LEE PALLARDY, INC. Real Estate Appraiser, Broker & Consultant

Transcription

1 LEE PALLARDY, INC. Real Estate Appraiser, Broker & Consultant LEE PALLARDY, MAI ( ) 609 E. JACKSON STREET, SUITE 200 LEE PALLARDY, JR., MAI ( ) TAMPA, FLORIDA LEE F. PALLARDY, III, MAI STATE CERT. GEN. REA TELEPHONE (813) JAMIE M. MYERS, MAI STATE CERT. GEN. REA FAX (813) JAMES M. TALLEY, JR., MAI, SRA STATE CERT. GEN. REA DAVID M. TAULBEE, MAI STATE CERT. GEN. REA April 12, 2016 Mr. Michael A. Babb, President 40 Ranch Road Thonotosassa, Florida Re: Two Rivers Ranch Mitigation Bank Dear Mr. Babb: Following your direction and my phone conversation with Bill Schroeder, I researched the Pasco County and Hillsborough County Property Appraiser s records to determine their appraised value of the lands that are proposed to be part of the Two Rivers Mitigation Bank. 1 North is entirely in Pasco County. 1 North will contain acres and the parcel numbers identified contain acres. The Parcel ID numbers cover some land that is not part of the Mitigation Bank and one of these parcels has improvements. We have interviewed the staff of the Pasco County Property Appraiser s Office and they advise that they have valued the wetlands on these parcels at $120 to $565 per acre. The average price per acre is $172 per acre and the weighted average Assessed Value of the wetlands is $ per acre. The average Assessed Value for the uplands is $11,385 per acre. These parcels vary between 2 acres and 80 acres. The Assessed Values vary between $5,952 per acre, and $25,617 per acre. The higher priced parcels are less than 5 acres in size. The weighted average assessment for the uplands is $8, per acre. The Property Appraiser s opinion of the market value for the land that will be in 1 North of the Mitigation Bank is outlined below. 1 (North) Wetland $158 per acre = $ 66, Upland $ $8,717 per acre = $815,214 Total: $881,255 The total Assessed Value is $881,255, which equates to $1,723 per acre.

2 Mr. Michael A. Babb, President Page 2 April 12, N Real Estate Assessments No. Parcel ID/Folio No. Just Value Assessed Value Acres P1N $53,688 $53, $5, P1N $47,747 $47, $1, P1N $43,799 $43, $2, P1N $690,160 $690, $3, P1N $22,500 $22, $ P1N $11,520 $11, $ P1N $27,048 $27, $2, P1N $201,878 $201, $8, P1N $115,391 $115, $61, P1N $10,625 $10, $ P1N $90,551 $90, $10, TOTAL $1,314,907 $1,314, $8, South and all of 2 are located in Hillsborough County. The Hillsborough County Property Appraiser s 2015 Assessed Values are outlined below. 1 South contains acres, of which acres are wetlands, and acres are uplands. Two Parcel ID numbers encumber the majority of 1 South, but they also include excess lands. These two parcels alone contain 1,179 acres. A small portion of the proposed 1 South is included in a third Parcel ID number, which also includes the majority of 2. These parcels include a higher percentage of uplands and they include improvements. The Hillsborough County Property Appraiser advises that the uplands are assessed for $4,200 per acre and the wetlands are assessed for $750 per acre. The Assessed Value for the land in 1 South can be calculated as follows: 1 (South) Wetland $750 per acre = $274, Upland $4,200 per acre = $433,776 Total: $708,254 1S 2015 Real Estate Assessments No. Parcel ID/Folio No. Just Value Assessed Value Acres P1S $1,817,903 $577, $3, P1S $1,751,250 $91, $2, TOTAL $3,569,153 $669,632 1,179 $3,072.74

