Address Southeast Quadrant of U.S. Highway 41 and Sumter Boulevard City. North Port State. FL Zip Code County

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1 SUBJECT AERIAL LOCATION LAND AREA THREE-YEAR OWNERSHIP HISTORY OF SUBJECT Address Southeast Quadrant of U.S. Highway 41 and Sumter Boulevard City North Port State FL Zip Code County Sarasota Nearest Signalized Intersection US Highway 41 & Sumter Boulevard Unit of Comparison LAND SQ. FT. ACRES Front Feet (Roadway/Linear Feet) N/A Lot 3 109, Lot 4 53, Lot 5 (with wetlands/drainage easement) 124, Lot 5 (without wetlands/drainage easement) 93, Lot 6 (with wetlands/drainage easement) 223, Lot 6 (without wetlands/drainage easement) 188, Lot 7E 82, Owner of Record: Previous Owners Sale History Analysis North Port Gateway, LLC Sumter Square, LLC, Dennis J. Fullenkamp The subject site is located in the southeast quadrant of US Highway 41 and Sumter Boulevard. Based on our examination of public records it appears that the subject was purchased via three Warranty Deeds which are detailed below. This is for the sale of the entire parent tract including the subject, Home Depot, Wal-Mart and various outparcels. We are not aware of any other transactions over the past three years. We have been provided an unexecuted contract for Lot 7E dated in October 2007 for $1,550,000. The owners report that they currently waiting on the contract to be executed. In addition, we have been provided an unexecuted contract dated 2007 for $1.9 million for Lot 5. A search of Sarasota County s Internet Access Public Records listed the following sales. A copy of the deed of the most recent transaction is in the supporting documents. Sale Date OR Bk/Pg Instrument Amount 1/6/ WD $3,113,000 1/6/ WD $2,325,000 4/28/ WD $2,049,700 Page 17

2 PLAT MAP (Lot 3) PLAT MAP (Lot 4) Page 18

3 PLAT MAP (Lot 7E) LEGAL DESCRIPTION (from Property Appraiser s Cards) Page 20

4 SURVEY/ SITE PLAN SITE DESCRIPTION We were provided with the following information sources Survey X Site Plan Prepared by FMO Engineering, Inc ( ) X Public Record The subject properties are located in a commercial park known as Sumter Crossing located in the southeast quadrant of US Highway 41 and Sumter Boulevard in North Port, Sarasota County, Florida. The subdivision includes Wal-Mart (225,550 SF), Home Depot (146,374 SF), 6 commercial sites, and 12 outparcels. We are appraising Lots 3, 4, 5, 6, and 7E only. Lot 3 is located at the southwest corner of Aiden Way and Salford Boulevard within the Sumter Crossing commercial park. This lot is located directly to east of Sumter Crossings East retail strip center. This is an irregular shaped site that contains a total of 2.52 acres or 109,951 square feet. This site will have three ingress/egress points along Aiden Way. This site is located behind three outparcels that impede visibility via US Highway 41. The site has good visibility and exposure along Aiden Way and Chancellor Boulevard both of which are moderately traveled roads. At the time of our inspection, the site was covered with grass and shrubs. This site has average commercial exposure. Lot 4 is located at the northeast corner of Sumter Crossing Drive and Chancellor Boulevard within the Sumter Crossing commercial park. This lot is located directly behind the Sumter Crossings East retail strip center. This is an irregular shaped site that contains a total of 1.23 acres or 53,635 square feet. This site will have two ingress/egress points along Sumter Crossing Drive. This site is located behind the Sumter Crossings East retail strip center which significantly impedes visibility via US Highway 41. The site has good visibility and exposure along Sumter Crossing Drive and Chancellor Boulevard both of which are moderately traveled roads. At the time of our inspection, the site was covered with grass and shrubs. This sites location within the park and its lack of visibility via US Highway 41 limits the potential use for this site to something that does not require visibility for passerby traffic. Lot 6 is located at the southwest corner of Sumter Boulevard and Southeast Drive within the Sumter Crossing commercial park. This lot is located directly to west of Home Depot and the Super Wal-Mart. This is an irregular shaped site that contains a total of 5.12 acres or 223,106 square feet which includes a 90 drainage easement along the eastern boundary. This site will have two ingress/egress points along Sumter Boulevard and two access points along Southeast Drive. This site is located behind Regions Bank and Walgreens, thus visibility from US Highway 41 is impeded but Southeast Drive is one of the main access points to the Walmart Superstore and Home Depot. The site has good visibility and exposure along Sumter Boulevard. At the time of our inspection, the site was covered with trees and foliage. Based on the survey provided by the owner a drainage easement is located along the east boundary of the site. We have estimated the wetland area at 90 x 388 or 34,893 square feet. Thus, the resulting usable area of the site is 4.32 acres or 188,179 square feet. This site has fair to average commercial exposure. Lot 5 is located directly behind Lot 6 with frontage along Sumter Boulevard. This site has no visibility via US Highway 41 and is expected to have one ingress/egress point on Sumter Boulevard. The site is irregularly shaped and originally contained 4.74 acres however 1.87 acres to the south are no longer part of the Lot 5 and is now common area and storm water retention area for the entire Sumter Crossing commercial park. The resulting size of Lot 5 is 2.87 acres or 124,996 square feet. Based on the survey provided by the owner drainage easement is located on the east boundary of the site. We have estimated the wetland area at 90 x 348 or 31,320 square feet. Thus, the resulting usable area of the site is 2.15 acres or 93,654 square feet. This site has limited commercial exposure.. Page 21

