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

Recreation............................................................................................. .... 3. 2. 7 Housing................................................. ..................... ...............................11 3. 2. 8 Predominant Development........................................................................ 12 3. 2. 9 Taxes and Assessments ........... ............. ......... ..... ....................... ...... ..........12 3. 2. 10 Zoning and Restrictions ...... ............... ................. ..... ..... ............. ............... 12 3. 2. 11 Building 12 Codes........ ........................................... ........ ......................... ...... 3. 2. 12 Environmental Regulations ................................ ............................. ..........12 3. 2. 13 Neighborhood 13 4 Property Map...... ....... ...................................... .......................... 14 ....... 4. 1 Description........... ................... ....................,.............................................. Site........ ...... ........................... ................................................ ........................... 14 4. 2 Subject Photographs................ .......................................................................... 16 4. 3 Assessment & 19 Taxes........................ ................................................................. 4. 3. 1 Assessment Analysis.................. ........................................................... ....19  5 Zoning Analysis........................................................................................................ 19 6 Highest and Best Use ...... ................................. ......................................................... 20 6.1 Highest and Best Use As Vacant ...................................................................... 20 7 Valuation Methodology............... .......... ...... ........ .............. ......... ......... ..... ... ... 23.......... 7. 1 Sales Comparison Approach.................... ............. ................................ ............ 23 7. 1. 1 Comparable # 1 ....................... .......... ...... ................................................... 24 7. 1. 2 Comparable # 2 .......................................................... ................................ 25 7. 1. 3 Comparable # 3 ................... .................................................. ..................... 26 7. 1. 4 Sales Comparables Map...... ........ ....................... ........... .............. .............. 27 7. 1. 5 Analysis Grid.............. ........................................................ ...................... 27 7. 1.6 Parcels # 1 and # 2 Adjustment Notes ........................................................ 30 7. 1.7 Parcel # 3 Adjustment 30 Notes.. ............................ .................. ...................... 7. 1.8 Sales Comparison Approach Conclusion .................................................31 7. 2 Income Approach ............ ................ ........ ....... ....... .... ....... ..... ............................ 32 7.2.1 Direct Capitalization Analysis .................................................................. 32 7. 2. 2 Capitalization 32 Rate..... ....................... .......... ...... ..... ...... ....... ......... ........ ..... 7. 2. 3 Capitalization Rate Conclusion..................... ................,..... ......... ............. 35 7. 3 Income Approach to Rental Rate ...................................................................... 35 8 Final Reconciliation .... .......... ....................... ....... ........... ........... .......... ..... ............ 35 ..... 8. 1 Sales Comparison Approach .............. ..... ..... ........ .... ....................... ..... ........ 35 ..... 8. 2 Income Approach .......... ...... ..... ........ ... ... ...... ........ .... ........... ........ ................. 35 ..... 8. 3 Value 37 Conclusion..................................... ............ ................................... .......... 8. 3. 1 Market 37 Value.. .......................................................................................... 8. 3. 2 Lease ( Annual Income) Value ..................................................................37 8. 4 Marketing and Exposure 37 Time.............. ....... ..... .......... ............ ........ ............. ..... 9 Certification Statement......................................................... .................................... 39 10 Bibliography .............................................. ........................................................... 40 11 41 Addenda.. .. . .... ..... ........ ...... . .... . .......... ............... . .. ..... . .. .. ................ . .... ...... ........ . . ... 11. 1 Site 42 11. 2 Flood Drawing..................................................................................................... 43 Map.... ................ .................. ........ ......... ................ ...... ...... .................. .... 11 Table of Figures 10 Figure 1 Regional Map....................................... ............. ................................................. 13 Figure 2 Neighborhood Map..... ............. .... .......... ..... .................. ......... ....... ....... ............... 27 Figure 3 Sales Comparables Map ...... .................. ................................................... .......... Figure 4 Parcel # 3 access road construction costs. ........................................................... 31 34 Figure 5 Capitalization Rate Calculations ........................................................................ 43 Figure 6 Subject Flood Map....... ................. .... ............ ...... ........... ...... ..... ........................ iii  Northwest Florida Fair Grounds - Land 1 Summary of Salient Facts Subject Property: Northwest Florida Fairgrounds As subdivided into three parcels Lewis Turner Blvd Fort Walton Beach, Okaloosa County, Florida Property Overview: Parcel # 1 Site Size: 13. 51:1: Acres, Parcel # 2 Site Size: 17. 07-1:.Acres, Parcel # 3 Site Size: 11. 99-1:.Acres, Interest Appraised: This appraisal considers the subject' s fee simple and probable lease income. Highest and Best Use Parcel # 1 Residential/ Commercial Land As Vacant: Parcel # 2 Residential/ Commercial Parcel # 3 Residential Zoning: To be consistent with the highest and best use. Sales Comparison Approach: Parcel # 1 4, 504, 000 Parcel # 2 6,401, 000 Parcel # 3 3, 955, 000 Annual Lease Fee ( Year 1): Parcel # 1 381, 900 Parcel # 2 542, 800 Parcel # 3 335, 400 1. 1 Important Considerations This confidential report is prepared for the sole use and benefit ofthe City of Fort Walton Beach. If this report is provided to third parties it is for informational purposes only. The appraiser-client relationshipis with the City of Fort Walton Beach as the client. This report must not be used for any purpose other than to understand the information available to our client concerning this property. Appraisal Source of Northwest Florida, Inc. and the s), assumes no responsibility if this report is used in any other manner. certifying appraiser( 1 f" (,.