Agenda 09/26/2017 Item #16A3209/26/2017
EXECUTIVE SUMMARY
Recommendation to approve an easement agreement for the purchase of a road right-of-way,
drainage, and utility easement (Parcel 415RDUE) required for the expansion of Golden Gate
Boulevard from east of Everglades Boulevard to east of Faka Union Canal (Project 60145).
Estimated Fiscal Impact: $14,100.
OBJECTIVE: To purchase an easement needed for the four-laning of Golden Gate Boulevard from east
of Everglades Boulevard to east of Faka Union Canal (the Project).
CONSIDERATIONS: Collier County is seeking to purchase a 3,075 square foot, more or less,
perpetual, non-exclusive Road Right-of-Way, Drainage and Utility Easement (Parcel 415RDUE). Parcel
415RDUE is part of a 2.81 acre parent tract owned by Mr. Julio Viltres, Mrs. Sonia Cabrera and Ms.
Arelys Cabrera (Property Owners).
The appraisal prepared by RKL Appraisal and Consulting on October 31, 2016, estimates the value of
Parcel 415RDUE at $4,200. However, this appraisal does not account for the overall costs of obtaining
the subject easement should the relationship between the Property Owners and Collier County become
adversarial. The attached easement agreement reflects an amicably-negotiated settlement amount of
$13,900. Had the relationship between the Property Owners, their attorney and the County staff become
adversarial, it is very likely that other experts might have been brought in to manufacture an additional
claim for severance damages and the development of expensive curative measures; the property (Project
Parcel 415RDUE) would have been taken by condemnation, and the cost to acquire the right-of-way
required for the construction of the project would have risen way beyond the actual value of the right -of-
way involved. Such costs would far exceed the difference between the appraised value and the negotiated
settlement price.
FISCAL IMPACT: Funds in the amount of $14,100, being the aggregate settlement price of $13,900
and approximately $200 in recording fees, will be required. Funds are available in the Golden Gate Blvd
expansion project no. 60145. The primary funding source for the acquisition of right -of-way is impact
fees. Should impact fees be insufficient within a particular project, the secondary funding source will be
gas taxes.
Incremental maintenance costs for Golden Gate Boulevard from east of Everglades Boulevard to east of
the Faka Union Canal are estimated at $2,500 per year for mowing and garbage removal. The cost to
maintain stormwater management infrastructure will be approximately $4,000 on a three to five year
basis. New roadway construction has a maintenance curve of approximately five to seven years before
any incremental costs are required for repairs.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality, and requires a
majority vote for Board approval. - ERP
GROWTH MANAGEMENT IMPACT: This recommendation is consistent with the Long Range
Transportation Plan and the Collier County Growth Management Plan.
RECOMMENDATION:
. To approve the attached easement agreement and authorize the Chairman to execute same on behalf
of the Board;
. To accept the conveyance of Parcel 415RDUE and authorize the County Manager, or his designee, to
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09/26/2017
record the conveyance instrument in the public records of Collier County, Florida;
. To authorize the payment of all costs and expenses that Collier County is required to pay under the
terms of the easement agreement to close the transaction;
. To authorize the County Manager or his designee to take the necessary measures to ensure the
County’s performance in accordance with the terms and conditions of the easement agreement; and
. To authorize any, and all, budget amendments that may be required to carry out the collective will of
the Board.
Prepared by: Sonja Stephenson, Property Acquisition Specialist, ROW, Transportation Engineering
Division, Growth Management Department.
ATTACHMENT(S)
1. Easement Agreement (PDF)
2. [Linked] Appraisal Report (PDF)
3. Property Location Map (PDF)
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COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.32
Doc ID: 3553
Item Summary: Recommendation to approve an easement agreement for the purchase of a road
right-of-way, drainage, and utility easement (Parcel 415RDUE) required for the expansion of Golden
Gate Boulevard from east of Everglades Boulevard to east of Faka Union Canal (Project 60145).
Estimated Fiscal Impact: $14,100.
Meeting Date: 09/26/2017
Prepared by:
Title: Property Acquisition Specialist – Transportation Engineering
Name: Sonja Stephenson
08/01/2017 1:23 PM
Submitted by:
Title: Division Director - Transportation Eng – Transportation Engineering
Name: Jay Ahmad
08/01/2017 1:23 PM
Approved By:
Review:
Transportation Engineering Gary Putaansuu Additional Reviewer Completed 08/01/2017 3:32 PM
Road Maintenance Travis Gossard Additional Reviewer Completed 08/01/2017 3:36 PM
Transportation Engineering Mario Puente Additional Reviewer Completed 08/02/2017 6:48 AM
Growth Management Department Lisa Taylor Additional Reviewer Completed 08/02/2017 1:53 PM
Growth Management Department Gene Shue Additional Reviewer Completed 08/03/2017 9:19 AM
Transportation Engineering Kevin Hendricks Additional Reviewer Completed 08/04/2017 9:00 AM
Growth Management Operations Support Allison Kearns Additional Reviewer Completed 08/07/2017 4:59 PM
Transportation Engineering Jay Ahmad Additional Reviewer Completed 08/09/2017 3:09 PM
Growth Management Department Diane Lynch Additional Reviewer Completed 08/14/2017 10:49 AM
Growth Management Department Michael Cox Additional Reviewer Skipped 08/02/2017 9:06 AM
County Attorney's Office Emily Pepin Level 2 Attorney Review Completed 08/15/2017 8:21 AM
Growth Management Department James French Additional Reviewer Completed 08/15/2017 9:51 AM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 08/15/2017 2:35 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 08/15/2017 3:11 PM
Office of Management and Budget Susan Usher Additional Reviewer Completed 08/21/2017 2:31 PM
County Manager's Office Leo E. Ochs Level 4 County Manager Review Completed 08/24/2017 4:15 PM
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09/26/2017
Board of County Commissioners Michael Cox Meeting Completed 09/12/2017 9:00 AM
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Packet Pg. 872 Attachment: Easement Agreement (3553 : 60145 - 415)
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Packet Pg. 873 Attachment: Easement Agreement (3553 : 60145 - 415)
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Packet Pg. 874 Attachment: Easement Agreement (3553 : 60145 - 415)
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Packet Pg. 875 Attachment: Easement Agreement (3553 : 60145 - 415)
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Packet Pg. 876 Attachment: Easement Agreement (3553 : 60145 - 415)
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Packet Pg. 877 Attachment: Easement Agreement (3553 : 60145 - 415)
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Packet Pg. 878 Attachment: Easement Agreement (3553 : 60145 - 415)
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Packet Pg. 879 Attachment: Easement Agreement (3553 : 60145 - 415)
Property Location Map
Golden Gate Blvd Project No. 60145 / Parcel 415RDUE
Golden Gate BLVD E
406RDUE 408RDUE 412RDUE 416RDUE 418RDUE 429RDUE424RDUE422RDUE423RDUE428RDUE426RDUE420RDUE
427RDUE
414RDUE
417RDUE415RDUE405RDUE411RDUE413RDUE410RDUE407RDUE409RDUE 425RDUE421RDUE419RDUE
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Packet Pg. 880 Attachment: Property Location Map (3553 : 60145 - 415)
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
REAL ESTATE APPRAISAL REPORT
GOLDEN GATE BOULEVARD E. WIDENING
Residential
3361 Golden Gate Blvd E
Naples, Collier County, Florida, 34120
PREPARED FOR:
Mr. Harry Henderson
Review Appraiser
Collier County Transportation Right-Of-Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Client File: 415 RDUE
EFFECTIVE DATE OF THE APPRAISAL:
October 12, 2016
