�juPx: .AIkdthC(;KANIT A'hvr%:,Cr wcj Krrrir, ttvtrm 'Olatitm' And *(xwtrc* AAR in-Jude dl pailies*o+t; in-t%mirv tk:;tt, acid W fniirvx3at =l and uht sucxN 4•-.9 4s5ipi i 'A I T I'll Thw U 6KANIUR tor ilra to cnr�;dciatw-sj j! ti•- 'am of S.000 And evtcv va""bir c atcraaians. IL<ztjl wfwreof i% IveTtli aciuv-kdi.td eranri, l rrgat,s. sclla, ahms, rcn , rrlaasc<, cmvci Mid C,Mfimns linto the U&ANAH aL that ctram land wjdtc ir Ot Couch [ 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 so 31121 -!", r 7 2 10 154 9:92 QT 13-184 Parcels 101 & 701 5 E MAPLE ST W MAPLE T 77 0 70 2 151 1 2 e 11K a 44 a �r W. Ap " 70 70 140 152 120 jp 140 1 - 7 f,� 153, list 10 154 9:92 QT 13-184 Parcels 101 & 701 APPRAISAL OF PARCEL NOS. 101 & 701 THE BROWN PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 52 st � tttn iaare , " htat, �. z iwt ov e Fr1n c .. Subject r. u � t�rt.sa c.s«a.E G� :xa .7a T Sale +am. 10450/2334 a -�, " j rt Ike; Si E` xA rdrf z ti W "'*V4 , u' lP; r: E !K4r+pxiar >t �" f"ta.:.�dt. A.v "rti Mir." St c•'� � t `"�' ;[ +F: v t csr 67 �y r Ly,, ull-. F.td.ri. `y2 W. St n s 13 -184 Parcels 101 & 701 APPRAISAL OF PARCEL NOS 101 & 701 THE BROWN PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT 1 n� r s I. I _ w ,, r Az.en. 1iN INt K1 itttl rH U,{riMl.tffblf. ;'a1 !IA AQtivm. tit \1t♦l rt \�t{w {alF t. vtl/ "t"NIIIAGAAWN MIA. %4 It. a +mere rttp. I ♦.or. loan... 1 AA pl AS ittit. NOl.U6%4.Ittatr4k1. lit Nr.UtSC ttAVI 1114111 Flt,4 u t1)Ili t.: \!(phh, ta.rrla 3tY° n a ul-um? +m...TC+. tuba :cx t•:.,ixwk &n.w;:: it'6uuW1: w w t ell at.iA -mot .41M4 A� : t k _Sw.y" tM if PI Apsuelta,Pat"] 11) (Ftd#l)Nunittotht CiraMCa�x) ti S.M {s) Iii 'I'AF(RANIA DEED GOC>• �t2t``12a5Ti t 1*100 p Y2Y1 )iFltt2ii2 iit 4T tt ow P." t of 2 Mc Ftt it! !i D...► G.. .x lJ3t !i Oplt Aduan. Fe. f! } �tt { SEry r it ryrty i Mtr7t*+u. Catplrotltr 3R - R+t TITIt FAFM4� ll T7d6 Warraaty Detd MA& the 2"1N day of Stptctwtwt, 201:. It, ?! tK IIAt t I taIM, A 11A"D 1) prRSON i0t: IWASM), A M 1RRIVII) Ff RSON, , l marrU4 IW"on hrtad{xtter .:ailed aMx FratJt,r, wtart,C jolt utttcr addre n as. 2" ht,. II c It . S �.; I� t'3 j +. - T -uf� f'rl:,l t.., -4' t}1it.i,a =.i, f: a4 7171q to AKCP -% CUSTOM 1j0S1Fti. IN(', t tnx (x.a7 ,disc iJatrcn, r> 10 T'FRR 4 NIANt:A) Sum zoo, ()RI A%qK), t It +rids 31U.", twretnx - Irl C'01tj 13,r ;nwcr. W I I taI- +Nt III IhA Iatd rant.t. Gn aeul w Xgludmal.m at tt r ..cn e: 5 � t ° -'W r to ( dt.'"t" ctmtdaKatiw. ttatip4 whceecl a Lrnn w,1xt0kdte3 hrer4j f;arr: huGrcts „4'141, s)icwv, r(n;,rn. rF <kt.ez. awaatt3 Amd rwtfmam wwo the tntedtn. all U d tow . ,n l)t lutc Cc.r.*y 1 6,60i..0 1411 ; W.,Alt, ;tNDMAAL XIi` AI,A•ttiVRl ?IN(; 1 1 PL.A T[IR%I.AP III! III lrF A S K f(('KI It It t, III Ant lit X i I- ' -PAiA h4 OF 1I1I t4:1)t)CR;'d"E)Riry(� , #,Alba ( oj"*[f1,1IoRIIIA t11[:ITHt,',A..rh dAthtc n:na:r�. krn.twrmua aru a,�unr tn`s •.�Mlw,c, �:.r ..e ,,;, t�r� T. If— v" to flow me uvtw . kc irt AMA III it tw' )wretq us ea.ae +.o r l C.Itm q a 7. V ru r ,c 1a++4ull. .xi ..! :.a«: -4 a k, r..:. 44, ?rte sn..r -' `m g — d cg)e h.1 t,t.1.; Mdkr'th. nt 'If . ,j ­ , w._ t_d, tr.u: U. gs 4z , t . J},r ,ar£;,:, ti. Ktk ... a 11 ,,III 4rkn6 U. .t— aqt—A �c to +slut .itstcx. ,r( a{I {�'+.�. , <tal ..vxv n. +Fm) 0.£ a 4 4,IJ t. t•ce v ._. t,.-tt—t- r —A c..ac. auvur+tt rd�cyuant ua 1:�!t•:uti rra,x °x unxs, t>eraet+„tswc+ ; ttzaxu,. t :nx�a �; sn. :.4 .rr.c IMn.s.. wW £ *vu + YuFa:+a .Md•:a.....as ®•wer " "e. wF:,ie ..i t«n�r: asl:arwn.a.. ...a .. ..... a �..., . +v 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 , 'T . Y, � GtL(. +.t.,f C.� _ _t!'� �„�A_"`�'�.'" Fruited N4411C Tatum" Imo M14 UNION W attevs sipmui C fIrtrALM Naw )eef -7 L.X K S I ATI. L* f LORHYA COUNI'y Of O"Nat 1tw fmcgum; irntrumcrd wa+ xkacwSev tit Wive Ttw fh(R' 17ut djy 0 Scpt'IVAXT "112, ti i "!1( LE MON, A MARRO PERSON JOE HLASKO, A %I ARRJ F 0 PCILSO *N' who m 6, pvmmultv Lzx,. n w mz or whv ha%1wvv prmhwud dtivv litxnw(st as idm6fi"txv M) collusliiN�,i) Lxpa':�' au traory — -t Nwulwl 0:02k EE TRAZEY rcxt 0 EE 21%il in Ec*os 1'0v 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 :a R3ortr at ? € °an 4 *m. P;l Stew Ck aprrat E v S t:z ubject a y Me" II SO 4" r 3 to rt Mrecx•' Iw St ty� * 6 x;pd etS Yea + �w a P ^'""XErf �� a ' 9& ENV( {... Sale �+ 1 10526/6189 A wr c^ .rrn"! s k m 4 >etns Rd d ; 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 i*0 0A,11 At a s too :? C�^4s�rh hl 1: • W O6OdR Subject 2 hIII r°� ;y r..e��. Sales 1 & 2• f's 4i r k"I AS E+s�t Ca Sale 4 v; ro r Sir E .k P7j S sn?y P,5 4" FAr LY � 4 {„/SrPn � T Mr4nrn lure= �1Q Sale 3 i ll, 1P are 13 -184 Parcels 102 & 702 a s too 535 fle'34 Pe . 