Okaloosa County BOCC — April 5, 2016 — Okaloosa County-old Piggly Wiggly Bldg Appraisal Oct 2015

TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156  APPRAISAL REPORT OF Commercial Bldg. (Old Piggly-Wiggly Bldg.) N. Wilson Street Crestview, FL P.O. 21600047 APPRAISAL FOR Okaloosa County Road Department Mr. Jeff Henderson 1759-A S. Ferdon Blvd. Crestview, Florida 32539 2 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 October 16, 2015 CLIENT: Okaloosa County Road Department Mr. Jeff Henderson 1759-A S. Ferdon Blvd. Crestview, Florida 32539 APPRAISER: Randy G. Bracewell, GRI State-Certified General Real Estate Appraiser #RZ589 SUBJECT: Commercial Bldg. (Old Piggly-Wiggly Bldg.) N. Wilson Street, Crestview, FL P.O. 21600047 Mr. Henderson: As you requested, I have personally inspected the property referenced above and legally described in this report. The purpose of this appraisal is to provide an opinion of the present market value of this property, as of the effective date. Market Value is defined as the most probable price that a property will bring in a competitive market under all conditions requisite to a fair sale, which would result from negotiations between a buyer and seller, each acting prudently, with knowledge, and without undue stimulus. This value assumes normal financing available in the market at the time of appraisement or its cash equivalent if no such financing is normal at the appraisement time. The property was appraised as a whole, owned in fee simple. This appraisal is subject to the limiting conditions and contingent conditions outlined in this report that you should specifically review. Okaloosa County is my client in this appraisal assignment and it is understood they will use this report to assist them in making a financial decision regarding possible purchase price. No other use of this report by any other entity or person is authorized. 3 TEEL & WATERS REAL ESTATE CO., INC. - APPRAISAL DIVISION FORT WALTON – AC - 850-243-5511 ∙ 499 N. FERDON BLVD. - CRESTVIEW, FL 32536 - AC – 850-682-6156 Okaloosa County Road Department October 16, 2015 Page Two This APPRAISAL REPORT is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated below. The appraiser is not responsible for unauthorized use of this report. It is my opinion that the present market value of this property as of the effective date is: Final Value Opinion TWO HUNDRED TEN THOUSAND DOLLARS $210,000 Extraordinary Assumptions: This appraisal assumes and subject to the subject property having mold remediation and the property will continue to be usable. The exposure time linked to the opinion of market value is a range over 12 months based on market trends/sales of similar properties and limited site area. The exposure period assumes and is subject to