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

compete within the rental market oriented to families. Proposed unit floor plans will provide ample room and are well designed. Construction Quality Construction quality of the building and units as proposed appears to be good. We assume no responsibility for hidden or unapparent conditions beyond our expertise as appraisers. We are not proficient in construction techniques, and it is assumed that the improvements will be structurally adequate and in conformance with applicable building codes. Age and Condition The subject is proposed. The physical age of the building is therefore 0 years. Remaining Economic Life According to the Marshall Valuation Service, the average life expectancy for a good quality, Class D multiple residence building is 60 years. The subject is estimated to have an effective age of 0 years and a remaining economic life of 60 years following construction. www.golovalue.com Page 22 Value Tech Realty Services, Inc. 105-  Sound Side Apartments Improvement Description Construction Details and Conditions Construction details are provided in the following table: IMPROVEMENT SUMMARY (AS PROPOSED) Construction Type: Class D ( Wood Frame) Parking: Yes No Rentable Area /# Units: 221, 092 SF ( 200- Units) On Site X Number of Buildings: 8 Paved X Number of Stories: 34 Garages X Year Built: 2011 Adequate X Effective Age: 0 Conforms to Zoning X Economic Life: 60 years Number of Spaces 400 Remaining Econ. Life: 60 years Spaces /SF /Unit 2. 00 Construction Quality: Good Landscaping: Good Construction Condition: New Lighting: Good Deferred Maintenance: None Plumbing: Meets code Ceiling: Drywall Office: On Site Electrical: Meets Code Restrooms: Units, Common Area Elevators: Two Roof Cover: Metal Exterior Walls: Hardiplank and Stone Security: No Floor Cover: Carpet, Tile Sprinklers: Yes Floor -to- Ceiling Height: 9 + / f-eet Apartments /Units: 200 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 specific specific standardsstandards forfor handicapped handicapped accessaccess toto andand withinwithin mostmost commercial commercial andand industrialindustrial buildings.buildings. DeterminationDetermination ofof compliance compliance withwith thesethese standardsstandards isis beyondbeyond marketmarket studystudy expertiseexpertise and,and, therefore,therefore, hashas notnot beenbeen attemptedattempted byby thethe appraisers.appraisers. ForFor purposespurposes ofof thisthis marketmarket study,study, wewe areare assumingassuming thethe improvements improvements willwill complycomply withwith TheThe FairFair HousingHousing ActAct andand ADAADA requirements.requirements. ConclusionsConclusions / / Comments Comments TheThe subject'subject' ss proposedproposed development development isis attractiveattractive andand willwill supportsupport thethe housinghousing needsneeds ofof thethe market.market. TheThe unitsunits willwill havehave functionalfunctional floorfloor plansplans andand willwill bebe equippedequipped withwith amenitiesamenities thatthat areare generallygenerally comparable comparable toto otherother apartment apartment communitiescommunities 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 2323 106-106-  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, condition, income from property and net quantity or size, cost, replacement value of improvements, 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 Addison Place Heather Glenn Apartments Madison Parc Property Crestview, FL Fort Walton Beach, FL Fort Walton Beach, FL city Parcel # 36- 3N -24- 0000 -0001 -0040 08- 25 -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 restrictedrestricted comparablescomparables onon aa perper unitunit basis.basis. TheThe assessment assessment andand resultingresulting realreal estateestate taxtax isis estimatedestimated asas follows:follows: REALREAL ESTATEESTATE TAXTAX ESTIMATEESTIMATE Estimated Assessment / Unit 35,35, 000000 NumberNumber ofof UnitsUnits 200 AssessmentAssessment BasisBasis