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

I he purpose of the apporkal analysis was to develop an opinion of the ntarlect value of the subject property, " as Is" as ofMay 5, 2011, l'he intended use of the appnisul " id be for asset management puI'poses. No other use oflhis report by any athcr entity or person is emhen, rd. I.' Raordi Ivry AasunlptiOtt ll'- analysis assumes there are no ownt"" ironnionial issues related to the subject being pnaoLor In close prosipay totbefornlermunicipal dump. Ifadverseconlmonsaic foundlocsi l reserve tie right to revise the conclusion of value. Market value. fee simple interest, lensed fee interest highest and hest use, and other pool teats are defncd in the following report. We have analyzed ( lie Imark" value ofthe subject property based on our cArnam of the highest and best use of the subject land speculative itmestmenf farJulure cmmrzercia// Iigln indusrrin/ derelopnrenr is estbanled to be the highert and best usefor the subjeei proyerh'. " As n' l its the use prorirler a higher return to dte underlying lard Ihatr ad other use nnahzed. Subject to the above and the assumptions, limiting conditions, and ecru Rcal ion set forth herein. it is our inn tensional opinion Ihut the market value of the fee simple interest in the subject property. " ti is." as of May 5,'_ 01 I. is: SIX HUNDRED FORTY FIVE THOUSAND DOLLARS 5645, 000 I lie exposure time linked to the fetal ciiI value opinion is a range 9 to 12 montls based on market sues ul sart ilm properties and andket netivity. Packet Pg. 77`  44. 11 Purin I_ [ nhn kv I' urdra :iou urnunmrm. PO No. 071796 Ciryt Pnn Wane, lfzacL 33I loll zorod 14o Aaanl FM. IOn Wahm IleaaJL like hereby certify that rve have no interest, present or contemplated in the appraised property. The undersigned appraiser ore unnpetem forlhe properly type anderappraisement. This appraisal has been prepared utilizing all oftbc mquiremcnts set forth as standards for real estate appraisals established for federally related lotnsoctions by the Comptroller ofthe Currency, the Federal Reserve Board. the Federal Deposit Insurance Corporation, and the State of I' lorida. The appraisal is in conformity with the standanis for real estate appraisals as established by the Appraisal Foundation and its Appraisal Shndards Board. The appraisal also conforms to the ( l Jnrrn Sm)?Aordc nfProfesxionnl IPyrei.voI Pruc /ice ( USPAP) and your instructions. The fee for this appraisal was not based on value nor was the ussiunnrent undenaken based on a predetenn i tied value, a trend in value, or a minimum or masrnrum value Respentidly submitted, I It 11111 RISA A Nil AIS( CIItI S. INC. aN N Hillary Driscoll -Olds State. certified General Real Lslahe Appraiser N° RZ S 120 FL) aNcdto J mss-. 9O3ac Walter 1I. Flumphrev Du Store- ccrtiticd General Real Estate Appraiser Na RZ 1219 ( FL) PackeB.Pg. 78  F440 Thu is ... urma..... Ipplarisul Repalrn hidl is Encoded loollo, PI tll rh r' l In 1, '. qur cats sel r' Ih nd t Sln ld+ ds Rr le 2( h) oftl ( ftrntAnWord ,of iosoo,, i11til lip . 11, P, I' ll, 01 5 turr tIIP dlil I. o" 141 it 1, 11111oll orh rontrn lscu t, of Ill, don sonlnA uulr i ree, in dtealp d.. Ip r - to la I>l in, all1 le. ' p. t' mul In 5' / tor cdozet rnr'nr ore nin" the dmn coming, rr / anal, ur.- ' Bell uh,, gl oh o/ jascos sinn anutainu7 it Ilri.c tymrl is . p chic to 1 eed., oJ' Ihe Client noalfar It"- nle d lore r¢ ucd l elon. Its rpp, oi ore ram ras oncfhie f r unauuhorixd use ofthi.. re> olI CLIENT: City of Fon Walton Beach Mr, Paul L. Eubanks. Purchasing Department. PO No. 071796 105 Miracle Strip Parkway SW Fort Walton Beach, Florida 32548 APPRAISERS: Hilt., Driscoll -Olds Stale -certified Oeneml Real h' smtc Appraiser N° RZ 31220 ( 1' 1. 1 Waller H. Humphrey smlecenilied Gencml Rcal Estate Appraiser N° 127_ 1'_ 1811' 1. 7 N6A3 v HOMPHRl ) AND ASSOCIA' I I S. INC. 2 "" Floor. Regions Bank Building 400 Racetrack Road NW Fort Walton Beach. Florida 22547 aRtco J 9a SUBJECT PROPER F " Y. lagnl Des'Criptinn Metes and Bounds_ Section IT Township 2 South, Range 24 West, Okaloosu County- Florida. O T U lohPSicnl Lo, almo N/ S'uboo /' 111, 1111 235 Hollywood BOUdevard NW. Fort Walton Beach. Okaloos I Conroy. 19orida. wn Tan ID No 11- 2S- 24- 0000- 0011- 0020 ZN PU RPOSE OFT HE APPRAISAL: Tilepuiposeoftheapraisal analysis was to develop an opinion ofthe market value oftbe subject propens. ' is isP as of May 5. 2011. NM IN TENDED UNE OF REPORT: Theintended rise ofthe appraisal will be rorasset maoagrnteut purposes. No other use of this report by any other entity or person is authorized. 0 a0 INTENDED USER: The intended user is lire client stntedahove and regulatorynuthodties. Thisrepon c a not intended or authoo7cil rot airy other user or andience. E PROPERTY RIGHTS APPRAISED: Fees'nnple interest in the subjectpropeny. Ln EFFE( IIVF, DATEOF' ALUE: May ,. 2011. DA I F OF REPORT; May 16, 2011. DATE OI' INSPECTION: Hillary Driscoll -Olds and Walter H. Hwnphrcy inspected the property on May 5, 2011. DEFINITIONS: " I he following de0nitions are provided in assist the reader in N... r, i ni ing, this appraisal iepon. Packet Pg. 79  F 4 -- 4. j I agc W 35 Hollywood Doulcvard N W, PO d 071796 H .CR A N ° 1100946 Fort Walton Beach, FL 32547 c6111119G1 f1ON OF VALAT We u+ti Po. m de best of our knowledge and Mh,(' I. llle amcmcnts of Cam comuincd in titis rap o arc we and corrmt_ dfniGngun I' I _' I'd mmour 2' 1' 1 . c I yra lanai' I bn sand ' I rel IRd only be the " P tdmsumpli pe, onal, unbinscd prnfcsplonul anulpcs, oll ninne and conclusions_ t Ixiennul t