Tallahassee preservation

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Title:
Tallahassee preservation
Physical Description:
66p. : maps, photocopies.
Language:
English
Creator:
Department of Architecure, University of Florida
Publisher:
Department of Architecure, University of Florida
Place of Publication:
Gainesville, Fla.
Publication Date:

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Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
All rights reserved by the source institution.
System ID:
AA00000520:00001

Full Text





INTRODUCTION


Architectural Preservation has recently come of age. What was once
the province of a dedicated few is now considered acceptable, even desirable,
by the many who once accepted destruction as the necessary prelude for growth
and new construction as the ultimate solution to urban problems. Community
prosperity and vigor were determined by the extent of new building permits;
the major rehabilitation of an older building was not considered an attractive
investment, too frequently because of its decaying neighborhood or due to
market or tax reasons. The practice of "redlining" was common among bankers,
the encouragement from insurance companies and building inspectors was minimal,
and realtors looked upon an "old" building primarily as an impediment to the
development of the property it occupied.
The climate surrounding preservation has indeed changed in the past
decade, and in most cases these changes have been to the good. Today it is
not only fashionable and sensible to "rehab" or "reuse," it is also good
business, frequently more attractive than new construction of equivalent
physical magnitude. At the same time there is an awareness and appreciation
of the qualities and ambience associated with historic architecture which did
not exist a decade ago; the concern for environmental quality and energy
conservation are parallel components of this increased sensitivity toward the
world around us. The net effect of this advocacy and activism has been
extremely beneficial to our quality of life, and particularly so in the area
of historic preservation; neighborhoods have been raised to previous states
of repair, the continuity of the urban fabric has been maintained here and
there, and many fine landmarks of architectural and historical significance
have been saved, or at least documented, as our legacy to the future.
There is another side to the recent history of preservation, an aspect
somewhat less satisfying and more troublesome. Much of the success of preser-
vation efforts is directly attributable to the economic incentives associated
with historic buildings and districts: from the Preservation Act of 1966 to
the Tax Reform Act of 1978, the federal government has mandated both funds
and tax incentives for preservation activities. While the benefits were with-
out question timely and necessary, they have sometimes created a harsh
environment for the preservation of historic properties. Tax incentives make
historic buildings extremely attractive investments, often for the wrong


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reasons, and often without adequate regard for the individuals and groups
which might be affected. The use of historic buildings, or buildings within
a historic district, for speculative or tax shelterpurposes is becoming more
common; and while it may be that the buildings are indeed saved and reused,
it has been the case that the disease was cured but the patient died."
Real estate values escalate rapidly, ad valorem taxes double or triple, and
in time the people who were once the neighborhood can no longer afford not to
sell and move. The vigor, vitality and uniqueness of the original is replaced
by the well-scrubbed but distinctly lacking appearance of an upwardly-mobile
or professional neighborhood. Herein lies the real dilemma of preservation
today: how do we renew the context without diminishing the humanity of the
place and its associative values? And how do we provide the encouragement
and incentives to those who are concerned, thereby breathing real life into
the past, without creating an atmosphere of speculation and trendy, stage-
set streetscapes?
It is evident, then, that there are two sides to the coin of preser-
vation. There is the beneficial and satisfying function of stabilization and
renewal, but this cannot presently exist without its converse, speculation
and displacement. What has been true of past efforts at urban renewal is
becoming a conspicuous part of the preservation movement: the results are
often very different from the intent, and largely unanticipated. The econ-
omic and real estate pressures coming to bear on historic properties can
work both ways, depending upon the individuals involved and the foresight
and concern of the community leaders who must balance all points of view.
This portion of the Tallahassee Regional History Study represents an
attempt to define the extent and direction of that city's economic and real
estate pressures as they bear upon the historic properties and districts
already identified. The patterns and circumstances discovered are very
instructive with regard to the above issues, and demonstrate the critical
nature of the planning, cooperation and controls required for the success
of preservation in a community. The significance of the Tallahassee example
lies in the fact that historic preservation must be an integral, inseparable
component of a stated plan for achieving urban quality, and must be backed
by commitments from all sectors of the local community.


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CRITICAL ISSUES IN TALLAHASSEE PRESERVATION


The most conspicuous aspect of the state of preservation in Tallahassee
is the genuine lack of architecturally and historically significant buildings.
Without the quantity or quality of such properties to work with, it is quite
difficult to establish the support and awareness necessary on a community-
wide basis in order to achieve adequate preservation goals. The Dulaney
Report of 1968 was a necessary first step in identifying and evaluating the
historic resources existing in Tallahassee; this work was carried somewhat
further by the Tallahassee Capitol Center Survey completed in 1974. The
priorities have since been established, buildings and districts have been
nominated to the National Register, and a Master Plan has been formulated.
But the fact remains that there are simply too few good historic buildings
to generate the level of concern, on a sufficiently broad base, to insure
either their survival or their continuity as significant landmarks in the
community. The treatment of the Union Bank Building and The Columns are
prime examples of this fact. With the exception of the historic buildings
within the areas bounded by the "Old Plan" of 1824 and the Lafayette Grant
of the same period, there are only a very few extant buildings of any true
architectural or historic valuerin the Tallahassee-Leon County area. For
this reason, if no other, these buildings must be regarded as critical
resources for the future; they are the city's only genuine links with the
past, and must therefore serve as both physical and spiritual "links"
between Tallahassee's past and present architectural traditions. This will
require both planning and promotion efforts which have so far not been
evident.
This last point suggests the next major issue in Tallahassee preser-
vation: the lack of cooperation and communication between the interest
groups involved in the preservation process. The Tallahassee Heritage Com-
mission is, of course, the primary advocacy and supervisory mechanism for
preservation in the Tallahassee area; through its efforts, two districts
have been nominated to the National Register, an architectural review board
for historic-related work has been established and a continuing program
of documentation set into place. Nevertheless, many decisions are being
made by contingency and crisis in casedwhich arise because other interest
groups have made decisions which have not been communicated to the other


-3-








parties involved. The lack of information passing between these groups has
created a disjointed set of pressures on the historic environment, in which
normal checks and balances and a spirit of cooperation do not exist. For
example, realtors and bankers are only recently entering the preservation
arena and are not fully aware of the necessity for documentation and research
required; they are operating under the same premises and procedures used in
in other areas of real estate and financing, and work largely outside of the
preservation framework and resources which could be available to them
through the Commission. At the same time, the Architectural Review Board
meets only of a contingency of as-required basis, and thus is not involved
in ongoing preservation work except as its members are aware of this work.
The City and County Commissions operate under one set of assumptions, the
Tallahassee-Leon County Planning Commission under another, the county
building inspectors under a third. The Capitol Center Planning Commission
represents an entirely separate political entity with goals and objectives
frequently divergent from those of other groups within its sphere of influ-
ence, particularly those of the Tallahassee Downtown Improvement Authority.
In turn these two agencies are not directly involved in the preservation
process, although both are responsible for the policies which affect a
substantial portion of the built environment in the primary historic zones
of urban Tallahassee. It appears that the dissociation of these groups
is a very real impediment to a successful preservation effort in the city
of Tallahassee, and that a comprehensive and far-reaching strategy cannot
be implemented unless these diverse groups arrive at a common understanding
of the problems involved, and can establish a basis for communication and
decision-making on a timely and cooperative basis.
The third major issue for preservation in Tallahassee is directly
related to the first two, and is perhaps the crux of the entire matter.
This issue involves the fundamental distinction between historic preser-
vation and architectural preservation; what buildings represent legitimate
historic architecture, deserving to be preserved and recognized as such,
and which buildings are simply good, older construction which can be
successfully rehabilitated and reused, given the need and incentives? In
Tallahassee's case, there are obviously few in the first category and a
great many in the latter. Nevertheless, the two need each other, and in
fact could not survive over time without the presence of both. The historic









buildings contribute by providing the physical "link" and continuity with
the past, while the more recent "old" buildings provide the essential
sense of continuity between the past and present, as well as the physical
continuity of the urban streetscape. The historic elements are the true
cornerstones of the built environment; the older but less significant
elements represent the necessary infill, providing definition and contrast
and mediating between old and new.
What is at stake in Tallahassee is both urban quality and tradition.
Historic preservation and architectural preservation are critical components
of this issue, and no plan for a healthy and attractive urban center can
succeed without both. Tallahassee indeed has the resources to accomplish
the revitalization of its core, in the form of its existing older
buildings, many of which are excellent candidates for rehabilitation and
adaptive use. Historic preservation must be pursued, of course, but the real
key to the Tallahassee case is architectural preservation in the forms
appropriate to the city's architectural fabric and market needs. To accom-
plish this will require an appropriate political and economic framework;
the market demand currently exists, and will increase in the future, to
assure the viability of such a strategy. If the proper incentives are
provided, there is no doubt that it can succeed.


















BIBLIOGRAPHY


A Master Plan for Historic Preservation in Florida's Capital:
prepared for : Historic Tallahassee Preservation Board 1974


Comprehensive Policy Planning Alternatives
Tallahassee- Leon County, Florida
Tallahassee- Leon County Planning Department 1979


Tallahassee- Leon County Housing Study
prepared for: Talahassee- Leon County Planning Department 1974


Tallahassee Capitol Center Survey:Report
Division of Archives, History and Records Management
Bureau of Historic Sites and Properties
Miscellaneous Project Report Series No. 30 1978


Trends to the Year 2000 and Development Opportunities and Constraints
Tallahassee- Leon County 1979


Tallahassee Civic Center Impact Area Study
Beyer Blinder Belle
for: City of Tallahassee 1979










Ki











































Office/Commercial
Institutional
Automative Commercial
Medium Density Residential
Low Density Residential
Industrial and Warehousing
Major Green or Open Space


P Parking Lot
PS Parking Structure
V Vacant


EXISTING
LAND USE


0 4


00 800


~rjiz~

Lii]




LIZ


~i~pp~aah~sa~








































Tax Exempt
$1-5 Per Square Foot
$6-10
$11-15
$16-20
$21+


ASSESSED VALUATION


1978


0 4


Bmm


,00 800


LIZ
ELI


4


-k-














































STRUCTURAL

CONDITIONS


00 800


:X


Dilapidated
Deteriorated
Sound


I--


0 4

























FUNCTIONAL
AREAS


0 400 800
WSSKBBP


6



















































High Probability
Medium Probability
Possibility
Demolition


A FSU Continuing
Education Center
B FSU Media Center
C Commercial Bank/
Offices
D Sheraton Hotel
E Bronough/Duval
Street One-Way
Pair Elevated
Structure
F First District
Court of Appeals
G FEA Building
H State Theater
J Florida Homebuilders
Association Building
K Downtown Offices
L Federal Building
M Palm Court P.U.D.


