Okaloosa County BOCC — July 21, 2015 — Appraisal VPS Teel and Waters — reading text

APPRAISAL REPORT OF Vacant 131.10+ Acre Site (Destin-Fort Walton Beach Airport) State Rd. 85-N Eglin AFB, FL 32542 P.O. # 21501081 APPRAISAL FOR Destin — Fort Walton Beach Airport (Mr. Jon Morris) 1701 State Rd. 85-N Eglin AFB, FL 32542 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON - AC - 850-243-5511 - 499 N. FERDON BLVD. - CRESTVIEW, EL 32536 - AC— 850-682-6156 ny < N A " ¢ ‘ 131 Jeel, Bracowel, & Schmiu APPRAISAL DIVISION YN Fondon Boulevand ) 7 Ffiffi" & “’3“3!‘5 Crostview., Ploruda 32530 RealfstateCompaneIncorparated (N3 ARZ-A)SA (R3O 2L3531] FAN (8301 ARI-332) July 6, 2015 Client: Destin — Fort Walton Beach Airport (Mr. Jon Morris) 1701 State Rd. 85-N Eglin AFB, FL 32542 P.O. #21501081 APPRAISER: Randy G. Bracewell, GRI State-Certified General Real Estate Appraiser RZ589 SUBJECT: 131.10+ Acre Vacant (Destin-FWB) Airport Site, 1701 State Rd. 85-N, Eglin AFB, Florida P.O. #21501081 Mr. Morris: As you requested, I have personally inspected the property referenced above and legally described in this report. The purpose of this appraisal is to provide an opinion of the present market value of this property, as of the effective date. Market Value is defined as the most probable price that a property will bring in a competitive market under all conditions requisite to a fair sale, which would result from negotiations between a buyer and seller, each acting prudently, with knowledge, and without undue stimulus. This value assumes normal financing available in the market at the time of appraisement or its cash equivalent if no such financing is normal at the appraisement time. The property was appraised as a whole, owned in fee simple. This appraisal is subject to the limiting conditions and contingent conditions outlined in this report that you should specifically review. Destin-Fort Walton Beach Airport/Okaloosa County Board of County Commissioners are my client in this appraisal assignment and it is understood they will use this report to assist them in making a financial decision regarding a possible purchase price for this property. No other use of this report by any other entity or person is authorized. TEEL & WATERS REAL ESTATE CO.,INC. - APPRAISAL DIVISION FORT WALTON - AC - 850-243-5511 - 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC~ 850-682-6156 Destin-Fort Walton Beach Airport July 6, 2015 Page Two This APPRAISAL REPORT is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated below. The appraiser is not responsible for unauthorized use of this report. The appraiser should report any extraordinary and hypothetical conditions assumptions which might affect the assignment results. The Uniform Standard of Professional Appraisal Practice states it is the responsibility of the appraiser in marking any extraordinary assumptions to prevent misunderstandings by users of the appraisal product. The Extraordinary and hypothetical conditions assumptions are; 1. I assume no title problems and information from public records is correct. This appraiser was not furnished any title information. 2. The present value opinion is predicated upon the valuation of the “Fee Simple” interest, which the subject property clearly does not have. The property is owned by the U. S. government with rights and limitations which would affect value in the open market. These factors are to be ignored for the present time. 3. There are no extra special environmental and/or historical conditions which prevent development. The appraisal is and will be subject to a height restriction due to the location near the runway. This restriction is estimated to be 2 to 3 stories. 4. This appraisal also assumes and subject to the subject property having no legal access to the adjoining runway. The subject property adjoins the runway but no access can be and/or will be assumed in the valuation p 5. The subject property can be rezoned from a government use to a normal residential use. TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON - AC - $50-243-5511 - 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC - 850-682-6156 Destin-Fort Walton Beach Airport July 6, 2015 Page Three It is my opinion that the present market value of this property, subject to special conditions extraordinary and hypothetical assumptions as of the effective date is: Final Value Opinion $7,000,000 The exposure time linked to the opinion of market value is a range over 6 months based on market trends/sales of similar properties. The exposure period assumes and is subject to the property being aggressively marketed at/near market value by professionals. The marketing period is estimated to be over 6 months. The attached report reflects the method of valuation and basis upon which the value opinion was determined. Although appraising is not an exact science, this analysis represents our opinion of value as of the valuation date. The appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP). The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. Our employment was not conditioned upon producing a specific value or a value within a given range. Respectfully, 7 Randy G. Bracewell State Certified General Real Estate Appraiser RZ589 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON ~ AC - 850-243-551 1 - 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC - 850-682-6156