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Item 12 Crown Point RFPs for Sale of City Property
I t J ocoee florida AGENDA ITEM COVER SHEET Meeting Date: August 4, 2020 Item # 12, Reviewed By: Contact Name: Scott Cookson, Esq. Department Director: Contact Number: 407-581-9715 City Manager: Robert Fra Subject: Crown Point RFPs for sale of City Property • Background Summary: Over the past few years the City has received unsolicited proposals to purchase lands owned by the City. Two such properties are (i) a 16.19 acre parcel near Ocoee High School east of Ocoee Crown Point Parkway, west of Ocoee-Apopka Road and North of 429 likely to be developed as a residential townhome project (the "Residential Property"); and (ii) a 17.96 acre parcel on the northeast corner of Ocoee-Apopka Road and Fullers Cross Road and south of the 429 which City staff would like developed with commercial uses (the "Commercial Property"). Based on the interest, the City obtained an appraisal of each parcel. The appraisal for the Residential Property [resulted in an appraised value of $2,910,000.00; the appraisal for the Commercial Property resulted in an appraised value of$3,560,000.00 (copies of the appraisals are attached). Pending receipt of the appraisals, the City prepared and sent out a Request for Letters of Intent #20- 008 for the Residential Property and a Request for Letters of Intent #20-008 for the Commercial Property (copies of each Request for Letters of Intent are attached). Proposed developers were to submit their offers and plans by May 12, 2020. The City received seven (7) responses with respect to the Residential Property and three (3) responses with respect to the Commercial Property (the list of the responders is attached). City staff has conducted some evaluations with respect to the proposals and has prepared a summary showing each proposer's offered price and summary of the proposed project (see attached summary charts). With respect to the Residential Property, the offered prices ranged from a high of$2,000,000.00 and a low of $1,000,000.00. The highest offer was for a project consisting of a mix of townhomes and apartments. City staff does not feel that apartments would be a good use for the property. The highest offer from a developer not proposing apartments was at $1,850,000.00. Thus, the best of the offers were still close to $1,000,000.00 below the appraised value of the Residential Property. City staff believes that the timing of the responses coinciding with the height of the current pandemic and the corresponding uncertainty of the housing market played a role in lower than expected offers. Given the low offers, a lack of urgency to sell the Residential Property and additional development coming over the next few years which may increase the value of the land, City Staff is recommending that the City not pursue the sale of the Residential Property at this time. With respect to the Commercial Property, the offered prices ranged from a high of $3,560,000.00 (same as the appraisal amount) to a low of $2,729,768.00. The company submitting the highest offer has assigned their offer to GPK OET LLC, a developer City staff is familiar with and believes has the requisite development capability (see attached assignment agreement). To date, City staff has engaged in some discussions with GPK OET LLC. Their proposal includes developing the site with a gas station, a tractor dealership, and flex/office. While City staff believes the offer price is acceptable, City staff seeks direction from the City Commission regarding the uses. Similar to the Residential Property, there is no real urgency to sell the Commercial Property, and City staff is recommending that the City Commission authorize City staff to engage in further discussions with GPK OET LLC to see about the potential for differing uses for the Commercial Property. Following such discussions, City staff would update the City Commission at a future commission meeting. Issue: Should the City move forward with the sale of (a) the Residential Property, and/or (b) the Commercial Property? Recommendations: A. City staff recommends that the City not pursue the sale of the Residential Property at this time. B. City staff recommends that the City Commission authorize City staff to engage in further discussions with the potential developer of the Commercial Property to evaluate the potential for differing proposed uses for the Commercial Property and subsequently update the City Commission following such discussions. Attachments: Residential Property appraisal Commercial Property appraisal Request for Letters of Intent for the Residential Property Request for Letters of Intent for the Commercial Property Summary chart for Residential Property Summary chart for Commercial Property Assignment from Centerline Capital Advisors LLC to GPK OET LLC Financial Impact: A. Sale of the Residential Property would result in receipt of up to $2,000,000.00 ($910,000.00 below the appraised value). B. Sale of the Commercial Property would result in receipt of up to $3,560,000.00 (an amount equal to the appraised value). 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 Commission Approval X Discussion & Direction Original Document/Contract Attached for Execution by City Clerk Original Document/Contract Held by Department for Execution Reviewed by City Attorney N/A Reviewed by Finance Dept. N/A Reviewed by N/A 2 AN APPRAISAL OF A Vacant Commercial Tract Totaling 17.96 Gross/Net Upland Acres Located at the Northeast Corner of East Fullers Cross Road and Ocoee Apopka Road, Ocoee, Orange County, FL 34761 Tax Parcel ID #06-22-28-0000-00-056 City of Ocoee PO Number: 1426618 PREPARED FOR Mr. Michael Rumer City of Ocoee Development Services Director 150 N. Lakeshore Drive Ocoee FL 34761 DATE OF VALUATION March 26, 2020 DATE OF REPORT April 10, 2020 PREPARED BY PROPERTY VALUATION & CONSULTING, INC. Blair Beasley State-Certified General Real Estate Appraiser Florida License#RZ3871 Matthew C. Smith State-Registered Trainee Real Estate Appraiser License No. R124544 File#A20-8B.VL Copyright 2020 Property Valuation & Consulting, Inc. SUMMARY OF SALIENT FACTS PROPERTY The subject property consists of a vacant commercial tract. LOCATION Northeast corner of East Fullers Cross Road and Ocoee Apopka Road, and along the south side of State Road 429, Ocoee, Orange County, FL 34761 SITE/LAND AREA A mostly rectangular shaped site consisting of 17.96 gross/net upland acres (782,325 gross/net upland SF), based on public records. TOPOGRAPHY A mostly rectangular shaped site consisting of scrub oaks,palmetto and pine trees with ground vegetation and grasses native,to central Florida. The site is wooded and level, at road grade. Public water, electric and telephone are available to the site with septic required. ZONING PUD-COMM (Commercial); City of Ocoee FUTURE LAND USE Commercial Land Use; City of Ocoee PRESENT USE Vacant land HIGHEST&BEST USE Commercial development MARKETING AND EXPOSURE TIME 12 to 18 months (see COVID-19 note) OWNER OF RECORD City of Ocoee PROPERTY RIGHTS Fee simple estate DATE OF VALUATION March 26, 2020 DATE OF REPORT April 10, 2020 MARKET VALUE ESTIMATE "AS IS": $3,560,000 EXTRAORDINARY ASSUMPTIONS None HYPOTHETICAL CONDITIONS None Property Valuation& Consulting, Inc. TABLE OF CONTENTS Nature of the Assignment 1 Purpose,Intended Use and Intended User of the Report 1 Effective Date of the Appraisal 2 Effective Date of the Report 2 Inspection Date 2 Scope of Work 2 Definition of Value and Property Interest Appraised 4 Marketing and Exposure Period 5 Sales History 5 Location Description 5 Property Description 8 Flood Map Information 9 Assessment/Tax Data 9 Highest and Best Use as if Vacant 11 Valuation Process 12 Sales Comparison Approach 12 Reconciliation 15 Exhibit A, Subject Location Map and Photographs Exhibit B,Aerial Maps,Tax Maps,Flood Map, Ocoee Crown Point PUD Conceptual Site Plan & Master Development Plan Exhibit C,Identifying Legal Descriptions Exhibit D, Land Sales Location Map,Aerial Photographs and Summary Descriptions Exhibit E,Assumptions & Limiting Conditions,Extraordinary Assumptions and Hypothetical Conditions Exhibit F, Certification Exhibit G, Qualifications of the Appraisers and Appraiser Licenses Exhibit H, General Service Conditions Property Valuation& Consulting, Inc. . John A. Robinson, MAI,AI-GRS, CCIM State-Certified General Real Estate Appraiser#RZ417 Blair Beasley State-Certified General Real Estate Appraiser#RZ3871 Matthew C. Smith INC. State-Registered Trainee Real Estate Appraiser#RI24544 Property Valuation&Consulting Aubree Robinson State-Registered Trainee Real Estate Appraiser#RI24567 www.PropertyValue.com April 10, 2020 Mr.Michael Rumer City of Ocoee Development Services Director 150 N. Lakeshore Drive Ocoee FL 34761 RE: A Vacant Commercial Tract Totaling 17.96 Gross/Net Upland Acres Located at the Northeast Corner of East Fullers Cross Road and Ocoee Apopka Road, Ocoee, Orange County,FL 3476,1 Tax Parcel ID #: 06-22-28-0000-00-056 City of Ocoee PO Number: 1426618 In accordance with the client's request, we have completed an appraisal of the above-captioned property. The information contained in this report is based on more complete data, analyses and conclusions retained in our office files. Nature of the Assignment We have been requested by the client, the City of Ocoee, to estimate the "as is" market value of the fee simple estate in the appraised property,applying all applicable approaches to value. The estimated marketing and exposure period for the subject property(at its highest and best use) is 12 to 18 months (see COVID-19 note). Purpose,Intended Use and Intended User of the Report In accordance with the client's request, the purpose of the appraisal is to estimate the"as is"market value of the fee simple estate in the subject property. The intended use of the appraisal is internal decision making including a potential disposition of the property. The intended user of this report is the City of Ocoee. It is entirely inappropriate to use this report for any purpose other than the one stated. 204 South Dillard Street,Winter Garden, Florida 34787 Phone (407) 877-0200 Fax (407) 877-8222 2 Furthermore,our appraisal services and related appraisal report have been prepared in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), as adopted by the Appraisal Standards Board under the direction of the Appraisal Foundation, as well as the Code of Professional Ethics of the Appraisal Institute, as read and interpreted within this office. Effective Date of the Appraisal The effective date of the appraisal is March 26, 2020. Effective Date of the Report The effective date of this report is April 10, 2020. Inspection Date The property was inspected on March 26, 2020. Scope of Work This appraisal report complies with the reporting requirements as set forth under Standards Rule 2- 2(a) of the Uniform Standards of Professional Appraisal Practice ("USPAP") with adherence to the Competency Provision for an Appraisal Report for the property being appraised. As such, it presents discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraisers' opinion of value. Supporting documentation concerning the data,reasoning and analyses is retained in the appraisers' file. The depth of discussion contained in this report is specific to the client's needs and for the intended use as stated. The appraisers are not responsible for any unauthorized use of this report. To develop the "as is" opinion of value for the subject property, the appraisers considered all three approaches to value; however, we have only applied the sales comparison approach, with the result indicating the most credible value estimate for the subject. The income and cost approaches are not applicable in the valuation of the subject vacant land. The sales comparison approach is considered an appropriate method in the valuation of the subject if available for sale on the open market. The sales comparison approach analyzes recent sales, contracts and/or listings of similar properties as a basis for comparison with the subject vacant parcel in order to determine an appropriate unit of comparison for estimating each subject parcel's market value. In the cost approach to valuation, an estimate is made of the current replacement cost new of the proposed or existing improvements. This amount is then adjusted to reflect depreciation (if any) Property Valuation & Consulting, Inc. 3 resulting from physical deterioration, wear and tear, and utility. This analysis also recognizes factors of functional and external obsolescence, if applicable. The current land value is then added to the depreciated cost in order to determine the value of the improved property via the cost approach. As stated previously, the cost approach was not applied because the subject property is not improved (vacant land). The income approach determines the property's value by estimating market rents, additional income sources and operating expenses, then capitalizing the net operating income by an appropriate overall capitalization rate. This approach is not applicable as vacant land similar to the subject (acreage with limited exposure) in this market is seldom leased. Comparable data were researched by investigations of public records and discussions with local brokers and real estate professionals. The data were verified, in most cases, with other real estate professionals and/or property owners and/or their property managers. The research tasks performed to estimate the value,as defined herein, involved a thorough analysis of commercial/mixed use land sales in the subject's market area. The research tasks performed to estimate the value, as defined herein, involved the following: 1- The appraisers personally inspected the subject property on March 26, 2020 and took photos of the subject property. The appraisers reviewed the land data, legal description,zoning, land use,tax and flood information of Orange County and the.City of Ocoee pertaining to the subject property. 2- The appraiser researched and analyzed economic data for Florida and Orange County. Major data sources include real estate service providers like Co-Star and Loopnet, as well as investor surveys with information pertaining to the vacant land property types in the Orange County market area. 3- The appraiser researched comparable vacant land sales in the subject's market area and similar market areas with similar proposed uses to that of the subject. The data was gathered in the field and during the appraisal process, and also obtained from public records, market participants, CoStar, MLS, Total Commercial and Loopnet real estate service providers. The research included comparables with sales dates between March 2018 through March 2020, ranging from 5 to 30 acres of commercial/mixed use land similar to the subject and the master development plan in place for the subject parcel within the Ocoee Crown Point PUD. Property Valuation& Consulting, Inc. 4 4- The appraiser analyzed the market data in relation to the subject property to derive the indications of value presented in the report, which are then reconciled to the indicated as is market value of the fee simple estate in the subject site. This appraisal report is a recapitulation of the appraisers' data, analyses and conclusions. Supporting documentation is retained in the office file. Definition of Value and Property Interest Appraised The value result reported herein reflects the"as is" market value of the fee simple estate in the subject property. Market Value can be defined as the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale,the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised, and acting in what they consider their best interests; (3) A reasonable time is allowed for exposure in the open market; (4) Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and (5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. .* *12 CFR 34 42(a)Financial Institutions Reform,Recovery,and Enforcement Act of 1989("FIRREA") The land and/or improvements were valued as if offered in the open market for a reasonable period of time in which to find a buyer. The fee simple estate in the property has been appraised. It is assumed the property is available for development to its highest and best use, free and clear of all liens and encumbrances. Property Valuation& Consulting, Inc. 5 Fee simple estate is defined as the absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. Marketing and Exposure Period The marketing and exposure period for the subject parcel (at its highest and best use) is estimated at 12 to 18 months based on market supply/demand for vacant commercial tracts and/or lots in the area, sales of similar properties, discussions with local brokers and lack of availability of financing. Note regarding COVID-19: Due to the ongoing COVID-19 virus, designated as a pandemic as of March 11,2020 by the World Health Organization,there has been much speculation and discussion within the appraisal community regarding impacts to real estate values and marketing/exposure time. The general consensus within the real estate community is that it is too soon to know what impacts will be realized and what property types will be most impacted. The impacts may be short- term for some properties and long-term for others. Due to many states implementing stay-at-home orders, the property types immediately being impacted include hotel/motels (limited leisure and business travel), retail including sales of non-essential items and restaurants (being limited to pick- up or delivery), office and possibly distribution warehouses (due to a lower demand for non- essential products). Based on discussions with real estate professionals in the market area, as well as a review of recent national survey projections, at this point, any impact on financing and buyer and seller actions in general, are varied and may depend on the specific market as well as property types, but caution should be used on a case-by-case basis. However, enough evidence is available to definitively project marketing and exposure times to be extended with modifications/reductions to recent (prior to the announcement of this pandemic) trends of improving market conditions accordingly, based on information obtained from reliable sources. Alternatively, it is our opinion that it is too early (based on a lack of recent sales and leasing activity over the past 3-4 weeks) to apply specific adjustments to comparable properties that transacted prior to this time. Sales History The owner of record of the subject property is the City of Ocoee. There have been no recorded transactions involving the subject within the past five years. The property is not known to be listed for sale or under contract for purchase at the time of the appraisal. Location Description The subject property is located at the northeast corner of East Fullers Cross Road and Ocoee Apopka Road, on the north side of East Fullers Cross Road and on the east side of Ocoee Apopka Road. Additionally, the site has frontage along the south side of State Road 429 (a limited access toll road— no access). Glad Tidings Church is adjacent to the east of the property. Northeast of the subject is a new single-family residential subdivision, Crown Pointe Cove as well as Ocoee High School. To the north of the subject is the commercial component of Fountains West including a Publix supermarket, Property Valuation& Consulting, Inc. 6 Dunkin' Donuts and McDonalds. The subject property is located within the city limits of the City of Ocoee in west Orange County. East Fullers Cross Road is a two-lane, asphalt-paved road with no median barrier to access, along the southern boundary of the site. There are no sidewalks or street lighting along Fullers Cross Road in the area of the subject. Ocoee Apopka Road is a two-lane, asphalt-paved road in front of the subject with no median barrier to access along the western boundary of the site. There are concrete sidewalks , along the west side of Ocoee Apopka Road in the subject's immediate neighborhood. The intersection of East Fullers Cross Road and Ocoee Apopka Road is signalized. To describe the general area in the subject neighborhood, in addition to the high school, West Orange Trail and the new subdivision, there is a Publix-anchored shopping center at the northeast corner of West Road and Ocoee Apopka Road. There are other single and multi-family residential subdivisions as well as retail commercial outparcels, a school and additional vacant parcels of land. To summarize, the subject's neighborhood is a mix of residential and commercial uses. It appears to be in the growth stage of development. Zoning The subject property is located in the Ocoee Crown Point PUD with PUD and Commercial zoning (See Exhibit B for the Conceptual Site Plan and Master Development Plan for this PUD). On the site plan, the subject is identified as Tract 9. The Land Use for this tract is Commercial/mixed Use Opportunity. The most probable use for this tract, based on conversations with the planning department of the City of Ocoee, is commercial. The Development Standards for the Ocoee Crown Point PUD include the following overall summary: Property Valuation& Consulting, Inc. 7 The purpose of the Ocoee Crown Point PIM Development Standard Guidelines is to set forth general design standards to ensure the development of a well-balanced,vital,pedestrian-oriented project. The Development Standard Guidelines should be used as a planning tool for the projects