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Exh 8H~.: ~/ 7-.~ ~- 99 AGENDA ITEM: DATE: SUBMITTED BY: BACKGROUND: CITY OF ATLANTIC BEACH CITY COMMISSION STAFF REPORT Exchange of Property with Beaches Habitat July 21, 1999 David E. Thompson, City Manager Please see the attached history on the proposed property exchange with Beaches Habitat. Beaches Habitat proposed a property exchange with the City of Atlantic Beach in April 1999. Subsequently, staff requested time to conduct research and appraisals on the property in question, including an evaluation of the City's need for the property. Three (3) City owned lots that were in the original proposal were omitted from the exchange due to their proximity to the existing sewer facilities, and Habitat officials indicated that they were still in favor of the exchange with those lots omitted. The appraisals were completed on the property. The current City property was valued at $75,500, and the proposed land that Habitat wishes to exchange was valued at $68,000. The property that the City would be acquiring is adjacent to Jordan Park, and it would be a beautiful addition to the Park. The land is heavily wooded, and it will provide a buffer for the Public Works facility. Additionally, some of the property apparently holds water in the wet seasons, and it has value in preserving a significant area for storm water collection in the Donner area. The property that Habitat will acquire was purchased by the City in anticipation of future expansion of the sewer plant. However, it does not appear that this property will be used for this purpose in the future. The lots have water and sewer available to them, and the construction of homes will not require extensive tree mitigation. These lots will allow Beaches Habitat to build new homes. The additional impact fees, taxes, and utility services will easily make up for the difference in the appraised values of the properties. ~+ J y Although some question arose relative to the restricted sewer funds ~ ~ used to purchase the city owned lots, staff can work out the details relative to transfers, depreciation of the property, and similar issues as necessary to consummate the exchange. RECOMMENDATION: Staff recommends the approval of the exchange of the property with Beaches Habitat as discussed above, and authorization for staff to work with the City Attorney to work out the contracts and details as necessary with Beaches Habitat. ATTACHMENT: Prior Staff Reports from Apri17, 1999, and Apri120, 1999 Copies of Appraisal Reports for the Pro erties REVIEWED BY CITY MANAGER: AGENDA ITEM NUMBER: i T. STAFF REPORT AGENDA ITEM: Request by Beaches Habitat to exchange property d~ ~-l~.~q9 SUBMITTED BY: George Worley II, Community Development Director ~ ~ y DATE: Apri17, 1999 BACKGROUND: Beaches Habitat has submitted a letter to the City proposing an exchange of properties in the Donner Subdivision area. They propose to deed two large parcels north of Jordan Park to the City in exchange for approximately thirteen lots fronting on Francis Avenue and on an unpaved segment of Jordan Street. RECOMMENDATION: Authorize staffto review the proposal and to negotiate this transaction with Beaches Habitat with a recommendation to be presented at the regular City Commission Meeting of April 26th. ATTACHMENTS: 1) Proposal Letter and map from Beaches Habitat REVIEWED BY CITY MANAGER: ./ AGENDA ITEM NO. 1111 Iie~~.~~ ~i~-~a~.t~.t Habitat for Humanity of the Jacksonville Beaches,. Inc. Mayor Suzanne Shaughnessy City of Atlantic Beach 800 Seminole Road Atlantic Beach FL. 32233 Dear Mayor Shaughnessy: This is to request that the city of Atlantic Beach consider an exchange of property with Beaches Habitat which we believe would be in the interest of both the city ` and Habitat. The legal description of the land that Beaches Habitat would deed to the city is: Lots 4, 5 and 6, DONNER'S SUBDIVISION, of a part of Governmenf Lof 2, Section 77 Soufh, Range 29 Easf, according fo plat thereof recorded Plaf Book 8, page 4 of the public records of Duval County, Florida. These lots are highlighted in yellow on the enclosed map. The legal description of the land the City of Atlantic Beach would deed to Beaches Habitat is: Lots 3-72, Block 1, ED SMITH SUBDIVISION, according fo fhe plat thereof recorded in Plat Book 28, page 50, of the public records of Duval County, Florida; Lofs 3-5, Block 2, ED SMITH SUBDIVISION, according fhe plat fhereof records in Plaf Book 26, page 50, of fhe public records of Duval County, Florida. These lots are highlighted in blue on the enclosed map. The land Beaches Habitat will deed to the city is 3.8 acres, approximately one acre larger than the city property requested. There are advantages to Atlantic Beach: P. O. Box 50939 Jacksonville Beach, FL 32240 f904i 241-1222 { 7 1 ~i • The land acquired by the city would be contiguous to other property currently owned. • The land deeded to Beaches Habitat would be developed and the Donner area, east of Mayport Road, would become a new community in.Atlantic Beach with over 35 Habitat homes. The trend of improve= ment in the neighborhood will continue to benefit the entire city of At- lantic Beach. • 20 Atlantic Beach families would become tax-paying citizens of the community. Impact fees for new home construction would total $50,000. Property tax roles would increase by $6,000 to $8,000 per year. The major advantage to Beaches Habitat would be to acquire building lots at low cost. The cost savings would be passed onto the new Habitat homeowners. We would appreciate that you consider this offer at the April 12~' City Council meeting. Members of the Beaches Habitat Board and Site Committee will be available for any questions. ~~~ ~ ,/ t t ~,.~~C~~ %ti G th tc.~ ~~ _-~ Ralph arcello Executive Director CC: David Trunzo President, Beaches Habitat Paul Finley Vice President, Beaches Habitat Cliff Koehler Site Committee, Beaches Habitat Bill Gulliford Site Committee, Beaches Habitat t ti ~ c. CITY OF ATLANTIC BEACH CITY COMMISSION STAFF REPORT AGENDA ITEM: Exchange of Property with Habitat DATE: Apri120, 1999 SUBMITTED BY: David E. Thompson, City Manager BACKGROUND: Beaches Habitat requested that the City of Atlantic Beach consider exchanging some property with Habitat. Please seethe attached letter and map from the previous staff report. At the time of the last report, staff requested time to evaluate the property and prepare a recommendation for the City Commission. The city property that is considered in this exchange was originally acquired with the anticipation that the city would need it for future growth. It is located in close proximity to the sewer plant, and expansion of the plant was believed to be imminent for a variety of reasons. Over a period of time, decisions were made that altered these expectations. There is no current expectation that the City will need to expand the plant into those lots, and there are no plans for the City to develop or sell the lots. The City is concerned with lots 5, 6, and 7 on the east side of Jordan Street. These lots currently have fencing on the property from the Atlantic Beach sewer plant, and we do not recommend trying to build on these lots. The lots provide a buffer from the plant operations and odor, and the fencing reduces the lot sizes to a level below the City code requirements. Staff recommends omitting these lots from the exchange, and discussion with Habitat suggests that this is acceptable to them. The Habitat property is adjacent to'Jordan Park, and there are several benefits to be realized by city ownership. Some of the property is low, and it provides a valuable area for stormwater to collect. If a developer filled it, it could have a significant impact on drainage in the area. A significant portion of the land has upland trees and foliage, and it has value for future development as a park. Due to its location, the expansion of the existing park will be a natural extension of Jordan Park, and the land will serve as a buffer zone for development near the public works facilities in the area. i ~ From a staff perspective, this is a situation where both Habitat and Atlantic Beach will benefit from the exchange. Habitat will be acquiring property that is close to available water and sewer, and appears to require very little improvement to make it suitable for building homes. The existing Habitat property would probably require extensive tree mitigation, drainage, and other improvements before it would/~b/ buildable. „ ~ • t/'~ ~ ~G RECOMMENDATION: ATTACHMENT: We reco nd Attorney to co documents for discussed in this on the east sid c documents f that City ~ie City Commis io: the negotiations c ;hange of the prope 'report, deleting the •dan Street, and brig ~$~ ort`ie the City e the necessary h Habitat, as lots #5, #6, and #7 k the final See Apri17, 1999 Staff Report with attachments from Habitat REVIEWED BY CITY MANAGER: AGENDA ITEM NUMBER: ( . ~ ~ .r PAGE FIVE • S MAY 14, 1990 NAME OF COMMRS. M S There being no further discussion on the matter, the question was . called and the motion carried unanimously. At this time, the Mayor asked the City Commissioners to give some thought to requiring ordinances to be introduced to be City Comni.ssion by a Commissioner. He said he felt this would result in one member of the Commission. being fully apprised of the specifics of the 'ordinance and being in a position to answer questions when the ordinance came before the City Commission for action. 