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Exh 3A~~ n ~'~~"47 '~ . CITY OF ATLANTIC BEACH CITY COMMISSION STAFF REPORT AGENDA ITEM: Magnolia Street Lot 305 DATE: June 8, 1999 SUBMITTED BY: David E. Thompson, City Manager BACKGROUND: Please see attached staff report from May 17,1999. At the May 17, 1999 City Commission Meeting, staff was directed to proceed with the appraisal of the property in question, and to identify an appropriate funding source for the purchase of the property. Please see the attached appraisal which estimates the value of the property at $38,000. In discussion with the City Finance Director, it was pointed out that the midyear budget adjustment identified approximately $60,000 of the existing year's budget that is now uncommitted. This funding may be reallocated by the City Commission to purchase the Magnolia Street property if the Commission so chooses. Relative to negotiating on the purchase price, there is little room for significant negotiations. The property owner already has an offer from Mr. Schaffer for $54,000. This does not allow the City much negotiating room with Mr. Hixon. At this point, the question appears to be whether or not the City Commission wants to purchase the property for $50,000. The value of.the property to the City Commission maybe worth more than the appraised value based on its location adjacent to Howell Park and the previous information provided to citizens about its development. Staff does not have. a consensus opinion on this issue. However, it is the opinion of the City Manager that the City's '~ integrity is very important to the City Commission, City staff, and the citizens of Atlantic Beach. The erroneous information provided by staff members was not intentional, but it still misled citizens who made a comprehensive, good faith effort to obtain information on the property in question. In the opinion of the City Manager, the City should purchase the property and make it a part of Howell Park to assure that it is not developed in the future. RECOMMENDATION: I recommend that the City authorize the purchase of Lot 305 Magnolia Street for a price not to exceed $50,000. The source of funding for this purchase will be taken from funding identified in the midyear budget adjustment. ATTACHMENT: Staff report from May 17, 1999 Land Appraisal Report REVIEWED BY CITY MANAGER: ~ . AGENDA ITEM NUMBER:..... y ,~ CITY 4F ATLANTIC BEACIj[ CITY COMMISSION STAFF REPORT AGENDA ITEM: Lot 305 of the Saltair Subdivision DATE: May 17, 1999 SUBMITTED BY: David E. Thompson, City Manager BACKGROUND: At the May 10, 1999 City Commission Meeting, Mr. Schaffer recounted some historical background on the land swap that was recently consummated between the City of Atlantic Beach and William Nixon. This Land exchange was approved by ordinance in 1989, but due to title problems, the exchange was not completed until recently in 1999. The heart ofthe-problem appears to be the fact that the property owners near Lot 305 contacted City Officials in the past to gain assurances that the lot would never be developed. City officials, p many of whom were not in Atlantic Beach in 1989, told property owners that there were no plans to sell any part of Howell Park. A June 25, 1997 letter to Ms. Jennifer Chalot stated this. Since that time, lot 305 has been swapped for lot 316, and lot 305 now belongs to William Hixon. Mr. Nixon has the lot for sale. The neighbors have petitioned for the City of Atlantic Beach to purchase lot 305 from Mr. Hixon for $50,000. There appear to be at least three (3~ major factors of concern for the City Commission. T'he first is the consideration of the property purchase for its value in preserving or enhancing Howell Park. The lot is contiguous