HomeMy WebLinkAboutResolution_25-91/92_07/23/1992 RESOLUTION NO. 25 -91/92
WO A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA,
TRANSFERRING THE OWNERSHIP OF REAL PROPERTY
LISTED AS AN ASSET OF THE TEQUESTA WATER
DEPARTMENT, TO THE VILLAGE OF TEQUESTA GENERAL
OPERATIONS.
WHEREAS, Resolution No. 1 -68 of the Village Council of the
Village of Tequesta authorized the purchase of certain lands
by the issuance of Water Revenue Certificates, dated July 1,
1967; and
WHEREAS, a portion of said lands described in Exhibit "A ",
attached hereto as a part of this Resolution, are necessary
for the provision of a Tequesta Branch Library of the Palm
Beach County Library System; and
WHEREAS, the Village of Tequesta desires to comply with the
covenants of Section 16 -H of Resolution No. 2 -84/85 (the Bond
Resolution) which provided for issuance of the Village's
presently outstanding Water Revenue Bonds requiring the
disposal of properties or parts of the Water System at fair
market value if the Village's consulting engineer certifies
that such properties are not necessary for the continued
operation of the System and that the disposal will not
adversely affect the gross revenues of the System to such an
extent that the Village will fail to comply with other
covenants in the Bond Resolution, including the Village's
rate covenant; and
WHEREAS, the Village's consulting engineer has certified that
such properties are not necessary for the continued operation
of the Water System nor will disposal of the same adversely
affect gross revenues; and
WHEREAS, the Village has secured the services of a
professional appraisal firm to establish the fair market
value of the property in question, so as to compensate the
Tequesta Water System for the disposal of such properties
with the proceeds intended to be deposited in the Renewal and
Replacement Fund of the Tequesta Water Enterprise Fund.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, as follows:
Section 1. The above recitals are hereby ratified and
confirmed.
Section 2. The Village Council hereby authorizes the
transfer of the property as described in Exhibit "A ",
attached and made a part of this Resolution from the Tequesta
Water Department to the Village of Tequesta General
Operations for the use and purpose described herein.
Section 3. The Village Manager is hereby directed to take
those steps necessary to compensate the Tequesta Water System
at fair market value pursuant to the appraisal conducted by
the Village so as to comply with Section 16 -H of Resolution
No. 2- 84/85.
THE FOREGOING RESOLUTION WAS OFFERED by
Councilmember Capretta f who moved its
adoption. The motion was seconded by
Councilmember Markail r and upon being
put to a vote, the vote was as follows:
FOR ADOPTION AGAINST ADOPTION
Earl L. Collings
Ron T. Mackail
Joseph N. Capretta
The Mayor thereupon declared the Resolution duly passed and
adopted this 23rd day of July, R.D., 1992.
MAYOR OF TEQUESTA
Earl L. Collings
ATTEST:
,16ann Mangani to
Village Clerk
EXHIBIT "A"
A PARCEL OF LAND LYING WITHIN THE SOUTHWEST QUARTER
OF SECTION 30, TOWNSHIP 40 SOUTH, RANGE 43 EAST,
PALM BEACH COUNTY, FLORIDA, AND BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCE AT THE SOUTHWEST CORNER OF SAID SECTION
30; THENCE NORTH 00 0 16'38" WEST ALONG THE WEST LINE
OF THE SOUTHWEST QUARTER OF SAID SECTION 30, A
DISTANCE OF 1125.26 FEET TO THE POINT OF BEGINNING;
THENCE CONTINUE NORTH 00 16'38" WEST ALONG SAID
WEST LINE, A DISTANCE OF 60.50 FEET; THENCE NORTH,
89 43'22" EAST AT RIGHT ANGLES TO THE LAST
DESCRIBED COURSE, A DISTANCE OF 32.36 FEET; THENCE
NORTH 44 41'03" EAST, A DISTANCE OF 198.51 FEET;
THENCE SOUTH 45 21'18" EAST, A DISTANCE OF 179.88
FEET TO A POINT ON A LINE 300.00 FEET EAST OF (AS
MEASURED AT RIGHT ANGLES TO) AND PARALLEL WITH THE
AFORESAID WEST LINE OF THE SOUTHWEST QUARTER OF
SAID SECTION 30; THENCE SOUTH 00 0 16'38" EAST ALONG
• SAID PARALLEL LINE, A DISTANCE OF 73.94 FEET;
THENCE SOUTH 89 ° 43'22" WEST AT RIGHT ANGLES TO THE
LAST DESCRIBED COURSE, A DISTANCE OF 300.00 FEET TO
THE POINT OF BEGINNING.
CONTAINING .0868 ACRES OF LAND, MORE OR LESS.
SUBJECT TO EASEMENTS, RESERVATIONS, AND
RESTRICTIONS OF RECORD.
BEARINGS SHOWN HEREON ARE BASED ON THE WEST LINE OF
THE SOUTHWEST QUARTER OF SECTION 30, TOWNSHIP 40
SOUTH, RANGE 43 EAST, PALM BEACH COUNTY, FLORIDA,
HAVING A BEARING OF NORTH 00 0 16'38" WEST.
L ✓� �PUE
4
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1 kq"� Ig9� ;
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GEE & JENSON
Engi Plan Inc. ni,ects- July 23, 1992 c
Planners, Inc � v
Mr. Tom Bradford
Village of Tequesta
357 Tequesta Drive
P.O. Box 3273
Tequesta, FL 33458
Re: Sale of Water System Owned Properties
Village of Tequesta - Water Utilities Revised Layout
Dear Mr. Bradford:
This letter is sent to confirm our review of the revised land lease configuration for the
Palm Beach County Library site and our conclusion that we find no evidence that the
. property is necessary for the continued operation of the water system, nor will it adversely
affect gross revenues.
Our comment concerning work associated with the abandonment and /or relocation of
facilities still applies.
Please call if you have any further questions on this matter. A copy of the revised
property configuration is attached.
