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

TWO: SUBJECT PARCEL# I- DESCRIPTIONS, ANALYSIS, AND n. .............. .................. ............ ............ ..... ..... 32 VALUATIONS....................... ................. SUBJECT PARCEL # 1 DESCRIPTION ............................................................... 33 SUBJECT PARCEL # 1 AERIAL 35. PHOTOGRAPH................................................ SUBJECT PARCEL # 1 36 PHOTOGRAPHS............................................................ HIGHEST AND BEST USE - SUBJECT PARCEL # 1 ......................................... 39 LAND VALUE ANALYSIS - SUBJECT PARCEL # 1.......................:.................. 42 LAND LEASE ANALYSIS - SUBJECT PARCEL # 1........................................... 54 PART THREE: SUBJECT PARCEL #2 - DESCRIPTIONS, ANALYSIS, AND VALUATIONS. .................... ..................................................... ................. ................. 55 SUBJECT PARCEL # 2 DESCRIPTION .........................................................:..... 56 SUBJECT PARCEL # 2 AERIAL 58 PHOTOGRAPH................................................ SUBJECT PARCEL # 2 . 59 PHOTOGRAPHS........................................................... HIGHEST AND BEST USE - SUBJECT PARCEL # 62 2........................................ LAND VALUE ANALYSIS - SUBJECT PARCEL # 2 .......................................... 65 LAND LEASE ANALYSIS - SUBJECT PARCEL #2........................................... 67 PART FOUR: SUBJECT PARCEL #3 - DESCRIPTIONS, ANALYSIS, AND c- VALUATIONS..... ............................. ............ ................................. ............ .................. 68 SUBJECT PARCEL # 3 DESCRIPTION ............................................................... 69 SUBJECT PARCEL # 3 AERIAL PHOTOGRAPH................................................71 SUBJECT PARCEL # 3 72 PHOTOGRAPHS............................................................. HIGHEST AND BEST USE - SUBJECT PARCEL # 3........................................ 74 LAND VALUE ANALYSIS - SUBJECT PARCEL# 3....................;...............~..... 76 LAND LEASE ANALYSIS - SUBJECT PARCEL # 77 3........,................~................. PART FIVE: CERTIFICATIONS, ASSUMPTIONS & LIMITING CONDITIONS, QUALIFICATIONS OF APPRAISER.....................................................;................. 78 . CERTIFICATE OF APPRAISAL ...........:.....~................,........................................ 79 . ASSUMPTIONS AND LIMITING CONDITIONS: .............................................. 80 QUALIFICATIONS AS AN APPRAISER .........,...................................................83 PART SIX: ADDENDUM.. .............. ............ .... ....................... ..................................... 85  7 SPECIAL REPORT CONDITIONS, APPRAISER' S LIABILITY LIMITATIONS AND CLIENT AGREEMENTS The acceptance of the report and its use by the client in any manner whatsoever or for any purpose is acknowledgment by himlher, that this report is a satisfactory professional product, and that he/ she has personally read the report and specific~ny agrees that the data herein is accurate to the best of the Appraiser' s ability. The' report remains the personal property of the signer( s) and may not be transmitted to a third party without written permission. ( Permission is granted to transmit to third party mortgagee.) The Appraiser' s personal responsibility does not extend to' a third party under any circumstances whatsoever. As a part of the Appraiser- Client employment agreement, the client agrees to notify the Appraiser of any error, omission, or invalid data herein within 15 days of receipt and return the report along with all copies to the Appraiser for correction prior to any use whatsoever. Under no circumstances shall the Company' s or Appraiser' s liability exceed the fee actually collected for this report and then only in case of a gross error which would have materially affected the Appraiser' s value opinion as of the date of valuation. Thus by acceptance of this report, you acknowledge that a value opinion is the product of a professionally trained mind, but nevertheless is only an opinion and not a provable fact. As a personal, opinion; valuation may vary between Appraisers based on the same facts. Thus, the Appraiser warrants only that the value conclusion is his/her best opinion estimate as of the exact day of valuation.  10 DIAGRAM OF SUBJECT PARCELS. i.: j--::':- 1i:: '-;::-~'-' i--''''''-'- ....... ".-'- ........-._ ri u. s. GOVERNMENT i PROPERTY I! I I. i I I zOO O_-= PARCEL # 3 i L.-. o....., i! BALL FIELDS',<: i i. ? I: PARCEL # 2 fJRE STATION # 2 17. 07;:1: ACRES LEASE z A PART OF ORIGINAL Z~ l: TRACT # 943 &. 944) Ill O~ 1:).,,- vi  11 SUMMARY OF SALIENT FACTS USE OF APPRAISAL: The intended use of this appraisal is to establish a reasonable sales price for each of the three separate parcels of land, based on appraised opinions of market value for each parcel, as well as to establish a reasonable annual lease rate for each parcel. INTENDED USER: The intended user of this report is the City of Fort Walton Beach. DATE OF VALUES: January 11, 2007 INSPECTION DATE: January 11, 2007 REPORT DATE: February 9, 2007 PARCEL #1 LAND SIZE: 13. 51 Acres. CURRENT IMPROVEMENTS: This parcel is currently improved with some asphalt drives accessing open, dirt, parking areas. Building improvements include a metal-covered, concrete area of about 6, 000 square feet, as well as masonry, roadside outbuilding/sign base of about 200 square feet. The parcel is surrounded by six- foot, three- strand security, chain-link fencing around the perimeter. As we were asked to appraise the land value only, our appraisal does not include any valuation of the existing improvements. FUTURE LAND USE/ ZONING: County/ Not Zoned. HIGHEST AND BEST USE: Mixed-use Development. FINAL LAND VALUE: 4, 200, 000  12 ESTIMATED ANNUAL LEASE: 357, 000 PARCEL #2 LAND SIZE: 1:17. 07 Acres. CURRENT IMPROVEMENTS: This parcel is improved with a concrete block workshop/ concession stand/office of approximately 1, 500 square feet, a concrete block restroom building of approximately 400, three softball fields, a covered concrete shelter of approximately 900 square feet, and four gazebos. As we were asked to appraise the land value only, our appraisal does not include any valuation of the existing improvements. FUTURE LAND USE/ ZONING~ County/ Not Zoned. HIGHEST AND BEST USE: Mixed-use Development. FINAL LAND VALUE: 4, 930, 000 ESTIMATED ANNUAL LEASE: 419, 050 PARCEL #3 LAND SIZE: 1:11.99 Acres. CURRENT IMPROVEMENTS: This parcel is improved with a complex of metal and concrete block buildings used by the Fairgrounds Association.