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

market rent for the subject parcels. 2. 3 Extraordinary Assumptions Consistent with the terms of our quotation and subsequent engagement: 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. o.-- --~ 5 c.:_ o _ . ~~_ ..... ' .. _~ . I:. . r ,~" r M_ j .. 9lpp ,~~,!: z,c.!sir,-~, g z:: rce  Northwest Florida Fair Grounds - Land 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. 2. 4 Hypothetical Conditions Consistent with the terms of our quotation and subsequent engagement: 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 the by improvements to the land. 2. 5 Limiting Conditions and Assumptions Acceptance of and/or use of this report constitutes acceptance of the following limiting conditions and assumptions; these can only be modified by written documents executed by both parties. This appraisal is to be used only for the purpose stated herein. While distribution of this appraisal in its entirety is at the discretion of the client, individual sections shall not be distributed; this report is intended to be used in whole and not in part. No part of this appraisal, its value estimates or the identity of the firm or the appraiser( s) may be communicated to the public through advertising, public relations, media sales, or other media. All files, work papers and documents developed in connection with this assignment are the property of Appraisal Source of Northwest Florida, Inc. Information, estimates and opinions are verified where possible, but cannot be guaranteed. Plans provided are intended to assist the client in visualizing the property; no other use of these plans is intended or permitted. No hidden or unapparent conditions of the property or subsoil, which would make the property more or less valuable, were discovered by the appraiser( s) or made known to the appraiser( s). No responsibility is assumed for such conditions or engineering necessary to discover them. Unless otherwise stated, this appraisal assumes there is no existence of hazardous materials or conditions, in any form, on or near the subject property. Unless stated herein, the property is assumed to be outside of areas where flood hazard insurance is mandatory. Maps used by public and private agencies to determine these areas are limited with respect to accuracy. Due diligence has been exercised in interpreting these maps, but no responsibility is assumed for misinterpretation. Good title, free of liens, encumbrances and special assessments is assumed. No responsibility is assumed for matters of a legal nature. Necessary licenses, permits, consents, legislative or administrative authority from any local, state or Federal government or private entity are assumed to be in place or reasonably obtainable. It is assumed there are no zoning violations, encroachments, easements or other restrictions which would affect the subject property, unless otherwise stated. 6 J;- J~ lkf-- u. 5'Lp fff!f-J! t;, p ?;~, rce h~  Northwest Florida Fair Grounds - Land The appraiser( s) are not required to give testimony in Court in connection with this limited appraisal. If the appraisers are subpoenaed pursuant to a court order, the client agrees to pay the appraiser( s) our regular per diem rate plus expenses. Appraisals are based on the data available at the time the assignment is completed. Amendments/ modifications to appraisals based on new information made available after the appraisal was completed will be made, as soon as reasonably possible, for an additional fee. Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. Maps and exhibits found in this report are provided for reader reference purposes only. No guarantee as to accuracy is expressed or implied unless otherwise stated in this report. No survey has been made for the purpose of this report. The appraiser is not qualified to detect hazardous waste and/or toxic materials. Any comment by the appraiser that might suggest the possibility of the presence of such substances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials. Such determination would require investigation by a qualified expert in the field of environmental assessment. The presence of substances such as asbestos, urea- formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The appraiser' s value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value unless otherwise stated in this report. No responsibility is assumed for any environmental conditions or for any expertise or engineering knowledge required to discover them. The appraiser' s descriptions and resulting comments are the result of the routine observations made during the appraisal process. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent ofthe appraiser and the named client. All portions of this report are the intellectual property of Appraisal Source of Northwest Florida, Inc and intended for the exclusive use the named c1ient. No portion ofthis report may be reproduced or decimated in any manner without the written permission of Appraisal Source of Northwest Florida, Inc. @ 2007 Appraisal Source of Northwest Florida, Inc. All rights reserved. No part of this document may be reproduced, modified, rewritten, or distributed, either electronically or by any other means, without the express written permission of Appraisal Source of Northwest Florida, Inc. o.,. /' 7 iI/~ ft;-~~..a~ YIpP<~~,!' f}!E/~f! ce l;!;.,:  Northwest Florida Fair Grounds - Land 3 Okaloosa County Regional Analysis There are four (4) basic interrelated forces that influence the value of real property social ideals and standards, economic changes and adjustments, governmental controls and regulations; as well as physical or environmental changes. These forces and their respective effects on market value are considered in every phase of the valuation process. The Regional, City and Neighborhood Analysis sections of the report focus on these forces. Okaloosa County is located in the Florida panhandle west of Walton County and east of Santa Rosa County. It contains an area of approximately 936 square miles, or 595, 000 acres of which 267,000 acres ( 45%) are held by the federal government and 61, 000 acres ( 10%) are held by the State of Florida. The primary improved facilities of the Eglin Air Force Base complex are located in the county. Elevations range from sea level to 235 feet above sea level. The county seat is in Crestview. 3. 1. 1 History Prior to World War II the county was oriented around rural endeavors. Timber, fanning, and isolated fishing camps were the main economic forces ( excluding Prohibition era stills, alcohol import, and carry- over gambling). The varied exigencies of the war resulted in the federal forests being consumed by military needs, which have continued to the present. These military activities spawned the initial growth and development ofthe southern portion ofthe county. Today the south part ofthe county is a mosaic of military land, unincorporated communities and incorporated entities. 3. 1. 2 Climate Temperatures average 51 degrees F. in the winter and 80 degrees F. in the summer. Average annual rainfall is 64 inches. 3. 1. 3 Transportation Interstate 10 rwming east west through Crestview bisects Okaloosa County. Crestview is served by rail freight, which parallels the interstate route. Scheduled airline service operates from the County Air