DATE OF THE REPORT:
October 31, 2016
REPORT FORMAT:
Appraisal Report
PREPARED BY:
RKL APPRAISAL AND CONSULTING, PLC
RKL File Number: 2016-192 (Parcel No. 415 RDUE)
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
October 31, 2016
Mr. Harry Henderson
Collier County Transportation Right-Of-Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Re: Real Estate Appraisal
Golden Gate Boulevard E. Widening
3361 Golden Gate Blvd E, Naples,
Collier County, Florida, 34120
Client File: 415 RDUE
RKL File Number: 2016-192 (Parcel No. 415 RDUE)
Dear Mr. Henderson:
At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying
appraisal for the above referenced property. The purpose of the appraisal is to estimate
the market value of the fee simple interest in the parent tract before and after the
proposed acquisition. The intended users for the assignment are Collier County
Transportation Right-Of-Way Group. The intended use of the appraisal is as a basis of
value for determining full compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if any) which are proposed to
be acquired, including all diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-
exclusive, road right-of-way, drainage, and utility easement. We use the appraisal report
option of Standards Rule 2-2 of USPAP to report the assignment results.
Please reference the appraisal scope section of this report for important information
regarding the scope of research and analysis for this appraisal, including property
identification, inspection, highest and best use analysis, and valuation methodology.
The accompanying appraisal conforms with the Uniform Standards of Professional
Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
The parent tract is a parcel of land containing an area of 2.81 acres, or 122,400 square
feet. The tract is improved with a single-family home containing 1,494 square feet of
living area constructed in 1990. The improvements located outside the proposed
acquisition area, including the single-family home, are considered to be unaffected
by the acquisition. Therefore, the contributory value of those improvements is not
reported in the following appraisal.
Mr. Harry Henderson
Collier County Transportation Right-Of-Way Group
October 31, 2016
Page 2
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
Based on the appraisal described in the accompanying report, subject to the Limiting
Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions
(if any), it is my opinion that the amount due the property owner, as a result of the loss of
real estate resulting from the property rights and improvements (if any) which are
proposed to be acquired, including all diminution in value to the remainder land and
improvements (if any) which can be attributed to the use of or activity upon the proposed
perpetual, non-exclusive, road right-of-way, drainage, and utility easement (Parcel No.
415 RDUE), as of October 12, 2016, is:
SUMMARY OF JUST COMPENSATION
Value of Property Rights Taken: $1,500
Value of Improvements Taken: $2,700
Severance Damages: $0
Net Cost to Cure: $0
TOTAL AMOUNT DUE OWNER: $4,200
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
Respectfully submitted,
RKL APPRAISAL AND CONSULTING, PLC
Rachel M. Zucchi, MAI, CCIM
Florida State-Certified General Real Estate Appraiser RZ #2984
rzucchi@rklac.com; Phone 239-596-0800 Ext. 203
GOLDEN GATE BOULEVARD E. WIDENING TABLE OF CONTENTS
TABLE OF CONTENTS
Summary of Important Facts and Conclusions ................................................................... 1
Introduction Information ..................................................................................................... 5
Subject Identification ...................................................................................................... 5
Current Ownership and Property History ....................................................................... 5
Appraisal Scope .............................................................................................................. 6
Client, Intended User, and Intended Use ........................................................................ 6
Definition of Market Value ............................................................................................. 6
Definition of Property Rights Appraised ........................................................................ 7
Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 7
Scope of Work ................................................................................................................ 7
Market Area Analysis ......................................................................................................... 9
Property Description and Analysis ................................................................................... 12
Site Analysis - Parent Tract .......................................................................................... 12
Real Estate Taxes and Assessments .............................................................................. 20
Highest and Best Use .................................................................................................... 21
Valuation Methodology .................................................................................................... 23
Analyses Applied .......................................................................................................... 24
Valuation Analysis of Parent Tract ................................................................................... 25
Sales Comparison Approach ......................................................................................... 25
Contributory Value of the Site Improvements Taken ................................................... 31
Valuation Analysis of Part Taken and Remainder Property ............................................. 32
Description of Part Taken ............................................................................................. 32
Value Analysis Proposed Property Rights and Improvements Taken .......................... 35
Valuation Analysis of Remainder Property As Severed ................................................... 37
Description of Remainder Property as Severed ............................................................ 37
Value Analysis Remainder Property As Severed ......................................................... 37
Severance Damages to the Remainder Property ........................................................... 39
Cost to Cure Analysis ................................................................................................... 39
Special Benefits Analysis ............................................................................................. 39
Summary and Conclusion ............................................................................................. 40
Certification ...................................................................................................................... 41
Assumptions and Limiting Conditions ............................................................................. 43
Addenda
Appraiser Qualifications ....................................................................................... Addendum A
Property Information ............................................................................................ Addendum B
Comparable Data .................................................................................................. Addendum C
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 1
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
GENERAL
Subject:
Golden Gate Boulevard E. Widening
3361 Golden Gate Blvd E, Naples,
Collier County, Florida, 34120
Owner: Julio Alfonso Viltres and Arelys Cabrera
Intended Use: The intended use is as a basis of value for determining full
compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if
any) which are proposed to be acquired, including all
diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the
proposed perpetual, non-exclusive, road right-of-way, drainage,
and utility easement.
