19-CoronetLaura St Appraisal.pdf

1110 N. Florida Avenue, Suite 110 Tampa, FL 33602 813.223.9111 DohringAhern.com

APPRAISAL | BROKERAGE

APPRAISAL REPORT

Assignments 10 & 11 1412 East Coronet St & East Laura St Two (2) Single Family Residential Lots Parcel 1 – Folio 206857-0000 Parcel 2 – Folio 209264-0000

Plant City, Florida 33563

Prepared For:

Facilities Management & Real Estate Services Department 601 East Kennedy Boulevard Tampa, Florida 33602

Requested By:

Mr. John Menard Real Estate Appraiser Real Estate Division

As Of:

April 23, 2024

A P P R A I S A L | B R O K E R A G E

Street View of Subject Property – 1412 East Laura Street, Plant City

Street View of Subject Property – 624 East Coronet Street, Plant City

Aerial View of Subject Property(s)

TABLE OF CONTENTS

Introduction 1

Summary of Salient Facts and Conclusions 1 Purpose of the Appraisal 1 Intended Use/Client and Intended User(s) 1 Competency of the Appraisers 2 Interest Appraised 2 Effective Date of Value 2 Date of Report 2 Scope of Work 2 Inspection 3 Methodology 4

Site Description 4

Zoning 6

Flood Information 6 Utilities 6 Ownership and Subject Property History 6 Taxes and Assessments 6

Neighborhood Description 6

Economic Drivers 12

COVID-19 13

Highest and Best Use 14

Physically Possible 15 Legally Permissible 17 Financially Feasible/Maximally Productive 18 Market Position of Subject 19

Valuation 21

Sales Comparison Approach 21

Land Sales Adjustment Grid 32 Land Comparables Map 33 Land Sales Analysis 34

“As Is” Market Value via Sales Comparison

Approach 35

“As Is” Market Value via Sales Comparison

Approach 35

Summary and Reconciliation 36

Certification 37

Assumptions 39

Definitions 42

Addenda 45

Subject Photos 45 Area Map 46 Neighborhood Map 47

Plat Map 48 Aerial Map 49 Zoning Map 51 Land Use Map 53 Flood Map 54 Wetland Map 55 Engagement Letter 66 Qualifications 69

Brenda Dohring Hicks, MAI

CEO |Cert Gen RZ385

Jeff Hicks, MAI

President | Cert Gen RZ754

1110 N. Florida Avenue, Ste 110

Tampa, Florida 33602

813.223.9111

DohringAhern.com

June 18, 2024 Mr. John Menard Real Estate Appraiser Real Estate Division Facilities Management & Real Estate Services Department 601 East Kennedy Boulevard Tampa, Florida 33602 Re: Assignments 10 & 11 1412 East Coronet St & East Laura St Two (2) Single Family Residential Lots Parcel 1 – Folio 206857-0000 Parcel 2 – Folio 209264-0000

Plant City, Florida 33563

Dear Mr. Menard:

Thank you for the opportunity to provide appraisal services. Based on our agreement with you, we have performed an appraisal and reported our findings in this Appraisal Report format. This report is intended to comply with the reporting requirements under Standards Rule 2.2 of the Uniform Standards of Professional Appraisal Practice (USPAP).

The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated below. Dohring Ahern is not responsible for unauthorized use of this report.

The subject consists of two (2) parcels, comprising approximately 0.39 acres of vacant, partially improved, residential land in Plant City, Hillsborough County. The improvements include existing water, sewer and electric to the lots.

The vacant lots are zoned R1 “Residential 1” and have an R-6 future land use. The subject parcels are owned by Hillsborough County.

This report is the result of the appraiser and client concurring on the appropriate valuation methods based on the subject property specifics resulting in a credible value opinion. The scope of the appraisal is addressed on the following pages, while the definition of Market Value is found at the end of this report.

This appraisal does not include any extraordinary assumptions or hypothetical conditions. The following table summarizes our relevant data and value conclusions.

Dohring Ahern

Introduction

Summary of Salient Facts and Conclusions

Property Address Parcel 1 – 1412 East Laura Street, Plant City 33563 Parcel 2 – 624 East Coronet Street, Plant City 33563

Property Tax Identification Number(s) Parcel 1 – P-28-28-22-5C0-000001-00009.0 Parcel 2 – P-33-28-22-5EG-000001-00008.0

Owner(s) of Record Hillsborough County

Date of the Report June 18, 2024

Effective Date of the Appraisal April 23, 2024

Property Rights Appraised Fee Simple Interest

Land Area 16,900 square feet, 0.39 acres

Zoning The property is zoned R1 “Residential” 1 by the city of Plant City. The property has an R6 “Residential” 6 future land use.

Extraordinary Assumptions None

Hypothetical Conditions None

Highest and Best Use Single Family Residential

Est. Exposure Time & Marketing Period 12 months

Market Value Conclusions Assignment 10 1412 East Laura Street

Assignment 11 624 East Coronet Street

Cost Approach n/a n/a

Sales Comparison Approach $75,000 $50,000

Income Approach n/a n/a

Final Value Conclusion* $75,000 $50,000 *$125,000

Purpose of the Appraisal

The purpose of this appraisal is to estimate the “As Is” Market Value of the fee simple interest of the subject.

