Exh 8D~ ,
Agenda #8D
August 14, 2000
CITY OF ATLANTIC BEACH
CITY COMMISSION MEETING
STAFF REPORT
AGENDA ITEM: Authorize the City Manager to negotiate the purchase of 61ots
located on West Plaza for an athletic field
SUBMITTED BY:
DATE:
BACKGROUND:
Timmy Johnson, Recreation Director
August 9, 2000
Attached is an appraisal of 61ots located on West Plaza that will be
just short of the regular size of a athletic field. However, this area
will still be an appropriate size for a practice facility and flag
football games. We have been in contact with the owner of the
property and he indicated that he is willing to sell. Staff plans to
research a grant for development.
At the July 25, 2000 Recreation Advisory Board meeting, the
Board passed a motion to support the purchase and development of
the 61ots on west Plaza for an athletic field.
BUDGET:
There is $250,000 in the budget for property purchases..
RECOMMENDATION: Authorize the City Manager to negotiate the purchase of 61ots
located on West Plaza for an athletic field.
REVIEWED BY CITY MANAGER:
' LAND APPRAISAL REPORT
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Agenda #8D
August 14, 2000
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Borrower City of Atlantic Beach Census Tract 139.02 Map Reference MSA 3600
Property Address U!A Plaza Street
_ City Atlantic Beach County Duval State FI Zip Cade 32233
Legal Description Lots 1 thru 6 Block 59 Section "H" Atlantic Beach PB 18 P 34
Sale Price $ Date of Sale Loan Term yrs. Properly Rights Appraised ~ fee ^ Leasehold ^ De Minimis PUD
Actual Real Estate Taxes $ 618.12 (yr) Loan charges to be paid by seller $ Other sales concessions
_
Lender/Client City of Atlantic Beach Parks 8 Rec Dept Address 800 Seminole Road Atlantic Beach FI 32233
Occupant Vacant Lots Appraiser C. David Burbridge InsWctions to Appraiser Estimate Fair Market Value
Location. ^ Urban ~ Suburban ^ Rural Good Avg. Fair Poor
Built Up ~ Over 75% ^ 25% to 75% ^ Under Y5% Employment Stability ^ pQ ^ ^
Growth Rate ^ Fully Dev. ~ Rapid ^ Steady ^ Slow Convenience to Employment ^ ~ ^ ^
Property Values ~ Increasing ^ Stable ^ Declining Convenience to Shopping ^ ~ ^ ^
Demand/Supply ~ Shortage ^ In Balance ^ Oversupply Convenience to Schools ^ ~ ^ ^
Marketing Time ~ Under 3 Mos. ^ 4-6 Mos. ^ Over 6 Mos. Adequacy of Public Transportation ^ ~ ^ ^
_ PresentLandUse 65Yo1Family 15%2-4 Family 5%Apts. _%Condo 10%Commercial RecreationalFachities ^ dQ ^ ^
= % Industrial 5%Vacant _% Adequacy of Utllities ^ ~ ^ ^
:Change in Present Land Use ~ Not Likely ^ Likely (*) ~ Talang Place (') Property Compatibility ^ ~Q ^ ^
(*) From Vacant To Dev As Zoned Protection from Detrimental Conditions ^ ~ ^ ^
_
Predominant Occupancy ~ Owner ^ Tenant 03 %Vacant Police and Fire Protection [ ] OQ ^ ^
Single Family Price Range $ 40,000 to $ 200,000 Predominant Value $ 90,000 General Appearance of Properties ^ ~ ^ ^
Single Family Age New yrs. to 40 yrs. Predominant Age 8 yrs. Appeal to Market ^ ~ ^ [-]
Comments Including those factors, favorable or unfavorable, aftecbng marketability (e.g. public parks, schools, view, noise): The sub'ect ro ert is located west of
Ma ort Road and north of Atlantic Blvd in Atlantic Beach Section H. The area offers a varlet of both attached and detached homes. The
marsh front lots/homes reflect the upper end of the value range for the area. The area is within 1-3 miles from all necessary amenities No
adverse factors known or noted at the time of site ins ection.
