Property Evaulation Audit as of 07.31.1999•
•
MEMORANDUM
FROM THE OFFICE OF
PUBLIC RISK MANAGEMENT OF FL.
September 17, 1999
To: Lola Parker
City of Okeechobee
ud
From: y right
Re: Insurance Values
Enclosed is the appraisal report of the city's property provided
by Valuation Resource Management.
Also enclosed is the city's request to declare certain property
in the open items. The appraisal report includes traffic signals
and street lights and street signs. We do not list guardrails.
If you wish to include guardrails, please complete the attached
form and return to me.
Thanks for your help.
•
•
CITY OF OKEECHOBEE
PUBLIC RISK MANAGEMENT
DECLARED PROPERTY - PROPERTY IN THE OPEN
NOTE:There is a wide variety of Property in the Open that is often omitted, or not
declared by PRM members. Some members elect to cover this property and
others elect to not insure this property. Although this list may not be all- inclusive,
please review this list and indicate any changes that you may have for the renewal
term. This list was complied from your response on last year's application. If you
have any new property that you would like to declare, you MUST provide a value.
You will notice there are a few additional lines for any property not listed.
G.:14.164.1)
Type of Property
DECLARE
Yes No
Included on
Appraisal (Y/N)
Value
Airport Lights
X
Antennas
X
4 ` }
Bleacher /Grandstands
Scoreboards
X
Fences
X
Traffic Signals
V
Ye 5 i'
k IMO.
Street Lights
'1/b £
ti olz, G d
Lift Stations
Y
Gazebos
X
Pavilions
Boat Docks
Piers
X
Golf Course Greens
X
Street Signs
/\
/
Guard Rails
x
no
PITO REPORTING FORM
(Property in the Open)
• MEMBER NAME: C / 7
CONTACT: PHONE:
SITE NAME: * * MEMBER # :
(Ex. Municipal Complex) (Er. 17)
BUILDING NAME: ** SITE # :
(Ex City Hall) (Ex. 1701)
ADDRESS: ** BLDG #:
(Ex. A)
** (PRM will complete the fields above)
•
DECLARED_ITO
(please check the appropriate type)
FENCING $ LIGHTING $
chain link .,_ metal
wrought iron _ wood
— wood picket _ aluminum
_ split rail ,._ other:
other:
approx. height: ft. number of poles: ea.
approx. length: linear ft. approx. height: ft.
STRUCTURES $ SIGNS $
— bleacher /grandstand — metal
_ gazebo — wood
pavilion — other:
_ other
FLAGPOLES $ ANTENNAS $
approx. height: ft. approx. height: ft.
OTHER: $ TRAFFIC
SIGNALS $
number:
•TES:
Valuation Resource Management, Inc.
2675 Paces Ferry Road NW, Suite 215 • Atlanta, GA 30339 • 770 - 432 -2626 • 1- 800 - 876 -6607 • FAX 770 - 432 -2344
09/15/1999
Ms. Lola Parker
Finance Coordinator
City of Okeechobee
1011 SE 3rd Avenue South
Okeechobee, FL 34974-
Dear Ms. Lola Parker:
We have made an appraisal of certain designated property of interest to the City of Okeechobee known as
CITY OF OKEECHOBEE and submit our findings in this report.
The purpose of our appraisal investigation was to express our opinion of the cost of reproduction new and
the insurance exclusion for insurance purposes.
Cost of Reproduction New, an appraisal term synonymous with "new replacement cost" in the insurance
industry, and Insurance Exclusion are defined as follows:
Cost of Reproduction New is the amount required to reproduce property in like kind and
materials at one time in accordance with current market prices for materials, labor and
manufactured equipment, contractors overhead, profit, and fees, but without provisions
for overtime or bonuses for labor and premiums for materials.
Insurance Exclusion is a provision in an insurance contract describing property, or types
of property, that are not covered by the contract. The insurance exclusion amount is
deducted from the new replacement cost to arrive at an insurable value.
In estimating the cost of reproduction new, we did not consider costs associated with conforming with local
ordinances or other legal restrictions, the cost of demolition in connection with reconstruction, or the cost to
remove destroyed property.
In the event of partial loss, the amount of loss may be based upon the repair cost, which is usually
proportionately higher than the cost of reproduction new for the entire property as defined and included in
this report.
Exclusions have been calculated according to our experience with property that is typically excluded for
insurance purposes. We accept no responsibility of liability for the excluded property. It is our
recommendation that you consult with your insurance agents so that these figures may be compared to
those in your current coverage.
