HomeMy WebLinkAboutItem 21 Discussion of an unsolicited offer from Meritage Homes to purchase +/- 9.0 acres of city-owned property near the intersection of AD Mims Road and Clarke Road for $1,100,000 /4r-
Ocoee
florida
AGENDA ITEM COVER SHEET
Meeting Date: November 20, 2018
Item # 2J
Reviewed By:
Contact Name: Craig Shadrix Department Director: / i //
Contact Number: 407-905-3111 City Manager: l//� f"-
Subject: Discussion of an unsolicited offer from Meritage Homes to purchase +1- 9.0 acres of city-
owned property near the intersection of AD Mims Road and Clarke Road for $1,100,000 (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 submitted an unsolicited offer to purchase approximately 8.5
acres of the property for $960,070 in April of this year, and the City Commission authorized staff to
negotiate a contract to bring back for approval. Negotiations failed to produce a reasonable contract;
therefore, Edward Storey, the City's attorney in this matter sent them a letter (attached) terminating the
negotiations.
The City has since received an unsolicited offer from Meritage homes (attached) for $1,100,000 which is
right at the appraised value (appraisal attached). The offer letter from Meritage proposes terms that
include a $50,000 escrow deposit, a 90 day inspection period, and a bulk cash closing contingent upon
successful approval of a plan to develop 64 residential lots.
1
Issue:
Should the City Commission authorize staff to negotiate a sales agreement with Meritage Homes?
Recommendations
Staff recommends that the City Manager be authorized to negotiate a sales agreement with Meritage
Homes.
Attachment:
Offer to buy from Meritage Homes
Termination of negotiations letter to Beazer Homes
Appraisal package
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 a right 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 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.
Section C-8.B(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"x")
Public Hearing For Clerk's Dept Use:
Ordinance First Reading Consent Agenda
Ordinance Second Reading Public Hearing
Resolution X Regular Agenda
X Commission Approval
Discussion&Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
2
Reviewed by City Attorney N/A
Reviewed by Finance Dept. ANAT),— — N/A
Reviewed by N/A
Reviewed by N/A
3
------17`11L_,
MeritageHomes
C ORPORATION
Letter of Intent
October 24, 2018
The City of Ocoee
c/o Andy Bassler
150 N Lakeshore Drive
Ocoee, FL 34671
Re: Prairie Lake in Ocoee/A.D. Mims Rd.
Seller: The City of Ocoee
Buyer: Meritage Homes of Florida, Inc., or its assignee/nominee
Dear Andy,
Meritage Homes is pleased to present this Letter of Intent for the Property (as defined below). This Letter of
Intent is not intended to constitute a binding agreement, but shall merely serve as the basis for negotiating
and drafting a definitive purchase and sale agreement between the parties containing the terms stated in this
Letter of Intent, as such terms may be further negotiated and mutually agreed upon by the parties, and such
other terms and conditions to be determined and also mutually agreed upon by the parties. It is understood
and agreed that this Letter of Intent does not contain all the essential terms that the parties expect will be
part of a definitive purchase and sale agreement.
The basic terms and conditions under which Meritage Homes is interested in negotiating and entering into a
mutually agreed upon and binding purchase and sale agreement (a "Contract") are as follows:
1. PROPERTY: +/- 9.0 Acres in Ocoee, FL at the corner of Clarke Rd. and A.D. Mims Rd. described as
parcels: 09-22-28-0000-00-056 and 09-22-28-7241-00-004
2. PURCHASE PRICE: The purchase price for the fee simple interest of Seller in the Property is for a cash
sum of:
$1,100,000(One Million One Hundred Thousand and No/100 Dollars)
3. TERMS: Bulk Closing in cash upon satisfaction of the conditions to close
4. DEPOSIT: The sum of Fifty Thousand Dollars ($50,000) in the form of cash, bond or letter of credit
(together with all interest that may accrue thereon, the "Initial Deposit")will be deposited with DEAN,
MEAD, EGERTON, BLOODWORTH, CAPOUANO & BOZARTH, P.A. (the "Escrow Agent")within Five (5)
business days of the full execution and delivery of the Contract. An additional deposit of Fifty
Thousand Dollars ($50,000) (the "Final Deposit") will be deposited, within Five (5) business days
following the end of the Inspection Period, which along with the Initial Deposit and Second Deposit
shall be considered the "Deposit". At Closing,the Deposit will be applied to the purchase price of the
property.