to Howell Park, and it has value as a part of the park. Does the City wish to acquire this property to keep as a part of the park? If so, how much is it worth to the City? The second major~factor is the concern for the incorrect information provided to citizens by the City Staff. There is nothing to indicate that City Staff knowingly provided incorrect information to anyone. Staff members were unaware of the land deal that was approved by ordinance in 1989 until questions emerged in 1998. ,~ , r A. . K The third factor is a funding source. If the City. Commission wishes to purchase the property, then funding must be identified for this purpose. At the present time, there are no restricted funds available for this acquisition. Without some creative financing, this purchase would need to be funded out of general fund reserves. Staff has requested an appraisal of the properly, but it will not be completed for at least another week. RECOMMENDATION: None ATTACHMENT: Petition from local residents Ordinance 95-89-38 Letter from William Hixon dated May $, 1999 Letter from Ms. Jeruufex Chalot dated May 7, 1999 Letter to Ms. Josette Deloach (Watson Realty) from James Jarboe dated September 1, 1998 FAX from William Hixon to James Jarboe dated August 31, 1998 Letter to Ms. Chalot from City Manager James Jarboe dated June 25, 1997 Letter from Ms. Jennifer Chalot dated June 17, 1997 REVIEWED BY CITY MANAGER: AGENDA ITEM[ NUMBER: Y. I.~4ND APPRApSAL REP(?RT File Nn I a n rl _ A R g 91 Borrower Client -City o f A t l a n t i c Beach Census Traci 139.0 3 Map Reference 5 5 9/ D u v a l _ ProperiyAddress Vacant site on Magnolia Street with no assigned address at this time ` ~ city Atlantic Beach county Duval state Florida Zip Code 32233 _ LegalDescripSon 1b-2S-29E, Lot 305. Saltair Sec. 3, Plat Book 10. Pg.l6, Duval CPR's Sale Price $ N / A Date of Sale A D : 6 / 9 9 Loan Term N / A yrs. Property Rights Appraised ®Fee ^ Leasehold ^ De Minimis PU Actual Real Estate Taxes $ E s ' $ 6 5 9 (yr) Loan charges to be paid by seller $ N / A Other sales concessions N / A _ Lender/Client Ci t~of Atlantic Beach Address P . 0. Box 25 Atlantic Beach F1 Occupant V a c a n t Site Appraiser K a l a L. H e a l d Instructions to Appraiser A raise f o r market value of vacant ro ert located on Ma nolia Street in Duval Count Atlantic Beach, F1 Location ^ Urban XU Suburban ^ Rural Good Avg. Fair Poor Built Up ®Over 75% ^ 25% to 75% ^ Under 25% Employment Stability ®^ ^ ^ Growth Rate ^ Fuly Dev. ^ Rapid ®Steady ^ Slow Convenience to Employment ®^ ^ ^ Property Values ®Increasing ^ Stable ^ Declining Convenience to Shopping ®^ ^ ^ Demand/Supply ^ Shortage ®In Balance ^ Oversuppy Convenience to Schools ®^ ^ ^ Marketing Time ^ Under 3 Mos. ®4-6 Mos. ^ Over 6 Mos. Adequacy of Public Transportation ®^ ^ ^ -_ Present Land Use 8 0% 1 Fatuity 5% 2-4 Fatuity 2%Apts. 3% Condo 5% Commercial Recreational Facilities ®^ ^ ^ - 0 -% Industrial 5% Vacant _% Adequacy of Utilities ®^ ^ ^ Change in Present Land Use ^ Not Likely ^ Likely (*j ®Taking Pface (*) Properly Compatibility ®^ ^ ^ (*) From V a C d n t To Residential Protection from Detrimental Conditions ®^ ^ ^ Predominant Occupancy ®Owner ^ ?enant 2 % Vacant Police and Fire Protection ®^ ^ ^ Single Fatuity Price Range $ 5 0 , 0 0 0 to $ 1 M + Predominant Value $ 12 0 , 0 0 0 General Appearance of Properties ®^ ^ ^ Single Family Age New yrs. to ti 0+ yrs. Predominant Age 10 - 3 0 yrs. Appeal to Market ®^ ^ ^ Comments including those factors, favorable or unfavorable, affecting marketability {e.g. public parks, schools, view, noise):T h e s u b ~ e C t site 1 0 c a t e d ap roximatel I/2 mile North of Atlantic Blvd., 1+- mile West of the Ocean 1 block East of Seminole Road, and South/ad.iaceht