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HomeMy WebLinkAboutDocumentation_Miscellaneous_Tab 7_7/22/1997 II..- 7/. /1 7 L Memorandum To: Thomas G. Bradford, Village Manager From: Thomas C. Hall, Water System Manager u� Date: 07/21/1997 Subject: Sale of Water Department Land As you are aware, Florida Statutes specify that those city-owned properties being leased to commercial or for profit tenants must be taxable. In light of this statute change, and at the request of the adjacent property owners, we are preparing all the necessary documentation relative to the sale of these two' parcels . Parcel No. 1 is located at the rear of what was known as the ,Hamilton Building, and parcel No.2 is located at the rear of the 222 Building. Both parcels were formally leased from the Village to provide additional parking at these two commercial locations. Attached, for distribution to the Village Council, you will find an appraisal prepared by Callaway & Price, Inc. which I received on Friday, July 18, 1997 . I believe the Village should move forward with an offer of sale plus expenses with a reasonable amount of time allowed for the Purchasers to conclude this transaction. • So that we may continue to move forward with this matter, please place this item on the Finance and Administration meeting scheduled for July 22, 1997, under any other matters. With Village Council direction, we can then proceed with finalization of this sale. TCH/ts memo72197.sam ti. rt / • AN APPRAISAL OF TWO VACANT COMMERCIAL PARCELS LOCATED 1,000 FEET AND 1,200 FEET SOUTH OF TEQUESTA DRIVE AND 250 FEET WEST OF U.S. HIGHWAY ONE PREPARED FOR VILLAGE OF TEQUESTA AS OF JULY 10, 1997 BY ROBERT J. CALLAWAY, MAI, SRA, CRE CALLAWAY & PRICE, INC. Callaway & Price, Inc. Real Estate Appraisers and Consultants Licensed Real Fdarr Brokers RWEST PALM BEAR ■FORT PIERCER Robert J.Callaway,MAI,SRA,CRE Harry D.Gray,MAI,SRA StCertGen.REA RZ0000505 St.CertGen.REA RZ0000662 Michael R.Slade,MAI,SRA,CRE ■BOLA RATON■ St.CertGen.REA RZ0000116 Daniel P.Hrabko,MAI Daniel P.Hrabko,MAI St.CertGen.REA RZ0000048 St.CertGen.REA RZ0000048 ■STUARTR Joe IL Price,MAI,SRA Harry D.Gray,MAI,SRA St.CertGen.REA RZ0000555 St.CertGen.REA RZ0000662 Please reply to West Palm Beach July 16, 1997 Thomas Hall Village of Tequesta 357 Tequesta Drive P.O. Box 3474 Tequesta, FL 33469-3474 Dear Mr. Hall: Pursuant to your request, we have made an investigation and analysis of two vacant commercial parcels. Parcel I is located 1,200 feet south of Tequesta Drive, and 250 feet west of U.S. Highway One, Tequesta, Florida. Parcel Ills located 1,000 feet south of Tequesta Drive, and 250 feet west of U.S. Highway One, Tequesta, Florida. The purpose of this investigation and analysis was to estimate the Market Value Contribution to the easterly • abutting properties (see Limiting Condition Number 10) of the parcels,as of July 10, 1997, in a complete appraisal report with a Summary format. As a result of our investigation and analysis of the information obtained therefrom, as well as a general knowledge of real estate valuation procedures, it is our opinion that the Market Value Contribution to the easterly abutting properties (see Limiting Condition Number 10) of Parcel I as of July 10, 1997, FORTY-TWO THOUSAND DOLLARS ($42,000) As a result of our investigation and analysis of the information obtained therefrom, as well as a general knowledge of real estate valuation procedures, it is our opinion that the Market Value Contribution to the easterly abutting properties (see Limiting Condition Number 10) of Parcel II as of July 10, 1997, FIFTY-TWO THOUSAND DOLLARS ($52,000.) WEST PALM BEACH - 1639 Forum Place,Suite S,West Palm Beach,FL 33401 (561)686-0333/Fax(561)686-3705 FORT PIERCE - 505 South Second Street,Suite 230,Fort Pierce,FL 34950 (561)464-8607/Fax(561)461-0809 BOCA RATON - 4400 North Federal Highway,Suite 210,Boca Raton,FL 33431 (561)998-8088/Fax(561)686-3705 STUART - 505 South Second Street,Suite 230,Fort Pierce,FL 34950 (561)287-3330/Fax(561)461-0809 Mr. Hall July 15, 1997 Page Two It should be clearly understood that this Market Value definition includes a reasonable exposure time. It is our opinion that exposure time would have taken three to four months. However, since the parcels have no market save the abutting properties, marketing time is not applicable. A description of the properties appraised, together with an explanation of the valuation procedures utilized, is contained in the body of the attached report. For your convenience, an Executive Summary follows this letter. Your attention is directed to the Limiting Conditions and underlying assumptions upon which the value conclusions are contingent. Respectfully submitted, CALLAWAY & PRICE, INC. Robert J. Ca way, MAI, SRA, CRE St.Cert.Gen. EA RZ0000505 Craig J. Call way St.Reg. REA RI0003948 RJ C/CJ C:js/97-40750 E Attachments CALLAWAY & PRICE, INC. ii EXECUTIVE SUMMARY - PARCEL I PROPERTY TYPE : Vacant Commercial LOCATION : 1,200 feet south of Tequesta Drive and 250 feet west of U.S. Highway 1, Tequesta, Florida. DATE OF VALUATION : July 10, 1997. PURPOSE OF APPRAISAL : To estimate the Market Value Contribution to the easterly abutting property of the Subject Property as of the appraisal date. PROPERTY DESCRIPTION: LAND : The land is rectangularly shaped and contains 3,328 square feet or .076 acres. ZONING : C2, Community Commercial District, by the Village of Tequesta. LAND USE PLAN : C, Commercial, by the Village of Tequesta HIGHEST AND BEST USE: AS VACANT : For commercial development. AS IMPROVED : N/A �� 1 CALLAWAY & PRICE, INC. EXECUTIVE SUMMARY- PARCEL I (Continued) VALUE INDICATIONS: COST APPROACH : N/A SALES COMPARISON APPROACH : $42,000 INCOME CAPITALIZATION APPROACH : N/A MARKET VALUE • CONTRIBUTION TO THE EASTERLY ABUTTING PROPERTY OF THE SUBJECT PROPERTY AS OF J U LY 10, 1997 : $42,000 t y CALLAWAY & PRICE, INC. iv EXECUTIVE SUMMARY - PARCEL II PROPERTY TYPE : Vacant Commercial LOCATION : 1,000 feet south of Tequesta Drive and 250 feet west of U.S. Highway 1, Tequesta, Florida. DATE OF VALUATION : July 10, 1997. PURPOSE OF APPRAISAL : To estimate the Market Value Contribution to the easterly abutting property of the Subject Property as of the appraisal date. PROPERTY DESCRIPTION: LAND : The land is irregularly shaped and contains 4,195 square feet or .096 acres. ZONING : C2, Community Commercial District, by the Village of Tequesta. LAND USE PLAN :. C, Commercial, by the Village of Tequesta • HIGHEST AND BEST USE: AS VACANT : For commercial development. AS IMPROVED : N/A t CALLAWAY & PRICE, INC. v EXECUTIVE SUMMARY - PARCEL II (Continued) VALUE INDICATIONS: COST APPROACH : N/A SALES COMPARISON APPROACH : $52,000 INCOME CAPITALIZATION APPROACH : N/A