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Item #16 Second Appraisal Report on Property Available for Purchase Adjacent to City-Owned Property on Kissimmee Avenue4 klo\ %/� florida AGENDA ITEM COVER SHEET Meeting Date: June 16, 2015 Item # 11P Reviewed By: Contact Name: Al Butler, Support Services Department Director: Contact Number: 407 - 554 -7063 City Manager: Subject: Second appraisal report on property available for purchase adjacenfto city -owned property on Kissimmee Avenue 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 with an effective date of February 2015 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) This information was subsequently provided to the City Commission, which asked staff to do additional investigative work given the significant gap between the seller's offer and the city's appraisal. Following consultation with the City Attorney, staff sought the services of a second appraiser in order to ensure that a well- supported valuation might be developed. This second appraisal was performed by DeRango, Best & Associates (Orlando, FL) and produced a May 2015 value estimate of $517,700: $436,000 for Parcels A & B (2.0 ac. Industrial) $81,700 for Parcel C & D (0.56 ac. Residential) The difference between the two appraisals is more than 2:1 and can be traced to variations in the comparable sales used and the selection of average value for the February appraisal and highest value for the May appraisal. It may be reasonable to conclude the latter appraisal provides an upper bound on valuation and the actual market value falls between the figures provided by the two appraisals. 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 informational purposes seeking direction from the City Commission in reference to possible acquisition of real property. Combined with the property on the same 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 residential 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. • Fee appraisal by DeRango, Best & Associates. Financial Impact: Not applicable. Type of Item: (please mark with an 'Y) Public Hearing Ordinance First Reading Ordinance Second Reading Resolution Commission Approval X Discussion & Direction Original Document/Contract Attached for Execution by City Clerk Reviewed by Reviewed by City Attorney Reviewed by Finance Dept. 2 For Clerk's Dept Use: Consent Agenda Public Hearing Regular Agenda _ N/A _ N/A X N/A Certi-Fine Fruit Co., Inc. Property in Ocoee, Florida � I - COW --*A Property Recently Purchased by City of Ocoee '4MCKEY,ST A 168 A 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/PFSett... 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 Historical Value and Tax Benefits Tax Year = $90,605 (0 %) Values + $0 Land Building(s) 2014 ®m $90,605 + $0 2013 ®m $90,652 + $0 2012 ® $108,768 + $0 2011 ® $108,768 + $0 IR ❑ 0 -meri r-A. QR Code For Mobile Phone 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 /S earches/P arcelInfoPrinterFriendly .aspx/PFSett... Taxing Authority Assd Value Exemption Tax Value Millage 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 ( + / -) Land (includes working values) Land Use Code Zoning Land Units 4000 - Vacant I -2 72483.84 SQUARE Industrial FEET Buildings (includes working values) Extra Features (includes working values) GIS Calculated Unit Land Class Unit Price Value Price $1.50 $108,726 $0.00 Description Date Built Units Unit Price XFOB Value There are no extra features associated with this parcel Class Value $108,726 2 of 3 4/13/2015 11:38 AM 121 S Kissimmee Ave Sales Sales History http: / /www. o cpafl. org /S earches/P arcelInfoPrinterFriendly. aspx/PF S e tt... Sale Date Sale Amount Instrument # Book/Page Deed Code Seller(s) Buyer(s) Vac/Imp There are no sales for the selected parcel Services for Location Traffic Information 2,500 Vehicles / Kissimmee Ave Day Nearby Amenities 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 http: / /www. ocpafl.org/ Searches/ ParcellnfoPrinterFriendly .aspx/PFSett... 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 282218000000091 01/24/2013 0i IN Ofi. • QR Code For Mobile Phone 282218000000091 05101/2006 1 of 3 4/13/2015 11:39 AM 130 W Floral St Value and Taxes Historical Value and Tax Benefits Tax Year $18,132 $0 Values 5.2260 (2.19 %) Land Building(s) 2014 M $18,132 + $0 2013 MM ¢ $18,163 + $0 2012 n $18,163 + $50,686 2011 n ' $18,163 + $51,556 2014 Taxable Value and Certified Taxes http: / /www. ocpafl. org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... Feature(s) Market Value Assessed 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 Zoning Land Units I -2 14505.48 SQUARE FEET Buildings (includes working values) Extra Features (includes working values) http: / /www.ocpafl.org/ Searches /ParcelInfoPrinterFriendly. aspx/PFSett... Unit, Land Class Unit Class Price Value ` Price Value $1.50 $21,758 $0.00 $21,758 Description Date Built Units Unit Price XFOB Value There are no extra features associated with this parcel Sales Sales History Sale Instrument Sale Date Book/Page Deed Code Sel1er(s) Buyers) Vac /Imp Amount # 06/01/1973 $16,100 19730636383 02419 / 0240 Warranty Deed Vacant Services for Location Nearby Amenities 3 of 3 4/13/2015 11:39 AM 201 S Kissimmee Ave Property Record - 18- 22 -28- 7224 -02 -080 Property Summary Property Name 201 S Kissimmee Ave Names Certi Fine Fruit Co Inc Municipality OCO - Ocoee Property Use 0001 - Vacant Residential Value and Taxes http: / /www. ocpafl.org/ Searches /Parce]InfoPrinterFriendly. aspx/PFSett... Orange County Property Appraiser - http://www.ocpafl.org Mailing Address 125 Terra Mango Loop Ste A Orlando, FL 32835 -8507 Physical Address 201 S Kissimmee Ave Ocoee, FL 34761 4 � t r1:11 QR Code For Mobile Phone Historical Value and Tax Benefits Tax Year Values Land Building(s) 2014 $22,390 + $0 2013 $22,390 + $0 2012 ®_ $22,390 + $0 2011 n= $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 http: / /www.ocpafl. org/ Searches /ParceUnfoPrinterFriendly. 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 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 ( + / -) 1 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 -IA 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 Unit Price There are no extra features associated with this parcel Sales Sales History XFOB Value 2 of 3 4/13/2015 11:40 AM 201 S Kissimmee Ave http: / /www.ocpafl.org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... Sale Instrument Sale Date 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 Property Name 209 S Kissimmee Ave Names Certi Fine Fruit Co Inc Municipality OCO - Ocoee Property Use 0001 - Vacant Residential Value and Taxes http: / /www. ocpafl.org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... Orange County Property Appraiser - http://www.ocpafl.org Mailing Address 125 Terra Mango Loop Ste A Orlando, FL 32835 -8507 Physical Address 209 S Kissimmee Ave Ocoee, FL 34761 0 F6 r QR Code For Mobile Phone Historical Value and Tax Benefits Tax Year Values Land 2014 OM $22,390 2013 ®: $22,390 2012 ® $22,390 2011 M $22,390 Building(s) Feature(s) Market Value Assessed Value + $0 + $0 = $22,390 (0 %) $22,390 (0 %) + $0 + $0 = $22,390 (0 %) $22,390 (0 %) + $0 + $0 = $22,390 (0 %) $22,390 (0 %) + $0 + $0 = $22,390 $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 /ParceUnfoPrinterFriendly.aspx/PF S eft... 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 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 LOTS 9 & 10 BLK B Total Land Area 16,096 sgft ( + / -) 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 -lA 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 There are no extra features associated with this parcel Sales Sales History XFOB Value 2 of 3 4/13/2015 11:40 AM 209 S Kissimmee Ave http: / /www. ocpafl. org/ Searches/ ParcelInfoPrinterFriendly .aspx/PFSett... Sale Date Sale Instrument Book/Page Deed Code Seller(s) Buyer(s) Vae/Imp Amount # 09/22/1989$11,400 19893348507 04117 / 4504 Special Warranty Vacant Multiple 06/01/1967 $7,000 19670149660 01658 / 0389 Warranty Deed Improved Services for Location Nearby Amenities 3 of 3 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 -IA (Single Family) zoning district and LDR (Low Density Residential) Future Land Use; City of Ocoee Parcel C- R -1A (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 1 $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. Property Valuation & Consulting March 17, 2015 Mr. Al Butler City of Ocoee Director of Support Services 150 N Lakeshore Drive Ocoee FL 34761 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 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 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. 3 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 -IA 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 INDUSTRIAL USES - --------------------- - 7 EorruwPitE Industrial Park P Industrial Light P lndustry, Hpa-, P 7ransfer Station S 7ruck r.top P ',NarehouEj ng.� P II ui,tributio n F U 8 LIC AND SEMI -PUB Child Care Facilities Church Club or Community P Ccnservanon Use Golf Course,, Country Clu b S Pu bl i c e no ce or P Public t! n.,i te, Essential Recreation Padlity, P Commercial Recreation Pa cd I t"" t,,.1 e (gh bor hood Property Valuation & Consulting, Inc. I -2 Zoning District CO M h1 E RCIAL USES Adult Entertainment Est3hl'shrnent<_ Applia n.e_•tore P Autom.atn,eBody P Repair Auto rnohileParKing P, Lot p Auto mohita REpait P Auto „ehile_a le =. (New andUspd) P ': Auto rn..hilPI-Pnri:e P Station p j AutE. rn of w p W recki rig cr 3, hrage Yards Ear ?aw�ociatedwith p re3.taurant.. Bat ing 45peoplel E3 r; and Cc , ktail _ Lounges Boat &?IE -.and S enrice p_...___....__ Eus Term inaI T ra ,* Trailer Sales• Car Was It Monu- entSale< -. Clinic, Dentalcm r p 1.1 edical W hole a le Comm Lr I;I. p 1 C.., n'oBnlence M usi:, pads. TY Com mere is 1. p Cc nve ni ence wrt h Nurse iyl Garden Gass. Sa IPS 5. up p hj Store Cornn,er:al_R.etail ti j Depart, „entStare j Pre—Fabricated Drwe In R.e_.taurant He use _,ales !EcundarieE of tract Printing Beak. of L3ndarea no le_.s Binding Lithograph . j than2C- feetfrcm j a nd Publishing 3 mr residence) Plants Equipment :ales p j Funeral Parlc r F— _ j Furniture R.epairand a . Upholstery St_ FurnitureStcre Recre?tiona IVehicle Gallery,' 41u_eu r Park Gas Stat}on Restauiant Property Valuation & Consulting, Inc. S up ern,arMn Heating and Air P Ca n ditio n ing Sa Ir. a nd 5 eroce wrt h cuttidestorage Heating Ventil?ting p Plm *bingSupplies. `a SFNIcp Hospital P Hotel cr Motel p lnteor,rDecorating p Store Lice Enterta inrnent E stab lc h n, ent Liquor Store. Noon- p Piernte ccnsumptan Min at ure Golf p Coutv &J Drhfing Range p_...___....__ MobileHorneand T ra ,* Trailer Sales• Monu- entSale< -. P Motcr'dehicle P W hole a le M Dore Theatpr P M usi:, pads. TY P S h. P Nurse iyl Garden P 5. up p hj Store !i Pawn Shop P j Pre—Fabricated P He use _,ales Printing Beak. G' Binding Lithograph . j a nd Publishing Plants P K e=. P f8rz;dtasting Ring P a . St_ Recre?tiona IVehicle Park Restauiant P �Sign PaintirgShop P Stc rag eWarehousE. P ! V ite o na ry Hos pita li P .?nd Kcnnek ve hen confined wit hin Ali structure Property Valuation & Consulting, Inc. 10 The following are the development standards for the subject zoning districts. TtsELE E_ Pliita'I Jai ZO[' t -,"- :ECF^F11O 'S ON =ER1,1 TTED JSES JS C7 'J Y;kI: 'Jll20"IINGDE�C� TOPJS I iY'I'M Ylp;I'MUM %11 !YUY MIPdIMUM YA; IAIUM L+ ' f.1 U11111 NIAx, bAl 411NINIUM ' 'SZE 7'0PI7 SIDEEwR LOT BUILDING BUpLDihJG L °1G E LD @!G E i;J0 i!1G EJ-LDING VOTH ER GE F CE HF'GH' 4FE, *E- R S : E CM SETS Ck i 15iLI �7 50lss 35 F' r i R -1 q Singles 8,000 SF 25 FT 7.5 FT i 25 FT 17o Fr 40% 50% 35 FT 1.2005E Fa rn Ifs+ 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. Topography Drainage 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. The sites are mostly cleared, level and at road grade. 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. f _V - r, P1.7 PANEL 210 OF 750 (SEE MAP INDEX FOR FIRM PANEL LAYOUT) CONTAINS 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 Map Number shown below should be used when placing map orders, the Community Number shown above should be used on insurance applications for the subject community 111 T ► Il0 *40Z 12 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. Subject Certified Values and Taxes Parcel ID Address SF Zoning 2014 Land Value Assessed Value 2014 Land Value/Assessed Value Per SF 2014 Non Ad- valorem Taxes 2014Ad- 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 $348.81 $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 86,989 $108,737 $319.68 $2,091.77 $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. Commercial Parcels: 121 S Kissimmee Ave 8-22-28-M-00�3, I* * ( 1 Mk ToEntar"0,Upkad... 4�vF eeiw? 1 M.O' 1 Dnysicy $Veer AdxMS a Certi Fine Fart 121 S Kissimmee Ave D +DDN'r �`e (� DcstM City xd ��aaae srxrrr deoevr Cent fine Fruit Co Ocoee, Fl 34761 ®® -. MMi�rtq Adarosx v^n -�x rr.DerTY Ilse L T 1 tdY rOe* Values, Exemptions and Taxes Property features Sales Analysis Location Info Market St.,, Update Information Property Description iOMh1 AT CENTER CROSSING OF MACKEY ST & THE ATLANTIC COAST LINE RR RUNS 180 F7 & W 30 FT FOR POS W 3223 F7 S !95 FT E 145.3 FT S 100 FT E 177 FT N 270 FT TO POB IN SEC :B -22.28 Total Land Area 72.52! sgft (•f -) I 1.66 acres (•r' -) GIS Calculated Notice Land Land Use Code Zoning Land Units Unit Price I" Value Class Unit Price Class Value dtki(t - Vacant inou.mai - '2483.26 SQUARE FEET S —S 590.605 SO.G: 590.605 Page'- of 1 is tcta! re' ^'I' Buildings Important Information Structure Tire are no buddings associated with this parce,. Extra Features Description Date Built Units XFOB Value Lies emptions and Taxes Property Features Sales Analysis Location Info Market Stats Updatelnforrnat- Historical Value and Tax Benefits (i7 2014 Tax Breakdown -ax year Values Land Building(s) Feature(s) Market Value Assessed Valm =014 Taxing Autbority Assd Value Exemption Tax Value Millage Rate SO = 590.605 S90,605 590.605 $0 $0 = S90,652 1-17x1 590,652 - t012 SO = $108.768 (W 5108,768 Orange County (General) $90.605 $0 $90,605 4A347 iazo%; 5401.81 SO = $108368 5108.768 125 Terra Mango Loop Ste A 4000 - Vacant Industrial Levying Authority Assessment Description Orlando FL 32835 -850; Mum ... rs CCOEE STCRKI - DRAINAGE a 282218000000043 03/01/2006 1nCtxreQ Madog Adders' Ocoee _ ..._.. Values, Exemptions and Taxes Property features Sales Analysis Location Info Market St.,, Update Information Property Description iOMh1 AT CENTER CROSSING OF MACKEY ST & THE ATLANTIC COAST LINE RR RUNS 180 F7 & W 30 FT FOR POS W 3223 F7 S !95 FT E 145.3 FT S 100 FT E 177 FT N 270 FT TO POB IN SEC :B -22.28 Total Land Area 72.52! sgft (•f -) I 1.66 acres (•r' -) GIS Calculated Notice Land Land Use Code Zoning Land Units Unit Price I" Value Class Unit Price Class Value dtki(t - Vacant inou.mai - '2483.26 SQUARE FEET S —S 590.605 SO.G: 590.605 Page'- of 1 is tcta! re' ^'I' Buildings Important Information Structure Tire are no buddings associated with this parce,. Extra Features Description Date Built Units XFOB Value Lies emptions and Taxes Property Features Sales Analysis Location Info Market Stats Updatelnforrnat- Historical Value and Tax Benefits (i7 2014 Tax Breakdown -ax year Values Land Building(s) Feature(s) Market Value Assessed Valm =014 Taxing Autbority Assd Value Exemption Tax Value Millage Rate SO = 590.605 S90,605 590.605 $0 $0 = S90,652 1-17x1 590,652 - t012 SO = $108.768 (W 5108,768 Orange County (General) $90.605 $0 $90,605 4A347 iazo%; 5401.81 SO = $108368 5108.768 2014 Taxable Value and Certified Taxes (jQ TAX YEAR 1 2014 • 2013 2012 • 2011 1x- v Taxing Autbority Assd Value Exemption Tax Value Millage Rate Taxes % Public Schools: By State Law (Rle) 590.605 $0 590.605 5.2260 - : -. S473.50 2-1 `. Public Schools By Local Board $90,605 SO S90,605 3.2480 to ocs • $294 -29 17 Orange County (General) $90.605 $0 $90,605 4A347 iazo%; 5401.81 City Of Ocoee $90.605 50 $90,605 SA371 wsm SS10.75 29'< Library - Operating Budget $90,605 $0 590.605 0.3748 coon Stlohns Water Management District 590,605 SO $90.605 03164 t -mm 19.2370 2014 Non -Ad Valorem Assessments 533.962'_ $28.672 S1,742.96 Levying Authority Assessment Description Units Rate Assessment nth OF :^COEE CCOEE STCRKI - DRAINAGE 199.68 S1.W 1199 -a8 S 199.ti8 2014 Gross Tax Total: $1.942.66 Property Valuation & Consulting, Inc. 14 is 130 W Floral St < 18 -22 -29-0000- 00-091 Land Building(s) Name, Certi -Fine Management Co Inc Physical Street Address 130 W Floral St S�AVE -� �-FPIhTM' 5END Property Name © ?cstal Cirr and ZiGCOde rAr J tsTM -fFTJ W"FVF Ceding ne Ocoee, F( 34761 ® a] Mailing AtlareSS J ^. pile ProP.Ty Use FA" Ta,M FoxT 125 Terra Mango Loop Ste A 4000 - Vacant industrial 0 Q 282218000000091 01124/2013 t2� Orlando, FL 32835 -8507 Faurxdpmay ® Will TAYra si-F m" Incorrect M.;" Add-- Ocoee 518.163 - S51,556 - S3.538 Features Sales Analysis 573.257 M arket Stars - Update In4orma6or Values, Exemptions and TaxesA Property Location In fo property Description 0.3748 to w% $6.80 2% 3EG CEN CROSSING MCKEY ST & SCL RR RUN S ALONG CA RR R/W 450 FT TH W 207 FT TO PO8 TH RUN N 100 FT W 145.3 FT TH S 100 FT TH E 145.3 FT TO POS IN SEC 18 -22 -28 Dotal land Area 14,529 sgft ( -, -) I 0.33 acres ( +! -) GIS Calculated Notice $$.74 2 k S1411.81 .and Land Use Code Zoning Land Units Unit Price Land Value Clas unk Puce Class Value 4u.14 ea -t Witr,al _... I 504E S�J [ = E' ..25 58.132 SO.a7 _ _V-8132771 Page 1 of 1 (1 total records) 3uildings Important Information Structure There are no buildings associated with this parcel. °xtra Features Description Darr Built Units XFOB Vakie There are no extra features assoc. Values. ExematienE znd Taxes Property Feature Sales Analysis Location Info Market Slats LL.'