HomeMy WebLinkAbout2007-290 X200 7- 290
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AGREEMENT TO PURCHASE AND SELL REAL ESTATE
THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ("Agreement') is made
and entered into as of the _ day of June, 2007 , by and between Indian River County, a
political subdivision of the State of Florida ("County") , and Tylan Dean and Jeannette Parker,
husband and wife , 600 Ohio Ave . , St. Cloud , FL 34769 ("Seller"), who agree as follows:
1 . Agreement to Purchase and Sell . The Seller hereby agrees to sell to the County, a id the
County hereby agrees to purchase from Seller, upon the terms and conditions set forth n this
Agreement, that certain parcel of real property located in Indian River County, State of F orida
and more specifically described on Exhibit "A" attached hereto and incorporated b� this
reference , and any improvements thereon , together with all easements, rights and uses n )w or
hereafter belonging thereto (collectively, the "Property") .
2. Purchase Price , Effective Date . The purchase price (the "Purchase Price") for the
Property shall be Two Hundred Ninety Thousand Dollars ($290,000) . The P irchase Price shall
be paid on the Closing Date . The Effective Date of this Agreement shall be t ie date upon which
the County shall have approved the execution of this Agreement, either iy approval by the
Indian River County Board of County Commissioners at a formal meeting ( f such Board or by
the County Administrator pursuant to his delegated authority .
3. Title and Environmental Assessment. Seller shall convey marketable title to the Property
by warranty deed free of claims, liens, easements and encumbrances of i :cord or known to
Seller; but subject to property taxes for the year of Closing and covenants , re: tractions and public
utility easements of record provided (a) there exists at Closing no viola :ion of any of the
foregoing ; and (b) none of the foregoing prevents County's intended use and ievelopment of the
Property (" Permitted Exceptions").
3. 1 Seller shall within twenty one (21 ) days after the Effective Date provide the County with a
Title Insurance Commitment with respect to the Property. County shall within twenty one (21 )
days following receipt of the Title Insurance Commitment to deliver written notice to Seller of title
defects. Title shall be deemed acceptable to County if (a) County fails to deliver notice of
defects within the time specified , or (b) County delivers notice and Seller cures the defects within
forty five (45) days from receipt of notice from County of title defects ("Curative Period") . Seller
shall use best efforts to cure the defects within the Curative Period and if the title defects are not
cured within the Curative Period , County shall have thirty (30) days from the end of the Curative
Period to elect, by written notice to Seller, to: (i) to terminate this Agreement, whereupon shall be
of no further force and effect, or (ii) extend the Curative Period for up to an additional 90 days; or
(iii) accept title subject to existing defects and proceed to closing .
3.2 The County may at its option obtain a phase I environmental (hazardous materials)
assessment of the Property within forty five (45) days after the Effective Date . County shall
within fifteen ( 15) days following receipt of the ESA to deliver written notice to Seller of
environmental defects . The environmental status of the Property shall be deemed acceptable to
County if (a) County fails to deliver notice of defects within the time specified , or (b) County
delivers notice and Seller cures the defects within forty five (45) days from receipt of notice from
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ATTACHMENT !}
County of title defects ("Curative Period") . Seller shall use best efforts to cure the defects within
the Curative Period and if the title defects are not cured within the Curative Period, County shall
have thirty (30) days from the end of the Curative Period to elect, by written notice to Seller, to:
(i) to terminate this Agreement, whereupon shall be of no further force and effect, or ( ii) extend
the Curative Period for up to an additional 90 days; or (iii) accept title subject to existing defects
and proceed to closing.
4. Representations of the Seller.
4. 1 Seller is indefeasibly seized of marketable , fee simple title to the Property, and is the sole
owner of and has good right, title, and authority to convey and transfer the Property which is the
subject matter of this Agreement, free and clear of all liens and encumbrances.
4.2 From and after the Effective Date of this Agreement, Seller shall take no action which
would impair or otherwise affect title to any portion of the Property, and shall record no
documents in the Public Records which would affect title to the Property, without the priorwritten
consent of the County.
4. 3 There are no existing or pending special assessments affecting the Property, which are or
may be assessed by any governmental authority, water or sewer authority, school district,
drainage district or any other special taxing district.