MARKET VALUE CONTRIBUTION TO THE EASTERLY ABUTTING PROPERTY OF THE SUBJECT PROPERTY AS OF J U LY 10, 1997 : $52,000 t CALLAWAY& PRICE, INC. vi TABLE OF CONTENTS Page No. Letter of Transmittal Executive Summary Table of Contents vi INTRODUCTION Certification 1 Limiting Conditions 3 Photographs 5 GENERAL INFORMATION General Information 8 Purpose, Date and Function of Appraisal 8 Market Value 8 Interest Appraised 9 Fee Simple Estate 9 Legal Description 9 Property Data 11 Location 11 Zoning 11 Land Use Plan 11 Site Size, Shape and Access 11 Utilities 11 • Topography 11 Property History 12 Census Tract 12 Flood Hazard Zone 12 Assessed Value and Taxes - 1996 12 Concurrency 13 Description of Improvements 14 Land Improvements 14 Highest and Best Use 15 Conclusion 15 i • CALLAWAY& PRICE, INC. vii TABLE OF CONTENTS (Continued) Page No. VALUATION Data Sources 16 Preface to Value/Scope of Assignment 16 Sales Comparison Approach 17 Preface 17 Discussion of Improved Sales 18 Conclusion 19 ADDENDA Boundary Surveys Vacant Land Sales/Maps Qualifications: Robert J. Callaway, MAI, SRA, CRE Craig J. Callaway, Associate Appraiser s ! INTRODUCTION CALLAWAY & PRICE, INC. 1 CERTIFICATION We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the properties that are the subject of this report, and we have no personal interest or bias with respect to the parties involved. 4. Our compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. 5. The analyses, opinions, and conclusion were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation. 6. Robert J. Callaway and Craig J. Callaway have made a personal inspection of the property that is the subject of this report. 7. Craig J. Callaway provided significant professional assistance to Robert J. Callaway and they are both signing this report. 8. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. 9. I certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusion were developed, and this report was prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. 10. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. a • CALLAWAY & PRICE, INC. 2 11. I certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 12. As of the date of this report, I, Robert J. Callaway, have completed the require- ments of the continuing education program of the Appraisal Institute. • ---(&-Robert J. Callaw , MAI, SRA, CRE St.Cert.Gen.RE RZ0000505 Craig J. Ca aw , Associate Appraiser St.Reg.R A 0003948 CALLAWAY & PRICE, INC. 3 LIMITING CONDITIONS • 1. Unless otherwise stated, the values appearing in this appraisal represents the opinions of the Market Value or the Value Defined AS OF THE DATE SPECIFIED. Market Value of real estate is affected by national and local economic conditions and consequently will vary with future changes in such conditions. 2. The values estimated in this appraisal report are gross, without consideration given to any encumbrance, restriction or question of title, unless specifically defined.. 3. This appraisal report covers only the properties described and any values or rates utilized are not to be construed as applicable to any other properties, however similar the properties might be. 4. It is assumed that the title to the premises is good; that the legal descriptions are correct; that the improvements are entirely and correctly located on the properties described and that there are no encroachments on these properties, but no investigation or survey has been made. 5. This appraisal expresses our opinion, and employment to make this appraisal was in no way contingent upon the reporting of predetermined value or conclusion. 6. No responsibility is assumed for matters legal in nature, nor is any opinion of title rendered. In the performance of our investigation and analysis leading to the conclusions reached herein, the statements of others were relied on. No liability is assumed for the correctness of these statements; and, in any event, the appraiser's total liability for this report is limited to the actual fee charged. 7. Neither all nor any part of the contents of this report (especially any conclusions, the identity of the appraiser or the firm with which he is connected, or any refer- ence to the Appraisal Institute or any of its designations) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior written consent and approval. CALLAWAY& PRICE, INC. • 4 8. It is assumed that there are no hidden or unapparent conditions of the properties, subsoil, or structures which would render them more or less valuable. The Appraiser assumes no responsibility for such conditions or the engineering which might be required to discover these factors. 9. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which. may or may not be present on the property, or other environmental conditions, were not called to the attention of, nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test for such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there .is no such proximity thereto that would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. 10. The Market Value conferred in this appraisal is the Market Value Contribution to the easterly abutting porperties. This value is considered applicable since the Subjects would have no value to the market on their own. As stand-alone properties, the parcels cannot be developed due to size, shape, and lack of access. The Subject Properties are currently under lease by the easterly abutting property owners, and being used as a parking area. Therefore, these owners represent the only market for the Subjects. 11. The property's size, shape, and legal description were acquired from a survey provided by Dearlove & Associates, and dated February 19, 1997. If the information rendered by the surveys is incorrect, the values rendered herein may not be applicable. 5 • t SUBJECT PHOTOGRAPHS • .,� , .1 ' . • 1 , J, 3' .. ,t t-.. 1 l? . - - � by -.. - •- r + :=a --•'.'^....• b..: • ] i cL �K`c:.;.• !4,f 4 • • .r>..q`✓ :�• wd'al.w �h: • �^Tti.• t .x -^ —itIa `t w .. -...7- •+'�-r act.� i • .. ''4. i '•• k a��5'j gi4f, " � "ems -,' A. x? ✓w a� u.,ii... 44.4-mx ar"� "%�. ...�ate.- .,Y - - v a . 7: f • rot- ^suk7Yr a -/yr Sa w . . • r < .. .J, :—. a.. 4 r$ t S 3.. • If _".. Fa ` 4415ttb 1 rt4 X .re �-� s t x'�A • • ts ' ' ,:?• _ .At s r4' ..Fn ''3 fi. .a aac. .n ....,4.6. .. .. i • ~ ' � T/ ��' a . . •{•a a S r}�^� o �1�av;�c v ,r . l • y. •FACING SOUTH LOOKING AT PARCEL I '-Y-.:..'-'..'...--,:-..:-: .-•-...., ' ,i, It, ;TN.' , ;,.. .;-,. .,.-........•,,,v: "•, „.... ....i...e .c...?,-.-- • ., :: . ? c v , .4. yy 1.• t . . . 4i, i • �.�+L I 1 1 I 1 . \- S I .. _ 4 .'3 rJ 4i f, e^' i'. 1 • •.j�?,-.-.. i y. . . f ( /A u _ „ a w � ':x{ ., a1'4"-� '?•. .ids t7 .�.