6. New Business: A. Appointment to Code Enforcement Board to fill unexpired -term of Allen Salfer, with teen to expire October 1, 1992 Mayor Gulliford offered for consideration the name of William Dorsey, an attorney who resides in Atlantic Beach and is a member of Mayor Hazouri's Sports and Entertainment Committee. Motion: Appoint William Dorsey to the Code Enforcement Cook Edwards Board Tucker x x No discussion before the vote. The motion carried unanimously. G~.iLLiford B. Appointment to Public Nuisance Board to fill unexpired teen of Jack Brooks wIayor Gulliford suggested action on this item be deferred until the next .meeting and asked Chief Thompson give the names of possible candidates to the City Manager. Discussion andrelated action relative to the proposed purchase of property for expansion of the City of Atlantic Beach • n7astewater Treatment Plant Pim Townsend said the property under consideration was Lots 3, 4 , ~, and 6, Block 1, Ed Smith Subdivision, adjoining property presently owned by the city on the west side of the sewer plant ind extending to Francis Avenue. He said he had contacted all =xcept one of the property owners and all were willing to sell at :he fair market value. He said a house-moving firm had inspected :he houses and had indicated they could move them for $11,000 each ~r rhvuld demolish them for $3, 000 each. 7ayor• Gulliford confirmed that restricted funds could be used ' since the purchase was for the expansion of the sewer plant. x x x x } PAGE SSX . MINUTES ' MAY 14, 1990 . m Notion: Authorize purchase of Lots 3, 4, 5 and 6, Ed Smith Subdivision at a total cost of $182, 000 for tY~e ' purpose of future expansion 'of the wastc~rater treatment plant No further discussion before the vote. The motion carried unanimously. . D_ Report on cost of repairs relative to the breakdown at the Atlan~c Beach Sewer Plant Harry ally reported the main bearing of the n2 clarifi had given way and had caused' damage to the main bearing o the nl clarifier, endering both clarifiers out of service. Mr McNally requested au orization to pay invoices from Johnson Cr e Service and Atlas Ele tric for repairs in the amount of X12, 4. He said the repairs ha included some modifications which,he hoped would result in a longer asting design. Motion: Approve y~nt of invoices fran/Johnson Crane Service d Atlas Electric Nb s in the total • amount of 2,304.00 No discussion before the vo The moti n carried unanimously. E_ Application for Use by ce 'on by Timothy Seyda and C&S Bank for on premise consumptio f •alcoholic beverages at 461 Atlantic Boulevard Mayor Gulliford explained is r~ est had been before the Community Develo~nent Board they hau recarrQnended denial. Motion: Accept recom~Sendation of Co~rnmity Develogrent Board and deny Use by Except~pn Conunissioner Cook said e did not feel the Ci$~ Commission had the authority to grant exception since the city code provided that the sale of alcoholi beverages at that location .was incidental to the sale of food, d it would require an ordinance to change that provision. The C ty Attorney said Mr. Seyda was applying for a use by exception or on-premise consumption of alcoholic beverages which is allow by exception in a CG district. After further discussion th question was called and the rn~tion carried unanimously. F_ Application by Vincent Akra for Use by Exception for a restaLlrant in a Co~rnxcial Limited (CL~ zoning district ~. 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Plat Book 8, Page 4/Duva1 CPr's Sab Price S N / A Dato of Sale AD : 6 / 99 Loan Term N / A yrs. Property Rights Appraised ®Fce ^ l.easchoW ^ De Mintmit PU :tool Real Estate razes S N / A (yr) Loan charges 1o be paid by setter S N / A OUter salts concessions N / A _ ,.enderA:Gent Citv of Atlantic Beach Address P.O. Box 25 Atlantic Beach F1 occupant Vacant Site Appraiser Kala L. Heald Instructions to Appraiser A raise for market value of vacant ro err frontin on Francis Avenue in Duval Count Atlantic Beach. F1 Location ^ Urban ® Suburban ^ Rural Good Avg. Fair Poor BuillUp ®Over75% ^25%1D 7S% ^Under25% EmpbymentStabiGy ^ ®^ ^ Growth Rate ^ Fuly Dev. ^ Rapid ®Steady ^ Sbw Convenience tD Empbyment ®^ ^ ^ Property Values ®Increasing ^ Stable ^ Declining Convenience to Shopping ~ ®^ ^ ^ DemandlSuppy ^ Shortage ®In Balance ^ Oversupply Convenience b Schools ®D D D Marketing Time ^ Under 3 Mos. (~X 4.6 Mos. ^ Over 6 Mos. Adequacy of Public Transportation ®^ ^ ^ - PresentLandUse £30%1Family 4%2.4famiy 1%Apls. _%CandD 10%Commercial RecreaUonalFaclGUcs ®^ ^ ^ - - 0 -% Industrial 5%Vaeant _% Adequacy of Utilities ®^ ^ ^ Change In Present Land Usc [] Not Likcy ^ Ukey (•) ®Takrng Place (•) Property CompalibiGry ^ ®^ ^ (")From Vacant To Residential ProtecitontromOeUfinen~IConditlons ®^ ^ ^ Predominant Occupancy ®Owner ^ Tenant 2 % Vacant Police and Ffre Protection ®^ ^ ^ Sing(eFamiyPriceRange S 10.000 toy 80.000 PredominantVatueS 30,000 GencralAppearanccolProperties D ®O D SingbFamiyAge New yrs.iD 60+ yrs. PredominantAge 20-40 yrs. Appeal to Market ^ ®^ ^ Cornrnenls including Ihosc lectors, tavorabb or unfavorable, affecting markclabiGy (e.g. public parks, schools, v1ew, noise):The 5 u b.i ec t 5 i t e 1 oca red approximatel.Y 1/2 mile North of Atlantic Blvd.. 1-2+ miles West of the Ocean. 2 blocks East of Mavport Road, and 5+- miles South of the Mavport Naval Station. An older area East of Mavport Road: Herr construction of 530-540,000 homes beino built b Habitat. Convenient to amenities. Dimensions 396'X645'X190'X440'X198'X205 3.89 A' Sq. FtorAcres ^Cornerlot 2antngctassiticattan ARS-2/Residential Single Family Presentlmprovemcnts ^Co ^donotcontormtozoningregutaUons tiighcstandbcsiuse ®Presentuse ONer(spcciy Public Oiher(Describe) OFFSITEIMPAOVEMENTS 7opo Appears High & Dry: Heavy Woods Etec. ^ SUCeI Access . ®Pubic ^ Private Size Larger t h a nip i e a 1 __ __ Gas . ^ sudaceAsphalt SltapcIrregular/See attached plat water i tdaintcnance Q PuhGc ^ Private Vicw Re s i d e n t i a 1 San.Scwer [X] ^StormSewcr ^CurblGuUDr Orainage4ppear5 adequate ^ Underground Ebel STeI Sidewalk Street Lights Ia ttta property located In a HUD iCentllled Special FIooC HazarG Araa7 ®No ^ Yes Comments (favorable or unfavorable Inducing arty apparent adverse easements, encroach~rnents, or othu adverse ccndUonsj: The s U b.t e C t i S a i r t e r i o r vacant site with a frontage of 396' on Francis Avenue a county maintained asphalt road which is 645'. on the north side, and 205' on Walter Road which is <-l dirt road adiacent and Northerly of the ark. No a event environmental roblems, however, sub'ect to an environmental study. The undersigned has recited throe recentsates of propeNes mostsimilar and prozirnate tq subject and has eonsiCcred Utese in Ne marketanaysis. The description indudrs a douar. adjushnenireflecdng market reaction to those items of signifieantvariation between the suhjeetand eamparable properUcs.ll a significant i~.m In the eomparabb propery is superior tD or more tavorabb than Ute subject property, a minus (•) adjustment Is made thus reducing the indicated value of subject it a significant i~^m in the comparable is inferior to or lrss Iavorabie than the subject property, a plus (+) adjusment is made thus Increasing Ne indicated value of the subject REM SUDJECTPROPERTY COMPARABLENO.t COMPARABLEN0.2 COMPARABLEN0.3 Address Vacant site/Francis Vacant/Francis Ave Vacant/oak Harbor Vacant/button Dr' Atlantic Beach F1_. Atlantic _Be~~ch F1 _ .Atl~~nti_c Bench F1 Atlantic_Beach. F1 . Prozirni tosutrieet Same Street _. _ ] P melee NW 1-2 mt es NW l Sates Price S N/A _ ~ S 60 000 S 50 000 _ _ 51000000 Price S_N/A ~ s ~ _ _ _ _ _ ~ S S Data source CPR/Cit /Ins CPR's/Owner/Ins e' CPR's/Inspection CPR's/Ins ection Date of Sab and OESCRiPTIOtt DESCRIPTION + - S Ad use DESCRIPTION + - 5 Ad'ust DESCRIPTION + - S Ad'ust TimcAdjusunent _ - _gD:6/99 C1oae~1/98y^,0=_ Closei2/99 _ _ _ __ Close:_,1/99 ; Location Atlantic Bch Atlantic B' Atlantic B Atlantic 8' snyvicw _3.89 Ac' MOL 1.1 A'Super +8.000_ , ___ 3_2 Ac'MOL 67.2 Ac'MOL:-500000 .__ _ ___ _ No Ingress*___~+ld 000 _ _ :-432000 Residential Residential y~_ Residential Residential T Interior Interior __ _ __ nterior I _ _ _ Interior _ High R Dry_,_ High 8 Dr~_;_,______ ~_ _ _Hj.gh,•&„Ory_~.;__,___ High n Dry_~ SaksarFlnancing None None None None Canccssions Indicated _ Indicated Indicated Indicated NetAdI.RDlan `__~_~~_ ~+__I~~ ~S 8 000 rjX~± ~-_ •S I8 000 n±~]- ~s932.000 Indicated Value __ , ofSubjcct S 68.000 S 68,000 .~ S 68.000 ComrncntsonMarket0ata: Due to the scarcit of sales over acre in this area uidelines exceeded, unavoidable. Sale #1 platted & sold as 10 s~a_rate sites: no wei4ht. Sale #3 S15 000 oer acre, lower due to size. Sale 2 had no in ress/e ress• *ad " mt the cost to cure, b17 000 er acre. CoinmcnisandCandiGonsotnppraisatAll comparables located within the subject's market area and the only _ recent sales available at this time. A market indicated ad.iustment applied for the difference in the site size. This report adheres to the State of Florida's USPAP standards with on de artures. The attached "Limitin Conditions" a lied as dictated b the attached re ort. FnalReconciliatien: The Cost A r ach and the Income A roach not considered a licable in the va)uation of vacant land cousin the Market A roach to be the only indicator of value for the - sub-jLro err in th s case and iven full wet ht in the value estimated stated herein. ' IESTIM 7 rH M ARK ETVAL DEFIN D, FSU&rECTVROPER7YASOF June 17, 1s 99 tobeS 68,000 J . ` ~/ KALA L. EALD/RZ 0 40 State Certified General REA ®Dta ^DldNotPhyslcalylnspcctPmpcrry APPraiser(sj Aevlew Appraiser (t apDr~cablc) Kola Heald Fenn LND -- 'TOTAL 2000" appraisal software by a b mode, inc. -- 1.800•ALAMODE 't • , bUYYLC1V1t1YiHL KLJLC/YUUI Fite No. Land-A8995 Dorrowcr/CGent Client-City of Atlantic Beach ' Property Address Vacant site on Francis Avenue and Walter Road: no assigned address ctn Atlantic Beach county Duval sate Flori Zlpcoae 32233 _ lender City of Atlantic Beach ADDENDUM The comparable sales that were utilized in the Market Analysis were considered the most recent and best available closed transactions and