Fort Walton Beach Council agenda — 02-27-2007 workshop agenda — reading text

regarding the appraisal.s of the property located at 1958 Lewis Turner Boulevard Council Member Hartwell) WA- 3 Agenda Item Number: Joyce Shanahan om: Helen Spencer lent: Wednesday, February 21, 20072: 34 PM To: Joyce Shanahan Cc: Carole Jones Subject: Workshop Agenda Item Joyce: I talked with Councilman Jim Hartwell on the proposed workshop for 2- 27-07 at 5: 30pm on brownfields, which he agreed. During that same conservation he asked me to pass on that he wanted you to put on the same Workshop Aaenda for 2- 27- 07, the results of the 2nd appraisal received on the 42 acre Fairground property, for discussion purposes. Helen Spencer City Clerk- Fort Walton Beach 850- 8;33- 9509 850- 833- 9640- Fax hspencer@fwb. orq 1 1 I 1 I I i 1 "\ 0' I J i -_ r'"' 1 j j "",) oj rO'\ ' c::) j J 1"'1 j L,j fOI I j 1 1 1 U r1LJ f1 U I g I ll! INC. CONSULTANT & REAL ESTATE VALUATIONS, 1'1 i~ LJ M. EUGENE PRESLEY AND ASSOCIATES 432- 7066 · FAX ( 850) 438- 8742 P. O. BOX 329 . PENSACOLA, FLORIDA 32591 . ( 850) K U L, r ~ A  THREE ACREAGE PARCELS' '.' LAND VALUES ONLY NORTH SIDE LEWIS TURNER BOULEVARD FORT WALTON BEACH, FLORIDA'  SELF- CONTAINED APPRAISAL REPORT PROPERTY Three Acreage Parcels Land Values Only Parcel # 1- :!:: 13. 51 Acres Parcel # 2 - :!::17. 07 Acres Parcel # 3 - :!:: 11. 99 Acres LOCATION North Side of Lewis Turner Boulevard Fort Walton Beach, Florida EFFECTIVE DATE OF VALUE DATE OF REPORT January 11, 2007 February 9, 2007 PREPARED FOR City of Fort Walton Beach 107 SW Miracle Strip Parkway Fort Walton Beach, Florida 32548 Consultant & Real Estate Valuations, Inc. M. Eugene Presley and Associates Post Office Box 329 Pensacola, Florida 32591- 0329 CONSULTANT & REAL ESTATE VALUATIONS, INC. M. EUGENE PRESLEY & ASSOCIATES P, O. BOX 329, PENSACOLA, FLORIDA 32591- 0329 . ( 850) 432- 7066 . FAX ( 850) 438- 8742 February 9, 2007 City of Fort Walton Beach 107 SW Miracle Strip Parkway Fort Walton Beach, Florida 32548 ATTN: Ms. Helen Spencer, City Clerk RE: Appraised Values of Land Only, Three Acreage Parcels Lewis Turner Boulevard, Fort Walton Beach, Florida Dear Ms. Spencer: At your request, an inspection has been made of the referenced properties for the purpose of estimating the market values; In compliance with the !' Uniform Standards of Professional Appraisal Practice", this is a self-contained appraisal in which all applicable approaches to value are used; the value conclusions reflect all ."'. known information about the subject properties, market conditions, and available. data. It contains to the fullest extent possible and practical explanations of the data, reasoning, and ap.alyses that were used to develop the opinions of-land value only for each parcel. It also includes thorough descriptions of the subject properties, each property' s locale, the niarket for each property type, and opinions of highest and best use. Market value will be defined in the following report, but basically assumes. a willing buyer and seller, both knowledgeable of the subject real estate market and with the valuation at the property' s highest and best use. For each parcel, we have been tasked with determining a market value of the land only, as well-as an expected annual lease rate for the land..' An important assumption of our. opinion of value is that Parcel # 3 will have access to Lewis Turner Boulevard via a 60-foot easement across Parcel # 1. 1....... I M. EUGENE PRESLEY, MAl, SRA FLORIDA STATE- CERTIFIED GENERAL APPRAISER # 0000103 City of Fort Walton Beach February 9, 2007 Page Two Subject to the above and the limiting conditions and certification as set forth herein, it is our opinion the market values as of the last date of inspection, January 11, 2007, was: PARCEL #1 FOUR MILLION TWO HUNDRED THOUSAND DOLLARS S;4. 200. 000 PARCEL # 2 FOUR MILLION NINE HUNDRED THIRTY THOUSAND DOLLARS S;4. 930. 000 PARCEL #3 TWO MILLION SEVEN HUNDRED SIXTY THOUSAND DOLLARS S;2. 760. 000 The value indications are current market values. Our opinion of expected annual lease rates for each are $ 357, 000 for Parcel # 1, $ 419, 050 for Parcel # 2, 234, 600 for Parcel # 3. We hereby certify we have no interest, present or contemplated, in the appraised property. This appraisal has been prepared utilizing all of the requirements set forth, as standards for real estate appraisals established for federally related transactions by the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the State of Florida. The appraisal is in conformity with the standards for real estate appraisals as established by the Appraisal Foundation and its Appraisal Standards Board. The appraisal also conforms to the Uniform Standards of Professional Appraisal Practice (USP AP). The fee for this appraisal was not based on value nor was the assignment undertaken based on a pre- determined value or guaranteed loan amount. City of Fort Walton Beach February 9, 2007 Page Three review, We appreciate the opportunity of doing this work for you. Mter your should you have questions, please call. Respectfully submitted, CONSULTANT & REAL ESTATE VAL.~INC. 1 S.; c: 1:;;~//' M. Eugene Presley, MAl, BRA State- Certified General Real Estate Appraiser 0000103 J ,:11' f vll2/<l lv-- rT/. j I, i ' I,' Ai Stephen E. McKenney , 1, State- Reg. Trainee Real Estate Appraiser " RI8246 '  TABLE OF CONTENTS TITLE PAGE COVER PAGE TRANSMITTAL LETTER TABLE OF CONTENTS PART ONE: DEFINITIONS, PROCESS, GENERAL AREA & NEIGHBORHOOD DESCRIPTIONS......... ....................... ................. ....... .............................. .., .... ............... 8 DIAGRAM OF SUBJECT PARCELS .... .......... ..... ............... ...... ................... ......... 11 SUMMARY OF SALIENT FACTS ................._...................................................... 11 SCOPE OF APPRAISAL ............. ...... .......:. ......... ............. ............ ............ ...... 14 .... ...... PURPOSE OF 15 APPRAISAL........ ...... ...... ....................... ... ................... ........... . PROPERTY RIGHTS 15 . APPRAISED..............:.................;..........................::.......... MARKET VALUE DEFINITION AND IMPLICATIONS .................................... 15 . EXPOSURE TIME.................................... ....... ..................................... .... ..... 16 ......... MARKETING TIME....... ..... ........................... ................. ............. ......................... 16 '" IDENTIFI 17 CATION.. ............ ..................,.....:........... ...:............. ... .................... ......:. APPROACHES TO VALUE ................................:................................................... 19 GENERAL FORT WALTON BEACH AREA ANALYSIS .................................... 21. NEIGHBORHOOD DATA........ ........ .........:...... ............... ...... .......:. .::. ........30 ...... ....... PART