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Item #08 Appraisal of City-owned Property at the Intersection of AD Mims Road and Clarke Road as a Result of an Unsolicited offer from Charter Schools Development Corp. to Purchase 9.5 acres for $1.6 million t � ocoee florida AGENDA ITEM COVER SHEET Meeting Date: July 7, 2015 Item # Reviewed By: , Contact Name: Al Butler, Support Services Department Director: 6i'7�&,, Contact Number: 407-905-3100, ext. 1543 City Manager: Subject: Appraisal of city-owned property at the intersection of AD Mims Road and Clarke Road as a result of an unsolicited offer from Charter Schools Development Corp. to purchase 9.5 acres for $1.6 million (District 4— Keller) Background Summary: The City acquired 12 acres of land (Parcel No. 09-22-28-0000-00-05) from the Silvestri Investment Group of Florida, Inc. on December 29, 2006, at a cost of $3.5 million. The subject property is bordered on the south by railroad right of way, which is adjacent to AD Mims Road, to the north and east by the Prairie Lake Reserve Subdivision, and on the west by Clarke Road. A portion of the eastern boundary is adjacent to property dedicated to the public use and owned by the City. The outstanding amount of the bond used to finance the purchase is approximately $2.6 million. Charter Schools Development Corp. has submitted an unsolicited offer to purchase approximately 9.5 acres of the property for $1.6 million, which represents an average price of about $168,421 per acre. The city would retain the strip along Clarke Road, which is reserved for future construction of a right-turn lane, plus the 2.5 acres located in the southwest corner of the property. The offer is contingent upon receipt of all necessary approvals for construction of a K-8 charter school of at least 80,000 square feet on the site. A deposit of $10,000 would be paid upon execution of a sales agreement. The buyer would have 90 days for due diligence, primarily to complete a detailed property inspection, during which time the buyer may cancel the transaction for any reason, with the deposit fully refunded. A second deposit of $10,000 to be paid after the due-diligence period, assuming that all requirements are satisfied. Both deposits would be applied against the purchase price, if the transaction is completed. A drawing showing the property and the proposed portions covered by the offer is provided on the next page. The base map used in the drawing is taken from the Orange County Property Appraiser's online mapping system. Following direction from the City Commission, and with the potential buyer's financial support, the city secured an appraisal of the property from Property Valuation & Consulting, Inc. of Winter Garden. The 12-acre site was appraised as three parcels based on a change in land use classification to mixed-use or multi-family residential for Parcel A and the existing PUD commercial zoning for Parcel B: $580,000 — Parcel A, 2.5 acres in SW corner of property (to be retained by city) $1,370,000 — Parcel B, 9.5 acres sought by charter school $23,000 — Parcel C, a 15-foot strip of land reserved for future deceleration/right-turn lane $1,973,000 — Total Value 1 Issue: Should the City Commission authorize staff to negotiate a sales agreement with Charter Schools Development Corp. along the lines of the offer to buy? Recommendations Staff makes no recommendations regarding the offer; however, it is useful to note that the offered price represents 58% of the city's original per-acre purchase cost, charter schools pay no property taxes, and construction of another charter school in this portion of the city may impact the ability of Orange County to build public elementary schools in the area. city eitrov.._ < pry e ot,:7 - it gmr, 7185 mr a, RR .� i oCp ve Vista ta P f� I, TRACT K 1 './ i -.../...-z. nt II .A/:,34,111 440,074,,,,,. IP 4e1" C6. I \ 11001 w. rt, Itt:% it za s43? R C la VA tr it Y 9.5± Acres Included II in Offer to Buy la Pkwy marsh r... s E , TRACTA City w ; is Qco.+ 0r Ill ilk- , c < t< 4,14,*1 (f `3 X 10 073 4. st6c lit II/- awsVI 14 - rr p..lfooi Drawing showing the proposed property transaction. 2 Attachment: Appraisal by Property Valuation & Consulting, Inc. Financial Impact: It is not possible at this time to completely quantify the financial impact of the contemplated land sale, as the sales offer proposes, but does not quantify, some closing costs to be paid by the city. The buyer has proposed to pay all real estate brokerage fees. Given the amount of the offer and the appraised value of the land not included in the proposed sale, the total parcel value is $2,203,000 ($1,600,000 + $580,000 + $23,000), which is 63% of the purchase price and 85% of the outstanding loan amount. The city's bond counsel has indicated that the financing used in the original land purchase is somewhat independent of the land, so the city can sell part or all of the property for a public purpose. Part or all of the sales proceeds can be used to reduce the amount outstanding on the debt. There also appear to be no tax impacts from the sale of this property for a charter school, which is an exempt purpose. Section C-8.B(2) of the City Charter requires a public hearing to be held prior to the sale of any city- owned real estate for an amount in excess of$100,000. Under those requirements, the City Commission would need to first indicate by majority vote that it is willing to sell the property. That action can be taken at this time, with the motion including authorization to conduct the public hearing at the July 21 meeting or the first meeting after a proposed final sales agreement has been created. The hearing must be noticed by publication at least seven days prior to its being held, after which the City Commission may take final action on the proposed sale. Thus, final action to accept the formal offer and execute the sales agreement would require a second meeting and vote following the public hearing. Type of Item: (please mark with an '50 Public Hearing For Clerk's Dept Use: Ordinance First Reading Consent Agenda Ordinance Second Reading Public Hearing Resolution X Regular Agenda Commission Approval X Discussion&Direction Original Document/Contract Attached for Execution by City Clerk Original Document/Contract Held by Department for Execution Reviewed by City Attorney N/A Reviewed by Finance Dept. N/A Reviewed by N/A Reviewed by N/A 3 AN APPRAISAL REPORT of Parcel A: 2.5 Net Upland and Gross Acres of Vacant Land Parcel B: 9.5 Net Upland and Gross Acres of Vacant Land and Parcel C: a 0.15-Acre Narrow Strip for a Deceleration Lane Located on the East Side of N. Clarke Road and North Side of A D Mims Road/Railroad Tracks Ocoee, Orange County, Florida 34761 City of Ocoee PO Number: 1423310 PREPARED FOR Mr. Al Butler City of Ocoee Director of Support Services 150 N Lakeshore Drive Ocoee FL 34761 DATE OF VALUATION June 16, 2015 DATE OF REPORT June 28, 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#A15-38.VL Copyright 2015 Property Valuation & Consulting, Inc. SUMMARY OF SALIENT FACTS PROPERTY A vacant, partly wooded commercial site valued as three parcels (Parcel A consisting of approximately 2.5 net upland and gross acres, Parcel B consisting of 9.5 net upland and gross acres and Parcel C consisting of 0.15 net upland and gross acres, respectively) LOCATION East Side of N. Clarke Road and North Side of A D Mims Road / Railroad Tracks, Ocoee, Orange County, Florida SITE DESCRIPTION The site is irregular in shape, at or near road grade height, level and partly wooded and partly cleared. Public water, sewer, electric and telephone are available to the site. On site retention is required for development. Access is along N. Clarke Road(several possible points) and Ocoee Vista Parkway (several possible points). There is also frontage along A D Mims Road and more specifically, the railroad tracks. ZONING/FLU PUD-COMM (Planned Unit Development - Commercial) Zoning / Commercial Future Land Use by the City of Ocoee PRESENT USE Vacant, undeveloped land HIGHEST & BEST USE Parcel A: commercial development (as vacant) Parcel B: multifamily development due to limited frontage and exposure along Clarke Road, and alternatively for school or professional office/destination retail development Parcel C: a deceleration lane from Clarke Road to Ocoee Vista Parkway, which provides alternative access into Parcel B OWNER OF RECORD City of Ocoee PROPERTY RIGHTS Fee simple DATE OF VALUATION June 16, 2015 DATE OF REPORT June 28, 2015 EXPOSURE TIME 12 months or less(Parcels A and B) Property Valuation& Consulting, Inc. SUMMARY OF SALIENT FACTS Continued... MARKET VALUE ESTIMATE Parcel A: $580,000 (Sales Comparison Approach) Parcel B: $1,370,000 (Sales Comparison Approach) Parcel C: $23,000 (Sales Comparison Approach) EXTRAORDINARY ASSUMPTION The subject is zoned PUD Commercial; however, based on conversations with officials from the City of Ocoee Planning Department, the subject's Prairie Lake PUD could be modified, with minimal effort and expense via a comprehensive plan amendment to be a mixed use development with commercial and multifamily uses, and it is reasonably probable that the subject site (Parcel B) could be used for multifamily as part of this scenario, while the parcel with frontage on Clarke Road, Parcel A, remains a commercial site. Multifamily development has been considered as an alternative use of the subject site based on the extraordinary assumption that a comprehensive plan amendment could be easily obtained as stated. Refer to more details in the highest and best use section of this report. HYPOTHETICAL CONDITION The subject consists of 3 parcels with 9.5-acres, 2.5 acres and 0.15 acres respectively, according to the site sketch provided by the City of Ocoee (included in Exhibit B). No survey has been provided to the appraisers. The subject property is currently an undivided 11.99-acre parent tract. The appraised value is based on the hypothetical condition that the subject site has already been subdivided into the appraised parcels. The use of hypothetical conditions might affect appraisal results. Property Valuation& Consulting, Inc. TABLE OF CONTENTS Nature of the Assignment 1 Purpose and Intended Use of the Report 1 Effective Date of Value 2 Effective Date of the Appraisal Report 2 Inspection Date 2 Scope of Work 2 Definition of Value and Property Interest Appraised 3 Marketing and Exposure Period 4 Sales History 4 Location Description 4 Population 6 Market Statistics 7 Zoning 9 Property Description 10 Flood Map Information 12 Assessment/Tax Data 12 Highest and Best Use as if Vacant—Parcel A 15 Highest and Best Use as if Vacant—Parcel B 15 Highest and Best Use as if Vacant—Parcel C 16 Valuation Process 16 Sales Comparison Approach-Parcel A 17 Sales Comparison Approach-Parcel B 18 Sales Comparison Approach-Parcel C 22 Reconciliation 22 Exhibit A, Subject Location Map and Photographs Exhibit B,City of Ocoee Subject Sketch, Tax Map (Parent Tract),Aerial Photograph (Parent Tract),Tract C of Prairie Lake PUD and sketch of Parcel C Showing 15' Wide Strip Exhibit C,Identifying Legal Description Exhibit D,Parcel A Comparable Land Sales/Listings Location Map,Aerial Photographs and Summary Descriptions and Parcel B Land Sales/Listings Location Map,Aerial Photographs and Summary Descriptions Exhibit E,Assumptions & Limiting Conditions,Extraordinary Assumptions and Hypothetical Conditions Exhibit F, Certification Exhibit G, Qualifications of Appraisers and Appraiser Licenses Exhibit H,General Service Conditions Property Valuation& Consulting, Inc. John A. Robinson, MM,AI-GRS, CCIM 1C 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 INC. Blair Beasley State-Registered Trainee Real Estate Appraiser#RI23675 Property Valuation&Consulting www.PropertyValue.com June 28, 2015 Mr. Al Butler City of Ocoee Director of Support Services 150 N Lakeshore Drive Ocoee FL 34761 RE: Parcel A: 2.5 Net Upland and Gross Acres of Vacant Commercial Land Parcel B: 9.5 Net Upland and Gross Acres of Vacant Commercial Land Parcel C: 0.15-Acre Narrow Strip for a Deceleration Lane East Side of N. Clarke Road and North Side of A D Mims Road/Railroad Tracks Ocoee, Orange County, Florida 34761 Parcel ID#09-22-28-0000-00-056 In accordance with your 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 to estimate the market value of the fee simple estate in the appraised property. The City of Ocoee is the client and the intended user of this report. The estimated marketing and exposure period for the subject(Parcels A and B) is less than 12 months. Purpose and Intended Use of the Report In accordance with the client's request, the purpose of the appraisal is to estimate the market value of the fee simple estate of the subject property. The intended use of the appraisal is for guidance regarding an eventual potential sale of subject property Parcels A and B. 