Very truly yours,
W. Richard Staudinger, P.E.
WRS:bf
enc
91 -004
cc: Tom Hall
Bill Kascavelis
Ken Reardon
Mike Rocca
One Harvard Circle - West Palm Beach, Florida 33409 -1923 • 407/683 -3301 - FAX 407/686 -7446
• �i
! EXHIHXT IIAII
THE PREHISES
LEGAL D RTPTIO�
A PAACRL Or LAND LYING NITIIIN THE BOVTIfWtST OUXR'[Ln Or
RLCTION 30, TOH11911 40 SOUTH, P"CE 43 EAST, PA" 9EACII
COUNTY, FLORIDA,. AND 9IINO N 014 PARTICULARLY 0E9CRI9ED
AA KOI.LRN6 f
CONHRpCt AT THR 90VTHWEBT CORNER Or SAID t /CTION 301
' THENC■ NORTH 00'14 WEST ALONG THR NstT LINE Or THR
QVMTRR Or ONID SECTION 20, A DIATANCO Or
11 R
2y ?IPdIT To THE POINT 07 9tOIIM1101
THENCS CONTINVE NORTH 00'10 xRST ALONG SA ;O Win
LINE, A 018TAdCd Or S9•50 PEITI THENCE HOATII 09'43'22• I
RABT AT RICRT ANGLES TO THR LAST D25Ca2690 COURNS, A
DIBTANCR Or 22.20 rear, THLNCR NORTH 44'4% EAST, A
DItTANCt OF 111.31 rzrTl THENCE IOUTII 4t'21'18•'RAST, A
D2STANCR Or 171. t0 FEET TO A POINT ON A ups 300.00 VNIT
XMT or ((AA HEASU"O AT RIOI(T.ANOLER 70) ANO FAAALLIL
NITN THE ArORSSAID WEST L1N11 OF TITS 60VTNNIIT QUARTER Or
#AID NSCTSOM 201 THtHCR,ROVTN 00'10.30 tABY ALONG GA20
PAIALLEL LSNE, A DIBTANCE'Or 73.94 PEETI TNENCS•BOUTU `
09 x991 AT RIGHT ANaGit TO TITS LMT 09SCRXBIID
COURSA, A DICTANC1 Or 300.00 TsST TO Witt POINT .OR
5*9911NIHO.
CONTAINING 0.000 ACA.E9;Or LAND, NO" Olt i.RS9, J,
sumeT TO tABSKEHT9, RE AND RISTAICTIONS Or
RECORD.
Dt"I"O! SNOKN NSRION ARR U01!0 ON TITS V*AT LINK Of !tilt
IOUTKIIEST QUARTER Or SECTION 30, T0fNeHIP 40 SOUTH. K"08
42'RAAT PALM REACH COUHTT, rWAIDA, HAVING A BIMINa Or
NORTl1 05 wxsT.
THIS 1$ NOT A SURVEY
W INSTRUMENT
W A9 PREPAREQ 91' "I SECT
1 A(DGEW00D HDME9
JOHN H O FFICE 0 r EE
IN THE OFFICE >< �'I � KxJ THR E
THE 000NTYEN0INEEP 1e PLAT BOOK ZO,�
PAGE $4
NOT PU4TTE0
WEST LINE OF 300'
TIME 80VTHWE IT
QUARTER OF
SECTION b0 NOT PLATTED
TOWNSHIP 4a SWTH, 4�
R ANOE •$ EAST
A e 8
�A\ ( RIOCVYOOD HOMES
q ep gy m• SECTION TWO
PLAT BOOK 27.
lu PAGE let 1
(REPLA ERN 0.099 ACRES 1
THE PINES
P SECTION •9• ;c I o0
AGE 2�5R 29. 000.43'22•W 300.00' y
v POINT OF BEOINNINO
a PARK
Sri
n -
EXISTING NORTH
RIGHT OF .WAY LINE
R IN
�MPITES K 'T,7". DRIVE ' 1
E PINES
' SECTION 'B'
PLAT 900K 48,
PAGE I8 � _
t4 JUPITEppRryryIN THE PINE$ ` ~1
SSE Y 90 PAOE 137
£' SOVTN WE9T CORNER OF SECTION 20,
POINT OF MNUSHIP 40 SOUTH RANOE 43
COMMENCEMENT EAST ( FOVNO PALO BEACH COUNTY
BRA81 Oise )
8
t
o il a
AN APPRAISAL OF
A PROPOSED LIBRARY SITE
LOCATED ADJACENT TO
THE TEQUESTA VILLAGE HALL
IN
TEQUESTA, FLORIDA
PREPARED FOR
THE VILLAGE OF TEQUESTA
AS OF
JULY 14, 1992
• BY
ROBERT J. CALLAWAY, MAI, SRA, CRE
STATE - CERTIFIED GENERAL APPRAISER RZ0000505
CALLAWAY & PRICE, INC.
Callaway & Price, Inc.
Real Estate Appraisers and Consultants
Licensed Real Estate Brokers
WF3r PAt M BEACH FORT PIERCE
Robert J. Callaway, MAI, SRA, CRE Harry D. Gray, MAI, SRA
Joe R. Price, MAI, SRA, CRE MART
Michael R. Slade, MAI, SRA, CRE Robert J. Callaway, MAI, SRA, CRE
Donald G. Blauvelt, MAI, SRA
Harry D. Grey, MAI, SRA
BOCA RATON
Please reply to: West Palm Beach Daniel P. Hrabko
• July 21, 1992
Thomas G. Bradford, Village Manager
Village of Tequesta
P.O. Box 3273
357 Tequesta Drive
Tequesta, FL 33469 -0273
Dear Mr. Bradford:
Pursuant to your request, we have made an investigation and analysis of the proposed library site,
located adjacent to the Village Hall, approximately 120 feet north of Tequesta Drive, directly across
from Venus Avenue, in Tequesta, Florida. The purpose of this investigation and analysis was to
estimate the Market Value of the Fee Simple Estate of the Subject Property as of July 14, 1992.
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 of
the Fee Simple Estate of the Subject Property, assuming the property is accessable, as of July 14,
1992 was:
ONE HUNDRED FIFTY THOUSAND DOLLARS
($150,000)
It should be clearly understood that the Market Value definition includes a reasonable marketing
time. As everyone knows, we are in a severe real estate recession now. It is our opinion that
marketing time could take one to two years, unless conditions improve. Obviously, if a quick sale
(liquidation) is the goal, Market Value will not be realized, but rather a lower number - liquidation
price.
Further, we would point out that the above value estimate is based on a specific date, wherein a
theoretical market exposure has already occurred. To estimate a future value at the end of a
marketing time startina at the appraisal date would be a prospective value as opposed to the
current value estimated herein.