- Update [nformato- Historical Value and Tax Benefits Q 2014 Tax Breakdown Tax Year Values Land Building(s) Feature(s) Market Value Assessed Value 2014 Q Q 718.132 - s0 - SC = 5181.;, _ - 518,132 _ 2013 0 Q 518,163 - SO - $0 = S1S..163 - . S18,163 :.- 2012 0 Q 518,163 - S50.686 - S3.538 = 572,387 _- . S72,387 2011 Q 518.163 - S51,556 - S3.538 = S73.257 573.257 2014 Taxable Value and Certified Taxes Q TAX YEAR 1 2014 • 2013 • 2012 • 2011 Taxing Authority Assd Value Exemption Tax Value Millage Rate Taxes % Pubt,c Schcoss; By irate Lae, (Ble, $i8.132 SG $16132 5.226C - Public Schools By Local Board $18,132 $0 $181132 1-3480 40ar 558.89 1? 5; Orange County (Generaij _ 518,132 SO 518132 4,4347 ,ea% $80.41 23% City Of Ocoee $18,132 $o $18.132. 5.6371. t-2sm $102.21 29% Librarj - Operating Budget 518,132 s0 S18132 0.3748 to w% $6.80 2% St Johns Water Management District 518,132 $0 - $18,132 0.3164 19.2370 (•343tu $$.74 2 k S1411.81 2014 Non -Ad Valorem Assessments rying Authority Assessment Description Units Rate Assessme Dr —EE iT Ri,. - Z$AINAUt - i:,i'i ;!,t1i} 5_.0 S1 ?0 2014 Gross Tax Total: $468.81 Property Valuation & Consulting, Inc. Residential Lots: 201 5 Kissimmee Ave - t3- 22-28-7224 - 02-080 > = physical Street Add, - Certl Fine Fruit Co Inc 201 S Kissimmee Ave Property N— © Posial City and = ipccd< N /A. Click information icon to contribute. Ocoee, Fl 34761 Mailing Address Qn :H. Property use 125 Terra Mango Loop Ste A 0001- Vacant Residential Orlando. FL 32835 -8507 MurkipaaRy Inmrrea Maiing Add-1 Ocoee 16 Values, Exemptions and Taxes Property Description POUNDS ADDITION N/14 LOT 8 ILK I Total Land Area 8,086 sgft (.i -) Land II Property Features II Sales Analysis II Location Info II j 0.19 acres f r -1 61S Calculated Notice savE oo .RIrT stxo.:. An Image For This Parcel "P STREET to ROFYE .. ....,,,,.,,. FAVS ® rRlr t9 ro�Rr �'''J FST�WTF TA FR RFMknX IMAGE UPLOAD Values, Exemptions and Taxes Property Description POUNDS ADDITION N/14 LOT 8 ILK I Total Land Area 8,086 sgft (.i -) Land II Property Features II Sales Analysis II Location Info II j 0.19 acres f r -1 61S Calculated Notice Market Stats I Update Informal* View Plat Land Use Code Zoning Land Units Unit Price Land Value Class Unit Price Class Value 0e,7t - ''aca ^tL es:Je ^tiai Page 1 of 1 (1 total records) Buildings _ _ l..'i'S 522.000.00 42:_00-0 ?0.4uJ $21,0007 Important Information Structure There are no buildm9s assouated with this parcel. Extra Features Description Date Built Units XF08 Value Property Valuation & Consulting, Inc. Value; E.emot',ons and Tares Property Features Sales Analysis Location Info I Market Stats Historical Value and Tax Benefits Q 2014 Tax Breakdown Tax Year Values Land Building(s) Features) Market Value Assessed Value 2014 Taxes % 522.340 :`4 522,390 - 2013 Q Q 522390 -.. - $0 = $22,390 W., 522.390 2012 Q $22,390 50 = S22390 0% S22.340 2011 Q Q 52239C - .. - 50 = 522.390 SZ4 394 2014 Taxable Value and Certified Taxes Qi TAX YEAR 1 2014 • 2013 • 2012 • 2011 Taxing Authority And Value Exemption Tax Value Millage Rate Taxes % Public Schools: By State Law (Rle) Public Schoch: By Local Board 522,390 $22:390 Si' s0 ___.... $22,390 5.2260 _ 32480 ._. :3a, oulev 5117.01 27% $72.72 17% Orange County (General) .._..__ ...............__..._..__....._.__._.........__........._..............__.__....._.._..__._.._..__..._.__._._..._._......_..___.__._.___._.__.__.___........._..--._.._.__.--.--.-----. City OF Ocoee 522390 $22,390 s0 s0 S22,390 $22,390 4.4347 5.6371 ;o9w%: f-zsm $99.29 23 % -....------....____.._......... $126.21 24 % Library - Operating Budget $22.390 SO 522,390 0.3746 oao < $839 2 n St Johns Water Management District 522,390 s0 $22,390 Q3164 4d62% S7.082% 19.2370 5430.70 2014 Non -Ad Valorem Assessments Flo 17 Uprate In'o,c,at o- Levying Authority Assessment Description Units Rate Assessment) CITY OF OCOEE OCOEE STORM - DRAINAGE - (307)905-3170 120.00 $1.00 5120.00 209 S Kissimmee Ave -_8- 22 -28- 7224 - 02-090 x Name(.- physical Street Address Certi Fine Fruit Co Inc: 209 S Kissimmee Ave property Name ® Pesal Chi and Z pcode NIA. Click information icon to contribute. Ocoee, Fl 34761 Ni.,hng Address On File Draporty Use 125 Terra Mango Loop Ste A 0001 - Vacant Residential Orlando, FL 32835 -8507 n mapa rc; ]ncorter rladmg Address' Ocoee Values, Exemptions and Taxes I proper-$; Features Property Description POUNDS ADDITION Nr14 LOTS 9 S 10 BLK B Total Land Area 16,096 sgft ( - / -) I 0.37 acres I +t-i Land $120.00 2014 Gross Tax Total: $550.70 2014 Tax Savings Tax Savings Your property taxes without exemptions would be. 443030 Your ad- valorem property tax with exemptions is: - S430.70 Providing You A Savings 0F. a $0.00 * � SAVE I.— SEND ® ® Q Wf St Mfe, W.DeYe [T N-1 O FAVS — PORT ® '_0r U FIT—Tr TAxra snos IMAGE UPLOAD Sales Analysis i Location Into I Market Slats GIS Calculated Nonce View P', it Land Use Code Zoning Land Units Unit Price Lard Value Class Unit Price Class Value Page 1 of 1(1 total records) Buildings Important Information Structure are nc bwld nac aESoaated with this parcel, Extra Features Description Date Built Units XFOB Value There are no extra features associated with this par. - Property Valuation & Consulting, Inc. 18 Values, Exertions and Taxes Property Features Sales Analysis lootion Info Market Stets '„ Update Informatior Historical Value and Tax BeneTils (D 2014 Tax Breakdown 'ax Year Values Land BttRdi"19W FeaAUralls) M what Wkaf Assessed Vaka !014 Q ® $22,390 + So + $O = 321390 a 322.390 cg !013 ©® $22,390 SO $0 = $22.390 = 322,390 0 !012 Q ® $22.390 SO + SO = 522,390 " 322.390 !011 Q ® 522,390 - SO SO = 522,390 522.390 2014 Taxable Value and Certified Taxes (D TAX YEAR 1 2014 • 2013 • 2012 • 2011 Taxing Aud —ity Assd Value Exemption Tax Value Mange Rate Taxes % Public Schools: By State Law fRie) 522,390 SO $22,390 5.2260 tzar„ 5117.01 27 % Public Schools: By Loral Board 522.390 S0.. .522,390 3..24M mm $72.72 17% Orange County (General) 522,390 SO 522,390 4A347 ow-r 599.29 23% City Of Ocoee 522,390 s0 $22.390 5.6371 ( -:smi 5126.21 29% Library - Operating Budget 522,390 SO 522,390 03748 -..a oc ; $8.39 2% St.Johns Water Management District $22,390 So 522,390 03164 (-3vv $7.1111112 % 19.2370 5430.70 2014 Non -Ad Valorem Assessments 2% - evyin9 AuNneay Assessment Description Units Rate Aid 'ITY OF OCOEE OCOEE STORM - DRAINAGE - (407)905 -3170 120.00 S -.00 5120.01 5120.0( 2014 Gross Tax Total: $550.70 O 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 COMPARABLE LAND SALES ADJUSTMENT GRID - "AS IS" Subject Sale t Sale 2 Sale 3 Sate 4 Address. 121 S. Kissimmee Ave. & 130 W. Floral St. 707 W Plant Street 591 Susan B. Britt CL 650 Garden Commerce Parkway Lot 17 633 E. 13th St. City/County City/County Ocoee, Orange County Winter Garden, Orange Co. Winter Garden, Orange County Winter Garden, Orange Co. Apopka, Orange Co. Days On Market None 865 days Not Available 193 days 379 days Sale Date: Feb-15 Appraisal Date Nov -14 Jun -14 Sep-14 Nov -13 Sale/Listing Price: $300,000 $225,000 $265,000 $33,000 Size Gross SF 86,989. SF 138,239. SF 96,162 SF 67,289, SF 45.562. SF Size Net Usable /Upland SF 86.989. SF 138239 SF 96,167. SF 67.289. SF 45.562. SF Sale Price/ Net Upland SF. $2.17 $2.34 $3.94 $0.72 Transactional Adjustments Prope Rights Conveyed, Financin Terms, Conditions of Sale, Ex enditures Immediate) After Purchase and Market Conditions : Real Property Rig hts. Fee Simple Fee Simple Fee Simple Fee Simple Adjustment for Real Property Rights: $0 $0 $0 $0 Price adjusted for property rights, $300.000 $225,000 $265,000 $33,000 Financing terms: Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Adjustment for Financing terms: $0 $0 $0 $0 Price adjusted for financin terms. $300,000 $225,000 $265,000 $33,000 Conditions of sale: Normal, Arm's- Length Normal; Ann's - Length Normal, Ann'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 Ew ,iftres -med,ateiy after purchase for comrmutory game ohmpro ,a,ta). None None None None Adjustment for expenditures or contributory value of improv.: $0 $0 $0 $0 Price adjusted for expenditures immediately after purchase. $300,000 $225.000 $265,000 $330000 Market Conditions @ +. ° /, 0.00% 0.00% 0.00 % 0.00% Months since closin 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 1 $0 $0 $0 $0 Gross adjustment as % of sale price: 0.00% 0.00% 0.00% 0.00% Adjusted PricelNet Upland SF: $2.17 $2.34 $3.94 $0.72 Property Adjustments: Location. City of Ocoee City of Winter Garden City of Winter Garden City of Winter Garden Unincorp. Orange Co. West of Downtown West of Downtown Industrial Park Industrial Park Unincorporated Adjustment for Location: 0% -5% -5% 5% Land Area/Size (Net upland SF). 86,989. SF 138,239. SF 96,167. SF 67,289. SF 45,562. SF Adjustment for Size: 0% 0% 0% _5% Street Frontage: Kissimmee Ave. & Floral St. (comer) Plant St. & Brayton Rd. & West Orange Trail (comer) Susan Britt Court Garden Commerce Parkway 247.5' on E. 13 St. & 183.16' 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 /Shape /Utility: 2 -Lane, Paved Road with No Median Barriers /Rectangular /Good 2 -Lane, Paved Road with No Median Bariers /Mostly Rectangular /Good 2 -Lane, Paved Road with No Median Banners/Mostly Rectangular /Good 2 -Lane, Paved Road with No Median Bamers/Mostly Rectangular /Good 2 -Lane, Paved Road with No Medan Bamers/Rectangular/Good Adjustment for FrontagelTraffic /Access /Shape /Utility: -5% 0% 0% 0% Retention: On -site On -site Off -site Off -site On -site Utilities,— :w=w E Tw 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 Development/Topography. Mostly Cleared and Level Developed Site Mostly Wooded and Level Mostly Cleared and Level, Sloping to Street, Developed Mostly Cleared and Level Developed Site Mostly Wooded and Level Site Adj. for State of Developmentlropography: 5% 0% 0% 5% Zoning: 1-2 (General Industrial) / HI (Heavy Induslral) R -21 NC (Residential Neighborhood Commercial) I -2 (General Industrial) I -1 (Light Industrial and Warehousing) C -3 Commercial Adjustment for Zoning: 0% 0% 0% 0 Net Property Adjustments: 1 0% -10% _10%1 10 Gross Total Adjustments (Transactional and Property): 10% 10%1 10%1 20% Indicated ValuelNet Upland SF: 1 $2.17 $2.11 $3.54 $0.80 —ghr„ a m Dt Pr ,t— m Totm Amo„m ai (Groeq Adleermema. 25.7% 25.7%1 25.7% 22.9% Per Net upland Aore: $0.56 $0.54 1 $0.91 1 $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 COMPARABLE LAND SALES ADJUSTMENT GRID - "AS IS" Subject Sale 1 Sale 2 Sale 3 Sale 4 Saks Address: 201 S. Kissimmee Avenue 1405 Prairie Oaks CL 54 Rewis St 514 2nd Street 338 N. Blufford Avenue 237 S. Blufford Avenue C' /Coun : Ocoee, Orange County Ocoee, Orange County Ocoee, Orange Coun Ocoee, Orange County Ocoee, Orange County Ocoee, Orange Coun Days On Market NIA 150 days 116 days 5 days 7 days 115 days Sale Date: Feb lS Appraisal Date Juri Jun-13 Feb14 Sei Aug-14 Salell-isO Price: $25,000 $22,000 $25,000 $27,900 $50,000 Size (FF): 60. FF 81. FF 109. FF 100. FF 125. FF 82. FF Size (Gross and Net Upland SF): 8.086. SF 9,358. SF 10,910. SF 13,321. SF 19,110. SF 13,996. SF Sale Price) FF. f308.64 5201.83 $250.00 $223.20 $609.76 Sale Pricel Net Upland SF: 52.67 52.02 $1.88 $1.46 $3.57 Transactional Ai (Props Rights Conveyed, Financin Tents, Conditions of Sale, Expenditures Immediate) After Purchase and Market Conditions): ,rents Real Property Rig hts. Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Adjustment for Real Property Rights: $0 $0 $0 $0 $0 Price adjusted for pro i hts: $25,000 $22,000 $25,000 $27,900 $50,000 Financing terms: Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Adjustment for Financing terms: $0 $0 $0 $0 $0 Price adjusted for financing terms: $25,000 $22,000 $25,000 $27,900 $50,000 Conditions of sale: Normal; Ann's - Length Normal; Arm's - Length Normal; Ann's - Length Normal; Arm's - Length Normal; Arm's - Length Adjustment for Conditions of sale: $0 $0 $0 $0 $0 Price adjusted for condtlons of sale: $25,1100 $22,000 $25,000 $27,900 $50,000 ExpeMitures �mmeaurep after pun, raw (- -trieutory venue onmp,ovement): None None None None None Adj. for expenditures or contributory value of improv.: $0 $0 $0 $0 $0 Price adjusted for expenditures immediately after purchase: $25,000 $22,000 $25,000 $27,900 $50500 Market Conditions @ +.% 0.00% 0.00% 0.00% 0100% 0.00% Months since closing: 8 months ago 20 months ago 12 months ago 5 months 2Lo 6 months ago Price adjusted for market conditions: $25,000 $22,000 $25,000 $27,900 $50,000 Total gross adjustment: 1 $0 SO $0 $0 $0 Gross adjustment as %of sale price: 0.00% 0.00% 0.00% 0.00% 0.00% Adjusted PricelFF: 1 $308.64 $201,83 $250.00 $223.20 $609.76 Adjusted Price /Net Upland SF: $2.67 $2.02 $1.88 $1.46 $3.57 Property Adjustments: Location: City of Ocoee City of Ocoee City of Ocoee City of Ocoee City of Ocoee City of Ocoee Adjustment for Location: 0% 0% 0% 0% 0% Land Area/Size(Net upend! SF): 8,086. SF 9,358. SF 10,910. SF 13,321. SF 19,110. SF 13,996. SF Adjustment for Size: 0% 0% 5% 10% 5% Primary Street Frontage: 60' on S. Kissimmee Avenue corner with Floral S1. -135' 81' on Prairie Oaks Ct. 109' on Rewis Street 100' on 2nd Street 125' on N. Blufford Ave. 82' on S. Blufford Ave. and 163' on W. Ohio St. Access/Shape/U01ty: 2 -lane, Paved Road/Rectangular/Good 2 -1-ane, Paved Road/Reca ulartGood 2 -1-ane, Paved Road with No Medan Barriers /Most) Recta uar /Good 2 -Lane, Paved RoadlRecta uar /Good 2 -1-ane, Paved RoadlRecta uar /Good 2 -1-ane, Paved Road/Rectangular/Good Adjustment for Frontage/TrafficlAccess/ShapaiUtility: 0% 0% 0% 0% 0% Utilti- - s..