RECENTLY COPIED

AND PROPOSED

DEVELOPMENT


0 400 800


7














































Proposed Development
Key Future Development
Other Development Opportunities
Major Parking Facilities
Key Vehicular Movements
Proposed Roadway Improvements
Existing and Proposed Green Corridors
Key Pedestrian Links
Steep Topography
Historic Character
Power Sub-Station
Flood Hazard Zone


PHYSICAL FACTORS

AFFECTING PLANNING


0 400 800
MM 1151185
Im*" __"" "


19


EMEI




il.
(C=4Z






Figure 10

URBAN AREA
POPULATION DENSITY
LAKE \BY LOCATION
1976

-:CENSUS TRACT NC
PERSONS/ACRE





22 .
.87. 1 .
1.28..E .

17






& .. 14

8.0




x ..

01





3.71 6.5
LAKE :




,10 and over 18


.-..: -. 3 4.9 -. :
CU J2K2 -1 0 29


Tallahassee-Leon County Planning Department


.. .-..;


L...


>.











TABLE 4


POPULATION TRENDS
CITY OF TALLAHASSEE AND LEON COUNTY
1950 1973


City of Tallahassee


27,237


48,174


72,586


88,500


Leon County


51,590


74,225


103,047


140,617


Tallahassee
As a Percent of
Leon County


52.8%


64.9%


70.4%


62.9%


Average Annual Change
From Previous Period
Tallahassee Leon County
Number Percent Number Percent


2,094


2,441


1,989


7.7%


5.1%


2.7%


2,264


2,882


4,696


4.4%


3.9%


4.6%


1/ Based on building permit data and electrical billings.
Source: U.S. Bureau o' the Census, Census of Population, 1950, 1960, 1970;
Tallahassee Leon County Planning Department, 1973; Gladstone Associates.


Year


1950


1960


197 1/












TABLE 5


POPULATION PROJECTIONS
CITY OF TALLAHASSEE AND LEON COUNTY
1980 2000


City of Tallahassee
lumber % Change


100,100


117,740


134,470


152,040


173,175


17.7%


14.2%


13.1%


13.9%


Leon County
Number 7 Change


149,480


168,214


192,113


217,200


239,034


12.5%


14.2%


13.1%


10.1%


Tallahassee
As a Percent of
Leon County




67.0%


70.0


70.0%


70.0%


72.5%


Average Annual Change
From Previous Period
Tallahassee Leon County
Number Percent Number Percent


3,528


3,346


3,514


4,227


3.5%


2.8%


2.6%


2.8%


3,747


4,780


5,017


4,367


2.5%

2.8%


2.6%


2.0%


Source: Tallahassee Leon County Planning Department, Population and Socioeconomic Projections, 1976-2000,
May 1977; Gladstone Associates.
Note: Leon County projections based on age cohort methodology. City of Tallahassee figures assume historical
rate of annexation.


Year



1980


1985


1990


1995


2000











TABLE 6

POPULATION TRENDS AND PROJECTIONS
TALLAHASSEE DOWNTOWN ENVIRONS-
1970 1990






Average Annual Percent Chanqe
Census 1970-1976 1976-1980 1980-1985 19;5-1990 1970-1990
Tract 1970 1976 1980 1985 1990 1970-1990

1 1,077 819 847 855 895 (4.0%) 0.9% 0.2% 0.9% (0.8%)

5 3,371 2,689 2,719 2,817 2,919 (3.4%) 0.3% 0.7% 0.7% (0.7%)

! 13 4,308 4,789 4,789 4,789 4,789 0.0% 0.0% 0.6%


TOTAL 8,756 8,297 8,355 8,461 8,603 (0.9%) 0.2% 0.3% 0.3% (0.1%)







L/Based on Bureau of the Census Tracts #1, #5 and 013.

Source: U.S. Department of Cornerce, Bureau of the Census; Tallahassee Leon County Planning Department, October 1977;
Gladstone Associates /











TABLE 7


EMPLOYMENT TRENDS AND PROJECTIONS
TAOLAHASSEE DOWNTOWN ENVIRONS"/
1976 1990


Census Tract





5


13

TOTAL


1976


15,395


1,207


7,122

23,724


1980


18,322


2,008


8,053

28,383


1985


21,342


2,211


9,080

32,633


1990


24,242


2,412


10,242

36,896


1976-1980


4.8%


16.6%


3.3%

4.9%


Average Annual Percent Change
1980-1985 1985-1990


3.3% 2.7%


2.0% 1.8%


2.6% 2.6%

3.0% 2.6%


1976-1990


4.1%


7.1%


3.1%

4.0%


Y Based on Bureau of the Census Tracts #1, 45 and #13.



Source: U.S. Department of Commerce, Bureau of the Census, Tallahassee -Leon County Planning Department, May 1977;
Gladstone Associates.


--------























































f Lands with Structural Deterioration
Areas of Historic Preservation
.-... Major Thoroughfares
Major Activity Centers
Public &6% Private


Intersection Volumes
60,000 t
S38,000- 59,000
25,000- 37,000
Up to 25,000


2000
1978


Tallahassee-Leon County Planning Department







Figure 20

6, Non-Residential Building Compet ions
A 9 1970 -1976












INTERSTATE 10
JOHN KNOX









C-



4-
^ ^ -- i- ^ .- -TA L






















l Represents one building c4ra ,t t, a
completion (non-residential) "
0 Larger dots represent shopping '

TALLAHASSEE URBAN AREA
n *I 3 P 'noin f







ANALYSIS OF CURRENT AND PROJECTED ECONOMIC FORCES


There are a number of unique socioeconomic and demographic trends in
the Tallahassee-Leon County planning area which will influence existing and
historic properties. Population is expected to grow at an aggregate rate of
3.5 percent through 1985, when the total population will reach 168,200; it
is currently near 143,000. Beyond 1985 it will rise at a slower rate of 2.8
percent to the end of the decade. The trend, however, is toward a younger
composition with a much higher proportion of nonfamily households; this
can be attributed to the dominant growth of government, service and uni-
versity sectors relative to other nonfarm components of the local population.
One important aspect of this composition is the unusually high percentage
of individuals who would be receptive to the idea of both working and
living in the urban core. The qualitatative side of this demand is that
disposable incomes will be well above the state average and, because of the
nature of the group, there is likely to be considerable concern for the
quality and availability of services such as restaurants, shopping and
entertainment, in the urban center. At the present time, however, the
downtown cencus tracts are losing resident population, being displaced by
government and service occupancies.
The government employment sector is the second major influence acting
upon the urban core. Representing 40-h5 percent of the the total employment
in Leon County, or roughly 36,000 persons, government and related services
continue to consume available space in and around the Capitol Center district.
Since the two existing historic district are partially confined within this
area, there is a significant economic and political pressure, as witnessed
by the Union State Bank Building. Demand for nearby office space has created
unreasonably high ( $ 12.00/sf ) real estate values within this area of
impact, apart from any historic uncertainties or values.
As a third major factor related to the above is the decline of the
Central Business Distric. While many small specialty shops and businesses
are still located within the district, many others have moved out or been
displaced because of office-use pressure, or have failed because of the
extensive competition from Tallahassee's 13 shopping centers, including
two regional malls. Most retailers rent their space and thus have no
control over their facade improvements and street-scape. The result has
been the overall physical degradation of the CBD, creating a downward


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spiral in quality and attractiveness.
There are two additional influences to consider both of which have
a projected impact upon the existing urban fabric and upon the historic
properties and district within the area. The first is the inflationary
spiral in the costs of construction. Rehab and reuse are now extremely com-
petitive with new construction, in most aspects; the costs of new office
space commonly runs from $35- $4h/sf. This is before any tax considerations
are introduced, meaning that the rapidly-amortized historic property can
provide an extremely attractive investments when such capital budgeting
decisions arise. This factor alone may put excessive demand on existing
stock, driving values up to the level of new construction. It will however,
improve the quality of .the downtown area with respect to it's economic
viability and it;s physical appearance.
The second of these influences is very likely to be a determining
factor in the near future: the cost of energy. While the energy conservation
potential of older buildings may be significant(as well as the conservation
of the energy which produced them) the major impact of a constraint on
energy consumption is the cost of commuting. Although a large percentage
of the urban workforce lies within a 15 minute radius of the central district
many more live in the outlying suburbs and in rural areas of Leon County.
More importantly, most available developable land for new residential
developments now lies well out from the urban area, and the transportation
cost may indeed deter many from purchasing a home beyond a reasonably
short distance. The fact, combined with the services and activities which
should become available may create additional pressures on the urban housing
market. Neighborhoods in previously less desirable areas could well become
attractive alternatives to commuting in any form thus increasing downtown
development opportunities.


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k




















LAKE MUNSON -
SURVEY OF SELECTED
OFFICE BUILDINGS





O 34







SURVEY OF SELECTED OFFICE BUILDINGS
TALLAHASSEE, FLORIDA
OCTOBER, 1978


Map Key Downtown


1 Barnett Bank Building

2 Lewis State Bank

Suburban
3 hionticello Square

4 Mt. Vernon Square

5 Magnolia Office Center

6 Ambassader Center

7 Oakland Building

8 Park 20 West

9 Cedar Executive Center

10 Woodcrest Office Park

11 Commonwealth Building

12 Koger Executive Center

13 Twin Towers

14 Winewood Office Park


A-37









SURVEY OF SELECTED OFFICE BUILDINGS
TALLAHASSEE
OCTOBER, 1978


Net Leasable
Area
(Sq. ft.)


Vacant Soace
Amount Percent
(Sq. ft.)


Year
Completed


Major Tenants


1 Barnett Bank Bldg.
Calhoun Street


8 fls.


$7.30


123,000


10,000


1968


Barnett Bank
23,000 s.f.
State Gov't.
11,000 s.f.


Comments:


2 Lewis State Bank
205 South Mlonroe


Other tenants including lawyers,
government related offices.


8 fls. &
3 f1s. parking


$8.00


associations and other


160,000


68,800


43.0


1975


Lewis State Bank-
2 f1s.
City County Planrr-
ing Dept.
State Attorney's
Office


Other tenants include lawyers, associations and professional offices.
Large amount of vacant office space attributed to poor office
design, lack of strong leasing effort, inability to attract state
offices due to high rents, and unfinished office space.


Suburban

3 Monticello Square
1018 Thomasville Rd.


4 Mt. Vernon Square



5 Magnolia Office Center
Magnolia Drive


2 fls.



7 f1s.


office park
with 2 & 3
story bldgs


$5.75-$6.00



$5.75-$6.00


negotiable


25,000



21,000


90,000


0



5,000


1973



1970


1970


Attorneys,
Accountants,
Realtors

Attorneys,
Accountants,
Realtors

Professional
Offices


Nap
Key


Downtown


Number of
Floor


Rent per
Sq. Ft.


Comments:











Net Leasable
Area
(Sq. ft.)


Vacant Space
Amount Percent
(Sq.ft.)


Year
Completed


Major Tenants


6 Ambassador Building
2005 Apalachee Pkwy


7 Oakland Building
2009 Apalachee Pkwy


8 Park 20 West
1234 Blountstown Hgwy


N/A



N/A


10 1&2
story bldgs.


