CONCISE APPRAISAL

ASSIGNMENT INFORMATION

Property Identification: 600 W Intendencia Pensacola, FL 32502

Report Prepared By:

G. Daniel Green G. Daniel Green & Associates 103 Baybridge Drive Gulf Breeze, FL 32562 (850) 934-1797 Telephone (850) 932-8679 Facsimile

Report Prepared For (Client):

Glenn Griffith Escambia County Community & Environment Div. 221 Palafox Place, Suite 305 Pensacola, FL 32502 (850) 595-3538 Email gcgriffi@co.escambia.fl.us

Current Tax Assessment: $0 Taxes & Assess. $0 (Exempt)

SALE, OPTION, LISTING AND OFFER HISTORY

Comments: (analyze all sales within the last 3 years, current options, listings, offers or purchase agreements) The subject is not currently listed for sale. The owner of record is the City of Pensacola. The appraiser is unaware of any other sale transactions involving the subject for the past three years.

MARKET ANALYSIS

Comments: (describe predominant property type, vacancy/value trends, etc.) The subject area represents a moderate growth area just west of downtown Pensacola in Escambia County.

PROPERTY DESCRIPTION

Bldg Area (SF) N/A Occupancy (owner vs. tenant / %) NA

Site Size .09 Acres Zoning M-1 (Industrial)

Yr. Built “Land Only” Conformance to Zoning Conforming

Rem. Econ. Life NA Property Type Vacant Land

Quality NA Current Use Vacant Site

Condition NA Source of Site Size Esc Cty Appraiser's Office-Measurement at Inspection

Comments: (briefly describe physical, known hazards, legal and economic characteristics relative to the valuation assignment) The subject property measures 30' x 125', is .09 acres. Per FEMA Flood Panel 12113C0425G, dated December 19, 2006, the property is located in zone X, an area of minimal flooding. The attached “Plume Exhibit” reflects underground contamination which impacts the eastern edge of the subject property.

HIGHEST AND BEST USE

Comments: The property is a minimally sized site, but based on development of surrounding properties, the subject is developable in character with surrounding properties. The legally permissible uses imposed by the M-1 zoning is not considered significantly restrictive, based on cumulative zoning allowances. The financially feasible use which is maximally productive is identified by that use which could most efficiently utilize the property in character with surrounding residential and neighborhood low intensity type uses such as private office space, or combination office/residence type uses, generally with on-street, or parking pad use for car storage, based on the relatively small site footprint.

Valuation – SALES COMPARISON APPROACH Characteristic Subject Comparable 1 Comparable 2 Comparable 3

Address

600 W Intendencia Pensacola, FL 32502

407 S. A St 805 W Zarragossa Pensacola, FL 32502

120 Tarragona St Pensacola, FL 32502

1602 W Garden St Pensacola, FL 32501

Seller: Synovus Bank Hancock Bank Mary B. Pearson

Buyer West Florida Group, LLC Group T, LLC Gene Terrezza

Recording Information:

Book 6822 Page 1322

Book 7115 Page 1437

Book 6908 Page 1170

Sale Date NA 2/23/2012 12/18/2013 9/18/2012

Sale Price NA $77,000 $249,900 $67,500 Size 3,750 14,375 SF 14,280 SF 15,000 SF

Distance to Subject

NA .5 Miles SW 1 Mile East 1 Mile West

Price/Unit(SF) $5.36/SF $17.50/SF $4.50/SF

Zoning M-1 C-3 SSD C-3

Current Use Vacant Land Vacant Vacant Vacant

Contamination At East Side of Property None Known None Known None Known

Overall Comparability to Subject: Similar Similar Similar

Analysis of Sales and Reconciliation: “Land Only”- : The subject property is located on an interior site, and all three comparable parcels are located on corner sites. The comparable sales have larger site areas than the subject. The subject is estimated to have a market value of $5.33/SF which is adequately supported by the sales. The indicated as-is market value is $20,000, rounded

FINAL VALUE ESTIMATE

Date of Report Date of Inspection Effective Date of Value Interest Appraised Market Value "As Is"

March 10, 2014 March 7, 2014 March 10, 2014 Fee Simple $20,000

ASSIGNMENT CONDITIONS

Identify / describe relevant conditions / assumptions pertinent to the valuation assignment (eg access, title, legal, etc.): It is assumed as an extraordinary assumption of this assignment, that the subject property can be developed into it’s highest and best use with no undue hardship relative to any environmental or special permitting issues beyond perhaps a recorded instrument such that ground water cannot be utilized on the property due to subsurface plume impact. It is an extraordinary assumption that this is the only significant impact from the plume. Any restrictions related to construction of a habitable structure would have a far greater impact on the market value and would require additional consideration, rendering this opinion void, subject to review.

MARKETING AND EXPOSURE TIME

The marketing period is estimated at: 12 TO 24 MONTHS The exposure period is estimated at: 12 TO 24 MONTHS

Scope / Intended Use / Intended User

This valuation is reported as an appraisal report. The significant elements of scope included the following: Observation of the subject and its environs, collection and analysis of data. The most probable buyer for the subject is an owner-user, and only the Sales Comparison Approach was used. It is the appraiser’s opinion that the scope of research and analysis associated with this appraisal is adequate to produce a credible value conclusion that will serve the needs of the client.

This appraisal report is INTENDED for USE as an aid in acquisition /logistical planning for Escambia County, as the Intended User.

CERTIFICATION

I certify that, to the best of my 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, and are my personal,

impartial, and unbiased professional analyses, opinions, and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value

that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of the appraisal.

7. This appraisal was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 8. My analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the edition of the Uniform Standards

of Professional Appraisal Practice current and FIRREA as of the date of the appraisal. 9. I have made a personal inspection of the property that is the subject of this report. 10. No one provided significant professional assistance to the person signing this report. 11. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 12. As of the date of the appraisal, I have completed the requirements of the continuing education program of the Appraisal Institute.

G. Daniel Green, MIA/SRA

Appraiser’s Name / Signature:

RZ836 Florida

State Certification #: March 10, 2014

Date:

GENERAL ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report has been made with the following general assumptions: 1. Title to the property is assumed to be good and marketable unless otherwise stated in this report. 2. The property is appraised as though free and clear of any or all liens and encumbrances unless otherwise stated in this report. 3. Responsible ownership and competent property management are assumed unless otherwise stated in this report. 4. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 5. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. 6. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated in this report. 7. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity has been stated, defined, and considered in this

appraisal report. 8. It is assumed that all required licenses, certificates of occupancy 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 estimates contained in this report are based. 9. The appraiser is not qualified to detect hazardous waste and/or toxic materials. Any comment by the appraiser that might suggest the possibility of the presence of such

substances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials. Such determination would require investigation by a qualified expert in the field of environmental assessment. The presence of substances such as asbestos, urea-formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The appraiser's value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value unless otherwise stated in this report. No responsibility is assumed for any environmental conditions, or for any expertise or engineering knowledge required to discover them. The appraiser's descriptions and resulting comments are the result of the routine observations made during the appraisal process.

10. Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities act. The presence of architectural and communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability, or utility. .

11. It is assumed that the structural and mechanical components of the building are in good condition and operating properly. 12. The appraisal does not include F F & E. 13. The appraiser assumes compliance with local and state regulations with regard to zoning, building codes, and construction. 14. Information furnished by others is assumed to be accurate, true and reliable. 15. The tax plat is assumed to be reliable with regard to road frontage and land area. 16. No responsibility is assumed for matters legal in nature, nor is any opinion rendered as to title which is assumed to be good and marketable. Normal mortgage loan

encumbrances and utility easements are assumed to exist. 17. The property is assumed to be under competent and aggressive management. 18. Subsequent copies of this appraisal will be furnished at an additional charge. 19. Disclosure of the contents of this appraisal is governed by Georgia State Law and the By-laws and regulations of the Appraisal Institute. The appraisal has been prepared

in accordance with the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. 20. Use of this appraisal constitutes acceptance of the stated limiting conditions and assumptions. The appraiser’s liability extends to the current client not to subsequent users

of the appraisal. . This appraisal report has been made with the following general limiting conditions: 1. Escambia County makes no express or implied representation or warranty of any kind, and expressly disclaims any liability to any person or entity with respect to this

appraisal report.