Page 1 of 3
5. INSPECTION PERIOD: Buyer shall have until the 90th day following the full execution and delivery of the
Contract to conduct such examinations as it deems necessary with respect to the Property. Buyer shall
have the right to terminate the Contract for any reason prior to the expiration of the Inspection Period
and receive the return of the Deposit. Within five (5) business days following acceptance of this letter
by Seller,Seller shall deliver to Buyer copies of all of the following materials relating to the Property,to
the extent with Seller's possession or control: existing surveys; existing, proposed, or draft site plans,
plats, and development/improvement plans, existing environmental reports; existing leases,occupancy
agreements, operating agreements, and licenses; zoning stipulations,agreements, and requirements;
existing archaeological, biological, soil,geological,grading, drainage, or hydrology reports and any
other engineering reports and other third-party reports, contracts, and agreements of any kind.
6. If the Contract is terminated prior to the closing, Buyer shall promptly return such documents, reports,
and studies to Seller. Buyer and its agents shall be given full and complete access to the Property at all
reasonable times from the acceptance of this letter by Seller and prior to any termination of the
Contract in order to conduct tests, studies, and analysis as Buyer may deem desirable.
7. CLOSING: Subject to the purchase terms set forth in paragraph 3 above, the date of the Closing shall
be the latter of 15 days following the end of Due Diligence or after all closing conditions have met.
8. CONDITIONS PRECEDENT TO CLOSING: The following matters shall be completed in accordance with
the terms of the Agreement as conditions precedent to Closing:
a. The Property shall have an approved Preliminary Subdivision Plan from the City of Ocoee
allowing for development of not less than (64) residential lots.
b. The Property shall also have valid FDEP, SJRWMD and ACOE Permits and Final
Engineering/Construction plans complete and approved by all jurisdictions, which approvals
shall be the Buyer's responsibility to process and obtain, prior to Closing.
9. CLOSING COSTS: Seller shall pay title insurance costs, transfer tax (documentary stamps) on the deed
and its customary closing costs. Buyer shall pay for the recording of the deed and its customary closing
costs. Property taxes for the calendar year of closing shall be prorated as of the date of closing.
10.TITLE COMMITMENT: Seller shall provide to Buyer a title commitment, in form and from a title insurer
acceptable to Buyer,for the full amount of the purchase price within 3 business days following the full
execution and delivery of the Contract. Except for current taxes and assessments not yet due and
other liens to be released at the time of closing,the Property shall be free and clear of all liens and
encumbrances.
11. REAL ESTATE BROKERAGE COMMISSION: The parties acknowledge that no real estate broker or agent,
other than Central Florida Land Brokers whose commission is to be paid by the Buyer, is involved in this
proposed transaction. The parties agree to defend and indemnify each other from any claims of
commissions or brokerage fees arising from Buyer or Seller's respective dealings with any other real
estate broker or agent.
If you are interested in pursuing a final and binding agreement on the above terms, please indicate acceptance
by signing this letter in the space provided below and returning it to the undersigned before 5:00 p.m.,
October 5, 2018. Upon Seller's acceptance, Buyer will prepare or cause to be prepared a definitive purchase
Page 2 of 3
and sale agreement consistent with the terms of this Letter of Intent for review and negotiations. I look
forward to working with you on this project.
Sincerely,
C
Louis Cioffi Agreed and accepted,
Land Acquisition Manager
Meritage Homes of Florida, Inc. a(n):
5337 Millenia Lakes Boulevard, Suite 410
Orlando, FL 32839 Name:
Tel: 407-284-4173 By:
Fax: 407-712-8688 Its:
Page 3 of 3
l�d���<urd A. Storay� 111 Jamie
tl r� Susanne V. Delaney k.'lc. 1`illeen
Christian .1. (;enccau Michael Sheridan
LAW GROUP
September 4, 2018
(ViaEmail: eric.morrisette(u�beazer.com)
Beazer Homes
Attn: Eric Morrisette, AICP
RE: Negotiations between Beazer Homes ("Beazer")
and City of Ocoee ("City") regarding purchase
and sale of Parcel No: 09-22-28-0000-00-056 (the
"Property")
Dear Mr. Morrisette:
As you are aware, this firm represents the City with respect to contract
negotiations with Beazer for the above-referenced Property. The City was directed and
authorized to enter into contract negotiations with Beazer pursuant to a motion approved
by the City Commissioners at the City of Ocoee City Commission Meeting dated April
17, 2018 (the"Commission Meeting").
Please be advised that we are in receipt of your letter ("Letter") dated August 27,
2018, (i) containing the results of Beazer's noise study recently conducted on the
Property, and (ii) requesting the City to either re-consider the valuation of the Property or
adopt a noise ordinance relating to the trains operating near the Property. Further, we are
in receipt of that certain email from Beazer's counsel, Helen Ford, dated August 6, 2018,
which attached proposed revisions to the draft Agreement for Sale and Purchase (the
`Agreement") for the Property. Such revisions addressed, among other things, provisions
concerning the Earnest Money Deposit, the Purchase Price, potential credits or reductions
to the Purchase Price, default remedies, and rights and obligations regarding certain
Roadway Improvements to be constructed on adjacent property owned by the City.