to_Howell Park ____A__1:3ck of _v _ac~3nt_sites in the beaches area _ causes marketabilit to be ood, however, close to the ocean and sub`ect to fr•e uent storms. Dimensions 5 0' X 10 0' /Sub .1 e c t t o s u r v e~ = 5, 0 0 0_ Sq. Ft or Acres ^ Corner Lot Zoning classification A RS - 2/ R e s 1 d e n t 1 a 1 S 1 n g 1 e F e m i 1 y Present Improvements" [] do [^ do not conform to zoning regulations - Highest and best use ®Present use ^ Other (specjiy) Public Oilier (Describe) OFF SITE IMPROVEMENTS Topo Lower than street 1 e y e 1 Elec.. ® Street Access ®PubAc ^ Private Size ~ p i C a 1 for the are a Gas ^ SurtaceAsphalt shape Rectangular/See attached plat Water ^] Maintenance ®Public ^ Private View Residential /Par k San. Sewer ^ ^StormSewer ^Curb/Gutter DrainagePoor/Low/Possible muck/ In FZ ^ Underground Elect & Tel. ^ Sidewalk ®SVeet Lights Is the property located in a HUD Identified Special Flood Hazard Area? ^ No ©Yes Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): The s u b.i e c t i s a v a c a n t interior site ad.lacent t o Howell Park. The property is low and wet in places with possible muck & appears to have several environmentally protected_cypress trees on the site;_recommend an environmental or en neer stud It a ears the site is in a flood zone'; sub'ect to surve The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the markia analysis. The description includesa dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to ar more favorable than the subject properly, a minus (-) adjustment is made thus reducing the indicated value of subject; if 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 ITEM SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE N0.2 COMPARABLE N0.3 Address #ot 305/Magnolia St' `'306/309 Magnolia L'b82/121&123 Pine `'318/Pine & Seas' _ Atlantic Beach F1. Atlantic Beach Fl Atlantic Beach F1 Atlantic Beach, Fl Proximi to Sub'ect __~tr___~_ ,.._, . .: ~~ Next Door'So th u 1 Street East & S I block SE Sale Price $ A 36'60 $ 0 8 0 $ 9 0 5 000 $ Price N/A $ ~ ~ ~~~ ~ ~ ~ $ . ~ ~ ~ ~ ~~~ $ s ....... . . .. ~.~ ~~ ~ ~ '~ $ . Data Source CPR/Cit /Own CP s/ R ' Owne r/Ins e' CPR ' s/ I ns ection ~ C P R ' / s~ s In ection Date of Sale and DESCRIPTION DESCRIPTION + - $ Ad'ust DESCRIPTION + - $ Ad'ust DESCR1PT10N + - $ Ad'ust Time Adjustment AD: 6/99 Close: 7/97 ~ +5 000 Close: 3/98 ~ +2 000 Close: 1/97 ~ +5 000 Location Atlantic Bch \Atl anti B' ~ Atlantic B' Atlantic B' ; SlteNiew 50'X 100' _ 50'X 100' 50'X 100' 50'X 100' Vacant Presentl - - _ Presently Vacant Residential _ Im roved ? _~m_p,roved _~__;,. Residential Next to Aark Interior -0- Interior -0- Corner -0- Low High & Dry ~ -3,000 .High & Dry ~ -3`000 High & Dr.y ~ -3 000 Sales or Financing None None None None concessions Indicated Indicated- ~ Indicated ~ lndi Gated ' Net ' Ad . otat _ ~ $ 2 00 0 - + ~$ 1,000 - + 2 00 ndi I Gated Value of S b' u ect 1 ~.y :.,::.< 'i'i> 38 ::-$ 00 0 ~ : :: `~ $ 7 3 900 ; : 0 00 $ C a mme is on Markel Oata.• _,~_,_,_ e t > ark _ ndi-c~a~e~~, doNnwt rd adjustment for location but owner .•~ ~, ~,u. _ , stated seclusion was a preference trlcrefo~•e , no downward ~ad,7ustment °ap~1 i`'ed':~'~ T he" time ~'~" ° ~~°41 ad.iustment for the 1997~sa`les a combinatioli`a time ad,iustment for 1997 acid inf7atiin for 1998. Comments and Conditions of Appraisal:Sale # 1 located next door__and sale # 2, the most recent sale, given full this ht h l t u t e r y e l d case This report adheres to the State of Florl 'da'p USPAP standards with on depaat ures • The attached "Limiting Conditions"applied as dictated by the att-ached report Final Reconciliation: The Cost Approach and the Income Approach not considered applicable in the valuation of vacant land causing the Market Ap roach to be the only indicator of value for the ~' sub ect property in this°case and given full weight in the value estimated stated herein. ' I ESTI AT HE MARKET VA LU E, AS DEFINED, F SUBJECT PROPERTY AS OF ,l u n e 6 , 19 9 9 to be $ 3 8 , 0 0 0 ~ ~ / J KACIA~..