SEBASTIAN RIVER IMPROVEMENT DISTRICT

INDIAN RIVER COUNTY

Regular Board Meeting July 13, 2022
10:00 A.M.

Special District Services, Inc.
The Oaks Center 2501A Burns Road
Palm Beach Gardens, FL 33410

www.sridfl.org 561.630.4922 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA
SEBASTIAN RIVER IMPROVEMENT DISTRICT BOARD OF SUPERVISORS
Offices of the Indian River County Administration Complex Bldg. A, Room A1-102
1801 27th Street
Vero Beach, Florida 32960 REGULAR BOARD MEETING July 13, 2022
10:00 a.m.

Call to Order
Proof of Publication…	Page 1
Seat New Board Members
Administer Oath of Office & Review Board Member Responsibilities and Duties
Establish Quorum
Election of Officers
Chairman
Vice Chairman
Secretary/Treasurer
Assistant Secretaries
Additions or Deletions to Agenda
Approval of Minutes
1.  June 8, 2022 Regular Board Meeting…	Page 2
Old Business
New Business
Consider Approval of Annual ROW Maintenance…	Page 6
Consider Resolution No. 2022-02 – Adopting Revised Guidelines for the Sale, Transfer,
or Exchange of Surplus Lands…	Page 7
Update and Consider Approval of Graves Brothers’ Company ROW Abandonment Request…	Page 13
Administrative Matters
Sand Mine Updates
Financial Update…	Page 43
Board Members Comments
Comments from the Public for Items Not on the Agenda
Adjourn

Treasure	Newspapers
PART OF Tl7E USA TODAY NH\VORK
Indian River Press Journal
1801 U.S. 1, Vero Beach, FL 32960
AFFIDAVIT OF PUBLICATION

Attn:	Special District Services
SPECIAL DISTRICT SERVICES INC
2501 BURNS RD# A

PALM BEACH GARDENS, FL 33410-5207

STATE OF WISCONSIN COUNTY OF BROWN

Before the undersigned authority personally appeared, said legal clerk, who on oath says that he/she is a legal clerk of the Indian River Press Journal, a daily newspaper published at Vero Beach in Indian River County, Florida: that the attached copy of advertisement was published in the  Indian River Press Journal in the following issues below. Affiant further says that the said Indian River Press Journal is a newspaper published in Vero Beach in said Indian River County, Florida, and that said newspaper has heretofore been continuously published in said Indian River County, Florida, daily and distributed in Indian River County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and affiant further says that she has neither paid or promised any person, firm or corporation any discount, rebate, commission or refund for the purpose of securing this advertisement for publication in the said newspaper. The Indian River Press Journal has been entered as Periodical Matter ·at the- Post Offices in Vero Beach, Indian River County, Florida and has been for a period of one year next preceding the first publication of the attached copy of advertisement.
lssue(s) dated before where the dates are noted or by publication
on the newspaper's website. if authorized, on :
05/31/2022

I

C3fk&

My commission expires

KATHLEEN ALLEN
Notary Public
State of Wisconsin

Publication Cost S164.16 Ad No. 0005274512
Customer No 1313370
PO#  SEBASTIAN RIVER IMPROVEMENT

# of Affid;ivits  1	Page 1

SEBASTIAN RIVER IMPROVE­ MENT DISTRICT
REVISED FISCAL YEAR 2021/2022 REGULAR BOARD MEETING SCHEDULE
NOTICE IS HEREBY GIVEN that
the Sebastian River Improve­ ment District ("SRID") will hold Regular Board Meetings of the Board of Supervisors at the Indian River County Ad­ ministration Complex, Build­ ing A, Room A1-102, 1801 27th Street, Vero Beach, Flori­ da 32960 at 10:00 a.m. (**unless otherwise noted**) on the following dates:

** June 8, 2022**
July 13, 2022
August 10, 2022
September 14, 2022

0The June 8, 2022, Regular Board Meeting will be held at the Indian River County Ad­ ministration Complex, Build­ ing A, Room Al-102, 1801 27th Street, Vero Beach, Flori­ da 32960 and will commence at 9:00 a.m. The Annual Meeting will immediately fol­ low the Regular Board Meet­ ing at 10:00 a.m. at the same location.·•·•

The purpose of the meetings is to conduct any business which may properly come be­ fore the Board. The meetings are open to the public and will beconducted in accord­ ance with the provisions of Florida law. Copies of the Agenda for any of the meet­ ings may be obtained from the District's website or by contacting the District Manag­ er at (561) 630-4922 and/or toll free at 1-877-737-4922.

From time to time one Super­ visor may participate by tele­ phone; therefore, a speaker telephone may be present at the meeting location so the Supervisors may be fully in­ formed of the discussions tak­ ing place. Said meeting(s) may be continued as found necessary to a time and place specified on the record.

If any person decides to ap­ peal any decision made with respect to any matter consid­ ered at these meetings, such person will need a record of the proceedings and such per­ son may need to insure that a verbatim record of the pro­ ceedings is made at his or her own expense and which re­ cord includes the testimony and evidence on which the appeal is based.

In accordance with the provi­ sions of the Americans with Disabilities Act, any person re· quiring special accommoda­ tions or an interpreter to par­ ticipate at any of these meet­ ings should contact the District Manager at (561) 630-
4922 and/or toll free at 1-877-
737-4922 at least seven (7) days prior to the date of the particular meeting.

Meetings may be cancelled from time to time without ad­ vertised notice.
Pub Date May 31, 2022
TCN 5274512

SEBASTIAN RIVER IMPROVEMENT DISTRICT REGULAR BOARD MEETING
JUNE 8, 2022

Call to Order
The June 8, 2022, Regular Board Meeting of the Sebastian River Improvement District (the “District”) was called to order at 9:03 a.m. in the Indian River County Administration Complex, Building A, Room A1-102, 1801 27th Street, Vero Beach, Florida 32960.

Proof of Publication
Proof of publication was presented showing that notice of the Regular Board Meeting had been published in Indian River Press Journal on May 12, 2022 and May 19, 2022, as legally required.

Establish Quorum
A quorum was established with the following Supervisors present:

Board of Supervisors

Chairman	Shawn Sexton	Present	
Supervisor	Jeff Bass	Present	
Supervisor	Tom Hammond	Present	

Staff members in attendance were:

District Manager	Todd Wodraska	Special District Services, Inc.	
District Counsel	Dan Harrell	Gonano & Harrell	
District Engineer	Clint Rahjes	Carter Associates, Inc.	

Additions or Deletions to Agenda
The Board authorized the addition of “Creech Consulting Invoices” to the New Business section of the agenda.

Approval of Minutes
April 27, 2022, Special Board Meeting Minutes

A motion was made by Mr. Hammond, seconded by Mr. Bass approving the minutes of the April 27, 2022, Special Board Meeting, as presented. The motion approving the minutes passed unanimously.

OLD BUSINESS
The following updates were provided:

Graves Brothers ROW abandonment request remains ongoing;
Liberty Park ROW abandonment request remains ongoing;

82nd Avenue repairs are expected to begin with several weeks.