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 Value The effective date of value is June 16, 2015. Effective Date of the Appraisal Report The effective date of this appraisal report is June 28, 2015. Inspection Date The property was inspected on June 16, 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") for an Appraisal Report with adherence to the Competency Provision for the property being appraised. As such, it presents summary 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. In the appraisal of the subject property, one of the three commonly accepted approaches to value was considered and applied: the sales comparison approach, with the result indicating the most credible value estimate for the subject. Since the subject consists of vacant land with no known development costs expended to date, the cost approach was eliminated as a valid approach to value for this assignment. We did not apply the income capitalization approach, since the site is not leased, and due to the lack of comparable ground lease properties of similar physical characteristics in the subject's market area. 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 and/or current listings and contracts of similar properties as a basis for comparison with the subject in order to determine an appropriate unit of comparison for estimating the subject's market value. Property Valuation& Consulting, Inc. 3 The research tasks performed to estimate the value, as defined herein, involved the following: 1- Personally inspecting the subject site on June 4, 2015 and June 16, 2015, walking the site and taking photos of the subject property; reviewing the site data, legal description, zoning/Future Land Use, tax and flood information of Orange County and information provided by the client pertaining to the subject property's size, location and potential development. 2- Researching comparable vacant land sale and listing data available through various data sources such as: county records, data service providers such as CoStar Comps, Loopnet and MLS, as well as data gathered in the field and verifying pertinent details with the property owners, managers or brokers/real estate professionals in the subject's market area. The data were verified, in all cases (unless specifically noted otherwise in the description of each transaction as presented in Exhibit D), with other real estate professionals and/or property owners and/or their property managers. The search parameters included vacant commercial and residential land ranging in size between 1 and 20 acres and transactions occurring within the last two years, as well as current listings. 3- Analyzing the market data in relation to the subject property to derive the indication of values presented in the report, which results in the market value of the fee simple estate in the subject property. 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 results reported herein reflect the 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; Property Valuation& Consulting, Inc. 4 (4) Payment is made in terms of cash in United States dollars or in terms of fmancial 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 was valued as if offered in the open market for a reasonable period of time in which to find a buyer. The fee simple estate in the property has been appraised. It is assumed the property is available for development to its highest and best use, free and clear of all liens and encumbrances. Fee simple estate is defined as the absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. Marketing and Exposure Period The marketing and exposure period for the subject Parcels A and B is estimated to be 12 months or less based on sales of similar properties and discussions with local brokers. The large drop in prices resulting from the recent economic crisis and real estate downturn has caused a stabilization of marketing times when the properties are properly priced and adequately marketed. Parcel C is not developable; therefore, it has no marketing and exposure period. Sales History The last transaction of the subject property's parent tract recorded in the public records of Orange County was in December 2006, when the City of Ocoee acquired it from Silvestri Investments of Florida, Inc. for no consideration ($0). The property is not currently under sales contract, but there is a non-binding letter of interest for$1,600,000 for the 9.5-acre portion (Parcel B), or $168,421 per acre. It should be noted that the separate properties: Parcel A (2.5-acre portion), Parcel B (9.5-acre portion) and Parcel C (0.15-acre portion), have very different indications of value per acre due to economies of scale (size), the individual shapes and utility of the parcels, the differences in frontage and exposure and the differences in highest and best use. Location Description The subject property is located within the city limits of Ocoee, in Orange County. Specifically, the property parent tract is located on east side of N. Clarke Road and the north side of the A D Mims Road/railroad tracks. Property Valuation& Consulting, Inc. 5 The subject parent tract has exposure and visibility from both N. Clarke Road and A.D. Mims Road as the site is located in the northeast quadrant of the signalized intersection of the aforementioned roads. Subject Parcel A, as a portion of the parent tract, has a rectangular shape with good exposure along both Clarke Road and A.D. Mims Road. However, the subject Parcel B site, as a portion of the parent tract, has an irregular shape with the bulk of the site being in the back or rear portion of the site with limited exposure along Clarke Road, which has the heavier traffic (refer to subject site sketch in Exhibit B). The Florida Department of Transportation reports the average daily traffic of N. Clarke Road as 21,000 cars per day, with A.D. Mims Road at 7,000 cars per day (traffic counts displayed on the following map). The neighborhood boundaries are SR-429/Daniel Webster Western Beltway to the west, CR-435/N. Apopka Vineland Road to the east, SR-50/W. Colonial Drive to the south, and McCormick Road to the north (refer to the subject neighborhood map in Exhibit A). e e N ORANGE ( 10 0.10' Parcel A: Has frontage along the east side of N. Clarke Road, a four-lane asphalt-paved road with a median barrier limiting access for southbound traffic to this portion of the subject site. This portion of the site also has visibility from A.D. Mims Road; however access from A.D. Mims Road is not viable due to the active rail line that runs along the southern boundary of the site, along the north side of A.D. Mims Road. Parcel B: It has limited frontage along the east side of N. Clarke Road, a four-lane, asphalt-paved road with a grass median barrier and a median cut in front of the frontage portion of the site. N. Property Valuation & Consulting, Inc. 6 Clarke Road features concrete sidewalks and curbing in the area of the subject site. The subject site has visibility from A.D. Mims Road, a two-lane, asphalt-paved road with turn lanes at its intersection with N. Clarke Road. Due to a rail line that runs along the southern boundary of the property and the north side of A D Mims Road, access from A D Mims Road is not available. The northern portion of this parcel has frontage along Ocoee Vista Parkway, a low traffic, two-lane asphalt-paved road. Parcel C: It has approximately 445 feet of frontage along the east side of N. Clarke Road, and since it is only 15' wide it would serve as a deceleration lane into Ocoee Vista Parkway, which provides alternative access into Parcel C. The subject's surrounding area is improved with multi and single family residential developments, built within the past approximately 25 years. North of the subject is the City of Ocoee Fire Station, along Ocoee Vista Parkway. Commercial uses are located along Silver Star Road to the south of the subject. SR-50/W. Colonial Drive, further south, is intensely developed with numerous shopping, office and service facilities. Population The following data was gathered from Site-to-do-Business Online. We obtained population information within one, three and five mile radii of the subject site, based on Census 2010 Summary Profile information. One Mile Radius 2000-2010 2000 2010 Annual Rate Population 8,354 9,521 1.32% Households 2,796 3,271 1.58% Housing Units 2,870 3,520 1.06% Three Mile Radius 2000-2010 2000 2010 Annual Rate Population 63,712 77,172 1.94% Households 21,477 26,265 2.03% Housing Units 22,464 28,829 2.53% Five Mile Radius 2000-2010 2000 2010 Annual Rate Population 162,818 195.636 1.85% Households 56,163 67,468 1.85% Housing Units 59,923 77,042 2.55% Property Valuation& Consulting, Inc. 7 Market Statistics The following statistics for the City of Ocoee were provided by City-Data.com: Population in July 2009: 32,752. Population change since 2000: +34.3% Males: 16,156 (49.3%) Females: (50.7%) 16,596 Median resident ®33.1 years age: Florida median ammo 38/ age: years Estimated median household income in 2009: $56,663(it was$53,225 in 2000) Ocoee: $56,663 Florida: gammailinms $44,736 Estimated per capita income in 2009: $25,538 Estimated median house or condo value in 2009:$206,691 (it was$109,800 in 2000) Ocoee: emommuummo $206,691 Florida: 1.11111 .1 $182,400 Mean prices in 2009:All housing units:$262,884; Detached houses:$268,280;Townhouses or other attached units: $160,727;In 5-or-more-unit structures:$160,922; Mobile homes:$68,979 Median gross rent in 2009:$1,179. The City of Ocoee's population based on the 2010 US Census is 35,584 with a total area of 14.71 square miles. The top five employers in the city of Ocoee are Health Central Hospital, Orange County Public Schools, Wal-Mart Superstore, Florida Auto Auction, and Sysco Foods. The following is the demographic profiles from the 2010 US Census (provided by www.ocoee.org)of the city of Ocoee. Property Valuation& Consulting, Inc. 8 Subject Number Percent Median age(years) 35.4 (X) 16 years and over 26,863 75.5 18 years and over 25,711 72.3 21 years and over 24,352 68.4 62 years and over 3,932 11.1 65 years and over 3,078 8.7 High school graduates, percent of persons age 25+, 2005- 86.2% 2009 Bachelor's degree or higher, pct of persons age 25+,2005- 262% 2009 Housing units, 2010 12,802 Homeownership rate, 2005-2009 78.1% Housing units in multi-unit structures, percent, 2005-2009 11.4% Median value of owner-occupied housing units, 2005-2009 $235,600 Households, 2005-2009 11,428 Persons per household, 2005-2009 2.75 Per capita money income in past 12 months(2009 dollars) $27,090 2005-2009 Median household income 2005-2009 $60,837 People of all ages in poverty-percent, 2005-2009 7.7% Manufacturers shipments,2007 ($1000) NA Merchant wholesaler sales, 2007 ($1000) 551,563 Retail sales,2007($1000) 573,717 Retail sales per capita, 2007 $18,068 Accommodation and food services sales, 2007($1000) 54,943 Property Valuation& Consulting, Inc. 9 Market Data The following chart,provided by the University of Florida Bergstrom Center for Real Estate Studies, displays the outlook for investment for vacant land in the Orlando MSA. Outlook for Investment in Land: 2 No Entitlements, Residential, Good Tens To Sire 1 S Commercial 0.5 Mixed Time To Burl y •- -O.S - O 1 T ,.5 +land wktwut Entitlements •2 —With Residential