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

Waller H. Hmuldimy Sa, osmfiod G— al Rval Enve Appearser IN RZ 1218 ( FL) Packet Pg. 110  F449 Pmcb Vac ant Lot 25 M uscle Strip Parkway H& A File AM 10094F at Pon Wolwn Bcarb. Florida 32546 SCOPE OF WORK: Problem tp be Solved: The purpose of the appraisa l analysis was to develop as opinion of them a liter v a l no ofthembj eel property, with and sailboat tali Ion mental remediation, de of May 18, 201 I. The subject property is a vacent lot located at 25 Miracle Strip Parkway in Fort W. Im. He ach, Florida. The lot has 150 feet front... on M line le Strip Parkway, Highway 98, and is approximately 195 feet deep. The let is 29, I85x SF or 0. 67_ acres- The lot joins the site of a W hamburger fast food restaurant oo the svasT side. The vacant lot is the site of a convenience store that sold gasoline. The underground fuel tanks have been Temov ed but the site has not been env ire nmenm l ly rem ciliated. ' fbe Fort Walton Beach City Planner provided information from the Phase 11 Environmental report ns to the cost to emedlate the site and groundwater component as an acceptable level for industrial use The cost are_ Oroandwmeo_$ 74, 378 10 and iodunrlal use_. S134, 74[ 0 for o total remedial cost of 5209, 1 19. 90, rounded to 5210, 000. Remedial dam and information is is the Addenda. The oppositions were not provided a survey of the subject parcel. The property was photographed- The app, m ... reviewed data from the Okalcora fouuty Property Apprmeer' s database- File data for nearby pro, ... ee was reviewed. The M LS, LoopNet, public records and office f Ics tout researched and twilled. The neighborhood was toured. The appraixers are not eo, ineem and did not sccomplish structural or site surveys. We did not accomplish an on. UOnmonml snn-ey. The appraisers examined the economic, saual, governmental, and cmvironmental forces aFlictine value in tic subject neighborhood and the entire market area as a whole. Mother forces in the neighborhood and overall market were analyzed inciudine, the supply and demand for similar propcims in the market, comparable land sales, comparable Improved sales, ... nl parable rents, occupancy statistics, and overall economic data for the neighborhood and/ or market area. Construction costs, seemed depreciation, and capitalization and yield rates for the marker area were also researched and anodized, N Ilighest and best uses were analyzed and concluded. N The appraisprti confirmed the data employed in this eporl and analyzed the results. hT The soles comparison approach was used to dcrivc an opinion ofvoluc ofthc property. The income and a,, LNa opprnacbes were notused. A reasonable appraiser would not employ these approaches for a it appraisal ofland a` onty ctUotRE L. Packet Pg. 111  F449 Vacant Commercial Lot Page 10 5 Mlrvrlc Snip Pavkway 119 A File MI10094F JC Fro Walton lf—h, PloriM 12448 DESCRIPTION OF REAL ESTATE APPRAISED Location. The total cc property is a vacant lot located at 25 Miracle Strip Parkway is Fort Walton Beach, Flo rich eaepN Ownership: The o. noroRhc property according to public records aN City effort Walton Beach Fort Walter Beach, Florida 32548 NN Tract Dimensions and Frontages: The subject proputy is a error, lot located at 25 Miracle Strip Parkway is Fort Walton Beach, Florida. The lot has 150 feet frontage on Miracle Strip Parkway. Highway 98, and is approximately aa,n` 195 feet deep_ The lot is 29, 185± SF or 0. 67, r acres in size. The lotjuins the site ofa W hataburger rCNmEu Post food restaurant on the west man Ensiron mental Factors: T he underground fuel looks have been removed, but the site has not hecn cnrironmenmlly remedowd. a The Fort W ahon Beach City Planner provided information from the Phase 11 Environmental report as to the cost m remediate the site and groundwater component to an acceptable Icvcl for industrial use The cost are Orouadvent, 374, 378. 70 and industrial use . 3134, 741. 20 for a mml remedial Cost of S209, 1 19, 90, rounded m $ 210, 000. Remedial data and information is in the Addenda. Erress Land: None. I opography: The suit an all parcel locations appears m be Urban Land which is nearly Icvel or gently supine areas that are covered with airports, shopping centers, parking lots, large buildings, streets and sidewalk, according to the Solt Somev' s. Drainage appears adequate. Soil Co,,,,, i ioo S,,, n, Uvited S,.,, D pamnent ofAgneulmre Sail Sumvv or Okalouso Cmmi¢ Flurid: L Packet Pg: 712  4.4. g Vacam Comm. l:d Let race I I u hsraac soup parkway N G A FOe NO 10094F JC Dan Walton Beach, Florida 1549 Utilities: Utility Provider Uouren Prooirter OUT Power Smrm- wmrr Drainage Florida DOT Electricity W... rand Sewer Fort Walter Beach Fire Department Fort Walton Bench Fire Dept. Natural Gas Okadve. Gas Police Department Fort Walton Beach Police Dan, . Telephone CenmryLink Refuse Removal Contract Cable Telexes,.. C., Cable Ease to eats /Eoe to. eb ms of s: Btgress /Egress: W e assume that rypical mility easements exist_ The existence or nonexistence of earroachmerts or easements xbomd be oowrmen br a Fmrida urensea snryerrr. This apvraism nsanmea no enrroarnmrm or nasemems mat would ads ersely affect the value of the parcel. NtUo36a0 J R Flood Risk: Access is via Miracle Strip Parkway. Oc3 Z' U FEMdMn Panel I AfaPArea I Dared FlondZmte Nrnm 12131C0a6111 I Okaloosa County, Florida Dec 6, 2002 X" From the FEMA Web Site gNraryn A 1 o0 -yeat flood is a nood that has o I - percent ehance of being equaled orescecded in mty given year_ A bas. aesT flood may also be ofe ... d to as o 100- year. otm and the area inundated during ma base flood is sometimes called the 100 - year Flood plain. Thetenn " In0 -year flood" is misleadiii fl is not the flood that will occur once every 100 years. Rather, it is LaaO` c the flood elevation dual has a I- percent chance of being