summary appraisal report

Transcription

BASS & ASSOCIATES, INC.
CONSULTING APPRAISERS
●
PLANNERS
●
ECONOMISTS
VENICE OFFICE
362 Center Court
Venice, Florida 34285-5509
Phone: (941)496-4114
Fax: (941)496-4884
[email protected]
MAIN OFFICE
1953 Eighth Street
Sarasota, Florida 34236-4226
Phone: (941)954-7553
Fax: (941)952-9440
[email protected]
Send Mail to Main Office
www.bassandassociatesinc.com
Tracy L. Hiney
State-Certified General Real Estate Appraiser RZ2314
Richard W. Bass, MAI/AICP
Stephen A. Garcia
State-Certified Residential Real Estate Appraiser RD5620
Robert J. Fletcher, MAI/AICP/CCIM
Brenda D. Bailey
Susan M. Fletcher
SUMMARY APPRAISAL REPORT
CHARLOTTE COUNTY MOTORSPORTS PARK
24 +/- ACRES OF VACANT LAND
8655 PIPER ROAD
PUNTA GORDA, FLORIDA 33982
FOR
GARY P. QUILL, EXCUTIVE DIRECTOR
CHARLOTTE COUNTY AIRPORT AUTHORITY
28000 AIRPORT ROAD, SUITE A-1
PUNTA GORDA, FLORIDA 33982
EFFECTIVE DATE OF VALUE
FEBRUARY 7, 2013
DATE OF APPRAISAL REPORT
FEBRUARY 11, 2013
FILE # 13-126
● Licensed Real Estate Broker ●
CONSULTING APPRAISERS
●
PLANNERS
VENICE OFFICE
362 Center Court
Venice, Florida 34285-5509
Phone: (941)496-4114
Fax: (941)496-4884
[email protected]
●
ECONOMISTS
MAIN OFFICE
1953 Eighth Street
Sarasota, Florida 34236-4226
Phone: (941)954-7553
Fax: (941)952-9440
[email protected]
Send Mail to Main Office
www.bassandassociatesinc.com
Tracy L. Hiney
Stephen A. Garcia
Robert J. Fletcher, MAI/AICP/CCIM
Brenda D. Bailey
Susan M. Fletcher
February 11, 2013
Gary P. Quill, Executive Director
Charlotte County Airport Authority
28000 Airport Road, Suite A-1
Punta Gorda, Florida 33982
RE:
A Summary Appraisal Report
24 +/- Acres Vacant Land
Charlotte County Motorsports Park
8655 Piper Road
Punta Gorda, Florida 33982
Dear Mr. Quill:
As requested, we have conducted the required investigation, gathered necessary data,
and made certain analyses in order to render an “as if” vacant opinion of value for the
24.00 acre site identified as Charlotte County Motorsports Park. .
The scope of this assignment is to render a market value opinion of the subject “as if”
vacant land, excluding any site and vertical improvements for the 24+/- acre parcel.
The subject property is located east of the Charlotte County Airport off of Piper Road in
unincorporated Punta Gorda.
This summary appraisal report sets forth the identification of the subject property,
assumptions and limiting conditions, pertinent facts about the subject area, comparable
data, and the reasoning leading to the final value conclusions. Only the Sales
Comparison Approach to vacant land is applicable in the valuation of the subject.
● Licensed Real Estate Broker ●
The subjects land area was calculated from Charlotte County GIS mapping system and
is estimated to contain 24 acres, MOL. No certified land survey was provided to the
appraisers. If the land area is determined to be significantly different from our
estimation, this valuation assignment will need to be updated.
This appraisal is based on aerial views of the property, public records obtained on the
property, information from Charlotte County Airport Authority along with the investigation
and analyses undertaken, and subject to the General and Special Assumptions and
Limiting Conditions.
Based upon the attached appraisal report our opinion of value for the subject property
“as if” vacant on February 7, 2013 is $43,560 per acre. The parcel under appraisal is 24
+/- acres, resulting in a value opinion of:
ONE MILLION FORTY FIVE THOUSAND DOLLARS
$1,045,000
Based on the comparables various sizes and tight value range, whether the parent tract
is 24 acres or 20 acres has no measurable difference in the per acre value indication.
This value opinion does not take into consideration prior years unpaid assessments.
This letter must accompany the attached report consisting of 28 pages plus the related
addendum in order for the value opinion set forth to be considered valid. Digitally
signed copies of the appraisal report represent a copy of the original. Only manually
signed and sealed reports are originals.
Should you have any questions, please do not hesitate to contact me.
Respectfully submitted,
Attachment
File # 13-126
February, 2013
SUMMARY OF SALIENT FACTS AND IMPORTANT CONCLUSIONS
PROPERTY TYPE:
Vacant Land
PROPERTY IDENTIFICATION:
ID # 412315300801
LOCATION:
8655 Piper Road, Punta Gorda, Florida 33982
OWNER:
DATE OF VALUE:
February 7, 2013
DATE OF REPORT:
February 11, 2013
PROPERTY RIGHTS APPRAISED:
Fee Simple
LAND SIZE:
24.00 Acres or 1,045,440 Square Feet
IMPROVEMENTS:
Various (not included in this analysis)
ZONING:
ECAP; Enterprise Charlotte Airport Park
FUTURE LAND USE:
Enterprise Charlotte Airport Park
File # 13-126
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February, 2013
HIGHEST AND BEST USE:
Future development with a mixed
manufacturing or distribution facility.
use
“AS IF” VACANT OPINION OF VALUE
$1,045,000
File # 13-126
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February, 2013
TABLE OF CONTENTS
Item
Page
SUMMARY OF SALIENT FACTS ................................................................................... 1
PURPOSE, USE & USERS OF APPRAISAL .................................................................. 4
SCOPE OF WORK.......................................................................................................... 4
Appraoches to Value ................................................................................................... 4
Subject Market Area................................................................................................. 5
Research .................................................................................................................. 5
Property Rights Appraised ....................................................................................... 5
Definitions .................................................................................................................... 6
Exposure Time ............................................................................................................ 6
History of Subject......................................................................................................... 6
SUBJECT PROPERTY DESCRIPTION .......................................................................... 7
Location Description .................................................................................................... 7
Ownership ................................................................................................................ 7
Zoning/FLU .............................................................................................................. 8
Assessed Value & Taxes ......................................................................................... 8
Flood Data ................................................................................................................... 8
Location Maps ............................................................................................................. 9
Site Description ......................................................................................................... 10
Subject Aerials ........................................................................................................... 11
HIGHEST AND BEST USE ........................................................................................... 12
As Vacant .................................................................................................................. 13
SALES COMPARISON APPROACH ............................................................................ 14
VACANT LAND VALUE INDICATION ........................................................................... 28
Addenda
Certificate of Appraisal
General Assumptions and Limiting Conditions
Regional & County Data
Flood Zone Information
Appraisers Qualifications
File # 13-126
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February, 2013
PURPOSE, USE AND USERS OF THE APPRAISAL
The purpose of this valuation assignment is to render an opinion of market value for the
subject property “as if” vacant land. This appraisal is subject to the assumptions and
limiting conditions contained herein. The intended use of this appraisal is for internal
business decisions of our client. The client and intended users of this appraisal
assignment include the Charlotte County Airport Authority and related entities.
SCOPE OF WORK
Research and analysis of market information over the past two years has been
collected in order to prepare an estimate of value for the subject. We analyzed current
and historical market conditions in the immediate area, and other factors affecting the
property, in order to determine the use and marketability of the subject.
Following this, three approaches to estimating value were considered: the Cost
Approach, Income Approach and Sales Comparison Approach. The scope of this
assignment is to render a market value opinion for the subject property “as if” vacant.
Therefore, only the Sales Comparison Approach is applicable.
The subject of this assignment is a 24 +/- acre site located within the Enterprise
Charlotte Airport Park. The property is currently utilized as the Charlotte County
Motorsports Park. As this assignment is to value the underlying land only, no
consideration has been given to the site or vertical improvements.
Approaches to Value
The appraiser typically estimates the property's value using three general approaches to
value. These are the Cost Approach, the Sales Comparison Approach, and the Income
Approach. Some properties require only one or two of the approaches to value due to
property type or other circumstances. The final analysis is the reconciliation of the
applied approaches to value, to arrive at a final value conclusion.
