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Item 05 Approval for Staff to Accept an Unsolicited Offer from Wire Development LLC for City-Owned Property Identified as Tracts 6C, 6D, 6E, 6F, and Tract #33 (Road) on the Ocoee Crown Point PUD Located at Fullers Cross Road (2) i‘V,\ijor ocoee Florida AGENDA ITEM COVER SHEET Meeting Date: September 21, 2021 Item #: 5 Reviewed By: Contact Name: Michael Rumer Department Director: _r . Contact Number: 407-554-7083 City Manager: •1r! ".,. T • Subject: Approval for Staff to accept an unsolicited offer from Wire Development, LLC for City-owned property identified as Tracts 6C, 6D, 6E, 6F, and Tract-#33 (Road) on the.Ocoee Crown Point PUD located at Fuller's Cross Road. Background Summary: The City received an unsolicited offer (attached) from Wire Development, LLC, on August 26, 2021, for City- owned property located west of Ocoee-Apopka Road and adjacent to the Ocoee High School. The property, which is approximately 16.19 acres, is part of the Crown Point PUD and is made up of;Tracts 6C, 6D, 6E, 6F, and #33 which will be constructed and platted as public right-of-way. The intent of Wire Development is to create a vibrant mixed-use development with retail that embraces the neighborhood and enhances the connection to the West Orange Trail. The plan for mixed-use will prioritize the integration of adjacent uses with pedestrian oriented transportation networks. The development will include boutique, mixed use, smaller unit multi-family residential that includes live-work and commercial uses. Wire Development is a certified woman owned business in the State of Florida and has a proved track record of mixed- use projects in Central Florida. The proposed offer is for a purchase price of $3,000,000.00 for the 16:19 acres which includes 2.25 acres of future right-of-way. As the City Charter requires an appraisal for a property sale of this nature, the City Staff recommends using an existing appraisal provided on April 13, 2020, for $2,910,000.00 (Property Valuation & Consulting, Inc.). The appraisal covered 13.51 of the 16.19 acres which included Tract 6C,6E, 6F, and#33. Tract 6D (2.677 acres) was not included. Additionally, the offer includes a 180-day inspection period with a $75,000 deposit that is fully refundable until the end of the inspection period. As a reminder to the City Commission, over the past few years the City has received multiple unsolicited proposals to purchase this same property. In 2018 the City received a number of unsolicited offers and again in 2020. In 2020, the City prepared and sent out a Request for.Letters of Intent #20-008 for 13.51 acre (Tracts 6C,6E, 6F, and #33). Responses were reviewed after May 12, 2020. The City received seven (7) responses for the 13.51 acres property. City staff conducted evaluations with respect to the offers and on August 4,2020, provided the City Commission a summary showing each proposer's offered price and summary of the proposed project..With respect to the 13.51-acre 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. Thus, the best of the offers was still close to $1,000,000.00 below the appraised value of the 13.51-acre property. Given the low offers, a lack of 1 urgency to sell the Property and additional development coming over the next few years, The City Commission elected to not pursue the sale of the Residential Property. Issue: Should the City Commission accept the letter of intent for property known as Crown Point PUD Tracts 6C,6D, 6E, 6F, and #33 and direct staff to enter into a sales contract utilizing an existing appraisal from Property Valuation & Consulting, Inc. provided on April 13, 2020, subject to the provisions of the letter of intent? Recommendations: Staff recommends that the City Commission accept the letter of intent utilizing the April 13, 2020, appraisal and authorize Staff to enter into a sales contract subject to the provisions of the letter of intent. Attachments: Cover letter and Letter of Intent (LOI) from Wire Development; Appraisal from Property Valuation & Consulting, Inc.; Copy of Crown Point PUD Land Use Plan. Financial Impact: The City would receive $3,000,000.00 from the sale of land. Type of Item: (please mark with an "x") ❑ Public Hearing For Clerk's Dept u se:, ❑ Ordinance First Reading J Consent Agenda. ❑ Ordinance Second Reading 0 Public Hearing ❑ Resolution 0 Regular Agenda • Commission Approval ❑ Discussion&Direction ❑ Original Document/Contract Attached for Execution by City Clerk ❑ Original Document/Contract Held by Department for Execution Reviewed by City Attorney Reviewed by Finance Dept. Rebecca Roberts 9/15/21 Reviewed by 2 •a ..yam. 0. WIRE DEVELOPME\T August 26, 2021 City of Ocoee, City Manager's Office Attn: Robert D. Frank,City Manager 150 N Lakeshore Drive Ocoee, FL 34761 (407)905-3111 RE: Non-Binding Letter of Intent to Purchase a 16.19 Acre collection of parcels(06-22-28-0000-00- 005 and 06-22-28-0000-00-082)known as Ocoee Crown Point Village Center located at 2102 Ocoee Apopka Rd in Ocoee,Florida(collectively,the"Property"). Dear Rob, We are pleased to provide this non-binding letter of intent(the"LOI"),which sets forth the general terms and conditions upon which Wire Development,affiliates or assignees thereof(the"Purchaser,"or"Wire"), would acquire approximately 16.19 acres of land from the City of Ocoee(the"Seller's")rights,title,estate, and interests, in and to the Property(as defined herein),free and clear of all liens,security interests,and encumbrances whatsoever. Wire Development is a certified woman owned business in the State of