2 hIII r°� ;y f's 4i r k"I Sale 4 � T Mr4nrn lure= �1Q :� tW ii �, ' •. :+mac .ra+%• a �ea.+�9. 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, + 55 k 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 _ 1 v All i ILI M P , I-K 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 3. °3 * . �a • - -4 R E f 3 c a. e It t F 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. , I V. _ate i w � -_ 7 a� 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 1► / /_1 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 j wac y, a� � ,rA '�' ykP Sn t €.4-r W t . rertFarc 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 C«t W PyTT £? MMY11 � #iIIMeP Mi u. � E E.%fF ,N' AA'y !R € w. # �, 1# � �♦ . t P, { n+e,, �# c a .t 7 :0. U, is 'k r..umn Ik j wac y, a� � ,rA '�' ykP Sn t €.4-r W t . rertFarc 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 ME I I 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 g'LICs111 tit 1v;R .u_0 k ,= (' /lei �'Iil; , �t1� #} `l111 X1)14 Ott? :tlmfr ? #)�Eb �f3z3 WS}.� �l11 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 , I k rI( has akgwd 'Mj sea , vul !t>cw pre3e !hr I've trT lilt I- it, J. 0 Mon r. I A I I OF FT ORIDA ,-,, 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 5UwM,i, WROUN j0k WTxqy PAVE 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 9�5 i s2 : 40 152 120 x o rr 14G g a m 4� ._... -« w '>!i 154 4p 0 . C3 1ii �x 5a 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 ? +az ,, MaCrei tin , 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'' L n �i L9 k W 1, 01v +' Grie +a wi .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 GHd i.. Tu 44TH fl! IIOM M►$4r f «. fti M fntatgll+ts Y4w• iw N *Mrt4NM 4ta,► M N Gra� CauntV !t`f. =yNp ;rsliar 4P Mtyryyt��� i{Iifh�M'Itu Pil j$:rir A;4irutw4) PutcO Ill 1F1 40 NwitnmiII 2S 22 - 27 - tiT2-t"JO Gmatko ii) S 9(3 l 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 �\ 1411 V,AII AhI)4fA 4 14 , ` i tl, At('0RDINK; ro rit.ti,rt IF, MAP 1)1!Nt Ill A 4? 1 C ( IN I)ftt;,VNAt .e/ t3(K PAt,E ea OF T111, 1141t tC 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 ., . sq1 +letmS t!x . 'u $paean,$ 4t 1 -1A .0 n . f 4,31 t't u.n ` atri I u 11 14W it 1. cr .,; ,+-i t,rwida.+at.< °..:.,­ 4 te� Es$1rs x xoWl4 x„Sszryo€nt Ir- 12'111 ^.uf f nttaxlxt, resuc.;,lgis .uxs �uenrhr nt «eur�.:: 4,r !.'Sw+,tx.roa ">r�• .eet 4.x;,ua a.rew .ld. �,+men.,.� , ,e,taa 4,K ;+..b....r, ! .x�,a.a+»au K.A..w 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 +rw� _r PAGE 53 13 -184 Parcels 102 & 702 APPRAISAL OF PARCEL NOS. 102 & 702 THE KALSI PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 54 201 0524579 Page 2 w r �.J J z r l 1 {{� m sgzmL xAk'J itytl l►eltroew! ur aar }ntxzire hvit d N ulw tau mn t raccy f j Nlt Hr1t:f. LEMOS W t #tsKSS titgnaaac tf v Frirttrd Naas t k ttLASK0 St All E Of FLORIDA CO(t lS f'Y Of Ormaze ttw fl- tepasp msmtmt was 'k-iurwk -k-ed tatttire rtes thti ",Ui day w Srpt<:rt -0 :v3 bi mit'llAt.1 t,t -MOS. A SIA RIRtfl) PCHSON JOE SL.A,IKO. A MARRIED PERSON wtstt mare prr -Amwh° kixt"n to rm� or wfw has9wvr prtxlwed drirsv titextac(s1 as iderazCiwUun /j / M) Cunum's-Y.41 Lxpme,. aarttcn Trucrr Novy t'4tk$ti 4irtal Niuntka NALWNTRACEY f.iaa5tir+tL.�Lit' 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 — j 7SO.t Z a =t � at •;� Ox �t TRACT C 2" '°c �Q�' a � ���,ry a ai 81 �tiy 13 -184 Parcels 102 & 702 APPRAISAL OF PARCEL Nos. 102 & 702 THE KALSI PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 57 S TV A Rd 431 'Oiy rid Si: "I I.- Subje N Cr ocom T is w cmt,.v r. m S S1 mm" Owlm ft, mi Pok <W'ieft Pj Sale 10526/6189 Pd Rd �10 k1r. 6 P4 "' k, 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 " 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 Floral St D �_ Ohio St E — IL Lan N N Q 2 s D r A II • J 7th St o - azs r- .o o Ha A - 1i_arwb_Ave Hormigas St Subject N t 91 ff1 Uli C d p O 3 m 'o CrP.ek vI_ m E M .ttud.,ffy Sabinal Std m VU Geneva St Geneva St E o 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 U�- r 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 Is I e r I ' I t 1�'� ,c e. i v , it 4 � k�i # �� 6 �� � c� ♦ � »� f� i � t i t N� x i a;; f a t , I; Ali n R a. 13 -184 Parcels 103 & 703 APPRAISAL OF PARCEL NOS 103 & 703 THE IVY DUPLEX PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 28 r — — _ 4.: 1 f 14 �'� at ;Y• ION I s.. fit d t I 3 x � f � 4t �a x Ketd3 t ♦ . x J # d a x- yy i x 34 — — — t y ' # #' 4 D t s # `", ))qg i ) } # . n � . r r .x. 13 -184 Parcels 103 & 703 APPRAISAL OF PARCEL NOS 103 & 703 THE IVY DUPLEX PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 29 � �, w r �. +....