Okaloosa County BOCC — October 20, 2015 — Appraisal of 2982 James Lee Blvd property 072915

HUMPHREY AND ASSOCIATES, INC. REAL ESTATE VALUATION AND RESEARCH Specializing in Undivided Partial Interests and Litigation Support Fort Walton Beach and Jacksonville Walter H. Humphrey, MRICS Bruce B. Humphrey, MAIL JD State-certified General Real Estate Appraiser Ne RZ 1218 (FL) State-certified General Real Estate Appraiser Ne RZ 742 BlueChip25@aol.com MAIJD@msn.com 906 Mar Walt Drive, Unit G 1031 La Salle Street Fort Walton Beach, Florida 32547-1556 Jacksonville, Florida 32207 Telephone: (850) 862-0766 Telephone: (904) 346-1944 Facsimile: (850) 862-8991 Facsimile: (904) 346-1945 July 29, 2015 Okaloosa County Board of County Commissioners Okaloosa County Finance Department Amy Allen 302 N Wilson Street, Suite 203 Crestview, FL. 32536 Re: Appraisal of the Commercial Land, ‘As if Vacant,” located at 2982 James Lee Boulevard East, Okaloosa County, Florida 32536, as of our date of inspection, July 7, 2015. H & A File Ne 150180 Dear Ms. Allen: We have completed the requisite inspections, research, and analysis necessary to develop an opinion of the market value for the above referenced property, per your request. The following document is an appraisal report as opposed to a to a restricted appraisal report. Market value, fee simple interest, leased fee, highest and best use, and other pertinent terms are defined in the following report. We have analyzed the value of the subject property based on our opinion of the highest and best use “as is’, as of the valuation date. Analysis of recent trends and current market supply and demand strongly indicate the highest and best use of the subject property is development for commercial use for office or retail building. The purpose of this appraisal was to develop an opinion of the current market value of the subject property, ‘as improved’, as of July 7, 2015. The intended use of the appraisal is to be an aid in a pricing decision. Subject to the above and the assumptions, limiting conditions, and certification set forth herein, it is our professional opinion that the current market value of the fee simple interest in the improved subject property, ‘As if Vacant’, as of July 7, 2015, is: NINETY THOUSAND DOLLARS $90,000 The exposure time linked to the final current value opinion is a range of twelve (12) to twenty-four (24) months based on sales of similar properties and current market activity.