HomeMy WebLinkAboutItem #04 Approval of Bluford Avenue Drainage Project Purchase Agreement - Ivy PropertyI I kz Y 4-W 0 ore
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AGENDA ITEM COVER SHEET
Meeting Date: August 5, 2014
Item #
Reviewed By:
Contact Name: Stephen C. Krug Department Director:
Contact Number: 6002 City Manager:
Subject: Bluford Avenue Drainage Project Purchase Agreement — Ivy Pr erty. Commissioner
Johnson, District 3.
Background Summary:
The City Commission approved the acquisition of right of way required for the Bluford Avenue
Stormwater Project at the November 19, 2013 meeting, authorizing the Attorney to make the statutorily
required pre- condemnation offer letters at the appraised values and then proceed to eminent domain.
Mrs. Mary Lee Ivy, owns two properties two properties along the affected roadway. One property,
Parcels 103 & 703, is a rental property and the other, Parcels 104, 704 & 704A, is her personal
residence. Mrs. Ivy is represented by her son, Edwin Ivy, who is a local attorney. After protracted
negotiations, Mrs. Ivy has agreed to convey all the parcels to the City of the total sum of $16,000.00,
inclusive of any claim for attorney's fees and costs.
Public Works recommends the Commission approve the attached Purchase Agreement in order to
continue the property acquisition phase of the project. This is the fourth of five acquisitions required for
the project. The property acquisition is adequately funded in the project budget.
Issue:
Request the City Commission approve right of way purchase agreement for the Ivy parcels required to
construct the Bluford Avenue Stormwater project from Columbus Street to 7 Street.
Recommendations:
Recommend approval of the Purchase Agreement for the Ivy parcels, nos. 103, 703, 104, 704 & 704A,
at the negotiated value of $16,000.00, authorize the Mayor to execute the Agreement and to authorize
Staff to take all further action necessary to close the purchase.
Attachments:
Doty Solik Law Memorandum, July 21, 2014, Bluford Ave. Improvement Project.
Purchase Agreement — Ivy property, Parcels 103 & 703.
Purchase Agreement — Ivy property, Parcels 104, 704 & 704A.
Appraisal — Ivy property, Parcels 103 & 703.
Appraisal — Ivy property, Parcels 104, 704 & 704A.
Financial Impact:
The property acquisition is adequately funded in the Stormwater Division budget for the project.
Type of Item: (please mark with an z')
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
Reviewed by Finance Dept.
Reviewed by ( )
N/A
N/A
N/A
0
•
Mary Doty Solik, Esq. 407 - 367 -7868
121 S. Orange Ave., STE 1500 msolik @dotysoliklaw.com
Orlando, FL 32801
MEMORANDUM
TO: The Honorable Mayor & Commissioners of the City of Ocoee
FROM: Mary D. Solik, Esq.
Special Counsel
DATE: July 21, 2014
RE: Bluford Avenue Stormwater & Utility Improvement Project
Pursuant to City Commission direction, offer letters to purchase the necessary right -of -way
for the referenced project were sent to the 5 affected property owners in late November 2013. We
have received signed Purchase Agreements from Mrs. Mary Lee Ivy. Mrs. Ivy owns two properties
along the affected roadway. One property is her personal residence and the other is a rental
property. The City's appraisals for the properties to be acquired are as follows:
Parcels 103, 703 $7,014.00
(Rental Property)
Parcels 104, 704, and 704A
(Residence) 743.00
Total $7,757.00
Mrs. Ivy made an initial counteroffer for Parcels 103 and 104 (the fee simple right -of -way
needed for the project) in the amount of $24,972.00. She also requested that we offer
"reasonable rent" for Parcels 704, 704A and 703. These parcels are temporary construction
easements necessary to complete the project. The City had appraised these easements and the
appraised value had been included in the initial offer to Mrs. Ivy. Mrs. Ivy is represented by her
son, Edwin Ivy, who is a local attorney. After protracted negotiations Mrs. Ivy has agreed to convey
all the parcels to the City for the total sum of $16,000, inclusive of any claim for attorney's fees
and costs. After this number was agreed upon, the Ivys directed that the global purchase price be
allocated between the two properties as follows:.
Parcels 103, 703 $7,014.00
Parcels 104, 704, and 704A $8.986.00
Total $16,000.00
RECOMMENDATION
It is respectfully recommended that the City Commission approve the attached Purchase
Agreemenst and authorize the Mayor to execute the Agreements and to authorize Staff to take all
further action necessary to close the purchases.
cc: Steve Krug, Public Works Director
Scott Cookson, City Attorney
PURCHASE AGREEMENT
This Purchase Agreement (the "Agreement ") is made and entered into this
day of _ 2014 by and between Mary Lee Griffin Ivy, whose address is 1710
Springdale Road. Orlando_ FL 32804 (hereinafter referred to as the "Seller "). and the
CITY OF OCOEE, a Florida municipal corporation, whose address is 150 North
Lakeshore Drive, Ocoee, Florida 32761 (hereinafter referred to as the "City ").
W'ITNESSETH:
WHEREAS, the Seller is the owner of fee simple title to certain real property
located in Orange County, Florida, as more particularly described in Exhibit "A" (the
"Property ), and attached hereto and by this reference made a part hereof; and
WHEREAS, the City is a Florida municipal corporation which is authorized to
exercise condemnation powers pursuant to Chapter 166, Florida Statutes; and
WHEREAS, the City is constructing the Bluford Avenue Stormwater and Utility
Improvement Project ('the "Project") and in connection therewith needs to acquire from
the Seller title to the Property for storntwater, utility, and roadway purposes; and
WHEREAS, the City has advised Seller that if the City and the Seller do not
enter into an agreement for the purchase and sale of the Property that the City intends to
use its power of eminent domain to condemn its required interest in the Property; and
WHEREAS, Seller, under threat of condemnation, has agreed to sell the Property
to the City, and the City has agreed to purchase the Property, together with any and all
improvements, structures, llxtUreS and appurtenances thereto on the terns and conditions
stated below.
NOW, THEREFORE, in consideration of the promises and other good and
valuable considerations exchanged bemeen the parties hereto, the receipt and sufficiency
of evhich is hereby acknowledged, the parties hereto agree as follows:
1. Recitals The above recitals are true and correct and are incorporated
herein by reference.
2. The Purchase - The Property Seller, under threat of condemnation,
agrees to sell and the City agrees to purchase, for the purchase price and on the terms and
conditions herein set forth, the Property, together with all tenements, hereditaments,
improvements, structures. fixtures, trees. shrubbery, roads and easements. appertaining
thereto and all of the Seller's right, title, and interest therein. 1 - he Seller shall convey to
the City marketable. fee simple title to the Property by special "varranty deed free and
clear of all liens, mortgages and encumbrances, except for restrictions, reservations and
easements of record, if any. 'I lie instrument of conveyance shall transfer all of Seller's
interest in and to all improvements. fixtures. easements, trees, shrubbery, rights -of -way.
tenements and appurtenances belonging or appertaining to the Property, including
without limitation of the foregoing. all right. title and interest of Seller in and to any land
I� ing in the bed of any street. alley, road or avenue (before or after vacation thereof, and
"nether previously abandoned or yacatcd or hereafter abandoned or vacated
1. Purchase Price The Purchase Price for the Property shall be SEVEN
THOUSAND FOURTEEN AND NO /100 DOLLARS (57,014.00) (the - Purchase
Price - ). The parties hereto acknowledge and agree that the Purchase Pricc: (a)
constitutes full compensation to the Seller for the value of the Property and the resultant
damage, if any, to the remainder of the lairds adjacent thereto owned by the Seller; (b)
2
includes full compensation to the Seller for all trees, shrubbery and other improvements
on the Property, all of which may be removed by the City in connection with the Project;
and (c) includes compensation and reimbursement to the Seller for all costs and expenses
incurred or to be incurred incident to this Agreement and the closing hereof, including
but not limited to attorneys' fees and appraisal fees.
4. Closing Costs; Tax Proration The City shall pay all closing costs
associated with this Agreement, including all recording fees and documentary stamp
taxes relating to or resulting from the transfer of title to the City of the Property. Real
property taxes in connection with the conveyance of the Property shall be prorated as of
the day of the acceptance of the conveyance by the City and the prorated amount shall be
paid by the Seller and shall be escrowed in accordance with the provisions of Section
196?95, Florida Statutes.
i. Maintenance of Access Throughout the Project, the City will maintain
for Seller's benefit access to the adjacent lands owned by the Seller as of the date hereof
(the "Parent Tract'); provided, however, that the Seller acknowledges that there may be
temporary periods during which access to the Parent Tract may be temporarily rerouted
due to construction activities associated with the Project.
6, Closing Closing of title for the Property shall take place at the offices of
Scott Cookson, City Attorney, Shuffield, Lowman & Wilson. P.A., 1000 Legion Place,
Suite 1700, Orlando, Florida on or before October 30, 2014. The City's legal counsel
shall be responsible for the preparation of all closing documents. at the City's expense.
7. Additional Documentation In connection with the conveyance of the
Property the Seller shall execute such closing documents as may reasonably be required
3
by the City, including but not limited to a standard form no -lien affidavit, a non - foreign
certification, and a closing statement.
8. Use of Propert Prior to Closing from the date hereof through the date
of acquisition of the Property, the City through its consultants. contractors and
employees. Nvill be and are hereby authorized to enter upon the Property for the purposes
of having scientific investigation, surveying and the taking of soil borings in connection
with the Project. Any boring holes made by the City shall be promptly filled and packed
to the surrounding earth level by the City.
9. Further Documentation The parties agree that at anytime following a
request therefor by the other party, each shall execute and deliver to the other party such
further documents and instruments, in form and substance reasonably necessary to
confirm andior effectuate the obligations of either party hereunder and the consummation
of the transactions contemplated hereby. The provisions of this paragraph shall survive
the closing.
10. Specific Performance Both the Citv and the Seller shall have the right to
enforce the terms and conditions of this Agreement by an action for specific performance.
11. Time of Essence Time is of the essence for this Agreement and in the
performance of all conditions, covenants, requirements, obligations and warranties to be
performed or satisfied by the parties hereto.
12 Agreement; Amendment This Agreement constitutes the entire
agreement between the parties, and supersedes all previous discussions, understandings
and agreements, tivith respect to the subject matter hereof. Amendments to and waivers
M
of the provisions of this Agreement shall be made by the parties only in writing by formal
amendment.
13. Applicable Law This Agreement shall be construed and interpreted in
accordance with the laws of the State of Florida.
14. Disclosure of Beneficial Interest Contemporaneous with the execution
of this Agreement, Seller shall deliver to the City a public disclosure of its beneficial
o which shall comply with the requirements set forth in Section 286?3. Florida
Statutes. This Agreement constitutes a written notice from the City to Seller requesting
the foregoing disclosure and informing Seller that such disclosure must be made under
oath, subject to the penalties prescribed for perjury.
15. Successors and Assigns phis Agreement shall he binding upon and inure
to the benefit of the parties hereto. their respective legal representatives, successors, heirs
and assigns.
16. Negotiated Price to be Without Preiudice The purchase price specified
herein was negotiated by the parties on the basis of a total price for the Property and shall
be without prejudice to any party, and inadmissable in any condemnation proceedings
which might hereinafter be brought if this transaction is not closed for any reason
whatsoever.
17. Time for Acceptance The Seller is irrevocably executing this
Agreement prior to approval by the City; provided, however, that in the event the City
does not approve and execute this Agreement on or before August 29. 2014, then the
Seller's execution hereof shall be automatically terminated and the City shall
immediately return to the Seller the executed originals hereof.
5
18. Effective Date. The 1 Date of this Agreement shall be the date
that it is executed by the City and such (late shall be inserted on the front page of this
Agreement.
IN NuTNESS WHEREOF, the parties hereto have duly executed this
Agreement, to become effective as of the date and year first above written.
Sieved. scaled and delivered
,IN tile pfesencc of:�
A
SELLER:
MARY �,EE GRIFFINAVY
Signed. sealed and delivered
in the presence of.