DEFINITION OF MARKET VALUE

“Market value means the most probable price 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 and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing 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 acting in what they consider to be their own best interests; 3. A reasonable time is allowed for exposure to the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents a normal consideration for the property sold unaffected by special or creative financing or sales concessions granted

by anyone associated with the sale.” – Source: 12 CFR 34.42(g).

PARCEL MAP

PARCEL MAP

Subject Photograph & Street View

SUBJECT PROPERTY LOCATION

SALE COMPARABLES Sale Comparable 1

Sale Comparable 3

Sale Comparable 2

VACANT LAND SALES COMPARISON GRID

SUBJECT

600 W Intendencia

Community Pensacola

County Escambia

Proximity to Subject N/A

Sales Price N/A

Square Feet 3,750

Sales Price/SF N/A

Property Rights Fee Simple

Adjusted Price/SF 0% $5.36 0% $17.50 0% $4.50

Financing

Adjusted Price/SF 0% $5.36 0% $17.50 0% $4.50

Conditions of Sale

Adjusted Price/SF 0% $5.36 0% $17.50 0% $4.50

Time/Market Adjustment March-14

Adjusted Price/AC 10% $5.89 0% $17.50 5% $4.73

Total Adjusted Price/AC

SUBJECT

600 W Intendencia

Total Adj. Sale Price/AC N/A

Location 600 W Intendencia Similar 0% Sl. Sup -15% Similar 0%

Topo./Environmental Lev/Contamination None -5% None -5% None -5%

Zoning M-1 C-3 0% SSD 0% C-3 0%

Road Frontage 30' on Intendencia

121' on A,

120' on

Zarragossa

-10%

170' on

Tarragona, 84'

on E

-10%

120' on I,

125' on

Garden

-10%

Gross Land Area (SF) 3,750 14,375 -10% 14,280 -10% 15,000 -10%

Utilities Available Similar 0% Similar 0% Similar 0%

Shape Rectangular Rectangular 0% Rectangular 0% Rectangular 0%

Corner/Interior Interior Corner -5% Corner -5% Corner -5%

Total Net % Adj

Total Adj Value/AC

Total Gross % Adj.

Comparable Sale

Adjusted

Indicator % Applied

Weighted

Indicator

Subject

Area (SF)

Indicated

Market Value

Comparable Sale #1 $4.12 33% $1.36 3,750 $21,232

Comparable Sale #2 $9.63 33% $3.18

Comparable Sale #3 $3.31 34% $1.12

100% $5.66

1 Mile W

ADDITIONAL ADJUSTIMENTS

$4.50

Similar Similar

14,375

$5.36

Similar

$17.50

SALE 3

40% 45% 35%

-30% -45% -30%

$4.12 $9.63 $3.31

407 South A, 805 W.

Zarragossa

SALE 3

1602 W Garden

15,000

120 S Tarragona St

Pensacola

Escambia

1 Mile E

SALE 1

407 South A, 805 W.

Zarragossa

Pensacola

Escambia

.5 Miles SW

$20,000

Adjusted and Reconciled

Unit Indicator

$5.66

Rounded

VACANT LAND SALES COMPARISON GRID

Pensacola

Escambia

$67,500$249,900

14,280

$77,000

SALE 2

Feb-12 Dec-13 Sep-12

$5.89 $17.50 $4.73

120 S Tarragona St 1602 W Garden

$5.89 $17.50 $4.73

SALE 1 SALE 2

COMPARABLE LISTING 1

This parcel is located 1.2 miles east of the subject property. It consists of 5,640 SF of vacant land with 40 feet of frontage on Romana St, and 171 feet of frontage on S. Coyle St. This parcel has been actively listed since 11/21/2012 at a price of $19,900 or $3.52 per SF.