+.1---., ' s r C. S..z .Ts=-,r f /r «.t.Y f k r a � r' Y 1 - 4. , S i r Li-�' . �°mot .s J;' ° "" x s it ryr y g .,r •t. s ;6 r 1 Ufa`.; � 4 s / s S lo�a z 4• .l • •'' — .a ,` - r FACING NORTH LOOKING AT PARCEL II a t 6 • STREET SCENE PHOTOGRAPH • • �y r zs t a' r zn ".�;,..�'x .[✓.'s�nE"a �-' Skss°*F•.e'� `^ i✓�, : - • n - + f • ...——.t z6i ; vst ko- i • , _ 3'��y .34 �3( i'Y'r�ia �'•✓ "�'Sz P '` ';c-t. -.e 7` s y 1 {3 et,�F- s ,y`•-r{ e�.ytrjA t. a - fix..• a �7u x�-�'• ,; °+s k 'l r sJ ,d. tr c a "f r:;Rt -K:•:. - *kW"- c „r ter's''Y``#'• ,>~#' .rs`" ,y at �rW , �;-tt r^1• •J ads" 2'c J r pity. < , t • > sr ry 'ty.'# d'''Q.4 -.c� < sf• �� a ' t •rM+ ^ -...., ., •,...•..,�,...,-.s...+�.•...,....- yy %t;42T. 4F+y?, • O . tom J ti� i• 1�a i w .YYv • ' � ft•. �, x .{ ' t . -t• .J a STREET SCENE OF U.S. HIGHWAY ONE FACING NORTH 7 DAMAGE PHOTOGRAPHS v : • � e.z r•,v,- 1 ¢ n '+ : ram• • s y E fi r` t - ..'" —`.,,; .fit: &,s „t N ;,' , V;,... Y i 1/2 4 •- _ mi J ..'',f f 4, .r'1,�1..�.y r Y' 0,.p -tom.,, c ,'7 . . y ` • • DAMAGE TO SUBJECT IMPROVEMENTS • ";„...,..„-j-„,..,,4,--.,_/,',.......6':7,::,-:,- ;•:1:.\--,:-.......-1:7-7- ' .mil t - P x,#, •'x•_F' i •i ' i S �•, r'� r4rd^ , t . ' y M s .u-*'Si,'+i�-i-�h x •.• .' drr.+4� 4 :)ab` !•'• :*s^.V �'r '� x. z".` EL ",4•e YS- gjS f .Yta.,,,+a ?s"4 T,�` .'''. 1.r ut"ea, cmV.; • �a f `'k„e tiq�s' •r, , '. a irk. >t 4` -a-4T rt'.' - .- • ..,Y >.S • y^.C �` a,"T.+.'gr..• Pa,£�•:'44 c,yx+ tLy'yr+*r.J✓4 •.,,e ,� , _ ' r t,` "yF •t K,w4 -.t` V J4 Z'Y.-41CS.v ',-4 ..-' • r , qrt '! N� J� 1 �qJ;_ I._••.' /V K , .✓'-. Dom,` +. t .i �- _^'".;mac. L"3y ti �',,."t7T,�..,4�•C' ',1 't�'iz'��,L� , ".', ,tr R'-r b s's*µ,^ 3: h. t••f''- Y,-. 1:w ° - *,e4hrgyt• ^-{t,'4!} �' f ; - - ' r "�Ti +`.r )O ',•1 ',J».,...f'•-'1 f14 c`',..x Y ia^ .+ T4,•,,' ..cf`i`2- � l i-4 : asz .^•Y f i x -- he_ .' ' Y ij -.. "$ '2a 4.. 4V .t. y' ^ 1� " Ft 3 4,7„•{ . +r r S DAMAGE TO SUBJECT IMPROVEMENTS , GENERAL INFORMATION CALLAWAY & PRICE, INC. 8 GENERAL INFORMATION Purpose, Date and Function of Appraisal The purpose of this appraisal was to estimate the Market Value Contribution to the easterly abutting properties of the Subjects as of July 10, 1997. The function of this appraisal was to aid in buy/sell decisions. The Subjects, as stand-alone parcels, are undevelopable due to their small size, irregular shape, and lack of access. These qualities limit the market of the Subjects to the neighboring owners to the east. This situation is further clarified since these owners are currently leasing the Subject's for extra parking (see Limiting Condition #11). Market Value Section 1110 of Financial Institutions Reform, Recovery, and Enforcement Act's (FIRREA) instructions to the Office of Thrift Supervision uses the definition of Market Value below as developed by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and adopted by the Appraisal Foundation's Uniform Standards of Professional Appraisal Practice. "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. buyer and seller are typically motivated; b. both parties are well informed or well advised, and acting in what they consider their best interests; c. a reasonable time is allowed for exposure in the open market; d. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." CALLAWAY & PRICE, INC. 9 Interest Appraised The interest appraised herein is the Fee Simple Estate of the Subject Properties. Fee Simple Estate The Dictionary of Real Estate Appraisal, Third Edition 1993, by the Appraisal Institute, defines Fee Simple Estate on page 140 as follows: "Absolute ownership unencumbered by any other interest or estate subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." Legal Description Parcel The East 23 feet of the South 144.68 feet of a parcel of land in Section 30, Township 40 South, Range 43 East, Palm Beach County, Florida, being more particularly described as follows: Beginning at the intersection of the South line of said Section 30 with the Westerly right-of-way line of U.S. Highway No. 1 (State Road.No. 5); thence Westerly along the South line of said Section 30, a distance of 250 feet to the Point of Beginning; thence Northerly at right angles a distance of 300 feet; thence Westerly, parallel to the South line of said Section 30, a distance of 250 feet; thence Southerly at right angles, a distance of 300 feet to a point in the South line of Said Section 30; thence Easterly along the South line of said Section 30, a distance of 250 feet to the Point of Beginning. Containing 3,328 square feet or 0.076 acres, more or less. Parcel II • Parcel A The East 17.4 feet of the South 18 feet of a parcel of land in Section 30, Township 40 South, Range 43 East, Palm Beach County, Florida, more particularly described as follows: CALLAWAY & PRICE, INC. 10 For a Point of Beginning, commence at a point in the South line of Section 30, Township 40 South, Range 43 East, at a distance of 215.21 feet West of the Southeast corner of the Southwest Quarter of said Section; thence Northerly at right angles to said South line of Section 30, a distance of 300 feet to a point; said point being the Point of Beginning and the Southeast corner of the tract of land herein described; thence continue Northerly on the same course a distance of 313.76 feet to a point; thence Westerly, at right angles to the last described course, a distance of 250 feet; thence Southerly, at right angles to the last described course, a distance of 313.76 feet; thence Easterly, at right angles to the last described course, a distance of 250 feet to the Point of Beginning; excepting therefrom the North 140 feet. Parcel B Together with the East 23 feet of the North 155.32 feet of the South 300 feet of a parcel of land in Section 30, Township 40 South, Range 43 East, Palm Beach County, Florida, being more particularly described as follows: Beginning at the intersection of the South line of said Section 30 with the Westerly right-of-way line of U.S. Highway No. 1 (State Road No. 5); thence Westerly along the South line of said Section 30, a distance of 250 feet to the Point of Beginning; thence Northerly at right angles a distance of 300 feet; thence Westerly, parallel to the South line of said Section 30, a distance of 250 feet; thence Southerly at right angles, a distance of 300 feet to a point in the South line of said Section 30; thence Easterly along the South line of said Section 30, a distance of 250 feet to the Point of Beginning. Containing 4,195 square feet or 0.096 acres, more or less. Source: Boundary Survey by Dearlove &Associates CALLAWAY & PRICE, INC. 11 PROPERTY DATA Location Parcel 1 is located 1,200 feet south of Tequesta Drive and 250 feet west of U.S. Highway One, Tequesta, Florida. This parcel serves as additional parking to the Tequesta Financial