Investment Property

-

This property comprises 160 acres located in Washington County, Florida, on the border with Bay County Florida. It is roughly 20 miles North of Panama City, Florida, 12 miles south of Chipley, Florida, 15 miles from a new international airport now preparing to start construction, and 30 miles from Gulf Coast beaches. It is bordered on the northern and western sides with a National Recreational Properties, Inc., project to develop roughly 7,200 new lots which will be nationally marketed as soon as infrastructure construction is completed. Most projections suggest the cost of these NRPI lots will be an average of $40,000 each with the average area of the lots being roughly one-quarter acre.

NRPI commissioned engineering estimates for infrastructure development for its property. NRPI's new development is divided into 5 sections, and their engineering estimates are here: Unit 12, Unit 13 phase one, Unit 13 phase two, Unit 14, and Unit 15. Unit 12 adjoins this property immediately to the north and west, Unit 13 phase one is roughly 150 feet to the north on the northern side of Elkcam Boulevard, Unit 14 is roughly two miles north and Unit 15 is roughly one half mile due south of this property.

Unit 12's infrastructure development estimate is the most applicable to this property as it immediately adjoins. That estimate is: $13,851 per lot, based on 1,105 developable lots.

Of the 160 acres for sale here, 137 acres are clearly developable, with the remaining 23 acres most advantageously used for lakes, parkland, walking trails, etc. Subtracting roughly 10% from the developable portion of the parcel for infrastructure (roads, stormwater drains, etc.) that leaves 123.3 acres, or 493 potential quarter-acre lots.

Infrastructure development comprises a significant portion of total development costs in a project of this nature. In this case, however, a Florida Special District has been established (Washington County Ordinance 2006-12, a Dependent District as provided in Section 189.4041 of Florida Statutes) pursuant to which bonds will be issued for public sale to fund the required infrastructure development for NRPI's property.