• - W -S-E -T W -SE -T W -S-E -T W -S-E -T W -S-E -T W -SE -T Adju arm ant for Utilities: 0% 0% 0% 0% 0% State of Develownent/Toppgraphy Geared and Level Developed Site Cleared and Level Developed Site Cleared and Level Developed Site Cleared and Level Developed Site Cleared and Level Developed Site Geared and Level Developed Site Adj. for State of Development /topography: 0% 0% 0% 0% 0% Zoning: R -1A (Single Family) / LDR (Low Density Residential) R -1A (Single Family) R -1 (Single Family) R -1 (Single Family) R -lAA (Single Family) R -1A (Single Family) Adjustment for Zoning: 0% 0% 0% 0% 0% Net Property Adjustments: 0% 0% 5% 10% 5% Gross Total Adjustments (Transactional and Property): 0% 0% 5% 10% 5% Indicated Value /Net Upland SF: $2.67 $2.02 $1.97 $1.61 $3.75 w.i,Imne is Dir.rr waParsaa na Ta•tAma,rm alcro..l Aaia.m,.m.: 20.8% 20.8% 19.8% 18.8% 19.8% Per Not UplaadA -: $0.56 $0.42 $0.39 $0.30 $0.74 Indicated Value: $19,489 , or $2 41 /Net Upland SF Rounded to: $19,000 , or $2.35 /Not Upli d SF for the subject's 8,086 SF and $317IFront Foot for the subject's 60. FF 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 COMPARABLE LAND SALES ADJUSTMENT GRID - "AS IS" Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Address: 209 S. Kissimmee Avenue 1405 Prairie Oaks Ct. 54 Rewis St 514 2nd Street 338 N. Blufford Avenue 237 S. Blufford Avenue O ICou Ocoee, Orange County Ocoee. Orange County Ocoee, Orange Co Ocoee, Orange County Ocoee, Orange County Ocoee, Orange CouWy Days On Market: NIA 150 days 116da 5 12n 7 days 114 da Sale Date: Feb-15 Appraisal Date Jun-14 Jun-13 Feb-14 Sep-14 Aug-14 Sale(Listin Price: $25.000 $22,000 $25,000 $27,900 $50,000 Sae (FF): 120, FF 81. FF 109. FF 100. FF 125. FF 82. FF Sae Gross and Net Upland SF): 16,096. SF 9,358. SF 10,910. SF 13,321. SF 19,110. SF 13,996. SF Sale Price/ FF: $308.64 $201.83 $250.00 $22320 $609.76 Sale Price/ Net Upland SF: $2.67 1 $2.02 $1.88 $1.46 $3.57 Transactional Adj rstments Prope Rf Come , Flnanci Terms, Conditions of Sale, rtdRures Imrnedia0e After Purchase and Market Conditions): Real Property Rights. Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Adjustment for Real Property Rights: $0 $0 $0 $0 $0 Price adjusted for property ht $25,000 $22,000 $25.000 $27,900 $50,000 Financing terms: Cash or equivalent to selle Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Cash or equivalent to seller Adjustment for Financing terms: $0 $0 $0 $0 $0 Price adjusted for financing terms: $25,000 $22,000 $25,000 $27,900 $50,000 Conditions of sale: Normal; Arm's - Length 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 $0 Price adjusted for conditions of sale: $25,000 $22,000 $25,000 $27,900 $50,000 Expenditures -ediatety after purchase (or contributory value of improvement'): None None None None None Adj. for eapendnum or contributory value of improv.: $0 $0 $0 $0 $0 Price adjusted for expenditures after purchase: $25.000 $22,000 $25,000 $27.900 550.000 Market Conditions @ +.% Fediately 0.00% 0.00% 0.00% 0.00% 0.00% Months since closing: 8 months ago 20 months ago 12 months ago 5 months ago 6 months ago Price adjusted for market conditions: $25,000 $22,000 $25,000 $27,900 $50,000 Total gross adjustment: 1 $0 $0 $0 $0 $0 Gross adjustment as % of sale price: 0.00% 0.00% 0.00% 0.00% Adjusted Price /FF: $308.64 $201.83 $223.20 $609.76 Adjusted Price /Net Upland SF: $2.67 $2.02 $1.46 $3.57 Pr Adustments: M$250.00 Location: City of Ocoee City of Ocoee City of Ocoee City of Ocoee City of Ocoee Adjustment for Location: 0 % 0 % 0 % 0°/ Lard Area/Size(Net Upland ST). 16,096. SF 9,358. SF 10,910. SF 19,110. SF 13,996. SF Adjustment for Size: -51/6 -5% 0% 0% 0% Primary Street Frontage: 120' on S. Kissimmee Avenue 81' on Prairie Oaks Ct. 109' on Rewis Street 100' on 2nd Street 125' on N. Blufford Ave. 82' on S. Blufford Ave. and 163' on W. Ohio St. Access/Shape/Utility'. 2 -Lane, Paved Road/Rectangular/Good 2 -Lane, Paved Road/Rectangular/Good 2 -Lane, Paved Road with No Medan Banners/Mostly Recta 2 -Lane, Paved Road/Recta uarlGood 2 -Lane, Paved Road/Recfa ular /Good 2 -Lane, Paved Road/Reda uarlGoed Adjustment for FrontageRrafBclAccess/Shape /Utility: 0% 0% 0% 0% 0% Utilitieslss..., - - W -S-E -T W -S-E -T W -S-E -T W -S-E -T W -S-E -T W -S-E -T Adjustment for Utilitles:T 0% 0% 0% 0% 0% State of Deveb entrr rah . Cleared and Level Developed Site Cleared and Level Developed Site Cleared and Level Developed Site Cleared and Level Developed Site Cleared and Level Developed Site Cleared and Level Developed Site Adj. for State of Developmentrropography: 0% 0 % 0 % 0% 0 % Zoning: R -tA (Single Famiy) I LDR (Low Density Residential) R -lA (Single Family) R -1 (Single Family) R -1 (Single Family) R -lAA (Single Family) R -1A (Single Family) Adjustment for Zoning: 0% 0% 0% 0% 0% Net Property Adjustments: -5% -5 % 0 % 0 % 0% Gross Total Adjustments (Transactional and Property): 5 % 5 % 0 % 0 % 0% Indicated ValuelNet Upland SF: $2.54 $1.92 $1.46 $3.57 e w.lemma m Dlrm Pro rli- ro Tm Aaa.umf(Go.) Adiumm 19.4% 9.4 / 204 % 20.4% 20.4% Per Net Upland Acre. $0.49 $0.37 $0.36 $0.30 $0.73 Indicated Value: $36.594 or $2.27 /Net U nd SF Rounded to: $37,000 or $2.30 Met U nd SF for the subject's 16,096. SF and $308 /Front Foot for the subject's 120. FF 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. 26 RECONCILATION Vacant Land, Ocoee, FL Subject 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. $1919000 $2.20 209 S. Kissimmee Ave. $37,000 $2.30 201 S. Kissimmee Ave. $195000 $2.35 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. No investigation was made of the title to or any liabilities against the property appraised. March 17, 2015 Job #A15- 12.LND Respectfully submitted, PROPERTY VALUATION & CONSULTING, INC. /F John A. Robinson, MAI, AI -GRS, CCIM State - Certified General Real Estate Appraiser License No. RZ417 It Ana M. Arroyo, MAI State - Certified General Real Estate Appraiser License No. RZ3450 Property Valuation & Consulting, Inc. 27 Property Valuation & Consulting, Inc. Exhibit A Subject Location Map and Photographs (9 Pages) Exhibit A u119M Crass "Rd i i ' ' 11th Ave o a ° ° a 1 12th Ave = ' < e a v_� a . .g 0 l lye E o° m 16th Ave 16th Ave O ems Rd H 0 O�p� e t � M rn � Beau,. M� _ _:prang Lake � Crown Point Cross Rd a a A Ago . ..Dr o � �a in Mobile Ln c Mack St m m V V Crown r r y y °k Circle p p C Center St a a C Center z Si b 0 a W W Silver Star Rd E E Silver Star Rd 4 438 o d St 4 438 F Fmnidm St Ocoee Srbpct Commerod Ste Xhe L E S Subject R— lmtlal L Lot x dh St r rn _ take r.ymrya a Bay St E Q Bay S � a subtect R— lertial Lot x Macey 1 Maple St E m E 23 Orlando Ave W White Rd z 3 Capitol Ct - _ U U y s story Rd 4 436 Geneva St E W W 3 P Pa d� Fnrir,. G a 426. Q Qa d Gat a �e q, Maine SI c Q m tote 8—el U W � �.._. 5 56 0 e m m _.__.. t tyli_..C,.1. al tif...W. C,lonlal" -Dr L q o o °o. m D D 626 � �°''® St Daney St Law_ Seminole St Q 'Qo• Crystal St Balha � a Crystal a/Ia, take 488 3 q Peon v a... o ¢' Beulah Ct + Highbrooke ,tkYi ..: F"— Wanior Rd Laurenburg Furlong Way Thor Lake ci L �e Creek Blvd` Lake Hugh Be.-fah - ...... - - m ate 6s` take Dr 3 *JY o as D- Morton Jones Rd Roberson Rd Moore-Rd 6th Sl \\ < \\�� vH �Opeko Gotha Rd ~`�\ - --- StoneYbr°Ok W Lake eke Dr Gm 4 %th St Rea��es decay nwrnO - d Late Won Lake Whitney I SUBJECT PHOTOGRAPHS View looking north on Kissimmee Avenue near the southeast corner of the southern residential lot View looking northwest from the southeast corner of the southern residential lot Property Valuation & Consulting, Inc. Property Valuation & Consulting, Inc. SUBJECT PHOTOGRAPHS Exhibit A 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. SUBJECT PHOTOGRAPHS Exhibit A 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. SUBJECT PHOTOGRAPHS Exhibit A View looking south on Kissimmee Avenue from W. Floral St. The residential lots are on the right of the photo 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 View of Kissimmee Avenue looking north from the intersection with W. Floral St. The subject commercial /industrial site is on the left View looking southwest from the northeast corner of the industrial / commercial site Property Valuation & Consulting, Inc. SUBJECT PHOTOGRAPHS Exhibit A 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. SUBJECT PHOTOGRAPHS Exhibit A 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. SUBJECT PHOTOGRAPHS Exhibit A 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 the western boundary of the commercial / industrial site) Property Valuation & Consulting, Inc. SUBJECT PHOTOGRAPHS Exhibit A 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 Aerial Maps and Tax Maps (5 Pages) Property Valuation & Consulting, Inc. Exhibit B Property Valuation & Consulting, Inc. Exhibit B N^ Property Valuation & Consulting, Inc. Exhibit B Property Valuation & Consulting, Inc. Exhibit B Property Valuation & Consulting, Inc. C/) J d m TAX MAP CKEY ST 1723 130 Exhibit B 135 � T 321 3 FLORAL ST Property Valuation & Consulting, Inc. TAX MAP Exhibit B 1453 FLORAL ST 135 � 4 t35 675 675 177 111 s. � i n ■ �,5x TransDcwWtan�. .. - 172�xets a. a 133 r i lop 8 r a ^x � � 133 _ W 10 > 135 Q W i W 135 � � Property Valuation & Consulting, Inc. Exhibit C Identifying Legal Descriptions (1 Page) Exhibit C Property Valuation & Consulting, Inc. 121 S. Kissimmee Avenue: Property Description Exhibit C COMM AT CENTER CROSSING OF MACKEY ST & THE ATLANTIC COAST LINE RR RUN S 180 FT & W 30 FT FOR ROB A33223 FT S 195 FT E' 45,3 FT S 100 FT E :" FT F� '0 F• TO K9 IN SEC 1.8-11 .8 130 W. Floral Street: lroperty tkscdoon ' 'f }iN ep,^ r ' R� �, �1�, ( RR 4r 5ri H`,' z e inn RTC �� t, n�i t �r� F'.Nf •n f TN :.�� `�Y �� •j ... 4 L�i� SSIt�v i�ti � �� S S' 1 RU's row +t� U' RR R °�� n f ° T Yi .%: FT v VYV�r4 71U -r .� _ iY .ar.� ..'ti� - �.�i' � V �. tI � .4 . 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 ^I a a .-`I . 1 1T 1 1 . a T 1 c-t a T M T k.Ulliparavic I..UII1Illercial /Illuustrial L'dllu 3i les LucatiUll ivies J r- q qO n t Win 5t 424 3 1 11th St W in Boy Scout .�e,sara P Q o T TJ a c S 31 7 �r A South Land Sale t @ m c� 1 1 Bth 6 t 7 Apopka, FL 32703 o Hooper Farms Rd U _ 4 4 Late ewes Harmon R Rd 437A ,� C Cr O\ T Tod P s / w w / � 414. +� 30 Apopka W Keene Rd Magnolia M M Park c c q \ 3 qa Magnolia Pare 3 437 Hill Dr 4 435 '.. � P Puadise fit 0 0 Heights E E McCormick F W — L e k e A p o p k a I I 3 T! P i(� E Eulters Cross Rd +{ Gown Point 97� Lard usa 2 591 Susan B Britt Ct '4 Winter Garden, FL 34787 M....... «. � c ild z - o a �h o Cfh o n U Subject U7 .. 121 5. Kissimmee Avenue and "Division St E m 13o w. Floral street, Ocoee FL 34761 Land Salel X' Z -. 707 Plant St W l Winter Garden, FL 34787 r Bay Ga0eivn s - Bay St E a 0j 6 Cn Po �• r t43a Q 0 0 m Ta' Y r 0 m m n commerce Pkwy Pennsylvania P den FL 34787 ry Rd W 537 E Story Story Rd 5th St z 11�f Crilarlial o W C vial Dr n Trouttake tare &ea -. 429 -'— „ clercone bie Sins a Ocoee Rd CP i JLJL aadat a -Ll`Li I ELI- - Hackney Prairie Rd T Vignetti Park M 435 ems Rd I� tql i117Dr \�µelling Ave M = pOUiIC F acqu l Center St n° Siver Star Rd A 7 m R: 43a E Silver st ocose Starke Lake Lake �Lak, �tyr?�5a Foran,e Orlando Ave .�� L White Rd U) 439 _ r � ` 4 a 3 Balboa Or $� Maine Lake ❑ ❑ 50, ° m° W ColdMial Dr 50 U7 .. 121 5. Kissimmee Avenue and "Division St E m 13o w. Floral street, Ocoee FL 34761 Land Salel X' Z -. 707 Plant St W l Winter Garden, FL 34787 r Bay Ga0eivn s - Bay St E a 0j 6 Cn Po �• r t43a Q 0 0 m Ta' Y r 0 m m n commerce Pkwy Pennsylvania P den FL 34787 ry Rd W 537 E Story Story Rd 5th St z 11�f Crilarlial o W C vial Dr n Trouttake tare &ea -. 429 -'— „ clercone bie Sins a Ocoee Rd CP i JLJL aadat a -Ll`Li I ELI- - Hackney Prairie Rd T Vignetti Park M 435 ems Rd I� tql i117Dr \�µelling Ave M = pOUiIC F acqu l Center St n° Siver Star Rd A 7 m R: 43a E Silver st ocose Starke Lake Lake �Lak, �tyr?�5a Foran,e Orlando Ave .�� L White Rd U) 439 _ r � ` 4 a 3 Balboa Or $� Maine Lake ❑ ❑ 50, ° m° W ColdMial Dr 50 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: $300,000 (verified with Thomas (Jim) Karr, Grantor, 407 - 876 -3688) 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: 138,239 SF/ 3.17 acres (gross/ net usable) 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`h 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 T 1 1 T !Y 1 1 T !V 1 T �• A T i(CSlUCllUM LUI,a 3ales LUl atioll 1Vlilp Lake Meadow ix i� dih -Ave PrameLake ,x v E Fullers Cross Rd 5th Ave Nicole Blvd r , j 0 0 � o Harris Rd D o 437 Vignetti ?o D Park ,k e�iene Dr 10th Ave Vignetti Park J17 11th Ave — o �. 12th Ave y 13th Ave 0 15th Ave cn �[ —i �- Residential Lot Sale l X m 16th Ave �0 j k .� ... 1405 Prairie Oaks Ct > 17th Ave . �� I Ocoee, FL 34761 � peica p�t .� _ 11 Dr F 0� o- Resdential Lot Sale 2 X 'Pnng Lake 2E� -_� a 54 Revels st �a o Cif Cullens Ct o` = `idt7ey 2 a Ocoee, FL 34761 o Dr ° o Cn ,c m E Q a o m �^ Q" Lake.ro,4io 4 AR�is Center St N Centey. R y Silver Star Rd a3a °" 'Q ♦ C,+] C!1 0 d !� �Sr�tt BfW Residential Lot Sab 3 X d L ake L u: W Silver Star Rd E Silver E Silver Star 4 fdl 514 2nd St L338 ential Lot Sale 4 - -' 429 1 Franklin St FTanlCtin St X Ocoee, FL 34761 j Bluford Ave U e, FL 34761 � N '' m L ake L Ffaence a ° ' iU �a wmowwaoy !� Subject X A Residential Lot Sale 5 X d S 209 Kissimmee Ave ? _ Ocoee, FL 34761 m 237 S Bluford Ave Ocoee, FL 34761 l _ Enterprise St White Rd v -- E —_ e Geneva Capitol Ct 439 �r D o ^' Story Rd — G St Ecoee Dr m 1JG�� a �ttf —C.; Balboa Dr Cemetery 2F of Byedy'} _ cF9 or Maine St 'i S L,kn 8ermr? ❑ L ake Sherwood o W 9oloni3i W e se �nTon'IaT ! —° -= Colonial _6t so � Laketotta rn a E. q � m Lake Li4y cz c 285' :• ai o 2 �m 3 �C a c � Creek Blvd C 7Y � O N 14'arle 'St Caney St co g pim �fRt � ar G DCrystal Sl o _526 S � Lake a acar z 0 Furlong Way .° FucherLake n m Lake La., N.Wy Jones Rd Gld Winter Garden Rd D ° ° 435 n Ndoodlawn C1 Merrrorial � Lake Rare Park Cemetery J� oQ °- PQ 5 Property Valuation & Consulting, Inc. Exhibit D RESIDENTIAL LAND SALE 1 -1405 Prairie Oaks Ct, Ocoee Property Valuation & Consulting, Inc. Exhibit D RESIDENTIAL LAND SALE 2- 54 Rewis Street, Ocoee Property Valuation & Consulting, Inc. Exhibit D RESIDENTIAL LAND SALE 3- 514 2 "d 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. Assumptions and Limiting Conditions Exhibit E 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. land description is included for identification purposes only and should not be used in a convey ance_ or other legal document without pier 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 Exhibit F Certification (1 Page) Property Valuation & Consulting, Inc. Exhibit F Certification We certify that, to the best of our knowledge and belief. The statements of fact contained in this appraisal report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions and conclusions. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. Our engagement in this assignment was not contingent upon developing or reporting predetermined results Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction of value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of the appraisal. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The undersigned have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person(s) signing this certification. The appraisal assignment is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. As of the date of this report, 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 r Ana M Arroyo, MAI, State - Certified General Appraiser, License #RZ3450 March 17, 2015 Property Valuation & Consulting, Inc. Exhibit G Qualifications of the Appraisers and Appraiser Licenses (6 Pages) Property Valuation & Consulting, Inc. Exhibit G Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF JOHN A. ROBINSON, MAI, AI -GRS, CCIM State - Certified General Real Estate Appraiser #RZ417 *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 Cl 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 QUALIFICATIONS OF ANA M. ARROYO, MAI State - Certified General Real Estate Appraiser #RZ3450 —1At Business Address: 204 S. Dillard Street, Winter Garden, FL 34787 Education Phone 407 - 877 -0200 Sacred Heart University — San Juan, Puerto Rico Email: ana @propertyvalue.com BS in General Sciences, Major: Biology, June 1997 Magna Cum Laude 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 #RZ3450 (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 rakes " —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 " -Al Course (II520) October 1997- "Expropiaci6n 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 Bdsicos de Evaluaci6n de Bienes Raices " - University of P.R (Semester) Property Valuation & Consulting, Inc. Appraiser Licenses Exhibit G 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 ROBINSON, JOHN ALAN 204 S DILLARD ST WINTER GARDEN FL 34787 _ "'ti'►."". °r;'' .._ gh ISSUED 10r09i2014 DISPLAY AS REQUIRED BY LAW ❑ t4 ❑ r� O SEQ 0 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'' 'J Expiration date NOV 30, 2016 µ ARROYO. ANA M " L 0 8101 N IBIZA CT - ORLANDO FL 32836 ISSUED 10.29 2014 DISPLAY AS REQUIRED BY LAW SEC a L1410290003880 Property Valuation & Consulting, Inc. Exhibit H General Service Conditions (1 Page) Exhibit H 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. APPRAISAL OF: THE CERTI FINE FRUIT COMPANY PARCELS LOCATED ALONG THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA. PREPARED FOR: MR. AL BUTLER, DIRECTOR SUPPORT SERVICES DEPARTMENT CITY OF OCOEE 150 N. LAKESHORE DRIVE OCOEE, FLORIDA 34761 PREPARED BY: DERANGO BEST & ASSOCIATES REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS 1 60 1 EAST AMELIA STREET ORLANDO, FLORIDA 32803 (407) 895 -6650 DANIEL R. DERANGO, MAI, CCIM CERT GEN RZ 1054 15 -148 DERANGO, BEST be ASSOCIATES PROFESSIONAL REAL ESTATE APPRAISERS, ADVISORS & CONSULTANTS 150 1 EAST AMELIA STREET, ORLANDO, FLORIDA 32803 May 27, 2015 Mr. Al Butler, Director Support Services Department City of Ocoee 150 N. Lakeshore Drive Ocoee, Florida 34761 RE: Appraisal of the Certi Fine Fruit Company Parcels located along the west side of Kissimmee Avenue at Floral Street in Ocoee, Orange County, Florida. Dear Mr. Butler: As requested, we have completed our inspection and appraisal of the above referenced property. The attached appraisal report provides the data and reasoning employed in formulating our value estimate. Our appraisal has been prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP) as well as Appraisal Institute guidelines. The purpose of our appraisal was to estimate the market value of the fee simple interest in the property under current market conditions. The intended use of our appraisal is for assistance in internal decision making regarding possible acquisition of the property. There are no other intended uses or users of this appraisal report. The values cited are subject to the assumptions, limiting conditions and certification statements within the attached appraisal report. Market Value Estimate We estimate that the market value of the fee simple interest in the described property, effective May 21, 2015, to be: North Parcel (Industrial Site) $436,000 South Parcel (Residential Site) $ 81,700 Thank you for this opportunity to be of service. Sincerely, DERANGO. BEST & ASSOCIATES Daniel R. DeRango, MAI, CCIM Cert Gen RZ1054 15 -148 (407) 895 -6650 • FAX (407) 898 -8467 0 MAIL @DERANGOBEST.COM TABLE OF CONTENTS EXECUTIVESUMMARY ................................................................................................................. ..............................2 PROPERTYPHOTOGRAPHS ........................................................................................................ ..............................4 LEGALDESCRIPTIONS .................................................................................................................. ..............................8 OWNERSHIP& SALES HISTORY ................................................................................................... ..............................8 MARKETINGAND EXPOSURE TIME ............................................................................................. ..............................9 NEIGHBORHOODOVERVIEW ...................................................................................................... .............................10 GENERALDISCUSSION ................................................................................................................ .............................10 ACCESS......................................................................................................................................... .............................12 REALESTATE MARKET ............................................................................................................... .............................13 CONCLUSION................................................................................................................................ .............................13 PROPERTYDESCRIPTION ........................................................................................................... .............................14 LOCATION...................................................................................................................................... .............................14 SIZE /CONFIGURATION ................................................................................................................. .............................14 ZONING.......................................................................................................................................... .............................17 FUTURELAND USE DESIGNATION .............................................................................................. .............................18 HIGHESTAND BEST USE ............................................................................................................ .............................19 LEGALCONSIDERATIONS ........................................................................................................... .............................19 PHYSICALCONSIDERATIONS ..................................................................................................... .............................19 ECONOMICCONSIDERATIONS ................................................................................................... .............................19 CONCLUSIONS.............................................................................................................................. .............................19 APPRAISALPROCESS ................................................................................................................. .............................20 LANDSALES MAP .......................................................................................................................... .............................20 ANALYSIS& CONCLUSIONS ........................................................................................................ .............................23 LANDSALES MAP .......................................................................................................................... .............................24 ANALYSIS& CONCLUSIONS ........................................................................................................ .............................28 SUMMARY...................................................................................................................................... .............................28 ADDENDUM................................................................................................................................... .............................29 CENTRAL FLORIDA REGIONAL ANALYSIS - 2015 ................................................................... .............................30 GENERAL ASSUMPTIONS & LIMITING CONDITIONS ................................................................ .............................42 DEFINITIONS................................................................................................................................. .............................44 CERTIFICATION............................................................................................................................ .............................45 QUALIFICATIONS OF APPRAISER APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 1 SPECIAL ASSUMPTION We have not been provided with an environmental report. We have assumed for purposes of our appraisal that there are no contamination issues or other concerns with the parcels appraised. We know of no such issues but if this assumption is later found to be inaccurate our value estimates are subject to revision. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 2 EXECUTIVE SUMMARY Boundaries are approximate PROPERTY LOCATION: The two appraised parcels are located along the west side of south Kissimmee Avenue north and south of Floral Street in Ocoee, Orange County, Florida. The property addresses are 121 Kissimmee Street, 130 W. Floral Street and 201 -209 Kissimmee Avenue. PROPERTY DESCRIPTION: The two parcels are generally level and are both rectangular in shape. Water is available from the City of Ocoee. Public sewer service is not available. The parcel specifications are as follows: 15 -148 Kissimmee Floral Bay Gross Size Gross Size Location Avenue Street Street (Acres (SF+) Frontage Frontage Frontage North Parcel 2.00 87,120 270' 320' 270' South Parcel 0.56 24,394 180' 135' NA Total 2.56 111,514 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA 4�i4� fw*isr :t 8 PAGE 3 ZONING /FLU: The zoning and future land use designations are as follows: HIGHEST AND BEST USE: Future development consistent with the zoning and the current character of the neighborhood. DATE OF VALUE: May 21, 2015 VALUE ESTIMATES: North Parcel (Industrial Site) $436,000 South Parcel (Residential Site) $ 81,700 15 -148 North Parcel South Parcel Zoning 1 -2, City of Ocoee R -1A, City of Ocoee Future Land Use Low Density Heavy Industrial Designation (FLU) Residential HIGHEST AND BEST USE: Future development consistent with the zoning and the current character of the neighborhood. DATE OF VALUE: May 21, 2015 VALUE ESTIMATES: North Parcel (Industrial Site) $436,000 South Parcel (Residential Site) $ 81,700 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 4 PROPERTY PHOTOGRAPHS VIEWS OF NORTHERN PARCEL 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 5 VIEWS OF SOUTHERN PARCEL 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 6 VIEW NORTH ALONG KISSIMMEE AVENUE VIEW SOUTH ALONG KISSIMMEE AVENUE 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 7 SCOPE OF THE ASSIGNMENT Floral St Q£ Lafayette q S' Ohio St E on __ ��' E � Lanc N `h Y Dr Delaware St E Lakeshore �A$ Ha w �' -- Orlando Ave Subject -- -- U3 Hormigas St _ Bernadino Dr Co O U D o m Butterfly Creek C i 1D D 3➢ m v Sabinal Std m o VV Genera St U) Geneva St E a DeRango, Best & Associates has been requested to prepare an appraisal of two vacant parcels of land located along the west side of Kissimmee Avenue at Floral Street in Ocoee, Orange County, Florida. The purpose of our appraisal is to estimate the market value of the fee simple interest in each property. We have prepared a Sales Comparison approach to arrive at the value of the vacant parcels. Our market value estimate has been prepared in accordance with USPAP appraisal standards and Appraisal Institution guidelines. To value the property, we have compiled and analyzed data pertaining to the Ocoee /Winter Garden market and the immediate area in particular. This information, plus that gleaned from the relevant and broader marketplace, provided the basis of our valuation 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 8 LEGAL DESCRIPTIONS North Parcel - 121 Kissimmee Street & 130 W. Floral Street 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 F Beginning at the center of the crossing of Mackey Street and the Atlantic Coast Line Railroad in Ocoee, Florida, run South in the middle of the tract 450 feet; thence West 207 feet to the Point of 3eginning; now run North 100 feet; now run West 145.3 feet; thence South 100 feet, thence East 145.3 feet to the Point of Beginning; all of said lands being in the Southwest Quarter of the South- east Quarter of Section 18, Township 22 South, Range 28 East, Oranqe County, Flcrida. Source: Orange County Tax Collector & Orange County Records Office Book 2419 Page 240 South Parcel - 201 -209 Kissimmee Avenue Dots 8, 9 and 10, Block "B ", POUND'S ADDITION, CROZOXXX according to the plat thereof as recorded in Plat Book N, Page 14 of the Public Records of Orange County, Florida_ Source: Orange County Records Office Book 4117/4504 OWNERSHIP & SALES HISTORY All parcels have been under the ownership of Certi Fine Fruit Company, Inc. for many years. No sale transactions have been recorded within the past five years. The property is not being publicly offered for sale and to our knowledge is not under contract at the date of appraisal. Location A ddress Parcel ID 121 Kissimmee Street 18- 22 -28- 7224 -02- -043 North Parcel 130 W. Floral Street, Ocoee 18- 22 -28- 0000 -00 -091 201 -209 Kissimmee Avenue, 18- 22 -28- 7224 -02 -080 South Parcel Ocoee 18- 22 -28- 7224 -02 -090 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 9 MARKETING AND EXPOSURE TIME' We estimate the marketing period for the property at the value estimate cited herein to be within 12 months. This time frame recognizes that the conclusion of the market values will remain at the same level throughout the marketing period. This estimate is premised on active promotion of the property during this period. Furthermore, we estimate the exposure time of the property to be 12 months. 1 EXPOSURE TIME: the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA n 0 a it Feays - n E Man'. S• r s-} m NEIGHBORHOOD OVERVIEW PAGE 10 a ¢Vmg Ave # Ile 1 o z ^ q V x t va�f $ PeW`�' Center 5: ^ _ — >7 n n a�a c =eywal� Ave z A38 Wsrankiisx S= + �,1 "44 a f �ocoec orw White Rd Subject '� E Orlando Ave ; o ,C.r.. Rd _ 3Q a n West Oaks Mail (iivj hd3m Sc ti� w W Colonial & _ 429 a rJanr, — I Farms Rd 7wnyn Qii� ^ 5 � o �a � 2 GENERAL DISCUSSION The immediate neighborhood is the central areas of the city of Ocoee. The neighborhood is loosely bounded by the following: • Northern Boundary - Plant/Franklin Street • Southern Boundary - West Colonial Drive • Western Boundary - SR 429 • Eastern Boundary - Clarke Road The City of Ocoee is located just southeast of the city of Winter Garden. Both Ocoee and Winter Garden have seen much growth in commercial properties over the last few years. Many new residential subdivisions have been constructed in this area over the last ten years or so. However, growth has been modest in the past few years due to the recovering economy. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 11 The appraised property is located in the historic area of Ocoee surrounded by older residential properties just southwest of the old Florida Midland Railroad tracks. Downtown Ocoee is located a block east from the site on West McKey Street. Two stores in Downtown Ocoee held grand openings this year, The Book Rack and West Side Mercantile & Brocante, and new stores such as Europa Designs recently opened. Events such as the McKey Street sidewalk sale as well as the McKey Street Downtown Ocoee Shopping District Facebook page and a newly formed merchants association are all efforts in the community to restore and revitalize the area. The map below is an example of the revitalization efforts in the community. Downtown Ocoee Merchants at McKey St. N o _ to c s sf - v W s McKey St 3 McKey St n a _ D D N c 4 3 - m .. YT�i � Dew � xcurD I -'Ac Lunch Spot- N07)614 -219" 2- eyelash place -1) 3- Blue I)uckAntique &7ltrift'1720) 71 -9885 4 -Book Rack 1407)90; -0279 5- vacant 6- Outdoor Kitchen Creations- (4071977.2350 7- Ocoee Cafe on 656 1 111 8- Portraits Now 407 6;6.5992 9- Living Ili, %ford Church - (407,190. - %73 10- Cocsehn Realty - (407164.6699 11.Orange Cnty Strength Concepts - N07)765.5642 U- Brand Exchange o 13- Westsid0lerch2ntile (40;)619 -%65 Id- CluhL Fitness )121)662 -47% 15- Expressions (4117)877679; 16- \lastcr Taxidcrmv Studio - U07)650473 17- Antiques& Uniqucs 1407)877-0150 18- PerformanceTrophv (407)6% -5931 19- Smut Stuff- (407)87: -9072 20- x-acant 21 -Thc T -Shirt Shop USA - (4071733.5767 22- vacant 23- vacant 24- vacant 25• Apartments 26- Weslev's BBQ 1407)656 -i%o 27- DJ's Auto Sales of Ocoee - (407.656-17W1 28- Ocoee Christian Church 1407)656 -2010 28- Bcm, J's Florist -(407) 656- t;26 30- Super Karyann Tax & Insurance - (4071656 -o400 The Ocoee City Hall is approximately half a mile from the appraised site along the shores of Starke Lake. Most recently the building received $35,000 in repairs to stabilize the porch and building from sinking, a problem the city has had for years due to faults in the original construction. Plans to move the location of the City Hall are in place. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA Immediately south of the Ocoee City Hall is the new Ocoee Lakeshore Center. It is owned and operated by the City of Ocoee. The event center overlooks Starke Lake and hosts many different events from weddings to conventions. It features different venue options including outdoor spaces, the Withers - Maguire House and lawn space. The main community center features approximately 2,200 square feet of space and can accommodate groups from 25 -300 people. PAGE 12 Ocoee Middle School and Ocoee Elementary School are located about two blocks southeast of the appraised site in the immediate neighborhood. Ocoee Middle School is Florida's State Demonstration School, developed to meet the standards of the SMART Schools Act. The design adapts to the application of technologies in the instructional program and has the flexibility to change with the times. It serves 1,451 students in grades 6 -8. Ocoee Elementary School is adjacent to the middle school and serves 829 students in grades PK -5. The surrounding area to the west and southwest of the appraised site is mostly light industrial uses. Just southwest of the appraised site is the Manheim Florida Auto Auction site. The site is composed of approximately 165 acres of land. Manheim is the world's leading provider of vehicle remarketing services with nearly 7 million used vehicles registered annually. The area also houses the Sysco Central Florida distribution center, the UPS Worldwide Express Freight Center and many other companies. Access Primary east/west access is via Colonial Drive, State Road 50 Colonial Drive is a four - lane, east -west highway that runs across the entire state of Florida, connecting the Gulf Coast on the west to the Atlantic Ocean on the east. Located south of State Road 50 is Florida's Turnpike (Ronald Reagan Highway). This stretch of roadway runs north and south throughout Florida from Ocala down to Miami. This road intersects Interstate 4 in the Orlando /Disney World area. Just south of the appraised property, the Florida Turnpike also connects with the East -West Expressway, which runs straight into the heart of Downtown Orlando. The Western Beltway (State Road 429) is located west of the property. This toll road is part of the larger beltway system that, when completed, will encircle the greater Orlando area. The Western Beltway has exchanges with the Florida Turnpike and several smaller roadways, and currently terminates at State Road 441 in Apopka. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 13 REAL ESTATE MARKET The chart below displays the residential sales volume and pricing in the area over the past five years. CONCLUSION The community is showing efforts to restore and revitalize the area. The real estate market is also beginning to show signs of modest improvement. This trend is expected to continue. 15 -148 Home Sales in Zip Code 34761 cOW4 500 — . _ 5 w'wo 450 1180,000 — aoo $160,000 - 350 $140,000 Cara Of 300— — – — — $120,000 Home Saes per Qualer 250— - – – – – – — $100,000 200 – - -- -S80,000 150 -- - _. 560,000 100– – – – – – – – – – S40,000 MKW Noe 50- - - - - - - - - 520,000 0 01 02 Q3 Q4 Q 102 0304 Q102Q3 0401 Q2 03 04 Q102 Q3 04 G1 0203 2009 2010 2011 2012 2013 2014 CONCLUSION The community is showing efforts to restore and revitalize the area. The real estate market is also beginning to show signs of modest improvement. This trend is expected to continue. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 14 PROPERTY DESCRIPTION Boundaries are approximate Location The two properties are in Ocoee, Orange County, Florida. The northern tract is within the block bounded by the west side of Kissimmee Avenue, the north side of Floral Street, the east side of Bay Street and the south side of McKey Street. The southern tract is located at the southwest corner of Kissimmee Avenue and Floral Street. Size /Configuration The North parcel is a 2± acre industrial site and has approximately 270' of frontage along Kissimmee Avenue. It also has approximately 320' of frontage along Floral Street and 270' of frontage along Bay Street. The South parcel is a residential site containing 0.56± acres. The parcel has approximately 180' frontage along Kissimmee Avenue and 135' of frontage along Floral Street. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 15 REAL ESTATE TAXES The property is assessed for Ad Valorem taxes by Orange County. The 2014 Tax assessment for the tract is as follows: North Parcel 2014 Total Taxes Parcel ID Assessed Millage Rate Non -Ad Valorem 2014 Real and Non Ad Value Assessments Estate Taxes Valorem Asses. 18- 22 -28- 0000 -00 -043 $90,605 0.0192370 $199.68 $1,742.98 $1,742.98 18- 22 -28- 0000 -00 -091 $18,132 0.0192370 $120.00 $348.81 $468.81 Total $108,737 0.0192370 $559.68 $2,091.79 $2,211.79 South Parcel 2014 Total Taxes Parcel ID Assessed Millage Rate Non -Ad Valorem 2014 Real and Non Ad � Value Assessments Estate Taxes Valorem Asses. 18- 22 -28- 7224 -02 -080 $22,390 0.0192370 $120.00 $430.70 $550.70 18- 22 -28- 7224 -02 -090 $22,390 0.0192370 $120.00 $430.70 $550.70 Total $44,780 0.0192370 $559.68 $861.40 $1,101.40 UTILITIES Public water is available to the site by the City of Ocoee. Public sewer service is not available to the parcels. Private septic system would be required. EASEMENTS AND ENCUMBRANCES No adverse easements or encumbrances are known to exist. TOPOGRAPHY The sites appear to be generally level and at road grade. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 16 III . , . • 't .. - 1 I r �� R . ■ • i ■ww!� ■ ■ lam\ ■ TY Subject ■• I " ■' I 1 ■~ 1 � r 3.. _■.^ ri•- •� 0. Flood Hazard Data ° r� f`�r �u DfiitcE t� E ..... ". a ,` AE AM E OM e`s'T Y ►SCALE r" • 1000' FIRM FIOOO OMRANCE RATE YAP ORANGE C'OGN1'Y. F 4_ r } KORIDA 20NE AH 1 .�✓ AND INCORPORATED AREAS t` Subject ZONEAE`'.}i PANEL 210 OF 750 r tca rfr rrcf..�...r,..w,a x�•. } t. pul:rtcd' %ICa%- '111 "'1 �� • ....� ...:�.°_� - MAPNUMBER 120951A210F ONE A I ZSr A MAP REVISED ;bf 6EPTEMBER 25, 2009 ZONE At Ew..I Y.�"►` -' \�" °�.° `n'.' } i}A �. ♦ � � + yew +�,...".. � +w According to the Flood Insurance Rate Maps, Community Panel No. 12095CO21 OF, dated September 25, 2009, the majority of the property is located within Zone "X ", an area of minimal flooding. The extreme northwest corner of the property at the intersection of Bay and McKey Streets appears to be in Zone "AE ", an area within the 100 -year flood plain where base flood elevations have been determined. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 17 ZONING 439 3 oa.�x a rvat4. ,asoa _ p 9 2 �:€€ NC-2 _ t C -2 M aga M . frkwa .r PUD -LD R -2 i R 1A n az U Flba� i N 7 6 19nn 4M1Uisn $F - _ - � �Fa.ndaxm 6f - : v ° PUO-LD m e � � ee az 5 10 W 5, R -1 A F , Iz Fl,�,a.." R_ 1A � M' ■ to The north parcel is zoned 1 -2, General Industrial District, by the City of Ocoee. The designation is described as follows: ( 14) 1 -2 General Industrial District. This district is primarily intended for %,,holesale. storage. warehousing, manufacturing. assembling. automotive body repair. automotive '.vrecking or salvage yards. borrow pits. and fabrication. These uses do not depend primarily on frequent personal visits of customers or 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 ". The south parcel is zoned R -1A, Single Family Dwelling, by the City of Ocoee. The designation is described as follows: (4) R-1 -A and R -1 Single - Family Dwelling Districts. 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 "Lowy Density Residential ". 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 18 FUTURE LAND USE DESIGNATION The Future Land Use Designation of the north parcel is Heavy Industrial. The designation for the south parcel is Low Density Residential. The land use designation are consistent with current zoning for both parcels. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 19 HIGHEST AND BEST USE In estimating the highest and best use of the property, we have considered those uses that are legally permissible, physically possible and are supported financially /economically. In appraisal practice, the Highest and Best Use Analysis is the foundation upon which the valuation of a property is based. Legal Considerations The northern property is zoned 1 -2, Industrial and has a similar Heavy Industrial land use designation. The southern parcel is zoned R1 -A, Residential and its future land use designation is Low Density Residential. Physical Considerations Both parcels are rectangular in shape and each has suitable topography and shape /configuration for development. The sites have good frontage and exposure along Kissimmee Avenue. Public water is available to the sites by the City of Ocoee. On -site septic systems would be required for sewer service. The sites appear to be physically suitable for development under their respective zoning classifications. Economic Considerations The sites are located in an established area in the central area of Ocoee. The surrounding uses are a mix of older industrial use and single family residential uses that are also generally in older buildings. Activity in the immediate area has been limited as the economy has been slowly recovering but has been showing signs of modest improvement over the past couple of years. CONCLUSIONS The sites have potential for development under current zoning and land use designations either independently or as part of a larger assemblage. As noted activity in the area has been limited in the last few years but the location in the central areas of the city would make the sites good candidates for redevelopment as the market improves. Based on the above, we estimate the highest and best use of the sites to be for future development consistent with surrounding land uses in the central area of Ocoee. 15 -148 APPRAISAL OF THE CERTI-F|NE FRUIT COMPANY PROPERTY THE WEST SIDE OFK|88|K8K8EE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE20 APPRAISAL PROCESS Since the property is vacant lands the applicable approach to valuation is the Direct Sales Comparison Approach. We have prepared a sales comparison analysis for each parcel as follows. North Parcel We have searched for recent sales of similar industrial/commercial parcels in the area. The transactions emphasized one shown on the following rnop and the data is SUnlDl8[ized in the following table. LAND SALES MAP Ilk Ocoee By 21 Sale 1 Sale 4 SaNnal St 7,,E Story Rd Story Rd Old Time Pot1mv Ocoee ft Palm ST APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 21 COMPARABLE LAND SALES Subject 1 2 3 4 Location Along the west side of Kissimmee Avenue at corner Floral Street At the southeast of Story Road and Business Park Commerce Boulevard Along the southwest Along side of Garden Parkway south of Story Road the east side of Garden Commerce Parkway south of Commerce Story Road Along the west side of Garden Parkway south of Story Road Street Address 121 Kissimmee Street & 130 W. Floral Street 611 & 629 Business Park Boulevard 650 Garden Commerce Parkway 721 Garden Commerce Parkway 630 Garden Commerce Parkway City, County Ocoee, Orange County Winter Garden, Orange County Winter Garden, Orange County Winter Garden, Orange County Winter Garden, Orange County Buyer Heichel Plumbing Inc T And T Service Enterprises Inc Lvs Project Inc Trink Holdings LIc Seller Jdc Properties Tsm Industrial Tsm Industrial Tsm Industrial Sale Date Sep -12 Sep -14 Sep -13 Aug -14 Sale Price $350,000 $265,000 $250,000 $215,000 Terms of Sale Cash to Seller Cash to Seller Cash to Seller Cash to Seller O.R. Book/Page 10447/4616 10800/7321 10634/4862 10790/5521 Size (AC) 2.00 1.95 1.54 1.59 0.98 Size (SF) 87,120 84,942 67,289 69,396 42,673 Configuration Rectangular Rectangular Irregular Rectangular Rectangular Frontage Kissimmee Avenue, Floral Street &Bay Street Story Road & Business Park Boulevard Garden Commerce Parkway Garden Commerce Parkway Story Road Utilities Water / Septic All Available All Available All Available All Available Zoning 1 -2, Ocoee k1, Winter Garden 1 -1, Winter Garden 1-1, Winter Garden 1 -1, Winter Garden Future Land Use (FLU) designation Heavy Industrial Multi -Office Industrial Multi -Office Industrial Multi -Office Industrial Multi -Office Industrial Topography Generally level Generally Level Generally Level Generally Level Generally Level Access Good Good Good Good Good Exposure Good Good Average Average Average Price /SF $4.12 $3.94 $3.60 $5.04 Comments Purchased by adjacent property owner. COMPARISON ing ions May -15 Inferior Similar Inferior Similar of Sale Market Inferior Similar Inferior Similar on Kissimmee Avenue Similar Similar Similar Similar s Good Similar Similar Similar Similar ure kOverall Good Similar Inferior Inferior Inferior s Water / Septic Superior Superior Superior Superior C) 2.00 Similar Similar Similar Similar uration Rectangular Similar Similar Similar Similar i raphy Generally level Similar Similar Similar Similar ll Comparison Subject Inferior Similar Similar Similar 15 -1 48 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 22 There have been no recent sales of vacant sites in the area in the last few years. All of the available sales with similar zoning to the appraised site are located in an area to the southwest of the immediate neighborhood. Comparable Land Sale No. 1 is located within the Winter Garden Commerce Center at the southeast corner of Story Road and Business Park Boulevard. The comparable property encompasses 1.95± acres. The property was purchased by the adjacent property owner, Heichel Plumbing Inc. in September of 2012 for $350,000. The sale equates to $4.12/SF of land area. Comparable Land Sale No. 2 is located along the southwest side of Garden Commerce Parkway south of Story Road. The site has a total of 1.54± acres. The property was purchased by T And T Service Enterprises Inc. in September of 2014 for a total of $265,000. The sale equates to $3.94/SF of land area. Comparable Land Sale No. 3 is located along the east side of Garden Commerce Parkway south of Story Road. The parcel contains 1.59± acres. The property was purchased by Lvs Project Inc. in September of 2013 for $250,000. The sale equates to $3.60 /SF of land area. Comparable Land Sale No. 4 is located along the west side of Garden Commerce Parkway south of Story Road. The property encompasses 0.98± acres and was purchased by Trink Holdings LLC in August of 2014 for $215,000. The sale equates to $5.04 /SF of land area. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 23 ANALYSIS & CONCLUSIONS The comparable land sales cited indicate a value range from $215,000 to $350,000 or from $3.60 /SF to $5.03 /SF with an average of $4.17/SF2. In reconciling our estimate of value for the site we have weighed the following factors: • There are no similar sales in the immediate neighborhood of the subject. The neighborhood is established and little new development has taken place. • The property is located along Kissimmee Avenue near the center of the City of Ocoee. As the market improves the area is a good candidate for development. • The available sales cited are all located in nearby industrial /commercial center that is outside of the city center. However those sites benefit from being pre - developed lots with infrastructure and have favorable locations for access which is important to commercial /industrial users. • Public sewer service is not available and a private septic system would need to be put into place. This factor is an inferior characteristic for development potential relative to the comparables. Based on the available data, we estimate the value of the site at the upper end of the cited range as follows: 87,120SF @ $5.00 /SF = $436,000 2 In addition to the land sales cited above, we note that a 1.11 acre property adjacent to the appraised tract was recently purchased by the City of Ocoee. That site had two old buildings at the date of sale. We have excluded the transaction as a comparable. We understand that the purchase is intended to be part of a planned assemblage that may include the subject of this appraisal and it is our understanding that the price paid for the noted property had non - market considerations that skewed the indication. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 24 South Parcel We have searched for recent sales of residential lots similar to the appraised site. The transactions emphasized are shown on the following map and the data is summarized in the following table. f 0 n vStE cr cr U W 15 -148 LAND SALES MAP Mobile Ln d m Sale 2 ¢S 9� Center St _ `" Lake Jo E Sltver� F SWor Star Rd 438 Franwn S Subject -_JC lake m 3 m ly W m Sale 3 la Enterpris Sale 1 Orlando Ave White Rd _. 439 3- Capitol Ct o Stor Rd mO Genev St E y -coeeCemetery J' ea p", N Maine St MJ` 4. 8e1ha�, � a f} S °" � y,autenbu+U a r: U Qa a `s Lake Lotto Sale 4 oid �' l'. tenter Ga�ye� Ry m take LWy _Seminole St 439 crystal St Lake AW 26 \\ a Furlong Way Pudie take APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 25 COMPARABLE LAND SALES Subject 1 2 3 4 Along the south side Along the west side of At the northwest Along the west side of Geneva Street At the southeast corner of Bluford of Bluford Avenue, corner of Crystal Location Kissimmee Avenue at Avenue and Ohio north of Silver Star (dead end), approx. Street and Twin Lake Floral Street 300 yards east of Street Road Bluford Avenue Drive Street Address 201 -209 S. Kissimmee 237 S. Bluford 338 N. Bluford 304 E. Geneva Street 3370 Crystal Street Avenue Avenue Avenue Ocoee, Ocoee, Ocoee, Ocoee, Gotha, City, County Orange County Orange County Orange County Orange County Orange County Buyer Shameen & Bibi Jorge & Martha Ibarra James Tram onte Londono Alejandro Haniff Seller Shaun Hassanali Joseph Marra Dan Delaura Gary Nelson Sale Date Aug -14 Sep -14 Apr -14 Apr -14 Sale Price $50,000 $27,900 $48,000 $20,000 Terms of Sale Cash to Seller Cash to Seller Cash to Seller Cash to Seller O.R. Book/Page 10801/5356 10825/838 10738/5595 10731/6974 Size (AC) 0.56 0.32 0.44 0.41 0.32 Size (SF) 24,394 13,996 19,110 17,747 13,915 Rectangular Configuration Rectangular Rectangular Rectangular Rectangular (long /narrow) Frontage Kissimmee Avenue Bluford Avenue and Bluford Avenue Geneva Street Crystal Street and and Floral Street Ohio Street Twin Lake Drive Utilities Water / Septic Water / Septic Water / Septic All Available All Available Zoning R -1A, Ocoee R -1A, Ocoee R -1AA, Ocoee R -3, Ocoee R -1A, Orange County Future Land Use Low Density Low Density Low Density High Density Low Density (FLU) designation Residential Residential Residential Residential & Residential Conservation Conservation Topography Generally level Generally level Sloping wetlands cover rear Generally level third of site Access Good Good Good Average Average Exposure Good Good Good Average Average Price /SF $3.57 $1.46 $2.70 $1.44 COMPARISON Marketing May -15 Similar Similar Similar Similar Conditions Terms of Sale Market Similar Similar Similar Similar Location Kissimmee Avenue Similar Somewhat Inferior Similar Inferior Access Good Similar Similar Inferior Similar Exposure Good Similar Similar Inferior Inferior Utilities Water / Septic Similar Similar Superior Superior Size (AC) 0.56 Smaller ( -) Smaller(-) Smaller ( -) Smaller(-) Configuration Rectangular Similar Similar Similar Inferior Topography Generally level Similar Inferior Inferior Similar Overall Comparison Subject Slightly Superior Inferior Inferior Inferior 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 26 Comparable Land Sale No. 1 is located at the northwest corner of Bluford Avenue and Ohio Street. The comparable property encompasses 0.32± acres with the same zoning and land use as the subject. It was previously developed with a single - family residence that was demolished several years ago. The property was purchased in August of 2014 for $50,000 SF. The sale equates to $3.57/SF of land area. A downward adjustment is needed for the property's smaller size, recognizing that smaller properties tend to command a higher price per square foot than larger ones. Other than size, this site is similar to the subject. Comparable Land Sale No. 2 is located along Bluford Avenue, but is farther north than the other comparables. The parcel contains 0.44 acres of residential land. It was purchased in September of 2014 for $27,900 or $1.46/SF. The indication from this sale is considered to be below expectations for the appraised property, due mainly to its sloping topography and inferior location. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 27 Comparable Land Sale No. 3 is located along the south side of Geneva Street to the east of Bluford Avenue. The interior road terminates a short distance to the east, just past Ocoee Cemetery. The comparable 0.41 -acre site sold for $48,000 in April of 2014. The sale equates to $2.70 /SF of land area. Sale 3 has R -3 zoning and a mixed future land use. The majority of the site has a High Density Residential land use, but the rear third or so is designated Conservation, which effectively reduces the usable area to about 11,750 SF (equating to roughly $4.08 /SF of net usable land). Comparable Land Sale No. 4 is located in the Gotha area of unincorporated Orange County in the southwest quadrant of Old Winter Garden Road and Blackwood Avenue. The parcel contains 0.32± acre and has a narrow width relative to its length. Like the subject, the property has a Low Density Residential future land use classification. Sale 4 took place in April of 2014 for $20,000 or $1.44/SF. The price sets the low end of the range and falls below expectations for the subject. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 28 ANALYSIS & CONCLUSIONS The comparable land sales cited indicate a value range from $20,000 to $50,000 or from $1.44/SF to $3.57/SF with an average of $2.30 /SF. • All of the comparable sales were recent transactions in the same general area of the appraised tract. • The property is located along Kissimmee Avenue near the center of the City of Ocoee. The parcel has a greater potential for development and assemblage than the comparables reviewed. • The property is in a long established neighborhood and there are few available vacant lots. • Public sewer service is not available and a private septic system would need to be put into place. • The sales are generally smaller in size then the appraised site. Based on this analysis we have emphasized Sales 1 and 3, the two higher indications of value. We have estimated the value of the parcel above the average of the range as follows: 24,394SF @ $3.35 /SF = $81,700 SUMMARY Our May 21, 2015 estimates for the two parcels are re- stated as follows: North Parcel: 2.00 Acre Industrial Site: $436,000 South Parcel: 0.56 Acre Residential Site: $ 81,700 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 29 ADDENDUM Central Florida Regional Analysis General Assumptions & Limiting Conditions Definitions Certification Qualifications of Appraiser 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 30 CENTRAL FLORIDA REGIONAL ANALYSIS - 2015 OVERVIEW The Central Florida region contains the Orlando Metropolitan Statistical Area (MSA), which consists of the four Orange, Seminole, Osceola and Lake Counties, along with neighboring Polk, Volusia, and Brevard Counties. The region is a huge tourist destination, hosting 60 million visitors per year, and has the second largest convention center and the second largest cruise port in the nation. The metro area was strongly impacted by the declines in economic conditions between 2009 and 2012 due to the collapse of the residential mortgage market and attendant recessionary influences that have plagued the national and global economy. However, over the last decade, the metro area has expanded from its base as a tourist area, and is becoming a center for both medical research and high tech companies. Some of these companies include Lockheed Martin, Electronic Arts, Deloitte and Touche, Verizon Communications, the Sanford Burnham Medical Research Institute, and the University of Florida Academic and Research Center. Since the beginning of 2013, market conditions have stabilized with many areas showing signs of improvement. Forbes Magazine named the region number one for job growth in the U.S. The metro area is the second - fastest growing metro area in the country and is the third -most competitive location for business, and Kiplinger named Orlando a top 10 city to outpace the nation in job growth. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 31 POPULATION According to data published by the State of Florida Office of Economic and Demographic Research, the Orlando metro area the Orlando metro area has a 2014 population of 2.27 million persons, reflecting a growth of 6.4% since 2010, and a growth of 38% since 2000. When population counts from Brevard, Volusia, and Polk counties are added, the population count is nearly 4,000,000 persons. Population Change 4500000 120.00% 4000000 100.00% 3500000 3000000 80.00% 2500000 60.00% 2000000 1500000 40.00% 1000000 20.00% 500000 ■n,. lion of 0 0.00% Population Changes 1990 -2014 2014 The region ranks 27t' largest in the continental United States, 51h largest in the southeast United States, and 3rd largest in Florida. Within the state of Florida, the 2010 census reported that Florida population stands at 18,801,301, reflecting an increase of 17% over the last decade. TRANSPORTATION The region's transportation routes have expanded in recent years in an effort to keep up with the region's growth. Interstate 4 connects the region with Florida's east and west coasts, from Tampa and Interstate 75 on the west to Interstate 95 in Daytona Beach on the east. Interstate 4 opened in 1959, and has been expanded and improved upon over the years as the Orlando area has grown. The most - -. - -. recent improvement project, dubbed 1 -4 Ultimate, was started in April 2015, will cost $2.3 billion, and will take six years to complete. This project will reconstruct 21 miles of roadway between State Road 434 and State 435. Four express toll lanes will be added to the center of the roadway, 15 interchanges will be reconfigured, 53 bridges will be added and 75 bridges will be replaced. This project will be completed by March 2021. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 32 State Road 417 and State Road 429 provide access to Orlando's perimeter. State Road 417 is the eastern beltway, connecting with Interstate 4 and encircling the east side of the metro area before providing access to the Orlando International Airport, Osceola County, and the Walt Disney World resort area. State Road 429 is the western beltway, connecting with U.S. Highway 441 on the west side of the city of Apopka, and encircling the west side of the metro area, providing access to Florida's Turnpike, the west side of the Walt Disney World resort area, and Interstate 4. This roadway is being extended up into Lake County near Mount Dora, and will eventually extend to the east along State Road 44 to connect with Interstate 4 near State Road 417. Central Florida is served by two full service airports, Orlando International Airport (MCO) and Orlando- Sanford International Airport (SFB), as well as by Orlando Executive Airport near downtown Orlando. Orlando International Airport is one of the busiest in the nation. The terminal was originally designed to serve 24 million travelers. However, as of 2013, the airport has 44 airlines carrying 35 million passengers to 76 domestic destinations and 32 international destinations. The airport has 6.5 million square feet of building area, 93 gates, generates $26 million in revenues and employs 18,000 workers. In October 2013 the Greater Orlando Aviation Authority approved a $1.1 billion plan to improve Orlando International Airport with a new terminal approximately 1.5 miles south of the existing terminal. This new terminal is intended to be an intermodal terminal that will also house the All Aboard Florida train station and ground transportation facilities. The terminal will have two 400 -500 room hotels and is expected to be completed by the end of 2017. When completed, this terminal will add 27 new gates, and will enable Orlando International Airport to serve over 45 million passengers. Orlando- Sanford Airport (SFB), 18 miles northeast of Orlando, is a local airport served by five commercial airlines and three charter services that provide service to both international and domestic destinations. SFB served over 1.8 million travelers in 2012 and in 2011 shipped 2939 tons of cargo (most recent available). 