Atlanta • Beverly Hills • Boston • Chicago • Columbus • Dallas • Denver • Indianapolis • Jacksonville • Los Angeles
Miami • Milwaukee • Minneapolis • Philadelphia • Pittsburgh • Richmond • San Diego • San Francisco • Seattle
Ms. Lola Parker
City of Okeechobee
09/15/1999
• Page 2
•
•
The appraisal report includes the following:
This letter, which summarized the appraisal procedures applied in the appraisal process;
The following appraisal reports:
Insurance Summary Reports
Insurance Detail Report with Color Photographs
A schedule showing assigned code numbers utilized and corresponding nomenclatures;
A statement of assumptions and limiting conditions
Our appraisal investigation included the following:
Buildings and their related service systems
Contents (modeling concept)
Insurable Land Improvements
Excluded from our consideration were the following:
Land
Non - Insurable Land Improvements
Infrastructure
Licensed Vehicles
Also excluded were assets of an intangible nature, records and drawings, inventory items, personal property
of employees and leased property.
Contents were valued utilizing a modeling concept which matched each building's contents value with a
similar model in our database of previously appraised buildings.
The values generated by the system not only reflect the cost of all standard type fumiture and equipment
found within a particular building, but also include all computer equipment, machinery, business machines,
consumables, spare parts, supplies, software and books.
Ms. Lola Parker
City of Okeechobee
09/15/1999
• Page 3
Based upon our appraisal investigation and analysis, and the premises outlined above, it is our opinion that
as of 07/31/1999, the Cost of Reproduction New is as follows:
Replacement Cost New 1,187,000
Exclusions Amount 55,300
Replacement Cost New Less Exclusions 1,131,700
Contents Value 299,000
EDP Equipment Value 97,000
Land Improvements Value 270,900
Respectfully submitted,
VALUATION RESOURCE MANAGEMENT, INC.
DAN MASHEK
IIIResponsible Appraiser
•
ASSUMPTIONS AND LIMITING CONDITIONS
• This appraisal report has been made with the following general assumptions:
1. It is assumed that the utilization of the improvements is within the boundaries or property lines of the
property described and that there is no encroachment or trespass unless noted in the report. No survey
has been offered or ordered in connection with the service.
2. Building areas discussed have been calculated in accord with standards developed by the American
Standards Association as included in Real Estate Appraisal Terminology.
3. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures
that render them more or less valuable. No responsibility is assumed for such conditions or for arranging
for engineering studies that may be required to discover them.
4. All engineering and architecture is assumed to be correct.
5. We have assumed that the property is free from insect infestations, dry rot, and fungus growth. The
mechanical systems, heating system, piping, plumbing, and other building service equipment have not
been specifically tested, but are assumed to be in good working order and adequate for the buildings,
unless specifically cited otherwise.
6. It is assumed that all applicable zoning and land use regulations have been complied with, unless a
nonconformity has been stated, defined, and considered in the appraisal report.
7. 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.
8. 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.
9. It is assumed that there are no hazardous substances on the subject property or on surrounding
properties that would potentially adversely affect the value of the subject property. The analyses and value
conclusions in this appraisal report are null and void should any such hazardous materials be discovered.
We possess no expertise or qualifications for identifying hazardous materials. We assume no
responsibility for investigating or arranging for competent engineering studies of the property to identify
such hazardous materials.
10. The information fumished by others is believed to be reliable and has been confirmed with public
records or a knowledgeable party when possible. However, no warranty is given for its accuracy.
11. Our appraisal is valid only for the function which is stated herein. Any other use of, or reliance upon,
this report by you or third parties is invalid.
12. Liability of Valuation Resource Management, Inc. and its employees for errors and omissions, if any, in
this work is limited to the amount of its compensation for the work performed in this assignment.
All services provided by Valuation Resource Management, Inc. are performed in accordance with the
Uniform Standards of Professional Appraisal Practice. We have acted as an independent contractor and
have no personal interest, either present or contemplated, in the subject property. We certify that no fee
received, or to be received, or the employment of our services, is in any way contingent upon the opinion
reported. All files, work papers or documents developed during the course of the assignment shall be our
property. We will retain these data for at least five years.
