Item D10
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: June 21. 2006
Division:
Florida Keys Marathon Airport
Bulk Item: Yes ----K-
No
Department: Florida Keys Marathon Airport
Staff Contact Person:
1. Reggie Paros
.
AGENDA n,'El\t1 WORDL"IG: Approval to negotiate with FedEx GlOund Package Systt:m, Inc.
(F edEx) regarding a property lease at Florida Keys Marathon
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nLlPVll.. J.J.V\ln;;\lliJl, .l'IiJUl,jA UGO) VULOlV\lVU LU1~ ~UIiJ auu ua;) applva\JUIiJU LUIiJ (I.11PVIL ;) aUUlUU;)UaUVU aUVUL
the possibility of relocating to another larger site on the airport; the existing site would then become
available once again for use by commercial air carriers serving the airport. There is an undeveloped area
approximately 240' X 120' on the eastern end of the airport between a detentionlretention pond and the
Sheriff's Hangar which is available for possible lease to FedEx. A Fair Market Value Appraisal has
been obtained for the site in preparation of this agenda item and is attached hereto.
PREVIOUS RELEVANT BOCC ACTION: BOCC granted approval of a Lease Agreement with
FedEx Ground Package System, Inc. on March 19, 2003.
CONTRACT/AGREEMENT CHANGES: nla
STAFF RECOMMENDATIONS: Approval to negotiate with FedEx for the above referenced piece
of property based on the appraisal.
TOTAL COST:
nla
BUDGETED: Yes
No
COST TO COUNTY:
SOURCE OF FUNDS:
REVENUE PRODUCING: Yes nla. No
AMOUNTPERMONTH_ Year
DIVISION DIRECTOR APPROVAL:
OMBl1'urchasing -.nfL,_ Risk Management nla
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APPROVED BY: County Atty ~
DOCUMENTATION:
Included X_
Not Required_
DISPOSITION:
AGENDA ITEM #
Revised 2/05
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APPRAISAL / CERTIFIED / SERVICES IN~~':::~,g~
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ALAN G. SCHMITT, AS A, GAA
STATE CERTIFIED GENERAL APPRAISER
# RZ 0000933
ags@schmittappraisals.com
www.schmittappraisals.com
CERTIFIED APPRAISALS
COMMERCIAL, RESIDENTIAL, CONDOMINIUM & VAC
fJI:~morada
Key We"'-
MR. JAMES R. P AROS (289-6002)
MARATHON AIRPORT MANAGER
9400 OVERSEAS HWY. SUITE 200
MARATHON, FLA.33050
DEARMR. PAROS:
IN COMPLIANCE WITH YOUR REQUEST I HAVE EXAMINED & VALUED THE
PROPOSED "FUTURE CORPORATE HANGER" LAND LOCATED AT
MARATHON AIRPORT AS INCLUDED IN MONROE COUNTY REAL ESTATE
PARCEL #104500 OF THE PUBLIC RECORDS OF MONROE COUNTY, FLA. TO
DETERMINE FAIR MARKET VALUE OF THE LAND AND TO RECOMMEND A
VALUE FOR A FAIR LEASE/RENTAL.
BASED ON MY INSPECTION OF SUBJECT & INFORMATION PROVIDED BY
YOU, MARVIN SCHINDLER, MONROE COUNTY, AIRPORT PERSONNEL & IN
COMPLIANCE WITH USP AP GUIDELINES & FIRREA REQUIREMENTS
DOCUMENTED HEREIN, I HAVE DETERMINED:
VALUE OF VACANT LAND TO BE LEASED $
DEPRECIATED V ALUE OF BUILDING: $
TOTAL VALUE:------------------------------------- $
MONTHL Y LEASE/RENT:--------------------- $
388,800.
N/A.
388,800.
3,888.