NEW BUSINESS

Consider Resolution No. 2022-01 – Adopting a Fiscal Year 2022/2023 Proposed Budget

Resolution No. 2022-01 was presented, entitled:

RESOLUTION NO. 2022-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SEBASTIAN RIVER IMPROVEMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2022/2023; AND PROVIDING AN EFFECTIVE DATE.

Mr. Wodraska discussed several line items in the proposed budget and answered questions from the Board. He also confirmed the final approved budget would be considered at the September Board meeting.

After Board discussion a motion was made by Mr. Bass, seconded by Mr. Hammond and passed unanimously to adopt Resolution 2022-01, as presented, and setting the public hearing on the final approved budget for September 14, 2022.

Invoices from Creech Consulting

Mr. Wodraska advised of several invoices from Creech Consulting, which were received after conclusion of the Corrigan litigation. The fees are tied to survey work required to “true-up” the final legal descriptions related to the settlement.

After Board discussion, a motion was made by Mr. Bass, seconded by Mr. Hammond and passed unanimously to pay half of the outstanding invoices, and also to submit a bill to the Corrigans for the full amount of the invoices from Creech Consulting.

Administrative Matters

Sand Mine Update
No update was required.

Financial Update
Having discussed finances during consideration of a proposed budget, Mr. Wodraska had no further information to offer the Board.

Board Member Comments

Members of the Board had no further comments.

Comments from the Public for Items Not on the Agenda

Mr. Bob Ulevich noted the change of the designation of the District to an “improvement district” was made to provide landowners more flexibility in deciding how to use their lands. He also asked if the Board would hold a workshop on development and impact of annexation. Finally, he encouraged the Board to work closely with Sebastian and the County, as development occurs.

Mr. Wodraska advised the Board of recent interest in working with SRID in one or more water quality projects to benefit the Indian River Lagoon, and that meetings were pending with several interested parties.

Adjournment

There being no further business to come before the Board, the Regular Board Meeting of the District was adjourned at 9:40 a.m.

Secretary/Assistant Secretary	Chair/Vice-Chairman

CONSIDER APPROVAL OF ANNUAL ROW MAINTENANCE

TO BE DISTRIBUTED UNDER SEPARATE COVER

RESOLUTION NO. 2022-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE SE- BASTIAN RIVER IMPROVEMENT DISTRICT ADOPTING RE- VISED GUIDELINES FOR THE SALE, TRANSFER, OR EXCHANGE OF SURPLUS LANDS; PROVIDING FOR CONFLICTS; AND PROVIDING AN EFFECTIVE DATE.

SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to Section 4(1)(b) of Chapter 2007-309, Laws of Florida, and Sections 298.22(3) and 298.22(8), Florida Statutes.
SECTION 2. FINDINGS. The Board of Supervisors of the Sebastian River Improve- ment District ("Board") hereby finds and determines as follows:
The Sebastian River Improvement District ("District") is a local unit of special-purpose government organized and existing under and pursuant to Chapter 2007- 309, Laws of Florida, and Chapters 189 and 298, Florida Statutes, as amended.
The Board is authorized under Chapter 298, Florida Statutes, to adopt this Resolution as a policy of the District.
The purpose of this Resolution is to revise certain policies of the District that establish Guidelines for the Sale, Transfer, or Exchange of Surplus Lands (“Guide- lines”).
This Resolution is necessary to establish and maintain Guidelines that provide for the disposition of surplus lands of the District only in the best interest of the public.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE SEBASTIAN RIVER IMPROVEMENT DISTRICT:

SECTION 3. REVISED GUIDELINES ADOPTED. Revised Guidelines for the Sale, Transfer, or Exchange of Surplus Lands are hereby adopted to read as set forth in the attachment to this Resolution.
SECTION 4. CONFLICTS. All resolutions, policies, and guidelines in conflict with the Guidelines adopted by this Resolution are hereby superseded to the extent of such conflict.
SECTION 5. EFFECTIVE DATE. This Resolution shall become effective on July 13,

2022.

APPROVED AND ADOPTED this 13th day of July, 2022.

Attest:

SEBASTIAN RIVER IMPROVEMENT DISTRICT

		By:	

Secretary

		, Chairman Board of Supervisors

SEBASTIAN RIVER IMPROVEMENT DISTRICT

Revised Guidelines for the Sale, Transfer, or Exchange of Surplus Lands Adopted 	, 2022
Authorization and Purpose. The Board of Supervisors (“Board”) of the Sebastian River Improvement District (“SRID” or “District”) is authorized by Section 4(1)(b) of Chapter 2007-309, Laws of Florida, “to convey and dispose of such real or personal property as may be necessary or convenient to carry out the purposes of” Chapter 2007-309 and Chapter 298, Florida Statutes. The Board will exercise such authorization and dispose of any District land or interest in land determined to be surplus in accordance with the procedure and conditions set forth in these Guidelines. The Board shall take diligent measures to dispose of surplus lands only in the best interest of the public, and for that purpose restricts the sale, transfer, or exchange of such surplus lands to persons and entities who either (i) hold fee title to adjacent land, or (ii) hold the underlying fee title to land encumbered by an SRID easement (each a “Qualified Applicant”). These Guidelines do not apply to the granting of easements, rights-of-way, or leases of District property.

Application and Supporting Materials. A Qualified Applicant may initiate a request that District lands be declared surplus by submitting a letter to the District Manager including the following information and supporting materials:

Name, including the name of the person representing the Qualified Applicant if not an individual, together with an address, telephone number, and other pertinent contact information.

A non-refundable application/processing fee in the amount of $500.00 payable to the SRID.

An initial professional fee deposit of $2,500.00 payable to the SRID, to be applied to the payment of professions fees and costs incurred by the District in reviewing the application, including but not limited to engineering, surveying, and attorneys’ fees. Fees incurred by the District in excess of the initial deposit will be the responsibility of the applicant. Any deposit balance exceeding the actual costs incurred by the District will be refunded to the applicant at the conclusion of any resulting transaction or following any withdrawal or denial of the application.

A boundary survey of the District lands requested to be declared surplus meeting minimum technical standards, including an accurate legal description and acreage calculation.

Evidence of title that the applicant (a) holds fee title to land adjacent to the District lands requested to be declared surplus, or (b) holds the underlying fee title to land encumbered by an SRID easement.

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A statement describing the applicant’s proposed use or development of the District lands requested to be declared surplus.

A statement describing how the proposed sale, transfer, or exchange is in the best interest of the public.

An appraisal, obtained by and at the expense of the applicant but certified to the SRID, performed by a person certified as a certified general appraiser under Part II, Chapter 475, Florida Statutes, or by a member of an approved appraisal organization. If the SRID determines that an appraisal review or a second appraisal should be secured, the applicant shall be responsible for the cost of such appraisal review or second appraisal.

Any other survey, engineering, or technical information that the applicant deems necessary for the SRID to evaluate the request that District lands be declared surplus, including but not limited to local government, regional water management district, or state agency reports.