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 33 SunRail Commuter Train SunRail is a light rail system that runs between Volusia and Osceola Counties. The first 32- mile phase was recently completed and started service in May 2014. This section connects Debary in Volusia County with Seminole and Orange Counties, and terminates at Sand Lake Road in south Orange County. Phase 2 is still to be completed, and will extend north to Deland in Volusia County and south to Poinciana in Osceola County. Officials have also begun exploring the possibility of extending service to Daytona Beach and Orlando International Airport. Ridership averages 3,200 passengers per day. As an added incentive to attract riders, several vendors, including Hertz, have started car sharing services to provide SunRail riders with transportation from the train to offices or other locations. The City of Orlando is also developing a bike sharing project that will eventually provide riders the ability to rent a bicycle to get from the train station to other areas. All Aboard Florida Passenger Train All Aboard Florida is an intercity passenger train that will run between Orlando and Miami. Terminals are currently planned for downtown Miami, downtown Fort Lauderdale, downtown West Palm Beach, and the Orlando International Airport South Terminal. Trains are expected to take three hours to go from Orlando to Miami, and will have amenities that include wi -fi internet service, gourmet meals, and reserved seating. This project is expected to create 500 direct jobs from operations as well as hundreds more indirect jobs. As of late 2014, construction has begun on some stations and service is expected to begin in the Miami area in 2016 with service in the Orlando area in 2017. Future phases may include a line from Jacksonville to Orlando and from Orlando to Tampa. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 34 CENTRAL FLORIDA TOP PROJECTS Central Florida is undergoing many construction projects. According to the Orlando Business Journal (January 2015), the following projects are the largest currently underway: 15 -148 Total square currently Anticipated Largest Project Pum ect Budget underway completion Orlando International Airport (MCO) Soth null:: n April 5. 2018 5426 millon Airport complex Florida Citrus Bowl 814,272 April 15, 2015 5207 milbon reconstruction Orlando Health be 700.000 January 22. 2016 $196 million tower ex Bent Oak tndustnai ML 700,000 April 5. 2018 5207 rrWhon Park Artisan 420 588.613 January 18. 2016 542.7 million C ti Tower at Eota Park 483.452 June 30. 2016 543.6 million Lake Nona Town Center 452.120 April 10. 2015 542.5 million The Crosslands at Osceola corporate 427 000 Apnl 10, 2015 S34 million center Florida Hospital for 420,000 January 20, 2016 $131 million Women The Se.ens Apartments 420,000 May 16, 2016 S11 million Cypress Creek Highschool 402.20, February 22. 2016 S42 million comprehensible needs protec t Shaw Carpet+AIPO 375.000 Jurre 17, 2015 S13 million Building C Dwell at Lake Rona 362.141 November 1. 2015 527.4 million The Courtney at Unkersal Boulevard 353.000 October 15, 2015 532.41 million Apartments Crescent Central 324,000 September 15, 2015 S39 million Station M North Apartments 310.044 ^krember 20. 2015 522.3 million Orlando City MLS 290.000 March 1.2016 $110 million soccer stadu m Westgate Town Corder 196.341 February 10. 2015 521.84 million Buildincl #6200 Residence Ion by Mamott Downtown 165.484- March 15, 2015 516.5 million Orlando Old Key West Resort 95.000 July 20, 2015 Did not disclose Apopka Elementary 91,000 Nowmber 13. 20' ` S11 55 million comprehensrA project Central Florida YMCA - DR.P.Phdlips YMCA 48,0(X October 31. 2011 $7.77 million expansion High Rech 2 41,400 January 30. 2015 54.75 million Greater Orlando Aviation Authority BP- 442 Airside 4 21.371, March 1. 2016 S20 million improvernents -new chiller t Orange County Floridam Three -Parts _ March 12. 2015 52.82 million maintenance buildu 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 35 Other Proiects The Dr. Phillips Center for the Performing Arts located at the corner of East South Street and South Orange Avenue, began operations in November 2014. The venue features a 2,700 -seat amplified hall for Broadway theater -class play events, a 1,700 -seat acoustic hall for ballet, operas and orchestral performances, and a 300 -seat venue for smaller functions. The Arts Center is currently seeking a loan, as of January 2015, to cover some or all of the $55 million gap left for its $184 million second phase of construction of an all -new 115,000 SF acoustical hall. In related news, the City of Orlando is attempting to draw in a prospective redeveloper to help build a hotel on one of the Arts Center's parcels as shown below. The U.S. Tennis Association will build a 63 -acre complex in southeast Orange County at a cost of $60 million. This complex will open in the 4th Quarter 2016, and will have several different areas as follows: • A tournament and league area with 24 clay courts, 16 hard courts, two player pavilions and office space • A collegiate tennis area with 12 hard courts, a tournament show court, seating for 1200 people, and a two -story pavilion with player and trainer areas. • A Team USA area with 8 hard courts and 8 clay courts for the use of U.S.T.A. player development. • A player development area with 8 hard courts, 8 clay courts, 6 covered courts, dormitories for 32 people, and a workout area. • A 3 -story office building that will be occupied by U.S.T.A. CENTRAL FLORIDA GOVERNMENTS The six county area is governed by a mix of counties and municipal agencies, including 86 cities. These municipalities all govern some aspects of property taxation and building, and many have developed master plans to guide growth and building permitting decisions. Unincorporated areas are governed by the respective county. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 36 EMPLOYMENT According to figures published by the U.S. Department of Labor, as of December 2014, the seasonally adjusted unemployment rate for the Orlando metro area fell to 5.4 %, and is two points lower than the national average. Labor Market 14 Orlando's 12 unemployment rate has been below the national rate since 10 early 2013. However, gains have largely flattened in recent 8 months as improving job prospects begin to encourage people to 6 rejoin or enter the labor force. a 2 2000 2001 2000 2003 20D4 2005 2006 2007 2008 2008 2010 2011 2012 2013 204 Unamploynwnt Rah Tlrapn Oeccrntw 20I+ iPa�nwry MI+ .le'0 s �s oep.e. a— nwrarsuaarsrra ORLANDO Payroll Employment Employment Momentum by Florida MSAMD IMPROVING Oece - 201e. ieasona y atll.stej J Srse of BuDDN: RNaNVe Empfoymenf Base e The region is ORLANDO showing positive a employment 3 -M-1, % Ch.nee momentum ,nn ,r =Pa, entering 2015 • Oil 4 and continues to add jobs - M.ewa. 2 AaMa1Ni4 CONTRACTNG -2 YPTr -Qver Year b Cnanq, SLIPPING However, as shown on the graphic above, employment figures are improving, and this trend is expected to continue for the foreseeable future. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 37 The Orlando metro area is heavily weighted toward the service and hospitality industries. As shown in the graphic on the following page, the leisure and hospitality industry is the largest industry in the metro area (20.9 %), followed by professional and business services (16.6 %), retail trade (12.3 %) education and health services (12.2 %), and government (10.6 %). February 2015 Leisure & Hospitality Professional & Business Services Education & Health Services Retail Trade Total Government Financial Activities • Construction Other Services Wholesale Trade • Alanufacturing Transportation, Warehousing. & Utilities • Information Mining & Logging Data published by the Metro Orlando Economic Development Commission (shown below) indicates that four of the top ten employers are related to the leisure and hospitality industry. We note, however, that this is fewer than has historically been the case. Finally, of the 4,000,000 persons who live in the Orlando metro and surrounding areas, approximately half are in the labor force. 15 -148 Employrnent Lake Buena Vista Orange Leisure & Hospitality 74,000 Walt Disney World Resort _ Universal Orlando (Comcast) Orlando Orange Leisure & Hospitality 19,000 Adventist Health System/ Florida Hospital Various Various Healthcare 18,668 Walgreens Specialty Pharmacy Orlando Oriange Healthcare 6,500 Darden Restaurants Orlando Orange Restaurants 6,419 SeaWorld Parks & Entertainment Orlando Orange _ Leisure & Hospitality 6,032_ Lockheed Martin Orlando Orange Aerospace/Defense 5,774 Westgate Resorts Orlando Orange Leisure & Hospitality 5,761 Orlando Health Orlando Orange Healthcare 4,586 _ Siemens Orlando Orange Advanced Ivknufacturing 4,448 Finally, of the 4,000,000 persons who live in the Orlando metro and surrounding areas, approximately half are in the labor force. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 38 EDUCATION Education is important to residents of the Orlando region. Students show high graduation rates, and school districts report better than average test results. Public school districts are organized by county. The Orlando metro area has 438 public schools that serve over 330,000 students at an average cost of $6,900 per student and at an average graduation rate of 82 %. Orange County is the largest district in the Orlando metro area, with 240 schools that serve 172,276 students. Seminole County graduates the highest percentage of students, at 93 %, and Osceola County spends the most, at $7,216 per student. Post - secondary schools in the area include the University of Central Florida, Rollins College, Stetson College, Florida Hospital College of Health, and several branches of schools headquartered elsewhere. The University of Central Florida enrolled 60,181 students in the 2013 Fall term. This is the highest number of students ever entered in one academic year, and makes UCF the 2nd largest university in the nation on the basis of enrollment. UCF is known for its research and development and engineering colleges. The Florida Board of Governors approved the establishment of the UCF Medical School (shown below) in 2006, and the school opened to its first class in Fall 2009. The medical school offers degrees in biomedical sciences, biotechnology, molecular biology and microbiology. An economic impact study predicts that the medical college alone could generate $1.4 billion a year in economic activity and more than 6,400 jobs by year ten. The UCF College of Medicine was granted full accreditation in February 2013. It is the first medical school in U.S. history to offer full four -year scholarships to an entire class. 61MiIl ±l � 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 39 RESIDENTIAL MARKET OVERVIEW The recession that began in 2008 throughout the United States and in Central Florida impacted the real estate market in terms of pricing and demand through 2012. In 2013, many sectors began to see stabilization and in some cases appreciation in values as well as rental rates. Sales in February 2015 were strong, increasing in volume by 20% over February 2014 numbers. The overall median price as of February 2015 was $165,000, an increase of 4.4% year over year, and the 43rd consecutive month the median price has increased. Inventory levels have declined over the last year from 5.10 months to 4.82 months. COMMERCIAL REAL ESTATE MARKET OVERVIEW Industrial Market The Central Florida industrial market ended the 4th Quarter 2014 with an overall Industrial inventory of 121.63 million square feet with a vacancy rate of 8.3% and a quoted rental rate of $5.57/SF, as shown in the following chart. Vacancy has been on a downward trend since 2009 and net absorption has been positive since 2010, despite over 1 million square feet delivered to the market. Rental rates have been increasing slowly but steadily since the 1St Quarter 2013. Total Industrial Market Statistics Year -End 2014 13revard County Ind 1,316 26.274.320 1.732.360 1,764,1,,- 6.7% 47.438 O 0 $6.05 Lake County Ind 544 0.684.304 1.376.540 1.376. 54t, 1 12". 374.040 0 (1 $4.18 VF. Orange Count' Ind 166 1.832037 31.654 35.423 1,9% 30.500 0 0 S0B3 NW Orange County Ind 1.417 33.600.043 2.035 X383 2.040.558 6.1% 455.857 0 6.000 $5.16 ov mla County Ind 272 6.816.562 482,253 482.253 T1% 80.762 O 0 $5 17 til ( )iange County Ind 1.328 44.005,060 3,560,726 3.631.356 8.2% 1.030.578 301.680 1.016.402 S5A7 '- iAnole Ind 1.466 26,810.278 2.808.750 2,826.642 10.5% 557.543 52,026 7.800 55.66 S \% urangv (aunty Ind 647 30.638,058 2.721,333 2.787.638 0.1% 18.656 243.236 0 $5.80 5 .—: C05— NoperM Data published by Cite Partners, who specialize in industrial properties in the Central Florida area, reinforces this information. They state that the market is moving from a tenant's to a landlord's market, as spaces are absorbed and the volume of transactions increases. Building sales have also increased, and have a current average sale price of $56.12/SF. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 40 Retail Market Central Florida has 159 million square feet of retail space, an average vacancy rate of 7.1 % and an average quoted rental rate of $14.15/SF. Vacancy had been near 7.5% for several quarters before declining to its current level, and rental rates have remained stable between $14 and $14.50/SF despite positive net absorption for several quarters. Over the last two years, as market conditions have improved, new properties have been built. We also note that Marcus Millichap reports that investors are seeking high quality properties with good cash flow. Over the next twelve months, vacancy rates are expected to decline, while rental rates are expected to increase, and new construction is expected to be at its highest point since 2009. OFFICE MARKET Central Florida has 100.7 million square feet of existing office space, an average quoted rental rate of $18.65/SF and an average vacancy rate of 11.8 %. Net absorption year -to -date was 1.35 million square feet, despite delivery of 800,000 square feet of space: Vacancy declined from 12.0% to 11.8 %, and has been relatively stable since the 2nd quarter of 2013. Rental rates increased from $18.43/SF to $18.65/SF between the 3rd and 4th quarters, continuing an upward trend that has been in place since the first quarter of 2014. 15 -148 Total Retail titat'ket Statistics Year -rte 2014 Marl,' t 138 crXt r 0 Wits [", Tot;tl CAA Direct SF Total SF Vac % i8 -v Absorption 13.3 11 _., i'. <i,. -•: lftamonto- lkruRl:u 393 5.23_ -04285 3x-:_7 ".: 3114 977 6 -8`3. 333 -13 . _ - Ittevar4( cwntN 443 -1 4075,487 A, f0, 947 1) -M 181.5'35 '1i.xZii .tW- 1tx-rn .113 _31,243.310) 6,879.2(11 486.919 4'1)Ji97 7.:0,. 1- 18.187 I )OVMI(Mll 146 1.183.783 Ifi5,980 (65.4)80 1.1in L5.6i7 :) hiwnfr N, 416 7.552.360 324AS5 324.455 434. 122478 1.1ke C:ounh 1.346 11,137J0.37 1- 161.454 1.174 982 6 WV 19.3437 7,.720 take \tatl Z4.1 3 3 .673 1235,.279 ... _... 142.10:3 6:0, 2([.4:31 fiSxit) I. 1 r1 Ro:ut 117 1.2:13. 8fi 17 3670 173.670 I i I 7.264 19.'1(x) u i ung".xi 174 _� 11,761396 245.581 216.781 12 i'�. 11202 a f - Manlan3l 60 631 37.183 - 37.183 -1 1 ,. - frintt -i 0 O �1:H4andtentrr 143_ 7.650034 _ 127.Zw'- 131,41fi �rr4, ,{6,x;:•.7, O O M tru l%i't 174 1.951.14x7 8Z.4fi4 84. "2541 -1 3`3= 4 933 0 O V111h ihrilic°r 79 1.283.331 272.186 272.186 2I.Z`x� 3:3.168 urlando vi l-ri 78 _ S614.665 37.577 .4� - 37.577 4 Z`�, 3.5:36 t i 11,11 ti $Z1 7 Utlarnlcr( rntraf Park 403 9.213,4R!'i (807870 1 627.286 68y. (133.129) U tr zl' _ �,i rJurtf 411 -140 2:31.464 231.464 1 t;,, _3x.41(18 South UragR, X239 Z.131.374 193759 -- 193.7882 - _ wuth lhnlior 831 19B1755 785.859 t 800880 IT, 8"3.X4 -1 79 44 1 xsx 0'37 tourist Crxnrkrr 500 12,177.11' 751.768 751.768 6 Z4, 1111683 11)477 , 377 x)68 F. VIN (ISM _ 52 ' 884.886 56.752) 1;7,1 c152 6 ts`_ 24)8.:3,15 x:34.7,,11' 4 - _ 's.7inerVty R,yr -arch 41 1 547.748 50.049 50.049 'r1% 58.230 o 0 ' 41 eat t o!lxuai 798 11.896241 1.083.,305 1,090.595. 