CITY:
CITY OF OCOEE, a Florida municipal
corporation
Bv:
S. Scott Vandergrift
Mavor
Attest:
Beth Eikenberry
City Clerk
[AfflX SEAL]
Executed on: , 2014
6
I use and reliance only by the City of
Ocoee. Florida. Approved as to form and
legality this day of
2014.
I3v:
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING
HELD ON ,
2014 UNDER AGENDA ITEM NO.
Citv AttomeN
SCHEDULE "A"
PAPCE _ 103 EXHIBIT "A"
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PURCHASE AGREEMENT
This Purchase Agreement (the "Agreement ") is made and entered into this
day of' _____ 2014 by and between Mary Lee Ivy. whose address is 530 S.
Bluford Ave., Ocoee, FL 34761 (hereinafter referred to as the "Seller'). and the CITY
OF OCOEE, a Florida municipal corporation, whose address is 150 North Lakeshore
Drive, Ocoee, Florida 32761 (hereinafter referred to as the - City"),
NN'ITNESSETH:
WHEREAS, the Seller is the owner of tec simple tide to certain real properly
located in Orange County. Florida, as more particularly described in Exhibit "A" (the
"Property "). and attached hereto and by this reference made a part hereof. and
181JEREAS, the Cit} is a Florida municipal corporation which is authorized to
exercise condemnation powers pursuant to Chapter 166, Florida Statutes; and
WHEREAS, the Cite is constructing the Bluford Avenue Stormwater and utility
Improvement Project (the "Project') and in connection therewith needs to acquire from
the Seller title to the Property for stor. i�Nater, utility, and roadway purposes; and
WHEREAS, the City has advised Seller that if the City and the Seller do not
enter into an agreement for the purchase and sale of the Property that the City intends to
use its power of eminent domain to condemn its required interest in the Property; and
WHEREAS, Seller, under threat of condemnation, has agreed to sell the Property
to the City, and the City has agreed to purchase the Property, together with any and all
improvements. structures, fixtures and appurtenances thereto on the terns and conditions
stated below.
NOW, THEREFORE, in consideration of the promises and other good and
valuable considerations exchanged between the parties hereto. the receipt and sufficiency
of is hereby acknowledged, the parties hereto agree as follo'�ys:
1. Recitals The above recitals are true and correct and are incorporated
herein by reference.
The Purchase — The Property Seller. under threat of condemnation,
agrees to sell and the City agrees to purchase, for the purchase price and on the terms and
conditions herein set forth, the Property, together with all tenements, hereditaments,
improvements, structures, fixtures, trees, shrubbery, roads and easements, appertaining
thereto and all of the Seller's right, title, and interest therein. The Seller Shall conyev to
the City marketable, fee simple title to the Property by special warranty (feed free and
clear of all liens. mortgages and encumbrances, except for restrictions, reservations arid
casements of record, if any. ] instrument of conveyance shall transfer all of Seller's
interest in and to all improvements, fixtures. casements. trees, shrubbery. rights -of - way,
tenements and appurtenances belonging or appertaining to the Property, including
without limitation of the foregoing. all right, title and interest of Seller in and to any land
lying in the bed of anv street, aliev, mad or avenue (before or after vacation thereof, and
kyhether previously abandoned or vacated or hereafter abandoned or vacated
3. Purchase Price The Purchase Price for the Property shall be EIGHT
THOUSAND ;VINE HUNDRED EIGHTY SIN AND NO /100 DOLLARS ($8,986.00)
(the "Purchase Price "). The parties hereto acknowledge and agree that the Purchase
Price: (a) constitutes full compensation to the Seller for the value of the Property and the
resultant damage, if any, to the remainder of the lands adjacent thereto otimed by the
2
Seller; (b) includes full compensation to the Seller for all trees, shrubbery and other
improvements on the Property. all of which may be removed by the Citv in connection
with the Project: and (c) includes compensation and reimbursement to the Seller for all
costs and expenses incurred or to be incurred incident to this Agreement and the closing
hereof. including but not limited to attorneys' fees and appraisal fees.
4. Closing Costs; Tax Proration The City shall pay all closing costs
associated with this Agreement. including all recording fees and documentary stamp
taxes relating to or resulting from the transfer of title to the City of the Property. Real
property taxes in connection with the conveyance of the Property shall be prorated as of
the day of the acceptance of the cony eyance by the City and the prorated amount shall be
paid by the Seller and shall be escrowed in accordance vyith the provisions of Section
196.29j, Florida Statutes.
�. Maintenance of Access Throughout the Project, the City will maintain
for Seller's benefit access to the adjacent lands owned be the Seller as of the date hereof
(the "Parent Tract`); provided, however, that the Seller acknowledges that there may be
temporary periods during which access to the Parent Tract may be temporarily rerouted
due to construction activities associated with the Project.
6. Closing Closing of title for the Property shall take place at the offices of
Scott Cookson, City Attorney, Sheffield. Lowman & Wilson. P.A., 1400 Legion Place,
Suite 1700, Orlando, Florida on or before October 30. 2014. The City's legal counsel
shall be responsible for the preparation of all closing documents, at the City's expense.
7. Additional Documentation In connection with the conveyance of the
Property the Seller shall execute such closing documents as may reasonably be required
I
by the City, including but not limited to a standard form no -lien affidavit, a non - foreign
certification, and a closine statement.
8. Use of Property Prior to Closing From the date hereof through the date
of acquisition of the Property, the City through its consultants. contractors and
employees, will be and are hereby authorized to enter upon the Property for the purposes
of having scientific investigation, surveying and the taking of soil borings in connection
with the Project. Any boring holes made by the City shall be promptly filled and packed
to the surrounding earth level by the City.
9. Further Documentation The parties agree that at anytime following a
request therefor by the other party, each shall execute and deliver to the other party such
further documents and instruments, in form and substance reasonably necessary to
confirm and/or effectuate the obligations of either party hereunder and the consummation
of the transactions contemplated hereby. The provisions of this paragraph shall survive
the closmm.
10. Specific Performance Both the City and the Seller shall have the right to
enforce the terms and conditions of this Agreement by an action for specific performance.
11. Time of Essence Time is of the essence for this Agreement and in the
performance of all conditions, covenants. requirements, obligations and warranties to be
performed or satisfied by the parties hereto.
12. Agreement; Amendment This agreement constitutes the entire
agreement between the parties, and supersedes all previous discussions, understandings
and agreements, with respect to the subject matter hereof'. Amendments to and waivers
4
of the provisions of this Agreement shall be made by the parties only in writing by formal
amendment.
13. Applicable Latin This Agreement shall be construed and interpreted in
accordance with the laws of the State of Florida.
14. Disclosure of Beneficial Interest Contemporaneous vyith the execution
of this Agreement. Seller shall deliver to the City a public disclosure of its beneficial
owztership which shall comply with the requirements set forth in Section 286.23, Florida
Statutes. 'This Agreement constitutes a written notice from the City to Seller requesting
the foregoing disclosure and informing Seller that such disclosure must be made under
oath, subject to the penalties prescribed for perjury.
15. Successors and Assi phis Agreement shall be binding upon and inure
to the benefit of the parties hereto. their respective legal representatives, successors. heirs
and assi -
16. Negotiated Price to be Without Prejudice The purchase price specified
herein was negotiated bN the parties on the basis of a total price for the Property and shall
be without prejudice to any party, and inadmissable in any condemnation proceedings
which might hereinafter be brought if this transaction is not closed for any reason
whatsoever.
17. Time for Acceptance The Seller is irrevocably executing this
Agreement prior to approval by the City; provided, however, that in the event the City
does not approve and execute this Agreement on or before August 29. 2014, then the.
Seller's execution hereof shall be automatically terminated and the City shall
immediately return to the Seller the executed originals hereof.
5
18. Effective Date. "I he Effectiv Date of this Agreement shall be the date
that it is executed by the City and such date shall be inserted on the front page of this
Agreement.
IN NNITNESS WHEREOF. the parties hereto have duly executed this
Agreement, to become effective as of the date and year first above written.
Signed. scaled and delivered
n the presence of:
SELLER:
�7
MARY LSE IVY
Sieved, sealed and delivered
in the presence of.
C 1 - 1 , Y:
CITY OF' OCOEE, a Florida municipal
corporation
13y:
S. Scott Vandergrift
Mayor
Attest:
Beth Eikenberry
City Clerk
[AFFIX SEAL]
Executed on:
2
For use and reliance only by the City of
Ocoee, Florida. Approved as to form and
legality this __ day of
2014.
Bv:
Name:
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING
HELD ON ,
2014 TINDER AGENDA ITEM NO.
Cite Attorney
SCHEDULE "A"
PARCEL 104
f- RPQSE R'GH7 OF WAY
n
. ..._ Jf 3' . K 4, Fpw ^. of J.JCC i.cr plc. .1Crec'l ..._G'.ie:. i'.
„,n J', rL_. �euc�ts JrUOgg COOr1f�. �t�r�dc berm m „ru pvr,.�uoriy 1 ;�ribeu' us fo=lcw5
e 1h6 Sgu'nwest CC n07` of Lot 34, , Towr pf OCoeC per rj'at tRr: :_rent re�OrCec .r
E3e : . ”; ges 1!00 through 101, hul.;'ic Rc: ords cf Orcnge Cour>ty, Florida; tnencc N X 31'I i"' 'v'i
9.34 feet aiong tt;e Ecst right o! w -cy : -ne Of BiufOrd Agar ue os wrr C sa.d
rice 0
S 26'46' E a d %Stance of 18 38'; thence 5 v0 CU OU' ik o a s?a ^re of 2.97 feel r_
the .,art, .r,gr,t o` way ;, of Lost Orlando Aver,ue s' on sc,d pi0�: hence
T„ W ,. stance o` 1 7 22 feet ciong said N3rth r :qr,t o` x '. c the ibex ^.t of
a Jc sgcare fee', Aare o less.
EXHIBIT "A"
i toF('
S URVEYORS REPORT
?ea' n^ shown hereon ore Dosed or, t' East ,ghf of way I,.ne of 6iuford Avenue ", Plot cf the Io «r of Ocoee, Pict
Boa. - A*. paces 100 through 101, Puolic reco of Oronge Gourty, Florida briny N 00'.57' ? 7" w assumed.
'ns "S.atch ;,:r _ ^escr cs performed - ithout be -eLt of e Tt�c scorch_ A -,tic scu ch r av reveal odddUorc
%mpt :gn a'tectirg he Parcel cs snowr+
here y certify thot tlm SketE t' or [ e sc.�.l +on ;;f he ,o��. de5�r Ue properly ce d _arrec tv the pest
w eoge end u_I ef cs recently draw un„er m d e. ,o and that I meets ,. e lechn;.ol Stendcrds for ..
;c} -. nq CH 5J- 17.050 -.052 requirements.
BA. • I w I to
FOR
CITY OF OCOEE
Late
01;18%'2013 KR
Job t.a. � um �
56560 1 C -40
Cnaptcr SJ- 17 050. -.052 Florida
AC m..�.wV O;:.e Ccaa reyv; a vwl u
.egci c :esu�, Gan ern «.r „� Geo� the
notet�on teat
THIS IS NOT A SURVEY.
N UT - JALiC V'i.',t - T OUT jti-
CERTFtCATiCw vUVBER L82108 WC 5656CO'9
S6UTHel4TERA 9URqYi7 \
AND YAPPING CORPORATION
6500 All American 11-1-4
Q�,tes�Q4�1 ore J:81)� M+
'L/ A,�07'29Y� . - [ .es(a0729 tat
smell Info ou eee LerrvQr t c
SHEET I OF 2
SEE S'ii "i'T 2 FOF SKE1tv'H
LAND SURVEYOR
SKETCH OF DFSCr\,r-
PARCEL 1 04 - 41 ()- I WAY
EXHIBIT "A"
f e, � . f (.
Qa
M
4
0i I lr-W, RECORDS BOOK J576. PAGE 969
S 70'26'46" E.
