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

sales indicate a value of $17,000 per acre for the subject. This computes to an indication of value as follows: 6.9027 Acres @ $17,000/AC= $117,346 Rounded $117,000 INDICATED LAND VALUE $117,000 FINAL VALUE ESTIMATE ONE HUNDRED SEVENTEEN THOUSAND DOLLARS $117,000 +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida ASSUMPTIONS AND LIMITING CONDITIONS: 1. 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 for a Summary Appraisal Report. As such, it does not include full 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 information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report. No responsibility is assumed for legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated in this report. The property is appraised free and clear of any or all lens and encumbrances unless otherwise stated in this report. Responsible ownership and competent property management are assumed unless otherwise stated in this report. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. All engineering is assumed to be correct. Any plot plan and illustrative material in this report are included only to assist the reader in visualizing the property. It is assumed that there are no hidden or inapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated in this report. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in this appraisal report. 10. 11. 12. 13. 14. +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida It is assumed that all required licenses, certificates of occupancy or other legislative or administrative authority from any local, state, or national governmental, or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report are based. Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. Maps and exhibits found in this report are provided for reader reference purposes only. No guarantee as to accuracy is expressed or implied unless otherwise stated in this report. No survey has been made for the purpose of this report. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless otherwise stated in this report. The appraiser is not qualified to detect hazardous waste and/or toxic materials. Any comment by the appraiser that might suggest the possibility of the presence of such substances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials. Such determination would require investigation by a qualified expert in the field of environmental assessment. The presence of substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The appraiser’s value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value unless otherwise stated in this report. No responsibility is assumed for any environmental conditions, or for any expertise or engineering knowledge required to discover them. The appraiser’s descriptions and resulting comments are the result of the routine observations made during the appraisal process. Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property’s value, marketability or utility. 15. 16. 17. 18. +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event, only with proper written qualification and only in its entirety. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, or other media without prior written consent and approval of the appraiser. The Appraisal Institute maintains a voluntary continuing education program for its members. As of the date of this report, the undersigned MAI, M. Eugene Presley, has completed the requirements of the continuing education program of the Appraisal Institute. We do not authorize the out-of-text quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal shall be disseminated to the general public by the use of media for public communication without the prior written consent of the appraisers signing this appraisal report. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida CERTIFICATION: I certify that, to the best of my knowledge and belief: 1. 2. 10. 11, 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. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to 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 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. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. I have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the people signing this certification. As of the date of this report, I, M. Eugene Presley, have completed the continuing education program of the Appraisal Institute. +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida CERTIFICATION, CONTINUED: 12. Ihave not performed any prior services regarding the subject property, as an appraiser, or in any other capacity, within the three-year period immediately preceding acceptance of this appraisal assignment. Digitally signed by M. Eugene Digitally signed by Stephen E. Pres| M . E Uu g e Nn e DN: cm=M, Eugene Presley, Ste ) h e al FE ; DN. cre Seephen E. McKenney, o=Presley-McKenney & Associates, o=Presley-McKenney & Associates, Inc., Ou, Inc., ou, Presley scerrmmene: McKenney sisson Date: 2013.12.10 10:29:47 -06'00' M. Eugene Presley, MAI, SRA Stephen E. McKenney State-Certified General Real Estate Appraiser State-Registered Trainee Appraiser #R18246 #0000103 +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida QUALIFICATIONS AS AN APPRAISER M. Eugene Presley, MAI, SRA Born in Mobile, Alabama - December 18, 1942 EDUCATION B.S. Forest Management, Auburn University, Auburn, Alabama, 1964 Principles of Real Estate, University of South Carolina, Lancaster, South Carolina, 1966 American Institute of Real Estate Appraisers: Course I-1970, Course II- 1971, Course IV-1976, Cap. II and IIJ-1981, Case Studies—1982, Standards of Professional Practice~—1988, 1997 Real Estate Seminars (Recent Years): 2008 Florida Appraisal Supervisor-Trainee Roles and Relationships National USPAP Update Litigation Skills for the Appraiser Quality Assurance in Residential Appraisals 2009 The New Residential Market Conditions 2010 Analyzing the Effects of Environmental Contamination on Real Property Elements of Claims Adjusting Xactimate Training (computer software for claims adjusting) Florida Supervisory Roles and Rules for Registered Trainees Florida Appraisal Law Appraisal Curriculum Overview USPAP Update New Residential Market Condition 2012 Appraiser Ethics USPAP Update Course Florida Real Estate Appraisal Law and Rules Foreclosure Basics for Apprisers Challenging Assignments for residential Appraisers Appraisal of 2-4 Family & Multi-Family Properties Business Practices and Ethics +/-6.9 Acres Vacant Land, Bob Sikes Industrial Park, Crestview, Florida APPRAISAL EXPERIENCE Presley - McKenney & Associates, Inc., September 2008—Present Consultant & Real Estate Valuations, Inc., January 2004—September 2008 Owner of M. Eugene Presley & Associates, August 1985—January 2004 President of Presley, Hufford & Green, Inc., June 1982—J uly 1985 Vice-President of G. Pratt Martin, Jr. & Associates, Inc., May 1973-June 1982 Staff Appraiser, Florida Department of Transportation, Chipley, Florida, November 1971~April 1973 Supervisor of Lands and R/W, Alabama Electric Cooperative, Andalusia, Alabama, 1967-1971 General Land Appraisal, Bowaters Carolina Corporation, Lancaster, South Carolina, 1965-1966 PRINCIPAL CLIENTS Synovus Financial Corp., Hancock Bank, ServisFirst Bank, PenAir Federal Credit Union, Gulf Winds Federal Credit Union, City of Pensacola, City of Fort Walton Beach, Counties of Escambia, Santa Rosa and Okaloosa, Florida Department of Natural Resources, Condemnation Attorneys, Other miscellaneous lenders, attorneys and property owners. PROFESSIONAL LICENSES Florida State-Certified General Real Estate Appraiser—#0000103 Florida Registered Real Estate Broker—BK120643 Alabama Certified General Real Property Appraiser—G00476