•
09/15/1999 City of Okeechobee As of: 07/31/1999
LOSA BUILDING TABLE LISTING Page: 1
CODE DESCRIPTION
ENTITY: 46 CITY OF OKEECHOBEE
SITE: 001 MUNICIPAL CENTER
SITE: 002
SITE: 999
A
AZ
B
BZ
C
D
A
AZ
B
A
B
CITY HALL
1011 S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
PROPERTY IN THE OPEN
FIRE /POLICE STATION
1041 S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
PROPERTY IN THE OPEN
STORAGE BUILDING
1029 S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
SMOKE TOWER
1029 S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
PUBLIC WORKS COMPOUND
PUBLIC WORKS BUILDING
500 N.W. 11TH AVENUE
OKEECHOBEE, FL 34974
PROPERTY IN THE OPEN
MECHANICS BUILDING
500 N.W. 11TH AVENUE
OKEECHOBEE, FL 34974
THROUGH OUT
PROPERTY IN THE OPEN
•
09/15/1999
INSVAL
Member: 46 CITY OF OKEECHOBEE
Bldg Building Description
No. Construction Class
Address
• •
City of Okeechobee
INSURANCE VALUE REPORT
Year Building
Protection Built Fir Sq. Ft. CRN
Contents
Value
EDP
Value
As of: 07/31/1999
Page: 1
Property
In The Open
Site:
001 MUNICIPAL CENTER
A CITY HALL
JOISTED MASONRY
PROPERTY IN THE OPEN
LIGHTS, STREET, ORNAMENTAL, 8' (11)
FLAG POLE, ALUMINUM, 30 (1)
SIGN WOOD (1)
B
BZ
C
D
Site:
A
AZ
5C
104- 1-S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
FIRE/POLICE STATION
JOISTED MASONRY
PROPERTY IN THE OPEN
LIGHT, WOOD, 25 (1)
STORAGE BUILDING
JOISTED MASONRY
SMOKE TOWER
FRAME/COMBUSTIBLE
Ss
164? S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
SS
4929'S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
102 .S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
Site total for 001:
002 PUBLIC WORKS COMPOUND
NONE
NONE
NONE
NONE
1923 2 5,840
1960 2 6,120
1980 1 1,056
1960 4 972
440,000
480,000
24,000
12,500
165,000
70,000
8,000
0
35,000
PUBLIC WORKS BUILDING 1976 1 2,250
MASONRY NON COMBUSTIBLE NONE
PROPERTY IN THE OPEN
TANK, STEEL, DOUBLE WALL, WELDED, 2K GAL DIESEL, 10 K GAL UNLEAD, W/2 PUMPS (1)
FENCE, BARBED WIRE, 1600'X6'
B MECHANICS BUILDING
MASONRY NON COMBUSTIBLE
Site: 999 THROUGH OUT
500 N.W. 11TH AVENUE
OKEECHOBEE, FL 34974
500 N.W. 11TH AVENUE
OKEECHOBEE, FL 34974
NONE
956,500
74,500
1973 1 5,190 156,000
243,000
50,000
60,000
0
0
95,000
2,000
16,500
1,500
750
2,150
6,000 0
20,900
60,000
27,200
Site total for 002: 230,500 56,000
2,000 87,200
09/15/1999
INSVAL
Member: 46 CITY OF OKEECHOBEE
Bldg Building Description
No. Construction Class
Address
• •
City of Okeechobee
INSURANCE VALUE REPORT
As of: 07/31/1999
Page: 2
Year Building Contents EDP Property
Protection Built Fir Sq. Ft. CRN Value Value In The Open
A PROPERTY IN THE OPEN
B
SIGNAL, STREET
54,400
LIGHT, STREET (2) 108,400
Site total for 999: 0 0 0 162,800
Member total for 46: 1,187,000 299,000 97,000 270,903
Report Total: 1,187,000 299,000 97,000 270,900
•
09/15/1999
DBU1
•
City of Okeechobee
BUILDING DETAIL REPORT
Entity: 46
Site: 001
Building: A
Department: CO
Year Built: 1923
Nbr. of Stories: 2
Basement: NO
Occupancy: GCH
Frame Type: JM
ISO Class: 2
Fire Protection:
CITY OF OKEECHOBEE
MUNICIPAL CENTER
CITY HALL
1011 S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
NONE
Year Acquired:
Square Footage:
Adds/Renovations:
CITY HALL
JOISTED MASONRY
JOISTED MASONRY
NONE
GENERAL BUILDING CHARACTERISTICS
Exterior Walls:
Roofing:
Foundation:
Floor Finish:
Ceiling Finish:
Partitions:
STUCCO ON MASONRY,
CLAY TILE,
CONCRETE SLAB ON GROUND,
CARPETING, VINYL
ACOUSTICAL, PLASTER
DRYWALUSTUDS, PLASTER /STUDS
Services:
ELECTRICAL
PLUMBING
HEATING - FORCED WARM AIR
AIR CONDITIONING - CENTRAL
Notes:
VRM Produced by Valuation Resource Management, Inc.
1923
5,840
YES
•
As of: 07/31/1999
Page: 1
Features:
BUILT -INS (CABINETS, LOCKERS, BOOKCASES)
COVERED ENTRANCE WAY
ROOF TOP STRUCTURE
RAILINGS
VALUATION CONCLUSIONS
Replacement Cost New:
Exclusion Amount:
Replacement Cost Less Exclusions:
Contents Value:
EDP Equipment Value:
UDF1:
Property in The Open:
440,000
25,100
414,900
165,000
35,000
0
0
Total Insurable Replacement Cost: 614,900
•
09/15/1999
DBU1
•
City of Okeechobee
BUILDING DETAIL REPORT
Entity:
Site:
Building:
Department:
Year Built:
Nbr. of Stories:
Basement:
Occupancy:
Frame Type:
ISO Class:
Fire Protection:
46
001
B
00
1960
2
NO
GFS
JM
2
CITY OF OKEECHOBEE
MUNICIPAL CENTER
FIRE /POLICE STATION
1041 S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
NONE
Year Acquired:
Square Footage:
Adds /Renovations:
FIRE STATION
JOISTED MASONRY
JOISTED MASONRY
NONE
GENERAL BUILDING CHARACTERISTICS
Exterior Walls:
Roofing:
Foundation:
Floor Finish:
Ceiling Finish:
Partitions:
STUCCO ON MASONRY,
CLAY TILE,
CONCRETE SLAB ON GROUND,
CARPETING, SEALER
ACOUSTICAL, PLASTER
DRYWALUSTUDS,
Services:
ELECTRICAL
PLUMBING
HEATING - FORCED WARM AIR
AIR CONDITIONING - CENTRAL
Notes:
R
V M Produced by Valuation Resource Management, Inc.
1960
6,120
YES
•
As of: 07/31/19921
Page: 5
Features:
BUILT -INS (CABINETS, LOCKERS, BOOKCASES)
COVERED ENTRANCE WAY
RAILINGS
VALUATION CONCLUSIONS
Replacement Cost New:
Exclusion Amount:
Replacement Cost Less Exclusions:
Contents Value:
EDP Equipment Value:
UDF1:
Property In The Open:
Total Insurable Replacement Cost:
480,000
19,400
460,600
70,000
60,000
0
0
590,600
•
09/15/1999
DBU1
•
City of Okeechobee
BUILDING DETAIL REPORT
•
As of: 07/31/1999
Page: 7
Entity: 46
Site: 001
Building: C
Department: 00
Year Built: 1980
Nbr. of Stories: 1
Basement: NO
Occupancy: GSB3
Frame Type: JM
ISO Class: 2
Fire Protection:
CITY OF OKEECHOBEE
MUNICIPAL CENTER
STORAGE BUILDING
1029 S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
NONE
Year Acquired:
Square Footage:
AddslRenovations:
STORAGE BUILDING - BLOCK
JOISTED MASONRY
JOISTED MASONRY
NONE
GENERAL BUILDING CHARACTERISTICS
Exterior Walls:
Roofing:
Foundation:
Floor Finish:
Ceiling Finish:
Partitions:
Services:
ELECTRICAL
PLUMBING
Notes:
CONCRETE BLOCK,
BUILT -UP SMOOTH,
CONCRETE SLAB ON GROUND,
SEALER,
NONE,
NONE,
VRM Produced by Valuation Resource Management, Inc.