24INC bY,
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ALAN G. SCHMITT, ASA GAA
STATE/CERT/GEN RZ933
DATE SIGNED: 8 MAY 2006
RECEIVED
MAY - 9 2006
BY:
11100 OVERSEAS HWV, SUITE 200, MARATHON, FLORIDA 33050.305 - 289-1221. FAX 305 - 289-7381
PURPOSE & USE OF APPRAISAL:
TO ESTIMATE THE FAIR MARKET VALUE IN FEE SIMPLE INTEREST OF THE
FOLLOWING DESCRIBED LAND, 8 MA Y 2006.
SUBJECT TO THE FOLLOWING FACTS & ASSUMPTIONS:
MONROE COUNTY IS OWNER OF LAND & CHAINLINK FENCE.
COUNTY IS CONSIDERING LEASING A 120' X 240' PORTION OF LAND TITLED
"FUTURE CORPORATE HANGER" TO A 2ND PARTY.
TYPICALLY COUNTY LEASES STATE THAT IMPROVEMENTS MADE BY
TENANT BECOME COUNTY PROPERTY UPON COMPLETION OF
CONSTRUCTION.
ADDRESS, LEGAL DESCRIPTION & COUNTY RECORD I.D.:
FUTURE CORPORATE HANGER
OVERSEAS HIGHWAY
MARATHON, FLORIDA .33050.
GENERAL DESCRIPTION:
A FENCED, VACANT PARCEL OF LAND BEING 120' X 240' = 28,800 SIF.
LOCATED BETWEEN SHERIFF'S HANGER & DETENTION/RETENSION POND
AT THE SE CORNER OF MARATHON FLIGHTSTRIP IN REAL ESTATE PARCEL
# 104500, ALT KEY # 1122114 OF THE PUBLIC RECORDS OF MONROE
COUNTY, FLORIDA. SUBJECT TO TYPICAL UTILITY EASEMENT, BY
PRESCRIPTIVE USE, OR COUNTY/CITY REGULATION.
TAX INFORMATION:
MONROE COUNTY 2005 REAL ESTATE TAXES: EXEMPT.
MONROE COUNTY ASSESSMENT2005:--------LAND $1,316,250.(45cents @ SIF)
BLDGS $ 2,034,128.($53.03@SIF)
MISC $ 291,114.
2005 TOTAL ASSESSED V ALUE--------------------------- $ 3,641,492.
OWNER OF RECORD:
MONROE COUNTY FLIGHTSTRIP
500 WHITEHEAD STREET
KEY WEST, FLA. 33040
ZONING:
MONROE COUNTY ZONED: AD. CITY OF MARATHON FUTURE LAND USE
MAP, PANEL 2, ZONED: AIRPORT.
MONROE COUNTY FIRST ADOPTED ZONING IN 1960. CURRENT COUNTY
WIDE LAND USE PLAN WAS ADOPTED 9/86, UPDATED 7/92, WITH 2010
COMPREHENSIVE PLAN ADOPTED 1/96.
FIVE YEARS PRIOR TO INCORPORATION, (11/99), MARATHON WAS SUBJECT
TO A COMMERCIAL BUILDING MORATORIUM. IN JUNE 2004 THE
MORATORIUM WAS REPLACED BY A RATE OF GROWTH ORDNANCE
(COMMERCIAL ROGO) WHICH ALLOWS 239 SIP OF NEW COMMERCIAL
SPACE PER EACH NEW RESIDENTIAL UNIT BUILT. THERE IS APPROX. 30,000
S/F OF COMMERCIAL SPACE TO BE ALLOCATED. THE MAXIMUM
ALLOCATION PER YEAR TO ONE COMMERCIAL PROPERTY IS 6,000 S/F.
SUBJECT IS OWNED BY MONROE COUNTY & CURRENTLY NOT OCCUPIED.
THE HIGHEST & BEST USE OF SUBJECT IS AIRCRAFT RELATED.
COMMERCIAL ROGO IS THE RESULT OF THE MONROE COUNTY LAND USE
PLAN OF SEPT/86 AS AMENDED 7/92 & SUBSEQUENTLY, WHICH TIES NEW &
REMODEL COMMERCIAL CONSTRUCTION PERMITS TO A RATE OF GROWTH
ORDNANCE, BASED ON THE CARRYING CAPACITY OF VARIOUS
INFRASTRUCTURE, SUCH AS INGRESS/EGRESS ROAD CARRYING
CAPACITY, HURRICANE EV ACUA TION TIME & UTILITY & SEWAGE
AVAILABILITY, AMONG OTHER RESTRICTIONS.
