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

appraisal report. | certify that any individual so named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, | will take no responsibility for it. 10. PRIOR ASSIGNMENT DISCLOSURE: This appraiser has not had a prior association and/or work history with this property over the past three years. ADDRESS OF PROPERTY APPRAISED: Adora Teal Way, Crestview, FL 32539 APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: 4-2. Signature: Name: Rartd age 5: . R288 Name: Date Signed: _ June 22, 2042 Date Signed: State Certification #: State Certification #: of State License #:_RZ589 : or State License #: State: FL State: Expiration Date of Certification or License: Nov 30, 2012 Expiration Date of Certification or License: [] did = {_] Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 Form ACR_DEFD — “WinTOTAL" appraisal software by a la mode, inc. —- 1-800-ALAMODE Teel & Waters Real Estate Co, inc, (850) 662-6156 (Main File No. 12-108] Page #7) Client Northwest Florida Regional Airport File No. 12-108 Property Address Adora Teal Way City Crestview County Okaloosa State FL Zip Code 32639 Client Northwest Florida Regional Airport APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report Is one of the following types: [-] Setf Contained (A written report prepared under Standards Rule 2-2(a) , pursuant to the Scope of Work, as disclosed elsewhere in this report.) & Summary (A written report prepared under Standards Rule 2-2(b) , pursuant te the Scope of Work, as disclosed elsewhere in this report.) [_] Restricted Use (A written report prepared under Standards Rule F2(c) , pursuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 | certify that, to the best of my knowledge and belief: - 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 my personal, impartial, and unbiased professional analyses, opinions, and conclusions, : Uhave no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties involved. | have no bias with respect to the property that Is the subject of this report or the parties involved with this assignment. * My engagement in this assignment was not contingent upon developing or reporting predetermined results, * My compensation for completing this assignment is not contingent upon the development or feporting of a predetermined value or cirection in value that favors the causa of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directty related to the intended use of this appraisal. * My analyses, opinions and conckisions were developed and this report has been Prepared, in conformity with the Uniform Standards of Profassional Appraisal Practice, - thave (or have not) made a personal inspection of the property that is the subject of this teport, No one provided significant real property appraisal assistance to the person signing this certification. {It there are exceptions, the name of each individual providing significant eal property appraisal assistance is stated elsewhere in this report.) Comments on Appraisal and Report Identification Note any USPAP related issues requiring disclosure and any State mandated requirements: APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: Signature: Name: Randy G. Brace@ell/Cert. Gen. RZ589 Name: Date Signed: June 22, 2012 Date Signed: State Certification #: State Certification #: or State License #: RZ589 of State License #: State: FL State: Expiration Date of Certification or License: Nov 30, 2012 Expiration Date of Certification or License: Supervisory Appraiser inspection of Subject Property: Effective Date of Appraisat June 21, 2012 [7] DidNot = [[} Exterior-only trom street [7] Interior and Exterior Form ID06 — ‘WinTOTAL” appraisal