were the most similar in physical characteristics to the subject property as possible. In addition to the sales which were included in the Market Analysis, additional sales, pending contracts, and current listings were also considered, but the sales shown in the Market Analysis were considered sufficient to accurately estimate the value of the subject property. The Flood Zone designation was based on an examination of the available flood maps of the county. Due to the scale of these maps. the survey should be considered as the best indicator as to the exact Flood Zone designation. The lot dimensions were based on available information from public records, plat maps, and the survey when provided. The lot dimensions are subject to the survey and any minor differences do not affect the final estimated value of the subject property. No survey provided. The adjustments in the Market Analysis are self-evident and were estimated by a comparison of the sales to the subject and each adjustment is considered to be accurate and justified. Normal underwriting guidelines exceeded due to the size of the vacant comparabies considered, however, due to the varied size of sites in this market area, the adjustments applied are not considered to be detrimental to the estimated value stated herein for the subject property. All sales over 6 months; no time adjustment deemed necessary due to stable market conditions in the past 18 months; within FNMA guidelines. The Cost Approach and the Income Approach not considered applicable in the valuation of vacant land causing the Market Approach to be the only indicator of value for the subject property. 'The above report adheres to the USPAP standards of Florida with no departures, however, at the customers request the report done a short land farm with no narrative neighborhood or highest and best use analysis. Kola Heatd Farm SUP -- •TOTAL 2000' appraisal sofhvare by a a mode, Inc. -- 1•E00•ALAhiDDE i •' ', .. ' t ~ w L ' r ~.. ~^ 1 ~ • 1 I •; :~ „~ t ' S 07.144 344' •% ~ ~-oooe ~ - p " N 0 ^o -ooo0 11 max) `" " • 1•rZll'1.0000 n ^ LBf . ~ k ue. { p G~ rltNf~•If l;• • 11 t' Y~ trtm. .~ ~ os :U I ~ ooo• ~ ~ • 4 oit q•io8-rloi ~ •r a J ~ (121L4-0000 ta4 •r ~ ` > r ,cft 4BC5•BQS ~oo• onrietlall s 0 sSd ' tT21^.•3- Oooo i . 1.1Lt=s•OOO Q - K{• 1 •N • .oo ~ ~ ,t-y.o• N; oa W Z ' 17ztz7.ooo0 )Si of E~ 'c ~s 4 ~ Sol:}.:ioFW= I-rZt20-ooG~ ^y '• O• .D •R "Sd i:i~ v Si CGX) r`r •rzia (~ I' ' oA 41Yp•LO ~ ~ V IL t7tt9t•5000 t7zlao•o~m a ~ , • z'°' '~ • d ,e>•' ~ LL W 290' I ~ r`y ' 'q.~G7•rc<C U. iA 1 1T2195-000O ' . room 1 $.pp rn+w7e•UL: 1 N Y[z.+ -01. Z •~s' eG• •^ o . YN AO ~ ~ ~' •1•~• S O N ~F• Y V $ f11 I, ~ d t l5 o d r: ov ~:o aw n f •'~' r F t67ce•1G' 3 ~l0• O 8 3T6 1'~: p d~`~% >Z ..., _. • to '3 P a' o h t: ~ r~ 8 Ti C'~ V ~ 1 •e 4 N w r u N ~ g •rz.eo~ "•i $ I .m 2 '}.• IN I. 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H ZO lq t8 17 1G L5 • - ~ f9• R Y L 2 ~~•• . • DRtvE AL• S w a ~ 17 la - ' Ac~~lress: vacant site .t• ,.,. • ~t ~ •. r , tA~dD SUBJECT PHDTD PAC 'Bonower Client-City of Atlantic Beach FueNo. Land-A8995 PropertyAddress Vacant site on Francis Avenue and Walter Road: no assigned address cnv Atlantic Beach county Ouval state Florida tlpcode 32233 lender City of Atlantic Beach Subject Front Address Vacant site/Francis Sales Price N / A laeadon Atlantic BCh StteNew 3.89 Ac' MOL Subject Rear Subject Street Farm P12 -- '70iAL 2000• appraisal software by a la mode, inc. -- 1.800-ALAh10DE ' ~ ~ ~ ~ +ND COMPARABLE PHOTO PAG' '1-3 Bcrrower Client-Cit of Atlantic Beach FteNo. Land-A8995 Pro a Address Vacant site on Francis Avenue and Walter Road: no assi ned address C', Atlantic Beach count Duval state Florida 2i code 3 233 lender Cit of Atlantic Beach ' f'_nmharahla H Aaaress Vacant/Francis Ave Prox.tosubeet Same Street safesPdce 60 000 Locatton Atlantic B' SifeMew 1.1 A'Su er f'.mm~arahla 7 Address Vacant/Oak Harbor Prox.taSubeet 1-2 miles NW SalesPdce 50 000 location Atlantic B' SitGYiew 3.2 AC'NOL (:mm~arahla Acdress„ ._ _ Pcox. to Sub'ect V~~ca.nt/button. Or'. . 1- 2 miles NW satesPdce - ~ 1000000 Location Atlantic B' Sit iew b7.2 AC'MOl. Form PO1 - 'TOTAL 2000• appraisal so7ware by a ea made, Inc. - 1.000-ALAMODE DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under ag conditions requisite to a Lair sate, the Duyer and seller, each acting pmdenUy, knowledgeably and assuming the price is not affected by undue stimulus. lmpllcit In this definiton is the eonsumrnation el a sale as of a specified dale and the passing of tide tram seller fo buyer under conditions whereby: (1) buyer and seller are lypicaly motivated; (2) beUt parties are well informed ar wee advised, and each acting In what he considers his own best Interest; (3) a reasonabie Ume is aUOVred for exposure In the open market (4) payment is made to terms of cash in U.S. dollars or In ierrns of financial arrangements eornparabte thereto; artd (5) the Arica represents the normal consideration for the property sold unaffected by speclal or creative financing ar sates eoncrsslans• granL^d Dy anyone associated with the sale. "AdjusMenls to the eomparabics must be made for speclal ar creative financing or sates eoncessierts. No adjustments are necessary tot those costs which arc normaly paid by sellers as a result at tradition or law in a market area; these casts are readily identifiable state the seller pays these costs In virbrally all sales transactiens. speclal or creative financing adjustments can he made to the cotnparabW property Dy comparisons to financing terms offered by a third party Institutional lender that Is not already Imaked In the property ar transaction. Any adjustment should not De eakuiated on a mechanical dollar for dollar cost at the financing or concession but the dollar amount at any adjustment should approximate the markeCs reaction W the financing or concessions based an the appraiscfs judgement STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification Utat appears in the appraisal report is subject a the following conditions: 1. The appraiser wiG not be responsible for matters of a legal nature that affect either Vte property being appratsed ar the UUe to it the appraiser assumes that the tiYe is good and marketable ard, therefore, will not render any opinions about the title. The property Is appraised on the basis of It being under rrsponsible ownership. 2. The appraiser has provided a sketch to the appraisal report to show approximate dimensions at the itnprovernenis and the sketch is included ony to assist the reader of the report in visualizing the property and understanding the appraiser's deerminaton of its size. 3. The appraiser has examined the available Hoed maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in Ute appraisal report whether the suDJect site is Wcated In an Identified Special Food Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser wiz not give tesl;morry 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. S. 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 wi(h any other appraisal and are invalid it they are so used. 0. The appraiser has noted in Ute appraisal report arty adverse eonditiens (such as, needed repairs, depreciation, llte presence of hazardous waslrs, toxic substances, etc.) ouscrrcd during Utc inspection of Urc subject property or tlut he or she became aware at during Um normal research inroNed In pcrlanninq the appra(saL Un!css otherwise stated in the appraisal repari, the appratscr has na knowledge or arry hidden or unappamnt eondidons of the property or adverse environmental conditions (ncludirtg Ute presence of hazardous wastes, fozic substances, etc.) Utal woutJ make the propcriy more or Wss valuable, and has assumed that Urere are no such conditions and makes no guarantees or warranties, express or irnptied, regarding Ute condition of Ute property. the appraiser will not be responsible for any such conditions that do exist or tar any engineering or testing that might De required to discover whether such conditions exist Because the appraiser is not an expert in Ne iictd of emironrnental haiards, Ute appraisal report must not be considered as an crwironrncnlal assessment of Ure property. 7. The appratscr oblairtcd the Inlortnatian, estirnales, and opinions Utat were expressed in the appraisal report horn sources that he or she considers to be reliable and believes them to be We and correct The appratscr does not assume responsibiUry for Ute accuracy of such items that were furnished by other parties. 8. The appraiser will not discbse L1e contents of Ute appraisal report except as provided tar in the Uniform Standards of Professional Appraisal Practice. 0. The appraiser has based his ar her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, ar altcraUens on the assumption that completion of me improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lende4clicnt specified to the appraisal report can disbibute the appraisal report (including conclusions about Ute property value, the appraisers tdenGry and professional designations, and references 14 any professional appraisal organttaUons or Ute firm with which the appratscr is associated) to anyone other than Ute borrower, the rnortgagce or its successors and assigns; Ute rnorigage insurer, consultants; professional appraisal organizations; arty state ar federally approved financial tnstitotion; or any department agency, or inswmentaGry of the United States or arty state or the DisDlct of Columbia; except that fie lender/client may disUibute Ure properly description section eI Ure report ony to data eoUccdon or reporting service(s) without having to obtain the appraiser's prior written consent The appraiser's wrincn consent and approval must also be obtained before Ure appraisal can be eorncycd by anyone to the puDGC ihreuph advertising, puDGc relations, rows, saws, or other media. Freddie Mac Form 4396.93 Page 1 of 2 Fannie hfae Form 100468.93 Fortn ACR -- 'TOTA12000' appraisal software by a is mode, Inc. •• 7-800•AIAMODE ,, .. APPRAISER'S CERTIFICATION: The AppraiscreertiGesandagreesthat 1. I have researched the subject market area and have selected a minimum of three recent sates df properties most similar and proximate W the subject property tar consideration In the sales tornparison anaysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. it a signi8carrt Item in a comparable property Is superior to, or mare tavanbta Uun, the subject property, I have made a negative adjustment to reduce tha adjusted sales price of the comparab~ and, Ii a significant Item In a comparable properly Is Interior ter, or Tess lavorab~ than the sub(eet preperry, I have made a positive adjustment b increase the adjusted sales price of the comparable. 