INSURANCE AND FEMA FLOOD HAZARD DATA:
ALMOST ALL OF MONROE COUNTY IS LOCATED IN A FEMA SPECIAL
FLOOD HAZARD AREA. MONROE COUNTY PARTICIPATES IN THE
NATIONAL FLOOD INSURANCE PROGRAM AND IS COVERED BY A
REGULAR, NOT EMERGENCY PROGRAM.
SUBJECT WITHIN FLOOD ZONE: "AE",AS DESCRIBED ON FIRM MAP
#12087C-1581K. CITY OF MARATHON COMMUNITY #120681, DATED 2/18/05.
CENSUS TRACT:
SUBJECT IS LOCATED IN 2000 U.S.CENSUS TRACT #9713, WITH NO MSA's.
UTILITIES, SEWAGE, TRASH DISPOSAL:
AVAILABLE IN BERM OF ROAD:
ELECTRICITY: FLA. KEYS ELECTRIC COOPERATIVE. 220V. 3 PHASE
WATER: FLA. KEYS AQUEDUCT AUTHORITY STATE OF FLA. CORP.
SEWAGE: CITY SEWAGE TREATMENT PLANT.
TRASH DISPOSAL: BY A LOCAL FEE CONTRACTOR, FOR COMMERCIAL
TRASH REMOVAL, WITH FEES BILLED MONTHLY.
EASEMENTS AND ENCROACHMENTS:
TYPICAL UTILITY EASEMENTS BY PRESCRIPTIVE RIGHT, NO DETRIMENT
TO VALUE. NO ENCROACHMENTS VISIBLY APPARENT. SUBJECT
PROPERTY IS LOCATED ON THE SOUTHBOUND SIDE OF U.S. HIGHWAY NO.
1 AT MILE MARKER 52.5 WITHIN INCORPORATED CITY OF MARATHON
FACING THE SOUTHBOUND LANE OF PAVED 4 LANE, DIVIDED U.S.
HIGHWAY NO.1, ILLUMINATED BY QUARTZ STREET LIGHTS. ACCESS TO
SUBJECT CURRENTLY VIA SERVICE ROAD TO PERIMETER CHAIN-LINK
FENCE.
SITE DESCRIPTION:
SUBJECT CONSISTS OF ONE PARCEL OF U.S. HIGHWAY NO. 1 FRONTAGE,
BEING 120' WIDE BACKING 240' TO MARATHON FLIGHT STRIP,
CONTAINING 28,800 S/F OF LAND. ACCESS ROAD, NOT INCLUDED.
PROPERTY IS LEVEL AND ABOVE GRADE OF THE DEDICATED U.S.
HIGHWAY NO. 1.
NEIGHBORHOOD DATA:
SUBJECT IS LOCATED AT APPROX. 52.5 MILE MARKER, IN THE
INCORPORATED CITY OF MARATHON, A CENTER OF COMMERCE.
MARATHON'S COMMERCIAL CENTER IS A "LINEAR" CITY THAT
STRETCHES FROM U.S. # 1 MILE MARKER 45 TO APPROXIMATE MILE
MARKER 60. THIS AREA INCLUDES BANKS, HOSPITAL, DOCTORS OFFICES,
RESTURANTS, SUPER MARKETS, LOCAL RETAILERS & MARATHON
AIRPORT. THE ATLANTIC AND GULF WATERFRONTAGE IS IMPROVED WITH
MOSTL Y SINGLE F AMIL Y HOMES, DUPLEXES, AND CONDOMINIUMS.
THE AREA IS DEVOTED TO TOURISM, SPORT FISHING AND AN ACTIVE
RETIREMENT COMMUNITY HOUSED IN MOSTL Y WATERFRONT WINTER
HOMES APPEALING TO FINANCIALLY ABOVE AVERAGE NORTHERN
BUYERS.
