2012-20 CONTRACT FOR SALE AND PURCHASE
THIS CONTRACT FOR SALE AND PURCHASE (the "Contract ") is made and entered into on
/}(2f H ,2? , 2012, by and between The CITY OF CLERMONT, a Florida municipal
corporation, whose address is 685 West Montrose Street, Clermont, Florida ( "Buyer ") and
DeWITT ENTERPRISES, INC., a Florida Corporation, whose address is 14463 W. Colonial
Drive, Winter Garden, Florida 34787 ( "Seller "):
NOW THEREFORE, for and in consideration of the premises hereof, the sums of money
to be paid hereunder, the mutual covenants herein contained, and for other good and valuable
considerations, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
do covenant, stipulate and agree as follows, to wit:
1. Description of Property. The property that is to be sold and conveyed by Seller and
purchased and accepted by Buyer pursuant to this Contract shall consist of the following, to wit:
That certain real property situate in Lake County, Florida located
on Hooks Street and Citrus Tower Boulevard and further
described as Lot 1 on Exhibit "A" attached hereto, consisting of
four (4) acres together with all improvements, tenements,
hereditaments, rights, privileges and easements thereunto
belonging, the final legal description of which shall be determined
as determined by Buyer's survey completed as part of the
inspection period below (hereinafter together referred to as the
"Property").
2. Agreement to Sell and Option to Purchase. Seller hereby agrees to sell and convey and
Buyer hereby agrees to accept an option to purchase and accept the Property upon the terms and
subject to the conditions set forth in this Contract. The option contained herein shall be subject
to and contingent upon the approval of the City Council of the City of Clermont of the terms and
conditions contained herein. Seller's agreement to sell shall be deemed an irrevocable offer to
sell the Property for a period of forty -five (45) days from the date of Seller's execution of this
Agreement. If the agreement is approved by the City Council of the City of Clermont and
executed by the Mayor, or his designee, on or before the expiration of forty-five (45) days from
the date of execution by the Seller, then this agreement shall be binding on the parties and the
Effective Date shall be the date of execution of the Agreement by the Mayor or his designee. If
this option agreement is not timely approved and executed as provided above, then the option
shall terminate without consequence or obligation to either party.
3. Purchase Price and Method of Payment. Subject to credits, adjustments and prorations for
which provisions are hereinafter made in this Contract, the total purchase price for the Property
to be paid by Buyer and received and accepted by Seller shall be ONE MILLION TWO
HUNDRED THOUSAND DOLLARS ($1,200,000). Within five (5) days of the Effective
Date, the sum of FIFTEEN THOUSAND DOLLARS ($15,000) shall be deposited in escrow to
be held by the Law Firm of DeBeaubien, Knight, Simmons, Mantzaris & Neal, (escrow agent)
subject to the terms and conditions hereof. Upon compliance with all of the terms and conditions
I �
An Appraisal of
The Real Property Identified by Alternate Key No. 1017637
Located at the Southwest Corner of Hooks Street and Citrus Tower Boulevard,
Clermont, Lake County, Florida
Owned by Dewitt Enterprises, Inc.
For
Ms. Barbara Hollerand
City of Clermont
685 West Montrose Street
Clermont, FL 34711
Date of Valuation: February 21, 2012
Prepared by:
Albert L. Stricklen, MAI
State -Certified General Appraiser
No. RZ 0315
Lauren L. Stricklen, MAI
State -Certified General Appraiser
No. RZ 2624
Stricklen Appraisal Services, P.A.
871 South Central Avenue
Umatilla, Florida 32784
E-mail: leon(a sas-pa.com
February 23, 2012
Ms. Barbara Hollerand
City of Clermont
685 West Montrose Street
Clermont, FL 34711
Telephone: (352) 669-7300
Fax: (352) 669-3232
Cell: (352)-636-6184
Re: The Real Property Identified by Alternate Key No. 1017637 located at the southwest
corner of Hooks Street and Citrus Tower Boulevard, Clermont, in Lake County, Florida
and owned by Dewitt Enterprises, Inc.
Dear Barbara:
In fulfillment of the agreement outlined in the letter of engagement dated February 17, 2012, we
are pleased to present the attached report of our Summary Appraisal of the fee simple interest in
the above referenced property as of February 21, 2012. The report sets forth our opinion of
market value along with supporting data and reasoning which form the basis of our opinion. We
have not performed any appraisal services, as an appraiser, regarding the property that is the
subject of this report within the three-year period immediately preceding acceptance of the
assignment.
The subject consists of about 4.00 acres or 174,370 square feet of vacant land. The subject is
both legally and narratively described within the text of the following appraisal report. The
purpose of the appraisal is to estimate market value of the unencumbered fee simple interest of
the whole property as of the effective date of this appraisal, February 21, 2012. The intended use
of this appraisal is for establishing Recommended Compensation, as applicable, of the whole
property for acquisition by the City of Clermont. The intended users of the appraisal are various
City of Clermont officials. No personal property or furniture, fixtures, and equipment were
included in this value estimate. Market value, fee simple interest, and other appraisal terms are
defined within the text of the following report. Comparable sales data are based on the real estate
only. The legal description furnished is assumed to be correct. The appraiser assumes no
responsibility for matters legal in character, nor renders any opinion as to the title, that is
assumed to be good.
Field inspections revealed that the subject contains additional clay that appears to have been
stored on the subject site. Discussions with the owner's representative and listing agent, Mr.
George Viele of NAI Realvest, indicate that the owners will remove the clay prior to the sale
closing and grade the site to the engineering specifications of the purchasers. Since the clay was
on the site as of the effective date of appraisal, this appraisal is conducted under the
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SAS 12-04, City of Clermont
extraordinary assumption that the clay will be removed prior to sale closing and that the site's
topography will be fairly level to rolling and well drained. An extraordinary assumption is an
assumption, directly related to a specific assignment, which, if found to be false, could alter the
appraiser's opinions or conclusions. The purpose of this extraordinary assumption is for
reasonable analysis.
Based on our investigation into those matters that affect market value and by virtue of our
experience and training, we estimate that the market value of the unencumbered fee simple
interest in the subject property, effective February 21, 2012, is:
One Million Three Hundred Eight Thousand Dollars
($1,308,000).
THIS LETTER MUST REMAIN ATTACHED TO THE REPORT, WHICH CONTAINS 54
PAGES INCLUDING RELATED EXHIBITS, IN ORDER FOR THE VALUE OPINION SET
FORTH TO BE VALID.
This letter of transmittal precedes and is hereby made a part of the Summary Appraisal Report
that follows, setting forth the most pertinent data and reasoning which was used in order to reach
the various value estimates. The appraisal is subject to the "General Assumptions" and "General
Limiting Conditions" which have been included within the text of this report. These assumptions
and limiting conditions are considered usual for this type of assignment. Market value, fee
simple interest, and other appraisal terms are defined within the text of the following appraisal.
This appraisal is prepared in a Summary Appraisal Report format. In this format there is only a
summarized discussion of the data, reasoning, and analyses utilized to arrive at a final value
estimate for the subject property. In general this data is contained in the appraiser's files.
The certification included in this report is in accordance with the Uniform Standards of
Professional Appraisal Practice Standard Rule 2-3, effective January 1, 2010. It is a certification
under Florida Real Estate License Law Chapter 475. Albert L. Stricklen is a State -Certified
General Appraiser No. RZ 0315 under this program. Lauren L. Stricklen is a State -Certified
General Appraiser No. RZ 2624. The use of this report is subject to the requirements of the State
of Florida relating to review by the Real Estate Appraisal Board, Division of Real Estate,
Department of Professional Regulation. As of the date of this report, Albert L. Stricklen and
Lauren L. Stricklen have completed the requirements of the continuing education program of the
State Voluntary Certification Program for Real Estate Appraisers.
Albert L. Stricklen is a Member of the Appraisal Institute (MAI), Member No. 9615. Lauren L.
Stricklen, MAI is a Member of the Appraisal Institute (MAI), Member No. 12282. As of the date
of this report, Albert L. Stricklen and Lauren L. Stricklen have completed the requirements of the
continuing education program for Members of the Appraisal Institute (MAI).
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SAS 12-04, City of Clermont
Lauren Stricklen, MAI and Albert L. Stricklen, MAI inspected the property and developed the
appraisal. We do not authorize the out of context quoting from or partial reprinting of this
appraisal report. Further, neither all nor any part of the appraisal shall be disseminated to the
general public by the use of media for public communication without our prior written consent.
The use of this report is subject to the requirements of the Appraisal Institute relating to review
by its duly authorized representatives.
Respectfully submitted,
7
Albert L. Stricklen, MAI
State -Certified General Appraiser
No. RZ 0315
ALS/ej : 12-04
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SAS 12-04, City of Clermont
Lauren L. Stricklen, MAI
State -Certified General Appraiser
No. RZ 2624
TABLE OF CONTENTS
Letterof Transmittal.....................................................................................................................1
Tableof Contents...........................................................................................................................4
Certifications..................................................................................................................................5
Summaryof Salient Facts.............................................................................................................7
Scopeof the Appraisal...................................................................................................................8
Definitions.......................................................................................................................................9
GeneralLimiting Conditions......................................................................................................11
GeneralAssumptions...................................................................................................................12
ExtraordinaryAssumption.........................................................................................................13
NeighborhoodMap and Analysis...............................................................................................20
FloodMap.....................................................................................................................................22
TopographicMap.........................................................................................................................23
Identificationof Subject Property..............................................................................................24
Photographs..................................................................................................................................26
Site Sketch and Description of the Subject Property
...............................................................28
Highestand Best Use...................................................................................................................30
TheValuation Process.................................................................................................................31
SalesComparison Approach.......................................................................................................33
VacantLand Sales Analysis Chart........................................................................................ 35
Appraisers' Qualifications..........................................................................................................39
Addenda........................................................................................................................................44
Subject Deed/Legal Descriptions of the Subject Property
Vacant Land Sales Map
Vacant Land Sales Data Sheets
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CERTIFICATION OF ALBERT L. STRICKLEN, MAI
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 are 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 personal interest with respect to the parties involved.
--- 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 engagement in this assignment was not contingent upon developing or reporting
predetermined results.
--- 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.
--- 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 Professional Appraisal Practice of the Appraisal Institute, which include the
Uniform Standards of Professional Appraisal Practice.
--- I have made a personal inspection of the property that is the subject of this report.
--- Lauren L. Stricklen, MAI, State -Certified General Appraiser No. RZ 2624, provided real
property appraisal assistance to the person signing this certification.
--- as of the date of this report, I have completed the continuing education program of the
Appraisal Institute.
--- the use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
Respectfully submitted,
X J✓
44.1
1.4
Albert L. Stricklen, MAI
State -Certified General Appraiser No. RZ 0315
Stricklen Appraisal Services
SAS 12-04, City of Clermont
CERTIFICATION OF LAUREN L. STRICKLEN, MAI
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 are 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 personal interest with respect to the parties involved.
--- 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 engagement in this assignment was not contingent upon developing or reporting
predetermined results.
--- 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.
--- 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 Professional Appraisal Practice of the Appraisal Institute, which include the
Uniform Standards of Professional Appraisal Practice.
--- I have made a personal inspection of the property that is the subject of this report.
--- Albert L. Stricklen, MAI, State -Certified General Appraiser No. RZ 0315, provided real
property appraisal assistance to the person signing this certification.
--- the use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
Respectfully submitted,
,�► +�WWAA
Lauren L. Stricklen, MAI
State -Certified General Appraiser No. RZ 2624
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SAS 12-04, City of Clermont
SUMMARY OF SALIENT FACTS
Client Ms. Barbara Hollerand
City of Clermont
685 West Montrose Street
Clermont, FL 34711
Intended Users Ms. Barbara Hollerand, officials in the County Attorney's
Office of Lake County, and various officials of Lake
County
Intended Use of Appraisal: Establishing Recommended Compensation, as applicable,
of the whole property for acquisition by the City of
Clermont
Owner(s): Dewitt Enterprises, Inc.
14463 West Colonial Drive
Winter Garden, Florida 34787
Location: Southwest corner of Hooks Street and Citrus Tower
Boulevard, Clermont, Florida.
Property Type: Commercial
Site Area: 4.00 acres; 174,370 square feet
Zoning/Future Land Use: Zoning: UE, Urban Estate Low Density Residential
District
FLU: Commercial
Property Interest Appraised: Fee simple
Purpose of the Appraisal: To estimate the market value of the property as of the
effective date of the appraisal.
Date of Valuation: February 21, 2012
Date of Report February 23, 2012
Highest and Best Use: Commercial development.
Cost Approach: N/A
Sales Comparison Approach: $1,308,000
Income Capitalization Approach: N/A
Reconciled Final Value
Estimate $1,308,000
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SCOPE OF THE APPRAISAL
In this appraisal, the appraiser or personnel of the appraisers staff
• Viewed the subject property and noted the characteristics of the property that are relevant to
its valuation;
• Field inspections revealed that the subject contains additional clay that appears to have been
stored on the subject site. Discussions with the owner's representative and listing agent, Mr.