•
WEST PALM BEACH OFFICE 1639 Forum Place, Suite 5, West Palm Beach, FL 33401 (407) 686-0333/FAX 686 -3705
FORT PIERCE OFFICE 505 S. Second Street, Suite 230, Fort Pierce, FL 34950 (407) 464- 8607/FAX 461 -0809
STUART OFFICE - 727 Colorado Avenue, Stuart, FL 34994 (407) 287- 3330/FAX 220 -3449
BOCA RATON 6405 Congress Avenue, Suite 100, Boca Raton, FL 33487 (407) 998- 8088/FAX 998 -8092
Thomas G. Bradford, Village Manager
Village of Tequesta
July 21, 1992
Page Two
•
A description of the property 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.
Ro ert J. Calla' Al' RA, CRE
State - Certified Appraiser RZ0000505
Robert A. Callaway, Associate Appraiser
State - Certified General Appraiser RZ0001272
RJC /RAC: jog /92 -28867
Attachments
•
CALLAWAY & PRICE, INC.
EXECUTIVE SUMMARY
• PROPERTY TYPE Vacant Commercial
LOCATION Adjacent to the Village Hall 120 feet north of
Tequesta Drive, directly across from Venus Avenue,
in Tequesta, Florida.
DATE OF VALUATION July 14, 1992.
PURPOSE OF APPRAISAL : To estimate the Market Value of the Fee Simple
Estate of the Subject Property as of the appraisal
date.
PROPERTY DESCRIPTION:
LAND Irregularly shaped site containing 37,810.08 square
feet or .868 acres.
ZONING C -1: Neighborhood Commercial by the Village of
• Tequesta.
LAND USE PLAN : Public Building and Grounds by the Village of
Tequesta.
HIGHEST AND BEST USE : For commercial development as zoned, assuming
legal access.
MARKET VALUE OF THE
FEE SIMPLE ESTATE OF
THE SUBJECT PROPERTY
AS OF JULY 14, 1992 $151,240
SAY, : $150,000
fr
CALLAWAY & PRICE, INC.
TABLE OF CONTENTS
• Page No.
Letter of Transmittal ............................................. i
Executive Summary ............. ............................... ii
Table of Contents .............. ............................... iv
INTRODUCTION
Certification ................... ............................... 1
Limiting Conditions ............. ............................... 3
Photographs.................. ............................... 5
GENERAL INFORMATION
General Information ............. ............................... 9
Purpose, Date and Function of Appraisal ........................... 9
Market Value ................ ............................... 9
Interest Appraised ............ ............................... 9
Fee Simple Estate ::::::::::: ::::::::::::::::::::::::::::::: 10
Legal Description 10
PropertyData ................ ............................... 11
Location.................. ............................... 11
Zoning................... ............................... 11
Land Use Plan .............. ............................... 11
Site Size, Shape and Access ... ............................... 11
Utilities ................... ............................... 11
Topography............... ............................... 12
Property History ............ ............................... 12
Census Tract ............... ............................... 12
Flood Hazard Zone .......... ............................... 12
Assessed Value and Taxes - 1991 ............................... 12
Concurrency ............... ............................... 12
Highest and Best Use .......... ............................... 16
Conclusion ................ ............................... 16
•
t
k .
CALLAWAY & PRICE, INC. iv
TABLE OF CONTENTS
(Continued)
• Page No.
VALUATION
Preface to Value /Scope of Assignment ............................. 17
Sales Comparison Approach ..... ............................... 18
Preface............ ......... ....- .... .... . ...... .......... 18
Commercial Sales Analysis ..... ............................... 19
ADDENDA
Vacant Land Sales /Maps
Qualifications:
Robert J. Callaway, MAI, SRA, CRE
Robert A. Callaway, Associate Appraiser
i
• 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 property that is 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 has been
prepared in conformity with the Uniform Standards of Professional Appraisal
Practice ( USPAP) adopted by the Appraisal Standards Board of the Appraisal
Foundation, except that the departure provision of the USPAP does not apply.
6. Robert J. Callaway and Robert A. Callaway have made a personal inspection of the
property that is the subject of this report.
7. Robert A. 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 Appraiser Board.
9. 1 certify that, to the best of my knowledge and belief, the reported analyses,
opinions and conclusions were developed, and this report has been prepared, in
conformity with the requirements of the Code of Professional Ethics 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.
CALLAWAY & PRICE, INC. 2
11. 1 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
requirements of the continuing education program of the Appraisal Institute.
obert J. Calla AI, SRA, CRE
State - Certified Gf neral Appraiser RZ0000505
Robert A. Calla , Associate Appraiser
State - Certified General Appraiser RZ0001272
i
CALLAWAY & PRICE, INC. 3
LIMITING CONDITIONS
1. Unless otherwise stated, the value appearing in this appraisal represents the
• opinion 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 value estimated in this appraisal report is gross, without consideration given
to any encumbrance, restriction or question of title, unless specifically defined.
3. This appraisal report covers only the property described and any values or rates
utilized are not to be construed as applicable to any other property, however similar
the properties might be.
4. It is assumed that the title to the premises is good; that the legal description is
correct; that the improvements are entirely and correctly located on the property
described and that there are no encroachments on this property, 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
appraisers' 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.
8. It is assumed that there are no hidden or unapparent conditions of the property,
subsoil, or structures which would render it 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,
CALLAWAY & PRICE, INC. 4
or agricultural chemicals, which may or may not be present on the property, or 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 current zoning of C -1, neighborhood commercial, and Land Use Plan of Public
Buildings and Lands, are conflicting. The zoning allows commercial development
and the Land Use Plan allows only governmental or public use. Consequently,
based on conversations and guidance from Thomas G. Bradford, Village Manager,
Village of Tequesta, we are valuing the Subject Property as if developable with
neighborhood commercial zoning. If it is found that the Subject Property could not
possibly be developed as commercial property then the value rendered herein
would change.
11. Documents provided us by the Village of Tequesta, indicate access will be provided
to the site via a shared entrance /exit drive with the Village of Tequesta's Town Hall,
located west of and adjacent to the Subject Property. Should this access be
denied then the value rendered herein will change.
