HomeMy WebLinkAboutItem #06 Appraisal of City-Owned Property at the Intersection of AD Mims Road and Clarke RoadOcoee
florida
AGENDA ITEM COVER SHEET
Meeting Date: July 21, 2015
Item # (p
Reviewed By:
Contact Name: Al Butler, Support Services Department Director:
Contact Number: 407 - 905 -3100, ext. 1543 City Manager:
Subject: Appraisal of city -owned property at the intersection of AD Mims Ro9d and Clarke Road as a
result of an unsolicited offer from Charter Schools Development Corp. to purchase 9.5 acres for $1.6
million (District 4 — Keller)
Background Summary:
The City acquired 12 acres of land (Parcel No. 09- 22 -28- 0000- 00 -05) from the Silvestri Investment
Group of Florida, Inc. on December 29, 2006, at a cost of $3.5 million. The subject property is bordered
on the south by railroad right of way, which is adjacent to AD Mims Road, to the north and east by the
Prairie Lake Reserve Subdivision, and on the west by Clarke Road. A portion of the eastern boundary is
adjacent to property dedicated to the public use and owned by the City. The outstanding amount of the
bond used to finance the purchase is approximately $2.6 million.
Charter Schools Development Corp. has submitted an unsolicited offer to purchase approximately 9.5
acres of the property for $1.6 million, which represents an average price of about $168,421 per acre.
The city would retain the strip along Clarke Road, which is reserved for future construction of a right -turn
lane, plus the 2.5 acres located in the southwest corner of the property. The offer is contingent upon
receipt of all necessary approvals for construction of a K -8 charter school of at least 80,000 square feet
on the site. A deposit of $10,000 would be paid upon execution of a sales agreement. The buyer would
have 90 days for due diligence, primarily to complete a detailed property inspection, during which time
the buyer may cancel the transaction for any reason, with the deposit fully refunded. A second deposit of
$10,000 to be paid after the due - diligence period, assuming that all requirements are satisfied. Both
deposits would be applied against the purchase price, if the transaction is completed. A drawing showing
the property and the proposed portions covered by the offer is provided on the next page. The base map
used in the drawing is taken from the Orange County Property Appraiser's online mapping system.
Following direction from the City Commission, and with the potential buyer's financial support, the city
secured an appraisal of the property from Property Valuation & Consulting, Inc. of Winter Garden. The
12 -acre site was appraised as three parcels based on a change in land use classification to mixed -use or
multi - family residential for Parcel A and the existing PUD commercial zoning for Parcel B:
$580,000 — Parcel A, 2.5 acres in SW corner of property (to be retained by city)
$1,370,000 — Parcel B, 9.5 acres sought by charter school
$23,000 — Parcel C, a 15 -foot strip of land reserved for future deceleration /right -turn lane
$1,973,000 — Total Value
Issue:
Should the City Commission authorize staff to negotiate a sales agreement with Charter Schools
Development Corp. along the lines of the offer to buy?
Recommendations
Staff makes no recommendations regarding the offer; however, it is useful to note that the offered price
represents 58% of the city's original per -acre purchase cost, charter schools pay no property taxes, and
construction of another charter school in this portion of the city may impact the ability of Orange County
to build public elementary schools in the area.
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Attachment:
Appraisal by Property Valuation & Consulting, Inc.
Financial Impact:
It is not possible at this time to completely quantify the financial impact of the contemplated land sale, as
the sales offer proposes, but does not quantify, some closing costs to be paid by the city. The buyer has
proposed to pay all real estate brokerage fees. Given the amount of the offer and the appraised value of
the land not included in the proposed sale, the total parcel value is $2,203,000 ($1,600,000 + $580,000 +
$23,000), which is 63% of the purchase price and 85% of the outstanding loan amount.
The city's bond counsel has indicated that the financing used in the original land purchase is somewhat
independent of the land, so the city can sell part or all of the property for a public purpose. Part or all of
the sales proceeds can be used to reduce the amount outstanding on the debt. There also appear to be
no tax impacts from the sale of this property for a charter school, which is an exempt purpose.
Section C- 8.13(2) of the City Charter requires a public hearing to be held prior to the sale of any city -
owned real estate for an amount in excess of $100,000. Under those requirements, the City Commission
would need to first indicate by majority vote that it is willing to sell the property. That action can be taken
at this time, with the motion including authorization to conduct the public hearing at the July 21 meeting
or the first meeting after a proposed final sales agreement has been created. The hearing must be
noticed by publication at least seven days prior to its being held, after which the City Commission may
take final action on the proposed sale. Thus, final action to accept the formal offer and execute the sales
agreement would require a second meeting and vote following the public hearing.
Type of Item: (please mark with an 'Y)
Public Hearing For Clerk's Dept Use:
Ordinance First Reading Consent Agenda
Ordinance Second Reading Public Hearing
Resolution Regular Agenda
Commission Approval
X Discussion & Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney N/A
Reviewed by Finance Dept. N/A
Reviewed by N/A
Reviewed by N/A
3
AN APPRAISAL REPORT
of
Parcel A: 2.5 Net Upland and Gross Acres of Vacant Land
Parcel B: 9.5 Net Upland and Gross Acres of Vacant Land
and Parcel C: a 0.15 -Acre Narrow Strip for a Deceleration Lane
Located on the East Side of N. Clarke Road and North Side of A D Mims Road / Railroad Tracks
Ocoee, Orange County, Florida 34761
City of Ocoee PO Number: 1423310
PREPARED FOR
Mr. Al Butler
City of Ocoee
Director of Support Services
150 N Lakeshore Drive
Ocoee FL 34761
DATE OF VALUATION
June 16, 2015
DATE OF REPORT
June 28, 2015
PREPARED BY
PROPERTY VALUATION & CONSULTING, INC.
John A. Robinson, MAI, AI -GRS, CCIM
State - Certified General Real Estate Appraiser
Florida License #RZ417
Ana M. Arroyo, MAI
State - Certified General Real Estate Appraiser
Florida License #RZ3450
File #A15 -38.VL
Copyright 2015 Property Valuation & Consulting, Inc.
SUMMARY OF SALIENT FACTS
PROPERTY A vacant, partly wooded commercial site valued as three parcels
(Parcel A consisting of approximately 2.5 net upland and gross
acres, Parcel B consisting of 9.5 net upland and gross acres and
Parcel C consisting of 0.15 net upland and gross acres,
respectively)
LOCATION East Side of N. Clarke Road and North Side of A D Mims Road /
Railroad Tracks, Ocoee, Orange County, Florida
SITE DESCRIPTION The site is irregular in shape, at or near road grade height, level
and partly wooded and partly cleared. Public water, sewer, electric
and telephone are available to the site. On site retention is required
for development. Access is along N. Clarke Road (several possible
points) and Ocoee Vista Parkway (several possible points). There
is also frontage along A D Mims Road and more specifically, the
railroad tracks.
ZONING /FLU PUD -COMM (Planned Unit Development - Commercial) Zoning /
Commercial Future Land Use by the City of Ocoee
PRESENT USE Vacant, undeveloped land
HIGHEST & BEST USE Parcel A: commercial development
(as vacant) Parcel B: multifamily development due to limited frontage and
exposure along Clarke Road, and alternatively for school or
professional office /destination retail development
Parcel C: a deceleration lane from Clarke Road to Ocoee Vista
Parkway, which provides alternative access into Parcel B
OWNER OF RECORD City of Ocoee
PROPERTY RIGHTS Fee simple
DATE OF VALUATION June 16, 2015
DATE OF REPORT June 28, 2015
EXPOSURE TIME 12 months or less (Parcels A and B)
Property Valuation & Consulting, Inc.
SUMMARY OF SALIENT FACTS
Continued...
MARKET VALUE
ESTIMATE Parcel A: $580,000 (Sales Comparison Approach)
Parcel B: $1,370,000 (Sales Comparison Approach)
Parcel C: $23,000 (Sales Comparison Approach)
EXTRAORDINARY
ASSUMPTION The subject is zoned PUD Commercial; however, based on
conversations with officials from the City of Ocoee Planning
Department, the subject's Prairie Lake PUD could be modified,
with minimal effort and expense via a comprehensive plan
amendment to be a mixed use development with commercial and
multifamily uses, and it is reasonably probable that the subject site
(Parcel B) could be used for multifamily as part of this scenario,
while the parcel with frontage on Clarke Road, Parcel A, remains
a commercial site. Multifamily development has been considered
as an alternative use of the subject site based on the extraordinary
assumption that a comprehensive plan amendment could be easily
obtained as stated. Refer to more details in the highest and best
use section of this report.
HYPOTHETICAL
CONDITION The subject consists of 3 parcels with 9.5- acres, 2.5 acres and 0.15
acres respectively, according to the site sketch provided by the
City of Ocoee (included in Exhibit B). No survey has been
provided to the appraisers. The subject property is currently an
undivided 11.99 -acre parent tract. The appraised value is based on
the hypothetical condition that the subject site has already been
subdivided into the appraised parcels. The use of hypothetical
conditions might affect appraisal results.
Property Valuation & Consulting, Inc.
TABLE OF CONTENTS
Nature of the Assignment
1
Purpose and Intended Use of the Report
1
Effective Date of Value
2
Effective Date of the Appraisal Report
2
Inspection Date
2
Scope of Work
2
Definition of Value and Property Interest Appraised
3
Marketing and Exposure Period
4
Sales History
4
Location Description
4
Population
6
Market Statistics
7
Zoning
9
Property Description
10
Flood Map Information
12
Assessment/Tax Data
12
Highest and Best Use as if Vacant — Parcel A
15
Highest and Best Use as if Vacant — Parcel B
15
Highest and Best Use as if Vacant — Parcel C
16
Valuation Process
16
Sales Comparison Approach- Parcel A
17
Sales Comparison Approach- Parcel B
18
Sales Comparison Approach- Parcel C
22
Reconciliation
22
Exhibit A, Subject Location Map and Photographs
Exhibit B, City of Ocoee Subject Sketch, Tax Map (Parent Tract), Aerial
Photograph (Parent Tract), Tract C of Prairie Lake PUD and sketch of
Parcel C Showing 15' Wide Strip
Exhibit C, Identifying Legal Description
Exhibit D, Parcel A Comparable Land Sales /Listings Location Map, Aerial
Photographs and Summary Descriptions and
Parcel B Land Sales/Listings Location Map, Aerial Photographs and
Summary Descriptions
Exhibit E, Assumptions & Limiting Conditions, Extraordinary Assumptions and
Hypothetical Conditions
Exhibit F, Certification
Exhibit G, Qualifications of Appraisers and Appraiser Licenses
Exhibit H, General Service Conditions
Property Valuation & Consulting, Inc.
F
Property Valuation & Consulting
June 28, 2015
Mr. Al Butler
City of Ocoee
Director of Support Services
150 N Lakeshore Drive
Ocoee FL 34761
John A. Robinson, MAI, AI -GRS, CCIM
State - Certified General Real Estate Appraiser #RZ417
Ana M Arroyo, MAI
State - Certified General Real Estate Appraiser #RZ3450
Lori Rauscher Linquanti
State - Certified General Real Estate Appraiser #RZ3700
Blair Beasley
State - Registered Trainee Real Estate Appraiser #RI23675
www.PropertyValue.com
RE: Parcel A: 2.5 Net Upland and Gross Acres of Vacant Commercial Land
Parcel B: 9.5 Net Upland and Gross Acres of Vacant Commercial Land
Parcel C: 0.15 -Acre Narrow Strip for a Deceleration Lane
East Side of N. Clarke Road and North Side of A D Mims Road / Railroad Tracks
Ocoee, Orange County, Florida 34761
Parcel ID # 09- 22 -28- 0000 -00 -056
In accordance with your request, we have completed an appraisal of the above - captioned property.
The information contained in this report is based on more complete data, analyses and conclusions
retained in our office files.
Nature of the Assignment
We have been requested by the client to estimate the market value of the fee simple estate in the
appraised property. The City of Ocoee is the client and the intended user of this report. The
estimated marketing and exposure period for the subject (Parcels A and B) is less than 12 months.
Purpose and Intended Use of the Report
In accordance with the client's request, the purpose of the appraisal is to estimate the market value
of the fee simple estate of the subject property. The intended use of the appraisal is for guidance
regarding an eventual potential sale of subject property Parcels A and B. It is entirely
inappropriate to use this report for any purpose other than the one stated.
204 South Dillard Street, Winter Garden, Florida 34787
Phone (407) 877 -0200 Fax (407) 877 -8222
2
Furthermore, our appraisal services and related appraisal report have been prepared in accordance
with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), as
adopted by the Appraisal Standards Board under the direction of the Appraisal Foundation, as well
as the Code of Professional Ethics of the Appraisal Institute, as read and interpreted within this
office.
Effective Date of Value
The effective date of value is June 16, 2015.
Effective Date of the Appraisal Report
The effective date of this appraisal report is June 28, 2015.
Inspection Date
The property was inspected on June 16, 2015.
Scope of Work
This appraisal report complies with the reporting requirements as set forth under Standards Rule 2-
2(a) of the Uniform Standards of Professional Appraisal Practice ( "USPAP ") for an Appraisal
Report with adherence to the Competency Provision for the property being appraised. As such, it
presents summary discussions of the data, reasoning and analyses that were used in the appraisal
process to develop the appraisers' opinion of value. Supporting documentation concerning the data,
reasoning and analyses is retained in the appraisers' file. The depth of discussion contained in this
report is specific to the client's needs and for the intended use as stated. The appraisers are not
responsible for any unauthorized use of this report.