5 . Default.
5 . 1 In the event the County shall fail to perform any of its obligations hereunder, the Seller
shall, at its sole option , be entitled to : ( i) terminate this Agreement by written notice delivered to
the County at or prior to the Closing Date and thereupon neither the Seller nor any other person
or party shall have any claim for specific performance , damages, or otherwise against the
County; or (ii) waive the County's default and proceed to Closing.
5 . 2 In the event the Seller shall fail to perform any of its obligations hereunder, the County
shall , at its sole option , be entitled to: (i) terminate this Agreement by written notice delivered to
the Seller at or prior to the Closing Date and thereupon neither the County nor any other person
or party shall have any claim for specific performance , damages or otherwise against the Seller;
or (ii) obtain specific performance of the terms and conditions hereof; or (iii) waive the Seller's
default and proceed to Closing :
6 . Closin .
6 . 1 The closing of the transaction contemplated herein ("Closing" and "Closing Date") shall
take place within 90 days following the Effective Date of this Agreement, subject to any
extensions as provided herein . The parties agree that the Closing shall be as follows :
(a) The Seller shall execute and deliver to the County a warranty deed conveying marketable
title to the Property, free and clear of all liens and encumbrances and in the condition required by
paragraph 3.
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(b) The Seller shall have removed all of its personal property and equipment from the
Property and Seller shall deliver possession of the Property to County vacant and in the same or
better condition that existed at the Effective Date hereof.
(c) If Seller is obligated to discharge any encumbrances at or prior to Closing and fails to do
so, County may use a portion of Purchase Price funds to satisfy the encumbrances .
(d) . If the Seller is a non-resident alien or foreign entity, Seller shall deliver to the County an
affidavit, in a form acceptable to the County, certifying that the Seller and any interest holders
are not subject to tax under the Foreign Investment and Real Property Tax Act of 1980.
(e) The Seller and the County shall each deliver to the other such other documents or
instruments as may reasonably be required to close this transaction .
(e) Both parties will use their best efforts to proceed to closing as soon as possible , and to
close prior to the last date for closing to the extent possible .
6.2 Prorations. All taxes and special assessments which are a lien upon the property on or
prior to the Closing Date (except current taxes which are not yet due and payable) shall be paid
by the Seller. If the Closing Date occurs during the time interval commencing on November 2
and ending on December 31 , Seller shall pay all current real estate taxes and special
assessments levied against the Property, prorated based on the "due date" of such taxes
established by the taxing authority having jurisdiction over the Property. If the Closing Date
occurs between January 1 and November 1 , the Seller shall , in accordance with Florida Statutes
section 196. 295 , pay an amount equal to the current real estate taxes and assessments,
prorated to the Closing Date .
7. Closina Costs: Expenses. County shall be responsible for preparation of all Closing
documents.
7. 1 County shall pay the following expenses at Closing:
7 . 1 . 1 Any survey and phase I environmental assessment determined by County to be
necessary .
7. 2 Seller shall pay the following expenses at or prior to Closing:
7.2 . 1 All costs necessary to cure title defect(s) or encumbrances, other than the
Permitted Exceptions, and to satisfy or release of record all existing mortgages, liens or
encumbrances upon the Property.
7. 2 .2 The cost of recording the warranty deed and any release or satisfaction obtained by
Seller pursuant to this Agreement.
7. 2.3 Documentary Stamps required to be affixed to the warranty deed.
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7.2 .4 All costs and premiums for the owner's marketability title insurance commitment
and policy, if any.
7. 3 The Seller and County shall each pay their own attorneys' fees.
8 . Miscellaneous.
8. 1 Controlling Law. This Agreement shall be construed and enforced in accordance with the
laws of the State of Florida. Venue shall be in Indian River County for all state court matters,
and in the Southern District of Florida for all federal court matters.
8 .2 Condemnation . In the event that all or any part of the Property shall be acquired or
condemned for any public or quasi-public use or purpose , or if any acquisition or condemnation
proceedings shall be threatened or begun prior to the Closing of this transaction , County shall
have the option to either terminate this Agreement, and the obligations of all parties hereunder
shall cease, or to proceed , subject to all other terms, covenants, conditions, representations and
warranties of this Agreement, to the Closing of the transaction contemplated hereby and receive
title to the Property; receiving, however, any and all damages, awards or other compensation
arising from or attributable to such acquisition or condemnation proceedings . County shall have
the right to participate in any such proceedings.