`_ 71 1 w 13 -184 Parcels 103 & 703 APPRAISAL OF PARCEL NOS 103 & 703 THE IVY DUPLEX PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 30 n w � , f _ ! , cep � . . . . t t � i 13 -184 Parcels 103 & 703 APPRAISAL OF PARCEL Nos. 103 & 703 THE Ivy DUPLEX PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 31 W C 1 9 - i El 13-184 Parcels 103 & 703 n ,.....;o A t kAW'N 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 _ t tioA ,,rq� t th,J _'QC , (T, Y Fa u 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 K 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 woo T 40 Tits. -,I t 1.100* -1. fl S14 P4 woo T 40 Tits. -,I v ofww T 6w,** "t 140" tj 4 z r Eii 4d Dt wit 9 1�a w or .8tw*p fa Subject f-4 'A.- ;l am ti woo 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 4 z r Dt f-4 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 4 AN 26 - I L s - LEE ST it OW52 3 2 4 170 1 12 8 13-184 Parcels 103 & 703 V 3 85 3 4 AN 26 - I L s - LEE ST it OW52 3 2 4 170 1 12 8 13-184 Parcels 103 & 703 Lu >< 0 0 LL CD 7 Z 4 AN 26 - I L s - LEE ST it OW52 3 2 4 170 1 12 8 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 n f k Circte� AdJ� Qr I Zj St �'I _43ttEC3� Bay St E —> Story Rd- i Sale 10550/910 J 0 - A Anderson PI SpongLake mare Nu,,;P Rowelling Ave �13 4 Apricot Dr o Mobile Ln pakwood Ln S ; Center St �L; y a w Cen4� I 0 I if E Silver Star Rd - 7ZE Ocoee Starke Labe ( L ... S Grassy Fa'd Subject - v,`� Lake Olympia C r- `,�� L � r F r<'1 - r t, l ; Oak St V V I _, �UVf ite Rd (L_ E I L o n Ocoee I N \ Cemetery a U 13 -184 Parcels 103 & 703 APPRAISAL OF PARCEL NOS 103 & 703 THE IVY DUPLEX PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT w ,fir Retard And Return to Dom 1!1311��� f = to" P; 1M7t! PrgmredB� 4i/W2*23 "'I 111 an :+1t 101 1 Eric C. Reinhardt. Esc! pp�a FQ * e I d #i t . 311 smlb Dillard Street., Stilt 120 pop M ►t��� � N W'hntr Gartka Fl. 31 ♦ nr+lt �rIFwO, Mn�My +s 4 I40%,et1w Parrei lD ho': IN- 12- 341woodo ^t tiA -�N Ts- b1c CCjj,Imommt ��, 91 11 This Warranty 1?"d kl*k dui t "a, 3a. of SW0 ,A D ,I)l l by Farpae 7.epr4a aad Me6aa T.epads.. htnbatxl sled wire lbc'se,rulier calkrt for "t"'erxntar "!. to Jose t.IaNk ft*da, It I"mcd morn, *vmc:want officr address is I Robert Read Pt thktKrsr. NY IZWH thercatattrc Called line "(!tarts') w hcxrxa uwd he ea #e ks x l@au.� 04 `I4a —A.* of ft rxtr f� to +cast x;r.rr¢ta w.n sad ,a >,trit w.f iad,x hda� acid uw stt..zu. n sr.f V44r, :i v s.r vt— i W itatswit, that the Grua cr. kw ar.4 or, wirtaidcratim if the step cif # 4411}(1 wa utter. valuable cra zsltxatiotta, the rmctirl nad suWxvnc- of vtt#h n btta+rtm ackxm- gtd, herrhr lrant;i. twpirw sell alxau, remixa, r,ffieaars, Ccwse)a aid confirms aata the 6fantrc, all tirxmm ; rtol took xW mtmu in that certain rra' Frt''i tatunrr in t" tratiee Cotxsis, rhixerta, ct:. The F-" W 2 tier srf l IA S aril the East Wl 4 feet of t.nr 7 iy ing Mh of ttcrxv4'tar nnot Wulf of Rl BFN KFGlJ.R'S SUBDIVIS10%, u%vvdrnd to tfse Phu thctest as "LtXdt,l it, Plat M k A, id Pact l I A of the Publsc Rccteds cif t)rwW t mra� t tsti, t tipllI PKOPFRT1 IS NOT TNF HQ?WESTLAD Of THE GRANIOR SAID PRO" RIN IS 01- IN(, CONVEYED AT THE KEIJI `F:STOT TTTr GRANTOR AND T'l it. t;RANTtk Wtlff No Tt7Eb SEW H FXAMINit f (ON OR NSt'RAV f IIAVING m N R1" rSI1 D UR PitovlvttL) ttrttellcr wr+ all the rraetrctim hrrediunwrtx a sd apgwrtecrucr therrtu t*- xmetn,; tv m amaisc appenatrung Tv Haws sad to Hold. the *a nc to fie vmp c torextr And dw (ghmetr heo:bN 4 with the Go the fht A wamtn -s Etwfuil) *ixcxl cif said era' mvertR Ut fee wilple_ that the tirAr"m km Rtx«i right and lawfai atthurit� sv sr11 are) oivuxty cad real IwItetty that thr t;rfmn'u hc`rtt full %Involts the title to v4W real rmpertT anti wrff defend Ilw samr against the lawral Cta its cif a(I p.rxs o whcatsum +tt. a0A that sail real FrrTem is free of erctsmbm"t, mert uastt b"ming iub�tr=xm to Lkx.cttrta 31. '011 alai %liblert rte eaxc-nrnts cmWatorm trstrtctttvra. ;r.�crsatto:c;. Irsnatatitres seal aftst^r,ttettrs of rrcard. ii ar *c In Witaeas WbercvE ek said t.etaarat ho, »,1. -rot+„ uaf +:rind these prew", 3tx 9ny AM )cat fttst a&>— wrdlen ,Srcrn�«t r�c1L -.i xnJ d,•Fh.:°+rrl yr ; >�+ N'axm,:r a'„rr :, timr.ac n. t ac,.A 1 w tiroer� �Sw txa L1e.. ST Alt, f 1110141DA t't >l'N`IY OF OR A 1 14 IV arty xptda : ti ! .rts Sat , A -att r7 u *t.t the fcvfx�pt€n1 irRSr wmrA was " N-Itrr rK inia :° di, ut NfmOt 2013 by Fariqua 7xptds srsl Mclixa Zepeda a{fc fans rix-O 'ed Fl,vltla Omen Ltcercrors as i&rInfaat> r WfA.3'1 Pt *iA si ira ut iLitalm „y Etc s Rat" � a E91419s3 l�tplra JiiF.15,21d5 aaeer hYiz`tae4t�ig1_Ptc c� lee # •N- ''mt- ....au t 1 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 �. 