•
CALLAWAY & PRICE, INC. 5
•
ti
houEnA
y MLAGE GREEN
r,
LOOKING NORTHEAST AT PARK LOCATED IN FRONT OF
(DIRECTLY SOUTH OF) THE SUBJECT PROPERTY ON
THE NORTH SIDE OF TEQUESTA DRIVE
np
i
t
� pia fYm
•� LOOKING EAST ALONG TEQUESTA DRIVE WITH
SUBJECT PROPERTY ON LEFT OF PHOTO
CALLAWAY & PRICE, INC. g
a
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5
LOOKING WEST ALONG TEQUESTA DRIVE WITH VILLAGE HALL
(ADJACENT TO SUBJECT PROPERTY) LOCATED ON RIGHT OF PHOTO
•
g
s ,
FACING NORTH LOOKING AT SOUTH BOUNDARY OF SUBJECT PROPERTY
CALLAWAY & PRICE, INC. 7
i
FACING EAST LOOKING AT SUBJECT PROPERTY
(NOTE NATIVE VEGETATION)
d
• WATER DEPARTMENT RELATED IMPROVEMENTS
LOCATED ON SUBJECT PROPERTY (TO BE RELOCATED)
CALLAWAY & PRICE,
1
WATER r RELATED IMPROVEMENTS
LOCATED i PROPERTY (TO BE
CALLAWAY & PRICE, INC. 9
GENERAL INFORMATION
• Purpose. Date and Function of Appraisal
The purpose of this appraisal was to estimate the Market Value of the Fee Simple Estate
of the Subject Property as of July 14, 1992. The function of this appraisal was to facilitate
the purchase of the site for a Palm Beach County Library location.
Market Value
Section 1110 of Financial Institutions Reform, Recovery, and Enforcement Act's (FIRREA)
instructions to the Office of Thrift Supervision use 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 each acting in what he
considers his own best interest;
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."
Interest Appraised
• The interest appraised herein is the Fee Simple Estate of the Subject Property.
EXHIBIT "A"
THE PREMISES
L EGAL DESCRIPT
A PARCEL OF LAND LYING WITHIN THE SOUTHWEST QUARTER or
SECTION 30, TOWHSIIP 40 SOUTH, RANGE 43 EAST, PALH BEACH
COUNTY, FLORIDA, AND BEING HORS PARTICULARLY DESCRIBED
AS rOLLOWS,
COMMENCE AT THE SOUTHWEST CORNER OF SAID SECTION 301 '
TIIENCE NORTH 00'16'36' WEST ALONG TIIE WEST LINE OF THE
SOUTHWEST QUARTER Or SAID SECTION 30, A DISTANCE OF
1129.26 rEET TO THE POINT Or BEGINNING)
THENCE CONTINUE 14ORT11 00'16'38' WEST ALONG SAID WEST
LINE, A DISTANCE OF 60.50 FEET) THENCE NORTH 89'43'22'
EAST AT RIGHT ANGLES TO THE LAST DESCRIBED COURSE, A _
DISTANCE OF 32.36 rEETI THENCE NORTH 44'41'03' EAST, A
DISTANCE OF 198.51 FEETI TIIENCE SOUT11 45'21 EAST, A
DISTANCE OF 179.88 FEET TO A POINT ON A LINE 300.00 FEET
EAST OF (AS HEASURED AT RIGHT ANOLES TO) AND PARALLEL
WITH'THE AFORESAID WEST LINE OP THE SOUTHWEST QUARTER OF
SAID SECTION 30 1 THENCE ,SOUTH 00'16 EAST ALONG SAID
A
PRALLEL LINE, A DIBTANCE 73.94 PEETI THENCE SOUTH
89'43 WEST AT RIGHT ANGLES TO THE LAST DESCRIBED
COURSE, A DISTANCE OF 300.00 FEET TO THE POINT Or
BEGINNING. -
CONTAINING 0.868 ACRES LAND, MORE OR LESS.
SUBJECT TO EASEMENTS, RESERVATIONS, AND RESTRICTIONS Of
RECORD.
BEARINGS SHOWN HEREON ARE BASED ON THE WEST LINE Or THE
SOUTHWEST QUARTER Or BBCTIOH 30, TOWNSHIP 40 SOUTH, RANGE
43 EAST, PALS BEACH COUNTY, FLORIDA, HAVING A BEARING OF
NORTH 00'16'38' WEST.
THIS IS NOT A SURVEY
THIS INSTRUMENT
WAS PREPARED BY
JOHN M TRANMER �1 RIDGEWOOD HOMES
IN THE OFFICE OF SECTION THREE w j
THE COUNTY ENGINEER W, PLAT BOOK 28, v
PAGE 54 to
z
NOT PLATTED
WEST LINE OF 300'
THE SOUTHWEST
QUARTER OF
SECTION 30, NOT PLATTED
TOWNSHIP 40 SOUTH,
RANGE 43 EAST
X10 b
( RIDGEWOOD HOMES
SECTION TWO
PLAT BOOK 27,
c PAGE 187 FD co EPLAT
JUPITEROIN M
THE PINES $ ID
SECTION 'B' x b
PLAT 80 PAGE 215K 26, SB8 °43'22 "W 300.00' y
6POINT OF BEGINNING
Ln
PARK
N
EXISTING NORTH
?, FRIGHT -OF -WAY LINE
1 YINE!3
SECTION 'B' ---�
PAGE 8 00K 26,
io JUPITER IN THE PINES \� •
SECT ION '0'
PLAT BOOK 26, PAGE 137
*sa SOUTHWEST CORNER OF SECTION 30,
POINT OF TOWNSHIP 40 SOUTH, RANGE 43
COMMENCEMENT EAST ( FOUND PALM BEACH COUNTY
GRASS DISC )
8
CALLAWAY & PRICE, INC. 10
Fee Simple Estate
• The Dictionary of Real Estate Appraisal (Second Edition 1989), by the American Institute
of Real Estate Appraisers, defines Fee Simple Estate on page 120 as follows:
"Absolute ownership unencumbered by any other interest or estate subject only to
the four powers of government."
Legal Description
A parcel of land lying within the Southwest quarter of Section 30, Township 40 South,
Range 43 East, Palm Beach County, Florida, and being more particularly described as
follows:
Commence at the Southwest corner of said Section 30; thence North 00 16'38" West
along the West line of the Southwest quarter of said Section 30, a distance of 1125.26 feet
to the POINT OF BEGINNING;
Thence continue North 00° 16'38 "West along said West line, a distance of 60.50 feet;
thence North 89 ° 43'22" East at right angles to the last described course, a distance of
32.36 feet; thence North 44 ° 41'03" East, a distance of 198.51 feet; thence South
45 ° 21' 18" East, a distance of 179.88 feet to a point on a line 300.00 feet East of (as
measured at right angles to) and parallel with the aforesaid West line of the Southwest
quarter of said Section 30; thence South 00 ° 16'38" East along said parallel line, a
distance of 73.94 feet; thence South 89 ° 43'22 "West at right angles to the last described
course, a distance of 300.00 feet to the POINT OF BEGINNING.
Containing 0.868 acres of land, more or less.
