Fort Walton Beach Council agenda — 01-24-12 regular — reading text

the city o° manager and proposed purchaser, the city manager shall a L` cause said contract to be submitted to the city council for U its review and approval." m a 2. 5 The City Council would first review the matter and determine whether the o N property was surplus before initiating the required process. 0aN 3. Financial Information 3. 1 An appraisal was conducted in September 2011 to determine the market value of the property. As the attached appraisal indicates the total value of the seven lots is $ 224, 000. The value of individual lots may vary based on their size and location. If the vacant property were on the tax rolls at $ 224,000 the City would realize $ 1, 026 in ad valorem taxes. If the properties were improved the ad valorem revenue would increase as well as utility taxes along with a concomitant revenue increase in water, sewer, sanitation and stormwater fees. 4. Recommendation 4. 1 Staff recommends that the City Council begin the disposal of surplus property as prescribed in the City Code by declaring Lots 1 to 7 in Block 3 of the Bayou Woods subdivision to be surplus with written notice of intent to dispose of property to be sent to abutting property owners and advertised twice in the legal advertisement section in a newspaper having general circulation; advising the date by which proposals or offers must be received. Bayou Woods Property Packet Pg. 14T  14. 4.b HUMPHREY AND ASSOCIATES, INC. COMMERCIAL REAL ESTATE VAt0ATIOR AND RESEAK6 Sp - ializleg In UndiNned Partial tifCOsta Finale B Iluarillholl, 3I kh' 11) H ahar Ih Nomphcep,\ IRIC S sla J" a Cliclull qn " ?cr N' R/ 7a_ Sum- arnilicd Qnml App' ll" N• IV 12218tH MAUDCalmsn nom Boactilluisaral Ilillary Driscoll -Oldv SL Ic.' rtifioJ Geaeml App1111c N° RZ 3121) 111 1 2nd Floor - Regions Bank Building 1031 Le Salle Street 400 Racetrack Road NW Jacksonville, Florida 32207 Fed Wallon Beach. Florida 32547 -1556 Telephone: ( ORb 346 -1944 Telephone. ( 850) 862 -0966 F. dlur, ld 1904) 346 -1945 September 122011 Ld City off' on Walton Beach 0 r. pain I, - Eubanks. Purchasing Depul'llmnt d 10: Miracle Strip Parkway Skk . Pon Walton Bcoch_ Florida 32548 U 12e. Appraisal oflBRncresof vacmv residential land- ] - SF2 Lots. Port Wahon Beach, Okuloosa COtmty, floridu H S A FilcNa 110169, PO # 092823 N Dear Nlr. Full, k, 0', Itave completed the mquiord inspections, rascarch, and analyses necect" D to uppraise the fee simple interest in the above referenced propcny. The appraisal analyses are consistent with the swpe of work detemuned to be necessary Io derive it l" Thler " It. The accompanying appraisal report is o wmrnury appraisal report. al", as I he purpose ofthe appraisal analysis was to develop an opinion of the atar of Seprclnber i. 2011- l he intended,,, el the appraisal R ill be for internal financial decisions. Nooth" a" efthls" Pon by any othcrentit, or person k authorized Rlarket value, fee simple interest. lensed fee interest. highest and best use. and other pertinent temu am ddw, d in the following repon. W'e have analyzed the market value oNhe subject property bored on oor estimate of the highest and best rise of the subject land which . vas sp" Alleall irreestnrentforfinrre Inw denviq residential derelnpraent is estinatled to he the highest and best usefor the subject pmpegr, " As 1%," as dre use prmddes it higher reuvtt In lire under/, iag Inrlrl0unr Me, other ave nmrl2¢ ed.. Subject In the above and the assumptions lim' ting co rdii ons, and cenifi at m set forth herein. ein. it is our pn f, ,Donal opinion that the Innrket value of 'he fee simple inerest n tire su bject prope q, tor ' Is: as of S, ptember S. 20 11 is TWO HUNDRED TWENTY FOUR THOUSAND DOLLARS 5224, 000 The esposlre time linked to the final current value opinion is a range 9 to 12 months based rat market sales ofsin.it" properties and market aclilit,. Packet Pg. 143  14.4.b ntr YFIl ruhanca_ rnrcn-vzlne lWjnutmanL eo poT2x'_3 7 SfFt eon Hal W'.dlon Lore Fan Br:¢h 14ach 19_ We hereby certify that we have no interest, present or contemplated, in the appraised property. The andenigned appraistts are competent Cor the property type under appreacracon ' this appraisa l has been prepared uti lizing al l oft he requirements set forth a standards for real estate appraisals established for fedcrolly related transactions by the Comptroller ofthe Currency. the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the State of Iloridu_ The appraisal is in conlDnnity with the standards for real estate appraisals as e, add hd by the Appraisal Foundation and its Appni: I Standards Board_ The appraisal also conlorms to the U if t k rd -/ o/ 1' rof"" 1111,11 dpptairo/ h4nerice IIJSPAP) and your insttvctions. The Ire for this appraisal w.: art based oil " due nor was the a aiunnrent r rf,takea based oo a prdetermined value. a trend in value, or a nnnlmum or masinmm value_ Itcspectfully olaritled. HfmrllcIN prvu A IS, K IN I IS. II( . a lidlary Dnscoll -Olds IiT State- rerdfied General Real Estate Appraiser Ne RZ 312) ( FU an N 6 N Walter H. Humphrey. MRR S State- certified General Real Estate Appraiser N° RZ 121818.) Packet Pg. 744  14.4. b SUMMARY APPRAISAL REPORT n e( J thl vA )! t du I l Ic hts icu Sur mtu V. il Prnis< 1 Rep rl hidt inl ldm cot philhdetep 11 4 n9 +'- .. + 1;( bl ytl Ftif..nn.5tmt$ de cell « f.smal4pprtrisal Rlaall f..r lAn vi(p asa7dl Reptra. t o' n, r/ 0t Lu hptl tom Is "" i..... aJth doll as m 1id na13' sthat TpouanoJ due. Sppotngi tntutlalwalI cr Stic Illeol revs.. nrq, atl ¢ fitslsr to lltl" IY a e11. Utz F prh on- ah sl.. roam ned -. III,, repo) t spr Jtc m In, needs oftlr count andfa, th faded all ,mt, d loll misers are not res..onalble / or anaatAodzed rill of IM reawa I CLIENT: City of F. n Walton Brach Mr. Paul L. Eubanks, Pnrdtwmg Department 105 Miracle Strip Parkway SW I ort Walton Beach. Florida 31548 APPRAISERS: Hillary Driscoll-Olds Sl, te- cenitied General Real Lstate Appraiser N° RZ 312011 14 FV: dter 11. Ilumphrey, NIRICS State- certifed Oeaeral Real Estate . Appraiser N° RZ 12I R ( FU tqn I IUAJPflRIY . AND AISOCI .. A I FS, INC. 2ntl Floor, Regions Bank Building a0T` 400 Racetrack Road NW U N Fort Walton Beach. Florida 32547