Application Review. The District Manager, together with the District Engineer, shall review each application requesting that District lands be declared surplus for completeness and compliance with these Guidelines, and may require the applicant to provide additional information as necessary to evaluate the request. Upon the District Manager and District Engineer completing review of an application to declare District lands surplus:

Option Agreement. If preliminarily determining to recommend approval of the application, the District Manager shall negotiate an option agreement for the sale, transfer, or exchange of the District lands that the applicant has requested be declared surplus, which option shall be subject to acceptance, review, and approval by the Board as provided in these Guidelines.

The option agreement shall be in such form and content, and subject to such conditions, as the District Manager, in consultation with the District Engineer and District counsel, determine appropriate in the circumstances.

Any sale, transfer, or exchange of District lands shall be on an “as is,” “where is,” and “with all faults” basis, with no representation or warranty by the SRID of any kind or nature whatsoever, and with the applicant solely responsible for determining the suitability of such lands for the applicant’s intended use.

The applicant shall be responsible for all costs of the sale, transfer, or exchange, including but not limited to title search and title insurance expenses, settlement or closing fees, recording expenses, and documentary stamp taxes.

2

Each negotiated option agreement shall be presented to the Board at a regular or special meeting to determine whether the District should proceed with an advertised public hearing to consider approval.

If the Board determines to proceed with consideration of the option agreement, it shall schedule and direct notice of a public hearing to be held on not less than thirty (30) days’ advertised notice, which notice shall be published at the expense of the applicant. The option agreement, and the SRID’s obligation to close, shall be subject to approval of Board following the public hearing.

Other Action. If preliminarily determining to recommend denial, the District Manager shall present the application, all supporting information submitted by the applicant, and the recommendations of the District Manager and District Engineer to the Board for action either (a) denying the application or (b) directing the District Manager to negotiate an option agreement as provided in Section D.1 of these guidelines.

Board Hearing and Consideration of Option Agreement. At any public hearing to consider an option agreement for the sale, transfer, or exchange of District lands, the Board shall consider the application, all supporting information submitted by the applicant, the recommendations of the District Manager and the District Engineer, and any public comment. Following the public hearing, the Board shall determine:

Whether the District lands proposed for sale, transfer, or exchange are surplus as no longer used or useful by the SRID, or may be deemed surplus with appropriate reservations of flowage, drainage, retention, access, or maintenance easements or other rights;

Whether the proposed sale, transfer, or exchange is in the best interest of the SRID and the public;

Whether the option agreement should be approved; and

Whether the Chair and other members of the Board, the District Manager, the officers, attorneys, and other agents and employees of the SRID (a) should be authorized to do all acts and things required of them by the option agreement, or desirable or consistent with the requirements of the option agreement, for the full, punctual, and complete performance of the terms, covenants, and agreements contained within it, and (b) should be authorized and directed to execute and deliver any and all papers and instruments and to cause to be done any and all acts and things necessary or proper for closing and carrying out the transactions contemplated under the option agreement, including but not limited to terminating, cancelling, or annulling the option agreement upon the failure of any material term, condition, or contingency.

3

Closing. If the Board approves an option agreement for the sale, transfer, or exchange of District lands, then upon determining that all material terms, conditions, and contingencies have been satisfied or waived, the Chair and other members of the Board, the District Manager, the officers, attorneys, and other agents and employees of the SRID shall proceed to close the sale, transfer, or exchange in accordance with such terms, conditions, and contingencies.

4

Juliana E. Young, ARA
Cert Gen RZ571

1924 44th Avenue
Vero Beach, Florida 32966 772-569-4548
Fax 772 569 1018
julie@young-appraisals.com

July 5, 2022	APPRAISAL 22-Ag 445

Jeff Bass
Graves Brothers Company
2770 Indian River Boulevard Suite 201 Vero Beach, Florida 32960

Dear Mr. Bass,

As requested, I inspected and analyzed the impact of the potential Market Value of five segments of the Sebastian River Improvement District sub-lateral canals for right of way abandonment. This report is to provide you with an appraisal of the Market Value of these segments, independently and in total. The analysis of this property is to determine the Market Value of these properties based on “across the fence” analysis. The purpose of the appraisal is for potential acquisition of these canal areas if they are declared surplus by the Sebastian River Improvement District.

The Canal Segments are identified as follows, and more particularly described by legal description within this report:

10.050 acre Sub-Lateral C-5-E Canal
11.486 acre Sub-Lateral C-4-E Canal
7.802 acre Sub-Lateral C-3-E Canal
5.434 acre Sub-Lateral C-2-E Canal
2.425 acre Sub-Lateral C-6-W Canal Total area equates to 37.197 acres.
I have analyzed the subject, and the property’s market segment to provide you with an appraisal of the Market Value of the 100% fee simple interest to this property as of July 1, 2022. The property and improvements are described in the attached Restricted Appraisal Report, which is to be used by Graves Brothers Company and the Sebastian River Improvement District for potential acquisition.

The appraisal is performed in accordance with the Uniform Standards of Professional Appraisal Practices (USPAP). The opinions expressed in this report and the value conclusion reported are subject to the information contained in my workfile, and only briefly outlined in this report.

Based on the analyses presented in this report, it is my opinion that the Market Value of the fee simple interest of the real property appraised, as of July 1, 2022, is approximately $13,000 per acre.

Letter of Transmittal page 2

10.050 acre Sub-Lateral C-5-E Canal:	$130,650
11.486 acre Sub-Lateral C-4-E Canal	$149,318
7.802 acre Sub-Lateral C-3-E Canal	$101,426
5.434 acre Sub-Lateral C-2-E Canal	$ 70,642
2.425 acre Sub-Lateral C-6-W Canal	$ 31,525

The values of the five segments totals indicates $483,561, based on an area of 37.197 acres. These values are based on $13,000 per acre. No rounding is done, although typical in the market, due to the specific size indications of each segment by survey.

Sincerely,

Juliana E. Young, ARA Cert Gen RZ571

TABLE OF CONTENTS
INTRODUCTORY DESCRIPTION OF PROPERTY APPRAISED	1
SUBJECT MAPS	2
SUBJECT LEGAL DESCRIPTION	4
SUMMARY	6
NEIGHBORHOOD MAP	7
SEBASTIAN RIVER IMPROVEMENT DISTRICT LOCATION MAP	8
SEBASTIAN RIVER IMPROVEMENT DISTRICT MAP	9
SUBJECT JULY 2022 AERIAL MAP	10
SCOPE OF THE APPRAISAL AND REPORT FORMAT	12
LIMITING CONDITIONS AND UNDERLYING ASSUMPTIONS	14
CERTIFICATE OF APPRAISAL	16
VALUATION PROCESS	19
SALES COMPARISON APPROACH	20
SALES COMPARISON CHART - ACROSS THE FENCE	21
SALES MAP	22
QUALIFICATIONS	26

INTRODUCTORY DESCRIPTION OF PROPERTY APPRAISED

The property appraised includes five segments of the Sebastian River Improvement District Canal system:

10.050 acre Sub-Lateral C-5-E Canal
11.486 acre Sub-Lateral C-4-E Canal
7.802 acre Sub-Lateral C-3-E Canal
5.434 acre Sub-Lateral C-2-E Canal
2.425 acre Sub-Lateral C-6-W Canal Total Area equates to 37.197 acres

The canal properties are 100 feet wide and are located adjacent to properties owned by Graves Brothers Company. The properties include a mix of marginally improved canals and unimproved canal area, with earthen berms on both sides of the canal, and upland areas.