Intended Use/Client and Intended User(s)

The intended use of this report is for valuation purposes. It is our understanding that the intended user and client of the report is Hillsborough County, the only intended user of this report. Use of this report by Third-Parties and other unintended users is not permitted.

This report must be used in its entirety. Reliance on any portion of the report independent of others may lead the reader to erroneous conclusions regarding the property values. Dissemination of any or all of the report is strictly prohibited for any marketing efforts, print or any electronic means. The definition of Market Value relied upon is included before the Addenda.

Competency of the Appraisers

The appraisers' specific qualifications are included within this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision in USPAP.

The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment. The appraisers have previously provided consultation and value estimates for properties similar to the subject in Florida.

Interest Appraised

Fee Simple Interest is absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.

Effective Date of Value

April 23, 2024

Date of Report

June 18, 2024

Scope of Work

Scope of work is the most critical decision an appraiser will make in performing an assignment.

Solving an appraisal problem involves three steps:

1. Identifying the problem

2. Determining the solution (or scope of work)

3. Applying the solution

None of the three steps can be omitted, and each must be performed in order. To analyze the problem, the appraiser identifies seven key assignment elements: (1) client, (2) intended users in addition to the client, (3) intended use, (4) objective of the appraisal, or type of value and its definition,

(5) effective date, (6) property characteristics that are relevant to the assignment such as the interest to be valued and physical and legal characteristics), and (7) assignment conditions such as hypothetical conditions, extraordinary assumptions, and other requirements. These elements provide the framework for the assignment and allow the appraiser to identify the problem to be solved.

The second step is to determine the scope of work to solve the problem. Scope of work encompasses all aspects of the valuation process, including which approaches to value will be used; how much data is to be gathered, from what sources, from which geographic area, and over what time period; the extent of the data verification process; and the extent of property inspection, if any. The scope of work decision is appropriate when it allows the appraiser to arrive at credible assignment results and is consistent with the expectations of similar clients and the work that would be performed by the appraiser’s peers in a similar situation.

Source: Appraisal of Real Estate

Source: Stephanie Coleman, Scope of Work (Chicago: Appraisal Institute)

Inspection

Jeff Hicks has inspected the property and general neighborhood. Dohring Ahern, Inc.'s professionals are not engineers and are not competent to judge matters of an engineering nature, nor has Dohring Ahern, Inc. retained independent structural, mechanical, electrical, or civil engineers in connection with the report. As such, Dohring Ahern, Inc. makes no representations relative to the condition of the improvements, if any exist. Unless otherwise noted in the report, no problems were brought to the attention of Dohring Ahern, Inc.'s professionals by ownership or management.

Unless otherwise noted, Dohring Ahern, Inc.'s professionals inspected less than 100% of the entire interior and exterior portions of the improvements. If questions regarding engineering studies are critical to the decision process of the reader, the advice of competent engineering consultants should be obtained and relied upon.

Data Research

We collected factual information about the subject property and the surrounding market. Our research may include Crexi, LoopNet, MLS and to some degree the Hillsborough County Property Appraiser’s Office. We generally researched three years from the date of our valuation including reviewing any relevant current listings. We confirmed that information with various sources such as buyers, sellers and brokers.

Methodology

In this instance, we have used one of the three traditional approaches to value, the Sales Comparison Approach. The Cost and Income Approaches are not typically used to estimate value for vacant land. The Sales Comparison Approach provided sales of similar residential land sites as the subject in which to estimate Market Value.

Site Description

The subject consists of two (2) parcels, comprising approximately 0.39 acres of vacant, partially improved, residential land in Plant City, Hillsborough County. Parcel 1 is a 100’ x 104’ lot comprising 10,400 square feet. Parcel 2 is a 50’ x 130’ lot comprising 6,500 square feet. The improvements include existing water, sewer and electric to the lots.

No survey was provided. According to the Hillsborough County Property Appraiser’s office, the subject site physical details are summarized as follows:

ASSIGNMENTS 10 & 11

PARCEL DETAIL

Folio Front Depth SF Acre

Parcel 1 206857-0000 100 104 10,400 0.24

Parcel 2 209264-0000 50 130 6,500 0.15

TOTAL 0.39

Google Aerial

Zoning

The property is zoned R1 “Residential” 1 by the city of Plant City. The property has an R6 “Residential” 6 future land use.

Flood Information

The subject site is generally at road grade. Per FEMA Map No., 12057C0288H dated August 22, 2008, the property is situated in Flood Zone X. Flood hazard insurance is not required for buildings situated in this zone.

Utilities

Water service is provided by city of Plant City. Sewer service is provided by city of Plant City. Phone service to the general area is provided by Frontier Communications. Police and fire services are provided by city of Plant City. Electricity service is provided by Tampa Electric.

Ownership and Subject Property History

According to the Hillsborough County Property Appraiser’s Office, the current owner of record is Hillsborough County. The property is identified as, Parcel 1 – P-28-28-22-5C0-000001-00009.0; Parcel 2 – P-33-28-22-5EG-000001-00008.0 within section 28, township 28 and range 22.

We are not aware that the subject parcels are either under contract to purchase, or actively listed for sale. No sale of the property was noted in a five year sales search.

