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REVIEW COMMENTS \ M E M 0 RAN DUM October 2, 1985 TO':' Mr. Carmen Annunziato City Planner FROM: Tom Clark City Engineer RE: Preliminary Plat, Lakeside Comments: 1. Refer to memo from Bill Flushing dated September 27, 1985. 2. Depth of swale should be shown on road section. 3. Wire mesh is not allowed in the driveway turnouts in the right-of-way. 4. A note should be added that the street lighting de- sign will be by Florida Power & Light, subject to City approval. y ~t5fJ Tom Clark ____________ TAC:ck ': \ ...' 'f. r , _/ r ,). M E M 0 RAN DUM ./ ( Jr-V'" f ~ / I 0 ,{- september.27, 1985 VJt--( ~ D~ru (no RECEI'TE '\) UJ-- " SEP 30 1985 TO: Torn Clark City. Engineer FROM: William Flushing Deputy City Engineer PLANNii'tG DEPT. RE: Pre Plat - Lakeside The following items should be corrected, changed or added before a final plat is approved. 1. A bearing reference is required for boundary curve along B9ynton West Road. (Chord bearing could be S 72 20 17 E ) 2. Plat does not close, error exceeds 25 feet, (adjust- ing boundary along N.W. 8th Court to 358.64 feet will help). 3. The Boynton area currently has a Lake Court, a Lake Circle Drive, several Lake Drives, a Lake Street, a Lake Terrace, a Lakeside Harbor, a Lakeview Drive and a Lake, Village Drive. I would recommend that the proposed Lakeside Drive and Lakeside Court names be changed. 4. Currently there are thirteen (13) subdivisions within the City that begin with the word LAKE, including Lakeside Gardens. I recommend that the plat name be changed. 5. A "This instrument prepared by" statement is required. 6. A statement in the dedication on maintenance of the lake for hyacinths, cloggage or other debris is required. 7. Drainage easements are required to complement paving, grading and drainage plans. Utility easements should not be shared with drainage easements. 8. Sidewalks to parallel valley gutter line at inter- sections, not property line. hi: t/1lJi William Flushl~ FWF : c k PARDUE-HElD CHURCH-SMITH & WALLER, INC, APPRAISAL OF LAKESIDE - A PROPOSED 24 LOT RESIDENTIAL DEVELOPMENT TO BE LOCATED AT THE NORTHWEST CORNER OF BOYNTON WEST ROAD AND NORTHWEST 8TH COURT IN CITY OF BOYNTON BEACH. PALM BEACH COUN1'Y. FLORIDA FOR PALER'S DEVELOPMENT CORPORATION 2980 NORTH FEDERAL HIGHWAY BOCA RATON. FLORIDA 33431 DATE OF VALUATION: JANUARY 6. 1986 PREPARED BY: CRAIG T. DUCKWORTH. MAl JAMES A. BEHM. ASSOCIATE ORLANDO. WEST PALM BEACH. TAMPA William p, Pardue, Jr.. MAl. SAEA. CAE RobeM L. Held. MAl, SAPA Larry A. Church. MAl. SAEA Frank W, Schieber, Jr.. MAl PARDUE-HElD CHURCH-SMITH & WALLER, INC. William C, Smith. MAl. CRE. SAEA R. E, DuckwoMh. Sr.. MAl E, E, Waller. III. MAl. SRPA. ASA Steven L. Marshall. MAl. SRPA Craig T. DuckwoMh. MAl '(i:;~,1.:i;:;;:.'~ 'ii;;i; .1/':; 1(/_'t,i.',';-- APPRAISERS . REALTORS CONSULTANTS' MARKET ANALYSTS ~;;'i;',';;< ',\1;;";:',': January 9. 1986 Paler's Development Corporation 2980 North Federal Highway Boca Raton. Florida 33431 Gentlemen: Pursuant to the request of Mr. Bernard M. K ulavic. we have made the studies necessary to estimate the "bulk" market value of the proposed 24 lot residential develop ment to be located at the northwest corner of Old Boynton West Road and Northwest 8th Court in the City of Boynton Beach. Palm Beach County. Florida. This appraisal is subject to acceptance and approval of the site plan. as provided for purposes of estimating market value. The subject property is further described and identified by narrative and legal desc riptions within the text of the following report. The purpose of this appraisal was to estimate the "bulk" market value of the fee sim ple interest in the subj ect property. as if the im provem ents were completed as of the effective date of this appraisal. "Bulk" market value is defined as if all lots were sold in a single sale to one purchaser. Market value. highest and best use and other appraisal term s are defined within the text of this report. As a result of our appraisal investigation. and by virtue our experience. we have formed the opinion that the highest and best use for the subject property is to be developed and marketed as single-family residential sites. as proposed~ We have estimated that the "bulk" market value of the fee sim ple interest in the subj ect property. as if improved as proposed. effective January 6. 1986. was: FOUR HUNDRED THOUSAND DOLLARS ($400.000). il;;:,i;t~'K,;~J{!W_~;rt:'#~%ihT::r:?0"::,';i;';:illf!;.;;r'0i.ht ;';;;A,;t~;;!iVW'8:fr; -ji;i:;;;i;:',;::W;:;"',-, t3t.'0!::~:fJiG>fiif';!5i;r;(:?EilJ,**)!.s:gi~81ilifi~k~'t~iIl ORLANDO (305) 841-3602 WEST PALM BEACH 2161 PALM BEACH LAKES BLVD,. SUITE 417 WEST PALM BEACH. FLORIDA 33409 (305) 471-9050 TAMPA (813) 221-0554 Page II January 9, 1986 Palers Development Corporation This appraisal and appraisal report has been made in conformity with Federal Home Loan Bank Board Memorandum R-41b (3/21/82) guidelines and requirements as we understand and interpret them. This letter of transmittal precedes the full narrative appraisal report which follow s, further describing the property and containing the reasoning and most pertinent data leading to the final value estimate. Your attention is directed to the "General Assumptions", "General Limiting Conditions" and "Certificate of Appraisal" which are considered usual for this type of assignment and have been included within the text of this report. Respectfully submitted, PARDUE, HEID, CHURCH, SMITH & WALLER, INC. ~l:~~ Ll" James' A. /1 I ' I' L-J ' Bebm, ASSOCIATE CTD:JAB:lar WC50079 PARDUE-HElD CHURCH-SMITH & WALLER, INC, ~_QI_Co!n:~r~ SUMMARY OF APPRAISAL PHOTOGRAPHS DEFINITION OF MARKET VALUE DEFINITION OF FEE SIMPLE INTEREST DEFINITION OF HIGHEST AND BEST USE SUBJECT PROPERTY DATA SUBJECT NEIGHBORHOOD MAP AREA AND NEIGHBORHOOD DATA SITE MAP SITE PLAN SITE DATA HIGHEST AND BEST USE ESTIMATE APPRAISAL PROCESS COST APPROACH SUMMARY COST APPROACH LAND SALES ANALYSIS DIRECT SALES COMPARISON APPROACH RECONCILIATION AND FINAL VALUE ESTIMATE CERTIFICATE OF APPRAISAL GENERAL ASSUMPTIONS GENERAL LIMITING CONDITIONS APPRAISERS' QUALIFICATIONS ADDEBDA. VACANT LAND SALES MAP VACANT LAND SALES 1 THROUGH 4 1 2 4 4 4 5 7 8 10 11 12 14 16 17 18 20 22 27 28 30 31 32 OR LANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER/ INC. 1 WCSOO79 SUMMARY OF APPRAISAL LOCATION The subject property is located at the northwest corner of Old Boynton West Road and Northwest 8th Court in the City of Boynton Beach. Palm Beach County. Fl orida~ TYPE OF PROPERTY The subj ect property is vacant land which is proposed for development as a 24 lot single-famUy residential subdivision. SITE The subject site contains a total of 6.;a,6 acres. more or less. HIGHEST AND BEST USE The highest and best use has been determined to be as proposed for a single- famUy residential subdivision. LAND VALUE ESTIMATE $120.000 REPRODUCTION COST OF SITE IMPROVEMENTS $285.120 INTEREST IN PROPERTY APPRAISED Fee Sim pIe VALUE BY COST APPROACH $405.000 $395.000 $448.000 VALUE BY MARKET APPROACH TOTAL GROSS RETAIL SELLOUT DATE OF VALUATION January 6. 1986 FINAL VALUE ESTIMATE $400.000 CONDITIONS This appraisal is subj ect to the "G eneral Assumptions". "General Limiting Conditions" and "Certificate of Appraisal" included in the text. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 2 WC50079 OLD BOYNTON WEST ROAD FACING SOUTHEAST NORTHWEST 8TH COURT FACING NORTHEAST ORLANDO. WEST PALM BEACH · TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC, 3 WC50079 \ VIEW OF SUBJECT FACING NORTH VIEW OF SUBJECT FACING WEST ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 4 WC50079 DEFINl~IQLQI_~II_Y!l:!yg The most probable price in terlls of money which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and as suming the price is not affected by undue stimulus. Implicit in this definition is the consum mation of a sale as of a specified date and the pas sing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what they consider their own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in cash or its equivalent; (5) financing, if any, is on term s generally available in the com m unity at the specified date and typical for the property type in its locale; (6) the price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction.* ~!I!Q!LQI.,J:~~l:!I..;!till~g An absolute fee; a fee without limitations to any particular class of heirs or restrictions. but subject to the limitations of eminent domain. escheat. police power. and taxation. An inheritable estate.* DEFINII!Qti~I_~l~gl~~_~~~!_~~1 That reasonable and probable use that supports the highest present value, as defined. as of the effective date of the appraisal. Alternatively. that use, from among reasonably probable and legal alternative uses. found to be physically possible. appropriately supported. financially feasible. and which results in highest land value.* ~m;nONS ;~~g; *American Institute of Real Estate Appraisers Society of Real Estate Appraisers Real Estate Appraisal Terminology, Revised Edition, 1981 Ballinger Publishing Company. Cambridge, Mass. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 5 WCS0079 SUBJECT PROPERTY DATA Purpose of Appraisal The purpose of this appraisal was to estimate the "bulk" market value of the fee simple interest in the subject property as if the site improvements were completed. effective January 6. 1986. Type and Address The subject property is a 6.86 acre parcel of vacant land located at the northwest corner of Old Boynton West Road and Northwest 8th Court in the City of Boynton Beach. Palm Beach County. Florida. Legal Description The subject property is legally described. according to that description provided by Ronald G. Cahill. Registered Land Surveryor. as follows: Lots 13 thru 16 inclusive. Less the East 250.00 feet thereof of the Subdivision of Sections 29 and 20. Township 45 South. Range 43 East. as recorded in Plat Book 7. Page 20 of the Public Records of Palm Beach County. Florida. to g ether with that certain 30 foot road right-of-way lying adj acent to and Westerly of said Lots 13 thru 16. said right-of-way being abandoned by Resolution No. 85-DDD City of Boynton Beach. Florida. and togeether with that portion of Lot 28 of said Subdivision lying East of a Southerly projection of Lots 31. 32. 33. and 34 of said subdivision. Said lands situate. lying and being in Palm Beach County. Florida. Containing 6.86 acres. more or less~ Interest Appraised Fee Sim ple Five Year History According to the Palm Beach County Tax Rolls. the subject property has been in the same ownership for more than five years. OR LANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 6 Flood Hazard Statement According to the Department of Housing and Urban Development:. Flood Hazard Boundary Map 1120196-0004C. the southern portion of the subject property is located in Zone A-5. areas of 100 year flood: base flood elevations and flood hazard factors determined. The northern portion of the site is located in Zone B. areas between limits of the 100 year flood and 500 year flood: or certain areas subject to 100 year flooding with average depths less than one (1) foot or where the contributing drainage area is less than one square mile: or areas protected by levees from the base flood. Zoning The subject property is zoned RI-AA by the City of Boynton Beach. which allow s for single-family residential development up to 5.4 units per acre maximum. Assessment and Taxes The subject property is identified as Tax Parcel #08-43-45-20-01-000-0130. The land is assessed as vacant land only in the am ount of $105.037. The current millage rate for 1985 is 20.8830 mills, indicating groBs real estate taxes in the am ount of $2.193.49. After development as proposed, the improved sites will be individually assessed. ORLANDO. WEST PALM BEACH. TAMPA 1 - -~ ~!l-" 1J1' ~~\ 1_J t_.J . ~ , ~ ~~ . - i ~ . ~ ,. ~ "'.,~\"'~ ~'" '" flA .:~:J , ~ f ., ~~ \I \ I \!l . ~~ ~. " ..-J >'ll..i ~ ," \ \ ll~- ~ 'I) ----.. ~ \ .. % t ._ \ .19, · G::,;;...~ ,..3 =s , I li'o,...if'o.... i n.& \_1 ' ~ ------ll .....'" ~ . '-1 I~: ~ ;~~r.t~.~" \~:. "d' _:-,.fii>J"" 1 III Jf .".; . . .. \. _or.; .d' · _" _ .._~.:"i. - -...... -. .... . . 00 t'l'!-lt' _ ~~ I :oi>'" ,,-:\:.1 ~,:{~-:\ ~ _ .~':'~" : " =0 r p' ~""", '" \ -,,' ,~. ' . ,~~~,~ . .,. ,. ..... .,. 0.... "t\~\ ~ -~ ~ - t -.. eO" .. " :.ho..<.-:- J ....,. "" \I ._' · .' · iIo1~ t~~ ~ ,~ ~.\ ~.::'~.,~' \ :. ~~ '" '., -=:,' .r. 1~~. ~:. ~ -..... fI1~(l~ Of;....-.... ~ :.:..._ ~'~'~ ~~"-_ ..,\. ~ ;;: . '::' -~ '3' -,-,'1 ?-:... ,I? . ..!::)~f rSubJect ~..;~ -,~. .-', ~ .;;;;" ,,' ~ '- ~ ..;:, '>It:....~' \>C '1 "\ .~_.. \ \If --- ".,~-, ." \UO 14'11 ~.-!..-. 'I' ,/ ,. ""'"' .,..' -, m--~- i'~1 //~1 "'\,-iI;"'"..' ~i'~', .~.~"'\;{ ~.'~~~; ~~ ~~~-- . .j f _'4.j~' : ,~\ 'iil . . ~ r::.~ · " ~, li,'" " ".,. ,..,,~', ~.:;;~ ~ ,'::' 'w'" Ii:',., ~, ' ". ~ -:J-~ · .c.. ~ ' _ h==1"...." ~ '"" .~'ii' " ,~r." ",' '. ,. ~ ,. ,,~ po ~t.~ .~~~ _.:::.rc'"~"'" :lo'~ Ii''':,. ~~. J ..~. _\?:~ ~ .: ~ ~. ;. =. Y'" ~. cot !;J' \, .....-::.~ ~ ..". ~~' ," .:. ,."' - .' I_J "~,'~.4 -~-'- ~ ,..,. .. ~...; ,.- If ._-,\..- ~..~ l" " " rei"' , It"" .'< . . 6 "~. /-~,. \'/ ~ .f!, <T~ "c=- -::-.JjJ~ ~!1>01!0 \~ ""~:^ - Sj" . ",&" ...~ ,~. " ... :-:E- d .:... ': ~... ~ ~ e "c 0 c" .~ "It" .-- . .,,,( ~: .. I. r / . ...~.~~... ri;: ~ .". . II ".' . ':;L "', -:=: " ,a>. . . 1!.Il: ' "" Il ,,' ~~\.I' ~"~~ ~~ '~-:.~ ,~~' ...' " ~~....,-'~ n'!~~:' G..i\";)~I~:---\::r::;;F ,~I.....o 0'" l~ a;. v ll" ""fl l' . -0 l II' , ""lUlUI'.. HElD. OltJl\CH. SMITH &. ....."Lt_Ef\. .NC- RA ~ 0f'FICE f1\.J'P'. 2161 PALMeEAcH VJ<ES BLVO. _ _ ..._/s.utTE 417 ~~ ~ I." ... << Iii 0 ~ ! , .., .- ------- PARDUE-HElD CHURCH-SMITH & WALLER, INC. 8 WC50079 AREA,,~,,~;wJlJ~OOJl' ~.~ The subject property is located in the southeastern portion of Palm Beach County in the City of Boynton Beach. The county has an area of 2,578 square miles with a population estimated over 500,000. The City of Boynton Beach has a population of 65,000 and is located 23 miles south of West Palm Beach and 41 miles north of Miami. The subject neighborhood may be described as the area bounded by Interstate 95 to the east, Southeast 23rd Avenue to the south, Congress Avenue to the west and the Boynton Canal to the north. The property is located in the northern portion of the neighborhood, approximately 1/2 mile west of Interstate 95. Access to the neighborhood is considered very good, with the major north- south arteries being Interstate 95 and Congress Avenue. Northwest 2nd Avenue is the major east-west thoroughfare, which becomes Old Boynton West Road forming the subject's southern boundary. Northwest 2nd Avenue splits to form Old Boynton West Road and New Boynton West Road. New Boynton West Road continues west to serve the rural area of Palm Beach County. The extreme eastern portion of the neighborhood is basically industrial in nature, featuring very good access in relation to Interstate 95 and the Seaboard East Coast Railroad Line. Industrial parks include the Boynton Beach Distribution C enter and Boynton Beach Industrial Park. A 540 acre planned industrial site, known as Boynton Beach Park of Commerce, was recently purchased with construction scheduled to begin in 1986. The site is located directly north of the neighborhood and is bounded on the south by the Boynton Canal and on the east by the Seaboard Coast Railroad Line. The developer announced the mixed use park will eventually include 6,000,000 square feet of com mercial, office and industrial space. Com m erc ia 1 deve lop ment is exper ienc ing inc rea se d activity and is concentrated along the previously described major arteries. The Boynton Beach Mall, a 1,200,000 square foot regional shopping mall located along Congress Avenue one mile west of the subject, recently opened. Major anchor tenants include Burdines, Jordan Marsh, Lord & Taylor, Macys, and J. C. Penney. The mall bas spurred activity in the Boynton Beach area, west of Inter state 95. Residential development is located along the southern portion of the neig hborhood and is prima rily moderate ly pr iced sing Ie-fa m ily and 10 w density multifamily development. In general, the neighborhood features a significant portion of undeveloped vacant land. The major portion of existing development has taken place in the eastern portion of the neighborhood and along the major arteries. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC, 9 In conclusion, the neighborhood is located in an area of increasing gro wth potential. Current development trends consist of moderately priced residential development, industrial parks and commercial uses. Like Palm Beach County, the economy of the neighborhood is expected to remain strong into the foreseeable future. ORLANDO. WEST PALM BEACH. TAMPA SITE MAP 10 ! 'II ;-- ~-~- - SUB -O-F I I-! SEC- - ~29~B 20 I . I __ ___L_ J~- ~ I ! -~~ '\ 1) " . I, _ .L ---+-- - , i ~ ----t--- ! --- - ----------;------ , I o_.~___ __ ~-----i ,~ I I ----,-__ __L, f------ . IJ J _____ ___" _____---4--- (7-20}i - . y "'" ::,4-\1..1.'. ~1- , I II , I I. I: ~~___~~~ ~,-, I, !j I '~1 ' IT] - ': 'i~,L _ ~ 'f:, h! _~~~ ~ :-r;~ :,tJl'(;7fjl ~~ i ~ '[ ~ 111 1 h'~.1 ~ ~., Si~ .,., ' . 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I J I :,AIIIA r ~ . _ X . ~ - , -~ ~ r;:J..1S&JE ~ r ,.. :U t:? r-~~E2"lt~ / ~ . .' ~ '~~.' ~ ~ 19 _..,_ _' '1 .. ~ : ~~r,~Cr. ~ . j~j 'C""A C' . -" " ....'V..", " = - 1: ~, ... l:Y RJtrn ../ - if'" 'SL - ^ \.. ...... "..~' '0 '. ~r ,., I ~ -r~ -~-,~j~7 {~l:~ I::~-' \?:' ; ~ ED -[I'~~ ~_ Clf _' ~I ~~+~ \.. €3 ~2 c1: ~ ,~. ~u ,_.i..' J~ CAItAt & - a .~"~~dB \orNrON ~- -. CI i.lt:, ~ A ~ ~., 1 LAKE '\' ________ I ~ l.--~2 .. ----~ --I ~ \ i l I \ /-~ ~_1tII "-CO ~ A CD ll.- \.-~ o I :/ / PARDUE. HElD. CHURCH. SMITH & WALLER. INC. RA VJ\oolONO OFFICE PLAZA 2161 PALM BEACH LAKES BLVD. C""-I ,t"'T'~ ......,. PARDUE-HElD CHURCH-SMITH & WALLER, INC. 12 WCS0079 SITE DATA Location The subject site is located at the northwest corner of Old Boynton West Road and Northwest 8th Court in the City of Boynton Beach. Palm Beach County. Florida. Area p-/w ,4, I I. 0' ~,;J..(p f- ~ '-I a ::: lP ~ of -0.-8-6 acres. more or less. The subject site contains an area Dimensions The site is irre gular in shape. Please refer to the preliminary site plan included in this section of the report for a visual interpretation. Topo graphy The site is tree covered and slightly below street grade. sloping downward to the northwest corner of the property. which is the lowest point. Drainage The northwest corner of the property is seasonally inundated with standing water. The western portion of the site is proposed for development of a retention pond which should assist in providing adequate drainage. Soil and Subsoil A physical inspection of the subject property indicated sandy soil conditions. Weare aware of muck which is evident on the parcel im mediately northwest of the subject. but muck was not apparent on the subject site. However, we were not provided with a topographic surveyor detailed subsoil analysis to ascertain the exact nature of the subsoil and our observations are based only on a visual inspection. The developer reported muck on the subject property concentrated in the north central portion of the site. The developer also reported. based on engineering reports and cost estimates which were not provided. a cost to demuck and fill in the amount of $120.000. The long established surrounding residential development evidences apparent adequate soil conditions of similar sites to support physical development and we have assumed adequate subsoil conditions at the subj ect after dem ucking and flll. We assume no responsibility for hidden or unapparent conditions beyond the area of our expertise as appraisers (see Item 6 of General Assumptions). Only a visual surface inspection of the property was made. Soil and drainage problems were apparent. However. the value as improved with ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 13 residential homesites assumes adequate engineering and site work to support residential development. Access Presently. access is provided by Old Boynton West Road and Northwest 8th Court. which are tv o-lane asphalt paved residential streets~ Northwest 10th Street is under construction and will serve the western boundary of the subject property. Northwest 9th Court is proposed for construction and will connect with Northwest 10th Street and serve the interior sites of the proposed development. Street Improvements Northwest 8th Court is a tw o-lane residential street. Northwest 10th Street is a tv o-lane residential street under construction~ Old Boynton West Road is a tv o-lane residential street that form s the southwest boundary of the subj ect. Utilities and Services Water: Sewer: Electricity: Telephone: Police: Fire: City of Boynton Beach City of Boynton Beach Florida Power and Light Corporation Southern Bell City of Boynton Beach City of Boynton Beach Com ments The subject site appears adequate for the proposed site improvements. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 14 WCS0079 HIGHEST AND BEST USE Highest and best use is that use which is phy sica11y pos sible. 1e g ally permissible and represents the greatest economic return to the land. The property may have a different highest and best use as improved than as if vacant. In our opinion. the highest and best use for the subj ect property is for development as single-family residential building sites. In estimating the highest and best use of the subj ect property. we have made the following observations. Phy sical '" .J..~ The subject site is a ~ acre tract of vacant land whicb is considered pbysical1y suitable for the proposed development. All utilities and services are available to tbe site. The size. configuration and topography of the subj ect property meets all physical requirements for tbe proposed sing1e- family residential building sites. It bas been estimated that tbe site will require an average of six feet of f:ill to bring it to a buildable grade. after whicb tbe site will be suitable to support residential development. Legal Tbe subject property is zoned R1-AA by the City of Boynton Beach. wbich allow s for single-family residential development up to a maximum density of 5.4 units per acre. The subj ect property. as proposed. will have an actual density of 3.5 units per acre. which is comparable to adjacent properties and local single-family developments. For purposes of this appraisal. it is assumed tbat the site plan. as provided. will be approved and accepted by the City of Boynton Beach. Planning and zoning has recommended approval to the City Council. Economic Feasibility Of the available alternatives which are pbysically and legally possible for the subj ect property. the best alternative is for the development of single- family residential building sites. A study of the single-family residential Ilarket in the area indicates that there is a substantial demand for single- family