In the appraisal of the subject property, one of the three commonly accepted approaches to value was
considered and applied: the sales comparison approach, with the result indicating the most credible
value estimate for the subject. Since the subject consists of vacant land with no known development
costs expended to date, the cost approach was eliminated as a valid approach to value for this
assignment. We did not apply the income capitalization approach, since the site is not leased, and
due to the lack of comparable ground lease properties of similar physical characteristics in the
subject's market area.
The sales comparison approach is considered an appropriate method in the valuation of the subject if
available for sale on the open market. The sales comparison approach analyzes recent sales and/or
current listings and contracts of similar properties as a basis for comparison with the subject in order
to determine an appropriate unit of comparison for estimating the subject's market value.
Property Valuation & Consulting, Inc.
3
The research tasks performed to estimate the value, as defined herein, involved the following:
1- Personally inspecting the subject site on June 4, 2015 and June 16, 2015, walking the site and
taking photos of the subject property; reviewing the site data, legal description, zoning /Future
Land Use, tax and flood information of Orange County and information provided by the
client pertaining to the subject property's size, location and potential development.
2- Researching comparable vacant land sale and listing data available through various data
sources such as: county records, data service providers such as Costar Comps, Loopnet and
MLS, as well as data gathered in the field and verifying pertinent details with the property
owners, managers or brokers /real estate professionals in the subject's market area. The data
were verified, in all cases (unless specifically noted otherwise in the description of each
transaction as presented in Exhibit D), with other real estate professionals and/or property
owners and/or their property managers. The search parameters included vacant commercial
and residential land ranging in size between 1 and 20 acres and transactions occurring within
the last two years, as well as current listings.
3- Analyzing the market data in relation to the subject property to derive the indication of
values presented in the report, which results in the market value of the fee simple estate in the
subject property.
This appraisal report is a recapitulation of the appraisers' data, analyses and conclusions. Supporting
documentation is retained in the office file.
Definition of Value and Property Interest Appraised
The value results reported herein reflect the market value of the fee simple estate in the subject
property.
Market Value can be defined as the most probable price a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title from seller to
buyer under conditions whereby:
(1) Buyer and seller are typically motivated;
(2) Both parties are well informed or well advised, and acting in what they
consider their best interests;
(3) A reasonable time is allowed for exposure in the open market;
Property Valuation & Consulting, Inc.
(4) Payment is made in terms of cash in United States dollars or in terms
of financial arrangements comparable thereto; and
(5) The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted by anyone associated with the sale.
* 12 CFR 34 42 (a) Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( "FIRREA ")
The land was valued as if offered in the open market for a reasonable period of time in which to find
a buyer. The fee simple estate in the property has been appraised. It is assumed the property is
available for development to its highest and best use, free and clear of all liens and encumbrances.
Fee simple estate is defined as the absolute ownership unencumbered by any other interest or estate,
subject only to the limitations imposed by the governmental powers of taxation, eminent domain,
police power and escheat.
Marketing and Exposure Period
The marketing and exposure period for the subject Parcels A and B is estimated to be 12 months or
less based on sales of similar properties and discussions with local brokers. The large drop in prices
resulting from the recent economic crisis and real estate downturn has caused a stabilization of
marketing times when the properties are properly priced and adequately marketed. Parcel C is not
developable; therefore, it has no marketing and exposure period.
Sales History
The last transaction of the subject property's parent tract recorded in the public records of Orange
County was in December 2006, when the City of Ocoee acquired it from Silvestri Investments of
Florida, Inc. for no consideration ($0). The property is not currently under sales contract, but there
is a non - binding letter of interest for $1,600,000 for the 9.5 -acre portion (Parcel B), or $168,421 per
acre. It should be noted that the separate properties: Parcel A (2.5 -acre portion), Parcel B (9.5 -acre
portion) and Parcel C (0.15 -acre portion), have very different indications of value per acre due to
economies of scale (size), the individual shapes and utility of the parcels, the differences in frontage
and exposure and the differences in highest and best use.
Location Description
The subject property is located within the city limits of Ocoee, in Orange County. Specifically, the
property parent tract is located on east side of N. Clarke Road and the north side of the A D Mims
Road / railroad tracks.
Property Valuation & Consulting, Inc.
E
The subject parent tract has exposure and visibility from both N. Clarke Road and A.D. Mims Road
as the site is located in the northeast quadrant of the signalized intersection of the aforementioned
roads. Subject Parcel A, as a portion of the parent tract, has a rectangular shape with good exposure
along both Clarke Road and A.D. Mims Road. However, the subject Parcel B site, as a portion of
the parent tract, has an irregular shape with the bulk of the site being in the back or rear portion of
the site with limited exposure along Clarke Road, which has the heavier traffic (refer to subject site
sketch in Exhibit B). The Florida Department of Transportation reports the average daily traffic of
N. Clarke Road as 21,000 cars per day, with A.D. Mims Road at 7,000 cars per day (traffic counts
displayed on the following map). The neighborhood boundaries are SR- 429 /Daniel Webster
Western Beltway to the west, CR- 435/N. Apopka Vineland Road to the east, SR -50 /W. Colonial
Drive to the south, and McCormick Road to the north (refer to the subject neighborhood map in
Exhibit A).
O*AN"
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Parcel A: Has frontage along the east side of N. Clarke Road, a four -lane asphalt -paved road with a
median barrier limiting access for southbound traffic to this portion of the subject site. This portion
of the site also has visibility from A.D. Mims Road; however access from A.D. Mims Road is not
viable due to the active rail line that runs along the southern boundary of the site, along the north
side of A.D. Mims Road.
Parcel B: It has limited frontage along the east side of N. Clarke Road, a four -lane, asphalt -paved
road with a grass median barrier and a median cut in front of the frontage portion of the site. N.
Property Valuation & Consulting, Inc.
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Clarke Road features concrete sidewalks and curbing in the area of the subject site. The subject site
has visibility from A.D. Mims Road, a two -lane, asphalt -paved road with turn lanes at its
intersection with N. Clarke Road. Due to a rail line that runs along the southern boundary of the
property and the north side of A D Mims Road, access from A D Mims Road is not available. The
northern portion of this parcel has frontage along Ocoee Vista Parkway, a low traffic, two -lane
asphalt -paved road.
Parcel C: It has approximately 445 feet of frontage along the east side of N. Clarke Road, and since
it is only 15' wide it would serve as a deceleration lane into Ocoee Vista Parkway, which provides
alternative access into Parcel C.
The subject's surrounding area is improved with multi and single family residential developments,
built within the past approximately 25 years. North of the subject is the City of Ocoee Fire Station,
along Ocoee Vista Parkway. Commercial uses are located along Silver Star Road to the south of the
subject. SR -50/W. Colonial Drive, further south, is intensely developed with numerous shopping,
office and service facilities.
Population
The following data was gathered from Site- to -do- Business Online. We obtained population
information within one, three and five mile radii of the subject site, based on Census 2010 Summary
Profile information.
One Mile Radius
Three Mile Radius
2000 -2010
2000
2010
Annual Rate
Population
8,354
91521
1.32%
Households
2,7%
3,271
1.58%
Housing Units
2,870
3,520
2.06%
Three Mile Radius
Five Mile Radius
2000 -2010
2000
2010
Annual Rate
Population
63,72.-
77,172
1.94%
Households
21,477
26,265
1.85%
Housing Units
22,464
28,829
2.53%
Five Mile Radius
Property Valuation & Consulting, Inc.
2000 -2010
2000
2010
Annual Rate
Population
162,818
195.636
1.85%
Households
56,163
67,468
1.85%
Housing Units
59,923
77,04
Property Valuation & Consulting, Inc.
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Market Statistics
The following statistics for the City of Ocoee were provided by City - Data.com:
Population in July 2009: 32,752.
Population change since 2000: +34.3%
Males: 16,156 (49.3 %)
Females: (50.7 %)
16,596
Median resident ® 33.1 years
age:
Florida median 38.7
age: years
Estimated median household income in
2009-.$56,663 (it was $53,225 in 2000)
Ocoee: $56,663
Florida: $44,736
Estimated per capita income in 2009: $25,538
Estimated median house or condo value in 2009: $206,691 (it was $109,800 in 2000)
Ocoee: $206,691
Florida: $182,400
Mean prices in 2009: All housing units: $262,884; Detached houses: $268,280; Townhouses or other
attached units: $160,222; In 5 -or- mare -unit structures: $160,922; Mobile homes: $68,979
Median gross rent in 2009: $1,179.
The City of Ocoee's population based on the 2010 US Census is 35,584 with a total area of 14.71
square miles. The top five employers in the city of Ocoee are Health Central Hospital, Orange
County Public Schools, Wal -Mart Superstore, Florida Auto Auction, and Sysco Foods. The
following is the demographic profiles from the 2010 US Census (provided by www.ocoee.org) of the
city of Ocoee.
Property Valuation & Consulting, Inc.
EV
Subject
Number
Percent
Median age (years)
35.4
(X)
2009
--------------------------------------------------------------------
Housing units, 2010
16 years and over
26,863
75.5
18 years and over
25,711
72-3
21 years and over
24,352
68.4
62 years and over
3,932
11.1
65 years and over
3,078
High school graduates, percent of persons age 25+, 2005-
86.2%
2009
Bachelor's degree or higher, pct of persons age 25+, 2005-
26.2%
2009
--------------------------------------------------------------------
Housing units, 2010
12,802
Homeownership rate, 2005-2009
78.1%
Housing units in multi-unit structures, percent, 2005-2009
11.4%
Median value of owner-occupied housing units, 2005-2009
$235,600
Households, 2005-2009
11,428
Persons per household, 2005-2009
2.75
Per capita money income in past 12 months (2009 dollars)
$27,090
2005-2009
Median household income 2005-2009
$60,837
People of all ages in poverty - percent, 2005-2009
7.7%
Manufacturers shipments, 2007 ($1000)
NA
Merchant wholesaler sales, 2007 ($1000)
551,563
Retail sales, 2007 ($1000)
573,717
Retail sales per capita, 2007
$18,068
Accommodation and food services sales, 2007 ($1000)
54,943
Property Valuation & Consulting, Inc.
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Market Data
The following chart, provided by the University of Florida Bergstrom Center for Real Estate Studies,
displays the outlook for investment for vacant land in the Orlando MSA.
Outlook for Investment
In Land:
Ckmd 1 No Entitlements, Residential,
To " 1.5 Commercial
o.s
tw�.e Ttn+e
TO
a" rWW
TO Wy 1.5
+land MMtt�tt Entigemrnts
•T
—with Resxdwntiat Er*Wvnents
with oKioe /4"t Entittwnems
The next graphic is from Marcus & Millichap's Real Estate Investment Outlook and shows how
investors, perceive the current market and whether it is best to hold, buy, or sell specific property
types. It should be noted that this is a national survey.
Apartment --
Retail� -�
Hotel
industrial
Mixed -use
Office
Undeveloped Land
0% 20% 40% 8076 80% 100%
m sell NNW N try ■ No MMM
O* respondents imsiRd in the property type ae irelKted in the cotmn & fttpnp" type
Zoning
The subject is located within the Ocoee city limits. The subject site is zoned PUD -COMM (Planned
Unit Development - Commercial) by the city of Ocoee. The site has a Future Land Use designation
of Commercial. Based on the Prairie Lake PUD Land Use Plan from the city of Ocoee, presented in
Property Valuation & Consulting, Inc.
10
Exhibit B of this report (the subject is a portion of "Tract C ", consisting of 14 acres on the Master
Plan), the commercial uses in the development must comply with the uses allowed within the
Neighborhood Shopping District (C -1) as defined by the Ocoee's Zoning Department. The 14 -acre
Tract C is approved for construction of 120,000 of retail space as per the Master Plan. The C -1
commercial district is for the conduct of retail trade and personal service enterprises to meet the
regular needs and for the convenience of the people of adjacent residential areas. Because these
shops and stores may be an integral part of the neighborhood, closely associated with residential,
religious, recreational and educational uses, more restrictive requirements for light, air, and open
space are made than are provided in other commercial districts. Additional permitted uses (as set by
the PUD) include automobile service stations and supermarkets. These permitted uses are consistent
with the Commercial Future Land Use. Development of the subject site is limited by buffer
requirements that require 25 feet of buffer area between residential and commercial development.
Additionally, a site plan for proposed construction must be approved by the city of Ocoee.
The subject zoning allows C -1 uses on this site, and, as verified with City of Ocoee Planner Michael
Rumer, the subject zoning district allows for certain forms of medium and high density residential in
a mixed use development facilitated by a PUD. This mixed -use development requires a combination
of commercial (more than one acre) along with the multifamily as part of a mixed use development.
This type of development would require more than one acre of commercial (Parcel A is 2.5 acres) as
part of the development and it can be done via a Comprehensive Plan Amendment to the current
PUD, which reportedly would be achieved with minimal effort and expense.
The proposed use by the potential buyer of the subject property is for a K -8 charter school in the 9.5-
acre site (Parcel B), while the 2.5 -acre Parcel A would be reserved for future commercial development.
Parcel C is intended for a deceleration lane from Clarke Road into Ocoee Vista Parkway. As per the
Ocoee City Planner, the only thing needed for a charter school is a special exemption request and there
is no need to modify the PUD.