8 . 3 Entire Agreement. This Agreement constitutes the entire agreement between the parties
with respect to this transaction and supersedes all prior agreements , written or oral , between the
Seller and the County relating to the subject matter hereof. Any modification or amendment to
this Agreement shall be effective only if in writing and executed by each of the parties.
8.4 Assignment and Binding Effect. Neither County nor Seller may assign its rights and
obligations under this Agreement without the prior written consent of the other party. The terms
hereof shall be binding upon and shall inure to the benefit of the parties hereto and their
successors and assigns.
8 .5 Notices. Any notice shall be deemed duly served (effective upon receipt) if personally
served or if mailed by certified mail , return receipt requested , or if sent via `overnight' courier
service or facsimile transmission , as follows:
If to Seller: Tylan Dean and Jeannette Parker
600 Ohio Ave .
St. Cloud , FL 34769
If to County: Attn : Chris Kafer, Department of Public Works
Indian River County
1840 25"' Street
Vero Beach , FL 32960
Either party may change the information above by giving written notice of such change as
provided in this paragraph .
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8 . 6 Survival and Benefit. Except as otherwise expressly provided herein , each agreement,
representation or warranty made in this Agreement by or on behalf of either party, or in any
instruments delivered pursuant hereto or in connection herewith , shall survive the Closing Date
and the consummation of the transaction provided for herein. The covenants , agreements and
undertakings of each of the parties hereto are made solely for the benefit of, and may be relied
on only by the other party hereto, its successors and assigns, and are not made for the benefit
of, nor may they be relied upon , by any other person whatsoever.
8 .7 Attorney's Fees and Costs. In any claim or controversy arising out of or relating to this
Agreement, each party shall bear its own attorney's fees, costs, and expenses.
8. 8. Counteroarts . This Agreement may be executed in two or more counterparts, each one of
which shall constitute an original.
8.9 . County Approval Required : This Agreement is subject to approval by the Indian River
County as set forth in paragraph 2.
8. 10 Beneficial Interest Disclosure: In the event Seller is a partnership, limited partnership,
corporation , trust, or any form of representative capacity whatsoever for others , Seller shall
provide a fully completed, executed, and sworn beneficial interest disclosure statement in the
form attached to this Agreement as an exhibit that complies with all of the provisions of Florida
Statutes Section 286 . 23 prior to approval of this Agreement by the County. However, pursuant
to Florida Statutes Section 286.23 (3)(a), the beneficial interest in any entity registered with the
Federal Securities and Exchange Commission , or registered pursuant to Chapter 517 , Florida
Statutes, whose interest is for sale to the general public, is exempt from disclosure ; and where
the Seller is a non-public entity, that Seller is not required to disclose persons or entities holding
less than five (5%) percent of the beneficial interest in Seller.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first set forth above.
SELLER: COUNTY:
INDIAN RIVER COUNTY, FLORIDA
Tylan DCan
�a By:�� C' 6 -
J nnette Parker
Date Signed : Jug Date Signed : (DI
Attest: J . K. Barton , Clerk
By i.tJ2 �
Deputy Clerk
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Atvet
B
Conistrator
Ad le c' cy:
B
r
County Attorney
6
1
EXHIBIT "A"
Legal Description of Property
(Copy of Deed by which Seller took title to Property Attached)
Tax ID: 31370000001103800001 .0
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Warranty Deed
This Indenture, Mede Nb 3DLh dayof May . 2003 A.D. , Between
Scott M. Rooeski and Namonn L . Kocaski , his Nile _
or IR eooao of Brevard slew a Florida , gral lors, awl -
Tylan Dean and Jeannette Parker , husband and Nita
wnow .dala. e 600 Ohio Avenue , Saint Claude FL 34169
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arse Cell or console ,. save ar Florida - , granle". . .
Wllnessclll OUIMe ORnNarrb. hdin rnWadon oflhe,enrar .� , .