$5.50-$6.00




$5.25-$5.75


$5,25-$6.00


52,000




24,000


64,000


1,400




0


24,000


1973




N/A


1971


State gov't. -
47,000 s.f.
Labor union


All state
occupied


State occupies
60% of space.
Other tenants in-
clude architects,
engineers, con-
struction oriented.


Corrments: Complex recently went through foreclosure under new management.


9 Cedar Executive Center 3 2-story
2639 N. tionroe bldgs.


10 Woodcrest Office Park
325 John Knox Road


10 1,2&3-story
bldgs.


$6.00


$6.75


100,000


145,000


3,500


15,000


10.3


1972


1969


State occupies
50% of space.
Other tenants in-
clude realtors,
accts, small busi-
ness services.

State
Federal
Insurance district
offices
Professional


Cont'd.


Map
Key


Number of
Floor


Rent per
Sq. Ft.












.Map
Key


11 Commonwealth Bldg.
1-10 Capital Circle


Number of
Floors


10 fls.


Rent per
Sq. Ft.


N/A


Net Leasable
Area
(Sq. ft.)
110,000


Vacant Space
Amount Percent
(Sq. ft.)


Year
Completed


1974


Major Tenants


Sold to state to
be fully occupied
by Dept. of Natura
Resources.


Comments: Original owner Commonwealth corp. -
went into bankruptcy.


12 Koger Executive Center
2600 Apalachee Parkway


10 bldgs


$6.50


275,000


14,000


1970-7 State gov't occu-
Present pies 50% of space;
Other tenants in-
clude branch
offices of insur,
computer firms


13 Twin Towers
Blairstone Road

14 Winewood Office
Park


- 6 floors
- 2 bldgs


8 bldgs


$5.00


$5.62


185,000


328,500


18,000


1975/
1976


1972


State gov't occu-
pies all space

State gov't occu-
pies all space


Source: Field Survey, October 1978, Gladstone Associates






OFFICE SPACE INVENTORY
DOWNTOWN TALLAHASSEE
JUNE 1977


.Type


Private Tenancy


Public Tenancy


Total


Total
Floor Area
(Sq. Ft.


752,411


145,845

898,256


Vacant
Floor Area
FSq. Ft.)


155,800


.2,000


157,800


Source: Tallahassee /Leon County Planning Department,
Office Space Analysis, Tallahassee, Florida, June 1977.


A-36


Percent
Vacancy



20.7


1.4


17.6







ILLUSTRATIVE PRO FORMA FINANCIAL ANALYSIS
PRIVATE OFFICE DEVELOPMENT, CITY HALL SITE
RENT LEVEL: $11.75/s.f.


I. Estimated Improvement Costs


@ $50/s.f.


$ 11,950,000


II. Net Operating Income
A. Gross Square Feet 239,000
B. Efficiency Ratio 75%
C. Net Leasable Area 179,000
D. Annual Rent/s.f. $ 11.75
E. Annual Gross Income
F. Less vacancy & collection allowance @ 5%
G. Effective Gross Income
H. Less operating expenses & real estate taxes
@$3.00/s.f.
I. Annual Net Income

III. Financing
A. Annual Net Income
B. Capitalization Rate
C. Economic (capitalized) Value
D. Loan-to-Value Ratio
E. Mortgage Obtainable
F. Debt Service Constant (10 1/4% 25 yrs)
G. Annual Debt Service

IV. Net Cash Flow
A. Annual Net Income
B. Less Debt Service
C. Net Cash Flow Before Income Tax
and Depreciation

V. Supportable Ground Value
A. Net Cash Flow
B. Cash on Cash Return Desired
C. Capitalized Value of Return Desired
D. Plus Mortgage Proceeds
E. Total Development Budget
F. Less Improvement Cost
G. Gross Residual Land Value


$ 2,103,250
105,160
1,998,090

537,000
$ 1,461,090


$ 1,461,090
.1111
13,151,125
75%
9,863,344
11.11
$ 1,095,817


$ 1,461,090
1,095,817

$ 365,273


$ 365,273
15%
2,435,153
9,863,344
12,298,497
11,950,000
$ 348,497


A-53







RETAIL SALES
LEON COUNTY
(O00's)3/


GAF

General Merchandise
Apparel & Accessory


Furniture
Subtotal

Food

Eating and Drinking

Drug

Misc. Retail

Building materials, hardware-/
Subtotal


$18,662
8,961

7,816
$35,439

$24,826

9,419

6,206

14,261

5,464
$60,176


$42,000
18,574

16,800
$77,374

$59,243

21,870

11,500Y/

27,023

12,000 t
$131,636


Total $95,615 $209,010


1/ Gladstone Assoc. estimates
2/ 1972 figures do not include mobile home dealers
3/ Current Dollars

Source: U.S. Census of Retail Trade,
Gladstone Associates


A-43


1967


1972









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H ARCHITECTURAL/ HISTORY O R LOGICAL EVALUATION
EVALUATIONS
Ist Priority It Priority 0 0




r- 3rd P. r y

3rd Priority Fr

Historic preservation
,a.- h. FOR FULL EXPLANATION- SEE TEXT





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TALLAHASSEE:
A CENTURY OF DEVELOPMENT


/
/


Periods of Development:
1824-1839 i 1870-1879
1840-1849 1880-1889
1850-1859 1890-1899
1860-1869- No 1900-1909
STRUCTuRES 1910-1924

STRUCTURES DESIGNATED BY EARLIEST
ASSOCIATIVE DATE

DATES CONJECTURAL IN SOME CASES


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REFER BY NUMBER TO CATALOG OF SITES + : .. .. t ON NATIONAL RESISTER OF HISTORIC HLACES
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.r.A
EV.







RETAIL SALES
TALLAHASSEE AREA
1967, 1972
(000's)/


Tallahassee CBD Retail Sales

City Retail Sales

CBD as Percent of City

County Retail Sales

City as Percent of County

CBD as Percent of County


1967

$22,555

$84,732

26.6%

$95,615

88.6%

23.6%


1/ Current Dollars

Source: U.S. Census of Retail Trade;
Gladstone Associates.


A-44


1972

$23,696

$154,805

15.3%

$209,010

74.0%

11.3%







RETAIL SALES
CITY OF TALLAHASSEE
(000's)3/


GAF

General Merchandise

Apparel & Accessory

Furniture
Subtotal

Food

Eating and Drinking

Drug

Misc. Retail

Building Materials, Hardware-

Subtotal

Total


$17,798

9,0001-

7,402
$34,200

19,699

8,835

4,200-1/

12,348

5,450

$50,532

$84,732


$24,189

13,412

14,296
$51,897


40,709

18,199

8,5001/

28,5001/

7,0001/

$102,908

$154,805


1/ Gladstone Assoc. estimates
2/ 1972 figures do not include mobile home dealers
3/ Current Dollars

Source: U.S. Census of Retail Trade,
Gladstone Associates


A-45


1967


1972
























































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NV 1970 1976


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-[0110hQS ---ft- Leon Count Plan De Ir t)






FIGURE 11-4


NARROWING OF THE MARKET FOR NEW HOUSES, 1970.1976


270


1970 1971 1972 1973 1974 1975 1976

E| Median sales price of new houses


Source: The Nation's Housing: 1975 1985, Joint Center for Urban Studies of
MIT and Harvard University.


Percent of
U.S. families able to
afford median-priced
new houses


I







FIGURE 11-5


NARROWING OF THE MARKET FOR EXISTING HOUSES, 1970 .1976


Percent of
U.S. families able to
afford median priced
existing houses


35-


30






25


45 -


1970 1971


1972


1973


1974


1975


1976


q* h 1 'na 1 n i -,nIc P i n .o 1 Q7 C -


MIT and Harvard University.


Median sales price of existing houses


1985, Joint Center for Urban Studies of


.7 .... T ._ .





. . . . . . . _


.. . .. ...




.............. ._ .
... .. S 2 &X1 0 ._ . _
24 a l 0 . . .
.. ... . . . .. ._ .
.. .. .
. . . .


36.0






PRO FORMA FINANCIAL ANALYSIS
RENTAL APARTMENTS
TALLAHASSEE, FLORIDA
(1978 DOLLARS)
(ASSUMES RENT @ $300 PER MONTH)


1. Estimated Improvement Costs
A. Bldg. Constr.,1Finish, Site
Work & Parking- 2/
B. Non-Constr. Cost @ 15% of A-
C. Total Improvement Costs
2. Income From Operations
A. Annual Gross Income @ $300/mo.
B. Less Vacancy & Collection
Allowance @ 5% of A
C. Effective Gross Income
D. Less Operating Expenses &
Real Estate Taxes @ 40% of A
E. Annual Net Income
3. Illustrative Financing
A. Economic Value @ 10.54%
B. Mortgage @ 75% of Value
C. Annual Debt Service @ 10.54%
Constantk3/
Net Cash Flow
A. Annual Net Income
B. Less Debt Service
C. Net Cash Flow Before F.I.T.
& Depreciation
5. Supportable Costs & Values
A. Capitalized Value of Return
Desired @ 12%
B. Plus Mortgage Proceeds
C. Supportable Development Costs
D. Less Total Improvement Costs
E. Residual Value for Land &
Developer
F. Residual Value for Land &
Developer Per Acre (@ 15
Units Per Acre)


Construction Costs Per Unit


$20/S.F. $21/S.F.


$15,000
2 250
1T7,250

$ 3,600

(180)
$ 3,420

(1 440)
$ 1,980

$18,786
14,089

1,485


$15,750
2,363
$18,113


$22/S.F.

$16,500
2,475
$8,975!


$23/S.F.


$17,250
2,588
$19,838


$ 3,600 $ 3,600 $ 3,600 $ 3,600


(180)
$ 3,420

(1,440)
$ 1,980

$18,786
14,089

1,485


(180)
$ 3,420

(1,440)
$ 1,980

$18,786
14,089

1 ,485


(180)
~ 3,420

(1,440)
$ 1,980

$18,786
14,089

1,485


$ 1,980 $ 1,980 $ 1,980 $ 1,980
_1,485) (1,485) (1,485) (1,485)

$ 495 $ 495 $ 495 $ 495


$ 4,125
14,089
$18,214
117,250)


$. 4,125
14,089
$18,214
(18,113)


$ 4,125
14,089
$18,214
(18,975)


$ 4,125
14,089
$18,214
(19,838)


$ 964 $ 101 ($ 761) ($ 1,624)


$14,460 $ 1,515 ($11,415)


($24,360)


1/ Average 750 gross square feet.
2/ Includes interest, architect/engineering fees, taxes during construction,
insurance and administration.
3/ Illustrative terms at 10% interest rate, 30 years.

Source: Gladstone Associates.


A-47


$24/S.F.

