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

end limiting conditions, and certification of s- In' let blah herein, it is our professional opinion ohm the market value of the fee simple argues, in the subject property, w ith tr via m mental remedicame, as of May 18, 201 I, 1, THREE HUNDRED EIGHTY THOUSAND DOLLARS 380, 000 Subject to the above analysis, general assumptions and limiting conditions, and certification of value set forth herein, r pro fes. rand opinion that tile market value of the fee simple interest In the subject pmpeny, without emironnoental remediation, as of di 18, 2011, is ONE HUNDRED SEVENTY THOUSAND DOLLARS 170, 000 flue exposure time linked to the final current value opinion is a range 6 to 9 months based on market sales of similar properties and market activity. Packet Pg. 107  4.4.g Paea z. Porchosiu4 Oapart tem. City of Far Win —Batch We hereby certify that we have no Interest, present or contemplated, iv the appraised property. The undc,,,, a, d appraisersare competent forthe property type under appreisemem. This appmisalhas been pr, anedmili, in, all fthe olocarents so forth as standards for real estate appraisals established for federally related transactions by the Comptroller of the Currency, the Fedcral Reserve Board, the Federal Deposit Insurance Corporation, and the State of Florida. The appraisal is in conformiry with the sandards for real estate appraisals as established by the Appraisal Foundation and its Appraisal Standards Board. The appraisal also conforms to the Uniform Standards ojProjesslmm[ APProisof Pra, u, ( USPAP) ame your instructions. The fee for this appraisal was not based on value nor was the i- ararat undertaken based oa a predetermined value, a vend in value, or a minimum or maximum value. Re,, eifi lly submitted. liummtaev no Assoadres, Inc. Jerry Cox, M11A Score- ccrtifial General Run l Fimm Appraiser M RZ 3114 ( FL) W ulor H. 11 It,,, Sore -certified Geaeml Real Estate Appraiser K RZ 1218 ( FL) Packet Pg. 108  F449 SUMMARY APPRAISAL REPORT 7 ho, 9pprairal Report morph,, wish the r' e,melmg r,, P irNa, n, see firth render Smndards Rule? -? (b) of lie Unit rm Smndards of Profesriuna] dppraisal Practlee / USPAP)- L represents summary dr,, texlons ofrhe dam, reasoning, raid not... used in the appraisal process m Serelop the appra .... u opminn ofvalae. The analvaes... covistenr. irh rhescope ofwurk datrrmined m be ne( essary to derive a credible result. Some su porting documentarian corrrernlrtg the dam, ... rani,,. and nrmlrses is anminedin the aP raisers' file. The depth ofdlseussion ono. iald in Ons repent isspecific m theneeds frhecliearaod,fm the intended obviate Ph ep .. pors' hle for anauthadmed use o / this swat[. CLIEN' L Purebasiog Department Fair of Fort Walton Beach I Oi Miracle Strip Parkway Fart Walton Beach, Florida 32545 APPRAISERS: Jerry Cox Slate- certified Geaeml Real Esmte A, ro, w, Ns RZ 3 114 1 L) Walter H. Humphrey State- ecnified General Real Estate Appraiserya RZ 1218 ( PL) HLMPHREI' AND ASSOCIATES, Inc. ti Floor, Regions Bank Building 400 Racetrack Road NW Fort W almn Beach, Florida 32547 SUBJECT PROPERTY: Legal Description Loos3 and 4, Block B, Sevb, caze First Addition, according m the plat thereof, as oiled is Plot Book 2, page 5S of the Public Records of Okolooso Coanry. Florida_ Phvsical Location ofSubJear Property 25 Miracle Strip Parkway Fort Walton Beach, Florida 32548 TAX ID: 14 IS -24 -221 B -0001 -0030 PURPOSE OF THE APPRAISAL: The purpose ofrhe apPraisvl analysis w as m develop an . pillion oftlm market . elac ofrhe subject pr. peny, wRh and with.., environrneoul remediati. n, as ofM ey 18, 2011. INTENDED USE OF REPORT: The intended use oftbe appraisal will be for refereneen, FlIolml. exchange, and /or set managemnu decisions- No other air of this report by any otlrer entity or person is authorized. INTENDED USER: The intended user is the client stated above and regulatory amlirrin._c_ This report is not intended or melt. eed for any other user or audience. PROPERTY HIGH US APPRAISED: Fee simple imarest in the subject property. EFFEC TIVE DATE OF VALUE: May 18, 2011 DATE OF REPORT: May 18, 2010 DA rE OF INSPECTION: Jerry Cox inspected the property on May 5, 2011. Walterll. Humphrey previously inspected the property. DEFINITIONS: Thedefruansf011owing the CenificaHon of Value vie provided masses[ the reader in understanding rhia p,,.,. l report_ Packet Pg. 109  F- 4.49 Po ^a Is'— Cee, ntewcal Ent 15 Mlncm std, Parkway N h A FIIe d?Ir0094F JC Fan Walton Bosh. Florida 32548 CERTIFICATION OF VALUE: We candy that, to the best of our knowledge and belief. I. The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assomprons and limiting conditions. and arc our personal, unbiased professional analyses, opmloas and conclusions. 3. We have , a proven, or ptnslicence interest in the property that is the subject ofthis report and no personul interest with respect to the panes involved. We have not previously appraised the subject. or performed any p efic,, mcal services. 4. We have no bias with respect m the property that is the subject of this report or 10 the parties involved with WIs assignment. 5. Oar cnengmnem is this assignment was not contingent upon developing or reporting pre -determined results 6. Ourcompensnnon for completing this aseienmenris not coatloeem upon the dcvelopmcntel roponingofa predem, nhined value or direction is value that favors the came or We client the amount of the voice opinion, the anturnient of a opulmed result, . 1 ' he occurrence of a subsequent event d- cl y related m the intended use - fills appraisal. 9. Wu have made I, personal...... d- n ofthe property lhm is roesubjectofthis " term . Jury co, inspected t he p rop, ty un15, 2011. Walter Humphrey previously lnsp" I' d the properly. 8. No one provided sigriF, out mot property appraisal assistance m are parsons 1191[ 1111 this 111- 1. 9. The reported analyses, opinions, and conclusions seem developed, and this report has been prepared. in conformity with the Code of Professional Erb,. and Standards of Pmfes, a mal Appraisal P ecio, of1he AppraisaI Insl iwa_ S. 9' heuse or his report is subject 10, here9uiramcna of the Appraisal houme main, 10 ,, i av by its only auffiun, cd emanvel. h 9. As of [ht date of his report, Jerry Cox has completed the continuing education program of the Appraisal Institute. N Waller IL Humphrey has not completed the c- nnuin, education requirement of da Appraisal labiate. NT L 10. Subject to tire above analysis, general assumptions and Ilminn9 conditions, and cenitieo11m1 of, do, set forth hereto, it Is our processional opinion that lre mnrke, valve ofth, tee simple interest in the subject llTIly, with environmental n rcmedial as of Muv 18. 2011, is: a` O THREE HUNDRED EIGHTY THOUSAND DOLLARS 350, - 00 and eenifi -anon of value set forth hercin, cNE 11. Subject to the above analysis, general assumptions and limiting comfin..... m it is mr, professional opinion that the market value of the fee simple tams, in the subject property. without envtr- nmental remedinliun, as of M., 18, 2011, is ONE HUNDRED SEVENTY THOUSAND DOLLARS 170, 000 it liliml, Ann ASW CUTPS, I" Jerry Cox, MBA Ste¢ tainted Oeneml Rral Estate Ararat... TL RZ 3114 ( C)