Center located at 218 South U.S. Highway One, Tequesta Parcel Ills located 1,000 feet south of Tequesta Drive and 250 feet west of U.S. Highway One, Tequesta, Florida. .This parcel serves as additional parking to 222 U.S. Highway One, Tequesta, which is known as Plaza 222. Zoning The Subject sites are zoned C2, Community Commercial District, by the Village of Tequesta. This designation allows for a number of commercial and retail uses. The Subject's use as a parking area is a legal and conforming use. Land Use Plan The Comprehensive Land Use Plan of C, by the Village of Tequesta, designates the Subject Parcels as commercial. Site Size, Shape and Access Parcel I contains 3,328 square feet or approximately 0.076 acres, while Parcel II is 4,195 square feet or approximately 0.096 acres. Parcel I is rectangularly shaped with access off of U.S. Highway One. However, this access would not be possible if the property was not under, lease, and in use as a parking lot (see Limiting Condition Number 10). Parcel II is irregularly shaped and has similar access as Parcel I. Utilities All utilities are available to the Subjects with sewer and water provided by the Village of Tequesta, telephone service by BellSouth and electricity from FPL. Topography The sites are flat, and at the approximate road grade of U.S. Highway One, with no apparent drainage problems noted upon inspection. i ry CALLAWAY & PRICE, INC. 12 Property History The properties are under the ownership of the Village of Tequesta. The Village has owned the parcels since March of 1968 according to Thomas Hall. Furthermore, no sale transactions have occurred in the last five years. Though these parcels are not currently under lease; they were leased for the previous ten years by Lodestar Realty (Parcel I), and Shaw Properties, Inc. (Parcel II), who own the parcels abutting the eastern boundary of the Subjects. Census Tract The Subject Properties lie within Census Tract 1.02, Palm Beach County, Florida. Flood Hazard Zone • The parcels lie within Flood Zone "C", according to. the Flood Insurance Rate Map (Panel Number 120228-0001 C) prepared for the National Flood Insurance Program of the U.S. Department of Housing and Urban Development (H.U.D.). Assessed Value and Taxes - 1996 Both parcels are part of a larger Village of Tequesta tract and were subsequently taxed as part of this larger tract. • The total assessed value and taxes for the Subject Properties for 1996 were as follows: Folio Number: 60-43-40-30-00-000-7240 • sensed Value ug>>s+ :x? .•rr rr ?•:rF... ter . A3s..:u:.iti.. ... .. i{Ci:::SiSi;i;::»:::;..^s..:;,;...:::::::�-::�::::...:�:r:�:::;::.:::�:--.':.?< .f'�3 xs :?#r,:.. ; CALLAWAY & PRICE, INC. 13 Concurrency In 1985, the Florida Legislature enacted the Local Government Comprehensive Planning and Land Development Regional Act (Chapter 163, Part II, Florida Statutes), commonly referred to as "The Growth Management Act". Pursuant to Section 163.3177(10)(h), F.S., "it is the intent of the Legislature that public facilities and services needed to support development shall be available concurrent with the impacts of such development." From this statement, the term "concurrency" was derived, and is commonly used to refer to the above act and its requirements. The basis of the concurrency concept is Rule 9J-5.0055 of the Florida Administrative Code, which states that: "To ensure that facilities and services needed to support development are available concurrent with the impacts of such development, a local government must adopt a concurrency management system. Prior to the issuance of a development order or development permit, the concurrency management system must ensure that the adopted level of service standards required for roads, potable water, sanitary sewer, solid waste, drainage, parks and recreation, and mass transit, if applicable, will be maintained." Since both parcels are undevelopable as stand-alone 'properties and since both are improved as parking facilities with asphalt, concrete curbing, and landscaping, concurrency is not an issue. CALLAWAY & PRICE, INC. 14 DESCRIPTION OF IMPROVEMENTS Land Improvements Both parcels are improved as a parking area, therefore, they contain asphalt paving, concrete curbing, and average landscaping over the entire area. The asphalt paving has some areas of disrepair on Parcel II, as is shown by the pictures on page 7. These improvements contribute no value to the Subject Properties. CALLAWAY & PRICE, INC. 15 HIGHEST AND BEST USE The Dictionary of Real Estate Appraisal, Third Edition 1993, by the Appraisal Institute defines Highest and Best Use on page 171 as follows: 'The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability." Conclusion As has been stated before, both parcels are under lease by the easterly abutting properties and are being utilized as part of the easterly abutting properties parking areas. It is our conclusion that they should remain as such due to the following reasons: 1. Due to the site's size and shape, they cannot be developed with any structural improvement. Their width of 23 feet at their widest point is hardly sufficient for any type of commercial development. 2. As stand-alone properties, they are unaccessable. Tax Parcel 60-43-40-30-00- 000-7240, to which Subjects currently belong, is not accessed by any roadway or road right-of-way. Furthermore, all of the surrounding properties are civilian or corporately owned. Therefore, to access the parcel one would need to trespass on private property. Thus, under their cuurent use as a parking area, the parcels are accessible from U.S. Highway One and retain more value. Considering the above, we conclude that the Subject's contribute to the site value of the two properties to the east. Therefore, they should be considered as vacant commercial. VALUATION CALLAWAY & PRICE, INC. 16 VALUATION . Data Sources The Subject Properties were personally inspected by Robert J. Callaway and Craig J. Callaway. The site sizes were based upon surveys provided by the client. Site information such as zoning, utilities, et cetera was based upon discussions with various representatives of the Village of Tequesta. Comparable data was gathered from our files, REDI, ISC, the Public Records, and various sources noted throughout this report. The different publications utilized and persons and titles of persons contacted are listed along with the information given within this appraisal. Confirmation of all sales comparables used within this appraisal was made by contacting local brokers, investors, owners and through physical inspection. Confirmations were with buyers, sellers, property managers, brokers, or attorneys involved with or who had knowledge of the transaction information. This