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

of the market value of the subject property. " as is; as of \ In, 5. 2011. 1lie intended use orthe appmisal ui II be for asset mmraacmem purposes. No other roe uflhis report by any Other entity nr person k authoriuW. Extraordinary Assumpl on. This analysis assumes there are no latent envlron ionital issues iclaod to the bject hour, pan of or in chose proxintty to the fonnernrnmtpal dunp. Ifadverse conditions are found to exist. we to ... I' llue _ In to revise the conclusion of\ alue. Market vacua fee simple interest, leased fee nastiest, highest tad best use, and other pertinent leans are defined in the following report We have analyed the market value of the subject property based on our estimate oftile highest lad best use of the subject land speculative inveshrt" a farfuture earresup ciabIlight industrial ties elop neat is estimated to he the highest and hest ase far the suhjact property, ". 4s Is ", as the it ne pra'idev it higher reuun to the andert, ing laved than nap whe, use arealilml Subject to the above and the ossunoptimu, limiting conditions, and certification set forth herein. it is our pmressionai opinion that the market cattle of the fee strophe interest in the subject property, I, is,' as of May 5. 20 1 I. is. FIVE HUNDRED SEVENTY FIVE THOUSAND DOLLARS 57-5, 000 Tile exposure lime linked to the final current value opinion is a range 9 to 13 months based on market sales of Dir ila, properties and market activity. Packet Pg. 90  4.4.f I r Paull, r, inanACpu¢ euxiLe il, tuloa, PONo. Lit I% r° S °. . 2 Cm of Fun Wulinn Beach J i-' Ji Ilolkoond BmJnarA N W', Pon W alton 6eacL. Il We hereby certify that we have no interest, present or contemplated, in the appraised property. The undersigned appraisers are competent for the property type under appraisetnern This appraisal has been prepared utilizing all ofthe requirements set troll as standards for real estate appraisals established for federally related transactions by the Complmllcr of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the State of Florida. The appraisal is in conformity with the standards for real estate appraisals as established by the Appraisal Foundation and its Appraisal Standards Board. The appraisal also conforms to the UniJhrm Slonek" 1r nJ Pro)'c' no d 41,1 roisul Preclice ( USPAP) and your instructions. The fee for this appraisal wn not based on rilue nor Isis the assignment undertaken based on a predrtennined value, o trend in value. or a minimum or nmsintum value. Respedlully sublimed, IiUMPl1141) AND ASSOCIA I es. INC. Ill llory Driscoll -Olds State certified General Real Estate Appraiser N° RZ 3120 IF] I Walter H. Humphrey State- cenitied General Real Estate Appraiser N° RZ 1218IF W Packet:Pg. 91  4.4,f SUMMARY APPRAISAL REPORT 77ris is Srtnram, flip, isul Report which isintendedmco, ph, with the reporting requirlullus setforth radarSmadta.s Ruin 2- 2( h) p11h D jam. Srandardsofl 4pfessiaml, lppratsalPtvetiocfor a Suatuary Apprulsu1 Report I, u& net rsentronln ennnrmrf• rliscussio,. s ofrite data rc- ,coning, and analnses ( hat sere used in the upPraisai process to dnrelnp the apprnirer' s opinion ofoahte. Supporting docntn... lo ion concerning the data. reasoning, and ca aipses ivretai .. din the' Isr" u""' s ile. The depth of ussion contained to rhiv report is speoifte to the needs of the client and for the intended n.ce stored helms. The it e .... or.. t.. 1hai-° I JI' tort CIA ENT: City of Fort Walton Beach Mr, Paul L. Eubanks. Purchasing DeparUncm 105 Miracle Strip Parkway SW Fort Walton Beach, Florida 32548 APPRAISERS: Hillary Driscoll -Olds Spite- ecnified