2 I have taken Into consideration the factors that have an impact on value in my devebptncnt of the estimate of market vafuc in the appraisal report 1 have not knowingy withheld am/ significant InfonnaGon from the appraisal report and I believe, to the Cost of my know~dge, that all statements and InlormaUon in the appraisal report arc W e and correct 3. I stated in the appraisal report Dray rrry awn personal, untrtased, and professional anaysis, opinions, and conclusions, which are subject Dray to the contingent and GmiUng conditions specified in this Corm. 4. I have no present err prospective Interest in the property that is the Subject Zo this report and I have no present or prospective personal interest or bias with respect To the participants in the Vansac8on. I did not base, either partially or eampletery, my anaysis andlar the estimate of market value In the appraisal report on the race, color, rctipion, sez, handicap, tamidaf status, err natlonat odgin of either the prospective owners or occupants of the subject property or of the present owners err occupants of the propeNes in the vicinity of the subject progeny. S. I have no present or contemplated future Interest in the subject property, and neither my current or luture empoyment nor my compensation for performing this appraisal is conGngenton the appraised value of the property. 6. I was not required to report a predetermined value or direction Irt value that favors Ne cause at the client err any reiatcd party, the amount o! the value estimate, the attainment df a specific result err the occurrence of a subsequent event In order to receNe my compensation andlor employment far performing the appraisal I did ndt base the appraisal report on a requested minimum valuation, a specific valuation, or the need io approre a spcclfic mortgage loan. 7. I performed this appraisal In canlonniy 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 fn place as of the effective dale of Lhis appraisal, with the exception of the departure provision of those Standards, which dots not appry. I acknow~dge that an estlrnate of a reasonable Gme for exposure in the open market is a condition in the definidon a1 market valve and the estimate l developed is consistent wiN the marketing time noted in the neighborhood sectlon at tltis report, unless 1 have otherwise staled In Nc rcconciGation section. 8. I have personalty inspected the interior and exterior areas of the subject property and the exterior of all properties listed as eomparabies in Ne appraisal report I further certify that I have noted any apparent or known adverse conditions In the subject improvements, on the subject site, or an any site within the immediate vicinity of the subject property of which t am aware and have made adjustments for Nese adverse conditions in my anarysis of the property value 14 the extent that I had market evidence to support them. i have also cormncnled about the effect of Ute adverse conditions on Lhe marketability of the subject property. 9. 1 personalty prepared all conclusions and opinions about the real estate that were set ionh In the appraisal report 11 I relied on significant professional assistance Iron any Individual err individuals in the pertonnance of me appraisal err Ute preparation of the appraisal report t have named such individual(s) and disebsed Ute speeiAc tasks performed by them in the reconciGaGon section of this appraisal report 1 ccrtiry that any individual so named is qualified to perform the tasks. I have not authorized arryone to make a change to any Item in the report Ihererore, it an unauthorized change Is made to the appraisal report, l will take no responsibility for iL SUPERVISORY APPRAISER'S CERTIFICATION: It a supervisory appraiser signed the appraisal repot; he err 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 appraises, agree to be bound by the appraiser's certifications numbered 4 th~auglt 7 above, and am taking fuA responsibility tar the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: (J( Vacant site on Francis Avenue and Walter Roads no APPRAISER: ~ SUPERVISORY APPRAISER (only it required): Signatutc: ~~ 5ignature: Marne: Kola Heald Name: State Certified General REA Date Signed: June 17. 1999 Date Signed: S1aleCertificagon#: RZ 0000404 State Certification#: or Statd Liccnsc #: orSlate License k: Sutc: Florida State: Florida Fxpiration0atea1CerlificaUonorttcensc: 11-30-2000 ExpirationDateoiCerUlicationorLiccnse: ®Did ^ Did Not Inspect Property Kola Neald Freddie Mac Forrn 419 6.91 Page 2 0l2 Fannie Mac Farm 10046 &91 Form ACR -- 'TOTAL 2000' appraisal software by a la mode, inc. -- 1.800-A1AM00E ~ti' KALA L. HEALD • HEALD & ASSOCIATES - REAL ESTATE APPRAISAL SERVICES P.O. BOX 330-974 ATLANTIC BEACH, FLORIDA 32233 (904)246-9735, . QUALIFICATIONS PROFESSIONAL: 1) State Certified General REA#0000404 from IO/89. 2) Licensed/Registered Florida Real Estate Broker. 3) National Association of Master Appraisers: Designations include, MSA/Senior Appraiser, MFLAlLand, MRA/Residentia{ X4917 EXPERIENCE: 1) Full time Real Estate Sales Agent from 1982-1983 !Sales 2) Part time Real Estate Appraiser 1983-1985 /Broker 3) Full time Real Estate Appraiser 1985-1990 4) State of Florida Ad Valorem Tax Dept. 1990-1991 !Real Estate Appraiser R 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) Higlt School Graduate/Cave Spring High, 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 b. 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 of properties: 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 C.~r~r oW,vFrp ' I LAND APPRAISAL REPORT •gal Description ,~ D.;-" e Actual Real Estate Taxes S N / A dr) Loan charges m be paid Dy seller 5 N / A Other sates concessions N / A r _ Lendeq~Fient City of Atlantic Beach Address P.O. Box 25 Atlantic Beach F1 occupant Vacant Site Appraiser Kala L. Heald InstructlonsmAppraiscr Appraise for market value of vacant ropert frontin on Francis Avenue & Jordan Street in Atlantic Beach. Location ^ Urban LX] Suburban ^ Rural Good Avg. Falr Poor BuittUp ®Wer75% ^25%m75% ^Undu25~ EmpmymentStablGty ^ ®^ ^ Growth Rate ^ FuGy Ocv. ^ Rapid ®Sleady ^ Sbw Convenience m Empbyment ®^ ^ ^ Property Vatua ®Increasing ^ Staba ^ OtcGning Camentence m Shopping ®^ ^ ^ Oemand/Suppy ^ Shortage ®ln Balance ^ O+ersuDDy Comenlence m Schools ®^ ^ ^ Marketlng Time ^ Under 3 Mos. ®4.6 Mos. ^ O+er 6 h:os. Adequacy of PubGc Transportatlort ®^ ^ ^ - Present LandUsc 80%1Famly 4%2.4Famiy 1%Apts. %Condo 10%Commereial RecreaSonalFaciGGes ®^ ^ ^ - -0-%Industrlal 5%Vacant % Adequacy ofUUGties ®Q ^ ^ Change In Present Land Use []Not Ukey ^Ukey (") ®Taking Place (") Property Compatibility ^ ®^ ^ (•)Fram• Vacant To Residential Prolcctionfrom0etrimentalConditlons [7 ]C ^ ^ ^ ~ Predominant Occupancy ®Pxner ^ Tenant 2 %Vacant Police and fire ProlcCOn ®^ ^ ^ SingleFamiyPticeflange 5 10.000 mS 80.000 PredominantValueS 30.000 General AppearanceolProperOes ^ ®^ ^ SingteFamiyAge New yrs.m 60+ yrs. PredominantAge 20-40 yrs. AppealmMarket ^ ^ ^ ^ Comments including those facmrs, favarahl aruntavorable, alfecttng marketablGry (c.g, pubLc parks, schools, view, naise):Th e 5 U b i ec t 5 i t e 10 C a t ed approximately 1/2 mile North of Atlantic Blvd,. 1-2+ Hiles West of the Ocean 2 blocks East of Ma art Road and 5+- miles South of the Ma orL Naval Station. An older area East of Ma ort Road: new construction of 530-540,000 homes beino built b Habitat. Convenient to amenities. Oimenstons 265X100'@Francis +395X100'on Jordan _ 66,000 Sq. FtarAcres ^cornerlot Zoningciassiiicatfon_ARS-2/Resid ential Single Family Presentlmprovements ^do ^donotconformmzoningrcgula5ans Righcst and best use ®Present use Other (spcciry) Public ONer (Describe) OFF SRE UAPROYEhtFMS Topo A pears h i h& D r * P a r t Elec. ® Street Access ®PubGc ^ Prival Size L a r e r than t i ca 1 Gas ^ surfaccDirt & Asphalt shapelrregular/See attached plat Water ^ Mainlnance LX] PubGc ^ Prival Yicw Re 5 i de n t i a 1 San. Sewer LX] ^SmrmScwet QCurb/GuCer Orainagal~pear5 adequate ^ Underground EIcL 3Tel. Sidewalk Street lights I~ N• prop"ey IocaUd In+HUD Id~ntltlcO Special FIooO Huard Aru? ®No ^ Yes Comments (IavaraWe or unlavorable indudlnq any apparent advuse casements, encmachmenls, or c;AU advuse canC;Gons): The S u b j e C t Sit 2 1 S a v a C a n t interior site which fro _ _ nts on Francis Avenue, a county maintained asphalt road and Jordan Street which is a count maintained dirt road at the resent time. Li htl treed site. No a arent environmental roblems and the site does not a near to be in a Flood Zone. The undersigned has recited three recent sales of properties most similar and proximal m subject and has considered these in the market anaysis. The description includes a doGu adjustment retlectlng market reaction m Lhpse Ilms of s(gnificantvariatlon between the subject and comparabl propertles. If a significantilm in the comparable property is superior m or more favorable than the subject property, a minus (-) adjustment Tz made thus reducing the indicald value at subject; if a significant ilm in the comparable is Inferior m or kss favorabl than the subject propeny, a plus (+) adjustment Is made thus increasing the indicald ra:ue of Ne subject REM SUEUECTPROPERTY COMPARABLENO.t COMPARA6LEN0.2 COMPARABLEN0.3 Address Site/Francis/Jordan Vacant/Francis Ave Vacant/Francis Ave Vacant/Francis Ave Atlantic Beach F1. _ Atlantic Beach, F1 Atlantic Beach. F1 Atlantic Beach. F1 ProximiNtoSubiccl Same Street Same Street Same Stre t Sales Price S N/A S 60 000 !