Taxes and Assessments

The current just market assessment for Parcel 1 is $66,924 or $6.44 per square foot. The current just market assessment for Parcel 2 is $43,940 or $6.76 per square foot. Hillsborough County is exempt from real estate taxes.

Neighborhood Description

The neighborhood analysis provides the link between factors which influence the area as a whole and those which influence a particular property. The reason we analyze the neighborhood in the appraisal process is to determine how the four forces affecting value; social, economic, government and environmental, influence property values in the specific area in which the subject is located.

The stages of a neighborhood are generally described as follows.

➢ Growth - A period in which the neighborhood gains public favor and acceptance;

➢ Stability - A period of equilibrium without market gains or losses;

➢ Decline - A period of diminishing demand;

➢ Revitalization - A period of renewal, modernization and increasing demand.

Zip Code Boundaries

Source: STDB

The table on the following page summarizes demographics in a one-mile radius of the subject property. Population within the radius is 7,907. The median age is 35.0 and the median household income is $46,777. There are 533 businesses and 4,155 employees in the radius. White collar employment is 45.7%, blue collar is 33.1% and services round out the remaining 21.1%. The unemployment rate in the radius is 3.5%.

Plant City has an adequate road network within the city limits. Interstate 4 has been overburdened in most areas and State Road 39 has a relatively heavy traffic flow. With the widening of I-4, general improvements were being made to State Road 39 as well. All factors considered the road network in and around Plant City provide adequate internal access, as well as access to other areas of central Florida.

There are three access points to Interstate 4 in the Plant City area, at Thonotosassa Road, State Road 39 and Park Road.

As a general overview, Plant City is a small bedroom community located about 24 miles east of downtown Tampa. Known as the "winter strawberry capital of the world", this formerly agricultural community has begun to take advantage of its strategic location between Tampa and Orlando. Plant City, like Lakeland to the east, has become a desirable location for users of many types of industrial properties due to competitive land values, an established road and rail network and surrounding support facilities.

Those attracted to Plant City also comment on the "home town" atmosphere typically associated with the area.

The first project that helped change Plant City's sleepy town image was Walden Lake. This 3,000-acre mixed-use development is found in south Plant City, west of State Road 39 and south of U.S. Highway 92 and Interstate 4. The project is more than 85% built-out and includes over 2,700 single and multifamily dwellings and more than 6,000 residents. This project is situated about one mile south of the subject.

Nonetheless, given the number of existing farming operations in this area and the relatively large amount of vacant land surrounding Plant City, agricultural activities should continue to have an impact on the local economy well into the foreseeable future.

The most notable industrial presence in the neighborhood is Lykes Manufacturing Plant, one of the larger employers in Hillsborough County. Other agricultural or industrial-related businesses that are of interest are summarized as follows:

A 181,000 square foot Lowe’s Home Improvement Store has recently been developed at 2700 Jim

Redman Parkway. This project is being developed by Hull Storey Acquisitions out of Augusta.

Aljinon Corporation has developed a 14,490 square foot Walgreen’s on 4.14 acres at the northwest corner of Thonotosassa Road and U.S. Highway 92.

A 30,000 square foot retail building was built in Citrus Landing on 3.14 acres at the southwest corner of Evers Street and Prosser Drive.

Pierce Hardy Ltd. Partnership has purchased 11 acres of land in the Gregg Business Centre, Park Road, south of SR 92. An 84 Lumber facility was subsequently built.

AG Armstrong Development LLC has developed a 14,000 square foot Walgreens drug store in Plant City

Junction at the northwest corner of Thonotosassa Road and Baker Street.

Beverly Health Care has razed a 28,000 square foot Forest Park Nursing Home for construction of a new 97-bed ALF. This project comprises 40,000 square feet and is located at Plant Avenue and Oak Street.

South Florida Baptist Hospital has built a 25,600 square foot addition to its surgery center at the corner of Reynolds and Alexander Streets.

Hay Exchange has built a 24,500 square foot industrial property on U.S. Highway 92, west of Turkey

Creek Road. These office/warehouse buildings are situated on an 8-acre site.

In the Woodside Airport Industrial Park, Quality Metal Works expanded its 40,000 square foot building by an additional 35,000 square feet. This park is located at the southeast corner of Woodrow Wilson Boulevard and Sammonds Road.

In the Walden Woods Business Center, Atco Rubber Products has purchased a site and built a 110,000 square foot industrial facility.

AG Armstrong Development LLC is developing 60 units in phase two of Tall Timbers apartments at SR

39-A and Baptist Church Road.

Bill Dean is developing a 20,000 square foot speculative warehouse and distribution facility on Highway

39 at Holloway Road.

The most relatively recent industrial development in Plant City is on its eastern boundary at the Polk

County line. Within the developing Plant City Commerce Center at County Line Road, Sav-A-Lot is the most notable development in this park with a 335,000 square foot distribution center. This building is three times as much space as Sav-A-Lot had in Lakeland. Convenience to I-4 is one of the reasons for the relocation. Square D, an electrical distribution company, has 26,000 square feet in their building.

USCO Logistics has a 74,000 square foot distribution center in the park.

Gordon Food Service acquired the Albertson’s distribution center with one million square foot, and will hire more than 350 employees.

IKEA built a 353,000 square foot home furnishings retailer in Tampa, but provides employment to the

Plant City area.

