Okaloosa County BOCC — October 20, 2015 — 150238 CEW Range Signed w Addenda — reading text

HUMPHREY AND ASSOCIATES, INC. REAL ESTATE VALUATION AND RESEARCH Specializing in Undivided Partial Interests and Litigation Support Fort Walton Beach and Jacksonville APPRAISAL REPORT Vacant Land Three Parcels Grimes Avenue and Chappie James Road Crestview, Florida Grimes Frontage - View East Chappie James Frontage - View South SE Corner - View West H & A File № 150238 Effective Date September 21, 2015 Report Date September 28, 2015 © 2015 by Humphrey and Associates, Incorporated, a Florida for profit corporation. All rights reserved. No part of this publication may be reproduced, modified, rewritten, redistributed, either electronically or by any other means, without the express written permission of Humphrey and Associates, Incorporated.  APPRAISAL REPORT Assignment Information Property Identification: Client: 3 Parcels of Vacant Land Okaloosa County Sheriff Report Prepared By: Grimes Avenue & Chappie James Road Walter H. Humphrey, MRICS Crestview, Florida State-certified General Real Estate Appraiser No. RZ 1218 Owner of Record: Report Prepared For: Wingard Family, LLC (100% interest) Donald L. Adams, Undersheriff Humphrey and Associates, Inc. 50 2nd Street 906 Mar Walt Drive, Suite G Current Tax ID: Shalimar, FL 32579 Ft Walton Beach, FL 32547 18-3N-23-1800-0000-030F 850 862-0766 18-3N-23-1800-0000-030G H & A File No.: 150238 18-3N-23-1800-0000-030H Opinion of Value Date of Report Date of Inspection Effective Date of Appraisal Interest Appraised Opinion of Market Value September 28, 2015 September 21, 2015 September 21, 2015 100% Fee Simple $53,000 Purpose of Appraisal The purpose of this appraisal is to estimate the 100% fee simple estate interest in the subject properties as of the effective date of appraisal. Intended Use of Appraisal Report The understood intended use of this appraisal report is for purchase negotiations. This report is not intended or authorized for any other use. Intended User of Appraisal Report The intended user is the above client. This report is not intended or authorized for any other user or audience. Report Format This is an Appraisal Report intended to comply with reporting requirements set forth under Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice. It contains appropriate discussions of the data, reasoning, and analyses used in the appraisal process to develop opinions of value. Some supporting documentation is retained in the work file. The depth of discussion herein is specific to the needs of the client and intended users. The appraiser is not responsible for unauthorized use of this report. Scope of Work The significant elements of scope of work included the following: Inspection of the subject property, comparable sales, and environs; review of public records and Internet data; collection, verification and analysis of data, estimate of Highest and Best Use, and use of the Sales Comparison Approach as basis of valuation. In the appraiser's opinion this scope work is adequate to produce a credible value conclusion that serves the needs of the client. Definition of Market Value “Value as used in eminent domain statute, ordinarily means amount which would be paid for property on assessing date to willing seller not compelled to sell, by willing purchaser, not compelled to purchase, taking into consideration all uses to which property is adapted and might reasonably be applied.”1 Marketing Time/Exposure Time Marketing Time: The estimated marketing time linked to the final value opinion is a range of nine (9) to twelve (12) months subsequent to the effective date of appraisal based the current supply of similar properties and current market activity. Exposure Time: The estimated exposure time linked to the final value opinion is a range of nine (9) to twelve (12) months prior to the effective date of appraisal based on market sales of similar properties and current market activity. Appraiser's Liability Limitations and Client Agreements The acceptance of this report and its use by the client in any manner whatsoever, or for any purpose, is acknowledgment by the client that this report is a satisfactory professional product, and that the client has personally read the report, and specifically agrees that the data herein is accurate to the best of the appraiser's ability. As a part of the appraiser-client employment agreement, the client agrees to notify the appraiser of any error, omission, or invalid data herein within 15 days of receipt and return the report along with all copies to the appraiser for correction prior to any use whatsoever. Under no circumstances shall the company’s or appraiser's liability exceed the fee actually collected for this report, and then only in case of a gross error which would have materially affected the appraiser's value opinion as of the date of valuation. Thus, by acceptance of this report, the client acknowledges that a value opinion is the product of a professionally trained mind, but nevertheless is an opinion only, not a provable fact. As a personal opinion, valuation may vary between appraisers based on the same facts. Thus, the appraiser warrants only that the value conclusions are his/her best opinion estimates as of the exact day of valuation. History of Ownership The subject has been in the Wingard family for a number of years. No other sales, offers, listings, transactions or marketing involving the subject property title were found in public records research, or are known to the appraiser.  Property Description Location Suburban Building Types None Zoning/ R1, Residential/LDR, Low Density Residential Building Size NA Land Use Okaloosa County Site Sizes Total Acres 4.85 ± Const. NA F 0.49 ± Class/Quality G 0.55 ± H 3.85 ± Shape F - Square Accessory NA G - Rectangle Building H - Irregular Topography Level ,100% uplands, wooded Effective Age NA Flood Zone X - Flood Map in Addenda Condition NA Sub Soils Soil Map and details in Addenda Room Count NA Access Paved, 2 lane interior road F & H - None for G Extra Features NA View Mostly vacant wooded land Other None Condition Natural growth of timber and other vetetation Census Tract 020600 Utilities Water, electric at site Civil Services Okaloosa County: Sheriff, water, fire; Gulf Power The above parcels are identified by the last letter of their Parcel Identification Numbers, i.e., F, G and H. The subject parcels are vacant land in their natural vegetative state. Access is via Grimes Avenue and Chappie James Road. Public utilities are located along road frontages, but there are no water or sewer taps on site. The immediate neighborhood is typified by detached single family dwellings on the west edge of Crestview. There are no new subdivisions. This is an old area that is in decline. Revitalization is not projected in the near term. Market Area Description The subject’s market area is best identified Crewstview and the urban fringe. This encompasses the primary market area of the community and surrounding market area. It is typified as a bedroom community. Heavily influenced by its proximity to Eglin AFB it has a high percentage of active and retried military residents with commercial, civic and recreational development to service nearly all the needs of the community. The military presence serves as the predominant driving economic force with support from military contractors and supporting services. A large employment base is the Okaloosa County government, the Okaloosa County schools, and the City of Crestview. Highest and Best Use Speculative investment for single famliy residential development. Most suited to detached single family dwelling compatible with surrounding homes. Approaches to Value Cost Approach: Not considered applicable in vacant land valuation and not developed. Sales Comparison Approach: Considered primary method for valuation of vacant land although data is not sufficient to develop reliable adjustment factors via regression or matched pair analysis. Income Approach: Not considered applicable in vacant land valuation and not developed. A reasonable appraiser would not employ the cost or income approaches. Land Valuation – Sales Comparison Approach SAles are summarazed below with location, size, price, and price per acre. The sales selected would compete with one or more of the subject three tracts if they were on the market at the same time. A location map fololows the sale summary. 1. The is