$18,000
2,700
$20,700


(180)
$ 3,420

(1 ,440)
$ 1,980

$18,786
14,089

1,485

$ 1,980
(1,485)

$ 495


$ 4,125
14,089
$18,214
(20,700)

($ 2,486)

($37,290)






PRO FORMA FINANCIAL ANALYSIS
RENTAL APARTMENTS
TALLAHASSEE, FLORIDA
(1978 DOLLARS
(ASSUMES RENT @ $325 PER MONTH)


1. Estimated Improvement Costs
A. Bldg. Constr.,1Finish, Site
Work & Parking/ 2/
B. Non-Constr. Cost @ 15% of A-/
C. Total Improvement Costs


Construction Costs Per Unit
$20/S.F. $21/S.F. $22/S.F. $23/S.F. $24/S.F.


$15,000
2 250
I7,250


2. Income From Operations
A. Annual Gross Income @ $325/mo. $ 3,900
B. Less Vacancy & Collection
Allowance @ 5% of A (195
C. Effective Gross Income $ 3,705
D. Less Operating Expenses &
Real Estate Taxes @ 40% of A (1,560
E. Annual Net Income $ 2,145


$15,750
2,363
$18,113


)

)


$16,500
2,475
$18,975


$17,250
2,588
$19,838


$18,000
2,700
$20,700


$ 3,900 $ 3,900 $ 3,900 $ 3,900

(195) (195) (195) (195
$ 3,705 I 3,705 $ 3,705 $ 3,705

11,560) (1,560) (1,560) (1,560,
$ 2,145 $ 2,145 $ 2,145 $ 2,145


3. Illustrative Financing
A. Economic Value @ 10.54%
B. Mortgage @ 75% of Value
C. Annual Debt Service3/
@ 10.54% Constant -
4. Net Cash Flow
A. Annual Net Income
B. Less Debt Service
C. Net Cash Flow Before F.I.T.
& Depreciation
5. Supportable Costs & Values
A. Capitalized Value of Return
Desired @ 12%
B. Plus Mortgage Proceeds
C. Supportable Development Costs
D. Less Total Improvement Costs
E. Residual Value for Land
& Developer
F. Residual Value for Land
& Developer Per Acre (@ 15
Units Per Acre)


$20,351
15,263

1,609

$ 2,145
(1,609)

$ 536


$ 4,467
15,263
$19,730
(17,250)


$20,351
15,263

1,609

$ 2,145
(1,609)

$ 536


$ 4,467
15,263
$19,730
(18,113)


$20,351
15,263

1,609

$ 2,145
(1,609)

$ 536


$ 4,467
15,263
$19,730
(18,975)


$20,351
15,263

1,609

$ 2,145
(1,609)

$ 536


$ 4,467
15,263
$19,730
(19,838)


$20,351
15,263

1,609

$ 2,145
(1,609.

$ 536


$ 4,467
15,263
$19,730
(20,700


$ 2,480 $ 1,617 $ 755 ($ 108) ($ 970

$37,200 $24,255 $11,325 ($ 1,620) ($14,550,


1/ Average 750 gross square feet.
2/ Includes interest, architect/engineering fees, taxes
insurance and administration.
3/ Illustrative terms at 10% interest rate, 30 years.


during construction,


Source: Gladstone Associates.


A-48






PRO FORMA FINANCIAL ANALYSIS
RENTAL APARTMENTS
TALLAHASSEE, FLORIDA
(1978 DOLLARS)
(ASSUMES RENT @ $350 PER MONTH)


1. Estimated Improvement Costs
A. Bldg. Constr.,1Finish, Site
Work & Parking- 2/
B. Non-Constr. Cost @ 15% of A-/
C. Total Improvement Costs


Construction Costs Per Unit
$20/S.F. $21/S.F. $22/S.F. $23/S.F7 $24/S.F.


$15,000
2,250
$17,250


$15,750
2,363
$18,113


$16,500
2,475
$18,975


$17,250
2,588
$19,838


$18,000
2,700
$20,700


2. Income From Operations
A. Annual Gross Income @ $350/mo. $ 4,200
B. Less Vacancy & Collection
Allowance @ 5% of A (210;
C. Effective Gross Income $ 3,990
D. Less Operating Expenses &
Real Estate Taxes @ 40% of A (1,680:
E. Annual Net Income $ 2,310


3. Illustrative Financing
A. Economic Value @ 10.54%
B. Mortgage @ 75% of Value
C. Annual Debt3~ervice @ 10.54%
Constant -
Net Cash Flow
A. Annual Net Income
B. Less Debt Service
C. Net Cash Flow Before F.I.T.
& Depreciation
5. Supportable Costs & Values
A. Capitalized Value of Return
Desired @ 12%
B. Plus Mortgage Proceeds
C. Supportable Development Costs
D. Less Total Improvement Costs
E. Residual Value for Land &
Developer
F. Residual Value for Land &
Developer Per Acre (@ 15
Units Per Acre )


$ 4,200 $ 4,200 $ 4,200 $ 4,200


(210)
3,990

Q ,680)
$2,310


$21,917 $21,917
16,437 16,437


1,733

$ 2,310
(1,733)


1,733

$ 2,310
(1,733)


(210)
3,990

(1 ,680)
$ 2,310

$21,917
16,437

1,733

$ 2,310
('1,733)


(210)
$ 3,990

(1,680)
$ 2,310

$21,917
16,437

1,733

$ 2,310
(1,733)


(210)
$ 3,990

(1,680)
S 2,310

$21,917
16,437

1 ,733

$ 2,310
(1,733)


$ 577 $ 577 $ 577 $ 577 $ 577


$ 4,808 $ 4,808 $ 4,808 $ 4,808 $ 4,808
16,437 16,437 16,437 16,437 16,437
$21,245 $21,245 $21,245 S271,245 $21,245
(17,250) (18,113) (18,975) (19,838) (20,700)

$ 3,995 $ 3,132 $ 2,270 $ 1,407 $ 545

$59,925 $46,980 $34,050 $21,105 $ 8,175


1/ Average 750 gross square feet.
2/ Includes interest, architect/engineering fees, taxes during construction,
insurance and administration.
3/ Illustrative terms at 10% interest rate, 30 years.

Source: Gladstone Associates.


A-49


--- ---


)


1






ILLUSTRATIVE PRO FORMA FINANCIAL ANALYSIS
TOWNHOUSE SALE UNITS1/
(1978 DOLLARS)
(ASSUMES SALES PRICE @ $45,000)


I. Estimated Development Costs,
Excluding Land 2/
A. Constr. Costs-
B. Non-Constr.3Costs
@ 15% of A -

SUBTOTAL

C. Promotion & Advertising
(5% of Sales Price)
D. Developer's Risk Allow-
ance (12% of Sales Price)-/
E. Total Cost, Excluding Land


Construction Costs Per Unit
$20/S.F. $21/S.F. $22/S.F. $23/S.F. $24/S.F.



$18,000 $18,900 $19,800 $20,700 $21,600


2,700 2,835 2,970


3,105


3,240


$20,700 $21,735 $22,770 $23,805 $24,840


$ 2,500 $ 2,500 $ 2,500 $ 2,500 $ 2,500


6,000
$29,200


II.Gross Supportable Ground Value Per Acre
A. Sales Price $45,000
B. Total Cost (From Above) (29,200)
C. Gross Supportable
Ground Value $15,800
D. Gross Supportable Ground
Value As A % of Sales Price 35.1%
E. Gross Supportable Ground
Value Per Acre:


(12 Units Per Acre)
(10 Units Per Acre)


$189,600
$158,000


6,000 6,000 6,000 6,000
$30,235 $31,270 $32,305 $33,340


$45,000
(30,235)


$45,000
(31,270)


$45,000
(32,305)


$45,000
(33,340)


$14,765 $13,730 $12,695 $11,660


32.3%


$177,180
$147,650


30.5%


$164,760
$137,300


28.2%


$152,340
$126,950


25.9%


$139,920
$116,600


1/ Average 900 gross square feet.
2/ Includes building construction, finish, site work and parking.
3/ Includes interest, architect/engineering fees, taxes during construction,
insurance and administration.
4/ Overhead and profit.

Source: Gladstone Associates.


A-50






ILLUSTRATIVE PRO FORMA FINANCIAL ANALYSIS
TOWNHOUSE SALE UNITS1-/
(1978 DOLLARS)
(ASSUMES SALES PRICE @ $40,000)


I. Estimated Development Costs,
Excluding Land 2/
A. Constr. Costs-/
B. Non-Constr.3 osts
@ 15% of A -

SUBTOTAL

C. Promotion & Advertising
(5% of Sales Price)
D. Developer's Risk Allow- 4.
ance (12% of Sales Price)-
E. Total Cost, Excluding Land


Construction Costs
$20/S.F. $21/S.F. $22/S.F.


Per Unit
$23/S. F.


$18,000 $18,900 $19,800 $20,700 $21,600


2,700


2,835 2,970


3,105


$20,700 $21,735 $22,770 $23,805 $24,840


$ 2,500 $ 2,500 $ 2,500 $ 2,500 $ 2,500


6,000
$29,200


6,000 6,000 6,000 6,000
$30,235 $31,270 $32,305 $33,340


II.Gross Supportable Ground Value Per Acre
A. Sales Price $40,000
B. Total Cost (From Above) (29,200)
C. Gross Supportable Ground
Value $10,800
D. Gross Supportable Ground
Value As A % of Sales Price 27.0%
E. Gross Supportable Ground
Value Per Acre:


(12 Units Per Acre)
(10 Units Per Acre)


$219,600
$108,000


$40,000 $40,000
(30,235) (31,270)

$ 9,765 $ 8,730


24.4%


$117,180
$97.650


21.8%


$104,760
$87,300


1/ Average 900 gross square feet.
2/ Includes building construction, finish, site work and parking.
3/ Includes interest, architect/engineering fees, taxes during construction,
insurance and administration.
4/ Overhead and profit.

Source: Gladstone Associates.


A-51


$24/S.F.


3,240


$40,000
(32,305)

$ 7,695

19.2%


$92,340
$76,950


$40,000
(33,340)

$ 6,660

16.7%


$79,920
$66,600





p




p




I;

h.


















BUSINESS GROWTH

AND

DEVELOPMENT


1978 1979





PROJECTIONS




RESEARCH DEPARTMENT

TALLAHASSEE AREA CHAMBER OF COMMERCE


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302











Although there have been bright and dark spots forecast for the

economy for the nation as a whole, there is ample evidence that the

Tallahassee area economy is strong now and will continue to be so in the

future, maintaining importance to the area as a major market and supplier

of employment opportunities.

The area's number one industry, state government, is credited with

keeping the area's unemployment rate of 4.8% the lowest in the state.

Educational and research opportunities abound, with two state universities,

a community college and an outstanding Vocational Technical school. State

government and higher education provide jobs for approximately 51% of the

70,000 labor force and support a big share of service and supply industries.