Florida.We approach each project from an individualized fresh perspective with a goal to provide mindful and sustainable solutions unique to the specific development. Attached as Appendix A is a copy of Wire's Woman Owned Business Certification. We are a team founded on the development of community,not just property. From concept through implementation, Wire will work closely with The City of Ocoee to create a community with intention that embraces the neighborhood and enhances the connection with the West Orange Trail. Our team has reviewed the site, recognizes the intent of the PUD as well as the State Road 429 Overlay Area and we feel that our vision for the future Village Center project is aligned with the City of Ocoee's goals and objectives for this area. • WIRE DEVELOPMENT 101 South 12th Street, Suite 101 Tampa, Florida 33602 IRE DEVELOPMENT Our plan is to create a vibrant community,with amenities in a mixed-use environment,that prioritizes the integration of adjacent uses via people-oriented transportation networks. We will mindfully weave this project into Crown Point community including current and future retail users. We also understand that the integration of the surrounding uses will require coordination with, and focus on, the West Orange Trail,Ocoee High School,and the School Board of Orange County. Below outlines our offer to purchase this property and work with the City through its development. So long as this LOI remains in effect, the parties hereto will endeavor to negotiate a purchase and sale agreement(the"Contract,"or"Purchase Agreement")defining the terms and conditions of the proposed transaction. Such Contract, when executed, and not this letter, will constitute the binding agreement relative to the proposed transaction and would supersede and replace this LOI in its entirety. The proposed purchase will be based on the following terms and conditions: 1. PROPERTY TO BE PURCHASED The property consists of 16.19 acres,split between parcels 06-22-28-0000-00-005 and 06-22-28- 0000-00-082, located at 2102 Ocoee Apopka Rd in Ocoee, Florida, Orange County, more commonly known as Ocoee Crown Point Village Center(the "Property"),and identified as Tracts #6C,#6E,#6F,and#6D on the attached Exhibit A. It is Wire's intent to develop the Property as a boutique, mixed-use, multifamily residential community that includes live-work and commercial uses. In addition, Wire intends to include wellness and recreational features focused on, and integrated with, the West Orange Trail. The development plan will include a minimum 175 multifamily residential units,surface parked,with amenities such as a community clubhouse and pool on site.The required stormwater management system for the site will be accommodated via an off-site master system that is already in place. It is understood the City of Ocoee is responsible for the development and construction of the right of way, including roads, sidewalks, landscape, and traffic improvements to be delivered prior to closing. Wire Development would consider working with the Seller as a Master Developer to incorporate the City's infrastructure obligations during the development of the Property. Any cost associated with this additional effort shall be reimbursed upon delivery of design and turnover of the site via escrowed funds or similar arrangement.This arrangement would need to be further discussed and negotiated. 2. PURCHASE PRICE The Purchase Price is Three Million and 00/100 Dollars($3,000,000.00). 3. DEPOSIT Within five (5) business days of the mutual execution of the Purchase Agreement (as defined herein),an earnest money deposit of Seventy-Five Thousand Dollars($75,000)shall be deposited in an interest-bearing escrow account with a mutually agreed to Title Company("Escrow Agent"). WIRE DEVELOPMENT 101 South 121" Street, Suite 101 Tampa, Florida 33602 : IRE DEVELOPMENT The deposit will be applicable to the Purchase Price and become non-refundable if the Purchaser elects to proceed at the end of the Inspection Period (as defined below). Seller shall be obligated to return the entire Deposit in the event of a Seller default, as defined in the Contract, or as otherwise provided for herein. 4. PURCHASE AGREEMENT Within fifteen (15) business days after the full execution of this Letter of Intent, the Purchaser shall deliver to the Seller a Contract substantially reflecting the terms and understandings set forth herein. Purchaser and Seller agree to negotiate expeditiously and in good faith towards executing the Purchase Agreement. 5. TITLE Within fifteen (15) business days after the execution of the Contract,the Seller shall cause a title insurance commitment to be issued to the Purchaser in the full amount of the Purchase Price.The Purchaser shall then have until the expiration of the Inspection Period within which to review said commitment and to report any objections to same to the Seller.In the event the Purchaser reports any such objections or defects in title which would prevent the conveyance of good and marketable title to the Property by the Seller to the Purchaser(the "Title Objections"),the Seller agrees to use its reasonable best efforts and due diligence to cure any such Title Objections, and the Seller shall then have a reasonable period to do the same, not to exceed fifteen (15)days. In the event the Seller fails to cure any such Title Objections within said fifteen (15) day period,the Purchaser shall have the right to withdraw from and cancel its obligations under the Purchase Agreement in which event the Deposit and all accrued interest thereon shall promptly be refunded to the Purchaser. 