Okaloosa County BOCC — April 15, 2014 — Foy Shaw Road Project SJPA_Sig Resolution_Appraisals_Land Purchase Agreement Letter — reading text

Appraisers warrant only that the value conclusions are his/her best opinions as of the exact day of valuation. 3.07 + Acres, - Industrial Land, Foy Shaw Road Project Page 7 H&A 140023 Crestview, Okaloosa County, FL GENERAL ASSUMPTIONS: 1. 10. No responsibility is assumed for the legal description provided or for matters relevant 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. The subject property is appraised free and clear of any or ail liens, leases, or eticumbrances unless otherwise stated. All mortgages, liens, encumbrances, leases and servitude have been disregarded unless so specified within the report. No survey of the property has been made by the appraisers and no responsibility is assumed in connection with such matters. Sketches, plot plans, or illustrative material presented in this report are included only to assist the reader in visualizing the property. Information and data furnished by others is 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. Responsible ownership and competent property management are assumed unless otherwise stated in this report. It is assumed there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more orless valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover them. It is assumed there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report. It is assumed 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. slative or administrative authority from any local, state or national It is assumed all required licenses, consents or other legi e value governmental or private entity or organization have been or can be obtained or renewed for any use on which th opinion contained in this report is based. It is assumed the utilization of the land and improvements is within the boundaries or property lines of the property described and there is no encroachment or trespass unless noted within the report. EXTRAORDINARY ASSUMPTIONS: None. Page 8 3.07 + Acres, - Industrial Land, Foy Shaw Road Project Crestview, Okaloosa County, FL H&A 140023 GENERAL LEMITING CONDITIONS: This is an Appraisal Report 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 appropriate discussions of the data, reasoning, and analyses used in the appraisal process to develop the appraisers’ opinion of value. Some supporting documentation concerning the data, reasoning, and analyses is retained in the appraisers’ 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 appraisers are not responsible for unauthorized use of this report. Appraisers are not qualified to detect hazardous waste and/or toxic materials. Any comment by the appraisers suggesting 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 appraisers’ value estimate is predicated on the assumption 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 appraisers’ descriptions and resulting comments are the result of the routine observations made during the appraisal process. 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 are structural in nature otherwise restricting access by disabled individuals may adversely affect the property’s value, marketability, or utility. Possession of this report, or a copy thereof, does not accompany the night 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 appraisers, and in any event, only with proper written qualification and only in its entirety. 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. [f this report is placed in the hands of anyone but the client, client shall make the party aware of all the assumptions and limiting conditions of the assignment. The appraisers affixing their signatures to this appraisal report will not be required to provide testimony or appear in court as aresult of having made this appraisal, with reference to the property in question, unless arrangements have been previously made thereof. No environmental impact studies were either requested or made in conjunction with this appraisal, and the appraiser hereby teserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research, or investigation. The appraisers 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. Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing General Assumptions and Limiting Conditions, Extraordinary Assumptions, and Hypothetical Conditions. HYPOTHETICAL CONDITIONS: None. 3.07 + Acres, - Industrial Land, Foy Shaw Road Project Page 9 H&A 140023 Crestview, Okalvosa County, FL CERTIFICATION OF VALUE: We certify, to the best of our knowledge and belief: 1. 2, ~i The statements of fact contained in this report are true and correct. 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. We have no present or prospective interest in the property which is the subject of this report and 2c personal interest with respect to the partes involved. We have appraised the subject previously. We have no bias with respect to the property which is the subject of this report or to the parties involved with this assignment. Our engagement in this assignment was not contingent upon developing or reporting pre-determined results. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value favoring the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). Hillary Driscoll-Olds made an inspection of the subject property on February 12, 2014. Walter H. Humphrey made an inspection on the same day. Note that this inspection was from nearby property, supplemented with County GIS aerial photography. No one provided significant real property appraisal assistance to the persons signing this report. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal institute. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The undersigned appraisers have the knowiedge and experience to complete this assignment competently, or have taken the required steps to be competent prior to completing this appraisal assignment. The opinion of market vaiue of the of the compensation due the owner for the acquisition of the subject property identified in this report, *As Vacant’, as of February 12, 2014, is: FIFTY EIGHT THOUSAND DOLLARS $58,000 HIUMPHREY AND ASSOCIATES, INC. MRR es Hillary Driscoll-Olds State -Certified General Real Estate Appraiser N° RZ 3120 (FL) OZ AO gage _ Walter H. Humphrey, MRICS State-Certified General Real Estate Appraiser N° RZ1218 (FL) 3.07 + Acres, - Industrial Land, Foy Shaw Road Project Page 10 Crestview, Okaloosa County, FL H&A 140023 DESCRIPTION OF REAL ESTATE APPRAISED Site The subject property parent tract is 10.15 acres and is located at 5377 Ford Street, just south of Bob Sikes airport within the airport ‘Area of Influence’ and Okaloosa County jurisdictional limits. The subject ‘Taking’ is 3.07 acres. The survey and legal description were provided by Okaloosa County. A copy is included in the addenda. Goprnghs © 2091 qPutac net 4 sue 5 } a > Survey per client Okaloosa County Detail Aerial Ownership: The parent tract property owner, according to recorded warranty deed in Okaloosa County Official Records is: Richard A and Marsha Howard 5337 Ford Street Crestview, FL 32539 Copies of the warranty deed with legal descriptions are included in the addenda. 3.07 + Acres, - Industrial Land, Foy Shaw Road Project Page 11 Crestview, Okaloosa County, FL H&A 140023 Excess Lamd: None. Soils: The soil appears to be a mix of Troup-Lakeland-Bonifay sands that are nearly level to steep, well drained and excessively drained that have a loamy subsoil or are sandy throughout according to the Soil Survey'*. This soil type is compatible with commercial development, although wetlands are indicated. Okaloosa County GIS contour and wetland map shown below. Sect Siavitions Fh Cretoers F2 ad Spit teres * Parcota Popinaial We Bands 77 ane mstimngnreee bed J] Sttasree a iBirne Frise Ay resent Corn tae Preteens feveps Serv FT Cremaete Mas — ist 7 ae — . i Water Bodies: 9A us #3 er ot Foe 3 ogee of Seneca © Gat grea Sap re Soyo ye feat Py | wae Ges Topography: The acreage slopes down toward the creek to the east. Utilities: All utilities are available at or near the site. Easements Encroachment: We assume that easements may exist. The existence or nonexistence of encroachments or easements should be confirmed by a Florida licensed