~HEALD/RZ #000040`4 ( Stat n e r a l R E A LX] Did ^ Did Not Physically Inspect Property Kala Heald Form LND -- 'TOTAL 2000' appraisal software by a la mode, inc. -- 1-800-ALAMODE ~ ~ ~, ~\ ...' _ .__._ `\ ~1 '`~ (~, 1~ ~ y ~~~ ~ ~ 1 •,~.. ._-- i_. 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'.Y 'L..ti.y, `•' ,- ow I°w , ~' ~s»~.;i '"..~,as.". ~, +'r~ a~""~i h« 'S'~~ S7~'~ 't'"'''r'r-.T.~..- C rrs rn N ptw+1 } ~r-,,.,...,_. .. i,l"" J 1yt7o~.v .a ° d~ r .+al,~tF 9 ?III' t ~ ~ ~ ~ ~~ ••I ~°~a w ~+ l ~"T~~."'9. w + t.----- ~~' A t_~G 'BLVD. ._ wTi'ti,,,,; -s vo.rr.N J~ !.''vr ; veY--' _._._-- ~--- i ti. N "" ... n h ~ vc.' i ij=iu ~"COPi ' ~.',G~iy ift;~' t~ hi: 1 ;rt.e f~~ correct ~~ C:a;,'y t•i fC1° (3COf~t .a tilj Of.i« l~fTl'i~:~~]~; f fi iTl'f t1S~ :1 u i~ C.f'f:::Jl St'.'.. t'~i tfte.City o~ Atfanti; Ge:;t:,;, ."i~ida, ~r------ ,,..^ t I 1 ..A ... 11 _ - -._-..v----- •. i l~.a~o~rca~; Lot 305, Magnolia Str'e2t , . LAND APPRAISAL REPORT ~; '' °" FlIeNn I anti-AR9Q1 Borrower /Client-City of Atlantic Beach Census Tract 139.03 Map Reference 559/Duval _ Property Address Vacant site on Magnolia Street with no assinned address at this time city Atlantic Beach county Duval State Florida Zip Code 32233 ~` Legal Description 16-2S-29E Lot 305 Saltair Sec. 3 Plat Book 10. Pg.16, Duval CPR's Sale Price $ N / A Date of Sale AD : 6 / 9 9 Loan Term N / A yrs. Properly Rights Appraised ®fee ^ Leasehold ^ De Minimis PU Actual Reat Estate Taxes $ E s ' $ 659 iyr) Loan charges to be paid by seller $ N / A Other sales concessions N / A _ Lender/Client City of Atlantic Beach Address P .0. Box 25 , Atlantic Beach Fl Occupant Vacant Site Appraiser K a 1 a L. H e a l d Instructiorts'to Appraiser A raise f o r market value of vacant ro err Tocated on Ma Hotta Street in Duval Count Atlantic Beach. F1 Location ^ Urban ®Suburban ^ Rural Good Avg. Fair Poor Suitt Up ®Over 75% ^ 25% io 75% ^ Under 25% Employment Stability ®^ ^ ^ Growth Rate ^ Fuity Dev. ^ Rapid ®Steady ^ Slow Convenience to Employment ®^ ^ ^ Property Values ®lncreasing ^ Stable ^ Declining Convenience to Shopping ®^ ^ ^ Demand/Supply ^ Shortage ®In Balance ^ Oversuppty Convenience to Schools ®^ ^ ^ Marketing Time ^ Under 3 Mos. [~ 4-6 Mos. ^ Over 6 Mos. Adequacy of Public Transportation ©^ ^ ^ :Present Land Use E3 0% 1 Fatuity 5% 2-4 Family 2% Apts. 3% Condo 5 % Commercial Recreational Facilities ©^ ^ ^ - 0 -% Industrial 5% Vacant _~ Adequacy of Utilities ®^ ^ ^ Change in Present Land Use ~ Not Likely ^ Likey (*) ®Taking Place {*) Property Compatibility ®^ ^ ^ (") From V a C d n t To Res 1 d e n t 1 a 1 _ Protection trorn DetrimentaLConditions ®^ ^^ _ Predominant Occupancy [~ Owner ^ Tenant 2 % Vacant Police and Fire Protection. ^ ^ ^ ^ Single Family Price Range $ 50 , 0 0 0 to $ 1 M + Predominant Value $ 12 0 , 0 0 0 General Appearance of Properties ®^ ^ ^ Single Family Age New yrs. to 60+ yrs. Predominant Age I 0 - 30 yrs. Appeal to Market ®^ ^ ^ Comments including tflose factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):T h e s u b.i e C t 51 t e 1 o C a t ed a~roximatel.y 1/2 mile North of Atlantic Blvd_ 1+- mile West of the Ocean, 1 block East of _ Semi not e Road_~ and South/ad jacent__to __Howel l_ P~rk_:._ A l ark of vacant si tes_i n 'the beaches area causes marketabilit to be ood, however, close to the ocean and sub'ect `to fr•e cent stor•rns. Dimensions 5 0 ' X 10 0 ' /Subjec t t o s u r v:~____ _: ' 5 , 0 0 0 Sq. Ft or Acres ^ Corner Lot Zoning classification ARS - 2/ R e s i d e n t i a l S i n A 7 e F d m 1 l y Present Improvements ^ do ^ do not conform to zoning regulations Highest and best use ®Present use ^Other (specify) .