Fort Walton Beach Council agenda — 05-10-05 — reading text

ARE NJr FULL ON TrtE REPOPT. THE MAP AND REPORT TURE AND SEA . CAN BE FOUND AND COMPLETE WITHOUT THt OTHER. ca.. T E WtWEY :. ,.. T w. IlU;AT[... . . . . . '. ..... - cet" 14 t't.. ~.. " 54:SO EXCHANGE flLAT: . . . . M.., . . . . '.' . . ., . . . .~... ACHtCOtA N. . APALACHICOLA R. O. AMI.. cMteltED: ~ oa.F/f' .~TE, . . . . ' ..... ., TRACT A' 9~! . APPN)vtD:~'" ,..~ t;7 ntUST FOR t LANO ItUlt.. ME S\JRV€ Y OEP\CTED HERE IS NOT COVERED I I A all I TV ' I"'=- IC:II~ I\ ~ I\. DV oc. C: lf"IM^' t'\~~ TDT~ P. 02  Ifpf ~~ ~~ United States Forest National Forests in Woodcrest Office Park G Department of Agriculture Service Florida 325 John Knox Road Suite F- IOO Tallahassee, FL 32303 850) 942- 9300 File Code: 5410/ 5420 Date: December 27, 2004 Route To: Subject: Fair Grounds and Ball Park, Administrative Site Sale Tract No. A-943 & A- 944, Federal Tract Okaloosa County, Florida To: Tracy Stiles Senior Review Appraiser Jonathan P. Brown, MAl and state certified general real estate appraiser with Boutin Brown Realty Advisors, Inc. of Tallahassee, Florida. Mr. Brown prepared an appraisal report for the above- designated case under a contract with the US Forest service. He prepared a Complete, Summary Appraisal Report under Standard Rule 2- 2 of the Uniform Standards OfProfessional Appraisal Practice. The purpose of the appraisal was to estimate the market value of the subject property as defined in the Uniform Appraisal Standards for Federal Land Acquisitions. The vacant, restored overall value, as well as proportioned values pertaining to a three year phased sale, was estimated. The client and intended user is the US Forest Service. The function of the appraisal report is for use by the U. S. Forest Service in negotiating a sale of the subject property. A summary of the appraisal report along with my review comments follow. APPRAISAL SUMMARY Owner of Record: USA C/ O US Forest Service, NFS in FL Case Number and Location: Tract #s A-943 & A-944, Okaloosa Co., FL Estate Appraised: All rights, title and interest in approximately 42. 57 acres of vacant land belonging to the USA, subject to three R- O- W easements. Size: Tr# A- 943 = 30. 14 acs, Tr# A- 944 = 12. 43 acs for a total of 42. 57 acres, more or less Highest and Best Use: Mixed Use: Residential and Commercial. The two adjacent tracts are to be valued as one vacant tract. Improvements None, to be appraised as if vacant and restored. Reservations and Outstanding Rights: The tract is subject to three easements: two road easements to the St of FL and one utility easement to Okaloosa Co, FL. Tr#- 943 is under Special Use Permit to Okaloosa Co as a fair ground. Tr#- 944 is under Special Use Permit to the City of Ft. Walton Beach as a ball park. Appraised Value Estimate: Income Capitalization Approach - N/ A Cost Approach - N/ A Sales Comparison Approach Overall Value - $ 4,000, 000.00 Phase 1: A- 943 @ 22. 82 acs x = $ 1, 000,000. 00 Phase 2: A-944 @ 12. 43 acs x = $ 1, 750, 000.00 Phase 3: A-944a @ 7. 32 acs x = $ 1, 250, 000. 00 If!!. Caring for the Land and Serving People Printed on Recyded Paper '-' Forest Supervisor, NFs in FL Appraisal Review, Okaloosa . tty Fair Grounds and Ball Park Tracts A- 943 & A- 944 Total Phased Value of 42. 57 acs = $4,000, 000. 00 Estimated Value $ 4, 000, 000.00 or $93, 963. 00/ ac Date of Value Estimate: November 28, 2005 Date of Report: December 7, 2004 Date of Review: December 13, 2004 and December 27, 2004 Assigned Value $ 93, 963. 00 per acre* for a total property value of 4, 000,000.00. Phase 1: A- 943 @ 22. 82 acs x = $ 1, 000, 000.00 Phase 2: A- 944 @ 12. 43 acs x = $ 1, 750, 000. 00 Phase 3: A- 944a @ 7. 32 acs x = $ 1, 250, 000.00 Total Phased Value of 42. 57 acs = $ 4,000,000.00 Value valid through November 27, 2005 unless there is a significant change in the estate appraised. Value Approval Recommended: As presented, the appraisal report supports the assigned value. I recommend approval for Agency Use. Note: The appraiser states that, if the final acreage were between 38. 0 and 47. 0 acres, the per acre unit value conclusion would still be valid. PURPOSE. INTENDED USE. AND SCOPE OF THE REVIEW The client in this review process is the U. S. Forest Service. The review report is intended for the sole use of the U. S. Forest Service. Use of this review report by others, for any purpose, is not intended. The purpose of this review is: To develop an opinion as to the completeness of the material under review, given the scope of the work applicable in the assignment; To develop an opinion as to the adequacy and relevance of the data and the propriety of any adjustment to the data, given the scope of the work applicable in the assignment; To develop an opinion as to the appropriateness of the appraisal methods and techniques used, given the scope of the work applicable in the assignment, and develop the reasons for any disagreements; To develop an opinion as to the reasonableness and appropriateness of the analyses, opinions, and conclusions, given the scope of work applicable in the assignment, and develop the reasons for any disagreement. I have examined the appraisal report to insure that the appraisal methods and techniques used by the appraiser comply with the Uniform Standards of Professional Appraisal Practice, the Uniform Appraisal Standards for Federal Land Acquisitions, and applicable Agency specifications. It is within the scope of my assignment to act on behalf of the client to interact with the appraiser to ensure that any deficiency is appropriately corrected by the appraiser, and is necessary, to 2 Forest Supervisor, NFs in FL Appraisal Review, Okaloosa .. . ty Fair Grounds and Ball Park Tracts A- 943 & A- 944 make corrections to cure a deficiency, expressing the result as my own opinion of value, developed within the same scope of work as was applicable in the original assignment. This review does not set forth an independent opinion of value. I reviewed the infonnation provided in the appraisal request, prepared a written appraisal assignment, and discussed the assignment with the appraiser in advance. The original review of the appraisal report was made on December 13, 2004. The report was returned to the appraiser on December 20, 2004 for amending. The second review was made on December 27, 2004. My review of this appraisal is based on the material submitted in the appraisal report; discussions with the appraiser; discussions with knowledgeable Forest Service personnel and other parties; and my