__....._.... -----------TEN DOLLARS 0101 ------ ----------------- MLAA .
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LEGAL DESCRIPTION ti
Tract 1038 of Fslloslerst Farms Company Subdivision of all of unourvaysed
part of Township 31 South , Range 37 East , according to the plat
thereof as recorded im Plat Book 2 , Pages 1 and 2 , Public Records of ..
St . Lucia County , Florida , said land now lying and being in Indian
River County, Florida .
Subject to yBBCrIetions , reservations and eassalants Of record , If any,
and taxes subsequent to 2092 .
Property is vacant and unimproved land
vw: de puma, du wwol ba wavtl the mle to level lnul, ,rid %ill dloid low am,.' oFenM Lu4d elnum Of an le+mf wbmwm+er.
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Strurd. waled and dulkered In nor preenec: -
(Sal)
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STA T£ OF Florida N
C0C8'ry OF Brevard -
n. a.ma...P . .sm+waM Iwua v m . 30th dq May . 2003 Iry
Scott M. Roceski and Real L . Koeeski , his wife
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PARCEL C: Proposed new
101st Ave. hgM-cf-way
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PARCEL A'. 102nd Terrace ngh[-
PARCEL B: prpppsetl oi-vray se . r st o be
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(+88i acres) mU end given ro ma State m
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MASTELLER, MOLER, REED & TAYLOR i
DRAWING ENTITLED "MAP OF SURVEY w
FOR INDIAN RIVER COUNTY , DATED
Agra a' 4- 19 -06, LAST REVISION 4- 18-07.
2. WETLANDS WERE FLAGGED BY
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NDIAN RIVER COUNTY ADMINISTRATION BW LDING ry ORAWN BY: SHEET
/ND/AN R/!/ER COUNTY B. ROACH SECTION 21, 28 COUNTY ROAD 512
. � ERO1B4esu STREE 4 4 Deporlmenl of Pub/ic Works TOWNSHIP 31S PROPOSED 1
VERO BEACH, FL 32960 APPRWED BY:
�-y (772) 567-800D Engineering Division M. DBR/EN RANGE 3BE LAND ACQU/S/T/ON/ABANDONMENT 1
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' Sebastian River Preserve State Park Land
Department of Environmental Protection B/A 07-6430
SUMMARY OF FINDINGS
Parcel A - Existing 102"d Avenue Public Right-Of-Way
Property Identification Parcel A of a Proposed Right-of-Way Exchange
B/A File #07-6430
Parcel Identification A portion of the existing 80-foot wide public right-of-
way for 102nd Terrace , extending north from its
intersection with CR 512 , approximately '/2 mile east
of the interchange of CR 512 and Interstate 95 , in
unincorporated Indian River County, FL .
County Indian River
' Appraisers S . F . HOLDEN , INC .
8259 North Military Trail , Suite 10
' Palm Beach Gardens , FL 33410
Philip M . Holden , MAI
State-Certified General Real Estate Appraiser RZ1666
Donald G . Blauvelt, MAI , SRA
State-Certified General Real Estate Appraiser RZ511
Dates Date of Inspection February 13 , 2007
' Date of Value February 13 , 2007
Date of Report March 21 , 2007
Interest Appraised Unencumbered fee simple interest
Parcel Size 71 . 55± acre abbreviated " Parent Parcel" with Parcel
A containing 2 . 84± acres ( 123 , 710± SgFt) as defined
by the preliminary sketch by the Engineering Division
of Indian River County's Public Works Department
(see Extraordinary Assumptions) .
Uplands/Wetlands Ratio 100% uplands
tOwner Indian River County
' Ownership History I Parcel A is a developed public right-of-way
ATTACHMENT j
2260A
Sebastian River Preserve State Park Land
Department of Environmental Protection BIA 07-6430 2
SUMMARY OF FINDINGS (Continued)
Parcel A - Existing 102nd Avenue Public Right-Of-Way (Continued )
FLUP/Zoning Parcel A is not subject to a specific portion of Indian
River County's future land use and zoning
restrictions . For valuation purposes , the client
instructed the use of the hypothetical assumption
that the property, if privately owned , would have a
land use designation of "C/1 " (Commercial/Industrial)
with an underlying " IL" , Light Industrial , zoning (see
Hypothetical Condition) .
