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Item #13 Appraisal Report on Property Available Adjacent to City-owned Property on Kissimmee Avelk4 0 C 0 (? (? florida AGENDA ITEM COVER SHEET Meeting Date: April 21, 2015 Item # I'3 Reviewed By: Contact Name: Al Butler, Support Services Department Director: Contact Number: 407 - 554 -7063 City Manager: Subject: Appraisal report on property available adjacent to city -owned property on Kissimmee Ave. Background Summary: Staff was asked to compile information regarding property located on South Kissimmee Avenue north and south of West Floral Street. This block of property is located adjacent to and immediately to the south of property the city recently purchased from Crittenden Langley at the intersection of South Kissimmee Avenue and West McKey Street. The property consists of four parcels, all currently owned by Certi -Fine Fruit Co., Inc. (letter designations match those shown on the attached map): A. 00 -043 — 121 S. Kissimmee Ave., 1.66 ac., Industrial B. 00 -091 — 130 W. Floral St., 0.33 ac., Industrial C. 02 -080 — 201 S. Kissimmee Ave., 0.19 ac., Residential (one platted lot) D. 02 -090 — 209 S. Kissimmee Ave., 0.37 ac., Residential (two platted lots) Staff hired Property Valuation & Consulting, Inc. (Winter Garden, FL) to provide a fee appraisal of the subject property. For the purposes of the appraisal, the two contiguous industrial properties were treated as a single unit. The appraised market value for the entire property was $247,000, with individual appraised values being: $191,000 for Parcels A & B (2.0 ac. Industrial) $19,000 for Parcel C (0.19 ac. Residential) $37,000 for Parcel D (0.37 ac. Residential) Issue: Staff was asked to provide information to the City Commission regarding vacant property offered for sale around the intersection of Kissimmee Avenue and Floral Street. Recommendations This report is being provided for information purposes and direction from the City Commission in reference to possible acquisition. Combined with the property on the block already owned by the city, acquisition of the industrial property (Parcels A & B) would result in an undivided piece of property containing 3.1 acres of land border by W. McKey St., S. Kissimmee Ave., W. Floral St., and Bay St. Including the parcels south of W. Floral Ave. brings the total up to 3.67 acres. Attachments: • Map of property (note that the street names on the included aerial photo were provided by the Orange County Property Appraiser and are not consistent with actual street names) • Property records (from Orange County Property Appraiser website) • Fee appraisal (by Property Valuation & Consulting, Inc.) Financial Impact: Not applicable. Type of Item: (please mark with an 'Y) Public Hearing For Clerk's Dept Use Ordinance First Reading Consent Agenda Ordinance Second Reading Public Hearing Resolution Regular Agenda Commission Approval X Discussion & Direction Original Document/Contract Attached for Execution by City Clerk Reviewed by Reviewed by City Attorney Reviewed by Finance Dept. N/A N/A N/A 2 = T_ 0 Certi -Fine Fruit Co., Inc. Property in Ocoee, Florida Property Recently Purchased by City of Ocoee i r for • !.;•� �! OtOccee •-� w Q W i. LLJ Z s � 135 a R, I_ 4 •� o I 6 LJ ,' 4 9 s TIT 5 W MCKEYoST 61cKay N - t. P 39 n ,sa 121 S Kissimmee Ave Property Record - 18- 22 -28- 0000 -00 -043 Property Summary Property Name Certi Fine Fruit Co Names Certi Fine Fruit Co Inc Municipality OCO - Ocoee Property Use 4000 - Vacant Industrial http: / /www.ocpafl. org/ Searches/ ParcelInfoPrinterFriendly .aspx/PF Sett... Orange County Property Appraiser - http://www.ocpafl.org Mailing Address 125 Terra Mango Loop Ste A Orlando, FL 32835 -8507 Physical Address 121 S Kissimmee Ave Ocoee, FL 34761 282218000000043 05/01/2006 Value and Taxes Eli 10 QR Code For Mobile Phone 1 1 lOvnfY of — b + _ T Historical Value and Tax Benefits Tax Year Land Building(s) Values = $90,652 ( -17 %) $90,652 ( -17 %) + $0 2014 $108,768 (0 %) $90,605 + $0 2013 $90,652 + $0 2012 $108,768 + $0 2011 $108,768 + $0 Feature(s) Market Value Assessed Value + $0 = $90,605 (0 %) $90,605 (0 %) + $0 = $90,652 ( -17 %) $90,652 ( -17 %) + $0 =$108,768 (0 %) $108,768 (0 %) + $0 =$108,768 $108,768 1 of 3 4/13/2015 11:38 AM 121 S Kissimmee Ave 2014 Taxable Value and Certified Taxes http: / /www. ocpafl. org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett ... Taxing Authority Assd Value Exemption Tag Value NElllage Rate Taxes % Public Schools: By State Law (Rle) $90,605 $0 $90,605 5.2260 (2.19 %) $473.50 27% Public Schools: By Local Board $90,605 $0 $90,605 3.2480 (0.00 %) $294.29 17% Orange County (General) $90,605 $0 $90,605 4.4347 (0.00 %) $401.81 23% City Of Ocoee $90,605 $0 $90,605 5.6371 (- 2.57 %) $510.75 29% Library - Operating Budget $90,605 $0 $90,605 0.3748 (0.00 %) $33.96 2% St Johns Water Management District $90,605 $0 $90,605 0.3164 (- 3.62 %) $28.67 2% 19.2370 $1,742.98 2014 Non -Ad Valorem Assessments Levying Authority Assessment Description Units Rate Assessment CITY OF OCOEE OCOEE STORM - DRAINAGE - (407)905 -3170 199.68 $1.00 $199.68 $199.68 Property Features Property Description COMM AT CENTER CROSSING OF MACKEY ST & THE ATLANTIC COAST LINE RR RUN S 180 FT & W 30 FT FOR POB W 322.3 FT S 195 FT E 145.3 FT S 100 FT E 177 FT N 270 FT TO POB IN SEC 18 -22 -28 Total Land Area 72,521 sqft ( + / -) 1 1.66 acres ( + / -) GIS Calculated Land (includes working values) Land Use Code Zoning Land Unfits Unit Land Class Unit Class Price Value Price Value 4000 - Vacant I -2 72483.84 SQUARE $1.50 $108,726 $0.00 $108,726 Industrial FEET Buildings (includes working values) Extra Features (includes working values) Description Date Built Units Unit Price XFOB Value There are no extra features associated with this parcel 2 of 3 4/13/2015 11:38 AM 121 S Kissimmee Ave Sales http: / /www. ocpafl. org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... Sales History Sale Date Sale Amount Instrument # There are no sales for the selected parcel Services for Location Traffic Information Kissimmee Ave Nearby Amenities Book/Page Deed Code Seller(s) Buyer(s) Vac/Imp 2,500 Vehicles / Day 3 of 3 4/13/2015 11:38 AM 130 W Floral St Property Record - 18- 22 -28- 0000 -00 -091 Property Summary Property Name Certi -Fine Names Certi -Fine Management Co Inc Municipality OCO - Ocoee Property Use 4000 - Vacant Industrial Orange County Property Appraiser - http: / /www.ocpafl.org Mailing Address 125 Terra Mango Loop Ste A Orlando, FL 32835 -8507 Physical Address 130 W Floral St Ocoee, FL 34761 of IM QR Code For Mobile Phone 18000000091 01/24/2013 http: / /www. ocpafl. org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... 282218000000091 05/01/2006 1 of 3 4/13/2015 11:39 AM 130 W Floral St Value and Taxes http: / /www. ocpafl. org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... Historical Value and Tax Benefits Tax Year Land Buildng(s) Values 5.2260 (2.19 %) $94.76 27 % 2014 $18,132 $18,132 + $0 2013 $58.89 $18,163 + $0 2012 $0 $18,163 + $50,686 2011 23 % $18,163 + $51,556 2014 Taxable Value and Certified Taxes Fejft*s) Nlarloet. Value sed Value + $0 = $18,132 ( -.17 %) $18,132 ( -.17 %) + $0 =$18,163 ( -75 %) $18,163 ( -75 %) + $3,538 = $72,387 ( -1.2 %) $72,387 ( -1.2 %) + $3,538 = $73,257 $73,257 Taxing Authority Assd Value Exemption Tax Value Millage Rate Taxes % Public Schools: By State Law (Rle) $18,132 $0 $18,132 5.2260 (2.19 %) $94.76 27 % Public Schools: By Local Board $18,132 $0 $18,132 3.2480 (0.00 %) $58.89 17 % Orange County (General) $18,132 $0 $18,132 4.4347 (0.00 %) $80.41 23 % City Of Ocoee $18,132 $0 $18,132 5.6371 (- 2.57 %) $102.2129 % Library - Operating Budget $18,132 $0 $18,132 0.3748 (0.00 %) $6.80 2 % St Johns Water Management District $18,132 $0 $18,132 0.3164 (- 3.62 %) $5.74 2 % 19.2370 $348.81 2014 Non -Ad Valorem Assessments Levying Authority Assessment Description Units Rate Assessment CITY OF OCOEE OCOEE STORM - DRAINAGE - (407)905 -3170 120.00 $1.00 $120.00 $120.00 Property Features Property Description BEG CEN CROSSING MCKEY ST & SCL RR RUN S ALONG C/L RR R/W 450 FT TH W 207 FT TO POB TH RUN N 100 FT W 145.3 FT TH S 100 FT TH E 145.3 FT TO POB IN SEC 18 -22 -28 Total Land Area 14,529 sgft ( + / -) 0.33 acres ( + / -) GIS Calculated Land (includes working values) 2 of 3 4/13/2015 11:39 AM 130 W Floral St Land Use Code 4000 - Vacant Industrial http: / /www. ocpafl. org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... ZoningLand Units Unit Land Class Unit Class Price Value Price Value I -2 14505.48 SQUARE $1.50 $21,758 $0.00 $21,758 FEET Buildings (includes working values) Extra Features (includes working values) Description Date Built Units Unit Price There are no extra features associated with this parcel Sales Sales History Sale Date Sale Instrument Book/Page Deed Code Amount # 06/01/1973 $16,100 19730636383 02419 / 0240 Warranty Deed Services for Location Nearby Amenities XFOB Value Sellers) Buyers) Vac/Imp Vacant 3 of 3 4/13/2015 11:39 AM 201 S Kissimmee Ave Property Record - 18- 22 -28- 7224 -02 -080 Property Summary http: / /www. ocpafl. org/ Searches /ParcelInfoPrinterFriendly. aspx/PFSett... Orange County Property Appraiser - http: / /www.ocpafl.org Property Name 201 S Kissimmee Ave Names Certi Fine Fruit Co Inc Municipality OCO - Ocoee Property Use 0001 - Vacant Residential V alue and Taxes Mailing Address 125 Terra Mango Loop Ste A Orlando, FL 32835 -8507 Physical Address 201 S Kissimmee Ave Ocoee, FL 34761 ❑0 `+ ❑� w1• A.. QR Code For Mobile Phone Historical Value and Tax Benefits Tax Year Values � +SPY 1 4m.n NC ©m '1 1 Csunfy • + $0 2012 $22,390 + $0 2011 $22,390 + $0 r - � Historical Value and Tax Benefits Tax Year Values Land Building(s) 2014 ©m $22,390 + $0 2013 $22,390 + $0 2012 $22,390 + $0 2011 $22,390 + $0 Feature(s) Market Value Assessed Value + $0 = $22,390 (0 %) $22,390 (0 %) + $0 = $22,390 (0 %) $22,390 (0 %) + $0 = $22,390 (0 %) $22,390 (0 %) + $0 = $22,390 $22,390 1 of 3 4/13/2015 11:40 AM 201 S Kissimmee Ave 2014 Taxable Value and Certified Taxes Taxing Authority Public Schools: By State Law (Rle) Public Schools: By Local Board Orange County (General) City Of Ocoee http: / /www. ocpafl. org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... Assd Value Exemption Tax Value Millage Rate Taxes % $22,390 $0 $22,390 5.2260 (2.19 %) $117.0127 % $22,390 $0 $22,390 3.2480 (0.00 %) $72.72 17 % $22,390 $0 $22,390 4.4347 (0.00 %) $99.29 23 % $22,390 $0 $22,390 5.6371 (- 2.57 %) $126.2129 % Library - Operating Budget $22,390 $0 $22,390 0.3748 (0.00 %) $8.39 2 % St Johns Water Management District $22,390 $0 $22,390 0.3164 (- 3.62 %) $7.08 2 % 19.2370 $430.70 2014 Non -Ad Valorem Assessments Levying Authority Assessment Description Units Rate Assessment CITY OF OCOEE OCOEE STORM - DRAINAGE - (407)905 -3170 120.00 $1.00 $120.00 $120.00 Property Features Property Description POUNDS ADDITION N /14 LOT 8 BLK B Total Land Area 8,086 sgft ( + / -) 0.19 acres ( + / -) GIS Calculated Land (includes working values) Land Use Code Zoning Land Units Unit Price Land Value Class Unit Price Class Value 0001 - Vacant Residential R- I A 1 LOT(S) $22,000.00 $22,000 $0.00 $22,000 Buildings (includes working values) Extra Features (includes working values) Description Date Built Units There are no extra features associated with this parcel Sales Sales History Unit Price XFOB Value 2 of 3 4/13/2015 11:40 AM 201 S Kissimmee Ave http: / /www.ocpafl. org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... Sale Date Sale Instrument Book/Page Deed Code Seller(s)Buyer(s)Vac/Imp Amount # 09/22/1989$13,800 19893348507 04117 / 4504 Special Warranty Vacant Multiple Services for Location Nearby Amenities 3 of 3 4/13/2015 11:40 AM 209 S Kissimmee Ave Property Record - 18- 22 -28- 7224 -02 -090 Property Summary http: / /www.ocpafl. org/ Searches/ ParcelInfoPrinterFriendly.aspx/PF Sett... Orange County Property Appraiser - http://www.ocpafl.org Property Name 209 S Kissimmee Ave Names