George Viele of NAI Realvest, indicate that the owners will remove the clay prior to the sale
closing and grade the site to the engineering specifications of the purchasers. Since the clay
was on the site as of the effective date of appraisal, this appraisal is conducted under the
extraordinary assumption that the clay will be removed prior to sale closing and that the
site's topography will be fairly level to rolling and well drained. An extraordinary
assumption is an assumption, directly related to a specific assignment, which, if found to be
false, could alter the appraiser's opinions or conclusions. The purpose of this extraordinary
assumption is for reasonable analysis.
• Investigated the zoning and future land use, determined the possibility for rezoning the site,
and examined the development potential of the subject property;
• Investigated available market data for use in the sales comparison approach. Researched
data was viewed and, if found to be appropriate, verified with persons directly involved in
the transactions such as buyers, sellers, brokers, or agents. At the appraiser's discretion,
some data may be used without personal verification if, in the appraiser's opinion, the data
appear to be correct. In addition, the appraiser considered any appropriate listings or
properties found through observation during the appraiser's data collection process. The
appraiser will report only the data deemed to be pertinent to the valuation problem;
• Investigated and analyzed any pertinent easements or restrictions associated with the
property's fee simple ownership. It is the client's responsibility to supply the appraiser with
a title report. Since a title report is not available, the appraiser will relied on a visual
inspection;
• Analyzed the data and applied the sales comparison approach.
This report is a Summary Appraisal Report in accordance with Standards Rule 2-2(b) of the
Uniform Standards of Professional Appraisal Practice. As such, it presents sufficient information
to enable the client and other intended users, as identified, to understand it properly.
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DEFINITIONS
Definition of Market Value
Market value was defined in 1993 by the Appraisal Institute Special Task Force on Value
Definitions, which is as follows.
The most probable price which a specified interest in real property is likely to bring under all of the
following conditions:
• Consummation of a sale occurs as of a specified date.
• An open and competitive market exists for the property interest appraised.
• The buyer and seller are each acting prudently and knowledgeably.
• The price is not affected by undue stimulus.
• The buyer and seller are typically motivated.
• Both parties are acting in what they consider their best interest.
• Marketing efforts were adequate and a reasonable time was allowed for exposure in the open
market.
• Payment was made in cash in U.S. dollars or in terms of financial arrangements comparable
thereto.
• 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.
This definition can also be modified for valuation with specified financing terms.
Definition of Fee Simple Estate
Absolute ownership unencumbered by any other interest or estate; subject only to the limitations of
eminent domain, escheat, police power, and taxation.
Definition of Highest and Best Use
The reasonable and probable use that supports the highest present value of vacant land or improved
property, as defined, as of the date of the appraisal.
The reasonably probable and legal use of land or sites as though vacant, found to be physically
possible, appropriately supported, financially feasible, and that results in the highest present land
value.
The most profitable use.
Implied in these definitions 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, greenbelts, preservation, conservation, wildlife habitats, and the like.
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Definition of Exposure Time
(1) The time a property remains on the market.
(2) The estimated length of time the property interest being appraised would have been offered on
the market prior to the hypothetical consummation of a sale at market value on the effective date of
the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive
and open market. Exposure time is always presumed to occur prior to the effective date of the
appraisal. The overall concept of reasonable exposure encompasses not only adequate, sufficient
and reasonable time but also adequate, sufficient and reasonable effort. Exposure time is different
for various types of real estate and value ranges and under various market conditions.
Definition of Marketing Period
The time it takes an interest in real property to sell on the market subsequent to the date of an
appraisal.
Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in
real property at its estimated market value during the period immediately after the effective date of
the appraisal; the anticipated time required to expose the property to a pool of prospective
purchasers and to allow appropriate time for negotiation, the exercise of due diligence, and the
consummation of a sale at a price supportable by concurrent market conditions. Marketing time
differs from exposure time, which is always presumed to precede the effective date of the appraisal.
Definition of Extraordinary Assumption
An assumption, directly related to a specific assignment, which, if found to be false, could alter the
appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain
information about physical, legal, or economic characteristics of the subject property; or about
conditions external to the property such as market conditions or trends; or about the integrity of data
used in an analysis. An extraordinary assumption may be used in an assignment only if:
• It is required to properly develop credible opinions and conclusions;
• The appraiser has a reasonable basis for the extraordinary assumption;
• Use of the extraordinary assumption results in a credible analysis; and
• The appraiser complies with the disclosure requirements set forth in USPAP for
extraordinary assumptions.
Source of Definitions
The Dictionary of Real Estate Appraisal, Appraisal Institute, Fourth Edition, 2002.
The Appraisal of Real Estate, Appraisal Institute, Twelfth Edition, 2001.
Uniform Standards of Professional Appraisal Practice, 2010 Edition
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GENERAL LIMITING CONDITIONS
1. The appraiser will not be required to give testimony or appear in court because of having made
this appraisal, with reference to the property in question, unless arrangements have been previously
made thereof.
2. Possession of the report, or copy thereof, does not carry with it the right of publication. It may
not be used for any purpose by any person other than the party to whom it is addressed without the
written consent of the appraiser, and in any event only with proper written qualifications and only in
its entirety.
3. The distribution of the total valuation in this report between land and improvements applies
only under the reported highest and best use of the property. The allocations of value for land and
improvements must not be used in conjunction with any other appraisal and are invalid if so used.
4. The appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value
opinions based upon any subsequent environmental impact studies, research or investigation.
5. Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed to the
public through advertising, public relations, news, sales or any other media without written consent
and approval of the appraiser. Nor shall the appraiser, firm or any professional organization of
which the appraiser is a member or candidate be identified without written consent of the appraiser.
6. The existence of hazardous material was not observed by the appraiser. The appraiser has no
knowledge of the existence of such materials on or in the property. The appraiser, however, is not
qualified to detect such substances. The presence of potentially hazardous materials may affect the
value of the property. The value estimate is predicated on the assumption that there is no such
material on or in the property that would cause a loss in value. No responsibility is assumed for any
such conditions, or for any expertise or engineering knowledge required to discover them. The
client is urged to retain an expert in this field, if desired.
7. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. We have not
made a specific compliance survey and analysis of this property to determine whether or not it 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 of the requirements of the Act. If so,
this fact could have a negative effect upon the value of the property. Since we have no direct
evidence relating to this issue, we did not consider possible noncompliance with the requirements of
ADA in estimating the value of the property.
8. Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing
General Assumptions and General Limiting Conditions.
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GENERAL ASSUMPTIONS
1. The legal description used in this report is assumed to be correct.
2. No survey of the property has been made by the appraisers and no responsibility is assumed in
connection with such matters. Sketches in this report are included only to assist the reader in
visualizing the property.
3. No responsibility is assumed for matters of a legal nature affecting title to the property nor is an
opinion of title rendered. The title is assumed to be good and merchantable.
4. Information and data furnished by others is usually assumed to be true, correct and reliable.
When such information and data appears to be dubious and when it is critical to the appraisal, a
reasonable effort has been made to verify all such information; however, no responsibility for its
accuracy is assumed by the appraisers.
5. All mortgages, liens, encumbrances, leases and servitudes have been disregarded unless so
specified within the report. The property is appraised as though under responsible ownership and
competent management.
6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil or
structures which would render it more or less valuable. No responsibility is assumed for such
conditions or for engineering which may be required to discover them.
7. It is assumed that there is full compliance with all -applicable federal, state and local
environmental regulations and laws unless noncompliance is stated, defined and considered in the
appraisal report.
8. It is assumed that all applicable zoning and use regulations and restrictions have been complied
with, unless a nonconformity has been stated, defined and considered in the appraisal report.
9. It is assumed that all required licenses, consents or other legislative or administrative authority
from any local, state or national governmental or private entity or organization have been or can be
obtained or renewed for any use on which the value estimate contained in this report is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described and that there is no encroachment or trespass unless noted
within the report.
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SAS 12-04, City of Clermont
EXTRAORDINARY ASSUMPTION
Field inspections revealed that the subject contains additional clay that appears to have been stored
on the subject site. Discussions with the owner's representative and listing agent, Mr. George Viele
of NAI Realvest, indicate that the owners will remove the clay prior to the sale closing and grade
the site to the engineering specifications of the purchasers. Since the clay was on the site as of the
effective date of appraisal, this appraisal is conducted under the extraordinary assumption that the
clay will be removed prior to sale closing and that the site's topography will be fairly level to
rolling and well drained. An extraordinary assumption is an assumption, directly related to a
specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions.
The purpose of this extraordinary assumption is for reasonable analysis.
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AREA ANALYSIS
Environmental Forces
Location
The Orlando Metropolitan Statistical Area (MSA) is located in
the geographical center of Florida and covers approximately
4,012 square miles or 2.6 million acres in Orange, Seminole,
Osceola and Lake Counties. Orlando, Winter Park,
Kissimmee/St. Cloud and south Seminole County comprise
the primary base of activity. The Orlando MSA is
geographically located 140 miles southwest of Jacksonville, 57
miles west of Cape Kennedy, 236 miles north of Miami, and
85 miles east of Tampa, Florida.
Historical Overview
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The Central Florida area was originally a citrus and v°r
agricultural center. Gradually, other industries such as
electronics, manufacturing, distribution, and most importantly N:f�za" r�hr=r-• �v�.=�h
tourism, began to thrive and the area's growth gained momentum. In 1956, the Glen L. Martin
Company opened a defense plant in Orlando, which brought 11,000 skilled employees to the
Orlando area. In 1961, the space industry in Central Florida was launched. The first phase of Walt
Disney World, which included the Magic Kingdom and resort hotels, opened publicly in October
1971. This drew other major tourist attractions to the area. Today Walt Disney World and by
association Central Florida has become the ultimate tourist destination.
The production and processing of citrus was originally a primary component of the area's
agricultural industry. For many years, Lake County was the second largest citrus—producing county
in Florida with approximately 125,000 acres in active citrus production. During the 1980's a series
of disastrous freezes killed approximately 117,000 acres of existing citrus and dramatically changed
the area's focus from agricultural to residential. Lake County is rapidly becoming a satellite
community of the Orlando/Orange County area as is indicated by its inclusion into the Orlando
MSA.
Climate
The mild climate in Central Florida is an ideal environment for work and play activity. The average
temperature is about 72.5 degrees, and the area has an average annual rainfall of about 50 inches per
year. The terrain averages about 127 feet above Mean Sea Level (MSL), and the prevailing winds
are southerly at about nine miles per hour. The humidity averages about 55% and in general the
area approaches being subtropical in nature. This climate character enables year round activity
unhampered by seasonal cold weather that inhibits outdoor activities.
Stricklen Appraisal Services 14
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The Central Florida area was originally a citrus and v°r
agricultural center. Gradually, other industries such as
electronics, manufacturing, distribution, and most importantly N:f�za" r�hr=r-• �v�.=�h
tourism, began to thrive and the area's growth gained momentum. In 1956, the Glen L. Martin
Company opened a defense plant in Orlando, which brought 11,000 skilled employees to the
Orlando area. In 1961, the space industry in Central Florida was launched. The first phase of Walt
Disney World, which included the Magic Kingdom and resort hotels, opened publicly in October
1971. This drew other major tourist attractions to the area. Today Walt Disney World and by
association Central Florida has become the ultimate tourist destination.
The production and processing of citrus was originally a primary component of the area's
agricultural industry. For many years, Lake County was the second largest citrus—producing county
in Florida with approximately 125,000 acres in active citrus production. During the 1980's a series
of disastrous freezes killed approximately 117,000 acres of existing citrus and dramatically changed
the area's focus from agricultural to residential. Lake County is rapidly becoming a satellite
community of the Orlando/Orange County area as is indicated by its inclusion into the Orlando
MSA.
Climate
The mild climate in Central Florida is an ideal environment for work and play activity. The average
temperature is about 72.5 degrees, and the area has an average annual rainfall of about 50 inches per
year. The terrain averages about 127 feet above Mean Sea Level (MSL), and the prevailing winds
are southerly at about nine miles per hour. The humidity averages about 55% and in general the
area approaches being subtropical in nature. This climate character enables year round activity
unhampered by seasonal cold weather that inhibits outdoor activities.
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SAS 12-04, City of Clermont
Transportation
The Orlando MSA has an adequate road network. Major highways include Interstate 4, the
Beachline Expressway (State Road 528), the East-West Expressway (State Road 408), the
Greenway (State Road 417), the Western Expressway (State Road 429), and Florida's Turnpike. All
these roadways are divided, limited -access roadways. Other arterial roadways include US Highway
17/92, US Highway 192, US Highway 27, and US Highway 441. These roadways as well as
numerous other roads and highways provide access throughout the Orlando MSA. The area is
served by rail facilities that include Amtrak, CSX Transportation, and Florida Central Railroad.