7
�f` PARCEL 104
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T 34, BLOCK 4
)WN OF OCOEE
K "A" PAf-C inn
— NORrH R!GHT OF WAY LINE
EAST ORLANDO AVENUE
T OF • WA, 60 O� R;GW OF WAY PER PLAT BOOK - A - PAGES IDG-Tal
7 22'
POINT OF BEGINNING
SA CORNER OF LOF j4. HtC)CV 4, 706N ()i OCOU PER
PLAT 13001e, 'A". PACES 1 00- 1 0 1 , PUO,C RECORDS OF
ORANGE COUNTY, FLORDA
SriEI
THIS 1S NOT A .r.LMV,
4 0
GRAPHIC SCALE
0 20 40 80
SOUTHEASTERN SURVEYING
AND MAPPING CORPORATION
6500 All American Boulevard
Orlando, Florida 32810 -4 350
(407)292 - 85130 f&X(407)292 DIAJ
Certification Number LB-2108
oTftall mo*3-,th—t—rur-ymg cote
:5
a.
SCHEL)i 'L F "A"
PARHL 7()4
EXHIBIT "A"
LA pety. 3 - f G
:", t s (: r . p , , u i :
Pc
of Lot 34, Biec , own c,` Ocoee ver p.'ct tr ccordod n Plr;� Elook "A", , gc I ' "
"g, 0 P e c u d S o C r (i n g e County, Picr:d Otiriq MC-C E;JJtiLUlUf;Y L:es, ribpO ce WN)Ws
of the SoOthcst corner cf Lo, 34, 9 4, Town of )cues Per ;)Icr tillcrcc reco
Pages fhrc-q , 10 :-'U- c Records c! Ora g<, (:, thence
dislc-'e of 9 S4 feet ciong the ast right of j/ �, tt ; D;u A✓c, c_, sl
SC 1 -,ot tc tne rant of Beginning. thence c ontinue IN 0037'17" c ci,stc -ce of 1 0.65 feet tc
'11. . S E c distance of 29 1 1'; thence S 00 W c of 9.9 fee to
-- rth of wcy hne of 1 0
t he No right Fos f Aver 05 Srlo- on 52 1
? t-" 1 Nor , (7 h f po--,
Y' 4 c distcncc of 10 CO fee! � 5(,n
c d:sfcncc of 2 - 9 foct, ti c-iz:c N /0"26'46" '4 o t
&e; r
- 1 2 c r e f e e rr o c r ; in , s
SURVEYORS REPORT
hereon Ole "reo on the Fast , l;W of . e cf i3l,to A,er:uc per p f 1 1, T of :Jcoee' F,;!
tioc. rages 100 101, Pubhc 'C-o'd5 o Crc,ge Ccunty Hu'iJo he;nq 1 4 OU'3 'A ass,-cd
Nos T te 7itlf n ce i J ; nL
c' Descr,p,ion performed w thc,� tcnof� of a sco,cn A sc,,rc, 0 2
offczt,,g the po-ce! as Show"
e'ecy certify thct the "Sketch o f cesc"Ption of the ct,--,e described property is true of'o co"ect to 1'�e nes! Q -y
��e M--,,, S!,jqda �c, �
-owreCje and beFef as recent drawn irder my d,rec Q,,d that t m eets
CH 5j-'7050- 052 r cc,rements
DESCRIPTION
FO R
CITY OF OCOEE
01/18/2013 KR
Job N�
56560 1 4 0'
C--;,I• ',- 17 05Z-- 0°2, Flo
AU,-r-t-Uve Ir.q" reS !°Ot .
• 19c! d—cr Pt on CIO- "; Ccc• the
lot 110' t"ct
N VAL:C' 7 -j Oj T f
C- NJIMBER L82108 Iff '-
AND MAPPING CORPORATION
0 500 All A.--,- WW—ld
07,292-8 0 f..( 407)29?.AI41
THIS IS NOT A SURVEY.
S HE E T I OF 2
SEE
yj[.ET 2 FOR SKETCH
NI-Immi k
K a j'(,H C) F 1 L: S 0 N
F1 70 CONSTRU"iON EASEMEN
LLJ
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LO 31, DL%JCM 4
TOWN OF OCOEE
PLAT BOOK 'A", PAGES 100-101
Z. `J NOR RIGH; OF ' NA'+ bNE
PARCEL 704 EAST ORLANDO AVENUE
(-'JC R CF WAY PCR FLAT 000 - A'. FA,Ez
89 W
10 OQ'
POINT OF COMMENCEMENT
SW CORNER W LOT 34, BLOCK 4, LOAN OF OCOEE PER
PLAT ODOW "A', PACES 100- ICI. PJGI RECORDS OF
,RA*4G- Co_%TY, V,OR!C4
-
5l,ELI I
N�
Nu 56, 5C
:e� 5"It �tsc
?,!;s tS "0 A SURVEY
4�'
GRAPHIC SCALE
0 20 40 80
SOUTHEASTERN SURVEYING
AND MAPPING CORPORATION
6500 All A.,--n R-1—rd
Florida 32810-4350
1 8580 f..(407)292 0141
CcrtAicat.ion NumLwr LB 2108
emall info4l9witheasternsurveying corn
SCHEDuLL ",
PARCEL 704A
E� HIBIT - A"
VK j< J; 0 F (,
of Lot 34, C 4. Town ct Cic, per Clot thereof rCCordC, - P . E3
- ,bi C � Re, Crjs of Grunce ccen be,nq m.nre port ,cufar des es folio's
of the Southwest corner of Lot 34. Block 4. Town of Ocoee per plot there-of recorded
of gook Pages 100 through ICT, Pubiic Records o f Urcnge County, Florida; tnence
7" W d!stancc of 44 CO feet rjhjng !r Cust r:qW, of way 1:nc of Avenue -c; -'r
at to the Point of Beginning, thence continue N 00*37'1 7" W o -1;stcnce of 35 21 feet t !-I,
corric of fonds described in Officio; Records Book 3576, Pogrs 973 through 9 Putdc
I q - ��jt , �- u
r g c C ounty, thence N 88'58'3?" - - o (Jistfjn of ]�', 4 - �� oic tne S .
, (I fj"to- 3686' to t':e of 'Iivq -1;- j
tun --,q 1 84 square feet more or less,
SJRVEYORS REPORT
-e�- lerec" are zosec the Cant 1�9Ft C' —oy I se cf Clwfo, A,e-w! per -
!CDI, r;,tJ,c Ic—lds a' CIcnge Ccilrtjr, Fle'do be -x 41 11' C'scr,cj
s r of Ctscr,p•o, was perfc. tenef.t of a T!c seo,v, A 'Itic seccs r-,c, reveei ardtjo"c
a tle I'afcv; as sno—
certify that the 'Sketch of rescnot.. of the cbove des,-bed property is tr one co•tec to t, test o f
CIC bel as recently drawn under my drect;on and that �t meets the Yrirn,, T 7e.hr,cal Yondcrds fr;r Lars
-e, - , -,- 5-- ' - 052 r equirements .
FOR
k '71TY OF OCOEE,
01/18 KR
56560 1"= 40'
VAL:;
I D MT•,G H 2,
NiMSEP L82108 1 w 55 6002'
Chapter 5j 17 CjSO- 052, r1—d.
C..e -Q-- that e
descriptor', va.—, te., the
l ot t W
0� 11
THIS is NOT A SURVEY.
SHEET I OF 2
SEE S,iHT 2 FOR SKEIC�-i
AND MAPPING CORPORATION
"SOO 611 r U-1--d
l 0 71 202- -
1"" 11d4 321!10 -4350
Ifs Into ou ceelerrutirwAlM.
4741
T
SKEI 01 DESCRi,
PAR 7C4A
7; -VPU ^'Aql R jCT;o 1,1 EASEVZ—Nj
SW CDRNEP OF LANDS DFSCR!Pt D 'J'
Rf!'GRCS J300K 3576 PAGES 973 -974. PUBLIC
RECORDS OF ORANGE COuNFY, ;10R!!,A
ZQ S
Y ,
z
—J
02
0
z
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z
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m
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1 0.45'
PARCEL 704A
EXHIBIT "A"
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V SCO?H L!NF. 0f LANDS ;N C)fPC;A,
kf(:(,R[)S ROOK 3576, PAC, S 974, FUHLIC
LOT 34, BLOCK 4
TOWN OF OCOEE
36 86' PLAT BOOK "A", PAGES 100-101
TEMPDRARY
CONSTRUCTION
EASEMENT
PAR(:tj
17-22-
MARY LEE IV`!
oif,-A. RLCORDS (300K 3t),'6, P 'A,
i 969
NORTH PG,IT CF WAY L'-%E
LAZ) I UtILMINUU AVENUE
60oo RGJiT OF WAY PER PLAT BOOK - A - , PAGES 100-1,-
POINT OF COMMENCEMENT
S* CORNER OF 1 ,0 7 34. HLOCK 4. TOWN 0i Occ,E Pty
PLA BOOK - A'. PAGES !CC 'Gi. F ILJC PFCORL)s G
OrrANGE CO'JN7f, FLOR)CA
H15 1'--) NO! A SU
craw rig NG Sb56O021 1" - 43
- cz %0 GRAPHIC SCALC
C' 2
1 f- D,sv 20 4 0 8 0
SOUTHEASTERN SURVEYING
AND MAPPING CORPORATION
6500 All Amencon Boulevard
Orlando. Florida 32810-4360
(407 )292 8580 fa .(407)Z92 0141
C-tif—tI.n Number LB 2108
cnl.fl C.'m
APPRAISAL OF:
PARCEL Nos. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PREPARED FOR:
CITY OF OCOEE
CIO 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
1 60 1 EAST AMELIA STREET
ORLANDO, FLORIDA 32803
(407) 895 -6650
DANIEL R. DERANGO, MAI, CCIM
CERT GEN RZ 1054
13 -184 Parcels 104, 704, & 704A
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 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
TICE
Land Value
$318
$264
$161
$743
Improvements
$0
$0
$0
$0
Damages to Remainder
$0
$0
$0
$0
Cost to Cure Net
$0
1 $0
$0
$0
Total Value of Acquisition
1 $318
1 $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 • FAX (407) 898 -8467 • MAIL @DERANGOBEST.coM
TABLE OF CONTENTS
CERTIFICATE OF VALUE PARCEL 104 ....................................................................... ..............................1
CERTIFICATE OF VALUE PARCEL 704 ....................................................................... ..............................3
CERTIFICATE OF VALUE PARCEL 704A .................................................................... ..............................5
CONDITIONS AND CONTINGENCIES .......................................................................... ..............................7
SPECIALASSUMPTIONS ............................................................................................. ............................... 7
EXECUTIVESUMMARY ................................................................................................ ..............................8
PROPERTYPHOTOGRAPHS ...................................................................................... .............................10
INTRODUCTION ............................................................................................................ .............................12
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
PROPERTYINSPECTION ............................................................................................. .............................14
PROPERTY DESCRIPTION BEFORE THE TAKING ................................................... .............................15
SITEDESCRIPTION ....................................................................................................
............................... 15
LOCATION .....................................................................................................................
.............................15
SITE DESCRIPTION (PARENT TRACT) ....................................................................
............................... 15
TOPOGRAPHY & DRAINAGE .....................................................................................
............................... 16
ASSESSMENTSAND TAXES .......................................................................................
.............................18
ZONING, LAND USE PLANNING, CONCURRENCY ...................................................
.............................19
DESCRIPTION OF IMPROVEMENTS ..........................................................................
.............................20
HIGHESTAND BEST USE ............................................................................................ .............................21
VALUATION METHODOLOGY ..................................................................................... .............................22
LANDVALUATION ........................................................................................................ .............................22
ANALYSIS & CONCLUSIONS ....................................................................................... .............................26
PROJECTDESCRIPTION ............................................................................................. .............................27
DESCRIPTION OF THE ACQUISITION ........................................................................ .............................28
PARCEL104 .................................................................................................................. .............................28
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 .............................................. .............................33
APPRAISAL OF REMAINDER ...................................................................................... .............................34
APPRAISALPROBLEM ................................................................................................. .............................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 .................... ...............................