1980
1,056
NO
Features:
VALUATION CONCLUSIONS
Replacement Cost New:
Exclusion Amount:
Replacement Cost Less Exclusions:
Contents Value:
EDP Equipment Value:
UDF1:
Property in The Open:
24,000
1,200
22,800
8,000
0
0
0
Total Insurable Replacement Cost: 30,800
09/15/1999
DBU1
•
•
City of Okeechobee
BUILDING DETAIL REPORT
Entity:
Site:
Building:
Department:
Year Built:
Nbr. of Stories:
Basement:
Occupancy:
Frame Type:
ISO Class:
Fire Protection:
46
001
D
00
1980
4
NO
GPWS
WD
1
CITY OF OKEECHOBEE
MUNICIPAL CENTER
SMOKE TOWER
1029 S.E. 3RD AVENUE
OKEECHOBEE, FL 34974
NONE
Year Acquired:
Square Footage:
Adds /Renovations:
PUBLIC WORKS SHED
WOOD
FRAME /COMBUSTIBLE
NONE
GENERAL BUILDING CHARACTERISTICS
Exterior Walls:
Roofing:
Foundation:
Floor Finish:
Ceiling Finish:
Partitions:
Services:
ELECTRICAL
Notes:
WOOD SIDING ON STUDS,
BUILT -UP SMOOTH,
CONCRETE SLAB ON GROUND,
SEALER, WOOD
NONE,
NONE,
RM Produced by Valuation Resource Management, Inc.
1980
972
NO
Features:
•
As of: 07/31/1999
Page: 8
VALUATION CONCLUSIONS
Replacement Cost New:
Exclusion Amount:
Replacement Cost Less Exclusions:
Contents Value:
EDP Equipment Value:
UDF1:
Property In The Open:
Total Insurable Replacement Cost:
12,500
900
11,600
0
0
0
0
11,600
•
09/15/1999
DBU1
•
City of Okeechobee
BUILDING DETAIL REPORT
•
As of: 07/31/1999
Page: 9
Entity:
Site:
Building:
Department:
Year Built:
Nbr. of Stories:
Basement:
Occupancy:
Frame Type:
ISO Class:
Fire Protection:
46
002
A
00
1976
1
NO
GPWG
JM
4
CITY OF OKEECHOBEE
PUBLIC WORKS COMPOUND
PUBLIC WORKS BUILDING
500 N.W. 11TH AVENUE
OKEECHOBEE, FL 34974
NONE
Year Acquired:
Square Footage:
Adds /Renovations:
PUBLIC WORKS GARAGE
JOISTED MASONRY
MASONRY NON COMBUSTIBLE
NONE
GENERAL BUILDING CHARACTERISTICS
Exterior Walls:
Roofing:
Foundation:
Floor Finish:
Ceiling Finish:
Partitions:
STUCCO ON MASONRY,
METAL,
CONCRETE SLAB ON GROUND,
CERAMIC TILE, SEALER
WOOD,
DRYWALUSTUDS,
Services:
ELECTRICAL
PLUMBING
AIR CONDITIONING - CENTRAL
Notes:
M Produced by Valuation Resource Management, Inc.
1976
2,250
YES
Features:
VALUATION CONCLUSIONS
Replacement Cost New:
Exclusion Amount:
Replacement Cost Less Exclusions:
Contents Value:
EDP Equipment Value:
UDF1:
Property In The Open:
Total Insurable Replacement Cost:
74,500
2,600
71,900
50,000
2,000
0
0
123,900
•
09/15/1999
DBU1
•
City of Okeechobee
BUILDING DETAIL REPORT
Entity:
Site:
Building:
Department:
Year Bulk:
Nbr. of Stories:
Basement:
Occupancy:
Frame Type:
ISO Class:
Fire Protection:
46
002
B
00
1973
1
NO
GPWG
JM
4
CITY OF OKEECHOBEE
PUBLIC WORKS COMPOUND
MECHANICS BUILDING
500 N.W. 11TH AVENUE
OKEECHOBEE, FL 34974
NONE
Year Acquired:
Square Footage:
Adds /Renovations:
PUBLIC WORKS GARAGE
JOISTED MASONRY
MASONRY NON COMBUSTIBLE
NONE
GENERAL BUILDING CHARACTERISTICS
Exterior Walls:
Roofing:
Foundation:
Floor Finish:
Ceiling Finish:
Partitions:
STUCCO ON MASONRY,
METAL,
CONCRETE SLAB ON GROUND,
SEALER,
NONE,
CONCRETE BLOCK, DRYWALUSTUDS
Services:
ELECTRICAL
PLUMBING
AIR CONDITIONING - UNIT
Notes:
VRM Produced by Valuation Resource Management, Inc.
1973
5,190
YES
Features:
•
As of: 07/31/1999
Page: 12
VALUATION CONCLUSIONS
Replacement Cost New:
Exclusion Amount:
Replacement Cost Less Exclusions:
Contents Value:
EDP Equipment Value:
UDF1:
Property In The Open:
156,000
6,100
149,900
6,000
0
0
0
Total Insurable Replacement Cost: 155,900