DESCRIPTION OF THE IMPROVEMENTS:
SUBJECT PROPERTY IS CLEARED, CHAINLINK FENCED & LEVEL.
DISCUSSION OF THE APPRAISAL PROBLEM:
THE PURPOSE OF THIS APPRAISAL IS TO DETERMINE THE FAIR MARKET
VALUE IN FEE SIMPLE INTEREST OF THE LAND & PROVIDE ESTIMATE OF
MONTHL Y LEASE RENTAL.
TO ESTIMATE FAIR MARKET VALUE, A DETERMINATION OF HIGHEST &
BEST USE IS REQUIRED.
HIGHEST & BEST USE:
IN ORDER TO DETERMINE HIGHEST & BEST USE THE APPRAISER HAS
CONSIDERED THOSE USES THAT ARE LEGALL Y PERMISSIBLE, PHYSICALL Y
POSSIBLE, ECONOMICALLY FEASIBLE & FINANCIALLY, MAXIMALLY
PRODUCTIVE & IN ACCORDANCE WITH FAA RELATED USE.
AS IF VACANT:
THE PROPERTY IS CLEARED & LEVEL.THE LIMITED NUMBER OF AIRPORT
SITES, COUPLED WITH CITY/COUNTY YEAR 2010 LAND USE PLAN, SITE IS
VACANT & AVAILABLE, THEREFORE THE HIGHEST & BEST USE WOULD BE
AIRPORT RELATED.
THE PRINCIPAL PURPOSE OF THE AIRPORT LAND USE CATEGORY IS TO
PROVIDE FOR PRIVATE, COMMERCIAL & GOVERNMENT USE TO ENHANCE
THE ECONOMIC, HEALTH & WELFARE OF THE RESIDENT POPULATION &
THE VISITORS TO THE FLORIDA KEYS.
VARIOUS TYPES OF COMMERCIAL, RETAIL AND GOVERNMENT USES MAY
BE PERMITTED AT INTENSITIES WHICH ARE CONSISTENT WITH THE
COMMUNITY CHARACTER AND THE NATURAL ENVIRONMENT AND TO
COMPLY WITH FAA GUIDE LINES. HEAVY INDUSTRIAL AND SIMILARLY
INCOMPATIBLE USES ARE PROHIBITED.
THE 3 APPROACHES TO VALUE:
IN EVALUATING COMMERCIAL PROPERTIES IT IS MANDATORY THAT THE 3
ACCEPTABLE APPROACHES TO VALUE BE EXAMINED, NAMELY:
1) THE COST APPROACH TO VALUE.
2) THE SALES COMPARABLE APPROACH.
3) THE INCOME APPROACH.
FINDING VALUES FOR EACH OF THE ABOVE BASED ON CURRENT DATA,
ALLOWS RECONCILIATION INTO A FINAL VALUE ESTIMATE.
A BUYER WOULD PAY NO MORE FOR AN IMPROVED PROPERTY, THAN THE
AMOUNT THAT HE WOULD EXPEND BY PURCHASING A SIMILAR
LOCATION AND CONSTRUCTING A SIMILAR BUILDING. IF PERMITTED.
COST APPROACH TO VALUE:
THIS APPROACH TO VALUE IS BASED ON THEORY THAT BUILDING NEW
WITH SIMILAR AMENITIES, AND THEN DEPRECIATING THESE NEW
IMPROVEMENTS TO EQUATE WITH THE APPRAISAL SUBJECT, WILL YIELD
A DISCERNIBLE VALUE. LIKEALL THEORIES THERE ARE FLAWS WITH THIS
APPROACH, IN THAT NORMALLY THE TIME TO CONSTRUCT A NEW
BUILDING VS: BEING ABLE TO IMMEDIATELY USE THE EXISTING BUILDING
IS NOT NORMALLY ADDRESSED.