35
35
35
35
36
36
37
38
38
38
39
39
ADDENDUM .................................................................................................................. .............................40
NEIGHBORHOOD OVERVIEW ..................................................................................... .............................41
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
certify to the best of my knowledge and belief, that:
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 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
certify to the best of my knowledge and belief, that:
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 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:
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 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 PAGE 8
EXECUTIVE SUMMARY
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: 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
PARENT TRACT SIZE
(BEFORE CONDITION): 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): R -1AA, Single Family Dwelling, City of Ocoee
FUTURE LAND USE
DESIGNATION
(BEFORE CONDITION)
HIGHEST AND BEST USE
(BEFORE CONDITION):
ACQUISITION OVERVIEW:
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
1 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
Dama es 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 10
PROPERTY PHOTOGRAPHS
13 -184 Parcels 104, 704, & 704A
VIEWS OF THE TAKING AREAS
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 11
VIEWS OF TAKING AREAS
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 12
INTRODUCTION
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PURPOSE AND INTENDED USE OF APPRAISAL
The purpose of this appraisal is to estimate the market value of the unencumbered fee
simple interest in the parent tract, subject to the underlying assumptions and limiting
conditions previously mentioned. We have then estimated the value of the portion of
the property to be acquired for the described project. The appraisal refers to the value
of taking, the effect on market value of the taking, and the damages, if any, to the
remainder.
The intended use of this appraisal is for use in negotiations with the current property
owner for acquisition of a portion of land for right -of -way and a temporary construction
easement by the City of Ocoee. There are no other intended users or uses for our
appraisal.
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY
Since the area of Parcels 104, 704, and 704A were determined to have no impact on
the remainder property, we have prepared a summary appraisal of the property to
determine land value and any improvements in the takings for the parcels to be
acquired. The only approach deemed to apply was the Sales Comparison Approach in
estimating land value. A Sales Comparison Approach was used in establishing the
value of the underlying land for the partial taking based on the taking as part of the
whole, "as if vacant'.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 13
REPORT TYPE
This is a Summary Appraisal Report, which is intended to comply with the reporting
requirements set forth under Standards Rule 2 -2(b) of the Uniform Standards of
Professional Appraisal Practice for a Summary Appraisal Report.
PROPERTY INTEREST APPRAISED
• Parent Tract: Fee Simple Interest.
• Parcel 104: Fee Simple Interest.
• Parcel 704: Easement Interest.
• Parcel 704A: Easement Interest.
LEGAL DESCRIPTIONS
Parent Tract
Lots number, 32, 33, and 34, BLOCK 4, TOWN OF
OCOEE, according to the Plat thereof as
recorded at Plat Book A, Page 101, Public Records of
Orange County, Florida.
Source: Orange County Official Records Book 3576 Page 969.
Parcel 104 Right- of -Way
��. poriion O` LC, f, L:O 4 , 7 0 - Nn - JCOe,. Der plot tr eo` re00rde i 1 �''Icz D�cY "A" Pc-q s ICU"
ra
NCCOf ::f il';, �.O U'. ��:iryr.. r (U��.,
yBC;i^ o zne ::oU'l ,3 „ornef
O` -t ,j,S
1 ock 4, iue. c, )ccee tf;„reef 'eCCft,F.C, i.. Plot
,�,k ..A,. ��c; . 1U0 t rt
rte_,[...
nc� .,•u�, r n.cng�. ....,. �„ F� �r
_!.�, }Hr .:c rt' i;'.3 /' i i
:Ji rc ^.ce Of 9-34 feet cl, tl
,� rigl - ..±
tb c� ��ne Oi Ci
o .:fc -d Ave .,e
bra fat to C
as S�OWn On s:7 p
.,± thence S /i� , ��`J ��„ L C
c, stcnce of
i .�Cj thL'nce S Li L• .i l:'':)lP ,v
C J:ste' Of 2.91 feet ro
C ,Doi-, on tnc 1�ort�- r;ght cf
,iay line c,'
Ecs' �riandc Avenge cs „wr:
--n � sold plot; _ e ,Ce
._ �?9 16 i .3 . .Vi o disco ^Ce O`
. 2 feei o,onq
so :d �%or'n rlq V't cf 1V�' c .line
t-- the t LBq mnCrlq.
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
A porton 0 LCZ 4, 'nwn c�er plot tl��ereo` recc : r C JG - , DOG��
F [ r ,1: : 3 r r! F y,
e- 'j t".e 1 1 , � c x_ 'o" 4, 1 ?'JC K Z i O'N r I Oee L. e r p ! !71 i t ie r e o o, j eo
of n , no "o, A F
rii or I * (:y 1 , Blucorcj Avcn-c, ?,- ��n
37' 1 7" ',V '
qrl s'] --' plot to tine
0 � r e e f •
Dcl-',; thence S 7 C'2 6' C E c c!-,',cnce of 2�. thence S cr,'Cce' '!"C" ,-'V G d Ce o f feet to C
of wcy ��f (; 0-u v "ic Avcn,c
S X0 6) S W Q ' - 1 ;M 'ccl ol j sn:d lr,(;I:t
% 1 E o Vi=ta ._e o' 2.97 `eel; tnence %, 70'2u VV C 0 stcnce of 78. 8 feet to - -ne F`c-t
, )f Rf�g�nn*ng,
Source Sketch and Legal prepared by Southeastern Surveying.
Parcel 704A Temporary Construction Easement
p 0* LC• !",, E?ock 4, Town o' '-Iziee 2e plot tlereo' rerorjed 'r 11 ;lGZ Dcok "A", Pc �' 1 � 'Ll
r c h !)i:c r o Or ri e r ir' -, - e S I
-: nf ry -rc
at the SO, cc-�r- o j 3 2'ock 4 , lawn -, l` Occc rer plot there;
L:1 0i 30c. ",A r iC-r- thrc-cn P�,b, Recorcs of Cro-ce Cou ' d o ',
% c c:sfjnc,- cf 4 4.- , - leet cic—, the I ost Kqnt 0 wcy l C Zuforcl " cs Shc,
on so:d plot to the o' 6eg: - t` contin-:e N' 00 *J/ o dlznr�ce of J� 1 eet �.o tie SoutnNcs corncr o lc - �-E;cric�cc '"FiCi-st Rc.r-ords Book 357C�, �j7�� ' 97 r
<eco o ironqe ',c--nty, ' c-oc; mence N C c d o 7 l ee' oJ010 7 ne Sout" :
of sc:o onds tL C pOi~ t `-e -ce S Vi o distonce of -5E-tE' to the ol L?eo:hn:-q.
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.
is 71
67 `7 ♦ , `yes°- -r--- .`•"*„� t 'M �- *
I WT
...:... ;.; 1 m„�.•..�• -mac '�... ��►:'":/�✓a�"tes :..
. ! . �; • Subject
IM
• ILA • � t � - ,. ,ice. . M� +a° "ef"" ..,.. e
1 .w1,n. `0.
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
Milla a 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
Zonin
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 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:
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13 -184 Parcels 104, 704, & 704A
104, 704, & 704A
-f HE iv SA R ESIDENCE PROPER RD AVENUE PROJECT
THE I VY R BLUFO
PROJECT*- CITY OF OCOEE; —
COMP ARABLE LAND SALES
1
, County
Avenue and Orlando Avenue
Avenue
Subject At the northeast
At the northeast
At the northwest corner of Rewis
corner of Rewis Street and Lyman
corner of Bluford Street and Lyman Avenue
Ocoee, Orange
County
Ocoee, Orange
County
Juan Maldonado
Enrique Zepeda
,le Date
ale Price
er ms Of S ale
3ize
Size (SF) —
Utilities
r and Use signation aph�
pricelSF
COMA
Marketing
Conditions
Toms of Sale
Utilities
Size (AC)
1.99
86,652
Bluf rod Avenue &
Orlando Avenue
W ate
R _1AA, Ocoee
Low Density
Residential
:rally
Good
Good
Ocoee, Orange
County
Regino Garcia
Jorge Delatorre
Jul
$2 2,00 0
Cas to Seller
10
PAGE 23
4
3
Along the east side of
Along the west side Ed Ranch
of Main street Sout
Road south of Old
of Map le Street Winter Garden Road
Winter Garden,
Orange County
Akers
Homes, Inc.
Michael Le mos
Sep—'12
$31,50
cas
Orlando, Orange
Robert A. Zarate
Allen G. Liang
Few
$5,
Cash to Seller
105
0.50
Rectangulo
Edgewood Ranch
Main Street
Road
Good
Water I Septic
All Available
Oran9 e County
R -2, Winter Garden
A-1,
Rewis & Lym
All Available
R -1, Ocoee
Low Density
Residential
Generally level
Good
Good
$1.15
Sep-
Maw
Bluford Avenue &
Orland
Good
Good
Water
1.99
ontrgul *U— level
G
opography enerally
,, .,all Compariso
Subject
$23,00
Cash
10
Rewis & Lyman
AIIAII Available
R -1, Ocoee
Low Density
Residential
Similar
Sim
Somewhat Inferior
s imilar
S imilar
Somewhat
S maller
Similar
Similar
Inferior
Low Residential
Generally level
:r ally level
Good
Good
Good
Good
$3.21
$2.02
Similar
Low Density
Residential
Genera
Good
Good
13 -184 Parcels 104, 704, & 704A
Similar
Similar
Similar
Similar
Similar
Similar
Somewhat Inferior
Somewhat Superior
Somewhat Inferior
Similar
Similar
Similar
Similar
Similar
Similar
Similar
Superior
Somewhat Sup erior
Smaller ( )
Somewhat
Smaller ( -)
Smaller ()
Similar
Similar
Similar
Similar
Similar
Similar
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.
PROJECT ALIGNMENT
13 -184 Parcels 104, 704, & 704A
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PROJECT ALIGNMENT
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 28
DESCRIPTION OF THE ACQUISITION
PARCEL 104
Property sketches and construction drawings are as follows:
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704 & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 29
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 30
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704 & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 31
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 32
LAND WITHIN ACQUISITION
Parcel 104 consists of a 106± SF strip for a right -of -way for Bluford Avenue road
project. The taking is a slightly irregular piece at the southwest corner of the property.
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.
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.
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
x 34.971 x 34.971
$ 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
Dama es to Remainder
$0
$0
$0
$0
Cost to Cure Net
$0
$0
1 $0
1 $0
Total Value of Acquisition
$318
$264
1 $161
1 $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
NEIGHBORHOOD OVERVIEW
PAGE 41
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GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following:
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden - Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage however, growth
is currently stalled due to the weak economy.
13 -184 Parcels 104, 704, & 704A
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GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following:
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden - Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage however, growth
is currently stalled due to the weak economy.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 42
Access
State Road 50 (Colonial Drive) is a four -lane, east -west highway that runs across the
entire state of Florida, connecting the Gulf Coast on the west to the Atlantic Ocean on
the east.
Located south of State Road 50 is Florida's Turnpike (Ronald Reagan Highway). This
stretch of roadway runs north and south throughout Florida from Ocala down to Miami.
This road intersects Interstate 4 in the Orlando /Disney World area. Just south of the
appraised property, the Florida Turnpike also connects with the East -West Expressway,
which runs straight into the heart of Downtown Orlando.
The Western Beltway (State Road 429) is located west of the property. This toll road is
part of the larger beltway system that, when completed, will encircle the greater Orlando
area. The Western Beltway has exchanges with the Florida Turnpike and several
smaller roadways, and currently terminates at State Road 441 in Apopka.
Commercial Development
West Orange County is provided with
hospital care via the Health Central
Hospital, located just east and north of
Old Winter Garden Road on the south
side of West Colonial Drive (SR 50),
about a mile east of the appraised
property. This hospital contains 153
beds, 449 staff doctors, and 550 total
employees. Other features of the
hospital include women's, pediatrics and
obstetrics centers.