914 4 8 9 4 0e 6 rs § 1 1 4 100 a IQ 24 ISO �! 26 �. �.; A is �aoa 251 0 13 4F ills IN LEE ST S&I W4 1 fH . + g �: 3 i 1 f 5 4` ' �2 ,/ pp +r 2 17 170 13 -184 Parcels 103 & 703 APPRAISAL OF PARCEL NOS 103 & 703 THE IVY DUPLEX PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 52 g Andensan- 3 v U Sale ss Rd o. J " Flewelling Ave � Q z a 10592/214 Q Mobile Ln Apricot Dr II ( �. .Oakwood Ln S St I�i- Center St �n 'C d N S ® Ce Circle 7 a der S mco W 0 W Silver Star Rill E Silver St 438 - E Silver St L ,_ 43a Franklin St t - Franxltn St S' Ocoee l Y e Cove Ds a ' Starke Lake �) t s arden \ U) o C Subject t c, Lakaoym�a + LIE Oak St Bay St E 23 4 a �� � -_, Enterpris T St � - -� �- . Rd � — nl_ c i� o sill 1 Capitol Ct A 3J ° -�_ 3 Story Rd o i+ r Ocoee l N (J 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 Oftawdo, " nus r0. 'Jrrf,zj to V irluvzc "fli 717i, n!l.'J�" p it F"'. 13.Z(,,4 pvcr" Irt u I 8 21 23 lliIQO-piuz j ))'ARRAN I V DFIrn ONDWIDUAI I 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 $C OC Ua era {) -jays I oi­lpn alie' Otar Count v L Not T* S Mq t 1 41- A AKRi`iN . )l ULLD, dat-I ) 16. :1) 1 � fi Jorge tliclaturrt, a married min, aIto�x twit t.tf`, j,j 1 1914 stuicki rerrAce ♦mW Garden, P L 34781 h "em , 'itlet C4 It C 6RANUM, to Region Garcia, a married man, "jxxic p051 0!3�Cc 2- P)tb*9 ( Ircit, Ocncv, Ft. 34 here ll,if`," LlLIICd (!!c (;RAN 1'r— micf Fercir "u- trruit 'Gratuir 3.1d t rrtnsee halt lr II! in-rxnry .10 tilt W ' d a "R ! " and the A I T S%F 1*11 71 al lk 0LAN'l I. YR le and to cvvfs;dcIaja,- I ;ti,).kd �C-ein .1 a! 'y6c, turn tvr&a; "I cu,, velmics. ckove- at, Out ccrw�, land it w c Wito the GILk-NIH ano X , ti xk I S epar SUM 'u' gin as PC fi: tltc-'eat, " "Cc' -;lc at P Bulib t , Vd�t 122, Ptih$k It i lc " I'M 01 5"' feet W Al AN,vt IM, — 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 "Y pit:mmevfsl � aftj M;x)1lhkMn% 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 D IN T Eflr E-SeNCLO-- III[ "S ti 4M 3. Gordon I A 71 or FLOR COI 'N I Y 14 OR A M, i- a tll tit Was squitd and %LkjjiAwIcdyed bvf;-.TC jr qj, day tit ju'ri 7+711 jiKo kno to -T - ir vrocu'f-� t jorge D�ClAkx:c tk) 1 rt ;,t�vn i ~' fk�tlov Isf,J!, iii rdail 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 =A g 5 Big E MAPLE ST W MAPLE ST -5 152 �45 - 7 70 70 2 2 1 r. 151 020123 NO 3 70 70 m 140 152 120 6 ------ R 3 I S2 25 ie 140 X 153 A 1 154 %A1 Kq1I I I: Q ( ZT 13-184 Parcels 103 & 703 APPRAISAL OF PARCEL NOS 103 & 703 THE IVY DUPLEX PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 56 r., pica 1 1 7M ? ',t; 137 as M1t;; +fg Cry t r "tip" r , : , :.r•,c;r 5a ti '4 T .b" sR.er w"7 ar Po Subject �. 0 r. t�-10 1t I * ,. IS Sale as T 4 �, 10450/2334 i n ti41 52 k v '4 t ti ;:- ,t � s;7 o t` rx E YJ3I C 17 y{ x g44 13 -184 Parcels 103 & 703 APPRAISAL OF PARCEL NOS 103 & 703 THE IVY DUPLEX PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 57 S h,jvnc Apargaaa, Putcd i II IFO-) NsotimINI "._t Z:- X'?A4 -4M *Q GraDICV1.) S of 31 I 1 e ri n:w 1202Is This Wxrnaty I1ety! �ladr the 2�t6 da+ .+15rptnahrr. Z @►:. by lI1C 1lAk 1. I FMOS. X M kRKIFI) 11'14SON 701 III�ASKO, A %IARRIE.1) Pl RSt)h. , Farr' Irtrlt a h� hcatalttr calicd thK rais4t wlxa�clx =stulkaxuddar"s 1` rt h. is • a t �' ? y ' Ti 7 -k w4 t to AKV'ILS CI ST0%I 110MVS, IN( k- t—j— 't''ttk: *'Wm" ;, 166'URRA NVVN4r01001. SUI TI, 200. ORI ANIK), 1`fttridr 1.'!)LS. hctctcxatt t cr1€avS t�s grr t.r WIIWssf III that said ^ j,q. k ata'. w 6,m, dk XAM aaf thr vatr a: S ➢I ' I'l I1) � Ilex6'ars art.f carps y d +,ei -c, i +*mtdrruair..s, rMcrpt when,f 6 hrre� .1.m:wk td. hertw tram, Wrytin" ! afrrni_ mnlw'. r �. rrrx�^tp; grad 4,wifma, tamr tW paalae asl ilwt «rtaga tea t.twrr art OrsnjL,, t v,A?sv 16TVrar .r. I Of : Vt,W, A'11) 4f -s 'I a 41 i'i A I.At 0KI)ING It PLAT, (IR bl.MI M; Xt f it at Kf t -Ott o!.N vi HA Kit, 1 _'Atj b401 nil 1113t)t "H. O f Nl'Y.IV,40PA f U�t rrruFc.;:� ua etz I,.w3ert t u7 ibc t� a ,..3 ♦✓ '� 1'1M MICA ti ul 1 €a 'a xarxrke. aca. xwamaa an + g.r-o .e.a - - � . fk. *, ., f. C sea.. .« a • *• a a3Rx +..=.,,.w:r Ta iia.r "" 11-W th< kb in, C'�t r fxeret, t. +s s.ux. euA sa h.a t<^rt taa # r ^.aNc.f fr E4R, �,., [ 4 1 la< .M; :ha r- "f ha« r.-N! "gto miJ !aef.,.. '9 —J .«.c, 1-1, t:,,ra tj. t uava f�--1 !alh —Fa.,... rte< .tk * a!+ dsf nL ttu .". +k—a kc IcnfA — t . of aft In )r;..vu«s rx. ,uaf 4" WJ — r 1— /!