6. INSPECTION PERIOD The Purchaser shall have one hundred and eighty (180) days from the date of a fully executed Contract and the receipt of all items requested and listed under Section 9 below(the"Inspection Period"),to complete its reviews and inspections of the Property,as Purchaser deems necessary. During this time Purchaser will also be meeting with the City representatives to work through the tiered approval process and inter-governmental coordination requirements for a boutique, mixed-use, multifamily residential development of no less than 175 units and no less than 2,500 square feet of commercial space. Seller shall cooperate in good faith with Purchaser and its agents during the Inspection Period. Purchaser understands that due to the unique location of the Property, coordination with multiple government agencies will be required to ensure the long- term success of the project and the surrounding community. During the Inspection Period, Purchaser may examine all books, records,documents, accounting and management reports of the Property and Title Documents. Purchaser shall be entitled to examine the physical condition of all tangible and real assets of the Property and,shall have the right to enter vacant areas of the Property and,with provision of adequate notice and receipt of tenant consent, the right to enter leased areas, if any. Seller agrees relevant personnel will be available to answer any questions regarding the Property, which Purchaser may reasonably ask WIRE DEVELOPMENT 101 South 12th Street, Suite 101 Tampa, Florida 33602 IIRE DEVELOPMENT to be available. It is acknowledged by Seller that Purchaser may terminate the Contract in its sole and absolute discretion for any reason whatsoever and have its escrow deposit returned during the Inspection Period. 7. CLOSING The Closing (the, "Closing") shall occur on or before Forty-Five (45) Business Days following the receipt of any/all necessary zoning, entitlements, and non-appealable site plan and building permits for the intended use. Seller shall not unreasonably withhold Purchaser's right to extend closing as a result of unforeseen delays or circumstances. 8. EXTENSION OPTIONS The Purchaser estimates the process to obtain the necessary zoning and entitlements shall take 9-12 months from the end of the Inspection Period. Purchaser is willing to agree to a timeline for the zoning and entitlement period, provided the Contract allows for agreed upon extension options. 9. REQUIRED DOCUMENTS Within five (5) days after the execution of the Contract, Seller shall deliver to Purchaser the following items, if available, related to the Property(or portion of Property if already platted or subdivided): a) Copies of last year's tax bill and all current and delinquent tax bills, including, but not limited to, Property, personal and rental taxes,and special assessments. b) Copies of all zoning and other governmental permits and approvals for the Property and adjacent parcels (i.e. Orange County Public Schools), including a written confirmation of any zoning designations for the Property. c) Copy of the prior title policy for the Property. d) Copies of site plans, master development plans, stormwater design,surveys, third-party inspection reports(recognizing Purchaser may not be able to rely on the contents therein without approval by their third-party providers), as-built construction plans and specifications together with all warranties from sub-contractors and suppliers. e) All environmental reports,including a letter from the authorizing engineer indicating that Seller may rely upon such reports. f) Any other information related to the Property as Purchaser may reasonably request. 10. ENVIRONMENTAL AUDIT Purchaser, at its expense, may cause an environmental audit to be conducted on the Property during the Inspection Period. Seller shall cooperate in good faith with Purchaser's agent in WIRE DEVELOPMENT 101 South 12th Street, Suite 101 Tampa, Florida 33602 WORE DEVELOPMENT completion of such assessment, including providing Purchaser and its agent copies of any environmental review reports or materials available to Seller pertaining to the Property. 11. CONDITIONS OF THE PROPERTY The Purchase Agreement shall require the Seller to continue to operate and maintain the Property in accordance with sound business practices during the pendency of the Purchase Agreement, ordinary wear and tear excepted. Furthermore, the Purchase Agreement shall provide for the following representations and warranties by the Seller as of the Closing date: (a) There are no violations of zoning or land use laws, building code provisions or other laws, regulations or code provisions affecting the Property; (b) There are no pending or threatened condemnation proceedings affecting the Property; (c) There are no pending or threatened litigation or legal proceedings affecting the Property or the use thereof for rental apartment purposes; and (d) There are no known hazardous wastes or toxic materials upon the Property. The Purchase Agreement shall also contain such representations and warranties of the Seller as are appropriate to the transaction contemplated herein. 