~ S~ppO e ~ S{-7 pOp Price S N/ A ' S S S Darasoarce _ CPR/City/Ins CPR's/Owner/Jns e' CPR's/Ins ection CPR's/Ins ection Dal of Sa;c and DESCRIPTION DESCRIPTION + - S Ad'ust DESCRIPTION + - S Ad ust DESCRIPTION + - S Ad'ust TlmeAdjustrncnt AD:b/99 Cl se 1/98 ~ 0 Cl - : o - - ose: 5/9 Close• 5/99 • Location Atlantic Bch Atlantic B' Atlantic B' Atlantic B' ; slteNew 5 Lot/5DX100 5 Lt/50X100 ~ None •+30 000 None ~+30 000 5 Lot/80X100 5 Lt/50X100 +2 500 1 Lt/74X156 •+25 500 1 Lt/74X156:+25 500 Residential Residential ~ Residential Residentia l Interior Interior Interior Interior Hi h & Dr Hi h & Dr Hi h & Or • .Hi h & Or salcsorFlnancing N/A None None None Cancesstons Indicated Indicated ~ Indicated Indicated ' Net Ad. ota + ~_jS 2 500 + - •S 55 500 + ;~- •S 55 500 Indicated Value olSubject ', lls 62.500 S 62.500 ' S 62,500 Comments on Market0ata: Sale 2 and 3 were 1• site each• considered due to a lack of tar er site sales in this market area and to std within the immediate area of the sub'ect• su ortive• no wet ht due to ad ustments. Sale 1 iven full wet ht• the sale was across the street• similar. CommenlandCondlOansatAppraisaLAl1 comparables located on Francis Street and estimated to be 50'X 100'+ _ sites across the street. Themarket indicated adiustment applied for the difference in the site size. This re ort adheres to the State of Florida's USPAP standards with on 'de artures . The attached "Limiting Conditions" applied as dictated by the attached report. FlnalReconcigatiom The Cost A roach and the Income A roach not considered a licable in the _ va nation of vacant tan cousin the Market A roach to be the only indicator of value far the ' su ect ro ert in thi case and ive full wet ht in the value estimated stated herein ' rE5T1 A T EMM KErVALUE,A3DEFINE OPSUSJECTPROPER7YASOF June 17, tg 99 mbeS 62 500 - / rCcJ ~ KALA HEALD/RZ 00 04 4 State Certified General REA ®Did ^pidN otPhysicaGylnspcctPropertj Appraiser(s) Review AOpraiser Ot applicable) tCala Heald Form Lt1D - 'TOTAL 2000• appraisal softxare by a W mode, inc. -- 1.800•ALAht00E , 4 1 ~ . • 1~~~ 1 i ' ~:, ~ ~ 1 '~ ' 1 :~ I ' 1 1 I . v 1 • . . .. ... .. i::J ., _ ;; wou ~ p N ^ 0 goo a , 11~ax~ ~° ' t-rz.tt•+-oooo :. n ¢ ' i ±~ 1C '°i• ~ i ~ G;a .r+tltrr~l;• • ~~ ~ {72121. ,2 L• Ai' { i ~ zo••.. 1 • 9 OA 4•(08.1106 ~ • $'~ ~ 172124-0000 4 • m •OR ¢BG5•JQ1 ~,,. oAr14¢xll d •o _ 1'72123-0000 17t1t !.~o J~ • : Ia0 , c •N n n N} oc. wZ '• C 8}or 1,;zcFw: 172128-~• • -o' s ,sa;a•. :~~,~ wry <I:x) ^' ~; H (8 ~ y -oA~f~o-io $ tJ 1-IZIUI.0000 1T21D0•Q~07 w r_ ? ? ` feu ` 4Y \,1:290` •1 {`9 q.jL7•lot~, u. ;n I t-21y4-oooo Oo ~ • H,CC ,wM7i•U1: ,~^ Y~ lTite~V,. .o I. 8 N $ o f _r 1 XC ~ d q e 3 L~ ~~ ~ M w d 3 • ~ k~ F~ Y a C ' S m j f1 j .; o a. „• ~ F nel,v~ 2 i =10. ~ 0 8 z~ ~~6 ~4i , acue•r - ' z • gyn. .0 So' R i5a~ ~ : a^ c: •- ti ~ :y, IQ u ^8 ~ 'j'(1n r-lee C•7 t1 0l 1s.Sti 8 o .t4 In :te 2 , N g M ~ F ,x r ue . ` .av ~ ~ !.2e' . . .. Y C ' acntt ,.., - ~. la ~ 0 .1'~ _ _ _ nTfYS.y _?2ta. ~. rued s ~ ~ b~~~ - h.! 4 ~i ~ '" 172104. ....~ .....: -. .. ......... --~- ` ' iti+t+.l-Ltt 17z1o tl•O°OO 1D75-7t •000o Ft7211° SrtA.11.T nzlor-o00o 7 1~0 , i • .„• , t © R z-zap 4I OQ ~2 ' ~ as ICY oA SGbS• 315 1sa 130 5 t$39 3 t7T.lo9•~0~ Z © 3 i ~ ' ~ ~4O DDn1 11~ S S1 i :~ ~ r? K. 8 - 4- `~~ Q t7zut-ocno 345 ~ 1720617 - OOQc~ .\no- 1 205' K' n;' i p u.;• ~ 0 n \ v' 0 e i.9-63 ~ '. $ 17:1tL•aiao ~ 172112-000A ` N - ~~ N k O N : 8c.o - 292 : ,1 • _ - ••- 100' " i7o 220 ~ ~ ° 'j C::r3go3.so .TG-4'74 Of S _ i "~ 1T20sJ9 -OC`F.~O r 1iiGC{.'.•.• 4:c' ::~ >„ Z~ - . S loa•... { ..~ .1 me ~ 1ou ~:oc,Q c.o - 1LV • • • • , ~' ~ , q r ~ _ . r(3o .. r o 4 U ,. r G -~ 10 1~5\ ~, 2G~, ~ 5 - ' 1i ~ 4 s r 12 ~ z d 'W3 1 ~n a g 12m . _ .,n, , ,,. , . 19 ~ W a r ~ t ^ ~ ~ A,,,' y ~ , i to .H M c H 21 zo 4q ~ 47 t6 t5 t4 , • t • ~ ~ ~ Eoon' 90• R ' ~ a 2 1 t ~ ~ A L. /S S • za ?9 30 st ~F. t~ t ~. Q. QK, ~4 -~~ Co' 90 . ~ w tGUf J y IS >~Gi• 11 T ~ .~ 14 I9 • DRIVE ~ zo •. Z! 22 , ~ t3o. zs 2t 12 l1 !O 9 txu - ~~.~ 1 •• 1..,•, . ' .f __ •__ _ _ 1 Addrfess: Vacant site on Francis Avenue LAND SUBJECT PHDTO PAGE eorrower •Client-Cit of Atlantic Beach Fie No. Land-A8994 Pro a Address Vacant site on Francis Avenue: no asst ned address at this time c Atlantic Beach cou Duval srare Florida zi code 32233 lender Ci t of Atlantic Beach e..w:e..+ r...,.,+ Address Site/Francis/Jordan Sales Pdte N / A ~eca6an Atlantic Bch S~1eMew 5 Lot/50X100 Subject Rear Subject Street r Form P12 - 'TOTAL 2000• appraisal soft+rare by a la mode, inc. -- 1-g00-ALAh100E Com arable y Redress Vacant/Francis Ave Prox.tosubect Same Street SafesPdce 60 000 Location At i a n t i c 6' SiteMew 5 Lt/50X100 Comparable 2 naeress Vacant/Francis Ave Prox.tosubect Same Street SalesPrlce 7 000 Location Atlantic B' SiteMew None C;mm~ar~hla 3 Aeeress Vacant/Francis Ave Prox.toSuCeet Same Street SalesPrlce ' '~' 7 000 LacaUon Atlantic B' sit ew None r-..~ nr}; .. •TOTAL 2000• arnn~s~l sctwarc by a la mcdc, Inc. -- 1•fl00-ALItdODE ~• t' L r ~~ DEFINITION OF MARKET VALUE: The most probable price whtch a property should bring in a compeUtire artd open market under all cand(dons requisite to a fair sale, the buyer and seller, each acting prodenty, knowkdgeaby and assuming the price Is not atteclPA try undue stimulus. lmpgcit in this definition Is the consummation of a sate as of a speci0ed date and the passing of title from Seger to buyer under condidons wheretry: {tj buyer and Beget era typicaly motivated; l7) both parties are weA Informed ar well advised, and each acting In what he considers his own Dest interest (~) a reascnahle Ume is agowed far exposure In the open markek {4) Payment is made in terms of cash In U.S. do3ars or In terms of financial arrangements eomparab0e thereto; and {5j the price represents the narmat consideration for the propery sold unaUectcd by special or creative financing or sales eoncessiens• granted by arryone associated with me sale:. "Adjustments to the eomparabies must be mado far special or creative financing or sales concessions. No adjustrrrenis are necessary • far those casts which are normapy paid by se9ers as a result of tradition or kw In a market area; these casts are reedit' Identifiable since the seller pays these costs In virDrary a0 sales transactions. Special ar creative financing adjustments can De mado to the eomparabte property by compadsons to financing terms olfcred by a mtrd part' Institutional lender that is not aUeady Involved in the property or transaction. Arty adjustment should not be eakutatcd on a mechanical dollar for dollar cost of the financing or eonccssian but the dollar amount of arty adjustment shook! approximate the markcYs reaction b the iinancing or concessions based on the appraiser's judgement STATEMENT OF LIMITING GONDIT[ONS AND APPRAISER'S CERTiFICATtON CONTINGENT AND LIMITING CONDITIONS: The appraisers ecrUficaUon that appears in me appraisal report is subject to the fogowing conditions: t. The appraiser will not 4e responsible for matters of a legal nature that affect either the property being appraised or the UUe b it Tha appraiser assumes that the title is good and marketabie and, therefore, will not render arty opinions about the UL'e. The property is appraised on the basis of it Deing under responsi6le ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions at the improvements and the sketch is included any to assist the reader of the reportln visualizing the property and understanding the appraiser's de'Wmrination of its size. 3. The appraiser has examined the avaliable flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal rcpor2 whether the subject site fs beefed fn an idenOficd Special Fbod Hazard Area. Because the appraiser is rot a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. Tha appraiser wiG not give irstimony ar appear In court because he ar she made an appraisal of the property in question, un;ess spcciFic arrangements to do Sc have been made beforehand. 5. The appraiser has estimated the value of the land to the cost approach at i5 highest and best use and the improvements at their contributory value. These separaDa valuatlons at the land and Improvements must not be used in conjunction widt arry other appraisal and era ImaGd if they are so used. 6. Tho 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 property or that he or she became aware of during the normal research IrnoNed In performing the appraisal Unless otherwise stated In the appraisal report the appraiser has no knowledge of any hidden or unapparent conditions of the propery or adverse emiranmental conditions Qncluding L1e presence at hazardous wastes, tonic substances, etc.) Urat 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 tmpged, regarding the condition of the property. The appraiser will hat be respansihle for any such conditions that do exist or tar any engineering or testing that might be required i4 discover whether such eondiUons cxIst Because the appraiser Is not an expert in the licld of emironrnental hazards, the appraisal report must not be considcrcd as an environmental assessment of the propcry. 