� ;aa,. uwnotal ..ls*x3;ux - at +e- 1 &)t =:ulr scxx. ur?ekx. ae�.e�� Marc_. RL •an:rrreni> t :u.+1 : xr •. i—x F fL Yt„�.F lr>.waa �f � as rw <am.. 'i „xn m•�+.w +. w ei >L .0 e+wd�: a�a' _ u r xis t �+. „nve +wM .w: ., la ti'itaets NlcrenG !. +aere..r du, ;cs�xeA, scx rrar:a. , ivS.+r.t , ,t 4'x A.a,a a<.. i 13 -184 Parcels 103 & 703 pOCrt Yit7R0Ya5M tN'!! C i2' OfIL/1M52 i2 4T 11 p' F." 1 st 3 k.t xa t: hrttr. fcaras ha FM' { t! 01 hx�G NH Rla ks flat t. Ill e.fti\4. lttStl"4�1. i1♦ AA&t,. IN rt h+t +luttt.srl r QA— f� So to p 1 CH d.AHPt ♦. 1 Iw4W UTS' lniwtllb Cs [a■ !/� N n..alrr. St.aF 11 Fta.l�+a O ttaynta, taapt.altar fi�,a 'nmuaarr l"tiYf++*>f QtFarM fV Rrytpit t utu.) , g. MIFUM4Ifl Lt. Htilltl'4.t (titr.tll. tt3 ( Gyy(yyn/m4 ib ll t'tt T,l t%l llith.i f Stt.a •AtR li� U c�76Jt f6tYWMc, tAvnru WWW��� ruu:alrse U`fllat+l!"� .4 . tedr gis:ptl0e l , h,jvnc Apargaaa, Putcd i II IFO-) NsotimINI "._t Z:- X'?A4 -4M *Q GraDICV1.) S of 31 I 1 e ri n:w 1202Is This Wxrnaty I1ety! �ladr the 2�t6 da+ .+15rptnahrr. Z @►:. by lI1C 1lAk 1. I FMOS. X M kRKIFI) 11'14SON 701 III�ASKO, A %IARRIE.1) Pl RSt)h. , Farr' Irtrlt a h� hcatalttr calicd thK rais4t wlxa�clx =stulkaxuddar"s 1` rt h. is • a t �' ? y ' Ti 7 -k w4 t to AKV'ILS CI ST0%I 110MVS, IN( k- t—j— 't''ttk: *'Wm" ;, 166'URRA NVVN4r01001. SUI TI, 200. ORI ANIK), 1`fttridr 1.'!)LS. hctctcxatt t cr1€avS t�s grr t.r WIIWssf III that said ^ j,q. k ata'. w 6,m, dk XAM aaf thr vatr a: S ➢I ' I'l I1) � Ilex6'ars art.f carps y d +,ei -c, i +*mtdrruair..s, rMcrpt when,f 6 hrre� .1.m:wk td. hertw tram, Wrytin" ! afrrni_ mnlw'. r �. rrrx�^tp; grad 4,wifma, tamr tW paalae asl ilwt «rtaga tea t.twrr art OrsnjL,, t v,A?sv 16TVrar .r. I Of : Vt,W, A'11) 4f -s 'I a 41 i'i A I.At 0KI)ING It PLAT, (IR bl.MI M; Xt f it at Kf t -Ott o!.N vi HA Kit, 1 _'Atj b401 nil 1113t)t "H. O f Nl'Y.IV,40PA f U�t rrruFc.;:� ua etz I,.w3ert t u7 ibc t� a ,..3 ♦✓ '� 1'1M MICA ti ul 1 €a 'a xarxrke. aca. xwamaa an + g.r-o .e.a - - � . fk. *, ., f. C sea.. .« a • *• a a3Rx +..=.,,.w:r Ta iia.r "" 11-W th< kb in, C'�t r fxeret, t. +s s.ux. euA sa h.a t<^rt taa # r ^.aNc.f fr E4R, �,., [ 4 1 la< .M; :ha r- "f ha« r.-N! "gto miJ !aef.,.. '9 —J .«.c, 1-1, t:,,ra tj. t uava f�--1 !alh —Fa.,... rte< .tk * a!+ dsf nL ttu .". +k—a kc IcnfA — t . of aft In )r;..vu«s rx. ,uaf 4" WJ — r 1— /!� ;aa,. uwnotal ..ls*x3;ux - at +e- 1 &)t =:ulr scxx. ur?ekx. ae�.e�� Marc_. RL •an:rrreni> t :u.+1 : xr •. i—x F fL Yt„�.F lr>.waa �f � as rw <am.. 'i „xn m•�+.w +. w ei >L .0 e+wd�: a�a' _ u r xis t �+. „nve +wM .w: ., la ti'itaets NlcrenG !. +aere..r du, ;cs�xeA, scx rrar:a. , ivS.+r.t , ,t 4'x A.a,a a<.. i 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 �rl Z r STjiml. wawJ mA sk aw rcd in , s pw xi— — h Utted Nww 14mmu I ficev MAUL LEMOS W SWIAWC --� I — )/ I /;� flnismi Namw S I Al E L* fLORMA COUNIN 01- Ofunp the k4tww4 wrunicut wat xkNuvviekvd befivt mc IN., I 4it di) Q" lscptelrlxcf - "W, M .1 MIC110 1-1 MOS. A MA"Ift) PCHSON AM BLASKO. A MARRIED PERSON W110 4%M v PtrumWiv kno-n w fmr (w wfu) ha%%avc ptt*1ukxd d6v%.v fictitw(s) as idewficawn M) Couuniserr FWICN, i 8 Tr . uty Souil Nuativi 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 W X e ° Q J Z �a 4 Z U r TRACT C 180 4 I' PAGE 60 m 4� 36? a "x, I 361 �E E 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 r�srPt�w '"+t t sprta! r,rgry Pa � J r O3 :c 1~ 41L Ai z tPf h f1wk xY. , .. 0 *0eft ua e1. Sale * 10526/6189 +- P4� s� ` i,Aa a 1 � :w. �•:rr., #:Fits r � F�� sarc 13 -184 Parcels 103 & 703 rare; :4,Ce 94aNr 4h y Subject u u Y Draw ntwnr � g g !akMv fk n a a ;. Dt " s so L•= CatDra: C »» I - r rs hvM+ , , 4m s s,, rar t. +t; is T . � n .. , n�� '� i awed: ".try ` `if € rpytd S! e eta VWThr w G. t tllki la "v t tTt 0 *0eft ua e1. Sale * 10526/6189 +- P4� s� ` i,Aa a 1 � :w. �•:rr., #:Fits r � F�� sarc 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 Floral St Lafayette S�S� Ohio Si E co N Lan I Delaware St Ocoee E Lakeshore ��a t Dr Subject 1 7th St 9' Q Ha OrrandD Ave { Sn Hormigas St 92 1 v v Bernadine Dr N a Butterfly Creek a D '1 Sabinal St m VU Geneva St , \N U) Geneva St E a 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 + f i # ) r i it, # t __3 ^ 4 w• A Lj Kit a k ��rad NYC � .. �. "j7 •�.""'..t . i 3 7 g # a} R y 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 30 13 -184 Parcels 104, 704, & 704A x j � i .aLL r cis E . 