Additionally, sixty-two motor freight carriers have local terminals. The Orlando International
Airport provides the Orlando MSA with full customs services and a designated Foreign Trade Zone.
The Orlando Sanford International Airport is also designated as a Foreign Trade Zone. It furnishes
commercial and charter service as well as full customs and cargo handling to domestic and
international passengers. There are several general aviation airports throughout the Orlando MSA.
Social Forces
Population
Trends 2010-2015
1.0
� 1.6
Q
� 1.4
� 1.2
i
� L.i3
C 0.5 .Area
q t�.4 r state
02 VSA
I I ti
Peas; iacion Hoasel olds Fara; Owner HHS Median HH enmr.a
The Orlando MSA's population rose from 2,087,904 in 2000 to 2,639,739 in 2010. The projected
population for 2015 is 2,801,010, which is a 1.19% annual increase. Average household growth
rose from 809,971 to 1,007,875 in 2010, and is projected to reach 1,066,720 in 2015, which is a
1.14% annual increase. The average household size is 2.57. The above chart shows that all
categories except median household income are well above the national average.
The following chart shows that about 53% of the area's population ranges between 25 and 65 years
of age. The median age is 38.6. The following chart delineates the population by age.
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SAS 12-04, City of Clermont
Population by Age
Tourism
10-14 15-14 20-24 25-34 35-44 45-s4
55-74 75-84 es=
■ 2010
02015
Tourism produces many cost benefits for an area. For instance, hotels and motels, as well as other
tourist—related facilities, pay property taxes. Rental car companies pay automobile registration fees.
This activity stimulates trade and services, which helps the construction and real estate sectors. The
events of September 11, 2001 initially had a depressing effect on the Central Florida tourist
industry. For a while people were afraid to travel and chose vacation destinations closer to home.
Within a relatively short time, that trend reversed. The tourist industry continues to be a driving
force in the Orlando Metropolitan Area.
The most widely known tourist attractions in the Orlando MSA are Walt Disney World theme
parks, SeaWorld Orlando, and Universal Orlando. Other major tourist attractions, such as the
Kennedy Space Center and Busch Gardens are within commuting distance from Orlando as are
several smaller attractions and recreational opportunities. The Orlando MSA ranks near first in the
world in the number of hotel and motel rooms available. Timeshare facilities are also popular,
particularly in the Orange and Osceola County tourism corridor.
Governmental Forces
Most cities in the Orlando MSA operate under a mayor -council form of government. For example,
the City of Orlando has a mayor and six commissioners elected to four-year terms. The mayor, as
chief administrator, appoints all department heads, subject to confirmation of the City Council, and
is responsible for the enforcement of city ordinances. City commissioners are elected on a
nonpartisan basis. Most MSA cities generally follow this form of government
Most county governments in the MSA operate on a commissioner form of government. Orange
County has five districts, each of which is represented by a commissioner who is elected at large
but must reside in the district (s)he represents. The county commissioners are the chief
administrators and fiscal officers of the county and are elected on a partisan basis. The Chairman of
the Board of County Commissioners is nominated and elected by the members of the Board. Most
other counties in the MSA follow this pattern of county government.
Most governments in the Orlando Metropolitan Area have been pro development over the past 20
years. Zoning ordinances, developmental regulations and real estate tax criteria were all oriented
toward enticing new enterprises to the local area. Local governments can impose regulations and
fees such as concurrency laws and impact fees that tend to slow the growth rate for a particular area.
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SAS 12-04, City of Clermont
Frequently this occurs as the result of prior growth and the increasing inability of governmental
services to keep pace with the increasing population. Because of the weak economic conditions, our
current governor and local governments are looking for ways to attract new businesses to the area.
Therefore, we concluded that the governmental forces are likely to have a positive effect on
property values for the next several years.
Economic Forces
Employment
The country entered into a recession during 2008. In 2009, unemployment reached 11.5%. In 2010,
unemployment grew to 12.3%. The following chart shows the projection for five years hence, in
2015.
Year %Employed %Unemployed
2010 87.7 12.3
2015 90.3 9.7
® Market Area
® U.S.
About 61.3% of the market area population is employed in white-collar professions, 20.4% is
employed in service occupations, and 18.3% is employed in blue-collar jobs.
The Orlando MSA economic base is diversified with tourism, defense, light manufacturing, and
distribution facilities being the driving forces. High-tech employment more than doubled after
1980, with 79% of total manufacturing growth in the region stemming from high-tech industry
leaders such as Lockheed Martin, Siemens Telecom Network, and Dixon Ticonderoga. The
following lists the Orlando MSA employed civilian population 16+ by industry.
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SAS 12-04, City of Clermont
2010 Employed Civilian Population 1616y Industry
Cain We: MUSty &aoript:ora tined 6R 2M Census of population si". housing de'{nl.lons.
Sauroa: Eefl'oreoaata tur 2010.
Economy
The Orlando Metropolitan Area is subject to national as well as local economic forces. The national
economy regained its strength following a decline from the September 11, 2001 terrorist attacks.
The local economy responded accordingly. A subsequent decrease in mortgage rates assisted in
boosting new housing starts and the result was a booming economy. A tightening of mortgage
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SAS 12-04, City of Clermont
funding and rising unemployment during 2008 slowed housing starts and the local economy. The
country entered a recession. Mortgage rates remain relatively low. However, unemployment
remains high and mortgage funding is difficult to obtain. There continues to be large inventories of
single-family residences and residential subdivision acreage for sale. Foreclosures reached all time
high during 2010. These factors combined with a high unemployment rate have an adverse effect on
all property values.
Summary and Conclusions
The Orlando Metropolitan Area experienced significant growth over the last 40 years. This was
primarily as a result of Walt Disney Company locating in this area. The area converted from an
agriculturally based to a tourist -oriented community. Disney drew ancillary tourist -oriented
business, support services, hotels, motels and numerous other facilities. As a result, the economy,
population, and government grew at a significant rate. This rate slowed after the events of
September 11, 2001, which adversely affected the local tourist industry as well as the local and
national economy. This decline was short-term. The recovery resulted in unprecedented population
growth, corresponding development, and increasing property values. The national recession that
began during the fall of 2008 continues to have a significant adverse effect on all property values.
National, regional, and local economic indicators do not predict a rapid economic recovery. The
overall effect of the social, environmental, governmental, and economic forces acting in the
Orlando Metropolitan Area will result in declining property values for the foreseeable future.
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SAS 12-04, City of Clermont
NEIGHBORHOOD ANALYSIS
A neighborhood or market area has been
defined as a grouping of complimentary land
uses affected in a similar manner by the'-';.
following forces - social, economic, 3 ""
governmental, and environmental - which affect
property values. In addition to physical,.__,..
boundaries, neighborhood boundaries can be
further identified by perceptible changes in such
characteristics as degree of similarity in land
type of structure, architectural style, and
maintenance. Its surrounding community or
..
metropolitan area influences every
neighborhood. i >�•
all
A= ' use,
For the purpose of this report a three-mile radius around the subject property defines the
neighborhood market area. The neighborhood includes the City of Clermont and portions of the
City of Minneola.
Social Factors
Research indicates that the neighborhood grew from a population of 18,409 in 2000 to 42,975 in
2010, which equates to an 8.62% annual growth rate. The projected 2015 population is 51,460.
There are slightly more females than males in the neighborhood. The median age is 36.1 years, with
only 11% of the population 65 years of age and older.
7cpulatic- t5v Ag*
22 l
a 2415
B 74
In 2010, there were about 16,252 households, which are growing at an 8.54% annual rate. The
average household size is 2.63 persons. About 72.5% of the housing units are owner -occupied and
15.8% are renter occupied. The median home value in the market area is $162,643 compared to a
median home value of $157,913 for the United States. The neighborhood is projected to grow at a
considerably slower rate in the next five years.
Environmental Factors
The neighborhood has an adequate road network, which is composed of State Road 50, US
Highway 27, Citrus Tower Boulevard, Hancock Road, Grand Highway, Washington Street (Old
Highway 50) and Hartwood Marsh Road. Additional local streets and roadways provide adequate
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SAS 12-04, City of Clermont
access throughout the neighborhood. Most roadways in the neighborhood are paved.
The neighborhood topography is rolling. Elevations range from a low of below 85 feet National
Geodetic Vertical Datum (NGVD) to a high of over 310 NGVD.
Governmental Factors
The City of Clermont currently attempts to control growth by encouraging annexation of adjoining
properties. Governmental controls are exercised primarily through City of Clermont zoning and
land use regulations. These efforts have a positive effect on growth.
Economic Factors
Currently 91.5% of the civilian labor force in the Z°E° "°uwold income
]£AY
market area is employed and 8.5% are unemployed.
This unemployment rate is below the national level:" ':...``_....
of 10.8%. Of the employed population 58.2% are in „o
white-collar jobs, 22.1% are in service jobs, and
19.7% are in blue-collar jobs. The current median
household income is $59,927. The average income u,.�•
is $69,554, and the per capita income is $25,709. �w
The neighborhood enjoys proximity to Orange
County. Commercial uses exist along State Road 50, US Highway 27, Hooks Street, Grand
Highway, and in the Clermont and Minneola Central Business Districts (CBD). Most of the
neighborhood is urban and suburban. The market area enjoyed an unprecedented housing boom
earlier in this decade. However, the current economic recession coupled with large inventories of
sale properties and corresponding difficulties in obtaining mortgage funding has an adverse effect
on property values. All property values are experiencing a decline.
Conclusion
Most of the area is urban and suburban in nature. Commercial properties exist along State Road 50,
US Highway 27, Hooks Street, and in the Clermont and Minneola central business districts.
Properties are declining in value. This trend is projected to continue for the foreseeable future. The
social, environmental, governmental, and economic forces will have a mixed impact on property
values. However, the dominant effect will be negative, with declining property values the result.
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SAS 12-04, City of Clermont
Flood Map
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PROPERTY ADDRESS:
Lat: 334 7 9S3 290047, Lon: -9097432.690132
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Effective Date
B, 2002
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tear} 1:tSct��eat�eG aH3tt.J4lri areses�e Pr.-tectedbyU.B.Pa'erfN�rl�rsEnk132x. 6?E3'u,6°4 bisaiC`L-3°iEi.
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SAS 12-04, City of Clermont
Topographic Map
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SAS 12-04, City of Clermont
IDENTIFICATION OF SUBJECT PROPERTY
Legal Description
The reader is referred to the subject's deeds in the addenda of this report for complete legal
descriptions.
Real Estate Tax Information
Tax ID / Folio No.
The subject is part of
09-22-26-1305-033-00000 / 1017637
a larger tax parcel. The 2011 assessed values for the larger
Building Value $0
Extra Features Value $0
Land Value (Market) $247,852
Just (Market) Value $247,852
Just (Market) Value
Exempt Value $0
Taxable Value $247,852
tax parcel are:
Taxes in the amount of $4,246.72 were levied against the whole parcel. The whole parcel contains
about 8.27 acres. The subject property contains about 4.00 acres. The amount of taxes attributable
to the subject would probably be about than half of the taxes levied against the whole parcel. No
special assessments were associated with this vacant land. There are no delinquent taxes on the
subject property.
Flood Hazard Statement
According to the Federal Emergency Management Agency Flood Insurance Rate Map, Community
Panel No. 12069C0565D, effective July 3, 2002, the subject is outside the 500 -year flood.
Topography
The subject property is fairly level to rolling with elevations at about 200 feet National Geodetic
Vertical Datum (NGVD). The reader is referred to the topographic map for a pictorial depiction of
the contour lines associated with the subject.
Zoning/Future Land Use
The subject is zoned UE, Urban Estate Low Density Residential District. The future land use is
Commercial. The UE, Urban Estate Low Density Residential District is intended for single-family
structures to be used in such a manner as to preserve and enhance low density estate neighborhood
values and to be consistent with the rural residential standards of the Comprehensive Plan. This use
is not consistent with a Commercial future land use.
It is reasonable probable that the subject could be rezoned for commercial use. The subject property
is located in a commercial future land use designated area. The average annual daily traffic count at
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SAS 12-04, City of Clermont
this location is about 18,229 vehicles per day. Commercially zoned land exists along the north side
of Hooks Street across from the subject property. Additionally, the subject is located at a signalized
intersection with view from State Road 50. Rezoning the site for commercial use would bring the
site into compliance with the commercial future land use designation. Therefore, this appraisal is
based on rezoning the subject property for commercial use. Commercial use would comply with
surrounding land use.
Sales History
The subject property is currently under the ownership of the Dewitt Enterprises, Inc. The property
has been under the same ownership for the last five years. It is currently listed for sale as part of a
22.86 acre tract for $5,715,000. As of the effective date of this appraisal, to the best of our
knowledge, there are no contracts for sale on the subject property or the larger 22.86 -acre tract.