After review of the requested changes and considerations set forth in the Letter
and the Agreement, the City is of the opinion that some of the terms are substantially
different than the terms presented to the Commissioners at the Commission Meeting, and
are not within the scope of negotiation authority granted at such Commission Meeting.
As such, this letter is sent to notify you that the City hereby elects to end the current
contract negotiations with Beazer.
To the extent Beazer desires to continue pursuit of the Property and restart
negotiations with the City, it is suggested that Beazer present a new unsolicited offer to
the City Commission for review. It is recommended that any such new offer expressly
include the revisions and considerations described in the Letter and the Agreement, as the
same are material terms.
The City greatly appreciates Beazer's interest in the Property and their good faith
efforts to negotiate with the City. We look forward to working with you in the future.
Sincerely,
STOREY LAW GROUP, P.A.
Edward A. Storey III, Esq.
cc: Helen Ford,Akerman LLP
(via email: dianehelen.ford@akerman.com)
Robert Frank,City of Ocoee
(via email: rfrank@ocoee.org)
Craig Shadrix,City of Ocoee
(via email: Craig.Shadrix@ocoee.org)
Michael Rumer,City Ocoee
(via email: MRumerAocoee.org)
DERANGO, BEST & ASSOCIATES
PROFESSIONAL REAL ESTATE APPRAISERS, ADVISORS &CONSULTANTS
1601 EAST AMELIA STREET, 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 15,2018 ,to be:
$1,105,000
Thank you for this opportunity to be of service.
Respectfully submitted,
DERANGO. BEST & ASSOCIATES
Daniel R. DeRango, MAI, CCIM
Cert Gen RZ1054
18-134
(407) 895-6650• FAX(407) 898-8467 • MAIL@DERANGOBEST.COM
TABLE OF CONTENTS
EXECUTIVE SUMMARY 1
EXTRAORDINARY APPRAISAL ASSUMPTION 3
PROPERTY PHOTOGRAPHS 4
INTRODUCTION 7
SCOPE OF THE ASSIGNMENT 7
LEGAL DESCRIPTION 8
OWNERSHIP AND SALES HISTORY 8
MARKETING AND EXPOSURE TIME 8
NEIGHBORHOOD OVERVIEW 9
OVERVIEW 9
ACCESS 10
CONCLUSION 10
UTILITIES AND SERVICES 13
REAL ESTATE TAXES 13
ZONING AND FUTURE LAND USE DESIGNATIONS 14
DESCRIPTION OF PROPOSED IMPROVEMENTS 15
HIGHEST AND BEST USE 16
LEGAL CONSIDERATIONS 16
PHYSICAL CONSIDERATIONS 16
CONCLUSIONS 16
APPRAISAL PROCESS 17
ANALYSIS 22
CONCLUSIONS 23
ADDENDUM 24
LEGAL DESCRIPTION 25
LETTER OF INTENT TO PURCHASE 28
GENERAL ASSUMPTIONS&LIMITING CONDITIONS 30
STANDARD 30
ENVIRONMENTAL 31
OTHER 31
DEFINITIONS 32
MARKET VALUE DEFINITION 32
PROPERTY RIGHTS APPRAISED 32
CERTIFICATION 33
QUALIFICATIONS OF APPRAISER
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMs ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 1
EXECUTIVE SUMMARY
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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. All utilities are available.
ZONING/LAND USE: The property is zoned PUD-COMM, 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
extraordinary assumption that the property can legally
be approved and developed as a subdivision.
1&134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 2
CONCEPTUAL SITE PLAN:
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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
i
VALUE ESTIMATE: $1,105,000
See Extraordinary Assumption on the following page.
18-134
1
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE, ORANGE COUNTY, FLORIDA PAGE 3
EXTRAORDINARY APPRAISAL ASSUMPTION
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 subject to review and possible revision.
1
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 4
PROPERTY PHOTOGRAPHS
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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
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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
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18-134
I
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 7
INTRODUCTION
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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 legally be developed as a residential
subdivision.
In arriving at our value estimate, we have prepared the Sales Comparison Approach to
value, which 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
Microbase, CoStar, Loopnet, 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. •
OWNERSHIP 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 site by Beazer Homes for a price of$1,100,100. The
purchase price is based on approvals for 38 single family 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.
P p p Y
1 EXPOSURE TIME: the estimated length of time that the property interest being appraised would have
been offered on the market prior to the hypothetical consummation of a sale at market value on the effective
date of the appraisal.
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 9
NEIGHBORHOOD OVERVIEW
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OVERVIEW
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 19th
Century, and has a historic downtown area with several buildings that are on the National
Register of Historic Places. The surrounding 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 business
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 into 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 Reservelanned development with single-family le-famil homes built in the
P P
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 $440,000 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
PROPERTY OVERVIEW
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Boundaries are approximate.