THE PRIOR MORATORIUM ON ALL COMMERCIAL PERMITS, REDUCED NOW
TO A RATE OF GROWTH ORDNANCE IS CAUSING AN INCREASE IN VALUE
OF EXISTING IMPROVED COMMERCIAL PROPERTIES.
PART OF THE COST APPROACH IS DETERMINING A VALUE FOR A
~------~-----~~---~~--~----~----~--_.
COMPARABLE PORTION OF LAND. THE ONLY METHOD TO ARRIVE AT A
LAND VALUE COST IS TO ANALYZE THE MOST RECENT SALES OF VACANT
LAND TO DETERMINE THEIR COMPARABILITY.
THE FLORIDA KEYS REAL ESTATE MARKET HAS BEEN VERY ACTIVE,
AFFECTED BY THE NATIONAL ECONOMY WITH INCREASING SALES AND
SHORTER MARKETING TIME, P ARTL Y ATTRIBUTABLE TO LOW INTEREST
RATES.. TODA Y'S NEW YORK PRIME IS 7.75%.
ESTIMATED MARKETING TIME FOR SUBJECT IS CURRENTLY 6-12 MONTHS.
IN ADDITION THE IMPACT OF THE SEPT/1986, AS AMENDED JUL Y/92
COUNTY LAND USE PLAN, MILITATING AGAINST BUILDING IN GENERAL;
ESTABLISHING A RATE OF GROWTH ORDNANCE FOR RESIDENTIAL,(ROGO);
AND NOW SUCCEEDED BY CITY OF MARATHON COMPHREHENSIVE PLAN
DATED 3/9/05, CURRENT RATE OF GROWTH ORDNANCES, HAVE
NEGATIVEL Y AFFECTED THE DESIRE OF AN ENTREPRENEUR TO BUY LAND
AND BUILD FOR SPECULATION.
FOR THESE REASONS THE SALES OF VACANT COMMERCIALLY ZONED
LAND HAS SLOWED.
SUBJECT'S ZONING OF "AD" IS LIMITED IN THE FLORIDA KEYS.
DEVOTED PRIMARILY TO TOURISM AND BUILDING OF 2ND HOMES FOR
POTENTIAL RETIREES, THE USE OF LAND FOR COMMERCIAL PURPOSES
WAS VIEWED AS APPROPRIATE TO LARGE SHOPPING CENTERS, SUCH AS
PUBLIX OR HOME DEPOT WHERE LARGER ACREAGE TRACTS COULD
PROVIDE REQUIRED PARKING, GREEN SPACE, OPEN SPACE RATIOS, AND
REQUIRED SETBACKS.THE CITY OF MARATHON IS CONSIDERING LAND
DEVELOPMENT REGULATIONS PURSUANT TO ESTABLISHING
TRANSFERABLE DEVELOPMENT RIGHTS.
BECAUSE OF SLOW SALES THE LATEST COMPARABLE SALES MAY
INCLUDE ZONINGS, DIFFERENT THAN SUBJECT'S & POSSIBLY OLDER
SALES.
LAND SALES: VACANT PROPERTY--NO SELLER FINANCING.
SUBJECT APPROXIMATE MILE MARKER 52.5
MILE ---SALE------SIZE--- PRICE----- PER SIF -------ZONE
MARK DATE SIF
53 8/2005 63,162 $1,150,000. $18.21 MU-COML
52
3/2005 41,220 $ 787,500. 19.10
COM
55
5/2005 72,310 $1,325,000. 18.32
RES
SALES OF VACANT COMMERCIAL PROPERTIES IN THIS AREA ARE LIMITED.
BECAUSE FOR 5 YEARS PRIOR TO CITY INCORPOATION, 11/99, MARATHON
AREA WAS SUBJECT TO A COMMERCIAL BUILDING MORA TORIUM.THE
MORATORIUM WAS LIFTED JUNE 2004 & REPLACED BY A RATE OF
GROWTH ORDNANCE (COMMERCIAL ROGO) WHICH IS BASED ON
ALLOWING 239 SIP OF NEW COMMERCIAL SPACE PER EACH NEW
RESIDENTIAL UNIT BUILT. CURRENTLY THERE IS APPROXIMATELY 30,000
SIF OF SPACE AVAILABLE TO BE ALLOCATED. THE MAXIMUM
ALLOCATION PER YEAR TO ONE COMMERCIAL PROPERTY IS 6,000S/F.
