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

endangered fauna or flora pollution and hazardous materials. o.~_~ 12 r~.r-f~; J~'_ f- ll.. pP, j~ E~ g1;!; f;J.f! Tce  Northwest Florida Fair Grounds - Land 3. 2. 13 Neighborhood Map Data "'" aubJo<l to Icen$., 112005 DeLorme, stroot AtI.. USAoII!2006. www. cteIorme.com Figure 2 Neighborhood Map 13 J;-~ J/t~ jL. a E~ g 1;f.,Tce Ylpp !;~,~,~  Northwest Florida Fair Grounds - Land 4 Property Description 4. 1 Site Site Size4: Parcel # 1 - 13. 5H Acres with 12. 0H Effective Acres Parcel # 2 - 17. 07::1: Acres Parcel #3 - 11. 99::1: Acres Parcel # 1 is stated in the source documentation as 13. SH Acres; however 1. S::I:Acres is subordinated to a right of way for parcel # 3. Site Shape: All parcels are approximately rectangular. Site Topography: Level with the street. Road Frontage/Access: Parcel # 1 - Lewis Turner Blvd; 894. 53::1: feet; less 80::1: feet for parcel 3 right- of-way. Parcel # 2 - Lewis Turner Blvd; 824. 35::1: feet. Parcel # 3 - Non- exclusive right- of-way through a side boundary granting across parcel # 1. Site Improvements: None Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency ( FEMA). The subject is not located in flood hazard zone. FEMA Map Number: 12091C04S3H FEMA Map Date: 12/ 06/ 2002 FEMA Zone Classification: " X" Easements! Encroachments: I have not perfonned a title search to detennine if the use of the subject property is affected by deed restrictions or land use covenants. I am unaware of any such legal constraints; however, any value concluded within the report assumes that there are no such restrictions or covenants, which would limit the use or marketability of the properties appraised. I recommend to the client that an abstract or title opinion on the subject be obtained from a title 4 Parcel size is extractedfrom the site drawing as provided by the City of Fort Walton Beach, no survey or boundary measurements/ or each site are available. 14 J~ tl~ U. 5tpP,~C.~ t,f! E2g 1;!,;, Tce f;;  Northwest Florida Fair Grounds - Land company or qualified attorney at law for if it has any questions in this matter. Environmental While no obvious envirorunental or hazardous materials were Conditions: observed during the inspection the appraiser is not an expert in such matters and ADVISE THE CLIENT TO OBTAIN AN ENVIRONMENTAL AUDIT or jurisdictional detennination from a licensed professional in an appropriate discipline or a state agency. Site Comments: The sites are assumed to be vacant and available for development, see hypothetical assumptions on page 6. 15 ir-'iji- J;~~ b f1/! pp !.;~: g 1!:., Tce f,;;;~ 4.2 NorthWest FlOrida SUbject Fllir GrOUOds _ Land Photographs LeWis TUrner West LeWis TUrner East J- . h. 16  Northwest Florida Fair Grounds - Land Lewis Turner South ( Golf Course) Parcel # 2 I. 17 rfj.ti- ___, /-~.. J ..... . - ", I. 4pP :;~!{f.! sE~ rce g 1;!;.  Northwest Florida Fair Grounds - Land Parcel # 1 Parcel # 3 18 u~. J-'}(;r-);-- 2tp p ,~';;/;; fu~ E~ J!~ rce r;;  Northwest Florida Fair Grounds - Land 4.3 Assessment & Taxes Tax Parcel ID# 26- 18- 24- 0000- 0001- 0040 & 26- 18- 24- 0000- 0001- 0030. Tax Year: 2006 Assessed Value Land $ 3, 497, 150 & $ 478, 429 Assessed Value Improvements: Not considered in valuation. Tax Rate: 16. 1318 Mills Real Estate Taxes: None - Municipal entity 4. 3. 1 Assessment Analysis Ad Valorem tax assessment and exemptions are not applicable to this analysis as the problem to be solved is for highest and best use of divided parcels. 5 Zoning Analysis The subject parcels are within the jurisdiction of the City of Fort Walton Beach, however no zoning determination has yet been made. Prior to the annexation into the City of Fort Walton Beach the parcels were within the jurisdiction of Okaloosa County. While within that jurisdiction the parcels were without a zoning designation. It has been established as part of the extraordinary assumptions of this analysis that the zoning and future land use will be considered to be consistent with the highest and best use developed as a part of this analysis. 1/~ 19 i. J----- J/ I J'2J..pp ,~~,! tlJ f/ ." _ J ..~ .. i, Tce t;!;g 1;!;., E(;~  Northwest Florida Fair Grounds - Land 6 Highest and Best Use Land value must always be considered in tenns of highest and best use. The value of the land is based on its highest and best use as though vacant and available for development to its most economic use. 5 The highest and best use concept considers the assumption that in the real estate marketplace, an infonned buyer will pay a given price for a property based on his judgment concerning its most profitable use. Therefore, vacant land sites, and improved properties, if applicable, tend to be put into their highest and best use by buyers attempting to maximize the profit potential from a given property. It is important to remember that properties highest and best use may or may not be its existing use and the concept must be applied to both the land " as vacant" and to the land " as improved". The highest and best use ofthe subject site is detennined from the many possible uses of the property, as it currently exists as well as if the land were vacant and available for development. Highest and best use may be defined as: the reasonably probable and legal use of vacant land or improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. 6 Permissible Use. What uses are pennitted by zoning and other legal restrictions? Possible Use. To what use is the site physically adaptable? Feasible Use. Which possible and pennissible use will produce any net return to the owner of the site? Maximally Productive. Among the feasible uses which use will produce the highest net return, ( i.e., the highest present worth)? 6. 1 Highest and Best Use As Vacant Le2;alIv Permissible: The subject parcels are located within the limits of The City of Fort Walton Beach. No zoning designation has been assigned at this time. The surrounding land uses are residential, high and moderate density, as well as commercial utilization along Appraisal of Real Estate 11th Edition, Page 323 5 The 6Ibid, Page 297 r"-.~ ~ 0/ 20 r~_ . Ii... I r- I" 9Lp l: Ct... 1.,~,~.(;;~ P :;~,! g 1;!;., rce  Northwest Florida Fair Grounds - Land Lewis Turner Blvd as well as public use for administrative and recreational purposes. Any form of public use zoning would not permit a maximization of profitable use of the land and is discounted as a possible assignable zoning in the context of maximizing market value.