Government employment is relatively stable over the business cycle. In

times of recession, government decreases much less prominently than does

business and industrial employment. Therefore, the size of income gener-

ated by government in Tallahassee lessens the impact of recession on

future income, and enhances the stability of the regional market. The

risk of a slow-down in the economy could be reduced by greater discipline

in government spending, higher levels of investment, and more timely

growth of European and Japanese economics.


Now with the completion of Interstate 10, an east-west superhighway,

linking Tallahassee with cities as far west as Los Angeles, economic

activity will accelerate. Consultants are constantly making feasibility

studies for various businesses that are interested in the area. There is

no doubt that Tallahassee, being Letween Pensacola and Jacksonville, is

in a strategic position. The area is a potential market for various


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302





-2-


facilities. With the completion of I-10 this year, linking Jacksonville

with Pensacola, even more shoppers will be funnelled into Tallahassee.


The Tallahassee SMSA (Standard Metropolitan Statistical Area) since

1970 has been one of the fastest growing areas in the southeast.

Much of this growth can be attributed to the migration of people

from other states, although Dr. John Kerr, College of Business, Florida

State University states that nearly 60% of those who migrate to Tallahassee

come from South Florida. These newcomers have brought many changes in

life styles, political and cultural beliefs and, of course, growth.

A study done by Dr. Thomas R. Dye, professor of government, Florida

State University, shows that increasing size and rapid growth do not

create insurmountable problems for local government. On the contrary,

the more serious problems appear in cities which are stagnating or

declining in size. The study also reveals lower taxes and spending

occur in cities having high growth rates, and higher taxes are levied

in areas where there is very little or no growth.


In a study of 243 metropolitan areas and 340 suburbs inside their

limits, a Florida State University government professor found that

limiting growth does not save taxpayers money -- it merely shifts the

burden to some other locale that can less afford it.

The pace of Leon's population growth held steady in 1978 at over

3% to boost total population to 140,617 permanent residents as of

July, 1978. Leon County's growth rate has compared favorably with

the overall growth rate of the state.


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302









Population growth has been a strong impetus to economic expansion

for the last decade in Florida and is expected to continue through 1979.

This holds true for the Tallahassee area as well, especially since as

population increases in the state, it is only logical to assume that a

great many of these people will be serviced out of the State Capital

city. This will provide a continued demand for residential construction

as well as other goods and services, which in turn increases employment

and investment.


Tallahassee's population presently is 90,000. The Tallahassee

SMSA population which includes Wakulla County, is approximately 150,000.

The Tallahassee trade area consisting of 12 counties, three of

which are in Georgia, has a population of approximately 328,000, and

according to Sales Management Survey of Buying Power has an effective

buying income of $1,460,215,000, and retail sales of $1,013,797,000 in

1977. This same publication lists Tallahassee as one of the fastest-

growing metros in the next five years showing an 18.9% gain in popula-

tion 1976-1981. The SMSA's population, which includes Leon and Wakulla

counties, is projected to reach 167,500 by 1981, a 17.4% growth rate

1977-82. Tallahassee ranked No. 13 out of a total of 25 fastest grow-

ing metros areas in the United States.


The Tallahassee SMSA in 1977 ranked No. 5 in Florida with an average

household income of $16,682, a 9% increase over 1976. The state average

household income is $15,099. This makes our area one of the highest

ranking in household income throughout the state of Florida.


Tallahassee Area Chamber of Commerce/P. 0. Box 1639/Tallahassee, Florida/32302








In Net Effective Buying Income, Leon County showed an increase of

13%, increasing from $690,456,000 in 1976 to $780,427,000 in 1977.

According to the above-mentioned publication, households in Tallahassee

will have the 23rd highest after-tax disposable income in the nation in

1980. By that time it is predicted the average per'household income in

metro-Tallahassee will be $23,519, This figure represents a 67.8% jump

over the average--brought about largely by the increasing affluence of

Tallahassee suburbs.

Commercial activity in 1978 increased dramatically. The area north

of town between Interstate 10, Thomasville Road (U.S. 319) and U.S. 27

north continues to be quite active for commercial development.

It is the opinion of most local management firms that the office

market definitely improved in 1978 and most projects are full or approach-

ing that point.

The local economy of the area which of course is oriented toward

government and education has a major influence on the commercial office

market. The public sector utilizes 65% of this space. As government

grows, the private sector grows in supportive services, requiring add-

itional office space as well.

The apartment market also continued to get stronger in 1978. Pop-

ulation growth has been absorbing vacancies and the occupancy rate hovers

between 90-95 per cent.


There has been a recent decline in residential building permit


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302








activity due largely to a drop in multi-family permit issuances.

Following the mid-decade recession, multi-family housing gained pop-

ularity in the Tallahassee area in the form of duplexes, triplexes, and

quadraplexes. Most of these units were concentrated in the Killearn

and Winewood Country Club areas and have been absorbed by rental demand.

Significantly, Tallahassee, like many other Florida markets is facing

a situation where rental inventory is near full absorption and yet

going rental rates cannot justify the construction cost of major rental

developments.

The Killearn area continues to be the center of construction act-

ivity in Leon County. The area accounts for more than two-thirds of the

residential building permits issued in the county in recent years.

In 1974, the city initiated the Airport Master Plan for the devel-

opment of the Tallahassee Municipal Airport. This plan recommends im-

provements for the airport through 1993.


Presently, construction is underway on the new $6.6 million, 8,000

foot east-west runway, which will supplement the existing 6,070 foot

north-south runway. Completion of the runway is anticipated by June,

1979.


The new airport concourse extending from the terminal building was

opened in August, 1977. This facility accommodates increased passenger

demand, includes passenger waiting areas and loading gates, restrooms,

and airport offices. Airport parking facilities have also been expanded

by approximately 200 spaces helping satisfy increased parking require-


Tallahassee Area Chamber of Commerce/P. 0. Box 1639/Tallahassee, Florida/32302








ments.


During 1977, the number of airport passengers increased significantly,

with emplanements totaling over a quarter of a million people.

The new $1,750,000 Ambulatory Center containing 21,000 square feet,

to provide same day, elective, non-emergency surgery opened in October,

1978. The facility houses four operating rooms, 12 beds recovery facilities,

laboratory X-ray, pharmacy, resuscitation equipment and an emergency power

generator.


Within the next two years the Tallahassee Retirement Campus, a $15

million development of the Presbyterian Homes of the Synod of Florida,

will be built on a 98-acre tract east of the city limits.

A franchise has been obtained to build a third Ramada Inn. The 200-

room inn will be located on or near 1-10.


A third $2.5 million, 125-room Holiday Inn at the northwest inter-

section of I-10 and Thomasville Road is anticipated to begin sometime

in 1979.


Construction of a 278-room $8.5 million Shearton Hotel with convention

facilities will commence in early 1979. The hotel will be located near

the new Civic Center and is anticipated to be completed in March 1980, in

time for the legislators that year.


Five eight-office buildings on three and a half acres off Capital

Circle just north of Centerville Road to be developed by Phagan Harris &

Associates, Inc. are planned for Tallahassee's first condominium park.


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302








The complex will be called Capital Forest Office Park.


It is estimated that the Wayne H. Coloney Company of Tallahassee will

pump more than $15 million per year into the area's economy during the

next several years as a result of the firm being granted a contract to

build an ammunition loading system for the Air Force's A-10 fighter jets

in addition to broad expansion in other areas. The firm has already

more than tripled the size of its staff from 45 to 140 since being awarded

the contract last fall and the firm expects to hire additional personnel.

Mr. Wayne Coloney stated that even more money could be forthcoming if

the Air Force goes through with a 5 year plan to buy 50 million rounds

of ammunition. Further, he indicated that a feasibility study, currently

underway by his firm on developing a deep water port facility at Port

St. Joe, Florida could produce a similar impact on both the firms' bus-

iness as well as the community's economy.


The Tallahassee Democrat began a major expansion in 1978 that will

increase its facility on North Magnolia by more than 50 per cent. Much

of the expansion is aimed at accommodating a new printing press to be

used by the newspaper. The project is expected to take two years to

complete.


A new $500,000 triple-theater will be built at 2315 Apalachee

Parkway by the Fairlane-Litchfield theater chain. Fairlane-Litchfield

is the first tenant announced for a 20-acre retail complex being devel-

oped along Apalachee Parkway by Leonard and Jeffrey Pepper.


December, 1980 has been projected as the completion date for the


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302






-8-


much needed Civic Center for Tallahassee and Leon County. The center

will draw visitors and conventioneers from the entire southeast, while

providing a substantial economic and cultural impact upon the Big Bend

of Florida. The center's arena will accommodate the basketball pro-

grams of Florida A & M University and Flroida State University. Plans

for the centers' use also include nationally touring concerts, spect-

acular roadshow productions and other events which will meet the grow-

ing cultural needs of Florida's Big Bend and South Georgia.

The center is in easy walking distance to Florida State University,

the Capital Complex and downtown Tallahassee.

A new hospital, the Capital Medical Center, is scheduled to open

in June, 1979. The center will have 180 beds and concentrate on medical-

surgical care. The $9 million facility is being built near Capital

Circle between Miccosukee and Centerville roads.

The third enclosed mall for Tallahassee will open during the summer

of 1979. The Governor's Square Mall is located on a 75-acre site near

the intersection of Apalachee Parkway and Blairstone Road. The pro-

ject is expected to cost $30 million.


Construction has begun on College Square, a 66,000 square foot

shopping center on an eight acre tract at the intersection of Tennessee

Street (U.S. Highway 90) and Ocala Road. Completion is scheduled for

September, 1979.


In the planning stage is a 150,000 square foot shopping center to

be built on a 16-acre tract on Monroe Street in south Tallahassee. This


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302






-9-


project is scheduled to start the second quarter of 1979.


An 83,000 square foot shopping facility to be called Killearn

Center and located on a 10-acre site has broken ground and opening is

scheduled for late 1979.


La Quinta Motor Inns of San Antonio, Texas, is building a 122-

room motel on a three-acre site at U.S. 27 North and I-10. The facility

will include a Chaucey's Restaurant. Opening date is scheduled for

spring of 1979.


A $1,700,000 Recquetball Club to be built on Capital Circle between

Miccosukee and Centerville Road was announced in 1978. The Club is ex-

pected to be completed sometime in 1979.

Also on U.S. 27 North, a 48-unit Econo Travel Motor Hotel is under

construction with completion date expected the early part of 1979.


In the downtown area, historical buildings are being renovated as

office space. Offices are also replacing retail shops.


The heart of downtown is the Adams Street Mall. This has been a

project of the Downtown Improvement Authority. With the arrival of our

new civic center, the downtown area should become a service, entertain-

ment and cultural center.


Several other large building projects are set for Tallahassee in

1979, and they are expected to pump new blood into the downtown area ...

Florida Education Association Offices, 17-stories, at Duval & Pensacola


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302






-10-


streets and also a small office building for Florida Home Builders to

start up in March.


Listed below are building permit valuations issued for construction

projects amounting to $500,000 or over which were either completed in

1978 or to be completed at a future data. Where construction costs are

known, it is so designated.