approved within Ocoee Crown Point PLUD. They should be used in conjunction with other City of Ocoee regulations and ordinances. The.Ocoee Crown Point PU])Development Standard Guidelines have been prepared to implement the following design principles. • Create a Village Center with a strong sense of place and a pedestrian friendly environment. • Design streetscapes that are pedestrian in scale,safe,secure and protected from climate. • Provide linked pedestrian systems through the community • Provide open spaces as social and recreational gathering places for residents,visitors,and workers. • Preserve and enhance existing vegetation and environmental systems. Property Valuation& Consulting, Inc. 8 The Master Development Plan for the subject tract 9 follows: AA MASTER DEVELOPMENT PLAN ' aulio ng Semdtltl. Development . FIoOr Arne Street. West Perking Standards Site Gni. Bu1ding Rstio1 Front Side Semock Roar Orange hall Tract Pravldad RatenOon 'IBaok Build is Lighting Tract Lena Lino FloorAlea Height Density Seebeck Sella* See5B Bomar* Sensed( Acreage Units Bee52 Area See CS Line See57 1,43,43 Water Fred Village 13 60 43 FT to FAR 25 FT 25 FT 25 FT So 5 12.02 11203 SF R s shod Rb I Required'I. 2 Srnge-FOnllyRanduSai WA 35 FT 4.4WAC Seo etachodrea310nttals010tths 35.67 155 211811T RA4114 Rb Rcydro4 • 2A UO StSOm 1dA See Al Remilrl4 ;W• 0 S�ge•FanllYl den0ef TPA 35 FT 3.515AD' Seeottmnei resdeftist entrusts 1°.30 65 21knit Respired Pb Reitarol, 3A Dtmmuvty Pork IVA 35 FT RYA 225 FT I 25 FT 20 FT 25 FT 0.24 Sean: Rasdtcd Nti. Ramie* dB UI1 Ste5m IVA Ste54 R=gdrnd kb de Centreway Pad' HA 35 FT. WA 25 FT 26 FT 20 FT 25 FT 0.66 Ssari Ms R6gdm3 t 4 FJeme ery Strad NA 45 FT RYA 25 PT 16 FT 20 FT 15 FT 1351 See 8.1 'N7. Required a ' t 5 Ftgh StMd WA CS F7 WA ,B 15 FT MI F7 16 FT 26 FT 6121Una Sea At' Rogtdro/ Yes Rs Wad o OA Woradrc.Edreolkn 0405 45 FT 3A FAR __LOFT 1_0 10 FT SOFT D.sre 11•E0 SF Seem Rsgnred I Yes Regvaed BB Ws*1+ce Edlmlcn 4,406 43'FT'3.0 FAR tO FT 0 fO Fi SOFT I 0.23 112O SF 5c461 50550ed 1 Yea Re:pi ed OD Vllogo Carter 64,906 45 FT 3,0 FAR 10 FT 0 10.FT 10 FT S73 1/236 SF See CI Req 05 Yes Requm?d ' 50 Vnsge Center MOD 45 FT 3.0 FAR 10 FT 0 I 10-57- 10 FT 10 FT 233 1150 SF See al Remised Yea Roguired 66 tangs Carla 20600 45 FT 3.0 FAR 10 FT C 10 FT 10 FT— 10 FT 293 1I2541.SF See51 Roy ad Yea Ftomittd' 6E VNOOga Cesar 6,700 65 FT 3.0 FAR 10 pi, 0 10 FT 16 FT 10 FT 0.60 4)2005F. Se051 /Moreton Yes Retuned 6G Woi623oEWcatkn 9070 - 46 FT 3.0 FAR 10 PT 0 10 FT ^ 10 FT 10 FT 0.60 1f2a7 SF See11 Repined Yes Re5Ared 7A Word's.,Eit1CSOm 53.200 45 FT 3.0 FAR 10 FT 0 10 FT 10 FT 10 FT 0.24 1f70 SF Sa0:1' Ro45r60 Yes 'Reif,* 70 Wertec co EWnstlm 27,000 45 FT 3.0 FAR 10 FT- 0 10 FT 10 FT 2.02 HMO SF Seidl Regdred Yes Required 6 'Irelru5oreal 11,700 - LOFT 1.6 FAR 25 FT 25 FT 25 FT 25 FT 25 FT 245 1/200 SF. Septet Rooked• Yoa Req/nd 0 CammareW/64zed Use Cppt mdy 139,60D 35 FT 3.0 FAR 25 F.T. 0 15 FT 20 FT. 14.56 11200 SF 104534 Randlrcd Yr5 Regrile0 Parcel Requirements I Notes Ste nccef,itsznOcoee Ag0lls'AB e,FOttra Criles a oNddlibral' Cara er.clal arics-ani14Utl-FaritEopporv?i, 9.,Varccr In •RO,4V,.d �'wrrOihw cwl/s B dpprs1ri71nrandssFadtllr It ora IIne�AIsd:thin inct,L:n f+41Orals,batll(eRiilssrsvc• Property Description Land Size (SF or Acres) 17.96 gross/net upland acres (782,325 gross/net upland SF),based on public record information, Orange County Property Appraiser(a survey was not available) Shape Mostly rectangular . Frontage Approximately 740 feet of frontage along the north side of East Fullers Cross Road and approximately 780 feet of frontage along the east side of Ocoee Apopka Road. Topography Wooded, level and at road grade. Vegetation consists of scrub oaks, palmettos, and pine trees as well as grasses and ground vegetation native to Central Florida. Drainage Appeared adequate on the day of inspection Property Valuation & Consulting, Inc. 9 Utilities Electricity provided by Duke Energy Telephone service provided by Century Link Water provided by the City of Ocoee Septic required for sewer Apparent Easements, Encroachments or Restrictions No adverse easements or restrictions noted (typical utility easements are assumed). Soil and Subsoil Conditions Suitable for normal building loads as evidenced by the surrounding improvements and no known wetlands Site Improvements None Flood Map Information According to the Federal Emergency Management Agency's Flood Insurance Rate Map Panel No. 12095CO210F, dated September 25, 2009, the subject site is situated in Zone X, an area of minimal flood hazard with a portion located in Zone AH, an area with flood depths of 1 to 3 feet(usually areas of ponding), base flood elevations determined. Assessment/Tax Data The subject site identified as Tax ID #06-22-28-0000-00-056 by the Orange County Property Appraiser and Tax Collector and is located at the northeast corner of E. Fullers Cross Rd. and Ocoee Apopka Rd.. Pertinent tax data is exhibited on the following page. The total certified assessment for 2019 is $563,288. The property consists of 17.96 acres (782,325 square feet), gross and net upland. The subject's assessment would be expected to considerably increase following a sale of the property for its commercial/mixed-use highest and best use given the site's just/market and assessed value is substantially lower than the opinion of market value in this appraisal. Total Land Area 782,325 sgfr(=i) 17.96 acres(-+1-) GIS Calculated Land Land Use Code Zoning Land_Units_ Unit Price Land Value Class Unit_ _Price _ Class Value ! 8900-Municipal PUD-COi I 17.96 ACRE(S) S31,36350 S563,288 _ S0.00 S563,288 Property Valuation& Consulting, Inc. 10 Certified taxes for 2019 for the property on a millage rate of 0.0174099 (Ad Valorem) are currently $0 due to the public use exemption. There are not any non-ad valorem assessments. The tax information follows. Historical Value and Tax Benefits 0 Tax Year Values - Land Building(s) • Feature(s) Market Value Assessed Value 2019 El ER $563,288 + $0 + $0 = $553,288 a ot- 5563.288 cren-a 2018 ®on $535,455 + $0 + SO = $536,455 IIle.3 $536.465 Flea 2017 ® $536,455 $0 $0 = $536,A55 rwrn $536.465 rcr3 2016 ®® $520,840 + $0 + $0 = $520,840 S520.840 Tax Year Benefits - Other Exemptions - Tax Savings 2019 Ea um $553,268 69,807 2018 0® $536,455 59,584 2017 ®® $536,455 69,767 2016 ®® $520,840 59,760 2019 Taxable Value and Certified Taxes 0 TAX YEAR 12019•2018•2017•2016 Taxing Authority Assd Value Exemption Tax Value Millage Rate Taxes 56 There are no ad valorem taxes to display at this time. 2019 Non-Ad Valorem Assessments Levying Authority Assessment Description Units - Rate Assessment There are no Non-Ad Valorem Assessments 2029 Gross Tax Total: $0.00 CD 2019 Tax Savings Tax Savings Your property taxes without exemptions would tom $9,806.79 Your ad-valorem property tax with exemptions is: - SOLO Providing You A Savings Of: _ $9,806.79 Property Valuation& Consulting, Inc. 11 Parcel/Tangible 06-22-28- Owner&Address: Number. 0000-00056 CITY OF OCOEE Date:4/9/2020 150 N LAKESHORE DR Tax Year.2019 OCOEE,FL 34761-2223 Total Assessed Value: S563,288 Legal COMM AT SW COR OF SAID SEC TH E 2668.19 FT N 30.01 FT TO POB TH W Taxable Value: SO Description: 742.01 FT N 41 DEG W 782.14 FT NELY 415.75 FT NELY 507.01 FT S 1163.02 FT TO Gross Tax Amount $0.00 P !Village Code: 65 OCO Location 0 FULLERS CROSS RD OCOEE 34761 Address: Comments: Note:The"Certified Owner'is the Owner of record on the Tax Roll.Check the"Certified Owner'check box and select the Taxbill button to see the certified owner. Current Taxes and Unpaid Delinquent Warrants: Year Owner Information Amount Due View BillfReceipt Certified Owner Make Payment 2019 CITY OF OCOEE 'PAID(View Taxbill For Receipt)* Taxbill•_ ❑ :. 2018 CITY OF OCOEE 'PAID(View Taxbill For Receipt)' Taxbill ❑ 2017 LCITY OF OCOEE ;PAID(View Taxbill For Receipt) :Taxbill_ -- ❑ 2016 CITY OF OCOEE 'PAID(View Taxbill For Receipt)' Taxhiq ..._....__..__.._..................._._......_._.........__: 2015 i CITY OF OCOEE x PAID(View Taxbill For Receipt)' Taxbill ❑ 014 !CITY OF OCOEE `PAID(View Taxbill For Receipt)* ; Taxhili ❑ 2013 :CITY OF OCOEE PAID(View Taxbill For Receipt)* :Taxbill • 2010 i CITY OF OCOEE 'PAID(View Taxbill For Receipt)* Taxbill ❑ 2009 j..crry OF OCOEE 'PAID(View Taxbill For Receipt)' Taxbill I ❑ 008 CITY OF OCOEE 'PAID(View Taxbill For Receipt)' Taxbill ❑ 407 :' CITY OF OCOEE Y PAID(View Taxbill For Receipt)' ! Taxbill.___ I ❑ 2006 •!CITY OF OCOEE 'PAID(View Taxbill For Receipt)' Taxbill_ ❑ Unpaid Real Estate Certificates: Year Current Payoff If Paid By Current Payoff If Paid By Make Payment ;"NONE* y NONE :*NONE' ,'NONE' *NONE' ' NONE__ .._f • Highest and Best Use as if Vacant The highest and best use of the subject site as if vacant considers uses that are physically possible, legally permissible, financially feasible, and maximally productive. The subject site is physically capable of supporting development as evidenced by the surrounding improvements. Legally permitted uses include a wide variety of retail, office and residential uses. Discussions with city officials indicate that commercial use would be most likely although there are allowances in the city's comprehensive plan for medium and high density residential development if warranted at the time of development. Property Valuation& Consulting, Inc. 12 The use that would be feasible and result in the highest return to the land would be for commercial use, likely retail/service uses due to the current zoning and compatibility with nearby uses. Therefore, the highest and best use of the subject site as vacant is for commercial use, including retail and service development. Valuation Process In the appraisal of the subject property, one of the three commonly accepted approaches to value were considered and applied:the sales comparison approach,which is the only applicable approach to value the subject vacant land. Sales Comparison Approach Three comparable sales and one current listing of vacant land, similar to the subject property were analyzed to indicate a value.The comparable land sales and listing used are summarized on the ensuing adjustment grids (analyzing the sales on a net upland square foot unit of comparison) and a location map, aerial photographs and summary descriptions are found in Exhibit D. Property Valuation & Consulting, Inc. 13 COMPARABLE LAND SALES ADJUSTMENT GRID (Based on Unit Value Per Net Upland Area) Fullers Cross Road Subject Sale 1. Sate3 Sele3 Listing Address: Northeast corner of East Fullers Southwest quadrant of Maguire 255 Fountains West Boulevard 750 Palm Drive 2280 Fullers Cross Road Cross Road and Ocoee Apopka Road and Florida's Turnpike (Southwest corner of Ocoee Road Apopka Road and Fullers Cross Road) City/County: Ocoee,Orange County Ocoee,orange County, Ocoee,Orange County Ocoee,Orange County Ocoee,Orange County Zoning/FLU: PUD-COMM(PUD PUD-COMM/Commercial;City PUD-COMM/Light industrial C-2(Community Commercial) PUD-COMM/Commercial;City Commercial)/Commercial;City of of Ocoee end Low Density Residential; within SR 429 Character Area of Ocoee Ocoee City of Ocoee Boudades/Commerdal;City of Ocoee • Proposed Use: Commercial Use Mixed Use Commercial,Office Self Storage Facility Commercial Use Commercial Use &Residential Sale Date: Mar-20 Appraisal Date Mar-18 Sep-18 Jun-19 Mar-20 Unadjusted Sale/Listing Pnce: WA $2,625,000 61,715,700 53,500,000 51,000,000 Adjusted Sate/Listing Price. N/A $2,625,000 61,715,700 53,500,000 51,000,000 Size(Gross Acres): 17.96 Acres 10.66 Acres 11.73 Acres 22.71 Acres 5.08 Acres Size(Gross SF): 782,325 SF 464,350 SF 511,181 SF 989,248 SF 221,099 SF Size(Net Usable/Upland Acres). 17.96 Acres 10.66 Acres 9.03 Acres 22.71 Acres 5.08 Acres Size(Net Usable/Upland SF)'. 782,325 SF 464,350 SF 393,347 SF 989,248 SF 221,099 SF Adjusted Sale Price/Net Upland SF N/A $5 65 i $4.36 $3.54 $4.52 Adjustments for Property Rights Conveyed,financing Terms,Conditions of Sale,Expenditures immediately Alter Purchase and Market Conditions: Real Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Adjustment for Real Property Rights: N/A 0% 0% 0% 0% Adjusted Price/SF of Net Upland Area for Real Property Rights. _ N/A $5.85 $4.36 $3.54 $4.52 Financing terms: N/A Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Adjustment for Financing terms: WA 0% 0% 0% 0% Adjusted Price/SF of Net Upland Area for Financing Terms'. WA $5 65 $4.36 $3.54 54.52 Conditions of sale: N/A Arm's Length/Normal Assumed Arm's Length/Normal Arm's Length/Normal Current Listing Adjustment for Conditions of sale: WA 0% 0% 0% -10% Adjusted Pnce/SF of Net Upland Area for Conditions of Sale: N/A $5.65 $4.36 $3.54 $4.07 - Market Conditions Adjustment e.% NIA 0.00% 0.00% 0.00% 0.00% Months since dosing: N/A 24 months ago 18 months ago 9 months ago 0 months ago Adjusted Price/SF of Net Upland Area for Market Conditions: N/A $5.65 $4.36 $3.54 $4.07 - Gross Adjustment N/A 0.00% 0.0% 0.00% -10.00% Adjusted Price/SF of Net Upland Area: N/A $5.85 $4.38 $3.54 $4.07 Physical Adjustments: • Municipality/Location. Ocoee,Orange County Ocoee,Orange County Ocoee,Orange County Ocoee,Orange County Ocoee,Orange County Adjustment for Location: N/A 0% 0% 0% 0% Size(Upland Acres): 17.96 Acres 10.66 Acres 9.03 Acres 22.71 Acres 5.08 Acres Soc(Upland SF): 782,325 SF 464,350 SF 393,347 SF 989,248 SF 221,099 SF Adjustment for Size(Usable/Upland SF): NIA -5% 5% 5% -10% Traffic Counts(FOOT 2019 MDT): 14,600 on Ocoee Apopka Road, 12,100 on Maguire Road and No Data Available 16,900 on Franklin Stand 9,000 on 14,600 on Ocoee Apopka Road 16,600 on E.Fullers Cross Road 144,800 on Florida's Tumpike E.Crown Point Rd and 9,000 on Fullers Cross and 65,500 on SR-429(no access) (no access) Road Direct Exposure: E.Fullers Cross Road,Ocoee Maguire Road and Florida's Fountains West Boulevard Franklin Street,East Crown Point Ocoee Apopka Road and Apopka Road and SR-429 Turnpike Road and Palm Drive Fugers Cross Road Adjustment for Direct Exposure: NIA 0% 10% 0% 5% Utilities(s=Sewer,W=Weer,E•Ebolrv:T=Telepha,e)' W-E-T S-W-E-T S-W-E-T S-W-E-T W-E-T Adjustment for Utilities: NIA 5% -5% -5% 0% Access/Shape/l/Glity 2 Streets/Mostly Rectangular 1 Street/Mostly Rectangular I Street/Mostly Rectangular 3 Streets/Mosity Rectangular 2 Streets/Mosby Rectangular Uplands Adjustment for Access/Shape/Utlllty: N/A 5% 5% 0% 0% Zoning/FLU: PUD-COMM(PUD PUD-COMM/Commercial;City PUD-COMM/light Industrial C-2(Community Commercial) PUD-COMM/Commercial;City Commercial)/Commercial;City of of Ocoee and Low Density Residential; within SR 429 Character Area of Ocoee Ocoee City of Ocoee Boudaries/Commeraal,City of Ocoee • Adjustment for Zoning/FLU: _ N/A 0% 5% 0% 0% Water Retention'. _ On-Site On-Site On-Site _On-Site __On-Site Adjustment for Water Retention: N/A 0% 0% 0% _ 0% State of Approvals: _ Zoning in place Zoning in place Zoning in place Zoning in place Zoning in place Adjustment for State of Approvals: N/A 0% 0% 0% 0% State of Development: Wooded Wooded Mostly Wooded Mostly Cleared Wooded Adjustment for State of Development: NIA 0% 0% -9% 0% Net Physical Adjustments: N/A -5% 10% -5% -5% Gross Physical Adjustments: N/A 15% 30% 15% 15% Indicated Value/SF of Net Upland Area: N/A 55.37 54.80 53.36 $3.87 Weighting N/A 35% 30% 25% 10% Weighted Value/SF of Net Upland Area: N/A $1.88 $1 44 $0.84 $0.39 Value indication(Based on Net Upland Area): 782,325 SF of Upland Site Area 64.55/SF= 53,556,472 Final Value Indication: 53,650,000 Property Valuation & Consulting, Inc. 14 These sales are judged to be among the best value indicators available. The sale dates range from March 2018 to June 2019 and includes a current listing. The comparables ranged in size from 221,099 to 989,248 net upland square feet (5.08 to 22.71 acres). Unadjusted sale prices ranged from $3.54 to $5.65 per net upland square feet, averaging$4.52 per net upland square foot. None of the sales required any adjustments for property rights,financing or conditions of sale, as each transaction involved the fee simple estate and were in cash terms, or cash equivalent to the seller and were normal and arm's-length deals, with the exception of Listing 4, which was adjusted downward 10% for conditions of sale as the asking price will likely be negotiated downward in order to consummate a sale. Finally, due to the ongoing COVID-19 pandemic, as discussed above, there was no adjustment made to the sales for market conditions based on the date of sale. The property characteristics that influence value include location,size,frontage/traffic counts,utilities, access/shape/utility, zoning/FLU, water retention, state of approvals and state of development. The sales were analyzed and compared to the subject relative to these features and appropriate adjustments were made. Adjustments were made on a percentage basis (inferior/superior). After adjustments, the range of indicated values for the subject was $3.36 to $5.37 per net upland square foot, averaging$4.35 per net upland square foot. Primary reliance was placed on Sales 1 and 2 with a weighting of 35% and 30%, respectively. In the case of Sale 1, due to its proposed mixed-use development and in the case of Sale 2 for its proximity to the subject. Sale 3 received secondary weight of 25%due to its recent sale date and similar zoning, although it was purchased to hold for later development. Supporting weight of 10% was given to Listing 4. Although this is across the street from the subject it is considerably smaller and does not represent a closed sale. This analysis indicates a value of$3,556,472, or $4.55 per net upland square foot for the subject's 782,325 net upland square foot/17.96-acre commercial site, rounded to $3,560,000. Property Valuation & Consulting, Inc. 15 Reconciliation Since it is the only applicable approach to value, all weight was placed on the Sales Comparison Approach to value in the final determination of value for the subject property. Based upon the investigation summarized and the premise defined herein, the "As Is" Market Value of the Fee Simple Estate in the subject property appraised as of March 26, 2020 is estimated to be: THREE MILLION FIVE HUNDRED SIXTY THOUSAND DOLLARS ($3,560,000). Our appraisal services and related appraisal report have been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), as adopted by the Appraisal Standards Board under the direction of the Appraisal Foundation, as well as with the Code of Professional Ethics of the Appraisal Institute, as read and interpreted within this office. This report was prepared in accordance with, and is subject to, our Assumptions and Limiting Conditions and General Service Conditions, which are attached to and form an integral part of this report. No investigation was made of the title to or any liabilities against the property appraised. Respectfully submitted, PROPERTY VALUATION & CONSULTING, INC. t "( Blair Beasley State-Certified General Real Estate Appraiser License No. RZ3871 /irdziat, 1=4 Matthew C. Smith State-Registered Trainee Real Estate Appraiser License No. RI24544 April 10, 2020 Job#A20-8B.VL Property Valuation& Consulting, Inc. Property Valuation & Consulting, Inc. Exhibit A Exhibit A Subject Location Map and Subject Photographs (6 Pages) a N Dr E 1 ,I o;. Rd P■redi- D I Hes050 �5 McCormick4 Lake AA oA k p a � : �fil `� $Westyn 6�.7 I __ .. .. ' I 11,artie-4 ---) _ • 1 Ilk i di, :461.4 ,. �- SUBJECT X I 1r _ L a r 28 ,. y - Ra ig' I 1 r� _J a Tii _ f t g i - ,, .. ,. 111 - (``I I.! • _ J o �;VD r. '�,l— O�Bta�l Oc � iL(1 jI 1'.. l� I rd.-,�f welling Ave -`F.vzn-take .. C d ens n '. j Stacey 2 `\lt e,''.r - A . lir' - di PE r 7/1 Gard ��.9 ,MIl _ _, �� �� + Q 4 Y�� C7l �O` C� •, -- , Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS • y J t F + VIEW LOOKING SOUTH ALONG THE EASTERN BOUNDARY FROM NEAR THE NORTHEAST CORNER OF THE PROPERTY(SUBJECT ON RIGHT) ; lye i - + • VIEW LOOKING WEST FROM THE EASTERN BOUNDARY OF THE PROPERTY Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS VIEW LOOKING WEST ON E.FULLERS CROSS ROAD FROM NEAR THE SOUTHEAST CORNER OF THE PROPERTY(SUBJECT ON RIGHT) ti 'JtV f 4. =coil to e VIEW LOOKING NORTHWEST ACROSS THE PROPERTY FROM NEAR THE SOUTHEAST CORNER OF THE SITE Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS • 11/41r- t f� 9tr ;. • VIEW LOOKING NORTH ALONG THE EASTERN BOUNDARY FROM NEAR THE SOUTHEAST CORNER OF THE PROPERTY(SUBJECT ON LEFT) 1.41.4 ridE45,1901. VIEW LOOKING EAST ON E.FULLERS CROSS ROAD FROM NEAR THE SOUTHWEST CORNER OF THE PROPERTY(SUBJECT ON LEFT) Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS T ' x ii'' .r 'I:a 1 1 �1 VIEW LOOKING NORTHEAST FROM NEAR THE SOUTHWEST CORNER OF THE PROPERTY IOW• VIEW LOOKING NORTH ON OCOEE APOPKA ROAD FROM NEAR THE SOUTHWEST CORNER OF THE PROPERTY(SUBJECT ON RIGHT) Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS ..S4 0 I 1 VIEW LOOKING SOUTH ON OCOEE APOPKA ROAD FROM NEAR THE NORTHWEST CORNER OF THE PROPERTY(SUBJECT ON LEFT) ts -clip, , -* - ,...r, . 1. 5 r 6 + VIEW LOOKING SOUTHEAST FROM NEAR THE NORTHWEST CORNER OF THE PROPERTY Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS • VIEW LOOKING NORTHEAST ALONG THE NORTHERN BOUNDARY OF THE PROPERTY (SUBJECT ON RIGHT AND SR-429 UP HILL ON LEFT) Property Valuation & Consulting, Inc. Exhibit B Exhibit B Aerial Map, Tax Map, Flood Map, Ocoee Crown Point PUD Conceptual Plan and Master Development Plan (5 Pages) Property Valuation & Consulting, Inc. Property Valuation & Consulting, Inc. Exhibit B Aerial Map (property outlined in pink) "fir ,, -�- s y L ` • F :14 :9', .7 -" - .� 6' •• S 4.N•SI , - 1 ,, _. - Wilt",,,,k.