13 -184 Parcels 104, 704, & 704A x j � i .aLL 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 Sa r . F y K I t P , i q a o++ i w S t � r ¢ 1K i r t Y rc 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. i t� �L G �., _ s e txx t' 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. i r a s k 7 a4 F 0z x 4 N Lr 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 �p " � a P� +. pr9r* '.r k, � ►w has l:.r pf � a -t sa{z:rz -V a ri Ati. co - fnswzrr C,S ara .aZ�ra Y� a t s.n# iv ° =§ to cY '. ¢'dz` ::. x' _ ro' ;cfa 4 yr ? as n. M+Y f � laana" isq k I �. sx � 4 t `s axa X ... vy CM d^ F1� 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 .�..,.�,......�..�. Af .. ., .�.....,.,.....,...�,.,�. .......,,.._. ! l" �K> [ +GIs' hill' _ 'till) _`( 1 Nola 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 $1.15 Comments VERIFICATION Date Verified 8/12/2013 Verified By Heather Lynn Haas Verified With Juan Maldonado - Buyer Contact Information 845 - 483 -7225 13 -184 Parcels 104, 704, & 704A APPRAISAL OF PARCEL NOS. 104, 704, & 704A THE IVY RESIDENCE PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 48 23 too L w L A . 25i LEE ST �--- « -�-� -_ .�. 20 8 12 093 ass 2! 8 4 6 5 A 3 Q 7 8 4 .1w 0 U. , 5 CO R Z 7 13 -184 Parcels 104, 704, & 704A APPRAISAL OF PARCEL NOS 104, 704, & 704A THE IVY RESIDENCE PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 49 ITI Anderson s �o Pt CA Spring Lake M Rd Sale z take.n4oxie ° Flevvelling Ave -- iss s; a 2 10550/910 Q -' Apricot Dr m a Mobite Ln Oakwood 6n t< Circle � Center St �: ,. " r r c t m £e der `Sf 'l ' Frankttn St Ocoee �� e COW Dr St _ Starke Lake @ S GM$Y p warden 429.' N V3 Subject Lake Olympia Oak St Bay St E f ° 439, 1 m St za ". r,�4 !f Enterprise - St - m' Orlando Ave White Rd m a' 11��+ Jj � � U ft Capitol Ct m p Geneva St E Story Rd Ocoee Cemetery ar m: 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 Err C. RaWAardf, Fog Rp"ny�f* $1141 0 f1 1 318 Stwt du A Dillard Street Saito 1211 OOIf Qitt Coo, or l44nur Gnrden. FY 34111' l�ya ►1S�TYUr fa N liar �Ro.i�N,aM+jl. �trRtl� Panel ID Not. . Iii- 22- 2$- �14G -iM8'1 t � !'*:� plC C IRmmv mI mm ml) This Warrant's Deed Sia:h: tfm :' 3a> W ?hare A P '011 to Feriyno TxpM& and 1+11etnta Z"w4m, hwbv- f joultoife fhrrcanaftcr Caftrx! fix "firer =Lk "! k taut mahk+rtadn..1 tPjrrw1 mitm u!oiar pm otTwc x4dmx is 1 Row" Rsnxf P ghkc ptay. Nit 12fit4y ilimmana cooDod the "(iraelec "l ,V.1asx-.a u.rJ Arns Sec >axnr tenaaes ast taearxce ne..ic N1 ear F+tx.,. t .,h- a_. .e.n . ,.� e i , xl4tur as ,nxt a.uy C« Gf ial,. Aim h .4 W w:.¢.0 " esKll;: :e er Ce >.p,rr!­ I %itnroiiooh. that the (aarttsx for am! rr cxw+alc5ma /xxt of it,, cruet of 46tt(A) we sutra valudbk crrsrsdtxatxrsz.. the rccrllsi and IUINrrrn) A ohKh 0 b(TOM o1Ckr,0 -k WJ, SMV* great -, tt gX1r9%. stlix . alxnt, remiov-. rrlcAxz c`mve)e aai ceeni'trats uetto tsAmor.:aff of t;rnntr,r_t rittl ttY3r and zntrrru to that rertzin ma! Mtrwirt, wuate it Cl an_x Coast`, Fl w'..7 Itv Fast X11 fist of I I JM tht LAI " feel of 1 n8 7 1%og N rth 01 tkFts4 "iworwa R.>.xi of 91 RFN KF61 CR S SI- RDIVIS10'S'. scawda.n tv the Phu format as rrccrdci ter Plat lkw* :k x Prim t It 1f the Pubix Rccc *d• r,1 thaw Cowii. t l.rrufa SAM PKUPFRTit IS Ntrl FNF H(}f1. %tl1,0 C}t THE' 6RANJOR SAID PROM KIN I5 MAM, CONVE IED AT T14FRFQIISTC)I Tiff GRANIOR AND Ttit GRANIUL %% MI NO I 111 StAR( "H EXAhtthlAfiCtN oR fNSt RAN,, t RAVINt; €il l N Rf QI FSit 1) 0K PROVIVEV Together wv'i Al ah; wfletnrnrs A redttx rm s^rl iMmrimamrr, thcrelo toe wgtrt a 1n aii}ana ar#xrtavoro; T. "a,I and If, N the sa^1te in tze %,MP t tot -'rr And +,c (.raN,r hvdhe toanrarre Arh itte €,mitre 1 a floe 1 hen €Ot A xizcJ of .led real pf'vetr. tit tee i*tp.pic sitar the C"sralvt.x KAI ff%06 "Sht ALM larwfal a11`%Mlt} 10 grit anti lxrtsev WA teal recgxrte, drat the t;rmtcv Pc tl i hstlf9 where m Hrc mic to %AA rea? rry 'fl! and will tk+ilml the coin€ Ap. my the Ltuffd clarets rl all peer+ , Rt4 ns n ar*i that m,I eat rr9perto m free of enewrhi utcrc. ctccrt tatr+ accxving rubaeg :,a= l W Ektirrr.hee .f 'it[ t AM sufforr w, ea ew*laaxts, fe'tr3}etuuts. fc`�rrsal friwarI'm, Xhl at,""'itcr`to of rr('ard. 1t ar• s In V/'ir>teaa %'Ante 0': s'! Caaot'< its "ll A..J sraaci chew presence lt. Ja) Aid tear Ilrv� Af i.+e wrei to w ^arc�.�w�.w e +w, ars�rea nt'tg xpeda I'i F wet feat ?v! t wrx Szy 0.,a1 , 1. <K r l ilzl +i SIAIt- of FI f MtttA t rrlNIv or (1RANt,I- Iftc fceoV mrrumcra %t it ackooxfrd"'j lkkerc rx tFia "" Jac .f Aim;,t,, It!7 S' Fnttgae repc,da "Ateft" zrptvla %1!" Fast prnJeaed FW0.4I)riscn 1 €entice' ac.J t n[icatts "TAlt K ikik 37 a t W IFLU1t1iM Lt1l tr+ irws s EH181133 f ,,, t wr r m Etpiroa im.IS.2813 Air h,tc rot, <,x 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 52 814 6 ;? ti l ►» .' n �.. LEE ST x _. s 12 » 10 �t � �► ar a 1t1.li � .. 