Entitlements With Office/Retail Entitlements The next graphic is from Marcus & Millichap's Real Estate Investment Outlook and shows how investors, perceive the current market and whether it is best to hold, buy, or sell specific property types. It should be noted that this is a national survey. Apartment Retail �-� Hotel Industrial Mixed-use Office MIN Undeveloped Land ,,__ 0% 20% 40% 80% 80% 100% 1111 Sell 1111 Hold Buy No Answer Only respondents invested in the property type ere hotbed in the coimn AX batprcperty type Zoning The subject is located within the Ocoee city limits. The subject site is zoned PUD-COMM(Planned Unit Development - Commercial) by the city of Ocoee. The site has a Future Land Use designation of Commercial. Based on the Prairie Lake PUD Land Use Plan from the city of Ocoee, presented in Property Valuation& Consulting, Inc. 10 Exhibit B of this report (the subject is a portion of"Tract C", consisting of 14 acres on the Master Plan), the commercial uses in the development must comply with the uses allowed within the Neighborhood Shopping District (C-1) as defined by the Ocoee's Zoning Department. The 14-acre Tract C is approved for construction of 120,000 of retail space as per the Master Plan. The C-1 commercial district is for the conduct of retail trade and personal service enterprises to meet the regular needs and for the convenience of the people of adjacent residential areas. Because these shops and stores may be an integral part of the neighborhood, closely associated with residential, religious, recreational and educational uses, more restrictive requirements for light, air, and open space are made than are provided in other commercial districts. Additional permitted uses (as set by the PUD) include automobile service stations and supermarkets. These permitted uses are consistent with the Commercial Future Land Use. Development of the subject site is limited by buffer requirements that require 25 feet of buffer area between residential and commercial development. Additionally, a site plan for proposed construction must be approved by the city of Ocoee. The subject zoning allows C-1 uses on this site, and, as verified with City of Ocoee Planner Michael Rumer, the subject zoning district allows for certain forms of medium and high density residential in a mixed use development facilitated by a PUD. This mixed-use development requires a combination of commercial (more than one acre) along with the multifamily as part of a mixed use development. This type of development would require more than one acre of commercial (Parcel A is 2.5 acres) as part of the development and it can be done via a Comprehensive Plan Amendment to the current PUD, which reportedly would be achieved with minimal effort and expense. The proposed use by the potential buyer of the subject property is for a K-8 charter school in the 9.5- acre site (Parcel B), while the 2.5-acre Parcel A would be reserved for future commercial development. Parcel C is intended for a deceleration lane from Clarke Road into Ocoee Vista Parkway. As per the Ocoee City Planner, the only thing needed for a charter school is a special exemption request and there is no need to modify the PUD. Property Description Land Size Parcel A: 2.5 gross and net upland acres Parcel B: 9.5 gross and net upland acres Parcel C: 0.15 gross and net upland acres (site sizes are as per the City of Ocoee provided site sketch-refer to Hypothetical Conditions). Access and Frontage Parcel A: Frontage on and access via North Clark Road with a grass median barrier limiting access for southbound traffic. Exposure is from A.D. Mims Road; however, an active rail line prohibits access. Property Valuation& Consulting, Inc. 11 Parcel B: Narrow access and frontage on the east side of N. Clarke Road, a 4-lane paved road with traffic counts of 21,000 cars per day and a median cut in front of the subject. Access from A.D. Mims Rd. is not available because of the rail line that runs on the south side of the subject between the subject site and A.D. Mims Rd. Exposure is along A.D. Mims Road, a two lane paved road with traffic counts of 7,000 cars per day. There is also access and frontage on the south side of Ocoee Vista Parkway, a two-lane asphalt-paved road leading to Prairie Lake Reserve subdivision, just north of the subject. Ocoee Vista Parkway bounds the subject to the north and continues along the eastern boundary of the site as a paved and wooded, platted road (paper street). As per the Ocoee City Planner, the subject's access, once developed, will be along this road and as a right in— right out access into/onto Clarke Street along the western boundary(at the narrow frontage). Parcel C: approximately 445 feet of frontage along the east side of N. Clarke Road/south side of Ocoee Vista Parkway Shape Parcel A: Rectangular Parcel B: Irregular with narrow frontage and access from N. Clarke Road, limited exposure to higher traffic. Parcel C: Irregular, 15' wide strip of land, with an average length of 449.52'. Its frontage on N. Clarke Road is approximately 445'. Topography Parcel A: Wooded, level and at or near road grade Parcel B: Partly wooded and partly cleared, mostly level and at or near road grade. Parcel C: wooded, level and at or near road grade. Drainage Appeared adequate on the day of inspection. On-site retention will be required when developed. Utilities The sites have public water and sewer available from the City of Ocoee Duke Energy provides electricity. Century Link provides telephone service. Apparent Easements, Encroachments or Restrictions Typical utility and right-of-way easements; no other adverse easements, encroachments or restrictions were Property Valuation& Consulting, Inc. 12 known or observed. An environmental report was not available; however, upon walking the site we observed what may have been a gopher tortoise hole. 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 Orange County, Florida, dated September 25, 2009, the subject site appears to be situated within Flood Zone X, an area of minimal flood risk, outside of the 500 year flood plain. Assessment/Tax Data The subject 11.99-acre parent parcel is identified as Tax ID # 09-22-28-0000-00-056 by the Orange County Property Appraiser and Tax Collector. The total certified 2014 assessment for the parent parcel is $539,550(land value only), or$45,000 per acre and$1.03 per square foot. Since the 11.99- acre parent tract is owned by the City, it is exempt from real estate taxes. However, based on the subject's millage rate of 0.0192370, the 11.99-acre parent property would have real estate taxes of $10,379 for 2014 if it were privately owned. Pertinent tax data follows: Ocoee Vista Pkwy 09-22-28-0000-00-056= eE { . Name,s'. Oxysicai Street Address 1.=3a��+ri!! OWN, SCwtr City Of Ocoee Ocoee Vista Pkwy � a'i ?raperty frame © Postal Lits and_ipcode W VW? MADrrr N/A.Click infarrnatior icon to contribute. Ocoee,Fl 34761 ( (9 W7f 1 o sdelang Addreas On File hoped./Use `P( ' MPS wow PONT 150 N Lakeshore Dr 8900-Municipal p e Ocoee.FL 34761-2223 "R"" i'�^?.turncipaiiry ncorteCs frlaifing Ad ess' Ocoee rardiuse twos *mods I IMAGE UPLOAD Values,Exemptions and Taxes Property Features Sales Analysis Location Info Market Stats 7"Update:nformatiar Property Description COMM SE COR OF NE114 OF SEC 09-22-28 RUN N 00 DEG W 1331.66 FT ALONG E LINE OF NE114 N 89 DEG W ALONG N LINE OF SE1/4 OF NE114 68431 FT S DO DEG E 1333.2 FT S 89 DEG E 466.47 FT S 75 DEG W 564,21 FT TO ROB N 00 DEG W 206.91 FT TO POC RUN NWLY ALONG CURVE CONCAVE SWLY FOR 876.86 FT 5 89 DEG W 256.05 FT 5 45 DEG W 3531 Fr SELY ALONG CURVE CONCAVE ELY 528.98 FT SELY 7187 FT SELY 324.8 FT ALONG E VW UNE OF N CLARK RE)TO N RJW OF RR R!W N 75 DEG E ALONG RR R1W TO POB;`LESS COMM AT THE:NTERSECT;ON OF THEE RIW UNE OF CLARKE RD&N R/W UNE OF SEABOARD RR TH N14-39-44W 324,80 FT NWLY 72.67 FT NELY 52"0.36 FT N43-51-27E 35.11 FT N89-14- 276 22.07 FT TO ROB CONT N 89-14-076186.43 FT S00-45-53E 411.36 FT 580-29-53W 185.28 FT NELY 409.88 FT N43-51-27E 43.60 FT TO PDB`i Total Land Area 522.402 soft l-f 11.99 acres 1*1-i GS Calculated Notice Land Land Use Cede Boeing= . LeettUans tied lee land VikAt t. Ia RUMt POO* , ;,OW ira4la 1000-Vacant Commercial PUD-COMM 11.99 ACRE(S) 545.000.00 5539,550 50.00 5539,550 Page 1 of 1:1 total records, Buildings There are no bul dingo assoc!ated with this parce., Extra Features Desolation Date Beet tlatks XFOB.Vakre There are no extra features assoc ated with this parce Property Valuation& Consulting, Inc. 13 Values,Exemptions and Taxes Property Features Sales Analysis Location Info Market Stats 71 Update information Historical Value and Tax Benefits(D Tax Year Valles Land tinihSngts) Featunits) Market Vallee Assessed Value 2014 CI® 5539,550 - $0 SO = 5539.550 5539,550 2013 Q Cal 5539.550 - $0 - SO = 5539.550 . 5539,550 2012 Q® $541.350 - $0 - $0 = $541,350 ir $541,350 2011 Q $541,350 $0 SO = 5541,350 5541.350 Tax Year ilk Other Exemptions Tan Senses 2014 Q. 5539.550 510,379 2013 Q 5 5539.550 510,405 2012 Q• $541.350 510.537 2011 Q 5 5541.350 510.574 2014 Taxable Value and Certified Taxes(j) TAX YEAR I 2014• 2013. 2012 . 2011 Tam. V. . t1[alp�a„, M geRate ':-, Issas% There are no ad valorem taxes to display at this time, 2014 Non-Ad Valorem Assessments thus: Rabe Atceeat There are no Non-Ad Valorem Assessments 2014 Gross Tax Total: $0.00 O 2014 Tax Savings Tax Savings Your property taxes without exemptions would be: $1037932 Your ad-valorem property tax with exemptions's: - $0500 Providing You A Savings Of: = $10,319.32 Property Valuation& Consulting, Inc. 14 HMG Scoft Randolph,Tax Collar 2014 REAL ESTATE O RANYE COUNTY NOTICE OF AO VALOR TAXES AND NOMAD VALOREM AaaEMIWn1/ AC OUNTNtEIERI ECCODE IIR A0ECOOE 0062e27-7 0.. I65 OCO. '11"I'I'1'I'I'I'I„'I'11 Msrr�14 F.er�ols 09-22-28-0000-00056 COMM SE COR OF NE1/4 OF SEC 09- 1111111M De02014 MARCH ORDiE TAX 22-28 RUN N 00 DEG C W 1331.66 FT ALONG E LINE OF NE1/4 N 89 MOMS MTERUI1ADV SEE TAXROLL FOR COMPLETE LEGAL •••• EXEMPT •••• nlUila 10 OCOEE VISTA PKWY OCOEE 34761 CITY OF OCOEE 150 N LAKESHORE DR OCOEE, FL 34761-2223 PO Box 545100 Orlando FL 32854-5100 TopeybycredicentoM114M-414.80ttorvisewewocumcolomn.AiesedtbschegedbyPointandPaykwitissenew Or to mai in your pe>ment.retrn the lop portion o(your bit wih your dick. Make checks payable to Soott Randolph,Tax Coiecfor•PO Box 545100.Odando FL 32854.6100 Scott Randolph, Tax Collector RETAIN FOR YOUR RECORDS 2014 REAL ESTATE CITY OF OCOEE 150 N LAKESHORE DR 09-22-28-0000-00056 OCOEE, FL 34761-2223 COMM SE COR OF NE1/4 OF SEC 09-22-28 RUN N 00 DEG W 1331.66 FT ALONG E LINE OF NE1/4 N 89 SEE TAXROLL FOR COMPLETE LEGAL SOUS A8CMIS 0 OCOEE VISTA PKWY OCOEE 34761 Receipt wiN be mailed upon request. AD VALOR=TAM TAX ARMY ASSESSED YMI E EXHIPT VALVE TAXAN/VAIN IMAGE* TAX IEVVD STATE SCHOOL 539,550 S39.550 0 5.2260 50.00 LOCAL SCHOOL 539,550 539.550 0 3.2480 50.00 GEN COUNTY 539.550 539.550 0 4.4347 50.00 OCOEE 539,580 539,550 0 5.6371 50.00 LIBRARY 539,550 539,550 0 .3748 50.00 SAM S39.510 539.550 0 .3164 50.00 TOTAL IOtlA6E': 19.2370 EPEA/ OF AO VALOREM TOTAL: S0.11 vikus MONAD YAWNED AIMlMMIITI IFVVVI6 WHOM ABM I NOM,i1DVALO Tam: So.O(;) TOTAL TAXES AND ASSESSMENTS $0.11 ORANGE COUNTY NOTICE OF AD VALOREM TAXES AND NON-AD VALOREM ASSESSMENTS silanE imam 827-? WAGE(ODE 65 �I� 539,SSOIUI 539,5501 UUUIII BORE 0 . Nov/2014 IOe 0I4 I 15 IFeb2015 (MARCH GROSS TAX INTERESTIAOV IEUNA t00E 0 15 Highest and Best Use as if Vacant—Parcel A The highest and best use of the site as if vacant considers uses that are physically possible, legally permissible, financially feasible, and maximally productive. The subject site is physically capable of supporting development as evidenced by the surrounding improvements. Parcel A has frontage, exposure and access along N. Clarke Road, a 4-lane road with a median barrier and 21,000 cars per day at this portion of the subject. In addition, the site has good exposure along A D Mims Road (7,000 cars per day). The site is high and dry with no known wetlands and is rectangular in shape. The use that would be feasible and result in the