Also to the east is a Wal -Mart Supercenter and several small strip centers. This
commercial development is located between the appraised property and the Health
Central Hospital.
Newer commercial development in the area includes the West Oaks Mall and the
Winter Garden Village at Fowler Groves. The West Oaks Mall was constructed in 1996
and is located east of the property on State Road 50 in Ocoee. It is anchored by
Dillard's, Sears, Belk, JC Penney, and AMC Theatres, and contains 130 stores.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 43
Winter Garden Village at Fowler Groves is an open -air shopping plaza divided into
three sections: The Exchange, The Crossings, and The Grove. The center contains
nearly 1.2 million square feet of retail space, and over 80 restaurants and shops. The
center opened for business in late 2007. It is located along the east and west sides of
Daniels Road just north of State Road 429 (the Western Beltway), approximately three
miles southwest of the appraised property.
The West Orange Trail is a recreational trail that runs approximately 22 miles from the
Lake County line through Oakland, Winter Garden, and Apopka, and was built primarily
on old railroad spurs. Several bridges crossing over major highways have been built or
repurposed for the trail.
The appraised property is in the West Orange Commercial Center, a self- contained
industrial /commercial business park with approximately 18 lots. Most of these lots have
been developed over the last few years, with predominate uses for medical - related
businesses. This type of land development within West Orange Commercial Center is
fueled by the Health Central Hospital.
Beside the West Orange Commercial Center Development, the Ocoee Commerce Center
is also a major medical park located in proximity to the hospital. This development contains
14 lots, several of which have been developed.
The Central Business District of Orlando is located approximately ten miles east and the
Orlando International Airport is located approximately 16 miles southeast of the property.
To the west of the property is the proposed City Place at Maguire project which contains
frontage along Maguire Road. The City Place at Maguire is planned to provide a mix of
upscale retail, luxury residential, Class A offices, a business class hotel and an array of
restaurants.
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 44
Highlights of the project include a planned expansive open -air retail space, a 2 -acre
courtyard that will accommodate community events, and 16 -story condominium complexes.
Project Details:
• 90,000 SF of general retail shopping
• Two 6,000 SF spaces for Roof -Top dining locations
65,000 SF for a 5 -story hotel, including 131 rooms
• 49,000 SF of Class A office space
• 3,500 SF bank site
• 2,500 SF Pad for retail site
• Sixteen story luxury condominium, including 100 individual units and a 5 -story
parking garage with 400 spaces
• 2 acre courtyard with limited kiosks locations, designed for community events,
including art and music shows
• 594 parking spaces in a 7 -story parking garage
• Surface parking to include 117 spaces
The City of Ocoee has been working on a Community Redevelopment Area (CRA) plan for
the area around this project. Depending on what the City approves for the plan, the City
Place project may change. The project has essentially been on hold given the weak
economy. The City has yet to finalize CRA plans for the area.
REAL ESTATE MARKET
The market was weak for several years after the collapse of the housing market;
however, conditions have stabilized and in some areas seen modest improvement.
13 -184 Parcels 104, 704, & 704A
CONCEPT PLAN FOR CITY PLACE AT MAGUIRE
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 45
The following contains graphics and a discussion of the West Colonial retail market in
particular.
ONLAXLU) - M/tl rCA� 10
Ri. f.Ui `hitki l
WEST COLONIAL !MARKET
Historical Analysi All Cl asses
O WNwrN V �Ywrytne 1f �vxawtf
p i p
i
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
cow*
Pfi-
659 - --
- $260,900
600
$240,000
550
- 3220,000
$200,000
5W
450
$180,000
$160,000
COW* of
om Saks
Home ates
350
$1401000
per Q„vfer
390- - - -- - - -- - ------- ---- - -... - - - - - -- - - - -- - -
- $120,900
250 —
— $100,000
200 - - - - - -
$80,000
150 — -- - - - - - - - - - - - - - --
$60,000
100 - , - - - - _ _ _ __ . -- _. _ _.. ..- ----$40,000
k4edee Price
50- - - - - - - - - - - - - - - - -
- $20,080
0 .
$O
01 Q2 03 Q4 01 Q2 Q3 Q4 Q1 Q2 Q3 04 Q1 02 03 04 01 Q2 03 Q4 1Q1
2008 2009 2010 2011 2012
2013
„
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 1Q4.704.&704A
THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OFOCDEE;[BLUFORD AVENUE PROJECT PAGE46
According to @ recent report published by the University Of Central Florida (UCF)
Institute for Economic Competitiveness (dated July 2013), itiSexpected that payroll job
growth Ve8FOvepye@riS expected tO average 2.0% in 2013, 2.1% in 2014, and 2.5% in
2O15.|t will be the second quarter Of2O16 before payrolls recover tO their pre-recession
levels. Housing starts are expected to have average annual growth Of 31.496 during the
2013-2016 period.
The fOUOvvn0 chart from the report ehovvS the historic and projected Gross State
Flonda Real Gross State Pr(Auct
CONCLUSION
The |OOg term prognosis for the neighborhood is stable to positive. As previously OOted,
the real estate market is beginning to show signs of modest improvement. This trend is
expected tOcontinue.
13-184 Parcels 104, 704, & 704A
CONCLUSION
The |OOg term prognosis for the neighborhood is stable to positive. As previously OOted,
the real estate market is beginning to show signs of modest improvement. This trend is
expected tOcontinue.
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. 1O4.7O4,@^704A
THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OFOCOEE'BLUFORD AVENUE PROJECT
13-184 Parcels 104, 704, & 704A
6 i 114 73 100 p 24
1426 141 254
LEE ST
la
U.
5
C 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
PAGE 49
o e a1 0�
g iAnderson PI s is c S,wingLaxr
rn Sale 6skeblarie Flewelling Ave m
iss Rd o m m_ - —
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t m
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ll\
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704 & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
This Warrant-, Deed
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PAGE SO
13 -184 Parcels 104, 704, & 704A
w ror
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ttutr- arafler rub -id t1rc "tj"141.� r pl lean MaMlaftido. a tr-a"'ed ruvi, saber pest older ad drinks rs
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"r
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cras.Jmtxxr% . the receipt and uttrerene} of WhtcS es txTrbs aaLe"'Ied0j- 4cfc?" flail" bargaim, sells.
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0'M chain ray, ri'''fe sewtr in Gruen. f I xn1Y._ spy
Ik. Fsst W d fm of I.in A and ti`w Lmt fret o1 1 7 skip S Inh at tkncr•C teresma
RAM of RLflFV KFid rR'S Sl D1t153fIN. x, xdanc to ttw Pta! �+cra;t a= rccrvdcl to
Plat tl.wsk A, A Paee I IS mf the Publsc Rccatd, of Ihanim fount} kh.aldu
S.Afll YROYFRTF IS hc}3 FHF IiQ?MC611.4i> t }I TIC GRAN "It)R i-101) PROMRIY 1`i til
CU_tiWLYLLI AT THr. Rka)I'I ST C13' THY GRANTOR AND TITt. 6RAN111 u; III NO M U 1+ARt: H.
1 KAMtNA 1 }C?ti 4 I fN 11 %VIFt, M I N Rht71 'rs 1111 OR PROk, I N 11
l'oQttler W tsF ail the ;cnrtrrnr>. kerolrtamarts a^d 4nattte^aaccs thrtrlo tsr; aKtrg sr! to an}s + tsc
ai`rsrrtuelio ;
ro Ilaar and to flow, the acre in ter "Mr, fore•.er,
Amid +r Cean4u brief-, r.7ueeuma Wash the Chanter that the t iract+n y aWlilfly sxiacd of said era!
prcrprrle ut frr wt'vle . chat the firanix has r'—d rr serf PA.fal autheelts to aril And unt.ry WA teal
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PAGE SO
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
Reg ino Garcia
Seller
Jorge Delatorre
Sale Date
Jun -13
Sale Price
$22,000
Terms of Sale
Cash to Seller
O.R. Book /Page
10592/214
Size (AC)
0.25
Size (SF)
10,910
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price /SF
$2.02
Comments
VERIFICATION
Date Verified
8/8/2013
Verified By
Heather Lynn Haas
Verified With
Public Records
Contact Information
N/A
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 52
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13-184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 53
n
v,
rss Akdl
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k Circle
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artlen
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I"ersan RI s Cs� Sp, ngtatie
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lU Ulu 1
Orlando Ave
1 7
Ocoee
semi
I
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
R"b—j 11,. Nwj P.A.
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PAGE 54
DOC 8 20130335606 8: 10592 P: 0214
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-known 1, -rr - ;Kt has Pr0;:Utj L W—t fl,:A11
Cordoll
SLe.m .L VORDIJIN
VOTARY RMIC
(711111. I&STATE OF FLORID"
—IMMOW C a0330
JW E0 1119 I'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 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 cf1sr.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
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104, 704, & 704A
THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 57
13-184 Parcels 104, 704, & 704A
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13-184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704 & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
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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 59
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13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 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
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 104, 704, & 704A
APPRAISAL OF PARCEL Nos. 104 704 & 704A
THE Ivy RESIDENCE PROPERT
PROJECT: CITY OFOCOEQ BLUFORD AVENUE PROJ
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THE Ivy RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
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13-184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS. 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 63
THIS INSTRUMENT PREPARED BY
DIX aft n r ,19 P z� a: eras
." r of a
RETURN TO AFTER RECORDED:
� r ' 127
CQ*, 0 Tax �4 00
004 Adein Re.: $/.M
IM* yibl• To.: .N
Stomp S o 06
BLAIR M. JOHNSON, P.A.
r o i.
BLAIR M. JOHNSON, ESQUIRE
s a "*Rat et n 1a wtowar
Poet Office Box 770496�����`
Winter Gordon, Florida 3477740496
(407) 656 -5521
Florida Bar No. 2961171
Property Appralsers Parcel I.D. X: 35 -22 -28 -0000 -00 -036
WARRANTY DEED
THIS WARRANTY DEED made the 1W day of 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 $10.00 and other
valuable considerations, receipt whereof is hereby acknowledged, hereby grants,
bargains, sells, aliens, remises, releases, conveys and confirms unto the Grantee all
that certain land situated in Orange County, State of Florida, viz:
SEE ATTACHED EXHIBIT 'A' INCORPORATED HEREIN
AND MADE A PART HEREOF.
Together, with all the tenements, hereditaments and appurtenances thereto
belonging or in anywise appertaining
To Have And To Hold, the same in fee simple forever.
And, the Grantors hereby covenant with said Grantee that the Grantors are
lawfully seized of said land in fee simple, that the Grantors have good right and lawful
authority to sell and convey said land, and hereby warrants the title to said land and will
defend the same against the lawful claims of all person whomsoever, and that said land
is free of all encumbrances, except taxes accruing subsequent to December 31, 2012
13 -184 Parcels 104, 704, & 704A
APPRAISAL OF PARCEL NOS 104, 704, & 704A
THE IVY RESIDENCE PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
201301058 Page 2 of 3
and easements and restrictions of record, however. reference hereto shall not serve to
reimpose same
IN WITNESS WHEREOF, the said Grantors have signed and sealed these
presents the day and year first above written.
Signed. sealed and delivered in the
presence of:
if
ess A14 EN G. LIANG
Blair M. Johnson
Print tine of Witness
c
Wi as$
KAft Artn Dickey
Print Name of Witness
STATE OF FLORIDA
COUNTY OF ORANGE
_ v ., C
YVONN K. LWN
7310 Hunterdon Court
Orlando. Florida 32835
Address
The foregoing instrument was acknowledged before me this 18th day of
February. 2013 by ALLEN G. LIANG and YVONNE K. LIANG who have produced their
Florida Drivers Licenses as identification.
-2-
Warranty Deed
PAGE 64
13 -184 Parcels 104, 704, & 704A
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NgWiry Name: Blair M. Johnson
=� , a�.'.e.n
My commission expires:
= • •'' -
-2-
Warranty Deed
PAGE 64
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
20130 10!,8 Page 3 of 3
Coranrnre at t'xe NDr',hwf*' corn et of ttx Port rcavt G4 of the,SoFjthNvcst 1?4 of Cectinr 55, TrwrthfP 22 5 «N!;.
