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Item #19 Discussion of an Unsolicited Offer from Beazer Homes to Purchase 8.5 Acres of City-Owned Property Near the Intersection of AD Mims Road and Clarke Road for $960,000
Meeting Date: April 17, 2018 Item # I9 Reviewed By. Contact Name: Craig Shadrix Department Director: Contact Number: 407-905-3111 City Manager: Subject: Discussion of an unsolicited offer from Beazer Homes to purcha c e of city -owned property near the intersection of AD Mims Road and Clarke Road for $960,000 (District 4 — Oliver) 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 for the purpose of constructing a new Police Department headquarters building. The City subsequently relocated the Police Department to another facility, with the result that the former Silvestri property remains undeveloped. 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 property dedicated to the public use and owned by the City for future road construction. The outstanding amount of the bond used to finance the purchase is approximately $2.6 million. The Orlando Division of Beazer Homes has submitted an unsolicited offer to purchase approximately 8.5 acres of the property for $960,070. The city would retain the 15-foot-wide strip along Clarke Road (intended for a future right -turn deceleration lane), plus 3.5 acres in the southwest corner of the property, which may have a future commercial use. Silvestri Investments of Florida, Inc., continues to own an adjacent 2-acre parcel on Clarke Road. A single family development is proposed for the subject property once it is acquired, with an estimated 38 units being constructed. The offered price is contingent upon adequate water and sanitary sewer service and approval for the construction of at least 36 single family units. The proposed contract would include a provision that the purchase price would vary by $25,265 for each lot approved above or below the $960,000 price. If fewer than 36 homes are approved, the purchase price would be $909,540. A deposit of $50,000 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 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. Issue: Should the City Commission authorize staff to negotiate a sales agreement with Beazer Homes along the lines of the offer to buy? Recommendations Staff makes no recommendations regarding the offer. The original purchase price was $292,000 per acre. The subject property was appraised in June 2015 as having a value of $144,000 per acre for residential use. The proposed sales price is $113,000 per acre. Marsh Pia' Pwov -r-11 a g (A w r OCaee s +P �itv�s4i 00 w f lnalsW"!nh(A s r Flcrxlalnc OIL s • Drawing showing the proposed property transaction. 2 Attachment: Offer to buy from Beazer Homes New appraisal forthcoming Financial Impact: It is not possible at this time to identify the financial impact of the contemplated land sale. 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. The buyer would be given aright of first refusal for the balance of the property to be retained by the city if the proposed land use is residential. 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. Because this transaction is not considered a public purpose, all of the proceeds from this sale must be used to reduce the outstanding debt, and the City would be responsible for paying out the remaining percentage of debt service at that time for that portion of the project. Currently, the approximate amount that would be required to be paid off for this portion of the property is $1,354,062. Therefore, at the price offered by Beazer, the City would be required to pay approximately $393,992 to fulfill its debt obligation, on top of the sales price. 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 a later date if a proposed sales agreement can be crafted. A financial impact opinion would be provided by staff at that time. 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 offer would require action at a second City Commission meeting following public input. Type of Item: (please mark with an '50 Public Hearing For Clerk's Dept Use Ordinance First Reading Consent Agenda Ordinance Second Reading Public Hearing Resolution Regular Agenda X Commission Approval Discussion & Direction - Original Document/Contract Attached for Execution by City Clerk - 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 .rE�'rwr.s City of Ocoee BEAZER 150 N Lakeshore Dr. HOMES Ocoee, FL 32761-2223 Letter of Intent i ♦ 1 ➢ Property: Parcel: 09-22-28-0000-00-056 (8.5 +/- gross acres), City of Ocoee. ➢ Purchase Price: Nine Hundred Sixty Thousand and Seventy Dollars ($960,070) CASH at Closing • The Purchase price is based on Approvals for 38 single family lots. • The Purchase Price will be adjusted by $25,265/lot in the event that the total lot count is more or less than the estimated 38 lots. ➢ Deposits: $50,000 at Time of Contract Execution. ➢ Inspection Period: 90 Days from the date of the mutual execution of the Contract. ➢ Closing: The Closing shall take place 10 days after all Conditions Precedent are met ➢ Conditions Precedent: The following items will be a condition to the Initial Closing: ➢ The property shall be fully permitted for a minimum of 36 single family lots, through all applicable agencies. ($909,540 Minimum Purchase Price). Should the lot count fall below 36 single family lots, the Buyer shall have the Option to Close at the Minimum Purchase Price. ➢ Adequate water and sewer capacities and connections, to service the proposed development. ➢ Additional The Seller shall retain approximately 3.25 +/- acres on the northeast corner of Consideration: Clarke Rd. and the CSX Railroad, for Commercial development. The Buyer shall have a Right -Of -First Refusal on any bonafide residential use offer for the residual property. ➢ Broker: Charles Vickers, at Central Florida Land Brokers, represents the Buyer on this transaction. At Closing, Buyer shall pay the Commission due and payable to Central Florida Land Brokers, in relation to this transaction. ➢ Information: Seller shall provide to Buyer all copies of, plats, construction plans, acceptance letters, surveys, environmental reports, soil tests, engineering studies and other related tests, investigations, and examinations that Seller may have access to or control over that are reasonably necessary for Buyer to satisfy itself with respect to the Subject Property acquisition. Seller shall provide to Buyer all such information within five (5) business days of the effective date of contract. ➢ Good Faith Efforts: Buyer and Seller agree to work in good faith with each other and shall diligently endeavor in a timely fashion (i) to complete negotiations and fully execute the Agreement and (ii) to consummate the sales contemplated by the Agreement ➢ Exclusive Opportunity: Following the execution of this Letter of Intent, the Seller will not negotiate or enter into discussions with any other party, or offer the Property, or any direct or indirect interest therein for sale to any other party until termination of the Agreement of Sale. ➢ Confidentiality: Buyer and Seller agree to keep confidential all discussions of the proposed acquisition, except for necessary disclosures to partners, employees, accountants, attorneys, lenders and consultants of the parties. No public announcement concerning this Letter of Intent, the Agreement or the transaction contemplated herein shall be made by either party without mutual consent. This is a Letter of Intent only and shall be non -binding on the parties, and nothing in this LOI should be construed as a binding purchase offer or other obligation or create any rights in favor of Purchaser or Seller or any other third party. Furthermore, this LOI does not address all matters upon which agreement must be reached in order for the proposed transaction to be consummated. Neither party shall be under any binding obligation until such time a mutually agreeable contract is fully executed by the authorized officers / partners of each organization If we do not receive a countersigned copy of this letter from the Seller within 14 days of the date hereof, then the terms of this letter shall be deemed null and