In the Cost Approach, value is estimated by measuring the market value of land, adding
the replacement cost of any improvements, and subtracting depreciation for physical or
market shortcomings of those improvements. This approach is most applicable to new
or special purpose properties.
The Sales Comparison Approach is used both to estimate the value of vacant land and
of improved property. The appraiser gathers data on sales and analyzes the nature and
condition of each sale, making adjustments for differences with the subject. The Sales
Comparison Approach gives a good indication of value when sales of similar properties
are available. Properties actively listed for sale are also considered and sometimes
utilized in the valuation analysis.
File # 13-126
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February, 2013
For the Income Approach, the appraiser gathers income and expense data concerning
both the subject and similar properties. This is used to estimate a net annual income of
the subject property. This amount is then capitalized to produce an indication of market
value. The Income Approach is not applicable to value vacant land.
This appraisal utilizes only the Sales Comparison Approach to vacant land.
Subject Market Area
The subject market area was established to encourage quality industrial development
and allow for mixed use development with enhanced architectural and landscaping
standards. The Charlotte County Airport is situated just east of the subject site.
Development within the Enterprise Charlotte Airport Park offers incentives from
Charlotte County for infrastructure costs. Such incentives are beneficial for large
corporations to development new headquarters in this area.
There are a number of vacant parcels available for sale within the Charlotte Airport
Park. Many of the sites are in the Airport Commerce Center which offers sites between
2 and 30 acres with infrastructure in place including off site retention to allow for
maximum development potential of the vacant site. These parcels are listed from
$3.00-$4.00 per square foot.
Research
Sales research focused primarily on recent sales and active listings of vacant industrial
and commercial acreage located in Charlotte and Lee Counties. Sites between 10 and
40 acres were the primarily focus of our search.
Data was gathered from various sources, including county public records, Loopnet, Gulf
Coast Business Review and CoStar realty services. Active real estate professionals
and local participants in the market were contacted to gage market conditions. Various
public and private sources were used to find and confirm data on sales to the best of
our ability. Final value conclusions were drawn after a thorough analysis and
reconciliation of the available data.
Susan Fletcher conducted the majority of the research and analysis of the subject and
comparable properties. Richard Bass performed a thorough review of the subject
appraisal and has previously inspected the subject property.
PROPERTY RIGHTS APPRAISED
The property rights being appraised consist of the fee simple estate. The appraiser
assumes no responsibility for matters of a legal nature affecting the property appraised
or its title; nor does the appraiser render any opinion as to the title, which is assumed to
be good and marketable.
File # 13-126
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February, 2013
DEFINITIONS
Market Value is defined as follows:
"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 and knowledgeably, and assuming the price is
not affected by undue stimulus. Implicit in this definition are the
consummation of a sale as of a specified date and the passing of title from
seller to buyer under conditions whereby:
1.
2.
3.
4.
5.
buyer and seller are typically motivated;
both parties are well informed or well-advised, and acting in what
they consider their own best interests;
a reasonable time is allowed for exposure in the open market;
payment is made in terms of cash in U.S. dollars or in terms of
financial arrangements comparable thereto; and
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."11
EXPOSURE TIME
Exposure time is the amount of time the property is assumed to have been marketed
prior to a hypothetical sale of the subject as of the date of value.
In our opinion, a reasonable exposure time for the subject is between twelve and twenty
four months. This is taking into account the property's location to the airport, incentives
available for buyers within this zone district, amount of vacant sites available in the
immediate area and market factors in the area effecting exposure time of other mixed
use properties.
HISTORY OF SUBJECT
The subject property is owned by the Charlotte County Airport Authority and has not
transferred within the past ten plus years. The site is currently leased to the Punta
Gorda Speedway. No land lease information was provided to the appraisers.
A search of local listing services did not reveal any active listings for the subject
property. To the best of the appraiser knowledge the property is not actively listed for
sale or under contract for purchase.
1
Department of the Treasury, Office of Comptroller of the Currency, Board of Governors of the Federal
Reserve System, FDIC, Office of Thrift Supervision and National Credit Union Administration under 12 CFR Part 34,
Real Estate Appraisals and Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989
(FIRREA) and the Interagency Appraisal and Evaluation Guidelines, Federal Register, V. 75 No. 237, December 10,
2010.
1
File # 13-126
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February, 2013
SUBJECT PROPERTY
PROPERTY LOCATION AND AREA
The subject is located south of Airport Road along the west side of Piper Road in
unincorporated Charlotte County. The site address is 8655 Piper Road, Punta Gorda
Florida 33982.
This area is developed primarily with large manufacture and distribution centers within
the boundary of the Charlotte County Airport. Publix is planning the development of a
900,000 square foot distribution center just south of the subject site. Cheney Brothers
recently purchased property is the EACP area for development of a 250,000 square foot
warehouse.
PROPERTY OWNER NAME AND ADDRESS
According to the public records of Charlotte County, Florida, the owner of record for the
subject property is:
% William Kevin-Punta Gorda Speedway
P.O. Box 381049
Murdock, Florida 33938
ZONING DESIGNATION
The subject is located within the ECAP; Enterprise Charlotte Airport Park which is
intended to create a mixed use zoning district which enhances and promotes economic
development within its boundaries as well as within the county. Details regarding this
zoning district can be found at the website http://www.municode.com/library/FL.
FUTURE LAND USE DESIGNATION
The subject’s future land use designation is also identified as the Enterprise Charlotte
Airport Park.
It should be noted that land use regulations, including zoning and comprehensive plan
regulations, frequently change. Although the information summarized in this report is
deemed reliable, no warranty for its accuracy is implied. More detailed information
pertaining to the subjects future land use is located within the appraisal file and
available upon request.
File # 13-126
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February, 2013
ASSESSED VALUATION AND TAXES
The subject is identified by Charlotte County Appraisers Office by parcel identification
numbers. Assessed values for 2012 are as follows.
PARCEL
TOTAL JUST
VALUE
ASSESSED VALUE
TOTAL REAL
ESTATE TAX
412315300801
$420,611
$420,611
$8,610.21
Past Due
2011
$9,931.61
Past Due
2010
$12,258.05
Total Due
$30,799.87
The properties millage rate is 16.99140 for Ad Valorem taxes.
several years of property taxes are past due.
Per public records
FLOOD ZONE
According to flood hazard maps compiled by the Federal Emergency Management
Agency the subject parcel is identified within the “AE” flood zone which is a special flood
hazard area subject to inundation by the 1% annual chance flood with base flood
elevations determined of 20 and 21 feet. Also within the “X” flood zone which identifies
areas outside .02% annual chance floodplain.
File # 13-126
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February, 2013
Subject Location Maps
File # 13-126
9
February, 2013
PROPERTY DESCRIPTION
SITE DESCRIPTION
Location:
Short Legal
Description:
The subject property is located in the southeast quadrant of
Interstate 75 and Airport Road in Punta Gorda. The site address is
8655 Piper Road, Punta Gorda, Florida 33982.
CC Dev Auth Lease Hold for Bldgs. 252A-B-C CDA 000 0000
CCSW CC Dev Auth Charlotte County Speedway Land Lease.
Area & Shape:
The subject parcel contains approximately 24 +/- acres or
1,045,440 square feet and is irregular in shape.
Access:
The subject parcel has two ingress and egress drives off of Piper
Road
Drainage:
A small retention area is visible in the northwest corner of the
parcel.
Utilities:
County water, electrical power, telephone and internet service are
available to the property. It is unknown if sewer is currently
available to the site.
Easements and
Encroachments:
File # 13-126
The subject is assumed to be encumbered by typical utility
easements which do not negatively affect the subject site.
10
February, 2013
SUBJECT PHOTOGRAPHS
Aerial View of the Subject
Aerial of Subject
File # 13-126
11
February, 2013
HIGHEST AND BEST USE
Highest and Best Use is defined by the Appraisal Institute in, The Appraisal of Real
Estate as follows:
The reasonably probable and legal use of vacant land or an improved
property that is physically possible, appropriately supported, and
financially feasible and that results in the highest value.2
Implied in this definition is that the determination of highest and best use takes into
account the contribution of a specific use to the community and community
development goals, as well as the benefits of that use to individual property owners.