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SAS 12-04, City of Clermont
PHOTOGRAPHS
C
1. Southwest (front) of whole property
Photograph taken on February 21, 2012 by Lauren L. Stricklen, MAI
all
2. Street scene — east along Hook Street
Photograph taken on February 21, 2012 by Albert L. Stricklen, MAI
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SAS 12-04, City of Clermont
3. Street scene — south along Citrus Tower Boulevard
Photograph taken on February 21, 2012 by Lauren L. Stricklen, MAI
Stricklen Appraisal Services 27
SAS 12-04, City of Clermont
Site Sketch
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SAS 12-04, City of Clermont
DESCRIPTION OF THE SUBJECT PROPERTY
Description of the Site
The subject is located at the southwest corner of Hooks Street and Citrus Tower Boulevard in
Clermont, Florida. There is no stated street address for this site. Site size for the nearly rectangular
vacant land has been calculated to be 4.00 acres or 174,370 square feet. The site is fairly level to
rolling and well drained. The average elevation is about 200 feet NGVD. Access is via about 371
feet of paved road frontage along the south side of Hooks Street and 470 feet of frontage along the
west side of Citrus Tower Boulevard. Average annual daily traffic count at the subject's location is
4,047 vehicles per day along Hooks Street and 14,182 vehicles per day along Citrus Tower
Boulevard for a total of 18,229 vehicles per day.
Soils on the subject include primarily Candler sand, 5 to 12 percent slopes. Candler sand is an
excessively drained soil with no limitations for development. We have not been supplied with a
report of the sub -soil conditions indicating the exact capacity of the sub -soil. Since we do not have
the benefit of sub -soil test results on the property and detection of such possible defects would be
beyond our realm of expertise, no responsibility is assumed for such conditions or for engineering
that may be required to discover them. However, there appears to be no hidden or apparent
conditions of the subject site or sub -soil structure that would render it more or less valuable.
Progress Energy provides electric service. CenturyLink provides telephone service. The City of
Clermont provides city water, city sewer, and storm water drainage. Water retention is via an off-
site area immediately east of Lake Wilma and south of the subject property. However, according to
Mr. George Viele, listing agent, storm drainage is available from Hooks Street.
Field inspections revealed that the subject contains additional clay that appears to have been stored
on the subject site. Discussions with the owner's representative and listing agent, Mr. George Viele
of NAI Realvest, indicate that the owners will remove the clay prior to the sale closing and grade
the site to the engineering specifications of the purchasers. Since the clay was on the site as of the
effective date of appraisal, this appraisal is conducted under the extraordinary assumption that the
clay will be removed prior to sale closing and that the site's topography will be fairly level to
rolling and well drained. An extraordinary assumption is an assumption, directly related to a
specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions.
The purpose of this extraordinary assumption is for reasonable analysis.
The site is vacant.
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SAS 12-04, City of Clermont
HIGHEST AND BEST USE
Highest And Best Use "As If Vacant"
Ph sy ically Possible
The subject is a 4.00 -acre site. From a physical standpoint the subject would be suitable for several
highest and best uses. Alternative highest and best uses include agricultural, recreational,
commercial, industrial, and single and multi -family residential housing.
Le��ally Permissible
The subject is zoned UE, Urban Estate Low Density Residential District. The future land use is
Commercial. As was previously discussed, it is reasonable probable that the subject could be
rezoned for commercial use. The average annual daily traffic count at this location is about 18,229
vehicles per day. Commercially zoned land exists along the north side of Hooks Street across from
the subject property. Additionally, the subject is located at a signalized intersection with view from
State Road 50. Rezoning the site for commercial use would bring the site into compliance with the
commercial future land use designation. Commercial use would comply with surrounding land uses.
Financially Feasible
The four -acre site is located at the intersection of two four -lane divided roadways with a signalized
intersection. Commercial development would bring a positive return to the land.
Maximally Productive
Development with a commercial enterprise is physically possible, legally permissible, and
financially feasible. The subject is at a signalized intersection. Commercial use would comply with
surrounding land uses. Therefore, the highest and best use of the land is to rezone the subject for
development with a commercial development.
Highest and Best Use "As Improved"
The subject is vacant land.
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SAS 12-04, City of Clermont
THE VALUATION PROCESS
Approaches to Value
Traditionally, there are three approaches utilized in the valuation of real property; the cost
approach, the sales comparison approach, and the income capitalization approach.
The cost approach is based on the "Principle of Substitution" which states that no rational person
would pay more for a property than the amount for which he can obtain, by purchase of a site and
construction of improvements, without undue delay, a property of equal desirability and utility. The
basic steps of the cost approach are to estimate site value as if vacant, estimate the reproduction cost
new of the basic improvements and minor structures (excluding any that were included as part of
the land value) and then estimate, in dollar amounts, the accrued depreciation caused by the
physical deterioration, functional deficiencies or superadequacies, or any adverse external
influences. The next step is to deduct the accrued depreciation from the improvement's estimated
reproduction cost new to arrive at a present depreciated cost estimate. Then, by adding the site
value estimate, the result is to arrive at an indicated value for the property by the cost approach. The
cost approach is most reliable in proposed, new or nearly new properties, which have little or no
accrued depreciation.
The sales comparison approach is based on the "Principle of Substitution" which indicates that an
informed purchaser would pay no more for a property than the cost of acquiring an equally
desirable substitute property with the same or similar utility. This approach is applicable when an
active market provides sufficient quantities of reliable data, which can be verified from
authoritative sources. The sales comparison approach is reliable in an active market or if an
estimate of value is related to properties for which there are comparable sales available. This
approach to value is also pertinent when sales data can be verified with the principals to the
transaction. Heavy emphasis is usually placed on this approach to value in an active market.
In the income capitalization approach we are concerned with the present value of any future
benefits of property ownership. Future benefits are generally indicated by the amount of net income
the property will produce during its remaining useful life. After comparison of interest yields and
characteristics of risk for investments of similar type and class of properties, this net income is then
capitalized into an estimate of value. Generally, more weight is placed on the value indicated by the
income capitalization approach when the property is held for its income production or for
investment in the income potential.
After obtaining value estimates by the three approaches, the results are reconciled into a final value
conclusion. This reconciliation process is a weighing of the strengths and weaknesses of each
approach in order to reconcile the three independent valuation estimates into a single,
comprehensive estimate of market value.
In this analysis the only the sales comparison approach was utilized to value the subject's vacant
land. The cost approach and income approach were not appropriate in this vacant land appraisal.
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SAS 12-04, City of Clermont
Comparative Analysis Techniques
According to The Appraisal of Real Estate, 12th Edition, comparative analysis is the process by
which a value indication is derived in the sales comparison approach. This is accomplished via the
application of quantitative techniques or qualitative techniques either separately or in combination.
These techniques are briefly described as follows.
Quantitative Analysis/Adjustment incorporates actual market -derived adjustments, and applies
those adjustments accordingly to the comparable sales. This technique is used when there are
abundant market data to accurately establish adjustments. Examples of quantitative
analysis/adjustment include paired sales analysis, grouped data analysis, statistical analysis, graphic
analysis, trend analysis, cost related analysis, and secondary analysis.
Qualitative Anal.. si�justment is the consideration of the comparability indicated by market sales
data, without recourse to quantification. This technique is used when there is insufficient market
data to accurately quantify adjustments. Examples of qualitative analysis include relative
comparison analysis, ranking analysis, and personal interviews.
In this analysis we have considered both quantitative and qualitative analyses. The sales were first
analyzed on a quantitative basis. Then the results were reconciled into a final value conclusion on a
qualitative basis.
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SAS 12-04, City of Clermont
SALES COMPARISON APPROACH
In this analysis sale properties are compared and contrasted to the subject. Then adjustments that
reflect differences between the sales and the subject are made to the sale properties and the results
are reconciled into an indication of unit value. This factor is applied to the total number of units to
arrive at a market value.
The direct sales comparison approach was utilized to estimate the value of the subject's vacant land.
The subject property consists of 4.00 acres or 174,370 square feet that are located at the signalized
intersection of two four -lane roadways. The average annual daily traffic count at this location is a
total of 18,229 vehicles per day. The scope of the market data research for comparable sales
included a search throughout Lake County for similar sales. The search resulted in a limited but
sufficient number of sales with which to analyze the subject's land. In properties such as the
subject, comparisons are generally made on a price per square foot basis. The analysis of value
utilizing sales price per square foot is conducted by comparing similarities and differences between
the sale properties and the subject. Adjustments are made to the sale indications for these
differences, resulting in an adjusted per acre value. This factor is then applied to the subject's site
size. The result is an estimate of market value for the subject's land.
Of all sales information considered the following comparable sales were the most reliable in
developing an indication of market value for the subject. A brief narrative sales analysis, as well as
an analysis in chart form is included. The reader is referred to the sales location map, showing the
proximity of the sales to the subject, and the sales data sheets, which are included in the addenda of
this report, for specific information concerning grantor/grantee, legal description, and other
recorded information.
Sale SAS 3143 occurred on September 01, 2011 for a cash sale price of $323,000. A portion of the
sale was financed by the seller. However, according to the agent for the grantor, this financing was
short term and had no influence on the sale price. This irregularly-shaped sale site is located along
the north side of State Road 46 about 330 feet west of County Road 435 in Mt. Plymouth, Florida.
Site size was calculated to be 3.77 acres or 164,175 square feet of fairly level, well drained land.
There are about 165 feet of paved road frontage along the north side of State Road 46. The site is
zoned CP, Planned Commercial, by the zoning authorities of Lake County. The future land use
designation is UNC Non-Wekiva with a Neighborhood Activity Center overlay. Utilities available
to the site include electric and telephone services. A private well would be used for potable water,
and a septic tank would be used to process effluent at this location. The land was vacant at the time
of sale. No improvements have been made since the title transfer. The sale differed from the subject
in terms of market conditions, location, signalized intersection, on-site water retention, frontage,
and utilities. This sale was considered to be a "substitute or alternate" property for a potential buyer
of the subject.
Sale SAS 3026 occurred on May 27, 2010 for a cash sale price of $525,000. This sale is located
along the west side of County Road 565-A about 489 feet north of State Road 50 in Groveland,
Florida. Average annual daily traffic count at this location is 5,422 vehicles per day on County
Road 565-A with view from State Road 50. Site size was calculated to be 0.94 acres or 40,849
square feet of fairly level, well -drained land. This outparcel is associated with a Walgreens
commercial development and across the street from a shopping center anchored by a Publix
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SAS 12-04, City of Clermont
Supermarket. It is not located at a signalized intersection but does have off-site water retention.
Access is via about 151 feet of paved road frontage along the west side of County Road 565-A and
PUD cross -easements. The site is zoned C-1, Commercial Highway, by the zoning authorities of
Groveland. The future land use designation is Commercial. Utilities available to the site include
electric, telephone, city water, and city sewer services. The land was vacant at the time of sale.
Since the title transfer, the site has been improved with a Dollar General facility and associated site
improvements. The sale differed from the subject in terms of market conditions, location, site size,
and signalized intersection. This sale was considered to be a "substitute or alternate" property for a
potential buyer of the subject.
Sale SAS 3028 occurred on February 10, 2010 for a cash sale price of $900,000. This sale is located
along the west side of State Road 19 about 175 feet north of Plaza Drive in Eustis, Florida. The
average annual daily traffic count at this location is 19,800 vehicles per day. Site size for this nearly
rectangularly -shaped site was calculated to be 1.62 acres or 70,567 square feet of fairly level, well -
drained land. This is a pad site adjacent to a McDonalds fast food facility and associated with an
older strip shopping center. The sale site is at a signalized intersection, and it has off-site water
retention. Access is via about 283 feet of paved road frontage along the west side of State Road 19
and PUD cross easements. The City of Eustis no longer utilizes zoning designations. The future
land use is GC, General Commercial. Electric, telephone, city water, and city sewer services were
available to the sale site. The land was vacant at the time of sale. Since the title transfer, the site has
been improved with a RaceTrac convenience store with gas sales. The sale differed from the subject
in terms of market conditions, location, and site size. This sale was considered to be a "substitute or
alternate" property for a potential subject buyer.
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SAS 12-04, City of Clermont
Vacant Land Sales Analysis Chart
Date (Mkt
Cond) 2/21/2012 09/01/2011 ($16,150) 05/27/2010 ($89,250) 02/10/2010 ($180,000)
Time Adj Price
Indication/sf
N/A
N/A
Sale SAS
Sale
Sale SAS
Description
Subject
3143 Adj
SAS 3026
Adj 3028 Adj
Sale Price
N/A
$323,000
$525,000
$900,000
Sale Terms
N/A
Cash
Cash
Cash
Cond of Sale
Normal
Normal
Normal
Normal
Norm Price
N/A
$323,000
$525,000
$900,000
Date (Mkt
Cond) 2/21/2012 09/01/2011 ($16,150) 05/27/2010 ($89,250) 02/10/2010 ($180,000)
Time Adj Price
Indication/sf
N/A
N/A
$306,850
$1.87
Sim
$435,750
$10.67
Sup
$720,000
$10.20
Sup
Site Size, sf
174,370
N/S SR 46 -
0%
40,849
-25%
W/S SR 19 -
-15%
SWC Citrus Tower
330'W of
Sim
W/S CR 565-A
Sim
175'N of
Sim
Topography
By & Hooks St,
CR 435, Mt.