Certi Fine Fruit Co Inc Municipality OCO - Ocoee Property Use 0001 - Vacant Residential Value and Taxes a , - — QR Code For Mobile Phone Historical Value and Tax Benefits Tax Year Values 2014 �® 2013 �® 2012 �® 2011 �® � _ ` ' ry ... .... _ Historical Value and Tax Benefits Tax Year Values 2014 �® 2013 �® 2012 �® 2011 �® Land $22,390 $22,390 $22,390 $22,390 Building(s) + $0 + $0 + $0 + $0 Feature(s) Market Value Assessed Value Mailing Address 125 Terra Mango Loop Ste A Orlando, FL 32835 -8507 Physical Address 209 S Kissimmee Ave Ocoee, FL 34761 + $0 = $22,390 (0 %) + $0 = $22,390 (0 %) + $0 = $22,390 (0 %) + $0 = $22,390 $22,390 (0 %) $22,390 (0 %) $22,390 (0 %) $22,390 1 of 3 4/13/2015 11:40 AM 209 S Kissimmee Ave 2014 Taxable Value and Certified Taxes http: / /www. ocpafl.org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... Taxing Authority Assd Value Exemption Tax Value Millage Rate Taxes % Public Schools: By State Law (Rle) $22,390 $0 $22,390 5.2260 (2.19 %) $117.0127 % Public Schools: By Local Board $22,390 $0 $22,390 3.2480 (0.00 %) $72.72 17 % Orange County (General) $22,390 $0 $22,390 4.4347 (0.00 %) $99.29 23 % City Of Ocoee $22,390 $0 $22,390 5.6371 (- 2.57 %) $126.2129 % Library - Operating Budget $22,390 $0 $22,390 0.3748 (0.00 %) $8.39 2 % St Johns Water Management District $22,390 $0 $22,390 0.3164 (- 3.62 %) $7.08 2 % 19.2370 $430.70 2014 Non -Ad Valorem Assessments Levying Authority Assessment Description CITY OF OCOEE OCOEE STORM - DRAINAGE - (407)905 -3170 Property Features Property Description POUNDS ADDITION N /14 LOTS 9 & 10 BLK B Total Land Area 16,096 sgft ( + / -) Units Rate Assessment 120.00 $1.00 $120.00 $120.00 0.37 acres ( + / -) GIS Calculated Land (includes working values) Land Use Code Zoning Land Units Unit Price Land Value Class Unit Price Class Value 0001 -Vacant Residential R -IA 1 LOT(S) $28,000.00 $28,000 $0.00 $28,000 Buildings (includes working values) Extra Features (includes working values) Description Date Built Units Unit Price XFOB Value There are no extra features associated with this parcel Sales Sales History 2 of 3 4/13/2015 11:40 AM 209 S Kissimmee Ave Sale Date Amount 09/22/1989$11,400 06/01/1967$7,000 http: / /www. ocpafl. org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... Instrument Book/Page Deed Code 19893348507 04117 / 4504 Special Warranty Multiple 19670149660 01658 / 0389 Warranty Deed Services for Location Nearby Amenities 3 of 3 Seller(s) Buyer(s) Vae/lmp Vacant Improved 4/13/2015 11:40 AM AN APPRAISAL OF (1) A Vacant Commercial Site Totaling 2.0 Net Upland/Gross Acres (86,989 Square Feet) 121 S. Kissimmee Avenue & 130 W. Floral Street, Ocoee, Orange County, FL 34761 and (2) Two Vacant Residential Lots with 8,086 Square Feet (SF) and 16,096 SF Respectively 201 and 209 S. Kissimmee Avenue, Ocoee, Orange County, FL 34761 Purchase Order# 1423107 PREPARED FOR Mr. Al Butler Director of Support Services City of Ocoee 150 N. Lakeshore Drive Ocoee, FL 34761 -2223 abutler@ci.ocoee.fl.us DATE OF VALUATION February 3, 2015 DATE OF REPORT March 17, 2015 PREPARED BY PROPERTY VALUATION & CONSULTING, INC. John A. Robinson, MAI, AI -GRS, CCIM State - Certified General Real Estate Appraiser Florida License #RZ417 Ana M. Arroyo, MAI State - Certified General Real Estate Appraiser Florida License #RZ3450 File #A15- 12.LND Copyright 2015 Property Valuation & Consulting, Inc. SUMMARY OF SALIENT FACTS PROPERTY The subject property is vacant land consisting of four tax parcels. Two of the tax parcels are contiguous and are zoned commercial. The commercial parcels will be referred to as Parcel A. The other two tax parcels are contiguous and zoned residential and will be referred to as Parcels B and C below, as follows. W. Floral Street separates Parcel A from Parcels B and C. Parcel A- Two contiguous vacant commercial land parcels totaling 2 acres or 86,989 net upland and gross square feet (SF) based on Orange County records. Parcel B- A vacant residential site totaling 8,086 SF or 0.19 net upland/gross acre Parcel C- A vacant residential site totaling 16,096 SF or 0.37 net upland/gross acre LOCATION Parcel A- 121 S. Kissimmee Avenue & 130 W. Floral Street, Ocoee, Orange County, FL 34761 (northwest corner of W. Floral St. and N. Kissimmee Ave.) Parcel B- 201 S. Kissimmee Avenue, Ocoee, Orange County, FL 34761 Parcel C- 209 S. Kissimmee Avenue, Ocoee, Orange County, FL 34761 (Parcels B and C are situated at the southwest corner of W. Floral St. and N. Kissimmee Ave.) SITE /LAND AREA Parcel A- A rectangular site (2 tax parcels), which totals 2.0 net upland/gross acres (86,989 SF), based on public records. The site is mostly cleared and level, at road grade. All public utilities are available to the site. Parcel B- A rectangular 60 foot lot, which totals 0.19 net upland/gross acre (8,086 square foot), based on public records. The site is mostly cleared and level, at road grade. All public utilities are available to the site. Parcel C- A rectangular 120 foot lot, which totals 0.37 net upland/gross acre (16,096 square foot), based on public records. The site is mostly cleared and level, at road grade. All public utilities are available to the site. Property Valuation & Consulting, Inc. SUMMARY OF SALIENT FACTS (continued) ZONING /FLU Parcel A- I -2 (General Industrial) zoning district and HI (Heavy Industrial) Future Land Use; City of Ocoee Parcel B- R- I A (Single Family) zoning district and LDR (Low Density Residential) Future Land Use; City of Ocoee Parcel C- R- I A (Single Family) zoning district and LDR (Low Density Residential) Future Land Use; City of Ocoee PRESENT USE Vacant sites HIGHEST & BEST USE As vacant: a wide variety of commercial /industrial uses for Parcel A and single family home site development for Parcels B and C MARKETING AND EXPOSURE TIME 12 months or less OWNERS OF RECORD Certi -Fine Management Co, Inc.: 130 W. Floral Street (Commercial Parcel 18 -22- 0000 -00 -091) Certi Fine Fruit Co, Inc.: 121 S Kissimmee Avenue (Commercial Parcel 18- 22 -28- 0000 -00 -043) 201 S. Kissimmee Avenue (Residential Parcel 18- 22 -28- 7224 -02 -080) 209 S. Kissimmee Avenue (Residential Parcel 18- 22 -28- 7224 -02 -090) PROPERTY RIGHTS Fee simple estate DATE OF VALUATION February 3, 2015 DATE OF REPORT March 17, 2015 MARKET VALUE ESTIMATE "AS IS ": RECONCILATION Vacant Land, Ocoee, FL Subiect Property As Is Fee Simple Market Value: Indicated Values Value Per SF Site Via Sales Comparison Approach 121 S. Kissimmee Ave. & 130 W. Floral St. $191,000 $2.20 209 S. Kissimmee Ave. $37,000 $2.30 201 S. Kissimmee Ave. $19,000 $2.35 Property Valuation & Consulting, Inc. TABLE OF CONTENTS Nature of the Assignment 2 Purpose, Intended Use and Intended User of the Report 2 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 10 Flood Map Information 11 Assessment/Tax Data 12 Highest and Best Use as if Vacant 18 Valuation Process 19 Sales Comparison Approach- Commercial Site 19 Sales Comparison Approach- Residential Lot at 201 S. Kissimmee Ave. 21 Sales Comparison Approach- Residential Lot at 209 S. Kissimmee Ave. 23 Reconciliation 25 Exhibit A, Subject Location Map and Photographs Exhibit B, Aerial Maps and Tax Maps Exhibit C, Identifying Legal Descriptions Exhibit D, Comparable Commercial/Industrial Land Sales Location Map, Aerial Photographs and Summary Descriptions and Comparable Residential Lot Sales Location Maps, Street Photos and Aerial Photographs 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 Ana M Arroyo, MAI State - Certified General Real Estate Appraiser #RZ3450 Lori Rauscher Linquanti State - Certified General Real Estate Appraiser #RZ3700 Blair Beasley State - Registered Trainee Real Estate Appraiser #RI23675 www.PropertyValue.com March 17, 2015 Mr. Al Butler City of Ocoee Director of Support Services 150 N Lakeshore Drive Ocoee FL 34761 RE: (1) Parcel A: A Vacant Commercial Site Totaling 2.0 Net Upland/Gross Acres (86,989 SF) 121 S. Kissimmee Avenue & 130 W. Floral Street, Ocoee, Orange County, FL 34761 Tax Parcel ID's # 18- 22 -28- 0000 -00 -043 & and 18- 22 -28- 0000 -00 -091 and (2) Parcels B & C: Two Vacant Residential Lots with 8,086 SF and 16,096 SF Respectively 201 and 209 S. Kissimmee Avenue, Ocoee, Orange County, FL 34761 Tax Parcel ID's # 18- 22 -28- 7224 -02 -080 & 18- 22 -28- 7224 -02 -090 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 each of the appraised properties, applying all applicable approaches to value. The estimated marketing and exposure period for each subject property (at its highest and best use) is 12 months or less. 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 each of the subject properties. The intended use of the appraisal is for a purchase transaction by the City of Ocoee, the intended user of this report. 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 Property Valuation & Consulting 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 February 3, 2015. Effective Date of the Report The effective date of this report is March 17, 2015. Inspection Date The property was inspected on February 3, 2015. Scope of Work This appraisal report complies with the reporting requirements as set forth under Standards Rule 2- 2(a) of the Uniform Standards of Professional Appraisal Practice ( "USPAP ") 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 because the income and cost approaches are not applicable in the valuation of the subject's 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 Property Valuation & Consulting, Inc. 3 parcels 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) 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 (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 and residential 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 February 3, 2015, walked the exterior and interior of the subject parcels 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 appraisers 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 appraisers researched comparable vacant land sales in the subject's market area and similar market areas. 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 Property Valuation & Consulting, Inc. 4 between March 2013 and March 2015, ranging from 5,000 to 20,000 square feet for residential vacant land sales and from 1 acre to 4 acres for vacant commercial/industrial land sales. 