3 Mr. Michael A. Babb, President Page 3 April 12, 2016 The Assessed Value for the land included in 1 South is $708,254, which equates to $1, per acre. Therefore, the total assessed value for 1 is $1,589,779 2 is included in two Parcel ID numbers. These Parcel ID numbers total 1,128 acres. Like 1 South, the Assessed Value for the wetlands is $750 per acre and the Assessed Value for the uplands in 2 is $4,200 per acre. 2 contains acres, of which acres are wetlands, and acres are uplands. Hillsborough County Property Appraiser s valuation of the 2 property is calculated as follows: Wetland $750 per acre = $197, Upland $4,200 per acre = $1,003,590 Total: $1,201, Real Estate Assessments No. Parcel ID/Folio No. Just Value Assessed Value Acres P1S, P $2,008,200 $130, $3, P $1,290,750 $81, $2, TOTAL $3,298,950 $211,600 1,128 $2, The Assessed Value of $1,201,365 for the acres in 2 equates to an average Assessed Value of $2,390 an acre. The Southwest Florida Water Management District has historically not paid over fifty percent of the fee value for a conservation easement. Outlined below are the values of the conservation easement, based on fifty percent of the assessed value. 1 North: $440,628 1 South: $354,269 1 Total: $794,890 2: $600,683 Included on the following two pages are the Cardno Wetlands Map for s 1 North, 1 South, and 2. Hopefully this letter will supply the documentation required, but if you need additional documentation or further clarification, please advise. Respectfully yours, LEE PALLARDY, INC. LFP, III: zn Lee F. Pallardy, III, MAI

4 QUALIFICATIONS OF APPRAISER LEE F. PALLARDY, III, MAI Honors Graduate, University of Notre Dame; Major - Finance. Employed 2-1/2 years by Freedom Federal Savings & Loan Association of Florida. Participated in branch management, residential, commercial and construction lending. Last positions held - Vice President, Sunshine State Service Corp., a wholly owned subsidiary involved in real estate development; and Problem Loan Administrator for Freedom Federal in charge of liquidating foreclosure properties and working out delinquent loans. Chairman of the Board and Treasurer - Lee Pallardy, Inc. Experience: - 39 years experience in real estate appraisals, brokerage, and development; also experienced in the valuation of closely held corporations, small businesses and minority interests in corporations and partnerships. Member - Appraisal Institute (MAI) Qualified as an expert witness in Alachua, Hernando, Hillsborough, Manatee, Pasco, Polk, Pinellas and Sarasota County Courts and Federal Courts. Director, West Coast Florida Chapter ( ) Appraisal Institute, Region X Representative (1994) Appraisal Institute, National Ethics and Counseling Panel ( ) Florida Bar Grievance Committee ( ) Licensed - Registered Real Estate Broker, State of Florida License #BK Certified Residential Contractor, State of Florida (Inactive) Certified General Real Estate Appraiser, State of Florida Certification #RZ

5 Appraised for - Developers, Municipalities, Attorneys and Financial Institutions, including: Hillsborough County City of Tampa Tampa-Hillsborough County Expressway Authority Hillsborough County Aviation Authority Pasco County Pinellas County Tampa Electric Company Manatee County Raleigh "Lee" Greene, P.A. Akerman Senterfiett & Eidson Carlton Fields Jorden Burt de la Parte & Gilbert, P.A. Buchanan Ingersoll, Rooney, PC Greenberg Traurig Hill, Ward & Henderson, P.A. Holland & Knight, L.L.P. Macfarlane, Ferguson & McMullen Maney & Gordon Farm Credit of Central Florida Bank of America Wells Fargo Fifth Third Bank SunTrust Bank The Bank of Tampa The Prudential Realty Group Florida Communities Trust Federal Deposit Insurance Corporation Florida Department of Environmental Protection Florida Department of Transportation South Florida Water Management District Southwest Florida Water Management District The Nature Conservancy The Trust for Public Land U.S. Bankruptcy Court, Middle District of Florida U.S. Department of Justice