Intended User(s): Collier County Transportation Right-Of-Way Group
PARENT TRACT BEFORE THE TAKING
Current Use: Single-family residential
Legal Description: Golden Gate Estates Unit 77, East 180 feet of Tract 46
Tax Identification: 40683760002
Land Area: Total: 2.80992 acres; 122,400 square feet
Shape: Rectangular
Flood Zone: Zone AH
Zoning: E - Estates
Improvements:
Year Built: 1990
Gross Living Area (GLA): 1,494
Highest and Best Use
As Vacant
As Improved
Single-family residential development
The highest and best use is as currently improved.
VALUE INDICATIONS BEFORE THE TAKING
Land Value: $59,000
Improvements: $2,700
Total Market Value of Parent Tract: $61,700
Effective Date(s) October 12, 2016
Property Rights Fee Simple
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 2
PART TAKEN
Identification: 415 RDUE
Intended Use of the Proposed
Acquisition:
The intended use of the proposed acquisition area is for a
perpetual, non-exclusive, road right-of-way, drainage,
and utilities easement.
Description: 15 to 20 foot wide strip taking along the northerly right-
of-way of Golden Gate Boulevard E.
Land Area: Total: 0.07059 acres; 3,075 square feet
Shape: Rectangular MOL
Approximate Dimensions: 105' x 15' and 75' x 20'
Proposed Improvements Taken: The part taken is partially cleared and minimally
landscaped with a gravel driveway.
VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Property Rights Taken: $1,500
Improvements Taken: $2,700
Total: $4,200
Effective Date(s) October 12, 2016
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $61,700
Less Market Value of the Proposed Part Taken: $4,200
Total Market Value of the Remainder Property, As Part of the Whole: $57,500
Effective Date(s) October 12, 2016
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 3
REMAINDER PROPERTY, AFTER THE TAKING
Land Area: Total: 2.80992 acres; 122,400 square feet
Shape: Rectangular
Improvements: The parent tract is improved with a single-family home.
Existing Easements and
Encumbrances:
The parent tract is encumbered by a 50-foot wide road
right-of-way easement along the southern property line
bordering the property's existing frontage to Golden Gate
Boulevard E. We are not aware of any other easement,
restrictions, or encumbrances that would adversely affect
value before the taking. However, a current title report
was not provided for the purpose of this appraisal.
Proposed Easement and
Encumbrances:
Additional 15 to 20 foot roadway, drainage and utility
easement north of the existing easement along the
southern property line.
Highest and Best Use
As Vacant
As Improved
Single-family residential development
The highest and best use is as currently improved.
VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE TAKING
Land Value: $57,500
Improvement Value: $0
Total Market Value of Reminder Property: $57,500
Effective Date(s) October 12, 2016
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Page 4
Value of the Whole $61,700
Less Value of the Part Taken $4,200
Value of the Remainder Property as Part of the Whole $57,500
Value of the Remainder Property as Severed $57,500
Difference (Severance Damages) $0
Rounded: $0
Severance Damages to the Remainder Property
Net Cost to Cure: $0
Special Benefits: $0
Fee Value per
Acre
% of
Fee
Indicated Value
per Acre Acres Indicated
Value
Rounded
Value Total Value
Parent Tract Before the Taking
Land $21,000 100%$21,000 2.80992 $59,008 $59,000
Improvements $2,700
Total $61,700
Proposed Part Taken
Additional Encumbered Land Taken $21,000 99%$20,790 0.07059 $1,468 $1,500
Improvements Taken $2,700
Total $4,200
Remainder Property, as Part of the Whole $57,500
Remainder Property
Land Area - Exclusive of Additional
Encumbered Land Taken $21,000 100%$21,000 2.73933 $57,526 $57,500
Additional Encumbered Land Taken $21,000 1%$210 0.07059 $15 $15
Total Land 2.80992 $57,541 $57,500
Improvements $0
Total $57,500
Damages $0
Special Benefits $0
Net Damages $0
Additional Encumbered Land Taken $21,000 99%$20,790 0.07059 $1,468 $1,500
Value of Improvements Taken $2,700
Total $4,200
Net Damages $0
Net Cost to Cure $0
Total Amount Due Owner $4,200
Parcel No. 415 RDUE
Summary of Total Compensation
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION
Page 5
INTRODUCTION INFORMATION
SUBJECT IDENTIFICATION
Subject:
Golden Gate Boulevard E. Widening
3361 Golden Gate Blvd E, Naples,
Collier County, Florida, 34120
Legal Description: Golden Gate Estates Unit 77, East 180 feet of Tract 46
Tax Identification: 40683760002
The parent tract is a parcel of land containing an area of 2.81 acres, or 122,400 square
feet. The tract is improved with a single-family home containing 1,494 square feet of
living area constructed in 1990. The improvements located outside the proposed
acquisition area, including the single-family home, are considered to be unaffected
by the acquisition. Therefore, the contributory value of those improvements is not
reported.