4- The appraisers 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 each 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 Property Valuation & Consulting, Inc. 5 assumed the property is available for development to its highest and best use, free and clear of all liens and encumbrances. Fee simple estate is defined as the absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. Marketing and Exposure Period The marketing and exposure period for each subject parcel (at its highest and best use) is estimated at 12 months or less based on market supply /demand for vacant residential and commercial lots in the area, sales of similar properties, discussions with local brokers and lack of availability of financing. The more stringent requirements for financing, along with current market conditions (supply /demand) has lowered real estate prices during and following the economic recession. Exposure and marketing times have decreased when properties are priced competitively. Sales History The owners of record of the property are Certi Fine Management Co, Inc and Certi Fine Fruit Co, Inc., as follows: Certi -Fine Management Co, Inc.: 130 W. Floral Street (Commercial Parcel 18 -22- 0000 -00 -091) Certi Fine Fruit Co, Inc.: 121 S Kissimmee Avenue (Commercial Parcel 18- 22 -28- 0000 -00 -043) 201 S. Kissimmee Avenue (Residential Parcel 18- 22 -28- 7224 -02 -080) 209 S. Kissimmee Avenue (Residential Parcel 18- 22 -28- 7224 -02 -090) There have been no recorded transactions involving the property within the past five years. The last transaction recorded for one of the parcels was over 40 years ago. The property is not listed for sale and the property is not known to be under contract at the time of the appraisal. Location Description The subject industrial /commercial property is located at 121 S. Kissimmee Avenue and 130 W. Floral Street within the city limits of the City of Ocoee in northwest Orange County, specifically at the northwest corner of S. Kissimmee Avenue and W. Floral Street, both of which are two -lane, asphalt -paved roads with no median barriers to access. The site has access and frontage along S. Kissimmee Avenue, with traffic counts of 2,500 cars per day in front of the subject. The vacant and Property Valuation & Consulting, Inc. 0 contiguous residential lots are located across the street at 201 and 209 S. Kissimmee Avenue, with the same frontage and access from S. Kissimmee Avenue. To describe the general area in the subject neighborhood, there is an office building owned by the City of Ocoee adjacent to the north of the subject commercial land, and there is retail across the street from this building. McKey Crossing is a downtown Ocoee strip center just east of the subject and across the street, at the southeast corner of S. Kissimmee Avenue and McKey Street. Occupants in this downtown area include Trophy Place, Taxidermy, a Hair Salon, Ocoee Cafe, some small businesses, a pawn shop, and apartments. There appear to be no vacancies. Wesley's BBQ is a converted residence building as you approach Bluford Avenue, which is where the downtown retail district ends. East and southeast of the subject across the street on Kissimmee Avenue there is a mosque, Foundation of Lights, just north of the First Baptist Church of Ocoee. On the west side of S. Kissimmee Avenue and south of the subject's residential lots, there are some single family residences. On the east side of Kissimmee Avenue, on the east side of the railroad tracks, there is mostly vacant land until you get closer to Story Road. To the north of the subject properties on Kissimmee Avenue, where it changes to Taylor Street, there is a small restaurant called the Lunch Spot. The railroad tracks then traverse Taylor Street and past them there is the Ocoee Lion's Club on Taylor Street. North of those properties there are some industrial facilities, warehouses, A/C Service and Crawford Tire as you continue north on Taylor Street. Continuing north almost to Franklin Street, there is a Christian Service Center, some single family homes and the Church of God of Prophecy. To summarize, the subject's neighborhood is a mix of industrial and commercial uses with older single family homes still present on the main roads, but mainly located on side streets. Refer to the neighborhood aerial map in Exhibit B. Zoning Parcel A is in the I -2 (General Industrial) zoning district and has a (HI) Heavy Industrial Future Land Use within the city limits of the City of Ocoee. The I -2 General Industrial District is primarily intended for wholesale, storage, warehousing, manufacturing, assembling, automotive body repair, automotive wrecking or salvage yards, borrow pits, and fabrication. These uses do not depend primarily on frequent personal visits of customers or Property Valuation & Consulting, Inc. clients, but usually require good accessibility to major rail, air or street transportation facilities. This district is primarily intended for areas shown on the Future Land Use Map as "Heavy Industrial ". As per the City of Ocoee Comprehensive Plan, the Industrial (Light and Heavy) areas are primarily for industrial uses such as manufacturing and distribution but shall also permit secondary mixed uses of offices and commercial and high density residential within mixed use projects. Lands designated for industrial use should be near railways and/or major highways. The maximum FAR is 3.0. Adequate buffering shall be provided to minimize impacts to adjacent residences; transitional uses such as office and/or commercial are appropriate uses separating industrial and residential areas. The areas included in R -1 -A and R -1 Single - family Dwelling Districts are of the same general character as R -1 -AAA and R -1 -AA, but with smaller minimum lots and yards, and a corresponding increase in population density. This district is primarily intended for areas shown on the Future Land Use Map as "Low Density Residential ". Permitted uses in the R -lA zoning district are: single family dwellings, community residential homes, agricultural processing, conservation, golf courses and essential public services. The following are the tables indicating the wide variety of permitted industrial, public /semi - public and commercial uses in the subject's I -2 zoning district. The permitted uses are indicated by the letter P, while the Special Exception uses are indicated by the letter S. Property Valuation & Consulting, Inc. I -2 Zoning District NOUSTRIAL USES industrial Park P Inclus.trial, Light P Industry, Heavy P I 7ra r e r Station S r7nu,, 1� P Warehous.mEf F Distribution F U B LIC AND SEM I-P U 1--, 0 Child Care F-aii1ftle Church Club or Cnmmur Ilse ----------- Conser F, Golf Course, P Country Club Public Service or Litilpy i P Pu bi i c S e r i Erri-ntial Recreation Facility, P Commercial i Recreation Parilit S tI e igh bur hc od Property Valuation & Consulting, Inc. I -2 Zoning District CO M 41E RCIAL U5ES Adult Entertainr� P EstabIshrnents Applia m Stara P Auto ro.aturPBod, P , Repair Auto .n,abileParking P. Lot p Autcn,obileREpaw P AUta" =ales .� P (Neiv and UsedY Hotel c 6lctel Auto 1rOb11 e SE' rVKe P Station Imerio rDecc rat ing Auto ,,otn,e P Wrecking c r _:a hra ge Li1REntertalnrnent YardE ''. E_.table.hr ent Ear(as€ocotedwith P' restaurants eating 'I prern�e 45 people) ' can- ur ptbn Ears and l_ackt3il _ Lounges Caur - -e1 Driring Boat Sole- .and Range entice i Mobile Honjndd Eu =_ Terminal T ra �* Tra i l Id Car Wash on u. ent Clink~ Dentalar P MEdical Vl hol ena le ;. CO . rner:kil. P rom-enience Music Radio . rf Co -m n,ercia1. P Cc meniencewth Nu rse ryf Garden Gas Sa le_ `. up ply Store Cora 'erasI, Retail S Depart- ent S1Dre Pre -Fabma ted Drijre In RE .taurant '.. Ho use °_ales !Eoundarie <_.cf tract Printing Eaoi, of LandarEa nc lez.s Binding Lithograph. than200feetfrc- and Publishing a rnr residence? P to rrts i E quip- ent5ales p Funeral Parlor Radic Erca dtasti rig FurnitureR.epaii and a nd Pi Stations Upholstenj Studio_, & OffkE. Furniture Store Recreation.alVehide rUseu- Park. Re>taurant Gro:1N acre+ P ! Sup er'r a rk.et , Heating and Air P Canditloning2o les and 5 mice wrt h cut. destomge Heating Vent 1-ting p PlumbingSupplies. Sa IF' &`_EIMU .� P Hasp ha l.�� Hotel c 6lctel P Imerio rDecc rat ing P Store Li1REntertalnrnent ''. E_.table.hr ent I - Liquor tore. No an- P 'I prern�e ' can- ur ptbn Minoture Golf p Caur - -e1 Driring Range Mobile Honjndd P T ra �* Tra i l Id on u. ent Mctcr'Vehk P Vl hol ena le I Ma,, ie Theater p Music Radio . rf p Shap Nu rse ryf Garden p `. up ply Store Pawn Shc p P Pre -Fabma ted P '.. Ho use °_ales Printing Eaoi, P Binding Lithograph. and Publishing P to rrts P rcf ess. o na 10 ffi: ez. F' Radic Erca dtasti rig P a nd Pi Stations Studio_, & OffkE. Recreation.alVehide - Park. Re>taurant P S ign Pa inti ng Shop P StcragewarehOuse F' 'i etenna lV Hcs pity is F and f:ennels when confined within _tructure Property Valuation & Consulting, Inc. 10 The following are the development standards for the subject zoning districts. 7aELE hilt,' J'! — ;J ESOP:' NS CH PEP l"TEG LES-S '; Jh+ D'IP G DES Ta,5 11,1 INA MR-WAT. 'rYih YUir9 . -k1 diPv1 A �ItdUh" IdP.ltr11 �� T'ON7 EE F' Lp7 EL4LD SIG M _S + +l€1U 5 i EJLDaPdG L ^JG :ADPdG EJLDING 1 El L71PdG ;'AI©TH `!1 E I HEkGH7 4PEs c;:E CN CK S Ck He 35 Fr 0r F7 FT 1507 5ti i ir�� �5 FT Ir�dL�tria! � R -1A� Singles $O00SF 25 FT 7.5 FT 25 FT 70 FT 40% � SM 35 FT 1,200SF Fa ra k i l Property Description Land Size (SF or Acres) Parcel A — Two tax parcels consisting of 2.0 net upland/gross acres (86,989 SF) based on public records Parcel B- A 60 foot lot with 0.19 net upland/gross acre (8,086 SF) based on public records Parcel C- A 120 foot lot with 0.37 net upland/gross acre (16,096 SF) based on public records Shape Each parcel is rectangular Frontage Parcel A - 270 feet of frontage along the west side of S. Kissimmee Avenue and 322 feet of frontage along the north side of W. Floral Street. Parcel B - 60 feet of frontage along the west side of S. Kissimmee Avenue Parcel C - 120 feet of frontage along the west side of S. Kissimmee Avenue Refer to Exhibit B for tax maps and dimensions of the subject parcels. Topography The sites are mostly cleared, level and at road grade. Drainage Appeared adequate on the day of inspection Property Valuation & Consulting, Inc. 11 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 Flood Map Information According to the Federal Emergency Management Agency's Flood Insurance Rate Map Panel No. 12095CO210F , dated September 25, 2009, the subject sites are situated in Zone X, an area outside the 500 -year flood plain, while a very small portion along the western boundary of the commercial site may be situated partially in Zone AE, an areas subject to inundation by the 1- percent- annual- chance flood event determined by detailed methods. Base Flood Elevations (BFEs) are shown and mandatory flood insurance purchase requirements and floodplain management standards apply. Since the maps available are not entirely accurate to ascertain the location of the AE zone, and the subject lots may be entirely in Flood Zone X, an area of minimal flood risk, verification of Flood Zone is recommended. The subject flood map is shown on the following page. Property Valuation & Consulting, Inc. 12 PANEL 210 OF 750 w�0 A-1 Vt.1 W� rz A III (SEE MAP INDEX FOR FIRM PANEL LAYOUT) COMMUNITY NUMBER PANEL SUFFIX OCOEE, CITY OF 120185 0210 F ORANGE COUNTY 120179 0210 F WINTER GARDEN, CITY OF 120187 0210 F Notice to User: The Mop Number shown below should be used when placing map oriels: the Community Number shown above should be used on insurance applications for the subject community. � MAP NUMBER Assessment/Tax Data The subject tax identification numbers and tax summary on the Orange County tax roll is shown in the table below: The vacant commercial parcel assessments (Parcel A with Tax ID's 18- 22 -28- 0000 -00 -091 and 22- 28-18- 0000 -00 -043 for 2014 totals $108,737 (all of it land value), or $1.25 /SF based on a total of 86,989 SF as per county records. The total taxes for 2014 for the vacant commercial site are $2,411.45, prior to any discounts for early payment. This includes $2,091.77 of ad valorem taxes Property Valuation & Consulting, Inc. Sa*famedValesadTam Parcel ID Address SF Zoning 2014 Land Value Assessed Value 2014 Land Value/Assessed Value Per SF 2014 Non Ad- valorem Taxes 2014 Ad- valorem Taxes 2014 Total Taxes Millage Rate 18.22 -28. 0000 -00 -091 130 W. Floral St. 14,505 1 -2 $18,132 $1.25 $120.00 $3481 $468.81 0.0192370 18.22.28- 0000 -00 -043 121 S. Kissimmee Ave. 72,484 1 -2 $90,605 $1.25 $199.68 $1,742.97 $1,942.65 0.0192370 8IMI $108,737 $319.68 $2,09177 $2,411.45 18- 22 -28. 7224.02 -080 201 S. Kissimmee Ave. 8,086 R -1A $22,390 $2,77 $120.00 $430.72 $550.72 0.0192370 18.22 -28. 