FEW COMPARABLE SALES OF VACANT LAND IS REFLECTIVE OF THE
EFFECT OF THE CONSTRUCTION MORATORIUM. A BUYER MUST EITHER
PROVE CONCURRENCY IN A VESTED RIGHTS HEARING OR BE WILLING TO
PURCHASE EXISTING SQUARE FOOTAGE AND BY GENTRIFICATION AVOID
COMMERCIAL LIMITATION. ENTREPENUERS ARE RELUCTANT TO RISK
TIME & MONEY ON AN UNCERTAIN PERMIT PROCESS
DISCUSSION OF COMPARABLE FACTORS:
PRIVATE SECTOR SALES HAVE VARIOUS ZONINGS AND ARE VACANT
PARCELS & INDICATE A VALUE OF APPROX. $18@ SIP FOR PRIVATE
SECTOR PROPERTIES.
SUBJECT'S USE IS TYPICALLY LIMITED TO AVIATION RELATED PURPOSES
BY FEDERAL FAA REGULATIONS, QUALIFYING AS A SPECIAL USE
PROPERTY. IN THIS CASE PROPOSED USAGE IS LAND BASED, NOT
AVIATION RELATED, CAUSING SUBJECT TO BE PARTIALLY CONSIDERED
FOR PRIVATE SECTOR VALUATION.
PRIVATE SECTOR VALUE OF UPLAND S/F OF 28,800 SIP @ $18.00--= $518,400.
MONROE COUNTY HAS PROMULGATED LAND RENTAL RATES & CHARGES
FOR YEAR 2006 AT MARATHON AIRPORT, NOTING THAT IMPROVEMENTS
MADE BY TENANT REVERT TO COUNTY OWNERSHIP.
MARATHON AIRPORT PROMULGATED RENTAL RATES: LAND ONLY.
GENERAL A VIA TION------------- $ .35 @S/F @YEAR (GUIDE LINE)
COUNTY LEASED PROPERTY--$1.08 @SIP@YEAR+REVERSION
COUNTY ASSESSED VALUE $.45 @S/F
28,800 S/F X $.35 YIELDS: ---------$10,080.@ YR.
28,800 S/F X $1.08 YIELDS:--------$ 31,104.@ YR
DIVIDED BY 12 = $ 2,592.@ MONTH +REVERSION
COMP ARABLE SALES APPROACH TO VALUE.
THE THEORY UNDERLYING THIS APPROACH TO VALUE IS THAT SIMILAR
PROPERTIES WITH SIMILAR AMENITIES AND APPEAL HAVE BEEN
PURCHASED BY INFORMED BUYERS WHO HAVE NEGOTIATED WITH
INFORMED SELLERS, NEITHER UNDER DURESS AND THUS HAVE
ESTABLISHED A DISCERNIBLE MARKET PRICE, THAT, WITH ADJUSTMENTS
FOR DIFFERENCES BETWEEN SUBJECT AND COMP ARABLES, MAY YIELD A
MARKET VALUE INDICATION OF SUBJECT.
SUBJECT IS COUNTY OWNED AND LIMITED BY FEDERAL A VIA TION
AUTHORITY, (F AA) REGULATIONS.
FOR THIS REASON THE COMPARABLE SALES APPROACH WAS EXAMINED
BUT NOT USED.
COMP ARABLE SALES APPROACH TO V ALUE:-------------------NOT USED.
THE INCOME APPROACH TO VALUE:
THE THEORY BEHIND THE INCOME APPROACH TO VALUE IS: WHAT IS THE
VALUE TO AN INVESTOR? THE AMOUNT PAID FOR A COMMERCIAL
INCOME PROPERTY CAN BE MEASURED BYTHE AMOUNT OF GROSS
INCOME A PROPERTY WILL PRODUCE, LESS THE EXPENSES; HOW SECURE
THE INCOME STREAM WILL REMAIN OVER THE NEAR TERM; AND WHAT
COMPETING INVESTMENTS ARE PRODUCING, IN PROVIDING THE
INVESTOR WITH AS GUARANTEED A STEADY INCOME AS CAN BE
PROVIDED BALANCED WITH THE DEGREE OF RISK.