2 y , e_ 6 5 , 9 17 1 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 ¢' Mobile Ln - , Apricot Dr „ Oakwood Ln � Circle efifer St , Ce d a n m EerVe aaa _ A wSlIvat -SLw Erankhn qt c i_ Starke lake Rf i arden qZg` @ N Grass � tT! Subject Lakeorympia Oak S't, bay St E q_ag (Cf COs St 23 lt�4 J' Enter r se St P — Orlando Ave g' m White Rd Cr Zs f f Capitol ct m o m Story Rd y Geneva St E �` o it Y Ocoee Cemetery ,m I O 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. 7 01 A As*try Park Cl- Ste 402 () Ft. M35 tr,,Acr.W w vir Musur r i s Fite 'itrzicf 13-204 PWT� IT) 111-2- 28 7 9W4)50 5 ' WAkRA*%I'V DFFD fINDIVIT)VAIJ PAGE 54 DOC III 20130336606 8: 110411112 P; 0214 Q& Z. 1201 ^ 3 3 AM r*gt! I of 4, Deed "etc T 3. $1 MIrlGagr 7XW Tev $450' i Tax SC 0,', -layf-we Oust,ge Conly F L #icl ic su�t4lLiL �, Til,t A AKRLAN , � DUD, doled Jjnc 7 7 41 3 by Jorge Minturre, a married M 3111 , 'Ah I 4 addrr,% i5 1014 Stutki 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 IS2 25 '5z 25 <5 *7 70 70 2 1t 151 2 z 77 40 152 120 we 152 2S 7 ffi �'' = r 153',' �19� 152.25 .'x 1 54 �t ti *11112,25 so W26 11 � �' -• � B oa � 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 ' L a r m AA ' #n as �a r , M Subje It. t.41R*s St L fllwvil a Sale 10450/2334 St sm n SN to tt 5t :r t` 16M A4; 17M Awt t}tllt4 �t Oro 31t+a4 tea€ Rd 494 . p�M6 �a+A�.i�wiNQ t7f t;rc�i#t a ;it ,tee. -•,- 13 -184 Parcels 104, 704, & 704A APPRAISAL OF PARCEL NOS 104, 704, & 704A THE IVY RESIDENCE PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT k-uu . hen I,^— V: MA itO IL lift E i lc n1Urw., I"w1AI M N1 at#ttt 1..111 f w I s 1 #1!.1,14 W ", I4�w. f t"V }4N'(1- dR1iM°.IR 1'fifWn) 1111#:1'1 I rnaaa efN ptIA4 toll MllLlfk'�t, t Ck1tYiN. 11 t 446'A11 r MAN 111A1d t_ i 1 t J %%I% It x G,1Mbth, rheAw 3t"[° i. a m<e.atr w..e`.cse lu tSz^ hrl)atx eS.larixnw wntxaacs w m tale of +uf—V Z4 4 2A02IU2 E I"" F 3234 l�ttl'm •2 4T 1) P" ►H+ t of 2 91.4 tine lea Sm I. 0911 Arlan fen to tM 11rr`iNM � a t4.rtynrt 9 Mt7n'.te, tenRt•elin ;pe. tlwi { 1 } 1 $ [A t I 1 tt 2 j )f h jp t jj t�f��lfr Dili 1��� Fitivnr Apptvw1 Par"I 11) IFo4 -i) Nufabcrosl 2.1- 22- 2'- ti'2- IMDU_49 (1iftlfltGV4 1) S S:VOI I ik° `Y>awzi:021t Tlri3 Warrnaiy Deed ' A& the 2'7tb dA% of Sepioutwr. 1011, h} 1#11CHAE k. t EMOS, A 41A KO D - ••� 1 URSON Jtll 111 ASK0, •A MARRIED NE It.` ON, , Al taalr" persom twtvinifter ,allot) tl, grsruur . wlaltirptxtuttcratkkre. a ;l'te -)k.r 1 c = k 7 ,,,' —^ 1a3 AK1.ItS rCbTC)N #1C)!►IES. t4�c„ 1.t„ k,,, «l r r�� „ tI� TFRRA �iA.Yl t cx)Y. � — surrt 209.ORI A \1K). Florida 3:1014, twmtuno v41kS tlw gr w „/ 1 . {� l L/ WIINI:,Sk U1 k)fst saui t rams kr it'd m »uaudmjl,m at the i.ie S;t'obi ur Ikd;:us .0 '41m *41wic,- ctx uf+tx3eiir. , rttci)ti whac"t m hemtrl uAjw% 1gCA hen#, IyApj; halvatrm utlt, 3lirnt.. teutix^s. mkir gm.it's WW rxtfmtfs terra tht p. Awsr. n-1 dux roam t" ueu;.te .n 1)rsu'. t:'c redw, I lilt : kA1'.A'<0MA tai` tLfi " %Etfil }t`iGt +?t`l..Afk7 ,4L1i'7)h:Itut itKkCitkFtttittNPi9i IsCt(Ni 1 =. PAto-k. n4 4�I` Tlik ht,llt iC Rt.C•C}Rkts tk`= t`1i0 CUt`': rl . tL�NtShA Ile F.,V. t, x1.1 dsr 1a.rr� cwt of dre 1 afat.x- �. YUt MICIF 1)t aS) die rrm;nw•sp. }.vrd #err =�qa an.l a xe u-r»wx ra.;n. b - I rC * - ..x= n ,a x .12-'� +.� -ry I. Itn nri 1. II , ettr• *.tea u: xc = k k e+rf And M, !':t±t r 11mb au*tysC 11.121 ­j fl w., dw 13c L "• att r xl > 4 1 _. €'k I- kx Px w ngto mrtd Innlut ,wlle 1, k, s'11 +rW ".a ..rat ta..t, C.� U. I1 x+ldttr E rt • 141, ikr : .1k §. ­'t '.tli 4&.4 U. ,r ,, ,isasa Aq W.W . ymr .d as r-ur ah,'"4ro W4 0 s+ ±.w11 kw+S 1 1 ¢c .*._ .,l 2rawitSe sz.a. ; ., A t ul ­M9 1al9Ctje l ,a 1,01[ 1011 n r ,L-Asl, rzl 111+as arat ras.^ttmlxa to N1,41 :d rn• .`i &:Irr+�1. 'ywxrltx+ .nJ MasVV M*?:a.�1�'.'.+�..mrar.a•r,t; x14 aH.z*..Yir "x aN..,.Wn...,1':r .sa ...aeau�..:M.aa° le Wt6ltie tilersnl, t„nec a Sus K.etr. w� W rtu,t.+ .Fps." ,.,-J _d G. 3s1 rn3 rear sans -M. 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 , 't . �Irl m SqUa �'tt3tC°ti �ti«kiKC � � �L L.{. 4.t...`' '`+3 �� thutscd N;uuc fatttrcn 1ra� y f I'Twed Nam S"I Al E C* F LORIDA Cot i sl'y 01 (h 1 ,11CIIAE1, LOW$ the tLqcgouw wamlacni wai aYkrrw5ckl td Wivc "w fhci - dj j! 'wiltol'i-.1 "112, M 5 1104ALI LUMUS. A MAkRIE PCHSON JOE BLASKO, A MARRIED PLILsoN wfui m purvaWis LrAtwu up w w wfw has.