7224 - 02.090 209 S. Kissimmee Ave. 16,096 R -1A $22,390 $1.39 $120,00 $430.72 $550.72 0.0192370 TOTALS: 24,182 $44,780 $240.00 $861.43 $1,101.43 The vacant commercial parcel assessments (Parcel A with Tax ID's 18- 22 -28- 0000 -00 -091 and 22- 28-18- 0000 -00 -043 for 2014 totals $108,737 (all of it land value), or $1.25 /SF based on a total of 86,989 SF as per county records. The total taxes for 2014 for the vacant commercial site are $2,411.45, prior to any discounts for early payment. This includes $2,091.77 of ad valorem taxes Property Valuation & Consulting, Inc. 13 based on a millage rate of 0.0192370, and $319.68 of non -ad valorem taxes for Ocoee Fire Rescue and Storm Drainage. The vacant residential parcels are assessed at $22,390 each, although one of them is double the size of the other. The total taxes for 2014 for the vacant residential sites are $550.72 each, prior to any discounts for early payment. This includes $430.72 of ad valorem taxes based on a millage rate of 0.0192370, and $120 of non -ad valorem taxes for Ocoee Fire Rescue and Storm Drainage for each parcel. The subject tax records follow. The property taxes for 2014 for the subject have been paid for all tax parcels. The subject's tax assessments and taxes are low for the commercial site based on the appraised value; therefore, a tax increase is likely following a market transaction involving the property. Property Valuation & Consulting, Inc. 14 Commercial Parcels: Values. Exemptions and Taxes Prcperty Features r Sales A Inf. T Mark., St.,. Update Infolniat or Property Description ,F%TE- Total Land Area 5" rqf-' f - GIs caicvlated �40:ce 777. I Law the Coda, Zoning land Unix Unit Price Land value Claws UM Price Von nclusz`al "248 `SQUARE FEET S-,-! $1 S9J 68 : ­ge - - f _!_ r Buildings kilionnation gs assc"'ateo .vtth this pa ;e Extra Features 1 DWBWM Ulft XFOB Vellwe I Valu es Exe mpti and Taxes Property Features Sales Analysis location Info Market Stets Historical Value and Tax Benefits CL) ax Yew Values Land NYE — st" em F,ni,;—t Co Inc S K,SS.—ee eve so - SO z 590,505 S901605 *13 59065- $o - So = 590.652 590,652 _em �ne C a 3ccte" — 1,7 6 1 so SO = $108768 S10 &768 1 011 400(_'-Vacant!nCIUST-:31 so Twu Flo W S108.768 0, P "835 �'­ I - - c� S90.605 5.6371 i (M 282218000000043 05/0112006 A01-1- ��'Oee so $0 540 $90.601 0,3748 0 0.3164 3121w 19.2370 Values. Exemptions and Taxes Prcperty Features r Sales A Inf. T Mark., St.,. Update Infolniat or Property Description ,F%TE- Total Land Area 5" rqf-' f - GIs caicvlated �40:ce 777. I Law the Coda, Zoning land Unix Unit Price Land value Claws UM Price Von nclusz`al "248 `SQUARE FEET S-,-! $1 S9J 68 : ­ge - - f _!_ r Buildings kilionnation gs assc"'ateo .vtth this pa ;e Extra Features 1 DWBWM Ulft XFOB Vellwe I Valu es Exe mpti and Taxes Property Features Sales Analysis location Info Market Stets Historical Value and Tax Benefits CL) ax Yew Values Land BUNdn9w Feallure(s) Madwil: Vakie Assessed Vak *14 590 so - SO z 590,505 S901605 *13 59065- $o - So = 590.652 590,652 !012 $108768 so SO = $108768 S10 &768 1 011 S108,768 so 50 = $108.768 S108.768 2014 Taxable Value and Certified Taxes (D TAX YEAR 1 2014 - 2013 • 2012 • 2011 Taxing Auldnialty Asod Value Exemption Tax Value MOW Raft TOM Si Public Schools: By State Law (Rie) $90,605 so 590.605 5.2260 S473.50 27% Public Schools: By Local Board $90,605 so S90,605 3.2480 , o m3: $29C29 17 % Orange County (Ge� rafl $90,605 SO 590.605 4.434 o x•. 5401.81 23% City Of Ocoee $90,605 so S90.605 5.6371 i 5510.75 29% Library - Operating Budget St Johns Water Management District 590.605 $90.605 so $0 540 $90.601 0,3748 0 0.3164 3121w 19.2370 S33.96 2 % $2&67 2 % $1,742.96 2014 Non-Ad Valorem Assessments vloying Aulbority Amemnent Deacidipition Units Rate ,ITV OF OCOEE OCOEE STORM. DRAINAGE - (407)905-3170 199.68 S1.00 S199.61 121 S Kissimmee Ave -'a-2,"E-0000-00-043, I* &* © To EndoW. Or Upload-, 2014 Gross Tax Total: $1,942.66 (D Property Valuation & Consulting, Inc. Update Information 15 130 W Floral St � 18- 22- 28- 0000 - 00-091 > * �* Building(s) Came. Certi -Fine Management Co Inc 1^�srca Flor Addrz:s 130 W Floral St SAYE o —W o SEND �'<Pe ^ -; "a3m4 © �il.ibl �:Y•i and �iUCW2 aW aTNFFT etRAFYF Certi Fine Ocoee, F134761 - SO 518.163 -- . 118.163 - - V2.o,pidora: SIB 163 FAw TStY PONT 125 Tema Mango Loop Ste A Orlando. FL 32835 -8507 4000 Vacant Industrial 518,:63 tt r O � " 282218000000091 01v2V2013 IE 5'3.257 M -1 1, Fs TI w Tr TA so Incomr t Mammy Address' Ocoee S aFTTrNOS SO -_-_...________._ - 0.3164 t - 3,wv _._.......- 19.2370 Market Stats "-- Update Informatior Values, Exemptions and Taxes Property Features Saks Analysis Location Info 2 roperty Description SEC- CEN CROSSING MCKEY ST & SCL RR RUN S ALONG C IL RR RAW 450 FT TH W 207 FT TO POS TH RUN N 100 FT W 145.3 FT TH S 100 FT TH 'z '45.3 FT TO POE IN SEC 18 -22 -28 total Land Area 14529 soft ( - -1 0.33 acres ( + % -; GIS Calculated Notrce .and Law Use Code Zonal Land Units Usk price land Vakse Class Unit Price Class Value 4040 - V acant Industnal I -2 1 4505.48 SQUARE FEET _ S l?5 SF8.132 SO,U $18.132 Page 1 of : (i total records; 3uildings important Information stmck" The are no buildings as sociated with this parcei. ?xtra Features Descripti Due am Umgs XFm Value There are no e xtra fea tures asso ciated with this parcel ValuesETemptrons and Tortes Property Features Sales Analysis Location Info Market Stats Update Informatior Historical Value and Tax Benefits Q 2014 Tax Breakdown Tax Year Values Land Building(s) Fea ure(s) Market Vane Assessed V allus 2014 Q ® S18.132 - SO - SO _ 518.132 _... S1 &132 _ 2013 Q 516.163 - so - SO 518.163 -- . 118.163 - - 2012 Q SIB 163 - S50.686 - S3.538 = 572 _._ < 572387 2011 Q m 518,:63 - 55 - S3538 = 5'3.257 173,257 F 2. 2014 Taxable Value and Certified Taxes ® TAX YEAR 1 2014 • 2013 a 2012 • 2011 Taxing Aulkoriht And Value Exemption Tax Vakae Ulb" Rate T4KM % Public Schools: By State Law (Rlei $18,132 So $18.'_32 5.2260 ,. S94.76 27 % public Schools By Local Board 118,132 40 418,132 3.2480 Saw %I 158.89 17 % Orange County ( 518,132 54 518.132 4.4347 o -. 580. 23% City Of Ocoee _ 418,132 So 118,132 5.6371 „2,^..: 1102.21 29% Librar - Oper Budget 418,132 so S18.132 03748 . S6.80 2 St Johns Water Man Dis trict — 518.132 SO -_-_...________._ 118.132 .............__.______-_....-......_._.__..____ 0.3164 t - 3,wv _._.......- 19.2370 55.74 2% ....__.._.___...___. 5348.81 2014 Non -Ad Valorem Assessments —7m9 uesmpmae uwb Rue Amt CITY OF OCOEE OCOEE STO RM - DRAINAGE - (407;945 -3170 1210 -00 51.00 5120.00 _.... ...... ._.... _— ._..___._.. _. ..- ..._._____._.._.__.._._..___ 1120.00 2014 Gross Tax Total: $468.81 O Property Valuation & Consulting, Inc. 16 Residential Lots: 201 S Kissimmee Ave 18- 22-28-7224-0,1-080, ;* a* ,ame(z i Certi Fine Fruit Cc Inc a �trppt Atltlres_ 2015 x Kissimmee Ave rAVE © eRINT ® rEN0 - —, !. — O C-... Cif; — _ p<GJe MP rTR(ET ®RREYE N/A- Click information ;con to contribute. Ocoee. Fl 34761 Total Land Area 8.686 sgft 0.19 acres (* - 1 G1S Calculated Notice hAkitrng Abates: =)^ rte property Vse Fit" TRIII rQ- 1 125 Terra Mange Loop Ste A 000.1 - Vacant Residential o Tq� IE Orlando. FL 32835 -8507 ndvrnana.iq ESTo"Tr TATS NETTIR<16 Incer . Mailing Adams' Ocoee Values, Exemptions and Taxes property Features Sales Analysis Location Info Market Stats UpdateInformatio Property Description View Plat POUNDS ADDITION N ?14 LOT 8 SLK 8 Total Land Area 8.686 sgft 0.19 acres (* - 1 G1S Calculated Notice Land Land U Code Zodeg Land Units URN Price Land Value e lms Unk Pri class vahw 0 002 -Vacant Residential - R - 1A 1 LOTiS; 522.000.06 522.000 -______..__._..__.__.----___________...._._.__..__...._......._...._._.._...._.__....._.. ....._._.___.._..._..........._ $0 .00 $22.000 page'. of 1 (1 total recordsi Buildings Ther a r e no build ings associated with this p arcel. Extra Features Dew. Date BuBt Units IIFOB vain There are no edra features associated with this oarce Property Valuation & Consulting, Inc. 17 Values._Eaemptlons and Taxes Property Features Sales Analysis Location Info Market Stats Updatelnforrnatior Historical Value and Tax Benefits ® 2014 Tax Breakdown Tax Year Values Land 2 Y, BrdMingW Featrne(sl Market Value Asenseni V 2014 Q = S22 39C So - SO = S22390 a 522,390 a4; 2013 Q CS 522,390 - 50 SO = S22.390 - , 522.390 ... 2012 Q m 522.390 So - SO = S223% 522,390 2011 Q ® S22 39C So - SO = $22.390 $22,390 2014 Taxable Value and Certified Taxes ® ; -..s. TAX YEAR 1 2014 - 2013 . 2012 - 2011 Taxing Aud—hy Aced Value ENMWOoa Tau Value Ma Inge Rate Tarty % Public Sc hools : By State Law ( -- S 22390 So S22 390 5.2260 'four ad- valorem property ta. with exemptions is: - S430.70 $117.01 27% Public Schools By Local Board S22,390 So 522.390 3.2480 T oms $72.72 17 Orange County (Generaq City Of Ocoee 522390 S22390 SO SO 522390 $22,390 44347 5.6371 ; -..s. $99.29 23% $126.21 29 % L ibrary - Operating Budget 522..390 SO 522390 0.3748 o.D;'.. S8.39 2 % St Johns W Man agement District $22,390 SO S2Z390 0.316 ;.3 Qs; $7.08 2 Info Market Stats UpdateInfonnatior Property Description View Plat 19.2370 5430.70 2014 Non -Ad Valorem Assessments Leg Aulho CITY OF OCOE DescraPtilim, Do& Built Units XFOB value There are no evtra features associated with this parcel Property Valuation & Consulting, Inc. 2014 Gross Tax Total: $550.70 O 2014 Tax Savings Tax Savings Your property tares without exemptions would be 5430.70 'four ad- valorem property ta. with exemptions is: - S430.70 Providing You A Savings Of. = S0.00 209 5 Kissimmee Ave < 18- 22 -28- 7224- 02 -090> M�* iiainet5 Fine Fruit Co Inc Phyicat JflE¢C P��rES: 209 S Kissimmee Ave SAVE PRINT SEND ® Certi a © aIRDEYF N/A. Click information icon to contribute. Ocoee. Fl 34761 ®E91 ® • t:1a1'ir� 4y:1'P.55 (' :..Ii i'4!y U'sE FAVs TRIM PORT 125 Terra Mango Loop Ste A 0001 - Vacant Residential ash Orlando. FL 32835 -850' - oa,R, ® 0 In—w. PCErrsz' Ocoee ESTIMATE S IMAGE UPLOAD - .....__. ......_.- .._._.- _.._..___._ Values, Exemptions and Taxes Property Features - Sales AnalysisLocation Info Market Stats UpdateInfonnatior Property Description View Plat POUNDS ADDI'TIOf N,'4 LOTS 9 & 10 ELK B Total Land Area 16 096 sgft t-- -1 C.3 acres l GIS Calculated Notice Land Land Use Code Zoning Land URNS Unk Wire Land value elan Unit Price Gass yakw 0001 - Vacant Residential R -1 A : LOTl(S) S280XOn . _____.__ . 528.000 SOS 528,X0 Page : of 1 it total recerdsl Buildings hopes bdonnatkm StrucWre There a re no buildings a ssocia ted wit this parcel. Extra Features DescraPtilim, Do& Built Units XFOB value There are no evtra features associated with this parcel Property Valuation & Consulting, Inc. 18 Values, E rmPhons and Taxes Property Features Sales Analysis Location Info Market Stats Historical Value and Tax Benefits Q 2014 Tax i - ax Year V lave 8 uildb n g(s ) F M a rk et Vallue As Y al u !014 Q M 522.390 - s0 I SO 522390 . - 522,390 . . !013 0 CM 522.390 - s0 - $0 _ 522390 :. 524390 0, !012 Q CM $2'.390 so - SO = 322390 _= $22 � !011 Q CM 522.390 $0 SO = 522390 522.390 2014 Taxable Value and Certified Taxes Q TAX YEAR t 2014 . 2011 . 201 2 . Mill Yadng Audiader Assd Value Etoerapdan Tax Value Wdep Rass Tom % Public Schools: By State LaW iRlei 522,390 s0 522.390 5,226 _._a-. 5117.01 27 Public Sc hools: By Local Bo ard — -- '— 522,3 - $0 $22,390 12480 v ros; $72.72 17% r+9 e Ora moon Generait Count 1 � 52,. 390 s0 � 522 390 --- ---------- ._... 4.4347 x += ____.._ --------- 599.29 2_ 0.9_.. City Of O coee - -- — $22,390 $0 .$22,390 5.6371 i - Z5;•'.cc S126.2129% Library - Operating Budget S22 $0 522390 0.3748 .r : 58.39 - 2 % St Joh Water Managen District 52 2,39 0 $ 0 $22,390 0.3164 ; -3 ate; $ 7.002% 19.2370 5430.70 F 24 Update lnformatior 2014 Non -Ad Valorem Assessments leeyltu! Auftic ty Asseswaak Deso"m Units Rate Assessment CITY OF OCOEE _ _ _ _ OCOEE STORM - DRAINAGE - (407)905 -3170 120.00 5:.00 5120.00 _......