TODA Y 4 TO 5% IN PROTECTED SECURE ACCOUNTS CAN BE HAD AT
BANKS, AND PROVIDE THE INVESTOR WITH INSTANT LIQUIDITY. NEW
YORK PRIME IS 7.75%. MUTUAL FUNDS COMPETE FOR THE INVESTOR'S
DOLLAR. COMMERCIAL REAL ESTATE MUST PROVIDE A HIGHER RETURN
BECAUSE OF A LACK OF GUARANTEES AND LACK OF LIQUIDITY.
RECONCILIATION:
VALUE: COST APPROACH LAND:SPECIAL USE--------$259,200.
VALUE: COST APPROACH LAND:PRIV ATE SECTOR:$518,400.
COMBINED VALUE :---------------------------------------------- $777.600.
VAL UE AVERAGED :-----------------------------------------------$388,800.
ANNUAL LEASE ON VALUE A VERAGED:-----------------$46,656.+REVERSION
INDICATED MONTHLY LEASE:-------------------------------$ 3,888. +REVERSION
VALUE: COMPARABLE SALES APPROACH:------NOT USED
VALUE: INCOME APPROACH:--------------------------NOT USED
BECAUSE OF THE SPECIAL USE OF SUBJECT & THE REVERSION OF ANY
IMPROVEMENT'S VALUE TO THE LESSOR, THE MOST RELIABLE BASIS FOR
AN ESTIMATE OF VALUE & ACCORDED MOST WEIGHT IN ARRIVING AT
FINAL VALUE ESTIMATE IS THE RECONCILED APPROACH.
IN MY OPINION THE FAIR MARKET VALUE OF THE DESCRIBED LAND
GENERATING $46,656 ANNUALLY DIVIDED BY CAPITALIZATION RATE OF
12% YIELDS --------------------------------------------------------------------$388,800.
IN AN ATTEMPT TO KEEP THE APPRAISAL FEE TO A REASONABLE
MINIMUM, AND WITHOUT IMP AIRING THE INTEGRITY OF THIS APPRAISAL,
AREA, NEIGHBORHOOD, FLORIDA KEYS & STATE OF FLORIDA DATA HAS
EITHER PREVIOUSL Y BEEN SUBMITTED TO THIS CLIENT IN OTHER
APPRAISALS, OR IS AVAILABLE UPON REQUEST FROM OUR FILES. THIS
APPRAISAL IS SUBJECT TO THE LIMITING CONDITIONS ATTACHED, AND TO
FACTS THAT AN ACCURATE LOCATION, SETBACK AND ELEVATION
SURVEY MIGHT DISCLOSE.
smc~
ALAN G. SCHMITT, AS A, GAA SIGNED 3 MAY 2006
STATE CERTIFIED GENERAL APPRAISER # RZ933.