Inf
- 489'N of SR
Sup
Plaza Dr,
Sup
Location
Clermont
Plymouth
+5%
50, Groveland
-10%
Eustis
-10%
Signal
4,047 vpd on
None
+5%
5,422 vpd on
+5%
Yes
0%
Hooks St; 14,182
Inf
CR 565-A;
Sim
Sim
WRA
vpd on Citrus
On -Site
Sim
view from
Sim
19,800 vpd
Sim
AADTC
Tower By
10,900 vpd
0%
SR 50
0%
on SR 19
0%
Site Size, ac
4.00
3.77
Sim
0.94
Sup
1.62
Sup
Site Size, sf
174,370
164,175
0%
40,849
-25%
70,567
-15%
Rolling, well
Fairly level,
Sim
Fairly level,
Sim
Fairly level,
Sim
Topography
drained
well drained
0%
well drained
0%
well drained
0%
Inf
Inf
Sim
Signal
Yes
None
+5%
None
+5%
Yes
0%
Inf
Sim
Sim
WRA
Off-site
On -Site
+15%
Off -Site
0%
Off -Site
0%
15 Pon W/S
283' on W/S
371' on S/S Hooks
CR 565-A;
SR 19; PUD
Frontage /
St; 470' on W/S
165' on N/S
Inf
PUD cross
Sim
cross
Sim
Access
Citrus Tower By
SR 46
+5%
easements
0%
easements
0%
UE, Rezone
Sim
C-1,
Sim
Sim
Zoning
Comm, Clermont
CP, Lake Co
0%
Groveland
0%
GC, Eustis
0%
Electric,
Electric,
Electric,
Electric, telephone,
telephone,
Inf
telephone,
Sim
telephone,
Sim
Utilities
water, sewer
well, septic
+10%
water, sewer
0%
water, sewer
0%
Net Adj
+40%
-30%
-25%
Adi Indic/sf
$2.62
$7.47
$7.65
Subject Indication: $7.50 per square foot
Stricklen Appraisal Services 35
SAS 12-04, City of Clermont
Discussion ofAdiustments
Although the tabulated comparable land sales are similar to the subject, they are not identical and
thus require direct comparison to the subject on a characteristic -by -characteristic basis. The
comparison categories most important to buyers of this property type include: property rights
conveyed, financing, date of sale (market conditions), sale conditions, location, average annual
daily traffic count (AADTC), size, topography, signalized intersection, water retention
requirements, road frontage / access, zoning / future land use, and utilities, all of which are
discussed below. All sales have the potential for a gopher tortoise habitat.
Property Rights: All land sales utilized in my analysis were fee simple transfers of title and
therefore, no adjustments are required for this category.
Financing: All sales were cash to seller, or cash equivalent and therefore, no financing adjustments
were necessary.
Date of Sale (Time): Comparable sales that occur under different market conditions than those
applicable to the subject property as of the effective date of the appraisal often require adjustments
for any differences that affect their values. A common adjustment for market conditions is made for
differences occurring since the date of sale. Although the adjustment for market conditions is often
referred to as a "time" adjustment, time is not the cause for the adjustment. Market conditions
which shift over time create the need for an adjustment, not time, itself. If market conditions have
not changed, no adjustment is required even though considerable time may have elapsed.
As was discussed in the area and neighborhood analyses, all Lake County properties are declining
in value. Therefore, all sales were adjusted for declining market conditions.
Sale Conditions: All sales were verified as being arm's length transactions involving fee simple
estates. Therefore, no adjustments were warranted.
Location: Sale SAS 3026 and Sale SAS 3028 are associated with improved developments. This is
superior to the subject's location where development has not commenced and warrants a downward
adjustment. Sale SAS 3143 is in the Mt. Plymouth Central Business District where little, if any
development is taking place. This more rural location is inferior to the subject and warrants an
upward adjustment.
Average Annual Daily Traffic Count (AADTC): AADTC is one way to measure exposure for
commercial properties. The subject and all sales are sufficiently similar that no adjustments are
warranted. Sale SAS 3026 has a lower traffic count that the subject. However, this sale also has
exposure and view from State Road 50, an arterial roadway with a high average annual daily traffic
count. Therefore, it is considered similar to the subject with regard to average annual dally traffic
count.
Size: The size adjustment is based on the observation that, within limits, a smaller tract of land will
generally have a higher unit indication of value as compared to a bigger but otherwise similar tract
of land. The reasoning is that the overall sale price for the smaller parcel of land will be less and,
therefore, more buyers can compete for the land on the basis of total sale price as compared to the
bigger tract. Therefore, the unit indication for the smaller tracts of lands tends to be higher than for
Stricklen Appraisal Services 36
SAS 12-04, City of Clermont
the bigger tracts of land.
The subject and Sale SAS 3143 are sufficiently similar with regard to size that no adjustments are
warranted. Sale SAS 3026 and Sale SAS 3028 are smaller than and, therefore, superior to the
subject. They warrant downward adjustments.
Topography: The subject and all sales are sufficiently similar that no adjustments are warranted.
Traffic Signal: The subject and Sale SAS 3028 are located at traffic signals. They are sufficiently
similar that no adjustments are warranted. Sale SAS 3143 and Sale SAS 3026 are not located at
traffic signals. This is inferior to the subject and warrants an upward adjustment.
Water Retention: The subject, Sale SAS 3026, and Sale SAS 3028 have off-site water retention.
This allows for greater flexibility in planning and development of a site. Sale SAS 3143 has on-site
water retention. This somewhat limits development flexibility of a site. Therefore, it is inferior to
the subject and warrants an upward adjustment.
Frontage / Access: The subject has access from two roadways. Sale SAS 3026 and Sale SAS 3028
have access via cross easements in addition to road frontage. The subject, Sale SAS 3026, and Sale
SAS 3028 are sufficiently similar that no adjustments are warranted. Sale SAS 3143 has access
from only 165 feet along the north side of State Road 46. This is inferior to the subject, which has
frontage along two roadways, and warrants an upward adjustment.
Zoning / Future Land Use: The subject's highest and best use is to be rezoned for commercial use to
comply with its future land use. The subject and all sales are sufficiently similar with regard to
zoning such that no adjustments are warranted.
Utilities: The subject, Sale SAS 3026, and Sale SAS 3028 are sufficiently similar with regard to
utilities such that no adjustments are warranted. Sale SAS 3143 requires a well for potable water
and a septic tank to process effluent. This is inferior to the subject, which has central water and
sewer services. This is inferior characteristic warrants an upward downward adjustment.
The adjusted sales ranged from a low of $2.62 per square foot to a high of $7.65 per square foot.
Reconciliation and Final Value Estimate
The sales utilized in this analysis were of adequate quantity and quality to provide a reliable
indication of market value for the subject. All sales were substitute properties for a potential buyer
of the subject property. The sales bracketed the subject in terms of physical characteristics. Most
weight was placed on Sale SAS 3026 and Sale SAS 3028, which had the fewest gross and net
adjustments, concluding between the indications developed by these sales at $7.50 per square foot.
When the $7.50 per square foot unit value indication is applied to the subject's 4.00 acre or 174,370
square foot size, the result is an estimate of market value for the subject of $1,307,775, rounded to
$1,308,000.
4.00 acres or 174,370 square feet x $7.50 per square foot = $1,307,775 (R) $1,308,000
Stricklen Appraisal Services 37
SAS 12-04, City of Clermont
RECONCILIATION AND FINAL VALUE ESTIMATE
The subject is a 4.00 -acre or 174,370 -square foot tract of vacant land located at the southwest
corner of Hooks Street and Citrus Tower Boulevard in Clermont, Florida. There is no stated street
address for the subject. The highest and best use for the site as vacant is to rezone the land for
commercial use to comply with the commercial future land use.
Typically three approaches are used to value improved properties, the Cost Approach, the Sales
Comparison Approach, and the Income Capitalization Approach. Only the sales comparison
approach was used to value the subject's vacant land. The cost approach is not typically used to
value vacant land. The income approach was not appropriate for use because the land is not held for
its income-producing characteristics.
Field inspections revealed that the subject contains additional clay that appears to have been stored
on the subject site. Discussions with the owner's representative and listing agent, Mr. George Viele
of NAI Realvest, indicate that the owners will remove the clay prior to the sale closing and grade
the site to the engineering specifications of the purchasers. Since the clay was on the site as of the
effective date of appraisal, this appraisal is conducted under the extraordinary assumption that the
clay will be removed prior to sale closing and that the site's topography will be fairly level to
rolling and well drained. An extraordinary assumption is an assumption, directly related to a
specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions.
The purpose of this extraordinary assumption is for reasonable analysis.
Three sales were used to estimate the value of the subject's vacant land. The sales bracketed the
subject in terms of physical characteristics. The analysis reconciles at a unit value near the top of
the range at $7.50 per square foot of land or, rounded, $1,308,000. Therefore, the market value of
the subject property, effective February 21, 2012, is
One Million Three Hundred Eight Thousand Dollars
($1,308,000)
Given the activity of the current real estate market for properties such as the subject and considering
the size, location, and other physical characteristics of the subject, we concluded that the marketing
time for the subject would be 12 to 18 months.
Stricklen Appraisal Services 38
SAS 12-04, City of Clermont
QUALIFICATIONS OF ALBERT L. STRICKLEN, MAI
Education
M Ag. Degree (Master of Agriculture), University of Florida -1970
Major Area of Study: Citrus Production
Minor Areas of Study: Plant Pathology, Soil Science and Nematology
B.S. Ag Degree (Agriculture), University of Florida -1968
A.A. Degree, University of Florida -1961
Umatilla High School, Umatilla, Florida -1959
Successfully completed the following real estate appraisal courses and seminars under the
direction of the American Institute of Real Estate Appraisers or the Appraisal Institute
Uniform Appraisal Standards for Federal Land Acquisitions
2010
Appraisal Curriculum Overview (2 -day General)
2009
Stats and Graphs
2009
Appraisal of Distressed Properties
2009
Valuation of Conservation Easements
2008
Analyzing Distressed Real Estate
2007
Rates and Ratios
2007
Real Estate Investing and Development
2007
The Valuation of Wetlands
2007
Business Practice and Ethics
2007
From 1986 through 2009 attended numerous appraisal courses and seminars.
Published Author
The Citrus Industry, article: The Canopy Volume Method of Estimating Freeze Damage to
Citrus Trees, March 1985, Vol. 66, No. 3.
Reprinted February 1990, Vol. 71, No. 2.
Licenses and Professional Affiliations
Member Appraisal Institute, (MAI)
Member No. 9615
State -Certified General Appraiser
No. RZ 0315
Master Residential Appraiser (MRA), National Association of Master Appraisers
Member No. 8612
Real Estate Broker, State of Florida
License No. 0335556
Experience
Owner, Stricklen Appraisal Services, P.A. Currently
Umatilla, Florida
Staff Appraiser, Clayton, Roper & Marshall, Inc. 1986-1990
Orlando, Florida
Stricklen Appraisal Services 39
SAS 12-04, City of Clermont
Staff Appraiser, J. Fred Kurras, MAI
Mount Dora, Florida
Agricultural Specialist, Keith Shamrock Realty
Eustis, Florida
Citrus Production Manager or related positions
Expert Witness Testimony
1985-1986
1980-1985
1970-1980
18th Judicial Circuit Court, Seminole County, Florida
5th Judicial Circuit Court, Lake County, Florida
12th Judicial Circuit Court, Desoto County, Florida
10th Judicial Circuit Court, Hardee County, Florida
10th Judicial Circuit Court, Polk County, Florida
13a' Judicial Circuit Court, Hillsborough County, Florida
Appraisal Types:
Have completed the following types of appraisals:
Agricultural
Citrus Groves (Market and
Casualty Loss)
Muck Farms
Ranches
Timberland
Greenhouse Operations
Foliage Nurseries
Industrial
Light Manufacturing Facilities
Warehouses
Easements
200 KV Powerline Easements
Conservation Easements
Litigation
Trespass cases involving the
destruction of oak trees and
other types of ornamental landscaping
Review
Airport Runway Clear Zones
Various Condemnation Appraisals
Appraisals
Condemnation (Eminent
Domain)
Total Takes
Partial Takes without Damages
Partial Takes with Damages
Easement Takings
The condemnation appraisals
were completed on almost all of
Stricklen Appraisal Services 40
SAS 12-04, City of Clermont
Commercial
Hotels/Motels
Restaurants
Bars/Lounges
Laundromats
Office Buildings
Medical Office Buildings
Other
Residential
Single -Family
Multi -Family
Proposed Subdivisions
Bulk and Individual Lots
Mobile Homes
Mobile Home Parks
Estates
Special Agricultural Valuation
and non-agricultural oriented
Studies
Highway Frontage Adjustment
for Properties Located in the
Central Florida Area
Seminars (Instructor)
Assessing Freeze Damage: The
Canopy Volume Method
Parks and Recreation Areas
Conservation Areas
Railroad Right of Ways
Rails to Trails Projects
the previously listed property
types.