_.. __ _....... — -- _ 5120.00 2014 Gross Tax Total: $550.70 Highest and Best Use as if Vacant The highest and best use of the subject sites as if vacant considers uses that are physically possible, legally permissible, financially feasible, and maximally productive. The subject sites are physically capable of supporting development as evidenced by the existing and surrounding improvements. Legally permitted uses in the commercial/industrial site include a wide variety of industrial, public and commercial uses. Due to the subject's commercial site location in a moderately transited road, and its adequate visibility /exposure, this parcel is well suited for a wide variety of industrial and commercial uses such as industrial warehouse, office and retail /service uses. Due to the subject's commercial site location in a moderately transited road, and its adequate visibility /exposure, this parcel is well suited for a wide variety of industrial and commercial uses such as industrial warehouse, office and retail /service uses. The use that would be feasible and result in the highest return to the land in the subject's commercial /industrial site would be for commercial use, likely industrial, office or retail /service use for the commercial site due to the current zoning and compatibility with nearby uses. Therefore, the Property Valuation & Consulting, Inc. 19 highest and best use of the subject commercial site as vacant is for commercial use, including industrial, office or retail /service development. The highest and best use of these two contiguous commercial parcels is to be assembled together since the bulk of the site contained in one of the parcels has the most desirable frontage and exposure to traffic in S. Kissimmee Avenue and is L- shaped, while the smaller parcel (approximately one third of an acre) is located on a side road and would benefit from being included into one larger commercial site in a more desirable rectangular shape for the assembled 2 acre site. Legally permitted uses for the residential lots include mainly single family residential development. There are existing single family homes on similar sites in the subject's block along the main road and along the side roads. Due to the zoning and compatibility with nearby uses, the highest and best use of the residential lots is for single family home 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's vacant land. Sales Comparison Approach- Commercial Site Comparable sales of vacant commercial /industrial land, similar to the subject commercial site, located in Orange County were analyzed to indicate a value for the subject commercial site. As explained in the Highest and Best Use section, the larger commercial parcel and the contiguous smaller parcel in the back have been appraised as one 2 acre commercial site. The comparable land sales used are summarized on the ensuing adjustment grids (analyzing the commercial land sales on a net upland square foot unit of comparison) and a location map, street and aerial photographs and summary descriptions are found in Exhibit D. Property Valuation & Consulting, Inc. 20 These sales are judged to be among the best value indicators available. The sale dates range from November 2013 to November 2014. The comparables ranged in size from 45,562 to 138,239 net upland square feet, averaging 86,814 net upland square feet. Unadjusted sale prices ranged from $0.72 to $3.94 per net upland square feet, averaging $2.29 per net upland square foot. Property Valuation & Consulting, Inc. COMPARABLE LAND SALES ADJUSTMENT GRID -"AS IS" SWt . 6166•:` Sde4 Address: 121 S. Kissimmee Ave. & 130 707 W Plant Street 591 Susan B. Britt Cf. 650 Garden Commerce Parkway 633 E. 13th St. W. Floral St. Lot 17 City/County Ocoee, Orange County Winter Garden, Orange Co. Winter Garden, Orange County Winter Garden, Orange Co. Apopka, Orange Co. Days On Market 865 days Not Available 193 days 379 da Sale Date: Feb -15 Appraisal Date Nov-14 Jun-14 Se 14 Nov-13 Sale/Listing Price: $300,000 $225,000 $265,000 $33,000 Size Gross SF): 86,989. SF 138,239. SF 96,167, SF 67,289. SF 45,562. SF Size Net Usable/Upland SF): 86,989. SF 138,239. SF 96,167. SF 67,289. SF 45,562. SF Sale Price/ Net Aland SF: $2.17 $2.34 $3.94 $0.72 Nr1i11t:NOrN1' .. Real Property Rights: Fee Sim le Fee Simple Fee Simple Fee Simple Adjustment for Real Property Rights: $0 $0 $0 $0 Price ad'tuted for property righ ts: $300,000 $225,000 $265,000 $33,000 Financing terms: Cash orequivalent to seller Cash orequivalent to seller Cash or equivalent to seller Cash orequivalent to seller Adjustment for Financing terms: $0 $0 $0 $0 Price adjusted for financing terns: $300,000 $225,000 $265,000 $33,000 Conditions of sale: Normal; Arm's- Length Normal; Arm's- Length Normal; Arm's- Length Normal; Arm's- Length Adjustment for Conditions of sale: $0 $0 $0 $0 Price adjusted for conditions of sale: $300,000 $225,000 $265,000 $33,000 E�ndiWms immediately after P=haw (or �tributory value of impmmmenrs): None None None None Adjustment for expenditures or contributory value of Improv.: $0 $0 $0 $0 Price adjusted for ex nditures immediate) after purchase: $300,000 $225,000 $265,000 $33,000 Market Conditions @ +,% 0.00% 0.00% 0.00% 0.00% Months since closing: 3 months ago 8 months ago 5 months ago 15 months ago Price adjusted for market conditions: $300,000 $225,000 $265,000 $33,000 Total gross adjustment: $0 $0 $0 $0 Gross adjustment as % of sale rice: 0.00% 0.00% 0.00% 0.00% Adjusted Price/Net Upland SF: $2.17 $2.34 $3.94 $0.72 ;.: .w Location: City of Ocoee City of Winter Garden City of Winter Garden City of Winter Garden Unncorp. Orange Co. West of Downtown West of Downtown Industrial Park Industrial Park Unincorporated Adjustment for Location: 0% -5% -5% 5% Land Area/Size (Net upme sF): 66,969. 8F 136,239. SF 96,167. SF 67,289. SF 45,562. SF Adjustment for Size: 0% 0% 0% -5% Street Frontage: Kissimmee Ave. & Fbral St Plant St. & Brayton Rd. 8 West Susan Britt Court Garden Commerce Parkway 247.5' on E. 13 St & 183.16' comer Orange TraO comer on S. Christiana Ave. Traffic Counts (2013 FDOT): 2,500 Cars Per Day 12,100 Cars Per Day Low Traffic Low Traffic Low Traffic Exposure: Good Good Limited Limited Good Access/ShapeAltllity 2 -Lane, Paved Road with No 2 -Lane, Paved Road with No 2 -lane, Paved Road with No 2 -Lane, Paved Road with No 2 -Lane, Paved Road with No Median Median Bariers/Mostty, Median Barriers/Mostly Median BarriemMostly Median BarrierelRectangulartGood Rectangular /Good Rectargtdar/Good Rectangular/Good Bamers/RecfanguledGood Adjustment for FrontagerTraffrc/Access /Shape /Utility: -5% 0% 0% 0% Retention: On -site On-site Off -site Off -site On-site Ufilifiesie-s...._- E.f. 17 W -S-E -T W -S-E -T W -S-E -T W -S-E -T W -E -T Adjustment for Retention & Utilities: 0% -5% -5% 5% State of Mostly Cleared and Level Mostly Wooded and Level Mostly Cleared and Level, Mostly Cleared and Level Mostly Wooded and Level Development/Topogrephy. Developed Site Sloping to Street, Developed Developed Site Site Adj. for State of Development topography: 5% 0% 0% 5% Zoning: 1 -2 (General Industrial)! HI R -2 / NC (Residual 1 -2 (General industrial) 1 -1 (Light Industrial and C-3 Commercial (Heavy Industrial ) Neighborhood Commercial) Warehousing Adjustment for Zoning: 0% 0% 0% 0% Net Property Adjustments: 1 0% -10% -10% 10% Gross Total Adjustments (Transactional and Property): 10% 10% 10% 20% Indicated Value/Net Upland SF: 1 $2.17 $2.11 $3.54 $0.80 Wrghti% m Dust Pmp mon a tom aoount a(oror) Aelaetm.of.. 25.7% 25.7% 25.7% 22.9% P., Net upland Acn: $0.56 $0.54 $0.91 $0.18 Indicated Value: $190,770 or $2.19 /Net Upland SF Rounded to: $191,000 or $2.20 /Net Upland SF for the subject's 86,989. SF These sales are judged to be among the best value indicators available. The sale dates range from November 2013 to November 2014. The comparables ranged in size from 45,562 to 138,239 net upland square feet, averaging 86,814 net upland square feet. Unadjusted sale prices ranged from $0.72 to $3.94 per net upland square feet, averaging $2.29 per net upland square foot. Property Valuation & Consulting, Inc. 21 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. Since the sales are all recent (16 months or less), and due to a stabilized trend in values for commercial land over the past year and a half, no market conditions adjustment was applied to the sales. The property characteristics that influence value include location, size, frontage, traffic counts, access /exposure, shape /utility, utilities, topography and state of development, and zoning/land use. The sales were analyzed and compared to the subject relative to these features and appropriate adjustments were made. Adjustments were made on a percentage basis (inferior /superior). After adjustments, the range of indicated values for the subject was $0.80 to $3.54 per net upland square foot, averaging $2.15 per net upland square foot. The least adjusted comparable sales are considered to be overall the most similar to the subject; while the most adjusted comparables are considered least similar. Each comparable was weighted in direct proportion to the total gross percentage adjustments of each sale (transactional and property adjustments). Therefore, more weight is assigned to the least adjusted comparable sales and less weight is assigned to the more adjusted comparable sales. This method results in a weighting of 25.7% applied to Sale 1, 25.7% applied to Sale 2, 25.7% applied to Sale 3 and 22.9% applied to Sale 4. This analysis indicates a value of $190,770, or $2.19 per net upland square foot for the subject's 86,989 net upland square foot commercial site, rounded to $191,000, or $2.20 /SF. Sales Comparison Approach- Residential Lot at 201 S. Kissimmee Ave. Comparable sales of vacant residential lots located in the City of Ocoee and similar to the subject lots, were analyzed to indicate a value for the subject residential lots. The comparable land sales used are summarized on the ensuing adjustment grids (analyzing the residential land sales in a per square foot and per front foot unit of comparisons), and a location map, street and aerial photographs are found in Exhibit D. Property Valuation & Consulting, Inc. 22 These sales are judged to be among the best value indicators available. The sale dates range from June 2013 to September 2014. The comparables ranged in size from 9,358 to 19,110 net upland square feet, averaging 13,339 net upland square feet and from 81 front feet to 125 front feet, averaging 99 front feet. Unadjusted sale prices ranged from $1.46 to $3.57 per net upland square feet, averaging $2.32 per net upland square foot and from $201.83 to $609.76 per front foot, averaging $318.69 per front foot. Property Valuation & Consulting, Inc. 23 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. Since the sales are all less than two years old and due to a stabilized trend in values for residential land over the past two years, no market conditions adjustment was applied to the sales. The property characteristics that influence value include location, size, frontage, access, shape /utility, utilities, topography and state of development, and zoning /land use. The sales were analyzed and compared to the subject relative to these features and appropriate adjustments were made. Adjustments were made on a percentage basis (inferior /superior). The per square foot unit of comparison was used to apply these adjustments since a lower coefficient of variation indicates that this unit of comparison is more reliable for the basis of comparison than the price per front foot, which was also considered and analyzed. After adjustments, the range of indicated values for the subject was $1.61 to $3.75 per net upland square foot, averaging $2.40 per net upland square foot. The least adjusted comparable sales are considered to be overall the most similar to the subject; while the most adjusted comparables are considered least similar. Each comparable was weighted in direct proportion to the total gross percentage adjustments of each sale (transactional and property adjustments). Therefore, more weight is assigned to the least adjusted comparable sales and less weight is assigned to the more adjusted comparable sales. This method results in a weighting of 20.8% applied to Sale 1, 20.8% applied to Sale 2, 19.8% applied to Sale 3, 18.8% applied to Sale 4 and 19.8% applied to Sale 5. This analysis indicates a value of $19,489, or $2.41 per net upland square foot for the subject's 8,086 net upland square foot residential lot, rounded to $19,000, or $2.35/SF and $317 per Front Foot for the subject's 60 front foot lot. Sales Comparison Approach- Residential Lot at 209 S. Kissimmee Ave. Comparable sales of vacant residential lots located in the City of Ocoee and similar to the subject lots, were analyzed to indicate a value for the subject residential