information is retained in our files and available if necessary. Preface to Value/Scope of the Assignment Only the Sales Comparison Approach to value is applicable to the Subject Parcels. In the Valuation section of this report, the Sales Comparison Approach is applied utilizing data applicable. The Cost Approach has as its premise the valuation of the site by direct comparison with similar sites which have recently sold, and the addition of the depreciated cost to replace the improvements. However, since the Subject's improvements contribute no value to the Subjects, we concluded that this approach was unnecessary. The Sales Comparison Approach has as its premise a comparison of the Subject Property with others of similar utility that have sold in the recent past. To indicate a • value for the Subject Property, adjustments are made to the comparables for differences from the Subject. • The Income Capitalization Approach, as used for investment properties, has as its premise the estimation of the amount of net income, which when capitalized in a manner which is commensurate with the risk and life expectancy of the improvements, will indicate the present value of the income stream. Thus, since the Subjects have no leaseable improvements, this approach is also not applicable. CALLAWAY & PRICE, INC. 17 SALES COMPARISON APPROACH Preface The Dictionary of Real Estate Appraisal, Third Edition 1993, by the Appraisal Institute defines Sales Comparison Approach on page 318 as follows: "A set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, applying appropriate units of comparison, and making adjustments to the sale prices of the comparables based on the elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant; it is the most common and preferred method of land valuation when comparables sales data are available." We considered vacant commercial sales in the Jupiter/Tequesta area of northern Palm Beach County / southern Martin County region. We obtained five sales which are charted on the following facing page and discussed on the following pages. Maps and write-ups of the data can be found in the addenda. 3 • a,,. � k c . :r. .,:; . ` .x• ,- :. � � ' f!k1 . � s^ \ ‘ ` \ t\ ,x3im...\ :Ot �� � � , y Yx .\ w � s� xx� . .. . . : � i, „ . � . 1i � � � \ ti � \ , • • Sale Number 1 2 3 4 5 Subject-Parcel I Subject-Parcel II • O.R. Book/Page 88461263 8936/1464 9170/266 95,18/1092 9720/1563 • Location Jupiter,at the southeast Jupiter, the north side of Juno Beach,the north side Tequesta,the west side of Jupiter, northeast corner Tequesta, 1200 feet south Tequesta, 1000 feet south corner of Indiantown Rd., Indiantown Rd.,400 feet of Donald Ross Rd., 180 , U.S. Hwy 1,just south of of Indiantown Road and of Tequesta Drive,and of Tequesta Drive, and and Alternate A-1 A west of Delaware Blvd. feet east of U.S. Hwy 1. County Line Road. • Pennock Lane. 250 west of U.S. Hwy 1. . 250 west of U.S. Hwy 1. Sale Date 21-Jul-95 27-Sep-95 14-Mar-96 14-Nov-96 1-Mar-97 Sale Price $ 650,000 $ 412,000 $ 576,496 $ 525,000 $ 700,000 Size(Sq. Ft.) 60,723 42,000 • 43,575 40,946 40,325 3,328 4,195 • PROINDit,: .:>w '' ;tea . .......::. ..;. :: ,.....,ti\ _ ,.'•x;�.:�; : :, �.:••.� ,,,a ks ,a'.., tea. .w.a , 4 • t, i.' ,a\ ,, ,......N.:ti k, ,,,aaa,,,:=• nss 4 \ z gxtz"."..R :. k.. m,..-mk`��„ 'p.... ,x. , i. :.; ai` TM �c r� ::.a..e.z. ..„. ,,,aA. om iYi!?\.....a ..-.\tic\ ww, v Financing Similar - Similar Similar Similar - Similar Time Similar Similar Similar Similar Similar - Location Similar • Similar Similar Similar • Similar Size Similar ' Similar . • Similar Similar Similar • Net Adjustment 0% 0% 0% 0% 0% . - • Mean Price $ 12.78 _ , - Stan Dev $ • 2.93 CALLAWAY & PRICE, INC. 18 Discussion of Vacant Commercial Land Sales We focused our search for small commercial land parcels in the Jupiter/Tequesta area of northern Palm Beach/southem Martin Counties area and the five sales shown on the facing chart are considered to be most suitable for comparison. Analysis was made on the basis of price per square foot of land area. The data set occurred between July 1995 and March 1997. The data were analyzed and compared to the Subject with regard to such characteristics as market conditions, advantageous financing, location, size. Adjustment for Financing The first adjustment considered was for advantageous financing. In our opinion, none of the sales required an adjustment for financing. Adjustment for Market Conditions The next adjustment considered was for any increase or decrease in value due to changes in market conditions over the period of time covered by the data set. The best indication of a time adjustment is the sale and later resale of the same property. None of the sales in the data set provided this history. Nor does a paired sales analysis of those sales which otherwise have the most in common yield reliable indication of market trends. For example, Sales 2 and 5 are similarly sized and similarly located on Indiantown Road, but exhibit a nearly 80% increase in 18 months. However, we were unable to support the indicated increase through any other analysis and it is our opinion that the difference is not representative of changed or changing market conditions. It is further our opinion that the prices contained in the data set are reasonably current and representative of current market conditions; therefore, we have made no adjustment. Adjustment for Location We consider the Subject to be well located as are the comparable sales. In terms of general locational characteristics, the Subject and Sales 1 and 3 are somewhat inferior to Sales 2, 4, and 5. The U. S. 1 and Indiantown Road locations are more high profile than Alternate A1A (Sale 1), Donald Ross Road east of U. S. 1 (Sale 3). However, these sales are so close to the intersections than an adjustment for these sales is unnecessary. CALLAWAY & PRICE, INC. 19 Adiustment for Size The sales ranged in size from 40,325 square feet or .93 acres (Sale 5) to 60,723 square feet or 1.39 acres (Sale 1), all larger than the Subject at 3,328 square feet and 4,195 square feet or .076 and .096 acres, respectively. However, no size adjustment was considered necessary. Land Value Conclusion Immediately south of the two Subject parcels is a vacant tract of land, approximately 1/2 acre with 100 feet of frontage on U.S. 1. This property is listed for sale and has been for approximately the past year. The listing price is $299,000 which equates to $13.73 per square foot. The listing agent verified that there had not been a great deal of activity on this property during the time period that it has been listed. Based on our analysis of the data shown on the sales chart, and the above described listing, and putting the most weight on Sale 4, it is our opinion that $12.50 per square foot is a reasonable indication of land value for the Subjects, as of the appraisal date. Our estimated land values are therefore calculated as follows: Parcel I 3,328 sq.ft. x $12.50/sq.ft. = $41,600 Rounded $42,000 Parcel II 4,195 sq.ft. x $12.50/sq.ft. = $52,437.50 Rounded $52,000 ADDENDA -CD • Z '41111.111Mmob l • . ' ' • . 