12. CLOSING COSTS AND TRANSACTION EXPENSES Purchaser and Seller shall pay their own closing costs as is customary in the State of Florida,where the Property is located, unless otherwise specified or agreed to. Seller will pay all costs of the owner's title insurance premium based on the amount of the Purchase Price for standard coverage with no endorsements thereto,and Seller will pay all real estate transfer taxes imposed on the proposed transaction by any governmental authority. Purchaser shall pay the costs of endorsement to the owner's title insurance policy,the cost of mortgagee title insurance,and any third-party inspection fees. Purchaser and Seller shall share equally any escrow closing and deed recording charges, excluding typical pro-rations for real estate taxes, insurance, etc. Each party shall pay its own legal fees in connection with the proposed transaction contemplated herein. 13. ACCEPTANCE DATE This Letter of Intent is open for acceptance until 5:00 p.m., local time in Tampa, Florida on September 30, 2021 and shall automatically expire if not accepted in writing prior to such time and date. 14. BROKER The parties to this 1.01 hereby represent and warrant to each other that they have no knowledge of any real estate broker, salesman, or agent involved in this proposed transaction. Each party herby agrees to indemnify, defend, and hold harmless the other party hereto from any and all WIRE DEVELOPMENT 101 South 12th Street, Suite 101 Tampa, Florida 33602 WIRE DEVELOPMENT loss, damage, cost or expense, including reasonable attorneys' fees, which the other party may sustain or incur by reason of a claim for a commission by, through or under the indemnifying party. We look forward to working with you in connection with the proposed acquisition of the Ocoee Crown Point Village Center Property. If the terms of this Letter of Intent are satisfactory, please have a representative of the Seller execute and return one copy for full execution.The Effective Date as used in this Letter of Intent shall be the latest date on which this Agreement has been executed by both parties. Should you have any questions regarding the terms set forth herein,please do not hesitate to contact me. Sincerely, Wire Development, LLC By: Date: Name: Holly Collins-Garcia Its: President Agreed to and Accepted By: City of Ocoee By: Date: Name: Its: WIRE DEVELOPMENT 101 South 121" Street, Suite 101 Tampa, Florida 33602 ' %•:�°� °�"PEE DEVELOPMENT Exhibit A a vm 4.1i n IItt InLI, / , .,7 I Bel , �S gO. - m•, el I J --IfiVCS, ASitiaee 11 y�41i kiliit 3 ,t 3111 1 /i. F a t, A :a YeKtee. - �_ n g asp �M AVis•o�a•e< •aeee•• : �g.e: arioeee a�ee3�oe.•�i•. \l •••�e i•• ti g C Le•t•e� •••1 G•e, eeh e4ia. N • JI �:f•w./44 o wAVak t'aeeeete. !i �•.- �I ./� ! eeit<�•agt,t,.A.A.eic ....eeeeei ''\ 1�.\-. I�•.. 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LLC Is certified under the provisions of 287 and 295.187,Florida Statutes,for a period from: 06/25/2021 to 06/25/2023 12fr. Jonathan S.Satter,Secretary Florida Department of Management Services • ' Office of Supplier Diversity IIANAG r NT 4050 Esplanade Way,Suite 380 IBYQp�XIIE�EItlI ; Tallahassee,FL 32399 SERVICES ?,f.+, 850-487-0915 C Office of Suppler Diversity www.dms.myflorida.com/osd WIRE DEVELOPMENT 101 South 12th Street, Suite 101 Tampa, Florida 33602 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 13, 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 13,2020 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 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 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 Blair Beasley State-Certified General Real Estate Appraiser#RZ3871 Matthew C. Smith I 11C. State-Registered Trainee Real Estate Appraiser#RI24544 Property Valuation&Consulting Aubree Robinson State-Registered Trainee Real Estate Appraiser#RI24567 www.PropertyValue.com April 13,2020 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 13, 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 Tree 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 Parkwayis 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 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 KID. They should be used in conjunction with other City of Ocoee regulations and ordinances. The Ocoee Crown Point KID 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: 2 a MASTER.DE`IELOPMENTPLAN • ' _ BulldlilSetbticks- .. -- • ROW Artie Street, West Parldng Grota Btt lding Retro1 Front Side Semacir Rear orange Trail Tract Provided, .Retentl on Tract land tree Floor Area Height Century Setback Setback, .9ee Sb Setback Setback Acreage Units See#2• Area 1,43,45 WehrFrcntVlllasu 13,903- 45FT- IOFAR] 25FT- 25FT 25-FT 12.02 11200SF. -2 Single-FadikyResidential !VA 35F.T. 4:4:11,AC.Ste etteched'reallerdialsgtbtCke 95.67 'tE 2JUn11 2A Lt StaOan - -WA Soo 94 _ -9 Side-Family.Residential•. NA 3SETA 3.68/AC Sseattechedresitta!tat ia1 e hacks .1935 —69 2JUn1t - 9A' cenimtnityPark RA 355T NrA 25FT. i 25 FT I 23 FT I 25 FT- 0,24, Scet11 3B U1.Sla5cn WA See94 3C Canmtrilty:Polk NA 35FT, NIA 25FT 25FT I 20FT •25FT 0.58 Ses011 4 E)i ittry:Sctiool NrA 45 FTC NA 25'FT 16'FT 20':FT 1351- 13.51 Sestti: • 5 Nigh 5 hoe1 N+A 45-FFT: t5'A �B 15 FT• 20 FT 15 FT 25 FT 51111-14 9ee dt 5A WarkSSRe Edtcatkin • 5.400 45 FT 3.0 FAR 10 FT I 0 10 FT -10 FT 028 •11230SF Seen fits WdrktiteEWratlm 4,400 45-FT 3.0•FAR 10.5T 0 IQ`FT 10•F.T 023 11230SF Seet1 SC VIIIo a Oarder 51,900 45 FT •3.0 FAR 10 FT- 1 0 119FT 10 FT E73 1iz50 EF see tit SD Vlli a Csntor 24.800 45 FT- 3.0 FAR 10 FT '0 _10,FT 10-FT 10•FT 233 11250 SF Stet' 6E Vllla sCcvt'r 20;500 <5FT .3.0FAR. 10.FT. 0 10FT LOFT 10FT 2.98 11250.SF Saee1- • . ' .Partal ROgltirei118ft$ Notes, . • ._. vieee Qeriet Mang Dona taming.9;f7pinkurptc.Csmms gueo,e.,VORSR Dud I 0 CmmCrtI:LTTx18 F7xtlrrglS.Ss000ctuars$ • hkFti retOptdcl of 90FOia lhri t1367830chhd005110.5700!Bk i FttwetrerlS 0tm4N0,8"rig B, LSied iJla Crmire"rt61.0'fi:e-8f?rtiOeNiN.',i�rree," Sl. 6D Vtlldr}e.