Range 28 Fas . Ckange County, FiCr t}s net tun SnaLt 4i) degree 25"47" -:a t alcmg he Wrst gene of 5ai� ho. eaat
t'» of the Say iwrst ,JS a distance of _° 10 25 fret, tarn^ Icavtng said West tint, rcr Nor•,h 89 degrmi :6^ c - w,: ,
d stance of 9? tet? to a Point on ttte East right of way 1 :rc of Edgcwood Ranch Road, sai: Pernt being tf r
brgtrr'srg, tFcsca cca *nue N r«h Rg degrees 2623 East a distance 117 00 feet; thence run Nora:'; 00 deg7ec 25'4"'
West a distance of 15 N) fee!, t1Kncz ruin worth 89 degmes 26' 25' East a dicta, -tee of 17AC; feet, thence run 5n�th r'
deg-zes ' 5 ` 17 ' East a distance of 175.9& fat; thence run South 84 deg -ees 2624" West a disutru of 134 �-' !=:q a
Pain: n7 the af. resaid Fsst rght of way line of FAgewood Rana. Road; therce run ;North 00 deg=rc
said East right cf way a Crstm c of 160 48 feel to 1.r Poia' tf Reginning
E
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 (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
• Texas
• Maryland
• Indiana
• Minnesota
• Ohio
• New York
• New Jersey
• Pennsylvania
• Illinois
• California
• Alabama
• Connecticut
• Tennessee
• Colorado
• Kentucky
• South Carolina
• Virginia
• Pennsylvania
• Washington State
AC#672755 STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD SEQ# L1211.1501970
DATE BA TCHNUMBER LICENS NBR
11/15/20121128147329 IRZ1054 _
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
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
1 60 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
1 60 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
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 Ac uisition
$5
_ $1 , 282
$7
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 • 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
PROPERTY INSPECTION ........................................................................................... ...............................
12
PROPERTY DESCRIPTION BEFORE THE TAKING ................................................... .............................13
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
VALUATION METHODOLOGY ..................................................................................... .............................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
APPRAISAL OF REMAINDER ...................................................................................... .............................34
APPRAISALPROBLEM ................................................................................................. .............................34
DESCRIPTION OF REMAINDER .................................................................................. .............................34
VALUATION OF REMAINDER ...................................................................................... .............................35
LAND VALUE
35
COSTTO CURE ............................................................................................................
.............................35
SPECIALBENEFITS ......................................................................................................
.............................35
LAND VALUATION OF THE TCE PARCEL 703 ...........................................................
.............................35
LAND WITHIN ACQUISITION .....................................................................................
............................... 36
IMPROVEMENTS WITHIN ACQUISITION ..................................................................
............................... 36
ANNUALECONOMIC RENT .........................................................................................
.............................37
DISCOUNTRATE ..........................................................................................................
.............................37
PRESENT VALUE OF MARKET RENT .......................................................................
............................... 37
COMMENTS ................................................................................................................
............................... 38
SUMMARYOF VALUES ................................................................................................
.............................38
ADDENDUM .................................................................................................................. .............................39
NEIGHBORHOOD OVERVIEW ..................................................................................... .............................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:
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 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 2
PARCEL 103 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:
$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
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 3
CERTIFICATE OF VALUE PARCEL 703
I certify to the best of my knowledge and belief, that:
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 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PARCEL 703 CERTIFICATE OF VALUE (CONTINUED)
PAGE 4
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:
$1,282
Market value should be allocated as follows:
Land Area: 1,468± SF
Value of Taking
703
Land Value
$1,282
Improvements
$0
Damages to Remainder
$0
Cost to Cure Net
$0
Total Value of Acquisition
$1,282
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 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
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.
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):
HIGHEST AND BEST USE
(AFTER CONDITION):
0.46± Acres, 20,195± 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
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
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
VIEWS OF THE TAKING AREA 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 9
VIEW NORTH ALONG BLUFORD AVENUE
13 -184 Parcels 103 & 703
VIEW OF MINOR IMPROVEMENTS IN TAKING
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 10
INTRODUCTION
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PURPOSE AND INTENDED USE OF APPRAISAL
The purpose of this appraisal is to estimate the market value of the unencumbered fee
simple interest in the parent tract, subject to the underlying assumptions and limiting
conditions previously mentioned. We have then estimated the value of the portion of
the property to be acquired for the described project. The appraisal refers to the value
of taking, the effect on market value of the taking, and the damages, if any, to the
remainder.
The intended use of this appraisal is for use in negotiations with the current property
owner for acquisition of a portion of land for right -of -way and a temporary construction
easement by the City of Ocoee. There are no other intended users or uses for our
appraisal.
SCOPE OF APPRAISAL AND VALUATION METHODOLOGY
Since the area of Parcels 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 Tract
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 poron o+ Loct '4, Efock 4 cna a port'cr c J sshic ,jtor gre et, io.vn of C�cocc per Plot rr,oroo<
h �Gi, t=.�!�Ir �::...,,:..: o° Lro Courty, orac, bcin
more per' - described as toiiows :
L0! 71:, L'o: k 7 1'wn r: Cr Plat Cher rncc)rdc j to
cfat _`3ook "A Pages 1 I thrc,gn C " i , rP bt`c Kecora._ cf Grc -qe County, F!.oride; +he. - ce N U'- "37'7 .yy
o (!•- to- of 79. ?7 `ce. o 'g .r�<: Fn t . ignt of wry G-c :.r c3luforn Avon -..r, o � r,n,,,. c:'a pica to
u P=oint c ` �nc ri ( o- , .-uc % Or ,�7't 7" 4 _. ci i =onr,u . >f i45-00 .-cc[ c I „rq s pie cac,
of Na i;ne t': �.�,i ,i can me rvc.�irt i ""e of Ire Sc�;!�; 112 -C J /csh� :��!r>n Street vncrlt.td c p O'fi lci��
<ec� ds !i(, 8.1 °:)ctc_ 1�`.3 ::�rou_7" dd:ys, ui:'. ? <:.;rc, o` U :�nge ,c:.r -.y. r!c -, rda; th;
^a FF F a _'i�;rnc.r; W 1 2. 12 'cc no ;hence S . ^,C''7-A” r a
F, °c c!; ihuncr 551 "F' s "r u a':;.c. 42.79 fcci to (tic 7oi, -i o` 5cn: n r
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
port n o Lct 4, tJ o ck r cno , t,c ,.t " "". ^t Jn - _tree - , io:lr o' .)coe,: Der P'ot t
rce .:.. i^ Plot ?cmk "A" uoge,. ! '� a ,! 'C;, r ;,h!ic k[. ��r,7:; of Cr;r� e C�ai. ity, ! 1-o icc, bc�6ica
aescribed os `oGoves
w t«' 74 - - ;rron ca J. - J t:cr °lar (nCr ^O r. ...) JC:7 in
of 5noi; "A', f c qcT, 100 t' ., ^n P_b, c Rccorc.s cf Crc�ari C.��.i ^_.,�, F'orida; �,' 00'37' � 7" 's"+
724. r
!J ,�._.. �.ic,.�.� the ,c_ni :>r sicy 11';?e� if Ru'r)r_i ;'en�::
or %o , c of Lrw Sc `.h i l2 c>f u':as� glum _ �ra��; vc - '.1 i ,! 7)c O'fic �c? Re, o -J`r Bcok
8.3'2, Pr , s 4£'53 thra ^n 4H R, r „bi . Re:,.tras ::t i rc :;e Coors :y, aric' -; ,-:e- h 8F X5'.33”
d�s:orce -:' , 72 'eet o -'cnq se':i %or. e to the �� _ o` tht-cc coriCn_,._ h'
i. st - cnce of ,, ,., 'ee. coorq <; n.; Nc " -e to a Dc'rt, tnence _ "" 7 ' 5"," L c c'stcnce ct ,G5 f.,
'eet' thence `_7 8" ,. c o s'c -ce ol 4 feet to c point the i; e of ,cnn_s oesc be.l
_ �q`r :. >7�', ,. .. -re ...•c't, o' :). r yt, !/, YI. -dn; Ir f n:-.
a .o,s`c _e .f 1C�. �.5 feet c'Dnq tre _.,u_., , of scia lords tc e gout' ;es' corner o'
S. o'd onc3, ^e ^ce N '5 _, x'16" L o d"ftonce o' 11 2.7. `eet, tnence N V ' 7 eV o s'c ^ce of
Inc L —r
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
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.
• ��
Vn
1
• #
m
.. - Subject
Ilk
.w �s
13 -184 Parcels 103 & 703
PAGE 14
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
Zonin
_J
� rn ST, Subject LAKE I �
PPlMA
tw'hFSFtPd +�TprJ �r s VISTA
�_ E ORLANDQ �
F 1 rIBUSST' '• q f�tl�
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 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:
t A�G1+
4
Vale
x r� u.aeo
�i
wipe S1 E Ma1 54 E
T � S77 E err Fd
49 �
t Sale 3
A
1
53 Diem Pei
C T
a
n iAbprr ltd
e..n
7
{AI
r
iTS
W w"ar Ad (sue
M1M1Ge.te ima 'tae
r ip Wild wlt.'.is
w 4
S7
.n � Sale 4
Rnbrnetr Hd
a9lArpes
LiM '
�AhiRn
T "
P �
f � C hxN e#t
ldli'P R4
OfluXd
13 -184 Parcels 103 & 703
g
aI7
��.
Rd
u
AVW
;:stem S1ai
Qs
a
pCeee Subject
Sales 1 & 2
y
#;+
�.
lq!a J. A. A'Wo PJ
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4 .
� E+K�sr C:e
.u1
Pxitn. ar
dt.
mwne 5't
�
iTS
W w"ar Ad (sue
M1M1Ge.te ima 'tae
r ip Wild wlt.'.is
w 4
S7
.n � Sale 4
Rnbrnetr Hd
a9lArpes
LiM '
�AhiRn
T "
P �
f � C hxN e#t
ldli'P R4
OfluXd
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
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
Mchael 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:
Land 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.
4315 �
438
W
Ocoee
PROJECT
Subject
r EoAve
Of do
z
Story Rd
qi
Ocoee
Cemetery
r
PROJECT ALIGNMENT
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 26
DESCRIPTION OF THE ACQUISITION
PARCEL 103
Property sketches and construction drawings are as follows:
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 27
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 28
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 29
13 -184 Parcels 103 & 703
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 30
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 31
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13-184 Parcels 103 & 703
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.
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 ParrPl 1n3
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
$150
25.00%
($38)
$113
Total
$1,180
N/A
(75)
$1,106
- Lagerstromla mdlca 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
N/A
SPECIAL BENEFITS
N/A
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.
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
$1
$7
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
NEIGHBORHOOD OVERVIEW
PAGE 40
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GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following:
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden - Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage; however, growth
is currently stalled due to the weak economy.
13 -184 Parcels 103 & 703
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GENERAL DISCUSSION
A neighborhood is defined as a grouping of complimentary land uses. The
neighborhood is bounded by the following:
• Northern Boundary - Story Road
• Southern Boundary - Florida's Turnpike
• Western Boundary - Winter Garden - Vineland Road
• Eastern Boundary - Clarke Road
The neighborhood is defined as the City of Ocoee, Florida. Ocoee is located just
southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen
much growth in commercial properties over the last few years. Many new residential
subdivisions have been constructed in this area over the last five to ten years.
Therefore, this immediate area is considered to be in a growth stage; however, growth
is currently stalled due to the weak economy.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 41
Access
State Road 50 (Colonial Drive) is a four -lane, east -west highway that runs across the
entire state of Florida, connecting the Gulf Coast on the west to the Atlantic Ocean on
the east.
Located south of State Road 50 is Florida's Turnpike (Ronald Reagan Highway). This
stretch of roadway runs north and south throughout Florida from Ocala down to Miami.
