Okaloosa County BOCC — September 16, 2014 — reading text

$ 219,000 Data Source(s) Inspection Bk. 3089 pg. 4594, Broker MLS579999, Bk.3112, pg2073 MLS398507 ITEM DESCRIPTION DESCRIPTION +( – )$ Adjust. DESCRIPTION +(– )$ Adjust. DESCRIPTION +( – )$ Adjust. Date of Sale/Time Adj. Current 04/2013 08/2013 C/L Location NW FWB, SE FWB, superior SE FWB, Superior NW FWB, inf. Site/View Est. Site, corner. Est. Site, corner Est Site, corner cleared, interior Site Area 0.52 ac +/- .31+- acres .50+- acre .63+- acres Road Front Paved, 113+FF Paved, 142 FF+ Paved, 150 FF Paved, 113+- Improvement (old bldg.) (old Rest. bldg.) (2-old Bldgs) None (44 Eglin Pkwy) (Cinco Bayou Exp) (Sweatt) Sales or Financing N/A None None C/L over past Concessions N/A 5- yrs. Net Adj. (Total) + – $ + – $ + – $ Indicated Value of Subject $ 23.33 $ 16 $ 7.81 Comments on Market Data Comps #4 & #5 also contained old improvements and corner influence but superior location (Eglin Pkwy). Comp. #4 was purchased with the intention of remodeling the building. Comp. #6 is a current listing located south of the subject property near the hospital. This property has an interior location and has been listed over the past 3 to 6 years. MARKET DATA ANALYSIS 08/11 Form LAND.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Packet Pg. 787  Main File No. 14-54 Page #4 Supplemental Addendum File No. 14-54 Owner Grand Lodge of Florida Property Address Lewis Turner Blvd. & Oddfellow Rd. City FWB County Okaloosa State FL Zip Code 32548 Client Okaloosa County (Water & Sewer) • Land: Scope of the Appraisal This is a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under the standards Rule 2-2b of the USPAP. The Scope of the appraisal includes the exterior inspection of the subject property, collecting, verifying and analyzing pertinent data, considering marketing trends, developing an opinion of value of the subject property and communicating the findings in this Summary Appraisal Report. The Scope of this report is limited to the examination of comparable sales within the subject's market area and the data recorded herein is limited to that which, in the appraisers judgement, was found to be the most comparable. Additionally, only that data available to the appraiser within a reasonable period of research time has been considered. Reported data pertaining to the physical condition of the subject property is based on the appraiser's physical observation of the site. Only the Sales Comparison Approach was used in this appraisal. No Cost Approach was utilized due to overall age of the building. Land in this market is typically sold rather than leased on a long term basis. Therefore, the Income Approach is not used. • Land: Site Comments The appraisers have examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraisers are not surveyors, they make no guarantees, expressed or implied, regarding this determination. A survey was not given to the appraisers at the time of the inspection. Any easements, encroachments, and exact parcel dimesion will have to be determined by a current survey. • Land : Site Comments The site is developed with a 48+- yr. old meeting hall bldg. (1,750+-SF) in poor but usable condition. An interior inspection was not possible. The bldg. exterior has a hazardous material which is considered an adverse condition to the overall property. The site improvements include a 29+- space asphalt paved parking lot in good condition. The site has a corner influence with a medium crossover but no traffic light. The site is consistent to other developed tracts in the area. Form TADD — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Packet Pg. 788  Main File No. 14-54 Page #5 File No. 14-54 DEFINITION OF MARKET VALUE: 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, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. (Source: FDIC Interagency Appraisal and Evaluation Guidelines, October 27, 1994.) * Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is valued on the basis of it being under responsible ownership. 2. Any sketch provided in the appraisal report may show approximate dimensions of the improvements and is included only to assist the reader of the report in visualizing the property. The appraiser has made no survey of the property. 3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 4. Any distribution of valuation between land and improvements in the report applies only under the existing program of utilization. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 5. The appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous waste, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. This appraisal report must not be considered an environmental assessment of the subject property. 6. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 7. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. 8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 9. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain