The subject is influenced in a general manner by the economic, political, physical and social characteristics of the
Bradenton-Sarasota-Venice Metropolitan Statistical Area (MSA).  A MSA is a geographic area with a significant population
nucleus, along with any adjacent communities that have a high degree of economic and social integration with that
nucleus. The Bradenton-Sarasota-Venice metropolitan statistical area includes Sarasota and Manatee Counties.

The value of real property is influenced by the interaction of four basic forces. These forces include social trends,
economic circumstances, environmental conditions, and governmental controls and regulations. The interaction of these
four forces influences the value of every parcel of real estate in the market.

Social Trends
Social forces are trends that are exerted primarily through population characteristics. Real property values are affected
not only by population changes and characteristics, but also by various forms of human activity.

Population and Area:         Population growth trends influence employment growth, income levels, and many other key
demand parameters analyzed in determining commercial real estate productivity.

As shown in the chart below the MSA and state have higher population growth than the nation.  This indicates an increase
in demand for real estate and thus is seen as a positive influence on the subject area.

Higher Education:         
Institutions of higher learning typically are not as vulnerable to economic downswings, and they help to provide an area
with a more solid employment base.  Colleges near Bradenton include Manatee Community College, New College of
Florida, Lake Erie College of Osteopathic Medicine (LECOM), Gordon University and Manatee Technical Institute and
Manatee Community College.  Colleges near Sarasota include Sarasota County Technical Institute, Keiser University,
University of South Florida, New College of Florida, Argosy University, Webster University, Eckerd College, International
College/ Hodges University, and Ringling College of Art & Design.

Recreational and Regional Attractions:         
Sarasota is the home of Sarasota Orchestra, founded in 1949 and known for years as the Florida West Coast Symphony.
It holds a three-week Sarasota Music Festival that is recognized internationally and attracts renown teachers and the
finest students of chamber music.  Other cultural attractions include the Sarasota Ballet, Sarasota Opera, Asolo Repertory
Theatre, Florida Studio Theatre, the Sarasota Players, the Banyan Theater Company, and many other musical, dance,
artistic, and theatrical venues.

Sarasota is home to Mote Marine Laboratory, a marine rescue, research facility, and aquarium; Marie Selby Botanical
Gardens; G-Wiz Museum, a science museum; and Sarasota Jungle Gardens.

The warm climate has made the Sarasota area a popular golf destination.  There are more than two dozen public and
private golf courses within Bradenton from which to choose, and over 200 more just a short drive away.  Additionally there
are numerous beaches, parks, and other outdoor recreational activities to do in the area.

Sarasota is home to Ed Smith Stadium, where the Cincinnati Reds train in spring for the upcoming season, and is home to
the minor league Sarasota Reds. However, the Cincinnati Reds will move their spring training location to Goodyear,
Arizona following the 2009 season.  There are talks that Boston Red Socks will move Spring Training from Fort Meyers to
Sarasota.  The New York Yankees have their Spring Training in Tampa.  Manatee County is the spring home of the Major
League Baseball Pittsburgh Pirates as well as Gulf Coast and South Coast League Baseball games. Also, the Tampa Bay
Devil Rays are a thirty minute drive to the north at Tropicana Field.
The NFL Tampa Bay Buccaneers play at Raymond James Stadium in Tampa. There is also a professional hockey team in
Tampa, Tampa Bay Lightning.

Shopping destinations include Sarasota’s downtown's historic Herald Square, St. Armands Circle located on Lido Key
across Sarasota Bay, and Southside Village.  The city of Venice has boutiques shops.  

There are several malls including the Westfield Shoppingtown Southgate at South Tamiami Trail and Bee Ridge Road and
Westfield Sarasota located at Tamiami Trail and Beneva Road.  

Westfield Shoppingtown Southgate is home to upscale stores such as Saks Fifth Avenue, Macy's and Dillard's, along with
many specialty shops including Ann Taylor, Chico's, Banana Republic, The Gap, Talbot's, Mayors, Victoria's Secret,
Pottery Barn, Restoration Hardware, and Williams-Sonoma.

Westfield Sarasota, located at Tamiami Trail and Beneva Road, is a more traditional American shopping mall offering a
wide variety of department stores and specialty shops. Tenants include Sears, J.C. Penney, Pacific Sunwear and Radio
Shack, in addition to Macy's, Dillard's, Victoria's Secret, Bath & Body Works and The Gap.

Economic Forces
Economic forces are the fundamental relationships between current and anticipated supply and demand and the
economic activities in which the population participates in order to satisfy its wants, needs, and demands through its
purchase power.  

The chart below indicates the employment by sector for both the state and the MSA per the US bureau of labor.  As shown
the overall employment composition for both the MSA and state are similar.  Both the state of Florida and the MSA have
high percentages of employment in the services industry.  Overall, the employment composition is diverse and relatively

The largest private employers are shown in the chart below.  The major employers correspond to the sector employment
in the MSA.  Publix is the largest employer in the area.  Followed by them is Tropicana, Beall’s, Manatee Memorial
Hospital, and Wal-Mart.

The following chart shows the historical unemployment rates for the two counties that comprise the MSA, state, and US
from 2000 to November 2008.  Overall, the counties follow the state and national levels.  In 2008, the unemployment has
spiked.  This is due in large part to lay-offs in the service industry.

Environmental Forces

Environmental forces are both natural and manmade forces that influence real property values. Some environmental
forces include climactic conditions, natural barriers to future development, primary transportation systems, and the nature
and desirability of the immediate areas surrounding a property.  

The MSA has a vast transportation network including highways, rail, airports, and sea transport.  There is also public
transportation in the region.