The property is located in an area of unincorporated Indian River County. The boundary of the City of Fellsmere lies to the west and the City of Sebastian lies to the north of this area. The property has zoning and land use designation of Agriculture, with residential densities restricted to no more than one unit per 5 acres.

SUBJECT MAPS

#4

#3

#2

#1

#5

The subject legal description and maps are based on Carter Associates, Inc. Sketch and Description, dated 06/09/2022, Project 20-489, Red#18-264S, drawn by DJM.

These parcels correspond with the appraiser parcels 1 through 4, from south to north, and #5 to the southwest, and are color coded on the following legal description..\

SUBJECT LEGAL DESCRIPTION

LEGAL DESCRIPTION (continued)

SUMMARY

Date of Value:	July 1, 2022
Date of Report:	July 5, 2022
Time of Report Preparation:	June 1, through July 5, 2022

Purpose of the Appraisal	Develop an opinion of the Market Value of the property.

Client of the Appraisal:	Jeff Bass, Graves Brothers Company

Users of the Appraisal:	Jeff  Bass,  Graves  Brothers Company, and their
representatives, and representatives of the Sebastian River Improvement District for potential surplus determination and acquisition of the property by adjacent landowners.

Purpose of the Appraisal:	To determine the Market Value of the five canal segments
independently and in total designated as follows:

10.050 acre Sub-Lateral C-5-E Canal
11.486 acre Sub-Lateral C-4-E Canal
7.802 acre Sub-Lateral C-3-E Canal
5.434 acre Sub-Lateral C-2-E Canal
2.425 acre Sub-Lateral C-6-W Canal

With total size of the added canal segments of 37.197 acres

Interest Appraised:	Fee Simple

Location:	Sebastian River Improvement District, Indian River County, Florida.

Improvement:	A mix of drainage canals and upland segments 100 feet in width.

Zoning/Land Use:	Agricultural (AG-1)

Highest and Best Use:

As Vacant:	Agricultural use in support of drainage infrastructure. As Surplus Land:	Incorporation with the adjacent properties

NEIGHBORHOOD MAP

The subject neighborhood includes areas of transition from agricultural uses / agricultural holding to rural residential. This area within the Sebastian River Improvement District has been slow to develop into residential uses due to large ownership holdings. Area of the neighborhood to the east is located within the Indian River Farms Drainage District, and has seen significant conversion from agricultural uses to rural residential acreage properties. This neighborhood is located east of Interstate 95, and west of areas of urban residential development. Areas 1.5 miles to the east, and .5 miles to the south are located within the Urban Service area of Indian River County. The City of Sebastian is located to the north. Several areas of the northern neighborhood within the Sebastian River Improvement District have been incorporated into the City of Sebastian. Areas north of State Road 60 and west of the subject neighborhood have been incorporated into the City of Fellsmere. The State Road 60 Commercial/Multi-Family corridor is located to the south. Long term development is anticipated to be for urban uses. Several citrus groves, sand mines and cattle production use remains in the neighborhood, along with several rural residences.

SEBASTIAN RIVER IMPROVEMENT DISTRICT LOCATION MAP

Subject Canal Segment locations are indicated as color coded.

SEBASTIAN RIVER IMPROVEMENT DISTRICT MAP

C-2-E Canal

C-3-E Canal

C-4-E Canal

C-5-E Canal

C-6-W Canal

Subject in colored lines.

SUBJECT JULY 2022 AERIAL MAPS

Area of the C-2-E Canal Abandonment. The area includes lateral canals not maintained by the district and bedded land with no lateral canal.

Surrounding uses include bedded land that is now used for cattle production

Area of the C-3-E Canal Abandonment. The area includes laterals not maintained by the District, bedded land, and wooded area.

Surrounding uses include bedded land that is now used for cattle production

Approximate area of the C-4-E Canal Abandonment. The area includes lateral canals that are not maintained by the District, dense stand of Australian Pines, and bedded land.

Surrounding uses include bedded land that is now used for cattle production

Approximate area of the C-5-E Canal Abandonment. The area includes lateral canals not maintained by the District, bedded land, and Australian Pine trees.

Surrounding uses include bedded land that is now used for cattle production

Approximate area of the C-6-W Canal Abandonment. The area has been utilized for citrus production, and is not improved with canal infrastructure.

Surrounding uses include bedded land that is now used for cattle production and citrus groves.

SCOPE OF THE APPRAISAL AND REPORT FORMAT

The Scope of Work is defined as the type and extent of research and analyses in an assignment.
The three main considerations of the Scope of Work are:

Identify the problem to be solved
Determine and perform the scope of work necessary to develop credible assignment results.
Disclose the scope of work in the report

The assignment is to value segments of the Sebastian River Improvement District Canals for potential abandonment.

The report is presented in Restricted Appraisal Report format. The report is designed and prepared to be fully compliant with the Uniform Standards of Professional Appraisal Practice (USPAP, 2020-21, extended to 2022). As a Restricted Report the majority of the background and analysis is retained in my workfile and only briefly outlined in this report. As a Restricted Appraisal Report, this document is intended for the client and the Sebastian River Improvement District only.

Problem to be solved:	Identify the Market Value of the following property based on
“across the fence” techniques.

10.050 acre Sub-Lateral C-5-E Canal
11.486 acre Sub-Lateral C-4-E Canal
7.802 acre Sub-Lateral C-3-E Canal
5.434 acre Sub-Lateral C-2-E Canal
2.425 acre Sub-Lateral C-6-W Canal

With total size of the added canal segments of 37.197 acres

Methodology:
Define the larger parcel

The larger parcel is a drainage and drainage system maintenance corridor. Value of the corridor is based on the contribution of the function of that corridor to the surrounding properties. The partial corridors of the subject parcels is to be declared surplus to the utility of the Sebastian River Improvement District. These partial corridors are not maintained by the District, and are not utilized as an integral area of the drainage system. The utilized methodology for analysis of the value of the canal segments as a surplus area of the corridor is based on “across the fence” methodology. Only Direct Sales Comparison based on “across the fence” sales will be made. Neither the Cost or Income Approaches to value are appropriate for the subject parcels.

Market sales that provide the most similar Highest and Best Use in the “across the fence” properties are utilized in the analysis to the canal segments.

The market sales are utilized to formulate an opinion of value for the appropriate “across the fence” parcel in the area of the corridor.