software by a la mode, inc. — 1-800-ALAMODE Teel & Waters Real Estate Co, Inc. (850) 682-6156 [Main File No, 12-108] Page #6) FIRREA / USPAP ADDENDUM Client Northwest Florida Regional Airport i Property Addiess_ Adora Teal Way | City Crestview County Okatoosa State Fe. Zp Code 32639 Client Northwest Florida Regional Airport Purpose The purpose of this appraisal is to provide the appraiser's opinion of the fair market value of the subject real property, as of the effective date. Scope See Supplementary Addendum Intended Use / Intended User The client of this appraisal is Okaloosa Regional Airport and they are the intended user, The intended use of this appraisal report is to assist the client In making a financial decision for the subject property, Use of this report by any other party will render it null and void. History of Property Current fisting information,_The subject property is not currently listed for, or under contract for, sale. Prior sale:_A review of public records, and other sources, shows no transactions on the subject property over the past three years. Exposure Time / Marketing Time A reasonable exposure period for the subject property is over 6 months, given the currant market conditions. A reasonable marketing time for the subject property is over 6 months, given the current market conditions. Personal (non-realty) Transfers Additional Comments Certification Supplement 1. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or an approval of a loan. 2. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the vatue estimate, the attainment of a stipulated resull or the occurrence of a subsequent event. Appraiser(s): Ran . Bracewellt/Cert. Gen. RZ589 Supervisory Appraiser(s): Effective date / Report date: June 21, 2012/June 22, 2012 Effective date / Report date: Form FUA — "WinTOTAL” appraisal software by a la mode, inc, — 1-800-ALAMODE Subject Photos | Client Northwest Florida Regional Airport Property Address Adora Teal Way City Crestview County Okaloosa State FL Zp Cade_ 32539 Client Northwest Florida Regional Airport Form PIC4x6.TR — "WinTOTAL” appraisal software by a la mode, inc. — 1-800-ALAMODE Street view Adora Teal Way Subject front/street Front/street view Subject Land Photo Page Client Northwest Florida Regional Airport Properly Address Adora Teal Way City Crestview County Okatoosa State_ FL. Zip Code_32539 Client Northwest Florida Regional Airport Side view Adora Teal Way Sales Price NIA Date of Sale NIA Location N. Crest. good Site/View woodlands, typical Site Area 10.81+/- acres Road Frontage Paved, Zoning I (Industrial) View toward airport Form DSSLND — 'WinTOTAL" appraisal software by a ta mode, inc. — 1-800-ALAMODE Location Map Client Northwest Florida Regiona! Airport Property Address Adora Teal Way County Okaloosa State FL Zp Code 32539 City Crestview Client Northwest Florida Regional Airport a la mode, inc. a > tee pepe an Sy a Aguiar 2 2 Aube é s Ghee iise 7 SE ere ~ 3 oe 7c . : & ¥ = ~ : 4 : 85 = 2 & Lcka Se eee Re £ = z Cru, De g oi FO am < + 2 t & 3 o ? 8 a - - 2 : : od x : & a a Ra E = thet Ra Arnon Re 188 Woy bat * 8 fot c o E . & 3 z : oe 7 3 A Vet alec tt 3 Rye te as 2 ; x 5 Subject 5 : Adora Teal Way “ z S 5 . ‘ : z : * Mytee 1 Ehtae . a Pa 4 i x ‘Shay, ug : 0, Mh fe, 2 IMway 99 oy ‘ 90 o tte ed Oy Pa ie e Hgnvay 20 f < a 5 Feta L o Meee a, as The tae , g Anh Qe & s £ & z Z i 0.7 miles Co Cy a prep yes a oe oe 2 pares Form MAP.LOC — "WinTOTAL" appraisal software by a la mode, inc, — 1-800-ALAMODE Tax Assessor’s Map Client Northwest Florida Regional Airport Property Address Adora Teal Way City Crestview County Okaloosa State_ Fl. Zip Code 32539 Client Northwest Florida Regional Airport 