This road intersects Interstate 4 in the Orlando /Disney World area. Just south of the
appraised property, the Florida Turnpike also connects with the East -West Expressway,
which runs straight into the heart of Downtown Orlando.
The Western Beltway (State Road 429) is located west of the property. This toll road is
part of the larger beltway system that, when completed, will encircle the greater Orlando
area. The Western Beltway has exchanges with the Florida Turnpike and several
smaller roadways, and currently terminates at State Road 441 in Apopka.
Commercial Development
West Orange County is provided with
hospital care via the Health Central
Hospital, located just east and north of
Old Winter Garden Road on the south
side of West Colonial Drive (SR 50),
about a mile east of the appraised
property. This hospital contains 153
beds, 449 staff doctors, and 550 total
employees. Other features of the
hospital include women's, pediatrics and
obstetrics centers.
Also to the east is a Wal -Mart Supercenter and several small strip centers. This
commercial development is located between the appraised property and the Health
Central Hospital.
Newer commercial development in the area includes the West Oaks Mall and the
Winter Garden Village at Fowler Groves. The West Oaks Mall was constructed in 1996
and is located east of the property on State Road 50 in Ocoee. It is anchored by
Dillard's, Sears, Belk, JC Penney, and AMC Theatres, and contains 130 stores.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 42
Winter Garden Village at Fowler Groves is an open -air shopping plaza divided into
three sections: The Exchange, The Crossings, and The Grove. The center contains
nearly 1.2 million square feet of retail space, and over 80 restaurants and shops. The
center opened for business in late 2007. It is located along the east and west sides of
Daniels Road just north of State Road 429 (the Western Beltway), approximately three
miles southwest of the appraised property.
The West Orange Trail is a recreational trail that runs approximately 22 miles from the
Lake County line through Oakland, Winter Garden, and Apopka, and was built primarily
on old railroad spurs. Several bridges crossing over major highways have been built or
repurposed for the trail.
The appraised property is in the West Orange Commercial Center, a self- contained
industrial /commercial business park with approximately 18 lots. Most of these lots have
been developed over the last few years, with predominate uses for medical - related
businesses. This type of land development within West Orange Commercial Center is
fueled by the Health Central Hospital.
Beside the West Orange Commercial Center Development, the Ocoee Commerce Center
is also a major medical park located in proximity to the hospital. This development contains
14 lots, several of which have been developed.
The Central Business District of Orlando is located approximately ten miles east and the
Orlando International Airport is located approximately 16 miles southeast of the property.
To the west of the property is the proposed City Place at Maguire project which contains
frontage along Maguire Road. The City Place at Maguire is planned to provide a mix of
upscale retail, luxury residential, Class A offices, a business class hotel and an array of
restaurants.
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 43
Highlights of the project include a planned expansive open -air retail space, a 2 -acre
courtyard that will accommodate community events, and 16 -story condominium complexes.
Project Details:
• 90,000 SF of general retail shopping
• Two 6,000 SF spaces for Roof -Top dining locations
• 65,000 SF for a 5 -story hotel, including 131 rooms
• 49,000 SF of Class A office space
• 3,500 SF bank site
• 2,500 SF Pad for retail site
• Sixteen story luxury condominium, including 100 individual units and a 5 -story
parking garage with 400 spaces
• 2 acre courtyard with limited kiosks locations, designed for community events,
including art and music shows
• 594 parking spaces in a 7 -story parking garage
• Surface parking to include 117 spaces
The City of Ocoee has been working on a Community Redevelopment Area (CRA) plan for
the area around this project. Depending on what the City approves for the plan, the City
Place project may change. The project has essentially been on hold given the weak
economy. The City has yet to finalize CRA plans for the area.
REAL ESTATE MARKET
The market was weak for several years after the collapse of the housing market;
however, conditions have stabilized and in some areas seen modest improvement.
13 -184 Parcels 103 & 703
CONCEPT PLAN FOR CITY PLACE AT MAGUIRE
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 44
The following contains graphics and a discussion of the West Colonial retail market in
particular.
olt"*00 - M10 -ttAt ttla
WEST COLONIAL MARKET
L) t. l_ I \ F K I t �, .'� t4 � (► K I' I t t > \ � � `:1 t 1 \ c l Hlstoncal AnalptJs, Aq Ciassas
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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
Prope
5260,000
13 -184 Parcels 103 & 703
450
$180,000
400
- - - - - -- -- $160,000
Cc of
How Sall%
350
$140,000
per 0 a , l ,
300.._..
- - - -- — --- - - - - -- -- - - - - -- - - - - -- $120,000
250
S100,000
200
- - 580,000
150
— -- - - - - - - - - - - — $60,000
100_
- - - - - - -- $40,000
Me&W Price
50
- - -- - -- - - - -- - -- - - -- $20,000
0
$0
01 02 03 04 01 Q2 03 Q4 01 Q2 Q3 Q4 Q1 Q2 03 04 01 Q2 03 Q4 01
2008 2009 2010 2011 2012 2013
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.
Florida Real Gross State Product
llvl, .such
[•))R `111' ,'Ilk, 21111) r1)( i _`iW, boy 40f, 1 11;)1 �W l 'Ws III
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
LAND SALE DATA SHEET
PAGE 46
13 -184 Parcels 103 & 703
1
Location
At the northwest corner of Rewis Street and
Lyman Avenue
City, County
Ocoee, Orange County
Buyer
Juan Maldonado
Seller
Enrique Zepeda
Sale Date
Mar -13
Sale Price
$23,000
Terms of Sale
Cash to Seller
O.R. Book /Page
10550/910
Size (AC)
0.46
Size (SF)
19,993
Configuration
Slightly Irregular
Frontage
Rewis & Lyman
Utilities
All Available
Zoning
R -1, Ocoee
Future Land Use (FLU)
designation
Low Density Residential
Topography
Generally level
Access
Good
Exposure
Good
Price/SF
$1.15
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Juan Maldonado - Buyer
Contact Information
845 - 483 -7225
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 47
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kft 25
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913
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13-184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 48
! Subject f La4e 0yryka f
La
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m i
�f}` 1�� � �1�111 i
23
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13 -184 Parcels 103 & 703
s¢`
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ts Spnng La.4e
Sale
v L.*,Move
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a
10550/910
Q Mobile Ln
" A pricot
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akwood Ln
t
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k Circle
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ice'
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N
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1
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rn
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arden
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carmilwy
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 49
This Warrant- Deed
%I" ij: : ' daa it ATart'r A D :W i he Forigue Zepeda and Menu Lapedo. htuhor d Mid k
ihtses f1c, cat'ed Ix jell. maki.mada, a framed man, ufi.'sxe p-t ofl'icc addtas a
I Robert R
Pcmxhkcsq.s ". NY 1_htt�
Ihmarianct Cal 1!u "Graeae " t.
�;�eal:ry.c.z,ac a =il s.,ifn+;:t,W,..ilwik taJ Ctt w::.as..n ud nxtg*.x rr m<S.vnu..'
tiitaeauth. am tht (axtrim tint and 3r ecrosidcrmkm of the iwit of SIO W and ett+e: valuable
ctrs:de+atams. the rttetpt amid wiTx irne) of aht -h . t>lvtry at:kt:11 !'u`achw J914111:, swcaim .elk .
altena rem—, releases. ewmse)x AM cunf~.rnu utub the iira^nor. ali of •b[ t.ramm" nrhi tak OW �' Icm 4 0
that rertsin rea prrgsetts sinarte in Crm'_-e (a +fasts. 111 rata. s,I
The fast W d fret of Ito A and the Last 00 ♦ frrt rsf I to '. 'olnk Neirth at t keen- t'lucnzw
K,wl of RCAFN KIG1 I R'S 51'RDIVISIf)S. aeaxslsr h, tMe PIAI JWMIl au MMICrJ tr,
Pim R-1, A, m Pare I I A. tr1 -he PON, Rcc,?rJ, o. Ordoirc L,11,1`4} H,. )u
SAM PIMPfRTI IS %01 IM HOMES [IAD Of TNT. GRANTOR tiAll) PRIIN91r IN fit IM
ClIN4ElhitAI THE RFQI4SI f THI* 6RAN101I AND 1 fit: ORAVIUL %N! III NO IIILL titAKt:H
EXAMINA 1 10N ()R lN'0'RA 16Ab °iNf. RI'l:N Rl Q1 FS r1 D OR PROVIDLI)
T'ogabc[ wth ati !h cnr11rnta. kerahtamrots a,f apg+urtrnancrs dune} +'t hcairilnC ,x to a )a
mpe ttuellog
T. ltsrt rail to H4td. the same .n he limp r totesru
Awd lhr (011114? hart, t rseetants atlh the frame[ that tbt Braman :5 sawluli) xvc l of waid rein
Froprtr. in ire stmpk. that the (tratatar Kai grand rvht and Sawfal audltcuit) to acll 4tsd w =tm,ry WA teal
lvopett) that tine Gtautnt l+xcM fully waRants the Ink to utd r[ai rrt''P'rtv and aM dcht l the wart aping
thx 13.141 ctautta et all 1rraons wht +ta5sxrstr. std that sa"d real prtvp" a frr[ of rextrnbraners, rxerpt uses
acening wlox,I Trt le Dnetntvt bi 'hti 1 and "uhlrxs sx, ea,rnents, cmd't.vit, rrnmt.w." ;x3s'fr4t i„xc._
Izmat tfims.red 3if" "ems ,(in old J! at
to %li tae. WhrftvL the 44s "ir-d J c[sed these prrsrntx tl^x da} Amd ' *ear In'!
ttt.�vc aralcn
wltfKV '. p++t ; ;q 1 hn+hr
w�
R—nd and Return 10
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PreparrJ Il) .
04 21110 -1 S ott ►ays t st 1
fix C. Rea►srdt. Esy,
ass P000 i�s Its of
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likla I 34'0'
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This Warrant- Deed
%I" ij: : ' daa it ATart'r A D :W i he Forigue Zepeda and Menu Lapedo. htuhor d Mid k
ihtses f1c, cat'ed Ix jell. maki.mada, a framed man, ufi.'sxe p-t ofl'icc addtas a
I Robert R
Pcmxhkcsq.s ". NY 1_htt�
Ihmarianct Cal 1!u "Graeae " t.