Subject to easements, reservations, and restrictions of record.
Source: John M. Tranmer in the office of the County Engineer.
k l
•
9sr9 18000
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SUBJECT PROPERTY LOCATION MAP
EXHIBIT "B"
17 - - - T D RIVE -
Z Length
A . 0 ° 3 01.9 ' '
1 O
i v
1 1
0
i f(' : fir ,� � • 1 .r N (\
I mo . : . J �'V'% ' � ' r•.y / yt�' ,r —_ _ — r
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U)
c
1 � 1 3
300.00'
/ Building
J
ssor's water utilitie F — ."• �,, Pavement /Parking
equipment to be
relocated to this site. N2f�;:t� Shellrock drive
Optional parking
9
CALLAWAY & PRICE, INC. 11
PROPERTY DATA
• Location
The Subject Property is located adjacent to the Village Hall, approximately 120 feet north
of Tequesta Drive, directly across from Venus Avenue, in Tequesta, Florida.
Zonin
The Village of Tequesta has designated the Subject Property as C -1, Neighborhood
Commercial, allowing a variety of commercial uses. The Subject Property is vacant and
therefore in compliance with this zoning classification. This zoning is not consistent with
the Land Use Plan designation of Public Buildings and Grounds. The Land Use Plan
normally takes precedence over the existing zoning classification, however, in this
appraisal, we were instructed to assume that the zoning was correct and that the Land
Use Plan could be changed.
Land Use Plan
The Comprehensive Land Use Plan designation for the Subject Property is Public Building
and Grounds by the Village of Tequesta. This designation allows for lands or structures
that are owned, leased or operated by a government entity, such as libraries, police
stations, fire stations, post offices, et cetera.
Site Size, Shape and Access
The site is irregularly shaped and contains 37,810.08 square feet or 0.868 acres. The site
has access that is insufficient for normal commercial development. It is currently only
accessible via the adjacent property to the west. More specifically the access is provided
via the entrance /exit drive for the Tequesta Village Hall. If the site is utilized for a county
library branch, the shared entrance /exit will be widened to handle the additional traffic
burden (see Limiting Condition No. 11).
Utilities
Water is available through the Village of Tequesta, sewer through Loxahatchee River
Environmental Control District, electricity through Florida Power & Light and telephone
• through Southern Bell.
CALLAWAY & PRICE, INC. 12
Topography
S The land is flat and overgrown with native vegetation. Upon physical inspection, there
were no apparent drainage problems.
Property History
The property has been under continuous ownership for the last three years by the Village
of Tequesta. The Village purchased the property in 1969 from Mary Jane Off utt Mochwalt
and Peggy Ann Offutt Lane, as Trustees.
Census Tract
The Subject Property lies within Census Tract 1.01, which as of the 1990 Census,
contained a population of 6,491 persons, with a total of 3,276 dwelling units.
Flood Hazard Zone
The Subject Property lies 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.). Flood Zone "C"
indicates areas of minimal flooding.
Assessed Value and Taxes - 1991
The Subject Property is municipally owned by the Village of Tequesta and therefore not
subject to taxes.
The assessed value is as follows:
Folio Number Assessed Value Taxes
60- 43- 40- 30 -00- 000 -7230 $ 784,397 -0-
Land Value $ 783,000
Improvements 1,397
Total $ 784,397 -0-
•
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.
It is our opinion that concurrency considerations will not have an adverse affect on the
Market Value of the site. Each concurrency issue, as it related to the commercial
development of the Subject Property, was addressed below.
1) Mass Transit Facilities are adequate and this concurrency
issue would not have an affect on the commercial development
potential of the Subject Property. Additionally, bus service by
Co -Tran recently added Jupiter, Tequesta and northern Palm
Beach County routes.
Source: Angela Usher, Senior Planner, Palm Beach County
Concurrency Department (233 - 5300). Scott Ladd, Village of
Tequesta (575 - 6220).
2) Fire /Rescue Services are adequate to support future
• development throughout Palm Beach County for 1992.
i
CALLAWAY & PRICE, INC. 14
Source: Angela Usher, Senior Planner, Palm Beach County
Concurrency Department (233 - 5300). Scott Ladd, Village of
• Tequesta (575 - 6200).
3) Parks and Recreation This requirement is not an issue with
commercial development, however, the Village of Tequesta has
over and above that required.
Source: Don Grund, Palm Beach County Parks and Recreation
Department (966- 6652). Scott Ladd, Village of Tequesta (575-
6200).
4) Solid Waste Services are adequate to handle commercial
development of the Subject Property.
Source: Ken Berg, Solid Waste Authority (640 - 4000).
5) Drainage Drainage on the Subject Property is not a problem
and is available through the Northern Palm Beach County Water
Control District.
Source: Oneil Barton, Northern Palm Beach County Water
Control District (624 - 7830).
6) Water & Sewer Water and sewer service is not a problem with
the development of the Subject Property. Water is available
through the Village of Tequesta. Sewer is available through the
Loxahatchee River Environmental Control District.
Source: Thomas G. Bradford, Village Manager, Village of
Tequesta (575 - 6200); Paul Brienza, Engineer, Loxahatchee River
Environmental Control District (747 - 5700).
7) Traffic Traffic is the primary concurrency question regarding
the commercial development of the Subject Property. The
Subject Property is under 1 acre in size (.868 acres), therefore
the only road in question is the road from which it obtains its
primary access. This road is Tequesta Drive which has a traffic
count of 12,226. The number of trips at capacity is 13,700,
therefore, 1,474 trips are still available before maximum capacity
is reached.
CALLAWAY & PRICE, INC. 15
In addition, Scott Ladd with the Village of Tequesta (575 -6220)
indicated that the Village is one of the few municipalities in Palm
• Beach County that is concurrency vested until build -out. In
adopting their master plan, all concurrency items were
considered and analyzed in order to comply with level of service
requirements. All concurrency facilities and services needed to
support existing and future development, until master plan build-
out, were at or above the level of service required.
Consequently, it is our`opinion that concurrency will not adversely affect the Market Value
or development potential of the Subject Property.
•
CALLAWAY & PRICE, INC. 16
HIGHEST AND BEST USE
. The Dictionary of Real Estate Appraisal, by the American Institute of Real Estate
Appraisers (Second Edition 1989), defines Highest and Best Use on page 149 as follows:
'That 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
It is our opinion that the Highest and Best Use of the Subject Property is for commercial
development. The reasons for this conclusion are as follows:
1. The site size, zoning, and shape would allow some type of small commercial
development. The location of the site in the center of the Village of Tequesta
is considered good. The site is accessible via a shared entrance /exit drive
with the Village of Tequesta, which is assumed to be legally adequate.
