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ADDITIONAL COMMENTS Borrower or Owner N/A Property Address 4740 58TH AV city VERO BEACH County INDIAN RIVER state FL zip coda 32967 Lender or Client INDIAN RIVER COUNTY Legal INTENDED USE OF THE APPRAISAL THE INTENDED USE OF THE APPRAISAL IS TO AID THE USER IN NEGOTIATIONS TO ACQUIRE RIGHT OF WAY BY PURCHASE OR BY EMINENT DOMAIN OF A PART OF THE SUBJECT FOR THE IMPROVEMENT OF 58TH AVENUE. THE ROAD IMPROVEMENTS PLANNED CONSIST OF IMPROVEMENTS OF 58TH AVENUE TO FUNCTION AS A DIVIDED FOUR LANE ROAD (NORTH AND SOUTH LANES WITH TURNING LANES AS NECESSARY. THE RIGHT OF WAY BEING ACQUIRED IS 67 FEET ALONG THE FRONTAGE OF THE SITE (WEST END). THE INTENDED USER OF THE REPORT IS INDIAN RIVER COUNTY AND ITS REPRESENTATIVES CHARGED WITH ACQUISITION OF RIGHT OF WAY FOR STREET IMPROVEMENTS. JUST COMPENSATION JUST COMPENSATION IS DEFINED, IN CONDEMNATION, AS THE AMOUNT OF LOSS FOR WHICH A PROPERTY OWNER IS COMPENSATED WHEN HIS OR HER PROPERTY IS TAKEN; SHOULD PUT THE OWNER IN AS GOOD A POSITION PECUNIARILY AS HE OR SHE WOULD BE IF THE PROPERTY HAD NOT BEEN TAKEN; GENERALLY HELD TO BE MARKET VALUE, BUT COURTS HAVE REFUSED TO RULE THAT IT IS ALWAYS EQUIVALENT TO MARKET VALUE. SOURCE: THE DICTIONARY OF REAL ESTATE APPRAISAL, APPRAISAL INSTITUTE SCOPE OF THE APPRAISAL THE FOCUS OF THE APPRAISAL IS TO PROVIDE THE APPRAISER'S OPINION OF JUST COMPENSATION FOR PARTIAL TAKING OF THE SUBJECT AS IF PART OF A CONDEMNATION PROCEEDING. THIS IS ESTIMATED BY COMPARISON OF THE ESTIMATED MARKET VALUE OF THE WHOLE PARCEL TO THE ESTIMATED MARKET VALUE OF THE REMAINDER AFTER THE TAKING AND CONSIDERATION OF THE PUBLIC IMPROVEMENT PLANNED. HOWEVER, IT IS THE APPRAISER'S OPINION THAT THE SUBJECT HOUSE WILL HAVE SIMILAR MARKETABILITY AFTER THE TAKING COMPARED TO ITS BEFORE TAKING VALUE. THE SUBJECT HOUSE CURRENTLY SETS BACK FROM THE ROAD 130 FEET. THE PROPOSED RIGHT OF WAY TAKING HAS A DEPTH OF 67 FEET RESULTING IN AN AFTER THE TAKING CONDITION OF A 63 FT. SET BACK, WHICH IS SUFFICIENT IN THE APPRAISER'S OPINION TO SUPPORT SIMILAR FUNCTIONALITY OF THE SUBJECT RESIDENCE IN ITS UTILITY TO ITS FUNCTIONALITY PRIOR TO THE TAKING. FOR THIS REASON IT IS THE OPINION OF THE APPRAISER THAT JUST COMPENSATION FOR THE PROPOSED TAKING CAN BE REASONABLY ESTIMATED BY DIRECT MEASUREMENT CONSISTING OF THE LAND VALUE OF THE PART TAKEN, PLUS CONTRIBUTORY VALUE OF SITE IMPROVEMENTS IN THE TAKING, PLUS SEVERANCE DAMAGES RESULTING FROM THE TAKING. SEVERANCE