Property Description
Land Size Parcel A: 2.5 gross and net upland acres
Parcel B: 9.5 gross and net upland acres
Parcel C: 0.15 gross and net upland acres
(site sizes are as per the City of Ocoee provided site
sketch -refer to Hypothetical Conditions).
Access and Frontage Parcel A: Frontage on and access via North Clark Road
with a grass median barrier limiting access for
southbound traffic. Exposure is from A.D. Mims Road;
however, an active rail line prohibits access.
Property Valuation & Consulting, Inc.
11
Parcel B: Narrow access and frontage on the east side
of N. Clarke Road, a 4 -lane paved road with traffic
counts of 21,000 cars per day and a median cut in front
of the subject. Access from A.D. Mims Rd. is not
available because of the rail line that runs on the south
side of the subject between the subject site and A.D.
Mims Rd. Exposure is along A.D. Mims Road, a two
lane paved road with traffic counts of 7,000 cars per
day. There is also access and frontage on the south side
of Ocoee Vista Parkway, a two -lane asphalt -paved road
leading to Prairie Lake Reserve subdivision, just north
of the subject. Ocoee Vista Parkway bounds the subject
to the north and continues along the eastern boundary
of the site as a paved and wooded, platted road (paper
street). As per the Ocoee City Planner, the subject's
access, once developed, will be along this road and as a
right in — right out access into /onto Clarke Street along
the western boundary (at the narrow frontage).
Parcel C: approximately 445 feet of frontage along the
east side of N. Clarke Road/south side of Ocoee Vista
Parkway
Shape Parcel A: Rectangular
Parcel B: Irregular with narrow frontage and access
from N. Clarke Road, limited exposure to higher traffic.
Parcel C: Irregular, 15' wide strip of land, with an
average length of 449.52'. Its frontage on N. Clarke
Road is approximately 445'.
Topography Parcel A: Wooded, level and at or near road grade
Parcel B: Partly wooded and partly cleared, mostly
level and at or near road grade.
Parcel C: wooded, level and at or near road grade.
Drainage Appeared adequate on the day of inspection. On -site
retention will be required when developed.
Utilities The sites have public water and sewer available from
the City of Ocoee
Duke Energy provides electricity.
Century Link provides telephone service.
Apparent Easements,
Encroachments or Restrictions Typical utility and right -of -way easements; no other
adverse easements, encroachments or restrictions were
Property Valuation & Consulting, Inc.
12
known or observed. An environmental report was not
available; however, upon walking the site we observed
what may have been a gopher tortoise hole.
Soil and Subsoil Conditions Suitable for normal building loads as evidenced by the
surrounding improvements
Flood Map Information
According to the Federal Emergency Management Agency's Flood Insurance Rate Map Panel No.
12095CO21OF Orange County, Florida, dated September 25, 2009, the subject site appears to be
situated within Flood Zone X, an area of minimal flood risk, outside of the 500 year flood plain.
Assessment/Tax Data
The subject 11.99 -acre parent parcel is identified as Tax ID # 09- 22 -28- 0000 -00 -056 by the Orange
County Property Appraiser and Tax Collector. The total certified 2014 assessment for the parent
parcel is $539,550 (land value only), or $45,000 per acre and $1.03 per square foot. Since the 11.99 -
acre parent tract is owned by the City, it is exempt from real estate taxes. However, based on the
subject's millage rate of 0.0192370, the 11.99 -acre parent property would have real estate taxes of
$10,379 for 2014 if it were privately owned. Pertinent tax data follows:
Ocoee Vista Pkwy <09-22- 28- DOOO-00 -056
°dame=.;s''.
City Of Ocoee
F,aPemi blame Q
N/A. Click i nfarmatior imr to contribute.
rdaiang Add,ess On Poe
150 N Lakeshore Or
Ocoee, FL 34761 -2223
:nc ect Maifing Address'
Street Address
Ocoee Vista Pkwy
"a t
,
ran", st.0
1 l rye:
Postal Ck and ZiPcode
aw
SION"T aADe.r
Ocoee, FI 34761
as
pq
Prdperrf Use
FAVS
rasa Parr
8900. Municipal
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Ocoee
IMAGE UPLOAD
Values, Exemptions and Taxes Property Features Sales Analysis Lotatien Info Market Stets 7 Update:nforrrsatior
Property Description
COMM SE COR OF NEL14 OF SEC 09 -22 -28 RUN N 00 DEG W 1331.66 FT ALONG E LINE OF NEV4 N 89 DEG W ALONG N LINE OF SEL14 OF NE14 68451 FT 5 00 DEG E 13312 FT 5 89
DEG E 466.47 FT S 75 DEG W 564,21 FT TO POB N 00 DEG W 206.91 FT TO POC RUN NWLY ALONG CURVE CONCAVE SWLY FOR 676.86 FT S 89 DEG W 256,05 F7 S 45 DEG W 3531 FT
SELY ALONG CURVE CONCAVE ELY 528.98 FT SELY 72.87 FT SELY 324,8 FT ALONG E R1W LINE OF N CLARK RD TO N RN! OF RR R/W N 75 DEG E ALONG RR R;"W TO POB FLE55 COMM
AT THE :NTERSECT ON OF THE E R/W ENE OF CLARKE RD St N R,nN LINE OF SEABOARD RR TH N14- 39 -44W 324.80 FT NWLY 72.67 FT NELY 52 8.36 FT N43- 51 -27E 35.111`7 N89 -14.
37E 21.07 FT TO POO CONT N 89- 14 -07E 186.43 FT SW-45 41L36 FT S80- 29 -53W 185,'8 FT NELY 409.88 FT N43 -51 -27E 43.60 FT TO POB `:
Total Land Area 522.402 sgft -f 11.99 acres i, / -; GS Caic,4 ated Notice
Land
toed ton cada I aAd tlni4E tiaN iioe _ 1, r cuss Wt trrioe Q�ef Ua4ie
10M - Vacant Commercial PUD -COMM 11.99 ACRES) 445.000.00 1539350 50,00 5539,550
Page 1 of 1 1 total records?
Buildings
4nporfaAtJnterrnallon Ito
There are no bu ldings associated with this parse ,
Extra Features
Oesaiptior Qa1� Ortlk t!n[kc 014 VOW
There are no extra features assor,atetl with this parce
Property Valuation & Consulting, Inc.
13
Values, Exemptions and Taxes Property Features Sales Analysis Location Into Market Mats Update information
Historical Value and Tax Banafits Q
ax Year Vahusc
Land
soldoow
Fealrurto Ma*d Value
Assessed VAM
2014 0 0
$539,550 -
$0 -
$0 = $539.550
$539,550
2013 Q CM
$539:550 -
$0 -
$0 = $539,550 ...
$539,550 .-
2012 Q ®
$541.350 -
$0 -
$0 = $541,350
$541350
2011 Q
$541,350 -
$0 -
$0 = $541,350
$541,350
ax Yeas DOWNS
Other LVNN~
Tax saileng
2014 Q .
$539,550
$10,37
2013 Q M
$539.550
510,40
2012 Q M
$541.350
510153
2011 Q M
$541.350
$10,57
2014 Taxable Value and Certified Taxes Q TAX YEAR 1 2014 . 2013 . 2012 . 2011
TaxiapAunsorillr ., ,. .. ,. a... tr�i �,M?Itata • TautslG
T!,ere are no ad valorem taxes to display at this time,
2014 Non -Ad Valorem Assessments
Aare Amt
There are no Non -Ad Vaiorem Assessments
2014 Gross Tax Total: $0.00 O
2014 Tax Savings Tax Savings
Your property taxes without exemptions would be: $10.379.3,
Your ad- valorem property tax with exemptions 's: - SO,00
Provkhng You A Savings of., _ $10,379.32
Property Valuation & Consulting, Inc.
14
Imo' Scaft Tax Collsator 2014 REAL ESTATE
OwAMME CO MW NOT= OF AD VAf.Of1Gr TA1f1M AM MOM,AD VAfARfM AfMMNNINNM115
0082e27-7 0... 65
1N�WW:M 4 Fe6imis 09-22 -28- 0000 -00056
COMI SE COR OF NEl /4 OF SEC 09- 4 AARON GRM TAX 22 -28 RUN N 00 DEG W 1331.66 FT
ALONG E LINE OF NE1 /4 N 89
mn mts NT19UT7ADY SEE TAXROLL FOR COMPLETE LEGAL
EXEMPT 0 0C E VISTA PKWY OCOEE 34761
Cm OF OCOEE
ISO N LAKESHORE OR
OCOEE, FL 34761 -2223 PO Box 545100
OrbvWb FL 32854-5100
To pay by aul k card, cal l4 65 -4149014 or vbk www.ocmxcoi.com- A fee wN be dwged by Palm and Pay for 1Ns service.
Or fo mel in your peynwr, mkjm he fop p m "n Of your b4 wNh your dledL
Make dvrks payable 10 Scafl Rar~, Tax Coledor - PO Box 545100.Odendo FL 32854.6100
Scott Randolph, Tax Collector RETAIN FOR YOIM RECORDS 2014 REAL ESTATE
CITY OF OCOEE
150 N LAKESHORE DR 09-22 -28- 0000 -00056
COMM SE CDR OF NE1 /4 OF SEC 09 -22 -28 RUN
OCOEE, FL 34761 -2223 N 00 DEC W 1331.66 FT ALONG E LINE OF
NE1 /4 N 89
SEE TAXROLL FOR COMPLETE LEGAL
SIIrS AODIIM 0 OCOEE VISTA PKWY OCOEE 34761 RecsW wil be muted upon requa t
AD YAL� TAM
TAX MONM ASWM VAM M" YAW TAt m rum NEW TAx 1fvu
STATE S0100L S39.SSO S39.SSO 0 5.2260
$0.00
LOCAL SCWOL S39.5SO 539,SSO 0 3.2480
$0.00
GEN COUM S39.5SO 539,550 0 4.4341
$0.00
OCOEE S39.5SO S39,SSO 0 5.6371
$0.00
LIBRARY S39.SSO 539,SSO 0 .3748
$0.00
SIIdM S39.SSO S39.SSO 0 .3164
$0.00
°dAIE °F TOTAL W". 19.23701 VAU - _ *A VAI.RrR T M: so
NON,Ap YAtA� AtM�'M�11'!i
Lirf116 Atl1110ARr AIIDIMft
pOM,iI mo TWAL. SO -OO
ORANGE COUNTY NOTICE OF AD VALOREM TAXES AND NON-AD VALOREM ASSESSMENTS
AOD= MNIER WAGE MK AM= MR EIENInm LLS fAEIr11M >WIRE IIYIE
0082827 -7 65 000 539,550 S39,S50 0
. NW42014 Dedl014 JwW2015 FebW5 MARCH moss TAX NTEREsmav EMW MK
0 i
15
Highest and Best Use as if Vacant — Parcel A
The highest and best use of the site as if vacant considers uses that are physically possible, legally
permissible, financially feasible, and maximally productive.
The subject site is physically capable of supporting development as evidenced by the surrounding
improvements. Parcel A has frontage, exposure and access along N. Clarke Road, a 4 -lane road with
a median barrier and 21,000 cars per day at this portion of the subject. In addition, the site has good
exposure along A D Mims Road (7,000 cars per day). The site is high and dry with no known
wetlands and is rectangular in shape.
The use that would be feasible and result in the highest return to the land would be for commercial
use, likely retail, due to the zoning and Future Land Use (which allows for a wide range of
commercial uses), as well as the corner location (although limited due to the location of the rail) and
the lack of surrounding existing commercial development in the area.
Therefore, the highest and best use of the subject site as vacant is for commercial development.
Highest and Best Use as if Vacant — Parcel B
The highest and best use of the site as if vacant considers uses that are physically possible, legally
permissible, financially feasible, and maximally productive.
The subject site is physically capable of supporting development as evidenced by the surrounding
improvements. Parcel B has narrow frontage, exposure and access along N. Clarke Road, a 4 -lane
road with a median cut at the subject, with 21,000 car per day. In addition, the site has good
exposure along A D Mims Road (7,000 cars per day) and has access and frontage along a residential
road that bounds the property to the north. The site is high and dry with no known wetlands and is
irregular in shape.
The use that would be feasible and result in the highest return to the land would be for multifamily
or professional office /destination retail development due to the zoning and Future Land Use (which
allows for a wide range of commercial uses), as well as the minimal frontage and visibility and the
lack of surrounding existing commercial development in the area. Since the bulk of the site is
located in the back with limited exposure, the site is more suitable for multifamily or destination
retail and/or professional users. Because of the surrounding residential influence, a K -8 charter
school is intended by the potential buyer. This alternative use is compatible with the zoning and
surrounding land uses, and will only require a special exception request to be submitted to the City
of Ocoee. The use of the 9.5 -acre portion as a school site also takes advantage of the subject shape
Property Valuation & Consulting, Inc.
16
(with the bulk of the property being in the back, away from the main road and with less exposure),
leaving the commercial influence to the 2.5 -acre portion that has been taken out of the parent parcel
as Parcel A. Recent sales and listings of commercial sites in the subject's market area indicated a
lower unit price than residential development land for the "backland" 9.5 acre portion of the site, due
to the lower exposure. Recent sales of school (private or public) sites are not available in the
subject's market to make a determination of value based on school use only. However, in the
analysis of the market data available of recent transactions involving commercial land and
multifamily land, it is concluded that the unit price of the subject's letter of intent for the charter
school intended use is within the range of sale prices of similar residential land.