void. Please feel free to contact us with any questions or comments that you may have regarding these matters. Thank you for providing us with this business opportunity. Sincerely, Eric L. Morrisette, AICP Vice President of Land Acquisition Beazer Homes Orlando Division Seller Acceptance: Signature Date C 277' OUT U, 3.24 ACRES 0 2S51 North 0' 150' SCALE: I" = 1 50' City of Ocoee, FL TM Sec 9, Twn 22 S, R 28 E SITE DATA RESIDENTIAL PROJECT AREA: +/- S.SO ACRES COMMERCIAL OUTPARCEL AREA: +/- 3.24 ACRES TAX PARCEL ID NUMBER: 09-22-28-0000-00-OS6 ADDRESS: OCOEE VISTA PARKWAY OCOEE, FL 34761 OWNER: CITY OF OCOEE FUTURE LAND USE: COMMERCIAL (CITY) CURRENT ZONING: PUD COMMERCIAL (CITY) PROPOSED ZONING: PUD MIXED USE (CITY) DEVELOPMENT PROGRAM TOTAL SINGLE-FAMILY RESIDENTIAL DETACHED: 38 40' x 120': 38 PRAIRIE LAKE RESERVE 42 CS)( PRAIRIE LAKE WEST INTERNAL ROAD LENGTH = 1,533 FEET F D MOMS RID INTERNAL ROAD AREA = 4.476 SY (INCLUDES PARKING AREAS) Conceptual Site Plan KDA ENGINEERING, INC. 2017 13TH STREET SAINT CLOUD, FL 34769-4205 866.634.9997 Prairie Lalke West `rM mail@kdaengineering.com CONCEPT 1.07A Iola t �, 1 w I A VACANT 8.5+ ACRE TRACT THE NORTHEAST QUADRANT OF A D Mims ROAD & NORTH CLARKE ROAD OWNED BY THE CITY OF OCOEE OCOEE, ORANGE COUNTY, FLORIDA juag C--tty (6),coc!e MR. CRAIG SHADRIX CITY OF OCOEE 150 N LAKESHORE DRIVE OCOEE, FLORIDA 32761-2223 DERANG0BEST & AssoclATES REAL ESTATE APPRAISERS, ADviSORS & CONSULTANTS 160 1 'EAST AMELIA STREET ORLANDO, FLORIDA 32803 (407) 895-6650 18-134 PROFESSIONAL REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS 150 1 E:AsT AMELIA STREE-r, ORLANDO, FLORIDA 32803 April 17, 2018 Mr. Craig Shadrix City Manager City of Ocoee 150 N Lakeshore Drive Ocoee, FL 32761-2223 Re: Appraisal of a vacant 8.5+ acre tract located at the northeast quadrant of A D Mims Road and North Clarke Road, owned by the City of Ocoee, in Ocoee, Orange County, Florida. Dear Mr. Shadrix: As requested, we have completed our appraisal' of the above referenced property. The attached appraisal report provides the data and reasoning employed in formulating our value estimate. Our appraisal has been prepared in conformance with, the Uniform Standards of Professional Appraisal Practice (USPAP) and Appraisal Institute Standards, The purpose of our appraisal is to estimate the current market value of the fee simple interest in, the property. The intended use of the appraisal is to assist the City of Ocoee with information and guidance in decision making for a possible sale of the appraised parcel. There are no other intended uses or intended users of our appraisal. The value reported is qualified by certain assumptions, definitions, limiting conditions, and certification statements that are set forth in the attached report. We estimate that the "as is" market value of the fee simple interest in the property, effective as of April 115, 2018 , to be: Thank you for this opportunity to be of service. Respectfully submitted, DERANGO, BEST & AssocIATE5 Daniel R. DeRango, MAI, COM Cert Gen RZ 1054 18-134 (407) 895-6650 0 FAX (407) 898-8467 0 MAIL DERANroeEST. com EXECUTIVESUMMARY ................................................... .~................................................................................................ 1 EXTRAORDINARY APPRAISAL ASSUMPTION ............................................. --- .... ~.............................................. 3 PROPERTYPHOTOGRAPHS .......................................................................................................................................... 4 INTRODUCTION...................... ................................. ........................................................................................................ 7 SCOPE OFTHE A88|GNMENT--............. ................. ..... ---_......... ....... ........ ............................ ............. LEGAL DESCRIPTION ......... -........ -...................... -.... --- .............. ........... -----_--_--__-----'8 OWNERSHIP AND SALES HISTORY ..... .... ....... .................. ....... .......... -....................... -_--....... 8 MARKETING AND EXPOSURE TIME ....... ......... --- ..... ........... -------_-.......... ....... ................. --...... 8 NEIGHBORHOODOVERVIEW .................................. ................................. .................................................................. 9 OYERVEVV--..... .............. ............. ............. -----_-_......................................... _--_-__----J) ACCESS_------__-........... ............... -_-........ --__----------_--_--_--_-�0 CONCLUSION' ....... .............. --- ..... ..... ............. ---- ............... __--................. __-.......... ........ ........ 1O UTILITIES AND QERV$CES.............. ---- ................................ ........ ...... ---............ _-___--....... -... 13 REALE8TATETAXES.................... ............. .......... -........ _.................................... -........ --............................ 13 ZONING AND FUTURE LAND USE DESIGNATIONS ...................... ..... ................................................. -----14 DESCRIPTION 8FPROPOSED |MPR0VEMENT8--...... --- .............. --........ ..... .... ........ .......... -........ 15 HIGHESTAND BESTU8E.............. ~-.......................... ........................................ ~.......... ...... _.......................... 18 LEGAL CONS |DERATK}NS..... ............... --- ... ........... ---- ......... ............................ -........ ...... ------16 PHYSICALCONSIDERATIONS ......... ............. ........ -.... ... .............. --- ..... ........... -................. ........................ 6 CONCLUSIONS............... .... ---- ..... .......... -........ -.... ....................... ......... --- ........... ...... ---- .......... .... ]6 APPRAISALPROCE8S_~~..-............................................................... ~._..... ....................................................... 17 ANALYSIS....... ... -.... ........ --........ --- ............. -.... ---- ................. ................. .... ....... .......... --- ........... 22 CONCLUSIONS......... -..... ---....... .......... .... ................. ---- ...... ............................................ ---- .......... '23 ADDENDUM., ... 24 LEGALDESCRIPTION ................... ................................ ....... .......................................................................................... 25 LETTER DFINTENT TDP0RCHAGE_....... ......................................................................... ---- .......... ................. 2W GENERAL ASSUMPTIONS & LIMITING CONDITIONS ................................................................................................... 30 STANDARD........... ... .......... -..... ................ ...... ................ ....... ................. --- ............. -........ ...... ....... ......... 30 ENVIRONMENTAL.................... ................. -... ---- .... .............. _-...................... --- ........................... _-.81 OTHER.... ......... ---- ... ...................... .... ........... -_----_.................................... ............. ... ............. 31 DEF|M�ITlONS........................................................... .^..................................................................................................... 22 MARKETVALUE DEFINITION ......... ---....... ...................... -.... --- ................................... --- ....... ...... ......... _32 PROPERTY RIGHTS APPRA|GED--............... --_----_-........ ..... --- ................... ............ ---.......... 32 CERTIFICATION........................ .......... ......................................................................................... ............... .................. 