highest return to the land would be for commercial use, likely retail, due to the zoning and Future Land Use (which allows for a wide range of commercial uses), as well as the corner location(although limited due to the location of the rail) and the lack of surrounding existing commercial development in the area. Therefore, the highest and best use of the subject site as vacant is for commercial development. Highest and Best Use as if Vacant—Parcel B The highest and best use of the site as if vacant considers uses that are physically possible, legally permissible, financially feasible, and maximally productive. The subject site is physically capable of supporting development as evidenced by the surrounding improvements. Parcel B has narrow frontage, exposure and access along N. Clarke Road, a 4-lane road with a median cut at the subject, with 21,000 car per day. In addition, the site has good exposure along A D Mims Road(7,000 cars per day) and has access and frontage along a residential road that bounds the property to the north. The site is high and dry with no known wetlands and is irregular in shape. The use that would be feasible and result in the highest return to the land would be for multifamily or professional office/destination retail development due to the zoning and Future Land Use (which allows for a wide range of commercial uses), as well as the minimal frontage and visibility and the lack of surrounding existing commercial development in the area. Since the bulk of the site is located in the back with limited exposure, the site is more suitable for multifamily or destination retail and/or professional users. Because of the surrounding residential influence, a K-8 charter school is intended by the potential buyer. This alternative use is compatible with the zoning and surrounding land uses, and will only require a special exception request to be submitted to the City of Ocoee. The use of the 9.5-acre portion as a school site also takes advantage of the subject shape Property Valuation& Consulting, Inc. 16 (with the bulk of the property being in the back, away from the main road and with less exposure), leaving the commercial influence to the 2.5-acre portion that has been taken out of the parent parcel as Parcel A. Recent sales and listings of commercial sites in the subject's market area indicated a lower unit price than residential development land for the "backland" 9.5 acre portion of the site, due to the lower exposure. Recent sales of school (private or public) sites are not available in the subject's market to make a determination of value based on school use only. However, in the analysis of the market data available of recent transactions involving commercial land and multifamily land, it is concluded that the unit price of the subject's letter of intent for the charter school intended use is within the range of sale prices of similar residential land. The subject zoning is PUD Commercial as part of the Prairie Lakes PUD, allowing C-1 uses on this site. As verified with City of Ocoee Planner Michael Rumer, the subject zoning district allows for certain forms of medium and high density residential in a mixed use development facilitated by a PUD. This requires a combination of commercial (more than one acre) along with the multifamily as part of a mixed use development. The development would require more than one acre of commercial as part of the development and it can be done via a Comprehensive Plan Amendment to the current PUD, which would be achieved with minimal effort and expense. Therefore, it is concluded that the subject has a wide variety of potential uses, including school, multifamily and commercial uses. Since the subject is essentially backland with limited exposure along Clarke Road, school use and multifamily use are considered alternative uses for the subject site. Therefore, the highest and best use of the subject site as vacant is for multifamily development with alternative highest and best uses for commercial development (likely less intense retail and professional office uses as permitted by the city of Ocoee) and school development. Highest and Best Use as if Vacant—Parcel C This is a 15' wide and approximately 449' long strip of land along the east side of N. Clarke Road, intended for a deceleration lane from Clarke Road to Ocoee Vista Parkway, which provides alternative access into Parcel B. A deceleration lane is permitted as part of the subject property development and is valuable to the subject's 11.99-acre undivided parent parcel (as well as to Parcel B) in that it improves alternative access into the property. Therefore, the development of a deceleration lane is the highest and best use of Parcel C. Valuation Process In the appraisal of the subject property, one of the three commonly accepted approaches to value was considered and applied for the subject property: the sales comparison approach, with the result indicating the most credible value estimate for the subject. As stated previously in the Scope of Property Valuation& Consulting, Inc. 17 Work, the cost and income approaches were not applicable. Ultimately, the sales comparison approach gives a good indication of the subject's value in the open market (market value) as it best reflects the actions of market participants for vacant commercial land. Sales Comparison Approach-Parcel A Three comparable sales of vacant commercial land within Orange County, in addition to one current listing, were analyzed to indicate a value for the subject. The comparables are summarized on the ensuing adjustment grid, and a location map, aerial maps/photographs and summary descriptions are found in Exhibit D. COMPARABLE LAND SALES ADJUSTMENT GRID-"AS IS" Address: East side of N.Clarke Road and north 11800 West Colonial Dnve(South 423 Daniels Road(Northeast corner of 1851 East Silver Star Road 5853 North Apopka Vineland side of A D Mms Road/Railroad ski,of W.Colonial Drive,east of Daniels Rd.and Roper Rd.) (Southwest corner of Silver Star Road(East side of N.Apopka Tracks Westrun Road) Rd.and Silver Bend Blvd.)Vineland Rd.,North of Clarcona- Ocoee Rd. Ocoee,Oran•e Count Ocoee,Oran.e Count Winter Garden,Oran•e Count Ocoee,Oran•e Count Orlando,Oran•e Counts EMMEMEMINI 3380 000 LtIMMI $299,000 Listin•Price ETMETII 108 900 SF :01=3 !MMIIMMINIIIMEM111.1111111 grEENTMEIZE 108,800 SF .: :..mow._. t. e"rr„c ..:.r Ad usbnsnt for Real Props Ri,hts: Price adrrsted for•ro•=rt '•hts: $380 000 MM=IIMM=11 $299 000 Financin•terms Cash or e•uivalent to seller Cash or •trivalent to seller Cash or e•uiva lent to seller Cash or=•urvalent Price ad=tea for fnancin•terms: 1111111111111111111213M1 $380,000 MOIIIIIMIIIIIFNEJETI $299,000 Conditions of sale Atro.nnent for Conditions of eels: Price ad soled for condaions of sale: $380 000 11.111111171 $289 100 MIIIMPIPMENIM None None None None Adjustment for expenditures or contributory value of improv.: 1111111123 LI1■1=1121 Price ad'usted for a•-nditures immedietel after•urchase: $380,000 $289,100 Market Condition.@•3.% 1110111 EF.M 0.00% 19 months a•o 0 months a•o Price ad usted for market conditions: Total•mss ad'ustmenn. $29,900 Gross ad ustment as%of sale•rice: 10.00% Ad usted Prin./SF of Upland Area: Location: C. of Ocoee C of Ocoee C of Winter Garden C of Ocoee gMru^! Ad ustrnent for Location: Land Area/Size(Net Upland SF): 105.900 SF West Colonial Drive Daniels Road North Apopka Vineland Road Secondary Street Fre tsge/xpoaurs: A D Mims Road(7,000 CPO) Wootton Road Roper Road Silver Bend Bouieverd ErZEI Tra0ic Cocoas(2014 FDOT): 21,000 Can Per Da/ 42,000 Care Per a 20,500 Can Per Da 8,700 Cars Per Da/ Acceee/Shepe/Utdity. 4-Lane Paved Road with Median 4-Lane,Paved Road with No 4-Lare Paved Road with Median Cut 8 2 4-Lane Paved Road with Median 2-Lane Paved Rd.with No Barrier(Clarks Rd.)8 2-Lane Median Cul/Mostly Rectangula Lane Paved Road/Rectangula Cut at Side Street 8 2-Lane Paved Median Barriers/Most Paved Road/Rectangula Road/Rectangular Rectangula Ad ustment for Fronta•a/Traffic/Access/Sha•-lUtlll State of Devebpment/fopogrephy. Wooded and Mostly Level Cleared and Level Cleared end Level Cleared and Level Wooded end Mostly Level Ad.for State of Development/To•• ra•h llmprov.: Zoning/FLU and Densay Pratte Lake PUD/Commerciel MIIIINER R-1(Residentisly NC(Residential 1111.11WOR C-1/Rural Settlement 12 Ne•hborlaod Commercial City of Ocoee Cityof Ocoee - City of Ocoee Orange Count Ad ustmant for Zonin./Den.l /Entitlements: Gross Total Ad ustments raneactional and Pro indicot.d Valua/Nat U'land SF: 11.1111111M 1111111111.13:311313■IMENIIIIM111•11■Mill 108,900 SF MSFEIMMETIIMEIMETEEZIIIIIIIMIEri C, Final Indicated Value Rounded to: $580,000 .ortO 33 met upend SF Property Valuation& Consulting, Inc. 18 These sales and listing are judged to be among the best value indicators available. The sale dates range from September 2013 to November 2014 and Listing 4 is current as of the appraisal date. The comparable sites ranged in size from 46,787 to 94,305 net upland square feet, averaging 68,513 net upland square feet. Unadjusted sale/ listing prices ranged from $4.52 to $8.82 net upland SF, averaging$6.02 per net upland SF. None of the sales required any adjustments for property rights or financing, as each transaction involved the fee simple estate and were in cash terms, or cash equivalent to the seller. Listing 4 was adjusted downward 10% for conditions of sale, because it is an asking price which will likely be negotiated downward in order to consummate a sale. No other adjustments for conditions of sale were necessary. Since the economic recovery has led to a stabilization and slight increase in values for commercial land over the last couple of years, a 3% market conditions adjustment for date of sale was applied to the sales. The property characteristics that influence value include location, size, frontage, traffic counts, access, shape/utility, utilities, topography and state of development, 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 $4.14 to $7.42 per net upland SF, averaging$5.43 per net upland SF. The least adjusted comparables are considered to be overall the most similar to the subject; while the most adjusted comparables are considered least similar. The comparables were weighted in direct proportion to the total gross percentage adjustments of each (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 23.1% applied to Sale 1, 27.3% applied to Sale 2, 26.4% applied to Sale 3, and 23.2% applied to Listing 4 for a final weighted average unit value of$5.34 per net upland SF. Multiplying the indicated unit value by the subject site size of 108,900 net upland SF results in an "as is" market value indication for the subject property via the sales comparison approach of $581,616, rounded to $580,000, or$5.33 per net upland SF. Sales Comparison Approach-Parcel B Three comparable sales of vacant multifamily/mixed-use land within Orange County, in addition to one current listing, were analyzed to indicate a value for the subject. The comparables are Property Valuation& Consulting, Inc. 19 summarized on the ensuing adjustment grid, and a location map, aerial maps/photographs and summary descriptions are found in Exhibit D. Property Valuation& Consulting, Inc. 20 ,:r. R! y § ,.; "si,f:w ter m.r k.""" ...' r4. .,,,4 as. i"#" 9e;4L. # ,. Address: East side of N.Clarke Road and 1811 AD Mims Road(south side of A Northeast Corner of Maine 1750 Maguire Road(east side of 4602 N.Pine Hills Rd 5(west side north side of A D Mms D Mims Rd.,west of Clarke Rd.)Street/Blackwood Ave.and Chicago Maguire Road along southern boundary of N Pine Hills Rd.and north of Road/RailroadTracks Ave. of Ronald Reagan Tum.ike Bonne Brae Circle IMEET Ocoee,Orange Count Ocoee,Orange Co. Ocoee,Orange Co. Ocoee,Orange Count Orlando,Orange County Meetin.of the Minds/Contract Date: Jul-13 Current Listin. Jul-13 Aug-14 Sale Date: Jun-15 ..raisal Date Jul-14 Current Listin. Jul-13 Au.-14 Sale/Listin.Price: $1,812,000 $2,500,000 $3,049,400 $985,000 Size Gross Acres: 9.5 Acres 43.21 Acres 27.4 Acres 14.11 Acres 9.14 Acres Sae Net Usable/U.land Acres: 9.5 Acres 17.4 Acres 20.5 Acres 14.11 Acres 9.14 Acres Sale Price/Net Upland Acre: $104,138 $121,951 $216,116 $107,768 Real Pro.