The subject zoning is PUD Commercial as part of the Prairie Lakes PUD, allowing C -1 uses on this
site. As verified with City of Ocoee Planner Michael Rumer, the subject zoning district allows for
certain forms of medium and high density residential in a mixed use development facilitated by a
PUD. This requires a combination of commercial (more than one acre) along with the multifamily
as part of a mixed use development. The development would require more than one acre of
commercial as part of the development and it can be done via a Comprehensive Plan Amendment to
the current PUD, which would be achieved with minimal effort and expense. Therefore, it is
concluded that the subject has a wide variety of potential uses, including school, multifamily and
commercial uses. Since the subject is essentially backland with limited exposure along Clarke Road,
school use and multifamily use are considered alternative uses for the subject site.
Therefore, the highest and best use of the subject site as vacant is for multifamily development with
alternative highest and best uses for commercial development (likely less intense retail and
professional office uses as permitted by the city of Ocoee) and school development.
Highest and Best Use as if Vacant — Parcel C
This is a 15' wide and approximately 449' long strip of land along the east side of N. Clarke Road,
intended for a deceleration lane from Clarke Road to Ocoee Vista Parkway, which provides
alternative access into Parcel B. A deceleration lane is permitted as part of the subject property
development and is valuable to the subject's 11.99 -acre undivided parent parcel (as well as to Parcel
B) in that it improves alternative access into the property. Therefore, the development of a
deceleration lane is the highest and best use of Parcel C.
Valuation Process
In the appraisal of the subject property, one of the three commonly accepted approaches to value was
considered and applied for the subject property: the sales comparison approach, with the result
indicating the most credible value estimate for the subject. As stated previously in the Scope of
Property Valuation & Consulting, Inc.
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Work, the cost and income approaches were not applicable. Ultimately, the sales comparison
approach gives a good indication of the subject's value in the open market (market value) as it best
reflects the actions of market participants for vacant commercial land.
Sales Comparison Approach- Parcel A
Three comparable sales of vacant commercial land within Orange County, in addition to one current
listing, were analyzed to indicate a value for the subject. The comparables are summarized on the
ensuing adjustment grid, and a location map, aerial maps /photographs and summary descriptions are
found in Exhibit D.
COMPARABLE LAND SALES ADJUSTMENT GRID - "AS IS"
East side of N. Clarke Road and north
side of A D Mms Road /Rallroad
Tracks
11800 West Colonial Drive (South
side of W. Colonial Drive, east of
Westrun Road)
423 Daniels Road (Northeast comer of
Daniels Rd. and Roper Rd.)
1851 East Silver Star Road
(Southwest corner of Silver Star
Rd. and Silver Bend Blvd.)
5653 North Apopka Vineland
Road (East side of N. Apopka
Vineland Rd., North of Clarcona-
Ocoee Rd.
Address:
Cit /Gaunt :
Ocoee, Orange Count
Ocoee, Orange Count
Winter Garden, Orange Count
Ocoee, Orange Count
Orlando, Orange Count y
To
Jun -15 Appraisal Date
Se 13
Nov -14
Nov -13
Current Listing
S! 12 Price:
$412,500
$380,000
$437,200
$299,000 Listing Price
Size Gross SF :
108 900 SF
11!Z21 SF
84,125 SF
94.305 SF
48,833 SF
Size Net Usable/ lend SF :
108,900 SF
48,787 SF
84,125 SF
94,305 SF
48,833 SF
Sale Price/ Net U land SF:
$8.82
$4.52
$4.64
$6.12
Real Pro rt Rights
Fee Simple
Fee Simple
Fee Simple
Fee Sim le
Ad us.nent for Real Prop. Right..
$0
$0
$0
$0
Price ad'usted for Property rights:
$412,500
$380.000
$437,200
$299,000
Financin terms:
Cash orequivalent to seller
Cash or equivalent to seller
Cash orequivalent to seller
Cash or equivalent
Ad ustment for Financin terms:
$0
$0
$0
$0
Price ad'usted for financing terms:
$412,500
$380,000
$437,200
$299,000
Conditions of sale:
Normal; Amr's- Length
Normal; Arm's - Length
Normal; Ann's- Length
Current Listing ( -10 %)
Ad' Conditions of sale:
$0
$0
$0
$29,900
;entfor
Pace a'u -hr for conditions of sale:
$412,500
$380,000
$437,200
$269,100
E iaxaeim -liaW /tar «rheas «wnirib velueofim ro manta:
None
None
None
None
Aejw.nam for expenditure or.omribubry wive of Improv.:
s0
$0
$0
$0
Price ed'usted fore ndituresimmedktel
after uroheae:
$412,500
$380,000
$437,200
$289,100
Market Conditions @ • 3.%
5.24%
1.74%
4.74%
0.00%
Months since closing:
21 months ago
7 months ago
19 months ago
0 months e o
Price ad usted for market conditions:
6434,131
$386,621
$457,934
$269,100
Total rocs ad'ustmenF.
$21,831
$8,821
$20,734
$29,900
GE d u e stment as %of sale rice:
5.24%
1.74%
4.74%
10.00%
Adjusted Price/SF of Upland Area:
$9.28
$4.60
$4.80
65.51
Location:
City0foccabo
city of 00000
City of Winter Garden
City of Ocoee
Uninoorpolarted Orange Cou
Adjustment for Location:
0%
0%
0%
5%
Land Area/Silas (Net Upland SF):
108,9403F
46,787 SF
64,125 SF
94,305 SF
48,833 SF
Adjustment for Size:
-5%
0%
0%
5%
Primary Street Frontage:
Clarke Road
West Colonial Driw
Daniels, Road
East Silver Star Road
North Apopka Vineland Road
Secondary Street Frontag.1EVoreve:
A D Mims Rood (7,000 CPO)
Westnrn Road
Roper Road
Silver Bend Boulevard
None
Traffic Cowes (2014 FDOT):
21,000 Can Per Da
42,000 Cars Per Da
No Data
20,500 Care Por Da
8,700 Cara Per Do
Accee./ShepeAlOitty
44-ena Povad Road with Median
Barrier (Clarks Rd.) 8 24.ens
Paved Road/Ractangula
4-Lam, Pewd Road with No
Median Ctandoslly, ReW rgula
4-Lam Pewd Road with Median Cut 8 2
Lane Paved RoadlFisOtattguta
4-Lam Par Road with Median
Cut at Sids Street 8 24-ene Paved
Road/Rectengulot
2Aene Pewd Rd. with No
Median BenieM/M..'
Rectangular
Adjustment for Fronts e/Traffic /Access/Sha A1t111 :
-10%
5%
5%
5%
Utilltkmisrw.,wwr e•e.ann..n�):
WS-E -T
WS-E -T
WS { -T
WS-E -T
WS-E -T
Ad ustment for Utilities:
0%
0%
0%
0%
Slob of Development/fopogrephy.
Wooded and Mostly Level
Cleared and Level
Cleared and Laval
Cleared and Level
Wooded and Mostly Level
Ad j. for State of Developmenl1To
rah /Improv.:
5%
5%
5%
0%
Zoning/ FLU and Density. Prank Lake PUD/Commercial
G3 (General
Commercial mmerolal
R -1 (Rf:ideraisly NC (Residential
Ns ighborhood Cont 1)
C-2 (Community
Commeroial Commercial
C-1 /Rural Settlement W
CityofOcoee
City of Ocoee
Cdy of Winter G.Nen
City of Owes
Orange Count
Ad ustment for Zonin /Donal /Entitkmert
0%
0%
0%
0%
Net Pro Prlty Adjustment.:
-20%
-10%
-10%
5%
Gross Total Adjustments (Transactional and Pro
25%
12%
15%
25%
Indicated Value/Net Upland SF:
$7.42
$4.14
64.37
65.79
wa.wmoasr rraowaaaroraeu a,aw,a artororl rdMw.ana:
23.1%1
27.3%
20.4%1
23.2%
Indicated Value: 108,900 SF1
of U lend Site Ares ft
1 $5.34 /Net Upland SF =
$581,618
100%
Final Indicated Value Rounded to: $580,000 . «$5as met UweM SF
Property Valuation & Consulting, Inc.
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These sales and listing are judged to be among the best value indicators available. The sale dates
range from September 2013 to November 2014 and Listing 4 is current as of the appraisal date. The
comparable sites ranged in size from 46,787 to 94,305 net upland square feet, averaging 68,513 net
upland square feet. Unadjusted sale/ listing prices ranged from $4.52 to $8.82 net upland SF,
averaging $6.02 per net upland SF.
None of the sales required any adjustments for property rights or financing, as each transaction
involved the fee simple estate and were in cash terms, or cash equivalent to the seller. Listing 4 was
adjusted downward 10% for conditions of sale, because it is an asking price which will likely be
negotiated downward in order to consummate a sale. No other adjustments for conditions of sale
were necessary. Since the economic recovery has led to a stabilization and slight increase in values
for commercial land over the last couple of years, a 3% market conditions adjustment for date of sale
was applied to the sales.
The property characteristics that influence value include location, size, frontage, traffic counts,
access, shape /utility, utilities, topography and state of development, zoning/land use. The sales were
analyzed and compared to the subject relative to these features and appropriate adjustments were
made. Adjustments were made on a percentage basis (inferior /superior).
After adjustments, the range of indicated values for the subject was $4.14 to $7.42 per net upland
SF, averaging $5.43 per net upland SF.
The least adjusted comparables are considered to be overall the most similar to the subject; while the
most adjusted comparables are considered least similar. The comparables were weighted in direct
proportion to the total gross percentage adjustments of each (transactional and property
adjustments). Therefore, more weight is assigned to the least adjusted comparable sales and less
weight is assigned to the more adjusted comparable sales. This method results in a weighting of
23.1% applied to Sale 1, 27.3% applied to Sale 2, 26.4% applied to Sale 3, and 23.2% applied to
Listing 4 for a final weighted average unit value of $5.34 per net upland SF.
Multiplying the indicated unit value by the subject site size of 108,900 net upland SF results in an
"as is" market value indication for the subject property via the sales comparison approach of
$581,616, rounded to $580,000, or $5.33 per net upland SF.
Sales Comparison Approach- Parcel B
Three comparable sales of vacant multifamily /mixed -use land within Orange County, in addition to
one current listing, were analyzed to indicate a value for the subject. The comparables are
Property Valuation & Consulting, Inc.
19
summarized on the ensuing adjustment grid, and a location map, aerial maps /photographs and
summary descriptions are found in Exhibit D.
Property Valuation & Consulting, Inc.
20
Property Valuation & Consulting, Inc.
Fast side of N. Cadre Road and
north side of A D Mms
Road/Railroad Tracks
1811 AD Mims Road (south side of A
D Mims Rd., west of Clarke Rd.)
Northeast Comer of Maine
StreeVBlackwood Ave. and Chicago
Ave,
1750 Maguire Road (east side of
Maguire Road along southern boundary
of Ronald Reagan Turnpike)
4602 N. Pine Hills Rd. (west side
of N Pine Hills Rd. and north of
Bonnie Brea Circle
Address:
City/County:
Ocoee, Orange County
Ocoee, Orange Co.
Ocoee, Orange Co.
Ocoee, Orange County
Orlando, Orange County
Meeting of the Minds/Contract Date:
Jul -13
Current Listing
Jul-13
Aug -14
Sale Date:
Jun -15 Appraisal Dale
Jul-14
Current Listing
Jul-13
Aug-14
Sale/Listing Price:
$1,812,000
$2,500,000
$3,049,400
$985,000
Size Gross Acres):
9.5 Acres
43.21 Acres
27.4 Acres
14.11 Acres
9.14 Acres
Sae Net Usable/Upland Acres):
9.5 Acres
17.4 Acres
20.5 Acres
14.11 Acres
9.14 Acres
Sale Price/ Net Upland Acre:
$104,138
$121,951
$216,116
$107,768
...
Real Pro R' hts: I
Fee Simple
Fee Simple
Fee Simple
Fee Simple
Adjustment for Real Property Rights:
$0
$0
$0
$0
Price adjusted for property rights:
$1,812,000
$2,500,000
$3,049,400
$985,000
Financing terms:
Cash orequivalent to seller
Cash orequivalent to seller
Cash orequivalent to seller
Seller Financing of $485,000 with
a balloon of $393,621 -5%
Adjustment for Financing terms:
$0
$0
$0
($49,150)
Price adjusted for financing terms:
$1,812,000
$2,500,000
$3,049,400
$935,750
Conditions of sale:
Bank - Owned; Arm's- Length ( +10 %)
Listing Price ( -10 %)
Bank - Owned; Arm's- Length ( +10 %)
Normal; Arm's- Length
Adjustment for Conditions of sale:
$181,200
($250,000)
$304,940
$0
Price adjusted for conditions of sale:
$1,993,200
$2,250,000
$3,354,340
$935,750
FxpeMitures immediately after puchase(or m1fibut'ory value of hpmvements):
None
None
None
None
Adjustment for expenditures or contributory value of improv.:
$0
$0
$0
$0
Price adjusted for expenditures immediate after purchase:
$1,993,200
$2,250,000
$3,354,340
$935,750
Market Conditions @+ 4.%
1
7.67%
0.00%
7.67%
3.33%
Months since closing:
1
23 months ago
0 months a o
23 months ago
10 months ago
Price adjusted for market conditions:
$2,146,103
$2,250,000
$3,611,659
$966,925
Total gross adjustment: 1
$334,103
$250,000
$562,259
$80,425
Gross adjustment as % of sale rice:
18.44%
10.00%
18.44%
8.16%
Adjusted Price/Acre of Upland Area:
$123,339
$109,756
$255,964
$105,790
Location:
City of Ocoee
City of Ocoee
City of Ocoee
CRY of Ocoee
Unincorporated Orange Go.
