Okaloosa County BOCC — September 16, 2014 — Odd Fellow Appraisal — reading text

FROM: INVOICE Teel & Waters Real Estate Co., Inc. INVOICE NUMBER 499 N. Ferdon Blvd. 14-54 Crestview, FL 32536 DATE 04/14/2014 Telephone Number: (850) 682-6156 Fax Number: (850) 682-3321 REFERENCE TO: Internal Order #: Lender Case #: Okaloosa County (Water & Sewer) Client File #: P.O.21401123 1804 Lewis Turner Blvd. Main File # on form: 14-54 Ft. Walton Beach, FL 32547 Other File # on form: Telephone Number: Fax Number: Federal Tax ID: 59-1438221 Alternate Number: E-Mail: Employer ID: DESCRIPTION Lender: Okaloosa County (Water & Sewer) Client: Okaloosa County Purchaser/Borrower: Client: Okaloosa Water & Sewer Property Address: Lewis Turner Blvd. & Oddfellow Rd. City: FWB County: Okaloosa State: FL Zip: 32548 Legal Description: See attached FEES AMOUNT Form appraisal 800.00 SUBTOTAL 800.00 PAYMENTS AMOUNT Check #: Date: Description: Check #: Date: Description: Check #: Date: Description: SUBTOTAL TOTAL DUE $ 800.00 Form NIV5 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Teel & Waters Real Estate Co, Inc. (850) 682-6156  Main File No. 14-54 Page #1 APPRAISAL OF REAL PROPERTY LOCATED AT: Lewis Turner Blvd. & Oddfellow Rd. FWB, FL 32548 FOR: Okaloosa County (Water & Sewer) 1808 Lewis Turner Blvd. Ft. Walton Beach, FL 32547 AS OF: April 11, 2014 BY: Randy G. Bracewell State-Certified General Real Estate Appraiser RZ589 Form GA3 — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE  Teel & Waters Real Estate Co, Inc. (850) 682-6156 Main File No. 14-54 Page #2 LAND APPRAISAL REPORT File No. 14-54 Borrower Client: Okaloosa Water & Sewer Census Tract 0209.00 Map Reference Okaloosa Property Address Lewis Turner Blvd. & Oddfellow Rd. City FWB County Okaloosa State FL Zip Code 32548 SUBJECT Legal Description See attached Sale Price $ N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised Fee Leasehold De Minimis PUD Actual Real Estate Taxes $ (yr) Loan charges to be paid by seller $ N/A Other sales concessions N/A Lender/Client Okaloosa County (Water & Sewer) Address 1808 Lewis Turner Blvd., Ft. Walton Beach, FL 32547 Occupant Vacant Appraiser Randy G. Bracewell/Cert. Gen.#RZ589 Instructions to Appraiser Provide Opinion of Fair Market Value Location Urban Suburban Rural Good Avg. Fair Poor Built Up Over 75% 25% to 75% Under 25% Employment Stability Growth Rate Fully Dev. Rapid Steady Slow Convenience to Employment Property Values Increasing Stable Declining Convenience to Shopping Demand/Supply Shortage In Balance Oversupply Convenience to Schools Marketing Time Under 3 Mos. 4-6 Mos. Over 6 Mos. Adequacy of Public Transportation NEIGHBORHOOD Present 35 % One-Unit 0 % 2-4 Unit 10 % Apts. 0 % Condo 40 % Commercial Recreational Facilities Land Use 0 % Industrial 15 % Vacant % Adequacy of Utilities Change in Present Not Likely Likely (*) Taking Place (*) Property Compatibility Land Use (*) From To Protection from Detrimental Conditions Predominant Occupancy Owner Tenant <5 % Vacant Police and Fire Protection One-Unit Price Range $ N/A to $ N/A Predominant Value $ N/A General Appearance of Properties One-Unit Age Range yrs. to yrs. Predominant Age yrs. Appeal to Market Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise) The general neighborhood is the commercial district situated along each side of Lewis Turner Blvd. in the Northwestern sector of FWB. Lewis Turner/State Rd. 189 is one of the major roadways leading to Eglin Air Force Base. This is a very active military facility located in the southern sector of Okaloosa county. Dimensions 113 FF x 200' x 100' x 250'+- less ROW = 0.52+-ac Corner Lot Zoning Classification MU (Mixed Use), FLU-MU Present Improvements Do Do Not Conform to Zoning Regulations Highest and Best Use Present Use Other (specify) Commercial Public Other (Describe) OFF SITE IMPROVEMENTS Topo Natural slope toward front lot line Elec. Street Access Public Private Size .52 acres +/-, based on tax card, subject to survey Gas Surface Asphalt Shape Rectangular (see maps) SITE Water Maintenance Public Private View Typical San. Sewer Storm Sewer Curb/Gutter Drainage Adequate for Normal Rainfall Underground Elect. & Tel. Sidewalk Street Lights Is the property located in a FEMA Special Flood Hazard Area? Yes No Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions) See attached addenda. The undersigned has recited the following recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus (–) adjustment is made, thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject. ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address Lewis Turner Blvd. & OddfellowLewis Rd. Turner & Mooney Rd. Lewis Turner & Mooney Rd. Beal Pkwy & Third St. FWB, FL, 35-1S-24 FWB, 26-1S-24 FWB, 26-1S-24 FWB, 13-2S-24 Proximity to Subject 1+-mile North 1.04 miles NE 3.73 miles S Sales Price $ N/A $ 2.68/SF $ 6.60/SF