General Real Estate Appraiser Nr RZ 3120 ( FL) Waller H. Humphrey Statcccni fled General Real Estate . k ppraiser N° RZ 12181 F Fri MpHNEY AND ASso( Ai TS, Inc. 2 "° Floor, Regions Hank Building 400 Racetrack ] load NW Fort Walton Beach, Florida 32547 St B. IECT PROPERI I i.re_ ul Description Metes and Brands. Section 14, lownship I South. Range 24 Wcsr. Okaloosa County, Florida_ Pros.... / LocmioupfSuhjcn Property' 243 - ?45 Hollywaod Boulevard NW. Fort Walton Beach. Okaloosa Comity, Florida. It. 1D W 14- 2S -24- 0000 -0013 -0010 PI- RPOSEOF "TH F APPRAIS: M.: ' 1' he purpose oftbc appraisal analysis was to developmt opinion of the nmrko value ofthe sub',m prrp, rt), " as is," as of May 5, 2011 INTENDED USE OF REPORT: ' Fhe intended use ofthc appraisal wi ll be for asset munugernum proposes. Noothcr use of this , port by any other entity or person is authurized. INTENDED USER: The intended user is the client stated above and rcuulawry aadhoriti,. This epoa is not intended or authorized for anv , her user or aar ience. PROPERIN RIGHTS APPRAISED: Fceslnrpleimerestinthrsubjectpropcny- EFFECTIVE DATE OF VALUE: May 5. 2011, DATE OP REPORT: May 16. 2011. DATE: OF INSPECTION: Hillmy Driscoll -Olds and Walter I L I-] ari imported the property on May 5, 011. DEFINITIONS: The following definitions are proaided to assist the reader in undcalandirg this appraisal report. Packet Pg. 92  4. 4. f Page G 293 -295 Hollywood Boulevard NW. pO A 071796 N S A W110099A Fan Walton Beach. [' 1. 32547 OEFINI " PIONS: Marker Valae The footnoted definition was altered by the Interagency Appraiso/ teal P: roluutiun Guidelines that became effective December2010. The new guidelines update and, splace existing supervisory guidance'£ he (ollorving is the revised definition with the altered word in bald print. The previous verb was' is.' The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale. the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stmonfi s. Implicit in this definition are the consotnmation of a sale as ofn sped]led date and passing, oftitle from seller to buyer under conditions whereby: Buyer and seller are typically motivated: Both parties are well informed or well advised and each acting in what Ihey consider their bast interest: A reasonable time is allowed for exposure in the open market: payment is made in rents of cash in U S. dollars or in Icons cf financial anangemems mmpnrable therero; and llie price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the site Nnine Creation ( bntiimun- The preceding exhibit graphically displays the creation of, re, in a real cane development project overtime. assuntiaa o sro inflation environment for clarity ofpresentation. lineal F al Insntwio It f r. Reeosyty _ dF fcemen Ac of 19%9 PIRREAI- Puh. I. No 101 -73 I01i Slut 183I19S9t1- U S C. 3310, 3331- 3351_ anJsecuon 5( 1,) ofhhe Bank Ilkddin_ Cannpoov Acl. US( 1814th): Pan 225. Subpart G'. Ap,nnuds. Pamaraph 225Ad lt1 federal Recent Asmm. I I( I R Pa n' 108 aaid 223, sec. 22i. 62 Of' ceof 1. ( earns, herof the r hnrvnI 12 CI It Pan 34, Sew. 3442Igl I` DIC I? CI It Pan 323. Sec. 323 2( 11( 200() 1 if Il L. 11 Snnmizime l2 CI R Pan 561 Sc, 5612 NCUA_ 12 UP Pan 722_ Sec. 71) 2 Code of Rdeml Reiard one 1, 11, 12, aaa, e Mt he Ftderal IImnetour BankIimN Packet Pg. 93  4.4.f P. ee 14 343- 245 Hollywood Boulevard NW. PO 11071796 H & A N ° I 10094A Fort Walton Beach. Fl, 32547 FRItit 1(':\ I [ON OF O U. 1 E: Pe ostil'p- in the Ua of on, kno, We, trod N, 10 I tic slatcII of fact conmiucd in this rcpon an true and eooect. The.. paned anulcscs opinions and ccodn, snw an, limited unh b, the . paled s" lunptisns and limilinp