Hence, in certain situations the highest and best use of land may be for parks, green
belts, preservation, conservation, wildlife habitats and the like.
TESTS OF HIGHEST AND BEST USE
In analyzing the Highest and Best Use of the subject property, a number of physically
possible uses are considered. These physically possible uses are then analyzed in light
of the highest and best use tests of legality, financial feasibility and maximal productivity
of the property.
The tests of highest and best use are normally applied to a property both as if vacant
and ready for development and as currently improved. The scope of work is to render
an opinion for the subject property “as if” vacant. Therefore, only the highest and best
use as vacant is considered applicable.
Highest and Best Use “As Vacant”
Physically Possible
The subject is an irregular shaped parcel containing approximately 24 +/-acres of
gross land area. The property is accessible from Piper Road and located in the
Enterprise Charlotte Airport Park. This area is identified as a Brownfield
boundary. However, we have no specific details regarding the subject parcel and
include an extraordinary assumption that the parcel does not suffer from adverse
environmental conditions.
The subject is large enough to handle a variety
commercial use development permitted within the subject’s zone district.
Legally Permissible
The subject’s future land use designation and current zone district is identified as
ECAP; Enterprise Charlotte Airport Park. This is a mixed use zoning district
which enhances and promotes economic development within its boundaries as
well as within the county. A variety of manufacturing, distribution and storage
facilities are located in the subject area.
2
The Appraisal of Real Estate, Thirteenth Edition, Appraisal Institute, 2008.
File # 13-126
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February, 2013
Financially Feasible
For a project to be financially feasible, it has to provide a positive rate of return
for an investor. Investors look to the marketplace to determine the likely
investment return of any given property and the riskiness of the investment.
These are functions of a property’s location, whether it meets a market need, its
site utility and a number of other factors.
The Enterprise Charlotte Airport Park is a special designated area with
approximately 4,300 acres, including the Punta Gorda Airport. This land area
encourages industrial and mixed use development. Charlotte County has
implemented an infrastructure incentive program to help developers off-set the
cost of development in the park. More recently businesses and homeowners
within the Enterprise Zone will qualify for tax advantages and other incentives if
specific criteria are met.
Businesses in the area include Peace River Distributing (Budweiser), Bonny Bell
Ice Cream and Southeastern Freight Lines. Large corporations planning
development in the immediate area include Publix and Cheney Brothers
Incorporated.
There are a number of vacant sites available for sale in the Airport Park area.
Most of the vacant parcels are located at the Airport Commerce Center a 375
acre industrial park with master off-site retention and infrastructure in place. The
sites available range from 2 up to 30 acres and are listed for $3.75/SF to
$5.00/SF. Several parcels have been on the market for upwards of three years.
The Airports Parks location east of Interstate 75 and close to a small but thriving
airport is appealing to businesses looking to expand in the southwest market of
Florida. Also the planned widening of Piper Road, along which the subject is
located, will improve marketability.
Maximally Productive
Among the financially feasible uses which would likely provide the highest rate of
return is the highest and best use. The maximally productive use of the subject
is to hold for future development of a manufacturing and/or distribution
warehouse.
HIGHEST AND BEST USE CONCLUSION
The highest and best use for the subject parcel is for future development of an
industrial or mixed use type facility.
File # 13-126
13
February, 2013
SALES COMPARISON APPROACH
The Sales Comparison Approach is based upon the principle of substitution, which
implies that a typical investor will not pay more to buy or rent a property than it would
cost to buy or rent a comparable substitute property as of the valuation date.
An assumption made in this approach is that there exists a market for the property type
being appraised, and that data on recent sale prices of similar, competitive properties in
the same market are “arms’ length” transactions which indicate a most probable sale
price for the subject, as of the date of value. Although individual sales sometimes
deviate from typical market norms, a sufficient number will tend to reflect the pattern of
prices in a particular market.
There are five basic steps in the application of the Sales Comparison Approach:
I.
II.
III.
IV.
V.
Research the market to obtain information on sales transactions, listings, and
offers to purchase or sell properties that are similar to the subject property in
terms of characteristics such as property type, date of sale, size, location, and
zoning.
Verify the information by confirming that the data obtained are factually accurate
and that the sales reflect arms’ length market considerations. Verification may
also elicit additional information about the market.
Select relevant units of comparison (e.g., income multipliers or dollars per acre or
per square foot) and develop a comparative analysis for each unit.
Compare comparable sale properties with the subject property using the
elements of comparison and adjust the sale price for each comparable
appropriately to the subject property or eliminate the sale property as a
comparable.
Reconcile the various value indications produced from the analysis of
comparables into a single value indication or a range of value. In an imprecise
market subject to varying occupancies and economies, a range of values may be
a better conclusion than a single value estimate.3
The Sales Comparison Approach has been utilized to estimate the value of the subject.
The unit of measure utilized is the price per square foot of vacant land. We have
developed one set of sales.
In the course of market investigation, both industrial and commercial zoned acreage
which transferred during the two years preceding the date of value were investigated
and analyzed from the perspective of their utility as reliable value indicators for the
subject. Those sales that best approximated the subject in land area, location, market
appeal and overall utility were selected for use in the comparative analysis. These
sales are briefly described as follows:
3
File # 13-126
The Appraisal of Real Estate, Appraisal Institute, Thirteenth Edition, 2008
14
February, 2013
Land Sale No. 1
Property Identification
Record ID
Property Type
Address
Location
Tax ID
Sale Data
Grantor
Grantee
Sale Date
Deed Book/Page
Property Rights
Conditions of Sale
Financing
Sale History
Verification
File # 13-126
237
Industrial
East of Interstate 75 south of Airport Road, Punta Gorda,
Charlotte County, Florida 33982
Charlotte County Airport Area
412316200007
Charlotte County
Cheney Bros, Inc.
February 14, 2012
BK 3631 PG 1971
Fee Simple
Arm's Length
$2,000,000 Mortgage w/ BOA
No sales within the prior five years
Other sources: County Public Records & Charlotte County
Officials , Confirmed by Susan Fletcher
15
February, 2013
Land Sale No. 1 (Cont.)
Sale Price
Cash Equivalent
Downward Adjustment
Adjusted Price
$2,500,000
$2,500,000
$795,000 Credits for Property Taxes, etc.
$1,705,000
Land Data
Zoning
Topography
Utilities
Shape
ECAP
Level
Electric Only
Square
Land Size Information
Gross Land Size
Useable Land Size
35.005 Acres or 1,524,818 SF
35.005 Acres or 1,524,818 SF , 100.00%
Indicators
Sale Price/Gross Acre
Sale Price/Gross SF
$71,418 Actual or $48,707 Adjusted
$1.64 Actual or $1.12 Adjusted
Remarks
The buyer Cheney Bros. plans to construct a 250,000 square foot distribution center. The site was
offered to Cheney in conjunction with a 10 year abatement of real property taxes (general revenue
portion) and the fact that Charlotte County would pay to extend utilities and a road to the site
(total cost estimated at $795,000). The Airport Authority has also agreed to provide off-site
retention for the subject. This was all done through the Charlotte County Economic Development
Office in an effort to attract Cheney Brothers to the area. The subject site was not listed for sale
on the open market.
File # 13-126
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February, 2013
Land Sale No. 2
Record ID
Property Type
Address
Location
Tax ID
238
Commercial
798 Tamiami Trail, Port Charlotte, Charlotte County, Florida
33954
Eastern Charlotte County
402101356001
Sale Data
Grantor
Grantee
Sale Date
Deed Book/Page
Property Rights
Conditions of Sale
Financing
Sale History
Verification
M & I regional Properties, LLC
WBF Florida Properties 111 LLC
July 25, 2012
BK 3677 PG 1113
Fee Simple
Bank Sale
All Cash
Prior sale January 2005 $1,300,000
Other sources: Public Records , Confirmed by Susan Fletcher
File # 13-126
17
February, 2013
Sale Price
Cash Equivalent
$325,000
$325,000
Land Data
Zoning
Topography
Utilities
Dimensions
Shape
Depth
CG; Commercial General
Generally Level
All Available
563.60 X 575, MOL
Square
575
Gross Land Size
Useable Land Size
Front Footage
7.400 Acres or 322,344 SF
7.400 Acres or 322,344 SF , 100.00%
563 ft Total Frontage: 563 ft Along Tamiami Trail
Indicators
Sale Price/Gross SF
Sale Price/Useable Acre
Sale Price/Useable SF
$43,919
$1.01
$43,919
$1.01
Remarks
Site was purchased for future development of a KIA Dealership.