%Avc piAxJkwcd thiwr kA" o s) Ai hi) CununivikNi f Trac" immy A ff zt%3 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 $2.39 Comments VERIFICATION Date Verified 8/12/2013 Verified By Heather Lynn Haas Verified With Sidney Tse, Realtor Contact Information tse2909 aol.com 13 -184 Parcels 104, 704, & 704A APPRAISAL OF PARCEL Nos. 104, 704,& 704A THE Ivy RESIDENCE PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 61 0 Z < TRACT C 8 2 80 81 ' 00 !i , - 11 13-184 Parcels 104, 704, & 704A 8 2 LLJ 0 Z < TRACT C 8 2 80 81 ' 00 !i , - 11 13-184 Parcels 104, 704, & 704A APPRAISAL OF PARCEL NOS. 104 704, & 704A THE IVY RESIDENCE PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 61 ors Q �S°� 1 TRACT C f - Ft . w 13 -184 Parcels 104, 704, & 704A APPRAISAL OF PARCEL NOS 104, 704, & 704A THE IVY RESIDENCE PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 62 €m4,. -* St + tprl t P r3 67 a rr 41 s LAW M 10526/6189 *°! 436 s "v: T Subject &&+:#+:°!fir (IYik.°, "81R CL vv co C a s+ Lot �camtNt#ta � rya 14,�1+Y f Pdvbgrty tto Rd 13 -184 Parcels 104, 704, & 704A 3 Sale M 10526/6189 s "v: In 4 &&+:#+:°!fir (IYik.°, "81R 13 -184 Parcels 104, 704, & 704A APPRAISAL OF PARCEL NOS. 104, 704, & 704A THE IVY RESIDENCE PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 63 Wo "IntN" 6: 1452$ 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 Floral St Lafayette t s �� �+ En 6 Ohio St E rr' N Lan f i Ocoee s- Dr Delaware Sf 1 E Lakeshore Oy �Dm J ,7th St , Subject � ° .I 439 ° o Ha A Ottando Ave Hormigas St T 1 j v c v m m D Bernadino Dr 0 D m � Butterfly Creek o ro � 'Sabina! rt St do g vU Geneva St ,. ,. Geneva St E Q 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 Aft k M Stw P4 2 tlleQt1 5t E s ro Subject Sales 1 & 2 Nut q A 1 W {a ape £4 E �Ntp w4u AIA 'eT »t& .� s bt" Ca e'.` t C s s tar a <9 sit r 4" f� rx FX zr }da+++s SY Sale 3a" .,r �,. tArrd ".iPe zaece.. Tae Nv. Wa'_.Q,l 0' bp " fit ' ,r cr khJ ' ` >«, , 3ret k Sale 4 E R_ S kalsr=er Rd A k stow t*e Rd 6. + Alt— 3 4 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 c e �.. it 6 f: } P } . 9 4 F v � R t r 13 -184 Parcels 105 & 705 APPRAISAL OF PARCEL NOS 105 & 705 THE BRALAND PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 28 AZ .. rr F, 4k A V Ira � q x � r 13 -184 Parcels 105 & 705 APPRAISAL OF PARCEL NOS 105 & 705 THE BRALAND PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 29 r �e Wt H41 t r � = •�� a �� � . ,, e e �Jw 3 m f , fit AL n , n •, ns i i t i f s rag_ 3 13 -184 Parcels 105 & 705 APPRAISAL OF PARCEL NOS. 105 & 705 THE BRALAND PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 30 F t .4"S Ri d - 4--77 w , w `°3 jf r �e - ' E i¥ 4 t � L M ..jl 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. A Av- A, A 7!:_N Vk: 4 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. k z4 1 1 1 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 ta�e+ z:'.s# A ,i 4 � .. k�py:.{.1ip��.4 'yyt y«. � qf�' x intr tW v ~ f i1 -, y4- .`:. : s vase w +'+ .: u:,+.s .:: fa fii +., .YSY .k e t F •q t � >m - ; F mn le x u r S34 2 a � �,laCai"en � Rb.y Y1+vxrt 4ef 6 tMn 4ry �a o 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. k OIL. 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. +;JW xJ.h?L K.lis 11r�N . 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 �t�MalM11f r As-rye ” %S - $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- - - - '' JNio!.0 JO!L'JS 2�5iC 3q re aq r *� •¢ ; ^!• JG ;Y`it x, • IS,.!• 44 "1214 irrtJ Jq 70. 20 X13 r4 a'R - 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 �.f w ..y r,.a.. toft— ,mrr '"wN tittt ttt rt.ttiW,4111tYA,1.i 1< ri t:,l Vi 4,1 YtNt.tl, att n R ! t u t.AAW ,.t krW. H1'fi' tla ;aaealaen Pr <tr�,1 st "MN I111A tt(It.L1L 0411 It .t iar'AtSt 1 ,t>r).t t.,! t. t N t G.stttrtl4, t k"'4" )4)t" s uac sstn —.W4 a tlX tulis46zr.,M .>. u...YSwc: 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 OOR ff tna+n�tMts t��. fr M 71►*•1N 0 Steyr' !f N t4rtNe 0 Mttyntr, CatMt +.iler u t Ttnx OKC AU • t it 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 ,w wfa) 6vluivc jwWwrA diiv� twmvc(s 1,6 i&rA&ca!wP Ni) Coullux— t'lpije' PL f i rv�, Trury l 11 to 7.41v I'Ltth� Wj�EE% TRACEY 0 EF 71%4! 3r, 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 's _8 2 W Q ills z 0 - 2 Q 9 TRACT C ^' lip ps } 1aa " � a 100 so ,e 13 -184 Parcels 105 & 705 APPRAISAL OF PARCEL NOS 105 & 705 THE BRALAND PROPERTY PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 60 Frdittss 5v 'St C rpttat� srptt Rd Jp Stkf* 4 Nftk c. d n r '� sda�trrro3r� rid irtcif+� Waa +sty'+.;. Rt � Sale 10526/6189 6 �' or ex cc r htcrt Jc = Rd £ 3 t< ±is _ *OthB fid Gay ri�raaaae. iW1rWf .....^ o� �. {t1} � Tt�� _ YHkC___• .:. ffi i � : v » � t i'7nt.. v,_ C Nftk c. d n r '� sda�trrro3r� rid irtcif+� Waa +sty'+.;. Rt � Sale 10526/6189 w �' htcrt Jc = Rd £ 3 t< ±is _ *OthB fid Gay ri�raaaae. 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