38 QUALIFICATIONS OFAPPRAISER APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND, NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE I EXECUTIVE, SUMMARY Boundaries are approximate. PROPERTY LOCATION: The property is located at the, northeast quadrant of A D Mims Road and North Clarke Road in Ocoee, Orange County, FL, SITE DESCRIPTION: The tract is irregUlar in shape and consists of 8.5± acres. The parcel is part of a larger 12± acre tract. The appraised tract is generally level and appears to drain well. AEl utilities are available. ZONING/LAND USE: The property is zoned PUD-COMIM, Commercial, by the city of Ocoee. The site has a corresponding future land use designation of Commercial. A prospective purchaser (Beazer Homes) intends to develop the site with 38 single family residential lots (see following page). We have appraised the property under the extraordlinary assumption that the property can legally be approved and developed as a suibdivision. 18-1134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D MIims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA CONCEPTUAL SITE PLAN: OUT OUT 12,�ACL��S 0 PAGE 2 SITE DATA Conceptual Site Plan Prairie Lake Wes,t IWAIM14 � A K1- WrM;RV�, A 11111St A KDA I WANH RIK, INC. Raxl CONCEPT 1.07A HIGHEST AND BEST USE: Residential development based on the assumption that the site can be legally approved and developed as a proposed residential subdivision (see Extraordinary Assumption). DATE OF VALUE: April 15, 2018 VALUE ESTIMATE: $1,105,000 See Extraordinary Assumption on the following page. 18-134 Conceptual Site Plan Prairie Lake Wes,t IWAIM14 � A K1- WrM;RV�, A 11111St A KDA I WANH RIK, INC. Raxl CONCEPT 1.07A HIGHEST AND BEST USE: Residential development based on the assumption that the site can be legally approved and developed as a proposed residential subdivision (see Extraordinary Assumption). DATE OF VALUE: April 15, 2018 VALUE ESTIMATE: $1,105,000 See Extraordinary Assumption on the following page. 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND "NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 3 Based on information provided by the City of Ocoee Officials, it is our understanding and assumption that the property can legally be approved and developed as a residential subdivision consistent with the plans provided by the prospective purchaser. Further, the City of Ocoee will provide Ocoee Vista Parkway right of way along the perimeter of the ,appraised property. We have assumed the above to be materially accurate for purposes of our appraisal. Should the use, density of development planned or noted infrastructure plans vary materially, our value estimate is subjject to review and possible revision. W-SKE1 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D IMims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 4 i:j OkM i:j VIEW OF SUBJECT AT OCOEE VISTA PKWY TERMINUS SOUTHWEST VIEW OF SUBJECT ALONG OCOEE VISTA PKWY 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 5 VIEW WEST ALONG OCOEE VISTA PKWY (SUBJECT TO RIGHT) ........... .......... VIEW EAST ALONG OCOEE VISTA PKWY (SUBJECT TO LEFT) 18-134 APPRAISAL OF A VACANT 8.,5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 6 VIEW WEST ALONG AD MIMS ROAD (SUBJECT TO LEFT) VIEW EAST ALONG AD MIMS ROAD (SUBJECT TO LEFT) 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 7 pI k" L. uckhmt I'. raBar wiIlo hh)"I 0 "wn "ho'Q", 11> 'm' q vhi'tw Gwdr*'� Ov"', laly I I ako F"Ida IlwYr Ct IQ hfl"q A0 I Whb� t ako Hugo, Bay [1111 Rwq'� Alnlpl V 111d10 I, SCOPE OF THE ASSIGNMENT DeRango, Best & Associates has been requested by the City of Ocoee to, prepare an appraisal of an 8.5± acre tract located at the northeast quadrant of A D Mims Road and North Clarke Road in Ocoee, Orange County, Florida. The purpose of this appraisal is to estimate the current market value of the fee simple interest in the property under the Extraordinary Assumption that the site can Illegally be developed as a residential subdivision. In arriving at our value estimate, we have prepared the Sales Comparison Approach to valuie, whiich is the only applicable approach for vacant land. To value the, property, we have compiled and analyzed data pertaining to the west Orange County market and the subject area in particular. This information plus that gleaned from the relevant and broader marketplace provided the basis of our valuation, Sources of information included Milicrobase, CoStar, Loopinet, the Orange County Property Assessor's Office and other published sources. The scope of our appraisal also included an inspection of the property and the neighborhood. 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 8 LEGAL DESCRIPTION Lengthy. Please see addendum. The legal description provided is for the, 12+ acre larger parcel that includes the appraised 8.5+ acre property. OWNERSHIIP AND SALES HISTORY The appraised property is part of a larger tract that was transferred in December of 2006 from Silvestri Investments of Florida, Inc. to the City of Ocoee, Florida via a non-arm's length transaction (under threat of condemnation) as recorded in the Orange County Official Records Book 9042, Page 2538. No other transactions have been recorded for the property in the past five years. There is currently an offer to purchase the siite by Beazer Homes for a price of $1,100,100. The purchase price is based on approvals for 38 single faimily lots and will be adjusted by $28,950/lot in the event the total count is more or less than the estimated 38 lots., The prospective purchaser provided a Letter of Intent outlining the terms of purchase that is included in the addendum of our report., MARKETING AND EXPOSURE TIME1 We estimate the marketing period for the property at the value estimate cited herein to be within 12 months. This time frame recognizes that the conclusion of the market values will remain at the same level throughout the marketing period. This estimate is premised on active promotion of the property during this period. Furthermore, we estimate the exposure time of the property to be 12 months. ' EXPOSURE TIME: the estimated length of time that the property interest being appraised wound have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal, 1 8-1 34 APPRAISAL OF A VACANT 8-5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 9 1:1010 0 NX911FA 1;1'VWWZ ['orest 1.ak(� Giflf Clult� X 10, Subject ra Ysl �i i p ik e 191TJ A ::"WA I T The immediate neighborhood is the city of Ocoee, to the west of Orlando. Ocoee is the third largest community in Orange County, and is largely developed with residential subdivisions that are owner occupied. The area has been developed since the late 1 9th Century, and has a historic downtown area with several buildings that are on the National Register of Historic Places. The surroundling area has historically been developed primarily with citrus groves. However, since 1990, the area has seen substantial residential growth, which has, in turn, created a need for additional retail and commercial uses. Major uses include the Health Central Hospital and the West Oaks Mall. The market has been strong in the last two to three years and growth in the area has been at a strong pace. 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 10: ACCESS The neighborhood has good access from State Road 50, Florida's Turnpike, State Road 408, and State Road 429. State Road 50 is also known as West Colonial Drive is a primary commercial corridor and provides east -west traffic through the neighborhood. Florida's Turnpike is the primary north -south highway through the center of the state, connecting north Florida to the Miami: Area. The Florida Turnpike interchange with State Road 429 is located to the southwest of the subject. State Road 408 (East-West Expressway) runs east -west through the Orlando metro area, connecting the neighborhood to east Orlando and the downtown Orlando busiiness district. State Road 429 (Western Beltway) encircles the west side of the Orlando metro area, and provides direct access to Interstate 4 to the south near the Walt Disney World Resort area and with U.S. Highway 441 in northwest Orange County. This roadway is currently being extended up inito Lake County, and will eventually connect with Interstate 4 in Seminole County, and will provide the Orlando metro area with a true beltway system. The immediate neighborhood is primarily residential in character with a mix of middle tier priced single-family residential medium density projects. To the north and east of the property is the Prairie Lake, Reserve PUD that includes town -homes built in 2014 that are selling in the $200,000 to $211,000 range. To the south is the Reserve planned developiment with single-family homes built in the 2000's and selling in the $180,000 to $280,000 range. To the west is the Reserve at Meadow Lake planned development with single-family homes built in 2012 and selling in the $230,000 to $440,01010 range and townhomes, built in 2011 selling in the $165,000 to $210,000 range, The appraised parcel is also within the original area of the Prairie Lake planned development and was targeted for retail uses with up to 125,000 SF. Other development in the area includes the Jim Beech Recreation Center to the west of the property, a City of Ocoee fire station immediately to the north and a Publix anchored retail center to the south at Clarke Road and Silver Star Road. CONCLUSION The neighborhood is in the growth phase of its life cycle, and the level of demand for new residences is strong. The overall outlook for the defined neighborhood is good. 