______ ____~__ ' ^ Public Other (Describe) OFF SITE IMPROVEMENTS Topo Lower than s t r e e t l e v e l Elec. [X~ _ Street Access [~ Public ^ Private Size ~~ 1 C a 1 for the are a Gas ^ ,_ surfaceAsphdl t shapeRectang ul ar/See attached plat Water ® _ Maintenance ^ Public ^ Private View Resident 1 a 1 /Park San. Sewer [X] __ ______ ^StormSewer ^Curb/Gutter DrainagePoor/Low/Possible muck/ In FZ ^ Underyround Elect & Tel. ^] Sidewalk ~ SUeel LiyllLs ra tha properly located In a HUD tdent111ed Special Flood Hazard Areal ^ NO CR] Yes Comments {favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse condibons); The Sub ,1 e C t 1 5 a V a C d n t interior site adjacent to Howell Park__The__property_._is_1_ow and wet in places with possible ~ muck and appears to have environmentally__ rotected c~r_pess tress on the siteL recommend an _ an environment or en ineer stud It a ears the site is in a flood~eone; sub'ect to curve . The undersigned has recited three recent sales of properties rnost similar and proximate 14 subject and has considered Uiesi; in the market anaysis. The description Includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable properly is superior to or more favorable than the subject properly, a minus (-) adjustment is rnade thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less favorable U~an the subject property, a plus (+) adjustment is rnade thus increasing the indicated value of Ure subject ITEM SUBJECT PROPERTY COMPARABLE NO. t COMPARABLE N0.2 COMPARABLE N0.3 Address Lot 305/Magnolia St` Lot 351/399 Poins' Lot 95/Seminole Atlantic Beach, F1~ Atlantic Beach, F1 Atlantic Beach, Fl : Proxi i to ub' mri s sect ::: : :: ~ ;: -'- S 2 . treets East - 1 Street West/N' --- A N / $ a!e e S s Pric _ O ~:;,~ .r.;.. :<~-.M .::t:.. n~:y;, :~:::~ .Y;T :x~.:<. 31 00 $ _ . 4 0 $ 3 00 $ Price /A $ r.. :.:.: ii ~ry~~~ __ $ _ ~ ~ ~ ~ ~ ~ ~ ~..~ $ ~~~~~~~ ~~~ ~~ $ . Data source CPR/City/Own CPR's/OwnerlInspe' C PR ' / ns s I ection i Date of Sale and DESCRIPTION DESCRIPTION+(-)$ Adjust _ DESCRIPTION ±{- $ Adjust DESCRIPTION +(-)$ Adjust TimeAdjustrnent AD: 6/99 Close : 3/97 +,5, 000 Close : 3/97 ~ +5.000 Location Atlantic Bch Atlantic B' - - Atlantic B' Site few _~_ 5 0 ' X 10 0 ' 5 0 ' X 10 0 ' ~ _ _ B 0__X 8 2 '_____i_ - 0 - _ _ Vacant Presentl,~ ~ ~ Vacant ^_ i___ _ ,__Residential .____..._ Im~roved ____._~ __~_~ .1..........._._..,... Residential __.--._.~~.___.~..__..__-l~_ ..1.. _.____. Next to .fork Next __toPark.....;..._.._ ._-.0.. .Creek_._._..._ ._._...; -0- Low Low ~ Low & Ory_.____._;_-3 000 __ ~ Sales or Financing None None None ~ Concessions Indicated Indicated n tca e Net AdL(Total) :~, :.. ,.::::~:.>:::.::~:~::;:....~::.::>.: _ ~ $ 5 . 0 0 0_.. + 2 d.0 0 + - 1 dicated V n alue of S b'ect u I :::z:::~::>: ; ? ` ~ <' 36 000 >$ _ `.. 3 000 $ $ Comments on Market0ata Sale # s 'veri ft ed bv_ownerl_s~ated s l to l ~~w_w~ th mucks_c.e ~t to cure to be able _ to build was $3000. Sale in 1997 and amarket indicated, ti me adjustment applied. Sale # 5 on Semi noi.e Road across _the strget`fr•om ,C,i ty H~~11 ~ could not vert fy,_ t.herefore l ven no wet ht. ~...___ _. _ 9 .. _ 9 - ~ . ...~.~ - -. .. -_---- -.. _- Comments and Conditions of Appraisal I n the ~ p~ r a_i s a 1__o_f v ac a n t s i t e s ~__s a 1 e s o v e r 6 m o n t h s c o nVs i d e r e d~ ~i c a li _ _ _ ,__ _ The 2 sales above added to_clearl,~ define_._the_market__and_to._s_up{~ort the__e st imated market vaiue --- - , __ _ ,gf the sub,ject,..site lorated on Mr~gnoli~~ Street <~d,jacent; to Ilowell Prlrk. The.srlles considered • were limited to N'of Atlantic South of Palm and West of Poinsettia to insure accur~______.