CURRENT OWNERSHIP AND PROPERTY HISTORY
Owner: Julio Alfonso Viltres and Arelys Cabrera
Sale History:
Julio Alfonso Viltres and Arelys Cabrera purchased the
improved parent parcel on June 29, 2015 from the
Secretary of Housing and Urban Development for
$145,000. The warranty deed is recorded with the Collier
County Clerk of Courts OR 5170, Page 2051. This
appears to be a distressed transaction.
A warranty deed dated February 23, 2015 and recorded
with the Collier County Clerk of Courts OR 5127, Page
2673 transfers title from Bank of America, N.A. to the
Secretary of Housing and Urban Development for a
recorded price of $108,373. This is not a market
orientated transaction.
A certificate of title was filed November 12, 2014 and
recorded with the Collier County Clerk of Courts OR
5097, Page 3043. The foreclosure sale transfers title from
Derek J. Coffey a/k/a Derek Coffey to Bank of America,
N.A.
Current
Listing/Contract(s):
The subject is not currently listed for sale, or under
contract.
To the best of our knowledge, no other sale or transfer of ownership has occurred within
the past three years, and as of the effective date of this appraisal, the property is not
subject to an agreement of sale or option to buy, nor is it listed for sale.
GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION
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APPRAISAL SCOPE
According to the Uniform Standards of Professional Appraisal Practice, it is the
appraiser’s responsibility to develop and report a scope of work that results in credible
results that are appropriate for the appraisal problem and intended user(s). Therefore, the
appraiser must identify and consider:
● the client and any other intended users;
● the intended use of the appraiser’s opinions and conclusions;
● the type and definition of value;
● the effective date of the appraiser’s opinions and conclusions;
● subject of the assignment and its relevant characteristics
● assignment conditions
● the expectations of parties who are regularly intended users for similar
assignments; and
● what an appraiser’s peer’s actions would be in performing the same or a similar
assignment.
CLIENT, INTENDED USER, AND INTENDED USE
The client and the intended user of the appraisal are Collier County Transportation Right-
Of-Way Group. The intended use is as a basis of value for determining full compensation
to the property owner for the loss of the real estate resulting from the property rights and
improvements (if any) which are proposed to be acquired, including all diminution in
value to the remainder land and improvements (if any) which can be attributed to the use
of, or activity upon, the proposed perpetual, non-exclusive, road right-of-way, drainage,
and utility easement. The appraisal is not intended for any other use or user.
DEFINITION OF MARKET VALUE
Market value definition used by agencies that regulate federally insured financial
institutions in the United States is defined by The Dictionary of Real Estate Appraisal,
6th ed. (Chicago: Appraisal Institute, 2015) as:
The most probable price that a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit
in this definition is the consummation of a sale as of a specified date and the passing
of title from seller to buyer under conditions whereby:
Buyer and seller are typically motivated;
Both parties are well informed or well advised, and acting in what they consider
their best interests;
A reasonable time is allowed for exposure in the open market;
Payment is made in terms of cash in United States dollars or in terms of
financial arrangements comparable thereto; and
GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION
Page 7
The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale.” (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register
34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9,
1992; 59 Federal Register 29499, June 7, 1994)
DEFINITION OF PROPERTY RIGHTS APPRAISED
Fee simple estate is defined as an: “Absolute ownership unencumbered by any other
interest or estate, subject only to the limitations imposed by the governmental powers of
taxation, eminent domain, police power, and escheat.” (Source: The Dictionary of Real
Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015)
The proposed property rights to be acquired involve a proposed perpetual, non-exclusive,
road right-of-way, drainage, and utilities easement.
PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES
The purpose of the appraisal is to estimate the market value of the fee simple interest in
the parent tract before and after the proposed acquisition. The effective date of the subject
appraisal is October 12, 2016. The date of the most recent inspection was October 12,
2016. The date of the report is October 31, 2016.
SCOPE OF WORK
The problem to be solved is to estimate the market value of the fee simple interest in the
parent tract before and after the proposed acquisition.
SCOPE OF WORK
Report Type: This is an Appraisal Report as defined by Uniform
Standards of Professional Appraisal Practice under
Standards Rule 2-2(a). This format provides a summary or
description of the appraisal process, subject and market
data and valuation analyses.
Property Identification: The subject has been identified by the legal description and
the assessors' parcel number.
Inspection: An on-site inspection was made and photographs were
taken.
Market Area and Analysis of
Market Conditions:
A complete analysis of market conditions has been made.
The appraiser maintains and has access to comprehensive
databases for this market area and has reviewed the market
for sales and listings relevant to this analysis.
Highest and Best Use Analysis:
A complete as vacant highest and best use analysis for the
subject has been made. Physically possible, legally
permissible, and financially feasible uses were considered,
and the maximally productive use was concluded.
Valuation Analyses
Cost Approach:
A cost approach was not applied as the subject tract is
analyzed as vacant land. However, the Cost Approach is
utilized to estimate the contributory depreciated value of
GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION
Page 8
the site improvements (if any) taken.
Sales Comparison Approach:
A sales approach was applied as typically this is the most
appropriate approach for the valuation of vacant land. This
approach is applicable to the subject because there is an
active market for similar properties and sufficient sales data
is available for analysis.
Income Approach:
An income approach was not applied as the subject is not
likely to generate rental income as vacant land.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and
the proposed roadway improvements have been completed
as of the effective date of the appraisal.
Extraordinary Assumptions: None.
Comments
The individual sections of the report detail the additional research, confirmation, and
analysis of relevant data.