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 11 I a :To] Q :3 0.41 Boundaries are approximate, Location The property is located at the northeast quadrant of A D Mims Road and North Clarke Road in Ocoee, (Florida. S ize/Coinf ig u ration The 8.5± acre tract is irregular in shape and is part of a larger 12± acre parent tract. The site has approximately 420 feet of frontage along the north side of A D Mims Road and a depth of about 880 feet. The appraised tract abuts two vacant sites to the west, residential subdivision to the north and east and a CSX rail line to the south. Access and Exposure Access to the site is planned to be along Ocoee Vista Parkway as part of the development of the site. Ocoee Vista Parkway is a two-lane undivided residential roadway that provides the Meadow Lake and Prairie Lake Reserve subdivisions access to North Clarke Road,. The site has exposure, along the north side of AID Mims Road, a two-lane divided roadway with center turn lanes but is separated from the road by the noted rail line. Ocoee Vista Parkway provides access to North Clarke Road just west of the appraised site. it-151411 APPRAISAL OF A VACANT'8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTHI CLARKE ROAD OCOEE, ORANGE COUNITY, FLORIDA W-r1TFT3lW Traffic counts along A D Mims Road near the subject average 6,000 vehicles per day and North Clarke Road' is reported at about 14,000 vehicles per day. Note: As part of the pending LOI/offer to purchase, the City of Ocoee would provide right of way for the Ocoee Vista Parkway extension along the perimeter of the appraised site (see Extraordinary Assumption). Topography and Drainage The site has a generally level topography. The site appears to drain well and has sandy well -draining soils per a review of the Orange County Info, map provided data. Flood Hazard NationalFlood Hazard Layer FIRMette 0 250 500 11000 1,500 2,000 FEW Legend .... ............. . SPECAMOOD HAZM13 "EAB R. &I.-y rk�d.q �Ah 'p- Ogg ro �t, M-1 oTHERAAMOF 41. It. W61 I rLoODHA2AqD OTHERAREM SIRUCTURES Lftl 0 ltty OVER Pht, rfATVRES 4,04fto" Nn 111 NO A, 1100 MAP FANILS GJ 01voms TWa mom —0. Hilo maArd"Afnrvdaad4 11, 1a1 11101 T 0A ?1,0. but -P M`d' TI 1111d 11,11 `td!1.0d -,tt h¢m tke by Tat 60 114 —o. t t— 1P a. nod".11 W, 'AM P-1 —W W m,- Vhmh. 1'43 Alan ittw h, "p$t"Y F"P_, Based on the Flood Insurance Rate Maps of the National Flood Insurance Program, Community Panel No. 121095CO210F, effective September 25, 2009, the site is within Zone X, a minimal flood hazard area. 18-134 APPRAISAL OF A VACANT 8a5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 13 EASEMENTS AND ENCUMBRANCES We have not been provided with a survey or title search for the property. To the best of our knowledge, there are no adverse easements or encroachments encumbering the site. UTILITIES AND SERVICES There is an existing 12" water main along the east side of Clarke Road as welll as a gravity sewer line and a 16" reuse water line. There is also an 8" water line running along the access roadway to the immediate north of the site and a 10' water line along the south side of A D Mims Road. These lines are serviced by the City of Ocoee. All utilities are available to the subject site. REAM, ESTATE TAXES The larger parcel that includes the subject is assessed for ad valorem Iproperty taxes by Orange County and the city of Ocoee. (The parcel is owned by the City of Ocoee and is therefore exempt from taxes at the date of appraisal.) The 2017 Real Estate taxes for the parent tract are shown as follows: 2017 Real Estate Taxes Parcel No. 09-22-28-0000-Oa-056 Laind Value $555,737 Building Value $o Extra Features $o Assessed Value $555,737 Exempt Value - 555 737 Mi I I age Rate 18.2065 Ad Valorem Total $10,118 Non -Ad Valorem Assess. $0.00 Total Taxes and Assess. $0.00 18-134 APPRAISAL OF'A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 14 ZONING AND FUTURE LAND USE DESIGNATIONS 0101 kq I I Z FUTURE LAND USE The property is zoned PUD-COMM, Commercial, by the city of Ocoee. The future land use designation of the property is Commercial. The land use designation is consistent with current zoning. Note: Though the parcel is currently zoned for commercial uses, based on information provided by the City of Ocoee Officials, it is our understanding and'; assumption that the property can legally be approved and developed as a residential subdivision (see Extraordinary Assumption). 11-3514111 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD ANi7NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 15 914:14 M211017ito-Tau ZT41:191,*4 mli 9TOTOTT4 TRW WN The site is proposed for the development of 38 single family lots as shown on the conceptual site plan below. The development will also include a playground and open, space areas in, the center of the site. The project is made up of lots that average 40' in, width. The proposed project density is 4.47 units/acre. We note that the remaining 3.24 acres at the signalized corner of Clarke Road and A D Mims Road will continue to carry a commercial zoning and land use designation. 3 � A ilTr DATA 0(OEE V6TA P94'V"Y lv VVAIRW I A0 WV;RVI- OUT A 2 ACRM pP IHPIIH04 40AV ANk- 4 06 IT UNCIV05 0010110 N. NoW Conceptual Site PlanqaY K: A I NOVIA RINC, INC! Prairie Lake West CONCEPT 1.07A WSKE APPRAISAL OF A VACANT 8.,5+ ACRE TRACT NIECE OF AID Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 16 I M I Lei M-1 In estimating the highest and best use of the property, we have evaluated those uses that are legally permissible, physically possible, economically supported, and which would result in the highest return to the land. In appraisal practice, the Highest and Best Use Analysis is, the foundation upon which the valuation of a property is based. Legal Considerations The property is zoned PUD-COMM, Commercial, by the city of Ocoee. The site also has a Commercial future land use designation which is consistent with the current zoning. However as noted, we are of the, understanding and assumption that the site can be legally approved and developed as a residential subdivision consistent with the project proposed by the prospective purchaser of the property. Physical Considerations The physical considerations affecting a site generally address the type and size of development that a particular site will support. The appraised tract has 8.5+ acres and has good access and average exposure to Ocoee Vista Parkway and additional exposure to A D Mims Road. The property has an adequate topography and soils for development. All utilities are available to the property. The tract is physically suited for development. Economic Considerations The property is within, the City of Ocoee, an area that is experiencing significant growth ,and development, some of which occurred in the past five or so years. The long term outlook for the neighborhood remains positive. •- 1411111WO]z The highest and best use of the site is for residential development based on the assumption that the proposed subdivision can be legally approved for development (see Extraordinary Assumption), Though the property presently has a commercial zoning it is surrounded by residential uses and has limited access due to the rail line along A D Mims Road traffic exposure alongi the two roads. The 8.5+ acres excludes the signalized corner of A D Mims Road and North Clarke Road which is the most likely commercial location for the larger parcel that includes the appraised lands. Therefore given the surrounding land uses and activity in the area, the highest and best use is for residential development to a density in line with surrounding subdivisions in the neighborhood. WISREI APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 17 ,-3 ":1:J NEI Al 111111111=01411*.