City Furniture $7.5 million for an 111 acre tract south of Interstate 4 at the intersection of South Frontage Road and Son Keen Road. groundbreaking is planned for 1Q 2021 for $100 million, 120,000 square foot warehouse and showroom to focus on e-commerce with next-day delivery.

Within unincorporated Hillsborough County and Plant City, there are four planning quadrants that are divided by the CSX railroad to the east and west and State Road 39 to the north and south. Planning areas include State Road 60 to the south, Branch Forbes Road to the east, Knights Griffin Road to the north, and Hillsborough and Polk County to west. Further, there are major commercial activity centers located at Alexander Street and James L. Redman Parkway (SR39) and Thonotosassa Road and Park Road with Interstate 4.

The southwest quadrant is the municipality’s major industrial park that is near build out and surrounds the airport, and industrial is planned and expected in the southeast quadrant, primarily in and near Gregg’s Business Center at US Hwy 92 and Park Road along County Road. The Gregg’s Business Center (aka Lakeside Station) has 1,370 acres, and more specifically requires a minimum of 10% residential, 5% commercial, and 45% light industrial. The northeast quadrant is the focus of residential growth.

The Plant City Midtown project reflects about a 15 acre area between CSX railroad to the north and east, Ball Street to the south and Thomas and Wheelers streets to the west. An RFP to a developer has been issued in the 1Q 2020 for the potential to develop this mixed use project that has languished on the drawing board. The community redevelopment agency (CRA) has spent about $10 million to date to promote this project to include 506 multifamily units plus commercial development.

Although new development is changing the face of Plant City, the area continues to be agriculturally oriented. One can find a variety of farming activities in and around the Plant City area, including cattle, citrus, fish, assorted vegetables, and of course, strawberries. However, with land values increasing due to encroaching development and the challenges presented by a variety of environmental and economic problems, farmers are having an increasingly more difficult time maintaining profitable operations.

Our neighborhood description, also called an area of influence, is defined as a group of complimentary land uses. Districts are a type of market area characterized by homogeneous property uses. In broader terms, the market area can encompass one or more neighborhoods and districts or both. A market area reflects similar properties that effectively compete with the subject property. The foregoing residential sales trends and demographic data provide a snapshot of the neighborhood.

Please refer to the Highest and Best Use section of this report for subject-specific market trends.

Economic Drivers

Per Q2 2024 National Economic Outlook prepared by PNC: “The U.S. economy added a strong 275,000 jobs in February, according to a survey of employers from the Bureau of Labor Statistics.

However, there were big downward revisions to job growth in January and February of a combined 167,000. Over the past three months job growth has averaged 265,000, well above the pre-pandemic pace. The private sector added 223,000 jobs in February, up from 177,000 in January.

The unemployment rate rose to 3.9% in February from 3.7% in the previous three months. The unemployment rate has been below 4% for more than two straight years, the longest-such stretch since the late 1960s. Average hourly earnings rose just 0.1% in February from January, and wage growth in January was revised lower, to 0.5% from 0.6%; there was also a downward revision to wage growth in December. On a year-over-year basis average hourly earnings were up 4.3% in February, down from 4.4% in January (after revisions). Softening wage growth is contributing to a slowing in inflation.

In late 2022 PNC incorporated a near-term recession into its baseline US economic forecast. This recession call was based on an aggressive tightening in monetary policy in 2022 and into 2023 as the Federal Reserve raised the fed funds rate in an effort to slow economic growth and push back against the highest inflation in 40 years. But instead of recession the economy strengthened in the second half of 2023, and real GDP ended last year up 3.1% from the end of 2022. The labor market was also very strong, with average monthly job growth of 250,000 in 2023, well above the pre-pandemic pace, and an unemployment rate of below 4%. And inflation slowed throughout 2023 even as economic growth accelerated, although it remains somewhat above the Federal Reserve’s 2% objective.

Job growth will slow somewhat this year as economic growth softens, and the unemployment rate will gradually increase to above 4% by the end of this year. But this is still historically low, and the US economy should avoid recession. With softer wage growth as the unemployment rate rises and weaker growth in rents, inflation should slow to the Federal Reserve’s 2% objective by early 2025.

Tampa Bay ranks well with other cities in Florida relative to composite Index, grocery items, housing, utilities, transportation, health care and goods and services. Moreover, the Tampa market continues to be competitive in a MSA comparison and relatively affordable from a cost of living index perspective.”

COVID-19

A highly virulent pandemic of respiratory disease caused by the novel Coronavirus (abbreviated COVID-19) evolved into a global presence in Q1 2020. COVID-19 can cause mild to severe illness with persons 65 and older most severely impacted. Florida single vaccination rate is 69.15%, slightly less than the US in general.

With the vaccine and boosters available nationwide for some time, a more hopeful attitude is emerging. Offices, restaurants and general socializing have generally normalized. More recently, subsequent variants have resulted in increased infections but not deaths. Hospitalizations continue with the unvaccinated. Schools are open with masking rules in Florida gone.

The majority of the market data in this report took place after the start of pandemic. Therefore, the impact of COVID on the subject, if any, is inherently addressed by the market data.