• 2. The zoning is C -1, neighborhood commercial, which allows commercial
development. The current Land Use Plan designation of Public Buildings and
Lands is conflicting, however, Thomas G. Bradford, Village Manager, Village of
Tequesta, indicated that a commercial use, based on the zoning classification, is
possible, and that a Land Use Plan change could be accomplished if necessary.
3. This type of use would be consistent with commercial development located both
east and west of the Subject Property on Tequesta Drive. Therefore it is apparent
that there is some demand for commercial property in this area.
4. This use would generate the greatest return to the land, thus profits. Although the
property has many negative factors such as its small size, irregular shape, and
poor access, it is still of greater value as commercial property than as an
unmarketable governmental use.
VALUATION
CALLAWAY & PRICE, INC. 17
VALUATION
• Preface to Value /Scope of the Assignment
The Subject Property is vacant and being appraised as "zoned" for a neighborhood
commercial type use. Consequently, we have utilized the Sales Comparison Approach
to value.
The Sales Comparison Approach has as its premise a comparison of the Subject Property
with others of similar design, utility and use 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.
Adjustments necessary based on the characteristics of the Subject Property include
location, access, size and shape. The Subject Property is irregularly shaped and contains
.868 acres or 37,810.08 square feet. The Subject Property is located approximately 120
feet north of Tequesta Drive and is only accessible via the property adjacent to the west
( Tequesta Village Hall). Consequently, an adjustment for limited access was necessary
to equate commercial sales with typical access and road frontage to the Subject Property.
•
•
GENERAL INFORMATION
CALLAWAY & PRICE, INC. 18
SALES COMPARISON APPROACH
Preface
The Dictionary of Real Estate Appraisal, by the American Institute of Real Estate
Appraisers (Second Edition 1989), defines Sales Comparison Approach on page 265 as
follows:
"Approach through which an appraiser derives a value indication by comparing the
property being appraised to similar properties that have been sold recently, applying
appropriate units of comparison and making adjustments, based on the elements
of comparison, to the sale prices of the comparables."
We have analyzed numerous commercial sales located in the Jupiter/Tequesta /Northern
Palm Beach County area to estimate the Market Value for the Subject Property. The
sales utilized can be found in chart form on the following facing page. A discussion of
the comparability of the sales to the Subject Property follows and a sales location map
can be found in the Addenda of this report.
:
•
COMMERCIAL LAND SALES SUMMARY
Location/ Total
Sale Sale Date Price/ Exposure Access Shape Size Adjusted
No. Location (mo.- yr.) Sale Price Site Size Sq.Ft. Zoning Comments Adj. Adj. Adj. Adj. Price/Sq.Ft.
- - - - -- --- - - - - -- - - - - -- - -- ------------ ----------- - - - - -- I - - - - - --
s4 - -- - - - -- -- -- --- - - - - --
1 Martin County, one quarter mile 12/86 $612,500 47,916 ft. $12.78 WRC Marina restaurant site on the mtra- I -50% 10% -5% 0% $4.47
702/286 north of Palm Beach County line,
1.10 acres coastal north of the Jupiter Inlet. 1
550' East of U.S. Highway 1_ U.S.1 access and exposure poor. 1
2 Jupiter, east side of Alternate A -t -A 12186 $415,000 33,792 sq.ft. $12.28 C -3 Alt. A1A and Sawfish Bay frontage . 1 -40% -20% -5% 0% $4.30
5128/149 almost directly across from Center 0.78 acres Alt. At frontage and exposure goo I
St reet.
3 Northwest corner of Ocean Cove Road 12186 $485,000 56,628 sq.ft. $8.56 C -3 Hotel built, located on the Intra- 1 -50% -30% -5% 45% $5.14
5124/1074 and US Hwy t (approx. 1/2 mile south 1.30 acres coastal south of the Jupiter Inlet. 1
of Indiantown Road), Jupiter U.S.1 access and exposure good. 1
I
4 Jupiter, east side of the Intra -•. 12/87 $350,000 27,878 sq.ft. $12.55 C -2 Office built on waterfront site, loc- 1 -50% -10% -5% 0% $4.39
5525/436 coastal Waterway, approx. 200' north 0.64 acres ated on the Intracoastal south of the
of Indiantown Road.
Jupiter Inlet, U.S.1 and Indiantown 1
Road access and exposure fair to I
poor. 1
I
5 West side of U.S. Hwy. 1, approx. 1/2 04/88 $555,000 75,333 sq.ft. $7.37 C -2 Office built on site, U.S.1 access 1 -40% -30% -5% 40% $4.79
5714 -0601 mile south of County Line Rd., Tequesta 1.73 acres and exposure good. 1
6 West side of U.S. Hwy. 1, approx. 500' 09/88 $775,000 sq.ft. $7.23 RH & CG Car dealership on site, U.S.1 access 1 -40% -30% -5% 40% $4.70
5795 -0473 south of County Line Rd., Tequesta 2.46 acres and exposure good. I
7 East Side of US Hwy 1_25 miles 10/88 $360,000 26,070 sq.ft. $13.81 R -3 Assembeled to adjacent property, 3 1 -40% -20% -5% 0% $4.83
785/330 north of County Line Road, Martin 0.60 acres waterfront location on the Intra- I
County coastal north of the Jupiter Inlet. 1
U.S.1 access and exposure poor.
8 East side of US Hwy 1, on the north 09/89 $300,000 21,600 sq.ft. $13.89 C -2 Good U.S.1 access and exposure, p 1 -40% -30% -5% 0% $3.47
785/330 side of Harbour Road South in unin- 0.50 acres topography. 1
corporated Palm Beach County.
9 West side of U.S. Hwy. 1, approx. 400' 01/90 $875,000 87,861 sq.It. $9.96 RH & CG Good U.S.1 access and exposure, p 1 -40% -20% -5% 5% $3.98
6327 -0237 south of County Line Rd., Tequesta 2.02 acres chased as if vacant, with old didap-
ilated buildings located on site.
10 Southeast corner of Old Jupiter Beach 01/90 $565,000 60,722 sq.ft. $9.30 C -2 Good Alt. Al exposure and access 1 -40% -30% -5% 10% $3.26
1 63411776 Rd. and Alt. AtA, Jupiter 1.39 acres
CALLAWAY & PRICE, INC. 19
Commercial Sales Analysis
We have reviewed a variety of sales of commercial land. The properties shown on the
• facing chart, in our opinion, are the most comparable to the Subject Property. The sales
utilized were analyzed on a price per square foot basis. The price per square foot is the
unit of comparison that is used in the marketplace for this type of property.