Present Use Two lane-wide asphalt public roadway.
Assessment and Taxes Not applicable .
Utilities to the Property Municipal water, sanitary sewer and public electricity
and telephone service runs along the right-of-way
serving developed industrial properties to the
northwest and north .
Improvements None other than the developed road right-of-way
Flood Zone Zone "X '
Mineral Rights No title policy was available for review, therefore we
assumed there are no oil , gas or mineral rights
outstanding that impact the property.
Easements Unknown , but there are existing utilities that run
along Parcel A.
Encumbrances None known that would impact the market value of
the property.
Highest and Best Use Under the hypothetical assumption , light industrial
use
Unit of Comparison Value per Sq Ft of land
Range of Sales Data $ 1 . 65 to $2 . 76 per SgFt of land
2260A
Sebastian River Preserve State Park Land
Department of Environmental Protection B/A 07-6430 3
SUMMARY OF FINDINGS (Continued )
Parcel A - Existing 102nd Avenue Public Right-Of-Way (Continued )
Opinion of Value
123 , 710 SgFt
(2 . 84 ± acres) @ $ 1 . 70 per SgFt $210 , 307
ROUNDED $210 , 300
■ Hypothetical Condition
■ 1 . We have been instructed to hypothetically
assume that if the parent property was privately
owned and available for development, the land
would be zoned for light industrial use .
Extraordinary
Assumptions
1 . We have relied on the acreage sizes provided
by Indian River County Public Works
Department.
2 . The parent tract is 71 . 55± acres , based on a
sketch provided by the Indian River County
Public Works Department.
3 . We have assumed no threatened , endangered
or protected flora , fauna or habitat impact the
property.
2260A
Sebastian River Preserve State Park Land
Department of Environmental Protection B/A 07-6430 4
SUMMARY OF FINDINGS
Parcel B - Proposed Retention Pond
Property, Identification Parcel B of a Proposed Right-of-Way Exchange
B/A File #07-6430
Parcel Identification An irregular-shaped storm water retaining pond to be
located along the north side of CR-512 extending
west from 102nd Terrace to the west line of the state-
owned parkland . This general location is east of the
interchange of CR 512 and Interstate 95 , in
unincorporated Indian River County , FL .
I
County Indian River
Appraisers S . F . HOLDEN , INC .
8259 North Military Trail , Suite 10
Palm Beach Gardens , FL 33410
Philip M . Holden , MAI
State-Certified General Real Estate Appraiser RZ1666
Donald G . Blauvelt, MAI , SRA
State-Certified General Real Estate Appraiser RZ511
Dates Date of Inspection February 13 , 2007
Date of Value February 13 , 2007
Date of Report March 21 , 2007
Interest Appraised Unencumbered fee simple interest
Parcel Size 6 . 84+ acres (297 , 950± SgFt) as defined by the
preliminary sketch by the Engineering Division of
Indian River County's Public Works Department.
However, due to its shape , the effective size for
market comparison is estimated at 6 . 09+ acres
(265 , 225± SgFt) (see Extraordinary Assumptions) .
Uplands/Wetlands Ratio 100 % uplands
Owner State of Florida as part of the land of the St.
Sebastian River Preserve State Park
2260A
Sebastian River Preserve State Park Land
Department of Environmental Protection B/A 07-6430 5
SUMMARY OF FINDINGS (Continued )
Parcel B - Proposed Retention Pond (Continued )
Ownership History The property has been state-owned land for more
than 5 years .
FLUP/Zoning The parent tract is state-owned land subject to Indian
River County' s future land use designation of " C "
(Conservation) and "CON-2 " (Conservation ) zoning
with no permitted development density. For valuation
purposes , the client instructed the use of the
hypothetical assumption that if the parent property
was privately owned the land would have a "C/l "
(Commercial/Industrial) land use and " IL" , Light
Industrial , zoning (see Hypothetical Condition ) .
Present Use Undeveloped land comprised primarily of open
former pastureland with an area of pine flatwoods .
