Exhibit E - Recent Property Appraisal Report ALBRIGHT & ASSOCIATES of Ocala, Inc. Pine Oaks Golf Course 2201 NW 21st St Ocala, Florida Appraisal Report A&A File #2018.031.029.001 Certified to: Ms. Holly Lang, Fiscal Manager City of Ocala Growth Management Department 201 SE 3rd St, 2nd Floor Ocala, Florida 34471 Certified by: Stephen J. Albright, Jr., MAI State-Certified General Real Estate Appraiser RZ2392 Copyright © 2018, Stephen J. Albright, Jr., MAI All Rights Reserved Albright & Associates of Ocala, Inc. Published by: Albright & Associates of Ocala, Inc. 207 SE 8th Street, Ocala, FL 34471 This appraisal report is confidential and is protected by copyright; no part hereof may be reproduced, stored or introduced to a retrieval system or transmitted in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without the prior written permission of the copyright owner, identified author and client of the report. A&A File #2018.031.029.001 Copyright © 2018 SJA E - 1 Exhibit E - Recent Property Appraisal Report ALBRIGHT & ASSOCIATES of Ocala, Inc. April 11, 2018 Ms. Holly Lang, Fiscal Manager City of Ocala Growth Management Department 201 SE 3rd St, 2nd Floor Ocala, Florida 34471 Ms. Romona Hills Re: Pine Oaks Golf Course @ 2201 NW 21st St, Ocala, Florida Dear Ms. Lang: Pursuant to your request, an appraisal has been prepared of the above captioned property document- ed by the enclosed text. The majority of the subject property is improved with, and operated as, the Pine Oaks Golf Course (publicly owned but privately operated since 2010). As a result of poor overall course conditions and declining revenues, the facility is facing closure in the near future. In that regard, the City of Ocala is considering redevelopment options for the property. As a professional discipline, the appraisal practice requires conformance with stringent ethics and standards which are noted, summarized or cited by reference herein. To that end, opinions and conclusions of this report were prepared in conformance with my interpretation of generally accepted appraisal practices and requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute as well as the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Standards Board of the Appraisal Foundation. This assignment includes an Appraisal Report format with the following conditions: Intended User: City of Ocala Intended Use: asset evaluation Effective Valuation Date: March 28, 2018 Objective/Purpose: opinion of market value Interest Appraised: fee simple, subject to restrictions of record Based on prevailing economic conditions in all aspects to the extent possible, taking into account all relevant global, national, regional, neighborhood and local environmental influences, weighing the best market evidence available as has been set forth in this report, I have formed an opinion of market value of the subject property, as identified within this report, with a reasonable degree of appraisal certainty, with respect to the interest identified, according to the program of property utilization that is consistent with my opinion of highest and best use, and predicated on the Certifica- tion, General Assumptions, Extraordinary Assumptions well as the Hypothetical Conditions, expressed in this appraisal report, as of the effective valuation date reported for this assignment, of: A&A File #2018.031.029.001 2 Copyright © 2018 SJA E - 2 Exhibit E - Recent Property Appraisal Report ALBRIGHT & ASSOCIATES of Ocala, Inc. Opinion of Market Value $2,175,000 The appraisal is limited to valuation of real estate, excluding personalty, furnishings, equipment, inventory and goodwill of the business, if any. Respectfully submitted, ALBRIGHT & ASSOCIATES of Ocala, Inc. _______________________ Stephen J. Albright, Jr., MAI State-Certified General Real Estate Appraiser RZ2392 A&A File #2018.031.029.001 3 Copyright © 2018 SJA E - 3 Exhibit E - Recent Property Appraisal Report ALBRIGHT & ASSOCIATES of Ocala, Inc. Contents Title Page ....................................................................... 1 Letter of Transmittal .............................................................. 2 Contents ........................................................................ 4 Executive Summary ............................................................... 5 Subject Location Map ............................................................. 6 Certification ..................................................................... 7 General Assumptions ............................................................. 9 Extraordinary Assumptions ......................................................... 11 Hypothetical Conditions ........................................................... 11 Identification and Location ......................................................... 12 Apparent Owner of Record ......................................................... 12 Relevant Dates of Appraisal Process ................................................. 12 Type and Definition of Value ....................................................... 12 Intended Use/User of Appraisal...................................................... 12 Scope of Work ................................................................... 13 Interest Appraised ................................................................ 13 Legal Description ................................................................ 14 Property Assessment .............................................................. 15 History of Title......................................... ......................... 15 Public and Private Utilities and Services ............................................... 16 Comprehensive Plan, Land Use and Zoning ............................................ 16 Description and Analysis of Region .................................................. 17 Description and Analysis of Neighborhood ............................................ 28 Description and Analysis of Site ..................................................... 31 Description and Analysis of Improvements ............................................. 36 Economic Life and Depreciation Analysis ............................................. 44 Market Analysis.................................................................. 46 Highest and Best Use ............................................................. 55 Reasonable Exposure Time ......................................................... 59 Valuation Methodology ........................................................... 59 Sales Comparison Approach ........................................................ 60 Reconciliation ................................................................... 71 Addendum A&A File #2018.031.029.001 4 Copyright © 2018 SJA E - 4 Exhibit E - Recent Property Appraisal Report ALBRIGHT & ASSOCIATES of Ocala, Inc. Executive Summary Subject Identification: Pine Oaks Golf Course @ 2201 NW 21St St, Ocala, Florida Relevant Dates: March 28, 2018 Intended User/Use: City of Ocala/asset evaluation Objective: form an opinion of market value Interest Appraised: fee simple, subject to restrictions of record Site: 217.54 AC (per public records; subject to current survey) Improvements: 18-hole championship golf course with clubhouse and maintenance facilities (fair to poor overall condition); NLY extreme portion of the site improved with former spray field improvements Land Use/Zoning: Public/GU, government use (11.58 AC portion without specific zoning designation); most likely alternative “economic” future land use desig- nation of Neighborhood and zoning of PD, planned development (see Extraordinary Assumptions) Highest and Best Use: eventual redevelopment to include primarily residential with potential for small commercial component and perhaps limited golf component Indicators of Value: Sales Comparison Approach $2,175,000 Opinion of Market Value $2,175,000 A&A File #2018.031.029.001 5 Copyright © 2018 SJA E - 5 Exhibit E - Recent Property Appraisal Report ALBRIGHT & ASSOCIATES of Ocala, Inc. Subject Location Map A&A File #2018.031.029.001 6 Copyright © 2018 SJA E - 6 Exhibit E - Recent Property Appraisal Report ALBRIGHT & ASSOCIATES of Ocala, Inc. Certification The undersigned certifies 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 hypothetical 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 in- volved in this assignment. 5. My engagement in this assignment was not contingent on developing or reporting predetermin- ed 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 this appraisal. 7. To the best of my knowledge and belief, the reported analyses, opinions and conclusions