units. Oriole Homes Corporation has recorded 86 home sales in 1985. indicating an absorption rate of 7.2 units per month in tbe Sky Lake subdivision which is located west of the subject property. Sale prices ranged from $70.000 to $100.000 with a median price in the mid-$80s. The Meadow s 300 is a residential subdivision located on tbe west side of Congress Avenue. approximately two miles northwest of the subject. The development has experienced 43 new home sales in the 1985. indicating an ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 15 absorption rate of 3.6 units per month in addition to townhome sales. hom e prices in the Meadow s 300 range from $63.000 to $90.000. New In addition to the current demand. opening of the regional shopping mall along Congress Avenue will create additional housing requirements to satisfy the larger work force. The mall and related com mercial and industrial development are considered to be a primary factor in stimulating and maintaining the already strong residential market in the subj ect property's neighborhood. Sum mary In conclusion. it is our op1n1on that the highest and best use of the subject property is represented under the proposed use for development of single- family residential building sites. Further. we have estimated an improved house/lot price range from approximately $80.000 to $90.000 per unit. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 16 WC50079 !U~~'SAJ. ,pgQg~ There are three traditional approaches normally used by appraisers in the estimation of market value. These three approaches provide data from the market fro m different source s when all are available. The se thre e techniques are the Cost Approach, the Direct Sales Comparison Approach (Market Approach) and the Income Approach. The C08~...4:P~J:O~~ is the sum of the land value and the depreciated cost new of the improvements. The Cost Approach is based on the premise that an informed, rational investor Ipurchaser would pay no more for an existing property than it would cost to reproduce a substitute property with the same utility without undue delay_ The Dir,ect, S.&~..$2.!!SJ:is..,2!!;...;!.1ut.~ (Market Approach) is the proces s for comparing prices paid for properties having a satisfactory degree of similarity to the subject property. This approach is based upon the principle of substitution, which implies that a prudent purchaser will not pay more to buy a property than it would cost to buy a comparable substitute property, without undue delay. The~.~LL!-~!.:~ is based on the premise that a prudent investor would pay no more for the subject property than for another investment with similar risk and return characteristic s. Since the value of an investment can be considered equal to the present worth of anticipated future benefits, dollar income or amenities, this approach estimates the market value of the net income that the property is capable of producing. This amount is capitalized at a rate whiCh should reflect risk to the investor and the amount of income necessary to support debt service or the mortgage requirement. In estimating the value of the subject property, we have utilized the Cost Approach and the Direct Sales Comparison Approach. The Income Approach was not considered applicable to the valuation of vacant land or residential building sites. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC, 17 WC50079 COST APPROACH SUMMARY Direct Costs Typical On-Site and Off-Site Improvements 24 Lots @ $6.000/Lot = Muck Removal & Fill - 24 Lots @ $5.000/Lot = $144.000 $120.000 Indicated Value Via the Cost Approach $264.000 $ 21, 120 $285,120 $120,000 $405,120 SAY $405.000 Total Site Improvements Add: Indirect Costs @ 8% Total Reproduction Cost New c" -2h' Add: Land Value - 6.-86 Acres @ $17,500/ Acre Rounded = OR LANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 18 WCS0079 COST APPRoACH The Cost Approach is based upon the premise that a prudent purchaser would pay no more for the subject property than the cost of constructing improvements of equal utility in a similar location without undue delay. The methodology of this approach is to estimate the market value of the site as if vacant then add the reproduction cost new of the site im provem ents. The result is an indication of value based on cost estimates. Land Value Estimate An estimate of land value has been made from a study of sales of similar properties which were then com pared to the subj ect site. In making the com parison. careful attention was given to the various factors which contribute to the value of the property. These factors include. but are not limited to. the following: location: topography: utilities: neighborhood influence: size: zoning: land use: and time or enhancement in real estate value since the date of sale of the comparable property. The adjustment chart for these comparisons. included within this report. show specific adjustments to the sales. The adjustments were based on the premise that the property 1S 100% and the com parables are either more or less desirable than the subject property. This chart show s those land sales which were selected as being most com parable for direct com parison to the subj ect site. Those items for which there is no specific adjustment in the schedule were considered to be about equal to the subject with no adjustm ent indicated. The following is a brief discussion of the sales compared to the subject property. A more complete discussion is included in the Addenda. The subj ect site was first valued as if suitable "as is" for phy sical development. As previously discussed in another section of this report. the developer reports a cost of $120.000 to dem uck and fill the site. Therefore. we have subtracted the cost to cure the site and put it into buildable condition from the estimated land value. Land Sale 1 is located on the east side of Lawrence Road. approximately 1/8 mile south of Hypoluxo Road in Palm Beach County. Florida. The sale took place in May 1983 from Joseph H. Palermo and H. Loy Anderson. Jr. to Middle states Coal Company. Inc. for a consideration of $328.000. The 9.37 acre site is rectangular in shape and is improved with an orange grove. The property is zoned A R which is agricultural land in transition to a residential use. The property was purchased for speculation at a price of approxim ately $35.005 per acre. This sale was adjusted upward 15% for time. A site value of $40.256 per acre is indicated after applying this adj ustm ent. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 19 Land Sale 2 is located on the west side of Lawrence Road. approximately one mile north of Old Boynton West Road in Palm Beach County. Florida. The sale took place in July 1983 from Ridgewood Groves to Joseph A. Palermo and Maurice Epstein. trustees for a consideration of $925.000. The 31.74 acre site is irregular in shape and is improved with an orange grove. The property is zoned RS. Single-Family Residential and was purchased at a price of $29.143 per acre. This sale was adjusted upward 15% for time. A site value of $33.514 per acre is indicated after applying this adjustment. Land Sale 3 is located south of Hillside Lane and east of High Ridge Road in the unrecorded plat of Hillside Gardens in Palm Beach County. Florida. The sale took place in February 1985 from Dart Construction. Inc. to Kathleen Ouellette for a consideration of $24.500. The one acre site is rectangular in shape and measures approximately 1001 x 461 t. The property is zoned R S. Single-Family Residential. This property backs up to the Seaboard Coast Line Railroad. This sale was adjusted upward 5% for time and upward 5% due to its