SCOPE OF WORK (continued)

Market sales of “across the fence” properties were attained through MLS, Indian River County Property Appraiser rolls, and market sources. The data gathered is limited to competing real estate markets. Data sources for sales include public recording of real estate sales transferred by warranty deed, general knowledge of sales that are publicized in the news media, or that are made known by real estate market participants, including brokers, bankers, buyers, sellers, and attorneys. Data is gathered and analyzed to interpret trends of the market participants. The analyzed data is then applied to the appropriate “across the fence” property for a value indication of the canal segments. The total value of the segments is added for convenience.

The scope of work was performed by Juliana Young. The appraiser is competent to complete the report in accordance with the competency provision of USPAP. The appraiser has acted in an independent capacity, and that the appraisal assignment is not based upon a requested minimum valuation of a specified valuation.

LIMITING CONDITIONS AND UNDERLYING ASSUMPTIONS

The value given in this appraisal report represents the opinion of the signer as to the Value AS OF THE DATE SPECIFIED. Values of real estate are affected by an enormous variety of forces and conditions will vary with future conditions, sometimes sharply within a short time. Responsible ownership and competent management are assumed.
No responsibility is assumed for the legal description or for matters including legal or title considerations. The property title is assumed to be good and marketable unless otherwise stated.
The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated.
The information furnished by others is believed to be reliable. No warranty, however, is given for its accuracy.
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.
It is assumed that there are no hidden or apparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them.
It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report.
It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in the appraisal report.
It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based.
It is assumed that the utilization of the land and improvements is within the boundaries of property lines of the property described and that there is no encroachment or trespass unless noted in the report.
Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event only with proper written qualification and only in its entirety.
The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made.
Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, heavy metals, or solvents, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. The presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the

LIMITING CONDITIONS AND UNDERLYING ASSUMPTIONS (continued)

assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them.
The Contract for the appraisal of said premises is fulfilled by the signer hereto upon the delivery of this report duly executed.

SPECIAL LIMITING CONDITIONS

The values rendered in this report are subject to the following specifications:

The property appraised includes five canal segments of the Sebastian River Improvement District. Legal descriptions and size of the segments are based on the Sketch and Descriptions provided from Carter Associates, dated 6/9/2022, Project 20-489, drawn b y DJM.
The canal segments are reported to be surplus property to the Sebastian River Improvement District. All value indications are subject to the Canal Segments designated as surplus by the Sebastian River Improvement District.

The use of the indicated assumptions might have affected the assignment results.

CERTIFICATE OF APPRAISAL

I certify that, to the best of my 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 my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
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.
I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting predetermined results.
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.
My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform standards of Professional Appraisal Practice.
Juliana E. Young has made a personal inspection of the property that is the subject of this report.
I have not performed services, as an appraiser, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.
This appraisal report has been made in conformity with and is subject to the requirements of the Codes of Professional Ethics and Standards of Professional Conduct of the Appraisal Institute, and the American Society of Farm Managers and Rural Appraisers.
Juliana E. Young is State Certified General Real Estate Appraiser #RZ571.
"As of the date of this report, I, Juliana E. Young, ARA have completed the requirements under the continuing education program of the American Society of Farm Managers and Rural Appraisers."
The use of this report is subject to the requirements of the American Society of Farm Managers and Rural Appraisers, and the State of Florida Real Estate Appraisal Board relating to review by its duly authorized representatives.
The appraiser has acted in an independent capacity, and that the appraisal assignment is not based upon a requested minimum valuation or a specific valuation.

Juliana E. Young, ARA Cert Gen RZ 571

Purpose of the Assignment
This report is to form an opinion of the Market Value of the Fee Simple Interest of the five following canal segments of the Sebastian River Improvement District. These segments are not maintained by the Sebastian River Improvement District, and do not appear to be integral to the operation of the water control system of the District.

Definition Fee Simple Title
Absolute ownership unencumbered by any other interest or estate, subject only to the limitations of governmental powers of taxation, eminent domain, police power, and escheat.

Source: The Dictionary of Real Estate Appraisal 5th Edition, The Appraisal Institute, 2010.

Real Property Defined
All interests, benefits, and rights inherent in the ownership of physical real estate; the bundle of rights with which the ownership of the real estate is endowed.

Source - The Dictionary of Real Estate Appraisal 5th Edition, The Appraisal Institute, 2010.

Market Value as used in this report is defined as:

Market Value as used in this report is defined as the most probable price in terms of money 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, 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:

Buyer and seller are typically motivated.
Both parties are well informed or well advised, and each acting in what he considers his own best interest.
A reasonable time is allowed for exposure in the open market.
Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto.
The price represents a normal consideration for the property sold unaffected by special or created financing or sales concessions granted by anyone associated with the sale.

Source - OCC Regulation 12 CFR Part 34.

The subject property is a portion of the Sebastian River Improvement District canal and maintenance corridor.

Sebastian River Improvement District c/o
Mr. Todd Wodraska
Special District Services Inc. 2501 A Burns Road
Palm Beach Gardens, Florida 33410-5204

There are no recent market sales of the subject properties or of similar properties within the Sebastian River Improvement District Corridor.

VALUATION PROCESS

There are three basic approaches utilized in forming an opinion of Market Value: the Cost Approach, the Direct Sales Comparison Approach, and the Income Capitalization Approach. These approaches to value are generally utilized when Market value of the fee simple interest is the primary purpose of the report.

The subject parent track is a corridor established for drainage and maintenance of the drainage system. There are no sales of similar corridor properties for either the before or after valuation of the subject after declared surplus. The most relevant approach to value in valuation of corridor properties is based on “across the fence” methodology.

Across the fence Value is defined as follows: “In corridor valuation, a value opinion based on comparison with adjacent lands including the consideration of adjustment factors such as market conditions, real property rights conveyed, and location.” The Dictionary of Real Estate Appraisal 5th Edition, Appraisal Institute, page 3.

In determining the appropriate “across the fence” properties, the properties along the Sebastian River Improvement District corridor located within the agricultural zoning/land use area are considered similar. The properties located adjacent to the Lateral C Canal include 5 acre rural ranchette properties, 20 to 40 acre tracts, with ownerships varying from 5 acres to over 800 acres. The properties are in rural residential use, golf course, being held in passive agricultural use for cattle production, marginal citrus/ornamental nursery production, and sand mining operations. The larger tracts in the district are generally held for future development, with few recent market transactions.

A critical factor in comparable sales appropriate for the subject in the across the fence valuation is location, east of Interstate 95, in proximity with urban sectors. None of the sales of this type of property in Indian River County are purchased for agricultural income potential. Most sales are purchased for rural residential use and/or holding for future residential use. Those properties located in proximity with county utilities have higher potential for public or private support structures such as schools, churches or other community buildings. Several recent transactions are available in the immediate subject area. Prior to the past 18 months, there had been no sales of the larger ownership properties in the subject immediate area in the previous
5 years. Most of the mid size to larger property ownerships are being held for future development and are not offered on the market. These larger ownership properties are typically divided into 40 acre tracts. Very limited road access is available in the subject area. Lack of public road frontage has diminished the potential to develop the few smaller tracts of land that are located in the subject area.