}4,.. 4',4,. ,,,o, i: ',. ..„-ir 3.4;v9t.4,..litfts. . ... . R` j •!I` 'a -,ntwj ,r ; -'«.t 's%� a I . • ' .::--_,a • .:. lie't44,. '..‘ 'VA , AV ^ .' . 4.'4, ' .40,44-11 a ier 4 1°:-,i‘: ' ' . " i a. ".to.A' $.4 S C• .P �'A� i -11 E 44,.. • :o,s,�`+�`q� �l�f rc T �. 'f+'�� 31� "��` :t 4rr"Xw;SR+�i Ore 14,1�=?y •�' ,. 410.)ioit.411.., • , ,...00,6."04......k, 0. .. . - 1,kartk. • . . ":' ,..„4•.••; ,*',.' ' ,, ,.., •ro, 4t-a . 4'-''''' .. i* k'ct ' s s k �(� 4 t `''�;,�"' } -I, 04.11 , g Y , . .x it- ..3 ,`,.+ 'ys Is !, d:i + ''�,:. '3$s^' ,x�5 0„,.. G x , }y .,.4. ,,a ' r .' Kt ,-, t # '. * , a Y< ,�tnt yp, ,,, ,. , .;;,-1.L"*J ...i.,"r,- + u Per '+'� • 4- 5. r r• i 1} ie.: `p. , •_;.4,.+s- f,• .Tyrt A 3 • ,I n • y n+ $- r - Sr y(� y V� 1 ''a,,,, ,. Ott - ._..*^.4'' 3 Fullers Cross Rd- .-- .� } -444 r squ7..•. TM. li, ' ~ . ' • - ;' h : North^ Property Valuation & Consulting, Inc. Exhibit B TAX MAP (property highlighted in pink) vcoee Properties Expressway LLC „° Authority .11 ill City 01 ;,�` Ocoee City Of Ocoee - City 01 Ocoee e .,pste ....t. t - 4_1, •.--_i H F $� • Gabl \N City Of C lit ° 0e - Ocoee o `t, Ocoee Glad Tidings 0y Assembly Of God -X‘ Ocoee ad Gable City Tidings Asseembly Anail Ocoee C Life 01 God Inc Estate wSFule�sTC(6ssR,1 'ram I'iII i i . II Illi, a Cily Of North^ Property Valuation & Consulting, Inc. Exhibit B FLOOD MAP The flood map for the selected area is number 12095CO210F,effective on 09/25/2009 CI r © r.�� .1 �- - .1. ♦ , . ti V y fit; I tr. 1:LNl•tIletl,'r 1 , f p } �r,E,-, -. 1.11J�1i L,L r�Oo)r i-,=--a , �1 1 tb95c0 rs .. — it a '" i• !- ' r I f . l h Y�l`_rni a► �� 1 f f I , eiturraex ..e!h i s ,_ JSGS Qtthoi pager.Data re`res� ^9,esI i • ADPronnate oration eased on user non "Muck lam Road EWtla I EJ Ma and rites Flat rlPrefeni an.onhondatn. arra e.Ara • Crass Sections v1Pn 1%Annual thence SPECIAL Wtl Surface tSCEor0601. LW Water Pitt Qf D0e1�t odhoo lHAZARD AREAS Ryden Ei•ed+!n..Aa.Arc....c,n 'o---coastal T.anaect o__lase Flood Elevation Line(BF El s0eaed FSnod er Bounden Land ul Study 0.2%Annual Chance Flood Hazard Areas OVA;Om Avah04 of 1%annual chance Hood won average Boundary Ao Diga Data asoJade depth less than one tool or with drainage --—Coastal Transect Baseline -- arias of lest than one square rode:- OTHER——Prone Basehe. MAP PANELS unnl+DPad Future CondttoOne 1%annual FEATURES Hydrogravtac Feature ��'Chance Flood Hazard 140 saa.i Area of uhndl al Flood tsamtt'',` Arta wet Reduced Hood ROM due to GENERAL 1 Channel.Cutven.or Storm Sewer a mem Ethcave LOURS OTHER AREAS OF Levee See Notes r---.i STRUCTURES r ltris Levee.Dere or Floodwan •siMf Area of undenm e r,ed Flood tamed Cur o FL torn HAZARD Area rtn Flood Rol,due no Levee IMRE Odtbawe PretMed Arm OTHER AREAS 1 "`Doom/lanB`Mama Steam area Property Valuation & Consulting, Inc. Exhibit B CONCEPTUAL SITE PLAN N. ,11.R,II Z :‘,74,.. .. ,,-... , ,,ACT/11 / MH or#M- . 'ii.:-.'• °A1\_,.. - - en :tuc�i.l,`. ,,„,,ty,,1 14111Y • l , i ♦t1 �' ` r' 1w7 niM •i•li sacrist , ,wrraq \ c0000•+.+0 f MILT 011 I MAP OW YrlirMe 1 i 3coee Crown •f'oint [-LID RIM a. .r (Subject property is identified as Tract 9) Property Valuation & Consulting, Inc. Exhibit B - I! Ili 1 I q II ,I3 3 �]1 I II I 1 I. _ , li !,I ;lt% , 1I zil. tt°ja i fiJ 1i,who] li .•I lIll iiIjt!; . I'i 11l 1' ,t 1 111 } } 1" ,F } If I i. t1t } li '1 I i' i1 " i" ' NNI I }i }':a - !�I } 111 i I 3 II I II 1, 'illi . :008898:8 : 1'211 1 i 1 III I:Ali ll I I --/-111 4 I 11 if , 3 } A _ a }It . c-, 9 , 11' I 11 i f it 1 r `ill ill .- 1 1 II 11ll " Property Valuation & Consulting, Inc. Exhibit C Exhibit C Identifying Legal Description (1 Page) Property Valuation & Consulting, Inc. Exhibit C COMM AT SW COR OF SAID SEC TH E 2668.19 FT N 30.01 FT TO POB TH W 742.01 FT N 41 DEG W 782.14 FT NELY 415.75 FT NELY 507.01 FT S 1163.02 FT TO POB SEE 6180/3963 Public Records of Orange County, Florida Property Valuation & Consulting, Inc. Exhibit D Exhibit D Comparable Land Sales Location Map, Aerial Photographs and Summary Descriptions (4 Pages) _ivii • ;E. n • ('j Y A1Pe as _ CMCofMI lollal ___ r sdez z f ,, " &) E L a k e Apopka _ 4.r i�a; :. C Le a. Listing 9 X Fi.l r* • t ak z ,'T \ iii\,1A7 F Gross Rd.::..c.. i •:SUBJECT _� �6 a�,. i�1`y 4 �`a1 Co„,,q� x- )) jos �- a �1. LAG r' Sale X �,�elling AY -ill 11. * ii Jieyi P 4111' S 'e r: ' I aaeCerner St ` 4sahr / Almerm Si �coee'"I I se FIT �� Starke L age i ili El V`��` "Amo 32 -■■ E .1 take J 1 - ./' �_'E-''11 4.. - ijj it.`,_LI ® WlAawwood St 93 A, ii�rl�.�� Made S 11iiti • . Blar or rkt i� - ri �� �� �alboa b ae1 . ■Il ` n _ t. I �iwie St-_ _ iiona4W or .ut; �. I 1,,„ Ei Millp � lam Dire Z 7. y 7 U C Cs� t.a. i imirin1., roe to ACC t . t `,t .', It- I'+ • a Iwo a cameo Ro Location Map Property Valuation & Consulting, Inc. Exhibit D SALE 1 ,`^ . rv .- ,..Ar , -t t �k t i � - ry r 'd ' . , Y a ; a . ' • i' 4e,j X Fs: q Y - �9 e� z}' 4. 1"' P- •!4 rt tag. s7i` )yy `. 4 •ti. a }^ .r...7 4.n . Address/Location Southwest quadrant of Maguire Road and Florida's Turnpike, Ocoee, Orange County,FL Tax Parcel ID# 30-22-28-0000-00-004 Grantor Maguire Road,LLC Grantee RPM Investments Holding, LLC Transfer Data: Recording Date March 2018 Exchange Arm's Length Conditions Normal Recorded Instrument#20180203585, Orange County Sale Data: Sale Price $2,625,000 (Verified with Marvin Puryear, Listing Broker, 352-257-5900) Financing Cash equivalent to seller Price per Sq. Ft. $5.65/SF (Net Upland and Gross) Site Data: Configuration Mostly Rectangular Size 464,350 SF/10.66 acres (gross/net usable) Frontage Frontage along Maguire Road and Florida's Turnpike, the site is below road grade of Maguire Road (due to the Turnpike flyover). The future development will be accessed via an extension of Tomyn Boulevard. Zoning/FLU PUD-COMM/Commercial; City of Ocoee Utilities All utilities are available to the site with on-site retention required. Traffic Counts 12,100 on Maguire Road and 144,800 on Florida's Turnpike (no access), (FDOT AADT 2018) Comments This parcel and the parcel adjacent to the west will be developed with a mixed- use project including 90 townhomes,60,000 SF of office/retail and a preschool. Property Valuation & Consulting, Inc. Exhibit D SALE 2 q « 4 4,-y�.0 P Address/Location 255 Fountains West Boulevard, Ocoee, Orange County FL Tax Parcel ID# 06-22-28-2856-08-000 Grantor Living Waters Church Ocoee, Inc. Grantee Timmus Storage 1, LLC Transfer Data: Recording Date September 2018 Exchange Assumed to be at Arm's Length Conditions Normal Recorded Instrument#20180556733, Orange County Sale Data: Sale Price $1,715,700 (All attempts to verify failed, information gathered from Orange County public records and CoStar Comps data.) Financing Cash equivalent to seller Price per Sq. Ft. $4.36/SF (Net Upland) Site Data: Configuration Mostly Rectangular Size 393,347 SF/9.03 acres (net usable), 511,161 SF/11.73 acres (gross) Frontage Frontage along north side of Fountains West Boulevard Zoning/FLU PUD-COMM (Commercial Planned Unit Development)/Light Industrial and Low Density Residential; City of Ocoee Utilities All utilities are available to the site with on-site retention required. Traffic Counts No Data Available (FDOT AADT 2018) Comments As of March 2019 the FLU for the low density residential portion of the site has been recommended to change to light industrial. Per City of Ocoee Planning& Zoning meeting minutes,there will be a 102,600 SF 3-story self-storage facility built here (34,200 SF per story). Property Valuation & Consulting, Inc. Exhibit D SALE 3 , • ,, il If 1 SMI i v WPM' I y4 17-4 iKt`Z �� '111-rir---.. -: ,-, . - ' ''' i ' ' 1 Fk . - , . 1. 3 I. "It s a. Address/Location 750 Palm Drive, Ocoee, Orange County,FL Tax Parcel ID# 13-22-27-0000-00-013 Grantor Sharp Properties, LLC Grantee HYYFT Winter Garden, LLC Transfer Data: Recording Date June 2019 Exchange Arm's Length Conditions Normal Recorded Instrument#20190408125, Orange County Sale Data: Sale Price $3,500,000 (verified with Lester Austin, listing broker, 407-448-0572) Financing Cash equivalent to seller Price per Sq. Ft. $3.54/SF (Net Upland and Gross) Site Data: Configuration Mostly rectangular Size 989,248 SF/22.71 acres (gross/net usable) Frontage Frontage along Franklin Street,East Crown Point Road and Palm Drive Zoning/FLU C-2 (Community Commercial) within SR 429 Character Area Boundaries/Commercial; City of Ocoee Utilities All utilities are available to the site with on-site retention required. Traffic Counts 16,900 on Franklin Street and 9,000 on East Crown Point Road(FOOT AADT 2018) Comments The buyers are planning to hold the site. Property Valuation & Consulting, Inc. Exhibit D LISTING 4 _ maim M Tr DrY� L 41 Address/Location 2280 Fullers Cross Road(Southwest corner of Ocoee Apopka Road and Fullers Cross Road), Ocoee, Orange County, FL Tax Parcel ID# 07-22-28-0000-00-071 Grantor N/A; Current Listing Will be: Daryl M. Carter, as Trustee of the Carter-Fullers Cross Land Trust Grantee N/A; Current Listing Transfer Data: Recording Date N/A; Current Listing Exchange N/A; Current Listing Conditions N/A; Current Listing Recorded N/A; Current Listing Sale Data: Asking Price $1,000,000 (Daryl Carter, listing broker, 407-422-3144) Financing Cash or equivalent to seller Price per Sq. Ft. $4.52/SF(Net Upland and Gross) Site Data: Configuration Mostly rectangular Size 221,099 SF/5.08 acres (gross/net usable) Frontage Frontage along Ocoee Apopka Road and Fullers Cross Road Zoning/FLU PUD-COMM/Commercial; City of Ocoee Utilities Water, electric and telephone are available to the site with on-site retention required. Traffic Counts 14,600 on Ocoee Apopka Road and 9,000 on Fullers Cross Road(FDOT AADT 2018) Comments The site is currently wooded and can be developed with up to 44,000 SF of retail space. Property Valuation & Consulting, Inc. Exhibit E Exhibit E Assumptions and Limiting Conditions, Extraordinary Assumptions and Hypothetical Conditions (3 Pages) Property Valuation& Consulting, Inc. Property Valuation & Consulting, Inc. Exhibit E Assumptions and Limiting Conditions No responsibility is assumed for matters legal in nature. No investigation has been made of the title to or any liabilities against the property appraised. In this appraisal, it is presumed that, unless otherwise noted,the owner's claim is valid,the property rights are good and marketable, and there are no encumbrances that cannot be cleared through normal processes. We have provided an Appraisal Report, intended to comply with the reporting requirements set forth by the Uniform Standards of Professional Appraisal Practice (USPAP) for an Appraisal Report. As such,the report presents discussions of the data,reasoning, and analyses used in the appraisal process to develop Property Valuation&Consulting's opinion of value. Supporting documentation concerning the data, reasoning, and analyses has been retained as a part of our work papers. The depth of discussion contained in the report is specific to your needs as the client and for the intended use as stated. Property Valuation & Consulting, Inc., is not responsible for the unauthorized use of this report. To the best of our knowledge, all data set forth in this report are true and accurate. Although gathered from reliable sources, no guarantee is made nor liability assumed for the accuracy of any data, opinions, or estimates identified as being furnished by others that have been used in formulating this analysis. The market value estimate contained within this report specifically excludes the impact of structural damage or environmental contamination resulting from earthquakes or other causes. It is recommended that the reader of this report consult a qualified structural engineer and/or industrial hygienist for the evaluation of possible structural/environmental defects,the existence of which could have a material impact on market value. Land areas and descriptions used in this appraisal were provided by the owner and/or obtained from surveys or public records and have not been verified by legal counsel or a licensed surveyor. (The land description is included for identification purposes only and should not be used in a conveyance or other legal document without proper verification by an attorney.) No soil analysis or geological studies were ordered or made in conjunction with this report, nor were any water, oil, gas, or other subsurface mineral and use rights or conditions investigated. Substances such as asbestos, urea-formaldehyde foam insulation, other chemicals, toxic wastes, or other potentially hazardous materials could, if present, adversely affect the value of the property. Unless otherwise stated in this report,the existence of hazardous substance, which may or may not be present on or in the property, was not considered by the appraisers in the development of the conclusion of value. The stated value estimate is predicated on the assumption that there is no material on or in the property that would cause such a loss in value. No responsibility is assumed for any such conditions,and the client has been advised that the appraiser is not qualified to detect such substances, quantify the impact on values, or develop the remedial cost. No environmental impact study has been ordered or made. Full compliance with applicable federal, state, and local environmental regulations and laws is assumed unless otherwise stated, defined, and Property Valuation & Consulting, Inc. Exhibit E considered in the report. It is also assumed that all required licenses, consents, or other legislative or administrative authority from any local, state, or national government or private entity organization either have been or can be obtained or renewed for any use that the report covers. Plats are presented only as aids in visualizing the property and its environment. Although the material was prepared using the best available data, it should not be considered as a survey or scaled for size. It is assumed that all applicable zoning and use regulations and restrictions have been complied with unless a non-conformity has been stated, defined, and considered in the appraisal report. Further, it is assumed that the utilization of the land and improvements is within the boundaries of the property described and that no encroachment or trespass exists unless noted in the report. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one of more of the requirements of the act. If so, this fact could have a negative effect on the value of the property. Since we have no direct evidence relating to this issue, we did not consider the possible noncompliance with the requirements of ADA in estimating the value of the property. Blair Beasley and Matthew Smith have made a physical inspection of the property and noted visible physical defects, if any, in this report. This inspection was made by individuals generally familiar with real estate and building construction. However, these individuals are not architectural or structural engineers who would have detailed knowledge of building design and structural integrity. Accordingly, we do not opine on, nor are we responsible for, the structural integrity of the property including its conformity to specific governmental code requirements, such as fire,building and safety, earthquake, and occupancy, or any physical defects that were not readily apparent to the appraisers during their inspection. The value or values presented in this report are based upon the premises outlined herein and are valid only for the purpose or purposes stated. The date of value to which the conclusions and opinions expressed apply is set forth in this report. Unless otherwise noted, this date represents the last date of our physical inspection of the property. The value opinion herein rendered is based on the status of the national business economy and the purchasing power of the U.S. dollar as of that date. Testimony or attendance in court or at any other hearing is not required by reason of this appraisal unless arrangements are previously made within a reasonable time in advance therefore. One or more of the signatories of this appraisal report is a member or associate/affiliate member of the Appraisal Institute. The Bylaws and Regulations of the Institute require each member and associate/affiliate member to control the use and distribution of each appraisal report signed by them. Possession of this report or any copy thereof does not carry with it the right of publication. No portion of this report(especially any conclusion to use,the identity of the appraiser or the firm with which the appraiser is connected, or any reference to the Appraisal Institute or the designation awarded by this Property Valuation & Consulting, Inc. Exhibit E organization) shall be disseminated to the public through prospectus, advertising, public relations, news, or any other means of communication without the written consent and approval of Property Valuation& Consulting, Inc. Extraordinary Assumption: None Hypothetical Conditions None Property Valuation & Consulting, Inc. Exhibit F Exhibit F Certification (1 Page) Property Valuation & Consulting, Inc. Exhibit F Certification We certify that,to the best of our knowledge and belief: The statements of fact contained in this appraisal report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions,and are our personal,impartial,and unbiased professional analyses,opinions and conclusions. We have no present or prospective interest in the property that is the subject of this report,and we have no personal interest or bias with respect to the parties involved. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. Our engagement in this assignment was not contingent upon developing or reporting predetermined results Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction of value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of the appraisal. The reported analyses,opinions,and conclusions were developed,and this report has been prepared,in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute,which include the Uniform Standards of Professional Appraisal Practice. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The undersigned have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person(s)signing this certification. The appraisal assignment is not based on a requested minimum valuation,a specific valuation,or the approval of a loan. As of the date of this report,Blair Beasley has completed the Standards and Ethics Education Requirements and the requirements of the continuing education program for Practicing Affiliates of the Appraisal Institute. I, Blair Beasley, the supervisory appraiser of a registered appraiser trainee who contributed to the development or communication of this appraisal as detailed in the Scope of Work (approx. 24 hours), hereby accepts full and complete responsibility for any work performed by the registered appraiser trainee named in this report as if it were my own work. We have performed no services,as an appraiser or in any other capacity,regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. Blair Beasley State-Certified General Real Estate Appraiser,License#RZ3871 April 10,2020 Matthew C.Smith,State-Registered Trainee Real Estate Appraiser,License#RI24544 April 10,2020 Property Valuation & Consulting, Inc. Exhibit G Exhibit G Qualifications of the Appraiser(s) and Appraiser License(s) (3 Pages) Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF BLAIR BEASLEY State-Certified General Real Estate Appraiser gla3871 Eierinwrs Adelics Property Valuation.&Corv-u1ti, ,1 204 South Dilhul Street WirterGaiden FL 34737 (40 t)S77-0200,Fars(4 7)S7-3222 Education Florida State University Tallahassee,FL Satelar off Science maBieai Estate made Mali:Ming April 2011 �ppa�sal fi:Real Estate Courses latondnctinnto Real Estate:Florida State University Tallahassee,FL December 2009 REal E-tate'nralhAtrnn:Florida State tins errty T'alhaflnA-see„FL December 2010 Real Estate Finance:Florida State University Tallahassee,bT December 2010 Real Estate Market na Fyrs Florida.State University Ta11nThha-see,FL Agrnll 2611 Real Estate Mai&State University Tirt-ihm7see,FL April 2611 Legal Emironmant of Real Estate:Florida State Unnur-errity Tallalfeasree_FL Aprll2011 National USPI P 15 Hour Caine,Steve liam on R"eal Estate Education Specnali-ts Orlando,FL Apr1T 2012 General Appraiser Marisa r"4nal: and TiAlzR-t& :estUse auulaitTartd,FL 4iprnl 2013 Busies Practices a>mr1Ednics online February 2014 7-Ham-National USP?P Update Course Orlando,EL Nor-emlber 2014 FloridaLasr Orlando,FL November 2014 2HaurNational USP!P Update Course Or1anndn,FL May 2016 7-Hour National USPAP Update Course Orlando,FL April 2018 Phan&Lam: Orlando,FL Apra 2013 App alaing Smell Allarthnenn Properties Online November 21118 Basic Hotel!'4pprairing—A;,mited Service Hotels Online November 2018 Appraisal of Lend Subject to Glunm&I A.a-es Online Nos-ember 2018 Super.ioiyiTraiueeAppnaiserConine Online August2019 Anciair1 asre,inaeTs ons cedlayTheAtomisaHnhtitutbe Critical Thinldinpin Appraisals.sa1s,Ihn umy 2014 Real Estate Ea-penienee September 2011-Present-3'a,connate,Property VaIlnatiou Sn Consnitirm Inc.,Winter Garden,FL Appraisal experience inclinden nnarratice and form report Ming of commercial and resiautithaT vacant land,proposed residential subdivision properties,recreational facilities_retail burlilimr, inikrtuiall br�l�m,en, .,�:�.ce buildings, day care facilities, gneenleouse'nmsauy, commercial condominium properties anti other special purpose properties. This includes research., data collection,7•121iicatian and analysis. References Available upon regpe tt Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF MA1 11 E C.SMITH State-Registered Trainee Real Estate Appraiser#RI2454 Business Address Property Valuation&Consulting,Inc_ 204 South Dillard Street Winter Garden,FL 34787 (407)877-0200,Fax:(407)877-8222 Education Berklee College of Music Boston,MA Dec_1993 Bachelor of Music(Major:Professional Music) Appraisal and Real Estate Courses IFREC Real Estate Schools Course: Basic Residential Appraisal Procedures Orlando,FL July_2018 Basic Residential Appraisal Principles Orlando,FL July_2018 Florida Appraisal Law Orlando,FL Aug_2018 2018-2019 15-Hour Equivalent USPAP Course Orlando,FL Aug_2018 National Appraising for the Supervisor and Trainee Orlando,FL Aug 2018 Appraisal Courses Sponsored by The Appraisal Institute Evaluating Commercial Leases Orlando,FL Feb_2019 USPAP 7-Hour Update Orlando,FL Feb_2020 Real Estate Experience September 2018-Present-Associate,Property Valuation&Consulting,Inc.,Winter Garden,FL Appraisal experience includes narrative and form report writing of commercial vacant land,retail buildings, office buildings,warehouses,diminution in value appraisals,retrospective appraisals,proposed RV parks, church properties,and other special purpose properties,along with residential properties. This includes research,data collection,verification and market analysis. References Available upon request Property Valuation & Consulting, Inc. Exhibit G Appraiser License(s) ! RICK SCOTT.GOVERNOR JONATHAN ZACHER SECRETARY 1 d Floridao r 0,..