File # 13-126
18
February, 2013
Land Sale No. 3
Record ID
Property Type
Address
Tax ID
239
Commercial
202 Tamiami Trail, Punta Gorda, Charlotte County, Florida
33954
402103126001
Sale Data
Grantor
Grantee
Sale Date
Deed Book/Page
Property Rights
Marketing Time
Conditions of Sale
Financing
Sale History
Eagle FL I SPE, LLC
WBF Florida Properties III, LLC
December 18, 2012
BK 3722 PG 77
Fee Simple
22 Months
Bank Sale from BB&T
All Cash
Prior sale 08/2005 $15,681,900
File # 13-126
19
February, 2013
Verification
Matt Stepan w/ Premier Commercial; 239-992-1200, February
11, 2013; Other sources: Public Records & Loopnet, Confirmed
by Susan Fletcher
Sale Price
Cash Equivalent
$3,100,000
$3,100,000
Land Data
Zoning
Topography
Utilities
Shape
CG; Commercial General
Generally Level
Water & Sewer need to be extended
Triangular
Gross Land Size
Front Footage
76.920 Acres or 3,350,618 SF
3200 ft Along US Highway 41;2700 ft Along Hillsborough
Indicators
Sale Price/Gross SF
$40,302
$0.93
Remarks
According to the broker this was a straight forward bank sale. The owners plan to utilize 15 to 20
acres for a future car dealership and subdivide the remaining acreage into potential outparcels.
Ten acres of the site, along US Tamiami Trail is being acquired by the DOT for Road Widening.
Previous list price was $3,900,000.
File # 13-126
20
February, 2013
Land Sale No. 4
Record ID
Property Type
Address
Tax ID
240
Industrial
16100 Lee Road, Fort Myers, Lee County, Florida 33912
04-46-25-00-00001.0210
Sale Data
Grantor
Grantee
Sale Date
Deed Book/Page
Property Rights
Conditions of Sale
Sale History
Verification
Synovus Bank
16100 Lee Road, LLC
September 21, 2012
2012000210414
Fee Simple
Bank Sale
Prior sale 09/2006 $2,841,500
Other sources: Public Records
Sale Price
Cash Equivalent
$450,000
$450,000
Land Data
Zoning
Utilities
Shape
IPD; Industrial Planned Development
All Available
Primarily Rectangular
File # 13-126
21
February, 2013
Gross Land Size
Useable Land Size
11.860 Acres or 516,622 SF
11.860 Acres or 516,622 SF , 100.00%
Indicators
Sale Price/Gross SF
Sale Price/Useable Acre
Sale Price/Useable SF
$37,943
$0.87
$37,943
$0.87
File # 13-126
22
February, 2013
Land Listing No. 5
Record ID
Property Type
Address
Location
Tax ID
241
Mixed Use
27350 Jones Loop Road, Punta Gorda, Charlotte County, Florida
33982
Airport Area
412323100004
Sale Data
Grantor
Survey Date
Property Rights
Marketing Time
Conditions of Sale
Financing
Sale History
Santa Ana Holdings LLC
February 08, 2013
Fee Simple
1 Month
Bank Listing
All Cash
Last Sale 10/2007 $3,091200
File # 13-126
23
February, 2013
Land Listing No. 5 (Cont.)
Verification
NAI Southwest Florida Inc.; 239-437-3330, February 08, 2013;
Other sources: Public Records & Loopnet , Confirmed by Susan
Fletcher
Listing Price
Cash Equivalent
$2,200,000
$2,200,000
Land Data
Zoning
Utilities
Shape
ECAP
Available in Area
Square
Gross Land Size
Front Footage
40.550 Acres or 1,766,358 SF
1300 ft Along Jones Loop Road
Indicators
Sale Price/Gross SF
$54,254
$1.25
Remarks
Bank owned property located along Jones Loop within the ECAP zone area.
File # 13-126
24
February, 2013
IMPROVED COMPARABLE LOCATION MAP
File # 13-126
25
February, 2013
File # 13-126
26
February, 2013
ADJUSTMENTS
Adjustments are made when support is available to modify the comparables for
dissimilarities with the subject. Aspects for adjustment typically include: terms and
conditions of the sale, including property rights, financing, conditions of sale, market
conditions; and adjustments for property features including: size, location, development
potential vesting and/or zoning.
Property Rights, Financing and Condition of Sale
The subject is assumed to be a fee simple transfer of title, with typical financing, and an
arm's length sale. The sale comparables all transferred under these conditions. Land
sale one is identified as a brown field site and has been approved for an ad valorem tax
exemption and reimbursements for utility extension. This sale was adjusted downward
$795,000 per the maximum agreement approved by Charlotte County.
Market Conditions
The market for industrial development in the subject Enterprise Zone has stalled over
the past three years due to the economic downturn and difficulty obtaining financing for
new manufacturing development. There is substantial vacant acreage and lot inventory
within the Airport Commerce Park and Enterprise Zone. Four of the five comparables
identified in our analysis were bank owned properties which were exposed to the market
and meet criteria for an arm’s length market transaction. No direct adjustments are
applied to the grid for market conditions. An active listing is also considered, however it
is not anticipated to sell at its list price.
Location
The subject is located in the southeast quadrant of Interstate 75 and Airport Road in
Punta Gorda, Florida. The comparable parcels are located throughout Punta Gorda,
Port Charlotte and Fort Myers. Comparables one, four and five are situated in industrial
developed areas. Comparables two and three are located along Tamiami Trail, which is
a highly traveled roadway.
While no direct adjustment for location differences is
applied to the grid this factor is taken into consideration in our final conclusion of value.
Land Size
The subject parcel consists of approximately 24.00 gross acres. The comparable
acreage ranges from 7.40 to 76.91 acres in gross land area. The tight range of values
of the comparable acreage does warrant an adjustment for size difference.
Zoning
The subject is zoned ECAP which encourages mixed use development to enhance and
promote economic development. The comparables are zoned for either industrial
/mixed use development or commercial. The ECAP district offers incentives for new
development which are not afforded to comparables two thru four. While no direct
adjustments were applied for differences in zoning it is considered in the final value
analysis.
File # 13-126
27
February, 2013
VACANT LAND VALUE INDICATION
The range of values for the vacant land comparables after consideration of adjustments
is from $.87/SF to $1.25/SF per square foot. The appraiser's task is to apply judgment
and experience to develop an opinion which reflects the subject's market value as
vacant of the effective date of value.
Comparable one is similar in location and size to the subject parcel. This property was
approved for several incentives which ensured the buyer Cheney Brothers Inc. would
expand distribution facilities in the Punta Gorda Airport Park area. Comparable five is
an active listing of a bank owned site located also located within the ECAP zone district.
We anticipate this listing will transfer between 15% and 20% of its current list price.
Comparable one is considered the best indicator of value for the subject acreage.
Comparables two and three are both bank sales purchased by the same company for
future development of automotive dealerships. These properties have excellent
frontage along Tamiami Trail located west of Interstate 75.
These sites are
commercially zoned and not permitted for heavy distribution use such as the subject
property. Comparable four is located south in Fort Myers in an industrial use area.
In our opinion most consideration was applied to comparable one with secondary
consideration given to comparables two, three, four and five based upon utility of the
parcel. We estimate a unit value for the subject of $1.00/SF, multiplying this by the
estimated gross land area of 1,045,440 square feet indicates a land value of $1,045,440
rounded to:
$1,045,000
Note: This value would typically be adjusted in the marketplace for outstanding ad
valorem taxes for prior years.