5 SITE DESCRIPTION (Continued) Lot 7E is an outparcel located at the southeast corner of the signalized intersection of US Highway 41 and Salford Boulevard located at the eastern most section of Sumter Crossing commercial subdivision. This site has excellent visibility via US Highway 41, however the site will have two ingress/egress easements on Salford Boulevard. This is basically rectangular parcel and contains 1.90 acres or 82,764 square feet. TOPOGRAPHY AND DRAINAGE US Highway 41 (Tamiami Trail) is a heavily traveled north/south commercial road at the subject location. The road extends from Tampa southward through Sarasota County to the Everglades in south Florida. At the subject, US Highway 41 is a four lane road with a median divide. The most recent average daily traffic count is 32,000 cars. There are six ingress/egress points along US Highway 41 for Sumter Crossing retail development which provide access to the subject via interior roads. The access points at Sumter Boulevard, at Home Depot and at Salford Boulevard are signalized. Sumter Boulevard is a moderately traveled east/west road that extends from Interstate 75 to Chancellor Boulevard. There are three access points along this road that provide access to Sumter Crossing retail development via cross easements. We have assumed that the subject contains standard utility easements i.e., water, sewer, cable, etc. Overall, the subject site appears to contain no adverse easements or encroachments that would affect its utility and/or marketability. Lots 3, 4 & 7E are level and above road grade. Drainage appears adequate and typical for the area. A retention area is located off site. Lots 5 & 6 are heavily treed and we assume that the land is level. Drainage is via the retention easement along the eastern boundary of both properties. SOILS A soil analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the sites have adequate soils to support the highest and best use. UTILITY SERVICE Water/Sewer Access Utilities Fire/Safety X Public Water X Paved Street X Electric X Municipal Police Well X Curbs X Natural Gas County Sheriff X Public Sewer X Sidewalks X Telephone X Municipal Fire Septic Tank X Cable County Fire ENVIRONMENTAL & ENGINEERING CONDITIONS Unless otherwise stated in this report, we have no knowledge of any hidden or unapparent conditions (including structural defects) of the subject improvements or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the subject improvements more or less valuable. We have assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. We are not responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. We are not experts in the field of engineering or environmental hazards, and therefore this report must not be considered an engineering or environmental assessment of the subject. EASEMENTS COVENANTS, CONDITIONS AND RESTRICTIONS We have not been provided with a copy of a Phase I Environmental Report. Based on our inspection, of the site there does not appear to be any environmental hazards. We are not experts in environmental assessment and reserve the right to re-evaluate if there are any adverse environmental conditions at the subject site. We have assumed the subject is now free and clear of contamination. We were not provided with a current survey and were not made aware of any easements that would adversely affect the subject. Therefore we have valued the subject as free of any restrictive easements. Page 22

6 LAND USE Land Use Code Land Use Code Definition Jurisdiction Commercial These lands are designated to provide areas in which customary and traditional conduct of trade, retail services, commerce and residential uses may be carried on with disruption by the encroachment and intrusion of incompatible residential and other uses. City of North Port ZONING CODE ZONING REQUIREMENTS Zoning Code Zoning Code Definition Jurisdiction Primary Permitted Uses PCD Planned Community Development City of North Port According to George of the North Port Zoning Department the subject s zoning is approved for anything in the Commercial General (CG) designation. The permitted uses under this zoning designation include retail, banks, restaurants, service stations, hotels, professional services, etc. Zoning Requirements Subject Property Minimum Lot Area N/A N/A Maximum FAR 0.35 N/A Front Yard Setback 25 feet N/A Side Yard Setback 15 feet N/A Rear Yard Setback feet N/A Maximum Building Height 35 feet N/A Minimum Lot Width N/A Varies ZONING MAP Page 23