___ Final Reconciliation: _The Cost Approach and_thg Income Approach _not_consi dered applicable i n the aluation of vacant land causi`ng_the Market Approach to,_be the_,.onlY_indicator_o.f_-_value for the _. _ s b.1ect_pro.perty in this case and given full weight in the value estimated stated herein. ' 1 ES I THE MARt<ET VALUE, AS DEFIN SUBJECT PROPERTY AS OF June 6 ,_ _ t 9 _ 9 9 to be $ 3II , 0 0 0 KAL HEALD/RZ 0000404 ~~ State Certified General _REA__ [X]Dld (,-]Did NotPhysicaltylnspectProperty Appraiser(s) I Review Appraiser {if applicable) Halo nnalu Form LND •- 'TOTAL 2000' appraisal sotterare by a la mode, inc. -- f -800-ALAMODE r ®Nn _srrR_~~rT r~Nnrin pa~F ..- . ,. .~ ...~"' r ~I~. ~~-~."Ny!_^`.1 [~. :'.war r4~. .~;. , ~~~ ~z ~': 7 t ~~ Borrower Client-Cit of Atlantic Beach File No. Land-AB991 Pro a Address Vacant site on Ma nol i a Street -with no as~i fined address at this time c Atlantic Beach coun Duval state F1 on da zl code 32233 Lender Cit of Atlantic Beach uisiPCt Front Address of 305/Magnol i a St' Sales Prlce N / A Location _ Atl anti C BCh SiteNiew 5 0 ' X 10 0 ' ubject Rear Subject Street Form P12 -- 'TOTAL 2000' appraisal software by a la mode, inc. -- i-800-ALAMODE 1 d ,1 CitIMP~RdRt F PNt1T!"1 PL1GF - 31 1' I ~..1 Compara ble 1 address L' 306/309 Magnol i a Prax.toSubect Next Door South Sales Price 3 6 0 0 0 Location \ A t l a n t i B' SiteNlew 50 ' X 10 0 ' ~"I~`,. .~.• ~ ~, r .,rte.... ,. Borrower Client-Ci t of Atlantic Beach Fiietvo. Land=A6991 Pro a Address Vacant site on Ma not i a Street with no assi ned address at this time c' Atlantic Beach cou Duva 1 state F1 on da zl code 32233 Lender Ci t of Atlantic Beach ` ~~ i ~ I ~, t .. ... ~ M .,~ t ~'' ~ "__ Im-~rmit ~~ .~ ~ u i~ ~ m rww~r~ ~ I ` ~~ ' din , ~~Eittt i ~j Y ~ '~~ IIUII'IIIII it!1~N1 r ' ~ -i;tl( 11111'1~~y, 1 m i,.,( ri~.iur~~,, , ~~i~iN~~~~li~'ii:~~~ ~ '~ ~i.:~1lnilnnr Ih, .~ruln n ilea Itt~lu41 ~t,~ ~ - _ lam ~ ! ' ~ 'y .I . ,~~ ~', ...... • , ,,.. t. ~ •. ,-. _. ... ....r+ - . rrr .__ ., ~.. Clflmnarahlle 3 Address L'31i3/Pine & Seas' Prax. to Sub'ect l block S E Sales Price 3 5 0 0 0 Location Atlantic B ' sit iew 5 0 ' X 10 0 ' Form P01 -- 'TOTAL 2000' appraisal software by a la mode, inc. -- 1-800-ALAMODE i t. 1 L'~AMDADt8Q1 t: DtIATA [fnAC ~ n~ ~. Borrower Client-Cit of Atlantic Beach _ FIIeNo. Land-AB991 Pro a Address Vacant site on Ma not i a Street with no assi tied address at this time C Atlantic Beach cou Duval state Florida zi code 32233 Lender Ci t of Atlantic Beach Fs~`, '~ ~ Cnrnnarahle .Q .W ~„: ;M„:~~~~~~`` 191 ~ ~ '3[6 ~ ~R t~E '!{ ~~ ,,.L 66f~i Yal .._. ,fi'•~ ;`T .~. ~I ®1 Lll ® ~ ~ `r[l ,~iu'.'~'a Address Lot 351/399 Poi ns' Prox.toSubect 2 Streets East Sales Price 31 0 0 0 Location Atlantic 6 ' SiteNiew 5 0 ' X 10 0 ' Cnrnnarahip ~ address Prox.toSubiect Lot 95/Semi not e 1 Street West/N' Sales Price 3 4, 0 0 0 Location Atlantic B ' SiteNiew 8 0' X 8 2' Com ara ble' 6 Address Prox, to Sub ect _ Sales Price Location Sit iew Form P01 -- •TOTAL 2000• appraisal software by a la mode, inc. -- 1-S00-ALAMODE ~' DEFINITION OF MARKET VALUE: The most probable price which a properly should bring in a competitive and open market. under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, 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: (1} buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed far exposure in the open market; (4} payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) 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 comparables .must be made for special or creative financing or sales concessions. No adjustments are necessary for chose costs which are normally paid by sellers as a result of tradition