File # 13-126
28
February, 2013
ADDENDUM
File # 13-126
February, 2013
REGIONAL/COUNTY DATA
File # 13-126
February, 2013
Richard Bass, BROKER, MAI
email: [email protected]
Web: RichardBass.IsAnExpert.com
8655 PIPER RD, PUNTA GORDA, FL, 33982
Copyright
Ó eNeighborhoods, Inc. (800)975-9742
Income
For Neighborhood Within Area of Punta Gorda
Median Income
State Income Ranking
$38,337
48th Percentile
National Income Ranking
43rd Percentile
Average Income
State Income Ranking Households With Children National Income Ranking
60th Percentile
$56,774
56th Percentile
Age Breakdown
Average Age = 39.6 Years
Prepared by Richard Bass, BROKER, MAI
Copyright
The accuracy of all information is deemed reliable, but is not guaranteed.
Household Characteristics
62.0% Married
29.8% With Children
Adult Education Level
81.4% High School Graduates
9.8% College Graduates
Copyright
Employment
Average Travel Time To Work = 28.9 Minutes
Income
For Area of Punta Gorda
Median Income
$41,392
56th Percentile
51st Percentile
Average Income
61st Percentile
$57,222
57th Percentile
Copyright
Population
Population = 36,999
Land Area = 527.9 Square Miles
State Density Ranking
6th Percentile
Population
Density
70
National Density Ranking
Population
Growth Rate
1.9%
National Growth Ranking
18th Percentile
Persons
Per Square Mile
State Growth Ranking
50th Percentile
Annualized
(Last 5 Years)
87th Percentile
Age Breakdown
Copyright
61.8% Married
13.3% With Children
Copyright
Employment
Income
For Charlotte County
Median Income
$38,640
60th Percentile
63rd Percentile
Average Income
59th Percentile
$53,578
65th Percentile
Copyright
Population
Population = 157,536
Land Area = 693.6 Square Miles
State Density Ranking
60th Percentile
Population
Density
227
National Density Ranking
Population
Growth Rate
2.2%
National Growth Ranking
86th Percentile
Persons
Per Square Mile
State Growth Ranking
56th Percentile
Annualized
(Last 5 Years)
90th Percentile
Age Breakdown
Copyright
59.7% Married
17.8% With Children
Copyright
Employment
General Facts
For Florida
Median Income:
Income (W/Children):
Population:
Land Area:
Population Density:
Nickname:
Capital:
Date of Statehood:
State Bird:
State Flower:
State Tree:
$38,985
$58,039
17,789,864
53,927 Square Miles
330 Persons Per Square Mile
Sunshine State
Tallahassee
March 3, 1845
Mockingbird
Orange Blossom
Sabal Palmetto Palm
Copyright
Age Breakdown
For Florida
For Florida
51.1% Married
28.6% With Children
Copyright
For Florida
Employment
For Florida
Copyright
CERTIFICATE OF APPRAISAL
I certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and is my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this
report, and no interest with respect to the parties involved.
I have provided no services with respect to the subject property within the last three
years.
I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a
stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
My analyses, opinions and conclusions were developed, and have been prepared in
conformity with the requirements of the Code of Professional Ethics and Standards
of the Professional Appraisal Practice of the Appraisal Institute.
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 & Standards of the Professional Appraisal Practice of the Appraisal Institute.
The use of this appraisal is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
I have NOT appraised the subject property within the three years prior to accepting
this appraisal assignment.
No one has provided significant professional assistance to the person(s) signing this
report.
As of the date of this appraisal, the undersigned has completed the continuing
education program of the Appraisal Institute.
___________________________________________
File # 13-126
February, 2013
CERTIFICATE OF APPRAISAL
I certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and is my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this
report, and no interest with respect to the parties involved.
I have provided no services with respect to the subject property within the last three
years.
I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a
stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
My analyses, opinions and conclusions were developed, and have been prepared in
conformity with the requirements of the Code of Professional Ethics and Standards
of the Professional Appraisal Practice of the Appraisal Institute.
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 & Standards of the Professional Appraisal Practice of the Appraisal Institute.
The use of this appraisal is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
I have NOT appraised the subject property within the three years prior to accepting
this appraisal assignment.
No one has provided significant professional assistance to the person(s) signing this
report.
As of the date of this report, I Susan Fletcher have completed the Standards and
Ethics Education Requirements of the Appraisal Institute for Associate Members.
___________________________________________
Susan M. Fletcher
File # 13-126
February, 2013
GENERAL ASSUMPTIONS
AND LIMITING CONDITIONS
File # 13-126
February, 2013
VALUATION ASSIGNMENT ASSUMPTIONS AND LIMITING CONDITIONS
A “valuation assignment” is one in which an appraisal is sought. An “appraisal” is defined
by USPAP as:
“the act or process of developing an opinion of value; an opinion of value”
The following Assumptions and Limiting Conditions apply (as may be applicable by
property type) to this Valuation Assignment:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
File # 13-126
As real estate analyst and appraiser, no responsibility is assumed for the legal description or for matters
including legal or title considerations. As we are not attorneys, any interpretations or opinions rendered are
not legal opinions. Title to the property is assumed to be good and marketable unless otherwise stated.
Unless otherwise set forth in our opinion of value, the property is appraised free and clear of any or all liens
or encumbrances known to the appraisers.
Responsible ownership and competent property management is assumed.
It is assumed that there are no hidden or unapparent conditions of the property, subsurface, surface, or
structures, that render it more or less valuable. No responsibility is assumed for such conditions or
arranging for engineering studies that may be required to discover any defects. We are not trained as
home inspectors or building inspectors.
It is assumed that there is full compliance with all applicable federal, state, and local environmental
regulations and laws unless specific noncompliance is known, defined, and considered in the appraisal
report.
It is assumed that all applicable zoning and use regulations and restrictions have been complied with,
unless a non conformity has been stated, defined, and considered in the appraisal.
All furnishings and equipment, unless specifically indicated, have been disregarded by the appraiser. Only
the real estate/real property has been considered.
If no survey of the subject property is provided to the appraiser, it is assumed the legal description and/or
current plat obtained from the public records closely delineates said property.
Physical condition of any improvements located above or below grade on the subject property is based on
visual inspection. No responsibility or liability is assumed for non-readily observable features or for the
soundness of structural members or below grade features.
The American with Disabilities Act ("ADA") became effective January 26, 1992. I have not made a specific
compliance survey or analysis of the subject property or comparables to determine whether or not there is
in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of
the property, together with a detailed analysis of the requirements of the ADA, could reveal that the
property is not in compliance with one or more elements of Act. If so, this fact could have a negative effect
upon the value of the property. Since I have no direct evidence relating to this issue, I did not consider
possible noncompliance with the requirements of ADA in estimating the value of the property.
Date of value to which conclusions and opinions expressed in this report apply, is set forth in the report.
Further, the dollar amount of the value opinion herein rendered is based upon the purchasing power of the
U. S. dollar existing on that date.
Appraiser assumes no responsibility for economic or physical factors which may affect the opinion of the
appraisal occurring at some date after the date of the value as set forth in the report.
Appraiser reserves the right to make adjustments to the valuation of the subject property, as may be
required by consideration of additional reliable data that may or may not have been discovered at the time
of the appraisal or which becomes available after the date of value/appraisal.
The opinion of value represents the best opinion of the analyst(s) as of the date of value and for the value
of the interested considered. If the appraisal is submitted to an entity other than the identified client, such
party should consider the subject appraisal in its entirety and only as one factor together with its own
independent investment considerations and underwriting criteria, in its overall investment decision.
The appraisal has been made in conformity with the Uniform Standards of Professional Appraisal Practice
(USPAP) as well as the Appraisal Institute’s Supplemental Standards.
Possession of a printed report or a copy thereof does not carry with it the right of publication or duplication.
It may not be used or relied upon for any purpose by any individual, group, company, governmental entity
or corporation other than the identified intended user(s) as set forth within the report.
The appraiser herein by reason of rendering an opinion of value is not required to give further consultation,
testimony or be in attendance in any court with reference to the property in question unless such
arrangements are in the original engagement agreement or separately agreed to by both parties to said
February, 2013
agreement.
Should a third party call upon the appraiser for testimony, either expert testimony or fact testimony, as a
result of this valuation assignment, the client is responsible for the appraisers’ professional fees and direct
expenses relative to any inquiry.
Neither all nor any part of the contents of the appraisal, expressed either orally or in writing (especially any
opinion as to value), the identity of the appraiser or the firm with which the appraiser is connected) shall be
disseminated to the public through advertising, public relations, news, sales materials, or other media
without the prior written consent and approval of the client and the appraiser.