GOLDEN GATE BOULEVARD E. WIDENING SCOPE OF WORK
Page 9
MARKET AREA ANALYSIS
Boundaries
The subject is located in the north central part of Collier County in the northwestern
portion of the Collier County Rural Estates Planning Community.
This surrounding area is generally delineated as follows:
North Immokalee and Oil Well Roads
South Interstate 75 (Alligator Alley)
East Two miles east of Everglades Blvd.
West Generally County Road 951
The subject is located in Golden Gate Estates which consists of single family homes on
acreage parcels.
Access and Linkages
Primary access to the area is provided by Interstate 75 (I-75), a major arterial that runs
east to Fort Lauderdale and north through Tampa, Florida; I-75 terminates to the north at
the US/Canadian Border in Sault Ste. Marie, Michigan. Further access to the area from
Interstate75 is by:
• State Road 29 (I-75 exit 80) at Miles City.
• County Highway 846 (Immokalee Road, I-75 exit 111).
• Golden Gate Boulevard
Overall, vehicular access is average.
The subject property is accessed from Collier Boulevard which extends from Immokalee
Road to the north to Marco Island to the south. Golden Gate Boulevard West intersects
with Collier Boulevard between Vanderbilt Beach Road and Pine Ridge Road. Golden
Gate Boulevard West becomes Golden Gate Boulevard East, east of the Wilson
Boulevard N. Wilson Boulevard N and Everglades Boulevard N provide access to
Immokalee Road from the market area.
The Southwest Florida International Airport (RSW) is located about 25+/- miles from the
market area; travel time is about 35 to 45 minutes, depending on traffic conditions. The
Naples Municipal Airport (APF) is approximately 15+/- miles and 30 to 40 minutes
southwest. Downtown Naples is approximately 20+/- miles from the market area and 30
to 40 minutes southwest.
Demand Generators
We have utilized STDB Online, an industry respected site analysis and demographic data
provider, to analyze the subject’s market area demand generators. For the purposes of
defining the market area, we utilize the boundaries of Collier Boulevard, Immokalee
GOLDEN GATE BOULEVARD E. WIDENING SCOPE OF WORK
Page 10
Road, Everglades Boulevard, and Interstate 75. As shown, population and households are
projected to grow by an average annual rate of approximately 1.6% per year through
2021.
The average household income in the market area of $79,746 is slightly less than the
overall Collier County average of $88,733.
Outlook and Conclusions
As with the overall Collier County market, the Rural Estates market had been in those
stages of the real estate cycle best described by The Appraisal of Real Estate, 14th Edition
as decline and recession since 2006. Most recently, the residential market has entered the
next real estate cycle, an expansion period, with sustained growth in demand and
increasing construction. According to the Office of Federal Housing Enterprise Oversight
(OFHEO) the Naples-Immokalee-Marco Island MSA, began seeing sustained positive
quarterly increases in the house price index (HPI) in mid 2012.
GOLDEN GATE BOULEVARD E. WIDENING SCOPE OF WORK
Page 11
Surrounding Area Map
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 12
PROPERTY DESCRIPTION AND ANALYSIS
SITE ANALYSIS - PARENT TRACT
The following description is based on our property inspection, public records, and a
sketch and description of the proposed roadway easement prepared by RWA Consulting.
Land Summary - Parent Tract Before Taking
Parcel ID Gross Land Area
(Acres)
Gross Land Area
(Sq Ft)
40683760002 2.80992 122,400
SITE
Location: The parent tract is located on the north side of Golden Gate
Boulevard E, just east of Everglades Boulevard N in Collier County,
Naples, Florida.
Current Use of the Property: Single-family residential
Shape: The site is roughly rectangular.
Road Frontage/Access:
The subject property has average access with frontage as follows:
• Golden Gate Boulevard E.: 180 feet
The site has an average depth of 680 feet. It is not a corner lot.
Visibility: Average
Topography: The subject parent tract is partially cleared with level topography and
no known areas of wetlands.
Soil Conditions: We were not provided with a soils report for the purpose of this
appraisal. We are not experts in soils analysis; however, the soil
conditions observed at the subject appear to be typical of the region
and adequate to support development.
Utilities:
Electricity: FP&L
Sewer: Septic
Water: Well
Underground Utilities: The site is not serviced by underground
utilities
Adequacy: The subject's utilities are typical and adequate for the
market area.
Site Improvements: • Street Lighting: None
• Sidewalks: None
• Curbs and Gutters: None
• Curb Cuts: None
Flood Zone: The subject is located in an area mapped by the Federal Emergency
Management Agency (FEMA). The subject is located in FEMA
flood zone AH, which is classified as a flood hazard area.
FEMA Map Number: 12021C 0435H
FEMA Map Date: May 16, 2012
The subject appears to be located in the flood zone. The appraiser is
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 13
not an expert in this matter and is reporting data from FEMA maps.
Environmental Issues: We were not provided with an environmental assessment report for
the purpose of this appraisal. Environmental issues are beyond our
scope of expertise; therefore, we assume the property is not
adversely affected by environmental hazards.
Encumbrance / Easements: The parent tract is encumbered by a 50-foot wide road right-of-way
easement along the southern property line bordering the property's
existing frontage to Golden Gate Boulevard E. We are not aware of
any other easement, restrictions, or encumbrances that would
adversely affect value before the taking. However, a current title
report was not provided for the purpose of this appraisal.
Site Comments: The site has average and typical utility.
ZONING
Zoning Code E
Zoning Authority Collier County
Zoning Description Estates; The purpose and intent of the estates district (E) is to
provide lands for low density residential development in a
semi-rural to rural environment, with limited agricultural
activities. In addition to low density residential development
with limited agricultural activities, the E district is also
designed to accommodate as conditional uses, development that
provides services for and is compatible with the low density
residential, semi-rural and rural character of the E district.
