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

$ 11.50/SF Price $/Sq. Ft. $ $ $ $ MARKET DATA ANALYSIS 70,000 175,000 115,000 Data Source(s) Inspection Bk. 3077 pg. 742,Broker MLS603697 MLS39330, Bk. 3142 pg. 3396 ITEM DESCRIPTION DESCRIPTION +( – )$ Adjust. DESCRIPTION +(– )$ Adjust. DESCRIPTION +( – )$ Adjust. Date of Sale/Time Adj. Current 01/2013 Current Listing 04/2014 Location NW FWB, N. FWB, inferior N. FWB, inferior South FWB, sim. Site/View Est. Site, corner. Wood, corner Wood, corner Est. Site, corner Site Area 0.52 ac +/- .599+-acres .599+-acres 0.23+- ac Road Front Paved, 113+FF Paved, 231+ Paved, 231+ Paved, 60 FF+ Improvement (old bldg.) (None) (None) (old Bldg, sup) (Taylor Holdings) (Taylor Holdings) (Harris) Sales or Financing N/A govt. bid process C/L reduced None, listed @ Concessions N/A from $189,000 $139,900 Net Adj. (Total) + – $ + – $ + – $ Indicated Value of Subject $ 2.68 $ 6.6 $ 11.5 Comments on Market Data The above sales adequately reflect current and past values to be found in the general area. Each sale is similar in one aspect to the subject property. Comps. #1 & #2 are the same property. This tract has a corner influence but irregular shape. Comp #3 contained an older/usable office bldg. and corner influence but similar location ( Beal Pkwy). See next page Comments and Conditions of Appraisal The date of inspection was April 11, 2014. Commercial market trends have been downward over the past several years, which complicates the valuation process. Final Reconciliation My opinion of the "As Is" value, based on the above sales and with knowledge of past & current trends of the RECONCILIATION market, is $10.00 p/SF or total value of $226,510 (22,651+- SF (0.52 acres+/-) @ $10.00 p/SF), say $230,000. A value range of 10% plus or minus is estimated to allow for buyer-seller motivation. I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE SUBJECT PROPERTY AS OF April 11, 2014 TO BE $ 230,000 Appraiser Randy G. Bracewell/Cert. Gen.#RZ589 Supervisory Appraiser (if applicable) Date of Signature and Report April 16, 2014 Date of Signature Title Title State Certification # RZ589 ST FL State Certification # ST Or State License # ST Or State License # ST Expiration Date of State Certification or License 11/30/2014 Expiration Date of State Certification or License Date of Inspection (if applicable) April 11, 2014 Did Did Not Inspect Property Date of Inspection Form LAND — "WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE 08/11  Main File No. 14-54 Page #3 ADDITIONAL COMPARABLE SALES File No. 14-54 ITEM SUBJECT PROPERTY COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Address Lewis Turner Blvd. & OddfellowEglin Rd. Pkwy. 7 McGriff St. Eglin Pkwy. & Kelly Ave. Lewis Turner Blvd. FWB, FL, 35-1S-24 FWB, 13-2S-24 Cinco Bayou FWB, 34-1S-24 Proximity to Subject 3.24 miles SE 3.35 miles SE 0.49 miles SW Sales Price $ N/A $ 23.33/SF $ 16.00/SF $ 7.81/SF Price $/Sq. Ft. $ $ 315,000 $ 340,000 $ 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  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. •