Adjustment for Location:
0%
10%
-5%
10%
Land Area/Sae (Net Upland Acres):
9.5 Acres
17.4 Acres
20.5 Acres
14.11 Acres
9.14 Acres
Adjustment for Size:
5%
5%
0%
0%
Primary Street frontage:
Clarke Road
A D Mims Road
Maine Stneet/Blackwood Ave.
Maguire Road
N. Pine Hills Road
Secondary Street FrontagelElgosure:
A D Mims Road (6,900 CPD)
None
Chicago Avenue
Ronald Reagan Turnpike (95,000 CPD)
None
Traffic Counts (2013 FDOT):
21,000 Cars Per Da
6,900 Cars Per Day
Low Tlaf6n
28,550 Cars Per Day
21,763 Cars Per Day
Access/Shaloaftlity.
4-Lane Paved Rd. with
Median Cut (Clarke Rd.) 82-
Lane Paved Rd.Arregular with
2-Lane Paved Rd.AAostly Rectangular
Uplands
2 -Lane Minimally PavedUrt
Rd./Irregular
4-Lane Paved Rd. with Median Cut & 2.
Lane Pawed Rd./Mostly Rectangular
4 -Lane Paved Rd. with No Median
Barriers and Center Turn
Lane/Redangula
Adjustment for Frontage Rraffic/Access /ShapefUtility:
0%
5%
-5%
-5%
UGIitieSss..wiv.�E= en�r= T.�ro.f:
W.SE -T
W -S-E -T
W -S-E -T
W -S-E -T
W-E -T
Adjustment for Utilities:
0%
0%
0%
5%
State of DevelopmenVTopography.
Partly Wooded/Partly Cleared
and Mostly Level
Wooded and sloping gently towards
Spring Lake at red
Wooded and Mostly Level
Wooded (Pine Trees) and Level
Mostly Cleared and Level
Adj. for State of DevelopmentRopography
/Improvements:
-5%
5%
0%
-5%
Zoning/ FLU and Density:
Prarie Lake PUDICommercial
Was R -3 (Multi-Family DwelurgyHgh
Density Residen0al; Curren: PUD-HD
(Planned Development High Density)
R -3 (Mufti- Family Dwelling District)
/High Density Residential (Max. 16
DU/Gross Acre)-Ocoee CRA
PUD /Commercial (buyer obtained
rezoning for multi-family with 2 acres
commercial mixed use prior to closing)
R-3 (Multi(arniNyMediun Den;4-
Residential (Max 20 DU/1 Acre)
City of Ocoee
City of Ocoee
City of Ocoee
City of Ocoee
Unincorporated Orange Co.
Adjustment for Zoning0onsity/Entitlements:
0%
0%
-10%
5%
Net Property Adjustments: 1
3,$
0%
25%
-20%
`
10%
Gross Property Adjustments: 1
10%
25%
201/6
30%
Gross Total Adjustments (Transactional and Property):
28%
35%
38%
381/6
Indicated Value /Net Upland Acre: 1
$123,339
$137,195
$204,772
$116,369
Unadjusted portion of each comparable
1 72%
65%
62%
62%
waWmneinDhWP rWrdontsradAmsentof(Gre )Adxrea.nr.:
27.5%
25.0%
23.7%
23.8%
Per cross Acre:
$13,672
$25,666
$48,493
$27,680
Per Not Acre:
$33,9531
$34,304
$48,493
$27,680
Indicated Value:
9.5 Acres
of Upland Site Area
$144,430 /Net Upland Acre =
$1,372,087
( $3.31 Net upland SF
Final Indicated Value Rounded to: $1,370,000
or $144,211 Not Upland Acre
Property Valuation & Consulting, Inc.
21
These sales and listing are judged to be among the best value indicators available. The sale dates
range from July 2013 to August 2014 and Listing 2 is current as of the appraisal date. The
comparables ranged in size from 9.14 to 20.50 net upland acres, averaging 15.29 net upland acres.
Unadjusted sale/ listing prices ranged from $104,138 to $216,116 net upland acre, averaging
$137,493 per net upland acre.
No adjustments were required for property rights as all transactions involved the fee simple estate.
Sale 4 required a 5% downward adjustment for financing, as the seller financed 49% of the purchase
price at unknown terms. All other transactions were in cash terms, or cash equivalent to the seller,
requiring no adjustment. Listing 2 was adjusted downward 10% for conditions of sale, because it is
a list price and the sale price will likely be negotiated downward in order to consummate a sale (the
broker reported to have had several offers at $2,500,000, but other terms were not agreed upon).
Sales 1 and 3 were adjusted upward 10% each for conditions of sale as they were bank owned
(motivated seller) at the time of the sale. Since the economic recovery has led to a stabilization and
slight increase in values for commercial /mixed- use /multifamily land over the last couple of years, a
4% market conditions adjustment for date of sale was applied to the sales.
The property characteristics that influence value include location, size, frontage, traffic counts,
access, shape /utility, utilities, topography and state of development, zoning /land use. The sales were
analyzed and compared to the subject relative to these features and appropriate adjustments were
made. Adjustments were made on a percentage basis (inferior /superior).
After adjustments, the range of indicated values for the subject was $116,369 to $204,772 per net
upland acre, averaging $145,419 per net upland acre.
The least adjusted comparables are considered to be overall the most similar to the subject; while the
most adjusted comparables are considered least similar. The comparables were weighted in direct
proportion to the total gross percentage adjustments of each (transactional and property
adjustments). Therefore, more weight is assigned to the least adjusted comparable sales and less
weight is assigned to the more adjusted comparable sales. This method results in a weighting of
27.5% applied to Sale 1, 25.0% applied to Listing 2 and 23.7% applied to Sale 3, and 23.8% applied
to Sale 4, for a final weighted average unit value of $144,430 per net upland acre.
Multiplying the indicated unit value by the subject site size of 9.5 net upland acres results in an "as
is" market value indication for the subject property via the sales comparison approach of $1,372,087,
rounded to $1,370,000, or $144,211 per net upland acre.
Property Valuation & Consulting, Inc.
22
Sales Comparison Approach- Parcel C
The comparable sales and listing data indicated the market values of Parcels A and B. Parcel C is a
15' wide and approximately 449' long strip of land along the east side of N. Clarke Road, intended
for a deceleration lane from Clarke Road to Ocoee Vista Parkway, which provides alternative access
into Parcel B. A deceleration lane is valuable to the subject's 11.99 -acre undivided parent parcel (as
well as to Parcel B) in that it improves alternative access into the property. The value conclusion for
this parcel is based on the concluded market value for Parcels B and C. The aggregate values of
Parcels B and C discounted 10% for bulk purchase as one 11.99 -acre tract indicate an equivalent per
square foot value as Parcel B, the resulting parcel that benefits from the development of a
deceleration lane. A summary of the value conclusion follows:
Subject 15' Wide Strip for Decderation We Parcel Cj
Market Value of 9.5 Acre Site: $1,310,000
Market Value of 2.5 Acre Site: + 580000
Aggregate Market Value of 12 Acre Parent Parcel: $1,950,000
Less Discount for Bulk Purchase @ 10% • 195 000
Equals Indicated Market Value of 12 Acre Parent Parcel: $1,155,000 , or $146,250 Net Upland Acre , or $3.36 Net Upland SF
Subject 1S' Wide Strip for Deceleration Lane land Area: 6,143 SF @ $ 36 Net Upland SF= $22,639
Indicated Market Value of Subject 15' Wide Strip for Deceleration We Rounded To: $23,000
The above analysis indicates a "bulk" (as if to one buyer) market value for the subject's 11.99 -acre
parent parcel of $1,755,000, or $146,250 per net upland acre and 3.36 per square foot. Therefore,
the indicated market value of the 6,743 SF "Parcel C" is $22,871, rounded to $23,000.
Reconciliation
PARCEL A
Based on market conditions as of June 16, 2015, and having considered the available information,
and relying solely on the sales comparison approach, it is our opinion that the market value of the
fee simple estate in the subject vacant "Parcel A ", as of June 4, 2015 is:
FIVE HUNDRED EIGHTY THOUSAND DOLLARS
($580,000).
Property Valuation & Consulting, Inc.
23
PARCEL B
Based on market conditions as of June 16, 2015, and having considered the available information,
and relying solely on the sales comparison approach, it is our opinion that the market value of the
fee simple estate in the subject vacant "Parcel B ", as of June 16, 2015 is:
ONE MILLION THREE HUNDRED SEVENTY THOUSAND DOLLARS
($1,370,000).
PARCEL C
Based on market conditions as of June 16, 2015, and having considered the available information,
and relying solely on the sales comparison approach, it is our opinion that the market value of the
fee simple estate in the subject vacant "Parcel C ", as of June 16, 2015 is:
TWENTY THOUSAND DOLLARS
($23,000).
Our appraisal services and related appraisal report have been prepared in accordance with the
Uniform Standards of Professional Appraisal Practice (USPAP), as adopted by the Appraisal
Standards Board under the direction of the Appraisal Foundation, as well as with the Code of
Professional Ethics of the Appraisal Institute, as read and interpreted within this office. This report
was prepared in accordance with, and is subject to, our Assumptions and Limiting Conditions,
Extraordinary Assumption and General Service Conditions, which are attached to and form an
integral part of this report.
Property Valuation & Consulting, Inc.
No investigation was made of the title to or any liabilities against the property appraised.
June 28, 2015
Job #A15 -38.VL
Respectfully submitted,
PROPERTY VALUATION & CONSULTING, INC.
f
John A. Robinson, MAI, AI -GRS, CCIM
State - Certified General Real Estate Appraiser
License No. RZ417
r
Ana M. Arroyo, MAI
State - Certified General Real Estate Appraiser
License No. RZ3450
Property Valuation & Consulting, Inc.
24
Property Valuation & Consulting, Inc.
Exhibit A
Subject Location Map
and Photographs
(8 Pages)
Exhibit A
Location Map
Property Valuation & Consulting, Inc.
SUBJECT
Exhibit A
View looking east at the southwest corner of Parcel A from N. Clarke Road
View looking north at Parcel A from A.D. Mims Road
Property Valuation & Consulting, Inc.
SUBJECT PHOTOGRAPHS
Exhibit A
View of Meadow Lake Townhomes on the west side of N. Clarke Road across from Parcel B
entry access point along N. Clarke Road (note: median cut for southbound traffic into site)
View looking southeast from the northwest corner of Parcel B along Ocoee Vista Parkway
Property Valuation & Consulting, Inc. Exhibit A
SUBJECT PHOTOGRAPHS
the center of the northern boundary
View looking northwest from the termination of the asphalt along Ocoee Vista Parkway along
northern boundary of Parcel B, on the left
Property Valuation & Consulting, Inc.
SUBJECT PHOTOGRAPHS
Exhibit A
View of adjacent development to the north of Parcel B and across the
street from subject along Ocoee Vista Parkway
View of Ocoee Vista Parkway looking east from its intersection with N. Clarke Road
Property Valuation & Consulting, Inc.
SUBJECT PHOTOGRAPHS
Exhibit A
View looking south at the 15' wide strip (Parcel C) along N. Clarke Rd.
at its intersection with Ocoee Vista Parkway
View of N. Clarke Road looking north near the southern portion of the 15' wide strip
(Parcel C, on the right of the photo) along N. Clarke Rd.
Property Valuation & Consulting, Inc.
SUBJECT PHOTOGRAPHS
Exhibit A
View of A D Mims Road and railroad tracks looking west from south of the
southeast corner of Parcel B (on right)
View looking north/northwest into Parcel B from near its
southeast corner
Property Valuation & Consulting, Inc.
SUBJECT PHOTOGRAPHS
Exhibit A
View of A D Mims Road looking cast from near the southwest corner of Parcel B
Vic" looking north at the subject site from near the southwest corner of Parcel B
Property Valuation & Consulting, Inc. Exhibit A
SUBJECT PHOTOGRAPHS
View looking southeast at Parcel A from N. Clarke Road
View looking northeast at Parcel A from N. Clarke Road
Propeny Valuation & Consulting, Inc.
Exhibit B
Exhibit B
City of Ocoee Subject Sketch, Tax Map (Parent Tract), Aerial
Photograph (Parent Tract), Tract C of Prairie Lake PUD and
Sketch of Parcel C Showing 15' Wide Strip
(5 Pages)
Property Valuation & Consulting, Inc. Exhibit B
City of Ocoee Subject Sketch (with appraised Parcels A, B & C labelled)
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ANorth
Property Valuation & Consulting, Inc. Exhibit B
Tax Map (Parent Tract)
"" +wM
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(The subject is mostly the eastern portion of the 12 -acre parcel
outlined in red)
4
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Parcel A
Parcel B
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Property Valuation & Consulting, Inc.
Y.e
L..
Tract C of Prairie Lake PUD
Exhibit B
iPIC'!•�� WC
Pm'de Lakes PUD t�ei�r omn amwa.mi •.• . \ N / W ..... .__ lam\
Property Valuation & Consulting, Inc.
Exhibit B
Sketch Showing 15' Wide Strip (northwest portion of sketch)
(From O. R. Book 9042 Pages 2542, Orange County Public Records)
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Property Valuation & Consulting, Inc.
Exhibit C
Identifying Legal Description
(1 Page)
Exhibit C
Property Valuation & Consulting, Inc.