Permitted Uses Includes single-family dwellings, family care facilities (subject
to section 5.05.04), essential services (as set forth in section
2.01.03), and schools, public, including educational plants.
Current Use Legally Conforming The subject is legal and conforming use.
Minimum Lot Area 2.25 acres or 98,010 square feet
Minimum Floor Area 1,000 square feet
Minimum Street Frontage 150 feet
Set Back Distance Front and Rear Yards: 75 feet
Side Yard Distance 30 feet, 37.5 feet for corner lots along longest side
Maximum Density One dwelling unit per 2.25 acres.
Maximum Building Height 30 feet
Future Land Use Designation Estates Designation
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 14
Aerial - Parent Tract
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 15
Plat Map - Parent Tract
Approximate boundary lines of parent tract shown in blue.
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 16
Site Photographs
Golden Gate Boulevard E - Westerly (Parent Tract on Right)
(Photo Taken on October 12, 2016)
Golden Gate Boulevard E - Easterly (Parent Tract on Left)
(Photo Taken on October 12, 2016)
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 17
Site Photographs
Gravel Driveway - Northerly
(Photo Taken on October 12, 2016)
Gravel Driveway - Southerly
(Photo Taken on October 12, 2016)
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 18
Site Photographs
Part Taken - Easterly
(Photo Taken on October 12, 2016)
Part Taken - Westerly
(Photo Taken on October 12, 2016)
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Page 19
Improvements Analysis
The parent tract is a parcel of land containing an area of 2.81 acres, or 122,400 square
feet. The tract is improved with a single-family home containing 1,494 square feet of
living area constructed in 1990.
Prior to the taking, the parent tract is encumbered by a 50-foot wide road right-of-way
easement along the southern property line bordering the property's existing frontage to
Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or
encumbrances that would adversely affect value before the taking. However, a current
title report was not provided for the purpose of this appraisal. After the taking, there will
be an additional 15 to 20 foot roadway, drainage and utility easement north of the
existing easement along the southern property line.
Most competitive homes in the local market area are typically located 100 feet or more
from the adjacent roadway, especially homes located along main roadways. Homes
located significantly less than 100 feet are considered to have functional obsolescence
due to a below market setback of the building improvements from the adjacent roadway.
The remainder property’s improvements will not be damaged after the taking as the
setback of the single-family home which is currently approximately 280 feet before the
taking, will reduce to approximately 260 feet after the taking from the right-of-way of
Golden Gate Boulevard E. This is consistent with most competitive homes in the market
area; therefore, there is no functional obsolescence.
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The contributory value of the improvements located within the part taken is reported. The
part taken is partially cleared and minimally landscaped with a gravel driveway.
GOLDEN GATE BOULEVARD E. WIDENING REAL ESTATE TAXES AND ASSESSMENTS
Page 20
REAL ESTATE TAXES AND ASSESSMENTS
The real estate tax assessment of the subject is administered by Collier County. The
property tax identification number and assessed value of the property for tax year 2016
are as follows:
ASSESSED VALUES - PARENT TRACT
Tax Identification Number 40683760002
Land Assessed Value $37,654
Building Assessed Value $112,319
Total Assessed Value $149,973
Save our Home and Homestead Exemptions -$49,987
Total Taxable Value $99,986
Totals
Total Land Assessed Value $37,654
Total Building Assessed Value $112,319
Total Assessed Value $149,973
Save our Home and Homestead Exemptions -$49,987
Total Assessment $99,986
Rates, Taxes, More
Tax Rate 1.28%
Ad Valorem Tax Amount $1,281
Special Assessment Amount $190
Special Assessment Comments District 1 Garbage
Total Tax Liability $1,472
Property Tax Comments The 2014 and 2015 taxes have been paid
as of the effective date of the appraisal.
The assessment for the subject underlying land is currently $13,400 per acre prior to
exemptions. Based on our valuation analysis, the subject’s assessment appears low.
GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE
Page 21
HIGHEST AND BEST USE
Highest and best use may be defined as:
The reasonably probable use of property that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity. 1
Physically possible for the land to accommodate the size and shape of the
ideal improvement.
Legally permissible under the zoning regulations, building codes,
environmental regulations, and other restrictions that apply to the site. A
property use that is either currently allowed or most probably allowable.
Financially feasible to generate sufficient income to support the use.
Maximally productive, or capable of producing the highest value from
among the permissible, possible, and financially feasible uses.
Highest and Best Use As If Vacant
Physically Possible
The subject site is 2.80992 acres or 122,400 square feet with 180 feet of frontage along
Golden Gate Boulevard E. The parent tract is encumbered by a 50-foot wide road right-
of-way easement along the southern property line bordering the property's existing
frontage to Golden Gate Boulevard E. We are not aware of any other easement,
restrictions, or encumbrances that would adversely affect value before the taking.
However, a current title report was not provided for the purpose of this appraisal. The
physical characteristics of the parent tract should reasonably accommodate any use that is
not restricted by its size.
The subject's utilities are typical and adequate for the market area. The site is roughly
rectangular. The site is located in a FEMA flood zone AH area per FEMA Floor Map
Number: 12021C 0435H, dated May 16, 2012, which is classified as a flood hazard area.
There are no known physical reasons that would unusually restrict development. The site
is considered to have a functional utility suitable for a variety of uses.
Legally Permissible
The subject site is zoned E, which permits uses that include single-family dwellings,
family care facilities (subject to section 5.05.04), essential services (as set forth in section
2.01.03), and schools, public, including educational plants. Recognizing the principle of
conformity, we consider the prevailing land use patterns in the area. Therefore, only
single-family uses are given further consideration in determining the highest and best use
of the site, as if vacant.
1 The Dictionary of Real Estate Appraisal 6th ed. (Chicago: Appraisal Institute, 2015)
GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE
Page 22
Financially Feasible
Financial feasibility is an analysis of the ability of a property to generate sufficient
income to support the use, or a reasonable probability of producing a positive income
stream net of operating expenses, financial costs, and capital amortization.