The major highways and thoroughfares in the area include Interstate 75, I-275/Sunshine Skyway, and Tamiami Trail.  I-75
is a north south highway that runs along the east side of Bradenton and Sarasota.  This highway connects to Tampa to
the north and Fort Meyers to the south.  I-275 links to the Sunshine Skyway.  This is a 5.5-mile cross-bay bridge that rises
250 feet above the bay at its highest point and connects Bradenton to Saint Petersburg to the north.  Tamiami Trail is a
north south commercial corridor that runs near the coast.

Three international airports serve the area: Sarasota Bradenton International Airport, Tampa International Airport. And St.
Petersburg-Clearwater International Airport.

Manatee County Area Transit (MCAT) buses serve Bradenton, with transfers to Sarasota and Palmetto. Trolleys run north-
south on Anna Maria Island. Amtrak charter buses run through downtown Bradenton outside the courthouse to Tampa
Union Station and Venice.

Governmental Forces
Governmental, political and legal actions at all levels have an impact on property values. The legal climate of a particular
time or in a particular place may overshadow the natural market forces of supply and demand.  
Our review of the above data indicates that the Bradenton-Sarasota-Venice metropolitan area has a growing economy,
good education backbone, with a stable economic base, low unemployment rates, and a growing population.  

It is notable that the area has seen a rise in the unemployment levels in 2008.  The service industry comprises about 50%
of the sector employment.  Included in the services industry are health and education, essentially recession proof jobs.  
But this rise of unemployment is a cause for concern.  Single family residential property values increased drastically in
Florida from 2003 through 2006.  Due to the financial crisis and over supply, the single family residential values have
since decreased.  Overall though, looking at the past 10 years, there has been an overall increase in property value in the
area for single family.  Conversations with brokers indicate that the commercial property values have held steady.  

Given that the subject is a church, it is appropriate to consider both the commercial and single family property trends.  
Based on the data, it is reasonable to anticipate that the residential market will continue to struggle for 1-2 years before it
rebounds and the commercial market will see minimal property value increase in the short term horizon.  In conclusion, the
economic outlook for the MSA is average for the overall success of the subject.


Neighborhood is defined as follows: A group of complementary land uses; a congruous grouping of inhabitants, buildings,
or business enterprises.

The subject property is located in Sarasota County on the northwest corner of 17th Street and North Lockwood Ridge
Road.    The neighborhood boundaries are generally described as Bee Ridge Road to the south, US 41/Tamiami Trail to
the west, University Parkway to the north, and I-75 to the east.

The only highway in the area is I-75.  This highway is located to the east of the subject about 5 miles and can be accessed
via Fruitville Road or University Parkway.

The surface routes in the area are laid out in a north south east west grid pattern.  The more significant north south
thoroughfares include North Lockwood Ridge Road, North Tuttle Avenue, US 301, and Tamiami Trail.  The more
significant east west routes include University Parkway, 17th Street, Fruitville Road, Bee Ridge Road.  

The subject is located near the corner and has ingress/egress to North Lockwood Ridge Road and 17th Street.  Overall
the subject is well located and has good connectivity to the rest of Sarasota.

The area around the subject is approximately 80% developed.  The area is considered an in fill location.  The
development includes single family residential, commercial uses, institutional uses (parks, churches, schools, etc.), and
limited industrial development.

To the immediate south of the subject is Sam’s Auto Repair.  Sam’s Auto Repair is at the northwest corner of 17th and
North Lockwood Ridge Road.  The subject makes an “L” shape around this property.  On the other side of the intersection
is a BP Gas Station and Sunoco Gas Station.  To the north is a small professional building.  Further north is single family.  
To the east is single family residential.  To the west is a shopping center called the Northeast Plaza.  There are two
outparcels on the property that include a Walgreens under construction (land sale 1) and a newly built Auto Zone (land
sale 2).  Other tenants in this shopping center include Ace Hardware, 57 Tavern, 24 Hour coin Laundry, Winn Dixie, Dollar
General, Blockbuster, Pizza Hut, and Big Lots.

17th Street is a commercial corridor that runs east-west.  To the east of the subject there is the Northeast Plaza, a
100,000 SF shopping center that appears to have been built in the 1960s.  On the other side of the street there is the
17th Street Plaza, a 20,000 SF strip shopping center, Cornerstone Church, and Iglesia Baptista.  Further East is a
Podiatry Office, residential, the Tallywood Shopping Center, and a Hungry Howies Pizza Shop.

To the west is the Pompano Plaza, a 20,000 SF shopping center.  There is single family and a sports complex with athletic
fields.  There is the Jesus Christ Prayer Church, Hide Away Self Storage, Lamp Lighter Store, Honda retail store,
Ferguson, and Napa Auto Parts.  The development transitions to industrial service properties further west.

To the north of the subject is a professional office and single family residential.  Kensington Park, Palm Terrace, and
Sarasota Lodge include several developments.  There is the Varsity Club Apartments and Beckman Place as well.  Along
North Tuttle Avenue there is the Winds Manufactured Housing Community, Booker Middleschool, and the Rolling Green
Golf Course.

To the south of the subject, beyond the intersection with 17th Street is a chiropractor’s office, Liquor Store, Family
Dentistry, Applegate Apartments, Orchard Place, Ed Smith Stadium, and Villa D’este Apartments.

The development in the area typically ranges in age from the late 1950s through the mid 1970s.  There are some newer
developments though.  Most of the newer development is located along the commercial corridors, typically scraping the
previous old development, or to the north of the subject where the land is not as densely developed.

The chart that follows shows the area’s demographics.  As shown, the area is seeing population growth.  The median age
is mid 40s.  The household income levels for the area are mid $40,000s.  Housing values have doubled from 2000 to 2008
however; it is anticipated to see minimal property value increase over the next 5 years.  The median home built in mid
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