inferior location in relation to the railroad line. A site value of $28.175 per acre is indicated for the subject after applying these adjustments. Land Sale 4 is located east of High Ridge Road. approximately 1/2 mile south of Hypoluxo Road. The sale took place in March 1984 from Wilbur H. Kerns and Neil Valentine d/b/a Seacrest Properties to Kathleen K. Jones for a consideration of $46.000. The 1.63 acre site is highly irregular in shape. The property 1S zoned RS. Single-Family Residential. The sale reflects a purchase price of $28.221 per acre. This sale was adjusted upward 10% for time. A site value of $31.043 per acre is indicated for the subject after applying this adjustment. Therefore. taking the above sales into consideration. we have formed opinion that the indicated value of the subject property is $35.000 per acre. as if in buildable condition with adequate soil conditions. Multiplying 6.86 acres at $35.000 per acre reflects $240.100. Subtracting the estimated cost to dem uck and fill the site (as reported by the developer) in the amount of $120.000 reflects an "as is" land value of $120.100. which we have rounded to $120.000. OR LANDO. WEST PALM BEACH. TAMPA WC50079 Land Sale 1 Location E/ S Lawrence Rd. 1/8 Mi. South of Hypoluxo Road Date 5/83 Sale Price $328.000 Size-AC 9.37 Price/Acre $ 35.005 Adj ustmen ts Time +15% Location -0- Net Adj. +15% Indicated Value/Acre $ 40.256 PARDUE-HElD CHURCH-SMITH & WALLER, INC. 20 LAND SALES ANALYSIS Land Sal e 2 Land Sale 3 Land Sal e 4 W/ S Lawrence Rd. S. of Hillside E. of High 1 Mile North of Lane East of Ridge Rd. Old Boynton West High Ridge Rd. 1/2 Mi. S. Road of Hypoluxo 7/83 2/85 3/84 $925.000 $24.500 $46.000 31.74 1.0 1.63 $ 29.143 $24.500 $28.221 +15% + 5% +10% -0- +10% -0- +15% +15% +10% $ 33.514 $28.175 $31.043 SAY $35.000/Acre 6.86 Acres x $35.000/Acre = Less Muck Removal & Fill Total $240.100 = ($120.000) $120.100 SAY $120.000 OR LANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 21 Improvement Valuation In order to estimate the reproduction cost new of the site improvements via the Cost Approach. we have utilized cost estimates provided by the Marshall Valuation Service publication. This publication has been found to be accurate and representative of the local market. These cost estimates com pare favorable with cost data retained in our files of similar proj ects built and very recent cost bids for proposed construction. The on-site and off-site improvements have been estimated at $6.000 per lot. which is supported by Marshall Valuation Service cost estimates. According to the Marshall Valuation Service. prices range from $110 to $145 per front foot for typical development costs including grading base. paving. curbs. gutters. sidewalks. sewer and water service. fire hydrants. electricity. telephone and lighting. The total $144.000 estimated for the 24 lots reflects a price of $144 per front foot for the approximate 1.000 feet of frontage. This is within the range estimated by the Marshall Valuation Service and is at the higher end of the range due to the economies of scale. The development will require additional earthw ork to include dem ucking and an average of six feet of fill on the site. This expense has been estimated at $120.000. The total direct costs of the site improvements have been estimated at $264.000. Indirect costs have been calculated at 8% which includes survey. legal and appraisal fees. construction interest and engineering. The estimate for indirect costs is $21.120. This reflects total reproduction costs of $285.120. The last step in the Cost Approach is to add the previously estimated land value of $120.000. The sum of the reproduction cost new of the site improvements and land value total $405.120. The final value via the Cost Approach has been rounded to. say. $405.000. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 22 WC50079 Jl:IaEc.r".~Q~m1;L~~~aACB The Direct Sales Comparison Approach is most applicable when sufficiently similar recent sales transactions can be found and verified. This approach involves comparison of actual property sales from which market derived adjustments for relevant factors can be extracted. The sales data is then compared to the subject on the basis of significant characteristics exhibited in the subject property. Because the adjustments are market derived. the actions of typical buyers and sellers are best reflected in the Direct Sales Com parison Approach. This approach will utilize a Discounted Sellout which begins by estimating the retail price of the individual building sites as proposed. All holding and marketing costs will be subtracted from the estimated total gross retail sellout to arrive at the net cash flow. This amount is then discounted over the estimated sellout period to reflect a return required by an investor (opportunity cost). The estimate of both retail selling prices and the time required for the sellout (absorption rate) were based upon an investigation of competing residential subdivisions located with the subject's area. Our analysis indicated that in competing single-family developments, the developers of the site were generally the builders of the homes also. The exception is in the event of actual bulk lot sales from a developer to a builder. Therefore. the estimated absorption rate is based on the lots being absorbed by the sale of finished home units and supported by bulk sales of lots to builders. We have analyzed the following sales transactions from competing single- family subdivisions to estimate the value of the building sites in the subject development. OR LANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 23 Laurel Hills is located directly east of the subject development. The majority of the homes are new to 10 years old and priced in the $60,000 to $90,000 range. Sale prices vary due to location within the development in relation to age and value of adjoining properties. West Boynton subdivision is a multiphased single-family development located approximately one mile west of the subject. Prices of homes ranged from $60,000 to $90,000, with the majority of homes being new to 10 years old. Boynton West has been developed in phases, creating new and older sections of the subdivision which explains varying prices of lots. !&:L~bt;~ ~!!!!.L!!.Hl! -~--- 112 & 113 217 & 21~ We!.t~QIE!QE ~ti!!!~L~!!~~ 1-4/13/2C 26-27/17/2B 17-18/3/2A E6.25'Lot 16 & 15-17/9/1 11-14/4 17-2014 21-28/10 1-4/6 19-22/4 !!!.HL 1!:if!L s i~~=~r Pr j:f~L!!r 6/85 10/84 1 3 , 90 0 13,900 $1.87 $1~29 $26,000 $18,000 Dat~_ 1!:iHL Si~~=!!r ~j:f~L!!r 11/85 $20,000 10,000 $2.00 10/85 $13,800 5,000 $2.76 10/85 $11,000 5,000 $2.20 ~ 8/85 $18,000 8,125 $2.22 12/84 $18,000 8,000 $2.25 12/84 $18,000 8,300 $2.17 11/84 $37,500 20,000 $1.88 11/84 $1 9 , 80 0 10,400 $1.90 9/84 $16,500 10,000 $1.65 ORLANDO. WEST PALM BEACH · TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 24 Both developments are considered good indicators of value for individual building sites. Based upon the above sales. it is our opinion that the following individual lot value estimates are reflective of the subj ect as proposed. Estimated Lot Size-SF Price/SF Indicated Value 1 8.135 $2.25 $ 18.000 2 8.250 $2.18 $ 18.000 3 8.250 $2.18 $ 18,000 4 8.250 $2.18 $ 18,000 5 8.030 $2.18 $ 18.000 6 8.281 $2.18 $ 18.000 7 12.924 $1.86 $ 24,000 8 9.457 $2.11 $ 20.000 9 8,362 $2.15 $ 18,000 10 8.250 $2.18 $ 18,000 11 8.788 $2.16 $ 19,000 12 7.556 $2.32 $ 17.500 13 7.810 $2.24 $ 17,500 14 7.810 $2.24 $ 17,500 15 8.791 $2.28 $ 20,000 16 8.192 $2.20 $ 18,000 17 8.384 $2.27 $ 19.000 18 8.179 $2.20 $ 18,000 19 7.511 $2.33 $ 17,500 20 7.923 $2.27 $ 18.000 21 8,095 $2.22 $ 18.000 22 10.649 $1. 