-.:,..._. STATE OF FLORIDA 1 , DEPARTMENT OF BUSINESS:AND PROFESSIONAL REGULATION 1,1 11 FLORIDA REALESTA,TEAPPRAISAL BD .-:„..% THE CERTIFIED GENERALARRAfSER HEREIN ISCER I IFIED UNDER THE ti 4.•,;.--ti;•—,-,v.,,..- ',, :,,-.\sif C., PROVISIONS'OFCHAF TER475,1TORIDA.:1*TNEUTES `75--,-..• . -= :i._ ,it, ,...-_,,- ,y-s-) f.,--,,t.-,.);,-:,_7 Ir.:,r•,-.1!..:t,-,-?-':---_,T4A 1 I uP.. 6-t4STLIE* lit- ,1 1 1 7'11•42.11i ',7:1-,-,,,e WA...,-1-.2,,,,pAs.olkIfARD S.TREEP-f'1,-f,i 9 •O'ct.WINTER aliciffKr_ 9'4- I , I r I I '.: , . If lic‘i , . I 1 \I4'EN Orli Ni li g?.?019 I ' 1 1 EXPIRATION DAT,Ft,lf401?,E1VIBER 30,2020 I I Always verify licenses online at MyFloridaticense.com Do not alter this document in any tone. I I a. This is your license.It Is unlawful for anyone other than the licensee to use this document. I r -- — — I ! i 1 1 txr,--4II7 tc szorr.covueroa JONATHAN zarNERsEuisTARy dblor, . STATE OF FLORIDA DEPARTMENT OF BUSINESSAND PROFESSIONAL REGULATION FLORIDKREALESTATEAF#R4ISAL BD -i4,,. 01-"±-:2-1:...7..1-: THE REGISTERED TRAINEEAPPALS ERHEAEIN HAS'REGiSTERED UNDER THE ,cr,;,;....-.7,),---._,•,,_.- •t.•;,,.-. - --..,,,...., ,,....,,,•, PROVISIONSPFJCNART ? ER 475:FEORIEWSTATUTES __,C _____,.. itSirS1 Frit IVITTH Mitll ' 1 g.4':i4,' A'c 1466fits-ciiitcE-,;.,-/ii eAkDb:.5 _i,‘Ei.3.2g--3 :2;i:,-.7zi :- ,i4),„' .4+-1,-,r,:'c..4b ' ' .:- ‘',`.... ;' 'LICENctiptABEIt'llT44.4" I DCPIR/FHONDATDYWIBER 30.2020 Always verify kenzes online at htynoridaticermexorn CI .,RCI ... f. Do not alter this document Many form. li. . This M yobr license.It Is unlawful for anyone other than the licensee to use this document. I ' 1 Property Valuation & Consulting, Inc. Exhibit H • Exhibit H General Service Conditions (1 Page) Property Valuation & Consulting, Inc. Exhibit H General Service Conditions The service(s)provided by Property Valuation& Consulting, Inc.have been performed in accordance with professional appraisal standards. Our compensation was not contingent in any way upon our conclusions of value. We assumed,without independent verification,the accuracy of all data provided to us. We have acted as an independent contractor and reserved the right to use subcontractors. All files,work papers or documents developed by us during the course of the engagement are our property. We will retain this data for at least five years. Our report is to be used only for the specific purposes stated herein and any other use is invalid. No reliance may be made by any third party without our prior written consent. You may show our report in its entirety to those third parties who need to review the information contained herein.No one should rely on our report as a substitute for their own due diligence.No reference to our name or our report, in whole or in part,in any document you prepare and/or distribute to third parties may be made without our prior written consent. You will not be liable for our negligence. Your obligation for indemnification and reimbursement shall extend to any controlling person of Property Valuation&Consulting,Inc.,including any director, officer, employee, subcontractors, subsidiary, affiliate, or agent. We reserve the right to include your company/firm name in our client list, but we will maintain the confidentiality of all conversations, documents provided to us, and the contents of our reports, subject to legal or administrative process or proceedings. These conditions can only be modified by written documents executed by both parties. Property Valuation& Consulting, Inc., is an equal opportunity employer. AN APPRAISAL OF A Vacant Commercial Tract Totaling 13.51 Gross/Net Upland Acres 2012 Ocoee Apopka Road, Ocoee, Orange County,FL 34761 Tax Parcel ID #06-22-28-0000-00-005 City of Ocoee PO Number: 1426618 PREPARED FOR Mr. Michael Rumer City of Ocoee Development Services Director 150 N. Lakeshore Drive Ocoee FL 34761 DATE OF VALUATION March 26, 2020 DATE OF REPORT April 10, 2020 PREPARED BY PROPERTY VALUATION & CONSULTING,INC. Blair Beasley State-Certified General Real Estate Appraiser Florida License#RZ3871 Matthew C. Smith State-Registered Trainee Real Estate Appraiser License No. RI24544 File#A20-8A.VL Copyright 2020 Property Valuation & Consulting, Inc. SUMMARY OF SALIENT FACTS PROPERTY The subject property consists of a vacant commercial/mixed-use land tract. LOCATION 2012 Ocoee Apopka Road (east side of Ocoee Crown Point Parkway, west side of Ocoee Apopka Road and along the north side of the West Orange Trail), Ocoee, Orange County, FL 34761 SITE/LAND AREA An irregular shaped site consisting of 13.51 gross/net upland acres (588,674 gross/net upland SF), based on public records. TOPOGRAPHY An irregular shaped site consisting of scrub oaks, palmetto and pine trees with ground vegetation and grasses native to central Florida. The site is wooded and level, at road grade. All public utilities are available to the site. ZONING PUD-COMM (Commercial); City of Ocoee FUTURE LAND USE Village Center Land Use of the Ocoee Crown Point PUD (FAR of 3.0); City of Ocoee PRESENT USE Vacant land HIGHEST &BEST USE Commercial or mixed-use development MARKETING AND EXPOSURE TIME 12 to 18 months (see COVID-19 note) OWNER OF RECORD City of Ocoee PROPERTY RIGHTS Fee simple estate DATE OF VALUATION March 26, 2020 DATE OF REPORT April 10, 2020 MARKET VALUE ESTIMATE "AS IS": $2,910,000 Property Valuation & Consulting, Inc. SUMMARY OF SALIENT FACTS (continued) EXTRAORDINARY ASSUMPTIONS It was reported by Development Services Director, Michael Ruiner, that the City of Ocoee has initiated a PUD amendment to allow for residential use (likely a townhome type density/product) on the subject property. This appraisal report and the value indication provided herein are based on the extraordinary assumption that the approval of the residential use on the subject site is reasonably probable to occur at a minimal cost and within a relatively short time frame. HYPOTHETICAL CONDITIONS None Property Valuation& Consulting, Inc. TABLE OF CONTENTS Nature of the Assignment 1 Purpose,Intended Use and Intended User of the Report 1 Effective Date of the Appraisal 2 Effective Date of the Report 2 Inspection Date 2 Scope of Work 2 Definition of Value and Property Interest Appraised 4 Marketing and Exposure Period 5 Sales History 5 Location Description 5 Property Description 8 Flood Map Information 9 Assessment/Tax Data 9 Highest and Best Use as if Vacant 11 Valuation Process 12 Sales Comparison Approach 12 Reconciliation 15 Exhibit A, Subject Location Map and Photographs Exhibit B,Aerial Maps,Tax Maps, Ocoee Crown Point PUD Conceptual Site Plan & Master Development Plan Exhibit C,Identifying Legal Descriptions Exhibit D,Land Sales Location Map,Aerial Photographs and Summary Descriptions Exhibit E,Assumptions & Limiting Conditions,Extraordinary Assumptions and Hypothetical Conditions Exhibit F, Certification Exhibit G, Qualifications of the Appraisers and Appraiser Licenses Exhibit H, General Service Conditions Property Valuation& Consulting, Inc. John A. Robinson, MAI,AI-GRS, CCIM State-Certified General Real Estate Appraiser#RZ417 77) Blair Beasley 1 j State-Certified General Real Estate Appraiser#RZ3871 Matthew C. Smith INC State-Registered Trainee Real Estate Appraiser#RI24544 Property Valuation&Consulting Aubree Robinson State-Registered Trainee Real Estate Appraiser#RI24567 www.PropertyValue.com April 10, 2020 Mr. Michael Rumer City of Ocoee Development Services Director 150 N. Lakeshore Drive Ocoee FL 34761 RE: 2012 Ocoee Apopka Road - A Vacant Commercial Tract Totaling 13.51 Gross/Net Upland Acres along the east side of Ocoee Crown Point Parkway, west side of Ocoee Apopka Road and along the north side of the West Orange Trail, Ocoee, Orange County,FL 34761 Tax Parcel ID #06-22-28-0000-00-005 City of Ocoee PO Number: 1426618 In accordance with the client's request, we have completed an appraisal of the above-captioned property. The information contained in this report is based on more complete data, analyses and conclusions retained in our office files. Nature of the Assignment We have been requested by the client, the City of Ocoee, to estimate the "as is" market value of the fee simple estate in the appraised property,applying all applicable approaches to value. The estimated marketing and exposure period for the subject property(at its highest and best use)is 12 to 18 months. Purpose,Intended Use and Intended User of the Report In accordance with the client's request, the purpose of the appraisal is to estimate the "as is"market value of the fee simple estate in the subject property. The intended use of the appraisal is internal decision making including a potential disposition of the property. The intended user of this report is the City of Ocoee. It is entirely inappropriate to use this report for any purpose other than the one stated. 204 South Dillard Street,Winter Garden, Florida 34787 Phone (407) 877-0200 Fax (407) 877-8222 2 Furthermore,our appraisal services and related appraisal report have been prepared in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), as adopted by the Appraisal Standards Board under the direction of the Appraisal Foundation,as well as the Code of Professional Ethics of the Appraisal Institute, as read and interpreted within this office. Effective Date of the Appraisal The effective date of the appraisal is March 26, 2020. Effective Date of the Report The effective date of this report is April 10, 2020. Inspection Date The property was inspected on March 26, 2020. Scope of Work This appraisal report complies with the reporting requirements as set forth under Standards Rule 2- 2(a) of the Uniform Standards of Professional Appraisal Practice ("USPAP") with adherence to the Competency Provision for an Appraisal Report for the property being appraised. As such, it presents discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraisers' opinion of value. Supporting documentation concerning the data, reasoning and analyses is retained in the appraisers' file. The depth of discussion contained in this report is specific to the client's needs and for the intended use as stated. The appraisers are not responsible for any unauthorized use of this report. To develop the "as is" opinion of value for the subject property, the appraisers considered all three approaches to value; however, we have only applied the sales comparison approach, with the result indicating the most credible value estimate for the subject. The income and cost approaches are not applicable in the valuation of the subject vacant land. The sales comparison approach is considered an appropriate method in the valuation of the subject if available for sale on the open market. The sales comparison approach analyzes recent sales, contracts and/or listings of similar properties as a basis for comparison with the subject vacant parcel in order to'determine an appropriate unit of comparison for estimating the subject parcel's market value. In the cost approach to valuation, an estimate is made of the current replacement cost new of the proposed or existing improvements. This amount is then adjusted to reflect depreciation (if any) Property Valuation& Consulting, Inc. 3 resulting from physical deterioration, wear and tear, and utility. This analysis also recognizes factors of functional and external obsolescence, if applicable. The current land value is then added to the depreciated cost in order to determine the value of the improved property via the cost approach. As stated previously, the cost approach was not applied because the subject property is not improved (vacant land). The income approach determines the property's value by estimating market rents, additional income sources and operating expenses, then capitalizing the net operating income by an appropriate overall capitalization rate. This approach is not applicable as vacant land similar to the subject (acreage with limited exposure) in this market is seldom leased. Comparable data were researched by investigations of public records and discussions with local brokers and real estate professionals. The data were verified, in most cases, with other real estate professionals and/or property owners and/or their property managers. The research tasks performed to estimate the value,as defined herein,involved a thorough analysis of commercial/mixed use land sales in the subject's market area. The research tasks performed to estimate the value, as defined herein, involved the following: 1- The appraisers personally inspected the subject property on March 26, 2020 and took photos of the subject property. The appraisers reviewed the land data, legal description,zoning, land use,tax and flood information of Orange County and the City of Ocoee pertaining to the subject property. 2- The appraiser researched and analyzed economic data for Florida and Orange County. Major data sources include real estate service providers like Co-Star and Loopnet, as well as investor surveys with information pertaining to the vacant land property types in the Orange County market area. 3- The appraiser researched comparable vacant land sales in the subject's market area and similar market areas with similar proposed uses to that of the subject. The data was gathered in the field and during the appraisal process, and also obtained from public records, market participants, CoStar, MLS, Total Commercial and Loopnet real estate service providers. The research included comparables with sales dates between March 2018 through March 2020, ranging from 5 to 30 acres of commercial/mixed use land similar to the subject and the master development plan in place for the subject parcels within the Ocoee Crown Point PUD. Property Valuation& Consulting, Inc. 4 4- The appraiser analyzed the market data in relation to the subject property to derive the indications of value presented in the report, which are then reconciled to the indicated as is market value of the fee simple estate in the subject site. This appraisal report is a recapitulation of the appraisers' data, analyses and conclusions. Supporting documentation is retained in the office file. Definition of Value and Property Interest Appraised The value result reported herein reflects the"as is"market value of the fee simple estate in the subject property. Market Value can be defined as the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale,the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised, and acting in what they consider their best interests; (3) A reasonable time is allowed for exposure in the open market; (4) Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and (5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. .* *12 CFR 34 42(a)Financial Institutions Reform,Recovery,and Enforcement Act of 1989("FIRREA") The land and/or improvements were valued as if offered in the open market for a reasonable period of time in which to find a buyer. The fee simple estate in the property has been appraised. It is assumed the property is available for development to its highest and best use, free and clear of all liens and encumbrances. Property Valuation & Consulting, Inc. 5 Fee simple estate is defined as the absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. Marketing and Exposure Period The marketing and exposure period for the subject parcel (at its highest and best use) is estimated at 12 to 18 months based on market supply/demand for vacant commercial/mixed-use tracts and/or lots in the area, sales of similar properties, discussions with local brokers and lack of availability of financing. Note regarding COVID-19: Due to the ongoing COVID-19 virus, designated as a pandemic as of March 11,2020 by the World Health Organization,there has been much speculation and discussion within the appraisal community regarding impacts to real estate values and marketing/exposure time. The general consensus within the real estate community is that it is too soon to know what impacts will be realized and what property types will be most impacted. The impacts may be short- term for some properties and long-term for others. Due to many states implementing stay-at-home orders, the property types immediately being impacted include hotel/motels (limited leisure and business travel), retail including sales of non-essential items and restaurants(being limited to pick- up or delivery), office and possibly distribution warehouses (due to a lower demand for non- essential products). Based on discussions with real estate professionals in the market area, as well as a review of recent national survey projections, at this point, any impact on financing and buyer and seller actions in general, are varied and may depend on the specific market as well as property types, but caution should be used on a case-by-case basis. However, enough evidence is available to definitively project marketing and exposure times to be extended with modifications/reductions to recent (prior to the announcement of this pandemic) trends of improving market conditions accordingly, based on information obtained from reliable sources. Alternatively, it is our opinion that it is too early (based on a lack of recent sales and leasing activity over the past 3-4 weeks) to apply specific adjustments to comparable properties that transacted prior to this time. Sales History The owner of record of the subject property is the City of Ocoee. There have been no recorded transactions involving the subject within the past five years. The property is not known to be listed for sale or under contract for purchase at the time of the appraisal. Location Description The subject property is located at 2012 Ocoee Apopka Road, on the east side of Ocoee Crown Point Parkway and on the west side of Ocoee Apopka Road. Ocoee High School is adjacent to the south of the property. Additionally, the site has frontage along the north side of the West Orange Trail. North of the subject is a new single-family residential subdivision, Crown Pointe Cove (separated only by a conservation and retention area). To the north of the subject along the west side of Ocoee Apopka Property Valuation& Consulting, Inc. 6 Road,there is a new Dollar General store as well as a small retail strip development under construction. The subject property is located within the city limits of the City of Ocoee in west Orange County. Ocoee Apopka Road is a two-lane, asphalt-paved road in front of the subject with no median barrier to access along the eastern boundary of the site. There are intermittent concrete sidewalks as well as street lighting along Ocoee Apopka Road in the subject's immediate neighborhood. Ocoee Crown Point Parkway is a four lane, asphalt paved road with a traffic circle near the southwest corner of the site. Ocoee Crown Point Parkway is improved with concrete sidewalks and curbing, as well as street lighting. To describe the general area in the subject neighborhood, in addition to the high school, West Orange Trail and the new subdivision, there is a Publix-anchored shopping center at the northeast corner of West Road and Ocoee Apopka Road. There are other single and multi-family residential subdivisions as well as retail commercial outparcels, a school and additional vacant parcels of land. To summarize, the subject's neighborhood is a mix of residential and commercial uses. It appears to be in the growth stage of development. Zoning The subject property is located in the Ocoee Crown Point PUD with PUD and Commercial zoning (See Exhibit B for the Conceptual Site Plan and Master Development Plan for this PUD). On the site plan, the subject is identified as Tracts 6C and 6E. The Land Use for these tracts is Village Center. The most probable uses for these tracts, based on conversations with the planning department of the City of Ocoee,include mixed use commercial retail and office although the City of Ocoee has initiated a request for qualification (RFQ) adding residential townhomes as an allowed component use on the subject tract (refer to extraordinary assumption). Discussions with Development Services Director Michael Rumer indicate this special proposal is reasonably probable to be approved. The Development Standards for the Ocoee Crown Point PUD include the following overall summary: Property Valuation& Consulting, Inc. 7 The purpose of the Ocoee Crown Point PUM Development Standard Guidelines is to set forth general design standards to ensure the development of a well-balanced,vital,pedestrian-oriented project. The Development Standard Guidelines should be used as a planning tool for the projects approved within Ocoee Crown Point PUD. They should be used in conjunction with other City of Ocoee regulations and ordinances. The Ocoee Crown Point PLO Development Standard Guidelines have been prepared to implement the following design principles. • Create a Village Center with a strong sense of place and a pedestrian friendly environment • Design streetscapes that are pedestrian in scale,safe,secure and protected from climate. • Provide linked pedestrian systems through the community: • Provide open spaces as social and recreational gathering places for residents,visitors,and workers. • Preserve and enhance existing vegetation and environmental systems. Property Valuation& Consulting, Inc. 8 The Master Development Plan for the subject tracts 6C and 6E follows: / ,! \ rI ASTER.DEVELOPMENTPLAN Blinding Setbacks t Mar Aron Street, West PeAdng Gross EUOdles Ratinf Front Side setback Rear Orange Trait Tract Pool .Retention Tracts lend Use FtcorAree Height Density Setback' Setback Seesg 6 Setback Setback Acreage Units See 12 ken 1;43,45 Water Nut Village 13,933 45 FT 1:0 FAR 25 FT 26 FT 4FT -' 1202- 17200 SF 2 Single-FunkyRegg:teretal. NIA 35 FT. 4:4UlAD Sea attache0rsstAsrfiaisptbrcks 3557 'tOt 2JUett. 