lots. The comparable land sales used are summarized on the ensuing adjustment grids (analyzing the residential land sales in a per square foot and per front foot unit of comparisons), and a location map, street and aerial photographs are found in Exhibit D. Property Valuation & Consulting, Inc. 24 These sales are judged to be among the best value indicators available. The sale dates range from June 2013 to September 2014. The comparables ranged in size from 9,358 to 19,110 net upland square feet, averaging 13,339 net upland square feet and from 81 front feet to 125 front feet, averaging 99 front feet. Unadjusted sale prices ranged from $1.46 to $3.57 per net upland square feet, averaging $2.32 per net upland square foot and from $201.83 to $609.76 per front foot, averaging $318.69 per front foot.. Property Valuation & Consulting, Inc. 25 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. Since the sales are all less than two years old and due to a stabilized trend in values for residential land over the past two years, no market conditions adjustment was applied to the sales. The property characteristics that influence value include location, size, frontage, access, shape /utility, utilities, topography and state of development, and zoning/land use. The sales were analyzed and compared to the subject relative to these features and appropriate adjustments were made. Adjustments were made on a percentage basis (inferior /superior). The per square foot unit of comparison was used to apply these adjustments since a lower coefficient of variation indicates that this unit of comparison is more reliable for the basis of comparison than the price per front foot, which was also considered and analyzed. After adjustments, the range of indicated values for the subject was $1.46 to $3.57 per net upland square foot, averaging $2.27 per net upland square foot. The least adjusted comparable sales are considered to be overall the most similar to the subject; while the most adjusted comparables are considered least similar. Each comparable was weighted in direct proportion to the total gross percentage adjustments of each sale (transactional and property adjustments). Therefore, more weight is assigned to the least adjusted comparable sales and less weight is assigned to the more adjusted comparable sales. This method results in a weighting of 19.4% applied to Sale 1, 19.4% applied to Sale 2, 20.4% applied to Sale 3, 20.4% applied to Sale 4 and 20.4% applied to Sale 5. This analysis indicates a value of $36,594, or $2.27 per net upland square foot for the subject's 16,096 net upland square foot residential lot, rounded to $37,000, or $2.30 /SF and $308 per Front Foot for the subject's 120 front foot lot. 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 of the subject's commercial site (including both contiguous tax parcels), and each of the residential sites, which have a highest and best use as individual single family residential development lots, as shown in the following table. Property Valuation & Consulting, Inc. W RECONCILATION Vacant Land, Ocoee, FL Subiect Property As Is Fee Simple Market Value: Indicated Values Value PFF SF site Via Sales Comparison Approach 121 S. Kissimmee Ave. & 130 W. Floral St. $191 $2.20 209 S. Kissimmee Ave. $37 9 000 $2.30 201 S. Kissimmee Ave. $19 $2.31 Based upon the investigation summarized and the premise defined herein, the "As Is" Market Value of the Fee Simple Estate in the subject's vacant commercial land (Parcel A) appraised as of February 3, 2015 is estimated to be: ONE HUNDRED AND NINETY ONE THOUSAND DOLLARS ($191,000). Based upon the investigation summarized and the premise defined herein, the "As Is" Market Value of the Fee Simple Estate in the subject's residential lot at 201 S. Kissimmee Avenue (Parcel B) appraised as of February 3, 2015 is estimated to be: THIRTY SEVEN THOUSAND DOLLARS ($37,000). Based upon the investigation summarized and the premise defined herein, the "As Is" Market Value of the Fee Simple Estate in the subject's residential lot at 209 S. Kissimmee Avenue (Parcel C) appraised as of February 3, 2015 is estimated to be: NINETEEN THOUSAND DOLLARS ($19,000). 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. Property Valuation & Consulting, Inc. 27 No investigation was made of the title to or any liabilities against the property appraised. Respectfully submitted, PROPERTY VALUATION & CONSULTING, INC. i v John A. Robinson, MAI, AI -GRS, CCIM State - Certified General Real Estate Appraiser License No. RZ417 Ana M. Arroyo, MAI State - Certified General Real Estate Appraiser License No. RZ3450 March 17, 2015 Job #A15- 12.LND Property Valuation & Consulting, Inc. Property Valuation & Consulting, Inc. Exhibit A Exhibit A Subject Location Map and Photographs (9 Pages) Fullers Cross Rd Crown Poke jt Crown Point Cross Rd Crown", ' Circle Q O N01 St 438 Fr nkhn St 9— srbiectCortmerailSte x iaFe rbc[ Residerttd Lat x w � . axe Oymrya to m� n rth St Bay St E Q Bay St E Maxey ° fi r Maple St E m Enterprise St Capitol Ct Story Rd render Garden glory Rd 429 11th Ave o` White Rd o: a 12th Ave = _ < 3z` F v 13th Ave i° c qye _ 4 u E k �f Beulah Ct m 15th Ave h °� Z y m 16th Ave �tl " O t� ms Rd W n 17th Ave O Q� P6 �A Pro h �( Lake Hugh D ➢ In 437 ��� - pnng Lake 2 m Mobile Ln Ate —Dr � ¢a q Maine St 6 c Mack St FAo ! n Roberson a e Canter St _ na ;a Cente z 7 n I �4 n� _ to v 1 1T W Colonial Or W ColonialTr .x Stonwbroolc W Lake W Silver Star Rd E Silver Star Rd 476 438 Fr nkhn St 9— srbiectCortmerailSte x iaFe rbc[ Residerttd Lat x w � . axe Oymrya to m� n rth St Bay St E Q Bay St E Maxey ° fi r Maple St E m Enterprise St Capitol Ct Story Rd render Garden glory Rd 429 Orlando Ave v White Rd o: 17td"R1r71 a3� rghall Fanns Rd 3z` Sam* a Tore _ _ u Beulah Ct h °� Z 439 Geneva St E D 3 F &CAA o Furlong Way tAke Th or U m ti �A emrr� Lake Hugh D ➢ e p Beulah Lake Dr is c q Maine St 6 oa ! n Roberson tae &enn MoorW Rd 6 th \ s Se c is 6 _ to v W Colonial Or W ColonialTr Gotha Rd Stonwbroolc W Lake ice Or Oo�O6 fan dl�ea , iy 6th St m 52e 3t Daney St Lake Oter 17td"R1r71 a3� rghall Fanns Rd Seminole St Sam* a Tore Crystal St E° Ta..._ "ice Beulah Ct MgMhooke 6ti see ". °� Z Warrior Rd Laurenburg F &CAA o Furlong Way tAke Th or U Lake �� Creek Blvd 4c Lake Hugh D 8emart Beulah Lake Dr is oa D Morton Jones Rd n Roberson Rd MoorW Rd 6 th \ q < Gotha Rd Stonwbroolc W Lake ice Or Oo�O6 fan dl�ea , iy 6th St Rea Reaves O aQ0 Lake Whitney 0 tales Olds �d I SUBJECT PHOTOGRAPHS View looking north on Kissimmee Avenue near the southeast corner of the southern residential lot Property Valuation & Consulting, Inc. View looking northwest from the southeast corner of the southern residential lot Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS View looking northeasterly from the southwest corner of the southern residential lot View looking north along the western boundary of the two residential lots (W. Floral Street in the distance) Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS View from W. Floral Street at the northwest corner of the northern residential lot looking southeast W. Floral Street looking east with the residential lots to the right and the commercial site to the left Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS The residential lots are on the right of the photo View looking south on Kissimmee Avenue from W. Floral St. View of the commercial / industrial site looking north and west from near the intersection of W. Floral St. and S. Kissimmee Avenue Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS The subject commercial /industrial site is on the left View of Kissimmee Avenue looking north from the intersection with W. Floral St. View looking southwest from the northeast corner of the industrial / commercial site Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS Looking south on Kissimmee Avenue; the subject commercial site is on the right and the residential lots are down in the distance. View looking southeast from the northwest corner of the industrial /commercial site Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS View of Bay Street looking south along the western boundary of the industrial /commercial site (on left) Looking north on Bay Street near the southwest corner of the industrial /commercial site (on right) Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS the western boundary of the commercial / industrial site) Floral Street looking east from its intersection with Bay Street (the subject commercial land is on left) View looking northeast from near the intersection of Bay Street and Floral Street (drainage ditch on Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS View of the two residential lots looking directly south from Floral Street near the middle of the lots View of the commercial /industrial site from near the center of the site looking north from Floral Street Property Valuation & Consulting, Inc. Exhibit B Exhibit B Aerial Maps and Tax Maps (5 Pages) Property Valuation & Consulting, Inc. Property Valuation & Consulting, Inc. Exhibit B N^ Property Valuation & Consulting, Inc. Exhibit B Property Valuation & Consulting, Inc. Exhibit B Property Valuation & Consulting, Inc. TAX MAP Exhibit B W MCKEY ST 1 172.3 130 IJ If,�ryd Ri S ICl9� CA' 1.v Of 0- f run Crr of > R ! Oco a so W .. Q W w G - G Q i ra j 1453 I Z R 1T7 12' FLORAL ST Property Valuation & Consulting, Inc. Exhibit B TAX MAP 1453 FLORAL ST ° C5X Tr MNppt % , in, 132 U xr•s a • ■ � e i � N 135 a 6 $ 9 135 tD — 5 10 o 135 135 GL . - -* 67 S U $ V J Property Valuation & Consulting, Inc. Exhibit C Exhibit C Identifying Legal Descriptions (1 Page) Property Valuation & Consulting, Inc. Exhibit C 121 S. Kissimmee Avenue: Property Description COMM AT CENTER CROSSING OF MACKD ST& THE ATIANI IC COAST RR RUN S 1 30 FT&W30FTFOR PO 322.3 F' S'95 r 7E . 45 ' 3FTS . 00,F' j ' . ­7FTN 27 0 F" TO POF? 1"N SEC :8-4 130 W. Floral Street: ) ropeq Nudpfion 0 + ' T FT �K 'H CKVSSINI'' �- Y"Q' Sl & S1 ;,- R IQ;% S 40% RR R�V; 45 F Tio- 71 - 0 PC i !'�UN k, :X '�, ' • ' 1 453 F T� :C�' F7 TH : :4�3' j 201 S. Kissimmee Avenue: Property Description 209 S. Kissimmee Avenue: Property Description Public Records of Orange County, Florida Property Valuation & Consulting, Inc. Exhibit D Exhibit D Comparable Commercial/Industrial Land Sales Location Map, Aerial Photographs and Summary Descriptions and Comparable Residential Lot Sales Location Map, Street Photos and Aerial Photographs (11 Pages) Property Valuation & Consulting, Inc. Exhibit D -1 . 11 I'Mr 11 1 . 7'W I I" a - W - M 'Ir 1-0111paravic I-0111111CI I-junu 3a1es UUvatlull Ma p I �zp 11th St W v 1= lfJth St Ii S3 E; Boy Scout V 13th St 13th St E ;0 X1 South M 3 Apopka le 4 X 18 4 1 Vl 5 ,�h St E Apopka, FL 32703 Hooper_ F4=AIcL_ Harmon Rd Magnolia Perk Par L a k e A jo o p k a E Fullers Cross Rd I II Crown Point La 59 Wi 12- DO 1 437A X Snowden Rd Day x" I tr ,Tol ' 41, 414- ?