From 2006 through early/mid 2011 the Southwest Florida real estate market had been in
those stages of the real estate cycle best described by The Appraisal of Real Estate, 14th
Edition as decline and recession. Since early/mid 2011 to date, the market has been in the
recovery stage which is characterized by increasing demand and decreasing vacancy.
Most recently, the residential market has entered the next real estate cycle, an expansion
period, with sustained growth in demand and increasing construction.
On this basis, barring unforeseen changes in the market, if developed with a well-
designed residential product that is appropriately marketed and priced, should be received
favorably by the market.
Maximally Productive
The maximally productive land use yields the highest value of the possible uses. Single-
family residential development is the only use that meets the tests of physically possible,
legally permissible, and financially feasible. Therefore, single-family residential
development is concluded to be the maximally productive and highest and best use of the
site.
Highest and Best Use as Improved
A continuation of the current use is concluded to be financially feasible due to the
quality, age and location of the improvements.
There are no apparent alternative uses that would indicate a higher present value that the
current use. Furthermore, the value of the existing improvements, as is, exceeds the value
of the site. Therefore, the highest and best use is as currently improved.
Most Probable Buyer
Consider the size, class, and location of the property, the most probable buyer is an
owner-user.
GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE
Page 23
VALUATION METHODOLOGY
Three basic approaches may be used to arrive at an estimate of market value. They are:
1. The Cost Approach
2. The Sales Comparison Approach
3. The Income Approach
Cost Approach
The Cost Approach estimates the current cost to construct the existing structure including
an entrepreneurial incentive, depreciation, and the estimated land value. This approach is
particularly applicable when the improvements represent the highest and best use of the
land and are relatively new. It is also applicable when the property has unique or
specialized improvements for which there is little or no sales data from comparable
properties.
Sales Comparison Approach
The Sales Comparison Approach compares sales of similar properties with the subject
property. Each comparable sale is adjusted for its inferior or superior characteristics. The
values derived from the adjusted comparable sales form a range of value for the subject.
By process of correlation and analysis, a final indicated value is derived. This approach is
most reliable in an active market, and is lease reliable when valuing a property for which
no direct comparable sales data is available.
Income Approach
The Income Approach converts the anticipated flow of future benefits (cash flows and
reversion) to a present value estimate through a capitalization and or a discounting
process. This approach generally reflects a typical investor’s perception of the
relationship between the potential income of a property and its market value.
Final Reconciliation
The appraisal process concludes with the Final Reconciliation of the values derived from
the approaches applied for a single estimate of market value. The reconciliation of the
approaches is based on an evaluation of the quantity and quality of the available data in
each approach. Furthermore, different properties require different means of analysis and
lend themselves to one approach over the others.
GOLDEN GATE BOULEVARD E. WIDENING ANALYSES APPLIED
Page 24
ANALYSES APPLIED
A cost analysis was considered and was not developed because the subject tract is
analyzed as vacant land. However, the Cost Approach is utilized to estimate the
contributory depreciated value of the site improvements (if any) taken.
A sales comparison analysis was considered and was developed because typically this is
the most appropriate approach for the valuation of vacant land. This approach is
applicable to the subject because there is an active market for similar properties and
sufficient sales data is available for analysis.
An income analysis was considered and was not developed because the subject is not
likely to generate rental income as vacant land.
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 25
VALUATION ANALYSIS OF PARENT TRACT
SALES COMPARISON APPROACH
The Sales Comparison Approach is based on the premise that a buyer would pay no more
for a specific property than the cost of obtaining a property with the same quality, utility,
and perceived benefits of ownership. It is based on the principles of supply and demand,
balance, substitution and externalities. The following steps describe the applied process
of the Sales Comparison Approach.
• The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
• The most pertinent data is further analyzed and the quality of the transaction is
determined.
• The most meaningful unit of value for the subject property is determined.
• Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
• The value indication of each comparable sale is analyzed and the data reconciled
for a final indication of value via the Sales Comparison Approach.
Comparables
I have researched five comparables for this analysis. These are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a party to the
transaction. For this analysis, we use the price per acre as the appropriate unit of
comparison because market participants typically compare sale prices and property
values on this basis.
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 26
Comp Address Date Price Land SF
Comp City Price per Acre Acres
Subject 3361 Golden Gate Blvd E 10/12/2016 122,400
Subject Naples 2.81
1 3841 4th Ave NE 8/17/2016 $38,500 99,000
1 Naples $16,940 2.27
2 533 22nd St SE 7/22/2016 $21,900 49,500
2 Naples $19,211 1.14
3 3801 10th Ave NE 10/14/2016 $29,000 49,500
3 Naples $25,439 1.14
4 3251 2nd Ave NE 6/24/2016 $39,000 99,000
4 Naples $17,181 2.27
5 3752 2nd Ave SE 4/8/2016 $25,000 49,500
5 Naples $21,930 1.14
Vacant parcel located along southern side of 2nd Ave SE, south
of Golden Gate Blvd E. Listed March 18, 2016 for $24,900. Notice
of commencement for single family home recorded July 5, 2016.
Home listed July 23, 2016 for $275,900 and pended with
financing contingencies August 16.
Vacant parcel located along northern side of 10th Ave NE, north
of Golden Gate Blvd E. Lot sold March 29, 2016 for $14,000.
Immediately re-listed (March 31, 2016) for $29,900 and increased
April 6, 2016 to $32,500. Price was reduced August 26, 2016 to
$29,500. Transferred from related entities Martha L. Villamizar to
A&M Investments LLC prior to closing.
Comments
Vacant parcel located along western side of 22nd St SE, south
of Golden Gate Blvd E. Listed in October 2015 for $21,900.
Notice of Commencement for single-family home recorded
October 4, 2016.
