Fort Walton Beach Council agenda — 01-07-12 retreat — reading text

determined to be aide due ? OOryrear Feud plain:' Zonc Vh is the flood insurance rate zoae that corresponds to the 100 -pes coastal flood plains that have additional hazards associated with storm waves. BI Es Aerived front the detailed hydraulic analyses arc shown at selected intervals within this cone. Mandatory flood insurance purchase requirements apply. Zones AF and A I - A30 are the need insurance rate zones drat correspond to the 100 -year Flood plains that are ddennined in the Flood I nsuraace Study by detailed methods- I most instances. Base Flood F.levat ions derived from the d etai led ho ch-aufac analyses are shown utseleded intervals within this zone. Mandatory Ilcmdinsuran tie puchnse rvluiaentents apply. an flood COBRA - Coastal Barrier Resource Act. NOFederallyfnndcdtloodinsumncemplacesma rkcd aps: Site Intp rovemrnts: Electric- phone, water, and sewer are available at ontear the site. Drama,,, appears adequate. Theroadway is private_ - Structural Ira ...... meat,: None. Zaning, nd t' mea( ( R) by Catcurreacy, ' Ihesubject p,- Perry ran Is Siuglr 1 7, ( R- 1, and h t re land use is dewy Led as / t the Cap of Fort Walton Beach. This c tca any provides 1 x low denst , residential d vlopme us at > 43 DC acre See addenda for LDC e, c,, pt, olat ive to the zoning classification of the subject. kssesscd Value wad Ad Valorem Taxes: The sahjscl is owned by the City and is tax exempt Assessment and lazes are typical ofthe area and have no sign ifaant effect on market value. I listor_ y: The subject property has been in the ownership of the City of Fort Walton Beach prior to 1977 according to county records. As of the effective date fthe appraisal, the appraisers are not aw are ol any additional Ira ,, fors. sale or marketine activity on the subject. Current Use;, Vacant land- PackefPg. 45  4. 4.c P: _r 18 7 - SRL Lots. Baymt Roods Drive NW. PO' 072833 It & A N° I10169 Fen Walton Bench. IT 32s47 Proposed Use: Unknown. n_ uses. single Adjacent Uses: Adjacent and nearby uses ocludetypical rural rcighbodia. d acdivitiesconsistendwithsu ...... family residential to the north, south. cast and west. 1) flnll!jraldllf and Economic Anal' sis: the Okaloosa Coanty and the City of Fort Welton Beach, Florida danographie and econonuc an: dysis u included in the addenda of this report. Alarhet Area: the primary source ofsole data utilized for the supply and demand analysis was obtsincd form the Fntemld Coast Association of Realtors Multiple Listing Service. ' fhe appraisers arc awsrc thm the MtS is nm all inclusive bud has historically been a strong indicator or bammcter of market trends. ' Ihe subject prop,,(, is Nm located m FCAR MLS Main Area 12, Fort Walton Beach, Subar, a 03 %Vest Fon W upon Beach. N3n Nma Main Area 12 - fort Walton Beach at J C 0> UY mN mm rdTn Hu IF i j,Ia 12L. a` c L Z. Packet Pg. 46  4.4. c Pagc 24 7 - SI' R Lois. Bayou Woods Drive NW. PO ;W72823 li & A fall 101( 9 Fort Walton Beadu 1. 32547 HUGHES( AND If USE " AS IS' Discussion: She highest and best lisc' as vacant recognizes the most probable uses for thesubjee propcny given the current market for residential property and recent development activity in the market aria. Permissible. Legally The subject property ' s current on in_ is Sing to Fam i l y If cndem ul( R - I A) onda FLU o I' Itecreahon ( R) per the Cis' of foil W ahon Beach. Ise of the subject property for residential development is carts permitted. c Physically Possible. the subject property is generally level well drained, and mar near road grade. Soil and subsoil conditions 3 nearby appearcompatiblewith residential development. All inflattrienmeand utiliticsncededl sid ou' ll use are presently at the site. ' Ihe size and dimensions of the site are .sufficient to allow a wide variety of yv legally permicible uses. The shape of the sit, is irrcSular but does not limit unllry_ " fransporatium of N con stiuction materials or labor to the site is estimated to he relatively simple due to the cchild Iocauo I of c the site within the ovemll market. Access m the she is good. J Therefore, all of the Iega) uses are physically possible to some estent. 9c Financially I ca, ilile: Demand for residential plop lt es is loodolt thileir an J is ofirtna,, il by s r fag land 11 s. We O3 antcipatcthmdtemostprobableuseo ttlesa- wouldbel) dens' p mdb umul, resident ddevckpment U due to it being located on a residential street and surrounded by similar uses_ Development ofthe site with low density residential type use mhtch Is complimentary to the surrounding land [ ryes would represent the most likely financially feasible option. However, the carrent markel conditions and development activity indicate ihm development of the site would not be economically feasible at this time. ) his is evidenced by a large supply of aclive listings, a, increase in expired listings, lack of new construction and continued dowmvardl, ting priceadjustments. Tltelargem1111beroflistingsnnd relatively fewsalesk tin indlcauen of an ovcsupply or buyer s market. Therfinure, speculative investment fm future low density residential development is cunsiden m be a financially feasible use. Productrvr. Masinmlh Annibl ofsurrounding properties, historical sucsofother - filar tracts indicate cesidenb I Use wnuldbe theorasimally produdrve use of the site Idosaever file use which results In tire masnorm profitability of the sic isbeyond the scope Iftllil assienmcut The ownedinvestoduser as the fecipients ofthe property s productivity _ ^ready d, tennines whul the use should be. The use determination for the subject should conform to the neighborhood vends and be ccu, istera with csistins land uses - Speculative investment for future tom deouits residential development is considered to be a financially feasible use. CON( I,USION OF HIGHEST AND BEST USE, " AS IS` Sp" mitah" inrnlrrten(Jarfuture lmr dentin. residenfial doolopmenl is considered m be the highestand best rise " as is " as this use provides it higher return to the anderl) ing land than ant- other use mralized. Packet Pg347  4. 4. c SUBJECT PHOTOGRAPHS 5or, r.,lu, 6n} ou WUO. 1, ono NW ntl W olion a , 11 1 L 32J48 N le, north from Solir Street NW to Bayou Woeds Urrve n w, sugea on T- 11 Packet Pg. 48  4.4.c SUBJECT PHOTOGRAPHS s. m rsk. u11- . e. ri_ ran w