DAMAGES WILL RESULT FROM THE TAKING BECAUSE THE REMAINDER SITE IMPROVEMENTS WILL BE DIMINISHED IN VALUE AFTER THE TAKING. THE DIMINISHMENT IN VALUE WILL BE REFLECTED IN THE COSTS NECESSARY TO REDESIGN AND CONSTRUCT SITE IMPROVEMENTS TO SUPPORT INGRESS AND EGRESS FOR CONTINUED USE OF THE REMAINDER AS A RESIDENCE. SUCH WORK WILL CONSIST OF DESIGNING A NEW DRIVE CONNECTION TO THE NEW ROAD AND CONNECTING IT TO EXISTING REMAINING CONCRETE DRIVEWAY. ALSO NEW BRICK STANDARDS WILL NEED TO BE ADDED TO MARK THE ENTRANCE. THE REMAINING POND AREA WILL NEED TO BE FILLED AND THE FRONT LANDSCAPING WILL NEED TO BE UPDATED TO INTEGRATE WITH THE NEW ACCESS PLAN AND FRONTING IMPROVEMENTS. THE SCOPE OF THIS ASSIGNMENT CONSISTS OF COLLECTING AND ANALYZING DATA REGARDING THE PROPERTY BEING APPRAISED. JUDGEMENTS ARE MADE REGARDING ITS MARKET APPEAL AND THEN COMPARISONS ARE MADE USING STANDARD APPROACHES TO VALUATION - THE COST APPROACH AND MARKET APPROACH. A THIRD TYPE OF APPROACH THE INCOME APPROACH IS NOT GENERALLY USED IN THE APPRAISAL OF MOST RESIDENCES BECAUSE OF THE PRIMARY USE AS OWNER OCCUPIED DWELLINGS, AND THE SCARCITY OF DATA AVAILABLE TO SUPPORT THIS APPROACH. MARKET DATA SUPPORTING THE MARKET APPROACH CONSISTS OF SALES AND LISTING DATA FROM LOCAL MLS, PUBLIC RECORDS, BROKERS, AND INFORMATION FROM PRIOR APPRAISALS MADE. COST DATA IS SUPPORTED BY PUBLISHED COST DATA FOUND TO HAVE LOCAL RELEVANCE AND FROM ANALYZED KNOWN COSTS OF LOCAL RESIDENCES. LAND VALUES ARE ESTIMATED BASED ON COMPARISONS TO SALES OF VACANT SITES AND SITE VALUES INDICATED INHERENT IN IMPROVED SALES. THE DATA USED IS LIMITED TO MARKETS WITHIN INDIAN RIVER COUNTY. BECAUSE DIRECT VALUATION WILL BE USED TO ESTIMATE JUST COMPENSATION THE ONLY APPROACH USED WILL BE THE COST APPROACH WHICH WILL CONSIST OF ESTIMATING LAND VALUE OF THE PART TAKEN, PLUS ESTIMATION OF CONTRIBUTORY VALUE OF SITE IMPROVEMENTS WITHIN THE TAKING, AND COSTS RESTORE FUNCTIONALITY OF ACCESS AND LANDSCAPING RESULTING FROM THE TAKING. Neighborhood THIS IS THE LEADING AREA OF GROWTH IN THIS QUADRANT AND THERE ARE SCATTERED NEWER SUBDIVISIONS SOME WITH NEW CONSTRUCTION CURRENTLY BEING CONDUCTED. ECONOMICALLY THE SUBJECT PROPERTY IS IN A COMPETITIVE SEGMENT OF HOUSES THAT ARE OLDER, TYPICALLY BUILT PRIOR TO 2000 THAT REPRESENT OLDER SUBDIVISIONS AND PROPERTIES LIKE THE SUBJECT BUILT ON UNPLATTED RESIDENTIAL SITES. ACCESS TO SERVICES IS GOOD WITH TOWN CENTER SERVICES BEING 3-5 MILES EAST AND SOUTH. Site 224 ARMFIELD & WAGNER Page 2 of 14