Improvements None except 4-wire on wood post fencing along the
east side of 102nd Terrace and the property' s
boundary along the north side of CR 512 .
Flood Zone Zone "X"
Mineral Rights No title policy was available for review, therefore , we
assume there are no oil , gas or mineral rights
outstanding that impact the property .
Easements Unknown , but there are existing municipal and public
utilities that run along the boundary of Parcel B .
1 Encumbrances None known that would impact the market value of
the property.
Highest and Best Use Under the hypothetical assumption , light industrial
use
Unit of Comparison Value per Sq Ft of land
Range of Sales Data $2 . 18 to $ 3 . 01 per SgFt of land
2260A
i
1 Sebastian River Preserve State Park Land
Department of Environmental Protection B/A 07-6430 6
SUMMARY OF FINDINGS (Continued )
Parcel B - Proposed Retention Pond (Continued)
' Opinion of Value 265 ,225 SgFt effective size
(6 . 09± acres) @ $ 2 .40 per SgFt = $636 , 540
ROUNDED $636 , 500
Hypothetical Condition
' 1 . We have been instructed to hypothetically
assume that if the parent property was privately
owned and available for development, the land
would be zoned for light industrial use .
Extraordinary
Assumptions
1 . We have relied on the acreage sizes provided
1 by Indian River County Public Works
Department.
2 . We have assumed no threatened , endangered
or protected flora , fauna or habitat impact the
property.
2260A
rSebastian River Preserve State Park Land
Department of Environmental Protection B/A 07-6430 7
SUMMARY OF FINDINGS
Parcel C - Proposed New 101st Avenue Public Right-Of-Way
Property Identification Parcel C of a Proposed Right-of-Way Exchange
B/A File #07-6430
Parcel Identification Proposed 70-foot wide realigned 102nd Terrace , to
be the new 1015` Avenue extending north from the
existing CR 512 and 10151 Avenue signalized
intersection , connecting to the existing 102nd Terrace
roadway. This general location is east of the
interchange of CR 512 and Interstate 95 , in
unincorporated Indian River County, FL .
County Indian River
Appraisers S . F . HOLDEN , INC .
8259 North Military Trail , Suite 10
Palm Beach Gardens , FL 33410
Philip M . Holden , MAI
State-Certified General Real Estate Appraiser RZ1666
Donald G . Blauvelt, MAI , SRA
State-Certified General Real Estate Appraiser RZ511
Dates Date of Inspection February 13 , 2007
Date of Value February 13 , 2007
Date of Report March 21 , 2007
Interest Appraised Unencumbered fee simple interest
Parcel Size 71 . 55± acre abbreviated "Parent Parcel" with Parcel
C to contain 2 . 79+ acres ( 121 , 532± SgFt) as defined
by the preliminary sketch by the Engineering Division
of Indian River County's Public Works Department
(see Extraordinary Assumptions) .
Uplands/Wetlands Ratio 100% uplands
Owner State of Florida as part of the land of the St.
Sebastian River Preserve State Park
2260A
Sebastian River Preserve State Park Land
Deaartment of Environmental Protection B/A 07-6430 6
SUMMARY OF FINDINGS (Continued)
Parcel C - Proposed New 101st Avenue Public Right-Of-Way (Continued )
Ownership History The property has been state-owned land for more
than 5 years .
FLUP/Zoning The parent tract is state-owned land subject to Indian
River County's future land use designation of "C"
(Conservation) and "CON-2 " (Conservation ) zoning
with no permitted development density . For valuation
purposes , the client instructed the use of the
hypothetical assumption that if the parent property
was privately owned the land would have a 16C/1 "
(Commercial/Industrial) land use and "IL" , Light
Industrial , zoning (see Hypothetical Condition) .
Present Use Undeveloped land comprised primarily of open
former pastureland with an area of pine flatwoods .
Improvements None except 4-wire on wood post fencing along the
east side of 102nd Terrace and the property's
boundary along the north side of CR 512 .
Flood Zone Zone "X"
Mineral Rights No title policy was available for review and we
assume there are no oil , gas or mineral rights
outstanding that impact the property.
Easements Unknown , but none noted during our inspection .
Encumbrances None known that would impact the market value of
the property.