- R'.hts: Fee Sim.le Fee Sim.le Fee Sim.le Fee Sim.le Adjustment for Real Property Rights: $0 $0 $0 $0 Price ad'usted for.ro.-rt '•hts: $1,812,000 $2,500,000 $3,049,400 $985,000 Seller Financing of$485,000 with Finandn.terms: Cash or e.uivalent to seller Cash or e.uivalent to seller Cash or e.uivalent to seller a balloon of$393,621 -5% Adjustment for Financing terms: $0 $0 $0 ($49,250) Price ad'usted for financin.terms: $1,812,000 $2,500,000 $3,049,400 $935,750 Conditions of sale: Bank-Owned;Ann's-Length(+10%) Listing Price(-10%) Bank-Owned;Arm's-Length(+10%) Normal;Arm's-Length Adjustment for Conditions of sale: $181,200 ($250,000) $304,940 $0 Price ad'usted for conditions of sale: $1,993,200 $2,250,000 $3,354,340 $935,750 Fxpenditurea immediate'after pvrchaee(or covsrbur'ory value of improvements): None None None None Adjustment for expenditures or contributory value of Ire prey.: $0 $0 $0 $0 Price adustedforex.-ndituresimmediate after.urchase: $1,993,200 $2,250,000 $3,354,340 $935,750 Market Conditions @+4.% 7.67% 0.00% 7.67% 3.33% Months since closin.: 23 months a•o 0 months a•o 23 months a.o 10 months a•o Price ad'usted for market conditions: $2,146,103 $2,250,000 $3,611,659 $966,925 Total.rossad'ustment. $334,103 $250,000 $562,259 $80,425 Gross ad'ustment as%of sale•rice: 18.44% 10.00% 18.44% 8.16% Adjusted Price/Acre of Upland Area: $123,339 $109,756 $255,964 $105,790 Location: ' of Ocoee ' of Ocoee C. of Ocoee ' of Ocoee Uninco..rated Ora!e Co. Adjustment for Location: 0% 10% -5% 10% Land Area/Sae(Net Upland Acres): 9.5 Acres 17.4 Acres 20.5 Acres 1411 Acres 9.14 Acres Adjustment for Size: 5% 5% 0% 0% Primary Street Frontage: Clarke Road A D Mims Road Maine Street/Blackwood Ave. Maguire Road N.Pine Hills Road Secondary Street FrontagelElgosure: A D Minis Road(6,900 CPD) None Chicago Avenue Ronald Reagan Tumpike(95,000 CPD) None Traffic Counts(2013 FDOT): 21,000 Cars Per Da 6,900 Cars Per Da i Low Traffic 28,550 Cars Per Day 21,763 Cars Per Day Access/ShapeiUtility. 4-Lane Paved Rd.with 2-Lane Paved Rd.A+lostly Rectangula 2-Lane Minimally Paved/Dirt 4-Lane Paved Rd.with Median Cut&2-4-Lane Paved Rd.with No Median Median Cut(Clarke Rd.)82- Uplands Rd./Irregula Lane Paved Rd./14osty Rectangula Barriers and Center Turn Lane Paved Rd./Irregular with Lane/Rectangula Adjustment for Frontage/Traffic/Access/Shape/Utility: 0% 5% -5% -5% Utilitiesta=s...wiv..E=e.a.r-r.wro,e: W-S-E-T W-S-E-T W-S-E-T W-S-E-T W-E-T Adjustment for Utilities: 0% 0% 0% 5% State of Development/Topography.. Partly Wooded/Partly Cleared Wooded and sloping gently towards Wooded and Mostly Level Wooded(Fine Trees)and Level Mostly Cleared and Level and Mostly Level Spring Lake at rea Adj.for State of Development/Topography/Improvements: -5% 5% 0% -5% Zoning/FLU and Density: Prarie Lake PUD/Commercial Was R-3(Milt-Family Dvelurg)/High R-3(Multi-Family Dwelling District) PUD/Commercial(buyer obtained R-3(Mud8(anry)Mediun Density Density Residential;Curren:PUD-HD /High Density Residential(Max.16 mzoning for multi-family with 2 acres Residential(Max 20 DUll Acre) (Planned Development High Density) DU/Gross Acre)-Ocoee CRA commercial mixed use prior to closing) City of Ocoee City of Ocoee City of Ocoee City of Ocoee Unincorporated Orange Co. Adjustment for Zoning/Density/Entitlements: 0% 0% -10% 5% :.;.�. /,;y gnu Net Property Adjustments: 0% 25% -20% 10% Gross Property Adjustments: 10% 25% 20% 30% Gross Total Adjustments(Transactional and Property): 28% 35% 38% 38% Indicated Value/Net Upland Acre: $123,339 $137,195 $204,772 $116,369 Unadjusted portion of each comparable 72% 65% 62% 62% wagIne in Nod Proportion to Tong Amount of(am..)AO/Womb: 27.5% 25.0% 23.7% 23.8% PerGroae Acre: $13,672 $25,666 $48,493 $27,680 $34,304 $48,493 $27,680 Indicated Value: 9.5 Acres of Upland Site Area•, $144,430/Net Upand Acre= $1,372,087 (5a.at Met upland SF Final Indicated Value Rounded to: $1,370,000 ,or$144,211 Met Upland Acre Property Valuation& Consulting, Inc. 21 These sales and listing are judged to be among the best value indicators available. The sale dates range from July 2013 to August 2014 and Listing 2 is current as of the appraisal date. The comparables ranged in size from 9.14 to 20.50 net upland acres, averaging 15.29 net upland acres. Unadjusted sale/ listing prices ranged from $104,138 to $216,116 net upland acre, averaging $137,493 per net upland acre. No adjustments were required for property rights as all transactions involved the fee simple estate. Sale 4 required a 5% downward adjustment for financing, as the seller financed 49% of the purchase price at unknown terms. All other transactions were in cash terms, or cash equivalent to the seller, requiring no adjustment. Listing 2 was adjusted downward 10% for conditions of sale, because it is a list price and the sale price will likely be negotiated downward in order to consummate a sale (the broker reported to have had several offers at $2,500,000, but other terms were not agreed upon). Sales 1 and 3 were adjusted upward 10% each for conditions of sale as they were bank owned (motivated seller) at the time of the sale. Since the economic recovery has led to a stabilization and slight increase in values for commercial/mixed-use/multifamily land over the last couple of years, a 4%market conditions adjustment for date of sale was applied to the sales. The property characteristics that influence value include location, size, frontage, traffic counts, access, shape/utility, utilities, topography and state of development, 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 $116,369 to $204,772 per net upland acre, averaging$145,419 per net upland acre. The least adjusted comparables are considered to be overall the most similar to the subject; while the most adjusted comparables are considered least similar. The comparables were weighted in direct proportion to the total gross percentage adjustments of each (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 27.5% applied to Sale 1, 25.0% applied to Listing 2 and 23.7% applied to Sale 3, and 23.8% applied to Sale 4, for a final weighted average unit value of$144,430 per net upland acre. Multiplying the indicated unit value by the subject site size of 9.5 net upland acres results in an "as is"market value indication for the subject property via the sales comparison approach of$1,372,087, rounded to $1,370,000, or$144,211 per net upland acre. Property Valuation& Consulting, Inc. 22 Sales Comparison Approach-Parcel C The comparable sales and listing data indicated the market values of Parcels A and B. Parcel C is a 15' wide and approximately 449' long strip of land along the east side of N. Clarke Road, intended for a deceleration lane from Clarke Road to Ocoee Vista Parkway, which provides alternative access into Parcel B. A deceleration lane is valuable to the subject's 11.99-acre undivided parent parcel (as well as to Parcel B) in that it improves alternative access into the property. The value conclusion for this parcel is based on the concluded market value for Parcels B and C. The aggregate values of Parcels B and C discounted 10% for bulk purchase as one 11.99-acre tract indicate an equivalent per square foot value as Parcel B, the resulting parcel that benefits from the development of a deceleration lane. A summary of the value conclusion follows: Subject 15'Wide Strip for Deceleration Lane(Parcel C) Market Value of 9.5 Acre Site: $1,370,000 Market Value of 2.5 Acre Site: + $580,000 Aggregate Market Value of 12 Acre Parent Parcel: $1,950,000 Less Discount for Bulk Purchase @ 10% • ($195,000) Equals Indicated Market Value of 12 Acre Parent Parcel: $1,755,000 ,or$146,250 Net Upland Acre ,or$3.36 Net Upland SF Subject 15'Wide Strip for Deceleration Lane Land Area: 6,743 SF @$3.36 Net Upland SF= $22,639 Indicated Market Value of Subject 15'Wide Strip for Deceleration Lane Rounded To: $23,000 The above analysis indicates a "bulk" (as if to one buyer) market value for the subject's 11.99-acre parent parcel of$1,755,000, or $146,250 per net upland acre and 3.36 per square foot. Therefore, the indicated market value of the 6,743 SF "Parcel C" is $22,871, rounded to $23,000. Reconciliation PARCEL A Based on market conditions as of June 16, 2015, and having considered the available information, and relying solely on the sales comparison approach, it is our opinion that the market value of the fee simple estate in the subject vacant"Parcel A", as of June 4, 2015 is: FIVE HUNDRED EIGHTY THOUSAND DOLLARS ($580,000). Property Valuation& Consulting, Inc. 23 PARCEL B Based on market conditions as of June 16, 2015, and having considered the available information, and relying solely on the sales comparison approach, it is our opinion that the market value of the fee simple estate in the subject vacant"Parcel B", as of June 16, 2015 is: ONE MILLION THREE HUNDRED SEVENTY THOUSAND DOLLARS ($1,370,000). PARCEL C Based on market conditions as of June 16, 2015, and having considered the available information, and relying solely on the sales comparison approach, it is our opinion that the market value of the fee simple estate in the subject vacant"Parcel C", as of June 16, 2015 is: TWENTY THOUSAND DOLLARS ($23,000). 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, Extraordinary Assumption and General Service Conditions, which are attached to and form an integral part of this report. Property Valuation& Consulting, Inc. 24 No investigation was made of the title to or any liabilities against the property appraised. Respectfully submitted, PROPERTY VALUATION &CONSULTING, INC. ,, John A. Robinson, MAI, AI-GRS, CCIM State-Certified General Real Estate Appraiser License No. RZ417 Ana M. Arroyo, MAI State-Certified General Real Estate Appraiser License No. RZ3450 June 28, 2015 Job#A15-38.VL Property Valuation& Consulting, Inc. t Property Valuation & Consulting, Inc. Exhibit A I Exhibit A ISubject Location Map and Photographs (8 Pages) _ v . $' tIti *.iu,.k a t k I - 1 f t_ -, . , � mss, �����1 ��� e- 01* -,' . --1 ,1 111111 * A V' 1 , t 'gin 'j �� - ': • a 1 . ',d :' ',� — 111 t• al ,-.� III -- 1 2.1 tom,. � ross Rd taft. y„- �` , — poral Co�egt 1 mom , U .Dr Crown Point a ? �� i..c:li::. �Pe JJii4! tc T L' L' �., a d 3 ! : . ' -- l c • i y�+ .. ..,a r �T• 4knena u ... r z kip, I j'.• il I 11):111- ..■...Maple St El _._ v. H _- —4-- 4- _ I � .ry Rd Story Rd' P430 nn y I-4 1 --, la a Q . ,� so— i IV Old wnlei!Garden f d 4 Location Map Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS ,' ---... View looking east at the southwest corner of Parcel A from N. Clarke Road ,., ,,., ' lie : -....i111, . OoP0°atliZ . View looking north at Parcel A from A.D. Mims Road Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS I.: 4 Ai la -4 ihrrirs- Vallig41/14./4110 c _ g ` View of Meadow Lake Townhomes on the west side of N. Clarke Road across from Parcel B entry access point along N. Clarke Road (note: median cut for southbound traffic into site) ... 114 .i \4 , View looking southeast from the northwest corner of Parcel B along Ocoee Vista Parkway Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS IIIIRIIIIIPirrllillrill T )A • F414gritt,44.' 1....1 a •••,..;=—.4411" 4 y View along Ocoee Vista Parkway looking southwest across Parcel B near the center of the northern boundary k\iii, . ,,, , 401‘44010.. . . ..vit. . 1 ,,,... ,_ _ ,.. di -so , yk � : - -_ .�.�,. ter`- • View looking northwest from the termination of the asphalt along Ocoee Vista Parkway along northern boundary of Parcel B,on the left I Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS r l� _ Y ....• . 41,440 ! View of adjacent development to the north of Parcel B and across the street from subject along Ocoee Vista Parkway t M"v t s' • yr i View of Ocoee Vista Parkway looking east from its intersection with N. Clarke Road Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS • View looking south at the 15' wide strip (Parcel C) along N. Clarke Rd. at its intersection with Ocoee Vista Parkway /16/15 View of N. Clarke Road looking north near the southern portion of the 15' wide strip (Parcel C, on the right of the photo) along N. Clarke Rd. Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS 111111r IFIFW" *it1111: ' . JO . 6/1 6/1 5 View of A D Mims Road and railroad tracks looking west from south of the southeast corner of Parcel B (on right) li C..;"* ' ; _JIB 4•011.ter— ..211.1211e211, s;..—° ;1p or View looking north/northwest into Parcel B from near its southeast corner Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS • ark'° 6/1 6/1 5 View of A D Mims Road looking east from near the southwest corner of Parcel B 1.1 • View looking north at the subject site from near the southwest corner of Parcel B Property Valuation & Consulting, Inc. Exhibit A SUBJECT PHOTOGRAPHS w u may 1 u -.R•� -f 4,0. 0 1 r.....' 06/0682,01 E , View looking southeast at Parcel A from N. Clarke Road r:\ View looking northeast at Parcel A from N. Clarke Road Property Valuation & Consulting, Inc. Exhibit B Exhibit B City of Ocoee Subject Sketch, Tax Map (Parent Tract), Aerial Photograph (Parent Tract), Tract C of Prairie Lake PUD and Sketch of Parcel C Showing 15' Wide Strip (5 Pages) 1 Property Valuation & Consulting, Inc. Exhibit B City of Ocoee Subject Sketch (with appraised Parcels A, B& C labelled) Cty 41,Owoee —__/ r , NEU 0,P� �e S ilMin MEM s illi pi e • MIMI , s cu S. i 01%I. c, I ca .. ■ Si eski nA invesunents 'f Ftcz dalnc \\ co A 4 ti o? 9.5± Acres Included f in Offer to Buy ■rty 1,\ Parcel B \1, �• \ /> TA City of \ 2.5± Acres oc Retained • • by City • ' ''• M • • FlQndilnc" 0 • • hi...-11r----"'---..--1,10 ._ tF C • v �_ v*;9 oo • ^North Property Valuation & Consulting, Inc. Exhibit B Tax Map (Parent Tract) t� ! Y o p,;p'», `'R 45.4%.� ..y�-j,�; •-;4`r' „.. i` ,,- ._ • ! 1 ` r f ; N a we a, .x.Jlr.. �y 13 r, Oiui ,* I a' �;�, INN_}'n KI Z - T. r 73 A N 7 . 4 \Nr' 'or Z tP s pt)M�Ms a t • •.-, c m ‘ t `1Q 1 1 -�h`/ a ' dr ^North (The subject is mostly the eastern portion of the 12-acre parcel outlined in red) Property Valuation & Consulting, Inc. Exhibit B Aerial Map (Parent Tract) 4 ' ,- ! .. �_ • .:;... li �`� i 1 r � r _ - • • ti 4 y, f'1 � I I r y. r^ 1 Parcel B s ,,� sew • !s r r. r. N }l ■ Parcel A illemill-°1c1:' r .. . , f`. /rte'.« .' 1r , y, ■ } ` 1. •) '- �, 1 IWO 'T° ✓'t ,, , ..,,,„. ^North Property Valuation & Consulting, Inc. Exhibit B Tract C of Prairie Lake PUD i...._.?"..c... , ........, 7 .-........:::.:____...... _1_____ —- 7.---1.., . ......„,,..,,, 1 I : e.,.......... I Lak• • , TRACT G \ l•N'oeckes i •. ..., Widow 00110.*CA.IES ll I // \ 2, ALL AS • \\N A ,.....„ * , . :„.14.14%•77::• , ..:::,... .... .. .. ( •••...... •-- t"' I . . / i .. Lake TRACT H I '. \\..... _. AK 0.4.-„SNAC1I.. flrFNI KA I • 0 Prairie It 1 t TRACT E •ckYk.owts 1 • , • kkrkkreers YLI.As I 1 • 1 I . , L "ii ariem•... ----... '""'"r ---" . :,•K No. I ....0<P.. I \ \ .. 1 tt i • we., or e SPIRACACT,%.RFC AEATION . 1 It .,--, / .. 1 . . 1 I . : 1 TRACT 0 ! '3WN hOUSC PAM i / I", •-•J.I. / •v e..!......:;,!..".',. I• ........ 'WADS I ••,.,,,. ,- • '`.N.a....,1, :.• ........,,C,LLS*masa • —...... , 4::,............. ". - • ,, ..........— .1,1,.0.10.70 OLD/0 00.41■07 I TRACT A LAMY I-FAIA LY TRACT C ealek . .i • - ACSIDENTIAL ,7••00•F •••■* I ....v.v...., ..,,...44,KINAKY. •!'•!,...Z.' • • .... 11.1.1■24.••=4.... .....•••••••""k '... • ITRACT R _ A ., 1111'' 7-,-,, •,..1 ........,,I .....'"'". • •.a....,e,•ciA., • I ..• ,..••••• ....... .•:;.......•.•,..IMO( _ .„,........r..--- ‘2 --...- i •M.A.."...,,, --- LF et we ....... C.13 CO....• ..g. ......... r%■■■•170 W:**1..110 C.D..," ..,..... RN 2::.. .,.. ....e,....... .......I •..,.,... Prairie Lakes PUD T Master Plan Amentirnee '***.i v... "- '•ttl., r,coe, •1.01.C., i Property Valuation & Consulting, Inc. Exhibit B Sketch Showing 15' Wide Strip (northwest portion of sketch) (From O. R. Book 9042 Pages 2542, Orange County Public Records) POINT OF BEGINNING I N 4 •51•27' E 43.60' , CURVE TABLE Lt N 59' 4'•r E 186.4.' CURVE LENGTH RADIUS TANGENT CHORD l BEARING DELTA N 43'51'27" E 1r'51.27" , 72.87'12439.25'1 38 .34' 1 72 .67' IN 13'48'31' WI 01'42'25' 35.11' 15.00' LINE TABLE UNE' LENGTH I GEARING N LI 21.C7 89'14'0T E o• 11 !, is . o I , SECTION 9, TOWNSHIP 22 SOUTH, ° *A ' z RANGE 28 EAST y1 =a 1 4?, a NO A O I N W 1 to v.--� 3 $ Nr $ = IA 2 t r , u a! LEGEND : c CI : CURVE NUMBER a PIN P,C. : POINT OF CURVATURE V:.\ 1: • 8' P.T. : POINT OF TANGENCY Z s BO29'53. w Lt : UNE NUMBER C4 15.00' � NOTES . 1—$ 1. NOT VAUD WITHOUT THE SIGNATURE AND RAISED SEAL OF A FLORIDA Ift LICENSED SURVEYOR AND MAPPER. �4� 2. NOT VAUO WITHOUT SHEET 1. n %c am J m v .eg,„ EAST RIGHT OF WAY LINE •o LA t, 0. POINT OF COMMENCEMENT o. INTERSECTION OF' THE NORTH RIGHT OF WAY r UNE OF THE SEABOARD SYSTEM RAILROAD AND 4 g THE EAST RIGHT OF WAY UNE OF CLARKE ROAD to K THIS IS NOT A SURVEY u. yob 17 ��r`�`I'"" memo:, E oo' R� E �' iir�o•Sao�r,• S ( B C#,it0 p TF� J<>N SOUTHEASTERN SURVEYING & YAPPING CORP.Boulevard PER sy02p72' 1" =100' Otl ado.Florida American 2810 Drawing No. 51741001 1404861 Job No. 51741 GRAPHIC SCALE (407)202-8580 lo a(407)292-0141 Dote: 12/12/2006 Cert. No. 1.8-2108 SHEET 2 OF 2 n -Rn t nn 7n/1 ar SOY:Infomeoutheauternaurvsying.e0m Property Valuation & Consulting, Inc. Exhibit C Exhibit C Identifying Legal Description (1 Page) Property Valuation & Consulting, Inc. Exhibit C The subject's legal description has not been provided and is likely not yet available. The subject is a portion of the 11.99-acre parent parcel described in Orange County records as follows: Propel)/Description COMM SE COR OF NE1/4 OF SEC 09-22-28 RUN N 00 DEG W 1331,66 FT ALONG E UNE OF NE114 N 89 DEG W ALONG N UNE OF SE1/4 OF NE114 68451 FT S 00 DEG E 1333.2 FT S 89 DEG E 466,47 FT S 75 DEG W 56121 FT TO P08 N 00 DEG W 206,91 FT TO POC RUN NWLY ALONG CURVE CONCAVE SWLY FOR 876,86 FT S 89 DEG W 25605 FT 5 45 DEG W 3511 FT SELY ALONG CURVE CONCAVE ELY 52&98 FT SELY 72,57 FT SELY 324,8 FT ALONG E UN LINE OF N CLARK RD TO N R1W OF RR UN N 75 DEG E ALONG RR RIW TO POB(LESS COMM AT THE INTERSECTION OF THE E RIW LINE OF CLARKE RD&N R/W LINE OF SEABOARD RR TH N14-39-44W 324,80 FT NWLY 72.67 FT NELY 528.36 FT N43.5i•27E 35.11 FT N89.14. 07E 2L07 FT TO POB CONT N 89.14-07E 186,43 FT 500.45.53E 411.36 FT S80.29.53W 185.28 FT NELY 409.88 FT N43.51.27E 43.60 FT TO POB) Property Valuation & Consulting, Inc. Exhibit D Exhibit D Parcel A - Comparable Land Sales/Listing Location Map, Aerial Photographs and Summary Descriptions and Parcel B - Comparable Land Sales/Listing Location Map, Aerial Photographs and Summary Descriptions (9 Pages) Magmas Yam Q.. N D secuan a I', Othern ee9os Rd Pandas Height. )j 7ko McCormkk Rd W C3 -�um, __ 4. a TlofltLake ' I �., tad 1 Lake a p Ocoee Rd 6 `on° g A p o p k a i 437 l /P. . i4 r t Rd _ z1 ,41±- •Fliers o •J —LAWS ¢_ iitda Rorie Rd Subject J.L. rI Vig net! !�,i X �..!/ Q ✓ E FVers Cross Rd Park y. �y ■ �� 1.- Z L� Crown port proms k ; o - i yoll) , i 2 ... ..,__ it I. Ili a �g Av0 7 a� Sale �" X r •� P d r C: a 4 G} fr. 4. Center st r- o sager star ma z,1 L_.i z._ -,C Saver Ws Re t fJ 438. II Mama St �- n 1X u E I .21 4 i t�I eik uvi a0C0BB �. 1 a , 11 � 1(1prir a"! �=; z !� Starke take � S i.__ ll a Antessetax o t Lake *,(� take Say i 8 , S . v.! o i 3 r. ! 91' Q =ir. r-..�BIeY Dr iL i l z I W b R E Story Rd �: '+J Story N = , �T :BNwn Or aVenpn St II � 4 • C 647 -1`_' .t' .]? 3_ \ !CM-�C � a -C7 O ffi I I NO tom rt $�Z X {Ir \� Ctr3 4oe Rose Place IIPP��IIaR� 6 i i:•.. 3 \. :. Park '÷ '^.-- ---.-� ', 33 r Warrior Rd •. "� -�'-- g n per Rd a / 436 Lake r.- z c _- � take Rose z Comparable Sales/Listing Location Map (PARCEL A) Property Valuation & Consulting, Inc. Exhibit D PARCEL A LAND SALE 1 .. _.. .._ Q,vi.„is`on W COLONIAL DR SR,50 s .,. 1116') ♦DDN lam ' rm ass331 11 3 Ur 17 . It 18 11'!» STRUN RD ;. , *r n xn r r Igaa is Y L I - Address/Location 11800 W. Colonial Drive (south side of W. Colonial Drive, east of Westrun Rd.), Ocoee, Orange County, Florida Parcel ID# 30-22-28-9172-03-001 Grantor West 50 Properties Grantee Michael D. Cavinder Transfer Data: Sale/Recording Date September 2013; O.R. Book 10631, Page 1035, Orange County Exchange Conditions and Verification Source Normal; Arm's length, verified with Thomas Hewitt, Grantor representative, at 407-318-7370 Sale Price $412,500 Financing Cash or equivalent to seller Price per unit $8.82 per Gross/Net Upland SF Site Data: Configuration The site is mostly rectangular, level, and cleared (pad ready) with 192.6 frontage feet on the south side of W. Colonial Dr., a divided 4- lane paved road with a median cut Size 1.07 acres/46,787 square feet Zoning/FLU C-3 (General Commercial)/Commercial; City of Ocoee. Traffic Counts: 42,000 Cars per Day Utilities Water, sewer, electric and telephone are available to the site and off- site retention is available. Comments The site is cleared and pad ready. The site has been developed with a dog kennel/day care facility. Property Valuation & Consulting, Inc. Exhibit D PARCEL A LAND SALE 2 • TRACiIi r. TRD ear d oll r - 2 �I z�� o � 160 t.do Address/Location 423 Daniels Road (northeast corner of Daniels Road and Roper Road), Winter Garden, Orange County, Florida Parcel ID# 26-22-27-1660-00-002 Grantor Stefan Marmet Grantee Daniels Professional Park, LLC Transfer Data: Sale/Recording Date November 2014; O.R. Book 10858, Page 7547, Orange County Exchange Conditions and Verification Source Normal; Arm's length, verified with Harry Falterbauer, listing broker, 954-803-6663 Sale Price $380,000 Financing Cash or equivalent to seller Price per unit $4.52 per Gross/Net Upland SF Site Data: Configuration The site is mostly, level, and cleared with 270 frontage feet on the east side of Daniels Road, a divided 4-lane paved road with a median cut, and 311.49 frontage feet on the north side of Roper Road, a 2-lane paved road. Size 1.93 acres/84,125 square feet Zoning/FLU R-1 (Residential)/Residential Neighborhood Commercial; City of Winter Garden Traffic Counts: No data Utilities Water, sewer, electric and telephone are available to the site and on- site retention is required. Comments The Grantee plans to develop the site with professional/medical office space. I Property Valuation & Consulting, Inc. Exhibit D PARCEL A LAND SALE 3 .> -- _ ._ i T r. -54T •, a�wwll S r6 -r ■EM rftliammaj - 1 x — zl T > I 7 ti •_mi.-:,.. � as— .... ... ., .. .'CASSI Address/Location 1851 East Silver Star Road (southwest corner of Silver Star Road and Silver Bend Blvd.),Ocoee, Orange County, Florida Parcel ID# 16-22-28-8049-00-002 Grantor Samuel Musa Cortes (1/2 interest), Herbert Kunstadt and Dorothy Kunstadt(1/2 interest) Grantee Concept Development, LLC Transfer Data: Sale/Recording Date November 2013; O.R. Book 10663, Page 2326, Orange County Exchange Conditions and Verification Source Normal; Arm's length, verified with Steve Dewitt's (listing broker) assistant, 407-380-8633 Sale Price $437,200 Financing Cash or equivalent to seller Price per unit $4.64 per Gross/Net Upland SF Site Data: Configuration The site is rectangular, level, and cleared (pad ready) with approximately 270 frontage feet on the south side of Silver Star Road, a divided 4-lane paved road with a median cut at Silver Bend Blvd., and approximately 345 frontage feet on the west side of Silver Bend Blvd., a 2-lane paved road. Size 2.16 acres/94,305 square feet Zoning/FLU C-2 (Community Commercial)/Commercial; City of Ocoee Traffic Counts: 20,500 cars per day Utilities Water, sewer, electric and telephone are available to the site and on- site retention is required. Comments The site has been developed with a Dollar General retail store. Property Valuation & Consulting, Inc. Exhibit D PARCEL A LAND LISTING 4 / .1 . 16416 Ry — t .. 7618 191.1 , _ ir '1.. 