&I In the appraisal of tracts of vacant landl, the only applicable approach to value is the Sales Comparison (Market) Approach to value. The Sales Comparison Approach is predicated upon prices recently paid for similar properties. We have researched and analyzed recent sales of properties that have similarities to the appraised property for comparison purposes. The immediate neighborhood is mostly developed at the date of appraisal. We therefore expanded our sales search to other areas in greater Orlando with similarities to the subject neighborhood. The available comparable sales are shown on the following map. A land sales chart and discussion of each sale as it compares to the property follows. LAND SALES MAP W . k I I, I I rj I, d --------------- -- - Alx*o V1 19 [x (,I') 69 [w, I r ,I pil C,ly Inv, Sale 1 ale 3 ra Con=tract 2 Salle 4 1 Trots Orlando S"h CAI, Subject y ("M AV I aWe 0 N 18-134 APPRAISAL OF A VACANT 8.5 ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD G'COEE, ©RANGE COUNTY, FLORIDA PAGE 18 COMPARABLE LAND SALES Subject 1 2 3 4 Northeast quadrant of A N'odh side of Clarcona North soda oFSilver Star Along the south side of 13th Southeast quadrant of State Location D Mms Road and East Ocoee Road at the terminus Road N. Clark Road Street just east of Highland Road 426 and State Road Clarke Road of N. Clark Road east of Avenue 417, City, County Ocoee, Orange County Ocoee, Orange County Ocoee, Orange County Apopka Area, Orange Oviedo Area, Seminole County County Buyer I Beazer Homes D R Horton Confidential Brixton Landing LTD Mortiage Homes of Florida, lnc. Seller City of Ocoee Ocoee Development FAJax silver Star LLC Nia'ry F. Dorkmns & Shuwan C&L Land Group LLC Kameal Jackson Sale Date Offer for PurchasefLOl J'un-17 Pending Contract Mar-16 Dec-16 Sale Price $1,100,100 $3,071.300 $1,500,000 $995,000 $2,660,000 Financing Terms Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Sate Conditions Market Market Market Markel Market O.R. Book/Page N/A 2017030447691 Pending Contract 201601781'..77 2016133268 LandSize (Acres) 8.50 33.93 16,50 10.43 13.00 configuration Slightly Irregular.Muh. CSX Rail lino to south. . Irregular Slightly Irregular Rectangular Rectangular Topography Generally Level Generally Level Generally Level Generally Level Generally Level A D Mms Road and N. Claroana Ocoee Road and Road Frontage Clarke Road some Hobson Road (north silver Star Road East 13th Street SR 426 and SR 417 portion of site Utilities All Available All Available Ail Available All Available All Available Zoning PUD Comm`, Ocoee PUD - LID, Ocoee C-2, Ocoee R•3, Orange County PD, Seminole County Future Land Use (FLU) designation Commercial` Low Density Residential Commercial Low -Medium Desasity Low Density Residential Residential Proposed Use 38 Lots., average 40' 140 Lots - Oak Trail 50 Lots, 50' wide Ocoee Senior Apartments., 80 38 Lot Subdivision, Park width Reserve Landings Units, Brixton Landing Place at Acres DensitylAcra 4.47 4.13..... 3.03 7.67 2.92 PricefUnit $28,950 $21,938 $30,009 $12,438 $70,000 PricelAcre $129,424 $90,519 $'90,909 $95,398 $204,615 '.Ocoee officials confirm Located south of the potential for re -zoning. subject. A part of a larger The site tree ap;prax236 . . Developed with a 38- LOI Includes provisions Located north of the subject. site that will include acres of wetlands at acres single-family Comments far Seller to provide road Has frontage Wong the commercial sites abutting southern southern boundary. Density subdivlsion after extension and access to West Orange Trail 9 shopping center to the west. per usable acre is 9.9 purchase. utilities. Rezoned for PD approval units/acre, COMPARISON Marketing Conditions Apr-18 Somewhat Inferior Similar Inferior Inferior Terms of Sale Market Market Market Market Market Location Nodheaslern Ocoee Similar Similar Inferior Superior Land Size (Acres) 8,.50 Larger(+) Larger(+) Larger(+) Larger(+) Configuration Slightly Irregular. Abuts CSX Rail line to south. Similar Similar Similar Simdar Topography Generally Level Similar Similar similar Superior Access & Exposure A D Mms Road and N. Similar Superior Similar Superior Clarke Road project Density 4.47 Similar Lower Hlgher Lower Utilities At Available Similar Similar Similar Similar Overall Comparison Subject Inferior Similar Similar Superior 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD ANiTNORT'H CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 19 Land Sale No. I is located on the north side of Clarconia Ocoee Road at the terminus of N. Clarke Road in Ocoee, Orange County. This 33.93± acre site was purchased by DR Horton in June of 2017 for $3,071,300, equating to $90,519/Acre. The site has frontage along the West Orange Trail, Pending Contract INo. 2 is located on, the north side of Silver Star Road, east of N. Clarke Road in Ocoee, Orange County, This 16.50± acre site is under contract for $1,500,000, equating to $90,909/Acre. The site is a part of a larger site that will include commercial sites abutting a shopping center to the west. . 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mtms ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE20 Land Sale No. 3 - is located along the south side of 13th Street just east of Highland Avenue in Orange County. This 10.43± acre site was purchased by Brixto'n Landing LTD in March of 2016 for $995,000, equating to $95,3918/Acre,. Approximately 2.36 acres of wetlands is located along the southern site boundary. Land Sale No. 4 is located at the southeast quadrant of State Road 426 and the Central �Florida Greeneway (SR 417) in Seminole County, This 13± site, was purchased by Meritage Homes of Florida, Inc. in December of 2016 for $2,660,000, equating to $204,615/Acre. The site was purchased for development with a 38-lot single-famfly residential subdivision. IF-SKE11 APPRAISAL OF A VACANT, 8,.,5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA XrCTSW We have also noted the following offerings for similar properties in the market. Land Listings Gross Usable Listing No. Location Land Size Land Size Zoning FLU SewerMater Listing Price/Gross Comments (ACt) (AC,*( Service Price Acre The north side of White 1 Road, east of South 4.70 4.70 A-1, Ocoee Low Density Water& Sewer $495,000 $105,319 Zoning permits low density Glarke Road ------ Residential residential development. The southwest quadrant Future land use permits 6 2 of Beulah Road and 8.7 9 8.7 7,inler Low Density Water& Sews r $1,250,000 $142,207 density units per acre. Re - Board Road en Garden Residential zoning may he undertaken for I higher density. The southeast comer of Residential Low Located in Industrial area. 3 North Pine Hills Road 8.92 8,92 R-3AIWIRP . Inlensily (Resource Water& Sewer $995,000 $111,547 Abuts residential subdMsion and Ck�fion Drive Orlando Protection Overlay( to the east. Reduced price. Listed for 2± mrs, I RZ 10"t, I APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Miims ROAD ANiTNORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE22 ANALYSIS Given the small size and infill location of the parcel directly comparable sales data was scarce. When sites intended for residential subdivision developments are purchased they are typically larger parcels and generally have some planning or preliminary approvals in place at the time of sale. Thee available comparable sales reviewed bracket a range in pricing from $995,000 to $3,071,300. The sales reflect a range of indlicatio'ns from $90,519/Acre to $204,615/Acre, with an average of $120,360/Acre. The density of development