7. The appraiser obtained the Intarrnation, estimates, and opinions that were expresscd in Urc appraisal report from sources Urat he or she eonsidcrs to be reliable and believes them to De true and correct The appraiser does not assume responsibility for the accuracy of such items that were furnished 6t' other parties. 8. The appraiser wIU not discbse the contents at the appraisal report except as provided for In the Unilarm Standards of Prolessional Appraisal Practice. 9. The appraiser has based his or bar appraisal report and valuation conclusion for an appraisal that tt subject to satistacinry completion, repairs, or alterations on the assumption that completion of the improvements wig be performed in a workmanlike manner. 70. The appraiser must provide his or her prior wriUen consent Defore Urc kndcrlcdent spcctfied In the appraisal report can dlst~itrute the appraisal report pneNdinq conclusions about the property value, Urc appraiser's identiy and professional designations, and refcrcnces to any professional appraisal organizations of the firm with wh(ch the appraiser (s assoctafcd) to anyone other Than Urc Darrowcr, Urc rnortgagce or its successors and assigns; Ure mortgage Insurer; consultants; professional appraisal organizations; any state or }eden4y approved financial Institution; ar any department agency, or inshumenlaUy of the United Stites or any state or the District of Columbia; except that the tcrrderlcGcnt may distribute the property description section of the report ony to data cotleetlon or reporting service(s) wiNout having To obtain the appraisers prior written consent The appraisers wrten consent and approval must also be obtained before the appraisal can he comeycd by arryona W the public through advertising, public relations, news, sates, or other media. Freddie Mac Form 439 Cr93 Page t of 2 Fannie Mac Fomt 10048 8-93 FormACR - •TOiAL2000'appraisaisotiwarebyalamode,inc, - 1.8D0•ALAtd00E .i ~ , ' ~ ' i APPRAISER'S CERTIFiCATION: The Appraisereertifiesandagreesthat 1. I havo researched the subject market area and have selected a minimum of three recent sales of properties mast similar and proximate to the subject property for cortslderatlan In the sates compadsan anaysk and have made a doper adjustrnent when appropdate to refket the market reaction to those hems at significant variation. It a significant Item in a comparable property is superior 10, or more favotaD!e than, me subject property, I have made a negative adjustment to reduce iho adjusted salon price of the comparable artd, 1f a significant Item in a comparable pmperry >s Inferior to, or Irss tavombie than the subject property, I have made a positive adjustmentta Increase the adjusted sales price of the comparabb. 2. I have raker Into consldetadon the tatters that have an Impact an value In my devebpment oI the estimate of market value in the appraisal report I have not knowingy w(Ihhetd arty slgnlficant InfonnaCon from the appraisal report and I believe, b Ne Dest oI my knowledge, that aD statements and Intomtadon in the appraisal report arc true and correct 3. I stated In the appraisal report ony my own personal, unbiased, and protessienal anaysis, opinions, and conclusions, which are subject any to the contingent and limiting conditions specified (n this form. 4. I have no present ar prospective Interest in the property anal Is the subject b this report and I have no present or prospective personal interest or Dfas with respect m the participants in the transaction. 1 did not base, either partlaty ar compleL^,y, my anaysis andlor the estimate of market value in the appraisal report on the race, eobr, religion, sex handicap, familial status, or natlonal odgin of eiCter the prospective owners or occupants of the subject property or of the present owners or occupants of the properties to the vicinity of the subject property. 5. I have no present or eonlcmplatcd future interest In the subject property, and neither my current or future empbymenl nor my eompensaGon tot pedorsning this appraisal Is conUngenton Nc appraised value of Ne property. ti. I was not required to report a predetermined value or direction In value that favors the cause of the client or arty related part', the amount of the value estimate, the attainment of a specific result ar the occurrence of a subsequent event in order Ln receive my compensator andlor empbymenl for performing the appratsal 1 did nolbase the appraisal repdrton a requested minimum valuation, a specific valuation, ar the need to approve a specific mangape ban. 7. I performed This appraisal in conformity with the Unilorm Standards of Professional Appraisal Practice that were adapted and promulgated by the Appraisal Standards Board at The Appraisal iroundaUon artd that were In place as of the etfecGve date of this appraisal, with the exception of the departure provision of those Standards, which does not appy. I acknowledge that an estimate of a reasonable Ume for exposure bt the open market is a condibon In the deCmition at market value and the estimate I developed is consistent with the marketing Ume noted in the neighbarhoed section of this repar~ unless I Dare otherwise stated !n the reconciliation section. 8. I havo persanaUy inspected the Inferior and ex'~crior areas of the subject property and the ex',erior of as properties Gstcd as eomparaDies In Ne appraisal report I further ecrUry that I have noted any apparent or known adverse conditions in the subject improvements, an the subject site, or on arty site wi'drin the Immediate vicinity of the subject property of which i am aware and have made adjustments for these adverse conditions In my anaysis of the property value to the extent that I had market evtdence to support them I have also commented about the effect of the adverse conditions an the marketability of the subject propery. 9. I personaly prepared aG conclusions and opinions about the real estate Lhat were set forth in the appraisal report Ii I retied on significant professional assistance from any Individual or individuals in the performance of the appraisal or the preparation at me appraisal report, I have named such individual(s) and diseased the specific tasks performed Dy them In me reeoneiGation section of this appraisal report I ecrtily that arty Individual so named is qualified i4. perform the tasks: t have rat authodzcd anyone >o make a change W any Ilan in the rcpor< Lherclore, it an unauthorized change is made 1o the appraisal repot I wig take no responsibiGry for it SUPERV[SORYAPPRAISER'S CERTIFICATION: !f a supervisory appraiser s(gncd the appraisal vapor; he or she ecrtilies and agrees that 1 directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal repoK agree with the statements and conckrsions of the appraiser, agree to be bound Dy the appraiser's eertlficatiens numbered 4 through 7 above, and am taking tu0 raponsiblGy for Ute appraisal and Ufe appraisal report ADDRESSOFP OPERTYAPPRAISED: Vacant site on Francis Avenue: no asst red address APPRAISER: SUPERVISORY APPRAISER (only it required): Signature: Signature: Name: Kola L. Heald Name: State Certified General REA DatcSigned: June 17, 1999 OatcSigned: StateCcNtication#: RZ 0000404 StatcCcrtificaUan#: or State Uccnse #: or StaL^ License #: State: Florida State: Florida Expiration Date of CertiUcaUon or License: 11- 30 - 20 0 0 FxpiraGon Oate of CcnificaUan or license: ®Did ^ DidNotlnspcctPrapcrty Kola Heald rcearc mac rarm 439 693 Page 2 012 Fanntc Mac Form 100406.93 Farm ACR •• 'TOTAL2000' appraisal software by a la mode, Inc, - 1.800-ALAhtODE • ~'~'. . KALA L. HEALD HEALD & ASSOCIATES REAL ESTATE APPRAISAL SERVICES P.O. BOX 330-974 ATLANTIC BEACH, FLORIDA 32233 (904) 246-9735 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, MFLA2and, MRA/Residential #4917 EXPERIENCE:. 1) Full time Real Estate Sales Agent from 1982-1983 /Sales 2) Part time Real Estate Appraiser 1983-1935 /Broker 3) Full time Real Estate Appraiser 1985-1990 4) State of Florida Aii 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 High, 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 b. Florida Real Estate Principals & Practices II c. Brokers Course /Broker Management d. Real Estate Appraising I 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 of properties: 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 e~`Lr o w~.d ' 'i ' It' ~~ ~ LAND APPRAISAL REPORT Bartowcr Client-City of At ProperryAddress Vacant site c Clry Atlantic Beach t.egalDucription 17-2S-29E.Lot rlcPriccS N/A Oatcof c Beach CensusTract 139. ~dan Street: no assigned address at this _ Caunry Duval State Fio^id 4. Ed Smith S/D, Plat Book__26, Pg.50, t Map Reference 55i Zip Cade 32; CPR's Fec f 1 Lcaschola :6/99 Loanicrm N/A yrs. PropcrtyRightsAppraiscd Acwatncates~atetaus~ turn tYrr Laanenargrstoucpaiu%SCIICC~ tvrh UalerSalCSCOneeSSlonS n/N _ LenderrGGent City of Atlantic Beach Addrtss P.O. Box 25 Atlantic Beach F1 Occupant Vacant Site Appraiser Kala L. Heald InswctionsloAppraiser A raise for market va]ue of vacant ro ert located on Jordan Street in Duval Count Atlantic Beach, F1, LacaGon ^ Urban [X•] Suburban ^ Rural Good Avg. Faic Poor BuillUp ®Over75% ^25%to75% ^Under25% F1nploymentStabiGry ^ ®^ ^ Growth Rate ^ Fu17 Dev. ^ Rapid ®Steady ^ Slaw Convenience to Employment ®^ ^ ^ Propcrry Yalucs ®Incceasing ^ Stable ^ Declining Convenlcncc 1o Shopping ~ ~] ^ ^ ^ Demand/Suppy ^ Shonage ® N Balance ^ Oversuppry Canvtnienceio Schoo4s ® ^ ^ ^ fAarktling Time ^ Under 3 Mos, ®4.6 Mos. ^ Prer 6 Mos. Adequacy o! Public iransportation ®^ ^ ^ = PrescntLandUsc a0%1 Famiy 4%2.4Famiy _1%Apts, %Conda 10%Commcrcial RccrcationalFaciGScs ( ^ ^ ^ -0-%Industrlal 5%Vacant % Adequacy atUtiG6es LX] ^ ^ ^ :. Change in Present Land Use (] Nol Likey ^ Ukey (") ®Taking Place (") Property Compatibility ^ ®^ ^ • (")From Vacant To Residential Protection from0etrimenWConditiens ®^ ^ ^ Predominant Occupancy ®tTxner ^ Tenant 2 %Vacant Police and Frc Prolec;lon LX] ^ ^ ^ SingleFamiyPriceRange 5 10,000 toS 80.000 PredominantValueS_ 30,000 General AppearanceolPropertes ^ ®^ ^ SIng~FamiyAge New yrs. to 60+ yrs. PredominantAge 20-40 yrs. Appeal td Market ^ ®^ ^ Cammentsincludingthosefaetors,tavorableoruntavorabie,aKectingmarketabiGry•(e.g,pub.icparks,schoels,vi^w,notse):The sub.iect site located a roximatel 1/2 mile North•of Atlantic Blvd. 1-2+ miles West of the Ocezn 2 blocks East of Ma ort Road and 5+- miles South of the Ma ort Naval Station, An older area East of Ma ort Road; new construction of S30-540,000 homes bein built b Habitat. Convenient to amenities. Oimcnsfans _16i'X 100'/Sub.iect to the survey ~ 16.100 Sq. FLarAcres ^ComerLot Zoninpdassitication_ARS-2/Residential Single Family Presenttmprovements ^do ^donoicontormtozoningregula4ons Highest and best use ®Present use Other (spccily) Public Other(Descdbe) OFFSfiEIMPROVEMENTS Topo A ears hi h and Or Elec. ® SVectAcccss ®Pubfic ^ Private Size TYn i c a 1 for the are a Gas ^ SudaceDirt ShapeRectan ular/See attached tat Water ® Maintenance ®Pubfic ^ Prvate View Re s i d e n t i a l Szn.Sewcr ~] ^SlormSewcr ^Curb/Guutr Orainagc4ppear5 adeouate ^ Underground Eket STeL Sldewarc SL•eetLlghts Ia the property IoaateG (n a 14U0Ieennned Special tlooC Hazard Areal ®No ^ Yes Comments (favorable or unhvorablelndudirg any apparent adverse easements, uicreathments, cr atlru advuse ccr,Cicicns): The Subject site i s a y a c a n t interior site adiacent to a apartment complex which is Southerly. 1t is v<:cant heavily , wooded. and the nubile road in front of the site is a dirt road ~t this time. There appears to be no a anent environmental roblems and the site does not an ear to be in a Flood Zone. 7hc undersigned has recited Line recent sales of properties mostsimilar and proximate to subject and has eonstdcred these in the market anaysis. The description inchrdes a dotlar adjustmcntretkctlng marketreactlon a loose Items at significanlvadation bebveen the subjecland comparable propertles. It a sigrificantitem in the eomparahle property is superior to or more favorable than the subjectproperry, a minus (-) adJustmentts made thus reducing the indicated value of subject; if a significantiL-m in U;e comparable is inferior 1v orless favorable than the subject propeny, a plus (+) adjustment Is made thus increasing the indicated value or L1e subject REM SUDJECT PROPERTY Addrrss Vacant site @ Jordan COMPARAOLE N0. t Vacant/Francis Ave COMPAMOLE N0.2 Vacant/Francis Ave COMPAfL16LE N0.3 Vacant/Francis Ave _ Atlnntic_.Be.~ch ..F1., Atlantic Bea ch F1 Atlant ic Bea h F1 A t ti B h F1 P aximi t S b l ... ,_ . ,,,• .,• , . , . ., . c ,.•.., _.,, t ~in , c , e~1e . r o u lcc N 1 Street West 1 S reet West 1 Street West • SatesPdce s N/A S 7~OOD ~ t T 500 - - T S 7 000 Price S N/ A _ _ _ I S ~ ~_.~: _ S '' S Data source CPR/Cit /Ins CPR's/Owner/Ins e' CPR s/Ins ection CPR's/Ins ection Dais o15ab and TlmcAdfustmcnt DESCRIP710N AD:6/99 DESCRIPTION + - S Ad'usL Cl 5 ~ DESCRIPTION + - S Ad ust DESCRIPTION + - S Ad'ust - ose: /99 Close• 5/99 Close: 5/99 teeaGOn Atlantic Bch Atlantic B' Atlantic B' Atlantic B': SiteMew 1 Lot/80X100 1 Lt/70X156 ~ -500 1 Lt/74X156 -500 1 Lt/74X155' -500 1 Lot/80X100 Nane : +6 500 None : +6 500 None : +6 500 , Residential Residential ~ Residential Residentia l Interior Interior Interior Interior Hi h & Dr Hi h & Dr Hi h & Dr • •Hi h & Dr satcsorflnandng None None None None Concesstons Indicated Indicated Indicated Indicated , , NetAdi. (iotap .t, 6 000 [X~± f^- ~s -~-' s 6 000 f-]- is 6 000 _ ±m . lndlcatedYalue ~ i ofSubjcet ~: ', ~ ~ ~~S 13.000 - ~ ~ ~~ s 13.000 ~. '.~ s 13.000 Comments onMarket0ata: All sales recent and within the immediate•market area as the sub ect ro ert The com arables were sin le lot sales therefore an u ward ad'ustment for the sub'ect's 2nd lot a lied i i cous n u delines to be exceeded• t ical in the a raisal of tar er sites . CommcntsandCondtuonsofAppratsaCAl1 comparables located on Francis Street and were 156'+ feet in length _ instead of 100' therefore a market indicated ad ustmenC a lied for the difference in the site size, This report adheres to the State of Florida's USPAP standards with on de artures . The attached "Limitin Conditions" a lied as dictated b the attached re ort . FinalRtconcgiation: The Cost A roach and the Income A roach not considered a licable in the _ valuation of vacant land cousin the Market A roach to be the onl indicator of value for the ' sub ,ect ro ert in this ase and iv n full wei ht in the value estimated stated herein ' . IE+Tht 7HEMAAKErVALVE,IuDEFiNE0,0 SUOJECTpAOPERTYASOF _~lUn2 17, ig 99 tobeS 13,DDD /1J ,,~~ KALA ~~EALD/RZ 0 00 0 ~ State Certified General REA [X]Oid ^DldNotPhysicalylnspcctProperty i A DDra str(sl Rcvlcw Aeoaiscr rirannGeantel Kola Heald Form LND •- 'TOTAL 2000' appraisal software by a to mode, inc. •- 1•B00•ALAMCDE • 1. ti' .~1 ,• e • ; e' e .. 1 ' •' ~.'~ ' 1 •; ,.. .IL•u „"... ' ,n•laa b':(w,~.amevl~~„>s~t+ai~{Za6l _.._-= EE y ....ae.•. ' ~ '(~.1 rr,cli0(-eooo i. t575 •'71 .JGt.I.1t3• ~~~ 344' o,y a~iStil-tll ~ 7 `(p k r°°T.•i'•" O 171508.0000 172110 •ppo0 17210T•000O • -,IG11-0000 _ 8 It ~' .• . ~ N N 0 V. ;, 1 © k z-zap ~i U4 l2 ost-ooon 11MYJ ~ 5' J` la•• 1-12114-0000 ~ v - 899-68¢ • f. k lee. t ~ .OA SGL$ • 3II e~ Sav' • ..•.2.eoC$e~ 1•C',' e~e1lr•uir;io •ru_J,1! J 1839 3 1T.1o9•~4~ © ~ 4a0• a r~ ~,' S ( b , ,> c5 1`;'iz£i~i'. Deco {~ ,. •7 •. s• ' A p~ ..:.~ ~. • ..1" :l _^ •FOS-65 17111 c•:IQo (•S Ac:~ El4G -'L~ i Ul~2i:5!-µC VC 5476-47 8 ~' e, ~ 7 i- ,.Q 1• q ~ ,. ~ 4 ~: r ;u~ • '~ y= 5~~1 ~ ~ ~ z. 12~ ~ ~ - -I! m . ~ A ` N W ~~, © `~ ~ ~ .Y• 1 14 ` 'n m ~: "'~ ~ ~.,. l6 l5 ' or ~~ 1 Address: Lots 2 and 3/Jordan ~Street• • i i r r' \. . . ~ LAND SUBJECT PNOTO PAGE a~ ...i 't t ~r.r ~ - ' ~'`• 4 + '; ~'~ry 7' • a :.,~~` - - - .f .- ~ .. C..F,Onnt Frnnt Address Vacant site @ Jorda Safes Price N/A Locatlon Atlantic Bch SitrlVlew ~ 1 Lot/80X100 Subject Rear Subject Street c~+m o+~ •- •TnT,e! 7C,^,0• arnraiszl <.o!^,vu^. Cv x In rrcdc, tnc. -- 1•EOO,AL1ti!COE a ~ •i ~ ~ L ,D COMPARABLE PHOTO PAGE _-3) orrower Client City of Atlantic Beach File No. Land-AB993 rope•^/Address Vacant site on Jordan Street• no aasianed addreas at this time iN Atlantic Beach county Duval stale Florida zlpcade 32233 ender City of Atlantic Beach f~mm~arahfo i address Vacant/Francis Ave Proz.tosubect 1 Street West SalesPdce 7 000 Location Atlantic B' si;eMew 1 Lt170X156 f•_mm~arahin 7 address Vacant/Francis Ave Prox.toSub~ect 1 Street West SalesPrlce 7 000 Loeatlon Atlantic B' siteMew 1 Lt/74X156 ~mm~arahlca R address Vacant/Francis Ave Prox.taSubeet 1 Street West Sales Price 7 000 Location Atlantic 6• sit ew 1 Lt/74X155 r~•° ~m •• •TOTAL 2000' annraisat soltrrarr, by a h moer,, inr,. -• 1 ~CC•aLAh10DE i ~~ ~ . , a DEFINITION OF MARKET VALUE: The most probable price which a propery should bring to a cumpetitve and open market under atl conditions requisite to a fair save, the buyer and se8c , each acting pruden8y, knowledgeaby and assuming the price is nai affected by undue stimulus. Impecit In this ~~ definition Is the consummation of a sale as of a specified date and the passing of Ulle from seaer b buyer under conditions wherehy: (1) buyer and seller arc typicaPy motivated; (2) both parties are well Informed or well advised, and each acting to what he considers his own hest interest; (3) a reasonable Ume is allowed tot exposure In Ne open markeC (4) Payment 15 made In terms of cash In U.S. dopers ar In terms of financial arrangements eomparaDle thereto; and (5) Ne price reprrsents the normal consideration far the property sold unaifectad by speclal or creative financing or sates concessions" granted by anyone associated with ' Nc sak. "Adjustments to the comparables must be made for special or creative financing ar sates concessions. No adjustments are necessary far those costs which are normaly paid by sepers as a result of tradition or law In a market area; these costs arc readiy Identifiable since the se8er pays these casts In vlrtua>y ag sates transacEons. speclal or creative financing adJustments can be made 1o the comparable property by comparisons to financing terms offered by a third party lnstltutional lender That is not already invoHed In L1e propery or Vansaetion. Any adjustment should not be calculated on a mechanical dollar for doper cost at the financing or eaneession but the dollar amount of arty adjustment should approximate Ne markets reaction to the financing or concessions based on the appraiser's Judgement STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraisers certification Lhat appears in the appraisal report is subject to the topowing conditions: t. The appralscr will not be responsible for maf~crs of a Icgal nature that attcct either the property being appraised or Ne UL'e fa it The appraiser assumes that the UUe Is good and marketable and, therefore, will not rendtr any opinions about the UL'C. The property k appraised on Nc basis of it being under responsible ownership. '2. • fie appraiser has provided a sketch In the appraisal report to show approxtmata dlmensiens of the improvements and Lhe sket^.h is included ony b assist Ne reader of the reportln visualizing Ne property and understanding the appraiser's deL^rminaCOn or 1L5 size. 3. The appraiser has examined the avaltable flood maps that are provided by the Federal Emergency Management Agency (or oL'ter data sources) and has noted in the appraisal report whether the subject site 15 heated In an Identified Special Fbod Hazard Area. ©eeause the appraiser is not a surveyor, he or she makes no guarantees, czprrss or implied, regarding Nis dctcrmination. 4. 'The appraiser wig not give testimony or appear In court because he or she made an appraisal of Ne property In question, unless specific arrangements m Co so have been made beforehand. 