{ Location
The property is located at the northeast quadrant of A D Mims Road and North Clarke
Road in Ocoee, Florida.
Size/Confiquration
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 A D 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.
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 12
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
I (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
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Based on the Flood Insurance Rate Maps of the National Flood Insurance Program,
Community Panel No. 12095CO210F, effective September 25, 2009, the site is within
Zone X, a minimal flood hazard area.
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 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 well 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 16' 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.
REAL ESTATE TAXES
The larger parcel that includes the subject is assessed for ad valorem property 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. 09-22-28-0000-00-056
Land Value $555,737
Building Value $0
Extra Features $0
Assessed Value $555,737
Exempt Value - 555 737
Millage Rate 18.2065
Ad Valorem Total $10,118
Non-Ad Valorem
$0.00
Assess.
Total Taxes and Assess. $0.00
18-134
7
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
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ZONING 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).
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 15
DESCRIPTION OF PROPOSED IMPROVEMENTS
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.
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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 16
HIGHEST AND BEST USE
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.
CONCLUSIONS
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 0 Mims
Road traffic exposure along 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.
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 17
APPRAISAL PROCESS
In the appraisal of tracts of vacant land,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
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18-134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MMS ROAD AND NORTH CLARKE ROAD
OCOEE, ORANGE COUNTY, FLORIDA PAGE 18
COMPARABLE LAND SALES
Subject 1 2 3 4
Northeast quadrant of A Nod side of Clarcona Along the south side of 13th Southeast quadrant of State
Localon D Mms Road anEast Ocoee Road at the terminus North side of Silver Star Street just east of Highland Road 426 and Slate Road
Clarke Road of N.Clark Road Road east of N.Clark Road Avenue 417.
City,County Ocoee,Orange County Ocoee,Orange County Ocoee,Orange County Apopka Area,Orange Oviedo Area,Seminole
County County
Buyer Beazer Homes 0 R Horten Confidential Brixton Landing LTD P' Hage Homes of Florida,
Inc.
Seiler City of Ocoee Ocoee Development Wax Silver Star LLC Mary F.Dorkins&Shwvan C&L Land Group LLC
Kameal Jackson
Sale Date Offer for Purchase/1_01 Jun-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
Sale Conditions Market Markel Market Market Markel
O.R.Book/Page N/A 2017030447691 Pending Contract 20160178177 2016133268
Land Size(Acres) 8.50 33.93 16.50 10.43 13.00
Configuration
Irregular.Abuts
CSX Rail line to south Irregular Slightly Irregular Rectangular Rectangular
Topography Generally Level Generally Level Generally Level Generally Level Generally Level
A D Mms Road and N. Clarcona 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 Al Available Al Available Al Available All Available
Zoning PUD Comm',Ocoee PUD-LD,Ocoee C-2,Ocoee R-3,Orange County PD,Seminole County
Future Land Use(FLU) Low-Mediam Density
designation Commercial' Low Density Residential Commercial 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 Aloma
Density/Acre 4.47 4.13 3,03 7.67 2.92
Price/Unit $28,950 $21,938 $30,000 $12,438 $70,000
Price/Acre $129,424 $90,519 $90,909 $95,398 $204,615
'Ocoee officials confirm Located south of the The site has approx.2.36
potential for re-zoning. subject.provisions site that will include homesite single-family
Located north of the subject. acres of wetlands al
Comments LOI includes p
Has frontage along the southern boundary.Density
for Seller to provide roadcommercial sites abutting residential subd vision after
extension and access to wusable acre is 9.9
est Orange Trail shopping center to the west. purchase.
utilities. Rezoned for PD approval units/acre.
COMPARISON
Marketing Conditions Apr-18 Somewhat Inferior Similar Inferior Inferior
Terms of Sale Market Market Market ti.kuket Market
Location Northeastern Ocoee Similar Similar Inferior Superior
Land Size(Acres) 8.50 Larger(+) Larger(+) Larger(+) Larger(+) i
Configuration Slightly Irregular.Abuts Similar Similar Similar Simian
CSX Rail line to south.
Topography Generally Level Similar Similar Similar Superior
Access 8 Exposure A D Mms Road and N. Similar Superior Similar Superior
Clarke Road
I
Project Density 4.47 Similar Lower Higher Lower
Utilities AH Available Similar Similar Similar Similar
Overall Comparison Subject Inferior Similar Similar Superior
18-134
j
i
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE,ORANGE COUNTY, FLORIDA PAGE 19
Land Sale No. 1 is located on the north side of Clarcona 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.
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Pending Contract No. 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. .