Casualty Loss Appraisals
Land Protection Agreements
Commercial and Condemnation Appraisals have been completed for the following
clients:
Florida Department of Transportation
District One
Florida Department of Transportation
District Two
Lake County Board of County
Commissioners
Orange County Board of County
Commissioners
Marion County Board of County
Commissioners
St. Johns River Water Management
Orange County Expressway Authority
Florida Turnpike Authority
Seminole County Expressway
Authority
Various departments in the cities of:
Umatilla, Eustis, Mt. Dora, Tavares,
Fruitland Park, Leesburg Sebring, and
others
Lake Community Action Agency
Florida Department of Transportation
District Five
Florida Department of Transportation
District Seven
Volusia County Board of County
Commissioners
Highlands County Board of County
Commissioners
First National Bank of Mount Dora
Peoples State Bank
The Enterprise National Bank of Sarasota
The Enterprise National Bank, N.A.
Green Swamp Land Authority
Department of Environmental Protection,
State of Florida
Litigation appraisals have been completed for the following firms:
Brannen, Stillwell & Perrin, P.A., Inverness
Warlick, Fassett, Divine & Anthony, P.A., Orlando
R. Patrick Phillips, Orlando
Rumberger, Kirk, Caldwell, Cabaniss, Burke & Wechsler, P.A., Orlando
Sparks, Cooper & Leklem, P.A., Orlando
Miles and Cumbie, P.A., St. Cloud
Aulls & Graves, P.A., Tavares
Lennon E. Bowen, III, Eustis
Bowen, Stone & Blanchard, P.A., Eustis
Gordon H. Savage, Jr., P.A., Leesburg
Maguire & Dvores, P.A. Orlando
Cox & Lowry, P.A., Leesburg
Sellar, Sewell, Russ & Saylor, P.A., Leesburg
C.J. Smith, Attorney, Tavares
Samuel Weiss, Attorney, Orlando
Fixel & Maguire, P.A., Orlando/Tallahassee
Stricklen Appraisal Services 41
SAS 12-04, City of Clermont
QUALIFICATIONS OF LAUREN L. STRICKLEN, MAI
Education
1985-1995 Certification in Administration & Supervision
1979 — Florida International University Master of Science, Counselor Education
1969 — University of Hawaii Bachelor of Science, Fashion Merchandising
Appraisal Institute Courses
Uniform Appraisal Standards for Federal Land Acquisitions February 2010
Appraisal of Distressed Properties
August 2009
Advanced Curriculum Overview
February 2009
Stats & Graphs
February 2009
Advanced Appraisal Review
May 2008
7 -Hour USPAP Update & Core Law
May 2008
Supervisor & Trainee Appraiser Rules & Roles
May 2008
Forecasting Revenue
January 2008
Real Estate Investing & Development
July 2007
Rates and Ratios
July 2007
Business Practices & Ethics
May 2007
Florida State Law for R.E. Appraisers
October 2006
Appraisal Laws and Rules
September 2006
Scope of Work and the New USPAP Requirements
June 2006
New Technologies for R.E. Appraisers
June 2006
Appraising from Blueprints and Specifications
September 2005
Real Estate Finance, Value & Investment Performance
February 2005
Scope of Work
November 2004
Experience/Appraisal
1990 -Present Stricklen Appraisal Services, P.A.: Owner, appraiser, completed appraisals
of vacant land, vacant and improved commercial properties, vacant and
improved multifamily properties, vacant and improved industrial
properties, special purpose properties, and subdivision analysis; completed
appraisals for eminent domain projects in FDOT District One, District
Two, District Five, District Seven, Lake County Board of County
Commissioners, Highlands County Board of County Commissioners,
Citrus County Board of County Commissioners, Polk County Board of
County Commissioners, Hernando County Board of County
Commissioners, SECO Energy, and various municipalities; eminent
domain appraisals include whole takes, partial takes with and without
damages, and easement takings with land without damages; completed
appraisals for litigation support, estate purposes, and IRS considerations.
Experience/Other
1983-1999 Lake County School Board: Director of Guidance, Grants Coordinator &
Writer, Curriculum Specialist, Umatilla High School; Program Specialist
Stricklen Appraisal Services 42
SAS 12-04, City of Clermont
for Student Services, Lake County Schools; Guidance Counselor &
Curriculum Specialist, Tavares High School.
1982-1983 Program Director, Palmview Hospital, Lakeland, Florida
Licenses and Professional Affiliations
MAI Member, Appraisal Institute, Member No. 12282
State -Certified General Appraiser No. RZ 2624
Appraisal Institute Leadership Development Advisory Council Participant, 2004, 2006, 2007
East Florida Chapter of the Appraisal Institute — President 2009
East Florida Chapter of the Appraisal Institute — Vice President 2008
East Florida Chapter of the Appraisal Institute — Treasurer, 2007
East Florida Chapter of the Appraisal Institute — Secretary, 2006
Region X of the Appraisal Institute — Chapter Representative 2006, 2007, 2008, 2009
Selected Annraisal Clients
Florida Department of Transportation
Eminent Domain
SECO Energy
Eminent Domain
Department of Environmental Protection
Commercial, Agricultural
Florida Communities Trust
Commercial, Agricultural
Lake County Board of County Commissioners
Commercial, Residential,
Agricultural, Eminent Domain
Highlands County Board of County Commissioners
Eminent Domain
Citrus County Board of County Commissioners
Eminent Domain
Hernando County Board of County Commissioners
Eminent Domain
Polk County Board of County Commissioners
Eminent Domain
Florida Turnpike Authority
Eminent Domain, Commercial
City of Tavares
Commercial, Residential
Agricultural
City of Umatilla
Eminent Domain, Commercial,
Residential
City of Eustis
Commercial, Residential
City of Mt. Dora
Commercial, Residential
Lake Community Action Agency
Commercial
United Southern Bank
Commercial
Florida Choice Bank
Commercial
Citizens First Bank
Commercial
First Family Savings Bank
Commercial
Peoples State Bank
Commercial
Bowen & Campion, P.A.
Estate
Robert F. Vason, Jr. Attorney
Estate
Cauthen & Feldman, P.A.
Estate
Brett L. Swigert, P.A.
Estate
Stricklen Appraisal Services 43
SAS 12-04, City of Clermont
ADDENDA
Stricklen Appraisal Services 44
SAS 12-04, City of Clermont
Subject Deed/Legal Description of Parent Tract
FIEC -OO RECElvEo FOA
This Instrument Prepared bye I TFI-Ile_ ENCISH TAXES
(
Name: Dorothy i,awhorn, an Employee of I nt euo°i'r.1614rxEp459
Richard H. Langley, P.A. I DEED 006
Address: P.O. Box 120188, Clermont, Fl. 34712 ( IN
98 40575 J ES C. WATKIN , CLERN LAKE CO. FL a
Return to: If'E /{' /._�j Sr_o.c. ry �
FILE NO. 99 2 V%SFY y1 • E"'si ! ro rr
x
Address:
09-22-26-1300-033-00000 Z
Property Appraisers Parcel Identification Number(s): I t arm,
Grantee(s) S.S #'a:
�rn
SPACE ABOVE TMS LINE FOR PROCESSING DATA SPACE ABOVE UM LINE FOR RECORDING DATA
THIS WARRANTY DEED Made the 29th day of May A.D. 1998 by thank S. Menefee and E. May Menefee, husband
and wife hereinafter called the grantor, to DEiYITT' ENTERPRISES, INC. whose post office address is
P.O. Box 770337 Winter Garden, FL 34777-0337 hereb*er called the grantee:
(WIiGQYer mel hmin the enns 'grantor' W °grantee' iwAudc all die paries a) Mie insm mem and da: Lein. legal rwasentadves and assigns
of lndivl&MU' W the soccessan and assign of corpaadom)
NITNESSETH, that the grantor, for and in consideration of the sum $10.00 and other valuable considerations, receipt
whereof ds hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and con firms unto the grantee all
that certain land aituate in Lake County, State of Florida, viz:
TRACT 33 OF SECTION 29, TOWNSHIP 22 S, RANGE 26 E, LAKE HIGHLANDS COMPANY, ACCORDING TO THE PLAT
THEREOF AS RECORDED IN PLAT BOOK 2, PAGE 25, PUBLIC RECORDS OF LAKE COUNTY, FLORIDA.
Together, with all the tenements, heredtamems and appurtenances thereto belonging or in othenwise appertaining.
To Have and to Hold, the same in fee simple forever.
And the grantor hereby covenants with the grantee that the grantor is fatefully seized of said land in fee simple; thar the
grantor has good right and lawful authority to sell and convey said land, and hereby warrants the title to said land and will defend
the same against the lawful claims of aU persons whomsoever, • and that said land is free of all encumbrances, except taxes accruing
subsequent to December 31, 1997. FURTHER SUBJECT TO restrtdions, reservations, covenants and easements of record, if any,
however this reference shall not operate to reimpose same.
In Witness Whereof, the said grantor has signed and sealed these presents the day and year first above written.
(Si&L. heated tklive inthe pre a of.
reor Frank S. Menefee
I r)dA R ✓e address: P.O. Box 120188
dsign ire Clermont. FL 34712
Signaft- odd 0THV J. LAWHCIRN
Printed Signature
. May h 'enc
oddness: P. . ox 120188
Clermont, FL 34712
I hereby Cerg& that on this day, before me, an
officer duly authorized to administer oaths and take
acknowledgment personally appeared
STATE OF Florida
COUNTY OF fake
Frank S M sfes and E, bL Menefee known to me to be the person(s) described to and who executed the foregoing instrument,
who a9ldurwledgedbefere me that a/they executed the same, that t relied upon the foUowingform of ddentrwation of the above -
nam a on(s) ersonaUy known that an oath (was not) taken.
I NOTARY RUBBER STAMP SEAL
5 pow
1&0" I
lot.
1Ax
iii � Ihand and offieiat� in the County and
s oreaaid this r d o
fated Notary Stgaatare
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SAS No: 3143 Job No: 11-08
Sale Type: Vacant Commercial Use Code: 1000
County/Metro Area: Lake/Sorrento
Tax No: 29-19-28-0001-000-02201
1711169
Recording data
ORB 4074, Page 0456, Lake County
Grantor
K & K Investments, LTD
Grantee
Richard Thompson and Christine Thompson
Date of transaction
August 15, 2011
Date inspected
September 15, 2011
Site Shape/Size
Irregular/3.77 acres of land; 164,175 square feet of land
Sale Price/Unit Price
$323,000/$85,676 per acre; $1.97 per square foot
Address/Location
This sale is located at 25525 State Road 46 in Sorrento.
Alternatively, this sale is located along the north side of State Road
46, 330 feet west of County Road 435.
Zoning/Future Land Use
CP, Planned Commercial, Lake County/UNC, Non-Wekiva NAC
Present Use
Vacant Land
Highest and Best Use
Commercial Development
Financing
Cash to seller
Improvements
None
Utilities
Electric, telephone, well, septic
SAS 3143
Verification Verified with: George Kittleson, Agent for Grantee
Phone Number: 352-267-4731
By: Lauren L. Stricklen, MAI on September 15, 2011
Analysis The site is fairly level and well drained. Access is via 165 feet of
paved road frontage along the north side of State Road 46.
SAS 3143
SAS No: 3026 Job No: 10-38 County/Metro Area: Lake/Groveland
Sale Type: Vacant Commercial Use Code: 1000 Tax No: 20-22-25-1001-000-004B0 /
3878617
Recording data
ORB 3912, Page 1271, Lake County
Grantor
Groveland Shoppers, LLC
Grantee
DG Groveland, LLC
Date of transaction
May 27, 2010
Date inspected
August 12, 2010
Site Shape/Size
Rectangular/0.94 acres of land; 40,849 square feet of land
Sale Price/Unit Price
$525,000/$558,511 per acres; $12.85 per square foot
Address/Location
This sale is located along the west side of County Road 565-A
about 489 feet north of State Road 50 in Groveland.
Zoning/Future Land Use
C-1, Commercial Highway, Groveland/Commercial
Present Use
Vacant at the time of sale. Since the title transfer construction has
been completed on a Dollar General facility.