92% 153,6 ; I 2.4)'a) h ��r�tth:lirr 20D 2899.598 119887 137.177 51% 12.5201 Agri Cnicrnuy 230 4 5 140.230 1 i 514 40.2(il 10.'SZIi it 118' \Vtnter park 1 382 1 3340.016 232.120 120 69% (39.702) . 45.748. 5,90() 52007 Over the last two years, as market conditions have improved, new properties have been built. We also note that Marcus Millichap reports that investors are seeking high quality properties with good cash flow. Over the next twelve months, vacancy rates are expected to decline, while rental rates are expected to increase, and new construction is expected to be at its highest point since 2009. OFFICE MARKET Central Florida has 100.7 million square feet of existing office space, an average quoted rental rate of $18.65/SF and an average vacancy rate of 11.8 %. Net absorption year -to -date was 1.35 million square feet, despite delivery of 800,000 square feet of space: Vacancy declined from 12.0% to 11.8 %, and has been relatively stable since the 2nd quarter of 2013. Rental rates increased from $18.43/SF to $18.65/SF between the 3rd and 4th quarters, continuing an upward trend that has been in place since the first quarter of 2014. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 41 Total Office Market Statistics vnar -End 2014 7 Net YI-D Under Chic S-- a urr P-,-- The office space market has remained stable, with only a limited amount of inventory coming onto the market. Demand has remained low, with absorption occurring in small but positive amounts. This trend is expected to continue. However, market conditions are improving, and as inventory levels tighten, rental rates are expected to improve. CONCLUSION The commercial sector is showing signs of stabilization and improvement. The long awaiting housing recovery is also now in process and appears sustainable. The market for industrial and retail properties is in full recovery, and the market for office properties is in the initial stages of recovery. The overall outlook for Central Florida remains cautiously optimistic with the long term outlook being positive. 15 -148 -136 Corridor 569 4.939.628 52G.603 ;411.575 10.911 (33.405 I i 0 $17.24 Altamonte. Douglas -101 4.794.876 474.923 477.719 10.0% (55.114) O 0 $16.15 Brevard County 1.502 14.097.077 1,347.077 1,361.244 9.7'.%, 55.136 15.488 6.000 $15.76 Casse lberr. 243 1.906.229 361.851 364.571 19.1% 4.262 25.966 0 $17.87 Downto%cn 441 10,276.077 1.448,168 1.494,781 14.51%, (70,370) 0 17.124 $21.30 Kissimmee 255 1.946.798 189.566 192.389 9.9% 738 0 O $19.87 Lake County 834 4,493.548 479.557 494.557 1 LO`). 68.069 4.165 8.000 $ I61KJ Lake Mary 253 7.321.583 1.147.420 1.154.733 15.8% 89.230 223.550 95.712 $20.81 Lee Road 118 1.227.425 135.300 135.300 11.0% (2.936) 0 0 $ 17.51 Longwood 187 1.347.158 184.316 184,316 13.7'%, 54.067 O 0 $15.04 Maitland 92 859.978 120.941 122.335 14.2% 12.366 0 0 $16.63 Maitland Center 165 7.426.698 1.384.307 1.424.896 19.2' %, (56.094) O O $19.14 Metro West 122 1.977.671 218,715 223 .018 11.3'%, 13,948 O 0 $19.12 North Outlier 53 368.113 48.771 48.771 13.2'%, 2.398 0 6.700 $16.63 Orlando Airport 45 1.270.513 194.930 204.362 16.1% (13.912) 0 0 $21,22 Orlando Central Park 180 3.818,638 802.176 850.946 22.3% 57.332 0 0 $15.93 Sanford 244 1.413,702 119.158 119.158 8.4`,%, 24.648 O 0 $ 13.02 South Orange 368 2,523.272 171.532 172.682 6.81%1. (6.043) 0 0 $20.20 South Outlier 262 5,107.079 340.451 341,766 6.7`h, 93.410 82.900 80.000 $24.43 I ourlst Corridor 195 8.362.001 792,972 792.972 9.5`h. 127.304 O O S18.W University 46 2.071.658 141.856 141.856 6.85, 100.493 O 0 $21.23 University Research 42 2.716.237 243.527 267.567 9.9% 42.207 75.997 0 $21.80 %S'est Colonial 535 3.953,991 213.375 213,375 5.4% (7.620) 0 0 $17.16 1Fesr Outlier 108 715.765 42.063 42.063 5.9'%. 14.133 0 0 $12.32 West University 58 1.006.319 157.328 159.998 15.9% (10.912) 0 0 $20.33 Winter Park 549 4.905.718 343.687 358.646 7.3% (13344) 4.600 0 $21.29 S-- a urr P-,-- The office space market has remained stable, with only a limited amount of inventory coming onto the market. Demand has remained low, with absorption occurring in small but positive amounts. This trend is expected to continue. However, market conditions are improving, and as inventory levels tighten, rental rates are expected to improve. CONCLUSION The commercial sector is showing signs of stabilization and improvement. The long awaiting housing recovery is also now in process and appears sustainable. The market for industrial and retail properties is in full recovery, and the market for office properties is in the initial stages of recovery. The overall outlook for Central Florida remains cautiously optimistic with the long term outlook being positive. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 42 GENERAL ASSUMPTIONS & LIMITING CONDITIONS STANDARD In preparing this appraisal report we have researched physical characteristics and legal issues that affect the appraised property. We have accessed information from a variety of public sources concerning property size, zoning, future land use designation, sewer and water availability, flood hazard information, topographical and drainage information, real estate taxes and information concerning easements and encroachments. We believe that the information researched and provided to us by others is materially accurate for appraisal purposes only. Information in this report concerning physical and legal issues should not be relied on by any person for any purpose or decision making concerning the property without independent confirmation or verification. All persons and parties interested in the property under appraisal should research and confirm information concerning the property directly with pertinent agencies or sources and should not rely on the information provided in our appraisal report for decision making. The legal description furnished is assumed to be correct. We assume no responsibility for matters in legal character, nor do we render any opinions as to title, which is assumed to be good. This report contains a section entitled "Ownership and Sales History," which describes the recent title history of the subject property. This should not be construed to be a title search or a report of title. We render no opinion as to title, which is assumed to be good and marketable. All existing liens and encumbrances have been disregarded, and the property is appraised as though free and clear, under responsible ownership and competent management. Site plans, sketches, drawings and other exhibits in this report are included only to assist the reader in visualizing the property. We assume no liability for their accuracy. We have made no survey of the property and assume no responsibility in connection with such matters. The appraisers assume no liability for structural conditions not visible through ordinary inspection. Information obtained from Public Records, files, Realtors, buyers and sellers, etc. was utilized in the preparation of this appraisal report. The information obtained from these sources was assumed to be accurate and correct. A reasonable effort has been made to verify all such information; however, no responsibility for its accuracy is assumed by this office. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 43 The distribution of the total valuation in this report between land and improvement applies only under the existing program of utilization. The separate valuation for land and building must not be used in conjunction with any other appraisal and are invalid if so used. ENVIRONMENTAL Our appraisal assumes that there are no hazardous materials on the property. We are not aware of the existence of potentially hazardous material(s) on the property. We are not qualified to detect such substances. We urge the client to retain an expert in this field if desired. We are not aware of any soil or subsoil conditions which would affect the property. The discovery of soil conditions is beyond my area of expertise. AMERICAN DISABILITY ACT (IF APPLICABLE) The Americans with Disabilities Act ( "ADA ") became effective January 26, 1992. The appraisers have not made a specific compliance survey and analysis of this proposed property to determine whether or not it will be in conformity (once improved) with the various detailed requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since there was no direct evidence relating to this issue, the appraisers did not consider possible non - compliance with the requirements of ADA in estimating the value of the property. OTHER Disclosure of the contents of this appraisal report is governed by the Standards of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any conclusions as to Value, the identity of the appraisers or the firm with which they are connected, or any reference to the Appraisal Institute or to the MAI or SRA designation) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without the prior consent and approval of the undersigned. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA PAGE 44 DEFINITIONS MARKET VALUE DEFINITION Source: Financial Institution Reform, Recovery and Enforcement Act of 1989 (FIRREA) Effective August 24, 1990: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specific date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and Seller are typically motivated; 2. Both parties are well informed or well advised, and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U. S. Dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. PROPERTY RIGHTS APPRAISED The property rights appraised herein are the Fee Simple Estate. FEE SIMPLE ESTATES Fee simple estate is "absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." 3 The Appraisal Institute, The Dictionary of Real Estate Appraisal, Fourth Edition, pg.113. 15 -148 APPRAISAL OF THE CERTI -FINE FRUIT COMPANY PROPERTY THE WEST SIDE OF KISSIMMEE AVENUE AT FLORAL STREET OCOEE, ORANGE COUNTY, FLORIDA CERTIFICATION I, Daniel R. DeRango, certify that to the best of my knowledge and belief,... PAGE 45 • The statements of fact contained in this report are true and correct. • The reported analyses, opinions and conclusions are limited only by the reported General Assumptions and Limiting Conditions and where applicable, the Special Assumptions, and are our personal, unbiased professional analyses, opinions and conclusions. • 1 have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. • My analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. • This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • As of the date of this report, I, Daniel R. DeRango, have completed the requirements of the continuing education program of the Appraisal Institute. • 1 have made a personal inspection of the property that is the subject of the report. No one provided significant professional assistance in the preparation of this appraisal report. • I have complied with the Uniform Standards of Professional Appraisal Practice ( USPAP) in conducting the research and analysis, and in formulating the value conclusion(s) contained in this report. • 1 am in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and have sufficient education and experience to perform the appraisal of the subject property. • 1 have not appraised this property in the three years prior to accepting this assignment. Daniel R. DeRango, MAI, CCIM Cert Gen RZ 1054 15 -148 RESIDENT OF: Maitland, Florida QUALIFICATIONS Daniel R. DeRango, MAI, CCIM DERANGO. BEST & ASSOCIATES 160 1 E. AMELIA STREET ORLANDO, FLORIDA 32803 (407) 895 -6650 EDUCATION: Graduate of Stetson University, Deland, Florida Bachelor of Business Administration - Major: Finance PROFESSIONAL EDUCATION: COURSES & SEMINARS - APPRAISAL INSTITUTE • Appraisal Principles • Basic Valuation Procedures • Direct Capitalization, Annuity Capitalization, and Mortgage Theory and Techniques • Case Studies in Real Estate Valuation • Valuation Analysis and Report Writing • Condemnation and Litigation Appraisal Practice • Standards of Professional Practice • Residential Valuation Procedures • Appraisal of Small Hotels and Motels • Sales Confirmation Methods • Discounted Cash Flow Analysis • Electronic Spreadsheets in Real Estate Appraising • Urban Planning and Development - University of Central Florida CCIM INSTITUTE • Financial Analysis for Commercial Investment Real Estate (Cl 101) • Market Analysis for Commercial Investment Real Estate (Cl 102) • User Decision Analysis for Commercial Investment Real Estate (Cl 103) • Investment Analysis for Commercial Investment Real Estate (Cl 104) PROFESSIONAL Equity Capitalization AFFILIATIONS: Member of the Appraisal Institute, MAI No. 7557 Member CCIM Institute Florida State - Certified General Real Estate Appraiser No. RZ1054 Registered Real Estate Broker /State of Florida, License No. 0355191 Director — Appraisal Institute, East Central Florida Chapter Member of the Association of Eminent Domain Professionals Member of the American Association of Airport Executives QUALIFICATIONS Daniel R. DeRango, MAI, CCIM (Continued) PROFESSIONAL EXPERIENCE: Qualified as an expert witness in Federal and State Courts. Special Master, Value Adjustment Board, Orange County, 1995, 1996, 2000 -2002 Present: President - DeRango, Best and Associates, Orlando, Florida 1984 -1997 V.P. /Partner, Matonis MacDermott DeRango Sorich & Co., Orlando, FL 1981 -1984 Staff Appraiser with Irwin Appraisal Consulting Services, Inc., Orlando, FL Former Member: Board of Directors - East Central Florida Chapter- Appraisal Institute PUBLISHED: "The Determination of Hotel Value Components for Ad Valorem Tax Assessment" The Appraisal Journal, July, 1993 TYPE OF ASSIGNMENTS: I have appraised or provided counseling for a variety of commercial and residential properties throughout the U.S. (primarily in the Central Florida area). EXPERIENCE WITH: • Aviation /Aeronautical Properties • Apartments • Office buildings • Retail properties • Condemnation and litigation assignments • Industrial properties • Timeshare resorts • Hotels & resorts • Mobile home parks • Subdivisions • Mitigation lands • Warehouse facilities • Acreage tracts • Golf courses /country clubs • Special use facilities • Mixed use development • Coastal & island tracts • Aviation properties • Air cargo facilities • Large and small aircraft hangars • Fixed based operations • Condominium projects • Retail centers (including regional malls) Appraisal and consulting assignments have been prepared for a variety of lending institutions, corporations, law firms, governmental agencies, and individuals. PROPERTY LOCATIONS IN FLORIDA: • Central Florida (Orange, Seminole, Osceola, Lake, Polk and Volusia Counties) • South Florida (Dade, Broward & Palm Beach Counties) • South Central Florida (Brevard, Martin, St. Lucie & Indian River Counties) • Southwest Florida (Collier, Lee, Manatee, Sarasota, Pinellas, Hillsborough Counties) • Northeast Florida (Flagler, St. Johns and Duval Counties) • North Central Florida (Marion County, Putnam) • Florida Keys QUALIFICATIONS Daniel R. DeRango, MAI, CCIM (Continued) ASSIGNMENTS OUTSIDE OF FLORIDA: • Georgia • Texas • Maryland • Indiana • Minnesota • Ohio • New York • New Jersey • Pennsylvania • Illinois • California • Alabama • Connecticut • Tennessee • Colorado • Kentucky • South Carolina • Virginia • Pennsylvania • Washington State , ;IC, SC 177 GOVERNOR K F N ?'s'S N SEJCRETAR- STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD RZI054 The CERTIrICD GENERAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS Expiration date NOV 30 2016 DERANGO DANIEL ROBERT 1601 E AMELIA ST ORLANDO FL 32803 ISSUED It 23'2014 DISPLAY AS REQUIRED BY LAW O O ;y� D Vii° SEQ# L'4".- �ncr.