3841 .. .. •j , 72985 , � ,18.Eae Address/Location 5653 North Apopka Vineland Road, Orlando, Orange County, Florida Parcel ID# 34-21-28-0000-00-068 Grantor N/A; Current Listing—Will be Joseph T. and Melinda C. Barrett Grantee N/A; Current Listing Transfer Data: Sale/Recording Date N/A; Current Listing(238 days on market) Exchange Conditions and Verification Source Verified with Patricia Sullivan, listing broker, 407-425-5069 Sale Price $299,000 asking price Financing Cash or equivalent to seller Price per unit $6.12 per Gross/Net Upland SF Site Data: Configuration The site is mostly rectangular, level, and wooded with approximately 65 frontage feet on the east side of N. Apopka Vineland Road, a 2-lane paved road with no median barriers to access. Size 1.12 acres/48,833 square feet Zoning/FLU C-1 (Commercial)/Rural Settlement 1/2; Orange County Traffic Counts: 8,700 cars per day Utilities Water, sewer, electric and telephone are available to the site or nearby and on-site retention is required. Comments The site has been listed since October 2014; the original asking price was $325,000. Property Valuation & Consulting, Inc. Exhibit D 00 iii L.',.i' ..• .i.'-':t —.... . ._ z - ze <-' 1' Lake Hackney Prairie Rd---t- __ .__,' ____ = Eton Dr rri 8 ,-,`" 0 E M '22 Nicole Blvd Meadc -Z-6-, '1 1 -=,'''''- 1.1%,::CI, E' . N. h 1.3 Sale 4 X 0 i 2 Vt9netti Park X1 !. • a2 i el, -El 4fhtio..' .Dr C°4 Oaqat)t; 3 z 91IRd - Indian Hill Rd ' 4" ciAT'll 1Hrij ' IF. . T wiper! Dr 437 I_____ ' ling Ave 0. 3> C? 9k ee C.j < Ei SiNer Star Rd 5 435 Silver Star Rd Silver Star Rd O' -2 › Almena SI i is "' Rd m --1- - c 0 438 y.&,. .,i• CrarIclin St Ocoee rili'Qkil cer° - .. -_-,.--,-.-. irichattarrric C i 11104 AI Hernando Good.cp 71_:...,1.._. cL „,,,..r ,Ambassador Dr 04, . 11tr...„_.„, et, e 1, ,1" m .... ... _ '-r, -:. willowwood st 1: , , -,- Se 431 Orlando Ave White Rd 8 - ....E7-- .1 , Blair Dr Land Liston;2 X 1 114.-lii 7- ; z I Bolling(5' Cortez Brit ,. .---.,, _— _, Story Rd 43i . Balboa Of 8 5: Xi g -•1 III ct' 811, 6-CD Cu ca. :__ 8 Moore St Maine St is .9-7 c.i Arundel Dr 3 C) cT ='..- .e ../.=, Lak 0 o Pine Hills cn Sherwood c7, Berry St rt = W Colonial Dr I- i o III W Colonial Dr -o°a, 58 0 8 Q e la W Colonial Dr So :., ...: 13 1..;.,:t ir.r, n -,4, 4c3 Sae 3 x Toll -4- tn -'-''-`",--..„_:-...--,..._ . ,, _ _ _:___ ------ 41118 z ----...z1 - .77'._._ e:,-4: Hem* 0 nd Toll_ 7---=-=-,-- I cii E Crystal Ta ,.,. ,tow-i: St °vtree in 4 i E .,xi Pose Place '205 Old Z Orloniste Meg*, u) . 41,41:chee ..'..,den Rd x co iri Q $ 11.1 oberson Rd Moare Rd ' 1:? 4 44,e Lake It.41„ 5.? 4-VY — ::._ .11. Lake Rose f.§4orton Jones Rd ,vtilt Iij..-' i,i,. q11 1, 8th St ''-F" ..„. ..,:. L ake Steer 3 Geyer take t Lt, ao 526 CO R• o. a (/) -.*Maite Dr co 0-.1.inh gt :1- Cr' o., Comparable Sales/Listing Location Map (PARCEL B) Property Valuation & Consulting, Inc. Exhibit D PARCEL B LAND SALE 1 1►r .J v • .A • • t Address/Location 1811 A D Mims Road (south side of A D Mims Rd., west of Clarke Rd.),Ocoee,Orange County, FL Parcel ID# 09-22-28-0000-00-038/-001 Grantor Regent Bank Project Finance, Inc. Grantee Mattamy(Jacksonville)Partnership Transfer Data: Sale/Recording Date July 2014 (under contract for a year while seeking development approvals); O.R. Book 10784, Page 966,Orange County Exchange Conditions and Verification Source Bank Sale (motivated seller); Arm's Length; verified with George Pjevach, listing broker,407-843-1723 Sale Data: Sale Price $1,812,000 Financing Cash or equivalent Price per Acre $104,138 per net upland acre ($41,935/gross acre) and $2,621 per Potential Residential Unit Site Data: Configuration The site's uplands are mostly rectangular in shape, sloping to the south and wooded. Size 43.21 gross/17.40 net upland acres with potential for 691 dwelling units based on a maximum density of 16 units per acre Zoning/FLU Previously: R-3 (Multi-Family Dwelling)/High Density Residential Now: PUD-HD(Planned Development High Density),City of Ocoee Utilities All utilities are available and on-site retention is required. Comments Prior to closing the Grantee took the property through a zoning change. The zoning was downgraded from a high density multifamily site to a planned unit development. The Grantee plans to develop the property with a 79 home single-family subdivision(4.54 units per net upland acre). The site has frontage on Spring Lake. Property Valuation & Consulting, Inc. Exhibit D PARCEL B LAND LISTING 2 �i - r 1 1 .1._.__-.i-_._._ ,_ PSI T k } r: AVAILABLE 27 ACRES • MULTI FAMILY t 407-574-3530 BOB BARKETT 6 I 41` BARKETT REALTY GROUP' 4 I Address/Location Northeast corner of Maine Street/Blackwood Avenue and Chicago Avenue,Ocoee, Orange County,FL Parcel ID# 17-22-28-6144-06-260&-250 Grantor Will be: Maine Boulevard, LLC Grantee N/A;Current Listing Transfer Data: Sale/Recording Date N/A; Current Listing Exchange Conditions and Verification Source Verified with Bob Barkett, listing broker,407-574-3530 Listing Data: Listing Price $2,500,000 Financing Cash or equivalent Price per Acre $121,951 per net upland acre, $91,241 per gross acre and $5,703 per potential dwelling unit Site Data: Configuration The site's uplands are rectangular in shape, generally level and wooded. Including the wetlands, the site is irregular. The property consists of 27.4 total gross and 20.5 net upland acres Size 27.4 gross and 20.5 net upland acres Zoning/FLU R-3 (Multi-Family Dwelling)/High Density Residential;City of Ocoee Utilities All utilities are available and on-site retention is required. Comments Based on zoning and Future Land Use the property could be developed with a maximum of 438 dwelling units, based on a maximum allowable density of 16 dwelling units per gross acre. However, interest to date has primarily been for townhomes. The listing broker has a sign on the site and is actively marketing the property to potential users; however,the property is not currently listed on MLS or other real estate services. Property Valuation & Consulting, Inc. Exhibit D PARCEL B LAND SALE 3 4)I • dry' -:� A a Address/Location 1750 Maguire Road (east side of Maguire Road along southern boundary of Ronald Reagan Turnpike and north side of Tomyn Blvd.), Ocoee, Orange County, FL Parcel ID# 29-22-28-8895-01-001 Grantor BNP Paribas VPG Lake Butler, LLC Grantee Park Place at Maguire,LLC Transfer Data: Sale/Recording Date July 2013; O.R. Book 10604,Page 5205, Orange County Exchange Conditions and Verification Source Bank-owned, verified with Matt Chichocki (407-875-9989), buyer's broker at NAI Realvest) Sale Price $3,049,400 Financing Cash or equivalent to seller Price per unit $216,116 per Gross/Net Upland Acre Site Data: Configuration The site is mostly rectangular, level, and wooded (mostly pine trees) with considerable frontage on the east side of Maguire Road, a divided 4-lane paved road with a median cut, and the north side of Tomyn Blvd., a 2-lane paved side road Size 14.11 gross/net upland acres Zoning/FLU The property had PUD Commercial zoning by the City of Ocoee prior to the sale but it was amended to allow for mixed use development of 12 multifamily acres and 2 commercial retail acres. The sale was contingent upon the buyer obtaining the comp plan amendment prior to closing. The apartments are currently under construction. Traffic Counts: Approximately 28,550 Cars per Day on Maguire Road Utilities Water, sewer, electric and telephone are available to the site and on site retention is required. Comments The property owner owed some outstanding back taxes and had some code violation and concurrency issues that had to be cleared up as part of the sale at a cost of$200,000, included in the sales price. Property Valuation & Consulting, Inc. Exhibit D PARCEL B LAND SALE 4 r 144 ` r 1 • . ; r Address/Location 4602 North Pine Hills Road (west side of N. Pine Hills Rd., north of Bonnie Brae Circle and south of Liming Ave.), Orlando, Orange County, FL Parcel ID# 06-22-29-0000-00-009 Grantor Orlando Faith Ministries International, Inc. f/k/a Faith Fellowship Christian Ministries, Inc. Grantee Church of God Prophecy of the Last Days, Inc. Transfer Data: Sale/Recording Date August 2014; O.R. Book 10787, Page 6125, Orange County Exchange Conditions and Verification Source Assumed arm's length and normal as all attempts to verify with Willie Johnson(407-291-2030), Grantor, failed Sale Price $985,000 Financing Seller financed $485,000 (approx. 50% of sale price) at unknown terms Price per SF $107,768 per Gross/Net Upland Acre and $5,388 per Potential Residential Unit Site Data: Configuration The site is rectangular, level, and mostly cleared with 669 frontage feet on the west side of N. Pine Hills Road, a paved 4-lane road with no median barriers(center turn lane). Size 9.14 gross/net upland acres with potential for 183 multi-family units Zoning/FLU R-3 (Multiple Family Dwelling District)/ Medium Density Residential (Max. 20 DU/1 Acre), Orange County Traffic Counts: 21,763 Cars per Day Utilities Water, electric and telephone are available to the site and on site retention is required. Comments The property is mostly cleared and level. A church was previously planned for the site and the buyer is a church. Zoning and FLU permit multi-family, assisted living or church use. Property Valuation & Consulting, Inc. Exhibit E Exhibit E Assumptions and Limiting Conditions, Extraordinary Assumptions & Hypothetical Conditions (3 Pages) Property Valuation & Consulting, Inc. Exhibit E Assumptions and Limiting Conditions No responsibility is assumed for matters legal in nature. No investigation has been made of the title to or any liabilities against the property appraised. In this appraisal, it is presumed that, unless otherwise noted, the owner's claim is valid, the property rights are good and marketable, and there are no encumbrances that cannot he cleared through normal processes. We have provided an Appraisal Report, intended to comply with the reporting requirements set forth by the Uniform Standards of Professional Appraisal Practice (USPAP) for an Appraisal Report. As such the report presents only summary discussions of the data, reasoning, and analyses used in the appraisal process to develop Property Valuation & Consulting's opinion of value. Supporting documentation concerning the data, reasoning, and analyses has been retained as a part of our work papers. The depth of discussion contained in the report is specific to your needs as the client and for the intended use as stated. Property Valuation & Consulting, Inc., is not responsible for the unauthorized use of this report. To the best of our knowledge, all data set forth in this report are true and accurate. Although gathered from reliable sources, no guarantee is made nor liability assumed for the accuracy of any data, opinions, or estimates identified as being furnished by others that have been used in formulating this analysis. The market value estimate contained within this report specifically excludes the impact of structural damage or environmental contamination resulting from earthquakes or other causes. It is recommended that the reader of this report consult a qualified structural engineer and/or industrial hygienist for the evaluation of possible structural/environmental defects, the existence of which could have a material impact on market value. Land areas and descriptions used in this appraisal were provided by the owner and/or obtained from surveys or public records and have not been verified by legal counsel or a licensed surveyor. (The land description is included for identification purposes only and should not be used in a conveyance or other legal document without proper verification by an attorney.) No soil analysis or geological studies were ordered or made in conjunction with this report, nor were any water, oil, gas, or other subsurface mineral and use rights or conditions investigated. Substances such as asbestos, urea-formaldehyde foam insulation, other chemicals, toxic wastes, or other potentially hazardous materials could, if present, adversely affect the value of the property. Unless otherwise stated in this report, the existence of hazardous substance, which may or may not be present on or in the property, was not considered by the appraisers in the development of the conclusion of value. The stated value estimate is predicated on the assumption that there is no material on or in the property that would cause such a toss 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 he 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, Al-ORS, 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 lire, 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 Assumptions The subject is zoned PUD Commercial; however, based on conversations with officials from the City of Ocoee Planning Department. the .subject's Prairie Lake PUD could be modified, with minimal of bri and expense via a comprehensive plan amendment to he a mixed use development with commercial and multifamily uses, and it is reasonably probable that the subject site (Parcel B) could he used Jar nndtif¢mily as part of this scenario, while the parcel with frontage on Clarke Road. Parcel A, remains a commercial site. Multifamily development has been considered as an alternative use of the subject site based on the extraordinary assumption that a comprehensive plan amendment could be easily obtained as stated. Refer to more details in the highest and best use section of this report. Hypothetical Conditions The subject consists of 3 parcels with 9.5-acres, 2.5 acres and 0.15 acres respectively, according to the site sketch provided by the City of Ocoee (included in Exhibit B). No minty has been provided to the appraisers. The subject property is currently an undivided 11.99-acre parent tract. The appraised value is based on the hypothetical condition that the subject site has already been subdivided into the appraised parcels. The lice of hypothetical conditions might affect appraisal results. Property Valuation & Consulting, Inc. Exhibit F Exhibit F Certification (1 Page) Property Valuation & Consulting, Inc. Exhibit F Certification We certify that.to the hest 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. 