Exhibit C
The subject's legal description has not been provided and is likely not
yet available. The subject is a portion of the 11.99 -acre parent parcel
described in Orange County records as follows:
Pr"DeudooR
COMM SE CDR OF NEV4OF SEC 09 -22 -28 RUN NOD DEG W 133196 FT ALONG E LINE OF NE174 N 89 DEGW ALONG N LINE OFSE114OF NEV468431IT S 00 DEG E13332 FTS 89
DEG E46647 R S75 DEG W56421 FT TO FOB N 00 DEG W20691 FT TO POC RUN NWLY ALONG CURVECONCAVE%kYfOR 8769 FTS 89 DEGW2M FT S45 DEGW 3511 FT
SELY ALONG CURVE CONCAVE ELY 52 8,98 FTSaY72S7 FI SELY 3249 FT ALONG E R/WIINEOFN CLARK RD TON RAN OF RR R1W N 75 DEG EALONG OR R/WTOPOORM COMM
AT THE;NTERSECTION OF THEE RAY IAIEOf CLARKE RD &N WLM OFRAB04AO RR TH N14.3944W3249OFTNWLY7t67 FINELY 5336 FT N43- 51.27E 35JI FTN8914.
07E 2107 F TO POB CONT N 89.147E 18643 FI SOD45- 53E41136 FT SBO.29.5301 18S28 FTNELY40988 FTN43.51.27E4390 FTTO POB)
Property Valuation & Consulting, Inc.
Exhibit D
Exhibit D
Parcel A - Comparable Land Sales /Listing Location Map,
Aerial Photographs and Summary Descriptions
and
Parcel B - Comparable Land Sales /Listing Location Map,
Aerial Photographs and Summary Descriptions
Comparable Sales /Listing Location Map (PARCEL A)
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Comparable Sales /Listing Location Map (PARCEL A)
Property- Valuation & Consulting, Inc.
PARCEL A LAND SALE 1
Exhibit D
Address/Location
11800 W. Colonial Drive (south side of W. Colonial Drive, east of
Westrun Rd.), Ocoee, Orange County, Florida
Parcel ID #
30- 22 -28- 9172 -03 -001
Grantor
West 50 Properties
Grantee
Michael D. Cavinder
Transfer Data:
Sale/Recording Date
September 2013; O.R. Book 10631, Page 1035, Orange County
Exchange Conditions
and Verification Source
Normal; Arm's length, verified with Thomas Hewitt, Grantor
representative, at 407- 318 -7370
Sale Price
$412,500
Financing
Cash or equivalent to seller
Price per unit
$8.82 per Gross/Net Upland SF
Site Data:
Configuration
The site is mostly rectangular, level, and cleared (pad ready) with
192.6 frontage feet on the south side of W. Colonial Dr., a divided 4-
lane paved road with a median cut
Size
1.07 acres /46,787 square feet
Zoning/FLU
C -3 (General Commercial) /Commercial; City of Ocoee.
Traffic Counts:
42,000 Cars per Day
Utilities
Water, sewer, electric and telephone are available to the site and off -
site retention is available.
Comments
The site is cleared and pad ready. The site has been developed with a
dog kennel/day care facility.
Property Valuation & Consulting, Inc.
PARCEL A LAND SALE 2
Exhibit D
Address/Location
423 Daniels Road (northeast comer of Daniels Road and Roper Road),
Winter Garden, Orange County, Florida
Parcel ID #
26- 22 -27- 1660 -00 -002
Grantor
Stefan Marmet
Grantee
Daniels Professional Park, LLC
Transfer Data:
Sale/Recording Date
November 2014; O.R. Book 10858, Page 7547, Orange County
Exchange Conditions
and Verification Source
Normal; Ann's length, verified with Harry Falterbauer, listing broker,
954 -803 -6663
Sale Price
$380,000
Financing
Cash or equivalent to seller
Price per unit
$4.52 per Gross/Net Upland SF
Site Data:
Configuration
The site is mostly, level, and cleared with 270 frontage feet on the east
side of Daniels Road, a divided 4 -lane paved road with a median cut,
and 311.49 frontage feet on the north side of Roper Road, a 2 -lane
paved road.
Size
1.93 acres/84,125 square feet
Zoning/FLU
R -1 (Residential)/Residential Neighborhood Commercial; City of
Winter Garden
Traffic Counts:
No data
Utilities
Water, sewer, electric and telephone are available to the site and on-
site retention is required.
Comments
The Grantee plans to develop the site with professional/medical office
space.
Property Valuation & Consulting, Inc.
PARCEL A LAND SALE 3
Exhibit D
Address/Location
1851 East Silver Star Road (southwest comer of Silver Stu Road and
Silver Bend Blvd.), Ocoee, Orange County, Florida
Parcel ID #
16- 22- 28- 8049 -00 -002
Grantor
Samuel Musa Comes (1/2 interest), Herbert Kunstadt and Dorothy
Kunstadt (1/2 interest)
Grantee
Concept Development, LLC
Transfer Data:
Sale/Rmording Date
November 2013; O.R. Book 10663, Page 2326, Orange County
Exchange Conditions
and Verification Source
Normal; Arm's length, verified with Steve Dewitfs (listing broker)
assistant, 407 - 380 -8633
Sale Price
$437,200
Financing
Cash or equivalent to seller
Price per unit
$4.64 per Gross/Net Upland SF
Site Data:
Configuration
The site is rectangular, level, and cleared (pad ready) with
approximately 270 frontage feet on the south side of Silver Star Road,
a divided 4 -lane paved road with a median cut at Silver Bend Blvd.,
and approximately 345 frontage feet on the west side of Silver Bend
Blvd., a 2 -lane paved road.
Size
2.16 acres/94,305 square feet
Zoning/FLU
C -2 (Community Commercial)/ Commercial; City of Ocoee
Traffic Counts:
20,500 cars per day
Utilities
Water, sewer, electric and telephone are available to the site and on-
site retention is required.
Comments
The site has been developed with a Dollar General retail store.
Property Valuation & Consulting, Inc.
PARCEL A LAND LISTING 4
Exhibit D
Address/Location
5653 North Apopka Vineland Road, Orlando, Orange County, Florida
Parcel ID #
34-21 -28- 0000 -00 -068
Grantor
N /A; Current Listing — Will be Joseph T. and Melinda C. Barrett
Grantee
N /A; Current Listing
Transfer Data:
Sale/Recording Date
N /A; Current listing (238 days on market)
Exchange Conditions
and Verification Source
Verified with Patricia Sullivan, listing broker, 407 - 425 -5069
Sale Price
$299,000 asking price
Financing
Cash or equivalent to seller
Price per unit
$6.12 per Gross/Net Upland SF
Site Data:
Configuration
The site is mostly rectangular, level, and wooded with approximately
65 frontage feet on the east side of N. Apopka Vineland Road, a 2 -lane
paved mad with no median barriers to access.
Size
1.12 acres/48,833 square feet
Zoning/FLU
C -1 (Commercial)/ Rural Settlement 1/2; Orange County
Traffic Counts:
8,700 cars per day
Utilities
Water, sewer, electric and telephone are available to the site or nearby
and on -site retention is required.
Comments
The site has been listed since October 2014; the original asking price
was $325,000.
Propertp Valuation & Consulting, Inc. Exhibit D
Comparable Sales /Listing Location Map (PARCEL B)
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Property Valuation & Consulting, Inc.
PARCEL B LAND SALE 1
Exhibit D
Address/Location
1811 A D Mons Road (south side of A D Mims Rd., west of Clarke
Rd.), Ocoee, Orange County, FL
Parcel ID #
09- 22- 28- 0000 -00- 038/ -001
Grantor
Regent Bank Project Finance, Inc.
Grantee
Mattamy (Jacksonville) Partnership
Transfer Data:
Sale/Recording Date
July 2014 (under contract for a year while seeking development
approvals); O.R. Book 10784, Page 966, Orange County
Exchange Conditions
and Verification Source
Bank Sale (motivated seller); Arm's Length; verified with George
Pjevach, listing broker, 407 - 843 -1723
Sale Data:
Sale Price
$1,812,000
Financing
Cash or equivalent
Price per Acre
$104,138 per net upland acre ($41,935 /gross acre) and $2,621 per
Potential Residential Unit
Site Data:
Configuration
The site's uplands are mostly rectangular in shape, sloping to the south
and wooded.
Size
43.21 gross/17.40 net upland acres with potential for 691 dwelling
units based on a maximum density of 16 units per acre
Zoning/FLU
Previously: R -3 (Multi- Family Dwelling)/High Density Residential
Now: PUD -HD (Planned Development High Density), City of Ocoee
Utilities
All utilities are available and on -site retention is required.
Comments
Prior to closing the Grantee took the property through a zoning
change. The zoning was downgraded from a high density multifamily
site to a planned unit development. The Grantee plans to develop the
property with a 79 home single - family subdivision (4.54 units per net
upland acre). The site has frontage on Spring Lake.
Property Valuation & Consulting, Inc.
Exhibit D
Address/Location
Northeast comer of Maine Street/Blackwood Avenue and Chicago
Avenue, Ocoee, Orange County, FL
Parcel ID #
17- 22 -28- 6144 -06 -260 & -250
Grantor
Will be: Maine Boulevard, LLC
Grantee
N /A; Current Listing
Transfer Data:
Sale/Recording Date
N /A; Current Listing
Exchange Conditions
and Verification Source
Verified with Bob Barkett, listing broker, 407 -574 -3530
Listing Data:
Listing Price
$2,500,000
Financing
Cash or equivalent
Price per Acre
$121,951 per net upland acre, $91,241 per gross acre and $5,703 per
potential dwelling unit
Site Data:
Configuration
The site's uplands are rectangular in shape, generally level and
wooded. Including the wetlands, the site is irregular. The property
consists of 27.4 total gross and 20.5 net upland acres
Size
27.4 gross and 20.5 net upland acres
Zoning/FLU
R -3 (Multi- Family Dwelling)/High Density Residential; City of Ocoee
Utilities
All utilities are available and on -site retention is required.
Comments
Based on zoning and Future Land Use the property could be developed
with a maximum of 438 dwelling units, based on a maximum
allowable density of 16 dwelling units per gross acre. However,
interest to date has primarily been for townhomes. The listing broker
has a sign on the site and is actively marketing the property to
potential users; however, the property is not currently listed on MLS or
other real estate services.
Property Valuation & Consulting, Inc.
PARCEL B LAND SALE 3
Exhibit D
Address/Location
1750 Maguire Road (east side of Maguire Road along southern
boundary of Ronald Reagan Turnpike and north side of Tomyn Blvd.),
Ocoee, Orange County, FL
Parcel ID #
29- 22- 28- 8895 -01 -001
Grantor
BNP Paribas VPG Lake Butler, LLC
Grantee
Park Place at Maguire, LLC
Transfer Data:
Sale/Recording Date
July 2013; O.R. Book 10604, Page 5205, Orange County
Exchange Conditions
and Verification Source
Bank - owned, verified with Matt Chichocki (407- 875- 9989), buyer's
broker at NAI Realvest)
Sale Price
$3,049,400
Financing
Cash or equivalent to seller
Price per unit
$216,116 per Gross/Net Upland Acre
Site Data:
Configuration
The site is mostly rectangular, level, and wooded (mostly pine trees)
with considerable frontage on the east side of Maguire Road, a divided
4 -lane paved road with a median cut, and the north side of Tomyn
Blvd., a 2 -lane paved side road
Size
14.11 gross/net upland acres
Zoning/FLU
The property had PUD Commercial zoning by the City of Ocoee prior
to the sale but it was amended to allow for mixed use development of
12 multifamily acres and 2 commercial retail acres. The sale was
contingent upon the buyer obtaining the comp plan amendment prior
to closing. The apartments are currently under construction.
Traffic Counts:
Approximately 28,550 Cars per Day on Maguire Road
Utilities
Water, sewer, electric and telephone are available to the site and on
site retention is required.
Comments
The property owner owed some outstanding back taxes and had some
code violation and concurrency issues that had to be cleared up as part
of the sale at a cost of $200,000, included in the sales price.
Property Valuation & Consulting, Inc.
Exhibit D
Address/Location
4602 North Pine Hills Road (west side of N. Pine Hills Rd., north of
Bonnie Brae Circle and south of Liming Ave.), Orlando, Orange
County, FL
Parcel ID #
06- 22- 29- 0000 -00 -009
Grantor
Orlando Faith Ministries International, hie. f/1-/a Faith Fellowship
Christian Ministries, Inc.
Grantee
Church of God Prophecy of the Last Days, hie.
Transfer Data:
Sale/Recording Date
August 2014; O.R. Book 10787, Page 6125, Orange County
Exchange Conditions
and Verification Source
Assumed arm's length and normal as all attempts to verify with Willie
Johnson (407- 291 - 2030), Grantor, failed
Sale Price
$985,000
Financing
Seller financed $485,000 (approx. 50% of sale price) at unknown
terms
Price per SF
$107,768 per Gross/Net Upland Acre and $5,388 per Potential
Residential Unit
Site Data:
Configuration
The site is rectangular, level, and mostly cleared with 669 frontage feet
on the west side of N. Pine Hills Road, a paved 4 -lane road with no
median barriers (center turn lane).
Size
9.14 gross/net upland acres with potential for 183 multi- family units
Zomng/FLU
R -3 (Multiple Family Dwelling District)/ Medium Density Residential
(Max. 20 DU /1 Acre), Orange County
Traffic Counts:
21,763 Cars per Day
Utilities
Water, electric and telephone are available to the site and on site
retention is required.