2A 1.32 Staten N/A Sac 51 -3 9krgle-Fam3yFLesIdenWl NA 35 FT, 3.611/AC See-ata:tied residential aethske 19.35 65 2tUrat 3A' ceetmielty-Perk taA 35 FT NIA. 25FT. I 25 FT 1 S)FT I 25 FT- 0.244 Sae Al• 38 Lit Stake N/A - _ See All 3C CanmrnRy Park WA 35 FT- NA 25 FT 25 Fr I 20 FT 25 FT DES Sea tit '4 Elatuntesy.seb3ol WA 45 FT N/A- 2-FT 16Fr 25 FP 15 FT 13.61 Seeat: 5 i6geScheel N/A 45 FT WA 6 15FT 20FT 15FT 2FT 51.21 See Al' tine 6A Workforce Edreetlat 5.400 45 FT 3.0 FAR 10 fiT I 0 10 FT 10 FT 0.28 11250 SF See Oi. 6B Workforce EEri¢ffiler _440 0 _.45.Fi 3.0 FAR 10.FT I .0 12fT 10 FT , 033 11MMO SF Scutt 67. Vlllego Oar4er 54,900 451 T 3,0 FAR 10.FT I 0 10 FT 19 FT 5:73 1/40 SF See Ai CD Vilage Canter 24.800 45 FT 3,0 FAR 10 FT "O lO FT 10 FT 10 FT 233 -I MO 5F See Al 6E VillageCerder 2.7400' 46Fr 3.0FAR 10Ft. -0 10FT 10FT 10FT 258 1r2SOSF Sdo61, Parrot Requirements 1_ Notts.. .- ..84: VIIIcesCantg Rr5r4 Ward tonna.52rrrakarsrrmnrnrrs Uirnom;Vann, Fora[no rrstrrs mat:crr0e 3 Resdert0.1Aes=t umt.t bean receutacif SCrdto tin r8A00 OehrW 0ar4r41 SUavek015Aein't qurmre,ryirq A, rtifte[JeasantitW:O'rsr$G63ierlist.khie ne Y train 5t 6D VIll s.r;rem6r aasirer rx d=sjAna sbje,.4 a'an s p?crcis'in�a P,!_fd to lne arar>p Ina rairn 1J 4 - 6E Vlllags Definer ' b0 fetid Wan,4tlaxak ar5t0v®nnn[:Qwarum,7000 a: ttral tlao Cam-cat:1,arcs 8 gcsesrtia'.►lsr rsecl f.>a$ ease ritIcfas} Estll to iac Property Description Land Size (SF or Acres) 13.51 gross/net upland acres (588,674 gross/net upland SF),based on public record information, Orange County Property Appraiser(a survey was not available) Shape Irregular Frontage Approximately 472.52 feet of frontage along the west side of Ocoee Apopka Road and approximately 350 feet of frontage along the east side of Ocoee Crown Point Parkway Topography Mostly wooded, level and at road grade. Vegetation consists of scrub oaks, palmettos, and pine trees as well as grasses and ground vegetation native to Central Florida. Property Valuation& Consulting, Inc. 9 Drainage Appeared adequate on the day of inspection Utilities Electricity provided by Duke Energy Telephone service provided by Century Link Water and sewer provided by the City of Ocoee Apparent Easements, Encroachments or Restrictions No adverse easements or restrictions noted (typical utility easements are assumed). Soil and Subsoil Conditions Suitable for normal building loads as evidenced by the surrounding improvements and no known wetlands Site Improvements 6' chain link fencing located on portions of the southeast corner of the site; hard graveled road along the southern boundary of the property Flood Map Information According to the Federal Emergency Management Agency's Flood Insurance Rate Map Panel No. 12095CO210F, dated September 25, 2009, the subject site is situated in Zone X, an area outside the 500-year flood plain. Assessment/Tax Data The subject site identified as Tax ID #06-22-28-0000-00-005 by the Orange County Property Appraiser and Tax Collector and is located at 2012 Ocoee Apopka Road. Pertinent tax data is exhibited on the following page. The total assessment for 2019 is$825,033. The property consists of 13.51 acres (588,674 square feet), gross and net upland. The subject's assessment would be expected to considerably increase following a sale of the property for its commercial/mixed-use highest and best use given the site's just/market and assessed value is substantially lower than the opinion of market value in this appraisal. Property Valuation& Consulting, Inc. 10 Total Land Area 588,674 sqft(+1-) I 13.51 acres(+1-) GIS Calculated Land Land Use Code Zoning Land Units Unit Price Land Value Class Unit Price Class Value 8900-Municipal PUD-CONLNI 11.73 ACRE(S) $67,053.00 S786,532 $0.00 $786,532 8900-Municipal PUD-PU 1.78 ACRE(S) $21,630.00 S38,501 $0.00 $38,501 Certified taxes for 2019 for the property on a millage rate of 0.0174099 (Ad Valorem) are currently $0 due to the public use exemption. There are not any non-ad valorem assessments. The tax information follows. Tax Year Values - Land Buildings) Eeature(s) Market Value Assessed Value 2019 Ea psi S825,033 + SO + S0 =S825,033 rsw-a S825.033 men; 2018 ®® S785,745 + $0 + $O = S785,746 CAS S785.746 tt60 2017 ®® S785,746 + SO + $0 =$785,746 60.4 4785.746 %i 2016 ® S762,860 + SO + SO = S762,850 S762.860 Tax Year Benefits Other Exemptions Tax Savings 2019 121® S825,033 S14.364 2018 Ei S785,746 S14.037 2017 El in S785,746 S14,306 2016 Ei S762,860 S14,295 2019 Taxable Value and Certified Taxes 0 TAX YEAR 12019•2018•2017•2016 Taxing Authority Assd Value Exemption Tax Value Mi0age Rate Taxes 95 Them are no ad valorem taxes to display at this time. 2019 Non-Ad Valorem Assessments Levying Authority Assessment Description - Units Rate Assessment There are no Nan-Ad Valorem Assessments 2019 Gross Tax Total: $0.00 O 2019 Tax Savings Tax Savings Your property taxes without exemptions would he: S14,353.74 Your ad-valorem property tax with exemptions is - $0.00 Providing You A Savings Oh = S14.363.74 Property Valuation & Consulting, Inc. 11 ParcellTangible 06-22-28- Owner&Address: Number. 0000-00005 CITY OF OCOEE Date:4/812020 150 N LAKESHORE DR Tax Year 2019 OCOEE,FL 34761-2223 Total Assessed Value: $825,033 Legal PORTION OF SW1l4 OF 06-22-28 LYING N OF WEST ORANGE TRAIL,W OF OCOEE Taxable Value: SO Description: APOPKA RD,SWLY OF WESTYN BAY PH 1 PB 54129,&SELY OF OCOEE CROWN Gross Tax Amount 30.00 POINT P Miilage Code: 65 OCO Location 2012 OCOEE APOPKA RD OCOEE 34761 Address: Comments: Note:The"Certified Owner"is the Owner of record on the Tax Roll.Check the"Certified Owner"check box and select the Taxbill button to see the certified owner. Current Taxes and Unpaid Delinquent Warrants: Year Owner Information Amount Due View BilliReceipt Certified Owner Make Payment 2019 !CITY OF OCOEE 'PAID(View Taxbill For Receipt)'' _Taxbilt ....-__-. ....._...._..---�.....__...____.........._ 2018 CITY OF OCOEE "PAID(View Taxbill For Receipt) ':. , Taxbilt ❑ 2017 ;CITY OF OCOEE Y PAID(View Taxbill For Receipt)' ! Taxbill;. ❑ 2016 ;CITY OF OCOEE ;"PAID(View Taxbill For Receipt)' ? Taxbill ❑ 2015 l CITY OF OCOEE 'PAID(View Taxbill For Receipt)' Taxbill. .. ❑ 094 I CITY OF OCOEE PAID(View Taxbill For Receipt)* Taxbil., : ❑ 2013 °CITY OF OCOEE 'PAID(View Taxbill For Receipt)' Taxbill `:. ❑ 2010 !CITY OF OCOEE 'PAID(View Taxbill For Receipt)* ! Taxbill___..._....._.-i__—_-. .._—.._....__.'.._._.....---..........._....— I 2009 i CITY OF OCOEE PAID(View Taxbill For Receipt)' Taxbiil ❑ 2008 CITY OF OCOEE PAID(View Taxbill For Receipt)* Taxbill ❑ 007 I CITY OF OCOEE 'PAID(View Taxbill For Receipt) ' Taxbill .. 0 2006 I CITY OF OCOEE 'PAID(View Taxbiil For Receipt)' I Taxbill i ❑ 1 Unpaid Real Estate Certificates: Year Current Payoff If Paid By Current Payoff If Paid By Make Payment *NONE* r NONE* i'NONE' `NONE' i'NONE• i 'NONE` I . Highest and Best Use as if Vacant The highest and best use of the subject site as if vacant considers uses that are physically possible, legally permissible, financially feasible, and maximally productive. The subject site is physically capable of supporting development as evidenced by the surrounding improvements. Legally permitted uses include a wide variety of retail, office and residential uses. However,the site has marginal frontage along minimally traveled roads, which appears to be inadequate visibility/exposure when compared to other mixed-use sites researched. In contrast though, the point can be made that traffic is generated for retail/office commercial uses by the high school located Property Valuation& Consulting, Inc. 12 adjacent to the south of the subject property as well as the surrounding single and multi-family subdivisions. The use that would be feasible and result in the highest return to the land would be for mixed use, likely office or retail/service uses, in conjunction with residential uses due to the current zoning and compatibility with nearby uses. Therefore,the highest and best use of the subject site as vacant is for mixed use, including office, retail and residential development. Valuation Process In the appraisal of the subject property, one of the three commonly accepted approaches to value were considered and applied:the sales comparison approach,which is the only applicable approach to value the subject vacant land. Sales Comparison Approach Three comparable sales and one pending contract of vacant land, similar to the subject property were analyzed to indicate a value. It should be noted that there is a current listing located at the southwest corner of Ocoee Apopka Road and Fullers Cross Road. The property is a 5 acre tract of vacant land with a Commercial-PUD zoning. This property is listed for sale at $1,000,000 ($4.59/SF) by Daryl Carter of Maury Carter and Associates. Due to the small size, compared to the subject, and the availability of more similar properties,the appraisers did not include this listing in their analysis. The comparable land sales and pending contract used are summarized on the ensuing adjustment grid (analyzing the sales on a net upland square foot unit of comparison) and a location map, aerial photographs and summary descriptions are found in Exhibit D. Property Valuation & Consulting, Inc. l3 COMPARABLE LAND SALES ADJUSTMENT GRID (Based on Unit Value Per Net Upland Area) 2012 Ocoee Apopka Road Subject Sale I Sale 2 Side 3 Pending Contract 4 Address: 2012 Ocoee Apopka Road(East Southwest quadrant of Maguire 255 Fountains West Boulevard 750 Palm Drive Along east side of South Binion side of Ocoee Crown Point Road and Florida's Turnpike Road and along west side of State Parkway and West side of Ocoee Road 429 north of Harmon Road Apopka Road) and south of Boy Scout Road City/County Ocoee,Orange County Ocoee,Orange County Ocoee,Orange County Ocoee,Orange County Apopka,Orange County Zoning/FLU: PUD-COMM(Ocoee Crown Point PUD-COMM/Commercial PUD-COMM/Light lndusfnal C-2(Community Commercial) ZIP(Zoning in Progress) PUD Commercial with Professional and Low Density Residential, within SR 429 Character Area Offices and Services FLU);City of City of Ocoee Boundaries/Commercial;City of Ocoee Ocoee Proposed Use: Mixed Use Commercial.Office& Mixed Use Commercial,Office Self Storage Facility Commercial Use Multi-Family Residential 8 Residential Sale Date: Mar-20 Appraisal Date Mar-18 Sep-18 Jun-19 Mar-20 Unadjusted Sale/Listing Price: WA $2,625,000 $1,715,700 63,500,000 $5,000,000 Adjusted Sale/Usbng Price: N/A $2,625,000 31,715,700 63,500,000 $5,005,000 Sue(Gross Acres)'. 13.51 Acres 10.68 Acres 11.73 Acres 22.71 Acres 19.71 Acres Size(Gross SF): 588,674 SF 464,350 SF 511,161 SF 969,248 SF 858,568 SF Size(Net Usable/Upland Acreq)_ 13.51 Acres 10.68 Acres 9.03 Acres 22.71 Acres 18.98 Acres Size(Net Usable/Upland SF): 588.674 SF 464,350 SF 393,347 SF 989,248 SF 826,769 SF Adjusted Sale Price/Net Upland SF NIA $5.65 $4.36 $3.54 $6.05 Adjustments for Property Rights Conveyed,financing Terms,Conditions of Sale,Expendltures Immediately After Purchase and Market Conditions: Real Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Adjustment for Real Property Rights: N/A 0% 0% 0% 0% Adjusted Price/SF of Net Upland Area for Red Property Rights N/A $5.65 $4.36 $3.54 $6.05 Financing terms: N/A Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Adjustment for Financing terms: WA 0% 0% 0% 0% Adjusted Price/SF of Net Upland Area for Financing Terms: WA 65.65 $4.36 63.54 $6.05 Conditions of sale: N/A Arm's Length/Normal Assumed Arnie Length/Normal Arm's Length/Normal Pending Contract Adjustment for Conditions of sale: N/A 0% 0% 0% -10% Adjusted Price/SF of Net Upland Area for Conditions of Sale: N/A $5 65 $4.36 63.54 $5.45 Market Conditions Adjustment a,% N/A 0.00% 0.00% 0.00% 0.00% Months since dosing: N/A 24 months ago 18 months ago 9 months ago 0 months ago Adjusted Price/SF of Net Upland Area for Market Conditions: N/A $5.65 $4.36 $3.54 $5.45 Gross Adjustment NIA 0.00% 0.0% 0.00% -10.00% Adjusted PriceSF of Net Upland Area: NIA 65.65 $4.36 $3.54 55.45 Physical Adjustments: Municipality/Location. City of Ocoee City of Ocoee City of Ocoee Cny of Ocoee Cdy of Apopka Adjustment for Location: N/A 0% 0% 0% 0% Size(Upland Acres) 13.51 Acres 10.66 Acres 9.03 Acres 22.71 Acres 18.98 Acres Size(Upland SF). 588,674 SF 464,350 SF 393,347 SF 989,248 SF 826,769 SF Adjustment for Size(Usable/Upland SF): N/A 0% -5% 10% 5% Traffic Counts(FDOT 2018 AADT): 14,600 on Ocoee Apopka Road 12,100 on Maguire Road and No Data Available 16,900 on Franklin Stand 9,000 5,200 on S.Anion Road and 144,800 on Florida's Tumpike on E.Crown Paint Rd 39,500 on State Road 429(no (no access) access) Direct Exposure'. Ocoee Apopka Road and Ocoee Maguire Road and Florida's Fountains West Boulevard Franklin Street,East Crown South Binion Road end SR-429 Crown Point Parkway Tumpike Point Road and Palm Dove Adjustment for Direct Exposure: N/A 0% 5% -5% 0% Unites(s=sewer;W=Water;E=Electric,T e TNapnonel'. S-W-E-T S-W-E-T S-W-E-T S-W-E-T S-W-E-T Adjustment for U6utes: NIA 0% 0% 0% 0% Access/Shape/Utility; 2 Streets/Irregular 1 Street/Mostly Rectangular 1 Street/Mostly Rectangular 3 Streets/Mostly Rectangular 2 Streets/Mosby Rectangular(0.73 Uplands acre portion accessed via unpaved easement, c non-contiguous due to SR-429 was deducted from net area above) Adjustment for Access/Shape/Utility: N/A 0% 0% -0% -5 Zoning/FLU: PUG-COMM(Ocoee Crown Point PUD-COMM/Commercial PUD-COMM/Light Industrial C-2(Community Commercial) ZIP(Zoning in Progress) PUD Commercial with Professional and Low Density Residential; within SR 429 Character Area Offices and Services FLU);City of City of Ocoee Boundaries/Commercial;City of Ocoee Ocoee Adjustment for Zoning/FLU: N/A 0% 5% 0% 0% Water Retention: On-Site On-Site On-Site On-Site On-Site Adjustment for Water Retention: NIA 0% 0% 0% 0% State of Approvals: Zoning with FAR in place Zoning in place Zoning in place Zoning in place Zoning in progress Adjustment for State of Approvals: N/A 0% 0% 0% 5% State of Development: Wooded Wooded Mostly Wooded Mostly Cleared Partly Cleared Adjustment for State of Development: N/A 0% 0% -5% 0% Net Physical Adjustments: WA 0% 5% -5% 5% Gross Physical Adjustments: N/A 0% 15% 25% 15% Indicated Value/SF of Net Upland Area: WA $5.65 $4.58 53.36 $5.72 Weighting N/A 35% 35% 15% 15% Weighted Value/SF of Net Upland Area: N/A 61.98 $1.60 S0.50 $0 86 Value Indication(Based on Net Upland Area): 588,894 SF o/Upland Site Area $4.94/SF= 62,910,296 Final Value Indication: $2,9/0,000 Property Valuation & Consulting, Inc. 14 These sales are judged to be among the best value indicators available. The sale dates range from March 2018 to June 2019 and includes a current pending contract. The comparables ranged in size from 393,347 to 989,248 net upland square feet (9.03 to 22.71 acres). Unadjusted sale prices ranged from $3.54 to $6.05 per net upland square feet, averaging$4.90 per net upland square foot. None of the sales required any adjustments for property rights,financing or conditions of sale,as each transaction involved the fee simple estate and were in cash terms, or cash equivalent to the seller and were normal and arm's-length deals, with the exception of Pending Contract 4, which was adjusted downward 10%for conditions of sale as the asking price will likely be negotiated downward in order to consummate a sale. Finally, due to the ongoing COVID-19 pandemic, as discussed above, there was no adjustment made to the sales for market conditions based on the date of sale. The property characteristics that influence value include location,size,frontage/traffic counts,utilities, access/shape/utility, zoning/FLU, water retention, state of approvals and state of development. The sales were analyzed and compared to the subject relative to these features and appropriate adjustments were made. Adjustments were made on a percentage basis (inferior/superior). After adjustments, the range of indicated values for the subject was $3.36 to $5.72 per net upland square foot, averaging$4.83 per net upland square foot. Primary reliance was placed on Sales 1 and 2 with a weighting of 35%each. In the case of Sale 1,due to its proposed mixed-use development and in the case of Sale 2 for its similar zoning and proximity to the subject. Sale 3 and Pending Contract 4 received supporting weight of 15% each. In the case of Sale 3,although it's a recent sale,it was purchased to hold for later development,and Pending Contract 4 due to its status as a pending deal and unsettled zoning issues. This analysis indicates a value of $2,910,296,or$4.94 per net upland square foot for the subject's 588,674 net upland square foot/13.51- acre commercial site, rounded to $2,910,000. Property Valuation & Consulting, Inc. 15 Reconciliation Since it is the only applicable approach to value, all weight was placed on the Sales Comparison Approach to value in the final determination of value for the subject property. Based upon the investigation summarized and the premise defined herein, the "As Is" Market Value of the Fee Simple Estate in the subject property appraised as of March 26, 2020 is estimated to be: TWO MILLION NINE HUNDRED TEN THOUSAND DOLLARS ($2,910,000). Our appraisal services and related appraisal report have been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), as adopted by the Appraisal Standards Board under the direction of the Appraisal Foundation,as well as with the Code of Professional Ethics of the Appraisal Institute, as read and interpreted within this office. This report was prepared in accordance with, and is subject to, our Assumptions and Limiting Conditions and General Service Conditions, which are attached to and form an integral part of this report. No investigation was made of the title to or any liabilities against the property appraised. Respectfully submitted, PROPERTY VALUATION&CONSULTING, INC. XI Blair Beasley State-Certified General Real Estate Appraiser License No. RZ3871 ;J , -4 Matthew C. Smith State-Registered Trainee Real Estate Appraiser License No. RI24544 April 10, 2020 Job#A20-8A.VL Property Valuation & Consulting, Inc. Property Valuation & Consulting, Inc. Exhibit A Exhibit A Subject Location Map and Subject Photographs (6 Pages) lis Q . o one Rd Magnolia Fare. g ISE Cr_ SeCtbn e o- $ Rd Paradise Heigh )( i McCormick Rd W —'-r :_'1 sat ill Lake Apopka y J-- TroutLake hire[435 Blvd .. j — Y. 8t.— ,Clemons 1 437 k Illb d » i x t :1. s — rip 111 •Zo '�- Lt . . ', 11E Y" Cross Rd -PI' - f. .- r ,,-_,r. c::, . _ , ,_ ,_, t rir 4Li tRel' c')L' ar-_? Q■ ■ .1 tIaLJ1 _ - Xellin9 Ave . I viiiiiiI 440 , ci ' —' Carter St .,* , -i— IF iv IB 4 A 7 a" ' 2' 11 , 1 I ■ kin 5 a0c13 ee :1 ' o Fi Maple S E I. t. lifil e ��ili� �~ ri � � i R 537 II Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS +t' •<� �{ t txx / A A, ., i..F 4, ^f a�'"-ram . s _ Rb /,e VIEW LOOKING WEST FROM THE SOUTHEAST CORNER OF THE PROPERTY ri viliii P •:' e T Y.. ; ! 4 G `eta &°i1.• it .' ti VIEW LOOKING WEST ALONG THE WEST ORANGE TRAIL FROM NEAR THE SOUTHEAST CORNER OF THE SITE(SUBJECT ON RIGHT) Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS ril T • VIEW LOOKING NORTH ALONG OCOEE APOPKA ROAD FROM NEAR THE SOUTHEAST CORNER OF THE PROPERTY(SUBJECT ON LEFT) 'Y. VIEW LOOKING SOUTH ALONG OCOEE APOPKA ROAD FROM NEAR THE NORTHEAST CORNER OF THE PROPERTY(SUBJECT ON RIGHT) ' Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS ' to I. f. F. ..S20 , VIEW LOOKING NORTHEAST FROM NEAR THE SOUTHWEST CORNER OF THE PROPERTY t 4MS 2610-Ab OCOEE CROWN POINT PARKWAY LOOKING NORTHEAST FROM NEAR THE SOUTHWEST CORNER OF THE PROPERTY(SUBJECT ON RIGHT) Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS t Tr N. ' a d d HARD GRAVELED ACCESS ROAD WHICH RUNS ALONG THE SOUTHERN BOUNDARY OF THE PROPERTY,LOOKING SOUTHEAST FROM THE SOUTHWEST CORNER OF THE PROPERTY ,,. - IiMiv -. 