COMPARABLE LISTING 2

This parcel is located 1.4 miles north of the subject property. It consists of 9,150 SF of vacant land with 60 feet of frontage on Tarragona St. This parcel has been actively listed since 3/30/2011 at a price of $39,500 or $4.31 per SF.

TIMING GRAPH

QUALIFICATIONS OF APPRAISER

G. DANIEL GREEN, MAI, SRA

EDUCATIONAL BACKGROUND Bachelor of Science in Business Administration (BSBA) degree earned - August 25, 1979, University of Florida, Gainesville, Florida. Majored in Real Estate and Urban Land Studies. Successfully completed Course 101, Introduction to Appraising Real Property, Society of Real Estate Appraisers, University of Florida, June 1978. Successfully completed Course 102, Applied Residential Property Valuation, Society of Real Estate Appraisers, University of Florida, November 1981. Successfully completed Course I-A1, Real Estate Appraisal Principles, American Institute of Real Estate Appraisers, Mobile, Alabama, September, 1983. Successfully completed Course I-A2, Basic Valuation Procedures, American Institute of Real Estate Appraisers, Mobile, Alabama, September, 1983. Successfully completed Course I-BA, Capitalization Theory & Techniques, American Institute of Real Estate Appraisers, Cocoa, Florida, October, 1984. Successfully completed Course I-BB, Capitalization Theory & Techniques, American Institute of Real Estate Appraisers, Austin, Texas, September, 1986. Successfully completed Course 2-1, Case Studies in Real Estate Valuation, American Institute of Real Estate Appraisers, Athens, Georgia, March, 1987. Successfully completed "Standards of Professional Practice", American Institute of Real Estate Appraisers, Destin, Florida, July 1987. Attended "Important Changes in Federal Home Loan Bank Board Appraisal Standards", Mobile, Alabama, April, 1988. Attended "FNMA Update", San Destin, Florida, November, 1988. Attended "Professional Practice and the Society of Real Estate Appraisers,” Ft. Walton Beach, Florida, May 1989. Attended "Valuation and Evaluation of Proposed Projects", Ft. Walton Beach, Florida, August 1989. Successfully completed Course 2-2, Report Writing and Valuation Analysis, American Institute of Real Estate Appraisers, Tallahassee, Florida, August 1989. Attended "Environmental Hazards, Florida State Standards of Professional Practice", Florida School of Real Estate, Ft. Walton Beach, Florida, September, 1992

Successfully completed "Standards of Professional Practice, Part B", Appraisal Institute, Crestview, Florida, September, 1992. Successfully completed "Income Property Demonstration Report", Appraisal Institute, October, 1992. Successfully completed "The Appraiser's Complete Review", Appraisal Institute, February, 1993. Passed Comprehensive Examination for the MAI designation of The Appraisal Institute, February, 1993. Received MAI designation, Appraisal Institute, April, 1993 Attended "Practical Approaches To Appraising Troubled Properties", Appraisal Institute, June, 1993. Attended "Appraisal Regulations of the Federal Banking Agencies", Appraisal Institute, September, 1993. Attended "Rates, Ratios, and Reasonableness", Appraisal Institute, September 1993. Attended "Accrued Depreciation", Appraisal Institute, March, 1994. Attended "USPAP Update Core Law for Appraisers", May, 1994. Attended "Understanding Limited Appraisals and Reporting Options (General), Appraisal Institute, November, 1994 Attended "Core" Law for Appraisers, Appraisal Institute, February 1995. Attended "Appraisers in Litigation", David Collins Real Estate Institute, November, 1996. Attended "Environmental Risk and the R.E. Appraisal Pro", Appraisal Institute, August, 1996. Attended "Residential Course", Appraisal Institute, May, 1997. Attended "Standards of Professional Practice, Part A (USPAP), Appraisal Institute, June, 1997. Attended "Standards of Professional Practice, Part B, Appraisal Institute, June and September, 1997. Attended “USPAP Update/Florida Law”, Appraisal Institute, October, 1998. Attended “The Good, The Bad, The Board”, Appraisal Institute, November, 1999. Attended “Partial Interest Valuation – Divided”, Appraisal Institute, January, 2000. Passed HUD & FHA Examination, January, 2000. Attended “Analyzing Operating Expenses”, Appraisal Institute, August, 2000. Attended “USPAP & Law Update”, Appraisal Institute, October, 2000. Attended “Standards, Part. C”, Appraisal Institute, January, 2002. “Real Estate Fraud”, Appraisal Institute, November, 2002.