7 ZONING MAP ENVIRONMENTAL CONDITIONS Unless otherwise stated in this report, we have no knowledge of any hidden or unapparent conditions (including structural defects) of the subject improvements or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the subject improvements more or less valuable. We have assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. We are not responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. We are not experts in the field of engineering or environmental hazards, and therefore this report must not be considered an engineering or environmental assessment of the subject. We have not been provided with a copy of a Phase I Environmental Report. Based on our inspection, of the site there does not appear to be any environmental hazards. We are not experts in environmental assessment and reserve the right to re-evaluate if there are any adverse environmental conditions at the subject site. We have assumed the subject is now free and clear of contamination. Page 24

8 FLOOD ZONE STATUS & ELEVATION FEMA Map # B FEMA Flood Zone Map Date September 2, 1981 FEMA Flood Zone B We have provided the Flood Zone Information as an informational service. All readers of this report should use this information with caution. does not warrant this information, nor is qualified to analyze this information to determine the Flood Zone for the subject property. In order to make decisions involving the Flood Status for the subject property, we highly recommend that a licensed surveyor certify the Flood Zone Status of the subject property. ZONE DEFINITION C, X These codes identify areas that are outside the 500-year flood level. B A AE AH A0 A0 A99 D V VE This code identifies an area above the 100-year flood level but within the 500-year flood level. This code identifies an area inundated by 100-year flooding, for which no BFEs have been determined. This code identifies an area inundated by 100-year flooding, for which BFEs have been determined. This code identifies an area inundated by 100-year flooding (usually an area of ponding) for which BFEs have been determined; flood depths range from 1 to 3 feet. This code identifies an area inundated by 100-year flooding (usually sheet flow on sloping terrain), for which average depths have been determined; flood depths range from 1 to 3 feet. (Alluvial Fan) This code identifies an area inundated by 100-year flooding (usually sheet flow on sloping terrain), for which average depths and velocities have been determined; flood depths range from 1 to 3 feet. This code identifies an area inundated by 100-year flooding, for which no BFEs have been determined. This is an area to be protected from the 100-year flood by a Federal flood protection system under construction. This code identifies an area of undetermined but possible flood hazards. This code identifies an area inundated by 100-year flooding with velocity hazard (wave action); no BFEs have been determined. This code identifies an area inundated by 100-year flooding with velocity hazard (wave action); BFEs have been determined. Page 25

9 Overall Site Plan Southeast Quadrant of U.S. Highway 41 and Sumter Boulevard Page 26

10 Survey of Lot 5 Southeast Quadrant of U.S. Highway 41 and Sumter Boulevard Page 27

11 Site Plan of Lot 5 Southeast Quadrant of U.S. Highway 41 and Sumter Boulevard Page 28

12 Survey of Lot 3 Southeast Quadrant of U.S. Highway 41 and Sumter Boulevard Page 29

13 Survey of Lot 4 Southeast Quadrant of U.S. Highway 41 and Sumter Boulevard Page 30

14 B.3 Real Estate Taxes Current Real Estate Taxes and Assessments The subject property is assessed and taxed by Sarasota County and identified as Parcel Number , , , , , and The subject has a just market value of land of $3,161,100, a building value of $ 0 and extra feature value of $ 0 for a total just market value of $3,161,100. The total assessed value is $3,161,100, which is % of just market value. Applying the millage rate of indicates gross real estate taxes payable of $47,282, applying the four percent discount for early payment indicates net payment of $45,390. CURRENT TAXES AND ASSESSMENTS Folio/Tax Parcel # Land Value Improvement Value Extra Feature Value Combined Value Lot 3 $769,700 $0 $0 $769, Lot 4 319, , Lot 4 101, , Lot 5 250, , Lot 6 557, , Lot 7E $1,163, ,163,100 Just (Market) Value $3,161,100 $ 0 $ 0 $3,161,100 Total Assessment $3,161,100 Assessment as a % of Just Market Value % Millage Rate Gross Real Estate Taxes $47,282 North Port Fire & Rescue $ North Port Road & Drainage $1, The taxes for 2008 are not due until November 2008; however we did note that there are some delinquent taxes for the year We contacted the Sarasota Tax Collector s Office regarding tax parcels and which did not have tax cards for They indicated that these are two new parcels with no 2007 tax cards, thus we were unable to determine if there are any additional delinquent taxes due for these two parcels. The following chart illustrates the delinquent taxes associated with the subject. Taxes Due For $14, $6, $1, $22, New Parcel Number New Parcel Number Total Due $44, Page 31