Okaloosa County BOCC — July 21, 2015 — Appraisal VPS Humphrey and Assoc — reading text

HUMPHREY anD ASSOCIATES, INC. COMMERCIAL REAL ESTATE VALUATION AND RESEARCH Specializing in Undivided Partial Interests Appraisal Report Destin-Fort Walton Beach Airport Site 130.83 Acres 1701 State Road 85 N Fort Walton Beach, Florida 32542 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 SUBJECT PROPERTY Destin-Fort Walton Beach Airport Site 130.83 Acres 1701 State Road 85 N Fort Walton Beach, Florida EFFECTIVE DATE OF APPRAISAL July 10, 2015 REPORT DATE July 13,2015 INSPECTION DATE June 25, 2015 CLIENT/INTENDED USER Okaloosa County Airports 1701 State Road 85 N Fort Walton Beach, Florida 32542 H & A File N2 150172JC PREPARED BY: Jerry Cox, MBA State-certified General Real Estate Appraiser Ne RZ 3114 (FL) Walter H. Humphrey, MRICS State-certified General Real Estate Appraiser Ne RZ 1218 (FL) HUMPHREY AND ASSOCIATES, INC. 906 Mar Walt Drive,.Unit G Fort Walton Beach, Florida 32547 Telephone: (850) 862-0766 Facsimile: (850) 862-8991 HUMPHREY anp ASSOCIATES, INC. REAL ESTATE VALUATION AND RESEARCH Specializing in Undivided Partial Interests and Litigation Support Fort Walton Beach and Jacksonville Walter H. Humphrey, MRICS Bruce B. Humphrey, MAI, JD State-certified General Real Estate Appraiser RZ 1218 State-certified General Real Estate Appraiser RZ 742 BlueChip25@aol.com MAIJD@msn.com 906 Mar Walt Drive, Unit G 1031 La Salle Street Fort Walton Beach, Florida 32547-1556 Jacksonville, FL. 32207 Telephone: (850) 862-0766 Telephone: (904) 346-1944 Facsimile: (850) 862-8991 Facsimile: (904) 346-1945 July 13,2015 Jon Morris, C.M. Administrative and Finance Manager Okaloosa County Airports 1701 State Road 85 N Fort Walton Beach, Florida 32542 Re: Appraisal of the Destin-Fort Walton Beach Airport 130.83 acre site located at 1701 State Road 85 N, Fort Walton Beach, Okaloosa County, Florida. H & A File Ne 150172JC Dear Mr. Morris: We have completed the required inspections, research, and analyses necessary to appraise the leased fee interest in the above referenced property. The appraisal analyses are consistent with the scope of work determined to be necessary to derive a credible result. The accompanying document is an appraisal report per USPAP 2-2(a), and not a restricted use appraisal report. The purpose of the appraisal analysis was to develop an opinion of the market value of the 130.83 acre site of the Destin- Fort Walton Beach Airport, “as is,” as of July 10, 2015. The intended use of the appraisal will be to assist the client in making financial decisions regarding lease agreements between the U. S. Government and Okaloosa County, Florida. No other use of this report by any other entity or person is authorized. Market value, fee simple interest, leased fee interest, highest and best use, and other pertinent terms are defined in the following report. We have analyzed the market value of the subject property based on our estimate of the highest and best use of the subject improvement. Subject to the above and the assumptions, limiting conditions, and certification set forth herein, it is our professional opinion that the market value of the leased fee interest in the Destin-Fort Walton Beach Airport 130.83 acre site , as of July 10, 2015, is: FOUR MILLION FIVE HUNDRED THOUSAND DOLLARS $4,500,000 The exposure time linked to the final current value opinion is 12 months based on market sales of similar properties and market activity. Jon Morris, C.M. Page 2 Administrative and Finance Manager Okaloosa County Airports Fort Walton Beach, Florida We hereby certify that we have no interest, present or contemplated, in the appraised property. The undersigned We hereby certify that we have no interest, present or contemplated, in the appraised property. The undersigned appraisers are competent for the property type under appraisement. This appraisal has been prepared utilizing all of the requirements set forth as standards for real estate appraisals established for federally related transactions by the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the State of Florida. The appraisal is in conformity with the standards for real estate appraisals as established by the Appraisal Foundation and its Appraisal Standards Board. The appraisal also conforms to the Uniform Standards of Professional Appraisal Practice (USPAP) and your instructions. The fee for this appraisal was not based on value nor was the assignment undertaken based on a predetermined value, a trend in value, or a minimum or maximum value. Respectfully submitted, HUMPHREY AND ASSOCIATES, INC. / / Jerry Cox, MBA State-certified General Real Estate Appraiser Ne RZ 3114 (FL) Digitally signed by Walter H. Humphrey, MRICS Wa Ite r H . H u m p h rey’ M R I C Es::r::i\:\;fis;:{}.‘i:gsm;:fi&l\:flci%;;zHumphvey and Associates, Inc, Date: 2015.07.13 11:03:10 -05'00" Walter H. Humphrey, MRICS State-certified General Real Estate Appraiser Ne RZ 1218 (FL)