Highest and Best Use
Commercial Development
Financing
Cash to seller
Improvements
The site was vacant at the time of sale. Since the title transfer
construction has been completed on a Dollar General facility and
associated site improvements.
SAS 3026
Utilities Electric, telephone, water, sewer
Verification Verified with: Cathy Carson for Robert McFadden, Esq., Agent for
Grantor
Phone Number: 407-425-8500
By: Lauren L. Stricklen on August 12, 2010
Analysis The site is fairly level and well drained. Access is via 151 feet of
paved road frontage along the west side of County Road 565-A.
The site also has cross easements associated with Groveland
Shoppes North development which includes a Walgreen's.
SAS 3026
SAS No: 3028 Job No: 10-38
Sale Type: Vacant Commercial Use Code: 1000
County/Metro Area: Lake/Eustis
Tax No: 23-19-26-0002-000-12300/
3875504
Recording data
ORB 3873, Page 1151, Lake County
Grantor
Lake Hills, Inc. of Deltona
Grantee
RaceTrac Petroleum, Inc.
Date of transaction
February 10, 2010
Date inspected
August 11, 2010
Site Shape/Size
Nearly Rectangular/1.62 acres of land; 70,567 square feet of land
Sale Price/Unit Price
$900,000/$555,556 per acre of land; $12.75 per square foot of land
Address/Location
This sale is located along the west side of State Road 19 about 175
feet north of Plaza Drive in Eustis.
Zoning/Future Land Use
Eustis no longer utilizes zoning designations/GC, General
Commercial
Present Use
The site was improved with a Twistee Treat at the time of sale.
Since the title transfer the former improvements were demolished
and the site has been improved with a Race Trac facility.
Highest and Best Use
Commercial Development
Financing
Cash to seller
Improvements
The site was improved with a Twistee Treat at the time of sale.
Since the title transfer a RaceTrac and associated site
improvements have been constructed on the site. The former
improvement contributed no value over and above land value.
Their demolition and removal is part of normal site development
costs.
Utilities Electric, telephone, water, sewer
Verification Verified with: Karen Gillian, Agent for Grantee
Phone Number: 407-650-0436
By: Ellen L. Judd on August 12, 2010
Analysis The site is fairly level and well drained. Access is via 283 feet of
paved road frontage along the west side of U.S. Highway 19 and
cross access easements associated with the Lake Hills Shopping
Center.
SAS 3028
of this Contract, the balance of the purchase price shall be paid by Buyer and the escrow agent to
Seller in United States funds by cash or by wire transfer at the time of closing.
4. Title. Within Ten (10) days of the Effective Date of this Contract, the Closing Agent at
Seller's expense shall deliver an original commitment for title insurance committing to issue an
Owner's policy to Buyer as purchaser of the Property in the amount of the purchase price.
(Hereinafter referred to as the "title report"). Seller shall select the title company and closing
agent. During the Inspection Period described in Paragraph 6 hereof, Buyer shall determine
whether Buyer is willing to accept title to and acquire the Property from Seller. In the event that
Buyer shall determine that any one or more of the title exceptions set forth in the Title Report
(the "Title Exceptions ") are unacceptable to Buyer in its sole discretion, Buyer shall be entitled
to terminate this Contract by delivering written notice thereof to Seller on or before the
expiration of the Inspection Period, whereupon this Contract shall terminate as provided in
Paragraph 7 hereof. In the event Buyer shall not terminate this Contract as a result of the
investigations and inspections to be performed by Buyer pursuant to Paragraph 6 hereof, then
and in such event Buyer shall be deemed to have approved the Title Exceptions and to have
agreed to accept title to and acquire the Property from Seller subject to the Title Exceptions.
5. Survey. Buyer may have the Property surveyed at its expense during the Inspection Period. If
the survey obtained by Buyer discloses any encroachments or other adverse matters, which are
unacceptable to Buyer in its sole discretion, Buyer shall be entitled to terminate this Contract by
delivering written notice thereof to Seller prior to the expiration of the Inspection Period,
whereupon this Contract shall terminate as provided in Paragraph 7 hereof. In the event Buyer
shall not terminate this Contract during the Inspection Period, then and in such event Buyer shall
be deemed to have agreed to accept title to and acquire the Property from Seller subject to any
matters disclosed by the survey of the Property obtained by Buyer.
6. Investigations and Inspections of Property.
(a) Buyer and its architects, engineers and other agents shall have a period of Ninety (90) days following the
Effective Date, (hereinafter referred to as the "inspection Period ") within which to undertake such physical
inspections and other investigations of and concerning the Property as may be necessary in order to evaluate the
physical characteristics of the Property, as well as such other matters as shall be deemed by Buyer to be
necessary in order for Buyer to evaluate the Property and determine the feasibility of Buyer's purchase of the
same, including, without limitation, those matters related to the title to the Property as provided in Paragraph 4
hereof, and those matters disclosed by any survey of the Property obtained by Buyer as provided in Paragraph 5
hereof. For such purpose, Seller hereby grants to Buyer and its agents or assigns full right of entry upon the
Property and any part thereof during the Inspection Period for the purpose of undertaking such inspections and
investigations It is expressly provided, however, that Buyer and any agent or assignee of Buyer who shall enter
upon the Property pursuant to such right of enti y shall, as a condition to the exercise thereof, be deemed to have
agreed, and does hereby agree, to indemnify and save and hold Seller harmless from and against any and all
loss, damage, cost, expense, liability or responsibility whatsoever (including, without limitation, reasonable
attorneys' fees) which may be occasioned, directly or indirectly, by reason of the exercise of such right of entry
upon the Property, and that such indemnification shall expressly survive both the termination of this Contract
and the closing of the sale and purchase of the Property contemplated by this Contract.
(b) Seller shall provide to Buyer, at no cost to Buyer, copies of all reports and analyses that
Seller may have obtained, or been provided, at any time, regarding the subject property
2
Buyer acknowledges that it will return same to Seller in the event that the transaction
contemplated by this Agreement does not timely close or the Agreement is terminated.
7. Unacceptability of Inspections. In the event that the results of the inspections, investigations,
reviews, feasibility studies and Seller approvals to which reference is made in Paragraphs 4, 5
and 6 above and 8 below, are, in Buyer's sole opinion and within Buyer's sole discretion,
unacceptable to Buyer for any reason whatsoever, and Buyer so notifies Seller of the fact on or
before the expiration of the Inspection Period provided in Paragraph 6 hereof, then at Buyer's
option and upon Buyer's request, Buyer may terminate the Contract without consequence. If the
Contract is terminated by Buyer, it shall be rendered, null and void, and be of no further force
and effect and all parties hereto shall thereupon be relieved and absolved of any further liabilities
or obligations whatsoever to each other hereunder, except with respect to those liabilities or
obligations hereunder which are expressly stated to survive the termination of this Contract.
8. Seller Improvements. Seller shall provide the following improvements and other items
related to the Property (which covenants shall survive the closing hereunder). In accordance
herewith, the Closing Agent shall retain and not disburse at Closing ONE HUNDRED
THOUSAND DOLLARS ($100,000) which shall be held in 'Escrow by the Closing Agent until
such time as Buyer has notified the Closing Agent that the improvements and other items set
forth herein have been completed to Buyer's satisfaction. In the event that Seller does not timely
and satisfactorily complete the items set forth herein, Buyer may seek any and all remedies
available to it at law.
(a) Seller shall at Seller's sole expense grade the property as shall be required by Buyer
for Buyer's intended use of the property for Buyer's new police operations facility.
Seller shall rmi nd 31 al•1 complete the grading Ag'f' y -a.
services in accordance with specifications, including time for completion, to be 31
agreed to by the parties during the inspection period. In the event the parties can not
reach an agreement as to the grading specifications, this Agreement may be
terminated as provided in Paragraph 7, above.
(b) Seller shall at Seller's sole expense provide a stormwater pipe extension and stub -out
to enable Buyer to connect to the Master Stormwater system for the adjacent
properties. The extension and stub -out shall be designed and constructed at Seller's
expenses and the connection stub -out shall be located on the southwest corner of the
Property. Seller shall :.. :. • - : .... . ... . - : - ...: complete 7r #ig
the stormwater pipe extension and extension in accordance with specifications 311 �L
including time for completion to be agreed to by the parties during the inspection
period. In the event the parties can not reach an agreement as to the stormwater
improvements referenced herein, this Agreement may be terminated as provided in
Paragraph 7, above.
(c) Seller shall grant to Buyer a utility easement to enable Buyer to construct sanitary
sewer and water and other utilities lines on, in and over Seller's adjacent property for
the purposes of providing utilities to the Property. The easement shall be in a format
and a location acceptable to Buyer. In the event that the parties do not reach an
3
,
agreement as to the format and location of the utility easement during the inspection
period, this Agreement may be terminated as provided in Paragraph 7, above.
9 Conveyance of Property. At Closing, Seller shall deliver to Buyer: (i) a duly executed Special
Warranty Deed in recordable form conveying fee simple title to the Property free and clear of all
liens, encumbrances and exceptions except for matters of title accepted by Buyer set forth in the
Commitment; (ii) an assignment from Seller to Buyer in a form acceptable to Buyer, assigning
all of Seller's right, title and interest in all guarantees and warranties pertaining to the Property
and any permits, licenses, plans, authorizations and approvals relating to the Property, (iii) if
applicable, an affidavit from Seller certified to Buyer and to the title company in form required
by Buyer and the title company to delete from Buyer's title insurance policy all construction liens
and possession exceptions and any other exceptions the title company will delete based on
Seller's affidavit; (iv) a certification by Seller which indicates that Seller is not a foreign person
as defined in the Internal Revenue Code; (v) written affirmation that the representations and
warranties set forth in Paragraph 13 hereof remain true at the time of closing; (vi) a
duly- executed Seller's closing statement; (vii) such documents as the title company requires in
order to evidence the authority and good standing of Seller to complete this transaction; and
(viii) other documents reasonably required by Buyer or the title company in order to consummate
the transaction contemplated herein. At Closing, Buyer shall pay to Seller the Purchase Price of
the Property described above which shall be distributed to the Seller in accordance with this
Agreement..
10. Closing. The sale and purchase transaction contemplated in this Contract shall be closed, the
purchase price paid and the aforesaid closing documents delivered on or before forty -five (45)
days from the expiration of the inspection period, unless extended by the Parties. The closing
shall be completed by a closing agent or attorney as selected by Seller and shall take place at a
location in Clermont, Florida and at such time as shall be mutually agreed upon between Buyer
and Seller. At Closing, the City Manager of Buyer is authorized on behalf of Buyer to execute
all documents necessary to complete the transaction contemplated herein.
11. Closing Costs. Seller and Buyer shall each pay customary closing costs as follows:
(a) the Seller shall pay for recording fees and state documentary stamps as may be
required to be affixed to the Special Warranty Deed, the premium for the owner's title
insurance policy to be issued pursuant to the Commitment, the cost of recording any and
all other documents necessary to deliver good and clear title, and any closing agent and
document preparation fees.
(b) the Buyer shall pay the cost of any survey or appraisal obtained by Buyer and any
documents or costs associated with financing any portion of the purchase price, if
applicable.
(c) Each party shall pay for their own Attorney Fees.
12. Possession. Possession of the Property shall be delivered by Seller to Buyer at the time of
closing hereunder. Prior to closing and the delivery of possession as aforesaid, Seller shall
remain the owner of the Property and shall bear the risk of all loss of whatever nature, except as
4
0
provided in Paragraph 6 hereof with respect to loss occasioned as a result of Buyer's inspections
and investigations of the Property.
13. Prorations. Ad valorem real and personal property taxes for the year of closing shall be
prorated as of the date of closing. If, however, the amount of such taxes for the year of closing
cannot be ascertained, the rates, millages and assessed valuations for the previous year, with
known changes and utilizing full discounts, shall be used as an estimate, and tax prorations based
on such estimate shall be readjusted by Buyer and Seller when the actual tax bills for the year of
sale are received, which obligation shall expressly survive closing for a period of twelve (12)
months.
14. Representations and Warranties of Seller. Seller represents and warrants (which
warranties shall survive the closing hereunder) to the Buyer that:
(a) From and after the Effective Date, Seller shall not perform or permit any act or event that might
diminish, encumber or adversely and materially affect the condition of or title to the Property or
Buyer's rights under this Contract.
(b) Seller, to the best of Seller's knowledge, has not received notice from any
governmental or quasi - governmental body or agency or from any person or entity
with respect to any actual or threatened taking of the Property or any portion thereof
for any public or quasi - public purpose by the exercise of the right of condemnation or
eminent domain, nor does Seller have any knowledge of any such actual or threatened
taking. Further, Seller has not received any notice of any existing or threatened
lawsuit by which any party claims an interest in the Property.