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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 20
Land Sale No. 3 is located along the south side of 13'h Street just east of Highland
Avenue in Orange County. This 10.43± acre site was purchased by Brixton Landing LTD
in March of 2016 for $995,000, equating to $95,398/Acre. Approximately 2.36 acres of
wetlands is located along the southern site boundary. '
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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-family
residential subdivision.
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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 21
We have also noted the following offerings for similar properties in the market.
Land Listings
Gross Usable SeweriWater Listing Listing
No. Location Land Size Land Size Zoning FLU Price/Gross Comments I
(ACt) (ACt) Service Price Acre
The north side of White
1 Road,east of South 4.70 4.70 A-1,Ocoee t-ow Density Water&Sewer $495,000 $105,319 Zoning permits loco density
Clarke Road Residential residential development.
•
The southwest quadrant Future land use permits 6
2 of Beulah Road and 8.79 8.79 R-1,Winter Low Density Water&Sewer $1,250,000 $142,207 density oils per acre.Re-
Beard Road Garden Residential zoning maybe udertaken for
higher density.
The southeast comer of Residential Low Located in Ydusbial area.
R-3AAN/RP, Abuts residential subdivision
3 North Pine Fills Road 8.92 8.92 Orlando hiensity(Resource Water&Sewer $995,000 $111,547 to the east.Reduced price.
I and Clarion Drive Protection Overlay)
Listed for 2e years.
'- • I orkh:irt
HWY:15We 5,
T.
Subject ,Forest Lake Golf 00 --
11 r;,• Listing 3
Cf.,J..7
Vi) n ,Y.,,,,A;:
H�. ((,, ('I II ') 1
Ocoee
r Barden
•
Listing 2
r s,,deo n,-_,t.. OarfrOtt Par k
Pone HiNs
.. Listing 1 -
\2 (.w)
„1.1'ti etc. hl lVesl kypy
(i_0
Drehtss turnpike .,::`,:, .:;. typet5.id C:Ne11AnAEe
1•ul:/:. (55-0I - (Olt) (sm.)()dovish,
1 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 22
{
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. The available comparable sales reviewed bracket a range in
pricing from $995,000 to $3,071,300. The sales reflect a range of indications 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/L01 for the appraised property by Beazer Homes is priced $1,100,100
which equates to $129,424/acre. The offer presumes approval of 38 lots on the site or
$28,950/lot 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 infill 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 builders. The site planning
and preparation costs are typically more cost effective for larger projects than
planned for the subject which has a dampening 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 valuation also presumes the owner/seller
of the parcel will bear the costs to extend the roadway along the perimeter of the
parcel and will provide utilities connections.
M134
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE, ORANGE COUNTY, FLORIDA PAGE 23
CONCLUSIONS
After weighing the factors described we estimate the current market value of the property
is bracketed by the comparable data and is more of less consistent with the current
offering price.
Sales 1 and Contract 2 are in the same market area and have indications for parcels at a
lower density of about $91,000/acre and unit pricing of$22,000/dwelling 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 well within
the range of indications. Sales 3 and 4 are outside the immediate area and have a broad
range of density that brackets $95,000/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:
8.50 Acres @ $130,000/Acre = $1,105,000
The value indication equates to $29,078/dwelling 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 PAGE 24
...._._. _._.
•
ADDENDUM
Legal Description
Letter of Intent to Purchase
General Assumptions & Limiting Conditions
Definitions
Certification
Qualifications of Appraiser
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 25
LEGAL DESCRIPTION
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 Gast 1/2 of Section 9, Township 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 and 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
feet to a point of curvature to the right having a radius of 2,439.25 feet, a central angle of
01°42'25",and a chord bearing of North 13°48'31" 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°51'24" 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 arc,through a
central angle of 09°23'56", a distance of 528.88 feet to a point on the South right of way of a
proposed roadway; thence the following two courses and distances along said South line North
43°48'56" East,a distance of 35.19 feet; thence North 89°14'07" 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 555.00 feet, a central angle of
90°31'23",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 00°14'30"East,a distance of
206.90 feet to the North right of way line of said Seaboard System Railroad; thence South
75°20'54" West,a distance of 707.84 feet to the POINT OF BEGINNING.
LESS AND EXCEPT that certain parcel of real property described as "Parcel C-1"on Schedule
"A"attached hereto and by this reference made a part hereof.