■ Highest and Best Use Under the hypothetical assumption , light industrial
■ use
Unit of Comparison Value per SgFt of land
Range of Sales Data $ 1 . 64 to $2 . 76 per SgFt of land
2260A
Sebastian River Preserve State Park Land
Department of Environmental Protection B/A 07-6430 g
SUMMARY OF FINDINGS (Continued )
Parcel C - Proposed New 101st Avenue Public Right-Of-Way ( Continued )
Opinion of Value 121 , 532 Sq Ft
(2 . 79± acres) @ $ 1 . 70 per Sq Ft = $206 , 604
ROUNDED $206 , 600
Hypothetical Condition
1 . We have been instructed to hypothetically
assume that if the parent property was privately
owned and available for development, the land
would be zoned for light industrial use .
Extraordinary
Assumptions
1 . We have relied on the acreage sizes provided
by Indian River County Public Works
Department.
2 . The parent tract is 71 . 55± acres , based on a
sketch provided by the Indian River County
Public Works Department.
3 . We have assumed no threatened , endangered
or protected flora , fauna or habitat impact the
property.
2260A
10.0-Acre Dean Property, Fellsmere, FL
Department of Environmental Protection B/A 07-6430 1
SUMMARY OF FINDINGS
Property Identification The Dean Property
B/A File #07-6430
Parcel Identification South side of 107th Street at the imaginary southwest
corner of 107th Street and 130th Avenue , being
10355 107th Street, in unincorporated Fellsmere, FL
32948 .
County Indian River
Appraisers S . F . HOLDEN , INC .
8259 North Military Trail , Suite 10
Palm Beach Gardens, FL 33410
Philip M . Holden , MAI
State-Certified General Real Estate Appraiser RZ1666
Donald G . Blauvelt, MAI , SRA
State-Certified General Real Estate Appraiser RZ511
Dates Date of Inspection February 13 , 2007
Date of Value February 13 , 2007
Date of Report March 21 , 2007
Interest Appraised Unencumbered fee simple interest
Parcel Size 10 . 0 acres , being rectangular-shaped undeveloped
rural land , generally level platted land with no
existing utilities to the property .
Uplands/Wetlands Ratio 100% uplands
Owner Tylan Dean and Jeannette Parker, h &w
600 Ohio Avenue
St. Cloud , FL 34769
' (407) 460-6690
Ownership History The current owners purchased the property in May
' 2002 for $93 , 000 from an owner who purchased the
property in May 2000 for $72 , 000 . Currently, the
property is for sale by the owner at $325 , 000.
I
I 2260c
10.0-Acre Dean Property, Fellsmere, FL
Department of Environmental Protection B/A 07-6430 2
SUMMARY OF FINDINGS ( Continued)
FLUP/Zoning The property is subject to Indian River County's "AG-
1 " (Agricultural) land use and "A- 1 " (Agricultural )
zoning , which allow one dwelling unit per 5 acres of
land .
Present Land Use Undeveloped acreage tract with no improvements
Assessment and Taxes For calendar 2006 , assessed at $ 199 , 750 under
Indian River County PCN 31 -37-00-00001 - 1038-
00001 . 0 with a 2006 tax burden of $3 , 171 .
Utilities to the Property None
Flood Zone Zone "X"
Mineral Rights No title policy was available for review, therefore we
assume there are no oil , gas or mineral rights
outstanding that impact the property.
Easements Typical roadway easements along 107th Street on
the north line of the property and unopened 130th
Avenue along the east line of the property .
Encumbrances None known that would impact the market value of
the property.
Highest and Best Use Rural residential development of two units after lot-
split into two 5-acre tracts .
Unit of Comparison Value per acre of land
Range of Sales Data $ 18 , 750 to $31 , 500 per acre
Opinion of Value $260 , 000
Extraordinary
Assumption See following page .
I
I 226oc
10.0-Acre Dean Property, Fellsmere, FL
Department of Environmental Protection B/A 07-6430 3
SUMMARY OF FINDINGS (Continued )
1 . The property owners are state-employed
biologists who state that there is no threatened ,
endangered or protected flora , fauna or species
that exist or inhabit the property. We have
assumed this statement by the owners to be true .
zzsoc