(c) Seller, to the best of Seller's knowledge, is in full compliance with requirements of all
governmental authorities with respect to the Property and this Contract. Seller has
not received any notices from any city, county, state or other governmental authority
or other person or entity of violations in respect of the Property.
(d) Buyer, to the best of Sellers knowledge, and without the obligation of due
investigation, has or shall have unobstructed and direct access to the Property on the
date of closing to a dedicated public right -of -way.
(e) Seller owns fee simple title to the Property and has full power, right and authority,
and is duly authorized to enter into this Contract, to perform each and all of the
matters and acts herein provided, and to execute and deliver all documents provided
hereunder.
(f) Other then has been disclosed to Buyer, there is no tenant or any other occupant of
the Property having any right or claim to possession or use of the Property.
Possession of the Property shall be delivered to Buyer by Seller free of rights or
claims of any tenants, occupants or parties in possession.
, I
(g) To Seller's best knowledge, without the obligation of due investigation, there has not
been and there is not now: (i) any presence of any Hazardous Substances (as
5
hereinafter defined) on, over, under or around the Property; (ii) any present or past
generation, recycling, use, reuse, sale, storage, handling, transport and/or disposal of
any Hazardous Substances on, over, under or around the Property; (iii) any failure to
comply with any applicable local, state or federal environmental laws; (iv) any spills,
releases, discharges or disposal of Hazardous Substances that have occurred or are
presently occurring on or onto the Property or any adjacent properties; or (v) any
spills or disposal of Hazardous Substances that have occurred or are presently
occurring off the Property as a result of any construction or operation and use of the
Property. For purposes of this Paragraph 13, the term "Hazardous Substances" means
and includes, without limitation, any toxic or hazardous substances or materials,
petroleum or other pollutants and substances, whether or not naturally occurring,
including, without limitation, asbestos, radon, and methane gas, generated, treated,
stored or disposed of, or otherwise deposited in or located on or under the Property,
and also includes, without limitation, the surface and subsurface waters of the
Property, and any activity undertaken or hereafter undertaken on the Property which
would cause: (i) the Property to become a hazardous waste treatment, storage or
disposal facility within the meaning of, or otherwise bring the Property within the
ambit of, the Resource Conservation and Recovery Act of 1976 ( "RCRA "), 42 U.S.C.
6901 et seq., or any similar state law or local ordinance; (ii) a release or threatened
release of hazardous waste from the Property within the ambit of the Comprehensive
Environmental Response, Compensation and Liability Act of 1980 ( "CERCLA "), 42
U.S.C. 9601 -9657, or any similar state law or local ordinance or any other
environmental law; (iii) the discharge of pollutants or effluent into any water source
or system, or the discharge into the air of any emissions which would require a permit
under the Federal Water Pollution Control Act, 33 U.S.C. 1251 et seq., or the Clean
Air Act, 42 U.S.C. 7401 et seq., or any similar state law or local ordinance; or (iv)
any substances or conditions in, on or under the Property which may support a claim
or cause of action under RCRA, CERCLA or any other federal, state or local
environmental statutes, regulations, ordinances or other environmental regulatory
requirement, including the presence of any underground storage tanks or underground
deposits located on the Property.
(h) Seller, to the best of Seller's knowledge, has received no notice, and has no
knowledge, of any existing or pending special assessments affecting the Property
which may be assessed by any governmental authority, water o r sewer authority,
dr inage district or any other special taxing district or other entity. Roper/ iS Wt14 I t Wd h� �� V
earn M1o1L5 . P 1- d 1 °W WI'S &60CiditiX auk a - pi &Tic> ncttli 66 o f v % 4 5{or wilts( -pond wsairc}bKunce onl
(i) There is no litigation, investigation or proceeding pending or to the best of Seller's
knowledge threatened or any other condition which relates to or affects the Property 41 l \ ‘V
or which would impair or otherwise adversely affect this Contract, Seller's �1�
performance hereunder and/or Buyer's intended use of the Property.
(j) Seller has not entered into any other contracts, agreements or understandings, verbal
or written, for the sale or transfer of any portion of the Property.
6
(k) Seller has not made and has no knowledge of any commitments to any governmental
unit or agency, utility company, authority, school board, church or other religious
body, or to any other organization, group or individual relating to the Property which
would impose any obligations upon Buyer to make any contributions of money or
land or to install or maintain any improvements, except as may be set forth in the
Commitment.
(1) To the best of Seller's knowledge, without the obligation of due investigation, all
roads abutting the Property are dedicated public roads and the deed to be delivered to
Buyer at Closing hereunder is the only instrument necessary to convey to Buyer: (i)
full access to and right to freely use such roads; and (ii) all rights appurtenant to the
Property in such roads.
(m)To the best of Seller's knowledge, without the obligation of due investigation, the
Property has not been registered or certified as "historic" by any local, state or federal
governmental entity or historic commission.
(n) Seller, if other than an individual, is a duly - organized entity under the laws of the
State of Florida and has authority to execute this Contract, and this Contract is
binding on Seller.
(o) To the best of Seller's knowledge and belief, no representation, statement or warranty
by Seller contained in this Contract or in any exhibit attached hereto contains or will
contain any untrue statements or omits or will omit a material fact necessary to make
the statement of fact therein recited not misleading.
(p) To the best of Seller's knowledge, neither the execution and delivery of this Contract, nor compliance
with the terms and conditions of this Conti act by Seller, nor the consummation of the sale, constitutes
or will constitute a violation or bleach of any agreement or other instrument to which it is a party, to
which it is subject or by which it is bound. The statements and representations of Seller set forth in
this Contract shall be hue and reaffirmed in writing at the Closing and shall survive the Closing.
If, after the Effective Date, any event occurs or condition exists of which Seller has
knowledge or about which Seller receives information which renders any of the representations
contained herein untrue or misleading, Seller shall promptly notify Buyer in writing and Buyer
shall thereafter have the option to terminate this Contract prior to closing, in which event all
payments made by Buyer to Seller shall remain the sole property of Seller, this Contract shall be
deemed null and void and Buyer and Seller shall be relieved from all liabilities and
responsibilities hereunder except as specifically provided otherwise herein.
15. Conditions Precedent to Closing. Buyer's obligation to close the sale and purchase
transaction contemplated in this Contract shall be and is expressly conditioned upon all
warranties of Seller described in Paragraph 13 being true and correct at the time of closing
without any breach or breaches of the same by Seller, and upon.all obligations of Seller provided
in this Contract being fully performed by Seller, having occurred or being waived by Buyer in
writing prior to or at closing.
7
16. Default. In the event that Buyer fails to close on the purchase of the subject property, and
subject to the title, survey and inspection periods set forth in Paragraphs 4, 5 and 6, any Ernest
Money Deposit shall become the sole property of Seller. Seller's retention of the deposit shall
constitute liquidated damages and be Seller's sole remedy for any breach of this Contract by
Buyer, it being agreed that (i) the deposit is a reasonable estimate of and bears a reasonable
relationship to the damages that would be suffered and costs incurred by Seller as a result of
having withdrawn the Property from sale and the failure of closing to occur due to a default of
Buyer under this Contract; (ii) the actual damages suffered and costs incurred by Seller as a
result of such withdrawal and failure to close due to a default of Buyer under this Contract would
be extremely difficult and impractical to determine; (iii) Buyer seeks to limit its liability under
this Contract to the amount of the payments made, if this Contract is terminated and the
transaction contemplated by this Contract does not close due to a default of Buyer under this
Contract; and (iv) such amount shall be and constitute valid liquidated damages. If the Seller
fails to perform any of the covenants of this Contract on its part to be performed, Buyer may at
its option: (i) terminate this Contract whereupon the payments made by Buyer to Seller shall be
returned and Seller shall be released and relieved of all obligations or liabilities under this
Contract; or (ii) proceed in equity in an action for specific performance to enforce its rights under
this Contract.
17. Litigation and Attorneys' Fees. In the event it shall be necessary for either party to this
Contract to bring suit to enforce any provision hereof or for damages on account of any breach of
this Contract or of any warranty, covenant, condition, requirement or obligation contained
herein, the prevailing party in any such litigation, including appeals, shall be entitled to recover
from the other party, in addition to any damages or other relief granted as a result of such
litigation, all costs and expenses of such litigation and a reasonable attorneys' fee as fixed by the
Court.
18. Survival of Provisions. The provisions of this Contract shall not survive the closing
hereunder except as expressly provided elsewhere in this Contract.
19. Time of Essence. It is expressly agreed by both the Seller and Buyer that time is of the
essence of this Contract and in the performance of all conditions, covenants, requirements,
obligations and warranties to be performed or satisfied by the parties hereto. Waiver of
performance or satisfaction of timely performance or satisfaction of any condition, covenant,
requirement, obligation or warranty by one party shall not be deemed to be a waiver of the
performance or satisfaction of any other condition, covenant, requirement, obligation or warranty
unless specifically consented to in writing. Unless otherwise expressly provided herein, all
periods for performance, approval, delivery or review and the like shall be determined on a
"calendar" day basis. If any day for performance, approval, delivery or review shall fall on a
Saturday, Sunday or legal holiday, the time therefor shall be extended to the next business day.
20. Notices. Any notice or other communication permitted or required to be given hereunder by
one party to the other shall be in writing, shall be effective upon receipt and shall be delivered by
registered or certified United Sates Mail, postage prepaid, return receipt requested, or by
facsimile or telecopy transmission, with acknowledgment of receipt upon transmission, to the
party entitled or required to receive the same, as follows:
8
I I
•
TO SELLER: DeWitt Enterprises, Inc.
14463 W. Colonial Drive
Winter Garden, Florida 34787
Attn.: Theodore D. DeWitt
TO BUYER: City of Clermont
P.O. Box 120219
Clermont, FL 34712
Attn.: City Manager
WITH A COPY TO: De Beaubien Knight, Simmons, Mantzaris &
Neal, LLP
332 North Magnolia Avenue
Orlando, Florida 32801
Attention: Daniel F. Mantzaris, Esquire
Phone: (407) 422 -2454
Fax: (407) 992 -3541
21. Governing Law and Binding Effect. This Contract and the interpretation and enforcement
of the same shall be governed by and construed in accordance with the laws of the State of
Florida and shall be binding upon, inure to the benefit of, and be enforceable by the parties
hereto as well as their respective heirs, personal representatives, successors and assigns.
i -
22. Integrated Contract, Waiver and Modification. This Contract represents the complete and
entire understanding and agreement between the parties hereto with regard to all matters
involved in this transaction and supersedes any and all prior or contemporaneous agreements,
whether written or oral. No agreements or provisions, unless incorporated herein, shall be
binding on either party hereto. This Contract may not be modified or amended nor may any
covenant, agreement, condition, requirement, provision, warranty or obligation contained herein
be waived, except in writing signed by both parties or, in the event that such modification,
amendment or waiver is for the benefit of one of the parties hereto and to the detriment of the
other, then the same must be in writing signed by the party to whose detriment the modification,
amendment or waiver inures.
23. Brokerage. Seller and Buyer acknowledge that Buyer has not employed a broker or finder
and that Seller has employed NAI Realvest, Inc. and that NAI Realvest, Inc. shall be paid by
Seller per separate agreement. Seller and Buyer each agree to indemnify, defend and hold the
other harmless from and against any commissions or fees or claims for commissions or fees
arising under the indemnifying party, which indemnification shall expressly survive the
termination of this Contract and the closing of the sale and purchase of the Property
contemplated by this Contract.
I 3
24. Effective Date. The "Effective Date" of this Contract shall be the date upon which this
Contract is signed by the Buyer after approval of the City of Clermont City Council.
9
25. Counterparts. This Contract may be executed in counterparts by the parties hereto and each
shall be considered an original, but all such counterparts shall be construed together and
constitute one Contract between the parties hereto.
26. Interpretation. Seller and Buyer acknowledge each to the other that both they and their
counsel have reviewed this Contract and that the normal rule of construction to the effect that
(Remainder of page intentionally blank)
I �
{ 10
t f
•
any ambiguities are to be resolved against the drafting party shall not be employed in the
interpretation to this Contract or any Exhibits hereto.
IN WITNESS WHEREOF, Seller and Buyer have each caused this Contract for Sale
and Purchase to be executed as of dates set forth below.
BUYER:
As to option right contained herein and
subject to City Counc'1 approval:
Wayn: ders, City Manager
Date: 3 i 7
Attest: The City of Clermont,
a Florida •. - . corporation
Tracy Ackrrd, ity Clerk / .. ro Turville, Jr, Mayor
Date: 3/4 / //L
SELLER: DEWITT ENTERPRISES, INC
By: !- / - _ - i . , By: 0 /J
Ann . Severns, Secretary The ore D. DeWi , President
Date: 372= / z
As to acknowledgment of receipt of deposit:
deBea • ie + • . t, Simmon ,
M: zari= & Neal, P
Esc • - - ►► A ,
Daniel Fpa9137is
Date: 3 6 2--
1
.
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