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

the sale of the adjoining property to ther west. It was 10.05 acres sold for $89,900 on 10-31-13, at $8,945 per acre. 2. 4541 Sugartown Road, a 3.94 acre tract sold for $35,000 on 4-15-15. This equates to $8,883 epr acre. 3. 3230Purl Jr Run, a 19.49 acre tract with 8 upland acres sold for $97,000 on 6-8-15. This equates to $12,125 per acre. 4. 206 Kirkwood Run, a 5.84 acre tract with a log flag pole access sold for $43,500 on 7-3-13. This equates to $7,449 per acre. 5. The owners of 2701 Lake Silver Road bought the 0.49 acre tract isolated at the rear for $8,800 on 3-26-14. This equates to $17,959 per acre. 6. A 30 by 140 foot lot on S. Booker Street sold for $1,500 on 3-27-14. This equates to $15,557 per acre, or $0.36 per square foot.  Analysis of Sales and Reconciliation of Land Value Ideally, comparable sales would come from the subject's immediate subdivision. However, sale of vacant land in older subdivisions is infrequent. The preceding six sales are considered the best comparables available for valuation purposes as of the effective date of appraisal. They bracket the subject in site size, and have similar urban fringe locations. All occurred in recent years. The sales ranged in size from 0.96 to 10.05 acres of uplands. The sals ranged in price from $7,449 to $17,959 per acre. Comparison of these sales to the subject parcles is concluded as follows: F 0.49 ± at $15,000 per acre = $7,350 rounded $7,400. G 0.55 ± isolated at $12,500 per acre = $6,875 rounded $6,900. H 3.85 ± at $10,000 per acre = $38,500 $38,500. Total $52,800. round to $53,000 The quality and quantity of available data is considered sufficient for estimating a reliable indication of value. Based on the preceding analysis of available market data, and the following general assumption, limiting conditions and certification, my opinion of value is: Final Estimate of Land 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 Note that if individual adjoining parcels are to be valued, the sum of their individual values is applicable.  GENERAL ASSUMPTIONS 1. No responsibility is assumed for the legal description provided or for matters pertaining to legal or title considerations. Title to the property is assumed to be marketable unless otherwise stated. The legal description used in this report is assumed to be correct. 2. The subject property is appraised free and clear of any or all liens, leases, or encumbrances unless otherwise stated. All mortgages, liens, encumbrances, leases and servitudes have been disregarded unless so specified within the report. 3. No survey of the property has been made by the appraiser and no responsibility is assumed in connection with such matters. Sketches, plot plans, or illustrative materials presented in this report are included only to assist the reader in visualizing the property. 4. Information and data furnished by others are usually assumed to be true, correct and reliable. When such information and data appears to be dubious and when it is critical to the appraisal, a reasonable effort has been made to verify all such information; however, no responsibility for its accuracy is assumed by the appraiser. 5. Responsible ownership and competent property management are assumed unless otherwise stated in this report. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless the noncompliance is stated, defined and considered in the appraisal report. 8. It is assumed that the subject property is in compliance with all applicable zoning and land use regulations, unless a nonconformity has been stated, defined and considered in the appraisal report. 9. It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted within the report. EXTRAORDINARY ASSUMPTIONS: None.  GENERAL LIMITING CONDITIONS 1. This is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP) for an Appraisal Report. As such, it contains the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Some supporting documentation concerning the data, reasoning, and analyses is retained in the work file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report. 2. Appraisers are not qualified to detect hazardous waste and/or toxic materials. Any comment by the appraiser that might suggest the possibility of the presence of such substances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials. Such determination would require investigation by a qualified expert in the field of environmental assessment. The presence of substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The appraiser's value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value unless otherwise stated in this report. No responsibility is assumed for any environmental conditions, or for any expertise or engineering knowledge required to discover them. The appraiser's descriptions and resulting comments are the result of the routine observations made during the appraisal process. 3. The subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and communications barriers that are structural in nature that would otherwise restrict access by disabled individuals may adversely affect the property’s value, marketability, or utility. 4. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event, only with proper written qualification and only in its entirety. 5. Neither all nor any part of the contents of this report shall be conveyed to any person or entity, other than the appraiser’s or firm’s client, through advertising, solicitation materials, public relations, news, sales, or other media without the written consent and approval of the authors, particularly as to valuation conclusions, the identity of the appraiser or firm with which the appraiser is connected, or any reference to affiliation with any professional appraisal organization. Further, the appraiser or firm assumes no obligation, liability, or accountability to any third party. If this report is placed in the hands of anyone but the client, the client shall make the party aware of all the assumptions and limiting conditions of the assignment. 6. The appraiser affixing their signatures to this appraisal report will not be required to give testimony or appear in court because of having made this appraisal, with reference to the property in question, unless arrangements have been previously made thereof. 7. No environmental impact studies were either requested or made in conjunction with this appraisal, and the appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research, or investigation. 8. The appraiser have not been supplied with a report of the subsoil conditions indicating the exact capacity of the subsoil. We do not have the benefit of subsoil test results of the properties and detection of possible soil defects would be beyond our realm of expertise. However, there appear to be no hidden or apparent conditions of the subject sites or subsoil structures which would render them more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover them. 9. Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing General Assumptions, Extraordinary Assumptions, General Limiting Conditions, and Hypothetical Limiting Conditions. HYPOTHETICAL LIMITING CONDITIONS: None.  CERTIFICATION OF VALUE We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the partes involved. 4. We have not performed services regarding the subject property within the three year period immediately preceding acceptance of this assignment as an appraiser or in any other capacity. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting pre-determined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event