Dimensions 50 x 102 Subject to Survev(typicaq = 5.100 Sq. Ft. or Acres ^ Comer Lot
Zoning classification Residential -RG-1 Present Improvements ~ do ^ do not conform to zoning regulations
Highest and hest use ^ Present use ~ Other (specify) medium densit two fami residential units
Public Other (Describe) OFF SITE IMPROVEMENTS Topo Level
Elec. ~ Street Access ~ Public ^ Private Size T ical
Gas ^ Surface Asphalt Shapelrregular
Water ~ Maintenance ~ Public ^ Private View T Residential
San. Sewer ~ ^ Storm Sewer ^ CurblGutter Drainage A ears Ade uate
Underground Elect. $ Tel. ^ Sidewalk ^ Street li hts Is the property located in a HUD Identified Special Flood Hazard Area? ^ No~Yes
Comments (favorable or unfavorable including any apparent adverse easements, encroachments, ar other adverse conditions): The sub'ect site consists of 5 t ical 50 x 102
lot and one 70 x 102 comer lot. There were no detrimental influences noted or known at the time of inspection The sutiiect lot offers a typical
residential view. Exact lot dimensions and flood zone of the sub'ect lots sub'ect to current surve .Attached ma shows the sub'ect block on
12th street however tax records and site ins ection a ears to show lots on Plaza, surve td verif .
The undersigned has recited three recent sales of properties most simhar and proximate to subject and has considered these in the market analysis. The descripGan includes a tlallar
adjustment regecting market reaction to those items of significant vadation hetween the subject and comparable properties. It a significant hem in the comparable property is superiot
to or more favorable than the subject properly, a minus (-) adjustment is made thus reducing the indcated value of subject; it a significant hem in the compaiable is interior to or Tess
favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject.
ITEM SUBJECT PROPERTY COMPARABLE N0.1 COMPARABLE N0.2 COMPARABLE N0.3
Address U/A Plaza Street U/A 14th St W U/A Stock Street U!A JasmineBCametia Street
Atlantic Beach Atlantic Beach Atlantic Beach Atlatnic Beach
Proximity to Subiect __ 2 Block North 6 Blocks
S
outhwest 7 Blocks Northeast
Sales Price _
_
, $ 18,000 _
_
$ 15.500 _ 60 000
_
Price Per Acre _
- _ _ _
~ ~ g "
_ Data Source Ins ection/Plat OR 9465-2129 OR 9451 P 1776 _
OR 9588 P 1447
- Date of Sale and OESCRIPTION DESCRIPTION + - Ad~ust. DESCRIPTION + - Ad'usi DESCRIPTION + - S Ad ust.
_ Time Adjustment 11-12-99 10-28-99 6-30-99
Location Good Good Good Good
Site few Residential Residential Residential Reidential
Zonin Multi Famil Mufti Famil Multi Famil Sin le Famil
lot Size 50 x 102 70 x 102/Corner -1 000 70 x 102 -1 000 200 x 102 -45 000
Sales or Financing None Cash Cash Cash
Concessions _ None Noted None Noted
~ None Noted
Net Ad'. otal _
_ ~
_ rl ~
~
- 1 000
n ±
~
-
~ S 1.000 -
~l + IXI - 45 000
Indicated Value - - _.-__-- - -
__--. - -
' -
_
__
i - --
of Subject -:. ' $ 17,000 i $ 14 500 $ 15 000
Comments on Market Data: The sales used are all located in the immediate area of the subject. Sale #1 is a larger comer lot Comp 3 is a safe of
4 lots in the subject market however are zoned single family market shows no value difference) Limited recent sales required use of sales over
six months, no detriment in this stable market. __
_ ___________
Comments and Conditions of Appraisal: As certified herin and on attached FNMAlFHLMC certification and statement of limiting conditions_
'* SEE ATTACHED USPAP ADDENDUM. *
_ 'Subiect consists of 6 lots with five 50' wide lots and one 70' wide corner lot The value given is for 1 typical 50 x 102 lot is $15 000 The larger
- 70' lot is estimated at $16 000.
'~ Final Reconciliation: The market approach to value fs considered most applicable for the valuation of vacant lots as it reflects the actions and
- reactions of buyers and sellers in the marketplace.
1 ESTI E T MARKET S OEfiNED, OF SUBJECT PaOPEnTY AS OF
JUI 12 2Q OO to be $ 91.000
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C. David Burbrid a Lynn L. Hileman pQ Oid
^ Did Not Physically Inspect Property
A raisers Review Appraiser if applicable
`~ ~~" HILEMAN APPRAISAL GROUP
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Subject Photo Page
Bono er CQent C' of Atlantic Beach
Pro a Address U/A Plaza Street , , -
C' Atlantic Beach Coun Dwal State FI L Code 32233
Lender C' of Atlantic Beach Parks 8 Rec De t
Subject Front
U/A Plaza Street
Sales Price
Gross Living Area
Total Rbums - - _ "- g . _
Total Betlrooms 3
Total Bathrooms 2
Location Good
Yew Residential
Site
Quality Avg/C6
Age
Subject Rear........