We have carefully reviewed all of the comparables and considered each with regard to
financing, date of sale, location, access, shape and size. All of the comparables had
conventional financing , or financing that did not impact the sale. Therefore, no
adjustments were made, nor any cash equivalency performed. On an unadjusted basis,
the comparables ranged from $7.23 to $13.89 per square foot.
The second adjustment considered was for any increase or decrease in value with
respect to time. An example of this is best illustrated by the sale and resale of the same
property. In addition to the comparable sales utilized, we attempted to pair other
comparable sales to extract an adjustment for time. The results indicated that commercial
rates have leveled out and, with a few exceptions, have remained unchanged over the last
year or so. This, in our opinion, is a result of the tremendous amount of vacant
commercial space, both office and retail, that is currently on the market. Add to this
oversupply, the current slowdown in the economy, the bank lending crisis, and the
slowdown in new arrivals to the area, and we have a stagnant commercial real estate
market. Additionally, the number of completed projects on the market due to
bankruptcies, foreclosures, or other negative occurrences has adversely impacted many
proposed projects since, in many cases, it is cheaper to buy existing properties than to
build.
In summary, from our analysis of the market, it appears that there was an upward trend
in land values through 1988, but due to economic conditions, commercial land values
have stagnated since then. Consequently, we have not adjusted the sales for time.
All of the comparable sales utilized were located in the Jupiter/Tequesta /northern Palm
Beach County area. The sales were located on U.S. Highway 1, Alternate A -1 -A, and
Indiantown Road. The Subject Property is located on Tequesta Drive, which is
considered inferior to all of the comparables' locations, as represented by lower
comparative traffic counts and less commercial activity. Additionally, the Subject Property
is located approximately 120 feet back off Tequesta Drive so its exposure is poor. We
have utilized direct comparison to abstract an adjustment for location /exposure. We have
directly compared vacant commercial sales (not utilized in this report) similar in every
• other characteristic except main road frontage /exposure. Based on this direct
comparison, we have abstracted an adjustment range between 12% to 50% for a poor
location with no main road frontage or exposure. Consequently, all of the sales have
CALLAWAY & PRICE, INC. 20
been adjusted downward between 40% to 50% for location /exposure to better equate
them with the Subject Property.
• The next adjustment considered was for access. The Subject Property has access via
a shared entrance /exit drive for the neighboring property to the west. This access is
considered poor. We have analyzed the comparable sales utilized as well as other sales
within the market in order to abstract on adjustment for poor access. Although the
comparable sales utilized did not provide any evidence of an adjustment we are aware
of sales with no access (landlocked) that consistently indicate a 50% adjustment for
access. Based on this information, it is our opinion that a downward adjustment for
access between 10% to 30% for the comparables utilized would be appropriate.
The Subject Property is irregularly shaped and thus presents a design or development
difficulty not typical with the comparables utilized. Although no adjustment could be
abstracted from the comparable sales utilized or the market, it is our opinion that some
adjustment should be made. Consequently, we have adjusted all the comparables
downward 5% for shape, to better equate them with the Subject Property.
The next adjustment considered was for any variation in the sales price due to size. The
comparables range from .5 acres to 2.46 acres. The Subject Property contains .868
• acres or 37,810 square feet. The comparable sales bracket the Subject Property in terms
of size. Based on direct comparison amongst the comparable sales utilized, we have
adjusted sales 3, 5, 6, 9 and 10 to better equate them with the Subject Property. These
sales, when compared with Sales 2, 4, 7 and 8 (which are very similar in size to the
Subject Property) indicated upward adjustments. Consequently, these sales were
adjusted between 5% to 45% for size.
Conclusion
After adjustments, the data ranged from $3.26 to $5.14 per square foot with an average
of $4.33 per square foot.
Based on the comparable sales utilized, it is our opinion that the Subject Property has an
indicated value of $4.00 per square foot. Consequently, the Market Value of the Fee
Simple Estate of the Subject Property, as of the appraisal date, is calculated as follows:
$4.00 /sq.ft. @ 37,810.08 sq.ft. _ $151,240
Rounded, $150
•
ADDENDA
VACANT LAND SALES
18000 i
F.BRUSH DR LArn
U
v O a
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pIHKD!`LE
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' Jupiter
I
utdv Pine.\ 24 A I i
'ehavioral ° Hell 1
Health ` L -A Gate i
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Center I A c Sal I
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Children, �2� a
—� -- 'w m
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Jp°H Cr 0 oJO° i o1 e
O O 9 I C
L O W O> H z¢ v a
3: x W a o c ° ° ; Kiwanis
cc: J 2 Q Q m} Q W IL L ! s ;Recreation
uj ;
° m ° m TER O� - Park I sa�� M ARTIN COU
O Q Cone `
a l ark St untY Li
a J Ro ert St o PA % ACH COUNTY
N
6 _ U wi� St 6 P� gar O
E r' y Russell l St
:HI O EPT = U C ��-� P WOODLAN R
%QINESCTr �' �� i r e �I F Y POPLAR RD SA UPOINTE BAY
F Pine Hill Tr _ _ L. 4 , "ARBOR DR 0
E 3 To 6� ��c °a�ad a ;;a i �d
& , i ron 1NNAMOIV/ e II O `•' aCY ES Saf jv%%el 707 CO
o PL Ja O 1¢ �L CIR \ S C
1 C�. 0_ O o T CC L�--- YPR 55 Pad a le -,
Rive,PiRes a�
---b aRidge La CT S o P
b r rth Drro --' c� Q e n {-- [�
^ "r O e (\O HAYy Willow y P O
25 Z- PL PI etree Cir 0-
■ 30 IN •- °�,� C� --
" ��RS�v,� Q S- - Coral Cove
Rid wood ( AZALEA ° _ Park
Westwood c1R 9 I - - -
c Ave Cir I ;Fashion j
Nicole Cir v -2 ConStitutionCamellla o�� i Mall T sLa ,
> - Q —Q Rd c7 Pezk - -ICir o �{
Gallery; �� ° �QUESTA L aterstia Rd _
,` o o` TEQUESTA S SC vin Rc:ree � y U e ues Coral U3
- 37
p ` w �'Q Be V t lage rgen P > Par� 4 Plaza. pt P
p dZ a E > ;v t Q QDaY Rd Br,d eRd �Pebbe i
o o Q Q CHURCH d c PI in
w Y RD ei hRd p "s ¢
"-r' — TQI FRANKLIN ' .- g N m Cove Rd
Rivet DOYEq CIR Rd 0: RD 2 U, Nor k Windsor Rd ip 5'w Rd
Bever) Rd > > > Cc.