or law in a market area; these casts are readily identifiable since the seller pays these costs in virtually aU sales transactions. Special or creative financing adjustments can be made to the comparable properly by comparisons 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 for dollar cost df the financing or concession but the dollar amount of any adjustment should approximate the markets reaction to the financing or concessions based on the appraiser's judgement STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMiTlNG CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the properly being appraised or the title to it 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 only 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 located 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 court because 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 be 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.) observed during the inspection of the subject properly 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 his no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions Including the presence of hazardous wastes, toxic substances, etc.) 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 for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, 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 furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the llniform 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. i0. The appraiser must provide his or her prior written consent before the (ender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and .professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated} to anyone other than the borrower; the mortgagee or its 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 lender/client may distribute the property description section of Uie report only 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 also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6-93 Page t of 2 Fannie Mae Form t 004B 6-93 Form ACR -- 'TOTAL 2000' appraisal software by a la mode, inc. -- f-800-ALAMOQE APPRAISER'S CERTiFICATiON: The Appraiser certifies and agrees thaC t. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sates comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable properly is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favotable than the subject properly, (have made „~ a positive adjustment to increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report I have not knowingly withheld any significant information from the appraisal report and I believe, io the best of my knowledge, that all statements and information in the appraisal report are true and correct 3. I stated to the appraisal report ony my own personal, unbiased, and professional anaysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. 1 have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the Vansaction, t did not base, edtter partiafry or completey, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or 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 current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. f did not base the appraisal report an 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 Uniform 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 appy. l acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in 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 properly and the exterior of all 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, on the subject site, or on any site within the immediate vicinity of the subject property of which (am aware and have made adjustments for these adverse conditions in my anaysis of the property value to the extent that i had market evidence to support