�l11eY irasirec tacii.c aiiucA:iiOredadyndscSYnj lRr9i_iiat • Dud tL'ne Orargc Mir cm 6E VIIIt3g°•Cent • R,5-5 ward bating,sago tk irrproreoerri;(furr,Lrre,.1far.08: ttxm tso-camtcrct5l,atee&F=urts.►h:�rrccl tin 4. a•a all recc adesl._ • F.r0lteLife • . 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, arid 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(+/-) I 13.51 acres(+/-) GIS Calculated Land Laud Use Code Zoning Land Units Unit Price Land Value Class Unit Price Class Value 8900 Municipal PUD-COMM 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 Building(s) - Feature(s) Market t Value - Assessed Value 2019 El® $825,033 + $0 $0 = $825,033 (said S825,033 (5_0%) 2018 0® $785,746 + $0 + $0 = $785,746 iwo S785,746 DM 2017 0® $785,746 + $0 + $0 = $785,745 a.6%) 6785,746 Rana 2016 Q® $762,860 + $0 + $0 = $762,860 6762,860 Tax Year Benefits - - - - - - Other Exemptions - Tax Savings 2019 Q $825,033 $14,364 2018 Q Mil $785,746 614.037 2017 Q $785,746 S14,306 2016 $762,860 614,295 2019 Taxable Value and Certified Taxes 0 TAX YEAR i 2019•2018• 2017•2016 Taxing Authority - - Assd Value - Exemption Tax Value Millage Rate - -Taxes% There are no ad valorem taxes to display at this time. 2019 Non-Ad Valorem Assessments Levying Authority - Assessment Description - Units - 'Rate - - Assessment Them are no Non-Ad Valorem Assessments 2019 Gross Tax Total: $0.00 O 2019 Tax Savings Tax Savings Your property taxes without exemptions would be: $14,363.74 Your ad-valorem property tax with exemptions ix — $0.00 Providing You A Savings Oh = 614,363.74 Property Valuation& Consulting, Inc. 11 Parcel/Tangible 06-22-28- Owner&Address: Number. 0000-00005 CITY OF OCOEE Date:4/8/2020 150 N LAKESHORE DR Tax Year:2019 OCOEE,FL 34761-2223 Total Assessed Value: $825,033 Legal PORTION OF SW1/4 OF 06-22-28 LYING N OF WEST ORANGE TRAIL,W OF OCOEE Taxable Value: $0 Description: APOPKA RD,SWLY OF WESTYN BAY PH 1 PB 54/29,&SELY OF OCOEE CROWN Gross Tax Amount: 50-00 POINT P Millage 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 BilllReceipt Certified Owner Make Payment 2019 I CITY OF OCOEE 'PAID mew Taxbill For Receipt)' I Taxbil _ _ ❑ 2018 I CITY OF OCOEE 1*PAID(View Taxbill For Receipt)' j Taxbill ❑ 2017 CITY OF OCOEE "PAID(View Taxbill For Receipt)' Taxbil 0 2016 ! CITY OF OCOEE ;PAID(View Taxbill For Receipt)' ! Taxbil) ❑ 2015 CITY OF OCOEE 'PAID(View Taxbill For Receipt)' ! Taxbill • ! ❑ 2014 CITY OF OCOEE 'PAID(View Taxbill For Receipt)' Taxbil ❑ 2013 CITY OF OCOEE &PAID(View Taxbill For Receipt)' I Taxbill ❑ i_.._.1....._;._C.I.....Y._. , (View.... o. p)* _...—.;...._._.._...._..—___._._.......__.....__..—..._.._----..........Taxbill .......__.........._..........0.._..._........_._�.......__........................_._._.- 2010 !CITY OF OCOEE 'PAIDTaxbill For Receipt) ' ' 2009 I CITY OF OCOEE i'PAID(View Taxbill For Receipt) . Taxbill 0 -.—_.__...____...................___....._.._I 2008 I CITY OF OCOEE PAID(View Taxbill For Receipt)' Taxbill 0 2007 !CITY OF OCOEE 'PAID(View Taxbill For Receipt)' Taxbill ❑ 2006 CITY OF OCOEE r PAID(View Taxbill For Receipt)'_ Taxbill 0 i • Unpaid Real Estate Certificates: Year Current Payoff If Paid By Current Payoff If Paid By Make Payment • :`NONE 'NONE' 'NONE` `NONE' 'NONE' ! 'NONE` • 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. 13 COMPARABLE LAND SALES ADJUSTMENT GRID (Based on Unit Value Per Net Upland Area) 2012 Ocoee Apopka Road Subject Sale 1 Sale2 Sale3 Pending Contract4 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 end Florida's Turnpike Road and along west side of State Parkway and West side of Ocoee Road 429 north of Harmon Road Apopka Road) end south of Boy Scout Road City/County. Ocoee,Orange County Ocoee,Orange County Ocoee,Orange County Ocoee,Orange County Apopka.Orange County ZaningiFLU: PUD-COMM(Ocoee Crown Point PUD-COMM/Commercial PUD-COMMILight Industrial 0-2(Community Commercial) ZIP(Zoning in Progress) PUD Commercial with Professional and Law Density Residential within SR 429 Character Area Offices and Services FLU);City of City of Ocoee Boundaries/Commercial;City of Owe Ocoee Proposed Use: Mixed Use Commercial,Office 8 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: N/A $2,625,000 $1,715.700 53,500,000 $5,000,000 Adjusted Sale/Listing Price: N/A • $2,625,000 $1,715,700 $3,500,000 • 55.005,000 Size(Gross Acres): 13.51 Acres 10.65 Acres 11.73 Acres 22.71 Acres 19.71 Acres Size(Gross SF): 588.674 SF 464,350 SF 511.161 SF 989.248 SF 858.568 SF Size(Net Usable/Upland Acres): 13.51 Acres 10.66 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: WA $5.65 -•- 54.36 $3.54 $6.05 Adjustments for Property Rights Conveyed,financing Terms,Conditions of Sate,Expenditures Immediately After Purchase and Market Conditions: Real Properly Rights:. Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Adjustment for Real Property Rights: WA 0% 0% 0% 0% Adjusted Price/SF of Net Upland Area for Real Property Rights: WA 55.65 $4.36 $3.54 $6.05 Financing terms: WA Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Adjustment for Financing terms: N/A . 0% 0% 0% 0% Adjusted Price/SF of Net Upland Area for Financing Terms: N/A $5.65 . $4.36 $3.54 $6.05 Conditions of sale: N/A Arms Lengt/Normal Assumed Arm's Length/Normal Arms Length/Normal Pendng Contract Adjustment for Conditions of sale: N/A 0% . 0% 0% -(0% Adjusted Price/SF of Net Upland Area for Conditions of Sale: N/A• $5.65 54.36 53.54 $5.45 Market Conditions Adjustment tip.