Sales of sites from within the subject immediate neighborhood are compared with sales of acreage properties from competing areas over the past two years. These sales provide a comparable market value analysis for the subject under the “across the fence” methodology. The most comparable “across the fence” properties to the subject are the properties of 40 acres or larger in size.

SALES COMPARISON APPROACH

The Direct Sales Comparison Approach makes direct comparisons of the comparable Across the Fence sales. The appraiser researched available sales records to locate those properties which are considered comparable to, and competitive with the subject transitional location with agricultural zoning and land use.

The sales are compared to the across the fence representation for the subject is based on price paid per acre, which best explains the market activity for properties of this type. The sales are briefly outlined on the following chart, and explained in more detail in the addendum of this report.

Sales Factors
Economic and/or physical conditions analyzed include financing, market conditions, location, access, size, and development potential. The sales provide an adequate range of value for the subject.

No sales required adjustment for unusual financing, and all sales were arm's length.

Market conditions, or increase in value due to the timing of the sales had been active in the past. The most recent sales indicate a flattening in appreciation for this type of property, with values of the most similar properties not showing signs of appreciation at this time. Matched pari sales of two properties located near 66th Avenue, south of Oslo Road indicate nominal change in value between February 2019 and July 2021. This pair of sales provides similar limited price change for acreage properties located in fringe transitional areas over the past 2 years.

Market demand remains adequate for properties with good road frontage, but marginal for properties with more distant locations from public roads, or roads that are not publicly maintained. The road infrastructure in the immediate area of the subject parcels is minimal, or undeveloped. Public utilities are also not available in this area. Lack of public facilities significantly impacts the marketability of these properties.

All sales are located in the competing transitional neighborhood of Indian River County. Considering the limited number of larger site sales located east of Interstate 95, several sales, located within the Indian River Farms Drainage District west of Interstate 95 are included.

Each sale is analyzed based on the desirability of road access, location desirability, access to utilities, and other public support facilities. The subject Canal Segments generally have no established access.

Qualitative considerations are made for size of the sales. Sales in the range of 20 acres or less are significantly superior.

Most sales are fenced and held in cattle production. Most sales have been utilized for citrus production in the past, with some bedding remaining. All sales have access to drainage.

Qualitative considerations are made for properties with superior site improvements. No adjustment is warranted for fencing. Alternative considerations are made based on market desirability of the properties.

SALES COMPARISON CHART - ACROSS THE FENCE

	Subject	Sale 1	Sale 2	Sale 3	Sale 4	Sale 5	Sale 6	
Grantor	Sebastian
Riv Imp Dist	Barnes	Hogan, et. al	Cracker Cattle	EJ&ME	Edsall Bar A D Ranch	
Grantee		Graves	Atlantic Breeze
Cape Canaveral	Rafta	Rang Tropical North 94th LLC	17th & 86th
Pinero	Ranch	

Location	Sebastian	Sebastian 6905 17th St SW	17th St SW  2105 & 2205 86
SW

XX 94th Ave XX 17th St SW

	Imp Dist	Imp Dist		
Sec/Twp/Rng	35,36/31/38	35/31/38	31/33/39	31/33/39	35/33/38	22/33/38	26/33/38	
	1,2/32/38	2/32/38						
Date of Sale		2/2021	7/2021	12/2021	3/2021	4/2021	9/30/2021	
Recorded		3392/1727	3449/2108	3505/1212	3402/828	3412/1217	3469/834	
					3404/926			
Sale Price		$2,210,000	$1,722,200	$555,000	$575,000	$775,000	$1,350,000	
Size		170.04	118.77	38.3	40.5	67.07	76.3	
	Adj to larger							
	ownership							
Zoning/Land Use	Ag-1	Ag-1	Ag-1	Ag-1	Ag-2	Ag-2	Ag-2	
Improvement	Canals. & vac	bedded land	young citrus	bedded	fenced pasture	bedded land	cleared bedded	
	land		limited condition	barn $50,000	scattered trees		land	
Access	marl	marl	marl	marl	marl	marl	marl	
	dirt track	dirt track						
	none	none						
Motivation		land holding	land holding	land holding	land holding	land holding	land holding	
			AofE SD	AofE SD				
$/acre		$12,997	$14,500	$14,491	$14,198	$11,555	$17,693	
Location		similar	superior dev	large ranchette	slightly inferior	slightly inferior	slightly inferior	
Size		mxd larger	superior dev	mxd	similar	similar	similar	
configuration	canals	non-	superior	superior	superior	superior	superior	

improvement	
ag holding	contiguous
ag holding	
ag holding	
ag holding	
ag holding	
ag holding	
ag holding	
Access	marl / dirt	similar	superior	superior	similar/superior	superior	superior	
Adjustments								
Location		0%	-5%	-5%	5%	5%	0%	
Size		0%	0%	0%	0%	0%	0%	
Configuration		0%	0%	0%	-5%	-5%	-5%	
Improvement		0%	0%	0%	0%	0%	0%	
Access		0%	-5%	-5%	-5%	-5%	-5%	
Total Adjustments		0%	-10%	-10%	-5%	-5%	-10%	
Adjusted Price/ac		$12,997	$13,050	$13,042	$13,488	$10,977	$15,924	

SALES MAP

Sale 1

cPD-	-Subject in yellow
D

Sales D

Sale6  D
D
Sale4

Sale 3

Sale 2

Sale 1 is a group of four non-contiguous tracts located within the Sebastian River Improvement District. These tracts are generally cleared of citrus trees, with old bedding in place. Access is marginal, over marl dirt track. Seller has owned these properties for a prolonged period of time, with prior improvement for citrus production. The citrus trees have been removed, and no economic return from the citrus has been received for many years. The buyer is an adjacent land owner. Location, access and potential utility of the sale are all similar with the subject. This sale supports a value of $12,997 per acre.

Sale 2 is improved with an active young citrus grove. Citrus trees were removed after the purchase This property is located in the South County, South of Oslo Road, off or a county maintained marl road. The seller was an long time citrus growing family in the area. The buyer has additional property in the area and intends to improve the property with acreage site rural residential subdivision in the future. Location, access and short term development potential for rural residential homesites are all superior.  The sale supports a value of $13,050 per acre.

Sale 3 is located west of Sale 2. The sale is of bedded land, with furrows remaining. A small area of citrus trees is located on site. The sale site includes a barn built in 2004 and two wells. The sale price is adjusted downward for the barn. Sale price is recorded at $605,000, with value to the land estimated at $555,000. The property had been listed at $699,000, increasing to
$845,000 prior to the sale. Sale price supports that the listing price was higher than market. Location, access, and size for residential ranchette are superior. The sale supports a value of
$13,042 per acre.

Sale 4 is the sale of one track, split to two buyers. The northern1/2 was purchased for a rural residential site and the south ½ was purchased for ornamental nursery production. ($290,000
+ $285,000) Minimum lot size for residential use is 10 acres. With the one time split, neither site may be split again without subdivision development.  The property had been listed for
$590,000. At the time of the sale the site was in cleared old citrus bedding. Access is marginal, off of a public marl road. The sales have superior location, access and size for near term residential ranchette use. The sale supports a value of $13,488 per acre.