them. t have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personalty prepared a!i conclusions and opinions about the real estate that were set forth in the appraisal report If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report I certify that any individual so named is qualified to pertorm the tasks. l 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 far it ~, SUPERVISORY APPRAISER'S CERTiF[CATtON: if a supervisory appraiser signed the appraisal report, he or she certifies and agrees that 1 directy 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 full responsibility for the appraisal and the appraisal report req uirec[) Date Signed: June 6 , 19 9 9 Date Signed: __ State Certification #: R Z 0 0 0 0 4 0 4 /State Certified State Certification #: or State license #: General Appraiser or State license #: State: Florida State: Expiration Date of Certification or License: 11 - 3 0 - Z 0 0 0 Expiration Dafe of Certification or License: ADDRESS OF PROPERTYAPARAISED: Vacant site on Ma not i a Street : no address APP.RAtSER: SUPERVISORY APPRAISER (only if Signature: ~ Signature: Name: K o l a 1. H e a l d Name: ®Did ^ Did Not Inspect Property Kota Heald Freddie Mac Form 4396-93 Page 2 of 2 Farm ACR -- '70TAL 2000' appraisal software by a la mode, inc. •- 1-800-ALAMODE Fannie Mae Form t 004E 6-93 ~., 1KALA L. HEALD HEALD & ASSOCIATES REAL ESTATE APPRAISAL SERVICES P.O. BOX 330-974 ATLANTIC BEACH, FLORIDA 32233 (904) 246-973 5 QUALIFICATIONS PROFESSIONAL: 1) State Certified General REA#0000404 from 10/89. 2) Licensed/Registered Florida Real Estate Broker. 3) National Association of Master Appraisers: Designations include, MSA/Senior Appraiser, MFLA/Land, MRA/Residential #4917 EXPERIENCE: 1) Full time Reat Estate Sales Agent from 1982-1983 /Sales 2) Part time Real Estate Appraiser 1983-198.5. /Broker 3) Full time Real Estate Appraiser 1985-1990 4) State of Florida Ad Valorem Tax Dept. 1990-1991 /Real Estate Appraiser II 5) Full Time Real Estate Appraiser 1991-Present 6) Qualified Mobile Home Appraiser 7) Qualified as Expert Witness in Duval County Circuit Court 8) Appraised for RTC EDUCATION: 1) High School Graduate/Cave Spring H'rgh, Roanoke, Virginia 2) Presently enrolled in a Real Estate Degree Program at FCCJ 3) Florida Real Estate Institute, Inc. a. Florida Real Estate Principals & Practices I 6. Florida Real Estate Principals & Practices II c. Brokers Course /Broker Management d. Real Estate Appraising !Real Estate Financing /Investments e. Capitalization Theory f. State Certification CA2 Course / 1994 Continuing Education 4) Lincoln Graduate Center /Cleveland, Ohio a. Principals & Practices of Real Estate Appraisal b. Farm & Land Appraisal c. Writing The Narrative Appraisal d. Commercial Appraisals e. UCIR Form Instruction Courses /Uniform Commercial industrial Report 5) 5) Society of Real Estate Appraisers a. Principles and Techniques of Amenity /Property Valuation 101 b. ,Applied Residential Property Valuation 102 . c. Principles of Income Property Appraising 201 6) National Association of Certified Real Estate Appraisers a. Residential Construction Basics/ 1990 & 1992 7) State of Florida Ad Valorem Tax Department of Florida Appraisers a. IAAO Course 102 8) Appraisal Institute / SRA Demo Report Class 9-93 __ Appraised the following types o aperties: Residential, Residential Income, Commercial Properties, Special Purpose Properties, Land Approved with: Chemical Bank, Nations Bank, Southtrust Bank, Sun Bank, First Union Bank, First Security Savings Bank, Mortgage Authority, North American Mortgage, Mortgage Lion, Colonial Mortgage, Chemical Residential "`~ Mortgage, MFL Lenders, U.S. Department of Agriculture /Farmers Home Administration, FHA Appraiser, Navy Federal Credit Union