A diligent effort to verify each comparable sale data. However, if personal contact is not possible, public
records will be relied upon for verification. Further, it is recognized that in the confirmation process there
exists the potential for misinformation, misleading information and fraudulent information being provided to
the appraiser. Should such misinformation, in any form, be provided to the appraiser, no responsibility or
liability is assumed by the appraiser. The information furnished by others is believed to be reliable.
However, no warranty is given for its accuracy. Certain data used in compiling the requested opinion of
value will be furnished by the client or others. Such data is assumed to be reliable and is verified when
practical. No representations are herein provided as to correctness or accuracy of such third party data.
Any photographs which may be apart of the valuation assignment are intended to reflect the general
character of the area, the subject and/or comparable data. Said photographs are for illustrative purposes
only.
Any maps or other graphic devices are intended to be illustrative and general in character and location.
The subject property and any comparable properties are best identified by official Appraisers Parcel
Number issued by the applicable Office of the County Property Appraiser.
Payment of the appraisal fee and any direct expenses as set forth in any engagement agreement for
appraisal services constitutes the level of exposure of the appraiser individually or appraisal firm. It is
mutually agreed that non-payment of the professional fee(s) and/or applicable direct expenses as set forth
in the engagement agreement may result in the filing of a lien upon the subject property to secure payment
of said fees and costs as well as any other applicable remedies at law. In the event of a claim against the
appraiser(s) or the appraisal firm, in connection with or in any way relating to the subject report or this
engagement, the maximum damage recoverable shall be the amount of the monies actually collected by
Bass & Associates, Inc. and under no circumstances shall any claim for consequential damages be made.
If a written report is provided as part of the valuation assignment, used to support an oral opinion of value,
said report is conditioned as a preliminary report only and subject to change including Condition Number
13 above, as well as any relevant interpretation or reinterpretation of the applicability of any provision of the
Uniform Standards of Professional Appraisal Practice, as may be amended from time to time.
Particularly applicable to any assignment which has the potential to result in litigation, any such written
appraisal report is done to support said oral testimony only and can only be relied upon as supporting said
testimony and not as a free standing document. In such cases, the opinion of value is prepared for the
“client”; any written report is prepared solely for use by the appraiser.
By use of the appraisal report or opinion of value, each party agrees to be bound by all of the Assumptions
and Limiting Conditions, and any applicable Hypothetical Conditions and/or Extraordinary Assumptions
stated within the final report or final opinion of value.
During the research and analysis process of the valuation assignment, additional “specific” assumptions
and/or limiting conditions may be appropriate for the opinion value sought. If so, they will be set forth
separately to specifically identify same.
Confidentiality of the appraiser/client relationship is controlled by Florida Statues and applicable
implementing Rules, as well as those of professional membership in the Appraisal Institute. The appraiser
may not divulge confidential data to third parties without consent of the client. Our understanding of
applicable laws and rules of the State of Florida is that they are more restrictive than those of the GrammLeach-Bliley Act of 1999.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
EXTRAORDINARY ASSUMPTION
•
File # 13-126
For the purposes of this appraisal assignment we conclude that this site is not
identified as an active Brownfield Designated Parcel.
February, 2013
FLOOD ZONE DATA
File # 13-126
February, 2013
FLOOD MAP
According to flood hazard maps compiled by the Federal Emergency Management Agency
the subject parcel is identified within the “AE” flood zone which is a special flood hazard
area subject to inundation by the 1% annual chance flood with base flood elevations
determined of 20 and 21 feet. Also within the “X” flood zone which identifies areas outside
.02% annual chance floodplain.
FLOOD INSURANCE
NFIP: This community participates in the National Flood Insurance Program (NFIP). The NFIP makes
federally backed flood insurance available for all buildings, whether they are in a floodplain or not. Flood
insurance covers direct losses caused by surface flooding, including a river flowing over its banks, a lake or
ocean storm, and local drainage problems.
The NFIP insures buildings, including mobile homes, with two types of coverage: structural and contents.
Structural coverage is for the walls, floors, insulation, furnace, and other items permanently attached to the
structure. Contents coverage may be purchased separately provided the contents are in an insurable
building.
Mandatory Purchase Requirement: The mandatory purchase requirement applies to all forms of federal Or
federally related financial assistance for buildings located in a Special Flood Hazard Area (SFHA). This
requirement affects loans and grants for the purchase, construction, repair, or improvement of any publicly or
privately owned building in the SFHA, including machinery, equipment, fixtures, and furnishings contained in
such buildings.
Financial assistance programs affected include loans and grants from agencies such as the Department of
Veterans Affairs, Farmers Home Administration, Federal Housing Administration, Small Business
Administration, and Federal Emergency Management Agency. The requirement also applies to secured
mortgage loans from financial institutions, such as commercial lenders, savings and loan associations,
savings banks, and credit unions that are regulated, supervised or insured by Federal agencies such as the
Federal Deposit Insurance Corporation and the Office of Thrift Supervision. It also applies to all mortgage
loans purchased by Fannie Mae or Freddie Mac in the secondary mortgage market.
How it Works: Before a person can receive a loan or other financial assistance from one of the affected
agencies or lenders, there must be a check to see if the building is in a Special Flood Hazard Area (SFHA).
The SFHA is the base (100-year) floodplain mapped on a Flood Insurance Rate Map (FIRM). It is shown as
one or more zones that begin with the letter "A" or "V".
Copies of the FIRM are available for review in most local government building or planning departments.
Many lenders and insurance agents also have copies. It is the agency's or the lender's responsibility to check
the FIRM to determine if the building is in an SFHA, although many communities provide assistance.
If the building is in a SFHA, the agency or lender is required by law to require the recipient to purchase a flood
insurance policy on the building. The requirement is for structural coverage equal to the amount of the loan
(or other financial assistance) or the maximum amount available, whichever is less. The maximum amount
available for a single-family house is $250,000.
The mandatory purchase requirement does not affect loans or financial assistance for items that are not
covered by a flood insurance policy, such as vehicles, business expenses, landscaping, and vacant lots. It
does not affect loans for buildings that are not in the SFHA, even though a portion of the lot may be flood
prone. While not mandated by law, a lender may require a Flood Insurance Policy as a condition of a loan for
a property in any zone on a Flood Insurance Rate Map.
Source: Federal Emergency Management Agency (FEMA)
File # 13-126
February, 2013
APPRAISERS’ QUALIFICATIONS
File # 13-126
February, 2013
QUALIFICATIONS OF RICHARD W. BASS
Economic conditions, land use, zoning, environmental (flora/fauna), hazardous contamination and a
myriad of other development regulations and limitations all impact the valuation process. This
analyst has been involved with the development of various forms of land use regulations
(comprehensive plans, zoning ordinances, & sign codes), has planned projects, reviewed proposed
projects from a governmental regulation viewpoint and developer viewpoint; has conducted real
estate appraisals, reviewed appraisals for lenders, local governments and developers; diminution in
value/detrimental condition appraisals; has conducted market studies, feasibility studies, absorption
studies, project analysis, parking studies, and highest and best use studies; and, has been involved
in numerous eminent domain cases including impact analysis, diminution in value cases (hazardous
contamination properties), valuation of easements, title policy cases, sign valuation, appraisal
review and preparation of appraisals for both the private and public sectors for litigation purposes.
PROFESSIONAL AFFILIATIONS/MEMBERSHIPS
Appraisal Institute
American Institute of Certified Planners (retired)
American Economic Association
National Association of Business Economist (retired)
American Planning Association
National Society of Appraiser Specialists (retired)
American Marketing Association
National Society of Environmental Consultants (retired)
National Association of Master Appraisers National Golf Foundation, Professional Member
International Association of Assessing Officers
MAI
MSA
BCBA
EAC
AICP
CRA
-
PROFESSIONAL DESIGNATIONS
Member Appraisal Institute
Master Senior Appraiser
Board Certified Business Appraiser (retired)
Environmental Assessment Consultant (retired)
American Institute of Certified Planners (retired)
Certified Review Appraiser (retired)
STATE OF FLORIDA LICENSES
Real Estate Broker License, BK 0378343
General Appraiser, Instructor's Permit GA 1000062 (Inactive)
EXPERT WITNESS
Qualified in Federal and Florida Circuit Courts as an expert witness: Real Estate Appraiser, Land
Planner, and Economist.
