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

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 The acceptance of this report and its use by the client in any manner whatsoever or for any purpose is acknowledgment by him that this report is a satisfactory professional product, and that he has personally read the report, and specifically agrees that the data herein is accurate to the best of the appraisers' ability. The report remains the personal property of the signer and may not be transmitted to a third party without the signer's written permission. Teel and Waters Real Estate Company, Inc., or the Appraisers' personal responsibility does not extend to a third party under any circumstances whatsoever. As a part of the Appraiser-Client employment agreement, the client agrees to notify the appraiser of any error, omission, or invalid data herein within 15 days of receipt and return the report along with all copies to the appraiser for correction prior to any use whatsoever. Under No Circumstances shall the Company's or Appraisers' liability exceed the fee actually collected for this report, and then only in case of a gross error which would have materially affected the appraisers' value opinion as of the date of valuation. Thus, by acceptance of this report you acknowledge that a value opinion is the product of a professionally trained mind but nevertheless is an opinion only, and not a provable fact. As a personal opinion, valuation may vary between appraisers based on the same facts. Thus, the Company and the appraiser warrant only that the value conclusion is his best opinion as of the exact day of valuation. 51 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  CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. Further, the reported analyses, opinions, and conclusions are limited only by the reported Assumptions and Limiting Conditions of this report and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 2. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved. Further, I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 3. My engagement in this assignment was not contingent upon the developing or reporting predetermined results. 4. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors 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. 5. My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. 6. I have made a personal inspection of the property that is the subject of this report. 7. No one provided significant real property appraisal assistance to the person signing this certification. 8. PRIOR ASSIGNMENT DISCLOSURE: This appraiser has not had a prior association and/or work history with this property over the past three years. SEAL Randy G. Bracewell, GRI State Certified General Real Estate Appraiser #RZ589 52 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  ADDENDUM 53 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  54 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  55 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  56 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  57 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  58 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  59 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  QUALIFICATIONS OF THE APPRAISER - RANDY G. BRACEWELL FLORIDA STATE CERTIFIED GENERAL APPRAISER (Formerly Certified Real Estate Appraiser) License # RZ589 EDUCATIONAL BACKGROUND B.S. Degree in Finance & Real Estate FLORIDA STATE UNIVERSITY 1980 SOCIETY OF REAL ESTATE APPRAISER COURSES Introduction to Appraising Real Property-Course 101 FLORIDA STATE UNIVERSITY 1978 Principles of Income Property Appraising-Course 201 FLORIDA STATE UNIVERSITY 1979 Seminar on Subdivision Discounting and Condominiums 1981 Applied Residential Property Valuation Course 102 UNIVERSITY OF FLORIDA 1982 Income Analysis Course 202 UNIVERSITY OF FLORIDA 1984 EXPERIENCE Registered Real Estate Salesman in Okaloosa Co. Since 1980 Appraiser with Billy D. Teel, MAI/Teel & Waters Real Estate Co., Inc. from March, 1980, until present with emphasis on multifamily and commercial properties. Registered Real Estate Broker 1983 State Certified General Appraiser 1990 (Formerly Titled "Certified Real Estate Appraiser") MEMBERSHIPS Past Vice President - Crestview Area Board of Realtors Member - Florida Association of Realtors Member - National Association of Realtors Member - Crestview Chamber of Commerce Past Chairman - Crestview City Planning & Zoning Board Director - Greater Crestview Economic Development, Inc. General Associate Member of the Appraisal Institute (2009- 2014) REAL ESTATE COURSES GRI Course 1 FLORIDA ASSOCIATION OF REALTORS 1981 GRI Course 2 FLORIDA ASSOCIATION OF REALTORS 1982 GRI Course 3 Graduate 1983 60 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 QUALIFICATIONS OF RANDY G. BRACEWELL Page Two SPECIALIZED EDUCATION FOR RANDY G. BRACEWELL May 1980 Discounted Cash Flow for subdivisions and condominium, Society of Real Estate Appraisers, Dr. Richard Hewitt. May 1981 Farm, Forest, and Animal Land Appraisal Seminar, University of West Florida and Farm and Land Institute. 08/09/84 Basic Use of Marshall Valuation Service. 08/10/84 Introduction to Hotel/Motel Valuation 1985 Contemporary Issues & Methods of Appraising Commercial Properties by Jim Grasskamp, PhD of the University of Wisconsin 1986 Tax Considerations in Real Estate Transactions 1986 Appraising for Pension Fund Portfolios, Charles B. Akerson and Carl Schultz 1987 Explanation of R-41c of the FHLBB by Douglas Lovell, MAI, Chief District Appraiser for the Southeast. 1987 Standards of Professional Practice 2/14/88 Real Estate Appraisal Principles Course # (1A/8-1), Gainesville, Florida 8/25/92 Appraiser Continuing Education Environmental Hazards for Appraisers Ft. Walton Beach, FL 9/27/92 Appraiser Continuing Education, Appraiser Law/Uniform Standards Ft. Walton Beach, FL 1993 Practical Approaches to Appraising Troubled Properties Stephen M. Atwell, MAI 01/28/94 Appraiser Continuing Education, Appraiser Law/Uniform Standards Ft. Walton Beach, FL 01/29/94 Appraisal Continuing Education, Modern Applicable Techniques Ft. Walton Beach, FL 06/21/96 30 Hour Appraisal Continuing Education Course, Real Estate Education Specialists, Ft. Walton Beach, FL 10/25/96 1996 Real Estate Trends Networking Conference, Florida State University Tallahassee, FL 11/22/96 Dynamics of Office Building Valuation, Appraisal Institute Lake Worth, FL 10/03/97 USPAP “Core” Law for Appraisers, Appraisal Institute Panama City, FL 02/98 30 Hour Appraisal Continuing Education Course, Real Estate Education Specialist, Tallahassee, FL 08/06/99 Professional Standards USPAP Update, Tallahassee, FL 03/07/01 Core Law, 3 hours 04/20/01 State of the Profession Seminar, 3 hours 61 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 QUALIFICATIONS OF RANDY G. BRACEWELL Page Three 06/28/01 Conservation Easements, 16 hours 03/27/2004 Appraiser Continuing Education, Destin, FL Ketchem Educator’s Providers, LLC USPAP/LAW UPDATE 7 Hours of Credit 03/27/2004 Appraiser Continuing Education, Destin, FL Ketchem Educator’s Providers, LLC Florida State Law Update, 3 Hours of Credit 10/21/2004 Appraising the Secondary Market: Getting Along with Fannie & Freddie McKissock, Ft Walton Beach, FL 10/21/2004 Limited Appraisals and the Scope of Work Decision McKissock, Ft Walton Beach, FL 04/06/2006 National USPAP Update (7 hours) McKissock, Pensacola, FL 04/06/2006 Florida Laws & Regulations (4 hours) McKissock, Pensacola, FL 04/07/2006 Appraisal Trends (8 hours) McKissock, Pensacola, FL 04/07/2006 Disclosure & Disclaimers (4 hours) McKissock, Pensacola, FL 04/11/2008 Florida Laws and Regulations (3 hours)