% 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 $5.45 Gross Adjustment. • • N/A 0.00% 0.0% 0.00% 40.00% I Adjusted Price/SF of Net Upland Area: NIA $5.65 - -$4.38 $3.54 - $5.45 Physical Adjustments: ` Municipality/Location: City of Ocoee City of Ocoee City of Ocoee City of Ocoee City of Apopka Adjustment for Location: WA 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 Ad(Ustment for Size(UsablelUpland SF): WA 0% -5% 10% 5% Traffic Counts(FOOT 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.Binion Road and 144,800 on Florida's Tumpike on E.Crown Point 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 and SR-429 Crown Point Parkway Tumpike Point Road and Palm Drive Adjustment for Direct Exposure: • N/A 0% 5% -5% 0% Utilities is a Sexeu we Waler,E=Ele bc:T=Telephone): S-W-E-T S-W-E-T S-W-E-T S-W-E-T S-W-E-T Adjustment for Utilities: N/A 0% 0% 0% 0% Access/Shape/Utility. 2 StreetsSrregular 1 Street/Mostly Rectangular 1 Street/Mostly Rectangular 3 Streets/Mostly Rectangular 2 Streets/Mostly Rectangular(0.73 Uplands acre portion accessed via unpaved easement non-contiguous due to SR-029 was deducted from net area above) Adjustment for Access/Shape/Utility: N/A 0% 0% -5% -5% Zoning/FLU: PUD-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 OnSite On-Site Adjustment for Water Retention: WA 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: NIA 0% 0% 0% 5% State of Development: Wooded Wooded Mostly Wooded Mostly Cleared Partly Cleared Adjustment for State of Development WA 0% . 0% -5% 0% Net Physical Adjustments: N/A 0% 5% -5% 5% Gross Physical Adjustments: N/A 0% 15% 25% 15% Indicated Value/SF of Net Upland Area: NIA - $5.65 $4.58 $3.36 $5.72 Weighting N/A 35% 35% 15% - 15% Weighted Value/SF of Net Upland Area: N/A S1.98 $1.60 50.50 - $0.86 Value Indication(Based on Net Upland Area): 588,674 SF of Upland Site Area $4.94/SF= Final Value Indication: • . $2,910,000 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 ($2,910,000). Our appraisal services and related appraisal report have been prepared in accordance with the Uniform Standards.of Professional Appraisal Practice (USPAP), as adopted by the Appraisal Standards Board under the direction of the Appraisal Foundation, as well as with the Code of Professional Ethics of the Appraisal Institute, as read and interpreted within this office. This report was prepared in accordance with, and is subject to, our Assumptions and Limiting Conditions and General Service Conditions, which are attached to and form an integral part of this report. No investigation was made of the title to or any liabilities against the property appraised. Respectfully submitted, PROPERTY VALUATION& CONSULTING, INC. / /,( Blair Beasley State-Certified General Real Estate Appraiser License No. RZ3871 /7die-w J 4 Matthew C. Smith State-Registered Trainee Real Estate Appraiser License No. RI24544 April 13, 2020 Job#A20-8A.VL Property Valuation& Consulting, Inc. Property Valuation & Consulting, Inc. Exhibit A Exhibit A Subject Location Map and Subject Photographs (6 Pages) ' l o s one Rd 4 429 r2 Magnolia Park \; M c Hill Dr �� E m Section Dr \'1 0 8 Gilliam Rd Paradise Heights," ) m` I McCormick Rd W U -o m cc' 3 L a k e A p o p k a - a TroutLake take 435 s Bream Blvd take SVRS �Clarcona m 2 Gt�wra Ocoee Rd:, T- 437 n _ lake 1 = R � Adrlah C � wag�d a Z s ,1 h Fullers 1 l �� Late mHackney Prairie Rd 26 I v /0 1-1 Meaiuw �t�� r `/ aJigneH a 0 4Parr. Page lake ',' E Fullers Cross Rd i.I m r Crown Pond 427 o- H Pk' 0 tf5 a Rd 4* ,t4_II 1Fr, z , rr. i� I' � G�f -1-`1V 9�4. Rd eta3 a 7 o v �i - yyolling Ave J 3aa'ey E l = g re 24� l�'i {t 1 �P'$ C - n. nla .- enter St N L.ke Silaer Star Rd Gta m a °��o^ 438- _ � n _ lob:, � p,- D gipn St,E } u` 4 I"I!..�o - B F ktvt 51 0 .. '� Li .w Ocoee L a fiI 4ae c m Sta ke Lake take I —m s� Winter yv Bey St : a G deo --. Bay 2 o / / a �'y WlloW coy [�/ �N,` ,p, 438 { o * 3i St 1 �� I� 61 Orlando A eI YYhi[e Rd ' yvhite Rd Rio LLL m 537 ?23 §, ' -I' i .a ,.� Maple St E � yy _ ii Stor Rd W 01 E StoryRd I StoryRd . _ i N denvillep y 535 o 94 4 ,���(�-��" ® 'z`\,\ iiil ms ._r s B i$ 1 L ZF16ei7 i r Vl lip Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS 'r Rr, t 4 I it '� ',a. ' IN a 4 I, ts- . # } VIEW LOOKING WEST FROM THE SOUTHEAST CORNER OF THE PROPERTY R' '�4 ..art "'a * s • �; Q ok Mit 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 3116410,.. .404 ..:. VIEW LOOKING NORTH ALONG OCOEE APOPKA ROAD FROM NEAR THE SOUTHEAST CORNER OF THE PROPERTY(SUBJECT ON LEFT) • - 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 ?t . ote 03826/21.020 VIEW LOOKING NORTHEAST FROM NEAR THE SOUTHWEST CORNER OF THE PROPERTY .w ys. nro 1—u0 0l 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 a crM+ HARD GRAVELED ACCESS ROAD WHICH RUNS ALONG THE SOUTHERN BOUNDARY OF THE PROPERTY,LOOKING SOUTHEAST FROM THE SOUTHWEST CORNER OF THE PROPERTY ._, • • kA 4" VIEW LOOKING NORTH OF THE EASTERN PORTION OF THE SITE FROM NEAR THE SOUTHERN BOUNDARY Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS 03/26/2020 VIEW LOOKING EAST OF THE GATE ACROSS THE HARD-GRAVELED ACCESS ROAD FROM THE EASTERN PORTION OF THE SOUTHERN BOUNDARY • F a30g0 o VIEW OF THE ACCESS ROAD LOOKING WEST FROM NEAR THE SOUTHEAST CORNER OF THE SITE Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS =a . IIIV s` . t- . .' -- . .i. r ^, t n �t� ^zi t.r 1 P`- 1 3"--. - N. .,;v:_,,, , ‘_ .. „.410,0% \ .\ .1 ,......4,,,_,. ... _ksy ,„,-0.,.. .. "',, 4. 1 r` •- @l3046I MO VIEW LOOKING SOUTHEAST FROM NEAR THE NORTHWEST CORNER OF THE SITE 4e ` 0,6IrYQo a 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 'z' rr. i . V► ,. �0, •Ax e^ � 40, AleAp.:, IV4r ..