97 $ 21,000 23 8,786 $2.16 $ 19,000 24 9, 53 9 $2.10 $ 20.000 Totals 206,202 $2.17 $448,000 An alternative method of estimating the value of a site is to determine the ratio of contribution of the land value to the total value of the finished house/lot value. Typically, land contribution is 20% to 25% of the finished home package. Sky Lake. located west of the subject property, is experiencing new home sales in the $70.000 to $100.000 range. with the predominate price in the mid-$80s. Prices in Laurel Hills. located directly east. range from $60.000 to $90.000. depending on location and age. We estimate a predominant new home sale price in the subject to average approximately $80.000 to $90,000. Dividing the average site retail value of $18.667 by the anticipated median home price of $80.000 to $90,000 indicates a 21% to 23% ratio of land contributi.on~ The ratio of land contribution to the total value of the home package is well within the range experienced by local developers and builders. This method has been utiliz ed to further support value estimates obtained by direct comparison of individual building sites. OR LANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC, 25 It is necessary to estimate the marketing time necessary to absorb or sell the lots after they have been developed. It was observed that typically, the developers of the sites were also the builders of the homes. Therefore, the estimated absorption rate is based on the lots being absorbed by the sale of finished single-family homes. The best comparable is Sky Lake. which has recently recorded 86 home sales in 1985. for an absorption rate of approxim ately 7.2 units per month. H om es in Sky Lake are priced from $70,000 to $100.000. The Meadow s 300 is located along Congress Avenue, approximately two miles northwest of the subject. The development has recorded 43 single-family home sales in addition to townhome sales in 1985, indicating an absorption rate of approximately 3.6 home sales per month. Single-family homes in the Meadows 300 are priced from $63,000 to $90,000. Based on the analysis of comparable developments, it is our opinion that the subject property could realize a sellout period of approximately five months. This would indicate an absorption of approximately 4.8 units per month. The developer will experience costs necessary in marketing of the building sites. A survey of project sales efforts in Palm Beach County indicates that an overall expense of 8% is considered typical. The marketing expense estimate includes 5% for sales com mission and advertising and 3% for taxes, closing costs and carrying expenses. The total gross retail sales price has been estimated at $448,000. Subtracting the 8% costs in the am ount of $35.840 for marketing of the lots, results in net sales of $412.160. This net income is then discounted to a present value at an 18% rate to reflect opportunity costs and the tim e value of money. The 18% rate reflects opportunity costs available in the market as well as the risk associated with the sellout. The rate also considers the yield required by a developer. The present value of money is indicated by applying the present worth factor of 4.7826 to the net sales process per month. This is sum mariz ed as follow s: Gross Retail Sales Less 8% Expenses $448,000 ($ 35,840) Net Sales Marketing Time $412.160 ~ 5 Mos. Net Sales/Month P.W. Factor @ 18% $ 82,432 4.7826 Indicated Value $394.239 SAY $395.000 ORLANDO. WEST PALM BEACH · TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 26 Alternatively. we have also considered the following: Two separate transactions of comparable bulk lot sales have been analyzed. Oriole Homes Corporation purchased 45 lots in August 1984 from Hybib. Inc. The sites are located in Sky Lake northwest of the subj ect property. Typical lots are 8,025 square feet with finished ho me sales priced in the mid-$80 s~ The $650,400 consideration reflects a purchase price of $14,453 per lot or approxim ately $1.80 per square foot~ The second transaction is 29 lots purchased by Dubois Properties, Inc. from Stockton, Whatley & Davin in December 1984. The sites are located along Lawrence Road in the Woodside Development. approximately 1-1/2 miles northwest of the subj ect property. Typical lot sizes are 8,250 square feet or slightly larger with some canal front lots. Based on an 8,250 square foot average, the $529,000 consideration reflects a purchase price' of $18,241 per site or approxim ately $2.21 per square foot. The two sales transactions support the estimated lot values in the subj ect development and indicate a dem and for building sites by home builders as well as individual home buyers. The tw 0 bulk sales further support the value estim ate obtained by the Discounted Retail Sellout. We have rounded the final indication of value via the Direct Sales Com parison Approach to, say, $395,000. ORLANDO. WEST PALM BEACH' TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 27 WC50079 RECONCILIATION AND FINAL VALUE ESTIMATE The purpose of this appraisal was to estimate the market value of the fee simple interest in the subj ect property. effective January 6. 1986. The indications of value through the application of the Cost Approach and the Direct Sales Com parison Approach are as follow s: COST APPROACH DlREC'l' SALES COMPARISON APPROACH $405.000 $395.000. The Cost Approach estimates the value of the subj ect property as vacant land and incorporates the cost figures necessary to develop it as proposed. The cost estimate is well supported by the market. The Direct Sales Comparison Approach was considered to produce a reliable value indication. This approach measures the actions of typical buyers and sellers in the marketplace for similar properties. Adequate data was available to provide very reliable value estim ates by this approach. Therefore. considering all factors effecting value by each analysis. it is our opinion that the "bulk" market value of the fee sim pIe interest in the subj ect. as if the subdivision was improved. effective January 6. 1986. was: FOUR HUNDRED THOUSAND DOLLARS ($400.000). ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 28 WC50079 CEa'II~~~~. ,OF. AP.P~ISA~ The undersigned appraisers hereby certify that they have no present or contemplated future interest in the real estate that is the subject of this appraisal report; that they have no personal interest or bias with respect to the subject matter of this appraisal report or the parties involved; that to the best of their knowledge and belief the statements of fact contained in this appraisal report (upon which the analyses, opinions and conclusions expressed herein are based) are true and correct; that this appraisal report sets forth all of the limiting or qualifying conditions (imposed by the terms of the assignment or by the undersigned) affecting the analyses, opinions and conclusions contained in this report; that no one other than the undersigned prepared the personal, unbiased, professional analyses, conclusions and opinions concerning real estate that are set forth in this appraisal report unless and except as acknowledged in this report; and that the fee is in no way contingent upon the amount or type of conclusions reached. The appraisal analyses and opinions were developed and this appraisal report has been prepared in conformance with (and the use of this report is subject to) the requirements of the Code of Professional Ethics and Standards of Professional Practice of the American Institute of Real Estate Appraisers of the National Association of Realtors, which includes the provisions for peer revie w. We do not author iz e the out-of-context quoting fro m or pa rtial reprinting of this appraisal report; and neither all nor part of this appraisal report shall be disseminated to the general public by the use of any public com m unications media without the prior written consent of the undersigned appraisers. The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAIs and R Ms who meet the minim u m stand ards of this pro g ra m are awarded pe r iod ic educational certification. The undersigned MAl is currently certified under this program. The subject of this appraisal report is located at the northwest corner of Old Boynton West Road and Northwest 8th Court in the City of Boynton Beach, Palm Beach County, Florida. The undersigned MAl certifies that he has personally inspected the subject property. The Associate certifies that he has personally inspected the subject property. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 29 As a result of our investigation into those matters which affect market value. and by virtue of our experience and training. we have estimated that the "bulk" market value of the fee simple interest in the subject property. as if the subdivision was improved as proposed. effective January 6. 1986. was $400.000. PARDUE. HEID, CHURCH. SMITH & WALLER. INC. f!!!:1~~ ::~. ~!?;L OR LANDO · WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC, 30 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 appraiser 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 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 appraiser. 5) A 11 mortgages, liens, disregarded unless so appraised as though management. encumbrances, leases. and servitudes have been specified within the report. The property is under responsible ownership and competent 6) It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or Ie s 6 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 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. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 31 GE~~~1_~1~1!1~~_~Q~~!I1Q~~ 1. The consultant will not be required to give testimony or appear in court because of having made this analysis. 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 consultant. 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, if any, 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. No environmental impact studies were either requested or made in conjunction with this analysis, and the consultant hereby reserves the right to alter. amend. revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research or inve stig ation. 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 consultant. Nor shall the consultant, firm or professional organization of which consultant is a member be identified without written consent of the consultant. 6. Neither our name nor report may be used financing plan which would be classified as state or federal securities laws. in connection with any a public offering under 7. Acceptance of and/or use of this report constitutes acceptance of the fore going General A ssu mptions and General Limiting C ond itions. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 32 QUALIFICATIONS OF CRAIG T. DUCKWORTH Business Address: Pardue, Heid, Church, Smith & Waller, Inc. 2161 Palm Beach Lakes Boulevard Suite 417 West Palm Beach, Florida 33409 Telephone: (305) 471-9050 Education: AA - Miami Dade Community College - December 1974 BSBA - Finance and Economic8 - University of Central Florida - June 1976 Postgraduate - Economics - University of Central Florida - 1977 Apprai8al cour8e8 8ponsored by the Society of Real Istate Appraisers: Course 101 - An Introduction to Appraising Real Property Orlando-Winter Park Board of Realtors - April 1977 Cour8e 201 - Principles of Income Property Appraising Orlando-Winter Park Board of Realtors - Karch 1978 Appraisal courses sponsored by the American Institute of Real E8tate Appraiser8: Case Studies in Real Estate Valuation University of North Carolina - Chapel Hill - August 1981 Valuation Analysis and Report writing University of North Carolina - Chapel Hill - August 1981 Introduction to Real Estate Investment Analysis University of Central Florida - Orlando May 1982 Standards of Professional Practice University of Central Florida - Orlando - June 1982 Attended numerous seminars sponsored by the American Institute of Real Estate Appraisers. Experience Appraiser with Pardue, Heid, Church, Smith & Waller, Inc. since August 1976 Registered Florida Real Estate Broker-Salesman - active status ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC, 33 QUALIFICATIONS OF CRAIG T. DUCKWORTH (Cont'd) Experience (Continued) Completed appraisals for individuals. attorneys, mortgage brokers, banks, savings and loan associations and various governmental agencies for types of assignments that include: Industrial Properties Condemnation Special Purpose Properties Multifamily Residential Properties Various Commercial Properties Agricultural Properties Market Studies Professional Associations HAl American Institute of Real Estate Appraisers Kember - Orlando-Winter Park Board of Realtors Member - Florida Association of Realtors Kember - National Association of Realtors ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC, 34 ~l!~TIO~~.Ql-~AJt!S,-~~~ml1 BU.~~.IL.,~d~~,. Pardue. Reid. Church. Smith & Waller. Inc. 2161 Palm Beach Lakes Boulevard Suite 417 West Palm Beach. Florida 33409 Telephone: (J05) 471-9050 Educ.t~o~ BA - Economics - University of Wisconsin. May 1980 Appraisal courses sponsored by the American Institute of Real Estate Appraisers: Course 8-1: Real Estate Appraisal Principles. University of Indiana Course 8-2: Residential Valuation. University of Minnesota Course IA-2: Basic Valuation Procedures. University of Central Florida. Cocoa Course IB-A: Capitalization Theory & Techniques Part A. University of Central Florida. Cocoa Course IB-B: Capitalization Theory & Techniques Part B. Florida Chapter #2 Orlando Course 8-3: Standards of Professional Practice. Florida Chapter #2, Orlando Attended various seminars on real estate and tax assessment Completed requirements and granted State of Florida Salesman License - 1985 ~!:i:e.nc.e 1/85 - Present: Market Analyst/Commercial Appraiser Pardue, Heid, Church, Smith & Waller. Inc. 9/83 - 12/84: Market Analyst/Commercial Appraiser Texas Valuation Service Corporation 6/82 - 09/84: Construction Supervisor - Demeo Construction Independent Fee Appraisers J.A. Behm Appraisal 5/76 - 06/82: Real Estate Broker and Builder Behm Builders and Real Estate OR LANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 35 QUALIFlCA!!Q~~_Qf_J~~_~~_~~~ (Cont'd) A variety of apprai.al ...ignment. performed include: Residential Subdivisions Industrial and Business Parks Mixed Use Developments Industrial Properties Multifamily Residential Properties Commercial Properties Special Purpose Properties ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. ADDENDA ORLANDO. WEST PALM BEACH. TAMPA ~3~E~_.~I' 1 __, ~ a .. ~4~ '~i~ ~"I~"P ~. f-lJ' ~ -~ 0:"''':'''~ ~ . 'r. ~.~~ =~f~\~- . Ii l\.,- . .='""'. ". '~ "'" :::- ~ ...... I_~I-" - t'.: tot! ....---- ~ lfT~ ~ if! 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' . : "', .c I . ~,,: ~ , /.' ,I -- .., .. ~ , ;; ..' "~ .~ ~J ~ .;.;t " ~ ~ i ~ -0 . ~~~ .. ~ .-~/........ V), ~.. --... .~...~: ~'l r.;,. ,-..;. ~ rr:~ l_tWi ;r i ..""DUE, 1I1'.Il', CIIUH' H. ,,"I t II " "",,1.11<. INC p,p;<(~ Qf'f'Cl' PLAZA ZH)1 PALM BEACH LAKES BLVD SUIIE 4 i 7 - ------------ 0355 WC50079 ~~IO~ LEGAL ~&!m9B GRAJgQg GRAN'It;t; ~~ll egE. .-~ICE E!mC!~ VER~E!~~!QB With ~ REcogm;~ ~&!