�P O_ Apopka _� W Keene Rd 437 Hill Or McCormick 0: 436 W clarcon% Lake Sim 0 cp� Ocoee Rd _0 L'k' '2 wee R�d� Ak 40 J U) L Vtgnetti Park 2 X > nd Sale 2 X I Susan B Britt Ct niter Garden, FL 34787 if r oil Or 2 W ,Melting Ave m Sa" Lake 13 a JD qP W 1 Center St silver S 5ub ' ject X Cn t 121 5 Avenue and t. t. is _, J L Division St E � 30 W, Floral Street, 43a E Silver ' 0 - 5 Ocoee FL 34761 Land Sale I X z 707 Plant 5t vv Winter Garden, FL 34787 Bay// Bay St E U) U) :z on Land Sale 3 - M 650 Win' Garden Commerce Pkwy nia Winter Gar Ga" den, FL 34787 Pennsylva Dry Rd W 537 E Story Rd Story U) 5th St Colonial Dr ._ _=a,: m L) W C niall 1 OCOBB S tae-o..' on t j Lake , P" - CIF 1, L A_"7 f L A 0 P Orlando Ave White Rd C) — _.1 439 B Balboa Dr MaineA Lake on Sol M as 8,",, - W Cotdirfial Dr U-z= - - Property Valuation & Consulting, Inc. Exhibit D LAND SALE 1 Address /Location 707 W. Plant Street, Winter Garden, Orange County, FL Grantor Thomas J. Karr, Jr. and Tami G. Karr Grantee 707 W. Plant St LLC Transfer Data: Recording Date November 2014 Exchange Arm's Length Conditions Normal (865 days on market) Recorded O.R. Book 10840, Page 898, Orange County Sale Data: Sale Price $300,000 (verified with Thomas (Jim) Karr, Grantor, 407 - 876 -3688) Financing Cash equivalent to seller Price per Sq. Ft. $2.17 /SF (Net Upland and Gross) Site Data: Configuration Mostly rectangular Size 138,239 SF/ 3.17 acres (gross/ net usable) Frontage Along the north side of W. Plant Street and the east side of Brayton Road and the south side of the West Orange Trail Zoning/FLU R -2 / NC (Residential Neighborhood Commercial), City of Winter Garden Utilities All utilities are available to the site with on -site retention required. Traffic Count 12,100 cars per day on Plant Street as per Orange County Traffic Map Comments The property was on the market approximately two and a half years. Property Valuation & Consulting, Inc. Exhibit D LAND SALE 2 Address /Location 591 Susan B. Britt Ct., Winter Garden, Orange County, Florida Traffic Counts Low Traffic- interior site within industrial park Parcel ID # 13- 22 -27- 0895 -00 -140 Grantor Eagle Partners, Inc. Grantee Tierra, Inc. Transfer Data: Sale/Recording Date June 2014, O.R. Book 10771, Page 1050, Orange County Exchange Conditions Assumed Normal; Arms - length Verification Source All efforts to verify failed; however, this is a qualified sale as per Orange County records. Sale Data: Sale Price $225,000 Financing Cash or equivalent to seller Price per SF $2.34 per Net Upland Square Foot Data: Configuration Basically rectangular, with frontage along the east side of Susan B. Britt Ct., a 2 -lane, interior, asphalt -paved road in an industrial park. The site is cleared and level. Size 96,167 Net Upland and Gross SF /2.21 Acres Zoning/FLU I -2 (General Industrial) by the City of Winter Garden Utilities All utilities are available. Retention Off Site Property Valuation & Consulting, Inc. Exhibit D LAND SALE 3 Address /Location Traffic Counts Parcel ID # Grantor Grantee Transfer Data: Sale/Recording Date Exchange Conditions Verification Source Sale Data: Sale Price Financing Price per SF Data: Configuration Size Zoning/FLU Utilities Retention 650 Garden Commerce Parkway, Winter Garden, Orange County, Florida Low Traffic- interior site within industrial park 24-22-27-9835-00-170 TSM Industrial Park, LLC T and T Service Enterprises, Inc. September 2014, O.R. Book 10800, Page 7321, Orange County Normal; Arms - length Sher Tolan, buyer broker, 407 - 810 -2291 $265,000 Cash or equivalent to seller $3.94 per Net Upland Square Foot Basically rectangular, with frontage along the southwest side of Garden Commerce Pkwy., a 2 -lane, interior, asphalt -paved road in an industrial park. The site is cleared and level. 67,289 Net Upland and Gross SF /1.54 Acres I -1 (Light Industrial and Warehousing) by the City of Winter Garden All utilities are available. Off Site Property Valuation & Consulting, Inc. Exhibit D LAND SALE 4 Address: 633 E. 13 Street, Apopka, FL Parcel ID: 15- 21 -28- 3280 -00 -580 Grantor: Audy Sargent Grantee: Carlos Baez Recording Date November 2013 Conditions Normal, arm's - length, the property was on the market for 379 days ( +/ -12 months) Verified with Austin Montrose, listing broker, 407 - 480 -1983 Recorded O.R. Book 10666, Page 5526, Orange County Sale Price $33,000 Financing Cash deal Price Per Sq. Ft. $0.72 Site Size & Shape: 45,562 net upland and gross square feet (1.05 acres), rectangular in shape, mostly wooded and developed site Zoning/FLU: C -3 Wholesale Commercial District /Low Density Residential Future Land Use by Orange County Frontage & Access: 247.52 feet of frontage along the north side of E. 13th Street, a 2 -lane, asphalt - paved road with no median barriers. The site also has 183.16' of frontage along the west side of Christiana Avenue. Utilities/Retention: Water, electric and telephone are available to the site. On site retention is required. At the time of sale a well and septic serviced the property; however, the septic and the well were in poor condition and needed work. Property Valuation & Consulting, Inc. Exhibit D INIUMUClll, M Luts - l",ulllpaFavic L.ut 3ales L.uicatlull Iviap 4th Ave Ln LakeMeadow Pr'?me Lake j 5th Ave E Fallafr.- Gws.R� Nicole Blvd ` / d 437 Harris Rd Vignetti Park eiene Or 10th Ave -u Vignetti Park ' o 11th Ave 121h Ave N J — O 13th Ave C l stns Rd tl c - 0 15th Ave w Res�ial Lot Sale 1 X m 16th Ave 0 ` I r =-- ���. -�-"' ll 1405 Prairie Oaks Ct D 17th Ave \� -� II Ocoee, FL 34761 t +°�� Dr e O I JP F�tc °- Residential Lot Sale 2 X M� S pang Lake a 54 Rewis St v0 0 � Cullens Cl o Stanley 2 e Ocoee, FL 34761 o Or o ? g A m U a 1p I � � — Q QS LakeJoloo = it' R Asl" Center St N Cen - O 436 i 0 Rp So'* 131W W Silver Star Rd E Silver Residential Lot Sale X ' E Silver Star 4a LaWLu 428 514 2nd St -� Franklin St Franklin St Residential Lot Sale 4 X Ocoee, FL 34761 Ocoee, N Bl ee, FL 34761 uford Ave � z >�Ir IV Oco d.'�Ce EV .r Y , _. Subject X bl —: . y Resdential Lot Sale 5 y � (� �l �� - ...... illow'�vopo. 209 Kissimmee Ave X j f i S Ocoee, FL 34761 237 5 Bluford Ave 1 �� ( i Q 23 q Ocoee, FL 34761 l f � Enterprise St White Rd- o I I ? o U e �C Capitol Ct II o Stor Rd 439 Geneva St E I`; {0 Dy ij9„ I y Dr = Be y Ceemmetery o B yerly �e £i Maine St��:, i';*e> 8 A tj _ ��. _... La.Qe Sherwood lh W Aolonm zl`v�&- 5o W Colonial Or W �l 3 L n + N y Daney St - '7RP T) 01 �L m Wjnle roll 40e r l I Li*e LWV I1 BeNtaWh P D Crystal St 526 (7 g Old tinter Garden Rd laeAher m 3 n 0 0 a \ Furlong Way r tnerLaka �j o 435 Creek Blvd \ c Lake 1�� Woodlawn m q, � 3 Lake Rose GY t0 3 � 4��:e � Park Oemetery i 1D ^ p �1� "�--�- Mcirton t N D Jones Rd Property Valuation & Consulting, Inc. Exhibit D RESIDENTIAL LAND SALE 1— 1405 Prairie Oaks Ct, Ocoee 1► ► r Jam. 1 pr too a .ii1 w 'c �" .. • � .. fir. ` j �� Property Valuation & Consulting, Inc. Exhibit D RESIDENTIAL LAND SALE 3- 514 2 nd Street, Ocoee Property Valuation & Consulting, Inc. Exhibit D RESIDENTIAL LAND SALE 4- 338 N. Bluford Avenue, Ocoee Property Valuation & Consulting, Inc. Exhibit D RESIDENTIAL LAND SALE 5 - 237 Bluford Avenue, Ocoee 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. John A. Robinson, MAI, AI -GRS, CCIM and Ana M. Arroyo, MAI 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. Property Valuation & Consulting, Inc. Exhibit E Possession of this report or any copy thereof does not carry with it the right of publication. No portion of this report (especially any conclusion to use, the identity of the appraiser or the firm with which the appraiser is connected, or any reference to the Appraisal Institute or the designation awarded by this organization) shall be disseminated to the public through prospectus, advertising, public relations, news, or any other means of communication without the written consent and approval of Property Valuation & Consulting, Inc. Extraordinary Assumption: None. Hypothetical Conditions None Property Valuation & Consulting, Inc. Exhibit F Certification Exhibit F (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, John A. Robinson, MAI, AI -GRS, CCIM has completed the requirements of the continuing education program for Designated Members of the Appraisal Institute. As of the date of this report, Ana M. Arroyo, MAI has completed the Standards and Ethics Education Requirement for Candidates of the Appraisal Institute. 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. John A. Robinson, MAI, AI -GRS, CCIM, State - Certified General Real Estate Appraiser, License #RZ417 March 17, 2015 �Z o �*f Ana M Arroyo, MAI, State - Certified General Appraiser, License #RZ3450 March 17, 2015 Property Valuation & Consulting, Inc. Exhibit G Exhibit G Qualifications of the Appraisers and Appraiser Licenses (6 Pages) Property Valuation & Consulting, Inc. Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF JOHN A. ROBINSON, MAI, AI -GRS, CCIM State - Certified General Real Estate Appraiser #RZ417 MAI AI -GRS Business Address Residence Address Property Valuation & Consulting, Inc. 800 Windergrove Court 204 S. Dillard Street, Winter Garden, FL 34787 Ocoee, Florida 34761 (407) 877 -0200 Fax: (407) 877 -8222 Education Auburn University - Auburn, Alabama BS in Business Administration, Major: Finance, December 1982 Melbourne High School - Melbourne, Florida Appraisal courses sponsored by The Appraisal Institute: Course IA, Part 1 - Real Estate Appraisal Principles, Univ. of North Carolina, July 1984 Course IA, Part 2 - Basic Valuation Procedures, University of San Diego, June 1985 Course 1B, Part A - Capitalization Theory and Techniques, Orlando, Florida, May 1986 Course 1B, Part B - Capitalization Theory and Techniques, Daytona Beach, Florida, September 1986 Course 2 -3 - Standards of Professional Practice, Orlando, Florida, March 1987 Course 2 -1 - Case Studies in Real Estate Valuation, Orlando, Florida, May 1987 Course 2 -2 - Valuation Analysis & Report Writing, Arizona State Univ., February 1988 Comprehensive Examination, Atlanta, Georgia, August 1988 Course 6 - Computer Assisted Investment Analysis, College Park, Maryland, June 1990 Course II520 - Highest & Best Use and Market Analysis, Orlando, Florida, March 1994 Course 430 - Standards of Professional Practice, Part C, Orlando, Florida, Sept. 1997 Course 430 - Standards of Professional Practice, Part C, Altamonte Springs, FL, Nov. 2002 Condemnation Appraising: Principles & Applications, Destin, FL, April 2009 Review Theory- General, Orlando, FL May 2014 Courses sponsored by the CCIM (Certified Commercial Investment Member) Institute: Course Cl 101 - Financial Analysis for Commercial Real Estate, October 1997 Course CI 201 - Market Analysis for Commercial Investment Real Estate, May 1998 Course CI 104 - Investment Analysis for Commercial Investment Real Estate, May 1999 Comprehensive Examination — Orlando, Florida, November 1999 Courses sponsored by the American Society of Farm Managers and Rural Appraisers: Valuation of `Conservation Easements' & Other Partial Interests in Real Property, September 2009 Appraisal seminars sponsored by The Appraisal Institute (and South Florida Water Management District): Rate Extraction/Application, July 1989 Impact of Environmental Considerations on Real Estate Appraisals, July 1989 Standards of Professional Practice Update, July 1990 Appraisal Regulations of the Federal Banking Agencies, November 1990 Environmental Concerns, September 1991 Subdivision Analysis, November 1991 Standards of Professional Practice, October 1992 Americans with Disabilities Act, February 1993 Rates, Ratios & Reasonableness, February 1993 Appraisal Review Overview, August 1993 ARGUS Beginning Training, October 1993 Appraising Troubled Properties, November 1993 Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF JOHN A. ROBINSON, MAI, AI -GRS, CCIM State - Certified General Real Estate Appraiser #RZ417 (Continued) Limited Appraisal Round Table, June 1994 Uniform Standards of Professional Appraisal Practice Update *, June 1994 (Instructed for Lincoln Graduate Center) HUD /FHA Training Session, November 1994 Principles of Appraisal Review *, January 1995 (Instructed for Lincoln Graduate Center) Analyzing Operating Expenses, March 1995 Fair Lending and the Appraiser, June 1995 Farm and Land Appraisal *, June 1995 (Instructed for Lincoln Graduate Center) The Internet and Appraising, February 1997 Understanding and Using DCF Software: A Comparison of ARGUS, PRO -JECT and DYNALEASE, December 1997 USPAP Update Core Law For Appraisers, February 1998 Econometrics, June 1999 Public Market for Real Estate, June 1999 General Appraiser USPAP Update, June 1999 Client Satisfaction /Retention/Development, June 1999 Technology Forum, June 1999 Appraising from Blueprints & Specifications, February 2000 Current Appraisal Issues in Florida (South Florida Water Management District), May 2000 Professional Standards USPAP Update /Florida Law for Real Estate Appraisers, August 2000 Florida State Law and USPAP Review for Real Estate