-4-z , Parmt.er,s , irt - * ILLC ''-.•',''14',,-1.'-..tt t•:-,4'-t..:.1 1 , ` c ., r iliit ,..` .• _ G "S1 Partners 4. r 0/ Partners OLLC . .., ` 'ID � ILLC 1W IN' a§ ies ti � q51. ...f, 9 .r • ' / '' • ' "4.'1-'0 ' \ )0' •*". ' ' •, ' .** ••••• . *, . *-.‘,-1 ' ,1..e. ':' :'4:."4" ...'s'.: j_.1 V:41:11., ..-' 4, : 7 4, . ,yam /t . 1 } •. v+ ra % I 1. 0 - i '0, North Property Valuation & Consulting, Inc. Exhibit B TAX MAP (property highlighted in red) cwfi+ . C-- . Crime TRACTA / Peron Ca• Inc ,Oco•• Pafi�i� Assnn ( V>Ina s "x;TIL'C ILL • Q • 1 ► • ed, . - CIN Of 4.4 ,Y 1 North^ Property Valuation & Consulting, Inc. Exhibit B CONCEPTL:_XL SITE PLAN N vs . MALT III --- 1 IAL't Iy --r ��. /f C, 1,,,,.,, / nun' iliC 77TLKT 1•• ,:'''.''.° 44,,,..'•'",._"°"'ThAL111.......1' ��J �' L1.119sS / �,,yK..,�AA ���,� TfThf 1MLT�M.= LTA •f TRACT •• �.. T1.Yl IM • / 1 t . ..' / 1 ii ! .. _ .._. TMC71w I TLUT•I ' =X y% —+•1!•TtA.T.4. MAR•IT �s , 'h1CT•I NV rw •1.+ nA•t•i8A P , -` f` /IARLEhi nACT tALT 1114 (,��11�/ • tis •w IS I 17• Ocoee ( .T own f onnt r( I ) .. (Subject property is identified as Tracts 6C & 6E) Property Valuation & Consulting, Inc. Exhibit B ig• I II i Iji I ilk I / I I: s Ir j lII Ili 11,4II¢ gg 1.1 l``a1!i.iii I x1 'gr 1IiHfli !1!i81 F 1f➢ SEE �17 7t 3 I age ! I , NI , II Jill ! ! y$ 7� g $ $ f$8 f i I ii ii Shia a III 2 c r 1 g = S IN#�� c r rc t t r R is 5 s RsY Y 8 11 R A R RG A Q P I R i JR R 9 g ee o o e fit It A iQ I Z 3 a a eA 115 A if' R 0 5 51: 9 t i tIa5 II € 9.411 j I I S^SRR • e Sill a Property Valuation & Consulting, Inc. Exhibit C Exhibit C Identifying Legal Description (1 Page) Property Valuation & Consulting, Inc. Exhibit C PORTION OF SW1/4 OF 06-22-28 LYING N OF WEST ORANGE TRAIL,W OF OCOEE APOPKA RD,SWLY OF WESTYN BAY PH 1 PB 54/29,&SELY 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) ' 441 Apopka 4e o Sco4 Pending Contract 4 F I7 h, 4 N yf y/ . 1424( j"' ? I 429 43 8e3,°Lyre T. m 414' t cu o 437A I '• ?, o Piedmont w i A , 437 �' a Paradise Jr.e.•S Rd _ - `, k e Apopka HeightsIl McCormick Rd W y I Sale 2 Ih f liarClarcona // C43rcoRla Oct ._ Fulled, _ P • a ORANGE ' 2 ui 1 Sale 3 X _ m .� dian Hill R. Crown o+ '.> ) Point a) 'ti', 7 II r- r r x -, 43s " I IIIIII ' III �_= Ocoee _` _ Winter Garden _y{438``- 11 YI. o f' ,, % LLaJ an_ V9hite Rd —p I43 I )akland - $tI5ry Rd W (537 Y E Story Rd , Qv Rd i;439 Sale 1 X Tddenville • I IIPlne F L [D 429 0 it Toll Florida's Tpke 526 \ Toll � _= 408b J 408 r -- 1 �'1 "` Orlovista - Beulah A -�" 1 Z;keBlack Lake " '0" (.1 Fw '44A 144F'I Location Map Property Valuation & Consulting, Inc. Exhibit D SALE 1 l r .. e r HMv n,C i - •�T`;I ii fi is PIJ_I 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 way s'* ^ per' 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 • $ sr ea tia. r, F' 6i t n 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 \ - \ Ll.il 1 _L ig 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 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 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). Blair Beasley State-Certified General Real Estate Appraiser,License#RZ3871 April 13,2020 / /i . Matthew C.Smith,State-Registered Trainee Real Estate Appraiser,License#RI24544 April 13,2020 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 BEAS EY State-Certified General Real Estate Appraiser feRZ3S7I Business '.ddr s Property Valuation&Consulting,Inc. 204 South Dillard Street Winter Garen,FL 34187 (407)S;7-0200,Fax(407)877-S222 Education Florida State University Tallahassee,FL Bachelor of Science inReal Estate and Mai eting,April 2011 Appraisal&Real Estate Courses Introduction to Real Estate:Florida State University Tallahassee FL Deceffiber 2009 Real Estate Valuation:Florida State University Tonal asJee,FL December 2010 Real EA,AeFinance:Florida State University Tallatea;see,FL - December 2010 RealEUatn Market Analysis:Florida State University I 11-41k ;see,FL April 2011 Real Estate Investment:Florida State University Tallahassee FL April 2011 Legal Environment of Real Estate:Florida State University Tallatlssee,FL Apra 2011 National USPAP 15 Hour Course,Steve Williamson Real Estate Education Specialists Orlando,FL - April 2012 .General Appraiser Market Analysis andliigli t&Best Use itland. FL April 2013 Brr es :c Practices and E; 'es Online . February 2014 7-Hour National USPAP Update Course Orlando,FL November 2014 Florida Lacy Orlando,FL November 2014 7 HourNatianal USDA'P Update Course Orlando,FL May 2016 7-flourNationalijSPAP Update Course Orlando,FL April 201S Florida Lai. Orlando,FL Ap ril201E Appraising Small Apartment Properties t7n>leRAe November 2O18 Bane lintel Appraising—I i,nited Service Hotels Online November201S Appraisal of Land Subject to Ground T c es Online November 2018 Supervisory frrainee Appraiser Course Online August 2019 AAFrairl seminar mortared bv'T'he Appraisal Institute Critical ThinLing in Appraisals,January 2014 Real Estate Experience September 2011-Present-Associate,Property iJ'aluation&Con r sting Inc..,Winter Garden,FL Appraisal experience includes tarrutive and foffi report telling of commercial and rrid¢i,l vacant land,proposed residential subdivision properties,recreational facilities,retail build+np;, indu trial buildings, office brila ings, day care facilities, greenhousefnursery, commercial condommiuiunr properties and other special purpose properties_ This includes research, data collection,verification and analysis_ References Available upon request Property Valuation & Consulting, Inc. Exhibit G • QUALIFICATIONS OF MA 1.11LW C.SMITH State-Registered Trainee Real Estate Appraiser#RI24544 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) "`%,,4 RICE SCOTT.GOVERNOR JONATHAN ZACHEM,SECRETARY Florida dbr . STATE OF FLORIDA DEPARTMENT OF BUSINESS:AND PROFESSIONAL REGULATION FLORIDA REALoESTATEAPPRAISAL BD - THE CERTIFIED GENERAL-APPRAI�ER HERE I IS'CERTIF ED UNDER THE a,.,v -V� +taar� at, PROVISIONS'OF CHAPTER1475 ORIDA� TA' ES *:BE SLEY• BL• AIR E kills sr L - �--4 2045 DILLARD STREETS �stt �;WINRI GARDEN FL3i787oA. yy .._. I LICENSE NUMBEF�RZ387 E•XPIRATION'DATg OYENIBER 30,2020 Always verify licenses online at MyFloridaLlcense.com '+ $#.,r Do not alter this document In any form. . . ' 0 trl 7• 'o This Is your license.It Is unlawful for anyone other than the licensee to use this document. a �,�^'A"�*`Y'ct!