Okaloosa County BOCC — November 5, 2013 — Teel and Waters Appraisal of Parcel 12 at Bob Sikes Industrial Airpark — reading text

APPRAISAL OF REAL PROPERTY LOCATED AT: Adora Teal Way Crestview, FL 32539 FOR: Northwest Florida Regional Airport 1701 State Road 85-North Eglin Air Force Base, FL 32542 AS OF: June 21, 2012 BY: Randy G. Bracewell State-Certified General Real Estate Appraiser RZ589 P.O. 21201384 Form GA3 — “WinTOTAL” appraisal software by a la moda, inc. —- 1-800-ALAMODE LAND APPRAISAL REPORT (Main File No. 12-108] Page #2] P.O. 21201384 File No, 12-108 Borrower Client: N. W. FL Regional Airport Property Address Adora Teal Way Census Tract 0204.00 Map Reference Okaloosa =a City Crestview County Okaloosa State FL Zip Code_32539 Legal Description M1 & B description in S3-T3N-R23W (see attached legal) Sale Price $ N/A Date of Sale N/A Loan Term N/A yrs, Property Rights Appraised [xX] Fee (_] Leasehold [] De Minimis PUD Actual Real Estate Taxes $. (yt) Loan charges to be paid by seller $_N/A Other sales concassions N/A. Address 1701 State Road 8§-North, Eglin Alr Force Basa, Fl 32542 Lender/Client Northwest Florida Regional Airport Occupant Vacant Location Good Avg. Fair Poor Built Up (] Over 75% DX] 25% to 75% [_] Under 25% Employment Stability OwWoO Growth Rate [_] Fully Dev. (_] Rapid {_] Steady (XJ slow Converience to Employment XO Oo Property Values (_] increasing {_] Stable (x1 Dectining Convenience to Shopping CL) XY OO Demand/Supply {"] Shortage {_} tn Balance BX) Oversupply Conveniance to Schools CO] & OO Marketing Time ("} Under 3 Mos. — [_] 4-6 Mos. {<] Over 6 Mos. Adequacy of Public Transportation [N] (N) [E] Present Land Use _ 40% 1 Family__0% 2-4 Family ___O% Apts. 0% Condo___ 0% Commercial Recreational Facilities OKO O _20% Industrial_40% Vacant ___% Adequacy of Utilities (lw Oo Change in Present Land Use Not Likety 7 ukely (*) {_] Taking Place (*) | Property Compattbility LIWOo (*) From To Protection from Detrimental Conditions (_} CC) Predominant Occupancy Owner {_] Tenant ___5 % Vacant Police and Fire Protection ONO Single Family Price Range $150,000 __ to$ 760,000 Predominant Value $_180,000+ | General Appearance of Properties (1 & (J Single Family Age New yrs. to___ 50 yrs. Predominant Age 26+ yrs, Appeal to Market OwWOO Comments including those factors, favorable or unfavorable, affecting marketability (8.9. public parks, schools, view, noise); The general neighborhood is the Appraiser Randy G. Bracewell/Cert. G instructions to Appraiser Provide Opinion of Fair Market Value 9 State-Certified Genera! Real Estate Appraiser RZ58 [_} Urban 5 Suburban Rural Crestview Industrial Park including the Bob Sikes Airport. This park is located in the eastern sector of Crestview and is not located limits. within the c Dimensions See survey Zoning classification _1-2 (Airport Ind. Park), FLU- | (industrial) Highest and best use [_] Present use [J Other (specity) Industrial Pubic Other (Describe) OFF SITE IMPROVEMENTS Topo _Ftat to rolling terrain Elec. & Street Access [X] Public [_] Private |Size_ 10.8t+/-acs, based on survey/ legal description fumished ie Gas 4 Surface_paved Shape Rectanqutar ea Water X Maintenance {<J Public (_] Private |View Typical San. Sewer [] _inarea (J Storm Sewer (__] CurtyGutter | Drainage_ Adequate for Normal Rainfall (7) Underground Elect. & Tel.|_(_] sidewalk [| Street Lights _|ts the property located in a HUD Identified Spectal Flood Hazard Area? <JNo|_|Yes Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): Subject is natural woodlands being consistent to other developed tracts in the area. The site fronts Adora Teal Way with a limited view of the Airport. No other adverse 40.8ac +/- So. Ft. or Acres DX) Corner Lot Present improvements [<] do [_] do not conform to zoning regulations conditions noted upon inspe The undersigned has recited thres recent sales of properties most simiar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant itm in the comparable property is superior to of more favorable than the subject property, a minus (-) adjustment is made thus reducing the indicated value of subject: # a significant item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject. (TEM | SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO, 2 COMPARABLE NO, 3 Address Adora Teal Way John Givens Rd Phil Tyner Rd, Hwy. 85 & Cobbler Ln. Crestview $3-T3N-R23W Crestview, $32-4N-23 Crestview, $32-T4N-R23W Proximity to Subject note espe oo miles NW 2.11 miles NW are Sales Price $ NIA 2 25a. 19/98Sacs M Price I$ $ 25,000 $ 132,500 $220,000 Data Source Bk. 2624 pg. 3494 MLS641942, Bk.2949 pg.279 =| MLS544172, Bk.3006 2634 Oate of Sale and DESCRIPTION DESCRIPTION +{-}$ Adiust, DESCRIPTION +(— }$ Adiust DESCRIPTION | +(-)$ Adiust. Time Adjustment | Nia 06/05 08/2010 10/2012 \ Location N. Crest. good N.Crest.good | NWCrest,sim | N. Crestview, Avg ! Site/View woodlands, typical_| woodland, typical : est. site old Big | clear, est. yard, dit, Site Area 10.81+/- acres 2.04+- acres i 6.63+-acres ‘ 20+/- ac ' Road Frontage Paved, 1000'+ Paved, 327° i Paved, good : Paved, 175'+ ; Zoning I (industrial! LP. {restricted} : (residential) ' old cleared homes: (Ok. Gas) (Toolan) H (comm/resid) ! Sales or Financing «=| NIA none ! None ' Bank REO i Concessions ' ' : Net Adi. (Total i+ []- ‘gs fl+ f)- is Lis []- is indicated Value of Subject $12,253 $19,985 $14,000 sale is similar in one aspe or another to the subject prope Comments on Market Data: _The above sales & listings adequately reflect current and past