Topics include:
File # 13-126
Real Estate Appraisal/Sign Valuation
Land Planning/Zoning/Comprehensive Planning
Economist/Marketing
February, 2013
LOCAL & STATE GOVERNMENT APPOINTMENTS
Current Special Hearing Magistrate Past
State Appraisal Board
Council Member
Board Member
Special Hearing Master
Value Adjustment Board Sarasota County, FL
Expert witness for the Appraisal Board, Department
Of Business & Professional Regulation, State of FL
Reinventing Government Council, Sarasota
County
Rosemary Redevelopment Advisory Board
Sarasota, FL
Value Adjustment Board, Sarasota County, FL
LOCAL & STATE GOVERNMENT APPOINTMENTS
COMMITTEES
Past
Save Our Bays Association - President, Board of Directors (local)
Parking Committee - City of Sarasota Redevelopment Department (local)
Technical Advisory Committee - City Comprehensive Plan (local)
School Board Advisory Committee - Sarasota School Board (local)
Sarasota Chamber of Commerce - Committee for Economic Development (local)
PUBLICATIONS/ARTICLES
If its Zoned, Why Can't I Build On It?, NARA/MU, 1985 Scottsdale, AZ,
What's a Sign Worth, Death of a Retailer, SignsOfTheTimes, ST Publications, Inc., 1996
Cincinnati, OH
The Economic Worth of On-Premise Signage, Research and Valuation Techniques,
Claus, R. James; Bass, Richard W., 1998 Sherwood, OR
Are Planners Truly Planning for the Economic Well Being of Their Community and for
Themselves, Overview, FPZA, 1998 Tallahassee, FL
Sign = More Revenue, Fewer Print Ads, SignsOfTheTimes, ST Publications, Inc., Jan.
1999 Cincinnati, OH
Do Signs Economically Benefit Non-Profits? SignsOfTheTimes, ST Publications, Inc.,
2006 Cincinnati, OH
Valuation of the Primary Guidance System for our Mobile Society, Appraising OnPremise and Other Forms of Signage for Optimal Asset Management; Robert J. Claus,
Ph.D., Edwin Baker, Richard Bass, MAI/AICP, Signage Foundation, 2001
File # 13-126
February, 2013
SPEAKING ENGAGEMENTS
1995 -
Speaker,
1996 -
Speaker,
1998 -
Instructor,
1998 -
Speaker,
1999 -
Speaker,
2000 -
Speaker,
2003 -
Speaker,
2004 -
Speaker
2004 - Speaker
2005 - Speaker
2006 - Speaker
2006 - Speaker
2006 - Speaker
2006 - Instructor
2011 - Speaker
2011 - Speaker
File # 13-126
"Sign Valuation - Case Studies" Signs and Land Use Controls Conference,
Reston, Virginia
"Sign Valuation - What's A Sign Worth?" Identity Management
Conference, Pinehurst, N.C.
“Appraisal Practices for Valuation/Evaluation of the Commercial/Retail
Site and Its Signage”, including Case Studies, Signage Foundation,
Orlando, FL.
"Establishing Value for a Commercial Site's Visibility Component",
National Sign Users Conference on Sign Regulations and Marketing,
International Sign Association (ISA), Orlando FL.
“The On-Premise Business Sign, What Its Really Worth & How to Prove
It”, National City Planners & Sign Users Conference, Mid West Sign
Association & Signage Foundation for Communication Excellence, Inc.,
Columbus, OH.
“The Value of On-Premise Signage and Dealing with Local
Government”, International Council of Shopping Centers, CenterBuild
Conference, Scottsdale, AR.
“The Impact of Sign Regulation on Market Activities and Business
Valuation” Best Practices Manual Commercial and Political Place Based
Speech Regulations, National Signage Research Symposium ; U.S. Small
Business Administration & Signage Foundation for Communication
Excellence, Inc.
“Commercial and Political Place-Based Speech Regulations” Toward a
Best Practices Manual, National Signage Research Symposium Workshop;
U.S. Small Business Administration & Signage Foundation for
Communication Excellence, Inc.
“The Value of On-Premise Signs“ CLE International, Tampa, Florida.
“Implementation of Best Practices in Commercial Placed-Based
Signage” National Signage Research Symposium; U.S. Small Business
Administration, University of Nevada at Las Vegas College of Business, &
Signage Foundation for Communication Excellence, Inc., Las Vegas, NV.
“Valuation of the Primary Guidance System for our Mobile Society,
Appraising On-Premise and Other Forms of Signage for Optimal Asset
Management”, Transportation Research Board, National Academy of
Science, Washington DC.
“The Advertising Value of Digital Imaging and Signage”, Case Studies,
The Signage and Graphics Summit, SGIA and ISA, Palm Harbor, Fl
“Legal & Appraisal Issues”, Signage and Identity Symposium, Las, Vegas,
NV
The Sign Valuation Process and Damage Calculations;
Time, Place and Manner Standards for Sign Regulations and Federal
Compensation Requirements;
Designing Effective Signage and Protecting the right to Use it;
Projections and Compensation for the Value of Signage Under Federal
Law; Signage & Identity Symposium, CLE for Attorneys and Appraisers; U.S.
Small Business Administration (SBA) & The Signage Foundation for
Communication Excellence, Las Vegas, NV
“An Appraisers View of the Value of Signage”, Signage and Graphics
Summit, ST Media Group International, Tampa, Fl
Planning for Sign Code Success, Seattle, Phoenix & Dallas, Continuing
Education, AICP/APA
February, 2013
GENERAL AND APPRAISAL EDUCATION
1976
1980
1980
1981
1983
1983
1984
1985
1986
1986
1986
1986
1987
1987
1987
1987
1988
1988
1989
1990
1991
1991
1991
1992
1992
1992
1993
1994
1994
1994
1995
1996
1997
1998
1998
1998
1998
-
1999
1999
1999
1999
1999
2001
2001
2001
2001
2001
2001
2001
-
2002
-
2003
2004
2004
2004
2004
2004
2004
2004
-
File # 13-126
Bachelor of Science in Urban Planning & Environmental Management
Transfer of Development Rights (TDR) in Florida
1A-1: Principles and Practices, AIREA
Transfer of Development Rights (TDR) in The U.S.
1A-2: Basic Valuation Procedures, AIREA
1B-1: Capitalization Theory, AIREA
8-3 Standards of Professional Practice, AIREA
1B-B Capitalization Theory, AIREA
1B-A: Capitalization Theory, AIREA
2-1: Case Studies in Real Estate Valuation, AIREA
HP-12C Basic and Advanced Seminars, AIREA
Analyzing Retail Opportunities, Market & Feasibility Techniques, Georgia Institute of Technology
R41b Seminar
Rates, Ratios & Reasonableness, AIREA
1986 IRS Tax Code & Real Estate Property Valuation, AIREA
4: Litigation Valuation, AIREA
Retail Market Analysis-CBD's & Neighborhood by the Georgia Institute
Retail Market Analysis, Georgia Institute of Technology, Atlanta, GA.
Professional Practice, Society of Real Estate Appraisers, Sarasota, FL.
Environmental Assessments for Real Estate; MCC, Bradenton, FL.
Strategic Retail Market Analysis; Georgia Institute of Technology
8-2: Residential Valuation Appraisal Institute.
Core Law; Florida Real Estate Commission
Standard of Professional Appraisal Practices Parts A & B, Appraisal Institute
EPA's Underground Storage Tank Requirements; Environmental Resource Center
Environmental Site Assessment; Lincoln Graduate Center
Professional Standards, USPAP Update, Core Law For Appraisers, Appraisal Institute
Comprehensive Appraisal Workshop, Ted Whitmer, Dallas, Texas.
Americans With Disabilities Act (ADA) Seminar, Appraisal Institute, Ft. Myers, FL
Sign Regulations, AICP, Chicago, IL
Highest & Best Use and Market Analysis Appraisal Institute, Tampa, FL
Core Law Review Seminar, Sarasota FL
Principles of Business Appraisal, Lincoln Graduate Center, NAMA, Orlando, FL
Transaction Brokerage & Agency, Florida Association of Realtors, Sarasota, FL
Valuation of Detrimental Conditions in Real Estate, Appraisal Institute, Miami, Fl.