planned for the sale properties range from 2.92 du/acre to 7.67 du/acre. We also reviewed current offerings in the surrounding areas which show a range of from $105,319/acre to $142,207/acre for sites with potential for residential subdivision development. The pending offer/1-01 for the appraised property by Beazer Homes is priced $1,100"100 which equates to $12,9,424/acre. The offer presumes approval of 38 lots on the site or $28,950Aot at a density of about 4.5 du/acre. The comparable data described brackets these pricing indications for the subject. In arriving at our value estimate, we have weighed the following factors: • The site has a good infifl location and is surrounded by residential subdivisions similar to the proposed project being offered by the prospective purchaser. • New home sales activity in the area and region are high and there are few sites available for purchase for development. The site is small relative to the needs of most home buiiders. The site planning and preparation costs are typicallly more cost effective for larger projects than planned for the subject which has a damipening effect on the expected land pricing. • The site, will require re -zoning and platting prior to development. There are no residential approvals in place for the property at the date of appraisal. • We have assumed that the site can be re -zoned and approved for the project at the density proposed in the offering. Our vallluation also presumes the owner/s&ller of the parcel will bear the costs to extend the roadway along the perimeter of the parcel and will provide utilities connections, 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE KROKKEEM After weighing the factors described we estimate the current market value of the property is bracketed by the comparable data and is more of Mess consistent with the current offering price. Sales 1 andl Contract 2 are in the same imiarket area and have indications for parcels at a lower density of about $911,0100/acre and unit pricing of $22,000/dwel ling unit to $30,000/ dwelling unit which brackets the contract price. Current offerings in the neighborhood bracket a range from $105,000/acre to $142,000/acre and the offering price is s well within the range of indicatiions. Sales 3 and 4 are outside the immediate area and have a broad range of density that brackets $95,0001/acre to about $205,000/acre, again bracketing the price indicated in the pending offer, Based on the data available, we have applied the following indications: The value, indication eqluates to $29,078/dwellinig unit, just over the current offering indication. 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE24 WT-Iffikyll Legal Description Letter of Intent to Purchase General Assumptions & Limiting Conditions Definitions Certification Qualifications of Appraiser ff-MBIH APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D IMims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE, COUNTY, FLORIDA PAGE25 The site is part of a larger parcel containing 12± acres. We have not been provided with a legal description for the 8.5 acres. The legal description for the larger parcel is as follows: A portion of the East 1/2 of Section 9,'rownship 22 South, Range 28, East, Orange County, Florida being more particularly described as follows: Beginning at the point of intersection of the East right of way line of Clarke Road as described in Official Records Book 5076, Pages 4514 through, 4525 of the Public Records of Orange County, Florida mid the North right of way line of the Seaboard System Railroad a 60 foot right of way, said point being the POINT OF BEGINNING; thence the following three courses and distances along the Easterly right, of way of said Clarke.Road North 14*39'44." West, a distance of 324.80 Ted: to a poi n"t'of -curvature' to the , fight h avitiga radius of2,-419.2-5 feet, a c6rittalangle of 0 1'42'25", and a chord beating of North 13'483 1 " West, 72.,67 feet; thence northerly along the arc a distance of 72,67 feet to a point of intersection with a non tangent curve to the right, of which the radius point lies North 78'5 1'2,4" East, a radial distance of 3,224,05 feet and having a chord bearing of North 06'26'38" West, 528.29 feet; thence northerly along the are, through a central angle of 09'23'56", a distance of 528.88 feet to a point on the South fight of way of a proposed roadway; thence the following two courses and distances along said South line North 43148'56" East, a distance of 35.19 feet; thence North 8,9114'07" East, a distance of 256.05 feet to a point on the Southerly and Westerly line of the Parcel described Official Records Book 8320, Pages 372 through 374 of the Public Records of Orange County, Florida, also said point being a point of curvature to the right having a radius of 555,100 feet, a central angle of 9003 1'23", and a chord bearing of South 45'30'11" East, 788.46 feet; thence following two courses and distances along said Southerly and Westerly line, southeasterly along the are a distance of 876.86 feet to the point of tangency; thence South 001 14'30" East, a distance of 20.6.'90. feet to the North right of way line of said Seaboard System Railroad; thenee South 75120'54" West, a distance of 707.84 feet to the POINT OF BEOTNNING. LESS AND EXCEPT that certain parcel of real property described as "Parcel C- I" on SQhedul "A" attached hereto and by this reference made a part hereof. IRM93:1 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND WRTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA SCHEDULE "A" M33111111MM PAGE26 A portion of Section 9, Township 22 South, Range 25 East, Orange County, Florida, being more partlaWady dsavctlbed tin follows : cornmerscs: at the In torsection of the Coal right of way line of Clarke Road as deacribed its OfflcJali 8 ecords Dook 5MPagest 4514-4525, Public Records of Orange County, Florida chdi the North right of way time of the Seaboard System Rolfrood; Messes N 14'39'44" W along gold East flight of way Vne o d1staric:a of -524-W feel to the point of curvature of a curve, concave Ei3srtai#y,, hoWng a centroll angle of OI1'W20' and u rudiuss of 2439.25 feet; thence Northwesterly along the are of sold curve and aging said East dght of way line a distance of 72,87 feel to the po;rit of isitaraection with a ran tangent roryte ( chorus hearing and dIatance 6etween said points bengi N 1X48'31' W 72,67' feet comcoye Foninrly, hovIart a central angle of 09'24'01" and o radius of 3224,05, feat,, thence Nnrlhwr.ntcrIy along lht- 6(c of hold curve and Wong said East right of way line a distance at 528.95 (net to a point ( chord bearing area distance between sold points balog N 06'26,20, W 528,36 feet lhonirsa continue alprig gold � crwt right of way line N 43'fil'27" C a distance of 35M feed thence Waving voicl Earl right of way line N W14'07" E a dintonce. of 21X7 feet to the Point of E?saginning; thence 4:0hfinve 14 89'14'07' E a distance of 146,43 feet; thence S 00'45'53" F cs distance of 41L36 feet,, thence S 80'29'.53" W a distance of 105,,28 foot to a point an a tines that to MOO fret Foat of and pasolIO wr'ttt sold Eosi right of way fine, sale point oleo Wag an the cur of rs, nort Inngant cvrv,-, i,-oncave Fostudy having a cartle-al angle of 0719'23" and a radian of 3205,01 feel; thence Northeasterly oInnq Ole stru of said curve and along said line that hi 15,00 fact Evmt of and porallul' wilts vald Last tIqhl of way line (3 distance of 410 )& fret to o point ( chard barseinq and distance between :roll points being N 05'30'4V' W 4011.88 (met ),, thence continue along -gold It" (hot is 15.00 feel Cost of and parallel with said East right of way Vne N 43*')1'2/" F o dh-Awium of 0 fie feel to the Pnint of lleqintunq. ContoWng 2,00 arres; move at ldtu. SMYORS N(YMS t, Boatinga #4100n h6lborl are bossed on the Worth HIM c#' slay lima of lho S4dfsoofd Sysslem Nallraod, b"y 5 75'20'5e W. 2 1 hssrac4rilly that the '811svivIr at of the obove dcKr1bodjrop#Ay to true amd aurraci to the beet or my knceffsedsj4 and be I"t as f ... dn Uly dedow0tr my dslrecuss 4and Iran It rneet$ the WmNnn Teolss*ad Swidetelm for Land Survmylng Q-1, 910t7-0 3, Not valid vilhotA tle "'qAw1wis ord rolled