Sale 5 is located a mile north of Sale 4 and 2 miles south of SR 60, just west of Interstate 95. The site includes old beds from citrus groves. The site has frontage on 94th Avenue, a county maintained marl road. Seller is a long time citrus family that is divesting all of their land holdings. Buyer has been assembling land in the sale area for over 25 years. The site was purchased to hold over the mid to long term. The sale has somewhat inferior location, superior access, and superior mid term use potential. The sale supports a value of $10,977 per acre.

Sale 6 is located in South County, West of Interstate 95. The property includes numerous barns built in 2005. The site was previously used for citrus, with bedding remaining. Value of the buildings is adjusted at $50,000, with sale price of the land estimated at $1,350,000. The buyer has been assembling properties in this area for over 25 years. This property lies adjacent to a previously acquired property, which is expected to have influenced the purchase price. The sale has good location, near the new Oslo Road I/95 Interchange, which is anticipated to be constructed over the next 5 years. Access is superior. Development potential is superior. The sale supports a value of $15,924 per acre.

The sales support a value range of $10.977 per acre to $15,924 per acre. The majority of the sales, and the most comparable sale provide value indications near $13,000 per acre.

All sales are located in competing areas with the subject “across the fence” property. Location is east and west of Interstate I-95, in Indian River County, in areas with Agricultural-1 & 2 zoning and comprehensive land use, but surrounded by urban development. This area includes a mix of rural ranchette uses and land that is held for future urban use. Agricultural production is not the motivation for ownership. Agricultural uses are typically holding use, in passive cattle production, ornamental nursery production, sand mines, and a minor amount of citrus. Land purchases are not for economic returns from agricultural production.

Prior to 2020 the prices paid for properties in the area increased. Over the past two years prices appear to have flattened, or stabilized, with higher prices typically due to site attributes, not the timing of the sale. Demand remains adequate. Demand for expanding residential development is contributing to the increasing values in the area, with both rural residential use and expansion for residential subdivisions driving the market. The subject area has limited potential for residential use over the immediate term, with potential for alternative uses lower than found in the areas of most sales.

The sales used include larger rural properties from 40 to 170 acres and properties that were purchased for long term holding for more intensive use in the future. The rural ranchette market has been strong over the past 5 years, with limited properties available in the 10 to 20 acre range. This 10 to 20 acre size of rural residential property is desirable for the equestrian market. Additional uses in the subject neighborhood include high end equestrian facilities over 30 acres, school sites, pockets of older residential neighborhoods, and projected expansion residential subdivisions. Several properties on the northern fringe of the neighborhood have been annexed into the City of Sebastian for more intensive long term use. The City limits of Fellsmere are located adjacent to the western boundary of the neighborhood. These annex expansions are projected to include residential and commercial uses over the near to mid term. Additional annexation is anticipated by the market.

The sales used are a mix of larger, similar, and smaller properties than the typical “across the fence” 40 acre property. Sales have lower than desirable, but generally better access than the subject. Location adjacent to the Urban Service Area and public utilities is more distant for all sales used. The most comparable sale is Sale 1, which is located in the same Sebastian River Improvement District, with similar development potential, access and location. This sale is given the most weight in the final analysis.

The immediate across the fence properties to the subject Canal Segments include limited citrus and bedded land that was previously improved for citrus and is now fenced for cattle production. The current citrus production may provide limited income potential, but no contributory value to the land.

The “across the fence” most likely size parcel of 40 acres or larger. The subject parcel is considered as a portion of a 40 acre to several hundred acre “across the fence” property, and not a smaller segments of 2.5 to 11.5 acres. The subject canal segments are located somewhat distant from the City limits of Sebastian, and distant from potential development in the City of Fellsmere. Additionally, these parcels are not located adjacent to public utilities.

An appropriate value for the subject, under the “across the fence” methodology is at $13,000 per acre.

Based on the analyses presented in this report, it is my opinion that the Market Value of the fee simple interest of the real property appraised, as of July 1, 2022, is: approximately $13,000 per acre.

10.050 acre Sub-Lateral C-5-E Canal:	$130,650
11.486 acre Sub-Lateral C-4-E Canal	$149,318
7.802 acre Sub-Lateral C-3-E Canal	$101,426
5.434 acre Sub-Lateral C-2-E Canal	$ 70,642
2.425 acre Sub-Lateral C-6-W Canal	$ 31,525

The values of the five segments totals indicates $483,561, based on an area of 37.197 acres. These values are based on $13,000 per acre. No rounding is done, although typical in the market, due to the specific size indications of each segment by survey.

QUALIFICATIONS

Education -

JULIANA E. YOUNG, ARA

California State Polytechnic University, Pomona, California, B.S. Degree in Biology, 1971 Cal State Polytechnic University, Pomona, CA., Graduate School in Biology 1972-1973

Professional Memberships / Affiliations -
ARA, Accredited Rural Appraiser, American Soc. of Farm Managers and Rural Appraisers, 1993 MAI, Member Appraisal Institute, Appraisal Institute, 1998 (Membership retired in 2019)
FRICS, Fellow Royal Institution of Chartered Surveyors, 2010-2016 (Membership retired in 2017) Florida State-Certified General Real Estate Appraiser, #RZ571, 1990 to present
AQB (Appraisal Qualifications Board) Certified USPAP Instructor #10452 (retired in 2020) Special Magistrate, Indian River County, 2015-2020

Professional Affiliations -
District II Vice President, ASFMRA 1996-1999 President, Florida Chapter - ASFMRA, 1995

Appraisal Seminars -
Eminent Domain, (ASFMRA), 2/93
Measuring External Obsolescence, (AI), May 1992 Market Extraction - Income Properties, (AI), August 1993
Permanent Plantings and Leases, (ASFMRA) - August 1993 Appraising Chattels, (ASFMRA) - November 1994
South Florida Water Management District - Valuation of Easements: Water, Conservation,
Drainage, & Powerline, Mitigation Value, Riparian Rights - May 1994; Wetland Regulations; Mitigation Banking: Transfer Development Rights - May 1995: Acquisition Less than Fee; Development Rights Valuation - May 1996; Less than Fee, Timber - 5/97; Appraisal of rural properties in South Florida - 5/98, 5/2000, 5/2003, 2005, 2006, 2007
Appraisal Practices for Litigation, (AI) - July 1995 Timber Valuation, (ASFMRA) - August 1996 Minerals Valuation, (ASFMRA) - February 1997 Rural Business Valuation (ASFMRA) - 2/99 Fractional Interest (ASFMRA) - 4/97 Environmental Due Diligence (ASFMRA) - 7/97
UAAR - Uniform Agricultural Appraisal (ASFMRA) - 3/99 Permanent Plantings in Changing Markets (ASFMRA) - 9/99 Packing, Processing and Cold Storage Facilities (ASFMRA) - 9/99 Florida Law, (AI) - 9/2003
Public Land Acquisition and Land Management Conference - 11/2000 Conservation Easements (ASFMRA) - 6/2001
Partial Interests, Undivided (ASFMRA) - 6/2002
USPAP, Instructor Application (ASB) - 8/2002, 2006, 2008, 2010, 2012, 2014, 2016
Advanced Appraisal Review (ASFMRA) - 3/2004 Yellow Book, USFLA (ASFMRA) - 7/2008
Ethics, Appraisal Institute and ASFMRA
Fair Value Accounting and the Appraisal Profession, 4/2009 (ASFMRA/RICS) Valuation of Conservation Easements and Other Partial Interests 9/2009 (ASFMRA) Hotel Valuation (AI) 2/2012
Dairy Valuation (ASFMRA) 4/2012
Natural Resource Valuation (ASFMRA) 5/2013
Best Practices in Agricultural Valuation (ASFMRA) 2/2014 Grain Storage Valuation (ASFMRA) 7/2014
Permanent Plantings (ASFMRA) 2015 (Instructor)
Uniform Appraisal Standards for Federal Land Acquisition, Yellow Book, (ASFMRA), 2/2018 Valuing Rural America (ASFMRA) 5/2019
Valuing Trophy Properties (ASFMRA) 6/2021