Building Permit
Val uation

Florida State University
Maintenance Complex $2,558,000

Civic Center
502 W. Pensacola St. $20,300,010

Capital Medical Center
2626 Capital Medical Blvd. $2,244,000

Nursing Home $ 868,900

La Quinta Motor Inn
2901 N. Monroe $1,000,000

Governor's Square Mall
1500 Apalachee Parkway $4,200,000

K-Mart Shopping Center
3521 Thomasville Road $2,258,000

Office Building
2590 Executive Circle Est. $ 540,000

Office Building
1415 Capital Circle, N.W. $ 597,000

Department Store Sears
1500 Apalachee Parkway $3,056,000

Maas Bros.
1500 Apalachee Parkway $2,464,000

J. C. Penney
1500 Apalachee Parkway $3,800,000

TOTAL------------------ --------------------------$ 43,885,910


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302





-11-


There is considerable boost to the construction industry in our

area by the various construction projects currently underway at our

two State Universities and schools in the area. The impact on our

economy is evident. But no less important is the upgrading of edu-

cational plans to provide adequate facilities for students, teachers,

and the public.

Shown below are major construction projects for the schools in

the Tallahassee area which have a tremendous impact on the economy.

Florida A & M University is continuing its Physical Facility

Improvement Program that began in 1976. The program, which is est-
imated to eventually cost more than $18 million, will be completed

in the 1980's.

Facility Improvements already completed are:

1976 Dormitory Renovation (Phase II) $1,500,000
1976 Tucker Hall (General Education Classrooms) $1,500,000
1976 Jones Hall (Science Building) $1,500,000

1977 Electrical Expansion (Phase I & II) $ 500,000

1977 Photography Laboratory and Television Studio $ 76,000

1977 Music Building Corrections $ 52,000

TOTAL-------------------- ----------------------$5,128,000

Improvement Projects underway are:

1978 Electrical Expansion (Phase III) $ 275,000

1978 Steam Plant Renovation $ 166,000
TOTAL-----------------------------------------------$ 441,000


Tallahassee Area Chamber of Commerce/P. 0. Box 1639/Tallahassee, Florida/32302






-12-


Future Improvement Projects are:

1979 *Physical Education Facilities
All Weather Track
Addition to Gymnasium
Olympic Size Swimming Pool
4 additional Tennis Courts
2 exterior Basketball Courts
3 Racquetball Courts


1979

1979

1979

1980's

1980's

1980's

1980's


$ 1,400,000


*Greenhouse $ 335,000
*Boiler Replacement $ 225,000

Provisions for the Handicapped $ 125,000

*Perry-Paige Renovation $ 2,250,000

**Steam Line Renovation $ 1,250,000

FAMU Lab School $ 3,550,000
***Gibbs Hall $ 3,500,000

TOTAL----------------------------------------------$12,635,000


GRAND TOTAL------------------------------------------$18,204,000
*Indicate Funded Projects

**Indicate Planning Dollars Available
***Not Funded


Florida State Uiiversity too, has future expansion plans as indicated

in the table below.

Fixed Capital Outlay Projects 1979-81:


Stone Building Completion
ROTC Building Renovation

School of Library Science (Construction & Furnishings)

Dodd Hall Renovation (Planning & Construction)


$ 173,000

$ 170,000

$ 3,384,000

$ 1,200,000


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302






-13-

Handicapped Modifications (Construction) $ 960,000
Property Acquisitions, East Campus $ 185,000
Emergency Repair and Minor Renovations $ 1,200,000

Science Center Library (Planning and Construction) $ 5,420,000

College of Business (Planning) $ 280,000
Music Renovation (Planning) $ 130,000

Property Acquisition $ 235,000
Minor Renovations $ 70,000
TOTAL---------------------------------------------------$13,407,000

Special Funding
Exterior Campus Lighting II $ 600,000
Additional Minor Renovations $ 400,000
Roads and Parking Facilities $ 1,230,000
Jefferson/Woodward Parking Improvements (200,000)
Mecca Parking Improvements ( 75,000)
Chieftan Way Extension (200,000)
Northwest Residence Halls Parking (200,000)
Diffenbaugh Parking Improvements ( 85,000)
Wedge Parking Improvements ( 50,000)
East Campus Parking Improvements (140,000)
Call Street Improvements (DRS) ( 80,000)
Gates, Booths, Bus Shelters, Bikeways,
Signage (200,000)
GRAND TOTAL---------------------------------------------$15,637,000

The Tallahassee Area Chamber of Commerce is most interested in the

economic development of the area. City fathers as well as the business

community leadership want to see a diversification of the tax and employ-
ment base. The Chamber is stepping up its economic development programs

and is now aggressively seeking new industry. Tallahassee's new emphasis

on business and industrial development, along with continued growth in

state government, should insure a healthy economic climate in the future


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302






-14-


for Florida's Capital city.


Should the proposed research park in Leon County become a reality,

it will be of tremendous impact on our area.


A five-member authority authorized by the new Florida Research and

Development Commission was named in 1978 to develop research parks.

The Leon County Research and Development Park Authority is negot-

iating a 75-year lease on 500 acres of state-owned land between State

Road 20 and the Ochlocknee River to develop a research park. Industries

would be recruited to establish research units in cooperation with

Florida State University, Florida A & M University, and other institutions,

including government.


The Chamber predicts there will not be a recession like many

economists predict for 1979-80, but the Tallahassee SMSA, because of

accelerating inflation and interest rates, will bring slower business

growth in 1979. Despite some moderation, the Tallahassee Area Chamber

of Commerce would still characterize the area's economy for 1979 as

generally good.


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302








LEON COUNTY GROWTH
(1969 1978)


($) SAVINGS &
LOAN ASSOC.


($) BUILDING


MOTOR


TELEPHONE


AIRLINE


YEAR ASSETS ASSETS PERMITS VEHICLE STATIONS PASSENGER KWH USED CONSUMED GAS USED RECEIPTS ENROLLMENT
1969 *** *** 43,738,497 41,332 56,386 142,494 524,556,726 3,350,521,600 1,650,844,400 3,221,266 20,507

1970 *** *** 41,034,984 43,432 62,628 148,116 630,688,959 3,687,584,700 1,688,160,400 3,575,344 20,600

1971 *** *** 75,613,643 51,096 68,587 170,501 654,699,848 3,922,049,900 1,852,075,700 4,621,010 23,073


1972 291,019,897

1973 350,281,933

1974 360,383,274

1975 373,420,269

1976 390,711,222

1977 415,464,766

1978 504,392,939

% Change ***
1969-1978
% Change +21
1977-1978


825,948,937 155,186,167 60,517 75,639 196,088 736,943,369 4,337,974,500 1,832,116,400 5,557,681 19,694


959,709,257

1,133,670,452

1,352,801,881

1,508,788,359

1,710,196,066

2,328,661,224

***


+36


80,250,197

88,919,275

100,277,693

**62,818,956

97,159,052

134,817,287

+208

+39


75,753

83,038

87,056

106,680

104,651

108,049

+161


85,850

91,852

95,406

99,577

107,032

113,143

+101


219,365

234,555

219,403

232,242

272,657

306,524

+115


850,101,256

811,785,645

878,944,956

927,720,650

1,001,891,495


1,304,360,114

+149


4,252,919,773

4,376,138,400

4,658,535,650

5,008,195,750

5,148,112,676


5,195,546,000

+55


2,021,293,000

1,034,599,500

1,757,823,100

1,947,380,900

1,535,654,500


1,409,957,300

-15


6,063,260

7,096,521

7,340,812

9,005,414

9,458,748


11,443,514


+255


($) BANK


COUNTY
Crwnni


20,925

21,191

21,543

21,576

21,498


*Due to merger, Florida Federal Savings & Loan Association's figures are not available during 1971, 1972, and 1973.
**Decrease in valuation due to $33,403,182 permit issued in 1975 for Capitol Building, $6,463,000 State Office Building and $2,355,000 Downtown
Parking Garage.
***Not Available


L


ELECTRIC


GALLON WATER


C IBUC FEET


PN TAI


I


I










FINANCIAL RESOURCES
FOR NEW AND EXPANDING BUSINESSES IN THE TALLAHASSEE AREA




Compiled by:
RESEARCH DEPARTMENT
Tallahassee Area Chamber of Commerce
100 North Duval
P. 0. Box 1639
Tallahassee, Florida 32302
(904) 224-8116


The Research Department of the Tallahassee Area
Chamber of Commerce has prepared this brochure to assist
those who are seeking financing for new industries or
expansion in the Tallahassee area.

The data included in this brochure was submitted by
the financial organizations that are Chamber members and
is considered current at publication time.

July, 1978








This document is a product of a contract
between Leon County, the City of Tallahassee
and the Tallahassee Area Chamber of Commerce.


T.;,i -,assee Area Chamber of Commerce/P. O. Box 1639/TaHahassee, FRorida~ ..23'J






I. TALLAHASSEE ORGANIZATIONS THAT LEND MONEY FOR CAPITAL INVESTMENT IN LAND

Capital City Second National Bank
City National Bank
Ellis National Bank
First Federal Savings & Loan Association
First National Bank
Florida State Bank
Galloway Realty
Lewis State Bank
Mallard Investments, Inc.
Marine State Bank
Merrill Lynch, Pierce, Fenner & Smith, Inc.
North Florida National Bank
Smith Barney, Harris Upham & Co., Inc.
Southern Bank of Tallahassee

II. TALLAHASSEE ORGANIZATIONS THAT LEND MONEY FOR CAPITAL INVESTMENT IN
BUILDINGS

Andrew Jackson State Savings & Loan Association
Capital City Second National Bank
City National Bank
Commonwealth Corporation
First National Bank
Flagship Peoples Bank of Tallahassee
Florida State Bank
Galloway Realty
Industrial National Bank
Lewis State Bank
Mallard Investments, Inc.
Marine State Bank
Merrill Lynch, Pierce, Fenner & Smith, Inc.
North Florida National Bank
Serpico, Joseph, Realty, Inc.
Smith Barney, Harris Upham & Co., Inc.
Southern Bank of Tallahassee
Sun Federal Savings & Loan Association

III. TALLAHASSEE ORGANIZATIONS THAT LEND MONEY FOR CAPITAL INVESTMENT IN
BUILDINGS AND LAND

Andrew Jackson State Savings & Loan Association
Barnett Bank of Tallahassee
Capital City Second National Bank
Citizens Commercial Bank
Citizens and Southern Mortgage Company
City National Bank
Commonwealth Corporation
Ellis National Bank
First Federal Savings & Loan Association
First National Bank
Flagship Peoples Bank of Tallahassee
Florida State Bank


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302






III. TALLAHASSEE ORGANIZATIONS THAT LEND MONEY FOR CAPITAL INVESTMENT IN
BUILDINGS AND LAND (continued)

Galloway Realty
Industrial National Bank
Lewis State Bank
Mallard Investments, Inc.
Marine State Bank
Merrill Lynch, Pierce, Fenner & Smith, Inc.
North Florida National Bank
Smith Barney, Harris Upham & Co., Inc.
Southern Bank of Tallahassee
Soto, Jan G., Realtor-Owner
Stockton, Whatley, Davin & Company
Sun Federal Savings & Loan Association
Tallahassee Federal Savings & Loan Association
Tilley, Morris E., Inc.