values to be found in the general market. Each . Each sale is located within the qeneral_area of subject but have different zoning/uses. Comp. #1 is a somewhat restricted tract in the Crestview Industrial Park. see next page. Comments and Conditions of Appraisal: _The property was inspected on June 21, 2012. Past market trends suggest some form of discountis to be expected for government owned property put up for sale. Comparables #1, #4 and #6 are most similar to subject and will be weighted most heavily. Final Reconciliation. _My opinion of value, based on the above sales and with knowledge of past & current trends of the market, is. $20,000 p/acre or total value of $216,200 (10.81 ac+/- @ $20,000 plac) say $220,000. A value range of 10% +/- is estimated for buyer-seller motivation, - WZ Boao” ~ — _ cewellCert. Gen. RZ589 (J did —_ ([] Did Not Physically Inspect Property Review Appraiser {if applicable) Teel & Waters Real Estate Co, Inc. (850) 682-6156 Form LND — ‘WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Appraiser(s) [yak] LAND APPRAISAL REPORT MARKET DATA ANALYSIS (Main File No. 12-108] Page #3} P.O, 21201384 _ File No. 12-108 ITEM | SUBJECT PROPERTY COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. § Address Adora Teal Way James tee Bivd & Cavalier Dr. | Adora Teal Way James Lee Blyd-E Crestview Crestview, S14-T3IN-R23W Crestview, 03-3N-23 Crestview, 14-3N-23 Proximity to Subject 1.65 miles SE —— Sales Price $ NIA MiS62lac Price $ [s 819,000 Data Source Bk. 2990 pg. 4791 Seller (Hadley) MLS530854 Date of sale and DESCRIPTION DESCRIPTION ee )$ Adjust. OESCRIPTION [e(- )$ Adjust. DESCRIPTION _|+(-1$ Adjust. | Time Adjustment NIA 06/2011 ‘ Current Listing ‘ Current listing Location N. Crest. good E. Crestview N. Crest. sim. ; E. Crestview ; Site/View woodlands, typical_| wood, pd, wet Cleared, est. site | wood, wetiand | Site Area 40.81+/- acres 38+-acre, typ. ! 12.2+-acre ' 16+- acre i Road Frontage Paved, 1000'+ Paved/Dirt, good _| Paved, 1038' ' Paved/dirt : Zoning 1 (Industrial} 2-Houses, sheds ‘6,850 Industrial i Commerciat : (Henderson -Okal) ' (Segers aero) ! (Coastal B&T) _' Sales or Financing «=| N/A none ' Listed over : Bank REO reduce! Concessions : past 3-5 yrs. ! $359,000 ! Net Adj. (Total []+ Xl - $ -6,850 [i+ [j- ts il+ []- js Indicated Value of Subject $ 14,702 $ 36,065 $ 9,375 time pe prope of the Bob Sikes Airport. iod at much higher prices. Comp. #6 adjoins the subject prope is being advertised as a cleared site with an approved D/O. Comp. #6 fronts a major roadway & located in the South Flight Comments: Comparables #5 and #6 are current listings located in the immediate area. Both properties have been listed for an extended and woutd set the upper limit to our value range. This Form LND,(AC) — "“WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE (Main File No, 12-108T Page #4] Supplemental Addendum File No. 42-408 Gient Northwest Florida Regional Airport Property Address Adora Teal Way | City Crestview County Okaloosa State_ FL Zip Code 32539 Client Northwest Florida Regional Airport . i f th isa This is a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under the standards Rule 2-2b of the USPAP. The Scope of the appraisal includes the exterior inspection of the subject property, collecting, verifying and analyzing pertinent data, considering marketing trends, developing an opinion of value of the subject property and communicating the findings in this Summary Appraisal Report. The Scope of this report is limited to the examination of comparable sales within the subject's market area and the data recorded herein is limited to that which, in the appraisers judgement, was found to be the most comparable. Additionalty, only that data available to the appraiser within a reasonable period of research time has been considered. Reported data pertaining to the physical condition of the subject property is based on the appraiser's physical observation of the site. Only the Sales Comparison Approach was used in this appraisal. There are no improvements, therefore, the Cost Approach is not used. Land in this market is typically sold rather than leased on a long term basis. Therefore, the income Approach is not used. There are ample sales to provide an opinion of vatue. » Land: Site Comments The appralsers have examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraisers are not surveyors, they make no guarantees, expressed or implied, regarding this determination. A survey was given to the appraisers at the time of the inspection, Any easements, encroachments, and exact parcel dimesion will have to be determined by the survey. dverse Environmental Conditions: The value opinion of this report is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimentat environmental conditions. The appraisers are not experts in the identification of hazard substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the subject property negatively. If ls possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances and environmental conditions on or about the property that would negatively affect its value. Digital imagery Comments: This appraisal has digital imagery throughout, which may or may not include photographs of the subject, photos of the comparables, digital mapping for the neighborhood and a digital subject floor plan sketch. Normally, the last step of the appraisal process is placing the signature on the appraisal. For digital imagery reports, the signature of the appraiser has been digitized,