430: Standards of Professional Practice, Appraisal Institute, Tampa, FL
Appraisal Practices Valuation/Evaluation of Commercial/Retail Site & Signage, Appraisal Institute, Orlando,
FL
1999 USPAP Review, The Appraisal Foundation, Washington, DC.
1999 USPAP Instructor Training, The Appraisal Foundation, Washington, DC.
Instructor Seminar, Florida Real Estate Commission & Real Estate Appraisal Board, Bradenton, FL
Florida Core Law, Florida Real Estate Commission, Bradenton, FL
Brokers Continuing Education, Real Estate, Sarasota, FL
2001 USPAP Update for Instructors & Regulators, Appraisal Foundation, Orlando, FL
Property Tax in Florida, Lorman Education Services, Sarasota, FL
Developing Golf Courses and Residential Communities, ULI, Charleston, SC
Apartment Appraisal, Appraisal Institute, Tampa, FL
Comprehensive Appraisal Workshop, Ted Whitmer, Tampa, FL
Realtor’s Core Law Update, Real Estate Education Company, Sarasota, FL
430 Standards of Professional Practice, Part C, Appraisal Institute, Tampa, FL2002
800:
Separating Real Property From Intangible Business Assets, Appraisal Institute, Boca Raton, FL
Environmental/Property Damage/Standards/Due Diligence, Valuation Strategies, Appraisal Institute, Toronto,
CA
2003 Instructors Continuing Education Seminar, Florida Real Estate Appraisal Board, Kissimmee FL
Brokers Continuing Education, Real Estate, Sarasota, FL
The Appraisal of Real Estate Conference, CLE International, (Faculty member) Tampa, FL
Business Practices and Ethics, Appraisal Institute, Boca Raton, FL
Inverse Condemnation, An Appraiser’s Dilemma, Appraisal Institute, Boca Raton, FL
USPAP Update & Core Law, McKissock, Sarasota, FL
Appraisers Liability in Residential Appraising, Appraisal Institute, Venice, FL
Appraising the Appraisal: Understanding the Appraisal Review Process, ABA, Appraisal Institute, Sarasota,
FL
February, 2013
2005
-
2005
2005
2006
2006
2006
2007
-
2007
2007
2008
2008
2008
2008
2008
2009
-
2009
2009
2010
2010
2010
2010
2010
2010
2010
2011
2012
2012
2012
-
File # 13-126
2005 Instructors Cont. Education, Core Law Update, Appraiser License Law Update, FREC/ FREAB,
Sarasota, FL
The Professional’s Guide to the URAR Form Report, Appraisal Institute, Ft. Myers, FL
th
26 Annual Legal Seminar, IAAO, Chicago, IL
Litigation Valuation, Appraisal Institute, Chicago, IL
USPAP Update, McKissock, Sarasota, FL
Eminent Domain, CLE International, Tampa, FL
2007 Instructors Cont. Education, Core Law Update, Appraiser License Law Update, REC & FREAB
Sarasota, FL
Valuing Real Estate in a Changing Market, Institute of Real Estate Studies, Sarasota, FL.
Analyzing Distressed Real Estate, Appraisal Institute, Sarasota, FL.
Florida State Law Update for Real Estate Appraisers, AI, St. Pete, FL
Florida Supervisor Trainee Roles and Rules, AI, St. Pete, FL
AI-100 Summary Appraisal Report Residential, AI, Sarasota, FL
Inspecting the Residential “Green House”, AI Rotonda, FL
National USPAP Update, AI, Sarasota, FL
2009 Instructors Cont. Education, Core Law Update, Appraiser License Law Update, REC & FREAB
Sarasota, FL
Department of Revenue, Value Adjustment Board Special Magistrate Training, FL
Business Practices and Ethics, Appraisal Institute, Ft. Lauderdale, FL
Appraisal Curriculum Overview, Appraisal Institute, Orlando, FL
Valuation by Comparison, Residential Analysis & Logic, Appraisal Institute, Bradenton, FL
National USPAP Update, AI, Sarasota, FL
Florida State Law Update for Real Estate Appraisers, Sarasota, FL
Florida Supervisor Trainee Roles and Rules, Sarasota, FL
Valuation of Detrimental Conditions in Real Estate - Update, AI, Tampa, Fl
Conservation Easement Valuation, AI, Ft. Lauderdale, FL
Analyzing the Effects of Environmental Contamination on Real Property, AI, Bradenton, FL
Trial Components: Recipe for Success or Failure, AI, Ft. Myers, FL
Fundamentals of Separating Real & Personal Property and Intangible Business Assets, AI, Orlando, FL
National USPAP Update, American Society of Appraisers, Sarasota, FL
February, 2013
SUSAN M. FLETCHER
Bass & Associates, Inc. has been involved with the development of various forms of land
use regulations (comprehensive plans, zoning ordinances, & sign codes), planned projects,
reviewed proposed projects from a governmental regulation viewpoint and developer
viewpoint; has conducted real estate appraisals, reviewed appraisals for lenders, local
governments and developers; has conducted market studies, feasibility studies, absorption
studies, project analysis, parking studies, and highest and best use studies; and, has been
involved in numerous eminent domain cases including impact analysis, appraisal review
and preparation of appraisals for both the private and public sectors for litigation purposes.
Ms. Fletcher is a State-Certified General Real Estate Appraiser and has been involved with
a variety of appraisal assignments for both the public and private sectors. At present, Ms.
Fletcher’s focus is on valuation and support services for commercial assignments.
APPRAISAL EXPERIENCE
Associate:
Bass & Associates, Inc. 2004 - Present
GENERAL AND APPRAISAL EDUCATION
1997
2004
2005
2005
2006
2006
-
2006
2007
2007
2007
2007
2007
-
2008
2008
2009
2009
2010
2010
2010
2011
2011
2012
2012
-
Bachelors of Science in Criminology, Florida State University, Tallahassee, Florida.
FREAB Registered Trainee Appraiser, AB-1, Ed Klopfer School of Real Estate, Tampa, Florida
USPAP, National Uniform Standards of Professional Appraisal Practice, Appraisal Institute, Tampa, Florida.
FREAB Certified Residential Appraisal, AB-II, Ed Klopfer School of Real Estate, Sarasota, Florida.
USPAP Update and Florida Law, McKissock School of Real Estate, Tampa, Florida.
Appraisal Trends, Disclosures & Disclaimers, Appraisal Review, McKissock School of Real Estate, Tampa,
Florida.
Course-310; Basic Income Capitalization, Appraisal Institute, Tampa, Florida.
A professional’s guide to Conservation Easements, Appraisal Institute, Las Vegas, Nevada.
Making Sense of GIM’s, OAR’s, and DCF’s, Appraisal Institute, Las Vegas, Nevada.
What’s in store for 2008? Appraisal Institute, Las Vegas, Nevada.
General Market Analysis and Highest & Best Use; Appraisal Institute, Boca Raton, Florida.
USPAP; National Uniform Standards of Professional Appraisal Practice, Cook Real Estate School, St.
Petersburg, Florida.
3-Hour Core Law & Florida Supervisor/Trainee Roles and Rules, Appraisal Institute, Tampa, Florida.
7-Hour USPAP Update, Appraisal Institute, Tampa, Florida.
Real Estate Finance, Statistics, and Valuation Modeling, Appraisal Institute, Tampa, Florida.
Appraisal of Local Retail Properties, Appraisal Institute, Ft. Myers, Florida
Business Practice & Ethics; Appraisal Institute, Orlando, Florida.
7-Hour USPAP Update; Appraisal Institute, Lakewood Ranch, Florida
3-Hour Florida Law & Supervisor/Trainee Roles and Rules; Appraisal Institute, Lakewood Ranch, Florida
General Appraiser Report Writing & Case Studies; Appraisal Institute, Tampa, Florida
Advanced Income Capitalization, Appraisal Institute, Maitland, Florida
7-Hour USPAP Update, McKissock School of Real Estate, Sarasota, Florida
3-Hour Florida Law, McKissock School of Real Estate, Sarasota, Florida
STATE LICENSES
File # 13-126
February, 2013

summary appraisal report

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