saw of a Vlarldo Poenrid vurvirepoe one mmashoof, DESCRIPTION FOR City of Ocoee 12/t2/2006 KR: c", 6ic17—o, nuvida Mrnblvlr, C6dis roAplass that a ltqaf datoo rlreatoy h.0 klhq Aotattlen that THIS IS NOT A SURVEY, SCIF SHEET 2 FOR NOT VALID W17HOUT SHEET 2 URT, NO, L02100 W ' 5`1741[101 MRP, 41 18-134 APPRAISAL OF A VACANT 8.,5+ ACRE TRACT NEQ OF A D Milms ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA SKETCH Of-' DESCRIPMN EMM—G=j POINT OF I r9-1TeT*WA7 om Tj Como RZABIN YOWLE 7 ,f7' I 1 ICE, IT] fiI SECTION 9, TOWNSMP 22 SOUTH, RANGE 28 EAST ci : MATW. MUMMER P.C. : MNT 0 CUP VATUK PT i PUNT Qf+ WiCENVY Ll ; UNE NUU8CR 15XD' AMES 1 aE 1. Nor up %lonfour imc mwww AN,D Pwuo wL or A nORMA LICENSCO SUIWYOR 9V 40 WN", 21 NOT VALD WTICUT SHIEFT 1, It J:AfT RIGHT OF WAY LIME Lot LA POINT OF COMMENC15MEW l?MMSFCWN Cr W, KATH RIOAr Ot WAY L'7 W THE VASWO SYSIM RAItArAn Ato TH or WAY vh1F OF CLA"CAGAO THIS 15 NOT A SURVEY of"W00,10 '10 "(51fo , GO' K� ARC " 5T 0GWO AS AmtHean Onul"ord Ir"Ing flp 517410011 '41 1' "orwl.. Flavida 32810-4350 lob No, W411 GRAPHIC SCALE fam(401202-0141 o[a 2 or 2 1. !;h..i � 4w ;0 100 SOURCE: ORANGE COUNTY OFFICIAL RECORDS BOOK 9'042, PAGE 2538 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD ANENORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE28 LETTER OF INTENT TO PURCHASE Cim, of Ocoee BEAZER 150 N Lakeshore Dr. Ocoee, FL 3"761-2223 Letter of Intent 04/15/2013 �- Proper(%, Parcel: 00-2-2-28-0000-00-056 (8.5 +/- gross acres), City of Ocoee. Purchase Prim One Million. One Hundred Thous. andand One Hundred Dollars,(JI.100,1001 CASH it Oosilrg. • The Purchaseprice obasted onApprovals for 38 siriglefiunily lots. • Ilse Purchase Price will beadjusted by S28,0501ot w the event that the total lot coitnt is more or less than the estituated 38 lots. �w Depmits: $50,00at Tune of C'ontiact Execution. �- In-pection Period: M Day� font the <late of the mutiml execution of the Contract , ('105ing: The Clomng ,hell take place 10 days after all Con(litions Precedent are inei Conditions Precedent; The following items will be con(lition to the Initial Oosing: The piopertyhall be fidly permitted fora mininuun of 36single faniih, lots, through all applicable agencies. (31,04-1-100 Mhumun Purebase Price). Should the lot ccquit fall below 36 single family lots, the, Buyer shall live the Option to C'lose it the Muumiun Rucbi5e Price. ;e Adequate water and sewer capacities and carmertiorrs. to 5enice the proposed development Additional orksideratiolv Clarke Rd - and the ('SX lroad, for Cowinercial development, Tire Buyershall have a Right-Offiist Reftual on any bomifide residential toe offer for flie residual property Baal er; Charles Vickers.. it C'entra I Florida, Land Brokers. represents die Buyer on this transaction At Closing, Buyer shall pay the C'onniuseion due and payable to C'entral Florida Land Brokers. in relation to this transaction WINE APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Miims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE29 '00 Inforuildoin Seller shall provide to Buyer all copies of, plats, constniction plans, acceptance letters, surveys, eirvirourriental reports, soil tests, engineering studies and other related tests, investigations, and examinations that Seller May lial'x- access to or control over that are reasonably necessary for Buyer to satit, itself with respect to the Subject Property acquisition. Seller shall provide to Buyer all such inforniatioll within five (5) business days of the effective date of contract. Good Faith Efforts Buyerand Seller agree to work in good faith with each other and Shall diligently endeavor in a timely fasIriori (i) to complete negotiations and fiffly execute the Agreement and (n) to consummate the sales contemplated by the Agreement Exclusive Opportunity: Following the execution of this Letter of Intent, the Seller will not negotiate or enter into discussions with an), other party, or offer the Propeityf or any direct or mchrect interest therein for sale to any other party until terminition of the Agreement of S,& Buyerand Seller agree to keep confidential all discussions of the proposed acquisition, except for necessary cliiclames to partners, employees, accoitnuuits, attomey� �, lenders;andconsultants of the parties. No public irmouncement concerning this Letter of Intent, the Agreement of the transaction contemplated herein shall be made by either party without mutuil consent Tins is a Letter of Intent onlyand shall be non -binding on the parties, and nothing in this 1,01 should be constnied as a binding purchase offer or other obligation or create any rights in favor of Purchaser or Seller or airy other third parley. Furthennore, this LOI does not address all matter,, upon utluch agreement must be reached in order for the proposed transaction to be consummated. Neither party shall be under any binding obli ation until such time a mutually agreeable contract is fidly executed by the atifliorized officers J partners of each organization If we do riot receive a cowitersipied copy of Us letter from the Seller widiiii 10 days of the date hereof, then the tennis of this letter shall be deemed null and void Pleas-- feel free to contact us with any questions or comments that you may have regarding them nutters Mink you for providing us with this business oppommity. Sincerely, Eric L. Monisette, AICP Vice Presideju of Land Acquisition Beazer Homes Orlando, Division Seller Acceptarice: Siplature, Date 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 30 In preparing this appraisal report we have researched physical characteristics and legal issues that affect the appraised property. We have accessed information from a variety of public sources concerning property size, zoning, future land use designation, sewer and water availability, flood hazard information, topographical and drainage information, real estate taxes and information concerning easements and encroachments. We believe that the information researched and provided to us by others is materially accurate for appraisal) purposes only. Information in, this report concerning physical and legal issues should not be relied on by any person for any purpose or decision -making concerniing the property without independent confirmation or verification. AIII persons and parties interested in the property under appraisal should research and confirm information concerning the property directly with pertinent agencies or sources and should not rely solely on the information provided in our appraisal report for decision making. The legal description furnished is assumed to be correct. We assume no responsibility for matters in legal character, nor do we render any opinions as to title, which is assumed to be good. This report contains a section entitled "Ownership and Sales History," which describes the recent fifle history of the subject property. This should not be construed to be a title search or a report of title. We render no opinion as to title, which is assumed to be good and marketable. All; existing, liens and encumbrances have been disregarded, and the property is appraised as though free and clear, under responsible ownership and competent management. Site plans, sketches, drawings and other exhibits in this report are included only to assist the reader in visualizing the property. We assume no liability for their accuracy. We have made no survey of the property and assume no responsibility in connection with such matters. The appraisers assume no liability for structural conditions not visible through ordinary inspection. Information obtained from Public (Records, files, Realtors, buyers and sellers, etc. was utilized in the preparation of this appraisal report. The information obtained from these sources was assumed to, be accurate and correct. A reasonable, effort has been made to verify all such information; however, no responsibility for its accuracy is assumed by this office. 