11 . ..-N / ' Z ee./f/0 . Q ILo ®=Foavo x car • S l ) NaQ• • ti / / r f• • N it P,i' tgn ,,,,,,41 7. _N_N L,----: 4'0r1C ) FZD.P/Oro PI4/EP(//4W7 TA,OFO.eq�E.P 1 /evv.C"PETE) • . I .4 o Li �dE0yE,00 R�/NE,PL/CIEs • f 4j WOW ` D//rs1oG1TE,P � /¢4 ,8 moo' ) • i8 j 0 , I ~,,e./D��f<444w-fib:, E ,.. . Leif •D /# ' . ,... P1IRCEL_1_ THE EAST / 1"FEET OF THE SOUTH 18 PARCEL 2: TOGETHER WITH THE. EAST 23 FEET OF [I .-- FEET OF A PARCEL OF LAND IN SECTION 30, THE NORTH /* .37'FEET OF THE SOUTH 300 FEET OF TOWNSHIP 40 SOUTH, RANGE 43 EAST, PALM BEACH A PARCEL OF LAND IN SECTION 30, TOWNSHIP 40 COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED SOUTH, RANGE 43 EAST, PALM BEACH r")UNTY, O AS FOLLOWS: FLORIDA, BEING'MORE PARTICULARLY DESCRIBED AS • V FOLLOWS: [11 FOR A POINT OF BEGINNING, COMMENCE. AT A POINT - IN THE SOUTH LINE OF SECTION 30, TOWNSHIP 40 BEGINNING AT THE INTERSECTION OF THE SOUTH SOUTH, RANGE 43 EAST, AT A DISTANCE OF'215.21 LINE OF SAID SECTION 30 WI:H THE WESTERLY F,40(40P4lAfeldW/YeW&O'f/BAUWiDA0e. FEET WEST OF THE SOUTHEAST CORNER OF THE RIGHT-OF-WAY LINE OF U. S. HIGHWAY NO. 1 Aoz/i-/44w-L'40A,!/E,Q, /4DUrif//e/~-%4f SOUTHWEST QUARTER OF SAID SF.CTYON; THENCE (STATE ROAD NO. 5). ; THENCE WESTERLY ALONG THE OIECT/Ov '�1D�40��3 NORTHERLY AT RIGHT ANGLES TO SAID SOUTH LINE SOUTH LINE OF SAID SECTION 30, A DISTANCE OF OF SECTION 30, A DISTANCE OF 300 FEET TO A 250 FEET TO THE POINT OF BEGINNING; THENCE POINT; SAID POINT BEING THE POINT )F BEGINNING NORTHERLY AT RIGHT ANGLES A DISTANCE 300 FEET; AND THE SOUTHEAST CORNER OF THE T CT OF LAND THENCE WESTERLY, PARALLEL TO THE SOUTH LINE OF HEREIN DESCRIBED; THENCE CONTINUE ORTHERLY ON SAID SECTION 30, A DISTANCE. OF . 250 FEET; THE SAID COURSE A DISTANCE OF '313.16 FEET TO A THENCE SOUTHERLY AT RIGHT ANGLES, A DISTANCE `W - POINT; THENCE WESTERLY, AT RIGHT ANGLES TO THE OF 300 FEET TO A POINT IN THE SOUTH LINE -OF Ay LAST DESCRIBED COURSE, A DIS'TANCE OF 250 SAID SECTION 30; THENCE EASTERLY ALONG THE `{/fGJ1�/�N�D FEET; THENCE SOUTHERLY, AT RIGHT ANGLES TO THE SOUTH LINE OF SAID SECTION 30, A DISTANCE OF ' �� 1 LAST DESCRIBED COURSE, A DISTANCE OF 313.76 250 FEET TO THE POINT OF BEGINNING. C FEET; THENCE EASTERLY, AT RIGHT ANGLES TO THE c LAST DESCRIBED COURSE, A DISTANCE OF 250 FEET CONTAINING 4195 SQ. FEET OR 0.096 ACRES MORE CERTIFIED TO: TO THE POINT OF BEGINNING; EXtF.PTING THEREFROM OR LESS. , THE NORTH 140 FEET. PREPARED FOR: BIERVEY EBY P CERTIFY THAT R THE BESTMPEOFS KNOWLEDGE AND BELIEF THE 7- ���rn? Oe `�Aorw��r RV REPRESENTED HEREON COMPLIES WITH THE MINIMUM TECHNICAL • � /� ��� ,`"`/ /Q STANDARDS, AS SET FORTH BY THE FLORIDA BOARD OF LAND SURVEYORS, RSUANTTO SECTION 472.027 AND CHAPTER 61G17-6, FLORIDA STATUTES. IBLE ENCROACHMENTS, IF ANY,ARE AS SHOWN. SCALE. /'��'?O r APPROVED BY: / DRAWN B/Y�,D./�//J� . / / HUAVEf/oAT8: �✓O F.B. �� P. TE: 1. No search of the public records has been made by this office. D E A O E ASSOC. 2//�/ol'J . 2. This survey is not valid unless embossed with surveyors seal. . ROBERT J.DE AR LOVE // ,/G 3• 0 . Written dimensions take precedence over scaled dimensions. • Professional Land Surveyor ,��� LAND SURVEYORS eDU�,d�,y ,�(/�f/�i y 4. Legal description supplied by client. ik Certificate No. 3938 L:Z 450 S.-OLD DIXIE HWY SUITE 10 State of Florida •' REVISED: DRAWING NUMBER: (/A. ' •rg JUPITER, FLORIDA 33458 07- 027 5. Elevations hereon based on_ __ t �T. • 14071 746-8745 jE 6. Bearings hereon based on _ __ .___ . A _.-. - r /40614 7 ZZ i/ , . , .._....c=,... .......a...mommm. , . . Z tea11/0 •= ,aoavD/,PD.I/Avo i'CAP �1 1/7'71.71v"--1- O=G1ET/,pD,�/,pDD,r!'A.o%*89 f ^� : COY,9/../l/4/4,A1.0.4-- • �00' • J V k 0 N . •, 1:01,o \ rYf// f ( miho•ED eow -E y ! —— - 74111\-- . . c. f ------ yaNk - - ) .9, vE , G i//lE) 1 � -- --- ----,�O!/EPf/EAD PD!! .e _V ' . E - - - , ._ ./m.949 / . k - -; 'I0O .�So1lJCT PA.QC/UG--"- 2...„...j\-----/.4 — • - , -* -1/1- • fo9 • •_ PAZ/EPD 1 oV 1 N .. . • , . -\ o . . �! PARCEL_ 2 : T)iE EAST 23 FEET OF THE SOUTH . Z 84,.4),L ‘),*e"0 YA 7/0.(/ `� l .144 . 68 FEET O A PARCEL OF LAND IN SECTION 30, N TOWNSHIP 40 S�UTH, RANGE 43 EAST, PALM BEACH COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE .INTERSECTION OF THE SOUTH LINE OF SAID SECTION 30 WITH THE WESTERLY NN RIGHT-OF-WAY LINE OF U. S . HIGHWAY NO.. 1 (STATE ROAD NO. 5) ; THENCE WESTERLY ALONG THE D`ll/A'va/AE SOUTH LINE OF SAID SECTION 30, A DISTANCE OF • rR��f11 250 FEET TO THE POINT OF BEGINNING; .THENCE !//Eo U , . NORTHERLY AT RIGHT ANGLES A DISTANCE 300 FEET; THENCE WESTERLY, PARALLEL TO THE SOUTH LINE OF • SAID SECTION 30, A DISTANCE OF 250 FEET; • THENCE SOUTHERLY AT RIGHT ANGLES, A DISTANCE OF 300 FEET TO .A POINT IN THE SOUTH LINE OF - SAID SECTION 30; THENCE EASTERLY ALONG THE . . SOUTH LINE OF SAID SECTION 30, A DISTANCE OF 250 FEET TO THE POINT OF BEGINNING. rERTIFIED TO: CONTAINING 3:3 ,278 SQ. FEET OR 0 . 076 ACRES MORE PREPARED FOR: 'J''�idOgAter/lie,v,I .IEREBY CERTIFY THAT TO THE BEST OF MY KNOWLEDGE AND BELIEF ,THE OR LESS. Te4•& 07-,7 wo/�i I� SURVEY REPRESENTED HEREON COMPLIES WITH THE MINIMUM TECHNICAL 3")-Ct' (X(/TANDARDS. AS SET FORTH BY THE FLORIDA BOARD OF LAND SURVEYORS. / •,RSUANT TO SECTION 472.027 AND CHAPTER 61G17-6. FLORIDA STATUTES. 1 • SCALE. ���` �0 APPROVED BY: DRAWN BY: �/�/• Aeva 3IBLE ENCROACHMENTS. IF ANY.ARE AS SHOWN. aQ7FD.# aoaEy '�► ?// .0T F.B. OJ� P. :/ NOTE: 1. No search of the public records has been made by this office. • f� ? D E A R L®V E AS S O C. 2 This survey is not valid unless embossed with surveyors seal. ROBERT J.DEAR LOVE // //////�� ��f5/ 3. Written dimensions take precedence over scaled dimensions. Professional Land Surveyor ,�, glk� LAND SURVEYORS ,�o!/.li�f� 4 Legal description supplied by client. Certificate No. 3938 ,VA i • 450 S. OLD DIXIE HWY SUITE 10 REVISED: DRAWING NUMBER. �,� WA State of Florida .`ia■ JUPITER, FLORIDA 33458 �7 iMO 5. Elevations hereon based on ._ 14071 746 -8745 A Rparinns hereon based on . _ — -_-- - - .