18-134
1
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE, ORANGE COUNTY, FLORIDA PAGE 26
SCHEDULE "A" •
'i.Ni_ L C-1
Descrlpt%an
A portion of Section 9, Township 22 South, Range 28 East, Orange County, Florida, being morn
parilculorly described on follows
Commence at the intersection of the Loot right of way tine of Clarke Rood os described in Official
Records hook 5OI6. Pages 45)4-•4525, Public Records of Orange County, Florida and the North right
of way tine of the Seaboard System Railroad; thence N 14'39'44` W along said East right of way tine
o distance of 324.f1O feet to the point of curvolure of a curve, concove Easterly, 'loving a central
angle of O1'42'25" and u rudhot of 2439.25 feet; thence Northweoterfy along the arc of sold curve
and along °aid [tort right of way !Ina a dietunce of 72.97 feet to the point of intersection with o non
tangent curve ( chord hearing and distance between sold points being N 13'48'31` W 72.67 feet ),
concave Toslariy, having a central angle of 09'24'0)" and a radius of 3224.05 feet; thence
Northwesterly nlnn9 the arc of said curve and along sold East right of way lire a distance of 529.05
feet to a point ( chord beuring ane distance between said points being N 00'2(3'21" W 520.36 feet );
Ihonco continuo along sold £set right of woy fine N 43'61'27' C o distance of 35.11 feet; thence
revving said East right of way line N R9'14'07' E a distance of 71.07 feet to Not Point of Beginning;
thence continue N 89'14'07" E a dietunce of 196.43 feet; thence S 00'45'53" E a distance tet 411.35
feet; thence S 8O'29'53" W a distance of 105.78 feel 1a n point on a line tool is 16.00 fent East
of and paroffef with sold Lost right of way line, said point also being on the arc of n non tangent
curve, concave Koster-1y having a central angle of 0719'23" and a radius of .3209.05 feel; thence
Northeasterly along the arc of acid curve and along said lino that i3 15.00 foot Cost of and parallel
with said Last right of way line a distance of 41016 feet to o point ( chard bearing and distance
between sold points being N 05'30'45" W 409.95 feel ); thence continue along sold line that is
15.00 feet Lost of and parallel with said Cost right of way line N 4YS1'2/' E rl distance of 4150
feet to the Paint of Oeginning.
Containing 7.00 nr.ren more ar less.
sueverue3 RIMS
i
Etnorinits 0,0Bn hw.on an Dosed on the North d;hl d pony Iln. nl 1h. 005000rd Syff.rn Railroad, 04e.1 S 75'20'50 w
2- I hvisby cooky Uhnt 10.'$4d0, of O.artptiof or !hit etwv. O..cnIb.d property N Iron and sassed to the boot or my bnowbian
and 0.11.E ns r.a.olly drown tr,4.r Any 5I,.otlan and 'hal It mut. tn. Virdmwm T.clln'onl Standard. to, Loud Surv.ylnp
CN. 01017-0 r.Zwtr.mnl..
.3. Nat solid rllhouS In. .'goon, and ratted foot ce o Itortdo Ilern.rd surveyor end meow.
NOT VALID WIlHOU! SHEET 2
Dew UK, NV LOYIOR ' 547410111
DESCRIPTION 12/12/2000 KR :_;_
FOR Job On S.M.: I iI"•1'^ r'
iehet
51741 1"=100" , t r,•
City of Ococe w1.a/4raaaa MIMIL_
SOIl1Hr 'I RN SLOWING .0 MAPP.UT CORP,
or 61017-0, flodid.Mn+htotta11v. OAA00 Ni r+�nyerlcan Boulevard
Ced. wore) Met a fend 6.1K,060". Orlando iROrida 67019-43.5)
druriny I,.ar 11,. .oleUhat at (40 282-43b 0 A0(007)792-0141
THIS IS NOTA SURVEY. en • Inrob;oujy°peta n orvay,g • m
SHEET I Of 2
VTY EI. ICK
SEE SHEET 2 rot SKETCH REGIS-TOED 1)400 9JRVErO9 140. 4445
18-134
1
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE, ORANGE COUNTY, FLORIDA PAGE 27
r
SKETCH OF DESCRIPTION
.PBSGGI..TC=1
POINT or BEGINNING
N 43.51'2? C
ilea.
LI . a4' P 3.Y E100 CVNYE TABLE
DVm+CILtNON RANA VVNt NrI CIaPO I NEARING
�
PEITA
YSf'2Y E C1 I72.87' 7139.76' d0 S4' 71.02' N 1.748.31. W 01'42'26`
16.11'
16.00' auu
UI. QfARNO
aLlNC ?El4+3. ' I N 8214'101.IDT E
21 i,p •
a 4
SECTION D, TOWNSHIP 22 SOUTH,
>o a y RANGE 28 EAST
11 P
11, • .
rI,y Q� m
. -._ t
N
m' 3. r
g
l
ot
U al LEDrtID :
a
ter,1.1\ CI T mow NIMUCRSil
P.C. ; POINT Of CURVA1VPE
q ,5-a P.T. I POINT Of TANGENCY
yyl % 5 51714'63. W L1 ; LME NIAINE7t
QA ;\._
MOD'
Nt7iC5 1
>f tw 1. NOT VN/0 KI111DUr I/lC SIGNATURESIGNATUREAND AA1tE0 SYAL Or A FLORIDA
.1 LICENSEDCD.9UIIV$YDR ANO HAMA.R.