5. The appralscr has estimated Ne value of the land to Ne cost approach at Its highrst and best use and Ne improvements at L1eir conbibutory value. These separate vatuaUens of Nc land and improvements must not he used In conjunction wiN any other appraisal and arc invalid if Ncy arc so used. 0. The appralscr has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, Ne presence of hazardous wastes, toxic substances, etc.) observed during Ne inspection of the subject property oc Nal he ar she became aware of during Ne normal research imoMed in performing Nc appraisal Unless otherwise stated In the appraisal report Ne appraiser has no knowledge of any hidden or unapparent ccnditions of Nc property or adverse environmental conditions (Including the presence of hazardous wastes, toxic substances, etc.} Nat would make the property more of less valuable, and has assumed that there arc no such conditions and makes no guarantees or warranties, express ar Implied, regarding 4te ecndition of the property. the appralscr wig not be responsible for arty such conditions that do exist or for amy engineermg or testing Nat might be required to discover whether such conditions exist 8ccause Ne appraiser is not an expert in Ne field at environmental hazards, Ne appraisal report must not 6e considered as an environmental assessment of the property. 7. The appraiser obtained Ne Inlormation, estimates, and opinions Nat were ezpresscd In Ne appraisal report from sources Nat he or she considers to be rcpable.and DeGcvcs them to be We and correct The appraiser does not assume responsibility for Ne accuracy of such items L1at were lumished by other parties. 8. The appraiser wip not disclose Ne contents of Ne appraisal report except as provided for in Ne Uniform Standards of Prolessional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal Nat Is subject to satisfactory eampleUen, repairs, or alterations on Ne assumption that completion of the improvements will be performed In a workmanlike manner. 10. ,The appraiser must provido his or her prior written consent hefore Nc lender/client specified In Ne appraisal report can distribute Ne appraisal report QncWding conclusions about the property value, the appraisers tdentity and professional designations, and references to any professional appraisal organizations or Nc nrtn wtN which Ne appraiser Is associated) to anyone aNcr than Ne Darrowcr, Nc mortgapcc ar its successors and assigns; Ne mortpape insurer, consultants; professional appraisal organizations; arty state or tcderaty approved linanciat Institution; or any dcparuncnt agency, or InswrncnlaGy of Ne United States ar any state or the District of Columbia; except that Ne kndedcGent may distribute Ne property description section of Lhe report ony to data eoikction or reportlng serv[ec(s) wiNout having to obtain Ne appraisers pdar written eonsenL The appraiser's written consent and approval must also 6c obtained before Nc appraisal can be conveyed Dy anyone to Nc public through advertising, pubpe relations, news, sales, or other media. Freddie Mac Form 439 fr93 Pagc 1 0l 2 Fannie hlac Form 100401x93 form ACR •- •70TAL 2000' appraisal sot;xare by a to mode, inc..- 1.800-ALlir100E ~ A f .~ ~r~ a APPRAISER'S CERTIFICATION: ThoAppraisereerGOesandagrecsihat 1. I have roscarohed the subJect market area and have selected a minimum of three recent sales of properties most similar and proximate 1o the subJect property for eonsidetaUon In the sales compadson anaysis and have made a doGar adjustment when appropriate to reflect the market rcactlon ta Utose items of significant variation. If a significant Item in a comparable propery Is superior to, or more favorable than, the subJect property, I have made a ngative adjustment io redact the adjusted sales price of the comparable and, If a significant IWm in a comparable property is interior N, or Wss favorable than the subject properly, I have made a positive adjustment in increase the adjusted sales pdce of the comparable. 2. 1 have taken into consideration the factors that have an Impact on value In my development of the cs6mate of market vaiue in the appraisal report I have not knowingy wiJtheW any significant Information from the appraisal report and I believe, to the best of my knowWdge, that atl statemens and intormadon in the appraisal report are W e and cornet 3. 1 staled In the appraisal report ony my own personal unbiased, and protessienaJ anaysis, opinions, and conclusions, whicA arc subJect ony to the contingent and Itmiting eandlUons speci0ed in this form. 4. 1 have no present or prospCCGvc lntucst 1n the property that is the subject to this report and I have no present or prospcctve personal Intarest ar bias with respect to L1e partlclpants In the transactlon. 1 did not base, eithu paNaVy ar eomptetey, my anaysls andlor the estimate of market value N the appraisal report on the race, color, reGgloq sex, handicap, familial status, or natlonal adgin of either the prospective owners or occupants of the subject property or of the present owner or occupants of the properties (n the vicinity of the subject property. 5. I have no present ar contcmptatcd future Interest in the subJect property, and neitltcr my current ar future employment nor my compensation for pedorming this appraisal is condngcnt on the appraised vaiue of the progeny. 6. I was not required to report a predetermined vaiue or direcdon In value that favors the cause of the client or any related party, the amount o1 the value estlmatc, the atairunent of a speci0e result or the occurrence of a subsequent event fn order to receive my compensation and/or empoyment for pedorming 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 pedarmed this appraisal In conformity with the Uniform Standards of Professional Appraisal Practice Thai were adopted and promulgated by L'te Appraisal Standards 6aard of The Appraisal Faundatlon and that were In place as at the effective date of this appraisal with the exception of Lhe departure provision of those Standards, which does not appy, I acknowledge that an estmate of a rcasanable tlme far exposure in the open market is a eanditlon in the detiniBon of market value and the estimate 1 developed Is consistent with the marketlng time noted in the neighborhood sccgon at Nis reperl un!;ss I have otherwise stated to tic reconciGaCon sectien. 8. I have personaly tnspectcd the Inferior and exterior areas of the subject property and the extcrtor of alt propcrtics Gstcd as eomparzbGts In the appraisal report I further ectgfy that I have noted any apparent or known adverse conditions in the subject improvements, on the subject si,e, or en arty site within the Immediate vicinity of L1e subJect property of which 1 am aware and havo made adjustments for These adverse conditions in my anaysis of L'te progeny value io the extent that I had market evidence to support them. 1 have also commented about the effect of the adverse conditlons on the marketability at the subject properly. 9. I personaiy prepared atl conclusions and opinions about the real estat; that were set forth In the appraisal report If 1 retied on significant professional assistance from arty individual or Individuals In the pedormance of the appraisal ar the preparation of ate appraisal report 1 have named such tndhridual(s) and discbsed the specific tasks performed by them In the recanciliatlon section of this appraisal report I certify that any tnd'nidual so named is qualified to pedarm the tasks. I have not authorized anyone to make a change to any item in thn report therefore, if an unauthorized change Is made to Lie appraisal rcpocL I wiG take no~responsibiGry far iL SUPERVISORY APPRAISER'S CERTIFICATION: It a supervisory appraiser signed the appraisal report he or she ceNfies and agrees that l direcLy supervise rho appraiser who prepared the appraisal report have reviewed rho appraisal report agree with Lhe s1aL^ments and conclusions of the appraiser, agree b be hound by the appraisefs eertlficatlons numbered 4 through 7 above, and am UWng tug responsiDlGry 1oc the appraisal and the appraisal report ADDRESS OFPR~PERTYAPPRAISED: Vaci3nt site on Jordan Street; no assioned addr APPRAISER: ~ ) SUPERVISORY APPRAISER (only if required): Signature: / Signature: Name:_ Kala 1. Hea d/RZ 00 04 4 ~ Name State Certified General REA DateSigncd: June 17. 1999 Date Signed: StatcCcrUficaticn#: RZ 0000404 StatcCcrtificaGon#: or State License #: orState License #: Star.: Florida state: Florida Expiration Oate of CerdOcatlon ar License: 11-30 - 2000 Expiration Date of CertllicaGon or License: ®Oid ~ OidNatinspectPropery Kola Heald Freddie Mac Form 4596.93 Page 2 012 Fannie Mae Form 100486-90 Form ACR -• •TOTAL2000• appraisal software by a ta mode, Inc, •- 1.600•ALAhtODE KALA L. HEALD HEALD & ASSOCIATES REAL ESTATE APPRAISAL SERVICES P.0. BOX 330-974 ATLANTIC BEACH, FLORIDA 32233 (904) 246-9735 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 #491? EX'PERILNCE: 1) Full time Real Estate Sales Agent from 1982-] 983 /Sales 2) Part time Real Estate Appraiser 1983-1985 /Broker 3) Full time Real Estate Appraiser 1985-1990 4) State ofFlorida 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 High, 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 b. 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, Oliio a. Principals & Practices of Real Estate Appraisal b. Farm & Land Appraisal c. Writing The Narrative Appraisal d. Commercial Appraisals e. UC1R Focm Instruction Courses /Uniform Commercial Industrial Report 5) 5) Society of Real Estate Appraisers ' a. Principles and Techniques of Amenity 1 Property Valuation 101 b. Applied Residential Property Valuation 102 c. Principles of Income Property Appraising 201 . G) 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 ofproperties: 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