- _- _ _ L r A /_ VACANT LAND SALES L A ND INFORMATION SHEET • Callaway & Price,Inc. (West Palm Beach) RealWorks Database System FINAL REPORT Comparable Sale No.: 1 Type: Commercial-Restaurnt,Sale 25536 O.R. Book: 8846 Page: 263 Amount: $ 650,000.00 Cash Equiv Amt: S 650,000.00 Deed Date: 7/21/95 Cash Equiv/Units: S 0.00 Location: Southeast corner of Old Jupiter Beach Cash Equiv/SqFt: $ 10.70 Road and Alternate A-1-A. Cash Equiv/Acre: $ 467,625.90 Jupiter , FL • Grantor: Evelyn L. lmming File #: Grantee: Jupiter Grill, Inc. Marketing Time: Months LEGAL/LAND DESCRIPTION Legal: Square Feet: 60,723 Subdivision: uninc Sec/Twn/Rng: 06/43/41 ' Acres: 1.39 Lot/Block: N/A County: Palm Beach Front Feet: 300 Plat Bk/Pg: Tax I.D. #: 30434106000020130 Frontage 1: A-1-A Units: Frontage 2: Old Jupiter Beach RD Units/Acre: 0.00 Dimensions: 200' x 300, Zoning: C-2 , General Commercial Use Aerial Map Town of Jupiter Use Page Number: Corner: Y Depth: 200 feet Sewer: Y `�• Water: Y REMARKS Proposed Use: Developed with restaurant Land Use Plan: Commercial by Town of Jupiter • LAND INFORMATION SHEET Callaway 8 Price,Inc. (West Palm Beach) RealWorks Database System FINAL REPORT Comparable Sale No.: 2 Type: Commercial ,Sale 25537 O.R. Book: 8936 Page: 1464 Amount: S 412,000.00 Cash Equiv Amt: S 412,000.00 Deed Date: 9/27/95 Cash Equiv/Units: S 0.00 Location: Jupiter; north side of Indiantown Road, Cash Equiv/SqFt: S 9.81 approximately 400 feet west of Delaware . Cash Equiv/Acre: S 429,166.67 Boulevard. Jupiter , FL Grantor: George E. Boyhan File #: Grantee: Islandia Building Corp. Marketing Time: Months LEGAL/LAND DESCRIPTION • Legal: p\o Sec 2, Twp 41S, Range 42E Square Feet: 42,000 Subdivision: Sec/Twn/Rng: 02/42/41 Acres: .96 Lot/Block: N.A. County: Palm Beach Front Feet: 150 Plat Bk/Pg: Tax I.D. #: 30-42-41-302-01-000-0172 Frontage 1: Indiantown Road Units: Frontage 2: Units/Acre: 0.00 Dimensions: 150' x 280' Zoning: C-2 , General Commercial use Aerial Map Town of Jupiter Page Number: Corner: N Depth: 280 feet Sewer: Y Water: Y REMARKS Proposed Use: Medical Office Land Use Plan: Commercial Additional S12,000 paid to bring water direct to site. This added to recorded sales price of $400,000. Has east and westbound access due to median break on Indiantown Road. Plans to develop with medical office building. LAND INFORMATION SHEET Callaway & Price,Inc. (West Palm Beach) RealWorks Database System FINAL REPORT • Comparable Sale No.: 3 Type: Commercial ,Sale 25522 O.R. 'Book: 9170 Page: 286 Amount: $ 576,496.00 Cash Equiv Amt: S 576,496.00 Deed Date: 3/14/96 Cash Equiv/Units: $ 0.00 Location: North side of Donald Ross Road, Approx. Cash Equiv/SqFt: $ 13.23 180 feet east of US Highway 1. Cash Equiv/Acre: $ 576,496.00 Juno Beach , FL Grantor: Richard Johnson & WG Lassiter File #: Grantee: Caybana Grill, Inc. Marketing Time: Months LEGAL/LAND DESCRIPTION Legal: Lengthy metes and bounds Square Feet: 43,560 Subdivision: Goverment Lot 5 Sec/Twn/Rng: 21/41/43 Acres: 1.00 Lot/Block: N/A County: Palm Beach Front Feet: 174 Plat Bk/Pg: N/A Tax I.D. #: 28-43-41-21-19-000-0020 Frontage 1: Donald Ross Road Units: Frontage 2: Units/Acre: 0.00 Dimensions: 173.52 x 251.13 Zoning: CGPUD, Commercial General/Planned Unit Aerial Map Development, by Juno Bch. Page Number: 42 Corner: N Depth: 251 feet Sewer: Y Water: Y REMARKS Proposed Use: Restaurant Land Use Plan: Commercial, by Juno Beach. • Site was originally part of a 98,228 sq.ft. parcel under contract to Bayshore Developers for $13.23/sq.ft. Bayshore subsequently assigned the contract on this portion of the site to the grantee above also at 513.23/sq.ft. Bayshore closed on their 54,668 sq.ft. site (with corner situs) at $13.23/sq.ft. (OR Book 9170 Page 159) (Key#25524) and improved it with an Eckerd Drugstore which subsequently sold in 11/96. Grantee has improved this site with a restaurant building known as the Kee Grill. Financing: Cash to seller with no effect on sale price. LAND INFORMATION SHEET Callaway & Price,Inc. (West Palm Beach) RealWorks Database System FINAL REPORT Comparable Sale No.: 4 Type: Comm-Service Station,Sale 25538 O.R. Booktc9548 Page: 1092 Amount: S 650,000.00 Cash Equiv Amt: $ 650,000.00 Deed Date: 11/14/96 Cash Equiv/Units: $ 0.00 Location: West side of U. S. Highway 1, south side Cash Equiv/SqFt: $ 15.87 of County Line Road, Tequesta. Cash Equiv/Acre: $ 691,489:36 Tequesta , FL Grantor: First X Realty Co. File #: Grantee: Mobil OIl Co. Marketing Time: Months LEGAL/LAND DESCRIPTION Legal: p/o Govt.Lot 1/30-40-43 Square Feet: 40,946 Subdivision: Sec/Twn/Rng: 43 40 30 Acres: .94 Lot/Block: County: Palm Beach Front Feet: 190 Plat Bk/Pg: Tax I.D. #: 60 443 40 30 00 001 0160 Frontage 1: U. S. Hwy 1 (SR 5) Units: Frontage 2: County Line Road Units/Acre: 0.00 Dimensions: 190' x 220' Zoning: C-1 , Mixed Use including commercial Aerial Map Village of Tequesta Page Number: Corner: Y Depth: 220 feet Sewer: Y • Water: Y REMARKS Proposed Use: Gas station Land Use Plan: MU, Village of Tequesta Site was improved with Mobil gas station with convenience store. • LAND INFORMATION SHEET Callaway 8 Price,Inc. (West Palm Beach) RealWorks Database System • FINAL REPORT Comparable Sale No.: 5 Type: Commercial ,Sale 25505 O.R. Book: 9720 • 'Page: 1563 Amount: S 700,000.00 Cash Equiv Amt: S 700,000.00 Deed Date: 3/01/97 Cash Equiv/Units: S 0.00 Location: Northeast conrer of Indiantown Road and Cash Equiv/SqFt: S 17.36 Pennock Lane Cash Equiv/Acre: S 752,688.17 Jupiter , FL Grantor: Lowell H. Wilson, Trustee File #: Grantee: Republic Security Bank Marketing Time: 7 Months LEGAL/LAND DESCRIPTION Legal: Square Feet: 40,325 Subdivision: Eastview Manor Sec/Twn/Rng: 01/41/42 Acres: .93 Lot/Block: A/1 County: Palm Beach Front Feet: 200 Plat Bk/Pg: 25/129 Tax I.D. #: 30-42-41-01-01-002-0080 Frontage 1: Indiantown Road Units: Frontage 2: Pennock Lane Units/Acre: 0.00 Dimensions: 200 x 200 • Zoning:. C-2 , Commercial, by the Town of Aerial Map Jupiter Page Number: Corner: Y Depth: 200 feet Sewer: Y Water: Y REMARKS Proposed Use: N/A Land Use Plan: Commercial, by Juptier • Site has old modular branch bank given little value. Grantee occupied building until relocation across the street in 1996. They purchased the site to prevent another bank from opening a branch facility on the site. Purchase price was based on grantee's first right of refusal. Financing: Cash with no effect on value. LAND INFORMATION SHEET Callaway 8 Price,Inc. (West Palm Beach) RealWorks Database System FINAL REPORT Comparable Sale No.: 6 Type: Commercial ,Other 25660 O.R. Book: 2 Page: 1 Amount: S 299,000.00 Cash Equiv Amt: S 299,000.00 Deed Date: 7/01/97 Cash Equiv/Units: S 0.00 Location: West side of U.S. 1, 630' south of Cash Equiv/SqFt: S 13.73 Bridge road Cash Equiv/Acre: $ 598,000.00 Jupiter , FL Grantor: Clinton L. Pinder, Tr. File #: Grantee: N/A Marketing Time: 12 Months LEGAL/LAND DESCRIPTION Legal: Gov. Lot 2, N 100' of Lot 6 Square Feet: 21,780 Subdivision: Potter Survey Sec/Twn/Rng: 31/40/43 Acres: .50 lot/Block: See bel County: Palm Beach Front Feet: 100 Plat Bk/Pg: 1/12 Tax I.D. #: 30-43-40-31-06-002-0062 Frontage 1: U.S. 1 Units: Frontage 2: Units/Acre: 0.00 Dimensions: 100' x 217.8' Zoning: C-2 , General Commercial by the Aerial Map Town of Jupiter Page Number: 13 Corner: N Depth: 218 feet Sewer: Y Water: Y REMARKS Proposed Use: Land Use Plan: Commercial by the town of Jupiter • • Holly Orl •;,•: .. .. . Q a � Phln Ct fL. Y -- � - --"•col---•-- -�— � -1 IL ` • JUIr•ho ,mod - d > A- Ic PJL81 : • - `7 �. : rn PQ�CQ�ao O[3� iaYi� �l 3 •O a7 C - ¢ a C C �`tC�'C i ;.. - 1801�G� f•• d C U O ¢( aE-4! g aJ1jL* �T4ya° -50 4 ( . 