Subject Street
n
August 14, 2000
Form PICPIX.SR -'TOTAL 2000 for Windows" appraisal software by a la mode, Inc. - f-800-ALAMODE
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August 14, 2000
Borrower Cit of Atlantic Beach Flli: No. 00-7254
Pro a Address U/A Plaza Street
Atlantic Beach Ceu Duval State FI Zi Code 32233
Lender Ci of Atlantic Beach Parks & Rec De t
APPRAISAL AND REPORT IDENTIFICATION
This appraisal conforms to 9ti_~ of the following definitions:
® Complete AppralShc (7he act or process of estimating value, or an opinion of value, performed without invoking the Departure Ruie.)
~ Limited Appraisal (The act or process of estimating value, or anppinion of value, performed under and resulting from invoking the
Departure Rule.)
This report is o~tr< of the following types:
~ Self Contained (A written report prepared under Standards Rule 2-2(a) of a Complete or Limited Appraisal performed under STANDARD 1.)
~ Summary (A written report prepared under Standards Rule 2-2(b) of a Complete or Limfted Appraisal performed under STANDARD 1.)
~ Restricted (A written report prepared under Standards Rule 2-2(c) of a Complete or Limited Appraisal performed under STANDARD 1
for client use only.)
Comments on Standards Rule 2-3
I certify that, to the best of my knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported anayses, 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 (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.
• I have no bias with respect to the properly 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 reporting of a predetermined value or direction in value that favors the cause
of the dent, 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 anayses, opinions and conclusions were developed and this report has been prepared, inconformity with the Uniform Standards of Professional Appraisal Practice.
• I have [or have not) made a personal inspection at the property that is the subject of this report.,
Comments on Appraisal and Report Identification
Note any departures from Standards Rules 1-2, 1-3, 1-4, plus any USPAP-related issues requiring disclosure:
APPRAIS SUPERVISORY QP~RAISER ( y tt required):
Signature: Signature: fi~J~t,_ (fr
Name: C. David Burbridge Name: Lynn L. Hileman
Date Signed; July 12, 1998 Date Signed: JJJ~ 12, 1998
State Certification #: RD0002389 State Cerificaton #: RD0000996 State Cedrtified
or State License #: Residential Appraiser or State Ucense #: Residential Appraiser
State: FL State: FL
Expiration Date of Certiticationbr License: 11/30/2000 Expiration Date of Certification dr License: 11/30/2000
Did ^ Did Nat Inspect Property
HILEMAN APPRAISAL GROUP
Form ID2 -'T07AL 2000 far Windows" appraisal software by a la made, inc. -1-800-ALAMODE
Agenda #2S1)
August 14, 2000
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DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a campefi)ive and open market under ail conditions
,
w requisite to a fair sale, the buyer and salter, each. acbng pmdently, Imowledgeably and assuming the price is not affected by undue stimulus. Impticft In this
~^ ~ definition is the consummafion of s sale as of a specified date and the passing of tide from seller to buyer'uhtler cohditions whereby: (1) buyer and seller are
ypicaliy motivated; (2) both parties are well informed or well advised, and each acting ih what he considers his avm best interest; (3) a reasonable lime is allowed
for exposure in the open market (4) payment is made in terms of cash in 0.S. dollars or to terms at financial arrangements comparable thereto; and (5f 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.
'Adjustments to the camparables must be made tar special or creative financing or sales concessiohs. No adjustments are necessary
tar those costs which are normally paid by setters as a result of tradrtion or law ih a market area; these costs are readily idehtitiable
since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the
comparable property by compadsons to financing terms offered by a third party institutional lender that is not already Involved in the
property or transaction. Any adjustment should not be calculated on a mechanical dollar ter dollar cost of the financing ar concession
but the doliaz amount of any adjustment should approximate the market's reaction fo the financing or concessions based on the
.appraiser's judgement.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certificafien that appears in the appraisal report is subject to the following
condificns:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the Gge to iL The appraiser assumes that
the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible
ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included ohly to assist
the reader of the report in visualizing the property and understanding the appraiser's determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted
in the appraisal report whether the subject site is Iecated in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes
no guarantees, express or implied, regarding this determination.
4. The appraiser will not give testimony or appear in courtbecause he or she made an appraisal of the property in question, unless specific arrangements to do
so have been made beforehand.