Highest and Best Use

According to the Dictionary of Real Estate Appraisal, highest and best use is defined as: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible and that results in the highest value. The four criteria the highest and best use must meet are physically possible, legally permissible, financially feasible and maximally productive.

Alternatively, the probable use of land or improved property, specific with respect to the user and timing of the use, that is adequately supported and results in the highest present value.

Source: The Appraisal of Real Estate 15th Edition

When a site is improved, we must recognize that the highest and best use may differ from the existing use; however, the existing use will continue, unless and until, land value (at its highest and best use) exceeds the total value of the property in its present use. The definition of highest and best use recognizes the contribution of a specific use to the community or to individual property owners.

The determination of highest and best use results from the appraiser's judgment and analytical skill;

i.e., determination of highest and best use is an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use is the premise upon which value is based. In the context of investment value, "most profitable use" is another alternative term but the degree of risk must be considered.

The highest and best use concept requires an analysis of the subject as if it were vacant and also as improved to determine if the land is more valuable as vacant than the property as improved. There are four criteria that must be met. The highest and best use must be 1) physically possible; 2) legally permissible; 3) financially feasible; and, 4) maximally productive. These criteria are generally considered sequentially and the analysis may indicate more than one use.

Source: Stephanie Coleman, Scope of Work (Chicago: Appraisal Institute)

Physically Possible

The subject consists of two (2) parcels, comprising approximately 0.39 acres of vacant, partially improved, residential land in Plant City, Hillsborough County. Parcel 1 is a 100’ x 104’ lot comprising 10,400 square feet. Parcel 2 is a 50’ x 130’ lot comprising 6,500 square feet. The improvements include existing water, sewer and electric to the lots.

The subject site, given its size and configuration, is well suited for a variety of development. All utilities are available to the property, further promoting its potential.

Nearby the subject, average daily traffic counts along E. Alabama Street are 1,175 cars per day.

Traffic counts along the subject’s frontage road were not available.

Traffic Count Map

Source: STDB

Legally Permissible

The subject is zoned R-1, “Single Family Dwelling District”, by the city of Plant City. In the R-1 single-family dwelling district, no building or premises shall be used, and no building shall be erected or structurally altered which is arranged, intended or designed to be used for other than one or more of the following uses, subject to the density limitations of the land use category of the parcel designated by the comprehensive plan for the city:

(1) Single-family dwellings and their customary accessory uses.

(2) Parks, playgrounds and recreation facilities under the supervision of the city on any duly constituted property or homeowners' association.

(3) Churches and their educational buildings, including children's day nurseries when operated therein.

(4) Schools of general education, except correctional institutions.

(5) Farms, truck gardens, citrus groves.

(6) Construction offices.

(7) Garage sale conducted in accordance with division 5 of article VII of this chapter.

(8) Bingo fundraising as operated by a church.

(9) Governmental use.

(10) Garage apartments, limited in ground area to 15 percent of the area of the lot or building site.

(11) Libraries, community centers; buildings or land used exclusively by the federal, state, county or city government for public purposes; however, barns or sheds for the storage of equipment or animals are prohibited.

The following summarizes the restrictions of this zoning.

R-1 Zoning Restrictions – City of Plant City Building Height 35’

Building Site A minimum of 6,000 square feet and the required width of the lot at the building line shall be a minimum of 60 feet.

Front Yard Bldg Setback There shall be a front yard of not less than 20 feet measured from the right-of-way line to the front wall of the main building.

Rear Yard Bldg. Setback There shall be a rear yard not less than 30’in depth

Side Yard Bldg Setback There shall be a side yard on each side of a dwelling of not less than ten feet, except that any side yard abutting a street shall have a minimum width of 15 feet measured from the right-of-way line.

The property(s) have an R6 future land use. Parcel 1 reflects one oversized lot since zoning dictates the lot has a minimum lot size of 6,000 square feet. The land use would also not allow two separate lots.

Financially Feasible/Maximally Productive

Those uses which are financially feasible and that use which is maximally productive are generally closely related. Any use that results in a net return to the land after satisfying the return to the improvements is considered to be financially feasible; however, that use which returns the maximum dollars to the land is considered the use which is maximally productive.

According to a March 2024 single family survey by Florida Realtors, there were 1,272 closed sales in March 2024 reflecting a 17.8% decrease from March 2023. The median sale price increased 4.3% to $427,748. The total dollar volume of single family sales in Hillsborough County decreased 8.9% to $715.2 million.

The median time to contract decreased to 29 days as did the median time to sale of 69 days. There are 1,512 new pending sales representing an 8.0% decrease and 1,806 new listings reflecting a 7.7% increase. The pending inventory reflects 2,029 homes with a 3,419 home inventory of active listings.

There is a 2.7 month supply of single family inventory.

Source: GTAR

Source: GTAR

Market Position of Subject

To determine the market position of the subject, we have conducted a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats). Identifying aspects of the subject under these four categories provides qualitative insights on the market position of the subject relative to its competitive set and provides additional context for the selection of comparable and adjustments.

Strengths

• Generally “pad ready” lots with utilities available.

Weaknesses

• The subject is not located in an Opportunity Zone.

Opportunities

• Demand for affordable housing in Plant City.

Threats

• Existing residential competition in the submarket.

• Higher interest rates/inflation factors.

