Okaloosa County BOCC — November 5, 2013 — Presley-McKenney & Assoc. Appraisal of Portion of Parcel 12 at Bob Sikes Industrial Airpark — reading text

Presley-McKenney & Associates, Inc. Consultant & Real Estate Valuations Post Office Box 329 Pensacola, Florida 32591-0829 +6.9 ACRES VACANT LAND PORTION OF PARCEL 12 BOB SIKES INDUSTRIAL PARK CRESTVIEW, FLORIDA SUMMARY APPRAISAL REPORT PROPERTY +6.9 Acres Vacant Land LOCATION Portion of Parcel 12 Bob Sikes Industrial Park Crestview, Florida 32539 EFFECTIVE DATE OF VALUE DATE OF REPORT December 6, 2013 December 9, 2013 PREPARED FOR JK Consulting & Design, LLC. 7193 San Sebastian Drive Boca Raton, Florida 33433 Presley-McKenney & Associates, Inc. Consultant & Real Estate Valuations Post Office Box 329 Pensacola, Florida 32591-0829 PRESLEY - McKENNEY & ASSOCIATES, INC. Consultant & Real Estate Valuations P.O. BOX 329, PENSACOLA, FLORIDA 32591-0329 « (850) 916-7066 * FAX (850) 916-2096 December 9, 2013 JK Consulting & Design, LLC. 7193 San Sebastian Drive Boca Raton, Florida 33433 Attn: Jeffrey Jay RE: Summary Appraisal Report +6.9 Acres Vacant Land Portion of Parcel 12, Bob Sikes Industrial Park Crestview, Florida Dear Mr. Jay: As requested, an inspection has been made of the referenced property for the purpose of estimating the market value. In complance with the Uniform Standards of Professional Appraisal Practice, this is an appraisal prepared in a Summary Appraisal Report format, being a narrative report to include all data necessary for us to complete our work within the scope of our assignment. Market value will be defined in the following report, but basically assumes a willing buyer and seller, both knowledgeable of the subject real estate market and with the valuation at the property’s highest and best use. As will be shown by photographs and more fully described and analyzed herein, the subject property is a mostly regular-shaped parcel of vacant land having frontage along the north and east sides of Adora Teal Way, described by survey as having an area of 6.9027 acres, more or less. JK Consulting & Design, LLC. December 9, 2013 Page Two Subject to the above and the limiting conditions and certification as set forth herein, it is our opinion that the market value as of December 6, 2013, is: ONE HUNDRED SEVENTEEN THOUSAND DOLLARS $117,000 Based on the market, at this value it is assumed the exposure time is about nine to fifteen months. It is also assumed marketing is through someone knowledgeable of the property and the real estate market for this type property. We hereby certify we have no interest, present or contemplated, in the appraised property. This appraisal has been prepared utilizing all of the requirements set forth as standards for real estate appraisals as established for federally related transactions in the State of Florida. The appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP). The fee for this appraisal was not based on a minimum value nor was the assignment undertaken based on a pre-determined value or guaranteed loan amount. JK Consulting & Design, LLC. December 9, 2013 Page Three We appreciate the opportunity of doing this work for you. After your review, should you have questions, please call. Respectfully submitted, Presley-McKenney & Associates, Inc. Digitally signed by M. M ; Eugene Presley DN: cn=M. Eugene Presley, o=Presiey-McKenney & E U g e N e Associates, Inc., ou, email=EPappraise@aol.com, c=US p Date: 2013.12.10 10:30:25 resley 2: M. Eugene Presley, MAI, SRA State-Certified General Real Estate Appraiser #0000103 Digitally signed by Stephen E. McKenney Ste Dp h e N F . DN: cn=Stephen E. McKenney, o=Presley-McKenney & Associates, Inc., ou, ilssemck hotmail. McKen ney eral-sermckenney@hatmalco Date: 2013.12.10 10:29:20 -06'00' Stephen E. McKenney State-Registered Trainee Appraiser #RI8246 +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida SUMMARY APPRAISAL REPORT This is a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice (USPAP) for a Summary Appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser’s opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser’s file. 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. PREPARED FOR: JK Consulting & Design, LLC. OWNER OF RECORD: Okaloosa Airport Authority/Board of County Commissioners SUBJECT: +6.9 Acres Vacant Land Portion of Parcel 12, Bob Sikes Industrial Park Crestview, Florida PURPOSE OF THE APPRAISAL: The purpose of this appraisal is to estimate the market value of the subject property as of a current date, this being the last date of inspection. Market value is defined as: “The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. buyer and seller are typically motivated; b. both parties are well informed or well advised, and acting in what they consider their own best interests; c. a reasonable time is allowed for exposure in the open market; d. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and e. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.”! ' Appraisal Institute, The Appraisal of Real Estate, 12* ed. (Chicago: Appraisal Institute, 2001) 23. +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida INTENDED USER: INTENDED USE OF THE REPORT: INTEREST VALUED: FEE SIMPLE DEFINITION: EXTRAORDINARY ASSUMPTIONS: HYPOTHETICAL CONDITIONS: COMPETENCY: EFFECTIVE DATE OF VALUE: DATE OF REPORT: SCOPE OF THE ASSIGNMENT: In preparing this appraisal, we: The intended user of this appraisal report is our client, JK Consulting & Design, LLC.. As a consideration in negotiation of a market-supported purchase price. Fee simple. Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.”2 None. None. The appraisers signing this report are competent to complete the assignment in accordance with the competency rule in the 2012-2013 USPAP. December 6, 2013 December 9, 2013 e gathered information on the subject through our client, as well as via public record sources that included the Okaloosa County Property Appraiser’s office and the Okaloosa County Tax Collector’s office; ¢ performed a walk-through tour of those portions of the subject that were accessible; ¢ conducted a vehicular tour of the subject neighborhood; e researched the subject’s competitive market area, determining the highest and best use of the subject; ? Appraisal Institute, The Appraisal of Real Estate, 12‘ ed, (Chicago: Appraisal Institute, 2001) 68. +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida e gathered information from local sources on comparable land sales. These sources included the local MLS, public records, Metro Market Trends, local real estate professionals, and buyers & sellers; e calculated a replacement cost for the subject improvements involved in one of the comparable sales, utilizing the Marshall Valuation Service, a national cost service recognized by the courts; * confirmed and analyzed the data and applied this to the direct sales comparison approach; ¢ reconciled the data to a final opinion of value; ¢ reported in summary the real estate descriptions, market indications, and our conclusions in this narrative report. This Summary Appraisal Report is a brief recapitulation of our data, analyses and conclusions. Supporting documentation is retained in our file. +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida —_—— v7 i a ! f a z j ge annon Town | : Baker ad SUBJECT LOCATION MAP af jecampton i a ‘Auburn @ wf < 4 4 ' : a 3) : o a ° ’ i 20)” ion wr fd ! ~ a ot | , nod} Ba cu Sate j ” ad ¥ ‘ark f , 4 DELORME © 2003 DeLorme www.delorme.com Street Atlas USA® 2004 MN (0.0° WW) ae 0 1 2 3 4 5 Data Zoom 10-0 +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestuiew, Florida DESCRIPTION OF REAL ESTATE APPRAISED: Location Description—Having worked in the subject’s metropolitan area since 1973, we have much statistical and demographic data on file. The subject property is considered located in the Fort Walton Beach-Crestview- Destin Metropolitan Statistical Area. Specifically, the subject is located within Okaloosa County to the east of the City of Crestview. The neighborhood for the subject is considered to be a fairly limited area, identified as the Bob Sikes Airport Area of Influence. This neighborhood is defined by proximity to the Bob Sikes Airport and is characterized by a mixture of development ranging from residential housing to industrial warehousing with a large portion of vacant land. Through the establishment of the Area of Influence attempts are being made to deny further residential development in favor of commercial and industrial development more conducive to proximity to the airport. 808 SiKzS AiRPORT +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida Property History—To the best of our knowledge, there have been no transactions involving the subject property during the last five years. Legal Description—The subject property is a portion of Parcel 12 of Bob Sikes Industrial Park. The parent parcel is described by the Okaloosa County Property Appraiser’s office as being tax parcel 03-3N-23-0000-0001- 0000, a 163-acre collection of land apparently owned by the Okaloosa Airport Authority and administered by Okaloosa County. The subject property has been described as shown by the following, prepared by Panhandle Associates, Inc.: PORTION OF PARCEL '% A PAR? OF THE SGUTHEAST 1/4 OF SECTION 4, TOWNSHFE 4 MONTH, RANGE 23 WEST, GKALDOSA COUNTY, FLORA, BEING MORE PARTICULARLY OESCHIBED as Fallows: COMMENCE AT AN CXeSTING UGHT WOOD STAKE MARKING THE SOUTHWEST CORNER CF THE SGUTHEAST 1/4 OF SECTION 3, TOWNSHP 3 NORTH, RANGE 23 ‘MEST. OKALOOSA COuNTY, FLORIDA: THENCE RUN NORTH Qv'4S'29" EAST. ALONG THE WEST LINE CF THE SOUTHEAST '/4 OF SECTION 3 FOR A DISTANCE OF 189543 FEET, THESTE LEAVING S4I0 WEST UNE OF THE SQUTHEAST 1/4 DF SECTION 3, SUN NORTH S5°25'29" EaT, For & DISTANCE OF 739.88 FEET To THE EASTERLY RIGHT—OF way UNE OF 6 PROPOSED ROADWAY {HAVING a 100 FOOT WIDE RIGHT-OF-WAY); THENCE RUN SOUTH 04°34°32" EAST. ALONG SalD EASTERLY RIGHT-OF-WAY UNE FOR 4 OISTANCE OF 1038.9¢ FEET TO THE NT OF BEGINNING. FROM SAR POINT OF BEGINNING, THENCE LEAMNG SAID EASTERLY RIGHT—CF—WAY, RUN NORTH 95°28'28" EAST, FOR A DISTANCE GF SS8.18 FEET, THENCE RUN SOUTH G4°$¢'3!" EAST FOR & DISTANCE OF 807.98 FEET TG THE SON THERLY RICHT—CF—WAY UNE OF THE SFORESAID PaOScsEn ROADWSY, THENCE RUN NORTH 881900" WEST, ALONG SAID NORTHERLY RIGHT-OF~war UNE, FGR & TASTANCE OF 2.33.74 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TC THE NORTHEAST AND HAVING 4 SADIUS OF 359.00 FEET. THENCE RUS NORTHWESTERLY ALONG SAID CURVING NOR THESLY RIGHT~GF—Way THROUGH 4 CENTRAL ANGLE GF B344'28", FOR AN ARC DISTANCE OF 824.70 FEET, SAID ARC HAMING A CHORD DISTANCE OF 479.23 FEET AND BEARING NORTH 46°26'46" WEST TO THE POAT cE TANGENCY, JHENSE AUN NORTH G4°S4'S2" WEST,