Fort Walton Beach Council agenda — 03-23-2010 Special-Soundside Develp. Project — reading text

Foundation: Slab on Grade Window: Aluminum Frames Frame: Wood Interior Partitions: Drywall HVAC: Central /Electric Source: Developer. AmericansAmericans WithWith DisabilitiesDisabilities ActAct ofof 19901990 TheThe AmericansAmericans withwith Disabilities Disabilities ActAct ofof 19901990 setssets strictstrict andand specificspecific standards standards forfor handicappedhandicapped accessaccess toto andand withinwithin mostmost commercialcommercial andand industrialindustrial buildings.buildings. DeterminationDetermination ofof compliancecompliance withwith thesethese standardsstandards isis beyondbeyond marketmarket stud),stud), expertise expertise and,and, therefore,therefore, hashas notnot beenbeen attemptedattempted byby thethe marketmarket analysts.analysts. ForFor purposes purposes ofof thisthis marketmarket study,study, wewe areare assumingassuming thethe improvements improvements willwill complycomply withwith TheThe FairFair HousingHousing ActAct andand ADAADA requirements.requirements. ConclusionsConclusions / / CommentsComments TheThe subject'subject' ss proposedproposed development development isis attractiveattractive andand willwill supportsupport thethe housinghousing needsneeds ofof thethe market.market. TheThe unitsunits willwill havehave functional functional floorfloor plansplans andand willwill bebe equippedequipped withwith amenitiesamenities thatthat areare generallygenerally comparablecomparable toto otherother apartmentapartment communities communities withinwithin thethe marketmarket area.area. TheThe subject'subject' ss unitunit mixmix isis appropriateappropriate toto competecompete forfor aa varietyvariety ofof householdhousehold types.types. ValueValue TechTech RealtyRealty Services,Services, Inc.Inc. www.www. gotovalue.gotovalue. comcom PagePage 2121 36-36-  Sound Side Apartments Ad Valorem Tax Analysis Ad Valorem Tax Analysis In Florida, real estate taxes are levied on all real property. Real property means land, buildings, fixtures, and all other improvements to land. The terms land, real estate, realty and real property may be used interchangeably. Real property includes all other permanent improvements on the land and is broadly classified based on land use. By July 1 of each year, the property appraiser must report the just value of all real property in the county as of January 1. Factors that are considered in determining just value are present cash value, use, location, quantity or size, cost, replacement value of improvements, condition, income from property and net proceeds if the property is sold. The tax due for each unit is calculated by dividing the assessed value by 1, 000, then multiplying the taxable value by the tax rate ( millage) levied by the taxing authority within that county. The proposed tax bill is mailed to the taxpayer usually in August or September. Any timely appeal of the tax assessment shall be made against this notice. The actual tax bill is mailed to the taxpayer, usually by November 1. The payment must be made to the tax collector by April 1 of the following year. There are discounts for early payment and penalties for delinquency. Taxable value is the assessed value of property minus the amount of any applicable exemption provided under s. 3 or s. 6, Article VII of the State Constitution and Chapter 196. The Tax Rate ( Millage) is set by the taxing authority for the governmental unit within which the property is located. The Florida Constitution directly authorized counties, school districts, and municipalities to levy ad valorem taxes. It also provides that special districts may be created and authorized by law to levy ad valorem taxes. The total tax rate is a combination of all taxing authority' s tax rate ( millage) having jurisdiction over property. TAX COMPARABLE ANALYSIS Sound Side Apartments Comparable 1 Comparable 2 Comparable 3 Property Addison Place Heather Glenn Apartments Madison Parc City Crestview, FL Fort Walton Beach, FL Fort Walton Beach, FL Parcel # 36- 3N -24- 0000 -0001 -0040 08- 2S -24- 0000 -0001 -0080 10 -2S -24 -1010 -0001 -0000 Project Type MF - Restricted MF - Restricted MF - Market Year Built 2004 2002 1999 Units 160 168 108 Current Assessment Tax Year 2009 2009 2009 Total Assessment 4,954, 204 5, 745, 848 5, 487, 508 Per Unit 30, 964 34, 201 50, 810 Total Taxes 83, 332 74, 514 71, 164 Per Unit 521 444 659 Milla a Rate 16, 8205 12. 9683 12. 9683 AsAs aa newnew property,property, thethe subject'subject' ss taxtax assessmentassessment willwill bebe higherhigher thanthan thethe restricted restricted comparablescomparables onon aa perper unitunit basisbasi . s. TheThe assessment assessment andand resultingresulting realreal estateestate taxtax isis estimated estimated asas follows:follows: REALREAL ESTATEESTATE TAXTAX ESTIMATEESTIMATE Estimated Assessment / Unit 35,35, 000000 NumberNumber ofof UnitsUnits 200 AssessmentAssessment BasisBasis 7,7, 000,000, 000000 Milla a Rate 0. 0129683 Estimated Taxes 90,778 Per Unit 454 Value Tech Realty Services, Inc. www.gotovalue.com Page 22 37-  Sound Side Apartments Okaloosa County Area Analysis Okaloosa County Area Analysis Okaloosa County is located in the Florida Panhandle. It is bordered to the south by the Gulf of Mexico, to the east by Walton County, to the west by Santa Rosa County, and to the north by portions of Escambia and Covington counties; in Alabama. Okaloosa County contains 1, 082 square miles of total area, 146 square miles of which being water. Okaloosa County is located in the northwestern part of Florida, bisected east -west by Interstate 10 and the parallel State Road 10. In the north -south direction, the county is serviced by State Road 85, which runs from Laurell Hill to Niceville. US Highway 98 runs through the county congruent with the Gulf coast, and State Road 189 provides access to the northwestern area of the county and into southern Alabama. Okaloosa County consists of the following municipalities: Fort Walton Beach, Crestview, Destin, Laurell Hill, Mary Esther, Niceville, Valparaiso, Cinco Bayou, Shalimar, Lake Lorraine, Ocean City, and Wright. The county is also home to Eglin Air Force Base. Over the past several years, Okaloosa County has experienced steady growth and development activity. As a result of the presence of Eglin Air Force Base and various coastal attractions, commercial and industrial markets have begun to emerge, primarily related to the service and support of these major features. Value Tech Realty Services, Inc. www.gotovalue.com Page 23 38-  Sound Side Apartments Okaloosa County Area Analysis Population and Demographics The following provides population and household growth information for the county from 2000 to 2009: POPULATION AND HOUSEHOLDS: OKALOOSA COUNTY 2000 2009 Change Change Total Population 170, 498 198, 924 28, 426 16. 7% Total Households 66, 269 79,614 13, 345 20. 1% Source: Demographic and Income Profile, ESR1 Site Analysis As shown in the above table, from the 2000 to 2009, population has grown by 16. 7 %, while the number of households has grown by 20. 1 %. The following table shows a population growth projection by age. OKALOOSA COUNTY POPULATION PROJECTION BY AGE Total Number of Residents Age 2000 2009 2014 2009 -2014 Change 0 -4 10, 843 12, 990 13, 890 900 6. 9% 5 -9 11, 599 12, 090 13, 180 1, 090 9.0% 10 - 14 12, 223 11, 782 12, 825 1, 043 8. 9% 15 - 19 12, 066 12, 609 12, 131 478 3. 8% 20 -24 11, 831 14, 112