1111)Wo, Y 4. . r VIEW LOOKING NORTH OF THE EASTERN PORTION OF THE SITE FROM NEAR THE SOUTHERN BOUNDARY Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS . VIEW LOOKING EAST OF THE GATE ACROSS THE HARD-GRAVELED ACCESS ROAD FROM THE EASTERN PORTION OF THE SOUTHERN BOUNDARY• pp ... _her. ..,c,rc if am) VIEW OF THE ACCESS ROAD LOOKING WEST FROM NEAR THE SOUTHEAST CORNER OF THE SITE Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS IOW :!, .,;,:.i ' A* n sr l 26 2820- VIEW LOOKING SOUTHEAST FROM NEAR THE NORTHWEST CORNER OF THE SITE .7.w T. V f P 1 OCOEE CROWN POINT PARKWAY LOOKING SOUTH FROM NEAR THE NORTHWEST CORNER OF THE PROPERTY(SUBJECT ON LEFT) Property Valuation & Consulting, Inc. Exhibit B Exhibit B Aerial Map, Tax Map, Ocoee Crown Point PUD Conceptual Plan and Master Development Plan (4 Pages) Property Valuation & Consulting, Inc. Property Valuation & Consulting, Inc. Exhibit B Aerial Map (property outlined in blue) /r� // f p1>c ssouates 0-, /f/ diiititi:..11/.7" �e. a ..':'•..-.' ' ' •-*-;:i..Li .1-.;o'1/41-•••.E iell...--7--: . '•••'';e - , . •. 'A No / • .... _k-y P r TR/CT::. :i. n. Pat nets I� V. .rY �,$�a• I111C 4 1,+II t 9 W. ‘N it ., , / . :4N: 4. ..-R' _ '�"'4 '.`'.(',f$;,;,�. .. Y�'..r4 , 4,ill '' ,,.///.. / , _ ,, . ,<Its f. ,..., ...„404,..5,.„1,..71,,, coN,. • , -, -(—. as ,} s � J� , -*40 . A ': I i North^ Property Valuation & Consulting, Inc. Exhibit B TAX MAP (property highlighted in red) f Y f dC� \ aT Q \ l Gs°A� �a r �/' \ TRAGTA Crown Ps Pointe ost Ibm�wvnws A Assn IncYsc _Ewa 11 } 1 �.. -. CbO1 y w �"Gcc " 4 TRACT' '• Ra h . 4 0, 1 4, ,, li,.., ,:-.. , ,s„op . i �, _"5 , -- i North^ Property Valuation & Consulting, Inc. Exhibit B CONCEPTUAL SITE PLAN Wel 1U(T.T .11. .. ���YYY - �'�, M'I ,,yyam�.y MKT.O+ TR,cT•.,. Ma MO ,:op 411$Vipt , - -: run n>,i nrcr ir1 r; •. , TIALZ.b .Y � E �" T, /i. •.r r�4r . s �,� a 1 TSAR.M .'TtKa f.7: ;.. it 11.,. fr / t .e \ /: • - - _ ra 'lima�..r '1 I tuc7.u•� _ Illog7 el VC Tw •i N *° PA9:• fP.+.x4' Wit: TRKT•Iy. / -t ACT Ocoee Crown Point 1'C.I1) TwT.1r (Subject property is identified as Tracts 6C & 6E) Property Valuation & Consulting, Inc. Exhibit B III # ; ; I 1 _' 1 l , ii 111 ii 1 li$1 I . i 1 JJ1 4I I 1 i iiiiitiIiiIiIIIi fiii i I il ; I iii-ibli ,i , 1 i of lip, I I. I , _1111 H � 1 ' Ili. i3 f I t1d$! I 1 ! !pi f $ 11111 IN I 111 II ill iitiii i # I s 0 i II 1 i IWO g 522 I 1 ii G t t R g Y 114 t o 4 i "�t e 1 _ ` ' A A A R SRR Y R 9 lit J a s t L. + + fill A A�' t t 3am s#Q s a Ii 3 'l x a 2,2 s + a s s sae A s s g s iji I 'll 4 € I 111 a B 1 3 1 { � 11 I . . ! I1II 1 = t, =1 t till , I i; - 8-ARY - - 3=S 3 li it Property Valuation & Consulting, Inc. Exhibit C Exhibit C Identifying Legal Description (1 Page) Property Valuation & Consulting, Inc. Exhibit C PORTION OF SW114 OF 06-22-28 LYING N OF WEST ORANGE TRAQ,W OF OCOEE APOPKA RD,SWLV OF WESTYN BAY PH 1 PB 5429,&SELV Of OCOEE CROWN POINT PUD PH 1 PB 63;24 Public Records of Orange County, Florida Property Valuation & Consulting, Inc. Exhibit D Exhibit D Comparable Land Sales Location Map, Aerial Photographs and Summary Descriptions (4 Pages) 4 441� I I Apip . " r 436 sco Pending Contract 4 X # ' F r d 9 42 , rT. a w A 414' LI ! PI "44 If 437H r ci i Paradise • :es_ k e Apopka Heights McCormick RdW Sale 2 J '"i" 1g a I 'i Clarcona _ Rd �.._. CSarcana O 11111M1. . it e. ; Fullel :� fit x. G R A N G E 46 Sale 3 X u- CM Indian Hill R e Crown s , ' r i Point , W i +coee I 1 0 Winter - a Garden 438 �_ ,' • a ' 431� ta! _ _ _ White R `of' I loll ry Rd W cm E Story Rd ?I' QI:Y 439 Sale 1 X )akland -",~ TA envale rrri I�4'i .= s o Pine I- L 429' - - —}{ 7, Toll ' T ke 526 __ l Toll Q- . $ 7' 40s, al a _.,.,__. A Orlovista D:Akiii 7 8eulah4111 ''' M . Al it i azrtt Location Map Property Valuation & Consulting, Inc. Exhibit D SALE 1 1.1 f �' + A vy �Y SN3j�t , s.. Address/Location Southwest quadrant of Maguire Road and Florida's Turnpike, Ocoee, Orange County,FL Tax Parcel ID# 30-22-28-0000-00-004 Grantor Maguire Road, LLC Grantee RPM Investments Holding, LLC Transfer Data: Recording Date March 2018 Exchange Arm's Length Conditions Normal Recorded Instrument#20180203585, Orange County Sale Data: Sale Price $2,625,000 (Verified with Marvin Puryear, Listing Broker, 352-257-5900) Financing Cash equivalent to seller Price per Sq. Ft. $5.65/SF (Net Upland and Gross) Site Data: Configuration Mostly Rectangular Size 464,350 SF/10.66 acres (gross/net usable) Frontage Frontage along Maguire Road and Florida's Turnpike, the site is below road grade of Maguire Road (due to the Turnpike flyover). The future development will be accessed via an extension of Tomyn Boulevard. Zoning/FLU PUD-COMM/Commercial; City of Ocoee Utilities All utilities are available to the site with on-site retention required. Traffic Counts 12,100 on Maguire Road and 144,800 on Florida's Turnpike (no access), (FDOT AADT 2018) Comments This parcel and the parcel adjacent to the west will be developed with a mixed- use project including 90 townhomes,60,000 SF of office/retail and a preschool. Property Valuation & Consulting, Inc. Exhibit D SALE 2 I YL, -, r I ti • ,4 ,,,1400. 401..,... , .__ ... .. ..,, N,.. ., z—k , , , , i"-:4_ - ..,. ,- \� —ve, ,.. .. „--, .a S v4.: - , .- - ,,*. �` ,,,,._ ,, , , ..-..:. e -,t ',Y- ilio. - Fantan Wct Blv Address/Location 255 Fountains West Boulevard, Ocoee, Orange County FL Tax Parcel ID# 06-22-28-2856-08-000 Grantor Living Waters Church Ocoee, Inc. Grantee Timmus Storage 1, LLC Transfer Data: Recording Date September 2018 Exchange Assumed to be at Arm's Length Conditions Normal Recorded Instrument#20180556733, Orange County Sale Data: Sale Price $1,715,700 (All attempts to verify failed, information gathered from Orange County public records and CoStar Comps data.) Financing Cash equivalent to seller Price per Sq. Ft. $4.36/SF (Net Upland) Site Data: Configuration Mostly Rectangular Size 393,347 SF/9.03 acres (net usable), 511,161 SF/11.73 acres (gross) Frontage Frontage along north side of Fountains West Boulevard Zoning/FLU PUD-COMM (Commercial Planned Unit Development)/Light Industrial and Low Density Residential; City of Ocoee Utilities All utilities are available to the site with on-site retention required. Traffic Counts No Data Available (FDOT AADT 2018) Comments As of March 2019 the FLU for the low density residential portion of the site has been recommended to change to light industrial. Per City of Ocoee Planning& Zoning meeting minutes,there will be a 102,600 SF 3-story self-storage facility built here (34,200 SF per story). Property Valuation & Consulting, Inc. Exhibit D SALE ii.' • !I W illap- �i fi' ` i -- 1 4t '' w I 2 �, I .5 f i5 fi i. . Y._ } ; i 3. l. �� R ii c : h Address/Location 750 Palm Drive, Ocoee, Orange County, FL Tax Parcel ID# 13-22-27-0000-00-013 Grantor Sharp Properties, LLC Grantee HYYFT Winter Garden, LLC Transfer Data: Recording Date June 2019 Exchange Arm's Length Conditions Normal Recorded Instrument#20190408125, Orange County Sale Data: Sale Price $3,500,000 (verified with Lester Austin, listing broker, 407-448-0572) Financing Cash equivalent to seller Price per Sq. Ft. $3.54/SF (Net Upland and Gross) Site Data: Configuration Mostly rectangular Size 989,248 SF/22.71 acres (gross/net usable) Frontage Frontage along Franklin Street, East Crown Point Road and Palm Drive Zoning/FLU C-2 (Community Commercial) within SR 429 Character Area Boundaries/Commercial; City of Ocoee Utilities All utilities are available to the site with on-site retention required. Traffic Counts 16,900 on Franklin Street and 9,000 on East Crown Point Road(FDOT AADT 2018) Comments The buyers are planning to hold the site. Property Valuation & Consulting, Inc. Exhibit D PENDING CONTRACT 4 \ iffAtt M1 Address/Location Along east side of South Binion Road and along west side of State Road 429 north of Harmon Road and south of Boy Scout Road, Apopka, Orange County, FL Tax Parcel ID# 18-21-28-0000-00-016, 19-21-28-0000-00-010 and 18-21-28-0000-00-015 Grantor N/A; Pending Contract, Will be: Binion Road, LLC Grantee N/A; Pending Contract Transfer Data: Recording Date N/A; Pending Contract Exchange N/A; Pending Contract Conditions N/A; Pending Contract Recorded N/A; Pending Contract Sale Data: Asking Price $5,000,000 (Andrew Slowik, listing broker, 407-541-4428) adjusted to $5,005,000 to account for the cost to demolish the existing 3,900 SF warehouse improvement Financing Cash or equivalent to seller Price per Sq. Ft. $6.05/SF (Net Upland) Site Data: Configuration Mostly rectangular with non-contiguous 0.73 acre site accessed via an unpaved easement Size 826,769 SF/18.98 acres (net of non-contiguous parcel) and 858,568 SF/19.71 acres gross Frontage Frontage along South Binion Street and State Road 429 Zoning/FLU ZIP (Zoning in Progress); City of Apopka Utilities All utilities are available to the site with on-site retention required. Traffic Counts 5,200 on South Binion Road and 39,500 on State Road 429 (no access)(FDOT AADT 2018) Comments The site is partly cleared and has a 3,900 SF warehouse on site, reportedly of no value to the contracted buyers. They are proposing townhomes, unknown number of units, and are currently in negotiations with the city of Apopka and Orange County to have the zoning approved. It was reported that due to Orange County School Board Enhancement Agreement requirements and legislative issues, there are no approvals being granted until there is a legislative correction. Property Valuation & Consulting, Inc. Exhibit E 7 Exhibit E Assumptions and Limiting Conditions, Extraordinary Assumptions and Hypothetical Conditions (3 Pages) Property Valuation& Consulting, Inc. Property Valuation & Consulting, Inc. Exhibit E Assumptions and Limiting Conditions No responsibility is assumed for matters legal in nature. No investigation has been made of the title to or any liabilities against the property appraised. In this appraisal, it is presumed that, unless otherwise noted,the owner's claim is valid,the property rights are good and marketable, and there are no encumbrances that cannot be cleared through normal processes. We have provided an Appraisal Report, intended to comply with the reporting requirements set forth by the Uniform Standards of Professional Appraisal Practice (USPAP) for a Summary Appraisal Report. As such, the report presents discussions of the data, reasoning, and analyses used in the appraisal process to develop Property Valuation & Consulting's opinion of value. Supporting documentation concerning the data, reasoning, and analyses has been retained as a part of our work papers. The depth of discussion contained in the report is specific to your needs as the client and for the intended use as stated. Property Valuation & Consulting, Inc., is not responsible for the unauthorized use of this report. To the best of our knowledge, all data set forth in this report are true and accurate. Although gathered from reliable sources, no guarantee is made nor liability assumed for the accuracy of any data, opinions, or estimates identified as being furnished by others that have been used in formulating this analysis. The market value estimate contained within this report specifically excludes the impact of structural damage or environmental contamination resulting from earthquakes or other causes. It is recommended that the reader of this report consult a qualified structural engineer and/or industrial hygienist for the evaluation of possible structural/environmental defects,the existence of which could have a material impact on market value. Land areas and descriptions used in this appraisal were provided by the owner and/or obtained from surveys or public records and have not been verified by legal counsel or a licensed surveyor. (The land description is included for identification purposes only and should not be used in a conveyance or other legal document without proper verification by an attorney.) No soil analysis or geological studies were ordered or made in conjunction with this report, nor were any water, oil, gas, or other subsurface mineral and use rights or conditions investigated. Substances such as asbestos, urea-formaldehyde foam insulation, other chemicals, toxic wastes, or other potentially hazardous materials could, if present, adversely affect the value of the property. Unless otherwise stated in this report,the existence of hazardous substance,which may or may not be present on or in the property, was not considered by the appraisers in the development of the conclusion of value.The stated value estimate is predicated on the assumption that there is no material on or in the property that would cause such a loss in value. No responsibility is assumed for any such conditions, and the client has been advised that the appraiser is not qualified to detect such substances, quantify the impact on values, or develop the remedial cost. No environmental impact study has been ordered or made. Full compliance with applicable federal, state, and local environmental regulations and laws is assumed unless otherwise stated, defined, and Property Valuation & Consulting, Inc. Exhibit E considered in the report. It is also assumed that all required licenses, consents, or other legislative or administrative authority from any local, state, or national government or private entity organization either have been or can be obtained or renewed for any use that the report covers. Plats are presented only as aids in visualizing the property and its environment. Although the material was prepared using the best available data, it should not be considered as a survey or scaled for size. It is assumed that all applicable zoning and use regulations and restrictions have been complied with unless a non-conformity has been stated, defined, and considered in the appraisal report. Further, it is assumed that the utilization of the land and improvements is within the boundaries of the property described and that no encroachment or trespass exists unless noted in the report. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one of more of the requirements of the act. If so, this fact could have a negative effect on the value of the property. Since we have no direct evidence relating to this issue, we did not consider the possible noncompliance with the requirements of ADA in estimating the value of the property. Blair Beasley and Matthew Smith have made a physical inspection of the property and noted visible physical defects, if any, in this report. This inspection was made by individuals generally familiar with real estate and building construction. However, these individuals are not architectural or structural engineers who would have detailed knowledge of building design and structural integrity. Accordingly, we do not opine on, nor are we responsible for, the structural integrity of the property including its conformity to specific governmental code requirements, such as fire,building and safety, earthquake, and occupancy, or any physical defects that were not readily apparent to the appraisers during their inspection. The value or values presented in this report are based upon the premises outlined herein and are valid only for the purpose or purposes stated. The date of value to which the conclusions and opinions expressed apply is set forth in this report. Unless otherwise noted, this date represents the last date of our physical inspection of the property. The value opinion herein rendered is based on the status of the national business economy and the purchasing power of the U.S. dollar as of that date. Testimony or attendance in court or at any other hearing is not required by reason of this appraisal unless arrangements are previously made within a reasonable time in advance therefore. One or more of the signatories of this appraisal report is a member or associate/affiliate member of the Appraisal Institute. The Bylaws and Regulations of the Institute require each member and associate/affiliate member to control the use and distribution of each appraisal report signed by them. Possession of this report or any copy thereof does not carry with it the right of publication. No portion of this report(especially any conclusion to use,the identity of the appraiser or the firm with which the appraiser is connected, or any reference to the Appraisal Institute or the designation awarded by this Property Valuation & Consulting, Inc. Exhibit E organization) shall be disseminated to the public through prospectus, advertising, public relations, news, or any other means of communication without the written consent and approval of Property Valuation& Consulting, Inc. Extraordinary Assumption: It was reported by Development Services Director, Michael Rumer, that the City of Ocoee has initiated a PUD amendment to allow for residential use (likely a townhome type density/product) on the subject property. This appraisal report and the value indication provided herein are based on the extraordinary assumption that the approval of the residential use on the subject site is reasonably probable to occur at a minimal cost and within a relatively short time frame. Hypothetical Conditions None O Property Valuation & Consulting, Inc. Exhibit F Exhibit F Certification (1 Page) Property Valuation & Consulting, Inc. Exhibit F Certification We certify that,to the best of our knowledge and belief: The statements of fact contained in this appraisal report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions,and are our personal,impartial,and unbiased professional analyses,opinions and conclusions. We have no present or prospective interest in the property that is the subject of this report,and we have no personal interest or bias with respect to the parties involved. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. Our engagement in this assignment was not contingent upon developing or reporting predetermined results Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction of value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of the appraisal. The reported analyses,opinions,and conclusions were developed,and this report has been prepared,in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute,which include the Uniform Standards of Professional Appraisal Practice. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The undersigned have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person(s)signing this certification. The appraisal assignment is not based on a requested minimum valuation,a specific valuation,or the approval of a loan. As of the date of this report,Blair Beasley has completed the Standards and Ethics Education Requirements and the requirements of the continuing education program for Practicing Affiliates of the Appraisal Institute. I, Blair Beasley, the supervisory appraiser of a registered appraiser trainee who contributed to the development or communication of this appraisal as detailed in the Scope of Work (approx. 24 hours), hereby accepts full and complete responsibility for any work performed by the registered appraiser trainee named in this report as if it were my own work. We have performed prior appraisal services regarding the property that is the subject of this report within the three- year period immediately preceding acceptance of this assignment(prior appraisals performed in December 2016 and December 2018). r 711 Blair Beasley State-Certified General Real Estate Appraiser,License#RZ3871 April 10,2020 /Id/4Y,ig‘d4 Matthew C.Smith,State-Registered Trainee Real Estate Appraiser,License#RI24544 April 10,2020 Property Valuation & Consulting, Inc. Exhibit G Exhibit G Qualifications of the Appraiser(s) and Appraiser License(s) (3 Pages) • Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF BLAIR.BEASLEI State-Cerdaffied General Rai Estate Appraiser 4RZ3S71 BursisP--Address Property Valuation.&Consulting,Inc. 2O4 South.Dillard Street Winter Garden,F1. 34787 (4Ci)S 77-020%,Fax(47)877-5222 Education Florida State University T11h1hls-ee,FL Bachelor of Science inReal Estate and Marketing,April 2011 Apnuansal&i.heal Estate Courses Introduction to Real Estate:Florida State University Tallahassee,FL December 2009 Real Estate Vurainatian:Florida State University TTl1a11nas FL December 2010 Real Estate Fiume Florida.State1Ct'ni.-ersitty Tallallna;see,FL December2010 Real Estate Market Analysv_Florida State University TTllali -see,FL AprilXII Read Estate lnanent-Florida State University Tallatm,e_FL r".pr1l 2011 1Legal Emironment of Real Estate:Florida State University Tallahassee FL Aprl2011 National USPAP 15 Hour Come,Steve Willian,saz r Real Estate Education Sperialn-ts Orlando,FL Agri 2012 General Appraiser Market Armly,'sss and ELhPvt&Best Use Maittland,FL April 2013 Bu-naie-a Practices and Et him Online Febrnary 2014 ;a'-HatarNatianal USP?'P Update Comm Orlamrdo,F�. November 2014 Florida Las- Orlando,FL November 2014 7HourNational USPAP Update Coarse Orlando,FL May 2016 7 Hau rNational USP''P Update Course Orlando,FL Apra 2015 Florida Law Orlando,FL April 201E Appraining Smell Apartment Properties OanllarnP November 2018 Basic Hotel-4pp-eking—I1r+,ited Service Hotels Online November201S Appraisal of Lath Subject to Ground Leases Online November 2018 S'upervi ory Trainee Appraiser Course Online August 2019 Appreiml.,amino=simansaredby The Ap(sraisa]Institute Critical'Minting in Appraisals,January 2014 Real Estate Experience September 2011-Present-Associate,Property Valuation&Con-uulting,Inc,Winter Garden,FL Appraisal experience includes sanative and form report tvritting of commercial and residFnrhal vacant 177tr1_proposed residential subdivision properties,recreational facilities,retail buildings, indnstnal brr�ldm,es, otiloe buildings, day care facilities, greenhonsensu-sexy, commercial condominium properties and other special purpose properties. This int ales research, data collection,yen ton and analysis. References Available upon regnP'i Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF ALAI MEW C.SMITH State-Registered Trainee Real Estate Appraiser 1124544 • Business Address Property Valuation&Consulting,Inc_ 204 South Dillard Street Winter Garden,FL 34787 (407)877-0200,Fax:(407)877-8222 Education Berklee College of Music Boston,MA Dec_1993 Bachelor of Music(Major:Professional Music) Appraisal and Real Estate Courses IFREC Real Estate Schools Course: Basic Residential Appraisal Procedures Orlando,FL July_2018 Basic Residential Appraisal Principles Orlando,FL July_2018 Florida Appraisal Law Orlando,FL Aug_2018 2018-2019 15-Hour Equivalent USPAP Course Orlando,FL Aug_2018 National Appraising for the Supervisor and Trainee Orlando,FL Aug_2018 Appraisal Courses Sponsored by The Appraisal Institute Evaluating Commercial Leases Orlando,FL Feb_2019 USPAP 7-Hour Update Orlando,FL Feb_2020 Real Estate Experience September 2018-Present-Associate,Property Valuation&Consulting,Inc_,Winter Garden,FL Appraisal experience includes narrative and formreport writing of commercial vacant land,retail buildings, office buildings,warehouses,diminution in value appraisals,retrospective appraisals,proposed RV parks, church properties,and other special purpose properties,along with residential properties_ This includes research,data collection,verification and market analysis_ References Available upon request Property Valuation & Consulting, Inc. Exhibit G Appraiser License(s) zt:l.t., RICK SCOTT.GOVERNOR JONATHAN ZACHEM.SECRETARY c,,d d153@r � � STATE OF FLORIDA 1 j DEPARTMENT OF BUSINESSAND_PROFESSIONAL REGULATION FLORIDA'REAL:ESTATE�APP ISAL BD THE CERTIFIED GENERAL=APPRAISER I-IEREIN IS CERTIFIED UNDER THE trr.:.,y-, '—.....s ... dim PROVIS ONS,Oi CHAPTER'475;9LORIDA'STATUTES lily 3E;48LEY1,J341R ;21 �� 204'iSDILLARD 5T41:-e=a"F,,, WINTERGARDEN: iiFL34787;. ' t�d ,al& :,. 4 s l.. ,LICENSE NUMBER:RZ3871g 1 EXPIRATION DAfE.NO,V„EMBER 30,2020 - I Always verify licenses online at Myfioridat icense.com I I II 1s- : ty�r Do not alter this document in any form. !AT*? .•'•o• This is your license.It Is unlawful for anyone other than the licensee to use this document 11 . i .d`a? RICK ECOTr.GO✓tliNL+: JONATHAN ZACTIEM SECRETARY I db r ' , , STATE OF FLORIDA : I DEPARTMENT OF BUSINESS'ANDPROFESSIONAL REGULATION I ; FLORIDA-R AL°ESTATE-APPRAISAL'BD 1 THE REGISTERED TRAI�IEE=APP.RAtSERHEREI[11iA5;FOSTERED UNDER THE PROVIS,JONS/OF,CHAPTER'475;FIORIDA"STATUTES 'f?51«1f1-Hy`,.vilyi„ri_lEW=c r, 11 L J4: dlr,;llil ;�,, -- �::,5 i •,`7p,if S:61Fi kodidTSCIRCLEij it YV'p''`- IIANoti 'f? �FL32835_=:,t1,F, iI II LICEN-SF�NUMBEFtR1245K4' FXPIRATIONDATE:.NOVEMBER 30,2020 Always verify licenses online at MyRoridaticeme.cemEi AO P '4: Do not alter the document in any form. _!. ' This cyour ticeme_It is unlawful for anyone other than the licenseeto use this document Property Valuation & Consulting, Inc. Exhibit H Exhibit H General Service Conditions (1 Page) Property Valuation & Consulting, Inc. Exhibit H General Service Conditions The service(s)provided by Property Valuation& Consulting, Inc.have been performed in accordance with professional appraisal standards. Our compensation was not contingent in any way upon our conclusions of value. We assumed,without independent verification,the accuracy of all data provided to us. We have acted as an independent contractor and reserved the right to use subcontractors. All files,work papers or documents developed by us during the course of the engagement are our property. We will retain this data for at least five years. Our report is to be used only for the specific purposes stated herein and any other use is invalid. No reliance may be made by any third party without our prior written consent. You may show our report in its entirety to those third parties who need to review the information contained herein.No one should rely on our report as a substitute for their own due diligence. No reference to our name or our report, in whole or in part,in any document you prepare and/or distribute to third parties may be made without our prior written consent. You will not be liable for our negligence. Your obligation for indemnification and reimbursement shall extend to any controlling person of Property Valuation&Consulting,Inc.,including any director, officer, employee, subcontractors, subsidiary, affiliate, or agent. We reserve the right to include your company/firm name in our client list, but we will maintain the confidentiality of all conversations, documents provided to us, and the contents of our reports, subject to legal or administrative process or proceedings. These conditions can only be modified by written documents executed by both parties. Property Valuation & Consulting, Inc., is an equal opportunity employer. V ocoee florida LOI#20-008 CITY OF OCOEE OCOEE CROWN POINT PUD REQUEST FOR LETTERS OF INTENT PACKET EAST OF OCOEE CROWN POINT PARKWAY, WEST OF OCOEE-APOPKA ROAD AND NORTH OF 429 I. OVERVIEW - THE SALE OFFER The City of Ocoee,Florida(the"City") is seeking a highly qualified Buyer to purchase two parcels totaling±16.19 acres owned by the City and located east of Ocoee Crown Point Parkway and west of Ocoee-Apopka Road and north of the Western Beltway(SR 429) (the"Property"). All acreages are approximate and subject to survey. The Property is immediately adjacent to properties owned by the Orange County School District for Ocoee High School and a proposed workforce school site, Westside Campus. The Property has convenient access to the Western Beltway (SR 429) which allows for a short drive time to the Orlando Central Business District. The West Orange Trail presently bisects the two parcels and the City would anticipate incorporating the West Orange Trail as an amenity for the subdivision construction on the Property. The City seeks a project utilizing the principles of quality design, upgraded architecture, and a design style that complements the development standards established for the PUD Land Use Plan(as defined below), and as they may from time to time be amended. The two parcels comprising the Property are Property Record 06-22-28-0000-00-005 and 06-22- 28-0000-00-082. The Property is also depicted on Sheet C004 attached hereto as Exhibit"A" ("Sheet C004") of the Ocoee Crown Point PUD - Land Use Plan/Preliminary Subdivision Plan (the "PUD Land Use Plan") as Tracts #6C, #6E, #6F, #6D, #33, #33B and #33A. A complete copy of the PUD Land Use Plan is available by request from the City. It is anticipated that the main access to the Property will be via a road to be constructed by the Buyer of the Property off of Ocoee Crown Point Parkway on the Property north of the Ocoee High School property. The general location for the road is shown as Tracts #33, #33A and #33B on Sheet C004. However, the configuration of the road will vary and will not extend to Ocoee- Apopka Road as presently shown on Sheet C004. Instead,the road will realign to tie into the road proposed to provide access to the Westside Campus from Ocoee-Apopka Road which will be constructed by the Orange County School District as part of their development of the Westside Campus as depicted on Exhibit"B" attached hereto. Impact fee credits may be available for construction of those portions of the access road from the entrance to the development on the Property to the road for the Westside Campus extending to Ocoee-Apopka Road. 1 The Buyer will be responsible for contracting directly with and extending utilities (Spectrum, Comcast,Lake Apopka Natural Gas, and Progress Energy) from Ocoee Crown Point Parkway to the Property. The Property will need to be designed to accommodate its own stormwater needs. The City has prepared sketches showing possible configurations of a townhome subdivision on the Property, such sketches are attached hereto as Exhibit "C". However,if a developer has a differing intended use for the Property other than townhomes, such use will be considered. The City is requesting Letters of Intent from interested developers and homebuilders on the schedule set forth below. The City intends to work directly with the Buyer and will not pay any portion of any commission or brokerage fee in connection with the transaction,other than to any brokers specifically engaged by the City to represent the City's interests exclusively. The City is required to obtain an appraisal of certain properties it intends to sell. Attached as Exhibit"D" is the appraisal the City obtained for the Property (the "Appraisal"). Respondents may obtain their own appraisals of the Property and the City makes no representation or warranty as to matters contained in the Appraisal, nor does the City make any representation as to the value contained in the Appraisal. IL PUD LAND USE PLAN Tracts#6C,#6E, #6F and#6D are presently shown as Village Center Tracts within the PUD Land Use Plan; Tracts #33, #33A and #33B are presently shown as Right-of-Way Tracts. The Buyer may be required to prepare and obtain approval of an amendment to the PUD Land Use Plan to convert the Village Center Tracts to another use, if applicable. The Buyer will also be required to prepare and obtain approval of a final subdivision plan or fmal site plan approval for the Property, and a plat for the Property. The processing of these approvals will follow all noinial development review and permitting procedures and all application fees,review costs,building permit fees, and impact fees will be the responsibility of the Buyer. M. PROPERTY ENTITLEMENTS The Property has the following entitlements in place: 1. Approved Comprehensive Plan Amendments required for the project. 2. PUD Zoning and approved PUD Land Use Plan. 3. Preliminary Subdivision Plan approval. 4. Buyer should confirm that the Property meets all concurrency requirements as set forth in the City's Land Development Code. 5. Buyer should confirm school capacity on its own. 6. Sewer and water lines to serve the Property are available on Ocoee Crown Point Parkway in accordance with the Orange County Master Utility Plan. 7. Reuse lines to serve the Property are available on Ocoee Crown Point Parkway. IV. MINIMUM TERMS OF CONTRACT The purchase contract will be prepared by the City's counsel and will include the following minimum terms which are in addition to other terms and conditions set forth herein (the "Contract"): 1. The City will convey fee simple title to the Property by special warranty deed subject to comprehensive land use plans, zoning, restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise common to the Property; public utility easements; all matters appearing in the public records of Orange County, Florida affecting the Property; and all other permitted exceptions agreed to between the Buyer and the City. 2. At the time of execution of the Contract,the Selection Deposit(as defined below)will have been released to the City and non-refundable to the Buyer and Buyer will be required to submit a $10,000 security deposit (the "Initial Deposit"). The Initial Deposit shall be retained in escrow as the deposit under the Contract (the "Deposit"). Following the end of the Inspection Period(as defined below)Buyer shall be required to increase the Deposit to five percent(5%) of the total purchase price. Following approval of the amendment to the PUD Land Use Plan, Buyer shall be required to increase the Deposit to ten percent(10%) of the total purchase price. 3. The Buyer will have sixty (60) days from execution of the Contract in which to do its own due diligence on the Property (the "Inspection Period"). The Property and all improvements located thereon will be conveyed, "as-is" "where is" without any warranty or representation being made by the City other than the warranties of title contained in the special warranty deed.The Deposit under the Contract will be nonrefundable to Buyer except in the event of a City default in the failure to close following the end of the Inspection Period. 4. At closing the City will pay for and provide for an owner's title insurance policy in the amount of the purchase price. Title insurance shall be issued by Fidelity National Title Insurance Company or another title company acceptable to both Buyer and City,as issued by the City's City Attorney, Shuffield,Lowman&Wilson,P.A. ("ShuffieldLowman"). The City will not be obligated to cure any title or survey objections other than those placed of record by the City or at the City's direction following the expiration of the Inspection Period. If any title or survey objection precludes use of the Property in Buyer's determination, then Buyer shall be entitled to terminate the Contract prior to the end of the Inspection Period and receive a refund the Initial Deposit, but not the Selection Deposit. 5. Prior to closing, the Buyer will, at Buyer's expense, be required to provide the City with a survey of the Property and legal descriptions of the Property to be conveyed to the Buyer. The survey will need to be certified to the City, ShuffieldLowman and the title company. 6. At closing,the purchase price will be paid to the City in cash with the Deposit,but not the Selection Deposit, being applied to the purchase price. 7. The Buyer will be responsible for the payment of all property taxes,if any,for the calendar year 2020 and thereafter without any proration based on the closing date. The property is currently exempt from ad valorem taxes, but is expected to become subject to ad valorem taxes following the sale. 8. The City is exempt from,paying applicable documentary stamp taxes in connection with the conveyance. The Buyer will be responsible for the payment of all applicable documentary stamp taxes and recording fees. 9. All closing documents will be prepared by ShuffieldLowman and will be in a form acceptable to the City and Buyer. 10. Other than to an affiliate or a landbanking partner, Buyer may not assign the Contract without the consent of the City. 11. The City may amend the PUD Land Use Plan without the consent or approval of the Buyer so long as any such amendments do not change the PUD Land Use Plan as it relates to the Property. 12. Each respondent is encouraged to submit their Letter of Intent consistent with the terms of this Request for Letters of Intent Packet with a proposed purchase price based on the City's receipt of payment of the entire purchase price in cash at a closing to occur within 15 days from fmal approval of the fmal subdivision plan/fmal site plan (fmal construction plans) for the Property. However, if a respondent wants to also propose a purchase price based on a different structure with respect to the timing of closing (either accelerated or delayed) or the payment of the purchase price in increments or over time, the City may consider such alternatives. In all cases, the Contract will have an outside date for closing to be agreed upon by the Buyer and the City. V. SUBMISSIONS The respondent's Letter of Intent must be submitted no later than 2:00 PM LOCAL TIME, May 15, 2020, directly to: City of Ocoee Finance Department Attn: Joyce Tolbert,Procurement Manager Ocoee City Hall 150 N. Lakeshore Drive Ocoee,FL 34761 jtolbert@ocoee.org At a minimum,the respondent's Letter of Intent should: 1. Mirror the proposed structure of the transaction set forth herein, including the length of the Inspection Period; 2. Mirror the amounts and timing of the Deposit; 3. Set forth a proposed purchase price; 4. Set forth a proposed closing date; 5. Confirm compliance and capability to meet the minimum design standards set forth herein, or propose specific alternatives thereto; 6. Include a summary of the proposed Buyer,description of experience and listing of similar projects completed; and 7. Be signed by a person authorized to enter into agreements for the respondent; and 8. Contain the following language (or substantially similar language): It is expressly understood and agreed that this letter of intent is submitted in response to the City's Request for Letters of Intent Packet and is intended only as a summary of certain terms and conditions with respect to the proposed purchase of the Property and in no event shall this letter be construed as a binding agreement enforceable against either party. We acknowledge that the purpose of this letter of intent is not to be construed as a contract or any other type of agreement, other than to outline the basic terms and provisions upon which we would be willing to enter into a contract with the City for the purchase of the Property. All respondents not selected to be the Buyer will be notified following the City Commission's selection of the Buyer.Any respondent may withdraw their submitted Letter of Intent upon written notice to the City prior to the selection by the City Commission. VI. SELECTION PROCESS 1. Initial Review-After the submission deadline,the City Manager or others as designated by the City Manager will review all responses for correctness and adherence to the terms of this Request for Letters of Intent Packet.At the sole discretion of the City, incomplete submissions may be rejected, or in the case of non-material, non- substantive defects as determined solely by the City, the respondent may be contacted by the City to correct the defects. If so contacted, the respondent shall correct any such defects within five (5) business days from such notification. At no time may such clarifications materially modify the proposal. Only clarifying statements on information already presented will be allowed, and only by request of the City. 2. Selection Criteria—The City Manager and others designated by the City Manager will, in whatever manner the City Manager chooses to consider most efficient, discuss and rate all proposals to ultimately short-list at least two (2) of the top respondents for further discussions with the City. Selections will not be based upon any numerical scoring system due to the potential for a wide range of proposal parameters and considerations, but will be based upon the best combination of price, timing for closing, quality of development, experience, fmancial capability and project management capabilities. 3. City Attorney Involvement - No attorney or employee of the firm ShuffieldLowman, including the City's City Attorney, Scott Cookson,will be part of those designated to be involved with the ranking or selection of the Buyer.No attorney or employee of the firm ShuffieldLowman may assist a respondent in responding to the Request for Letters of Intent Packet. Nothing herein shall be construed as restricting ShuffieldLowman from representing the City once a respondent is selected,provided there is no existing conflict with such respondent. Respondents that are represented by the City on other matters may be requested to waive any conflict to permit ShuffieldLowman to represent the City on this transaction. 4. Selection of Most Qualified Respondent - Upon receipt of the rankings from the City Manager and others designated by the City Manager,the Mayor and City Commissioners will meet to choose, in their sole judgment, the most qualified Buyer to carry out the objectives of the City for development of the Property. The Mayor and City Commissioners may base their decision solely on the rankings of the City Manager, or may set a date and time to conduct their own interviews prior to voting on the selected Buyer. The City Commission will not be bound by the City Manager rankings. 5. Additional Deposit from Top Ranked Respondent-The selected Buyer as determined by the City Commission will be required to make a $5,000.00 deposit within seven (7) calendar days from receipt of notification from the City of the ranking (the "Selection Deposit"). The City will use the Selection Deposit as reimbursement to the City for the City's preparation of the Appraisal and other related costs. Once made, the Selection Deposit is non-refundable to the Buyer and is not applicable to the purchase price. 6. Contract for Sale - The selected Buyer will be required to enter into the binding Contract with the City within thirty (30) days from the date of notification from the City of the selection. The City will provide the proposed Contract to the top ranked respondent within ten (10) days of notification from the City of the selection. The City agrees to negotiate in good faith with respect to the proposed Contract. If the selected respondent fails to execute the Contract within the timeframe set forth above and/or deliver the Initial Deposit, then the Selection Deposit will be retained by the City as liquidated damages and not as a penalty and will not be refunded and such respondent will no longer have any right to purchase the Property. 7. Back-up Contracts—The City reserves the right to enter into back-up contracts and/or negotiate with other potential buyers in the event the selected Buyer fails to enter into the Contract or after entering into the Contract the Contract is subsequently terminated. VII. ANTICIPATED SCHEDULE Item Date Letter of Intent Packet Available April 5, 2020 Letter of Intent Submission Deadline May 4, 2020 • City Commission Selection June 2, 2020 This schedule is subject to change by the City. Exhibit"A" Mhb Ez-A.517±..- .._ ,,,,, .../.: ...., ..-,t.,....,.,4-;:;• .0,, ,?_.1,-. ------,,,,,,,,,„ '. --- / ,.:Z. \ '.''''