2. NOT VALID WT140S/r SHEET I.
11 42 ,3.o, /"' EAST RIGNY Or NAY LINE
Is
G POINT Of COMNENCCNENr
,.V
NORTH
INTERSECTIONrTNC or
t BOARD 6YST RAR WAY
A AVO
THE EAST NIGHT or WAY LAVE a CLARKE ADAO
aWP
THIS IS NOT A SURVEY :1 ,RwµT Orj121Lq SSD. V°1 sA7�M��ewlj►+�
$ .W-�0,OYF PAS 5oUT>'rASrEAN 3UAYVLI'k1C N MOPPING conP.
SFS 37 8600 A9 American E1�rulinar4
Ororinll Nn. 6174 1001 PIA V01 1" ""100' Almk'e.FlaiWa 32510-4350
$oG No. 51741 Iw GRAPHIC SCALE (4o7)1Y2-neo 1ca(407]Ia2-o14I
v1.; 12/1t/SOOT �1--'�■�—. Cart. Na. I.5 210O6
Sh EEt I 1 la Ueanriplian 0 :10 100 200 aToalnloOea hada anaurrgin9.tarn
SOURCE: ORANGE COUNTY OFFICIAL RECORDS BOOK 9042, PAGE 2538
li
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 28
LETTER OF INTENT TO PURCHASE
City of Ocoee BEAZER
150 N Lakeshore Dr.
HOMES
Ocoee,FL 32761-2223
Letter of Intent
04/15/2018
• Property: Parcel:09-22-28-0000-00-056(8.5+1-gross acres).City of Ocoee.
Purchase Price: One Million,One Hundred Thousand and One Hundred Dollars(51.100.100)
CASH at Closing.
• The Purchase price is based on Approvals for 38 single family lots.
• The Purchase Price will be adjusted by 528.950+lot in the event that the
total lot count is more or less than the estimated 38 lots.
• Deposits: 550.000 at Tine of Contract Execution.
% Inspection Period: 90 Days from the date of the mutual execution of the Contract.
• C losing: The Closing shall take place 10 clays niter all Conditions Precedent are met
i
✓ Conditions Precedent: The following items will be a condition to the Initial Closing:
The property shill be fully permitted for a minimum of 36 single family •
lots.through all applicable agencies.(51,041.200 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+1.acres on the northeast corner of
C onsitterarion: Clarke Rd.aid 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 Commtssiou due and payable to 1
Central Florida Land Brokers.in relation to this transaction.
,
•
18-134
1
APPRAISAL OF A VACANT 8.5+ACRE TRACT
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE, ORANGE COUNTY, FLORIDA PAGE 29
•
Infartnation: Seller shall provide to Buyer all copies of,plats.construction plans,acceptance
letters,surveys,environmental reports,soil tests.engmeenng 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.
▪ C onfidentiality: 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 LOl 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 conmmimated. 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 10 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 ptovidi ng us with this business opportunity
Sincerely.
aC ( i771061-.1'
•
Enc L.Momsette,AICP
Vice President of Land Acquisition
Beazer Homes Orlando Division
Seller Acceptance:
Signature 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
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
STANDARD
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 concerning the
property without independent confirmation or verification. All 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 title 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 MIMS ROAD AND 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.
ENVIRONMENTAL
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
NEQ OF A D MIMS ROAD AND NORTH CLARKE ROAD
OCOEE, ORANGE COUNTY, FLORIDA PAGE 32
DEFINITIONS
MARKET VALUE DEFINITION
Source: Financial Institution Reform, Recovery and Enforcement Act of 1989(FIRREA)
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 what 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.
PROPERTY RIGHTS APPRAISED
The property rights appraised herein is the Fee Simple Estate.
FEE SIMPLE ESTATE2
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.113.
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 33
CERTIFICATION
I, Daniel R. DeRango, certify that to the best of my knowledge and belief,...
• The statements of fact contained in this report are true and correct.
• 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.
• My compensation is not contingent upon the reporting of a predetermined value or direction in value •
that favors the cause of the client,the amount of 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.
• This appraisal assignment was not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
• 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, I, Daniel R. DeRango, have completed the requirements of the
continuing education program of the Appraisal Institute.
• I have made a personal inspection of the property that is the subject of the report.
• Jennifer E. Reyes,State-Registered Trainee Real Estate Appraiser#RI24133,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.
• I have complied with the Uniform Standards of Professional Appraisal Practice (USPAP) in
conducting the research and analysis, and in formulating the value conclusion(s)contained in this
report.
• I am in compliance 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 concerning this property in the three years prior
to accepting this assignment.