5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These
separate valuations of the land and improvements must not tie used in conjunction with any other appraisal and are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic
substances, etc.j observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing
the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property ar
adverse environmental conditions (ihciuding the presence of hazardous wastes; toxic substances, efc.j that would make the `property more or less valuable, and
has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The
appraiser will not be responsible tar any such conditions that do exist or for any engineering or testing that might tie required to discover whether such
conditions exist. Because the appraiser is not an expert in the field at environmental hazards, the appraisal report must not be considered as an
environmental assessment of the property.
7. The appraiser obtained the intormatien, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be
reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were tarnished by other
parties.
8. ,The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or
alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report
(including conclusions about the property value, the appraiser's identity and professional designafions; and references to any professional appraisal
organizatiens or the firm with which the appraiser fs associated) to anyone other than the bonower; the mortgagee or fts successors and assigns; the mortgage
insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality
of the United States or any state or the District of Columbia; except that the lenderlclient may distribute the property description section of the report Doty to data
collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must arse
be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relatiens, news, safes, or other media
Freddie Mac Form 439 6.93 Page 1 of 2 Fannie Mae Form 10048 6-93
HILEMAN APPRAISAL GROUP
Form ACR - "TOTAL 2000 for Windows' appraisal software by a la mode, inc. -1-800-ALAMOOE
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Agenda #iSll
August 14, 2000
APPRAISER'S .CERTIFICATION: The Appraiser certifies and agrees that:
1. I have researched the subject market area and have selected a minimum of three recent sales of properties mast similar and propmate to the subject property
for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of sign~cant
variation. tt a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce
the adjusted sales pdce of the cdmparable and, ii a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made
a positive adjustment to increase the adjusted sales price of the comparable.
2. I have taken into consideration the factors that have an impact on value in my development jot the estimate of market value in the appraisal report. I have not
knowingly withheld any significant information tram the appraisal report and I believe, to the best of my knowledge, that all statements and information in the
appraisal report are We and correct.
3. I stated in the appraisal report only my own personal, unbiased, and processional analysis, opinions, and conclusions, which are subject anty to the cordingent
and limitlng canditlons specified in this form.
4. i have na present or prospective interest in the property that is the suhject to this report, and I have no present ar prospective personal interest or bias with
respect to the participants in the Vansactlon. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report
on the race, color, religion, sex, handicap, lamilial status, or national origin of either the prospective owners or occupants of the subject property or of the present
owners ar occupants of the properties in the vicinity of the subject property.
5. i have no present or contemplated future interest in the subject property, and neither my cunent or future employment nor my compensation for performing this
appraisal is contingent an the appraised value of the property.
6. I was not required to report a predetermined value or direction in value that favors the cause at the client or any related party, the amount of the value estmate,
the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment far performing the appraisal. I
did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan.
7. I performed this appraisal in conformity with the Unilorrtr Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal
Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those
Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition ih the definition of market value
and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless i have otherwise stated in the
reconciliation section.
8. I have personally inspected the interior and exterior areas of the subject property and the exterior of alt properties listed as comparables in the appraisal report.
I further certify that I have noted any apparent or known adverse conditions in the subject improvements, an the subject site, or on any site within the immediate
a :vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that
I had market evidence to support them: I have also commented about the eilect of the adverse conditions on the marketability of the subject property.
9. I personally prepared alt conclusions and opinions about the real estate that were set forth in the appraisa( report. If 1 relied on significant prafessienai
assistance from any individual or individuals in the performance of the appraisal of the preparation of the appraisal report, I have named such individual(s) and
disclosed the spedific tasks pertormed by them in the reconciliation sectioh of this appraisal report. I certify that any individual so named is qualified to perform
.the tasks. I 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, I will take
na responsibility for It
SUPERVISORY APPRAISER'S CERTIFICATION: K a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:
I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser,
agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking lull responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: U/A Plaza Street Atlantic Beach FI 32233
APPRAIS SUPERVISORY AP RAISER ( f required):
Signature Signature:
Name: vi Burbrid a Name: ynn L. Hileman
Date Signed: __July 12.1998 Date Signed: July 12, 1998
State Certlficatidn #: RD0002389 State Certified State Certification #: RD0000998 State Certified
or State License #: Residential Appraiser or State License #: Residential Appraiser
State: FL State: FL
Expiration Date of Certification or License: 11/30/2000 Expiration Date of Certification or License: 11/30/2000
Did ^ Did Not Inspect Property
Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae form 10048 6.93
Farm ACR -'TOTAL 2000 for Windows' appraisal software by a la mode, inc. -1.800-ALAMODE