5 US/NeD R2 SCUUN LYER babe 378 | CoE ROLES, ! X \ f | yy a \ i! hd OR‘! peweErcay. ey HOM i g Sautjeet Adore Teal Way Parcel Sales (21 2012+ Parcel Sales —1. (71 2011 ParcelSales \ (J 2010 Parcel Sales AN 6 68.07 6.14 0.21 0,28 ni Form MAP. Tax — “WinTOTAL" appraisal software by ala mode, inc. — 1-800-ALAMODE Survey Client Northwest Florida Regional Airport Property Address Adora Teal Way City Crestview County Okaloosa State FL. Zip Code 32639 Client Northwest Florida Regional Airport BOUNDARY SURVEY PARCEL 12, 8068 SIKLS AIRPORT INDISTRIAL Pali OKALCOSA COUNTY AIRPORT AUTHORITY : . N I 39 to" (wd mots ¢ a aasesaee 1 s ~ \ beo7* ; ~ ~ = { ~ ~ / ™~ 2 ~ ~ i _— ~ ~h } 5 Bos i vy \ 4 ! i a , \ w” | Porte 8 i \ . 8 Parcel 14 \ fi ! ¢ Vocart & acoded \ ! t 8 S27 FA Acres \ et \ t = ‘ 3 Poco ee ee ~ 4 | 18 118 \ { a \ Kat Mattes ! 1 18 z. ! yeol Perea ¢ | i eu By 1 vase ot phgamenc \ "4 it SET 1/27 oR BE) | W/CP UD PSS ! 23 ie a su re s . mee FCA Jt ? f sao re! 4) (ivsitady i i Pare 10 : ) ! %, ae ee a r ind Paces 12 Can 1 Vocent & apaaee oe i 106% Accor Cr { { sea 7 OF ogevenceutns ie Cl MStH OF THE Sk t/q { of Paine Jean as catge | Paeen SA COUNTY, 1 CaDa i Z ound UGHITR #000 SIAKL Me ee MOO Laas OF QW NLOV/$ Secton 4 . 76 Satan 10 MOveN' ONT 9890" [uy Co "CURVE TABLE —_ mi -eu ve RADIUS |LENGTHT CHORD ] Git, ORG [| CELTA | ~4.389.09"['524.70'| 479.25" += 26'46°w lay iE | LEGEND CONC = CONCRETE UB LICENSE BUSINESS (2) * Ofko DESCRIPTION ie = RON ROD (Mo FIERO MLASURE CM ~ CONCRETE MOMUMENT SHFES Y OF 2 THE SURVEY DLRICTED ne LON to NOT COVERED BY PROFESSIONA: LiAEHLIDY ts SURANCL Revision: we Dole vob No: “ benyae tan, Revisian: Date Codd Fite: oeider Nso7 Field Oate. eeiye7 RARE EARTH 1 SURVEYING & MAPPING Drawn By: Pretestangs werd Severng = Avthortatan No 7189 Fiaid By: Shonnen D Clatchey 17 Baysnore Deve Meestg Fignae STE . Prolessional Surveyor apper TE. (B30) 7r¥- 2927 aa (eS0) 879-209) Fiela Bk/Pg: at bb Florida Registration #6178 Form MAP. Site — “WinTOTAL” appraisal software by a la mode, inc. — 1-800-ALAMODE Tax Aerial Map Client Northwest Florida Regional Airport Properly Address Adora Teal Way City Crestview County Okaloosa State FL, Zip Code 32539 Client Northwest Florida Regional Airport 9 6,07 6.14 0,21 9,28 ni & Form MAP,Comp — “WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Comparable Sales Map Client Northwest Florida Regional Airport Property Address Adora Teal Way City Crestview County Okaloosa State FL dip Code_ 32539 Client Northwest Florida Regional Airport : } 2 o £ a la mode, inc. i cs Re é % a ral F Bleckiun 3 Ouk Grove te, “hn 189 Pouses Mer mee ve a5 2 8 Coeur Spreigs * 2 Camplen 393 : et Sivas Maseily broek Ril Stengs . 85 Aion td utes . Subject Adora Teal Way ‘ ro é Sa wer fdligen 90 PHohiway y: %, % zB $1-8 4 “ a FL Adie Shy barate Reta te done 3 miles Form MAP.LOC — “WinTOTAL" appraisal software by a la mode, inc. — 1-800-ALAMODE Legal Description Client Northwest Florida Regional Airport Property Address Adora Teal Way City Crestview County Okaloosa State FL Zp Code 32539 Client Northwest Florida Regional Airport BOUNDARY SURVEY PARCE!. 12, BOB SIKES AIRPORT INDUSTRIAL PARK OKALOOSA COUNTY AIRPORT AUTHORITY LEGAL DESCRIPTION PARCEL 42: A PART OF THE SOUTHEAST 1/4 OF SECTION 3, TOWNSHIP 3 NORTH, RANGE 23 WEST, OKALOOSA COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT AN EXISTING LIGHT WOOD STAKE MARKING THE SOUTHWEST CORNER OF THE SOUTHEAST 1/4 OF SAID SECTION 3; THENCE RUN NORTH 01°45'29" EAST ALONG THE WEST LINE OF THE SOUTHEAST 1/4 OF SAID SECTION 3 FOR A DISTANCE OF 1595.63 FEET; THENCE LEAVING SAID WEST LINE OF THE SOUTHEAST 1/4 RUN N. 85°29'25"E, FOR A DISTANCE OF 739.66 FEET TO THE EASTERLY