“Florida State Law and USPAP Review for R. E. Appraisers, November, 2002. Florida Continuing Education for Real Estate Professionals, 2001-2002 Online Course. Appraisal Institute Online Course, “Valuation of Detrimental Conditions”, January 2003. Attended “Appraisal Review-Single Family Residential.” Appraisal Institute, August, 2003. Florida Continuing Education for Real Estate Professionals and Appraisal Institute, “Working with the Appraiser and Consumer”, September 13, 2004. Florida Continuing Education, “FL State Law for Real Estate Appraisers,” November, 2004. Florida Continuing Education, “400 National USPAP 7-hour update,” Appraisal Institute, November 5, 2004. Florida Continuing Education, “Introduction to Income Capitalization,” Appraisal Institute, November, 2004. Florida Continuing Education, “Feasibility Analysis Market Value and Investment timing: Introducing the Impact of Option Value,” Appraisal Institute, September 2005. Florida Continuing Education, “Rates & Ratios: Making Sense of GIM’s, OAR’s, and DCF’s,” Appraisal Institute, September 2005. Florida Continuing Education, “Florida Law Update,” Northwest Florida Chapter of the Appraisal Institute, August 2006. Florida Continuing Education,”I400 National USPAP 7-hour Update Course,” Northwest Florida Chapter of the Appraisal Institute, August 2006. Florida Continuing Education for Real Estate Professionals, 2006 online course, Bert Rodgers Schools. Appraisal Institute Online Course, “Online Analyzing Operating Expenses,” November 20, 2006. Appraisal Institute Course, “Rates and Ratios,” Las Vegas, NV July 16, 2007 Appraisal Institute Course, “The Real Estate Economy – What’s in Store for 2008” July 17, 2007 Appraisal Institute Course, “Small Hotel/Motel Valuation” December 26, 2007 Appraisal Institute Course, “Business Practices and Ethics,” December 24, 2007 Appraisal Institute Course, “Small Hotel/Motel Valuation,” December, 26 2007 Appraisal Institute Course, “Business Practices and Ethics,” December 24, 2007 McKissock, “Florida Supervisor/Trainee Roles and Relationships,” September 23, 2008

McKissock, “Florida Appraisal Laws and Regulations,” September 24, 2008 Appraisal Institute Course, “USPAP,” November 12, 2008 Florida Continuing Education, “Florida Law/Rules Roles and Responsibilities Site Valuation and Cost Approach,”25-hours Real Estate Education Specialists, August 27, 2009 Appraisal Institute Course, “Analyzing the Effects of Environmental Contamination on Real Property,” September 9, 2010 McKissock, “Florida Supervisor / Trainee Roles and Relationships,” October 3, 2010 McKissock, “Florida Appraisal Laws and Regulations,” October 3, 2010 Appraisal Institute Course, “The Lending World in Crisis – What Clients Need Their Appaisers to Know Today,” May 13, 2011

ADDENDA

Plume Exhibit

ENGAGEMENT LETTER

INVOICE