1 he 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 (USPAP)of the Appraisal Foundation. 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 properly that is the subject ofthis report. Blair Beasley provided significant real property appraisal assistance to the person(s)signing this certification. As of the date of this report, John A. Robinson, MAI, Al-ORS, CCIM has completed the requirements of the continuing education program for Designated Members of the Appraisal Institute. As of the date ofthis report. Ana M. Arroyo,MAI has completed the requirements of the continuing education program for Designated Members of the Appraisal Institute. The appraisal assignment was not based on a requested minimum valuation or the approval ofa loan. We have performed a prior appraisal of one component of the property that is the subject of this report, within the 3-year period immediately preceding acceptance of this assignment. The 9.5-acre site was appraised as a 9- acre site for SI,400.000 with a valuation date of December 12.2014. John A. Robinson.MAI,AI-CRS.CCIM,StateCertified General Real Estate Appraiser,License eRZ419 June 28.21115 I, /t4!r Ana M. Arroyo,MAI,State-Certified General Real Estate Appraiser, License 5RZ3450 June 28,2015 Property Valuation & Consulting, Inc. Exhibit G Exhibit G Qualifications of Appraiser(s) and Appraiser Licenses (6 Pages) Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF JOHN A. ROBINSON, MAI,AI-CRS,CCIM State-Certified General Real Estate Appraiser#RZA17 m u u-mu Business Address: Residence Address: Property Valuation&Consulting, Inc. 800 Windergrove Court 204 S. Dillard Street Ocoee, Florida 34761 Wirier Garden, FL 34787 (407)877-02011 Fax: (407) 877-8222 Education Auburn University-Auburn, Alabama 13S in Business Administration, Major: Finance, December 1982 Melbourne High School - Melbourne. Florida Appraisal courses sponsored by The Appraisal Institute: Course I A, Part 1 -Real Estate Appraisal Principles, Univ. of North Carolina,July 1984 Course I A, Part 2 - Basic Valuation Procedures. University of San Diego,June 1985 Course 1B, Part A-Capitalization"Theory and Techniques,Orlando, Florida,May 1986 Course 113, 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 11520-I lighest&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, May 2014 Courses sponsored by the CCIM (Certified Commercial Investment Member) Institute: Course CI 101 -Financial Analysis for Commercial Real Estate,October 1997 Course CI 201 - Market Analysis for Commercial Investment Real Estate, May 1998 Course CI 104-Investment Analysis for Commercial Investment Real Estate, May 1999 Comprehensive Examination—Orlando, Florida,November 1999 Courses sponsored by the American Society of Farm Managers and Rural Appraisers Valuation of`Conservation Easements' &Other Partial Interests in Real Property, September 2009 Appraisal seminars sponsored by The Appraisal Institute (and South Florida Water Management District): Rate Extraction/Application, July 1989 Impact of Environmental Considerations on Real Estate Appraisals,July 1989 Standards of Professional Practice Update, July 1990 Appraisal Regulations of the Federal Banking Agencies,November 1990 Environmental Concerns, September 1991 Subdivision Analysis,November 1991 Standards of Professional Practice,October 1992 Americans with Disabilities Act, February 1993 Rates, Ratios& Reasonableness, February 1993 Appraisal Review Overview, August 1993 ARGUS Beginning'Training,October 1993 Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF JOHN A. ROBINSON, MAI,AI-GRS,CCIM State-Certified General Real Estate Appraiser#R1417 (Continued) Appraising Troubled Properties,November 1993 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 Uni form 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 'Fools 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-1400—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 Property Valuation & Consulting, Inc. Exhibit G QUALIFICATIONS OF JOHN A. ROBINSON,MM,AI-GRS,CCIM State-Certified General Real Estate Appraiser#R7A17 (Continued) Business Practices and Ethics, March 2012 Fundamentals of Separating Real Property, Personal Property & 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 Introduction to Land Valuation,April 2014 USPAP Update Course, September 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, SFMCO Services, Inc.,Orlando,FL 1985-1986-Appraiser, Pardue, Ileid, 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) Al-GRS Designation(Appraisal Institute-General Review Specialist) Certified Commercial Investment Member(CCIM Number 9080) State-Certified General Real Estate Appraiser, License No. R7417 Licensed Florida Real Estate Broker/Salesman -Active Status 1991 and 1993 Young Advisory Council-Appraisal Institute Florida General Appraiser Instructor, License No. GA 1000019 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, 2009-2012), 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, and 2008-2009), Hillsborough County (2008-2012), Pinellas County (2008-2012), Escambia County (2012), Polk County(2012), Hernando County(2012)and Okaloosa County (2010-2011) References: Available upon request Property Valuation & Consulting, Inc. Exhibit G Al: QUALIFICATIONS OF ANA M. ARROYO,MAI Business Address: State-Certified General Real Estate Appraiser#873450 204 S.Dillard Street, Winter Garden,FL 34787 Phone 407-877-0200 Email:ana(a propertyval uc.cote Education Property Valuation and Consulting,Inc. Sacred heart University—San Juan, Puerto Rico BS in General Sciences, Major: Biology,June 1997 Magna Cum Laude Real Estate Work Experience and Licenses: 2015 East Florida Chapter Secretary(Appraisal Institute) and Alternate Regional Representative MAI Designated Member of the Appraisal Institute State-Certified General Real Estate Appraiser#RZ3450, Florida 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 valuations of vacant commercial, residential, mixed use and agricultural land, conservation land, easements, nurseries, office buildings, retail buildings, manufacturing facilities, mini-storage, warehouses, hotels, motels, apartment complexes, condominiums, convenience stores/gas stations, mobile home parks, existing and proposed residential and commercial subdivisions among 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-pour 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 I, 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 10,2011 —"General Appraiser Report Writing and Case Studies"—Appraisal Institute January 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,MM State-Certified General Real Estate Appraiser#RZ3450 (Continued...) Appraisal/Real Estate Courses& Seminars November 14,2010—"Online Condominiums,Co-ops and PM's"—Appraisal Institute October 30,2010—"7 Hour National USPAP Equivalent Course.2010-2011"—Appraisal Institute August 9-14,2010—"Advanced Income Capitalization`—Appraisal Institute February I, 2009 -"Online Analyzing Distressed Real Estate" — Appraisal InstitutcJanuary 31, 2009 - "Analyzing Operating Expenses"—Appraisal Institute January 3,2009-"Online Small I lotel 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 1 I,2005='1-I IA Update`-Mortgage Bankers Association October 18 - 19,2004-°USPAP Course"—AQB Certified- Instituto de Evaluadores February 16- 20, 2004 -'Advanced Income Capitalization" Appraisal Institute November 13, 2003 - USPAP: Standard 3 & its etTect on lenders & appraisers relationship"—The Appraisal Standard Board-Appraisal Foundation Seminar October 9,2003-Real estate broker license examination(90%passing grade) October 4,2003-"Curso de corredor de bienes raices"—Tiri Real Estate Institute May 8,2001-'FHA Update"- Mortgage Bankers Assoc. Seminar February 10- 11, 2001-"Etica y Estandares Uniformes de la Practica Profesional de la Valoracion de Bienes Raices"-Instituto de Evaluadores Prof. de Puerto Rico November I0- 16, 2000-"Advanced Sales Comparison&Cost Approaches"-Al(11530) October 20,2000-"The Fl IA Appraisal Inspection from the Ground Up"-Al August 14 -21, 2000-"Highest& Best Use& Market Analysis"-Al Course(11520) October 1997- "Expropiacion Forzosa"-Instituto de Evaluadores Prof.de Puerto Rico October 1997-"Matematica para Tasadores"-Instituto de Evaluadores Profde Puerto Rico September 1997-"Etica y Estandares Unifonnes de la Practica Profesional de la Valoracion de Dienes Raices"-Instituto de Evaluadores Profesionales de Puerto Rico May 1997-"Principios Basicos de E'valuacibn de Dienes Raices"-University of P.R Property Valuation& Consulting, Inc. Exhibit G Appraiser Licenses RICK SCO Or I GOVERNOR KEN LAWSON SECRETARY STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD The CERTIFIED GENERAL APPRAISER ' r Named below IS CERTIFIED " ' Under the provisions of Chapter 475 FS Expnator date NOV 30. 2016 ROBINSON JOHN ALAN Si 0� �_ 204 S DILLARD ST / ��}'; WINTER GARDEN FL 34787 • .3VA• .:.r : 0 .: n). I.SSUFO 11C4 2'14 DISPLAY AS REQUIRED BY LAW SW* -la IXOOL2ae STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD R23450 l r;4 The CERTIFIED GENERAL APPRAISER S- NamedbelowISCERTIFIED .? ♦ of ■ Under the provisions of Chapter 475 FS °--� Expiration date NOV 30 2016 ARROYO ANAM OTr 0 ' 8101 N IBIZA CT F LTlA ^` ORLANDO FL 32838 4°I�!•1. -t - -" o x_, 04 Et. ISSUED +.!2Q 7 4 DISPLAY AS REQUIRED BY LAW SEC. I1:102e00058Rr Property Valuation & Consulting, Inc. Exhibit H Exhibit H General Service Conditions (1 Page) Property Valuation & Consulting, Inc. Exhibit H General Service Conditions The service(s) provided by Property Valuation & Consulting, Inc. have been performed in accordance with professional appraisal standards. Our compensation was not contingent in any way upon our conclusions of value. We assumed, without independent verification, the accuracy of all data provided to us. We have acted as an independent contractor and reserved the right to use subcontractors. All tiles, 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 he made without our prior written consent. You agree to indemnify and hold us harmless against and from any and all losses, claims, actions, damages, expenses, or liabilities, including reasonable attorneys' fees, to which we may become subject in connection with this engagement. 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.