IV. TALLAHASSEE ORGANIZATIONS THAT LEND MONEY FOR CAPITAL INVESTMENT IN
EQUIPMENT OR MACHINERY

Barnett Bank of Tallahassee
Capital City Second National Bank
Citizens Commercial Bank
City National Bank
First National Bank
Flagship Peoples Bank of Tallahassee
Florida State Bank
Lewis State Bank
Marine State Bank
Merrill Lynch, Pierce, Fenner & Smith, Inc.
North Florida National Bank
Smith Barney, Harris Upham & Co., Inc.
Southern Bank of Tallahassee
V. TALLAHASSEE ORGANIZATIONS THAT LEND MONEY FOR WORKING CAPITAL

Barnett Bank of Tallahassee
Capital City Second National Bank
Citizens Commercial Bank
City National Bank
First National Bank
Flagship Peoples Bank of Tallahassee
Florida State Bank
Industrial National Bank
Lewis State Bank
Marine State Bank
Merrill Lynch, Pierce, Fenner & Smith, Inc.
North Florida National Bank
Smith Barney, Harris Upham & Co., Inc.
Southern Bank of Tallahassee
VI. TALLAHASSEE ORGANIZATIONS THAT INVEST, OR TAKE AN EQUITY POSITION IN
CAPITAL INVESTMENT IN BUILDINGS

Black and Hanley
Commercial Consultants Corporation

Tallahassee Area Chamber of Commerce/P. 0. Box 1639/Tallahassee, Florida/32302






VI. TALLAHASSEE ORGANIZATIONS THAT INVEST, OR TAKE AN EQUITY POSITION IN
CAPITAL INVESTMENT IN BUILDINGS (continued)

Commonwealth Corporation
Community Realty Investments, Inc.
Galloway Realty
Horn Realty, Inc.
Investors Realty of Tallahassee, Inc.
Mallard Investments, Inc.
Petrandis, Johnny, Realty
Phagan, Harris & Associates, Inc.
Smith Barney, Harris Upham & Co., Inc.
Southeastern Realty and Investment Properties

VII. TALLAHASSEE ORGANIZATIONS THAT INVEST, OR TAKE AN EQUITY POSITION IN
CAPITAL INVESTMENT IN BUILDINGS AND LAND

Black and Hanley
Collins & Associates, Inc.
Commercial Consultants Corporation
Commonwealth Corporation
Community Realty Investments, Inc.
Galloway Realty
Horn Realty
Investors Realty of Tallahassee, Inc.
J. P. Land & Investment, Inc.
Mallard Investments, Inc.
Petrandis, Johnny, Realty
Phagan, Harris & Associates, Inc.
Serpico, Joseph, Realty, Inc.
Smith Barney, Harris Upham & Co., Inc.
Soto, Jan G., Realtor-Owner
Southeastern Realty and Investment Properties
Tilley, Morris E., Inc.
Walker, George K., Realtor


VIII.



IX.




X.


TALLAHASSEE ORGANIZATIONS THAT INVEST, OR TAKE AN EQUITY POSITION IN
CAPITAL INVESTMENT IN EQUIPMENT OR MACHINERY

Smith Barney, Harris Upham & Co., Inc.

TALLAHASSEE ORGANIZATIONS THAT INVEST, OR TAKE AN EQUITY POSITION IN
WORKING CAPITAL

Smith Barney, Harris Upham & Co., Inc.

TALLAHASSEE ORGANIZATIONS THAT BROKER OR PLACE LOANS FOR CAPITAL
INVESTMENT IN BUILDINGS

Andrew Jackson State Savings & Loan Association
Citizens Commercial Bank
Commercial Consultants Corporation
Commonwealth Corporation
Community Realty Investments, Inc.
Galloway Realty
Horn Realty, Inc.


Tallahassee Area Chamber of Commerce/P. O. Box 1639/Tallahassee, Florida/32302






X. TALLAHASSEE ORGANIZATIONS THAT BROKER OR PLACE LOANS FOR CAPITAL
INVESTMENT IN BUILDINGS (continued)

Investors Realty of Tallahassee, Inc.
Lafayette Realty, Inc.
Mallard Investments, Inc.
Marine State Bank
Smith Barney, Harris Upham & Co., Inc.

XI. TALLAHASSEE ORGANIZATIONS THAT BROKER OR PLACE LOANS FOR CAPITAL
INVESTMENT IN BUILDINGS AND LAND

Andrew Jackson State Savings & Loan Association
Barnett Bank of Tallahassee
Citizens and Southern Mortgage Company
Citizens Commercial Bank
Commercial Consultants Corporation
Commonwealth Corporation
Community Realty Investments, Inc.
Deeb, Kent C., & Company, Inc.
Eason, Walter, Realty
Edwards, A. G., & Sons, Inc.
First Federal Savings & Loan Association
Galloway Realty
Horn Realty, Inc.
Investors Realty of Tallahassee, Inc.
Lafayette Realty, Inc.
Mallard Investments, Inc.
Marine State Bank
MN Mortgage Corporation
Serpico, Joseph, Realtor
Smith Barney, Harris Upham & Co., Inc.
Soto, Jan G., Realtor-Owner
Stockton, Whatley, Davin & Company
Sun Federal Savings & Loan Association

XII. TALLAHASSEE ORGANIZATIONS THAT BROKER OR PLACE LOANS FOR CAPITAL
INVESTMENT IN EQUIPMENT OR MACHINERY

Citizens Commercial Bank
Edwards, A. G., and Sons, Inc.
Smith Barney, Harris Upham & Co., Inc.
XIII. TALLAHASSEE ORGANIZATIONS THAT BROKER OR PLACE LOANS FOR WORKING CAPITAL

Citizens Commercial Bank
Edward, A. G., and Sons, Inc.
Smith Barney, Harris Upham & Co., Inc.
XIV. TALLAHASSEE ORGANIZATIONS THAT BROKER OR ARRANGE PRIVATE INVESTMENT FOR
CAPITAL INVESTMENT IN BUILDINGS

Commercial Consultants Corporation
Community Realty Investments, Inc.
Deeb, Kent C., and Company, Inc.
Edwards, A. G., and Sons, Inc.
Galloway Realty
Tallahassee Area Chamber of Commerce/P. 0. Box 1639/Tallahassee, Florida/32302





XIV. TALLAHASSEE ORGANIZATIONS THAT BROKER OR ARRANGE PRIVATE INVESTMENT FOR
CAPITAL INVESTMENT IN BUILDINGS (continued)

Gibbs Builders, Inc.
Horn Realty, Inc.
Investors Realty of Tallahassee, Inc.
Lafayette Realty, Inc.
Leon Realty, Inc.
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Petrandis, Johnny, Realty
Smith Barney, Harris Upham & Co., Inc.
Southeastern Realty and Investment Properties
Walker, George K., Realtor

XV. TALLAHASSEE ORGANIZATIONS THAT BROKER OR ARRANGE PRIVATE INVESTMENT
FOR CAPITAL INVESTMENT IN BUILDINGS AND LAND

Collins & Associates, Inc.
Commercial Consultants, Inc.
Community Realty Investments, Inc.
Deeb, Kent C., & Company, Inc.
Edwards, A. G., & Sons, Inc.
Galloway Realty
Gibbs Builders, Inc.
Horn Realty, Inc.
Investors Realty of Tallahassee, Inc.
J. P. Land & Investment, Inc.
Lafayette Realty, Inc.
Leon Realty, Inc.
Merrill Lynch, Pierce, Fenner & Smith, Inc.
MN Mortgage Corporation
Petrandis, Johnny, Realty
Serpico, Joseph, Realty, Inc.
Smith Barney, Harris Upham & Co., Inc.
Soto, Jan G., Realtor-Owner
Southeastern Realty and Investment Properties
Walker, George K., Realtor

XVI. TALLAHASSEE ORGANIZATIONS THAT BROKER OR ARRANGE PRIVATE INVESTMENT
FOR CAPITAL INVESTMENT IN EQUIPMENT OR MACHINERY

Edwards, A. G., & Sons, Inc.
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Smith Barney, Harris Upham & Co., Inc.

XVII. TALLAHASSEE ORGANIZATIONS THAT BROKER OR ARRANGE PRIVATE INVESTMENT
FOR WORKING CAPITAL

Edwards, A. G., & Sons, Inc.
Marine State Bank
Smith Barney, Harris Upham & Co., Inc.

XVIII. TALLAHASSEE ORGANIZATIONS THAT OFFER OR ARRANGE LEASE-BACK FINANCING
FOR CAPITAL INVESTMENT IN BUILDINGS

Citizens Commercial Bank
Commercial Consultants Corporation



Tallahassee Area Chamber of Commerce/P. 0. Box 1639/Tallahassee, Florida/32302





XVIII. TALLAHASSEE ORGANIZATIONS THAT OFFER OR ARRANGE LEASE-BACK FINANCING
FOR CAPITAL INVESTMENT IN BUILDINGS (continued)

Community Realty Investments, Inc.
Deeb, Kent C., and Company, Inc.
Galloway Realty
Leon Realty, Inc.
Investors Realty of Tallahassee, Inc.
Merrill Lynch, Pierce, Fenner & Smith, Inc.
MN Mortgage Corporation
Serpico, Joseph, Realty, Inc.
Smith Barney, Harris Upham & Co., Inc.
Southeastern Realty and Investment Properties
Tilley, Morris E., Inc.
Walker, George K., Realtor

XIX. TALLAHASSEE ORGANIZATIONS THAT OFFER OR ARRANGE LEASE-BACK FINANCING
FOR CAPITAL INVESTMENT IN BUILDINGS AND LAND

Citizens Commercial Bank
Commercial Consultants Corporation
Community Realty Investments, Inc.
Deeb, Kent C., and Company, Inc.
Galloway Realty
Investors Realty of Tallahassee, Inc.
Leon Realty, Inc.
Merrill Lynch, Pierce, Fenner & Smith, Inc.
MN Mortgage Corporation
Petrandis, Johnny, Realty
Smith Barney, Harris Upham & Co., Inc.
Soto, Jan G., Realtor-Owner
Southeastern Realty and Investment Properties
Tilley, Morris E., Inc.
Walker, George K., Realtor

XX. TALLAHASSEE ORGANIZATIONS THAT OFFER OR ARRANGE LEASE-BACK FINANCING
FOR CAPITAL INVESTMENT IN EQUIPMENT OR MACHINERY

Barnett Bank of Tallahassee
Citizens Commercial Bank
Investors Realty of Tallahassee Inc.
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Smith Barney, Harris Upham & Co., Inc.
XXI. TALLAHASSEE ORGANIZATIONS THAT OFFER OR ARRANGE LEASE-BACK FINANCING
FOR WORKING CAPITAL

Smith Barney, Harris Upham & Co., Inc.
XXII. TALLAHASSEE ORGANIZATIONS THAT ARRANGE OR SEEK TO ARRANGE VENTURE
CAPITAL

Black and Hanley
City National Bank
Commercial Consultants Corporation
Community Realty Investments, Inc.
Eason, Walter, Realty
Edwards, A. G., and Sons, Inc.