*rs.RICK SOT. OVOZNOR JONATHAN ZACHDA ECETAR ei�'.'off ttiid , r, dbpr STATE OF FLORIDA DEPARTMENT OF BUSINESS-AND PROFESSIONAL REGULATION FLORIDA REAL EStATE:APPRAISAL BD - THE REGISTERED TRAINEEAPP-RAISERHERRT IN'HAS'REGISTERED UNDER THE .Orr , R ,rtv-tk ,,..-_,,,,:A.,,,,•N PROVISJONSpk•CHARTER 475 JORID T,ATUTES '+• �t ',C� SMITHYMAT▪ THE▪ IN'C t`i1 7S31�/}CIEIC HEIGI!t'SCIRCLE Li \ DoTrL3283�•�r.0.-Fi'wu ;r,707r f x,'. 'ALA S, f1 fir''''' `°acid. NUMeEwz4sx - RATIONDATE NOVEMBER30,2020 • Always verify liicentes online at MyFloridaliceo:e.com. 4. ,7': , Do not alter this document in any form. �-r�o. This c your license.It Is unlawful for anyone other than the licensee to use this document- , I p.;r -4. r- r / 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. A (See Note 1 A (See Note Inter -local Agreemen Tract # Designation SCL Trott #1 WATERFRONT VILLAGE - B.18 - 8.18 Tract #2 RESIDENTIAL - - 35.67 35.67 Tract #2A UFT STATION .. - _ Tract #3 RESIDENTIAL - 19.36 19.36 Tract #3A PARK 0,21 - 0.24 Trott #3B LIFT STATION . - - - Tract #3C PARK - 0.88 - 0.88 Tract #4 ELEMENTARY SCHOOL _ 13.51 -- - 13.51 51.21 Tract #5 HIGH SCHOOL 51.21 - Tract #6A WORKFORCE EDUCATION 0.28 - - 0.28 Tract #613 WORKFORCE EDUCATION 0.23 - - 0.23 Tract #6C VILLAGE CENTER - 5.73 - 5.73 Tract #6D VILLAGE CENTER - 2.33 - 2.33 Tract #6E VILLAGE CENTER - 2.98 - 2.98 Tract #6F Tract #6C VILLAGE CENTER WORKFORCE EDUCATION - 0.50 0.60 - - - 0.60 0.50 Tract #7A WORKFORCE EDUCATION 5.24 - - 5.24 Tract #713 WORKFORCE EDUCATION 2.52 - - 2.82 Tract #8 INSTITUTIONAL - Z45 - 2.45 Tract #9 COMMERCIAL 14,56 - 14.56 Tract #10 COMMERCIAL - 5.64 5,64 Tract #IDA UFT STATION r ' Tract #11 INSTITUTIONAL - 6.96 - 6.96 Tract #12 INSTITIUTIONAL - - - Tract #13 BUS DEPOT/TOWNHOME 21.74 - - 21.74 Tract #14 OPEN SPACE - 0.24 - 0.24 Tract #15 OPEN SPACE 0.51 0.51 Tract #16A OPEN SPACE - 0.23 - 0.23 Tract #16B ROAD EXTENSION - 0.56 0.56 Tract #17 SOVEREIGN WETLAND 34.31 34.31 Tract #18 WETLAND - 44.90 - 44.90 Tract #19 WETLAND - 5.00 - 5.00 Tract #20 WETLAND - 1.27 - 1.27 Tract #21 WETLAND - 2.41 - 2.41 Tract #22 WETLAND - 2.40 - 2.40 Tract #23 WETLAND - 1.34 1.34 Tract #24 WETLAND BUFFER _ 0.33 _ _ 0.33 Tract #25 WETLAND BUFFER - 1,14 - 1.14 Tract #26 WETLAND BUFFER - 1.49 - 1.49 Tract #27 WETLAND BUFFER - 0.76 - 0.76 Tract #28 WETLAND BUFFER - 0.24 - 0.24 Tract #29 WETLAND BUFFER - 0.51 - 0,51 Tract #3D WETLAND BUFFER - 0.15 - 015 Tract #31 WETLAND BUFFER - 0.17 - 0.17 Tract #32 RIGHT-OF-WAY - 10,24 - 10,24 Tract _L33 Tract #33A RIGHT-OF-WAY RIGHT-OF-WAY - _ - 2.29 0.09 - 2.29 0.09 Tract #33B RIGHT-OF-WAY - 0.26 0.26 Tract #34 RIGHT-OF-WAY 1.14 - - 1.14 Tract #35 RIGHT-OF-WAY - 1.10 - 1.10 I Tract #36-40 JOINT STORMWATER. 11.51 7.18 - IB.69 Tract #41 OCPS STORMWATER. 6.83 - - 6.83 A #16,43-49,50 OCOEE STORMWATER 22.89 - 22.89 Trott #50 RESfDENTAL - 22.00 22.00 T-t #508 PARK - 1.99 1.99 Tract #51 WETLAND - 4.21 - 4.21 Tract #52 WETLAND BUFFER - 0.57 - 0.57 Total: 115.01 199.33 77.03 391.37 * Excludes ponds within Tract 12 ** Acreages of Tracts 2A, 3B, and l0A are included within parent tracts. Location of said tracts are subject to change. Al TRACT #24 ,�� Vhb CT 4 Ym lmgma�fgi 215Eaat,m Svcs, Sane 3W O 1M9 FlU-F"41 TRACT��' 0c�m'�Win� salmi o3n4W8n. alsaa Tract #12A RETENTION 2.42 Tract #12B RETENTION 0.93 Tract #12C ROAD EXTENSION _ 0.60 Tract #12D OPF34 SPACE 1.90 Total: 5.91 NOTE 1: Tract 12 is owned by OCPS prior to the execution of the Inter -Local Agreement regarding Coca-Cola property, dated June 13, 2000. Currently owned by OOPS, the school board has agreed to convey the property to the City of Ocoee upon execution of Ammendment Number 1 to the Inter -Local Agreement, The property will be used for retention/detention, right-of-way, open space and signage only. The pond in Tract 12B will be conveyed back to OCPS since the pond is contiguous to an OCPS-owned pond, The pond in Tract 12A will be a joint -use pond NOTE 2: Allocation of the Joint -Use Stormwater Ponds is based on the estimated post -development impervious acreages, See supplemental table for stormwaler calculations. NOTE 3: The total acreage of the waterfront village, excluding wetland area and including © Ponds 4 (Duct 43) & 5 (Duct 45), is 12.02 acres. NOTE 4: Tract 51 will be the wetland area 0 & Tract 50, 50A, SOB & 51 are not included in the St. Johns River Water Management District Conceptual Plan for the site, The stormwater pond graphically depicted on these plans is based on a preliminary stormwater analysis performed for these tracts. The shape and configuration of the pond can be modified to accomodate the final site plan for Tract 50, 50A & 50B subject to meeting the criteria established by SJRWMD and the City of Ocoee. N 250 0 250 soa SCALE IN FEET Ocoee, Flodda Nm Approvedfin Cm oodov Proposed Ownership Map C004 4 w� 61973%0 _