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' I ' .. • .... -. .... . • ...'•..: .. .:. - -, •:...- viiP. - k ...1 > % 13...i.'...*". .....,...1:-•!.f ]:,...:1-. 2 a,L 1\41-\1"- . ^".....4:4:;.„,a.,_„_..... r• ... t.--7••=.7 ,1.,,,,,,,, , . ... ;. 0 0 C2 , /;tcp 1 1_, v..§.:,,x• „:.,mpiter.. - , .. ,... . • --,,...,„, • - -,,v,t4 ‘.,1!• It .4.'" ii‘`.DR I i''..1,49 '" ,ILightlic:iise''.7: ..•. . itiver c--N1 - -,... ,.• T • • . ,' 1 W UJ ' ( ..,.... t-* it•-;-:.r. .p7:: . 7-: Marina 1 ANCHOR WAY - - (-5. . . , , .. ,.. ..r ...., ,:.. 1-A1A/ o<0- mr-4-,.:-.-7.--•-• Ns_ D o.• 0 ...___,.„-:.a.-21-'......"=- r -1 '.- ---•-.s-t'';''' --L: c•':.- k-4./ck. efki e'll .qs A ALT z .---3 SCHOONER DR '• ___-..-7.4011.k. Fi7i,CC CC ,4,0 , gilt ---2. ...,• •••• , r4WINDWAFiDLA---_ ,' • 0 ...L.,,_, +.5 DRIFTWOOD ‘ It."0 ....Ri"Ne. SP i HEIGHTS<•-...L.,.. . ...--..„...,... ©DOLPH MAP CO.INC.. • (Land Sales Map) • . ' CALLAWAY & PRICE, INC. QUALIFICATIONS - ROBERT J. CALLAWAY. MAI. SRA. CRE Professional Designations\Licenses\Certifications Member, Appraisal Institute, MAI Designation #4618 and SRA Designation Member, American Society of Real Estate Counselors, CRE Designation Florida Registered Real Estate Broker 0012597 Florida State-Certified General Appraiser RZ0000505 Professional Experience Principal, Callaway & Price, Inc. since 1972 Chief Appraiser, First Federal Savings & Loan of the Palm Beaches, 1966 - 1972 Chief Appraiser, Peoples Federal Savings & Loan of the Lake Worth, 1964 - 1966 Staff Appraiser, Statewide Appraisal Services, 1960-1964 Qualified As An Expert Witness Dade County, Florida Broward County, Florida Palm Beach County, Florida Martin County, Florida St. Lucie County, Florida Okeechobee County, Florida Federal District Courts of Southern District of Florida and South Carolina Geographic Experience Throughout Florida . Puerto Rico Southeastern United States Virgin Islands Bahamas Published Articles "Condominiums Revisited", Appraisal Journal, October 1975 Courses, Seminars and Papers Written "Appraising Development Rights in Palm Beach County's Agricultural Reserve Area", South Florida Water Management District Regional Conference, 1995 "Appraising Condominiums", a seminar for the Society of Real Estate Appraisers, 1988 "Cross Examining the Expert Witness", Academy of Matrimonial Trial Lawyers, Tampa, FL, 1985 CALLAWAY & PRICE, INC. QUALIFICATIONS - ROBERT J. CALLAWAY, MAI, SRA, CRE - Continued Courses, Seminars and Papers Written - Continued "Cash Flow Modelling for Bright Beginners", a seminar presented on behalf of American Institute of Real Estate Appraisers and Society of Real Estate Appraisers, 1983 "Income Property/Financial Calculator Applications Seminar", American Institute of Real Estate Appraisers, 1980 "Computer Applications Seminar", American Institute of Real Estate Appraisers, 1980 'Valuation Analysis and Report Writing Course", American Institute of Real Estate Appraisers, 1979 Technical Presentations "Concurrency and Value", speech presented to various organizations since 1992 Teaching Experience Appraisal Institute Approved Instructor for: Course IB . - Capitalization Theory and Techniques (Parts I, II & Ill) Course II - Case Studies and Real Estate Valuation; Valuation Analysis and Report Writing (Parts A & B) Course 101 - Basic Introduction Course 201 - Appraising Income Properties Course 202 - Applied Income Property Valuation Various Institute seminars on a variety of appraisal subjects both nationally and locally Education Bachelor of Science Degree in Business Administration, North Georgia College American Institute of Real Estate Appraisers: Course I - Fundamentals Course II - Urban Properties Course IV - Condemnation Course VI - Techniques & Mathematics of Capitalization Course VII - Industrial Properties Course VIII - Residential Properties Society of Real Estate Appraisers Course - Appraising Apartments LL ~ CALLAWAY & PRICE, INC. QUALIFICATIONS - ROBERT J. CALLAWAY. MAI. SRA. CRE - Continued Organizations and Affiliations Appraisal Institute, Member Farm Credit of South Florida, ACA., Board Member Law Enforcement Assistance Foundation, Board Member South Florida Fair, Board Member Palm Beach Blood Bank, Board Member Palm Beach Fishing Club, Board Member SunFest of Palm Beach County, Board Member American Arbitration Association, Member Society of Real Estate Appraisers: Analysis Level Courses Subcommittee, Past Chairman National Education Committee, Past Member Palm Beach Chapter No. 200, Past President American Institute of Real Estate Appraisers: National Education Committee, Past Chairman Executive Committee, Past Member Education/Admissions Liaison, Past Chairman National Governing Council, Past Member National Education Committee, Past Member South Florida Chapter No. 24., Past President Awards and Honors Hotel & Resort Industry Magazine, January 1994 - Featured in the 'The Value of a Good Hotel Appraiser" article. Recipient, Professional Recognition Award, 1976, 1977, 1978, 1979, 1980, and 1981 - American Institute of Real Estate Appraisers. CALLAWAY & PRICE, INC. QUALIFICATIONS - CRAIG J. CALLAWAY Professional Designations\Licenses\Certifications _ Florida State-Registered General Appraiser RI0003948 Professional Experience Appraiser/Researcher, Callaway & Price, Inc., since June 1993 Researcher, Callaway & Price, Inc., May through August 1991 Education Bachelor of Science Degree, Agriculture, Major in Economics, University of Florida Master of Arts in Real Estate, Graduate School of Business, University of Florida Real Estate Courses from University of Florida: Urban and Regional Planning Principles of Real Estate Decision Making Income Property Investment Home Finance and Mortgage Backed Securities Real Estate Valuation Seminar in Market Research Seminar Real Estate Valuation Appraisal Institute: Course 550 - Case Studies in Real Estate Valuation Course 540 - Report Writing and Valuation Analysis Appraising Expertise Apartments Marinas ACLF Nursery Acreage Retail Buildings Auto Dealership Strip Shopping Center Eminent Domain Timeshare Condo Commercial Buildings Vacant Agricultural Land Office Buildings . Vacant Commercial Property Office Condominiums Vacant Industrial Land Office/Warehouses Warehouses