It is our opinion that the highest and best use of the subject property is single family residential. A typical buyer would be local/national home builder. With the highest and best use identified, we can proceed with our valuation.

Valuation

Sales Comparison Approach

Direct Sales Comparison is a valuation technique in which the value estimate is predicated on prices paid in actual market transactions. In this process, comparison is made between properties having a satisfactory degree of similarity to the subject.

We have presented transactions involving residential sites on the following pages. A land adjustment grid and comparable map are presented thereafter.

Land Sale No. 1

Property Identification Record ID 10426 Property Type Residential Address 701 East Alabama Street, Plant City, Hillsborough County, Florida 33563 Location Plant City Tax ID 209118-0000

Sale Data Grantor Serrano Real Estate Investments, LLC Grantee Rebuilding Together Tampa Bay Sale Date August, 2023 Deed Book/Page 2023356994 Financing Cash to Seller Verification Guillermo Gomez, Radius Realty; 407-497-9846, May, 2024;

Confirmed by Alan Mills

Sale Price $50,000

Land Data Zoning R-1

Land Size Information Gross Land Size 0.181 Acres or 7,875 SF

Land Sale No. 1 (Cont.)

Indicators Sale Price/Gross Acre $276,571 Sale Price/Gross SF $6.35

Remarks This property is located in the northwest quadrant of East Alabama Street and Coronet Street in Plant City. The property reflects approximately 0.18 gross acres. The vacant residential lot sold in August 2023 for $50,000. The seller was Serrano Real Estate Investments, LLC of Tampa.

The buyer was Rebuilding Together Tampa Bay of Tampa. No other sale was noted in the past three years.

Land Sale No. 2

Record ID 10425 Property Type Residential Address 106 Allen Street, Plant City, Hillsborough County, Florida 33563 Location Plant City Tax ID 206386-0000

Sale Data Grantor Ana Mercedes Salazar Grantee Tri Part Investment, LLC Sale Date November, 2022 Deed Book/Page 2022553198 Financing Cash to Seller Verification Robert Farje Perez, Align Right Realty; 813-993-2864, May, 2024; Confirmed by Alan Mills

Sale Price $45,000

Land Data Zoning R-1

Gross Land Size 0.127 Acres or 5,520 SF

Land Sale No. 2 (Cont.)

Sale Price/Gross Acre $355,109 Sale Price/Gross SF $8.15

This property is located on the southeast corner of Allen Street and Jenkins Street in Plant City.

The property reflects approximately 0.13 gross acres. The vacant residential lot sold in November 2022 for $45,000. The seller was Ana Mercedes Salazar of Riverview. The buyer was Tri Part Investment, LLC of Tampa. No other sale was noted in the past three years

Land Sale No. 3

Record ID 10427 Property Type Residential Address 703 East Lee Street, Plant City, Hillsborough County, Florida

33563 Location Plant City Tax ID 209433-0000

Sale Data Grantor Corteney Callis Grantee Habitat For Humanity of Hillsborough County Sale Date July, 2022 Deed Book/Page 2022361983 Financing Cash to Seller Verification Edith Warner, Future Home Realty; 813-403-3861, May, 2024;

Confirmed by Alan Mills

Sale Price $50,000 Land Data Zoning R-1

Land Size Information Gross Land Size 0.184 Acres or 8,000 SF

Sale Price/Gross Acre $272,250

Land Sale No. 3 (Cont.)

Sale Price/Gross SF $6.25

This property is located in the southeast quadrant of East Lee Street and Hitchcock Street in Plant City. The property reflects approximately 0.18 gross acres. The vacant residential lot sold in July 2022 for $50,000. The seller was Corteney Callis of Sarasota. The buyer was Habitat For Humanity of Hillsborough County of Tampa. No other sale was noted in the past three years.

Land Sale No. 4

Record ID 10424 Property Type Residential Address 701 East Laura Street, Plant City, Hillsborough County, Florida

33563 Location Plant City Tax ID 206553-0000

Sale Data Grantor Homes Plus Enterprises, Inc.

Grantee Latisha Jones Sale Date June, 2022 Deed Book/Page 2022304494 Financing Cash to Seller Verification Brittany Pender, Pender Realty; 813-963-5069, April, 2024;

Confirmed by Alan Mills

Sale Price $45,000

Land Data Zoning PD

Land Size Information Gross Land Size 0.138 Acres or 6,031 SF

Sale Price/Gross Acre $325,021

Land Sale No. 4 (Cont.)

Sale Price/Gross SF $7.46

This property is located on the southeast corner of East Laura Street and Water Street in Plant City. The property reflects approximately 0.14 gross acres. The vacant residential lot sold in June 2022 for $45,000. The seller was Homes Plus Enterprises, Inc. of Plant City. The buyer was Latisha Jones of Plant City. No other sale was noted in the past three years

Land Sale No. 5

Record ID 10428 Property Type Residential Address 1213 East Laura Street, Plant City, Hillsborough County, Florida

33563 Location Plant City Tax ID 206751-0000

Sale Data Grantor A&M Investments, LLC Grantee Tri Part Investments, LLC Sale Date June, 2022 Deed Book/Page 2022292869 Financing Cash to Seller Verification Hemamalini Parupalli, Charles Rutenberg Realty; 407-721-8042, May, 2024; Confirmed by Alan Mills

Sale Price $47,000

Land Data Zoning R-1

Gross Land Size 0.158 Acres or 6,900 SF

Land Sale No. 5 (Cont.)