Tallahassee Area Chamber of Commerce/P. 0. Box 1639/Tallahassee, Florida/32302






XXII.


Tallahassee Area Chamber of Commerce/P. 0. Box 1639/Tallahassee, Florida/32302


TALLAHASSEE ORGANIZATIONS THAT ARRANGE OR SEEK TO ARRANGE VENTURE
CAPITAL (continued)

Galloway Realty
Gibbs Builders, Inc.
Lafayette Realty, Inc.
Lewis State Bank
Mallard Investments, Inc.
Petrandis, Johnny, Realty
Serpico, Joseph, Realty, Inc.
Smith Barney, Harris Upham & Co., Inc.
Soto, Jan G., Realtor-Owner
Walker, George K., Realtor

TALLAHASSEE ORGANIZATIONS THAT UNDERWRITE INDUSTRIAL FACILITIES
UNDER APPROPRIATE CIRCUMSTANCES

Communwealth Corporation
Community Realty Investments, Inc.
Edwards, A. G., and Sons, Inc.
Investors Realty of Tallahassee, Inc.
Lewis State Bank
Marine State Bank
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Roberts, Arch W. and Company
Smith Barney, Harris Upham & Co.
Tilley, Morris E., Inc.

TALLAHASSEE ORGANIZATIONS THAT HOLD OR ARRANGE LAND FOR INDUSTRIAL
DEVELOPMENT

Commercial Consultants Corporation
Commonwealth Corporation
Community Realty Investments, Inc.
Deeb, Kent C., and Company, Inc.
Eason, Walter, Realty
Galloway Realty
Horn Realty
Investors Realty of Tallahassee, Inc.
J. P. Land & Investment, Inc.
Lafayette Realty, Inc.
Lewis State Bank
Mallard Investments, Inc.
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Miers, Miley, Realtor
Ousley, Bill, and Associates
Petrandis, Johnny, Realty
Smith, Davis D., Realtors
Soto, Jan G., Realtor-Owner
Southeastern Realty and Investment Properties
Tilley, Morris E., Inc.
Walker, George K., Realtor


XXIII.


XXIV.







ORGANIZATIONS' ADDRESSES
AND
OFFICERS IN CHARGE


ANDREW JACKSON STATE SAVINGS AND
LOAN ASSOCIATION
2000 Apalachee Parkway
P. 0, Box 6447 32301
Robert P. Wadley, President
Telephone: 877-2108


BARNETT BANK OF TALLAHASSEE
Calhoun at Jefferson
P. 0. Box 5257 32301
L. A. McLean, Vice President
Telephone: 224-1111

BLACK AND HANLEY
153-16 Bliss Dr.
P. 0. Box 166 32302
Contact: Joseph R. Black
Telephone: 575-3090

CAPITAL CITY SECOND NATIONAL BANK
1824 W. Tennessee
P. 0. Box 2805 32304
Rodney L. Scarboro, President
Telephone: 224-2156

CITIZENS AND SOUTHERN MORTGAGE CO.
325 John Knox Rd., Suite 204-L 32303
Contact: Ed Hester
Telephone: 385-5168


CITIZENS COMMERCIAL BANK OF
TALLAHASSEE
750 Appleyard Dr.
P. 0. Box 2275 32304
R. Michael Sims, President
Telephone: 576-1182

CITY NATIONAL BANK
1809 Apalachee Parkway
P. 0. Box 5737 32301
Tom C. Proctor, President
Telephone: 877-2191


COLLINS & ASSOCIATES, INC.
2045 Eastgate Way 32303
P. 0. Box 3851
Contact: Ralph L. Collins, Pres.
Telephone: 386-6151

COMMERCIAL CONSULTANTS CORPORATION
P. 0. Box 3974 32303
Contact: Daniel Vollmer, Broker
Telephone: 386-4191


COMMONWEALTH CORPORATION, THE
P. 0. Box 1657 32302
Contact: Richard Malloy or
Will Fisher
Telephone: 386-7111


COMMUNITY REALTY INVESTMENT, INC.
1 Winewood Blvd, Suite 201 32301
P. 0. Box 5077
Contact: Bert Riedel
Telephone: 877-8111

DEEB, KENT C. AND COMPANY, INC.
P. 0. Box 467 32302
Contact: Kent C. Deeb, Pres.
Telephone: 877-2567


EASON, WALTER E., REALTY, INC.
232 East Fifth Avenue
P. 0. Box 1346 32302
Contact: Walter E. Eason, Pres.
Telephone: 224-8136


EDWARDS, A. G. & SONS, INC.
1001 Thomasville Rd. 32302
P. 0. Box 1653
Contact: C. Mark Robinton
Telephone: 222-0460


Tallahassee Area Chamber of Commerce/P. 0. Box 1639/Tallahassee, Florida/32302






ELLIS NATIONAL BANK
1407 East Lafayette
P. 0. Box 1677 32302
Robert L. McCloud, President
Telephone: 877-4121


FIRST FEDERAL SAVINGS AND LOAN
ASSOCIATION
325 John Knox Road 32303
Joseph F. Humphrey, President
Telephone: 386-1151


FIRST NATIONAL BANK
P. 0. Box 900 32302
Contact: Any Commercial Loan Officer
Telephone: 224-1171


FLAGSHIP PEOPLES BANK
1136 Thomasville Road
P. 0. Box 3637
Contact: James H. White
Telephone: 224-5151

FLORIDA STATE BANK OF TALLAHASSEE
2051 Thomasville Road
P. 0. Box 3926 32303
Phil Pomeroy, President
Telephone: 385-7131

GALLOWAY, JAMES R.
119 East Georgia St. 32301
Contact: James R. Galloway
Telephone: 222-0047


GIBBS BUILDERS, INC.
P. 0. Box 3986 32303
Contact: Harold F. Gibbs
Telephone: 385-7703


HORN REALTY, INC.
P. 0. Box 837 32302
Contact: Morton "Butch" Horn
Telephone: 222-1161


INDUSTRIAL NATIONAL BANK
2111 North Monroe
P. 0. Box 3726 32303
M. M. Ashcroft, President
Telephone: 385-1111


INVESTORS REALTY OF TALLAHASSEE
1001 Thomasville Rd., Suite G 32303
Contact: Robert H. Bryson, Pres.
Telephone: 224-6900


J. P. LAND & INVESTMENT, INC.
220-C West Tharpe 32303
Contact: Dallas Marshall
Telephone: 386-7171


LAFAYETTE REALTY, INC.
1369 E. Tennessee St., 32303
Contact: E. R. Winslett, Broker
Telephone: 877-3166


LEON REALTY, INC.
823 Thomasville Road
P. 0. Box 934 32302
Contact: Leo Crutchfield
Telephone: 222-4210


LEWIS STATE BANK
215 South Monroe
P. 0. Box 5017
Kenneth Stafford, Sr.
Telephone: 224-2121


V.P.


MN MORTGAGE CORP.
325 John Knox Rd., Suite L-210
Contact: Foster 0. Gilece
Telephone: 386-4151


MALLARD INVESTMENTS, INC.
211 Delta Court 32303
Contact: Dennett Rainey
Telephone: 385-8156

MARINE STATE BANK
1613 South Monroe
P. 0. Box 5498 32301
A. B. Taff, Jr., President


MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
215 South Monroe St. 32301
Contact: Allen Jones
Telephone: 224-3810


,,hassee Area Chamber of Commerce/P.. Box 1639/Tahahassee. Forid?,32302






MILEY MIERS REALTY, INC.
2003 Apalachee Pkwy., Suite 207
Contact: Pat Barker
Telephone: 878-1077


NORTH FLORIDA NATIONAL BANK
P. 0. Box 5378
2727 Apalachee Pkwy 32301
D. Edward Meggs, V. P.
Telephone: 878-3141


OUSLEY, BILL, AND ASSOCIATES.
1000 Thomasville Road 32303
Contact: Bill Ousley
Telephone: 224-8000


PETRANDIS, JOHNNY, REALTY
1026 N. Monroe St. 32303
Contact: Johnny Petrandis
Telephone: 224-8200


PHAGAN, HARRIS AND ASSOCIATES,
2042 Capital Circle N.W. 32303
Contact: H. Clay Harris or
Richard L. Phagan
Telephone: 386-4115


32301


SOTO, JAN G., REALTOR-OWNER
2639 North Monroe St., Suite 146A 32303
Contact: Jan G. Soto
Telephone: 386-7686


SOUTHEASTERN REALTY AND INVESTMENT
PROPERTIES, INC.
1351 N. Gadsden St. 32303
Contact: Bruce Mclver
Telephone: 222-9653


SOUTHERN BANK OF TALLAHASSEE, THE
P. 0. Box 9008 32303
Michael M. Fields, President
Telephone: 386-3181


STOCKTON, WHATLEY, DAVIN & COMPANY
P. 0. Box 1658
625 N. Adams St. 32302
Contact: Robert S. Holley
Telephone: 224-6146


SUN FEDERAL SAVINGS AND LOAN ASSOCIATION
P. 0. Box 32302
111 S. Monroe
Contact: Glenn McClellan
Telephone: 224-3161

TALLAHASSEE FEDERAL SAVINGS AND LOAN
ASSOCIATION
440 North Monroe St. 32301
Ben Willis, Jr., V.P.
Telephone: 224-2161


[NC.


ROBERTS, ARCH W., & COMPANY
P. 0. Box 223 32302
Contact: Cliff Hinkle
Telephone: 386-2695

SERPICO, JOSEPH, REALTY, INC.
1105 East Hays St. 32301
Contact: Joe Serpico
Telephone: 222-0500


SMITH, DAVIS D., REALTOR
313 N. Monroe St. 32301
Contact: Davis D. Smith
Telephone: 222-7321


SMITH BARNEY, HARRIS UPHAM & CO., INC.
325 John Knox Rd., Suite F-110 32303
Contact: Robert L. Hayward
Telephone: 386-1161


TILLEY, MORRIS E., INC.
2639 N. Monroe St., Suite A-163
Contact: Morris Tilley
Telephone: 385-5161


WALKER, GEORGE K., REALTOR
524 N. Adams St. 32301
Contact: George K. Walker
Telephone: 222-2224


32303


'za.k;hassee Area Chamber of Commerce/P. O. Box 1639/Taahahassee Fiorid,'32302