~ION Site ZON~HG ~~!i PARDUE-HElD CHURCH-SMITH & WALLER, INC. VAGAR'I,LA!i!LiA-1E, 1. The subject site is located on the east side of Lawrence Road, approximately 1/8 mile south of Hypoluxo Road in Palm Beach County, Florida. The North Half of the South Half of the Northwest Quarter of the Northwest Quarter of Section 7. Township 45 South, Range 43 East. Palm Beach County. Florida. excepting therefrom a strip of land 40 feet in width on each side of the centerline of the county road and excepting any right- of-way for any and all public roads and easements, restrictions of record; containing approximately 10 acres. Joseph H. Palermo and H. Loy Anderson. Jr. Middle States Coal Company, Inc. May 1983 $328,000 N/A Joseph Palermo Jim Behm O. R. Book 3953, Page 1003. Palm Beach County, Florida The site is rectangular in shape with a total land area of approximately 9.37 acres. The property is zoned A R which 1.S agricultural land in transition to residential use. The $328.000 consideration reflects a purchase price of approximately $35.005 per acre. ORLANDO. WEST PALM BEACH. TAMPA 0356 WC50079 ~~Q! LEGAL QESG@:lEl;1;QB ~l@E GRANTElj; SAto~~1 SALE..E!~lj; ~&!~2 v~R;rUQ1;!QH H.ill! !!.I REcOgm;~ miggYnfUi Site PARDUE-HElD CHURCH-SMITH & WALLER, INC. V!CAHT,_~!L~L!!~~ The property is located on the west side of Lawrence Road, approximately one mile north of Old Boynton West Road in Palm Beach County, Florida. The NE 1/4 of the SE 1/4 of Section 13, Township 45 South, Range 42 East, Palm Beach County, Florida, less therefrom the following described parcel: Beginning at the Southeast corner of the NE 1/4 of the SE 1/4 of said Section 13, thence Westerly, along the South line of said NE 1/4 of the SE 1/4 , a distance of 672.03 feet, thence Northerly, parallel with the East line of said NE 1/4 of the SE 1/4, a distance of 466 feet; thence Easterly, parallel with the said South line, a distance of 672.03 feet to the East line of said NE 1/4 of the SE 1/4; thence Southerly, along said East line, a distance of 466 feet to the Point of Beginning, less the East 40 feet as right-of- way for Lawrence Road and LE S S right-of-way, for Lake Worth Drainage District lateral 21. Ridgewood Groves Joseph A. Palermo and Maurice Epstein, Trustees July 1983 $925,000 PMM - $625,000 Joseph A. Palermo James Behm o. R. Book 3991, Page 1967, Palm Beach County, Florida The site is irregular in shape with a total land area of approximately 31.74 acres. ORLANDO. WEST PALM BEACH. TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 0356 WC50079 VACANl, .~..;;~gd (Cont'd) ZOJ[~ The property is zoned R S - Single-Family Residential, Palm Beach County. ~l~I~ The $925,000 consideration reflects a purchase price of $29,143 per acre. OR LANDO. WEST PALM BEACH. TAMPA 0351 WC50019 LOf'.4~lQli LEGAL ~g!P'[IO~ GRAm:O~ GRArgg SA~~f; ~;o;:f~1&~ f1~!;1~ VEJ.u~I~!~ RECORDE~ PARDUE-HElD CHURCH - SMITH & WALLER, INC. ~,-,-~L~~..;:~ The property 18 located south of Hillside Lane and east of High Ridge Road in the unrecorded plat of Hillside Gardens, Palm Beach County, Florida. Beginning at the West Quarter section corner of Section 4, Township 45 South, Range 43 East; thence running Easterly along the East-West Quarter section line of said Section, 4.911 feet to a point; thence Southerly parallel to the West line of Section 4 a distance of 440.07 feet to the North west corner of this parcel, which is also the Point of Beginning, thence continuing Southerly parallel to the West line of Section 4 for a distance of 100 feet to a point; thence Easterly parallel to the said East-West Quarter section line for a distance of 461.67 feet to a point in the East line of the Northwest Quarter of the Southwest Quarter of said Section 4; thence Northerly at an angle of 86 degrees 38 minutes measured from West to North along said East line of the Northwest Quarter of the Southwest Quarter of said Section 4 for a distance of 100 feet to a point; thence Westerly parallel to the said East-West Quarter section line of Section 4, a distance of 461.99 feet to the Point of Beginning, Palm Beach County, Florida. SUBJECT to an easement 25 feet in width along the Westerly boundary of the parcel for access roadway. Also known as Lot 20 of HILLSIDE GARDENS, an unrecorded plat. Kathleen Ouellette Dart Construction, Inc. February 1985 $24,500 Cash Ronald Mercer, Grantee O. R. Book 4477, Page 353, Palm Beach County, Florida ORLANDO. WEST PALM BEACH · TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 0357 WC50079 VA~'.~SAT'E.3 ~ t:..__~...._ (Cont'd) ~~!f};~Q8 Sit~ The site is rectangular in shape and measures approximately 100' x 4611. The total area is one acre, more or less. The eastern boundary is adjacent to tbe Seaboard Coast Line Railroad. ZOH:!H~ The property is zoned R S - Single-Family Residential, Palm Beach County, Florida. ~J.Y~~~ The $24,500 consideration reflects a purchase price of approximately $24,500 per acre. ORLANDO. WEST PALM BEACH · TAMPA PARDUE-HElD CHURCH-SMITH & WALLER, INC. 0358 WC50079 U.lt.'!.UT'J' ..,T..UlD ,c..l LE .4 ~.c:..:~~~___ ~'r;t{m The property is located east of High Ridge Road, approximately 1/2 mile south of Hypoluxo Road in Palm Beach County, Florida. LEGAL ~9R~~1Q~ Being a parcel of land lying in Section 9, Township 45 South, Range 43 East, Palm Beach County, Florida and being more particularly described as follows: Commence at the Quarter corner in the West line of said Section 9 (the West line of said Section 9 also being the centerline of High Ridge Road, as now laid out and in use); thence Northerly along the West line of said Section 9 a distance of 82.09 feet; thence Easterly at an angle of 91013'19" (turned from South to East) a distance of 1056.95 feet to the Point of Beginning and the Northwest corner of this parcel; thence continue Easterly a distance of 300.75 feet; thence Southerly at an angle of 88039'49" (turned from West to South) a distance of 246.65 feet; thence Westerly at an angle of 91021108" (turned from North to West) a distance of 270.50 feet; thence Northerly at an angle of 96015133" (turned from East to North) a distance of 228.03 feet; thence Northerly at an angle of 172030'11" (turned from South to East to North) a distance of 20.00 feet to the Point of Beginning. EX C EPTING an easement eight feet in width on tbe South line thereof, for public utilities. Together with and subject to an easement for ingress and egress in common with others over, across and upon the following described lands. A strip of land 40 feet in width extending through the South 1/4 of the Southwest 1/4 of the Northwest 1/4 of Section 9, Township 45 South, Range 43 East, Palm Beach County, Florida; said 40 foot strip of land lying 20 feet each side of, parallel and contiguous to the following specifically described line: From the West 1/4 corner of said Section 9, Northerly along the West line of said Section 9, (also being the centerline of High Ridge Road) a distance of 82.09 feet to the Point of Beginning. Thence, turning an angle of 91013'19" from South to East and running Easterly, a distance of 1357.70 feet to the end of the specifically described line. OR LANDO. WEST PALM BEACH. TAMPA 0358 WC50079 GJWi~Q~ GRAm;~~ ~~l; SALE..,g~IC~ gmfug VEJU~I~! ~mm~ DES~g!moo Sitoe ZON~~ ~~!~ PARDUE-HElD CHURCH - SMITH & WALLER, INC. V"~~~!&~! (Cont'd) Wilbur H. Kerns and Neil Valentine d/b/a Seacrest Properties Kathleen K. Jones March 1984 $46.000 PMMj 1 year termj 14% interest Grantee o. R. Book 4201. Page 0342, Palm Beach County, Florida The site is highly irregular in shape with a total land area of approximately 1.63 acres. The property is zoned R S - Single-Family Residential, Palm Beach County, Florida. The $46.000 consideration reflects a purchase price of $28,221 per acre. ORLANDO. WEST PALM BEACH. TAMPA