Sale Price/Gross Acre $296,713 Sale Price/Gross SF $6.81

This property is located on the southwest corner of East Laura Street and South Gordon Street in Plant City. The property reflects approximately 0.16 gross acres. The vacant residential lot sold in June 2022 for $47,000. The seller was A&M Investments, LLC of Tampa. The buyer was Tri Part Investments, LLC of Tampa. No other sale was noted in the past three years.

Land Sales Summary and Adjustment Grid - Two Residential Lots

Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5

Location: 1412 E Laura St

& 624 E

Coronet Street

701 East

Alabama Street

106 Allen Street 703 East Lee

Street

701 East Laura

Street

1213 East Laura

Street

Submarket: Plant City Plant City Plant City Plant City Plant City Plant City

O.R. Book/Page: 2023356994 2022553198 2022361983 2022304494 2022292869

Seller: Serrano Real

Estate Inv, LLC

Ana Mercedes

Salazar

Corteney Callis Homes Plus

Enterprises, Inc.

A&M

Investments, LLC

Buyer: Rebuilding

Together Tampa

Bay

Tri Part

Investments, LLC

Habitat For

Humanity Hills

County

Latisha Jones Tri Part

Investments, LLC

Date of Sale: August, 2023 November, 2022 July, 2022 June, 2022 June, 2022

Sale Price: $50,000 $45,000 $50,000 $45,000 $47,000

Site Size (SF): 6,500-10,400 7,875 5,520 8,000 6,031 6,900

Site Size (Acres): 0.15-0.24 0.18 0.13 0.18 0.14 0.16

Unadjusted Price/Sq. Ft: $6.35 $8.15 $6.25 $7.46 $6.81

Adjustments

Rights Transferred: Fee simple Fee simple Fee simple Fee simple Fee simple

Financial Considerations: Market Market Market Market Market

Conditions of Sale: Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length

Market Conditions - Time: Stable Stable Stable Stable Stable

Time Adj. Cash Equiv. Price/Unit: $50,000 $45,000 $50,000 $45,000 $47,000

Location: Average Similar Inferior Similar Similar Similar

10%

Site Size (Gross Acres): 0.15-0.24 0.18 0.13 0.18 0.14 0.16

Zoning: R-1 R-1 R-1 R-1 PD R-1

Utilities: All Available Similar Similar Similar Similar Similar

Net Adjustments: 0% 10% 0% 0% 0%

Adjusted Price/Sq. Ft.: $6.35 $8.97 $6.25 $7.46 $6.81

Land Sales Adjustment Grid

Land Comparables Map

Land Sales Analysis

The preceding sales were confirmed to offer the best indication of value of the subject site via the Sales Comparison Approach. A number of sales were examined, and in the final analysis they were narrowed to the five most comparable transactions. We have researched sales specifically residential sites in the general subject market area.

There are several units of comparison generally employed in the analysis of residential land. In this instance, the market dictates the most appropriate index is price per square foot. The adjustment categories include location, site size, zoning and utilities.

All of the transactions were financed at market terms by third party financial institutions; hence, no adjustments for financing were required. If atypical financing were involved in the transaction, the appraiser would determine if those terms had a quantifiable effect on the sale price necessitating an adjustment.

Each transaction was confirmed to be arm's length between willing buyers and sellers; therefore, no adjustments for abnormal conditions of sale were necessary. However, if a listing is included in the analysis, a downward adjustment is considered to reflect a typical cushion for negotiations.

Nonetheless, the amount of adjustment, if any, would depend on the asking price as it relates to the market at that time. Some transactions might include a bank sale sometimes referred to as "short sale".

An adjustment will be made if warranted based on confirmation of that transaction.

Adjustments for time and price trends attempt to quantify changes in market conditions between the date of each sale and the date of the appraisal, based on current market conditions and available properties. All of the transactions are relatively timely, taking place from June, 2022 to August, 2023.

Adjustment for this category would be based on any quantifiable appreciation or depreciation, typically identified through paired sales analysis.

Adjustments for location typically are associated with the general demographics of the area and property specific influences such as traffic counts, ingress/egress, proximity to linkages such as interstates and overall characteristics of an area.

Site size is an adjustment in which comparables site size is compared to the subject. Depending on the market segment, variation in site size can have effect up to a point on the price per square foot index.

Typically, if a comparable site is larger than the subject site, an upward adjustment is applied to reflect economies of scale. Conversely, if a comparable site is smaller than the subject site, a downward adjustment was applied. This category can also include adjustments for parcels that may have off-site retention and reflect a fully buildable lot.

Zoning is an important consideration in land sales analysis as it specifies the development potential of a given parcel. In this category, the comparables’ zoning classification relative to allowable uses, building setbacks and other restrictions are compared to the subject. Generally speaking, zoning classifications that allow more uses and flexible development are superior.

The availability of municipal services, specifically water and sewer, is an important attribute to a typical site. The adjustment would be applied if the comparable has a different availability of municipal services as the subject. This is especially true for parcels that may need to have municipal lines extended to the property at a cost.

