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Fort Walton Beach Council agenda — 02-27-2007 workshop agenda — reading text
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SECTION 29, GO NORTH 00 DEGREES 00' 00.
EAST FOR A DISTANCE OF 615. 00 FEET; THENCE GO NORTH 90
DEGREES 00' 00" EAST FOR A DISTANCE OF 1062.95 FEET TO THE
WEST RIGHT OF WAY tiNE Of REDFlSH POINT ROAD ( APPARENT 50'
R/W) j TIiENCE GO SOUTH 00 DEGREES 11' 40" EAST AlONG SAID WEST
RIGHT OF WAY UNE A DISTANCE OF 615.00 FEET; WENCE DEPARTING
SAID WEST RIGHT OF WAY tiNE GO SOI.JTIi 90 DEGREES 00'00" WEST
FOR A DISTANCE OF 1065.04 FEET TO THE POINT OF BEGINNING. THE
ABOVE DESCRIBED PARCEL IS SI1\JATEO IN SECTJON 29, TOWNSHIP 2
SOUTH, RANGE 28 WEST, SANTA ROSA COUNTY', flORIDA.
SELF- CONTAINED REpORT
OF
Parcels # 1, # 2, & # 3
Northwest Florida Fairgrounds
Lewis Turner Blvd
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Fort Walton Beach, Okaloosa County, Florida
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As OF
December 20, 2006
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PREPARED FOR
The City of Fort Walton Beach
PREPARED BY
James R. Wilton, Ph. D., IFAS
State Certified General Real Estate Appraiser NQ2288
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1201 -
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PO r.Box 730
Sfiaumar, J'
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January 4, 2007
City of Fort Walton Beach
l07 SW Miracle Strip Pkwy
Ft Walton Beach, FL 32548
Re: Parcels # 1, # 2, & # 3
Northwest Florida Fairgrounds
Lewis Turner Blvd
Fort Walton Beach, Okaloosa County, Florida
Pursuant to your request, we have prepared an
appraisal for the above referenced
property. The purpose of this appraisal is to estimate the fair market value of the subject
property' s as well as the most likely annual lease value ( income) for each of the three
identified parcels for use in the planning efforts of the
City of Fort Walton Beach. This
appraisal is intended for the use of the City of Fort Walton Beach, no other users are
intended by the appraiser.
The self-contained report has been completed in accordance with the Uniform Standards
of Professional Appraisal Practice ( USPAP).
The attached report details the scope of the appraisal, level of
reporting, definition of
value, valuation methodology, and pertinent data researched and analyzed in the
development of this appraisal.
We certify that we have no present or contemplated future interest in the
property beyond
this estimate of value. Your attention is directed to the Limiting Conditions and
Assumptions, located on page 6. Acceptance of this report constitutes an agreement with
these conditions and assumptions.
1201 B Eglin Parkway' P,O. Box 730 . Shalimar, FL 32579.( 850) 651- 3725 ~ FAX ( 850) 651- 3784
January 4, 2007
Page 2
Extraordinary Assumptions Used In This Analysis:
The zoning and future land use of the subject parcels will be consistent with the
highest
and best use of the parcels as developed within this analysis.
That an unrestricted right of way will be established over parcels # 1 or #2, as
may be
required for the benefit of parcel # 3 from Lewis Turner Blvd.
Hypothetical Conditions Used In This Analysis:
The subject property is appraised as if vacant; that the value( s) to be developed are for the
land only, excluding any improvements or other attributes or detriments caused by the
improvements to the land.
In my opinion, the value of the subject property, as of December 20, 2006, was as
follows:
The fee simple market value of the subject parcels are:
Parcel # 1 4, 504, 000
Parcel #2 6, 401, 000
Parcel # 3 3, 955, 000
Lease ( annual income) Value is:
Parcel # 1 381, 900
Parcel # 2 542, 800
Parcel # 3 335, 400
Respectfully submitted,
Appraisal Source of Northwe 1 ida, Inc.
a es R. Wilton, Ph.D., IFAS
S ate Certified General Real Estate Appraiser RZ2288
Table of Contents
Table of Figures ....................................................................................... .......................... iii
1 Sununary of Salient 1
Facts...........................................................................................
1. 1 Important 1
Considerations.. ..................................................................................
1. 2 Appraisal 2
1. 2. 1 Specifics.............................................................................................
Appraisal Purpose. ....................... ....... ..... ................ ... ............... .................2
1. 2. 2 Intended Use........................................ ........................ ..... ............ ....... ....... 2
1. 2. 3 Intended User( s).............................. ..... '" .................................................... 2
1. 2. 4 Market Value Definition ........................... ..... ....... .............. ........................
2
1. 2. 5 Three- Year Sale History .............................................................................
3
1.2. 6 Current ListinglPending Contracts........... .......... ............................. ............3
2 Appraisal Scope of Work.......................................................................................4.....
2. 1 Problem 4
2. 2
Identification..................... ............................................ ................ .......
Statement of Work..............................................................................................
4
2. 3 Extraordinary Assumptions ......... ...... ..... ....... ................... ....... .............. .............5
2. 4 Hypothetical 6
Conditions................................................................... ............. .....
2. 5 Limiting Conditions and Assumptions ............................................................... 6
3 Okaloosa County Regional Analysis ..........................................................................8
3. 1. 1 History .. . ...... . ...... ... . '" .. . . .... .... ... ......... ...... ..... ................... .... .8..... ..................
3. 1. 2 Climate.......................................... ........... ..... .................................... ..........
8
3. 1. 3 Transportation ........... ......... ................ ...... ............ ................ ...... .......... 8.......
3. 1. 4 Development............................................................................................... 8
3. 1. 5 Summary ....... ....................................................................... ....... ......... .......
9
3. 1. 6 Regional 10
3. 2 Map............................................... ...................................... .......
Neighborhood Analysis ...................................... ....... ............ ........ ................... 10
3. 2. 1 10
Delineation............................................................................................ ....
3. 2. 2 Government.... .... ....... ...... ....... ........... .... ....................... ............. ................
10
3. 2. 3 Transportation............ ................... ...................................................... ......10
3. 2. 4 Schools...................................................................... ................................ 11
3. 2. 5 11
3. 2. 6 Economy.............................................................................................. .....
11