Appraisers, April 2002 Appraisers and the Gramm- Leach - Bliley Act, April 2002 Mark -to- Market -The Next FIRREA, April 2002 Current Appraisal Issues in Florida (South Florida Water Management District), May 2002 Internet Appraisal Research and the Florida Appraiser, May 2003 2003 South Florida Water Management District Appraisal Seminar, May 2003 Appraising A Proposed Property, February 2004 Florida Appraiser's State Law Update, March 2004 Course 400 — National USPAP Update Course, March 2004 Uniform Standards for Federal Land Acquisitions, March 2004 2004 South Florida Water Management District Appraisal Seminar, May 2004 Real Estate Finance, Value and Investment Performance, February 2005 2005 South Florida Water Management District Appraisal Seminar, May 2005 Subdivision Valuation: A Comprehensive Guide to Valuing Improved Subdivisions, February 2006 2006 South Florida Water Management District Appraisal Seminar, April 2006 2006 Scope of Work and the New USPAP Requirements Seminar, June 2006 2006 New Technology for the Real Estate Appraiser: Cool Tools Seminar, June 2006 Florida Core Law and National USPAP Update, September 2006 Business Practices and Ethics, May 2007 2007 South Florida Water Management District Appraisal Seminar, May 2007 USPAP Update Course including Florida Law and Supervisor /Trainee Roles & Relationships, April 2008 2008 South Florida Water Management District Appraisal Seminar, May 2008 Course -I400 — National USPAP Update Course, July 2010 Florida Law and Supervisor /Trainee Roles & Rules, July 2010 Uniform Standards for Federal Land Acquisitions: Yellow Book, February 2011 Appraising the Appraisal, January 2012 Business Practices and Ethics, March 2012 Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF JOHN A. ROBINSON, MAI, AI -GRS, CCIM State - Certified General Real Estate Appraiser #RZ417 (Continued) Fundamentals of Separating Real Property, Personal Property and Intangible Business Assets, March 2012 Trial Components: Recipe For Success of Disaster ?, August 2012 USPAP Update Course, November 2012 Marketability Studies: The Six -Step Process and Basic Applications, March 2013 Marketability Studies: Advanced Considerations and Applications, March 2013 Front of the House /Back of the House, April 2013 Central Florida Real Estate Forum -The Road to Recovery, September 2013 Critical Thinking in Appraisals, January 2014 Introduction to Land Valuation, April 2014 Real Estate Experience 2000- - President, Property Investment Specialists, Inc., Winter Garden, FL 1994- - President, Property Valuation & Consulting, Inc., Orlando, FL 1991 -1994 - Vice President/Senior Review Appraiser, First Union Corporation, Orlando, FL 1990 -1991 - Appraisal Review Officer, Southeast Bank, N.A., Orlando, FL 1986 -1990 - Senior Appraiser, SEMCO Services, Inc., Orlando, FL 1985 -1986 - Appraiser, Pardue, Heid, Church, Smith & Waller, Inc., Orlando, FL 1983 -1985 - Appraisal/Property Manager, Sherrill Realty Company, Pensacola, FL Appraisal experience includes narrative and form report writing and review of single - family and multi - family residential, agricultural, commercial (office, retail, hotels /motels), industrial, special purpose and vacant land properties. Experience includes providing expert witness testimony. Publications "Scope of the Appraisal - A Practical Analysis ", The Appraisal Journal, January 1992, The Canadian Appraiser, Winter 1993 Professional Affiliations and Memberships Member Appraisal Institute (MAI Number 8135 and AI -GRS) Certified Commercial Investment Member (CCIM Number 9080) State - Certified General Appraiser, License No. RZ417 Licensed Florida Real Estate Broker /Salesman - Active Status 1991 and 1993 Young Advisory Council - Appraisal Institute Florida General Appraiser Instructor, License No. GA1000019 Approved Instructor for Lincoln Graduate Center, San Antonio, Texas Approved Instructor for Valencia Comm. College Adult Ed. (R.E. Appraisal), Orlando, Florida Selected as Special Master for Orange County (1994 -1996, 1998, 1999 and 2001 -2007, 2009 - 2013), Seminole County (1997 -2000, 2002 -2003, 2006 and 2010 - 2011), Volusia County (1999- 2009), Brevard County (1999- 2012), Indian River County (2004- 2007), Citrus County (2005, 2006, 2008 -2009 and 2013), Hillsborough County (2008- 2013), Pinellas County (2008- 2013), Escambia County (2012), Polk County (2013), Pasco County (2013), Hernando County (2012) and Okaloosa County (2010 -2011) References Available upon request Property Valuation & Consulting, Inc. Exhibit G �.A ` 11A1 Education QUALIFICATIONS OF ANA M. ARROYO, MAI State - Certified General Real Estate Appraiser #RZ3450 Sacred Heart University — San Juan, Puerto Rico BS in General Sciences, Major: Biology, June 1997 Magna Cum Laude Business Address: 204 S. Dillard Street, Winter Garden, FL 34787 Phone 407 - 877 -0200 Email: ana @propertyvalue.com Real Estate Work Experience and Licenses: MAI Designated Member Appraisal Institute since January 2014 Property Valuation and Consulting, Inc. (August 2008 to today) State - Certified General Real Estate Appraiser #RZ3450, Florida (May 2011 to today) State - Certified Residential Real Estate Appraiser #RD7325, 7/2008 to 5/2011, Florida Certified Residential Real Estate Appraiser #45, 2/9/2001 to 2/2009 Puerto Rico Licensed Real Estate Appraiser E.P.A. #767, 11/17/1997 to 11/2009 Puerto Rico Experience includes real estate consulting as well as appraisal of land, medical and professional offices and retail buildings (single and multi- tenant), manufacturing facilities, mini- storage facilities, warehouses, hotels and motels, apartment complexes, condominiums convenience stores /gas stations, mobile home parks, existing and proposed residential and commercial subdivisions and others. Fully bilingual: English and Spanish. Appraisal / Real Estate Courses & Seminars October 2, 2014— "2014 Central Florida Real Estate Forum -Unity of the Community " — Appraisal Institute May 12 to May 16, 2014 - Review Theory- General, Appraisal Institute March 8, 2014 — 7 -Hour National USPAP Update Course - Appraisal Institute March 6, 2014 — "Business Practices and Ethics" — Appraisal Institute February 3, 2014 — "Florida Law" — Appraisal Institute January 31, 2014- "Critical Thinking in Appraisals" — Appraisal Institute October 18 to November 20, 2013 - Comprehensive Exam for MAI designation — Appraisal Institute September 25, 2013- "Central Florida Real Estate Forum -The Road to Recovery" — Appraisal Institute May 7 to July 7, 2013- "Capstone Program Demonstration Appraisal Report" — Appraisal Institute March 2, 2013- "Marketability Studies: Advanced Considerations and Applications'- Appraisal Institute March 1, 2013- "Marketability Studies: The Six -Step Process and Basic Applications " - Appraisal Institute November 10, 2012 — 7 -Hour National USPAP Update Course- Appraisal Institute January 27, 2012 — "Appraising the Appraisal: Appraisal Review - General" — Appraisal Institute November 11, 2011 — "The discounted cash flow model: concepts, issues & applications" — Appraisal Institute June 27, 2011 — "General Demonstration Appraisal Report Writing Seminar" — Appraisal Institute February 7 to 10, 2011— "General Appraiser Report Writing and Case Studies" — Appraisal Institute January 14 to 29, 2011— "Advanced Applications" — Appraisal Institute November 27, 2010 - Florida Real Estate Appraisal Law and Rules — Real Estate Education Specialists November 27, 2010 - Florida Supervisor/Trainee Roles and Relationships — Real Estate Education Specialists Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF ANA M. ARROYO, MAI State - Certified General Real Estate Appraiser #R73450 (Continued...) Appraisal / Real Estate Courses & Seminars November 14, 2010 — "Online Condominiums, Co -ops and PUD's" — Appraisal Institute October 30, 2010 — "7 Hour National USPAP Equivalent Course, 2010 - 2011" — Appraisal Institute August 9 to 14, 2010 — "Advanced Income Capitalization" — Appraisal Institute February 1, 2009 °'Online Analyzing Distressed Real Estate" — Appraisal Institute January 31, 2009 - "Analyzing Operating Expenses" — Appraisal Institute January 3, 2009 - "Online Small Hotel Motel Valuation " - Appraisal Institute December 15, 2008 - "Online Business Practices and Ethics" — Appraisal Institute June 25, 2008 "Florida Real Estate Appraisal Laws and Rules "& "Florida Supervisor /Trainee Roles and Relationships" - Real Estate Education Specialists February 18, 2007- "National USPAP Equivalent Course" Appraisal Institute February 13, 2006 - "VA Appraisal Guidelines and Updates" Veterans Benefits Network May 11, 2005 "FHA Update" - Mortgage Bankers Association October 18 to 19, 2004 - " USPAP Course" —AQB Certified- Instituto de Evaluadores February 16 to 20, 2004 - "Advanced Income Capitalization" Appraisal Institute November 13, 2003 - "USPAP: Standard 3 & its effect on lenders & appraisers relationship" — The Appraisal Standard Board- Appraisal Foundation Seminar October 9, 2003- Real estate broker license examination (90% passing grade) October 4, 2003- "Curso de corredor de bienes raices" Tiri Real Estate Institute (Semester) May 8, 2001-"FHA Update" - Mortgage Bankers Assoc. Seminar February 10 to 11, 2001- "Etica y Estandares Uniformes de la Practica Profesional de la Valoraci6n de Bienes Raices "- Instituto de Evaluadores Prof. de Puerto Rico November 10 to 16, 2000 - "Advanced Sales Comparison & Cost Approaches " -AI (II530) October 20, 2000-"The FHA Appraisal Inspection from the Ground Up " -AI August 14 to 21, 2000-"Highest & Best Use & Market Analysis " -AI Course (II520) October 1997- "Expropiacion Forzosa "- Instituto de Evaluadores Prof. de Puerto Rico (Semester) October 1997-- "Matematica para Tasadores "- Instituto de Evaluadores Prof.de Puerto Rico (Semester) September 1997- "Etica y Estandares Uniformes de la Practica Profesional de la Valoraci6n de Bienes Raices "- Instituto de Evaluadores Profesionales de Puerto Rico May 1997- "Principios Basicos de Evaluacion de Bienes Raices " - University of P.R (Semester) Property Valuation & Consulting, Inc. Exhibit G Appraiser Licenses RICK SCOTT, GOVERNOR KEN LAWSON, SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD RZ417 The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2016 . Q3 ROBINSON, JOHN ALAN 204 S DILLARD ST WINTER GARDEN FL'34787 ; ISSUED 10109/2014 DISPLAY AS REQUIRED BY LAW SEQ X L1410090002738 STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD RZ3450 The CERTIFIED GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2016 ARROYO. ANA M 8101 N IBIZA CT ORLANDO FL3Z89Q""` "°°" ISSUED 10129/2014 DISPLAY AS REQUIRED BY LAW SEa X L1410290003880 Property Valuation & Consulting, Inc. Exhibit H Exhibit H General Service Conditions (1 Page) Property Valuation & Consulting, Inc. General Service Conditions Exhibit H The service(s) provided by Property Valuation & Consulting, Inc. have been performed in accordance with professional appraisal standards. Our compensation was not contingent in any way upon our conclusions of value. We assumed, without independent verification, the accuracy of all data provided to us. We have acted as an independent contractor and reserved the right to use subcontractors. All files, work papers or documents developed by us during the course of the engagement are our property. We will retain this data for at least five years. Our report is to be used only for the specific purposes stated herein and any other use is invalid. No reliance may be made by any third party without our prior written consent. You may show our report in its entirety to those third parties who need to review the information contained herein. No one should rely on our report as a substitute for their own due diligence. No reference to our name or our report, in whole or in part, in any document you prepare and/or distribute to third parties may be made without our prior written consent. You 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.