�;�eal:ry.c.z,ac a =il s.,ifn+;:t,W,..ilwik taJ Ctt w::.as..n ud nxtg*.x rr m<S.vnu..'
tiitaeauth. am tht (axtrim tint and 3r ecrosidcrmkm of the iwit of SIO W and ett+e: valuable
ctrs:de+atams. the rttetpt amid wiTx irne) of aht -h . t>lvtry at:kt:11 !'u`achw J914111:, swcaim .elk .
altena rem—, releases. ewmse)x AM cunf~.rnu utub the iira^nor. ali of •b[ t.ramm" nrhi tak OW �' Icm 4 0
that rertsin rea prrgsetts sinarte in Crm'_-e (a +fasts. 111 rata. s,I
The fast W d fret of Ito A and the Last 00 ♦ frrt rsf I to '. 'olnk Neirth at t keen- t'lucnzw
K,wl of RCAFN KIG1 I R'S 51'RDIVISIf)S. aeaxslsr h, tMe PIAI JWMIl au MMICrJ tr,
Pim R-1, A, m Pare I I A. tr1 -he PON, Rcc,?rJ, o. Ordoirc L,11,1`4} H,. )u
SAM PIMPfRTI IS %01 IM HOMES [IAD Of TNT. GRANTOR tiAll) PRIIN91r IN fit IM
ClIN4ElhitAI THE RFQI4SI f THI* 6RAN101I AND 1 fit: ORAVIUL %N! III NO IIILL titAKt:H
EXAMINA 1 10N ()R lN'0'RA 16Ab °iNf. RI'l:N Rl Q1 FS r1 D OR PROVIDLI)
T'ogabc[ wth ati !h cnr11rnta. kerahtamrots a,f apg+urtrnancrs dune} +'t hcairilnC ,x to a )a
mpe ttuellog
T. ltsrt rail to H4td. the same .n he limp r totesru
Awd lhr (011114? hart, t rseetants atlh the frame[ that tbt Braman :5 sawluli) xvc l of waid rein
Froprtr. in ire stmpk. that the (tratatar Kai grand rvht and Sawfal audltcuit) to acll 4tsd w =tm,ry WA teal
lvopett) that tine Gtautnt l+xcM fully waRants the Ink to utd r[ai rrt''P'rtv and aM dcht l the wart aping
thx 13.141 ctautta et all 1rraons wht +ta5sxrstr. std that sa"d real prtvp" a frr[ of rextrnbraners, rxerpt uses
acening wlox,I Trt le Dnetntvt bi 'hti 1 and "uhlrxs sx, ea,rnents, cmd't.vit, rrnmt.w." ;x3s'fr4t i„xc._
Izmat tfims.red 3if" "ems ,(in old J! at
to %li tae. WhrftvL the 44s "ir-d J c[sed these prrsrntx tl^x da} Amd ' *ear In'!
ttt.�vc aralcn
wltfKV '. p++t ; ;q 1 hn+hr
9IAIk VI 1'11MI A
Cf ?]_ N 1, Of I W A NGl I
i�u IcKguxng iasthamrrA seas xknnaledg[,1 t�kur n1` thU �° Jay 1,i' AlarcA. 36I` *. h) Fadque
/,eptvta ma �1[lat 1,[ptda ahc� kawr Ircod+n'ed f lrttda Ihtsrn Ldccrascs 411 1dt.•tGfix ai i:xn
10TART K deli -si xri: OF FLMDA
Eric C Reiabari t
Cammm a a EE1019S3
IQT�Expim imlis'2013
agAND!Hat AP xYT� Mad +ir+�.a
'+tavr 35xNrr Mac 1`l, °t�t+al�
13 -184 Parcels 103 & 703
t
Ot1q . tptVtJ -..
�. 1 rYf: 4fy
M, elirA zelttY
4:.f F I
+i.x <. t +t
9IAIk VI 1'11MI A
Cf ?]_ N 1, Of I W A NGl I
i�u IcKguxng iasthamrrA seas xknnaledg[,1 t�kur n1` thU �° Jay 1,i' AlarcA. 36I` *. h) Fadque
/,eptvta ma �1[lat 1,[ptda ahc� kawr Ircod+n'ed f lrttda Ihtsrn Ldccrascs 411 1dt.•tGfix ai i:xn
10TART K deli -si xri: OF FLMDA
Eric C Reiabari t
Cammm a a EE1019S3
IQT�Expim imlis'2013
agAND!Hat AP xYT� Mad +ir+�.a
'+tavr 35xNrr Mac 1`l, °t�t+al�
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. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 51
w._ i0o
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 52
n
E
3
< Circle
I St
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Ave
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e
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438 m Cl1 N p
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Starke Lake
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J
Orlando Ave r White Rd _ U=
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'enm St E P
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Cemetery 0.�'�1. ,�
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFOR D AVENUE PROJECT
PAGE 53
DOC 1201130335606 8: 10592 la: 0214
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rK
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'i OLL->, 7(-. 7,1' t,v J,utg- tki-t-M, 4 iTIAMcd man. ro"! '41`1zlc *Il !, 1014 stucki
terrace. "'later 4,arden, I'l 3 h1rrzo,,,t,r it , t-RANIOR, tz- Rirz (;4162. a marriml Man N -, p ! 041 0: �
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—SUBJECT PROPERTY IS VACANT LAND"
_xUt'!, f an', lxxei and
j5, wid rmilhitmn,
a i V and ;Omrq,iftl� all
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10i 11 I lil-K .111 all lht ill ur ,rt= zsct. I'Crcv •
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lull . arrz the tic:: to ;ill 3r," xnd, �.il lirlicrl' 1'r i dgaxs! !llc Iv,I 1; claoln nf all petw"
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13-184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
LAND SALE DATA SHEET
PAGE 54
Comments
VERIFICATION 8/12/2013
Date Verified
Verified By Heather Lynn Haas
Verified With Sherrie Stenger, Realtor
Contact Information sclark7 cfl.rr.com
13 -184 Parcels 103 & 703
3
Along the west side of Main Street south of
Location
Maple Street
City, County
Winter Garden, Orange County
Akers Custom Homes, Inc.
Buyer
Michael Lemos
Seller
Sep -12
Sale Date
$31,500
Sale Price
Cash to Seller
Terms of Sale
O.R. Book /Page
10450/2334
Size (AC)
0.22
Size (SF)
9 799
Confi uration
Rectan ular
Main Street
Frontage
All Available
Utilities
R -2, Winter Garden
Zoning
Future Land Use (FLU)
Low Residential
desi nation
Generally level
Topo raphy
Good
Access
Good
Exposure
$3'21
Price /SF
Comments
VERIFICATION 8/12/2013
Date Verified
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. 1 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 55
E MAPLE ST '
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APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
1% #1 4
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PAGE 56
Ir'12% Ai-*
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is Mack
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PAGE 56
Ir'12% Ai-*
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is Mack
Subject
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13-184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
.4 1111k, lilts
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SUITY 200. Of(I N%IK), 11 JIMA". Elerrnuxa a called I�w pm uv,
WIINJ Id 0 lila j:'9l1- for and m W S;I I "C's, J lAla -1,A-
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PAGE 57
13-184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
2e120'524v 79 Page 202
PAGE 58
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 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)
21,783
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
$2.39
Comments
VERIFICATION
Date Verified
8/12/2013
Verified By
Heather Lynn Haas
Verified With
Sidney Tse, Realtor
Contact Information
tse2909 aol.com
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
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13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL Nos. 103 & 703
THE Ivy DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
PAGE 61
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13-184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 62
Property Appraisers Parcel I.D. #: 35 -22.28 -0000 -00 -036
WARRANTY DEED
THIS WARRANTY DEED made the 1$>tt_ day of E bru.6CY.2013, by ALLEN G.
UANG 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 $10.00 and other
valuable considerations, receipt whereof is hereby acknowledged, hereby grants,
bargains, sells, aliens, remises, releases, conveys and confirms unto the Grantee all
that certain land situated in Orange County, State of Florida, viz:
SEE ATTACHED EXHIBIT 'A" INCORPORATED HEREIN
AND MADE A PART HEREOF.
Together, with all the tenements, hereditaments and appurtenances thereto
belonging or in anywise appertaining
To Have And To Hold, the same in fee simple forever.
And, the Grantors hereby covenant with said Grantee that the Grantors are
lawfully seized of said land in fee simple. that the Grantors have good right and lawful
authority to sell and convey said land, and hereby warrants the title to said land and will
defend the same against the lawful claims of all person whomsoever: and that said land
is free of all encumbrances, except taxes accruing subsequent to December 31, 2012
13 -184 Parcels 103 & 703
OOCa 2e134165896 6: 10526 P: 6184
THIS INSTRUMENT PREPARED BY
02/22/2613 12:5519 t9 " P". 1 of 3
RETURN TO AFTER RECORDED:
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OOA Admin Fa: 14.09
rnt�+yl• ►• Tsr: So "
BLAIR M. JOHNSON, P.A.
iurriM 0 S m&V^i., co
BLAIR M. JOHNSON, ESQUIRE
so'R Rai Te n M l0
Post Office Box
� ATTME g r
Winter Garden, Florida Floda 34777 -0496
(407) 656 -6521
Florida Bar No. 296171
Property Appraisers Parcel I.D. #: 35 -22.28 -0000 -00 -036
WARRANTY DEED
THIS WARRANTY DEED made the 1$>tt_ day of E bru.6CY.2013, by ALLEN G.
UANG 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 $10.00 and other
valuable considerations, receipt whereof is hereby acknowledged, hereby grants,
bargains, sells, aliens, remises, releases, conveys and confirms unto the Grantee all
that certain land situated in Orange County, State of Florida, viz:
SEE ATTACHED EXHIBIT 'A" INCORPORATED HEREIN
AND MADE A PART HEREOF.
Together, with all the tenements, hereditaments and appurtenances thereto
belonging or in anywise appertaining
To Have And To Hold, the same in fee simple forever.
And, the Grantors hereby covenant with said Grantee that the Grantors are
lawfully seized of said land in fee simple. that the Grantors have good right and lawful
authority to sell and convey said land, and hereby warrants the title to said land and will
defend the same against the lawful claims of all person whomsoever: and that said land
is free of all encumbrances, except taxes accruing subsequent to December 31, 2012
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT
201301058 Page 2 of 3
and easements and restrictions of record, however. reference hereto shall not serve to
reimpose same
IN WITNESS WHEREOF. the said Grantors have signed and sealed these
presents the day and year first above written.
Signed, sealed and delivered in the
presence of:
ess AL4EN G. LIANG
Bla ir M. Johnson
Print Name of Witness
Wi as$
KAMY, Dickey
Print Name of Witness
STATE OF FLORIDA
COUNTY OF ORANGE
_ r he-
G
YVONN K. LANG
7 H,grtDion Court
Orlando. Florida 32835
Address
The foregoing instrument was acknowledged before me this 18th day of
Februsry. 2013 by ALLEN G. LIANG and YVONNE K. LANG who have produced their
Florida Driers Licenses as identification.
.,ti-t�7t (� i`J''� --- ` va .�a•' y ".
N ry Name: Blair M. Johnson _
My commission expires: = * •''
�
-2-
Warranty Deed
PAGE 63
13 -184 Parcels 103 & 703
APPRAISAL OF PARCEL NOS. 103 & 703
THE IVY DUPLEX PROPERTY
PROJECT: CITY OF OCOEE; BLUFORD AVENUE PROJECT PAGE 64
2 1301058% Page 3 of 3
Crmnrn eat 'Storhwest caner of the Nor0m' i i4 efthe Seuth 1 /4 of Sectior. 35, Tcu ns rt 22 Soot',,
Range 2& F.a52, 0-argt County, Ficr4a, thence nun Snstt t10 degree 25 East aIrn g tht Wtsl in of:~sia wo�-Ieast
I ' of the SrnJ;,-Iwts; 1;4 a dw,,net of . in 7i feet, "Itnce leav:ng said Wtst tint, rtr. North E9 degrccs 1i " . a
d hancc cf e .9 to a poem cr, the East ^qht of wa }� I :nt of Edgewotd Rand Road, mid p6n. being 0-.r
begmring, thence contznnut Ncath R9 dtg: ces 2625" East a distance i 1 ? M feet, thence r r, Nnnr+ 00 dcWv. 2 4'4"
We;t a dsst et o(1 S OD fee:, thenct rm Noah E9 degrees 26' 25' East a dtstanct of I ?AC, fee:, thence run S lath :K
eepers 25'47" East a di .i.ance of 1 feet, linnet run South 89 degr s 2624" Weet a distinct of 134x,? feet :n a
paint 071 the afi�resaid Fast nght of way line of Edtgewood Ranch Road: thence nun North 00 deg r 25'47 Vest a!ang
131d East right cf way a d-sfanct cf 160 98 fev tc the Poin: of R
nnm
m
13 -184 Parcels 103 & 703
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 (Cl 10 1)
• 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. DpRangO, K 8 A[ CC|M /COn
ASSIGNMENTS
OUTSIDE OF
• Georgia
° Texas
• Maryland
° Indiana
• Minnesota
° Ohio
° New York
° New Jersey
• Pennsylvania
° Illinois
• California
° Alabama
• Connecticut
° Tennessee
• Colorado
° Kentucky
• South Carolina
° Virginia
• Pennsylvania
° Washington State
AC#6 STATE OpFLORIDA
DEPARTMENT OF BnSzmEas AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD SEQ# L12111501970
DATE BATCH NUMBER LICENSE NBR
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS.
Expiration date: NOV 30, 2014
D9RANGO, DANIEL aoaonr
1601 E AMELIA ST
ORLANDO FL azwno
RICK eccn.r
GOVERNOR
REQU
KEN LAWSON
SECRETARY