APPRAISAL REPORT OF GROSS ACRES/17.72± USABLE ACRES OF VACANT COMMERCIAL LAND

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APPRAISAL REPORT OF 20.22 GROSS ACRES/17.72± USABLE ACRES OF VACANT COMMERCIAL LAND LOCATED AT NORTHWEST CORNER OF LAND O LAKES BOULEVARD & SUNTERRA DRIVE LAND O LAKES, FLORIDA 34638 Job No.

1 APPRAISAL REPORT OF GROSS ACRES/17.72± USABLE ACRES OF VACANT COMMERCIAL LAND LOCATED AT NORTHWEST CORNER OF LAND O LAKES BOULEVARD & SUNTERRA DRIVE LAND O LAKES, FLORIDA Job No.: Prepared for: Mr. Christopher Williams Director of Planning Pasco County School Board Tree Breeze Drive New Port Richey, FL Prepared by: Ron Sparks, MAI, MBA, MRICS President Benjamin Stephens, MAI Director Vantix Realty 1715 N. Westshore Blvd. Suite 920 Tampa, Florida 33607

April 14, 2014 Mr. Christopher Williams Director of Planning Pasco County School Board 11815 Tree Breeze Drive New Port Richey, FL 34654 1715 N.

2 April 14, 2014 Mr. Christopher Williams Director of Planning Pasco County School Board Tree Breeze Drive New Port Richey, FL N. Westshore Boulevard Suite 920 Tampa, FL Toll Free: Fax: Re: Appraisal of gross acres/17.72± usable acres of vacant commercial land, located at the northwest corner of Land O Lakes Boulevard & Sunterra Drive, Land O Lakes, Pasco County, Florida Dear Mr. Williams: At your request, we have developed an appraisal of the above-referenced subject property. We inspected the subject and its environs on April 9, The purpose of this appraisal is to estimate as is market value of the subject property. The intended use of the appraisal is for potential acquisition of the subject. The scope of work included the market research and analyses necessary to reach a final value estimate using the sales comparison approach to value. Market value, fee simple estate, and other real estate terms are defined within the following appraisal report. This appraisal was developed and is reported in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by the Appraisal Standards Board of the Appraisal Foundation and the Code of Professional Ethics, the Supplemental Standards of Professional Appraisal Practice of the Appraisal Institute, and client requirements. The following appraisal report is qualified by the Assumptions and the Limiting Conditions (which are in the Addenda), as well as the Extraordinary Assumptions (which are in the Executive Summary section). Appraisal/Valuation Property Tax Advisory Distressed Property Expert Witness Receivership Tampa Orlando Ft. Myers

3 Mr. Williams April 14, 2014 Page 2 Thank you for engaging us to complete this assignment. If you have any questions concerning the following summary appraisal report, or if we can be of any further assistance to you, please feel free to contact us at any time. Respectfully submitted, VANTIX REALTY - COMMERCIAL REAL ESTATE SOLUTIONS Ron Sparks, MAI, MBA, MRICS President State-Certified General Real Estate Appraiser RZ2286 Benjamin Stephens, MAI Director State-Certified General Real Estate Appraiser RZ3032 Phone: Phone: ron.sparks@vantix-realty.com ben.stephens@vantix-realty.com

4 TABLE OF CONTENTS CERTIFICATION... 1 EXECUTIVE SUMMARY... 3 VALUATION PROCESS... 8 DEFINITIONS REGIONAL ANALYSIS AREA MAP LOCAL AREA ANALYSIS RETAIL MARKET OVERVIEW SUBJECT PROPERTY DATA HIGHEST AND BEST USE ANALYSIS EXPOSURE AND MARKETING PERIOD APPROACHES TO VALUE SALES COMPARISON APPROACH ADDENDA... 52

5 CERTIFICATION We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions (which are in the Addenda) as well as the Extraordinary Assumptions (which are in the Executive Summary section), and are our personal, unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. 4. We have not performed services, as an appraiser or in another capacity, regarding the property that is the subject of this report within the past three-year period immediately preceding acceptance of this assignment. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our 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. 8. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. 9. Ron Sparks, MAI, MRICS and Benjamin Stephens, MAI have made an inspection only of the property that is the subject of this report. 10. No one provided significant real property appraisal assistance to the person signing this certification, except where noted in this report. 11. 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 and the Standards of Professional Appraisal Practice of the Appraisal Institute. 12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 13. As of the date of this report, Ron Sparks, MAI and Benjamin Stephens, MAI have completed the requirements of the continuing education program of the Appraisal Institute. 1

6 Based upon our inspection of the subject property and its environs together with our market research, analyses, and professional judgment we conclude that the market value as is of the fee simple estate under prevailing market conditions, on April 9, 2014, is: ONE MILLION THREE HUNDRED FIFTY THOUSAND DOLLARS Respectfully submitted, ($1,350,000) VANTIX REALTY - COMMERCIAL REAL ESTATE SOLUTIONS Ron Sparks, MAI, MBA, MRICS President State-Certified General Real Estate Appraiser RZ2286 Benjamin Stephens, MAI Director State-Certified General Real Estate Appraiser RZ3032 Phone: Phone: ron.sparks@vantix-realty.com ben.stephens@vantix-realty.com 2

7 EXECUTIVE SUMMARY Property Type: Location: Vacant land The subject site is located at the northwest corner of Land O Lakes Boulevard & Sunterra Drive, Land O Lakes, Pasco County, Florida Parcel #: Assessment and Taxes: Purpose of the Appraisal: See Tax Section of this report The purpose of this appraisal report is to estimate the market value "as is" of the fee simple interest in the subject property, as of the effective date of this appraisal. Intended Use of the Appraisal: Potential acquisition of the subject Intended User of the Appraisal: District School Board of Pasco County Property Rights Appraised: Fee simple estate Date of Value Estimate: April 9, 2014 Site Data: Size: Frontage/Access: Topography: Utilities: Flood Zone: Zoning: Land Use: Gross Acres/17.72± Useable Acres The site has frontage along and direct access to Land O Lakes Blvd. and Sunterra Drive Level All reported to be available "X" and A C-2 (General Commercial) and AC (Agricultural) by Pasco County Residential-3 and Retail/Office/Residential 3

8 Highest and Best Use Of Land as though Vacant: Marketing Time: Future commercial development Months Sales Comparison Approach Conclusion: $1,350,000 Final Value Estimate: $1,350,000 Conditions: The final value estimate is qualified by the Certification of Appraisal, the Assumptions and Limiting Conditions, as well as the following Extraordinary Assumptions. Extraordinary Assumptions: We were provided with a survey that indicates that the total subject site is acres. We requested but were not provided with a site survey that delineated the wetlands for the subject property. Based upon Pasco County Property Appraiser records and our discussions with the owner and the listing agent, we have estimated the wetlands at the property at approximately 2.50 acres. Therefore, we have estimated the useable acreage at the subject at acres. We have assumed that this information is correct. If subsequent information is provided that significantly differs from these estimates, we reserve the right to amend our conclusions. 4

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