.'„'''...,-•.'". i'';','''.1&J,'' ''..:.'''''''' 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' fiNNN "•.,7\14,, # , ti - ., , \ \ ` �Jrrf��\{� T ' ' isa � r'.�� • - \• •, "' .. • }, 4 `�� 1111 i11 x' ill 7' -c it:-f stitel Ei 2 €,,s` 1 SITE 73-t-wa:OTC @ I' { Q�® ORANGE COUNTYPUBLIC SCHOOLS Do 6 7 a 6Westside Campus lr E DLR Group .-->• i--i PLANNING AND GOVERNMENTAL RELATIONS i I. . N.7}a 1.7.a 11.5:.1,1n+l 4001 - - - •,[-rtc't.v.-rterw ,.-, 1 Exhibit"C" /.4, . ,,, _m.o. \\ .4 ,4 .. .4, , VEMAINIZTO. �vitt, . 1 s^.R K6➢ENL<QLECE.TT. \ _, 14.4t, 4.* ‘,_ \....1/4, ..V , 444t4 ------------__. Are 4 111047iii;----._____7",..•"="---'-`) ",'W ec. . 4.11W44 loge •.- .41 rarws n 4”0..El..;71x ''' : ice_ r f nCh9PflOC 1 � r 0.71' !' R£tl®vOmm RIF410 1Z LR'VEN3 Crown Point Townhomes ��! Yield Study ot t)(pY Max Yield Concept do' A \ KETWO.117. ....'.... \'`•-' /4"..4.'_'• ipp>,___ -----........ -- 4°Y — -- — ---- \C:. 'zi"--) ; , i /, --(—•'-- -.;.,_.,,.L,L, L ---::____ /--F.NrAzesEamarrommr-ris .9 RM.4 ELE/19.KOTE SZE.1, ‘„ C.,/ /41 Orilialf-70: / '...--,,.. j...77:•Il 114 i P M045.6M. -.`-- 4:114:t1-#.4167 t _ 8 (-.f 4 17.41..E.0 DME,VAY Meg JO-_ Crown Point Townhomes Yield Study 0( ()PP • M Preferred Concept Exhibit"D" Appraisal Included J • 1166... . /for ocoee florida LOI#20-009 CITY OF OCOEE OCOEE CROWN POINT PUD REQUEST FOR LETTERS OF INTENT PACKET NORTHEAST CORNER OF OCOEE-APOPKA ROAD AND FULLERS CROSS ROAD AND SOUTH OF 429 I. OVERVIEW - THE SALE OFFER The City of Ocoee, Florida (the "City") is seeking a highly qualified Buyer to purchase a parcel containing ±17.96 acres owned by the City and located on the northeast corner of Ocoee-Apopka Road and Fullers Cross Road and south of the Western Beltway (SR 429) (the "Property"). All acreages are approximate and subject to survey. The Property has convenient access to the Western Beltway (SR 429) which allows for a short drive time to the Orlando Central Business District. The City seeks a project utilizing the principles of quality design,upgraded architecture, and a design style that complements the development standards established for the PUD Land Use Plan(as defined below), and as they may from time to time be amended. The parcel comprising the Property is Property Record 06-22-28-0000-00-056. The Property is also depicted on Sheet C004 attached hereto as Exhibit"A" ("Sheet C004") of the Ocoee Crown Point PUD -Land Use Plan/Preliminary Subdivision Plan(the "PUD Land Use Plan") as Tracts #9 and#47. A complete copy of the PUD Land Use Plan is available by request from the City. The Property has frontage on Ocoee-Apopka Road and Fullers Cross Road. The Buyer will be responsible for contracting directly with and extending utilities (Spectrum, Comcast,Lake Apopka Natural Gas, and Progress Energy)to the Property. The Property will need to be designed to accommodate its own stormwater needs. The City is requesting Letters of Intent from interested developers on the schedule set forth below. The City intends to work directly with the Buyer and will not pay any portion of any commission or brokerage fee in connection with the transaction,other than to any brokers specifically engaged by the City to represent the City's interests exclusively. The City is required to obtain an appraisal of certain properties it intends to sell. Attached as Exhibit"B" is the appraisal the City obtained for the Property (the "Appraisal"). Respondents may obtain their own appraisals of the Property and the City makes no representation or warranty 1 as to matters contained in the Appraisal, nor does the City make any representation as to the value contained in the Appraisal. IL PUD LAND USE PLAN Tracts #9 is presently shown as Commercial within the PUD Land Use Plan; Tract#47 is presently shown as Ocoee Stormwater. The Buyer may be required to prepare and obtain approval of an amendment to the PUD Land Use Plan to convert the tracts to another use, if applicable.The Buyer will also be required to prepare and obtain approval of a fmal subdivision plan or final site plan approval for the Property,and a plat for the Property. The processing of these approvals will follow all normal development review and permitting procedures and all application fees,review costs, building permit fees, and impact fees will be the responsibility of the Buyer. III. PROPERTY ENTITLEMENTS The Property has the following entitlements in place: 1. Approved Comprehensive Plan Amendments required for the project. 2. PUD Zoning and approved PUD Land Use Plan. 3. Preliminary Subdivision Plan approval. 4. Buyer should confirm that the Property meets all concurrency requirements as set forth in the City's Land Development Code. 5. Buyer should confirm school capacity on its own (for proposed residential uses). 6. Sewer and water lines will be connected to the east at Fullers Cross Road and Lakewood Avenue. IV. MINIMUM TERMS OF CONTRACT The purchase contract will be prepared by the City's counsel and will include the following minimum terms which are in addition to other terms and conditions set forth herein (the "Contract"): 1. The City will convey fee simple title to the Property by special warranty deed subject to comprehensive land use plans, zoning, restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the plat or otherwise common to the Property; public utility easements; all matters appearing in the public records of Orange County, Florida affecting the Property; and all other permitted exceptions agreed to between the Buyer and the City. 2. At the time of execution of the Contract,the Selection Deposit(as defined below)will have been released to the City and non-refundable to the Buyer and Buyer will be required to submit a $10,000 security deposit (the "Initial Deposit"). The Initial Deposit shall be retained in escrow as the deposit under the Contract (the "Deposit"). Following the end of the Inspection Period(as defined below)Buyer shall be required to increase the Deposit to five percent(5%) of the total purchase price. Following approval of the amendment to the PUD Land Use Plan, Buyer shall be required to increase the Deposit to ten percent(10%) of the total purchase price. 3. The Buyer will have sixty (60) days from execution of the Contract in which to do its own due diligence on the Property (the "Inspection Period"). The Property and all improvements located thereon will be conveyed, "as-is" "where is" without any warranty or representation being made by the City other than the warranties of title contained in the special warranty deed.The Deposit under the Contract will be nonrefundable to Buyer except in the event of a City default in the failure to close following the end of the Inspection Period. 4. At closing the City will pay for and provide for an owner's title insurance policy in the amount of the purchase price. Title insurance shall be issued by Fidelity National Title Insurance Company or another title company acceptable to both Buyer and City, as issued by the City's City Attorney, Shuffield,Lowman&Wilson,P.A. ("ShuffieldLowman"). The City will not be obligated to cure any title or survey objections other than those placed of record by the City or at the City's direction following the expiration of the Inspection Period. If any title or survey objection precludes use of the Property in Buyer's determination, then Buyer shall be entitled to terminate the Contract prior to the end of the Inspection Period and receive a refund the Initial Deposit, but not the Selection Deposit. 5. Prior to closing, the Buyer will, at Buyer's expense, be required to provide the City with a survey of the Property and legal descriptions of the Property to be conveyed to the Buyer. The survey will need to be certified to the City, ShuffieldLowman and the title company. 6. At closing,the purchase price will be paid to the City in cash with the Deposit,but not the Selection Deposit, being applied to the purchase price. 7. The Buyer will be responsible for the payment of all property taxes,if any,for the calendar year 2020 and thereafter without any proration based on the closing date. The property is currently exempt from ad valorem taxes, but is expected to become subject to ad valorem taxes following the sale. 8. The City is exempt from paying applicable documentary stamp taxes in connection with the conveyance. The Buyer will be responsible for the payment of all applicable documentary stamp taxes and recording fees. 9. All closing documents will be prepared by ShuffieldLowman and will be in a form acceptable to the City and Buyer. 10. Other than to an affiliate or a landbanking partner, Buyer may not assign the Contract without the consent of the City. 11. The City may amend the PUD Land Use Plan without the consent or approval of the Buyer so long as any such amendments do not change the PUD Land Use Plan as it relates to the Property. 12. Each respondent is encouraged to submit their Letter of Intent consistent with the terms of this Request for Letters of Intent Packet with a proposed purchase price based on the City's receipt of payment of the entire purchase price in cash at a closing to occur within fifteen (15) days from final approval of the fmal subdivision plan/final site plan (fmal construction plans) for the Property. However, if a respondent wants to also propose a purchase price based on a different structure with respect to the timing of closing (either accelerated or delayed) or the payment of the purchase price in increments or over time,the City may consider such alternatives. In all cases, the Contract will have an outside date for closing to be agreed upon by the Buyer and the City. V. SUBMISSIONS The respondent's Letter of Intent must be submitted no later than 2:00 PM LOCAL TIME, May 15, 2020, directly to: City of Ocoee Finance Department Attn: Joyce Tolbert,Procurement Manager Ocoee City Hall 150 N. Lakeshore Drive Ocoee,FL 34761 jtolbert@ocoee.org At a minimum,the respondent's Letter of Intent should: 1. Mirror the proposed structure of the transaction set forth herein, including the length of the Inspection Period; 2. Mirror the amounts and timing of the Deposit; 3. Set forth a proposed purchase price; 4. Set forth a proposed closing date; 5. Confirm compliance and capability to meet the minimum design standards set forth herein, or propose specific alternatives thereto; 6. Include a summary of the proposed Buyer, description of experience and listing of similar projects completed; and 7. Be signed by a person authorized to enter into agreements for the respondent; and 8. Contain the following language (or substantially similar language): It is expressly understood and agreed that this letter of intent is submitted in response to the City's Request for Letters of Intent Packet and is intended only as a summary of certain terms and conditions with respect to the proposed purchase of the Property and in no event shall this letter be construed as a binding agreement enforceable against either party. We acknowledge that the purpose of this letter of intent is not to be construed as a contract or any other type of agreement, other than to outline the basic terms and provisions upon which we would be willing to enter into a contract with the City for the purchase of the Property. All respondents not selected to be the Buyer will be notified following the City Commission's selection of the Buyer.Any respondent may withdraw their submitted Letter of Intent upon written notice to the City prior to the selection by the City Commission. VI. SELECTION PROCESS 1. Initial Review-After the submission deadline,the City Manager or others as designated by the City Manager will review all responses for correctness and adherence to the terms of this Request for Letters of Intent Packet. At the sole discretion of the City, incomplete submissions may be rejected, or in the case of non-material, non- substantive defects as determined solely by the City, the respondent may be contacted by the City to correct the defects. If so contacted, the respondent shall correct any such defects within five (5) business days from such notification. At no time may such clarifications materially modify the proposal. Only clarifying statements on infoiniation already presented will be allowed, and only by request of the City. 2. Selection Criteria—The City Manager and others designated by the City Manager will, in whatever manner the City Manager chooses to consider most efficient, discuss and rate all proposals to ultimately short-list at least two (2) of the top respondents for further discussions with the City. Selections will not be based upon any numerical scoring system due to the potential for a wide range of proposal parameters and considerations, but will be based upon the best combination of price, timing for closing, quality of development, experience, financial capability and project management capabilities. 3. City Attorney Involvement - No attorney or employee of the firm ShuffieldLowman, including the City's City Attorney, Scott Cookson, will be part of those designated to be involved with the ranking or selection of the Buyer.No attorney or employee of the firm ShuffieldLowman may assist a respondent in responding to the Request for Letters of Intent Packet. Nothing herein shall be construed as restricting ShuffieldLowman from representing the City once a respondent is selected,provided there is no existing conflict with such respondent.Respondents that are represented by the City on other matters may be requested to waive any conflict to permit ShuffieldLowman to represent the City on this transaction. 4. Selection of Most Qualified Respondent - Upon receipt of the rankings from the City Manager and others designated by the City Manager,the Mayor and City Commissioners will meet to choose, in their sole judgment, the most qualified Buyer to carry out the objectives of the City for development of the Property. The Mayor and City Commissioners may base their decision solely on the rankings of the City Manager, or may set a date and time to conduct their own interviews prior to voting on the selected Buyer. The City Commission will not be bound by the City Manager rankings. 5. Additional Deposit from Top Ranked Respondent-The selected Buyer as determined by the City Commission will be required to make a $5,000.00 deposit within seven (7) calendar days from receipt of notification from the City of the ranking (the "Selection Deposit"). The City will use the Selection Deposit as reimbursement to the City for the City's preparation of the Appraisal and other related costs. Once made, the Selection Deposit is non-refundable to the Buyer and is not applicable to the purchase price. 6. Contract for Sale - The selected Buyer will be required to enter into the binding Contract with the City within thirty (30) days from the date of notification from the City of the selection. The City will provide the proposed Contract to the top ranked respondent within ten (10) days of notification from the City of the selection. The City agrees to negotiate in good faith with respect to the proposed Contract. If the selected respondent fails to execute the Contract within the timeframe set forth above and/or deliver the Initial Deposit, then the Selection Deposit will be retained by the City as liquidated damages and not as a penalty and will not be refunded and such respondent will no longer have any right to purchase the Property. 7. Back-up Contracts—The City reserves the right to enter into back-up contracts and/or negotiate with other potential buyers in the event the selected Buyer fails to enter into the Contract or after entering into the Contract the Contract is subsequently terminated. VII. ANTICIPATED SCHEDULE Item Date Letter of Intent Packet Available April 5, 2020 Letter of Intent Submission Deadline May 4, 2020 City Commission Selection June 2, 2020 This schedule is subject to change by the City. Exhibit"A" "..7 P. ' ;')•-."- :, ,' /atfib ,•.; ,-:',,,-,,i,:i.fA ii- L.-.f,7:_i.... •:-:: z'/. 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Exhibit"B" Appraisal Included LOI#20-008+/-16.19 Acres The two parcels identified as Parcel ID 06-22-28-0000-00-005 and 06-22-28-0000-00-082 are located east of Ocoee Crown Point Parkway,west of Ocoee-Apopka Road,and north of the Western Beltway(SR 429).They are immediately adjacent to properties owned by the Orange County School District for Ocoee High School and a proposed workforce school site.Both are zoned PUD-COMM(commercial)as part of the Ocoee Crown Point PUD with a land use designation of Village Center,and are not located within any City of Ocoee overlay districts.The property was appraised at$2,910,000.* _ LOI Payment lAppraised :Offered Price "Difference froma. %Difference aProposed Project #of ;Unit Types ;Lot Size Unit Size Closing date Concept Recent Project Office Established '.Deviation? ;Value - 'Appraised Value from Appraised , 'Units ! Provided'? Location j 1 ;Value • Framework See Sheet 3 $2,910,000 $ 2,000,000 -$910,000 -31.27% 200 multi-family unit combination 200 Townhomes/ Not Provided Not 15 days after No Mirrorton,Lakeland Tampa 2010 Group,LLC of townhomes and 3-story flats Apartments Provided loan approval** Ashton Woods See Sheet 3 $2,910,000 $ 1,184,000 -$1,726,000 -59.31% 74 front-loaded townhomes 74 Townhomes Not Provided 20x90 15 days Yes Not Provided Lake Mary 1989 Homes Green Slate Land No $2,910,000 $ 1,000,000 -$1,910,000 -65.64% 55 or more single-family detached 55 Single Family Not Provided Not 30 days** Yes Estates at Pelham Orlando 2018 and Development Residence Provided Square,Deland KHovnanian See Sheet 3 $2,910,000 $ 1,820,000 -$1,090,000 -37.46% 65 single family homes homes 65 Single Family 40x120 min 30x70 15 days** Yes Ocoee Landings, Orlando 1959 Homes Residence Ocoee Mattamy Homes No $2,910,000 $ 1,200,000 -$1,710,000 -58.76% Single Family Not Single Family Not Provided Not 15 days No Preserve at Crown Delaware 1978 Residential/Townhomes Provide Residence/ Provided Point,Ocoee d Townhomes M/I Homes of See Sheet 3 $2,910,000 $ 1,850,000 -$1,060,000 -36.43% 84 Townhomes 21x60 min Not 15 days No Heritage at Plant Orlando 1976 Orlando Provided Street,Winter Garden Meritage Homes See Sheet 3 $2,910,000 $ 1,750,000 -$1,160,000 -39.86% Townhome,bungalow,or Townhomes/ Not Provided I Not I 15 days** No Greens at Forest Lake, Orlando 1985 combination Bungalows I Provided I Ocoee *Appraisal only includes appraised value for Parcel ID 06-22-28-0000-00-005 **LOI includes closing date extensions 1 101 92 0-00 9+/-17.96 Acres The parcel Identified as Parcel ID 06-22-28-0000-00-056 is located on the northeast corner of Ocoee-Apopka Road and Fullers Cross Road end south of the Western Beltway!SR 429),with frontage on both Ocoee.Apopka Road and Fullers Cross Road.It is zoned PUD-COMM(commercial}as part of the Ocoee Crown Point PUD with a land use designation of Commercial/Mixed Use Opportunity,and Is not located within any City of Ocoee overlay districts.The property was apprabed et$3,560,000. eLOl Payment Appraised Value i Offered price i Difference from i%Difference From;Proposed j#of Units (Unit Types 1Lot Size ;Closing Concept ',Recent Prject 'Office {Established icevlation? ,Appraised Value:Appraised Value Project i Date ,Provided?1 Location Centerline See Sheet 4 $ 3,560,000 $ 3,560,000 $0 0.00% Not Provided Not Provided rz Not Provided Not Provided 45 days. No Not Provided Sunrise 1994 Capital Advisors Prologls No $ 3,560,000 $ 3,143,000 -$417,000 -11.71% 4-Building 4 Industrial 250,000 s1. 15 days Yes 300 S.Orange Orlando 1983 Industrial Ave,Orlando _ Distribution PUD McCraney See Sheet 4 $ 3,560,000 $ 2,729,768 -$830,232 -23.32% 3-Building 3 Industrial 175,950 sf. 15 days Yes Distribution 429, Orlando 1989 Property Commerce and Ocoee Company Logistics Center •LOI includes closing date extensions ASSIGNMENT OF LETTER OF INTENT Centerline Capital Advisors, LLC ("Assignor"), in consideration of the sum of Five Thousand and No/100 Dollars ($5,000.00) and other valuable considerations to Assignor in hand paid by GPK OET LLC ("Assignee"), the receipt whereof is hereby acknowledged, has granted, bargained, sold, assigned, transferred and set over, and by these presents does grant, bargain, sell, assign, transfer and set over unto Assignee, and Assignee's successors and assigns, forever, all of its rights in and to that certain Letter of Intent dated May 12, 2020 to the City of Ocoee, if any, with respect to the property described in Exhibit "A" attached hereto and made a part hereof. This Assignment is made without any representation or warranty of any nature by Assignor that it has any rights under the Letter of Intent. This Assignment may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Further, a facsimile or electronic signature is acceptable and shall be treated as an original. TO HAVE AND TO HOLD the same unto Assignee and Assignee's successors and assigns forever. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals on the day and year written below. Signed by Assignor on July 06 , 2020 Signed by Assignee on July 06 , 2020 CENTERLINE CAPITAL ADVISORS, GPK OET LLC LLC j-eA-7By: By: Name: Sen Zhang Name: Craig Perry Title: Manager Title: Manager I:\work\REAL\Perry\City of Ocoee\Assignment of LOI.doc /Users/senzhang/Downloads/Assignment of LOI.2.doc EXHIBIT "A" PROPERTY Fullers Cross Road&Ocoee Apopka Rd,NE corner—City of Ocoee Property; +/- 17.96 Gross acres, in Ocoee,FL described as parcel: 06-22-28-0000-00-056 /Users/senzhang/Downloads/Assignment of LOI.2.doc