Daniel R. DeRango, MAI, CCIM
Cert Gen RZ 1054
18-134
:� ����� QUALIFICATIONS
uil , : Daniel R. DeRango, MAI, CCIM
DERANGO. BEST & ASSOCIATES
i�
-‘A%,
/ 160 I E. AMELIA STREET
ORLANDO, FLORIDA 32803
(407) 895-6650
(!r
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 Equity Capitalization
Theory and Techniques
• Case Studies in Real Estate Valuation
• Valuation Analysis and Report Writing
• Condemnation and Litigation Appraisal Practice
• Standards of Professional Practice
• Residential Valuation Procedures
• Appraisal of Small Hotels and Motels
• Sales Confirmation Methods
• Discounted Cash Flow Analysis
• Electronic Spreadsheets in Real Estate Appraising
• Urban Planning and Development-University of Central Florida
CCIM INSTITUTE
• Financial Analysis for Commercial Investment Real Estate(CI 101)
• Market Analysis for Commercial Investment Real Estate(CI 102)
• User Decision Analysis for Commercial Investment Real Estate(Cl 103)
• Investment Analysis for Commercial Investment Real Estate(CI 104) •
PROFESSIONAL
AFFILIATIONS: Member of the Appraisal Institute, MAI No. 7557
Member CCIM Institute
Florida State-Certified General Real Estate Appraiser No. RZ1054
Registered Real Estate Broker/State of Florida, License No.0355191
Director—Appraisal Institute, East Central Florida Chapter
Member of the Association of Eminent Domain Professionals
Member of the American Association of Airport Executives
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
PROFESSIONAL
EXPERIENCE: Qualified as an expert witness in Federal and State Courts.
Special Master,Value Adjustment Board,Orange County, 1995, 1996,2000-2002
Present: President-DeRango, Best and Associates,Orlando, Florida
1984-1997 V.P./Partner,Matonis MacDermott DeRango Sorich&Co.,Orlando, FL
'1981-1984 Staff Appraiser with Irwin Appraisal Consulting Services, Inc.,Orlando, FL
Former Member: Board of Directors-East Central Florida Chapter-Appraisal Institute
PUBLISHED: "The Determination of Hotel Value Components for Ad Valorem Tax Assessment"
The Appraisal Journal,July, 1993
TYPE OF
ASSIGNMENTS: I have appraised or provided counseling for a variety of commercial and residential
properties throughout the U.S.(primarily in the Central Florida area).
EXPERIENCE WITH:
• Aviation/Aeronautical Properties • Acreage tracts
• Apartments • Golf courses/country clubs
• Office buildings • Special use facilities
• Retail properties • Mixed use development
• Condemnation and litigation assignments • Coastal&island tracts
• Industrial properties • Aviation properties
• Timeshare resorts • Air cargo facilities
• Hotels&resorts • Large and small aircraft hangars
• Mobile home parks • Fixed based operations
• Subdivisions • Condominium projects
• Mitigation lands • Retail centers
(including regional malls)
• Warehouse facilities
Appraisal and consulting assignments have been prepared for a variety of lending
institutions,corporations, law firms,governmental agencies,and individuals.
PROPERTY LOCATIONS •
IN FLORIDA:
•Central Florida(Orange,Seminole,Osceola, Lake, Polk and Volusia Counties)
•South Florida(Dade,Broward&Palm Beach Counties)
•South Central Florida(Brevard, Martin,St. Lucie&Indian River Counties)
•Southwest Florida(Collier, Lee,Manatee, Sarasota,Pinellas, Hillsborough Counties)
•Northeast Florida(Flagler,St.Johns and Duval Counties)
•North Central Florida(Marion County, Putnam)
•Florida Keys
QUALIFICATIONS
Daniel R. DeRango, MAI, CCIM (Continued)
ASSIGNMENTS
OUTSIDE OF
FLORIDA:
• Georgia • Texas
• Maryland • Indiana
• Minnesota • Ohio
• New York • New Jersey
• Pennsylvania • Illinois
• California • Alabama
• Connecticut • Tennessee
• Colorado • Kentucky
• South Carolina • Virginia
• Pennsylvania •
YI Washington State
RICK SCOTT,GOVERNOR KEN 1AWSON,SEGRLIARY
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD got% r
LICENSE NUMBERr'r•,.
:' .
liZ1054
The CERTIFIED GENERAL APPRAISER
Named below IS CERTIFIED .'
e
Under the provisions of Chapter 475 FS. *°
Expiration date NOV 30,2018
7,i• "
DERANGO,DANIEL ROBERT 1� .'�� ❑
•
1601 EAMELIAST max" �',*+�.
ORLANDO FL 32� p '�'.1
ISSUED 1 112 912 0 16 DISPIA AS UIR O 13 AW SLOM I.I(I174000J34,