Comments
The property is mostly cleared and level. A church was previously
planned for the site and the buyer is a church. Zoning and FLU permit
multi- family, assisted living or church use.
Property Valuation & Consulting, Inc.
Exhibit E
Exhibit E
Assumptions and Limiting Conditions, Extraordinary
Assumptions & Hypothetical Conditions
(3 Pages)
Property Valuation & Consulting, Inc.
Assumptions and Limiting Conditions
Exhibit E
No responsibility is assumed for matters legal in nature. No investigation has been made of the title
to or any liabilities against the property appraised. In this appraisal, it is presumed that, unless
otherwise noted, the owner's claim is valid, the property rights are good and marketable, and there
are no encumbrances that cannot be cleared through normal processes.
We have provided an Appraisal Report, intended to comply with the reporting requirements set forth
by the Uniform Standards of Professional Appraisal Practice (USPAP) for an Appraisal Report. As
such the report presents only summary discussions of the data, reasoning, and analyses used in the
appraisal process to develop Property Valuation & Consulting's opinion of value. Supporting
documentation concerning the data, reasoning, and analyses has been retained as a part of our work
papers. The depth of discussion contained in the report is specific to your needs as the client and for
the intended use as stated. Property Valuation & Consulting, Inc., is not responsible for the
unauthorized use of this report.
'To the best of our knowledge, all data set forth in this report are true and accurate. Although
gathered from reliable sources, no guarantee is made nor liability assumed for the accuracy of any
data, opinions, or estimates identified as being famished by others that have been used in
formulating this analysis.
The market value estimate contained within this report specifically excludes the impact of structural
damage or environmental contamination resulting from earthquakes or other causes. It is
recommended that the reader of this report consult a qualified structural engineer and /or industrial
hygienist for the evaluation of possible structural /environmental defects, the existence of which
could have a material impact on market value.
Land areas and descriptions used in this appraisal were provided by the owner and /or obtained from
surveys or public records and have not been verified by legal counsel or a licensed surveyor.
land description is included for identification purposes only and should not be used in a convevance
or other legal document without proper verification by an attorney.)
No soil analysis or geological studies were ordered or made in conjunction with this report, nor were
any water, oil, gas, or other subsurface mineral and use rights or conditions investigated.
Substances such as asbestos, urea - formaldehyde foam insulation, other chemicals, toxic wastes, or
other potentially hazardous materials could, if present, adversely affect the value of the property.
Unless otherwise stated in this report, the existence of hazardous substance, which may or may not
be present on or in the property, was not considered by the appraisers in the development of the
conclusion of value. The stated value estimate is predicated on the assumption that there is no
material on or in the property that would cause such a loss in value. No responsibility is assumed for
any such conditions, and the client has been advised that the appraiser is not qualified to detect such
substances, quantify the impact on values, or develop the remedial cost.
No environmental impact study has been ordered or made. Full compliance with applicable federal,
state, and local environmental regulations and laws is assumed unless otherwise stated, defined, and
Property Valuation & Consulting, Inc.
Exhibit E
considered in the report. It is also assumed that all required licenses, consents, or other legislative or
administrative authority from any local, state, or national government or private entity organization
either have been or can be obtained or renewed for any use that the report covers.
Plats are presented only as aids in visualizing the property and its environment. Although the
material was prepared using the best available data, it should not be considered as a survey or scaled
for size.
It is assumed that all applicable zoning and use regulations and restrictions have been complied with
unless a nonconformity has been stated, defined, and considered in the appraisal report. Further, it
is assumed that the utilization of the land and improvements is within the boundaries of the property
described and that no encroachment or trespass exists unless noted in the report.
The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made
a specific compliance survey and analysis of this property to determine whether or not it is in
conformity with the various detailed requirements of the ADA. It is possible that a compliance
survey of the property together with a detailed analysis of the requirements of the ADA could reveal
that the property is not in compliance with one of more of the requirements of the act. If so, this fact
could have a negative effect on the value of the property. Since we have no direct evidence relating
to this issue, we did not consider the possible noncompliance with the requirements of ADA in
estimating the value of the property.
John A. Robinson, MAI, AI -GRS, CC IM and Ana M. Arroyo, MAI have made a physical inspection
of the properly and noted visible physical defects, if any, in this report. This inspection was made by
individuals generally familiar with real estate and building construction. However, these individuals
are not architectural or structural engineers who would have detailed knowledge of building design
and structural integrity. Accordingly, we do not opine on, nor are we responsible for, the structural
integrity of the property including its conformity to specific governmental code requirements, such
as fire. building and safety, earthquake, and occupancy, or any physical defects that were not readily
apparent to the appraisers during their inspection.
The value or values presented in this report are based upon the premises outlined herein and are
valid only lot the purpose or purposes stated.
The dale of value to which the conclusions and opinions expressed apply is set forth in this report.
Unless otherwise noted, this date represents the last date of our physical inspection of the property.
The value opinion herein rendered is based on the stams of the national business economy and the
purchasing power of the U.S. dollar as of that date. Testimony or attendance in court or at any other
hearing is not required by reason of this appraisal unless arrangements are previously made within a
reasonable time in advance therefore.
One or more of the signatories of this appraisal report is a member or associate/affiliate member of
the Appraisal Institute. The Bylaws and Regulations of the Institute require each member and
associate/affiliate member to control the use and distribution of each appraisal report signed by
them.
Property Valuation & Consulting, Inc. Exhibit E
Possession of this report or any copy thereof does not carry with it the right of publication. No
portion of this report (especially any conclusion to use, the identity of the appraiser or the firm with
which the appraiser is connected, or any reference to the Appraisal Institute or the designation
awarded by this organization) shall be disseminated to the public through prospectus, advertising,
public relations, news, or any other means of communication without the written consent and
approval of Property Valuation & Consulting, Inc.
Extraordinary Assumptions
The.enbject is zoned PUD Commercial; hoverer, based on conversations with nfficads from the City
of Ocoee Planning Department, the subjeci'.s Pran ie Lake PUD could be modified, e;ith minimal
eflbrt and cwpcnse via a comprehcnsive plan amendment to be a mixed use development with
commercial and multifamily msev, and it is reasonably probable that the subject site (Parcel B) could
be used for nmhibunuilt, as part of this scenario, while the parcel with frontage on Clarke Road,
Pacel A, remains a commercial site. Multifamily development has been considered as an
alternative use of the subject site based on the extraordinary assumption that a comprehensive plan
amendment could he easily obtained as staled. Refer to more details in the highest and best use
.section of this report.
Hypothetical Conditions
Tluc subject conci.sts of 3 parcels with 9.5- acres, 2.5 acres and 0.15 acres respectively, according to
the site sketch provided by the Cat, of Ocoee (included in Exhibit B). No .sm -icy has been provided
to the appraisers, The subject property is curr'endv an undivided 11.99 -acre parent noel. the
appraised vahac is based on the hypothetical condition that the .subject site bus already been
subdivided into the appraised parcels. The use of hypothetical conditions Wright affect appraisal
results.
Property Valuation & Consulting, Inc. Exhibit F
Exhibit F
Certification
(1 Page)
Property Valuation & Consulting, Inc.
Certification
We certify that. to the hest Of Our knowledge and belief.
fhe statements of fact contained in this appraisal report are true and correct
Exhibit F
I he reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting
conditions, and are our personal, impartial, and unbiased professional analyses, opinions and conclusions.
We have no present or prospective interest in the property that is the subject of this report, and we have no
personal interest or bias with respect to the parties involved.
We have no bias with respect to the property that is the subject of this report or to the parties involved with This
assignment.
Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
Our compensation for completing this assignment is not contingent upon the development or reporting of a
predetermined value or direction of value that favors the cause of the client, the amount of the value opinion,
the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use
.fine appraisal.
'I lie reported analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal
Practice of file Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice
(USPAP) of the Appraisal Foundation.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly
authorized representatives.
The undersigned have made a personal inspection of the properly that is the subject ofthis report.
Blair Beasley provided .significant real property appraisal assistance to the persons) signing this certification.
As of the date of this replan, John A. Robinson, MAI, AI -CRS, CCIM has completed the requirements of the
continuing education program for Designated Members of the Appraisal Institute.
As of the date ofthis report. Ana M. Arroyo, MAI has completed the requirements of the continuing education
program for Designated Members of the Appraisal Institute.
'fhe appraisal as's'ignment was not based on a requested minimum valuation or the approval of loan.
We have per a prior appraisal of one component of the property that is the subject of this repo ", within
the i -year period immediately preceding acceptance of this assignment. The 9.5 -acre site was appraised as a 9-
once site for SI.400.000 with a valuation date of December 12. 2014.
John A Robinse 1. MAI, AI- CRS, CCIM, SuvoCml5ul General Real Estate Appraise,, License RZ419 June 28. 21115
Ana M. Andy., MAI, State - Certified General Real Esmtc Appraiser, License 4R73450 June 28, 201 5
Property Valuation & Consulting, Inc.
Exhibit G
Qualifications of Appraiser(s)
and Appraiser Licenses
(6 Pages)
Exhibit G
Property Valuation & Consulting, Inc. Exhibit G
QUALIFICATIONS OF JOHN A. ROBINSON, MAI, AI -CRS, CCIM
State - Certified General Real Estate Appraiser #R7,417
o a -ciu
Business Address: Residence Address:
Property Valuation & Consulting, Inc. 800 Windergcove Court
204 S. Dillard Street Ocoee, Florida 34761
Winter Garden, FL 34787
(407) 877 -0200 Fax: (407) 877-8222
Education
Auburn University - Auburn, Alabama
13S in Business Administration, Major: Finance, December 1982
Melbourne High School - Melbourne, Florida
Appraisal courses sponsored by The Appraisal Institute:
Course I A, Part I - Real Estate Appraisal Principles, Univ. of North Carolina, July 1984
Course I A, Pan 2 - Basic Valuation Procedures, University of San Diego, June 1985
Course 1B, Pan A - Capitalization "Theory and Techniques, Orlando, Florida, May 1986
Course 1 B, Part B - Capitalization "I beery and Techniques, Daytona Beach, Florida, September 1986
Course 2 -3 - Standards of Professional Practice, Orlando, Florida, March 1987
Course 2 -1 - Case Studies in Real Estate Valuation, Orlando, Florida, May 1987
Course 2 -2 - Valuation Analysis & Report Writing, Arizona State Univ., February 1988
Comprehensive Examination, Atlanta, Georgia, August 1988
Course 6 - Computer Assisted Investment Analysis, College Park, Maryland, June 1990
Course 11520 - I fighes't & Best Use and Markel Analysis, Orlando, Florida, March 1994
Course 430 - Standards of Professional Practice, Part C, Orlando, Florida, Sept. 1997
Course 430 - Standards of Professional Practice, Part C, Altamonte Springs, FL, Nov. 2002
Condemnation Appraising: Principles & Applications, Destin, FL, April 2009
Review "Theory— General, May 2014
Courses sponsored by the CC IM (Certified Commercial Investment Member) Institute'
Course Cl 101 - Financial Analysis for Commercial Real Estate, October 1997
Course CI 201 - Market Analysis for Commercial Investment Real Estate, May 1998
Course Cl 104 - Inveshncnt Analysis for Commercial Investment Real Estate, May 1999
Comprehensive Examination — Orlando, Florida, November 1999
Courses sponsored by the American Society of Farm Managers and Rural Appraisers
Valuation of `Conservation Basements' & Other Partial Interests in Real Property, September 2009
Appraisal seminars sponsored by The Appraisal Institute (and South Florida Water Management District):
Rate ExtractimdApplication „July 1989
Impact of Environmental Considerations on Real Estate Appraisals, July 1989
Standards of Professional Practice Update, July 1990
Appraisal Regulations of the Federal Banking Agencies, November 1990
Environmental Concerns, September 1991
Subdivision Analysis, November 1991
Standards of Professional Practice, October 1992
Americans with Disabilities Act, February 1993
Rates, Ratios & Reasonableness, February 1993
Appraisal Review Overview, August 1993
ARGUS Beginning' Training, October 1993
Property Valuation & Consulting, Inc.