In this instance, an upward adjustment was applied to Comparable 3 due to its inferior location as compared to the subject.

After adjustments, the sales range from $6.25 to $8.97 per square foot, with a mean of $7.17 per square foot. Based on the relative merits of each sale, but placing greater emphasis on the more recent transactions with the fewest net adjustments (Comparables 1 and 2 – mean of $7.25 per square foot), we have concluded to value of the subject site at $7.25 per square foot.

This equates to $50,000 per lot. Parcel 1 reflects one oversized lot since zoning dictates the lot has a minimum lot size of 6,000 square feet. Since Our math is as follows:

Assignment 10 Parcel 1

* 10,400 Square Feet Lot Area x $7.25/SF = $75,400

“As Is” Market Value via Sales Comparison Approach $75,000

Assignment 11 Parcel 2

6,500 Square Feet x $7.25/SF = $47,125

“As Is” Market Value via Sales Comparison Approach $50,000

Summary and Reconciliation

Market Value Conclusions Assignment 10 1412 East Laura Street

Assignment 11 624 East Coronet Street

Cost Approach n/a n/a

Sales Comparison Approach $75,000 $50,000

Income Approach n/a n/a

Final Value Conclusion* $75,000 $50,000

*$125,000

The subject consists of two (2) parcels, comprising approximately 0.39 acres of vacant, partially improved, residential land in Plant City, Hillsborough County. The improvements include existing water, sewer and electric to the lots. The vacant lots are zoned R1 “Residential 1” and have an R-6 future land use. The subject parcels are owned by Hillsborough County.

In conclusion, all emphasis has been placed on the Sales Comparison Approach to value. Therefore, we have determined the following value opinion as of April 23, 2024 as follows:

“As Is” Fee Simple Interest Market Value

ONE HUNDRED TWENTY FIVE THOUSAND DOLLARS

($125,000)

Following is the Certification, Assumptions, subject photographs and other information related to the appraisal. The above value opinion is based on a 12-month marketing and exposure period. We appreciate the opportunity to provide this appraisal service. Should you have any questions about the appraisal report or the methodology applied, please feel free to give us a call.

Respectfully submitted, DOHRING AHERN, INC.

President Cert Gen RZ754

Certification

We certify that, to the best of our knowledge and belief:

The statements of fact contained in this report are true and correct.

The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions.

We 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.

We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

Our engagement in this assignment was not contingent upon developing or reporting predetermined results.

The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.

The signatories of this appraisal report nor Dohring Ahern have been sued by a regulatory agency or financial Institution for fraud or negligence involving an appraisal report.

Compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in 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.

Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

Jeff Hicks has made a personal inspection of the property that is the subject of this report.

No one provided significant real property appraisal assistance to the persons signing this certification.

Our analyses, opinions, and conclusions have been developed, and this report has been prepared, in compliance with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by the Appraisal Standards Board of The Appraisal Foundation, and in accordance with the appraisal-related mandates within Title XI of the Federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). This report was also prepared in conformance with the State of Florida Standards for Certified General Real Estate Appraisers.

We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value.

It is our opinion that the subject does not include any enhancement in value as a result of any natural, cultural, recreational or scientific influences retrospective or prospective.

We have extensive experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP.

The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

As of the date of this report, Jeff Hicks, MAI and Brenda Dohring Hicks, MAI have completed the continuing education program for Designated Members of the Appraisal Institute.

We have not relied on the work of others if we have a reasonable doubt that the work is credible.

We have performed no services as an appraiser, or in any capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

The market value of the property described herein, as of April 23, 2024, is certified to be the following:

“As Is” Fee Simple Interest Market Value

ONE HUNDRED TWENTY FIVE THOUSAND DOLLARS

($125,000)

Certified by, DOHRING AHERN, INC.

President Cert Gen RZ754

Assumptions

1. This is an appraisal report presented in an Appraisal Report format which is intended to comply with the reporting requirements set forth under Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice. It is understood between the parties that the scope of the assignment is limited and we relied on information obtained from the Public Records of Hillsborough County, published data sources and discussions with market professionals such as investors and brokers relative to the subject’s income performance and physical composition. Dohring Ahern is not responsible for unauthorized use of this report.

2. Unless otherwise specifically noted in the body of the report, it is assumed that title to the property or properties which are identified as the subject of the report, are clear and marketable and there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value including but not limited to liens, easements, restrictions, and encumbrances. Dohring Ahern, Inc. has not examined title and makes no representations relative to the condition thereof.

3. Unless otherwise specifically noted in the body of the report, the legal description furnished is assumed to be correct. Any abbreviations or discrepancies relative to the legal would be identified.

4. It is assumed that surveys and/or plats furnished to, or acquired by, the appraiser and used in the making of this report are correct. Dohring Ahern, Inc. has not made a land survey or caused one to be made unless identified in the report and therefore, assumes no responsibility for accuracy of same.

5. It is assumed any improvements have been, or will be, constructed according to approved architectural plans and specifications in conformance with recommendations contained in or based on any soil report(s). Unless otherwise noted, Dohring Ahern, Inc. has not retained independent engineer(s) or architect(s) in connection with the report and therefore, makes no representations relative to conformance with approved architectural plans, specifications, or recommendations contained in or based on any soil(s) report.

6. It is assumed that all…