18-134 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mas ROAD AN6'NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 31 The distribution of the total valuation in this report between land and improvement applies only under the existing program of utilization. The separate valuation for land and building must not be used in, conjunction with any other appraisal and are invalid if so used. Our appraisal assumes that there are no hazardous materials on the property. We are not aware of the existence of potentially hazardous material(s) on the property. We are not qualified to detect such substances. We urge the client to retain an expert in this field if desired. We are not aware of any soil or subsoil conditions which would affect the property. The discovery of soil conditions is beyond my area of expertise. OTHER Disclosure of the contents of this appraisal report is governed by the Standards of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers or the firm with which they are connected, or any reference to the Appraisal Institute or to the MAI or SRA designation,) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without the prior consent and approval of the undersigned. 18-134 APPRAISAL OF A VACANT 8.5,+ ACRE TRACT NIIEQ OF A D IMims ROAD AND NORTH CLARKE ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE 32 MARKET'VALUE DEFINITION Source: Financial Institution Reform, Recovery and Enforcement Act of 1989 (FlIRREA) Effective August 24, 1990: Market value means the most probable price which 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 specific 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 wheat they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U. S. 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. J:J :141:2 4 ZA V" The property rights appraised herein is the Fee Simiple Estate. FEE SIMPLE ESTATE 2 Fee simple estate is "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."' 2 The Appraisal Institute, The Dictionary of Real Estate Appraisal, Fourth, Edition, p.1 13, 18-1I34 APPRAISAL OF A VACANT 8.5+ ACRE TRACT NEQ OF A D Mims ROAD ANl3'NORTH CLARKE, ROAD OCOEE, ORANGE COUNTY, FLORIDA PAGE33 141MIA112 1, Daniel R. DeRango, certify that to the best of my knowledge and belief.... 0 The statements of fact contained in this report are true and correct. 0 The reported analyses, opinions and conclusions are limited only by the reported General Assumptions and Limiting Conditions and where applicable, the, Extraordinary Assumptions, and are our personal, unbiased professional analyses, opinions and conclusions. • I have no present or prospective interest in, the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved, 0 My compensation is not contingent upon the reporting of predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. • My analyses, opinions and conclusions were developed', and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. 0 This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a (loan. 0 The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • As of the date of this report, 1, Daniel R. DeRango, have completed the requirements of the continuing education program of the Appraisal Institute, • 1 have made a personal inspection of the property that is the subject of the report, Jennifer E. Reyes, State -Registered Trainee Real Estate Appraiser #R124133, provided significant professional assistance including sales research, preparation of comparable sales information, general gathering of supporting data for the appraisal and further assistance in the writing of said appraisal. • 1 have complied with the Uniform Standard's of Professional Appraisal Practice (USPAP) in conducting the research and analysis, and in, formulating the value conclusion(s) contained in this report. 1 am in complliance with the Competency Provision in the USPAP as, adopted in FIRREA 1989 and have sufficient education and experience to perform the appraisal of the subject property. We have not appraised or provided other services concerningi this property in the three years prior to accepting this assignment, Daniel R. DeRango, MAI', CCIM Cert Gen RZ 1054 18-134 " • L�M' IN DF-RANG0, BF-sT' & • 160 1 E. AmELIA STREET ORLANDO, FLORIDA 3,2803 (407) 895-6650 1 RESIDENT OF: Maitland, Florida EDUCATION. Graduate of Stetson University, Deland, Florida Bachelor of Business Administration - Major: Finance PROFESSIONAL EDUCATION: COURSES & SEMINARS - APPRAISAL INSTITUTE • Appraisal Principles • Basic Valuation Procedures • Direct Capitalization, Annuity Capitalization, and Mortgage Theory and Techniques • Case Studies iin Real Estate Valuation • Valuation Analysis and Report Writing • Condemnation and Litigation Appraisal Practice • Standards of Professional Practice • Residential Valuation Procedures • Appraisal of Small Hotels and Motels • Sales Confirmation Methods • Discounted Cash Flow Analysis • Electronic Spreadsheets in Real Estate Appraising • Urban Planning and Development - University of Central Florida CCIM INSTITUTE • Financial Analysis for Commercial Investment Real Estate (Cl 101), • Market Analysis for Commercial Investment Real Estate (Cl 102) • User Decision Analysis for Commercial Investment Real Estate (Cl 103) • Investment Analysis for Commercial Investment Real Estate (Cl 104) PROFESSIONAL AFFILIATIONS: Member of the Appraisal Institute, MAI No. 7557 MembierCCIM Institute Florida State -Certified! General Real Estate Appraiser No. RZ1054 Registered Real Estate Broker/State of Florida, License No. 0355191 Director — Appraisal Institute, East Central Florida Chapter Member of the Association of Eminent Domain Professionals Member of the American Association of Airport Executives Equity Capitalization QUALIFICATIONS Daniel R. DeRango, MAI, CCIM (Continued) PROFESSIONAL EXPERIENCE: Qualified as an expert witness in Federal and State Courts. Special Master, Value Adjustment Board, Orange County, 1995, 1996, 2000-2002 Present: President - DeRango, (Best and Associates, Orlando, Florida 1984-1997 V.P./Partner, Matonis MacDermott DeRango Sorich & Co., Orlando, FL 1981-1984 Staff Appraiser with Irwin Appraisal Consulting Services, Inc., Orlando, FL Former Member: Board of Directors - East Central Florida Chapter- Appraisal Institute PUBLISHED: "The Determination of Hotel Value Components for Ad Valorem Tax Assessment" The Appraisal Journal, July, 1993 TYPE OF ASSIGNMENTS: l have appraised or provided counseling for a variety of commercial and residential properties throughout the U.S, (primarily in the Central: Florida area). EXPERIENCE WITH: • Aviation/Aeronautical Properties • Apartments • Office buildings • Retail properties • Condemnation and litigation assignments • Industrial properties • Timeshare resorts • Hotels & resorts • Mobile home parks • Subdivisions • Mitigation lands • Warehouse facilities • Acreage tracts • Golf courses/country clubs • Special use facilities • Mixed use development • Coastal & is,land tracts • Aviation properties • Air cargo facilities • Large, and small aircraft hangars • Fixed based operations • Condominium projects • Retail centers, (including regional malls) Appraisal and consulting assignments have been prepared for a variety of lending institutions, corporations, law firms, governmental agencies,, and individuals. PROPERTY LOCATIONS IN FLORIDA: • Central Florida (Orange, Seminole, Osceola, Lake, Polk and Volusia Counties) • South Florida (Dade, Broward & IPalm Beach Counties) • South Central Florida (Brevard, Martin:, St. Lucie & Indian River Counties) • Southwest Florida (Collier, Lee, Manatee, Sarasota, Pinellas, Hillsborough Counties) • Northeast Florida (Flagler, St. Johns and Duval Counties) • North Central Florida (Marion County, Putnam) • Florida Keys QUALIFICATIONS Daniel R. DeRango, MAI, CCIM (Continued) ASSIGNMENTS OUTSIDE OF FLORIDA: • Georgia a Texas • Maryland * Indiana • Minnesota * Ohio, • New York * New Jersey • Pennsylvania 9 Illinois • California 9 Alabama • Connecticut e Tennessee • Colorado 9 Kentucky • South Carolina * Virginia • Pennsylvania * Washington State MCK SGOT �'� G(WERNOR Kt N LAWSON, Sf-Gf*I ARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL OD The CERTIFIED GENERAL APPRAISER NaniodbWow IS CERT41ED Urider the pjroVjSjon5 of Chapter 475 FS, ExplratOn date. NOV 30, 2018 OE"RANG0, DANIEL ROBER'F 1601 E AME LIA SST ORLANDO PI. ISSUED 11 IA#20161 11 1"71 ISI`)I AY , AS R P"b if I R I: n A,