v Q Q Q oc
t�ood�Rd °C aC c' Beve Rd Riverside Ne No �v O I E i E Park n I
Frazier N (�
O o (J
L o Dr pC c V an w, E o
el =` _ 107
o Q o JuDiter a _ O
VACANT COMMERCIAL LAND SALES MAP
O - 1 I ` Dolphin C% I
U h L Pa k
I(( I
Y Park
t) Plantation c T O Q
La // C Ct ' Q J c E NOC
Holly AR s
_- c
u m �� O O 0
t .� ` c tar. 3 Jv w c c c I .
w 2 po Q �° ° A rt'av _ c o I d C
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a E
o b
v A — n, 3_. Q � 0 - ► - d o T 40 S 3
a o/ La C _Cheyenne St 0 �` d > Center _E
lr Co„ y���,. '; —�y N rthview Dr Q Q a P Je achtc E f
e > Orr\j d Comanche Whitney Ci E Whitne > Edmun ' St SYC PO Club vi
E p a I= w o » �St W O YD O o Jupiter 0 S �a
• L _ rn v D► d
y/ �vI J 3 y - Portawalorr»e �\ Cir °' JUnO > $t
n`4 m '° r > Y St. � � � 0 „—° v c Q E gan us
k �( d o Hawie oSt -j O L 7 S
Chi pewa St t O t Huh t anus e „ St ?
�R � ewa ~ St _ O Laird Dr a Q o l 9
y rr �w Ara at) �Ldl- R ver oo La 3 3 Evernia O St Old Ju itr
y y W `� p e o n Call PI
� °C rs s St Q Stillwater ;P� \e P r``� �� L I Kenn St �)upiter
Sene St -� 1� ti a a 1 oncourse
a S ca =
y o A ix� E Apix Fern CJB� Village
sIMS C EEK S N SenecaQStc Kane PI' Fern St I
IM u
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r t _ — c Cir jr 7 St � t
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REEK LA W Ya d outhview Dr
2 0
'Plaza' c --
106 3:�- Jupiter own 1 ST
Melaleuca La v �_ Shop NCtr ,,, w ,,,
Q O y Oak Cir Q u > > X
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CALLAWAY & PRICE, INC.
QUALIFICATIONS - ROBERT J CALLAWAY MAI SRA CRE
• Academic Degree
Bachelor of Science Degree in Business Administration from North Georgia College, 1957.
Appraisal Education and Experience
Completed and passed the following courses by the 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
Completed and passed Society of Real Estate Appraisers Course - Appraising
Apartments.
Engaged in full -time real estate appraisal activity since 1960.
Principal - Callaway & Price, Inc. since February, 1972.
Appraisal activity and experience includes most all classes and kinds of improved and
vacant real property for many different purposes, including investment decisions,
mortgage lending, estates, condemnation, accounting and taxation purposes.
Qualified as an expert witness in the Circuit Courts of Palm Beach, Martin, St. Lucie,
Broward and Dade Counties, and the Federal District Courts of the Southern District of
Florida and South Carolina.
Professional Affiliations
Member, Appraisal Institute, with MAI #4618 Designation and SRA Designation.
Member, American Society of Real Estate Counselors, CRE Designation.
Registered Real Estate Broker 0012597, State of Florida.
State- Certified General Appraiser RZ0000505, State of Florida.
Appraisal Organization Activities
Society of Real Estate Appraisers:
• Past President, Palm Beach Chapter No. 200, 1971 -1972
Chairman, Analysis Level Courses Sub - Committee, 1984 -1987
Member, National Education Committee, 1984 -1987
CALLAWAY & PRICE, INC.
QUALIFICATIONS - ROBERT J. CALLAWAY - Continued
Appraisal Organization Activities - Continued
• American Institute of Real Estate Appraisers:
Past President, South Florida Chapter No. 24, 1976
Recipient - Professional Recognition Award, 1976, 1977, 1978
Member - Governing Council, 1978 -1981
Member - National Education Committee, 1979 -1981
Chairman - National Education Committee, 1981
Member - Executive Committee, 1981
Chairman - Education /Admissions Liaison, 1981
Approved Instructor for
Appraisal Institute:
Course IB - Capitalization Theory & Techniques
Course II - Case Studies and Real Estate Valuation;
Valuation Analysis and Report Writing
Course 101 - Basic Introduction
Course 201 - Appraising Income Properties
Course 202 - Applied Income Property Valuation
Teaching Experience:
The following courses bave been taught by Robert J. Callaway on both a national level
(Appraisal Institute Pr&sentation) and a local level (Chapter Presentation) over the past
15 years:
1) Course IB - Parts I, 11 & III
2) Course II - Parts A & B
3) Course 101
4) Course 201
E 5) Course 202 (Natiional level only)
Various Institute semiinars on a variety of appraisal subjects on both a national and local
level.
Author of
"Condominiums Revisitted ", Appraisal Journal, October, 1975.
• "Valuation Analysis arad Report Writing Course ", American Institute of Real Estate
Appraisers, 1979.
"Computer Application§ Seminar ", American Institute of Real Estate Appraisers, 1980.
"Income Property /Financial Calculator Applications Seminar ", American Institute of Real
Estate Appraisers, 1980.
r r
CALLAWAY & PRICE, INC.
(QUALIFICATIONS - ROBERT J. CALLAWAY - Continued
Author of : - Continued
"Cash Flow Modelling for Bright Beginners ", a seminar presented on behalf of the
American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers,
1983.
"Appraising Condominiums ", a seminar for the Society of Real Estate Appraisers, 1988.
•
CALLAWAY & PRICE, INC.
QUALIFICATIONS - ROBERT A, CALLAWAY - Continued
Research/Appraisal Experience
Golf Courses Vacant Industrial Property
Hotels Market /Feasibility
Vacant Commercial Land
CALLAWAY & PRICE, INC.
QUALIFICATIONS - ROBERT A. CALLAWAY - Continued
Research /Appraisal Experience
• Golf Courses Vacant Industrial Property
Hotels Market /Feasibility
Vacant Commercial Land