Exhibit G
QUALIFICATIONS OF JOHN A. ROBINSON, MAI, AI -GRS, CCIM
Slate- Certified General Real Estate Appraiser #RZ417
(Continued)
Appraising Troubled Properties, November 1993
Limited Appraisal Round Table, June 1994
Uniform Standards of Professional Appraisal Practice Update *, June 1994
(Instructed for Lincoln Graduate Center)
HUD /FHA Training Session, November 1994
Principles of Appraisal Review*, January 1995 (Instructed for Lincoln Graduate Center)
Analyzing Operating Expenses, March 1995
Fair Lending and the Appraiser, June 1995
Farm and Land Appraisal *, June 1995 (Instructed for Lincoln Graduate Center)
I Internet and Appraising, February 1997
Understanding and Using DCF Software: A Comparison of ARGUS, PRO -JECI and
DYNALEASE, December 1997
USPAP Update Core Law For Appraisers, February 1998
Econometrics, June 1999
Public Market for Real Estate, June 1999
General Appraiser USPAP Update, June 1999
Client Satisfaction /RetentiowDevelopment, June 1999
Technology Forum, June 1999
Appraising from Blueprints & Specifications, February 2000
Current Appraisal Issues in Florida (South Florida Water Management District), May 2000
Professional Standards USPAP Update/Florida Law for Real Estate Appraisers, August 2000
Florida State Law and LISPAP Review for Real Estate Appraisers, April 2002
Appraisers and the Gramm - Leach - Bliley Act, April 2002
Mark- to-Market -I lie Next FIRREA, April 2002
Current Appraisal Issues in Florida (South Florida Water Management District), May 2002
Internet Appraisal Research and the Florida Appraiser, May 2003
2003 South Florida Water Management District Appraisal Seminar, May 2003
Appraising A Proposed Properly, February 2(1(14
Florida Appraiser's Slate Law Update, March 2004
Course 400— National USPAP Update Course, March 2004
Uni loon Standards for Federal Land Acquisitions, March 2004
2004 South Florida Water Management District Appraisal Seminar, May 2004
Real Estate Finance, Value and Investment Performance, February 2005
2005 South Florida Water Management District Appraisal Seminar, May 2005
Subdivision Valuation: A Comprehensive Guide to Valuing Improved Subdivisions, February 2006
2006 South Florida Water Management District Appraisal Seminar, April 2006
2006 Scope of Work and the New USPAP Requirements Seminar, June 2006
2006 New Technology for the Real Estate Appraiser: Cool 'fools Seminar, June 2006
Florida Core Law and National USPAP Update, September 2006
Business Practices and Ethics, May 2007
2007 South Florida Water Management Disn'ict Appraisal Seminar, May 2007
USPAP Update Course including Florida Law and Supervisor/Trainee Roles & Relationships, April
2008
2008 South Florida Water Management District Appraisal Seminar, May 2008
Course -1400 — National USPAP Update Course, July 2010
Florida Law and Supervisor /Trainee Roles & Rules, July 2010
Uniform Standards for Federal Land Acquisitions: Yellow Book, February 2011
Appraising the Appraisal, January 2012
Property Valuation & Consulting, Inc.
Exhibit G
QUALIFICATIONS OF JOHN A. ROBINSON, MAI, AI -GRS, CCIM
State-Certified General Real Estate Appraiser #RZA17
(Continued)
Business Practices and Ethics, March 2012
Fundamentals of Separating Real Property, Personal Property & Intangible Business Assets, March
2012
1nal Components: Recipe For Success of Disaster?, August 2012
USPAP Update Course, November 2012
Marketability Studies: 'fhc Six -Step Process and Basic Applications, March 2013
Marketability Studies: Advanced Considerations and Applications, March 2013
Front of the House/Back of the House, April 2013
Central Florida Real Estate Forum -The Road to Recovery, September 2013
Critical Thinking in Appraisals, January 2014
Introduction to Land Valuation, April 2014
Introduction to land Valuation, April 2014
USPAP Update Course, September 2014
Real Estate Experience
2000- - President, Property Investment Specialists, Inc., Winter Garden, FL
1994- - President, Property Valuation & Consulting, Inc., Orlando, FL
1991 -1994 - Vice President/Senior Review Appraiser, First Union Corporation, Orlando, FL
1990 -1991 - Appraisal Review Officer, Southeast Bank, N.A., Orlando, FL
1986 -1990 - Senior Appraiser, SEMCO Services, Inc., Orlando, FL
1985 -1986 - Appraiser, Pardue, Reid, Church, Smith & Waller, Inc., Orlando, FL
1983 - 1985 - Appraisal /Property Manager, Sherrill Realty Company, Pensacola, FL
Appraisal experience includes narrative and form report writing and review of sink- family and
multi - family residential, agricultural, commercial (office, retail, hotels /motels), industrial, special
purpose and vacant land properties. Experience includes providing expert wimcss testimony.
Publications
"Scope of the Appraisal - A Practical Analysis ", The Appraisal Journal, January 1992, Ilic Canadian
Appraiver, Winter 1993
Professional Affiliations and Memberships
Member Appraisal Institute (MAI Number 8135)
AI -GRS Designation (Appraisal Institute- General Review Specialist)
Certified Commercial Investment Member (CCIM Number 9080)
State-Certified General Real Estate Appraiser, License No. R7417
Licensed Florida Real Estate Broker /Salesman - Active Status
1991 and 1993 Young Advisory Council - Appraisal Institute
Florida General Appraiser Instructor, License No. GA 1000019
Approved Instructor for Lincoln Graduate Center, San Antonio, Texas
Approved Instructor for Valencia Comm. College Adult Ed. (R.E. Appraisal), Orlando, Florida
Selected as Special Master for Orange County (1994 -1996, 1998, 1999 and 2001 -2007, 2009- 2012),
Seminole County (1997 -2000, 2002 - 2003, 2006 and 2010 - 2011), Volusia County (1999- 2009),
Brevard County (1999 - 2012), Indian River County (2004 - 2007), Citrus County (2005, 2006, and
2008- 2009), Hillsborough County (2008 - 2012), Pinellas County (2008 - 2012), Escambia County
(2012), Polk County (2012), Hernando County (2012) and Okaloos'a County (2010 -2011)
References: Available upon request
Property Valuation & Consulting, Inc.
Exhibit G
QUALIFICATIONS OF ANA M. ARROYO, MAI Business Address-
State- Certified General Real Estate Appraiser #RZ3450 204 S. IJillard Street,
u t Winter Garde,,, FL 34787
Phone 407- 877 -0200
Email: gnaw nnmcnvvali c.com
Education Property Valuation and Consulting, Inc.
Sacred pearl University — San Juan, Puerto Rico
BS in General Sciences, Major: Biology, June 1997 Magna Cum Laude
Real Estate Work Experience and Licenses
2015 East Florida Chapter Secretary (Appraisal Institute) and Alternate Regional Representative
MAI Designated Member of the Appraisal Institute
State- Certified General Real Estate Appraiser #RZ3450, Florida
State - Certified Residential Real Estate Appraiser #RD7325, 7/2008 to 5/2011, Florida
Certified Residential Real Estate Appraiser #45, 2/9/2001 to 2/2009 Puerto Rico
Licensed Real Estate Appraiser E.P.A. 9767, 11/17/1997 to 11/2009 Puerto Rico
Experience includes real estate consulting as well as valuations of vacant commercial, residential, mixed use
and agricultural land, conservation land, casements, nurseries, office buildings, retail buildings,
manufacturing facilities, mini- storage, warehouses, hotels, motels, apartment complexes, condominiums,
convenience stores /gas stations, mobile home parks, existing and proposed residential and commercial
subdivisions among others. Fully bilingual: English and Spanish.
Appraisal / Real Estate Courses & Seminars
October 2, 2014 — "2014 Central Florida Real Estate Forunt -Unity of the Community" — Appraisal Institute
May 12 to May 16, 2014 - Review Theory- Gencral, Appraisal Institute
March 8, 2014 — 7 -11our National USPAP Update Course - Appraisal Institute
March 6, 2014 — 'Business Practices and Ethics' — Appraisal Institute
February 3, 2014 — "Florida Law" — Appraisal Institute
January 31, 2014- "Critical Thinking in Appraisals " — Appraisal Institute
October 18 to November 20, 2013 - Comprehensive Exam for MAI designation — Appraisal Institute
September 25, 2013 -- Central Florida Real Estate Forum- l -he Road to Recovery " — Appraisal lnstimte
May 7 to July 7, 2013 - "Capstone Program Demonstration Appraisal Report' — Appraisal Institute
March 2, 2013- "Marketability Studies: Advanced Considerations and Applications'- Appraisal Institute
March I, 2013 - `Marketability Studies: The Six -Step Process and Basic Applications "- Appraisal Institute
November 10, 2012 -7 -Hour National USPAP Update Course- Appraisal Institute
January 27, 2012— "Appraising the Appraisal: Appraisal Review - General " — Appraisal Institute
November 11, 2011 — `1 he discounted cash Flow model: concepts. issues & applications" — Appraisal
Institute
June 27, 2011 — "General Demonstration Appraisal Report Writing Seminar — Appraisal Institute
February 10, 2011 — "General Appraiser Report Writing and Case Studies" — Appraisal Institute
January 29, 2011 — "Advanced Applications - — Appraisal Institute
November 27, 2010 - Florida Real Estate Appraisal Law and Rules — Real Estate Education Specialists
November 27, 2010 - Florida Supervisor /Trainee Roles and Relationships — Real Estate Education Specialists
Property Valuation & Consulting, Inc.
QUALIFICATIONS OF ANA M. ARROYO, MAI
State - Certified General Real Estate Appraiser #RZ3450
(Continued...)
Exhibit G
Appraisal / Real Estate Courses & Seminars
November 14, 2010 — "Online Condominiums, Co -ops and PUD's -- Appraisal Institute
October 30, 2010 —"7 Hour National USPAP Equivalent Course. 2010- 2011"— Appraisal Institute
August 9-14, 2010 — "Advanced Income Capitalization - — Appraisal Institute
February 1, 2009 -- Online Analyzing Distressed Real Estate" — Appraisal InstitutcJanuary 31, 2009 -
"Analyzing Operating Expenses" Appraisal Institute
January 3, 2009 - "Online Small I Iolel Motel Valuation " - Appraisal Institute
December 15, 200X - "Online Business Practices and Ethics " — Appraisal Institute
June 25, 2008 "Florida Real Estate Appraisal haws and Rules "& "Florida Supervisor/Treinec Roles and
Relationships' - Real Estate Education Specialists
February IX, 2007- "National USPAP Equivalent Course' Appraisal Institute
February 13, 2006 - "VA Appraisal Guidelines and Updates" Veterans Benefits Network
May 1 L 2005 -'1 1 E Update` - Mortgage Bankers Association
October 18 - 19, 2004 - USPAP Course " —AQD Certified- Institulo de Evaluadores
February 16 - 20, 2004 -Advanced Income Capitalization" Appraisal Institute
November 13, 2003 - "USPAP: Standard 3 & its effect on lenders & appraisers relationship" — The Appraisal
Standard Board- Appraisal Foundation Seminar
October 9, 2003- Real estate broker license examination (90% passing grade)
October 4, 2003- "Curso du corredor de bienes rakes" —Tin Real Estate Institute
May 8, 2001 =-FHA )Update " - Mortgage Bankers Assoc. Seminar
February 10 - 11, 2001- "Etica y Estandares Uniforines do In Prectica Profesional do Is Valoracion do Dienes
Raices'' - Instituto de Evaluadores Prof. de Puerto Rico
November 10 - 16, 2000= `Advanced Sales Comparison & Cost Approaches " -AI (11530)
October 20, 2000 - "The FI IA Appraisal Inspection from the Ground Up " -A1
August 14 - 21, 2000-"Highest & Best Use & Market Analysis" -AI Course (11520)
October 1997- "Expropiacibn Forzosa'- Instituto de Evaluadores Prof. de Puerto Rico
October 1997- "Matemetica para Tasadores"- Institulo de Evaluadores Prof.de Puerto Rico
September 1997- "Etica y Uadndares llniformes de Is Practica Profesional do la Valoracan de Dienes
Raices " - Instituto de Evaluadores Profes'ionales de Puerto Rico
May 1997- "Principios Basicos de E'valuacibn de Dienes Raices " - University of P.R
Property Valuation & Consulting, Inc.
Appraiser Licenses
RICK 11,0' 1. GDV SIR NOR
Exhibit G
KEN'AW50N SECRETARY
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
azar
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED *'
Under the provisions of Chapter 475 FS —
ExpitaLOn date NOV 30. 2016
ROBINSON JOHN ALAN
200 S DILLARD ST
WINTER GARDEN FL 34787
rssow ImnamiI DISPLAY AS REQUIRED BY LAW Stu. ,tanSHSSI- I
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
R2395p
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED
Yoder the provisions of Chapter 475 FS
F,iration date NOV 30 2016
ARROYO ANA
8101 NIBIZACT
ORLANDO FL 32838
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ISSUED ,12111 + DISPLAY AS REQUIRED BY LAW sec x 1 aweopoae"
Property Valuation & Consulting, Inc.
Exhibit H
Exhibit H
General Service Conditions
(1 Page)
Property Valuation & Consulting, Inc.
General Service Conditions
Exhibit H
The service(s) provided by Property Valuation & Consulting, Inc. have been performed in
accordance with professional appraisal standards. Our compensation was not contingent in any way
upon our conclusions of value. We assumed, without independent verification, the accuracy of all
data provided to us. We have acted as an independent contractor and reserved the right to use
subcontractors. All files, work papers or documents developed by us during the course of the
engagement are our property. We will retain this data for at least five years
Our report is to be used only for the specific purposes stated herein and any other use is invalid. No
reliance may be made by any third party without our prior written consent- You may show our
report in its entirety to those third parties who need to review the information contained herein. No
one should rely on our report as a substitute for their own due diligence. No reference to our name or
our report, in whole or in part, in any document you prepare and/or distribute to third parties may be
made without our prior written consent.
You agree to indemnify and hold us harmless against and from any and all losses, claims, actions,
damages, expenses, or liabilities, including reasonable attorneys' fees, to which we may become
subject in connection with this engagement. You will not be liable for our negligence. Your
obligation for indemnification and reimbursement shall extend to any controlling person of Property
Valuation & Consulting, Inc., including any director, officer, employee, subcontractors, subsidiary,
affiliate, or agent.
We reserve the right to include your company /firm name in our client list, but we will maintain the
confidentiality of all conversations, documents provided to us, and the contents of our reports,
subject to legal or administrative process or proceedings. These conditions can only be modified by
written documents executed by both parties.
Property Valuation & Consulting Inc. is an equal opportunity employer.