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Appraisal/Certified/Services, Inc, (305) 289-1221
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www.interfloocl.com · 1~800-252-6633
10701
Marathon. Fla_ 33050
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Effective Date
February 18. 2005
,(j( mo". ;n f ormation about
flood .O""e< lln<l flood
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POOIeI"ed by Flood SOOrcoll
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(f;5\
RATES & CHARGES 2006
Commence '1/1/06
3.0%
M~;:[tr~~Jyt~~(~j
({Jl.)_lb~ ']
MARATHON AIRPORT
TERMINAL
PUBLICLY EXPOSED SPACE
28.79 ISO. FT./YEAR
797.63 IMONTH MINIMUM
NON-PUBLIC SPACE
19.43 ISO. FT./YEAR
COVERED AREAS & STORAGE
14.03 ISQ. FT./YEAR
LANDING FEE
.86/1000 LBS. GROSS LANDING WEIGHT -
10.83 MINIMUM FOR 12,500 LBS OR LESS
LAND RENTAL RATES
AIRLINE
0.46 ISO. FT./YEAR
GENERAL AVIATION
.35 ISO. FT./YEAR r/ aOiPi../",.,4:
COUNTY LEASED PROPERTY
(PER 1992 R&C .85)
1.08 /SQ. FT./YEAR
FUEL FLOW FEE
0.04 IGALLON
UTILITIES
335.06 PER MONTH
FBO - ADDITIONAL PROPERTY
Rent for unimproved property - 13 cents per sq. foot, per year. Lower rate is offset by
fuel flow charge. CPI yearly
Buildingslimprovements - tenant will pay County match, 5% - 50%. Upon completion all
improvements become County property
IBEV
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Property Information for 1122114
MONROE COUNTY PROPERTY ApPRAISER
Page 1 of 1
PROPERTY INFORMA nON FOR:
Alternate Key: 1122114
RE Number: 00104500-000000
Property Details
OWNER 9F RECORD
MONROE COUNTY FLIGHT
STRIP
500 WHITEHEAD STREET
KEY WEST FL 33040
Business Name: ANIMAL SHELTER. PW & \-lAINT
PIf YSICAL. LW:::.UIOt';
10600 A Y IA TION BL V D \'IARA TI iON
LEJ;AL DESCIllPTIO:,,/
66633 N66306-3 I KEY V ACCAS PT LOT 2 ORI44-590-59 I
SF:!"';TI(>~, TOWNSHIP, RA~GI::
06 - 66 - 33
MU,JAGJ;:GRQIip
50CM
:e...CCgpl2
86 - COUNTIES OTHER THA'\ (j'CiUST)
Building Oetails
P!W~ER,(Y_MA-f'
N.!JMBER QF BUILDI:'oOGS
12
N_l}~Jl!:!;;R OE_CQMM~R(!ALIH;JLDI~GS
12
TQ-LAL LIvING AREA
38360
YEARnIH-iILI
19M
Land Details
LA!:'lJtUSE CODE
1000 - COMMERC]AL DRY
Parcel Value History
L,\NIlA..REA
67.5 AC
BVlLDII'lG
TAX_ROJ"!" YMR
L\JJSO;LJ,_A,,'l'_!,:Q!-S
Ll\'IPRQY~_M E~TS
29 Lll4
292.359
294.329
200S
2004
2003
i Parcel Sales History
2.034.128
2,061.791
2,061,791
L-\NP
1.3] 6.250
10,125,000
10.[25,000
EXEMPTIONSjNOIJr.!_<::LUPIr-tG T AXABI.E
SENIOR~) ---------
3.64 1 ,492 n
12,479,150 0
12,4&],[20 0
,l1}ST
3.64 1.491
[2,4'79. [50
I ::'.48 LI ::'0
Th~r<e ill"e no sn les for this pan;"i.
Monroe County Tax Collector
Page 10f2
~~
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~~,' ,>}::';1~ Monroe County Tax Collector
Details
Tax Record
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Tax Record
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Last Update: 3/16/200612:48:05 PM EST
Ad Valorem Taxes and Non-Ad Valorem Assessments
The information contained herein does not constitute a title search and should not be relied on as such.
Account # (AK)
1122114
Tax Type
Real Estate
Tax Year
2005
Maili.ng Address
f;]{jrJROE C<),ff.;TY ?L ,:;fi'T
.,,) (: I'lH I T;-:I--' EP..D S F~'r"
ST~<:
5'2 '< ;';::= ~ ~
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"0 ~ _" ~ _ _
Fa lio N\l.,!ber
Assessed Value
$3,641,492 00
Exempt Amount
$3,641,492 00
'Taxable Value
$0 00
Exemption Detail
uC: li:XEHPT i;.lN3
Legal Description
Millage Rate
~J c:"<
/; :}
Tax Districts Detail
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Code Descrip~ion
Exemption
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Amount Due
$0 00
Prior Y~ar Taxes: Due
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