QUALIFICATIONS OF THE APPRAISER
Juliana E. Young, ARA Page 2

Appraisal Related Courses and Seminars - Citrus Varieties and Rootstock - 1991 Soils and Fertilizer - 1991
Leadership Institute (ASFMRA) - 5/95
Southwest Florida Citrus Expo, Indian River Citrus Seminar

Appraisal Related Courses and Seminars Taught Permanent Plantings, (ASFMRA)
Principals of Rural Appraising A-20 (ASFMRA) ASFMRA Ethics
7 hour USPAP
Appraising Rural Land in Transitional Markets Seminar Appraisal Report Review Seminar

Work Experience -
Owner, Young Appraisal and Consulting, Vero Beach, Florida, January 2008 to present
Independent Contractor, Armfield-Wagner Appraisal & Research, Inc., Vero Beach, Florida, January 1986 to January 2008
Staff Researcher, Armfield-Wagner Appraisal & Research, Inc., Vero Beach, Florida, May 1985 to January 1986

Professional Experience -
Appraisal work completed on citrus groves, ranchland, sod and crop land, dairy, packinghouses, feed mills, and other agricultural properties, conservation land, wetlands, commercial and light industrial properties, residential subdivisions, residences, condominiums and small income properties, vacant land, and vacant acreage. The purpose of appraisals: for sales, mortgage purposes, partitioning, estate planning, bankruptcy, condemnation, Special Use Valuation of Agricultural Properties for estate analysis, estate settlement, tax allocation, governmental land acquisition, insurable value, relocation purposes, individuals and corporations. Consulting work in citrus production, and market trends of agricultural and transitional properties. Personal property valuation of citrus crop on tree.

Specializing in transitional and agricultural properties in Indian River, St. Lucie, Okeechobee, Martin, Osceola, Polk, Highlands, DeSoto, Hardee, Hendry, Glades, and Brevard Counties.

Qualified as Expert Witness
Indian River County Circuit Court
U.S. Bankruptcy Court - Orlando District, Palm Beach District

Representative Appraisal Clients -
Attorneys	Individuals
Corporations	Wells Fargo Bank
Bank of America	Indian River County
Bayer	Indian River Land Trust
Colonial Bank	1st Republic Bank
Ciba (Syngenta)	PNC
Robo Bank	Farm Credit Bank of Texas
Farm Credit of Florida	Georgia AgSouth
First National Bank	AXA Equitable AgriFinance
Enterprise Bank & Trust	Colvin & Co.
Florida Land Trust	South Florida & St. Johns
Florida Affinity	Water Management Districts
Florida Marine	Sebastian Water Control District
SouthTrust N.A.	St. Lucie County
Prudential Agricultural Investments	MONY
MetLife	Westchester
AgAmerica Lending	Courtland Partners / PSERS Cushman & Wakefield / International Framing
The Cities of Vero Beach, Okeechobee, Fort Pierce & Fellsmere

Sebastian River Improvement District

Financial Report For June 2022

SEBASTIAN RIVER IMPROVEMENT DISTRICT MONTHLY FINANCIAL REPORT
JUNE 2022

REVENUES	
Annual Budget
10/1/21  /30/22	

Actual Jun 22	Year To Date Actual
10/1/21 6/30/22	
1A9 AVVeVVmentV	 0  6	0	  15 	
R O W 8Ve FeeV	1 65	0	0	
Permlt FeeV	5 000	6 	  16 	
Other Revenue Legal RelmEurVement	0	0	5 6 	
Other Revenue	0	0	0	
Other ,ncome Sale OI Lateral ' Canal	0	0	 00 000	
,ntereVt ,ncome	 60	0	1  1	
				
Total Revenues	$	32 ,161	$	6,323	$	1,22 ,833	
				
EXPENDITURES				
Legal *eneral	 0 000	0	 1 	
Legal SSeclal CounVel	0	0	1 051	
Legal %MAP ,VVueV	0	0	0	
([Sert ConVultant FeeV	0	  1	65 	
'lVtrlct AdmlnlVtratlve	  000	  50	 0 50	
OSeratlonV Manager	 1 000	1 50	15 50	
OSeratlonV Manager Payroll 7a[eV	1 60 	1 	1 05	
(nglneerlng *eneral	 5 000	0	   0	
(nglneerlng Permlt	5 000	0	0	
(nglneerlng Sand MlneV	0	0	     	
(nglneerlng Lateral ' WaterVhed	0	0	  1	
(nglneerlng  nd Ave ([tenVlon	0	0	61 	
(nglneerlng Other	 5 000	0	 5	
Accountlng/Audlt	5 100	0	0	
,nVurance	 600	0	 1 6	
WeEVlte Management	 000	16 	1 500	
'ueV  SuEVcrlStlonV	 5	0	1 5	
Legal AdvertlVementV	1 150	0	1 0 5	
MlVcellaneouV	 000	 65	1 	
Water Quallty Analytlcal Servlce	1 000	0	516	
R O W Malntenance	11 	0	0	
C/L (Canal/Lateral) Malntenance	0	0	0	
MlVcellaneouV Malntenance	10 000	0	 6 	
				
Total E[Senditures	$	310,655	$	7,547	$	364,456	
				
Revenues Less E[Senditures	$	18,506	$	 1,224 	$	865,377	
				
County ASSralVer  7a[ Collector Fee	(6 16 )	0	(  50)	
'lVcountV For (arly PaymentV	(1  )	0	(10 1 0)	
				
E[cess/ Shortfall 	$	 	$	 1,224 	$	852,887	
				
Carryover From Prlor Year	0	0	0	
				
Net E[cess/ Shortfall 	$	 	$	 1,224 	$	852,887	

Bank Balance As Of 6/30/22	$	630,585.37	
Accounts Payable As Of 6/30/22	$	24,882.47	
Other Current Liabilities As Of 6/30/22	$	73,204.07	
Accounts Receivable As Of 6/30/22	$	21,574.01	
Available Funds As Of 6/30/22	$	554,072.84