Vacant parcel located along northern side of 4th Ave NE, north
of Golden Gate Blvd E. Listed in January 2016 for $42,000 and
reduced to $41,900 in July 2016.
Vacant parcel located along northern side of 2nd Ave NE, north
of Golden Gate Blvd E and east of Everglades Blvd N. Listed
April 26, 2016 for $45,000.
Comparables Map
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 27
Analysis Grid
The above sales have been analyzed and compared with the subject property. I have
considered adjustments in the areas of:
Effective Sale Price
This takes into consideration unusual conditions involved in the sale
that could affect the sales price, such as excess land, non-realty
components, commissions, or other similar factors. Usually the sale
price is adjusted for this prior to comparison to the subject.
Real Property Rights Property rights dissimilar to the subject which affect value.
Financing Terms
Favorable or unfavorable seller financing, or assumption of existing
financing.
Conditions of Sale
Circumstances that atypically motivate the buyer or seller, such as
1031 exchange transaction, assemblage, or forced sale.
Market Conditions Inflation or deflation since sale date due to economic influences
Location Market or submarket area influences on sale price; surrounding land
use influences.
Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc.
On the following page is a sales comparison grid displaying the subject property, the
comparables and the adjustments applied.
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 28
Name
Address
City
Date
Price
Acres
Acre Unit Price
Property Rights
Fee
Simple 0.0%
Fee
Simple 0.0%
Fee
Simple 0.0%
Fee
Simple 0.0%
Fee
Simple 0.0%
Financing Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%Cash 0.0%
Conditions of Sale
Arm's
Length 0.0%
Arm's
Length 0.0%
Arm's
Length 0.0%
Arm's
Length 0.0%
Arm's
Length 0.0%
Market Trends Through 10/12/2016 20.0%
Location
% Adjustment
$ Adjustment
Road Frontage
% Adjustment
$ Adjustment
Acres
% Adjustment
$ Adjustment
Wetlands
% Adjustment
$ Adjustment
Shape
% Adjustment
$ Adjustment
Zoning
% Adjustment
$ Adjustment
Net Adjustments
Gross Adjustments
-$2,544
$18,151
10th Ave NE 2nd Ave NE
3251 2nd Ave NE
7/22/201610/12/2016 8/17/2016
$21,900
$21,930
$21,930
$0
$17,181
2.27
2nd Ave SE
-10%
1.14
0%
0%
-10%
$0$0
E
0%
0%
-$2,408-$1,815
Rectangular
0%
0%
2.27
$0
$0
Golden Gate
Estates
$17,181
1.14
5.6% 9.8%
$25,000
$24,077
Golden Gate
Estates
0%
$0$0
$0
E
None known
0%
Rectangular
$0
0%
Rectangular Rectangular
0%
-10%
$0
0%
-$1,742
1.14
0%
2.27
None known
$0
0%
1.14
$0
0%
$0
Golden Gate
Estates
0%
$0
2.27
3752 2nd Ave SE
4/8/2016
$39,000$38,500 $29,000
10/14/2016
Naples
3251 2nd Ave NE
6/24/2016
Comp 5
NaplesNaples
3752 2nd Ave SE
Comp 4
Naples
3841 4th Ave NE 533 22nd St SE
3841 4th Ave NE
Comp 3
3801 10th Ave NE
Golden Gate Boulevard
E. Widening
Land Analysis Grid Comp 1
Adjusted Acre Unit Price $16,940 $25,439
3361 Golden Gate Blvd
E
533 22nd St SE
NaplesNaples
$25,439
3801 10th Ave NE
1.14
Comp 2
$19,211
Transaction Adjustments
2.81
$16,940
1.14
$19,211
Fee Simple
0%
Adjusted Acre Unit Price $17,421
Golden Gate Estates Golden Gate
Estates
2.8%
$0
-10%
Golden Gate
Estates
4.2%
$20,014
22nd St SEGolden Gate Blvd. E.
$0
-10%
4th Ave NE
2.81
-$2,001
$0
None known None known
0%
$0
None known
$0
E
Rectangular
E
$0 $0
0%0%
E
10.0%
-10.0%
10.0% 10.0%
Rectangular
0%
$0
0%
$0
0%
E
$0
$0
0%
None known
$25,439
0.0%
0% 0%
Adjusted Acre Unit Price $22,895 $16,336
10.0%
-10.0%
$15,679
-10.0%
$18,012
-10.0%
10.0%
-10.0%
$21,669
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 29
Comparable Sale Adjustments
Property Rights
All the comparable sales transferred in fee simple interest; therefore, no adjustment for
property rights is required.
Financing
All the comparable sales had market orientated financing or were cash transactions;
therefore, no adjustment for financing is required.
Conditions of Sale
All the comparable sales were arm’s length transactions; therefore, no adjustment for
conditions of sale is required.
Economic Trends
The sales all occurred within the last seven months. Sale prices have been increasing
during this period and a 20.0% annual adjustment is applied based on an analysis of
recent sales and active listings.
Location
The comparables are all located within the Golden Gate Estates market area; therefore, no
adjustments are required.
Road Frontage
The subject parent tract is located along Golden Gate Boulevard E, a main arterial
through Golden Gate Estates that is heavily traveled in relation to the interior streets. The
comparables are all located along interior streets and are considered superior in terms of
location and adjusted downward accordingly.
Size
For this analysis, the comparables range in size from 1.14 to 2.27 acres in size. Any size
adjustment due to the typical inverse relationship between size and price per acre is
generally offset by the direct relationship between frontage and price per acre. No
adjustments could be quantified; therefore, none are made.
Wetlands
For this analysis, the subject and the comparables are considered to be uplands with no
wetland areas. Therefore, no adjustments are required.
Shape
For this analysis, the sales are all rectangular; therefore, no adjustments are required.
Zoning
For this analysis, the sales have similar zoning and highest and best use; therefore, no
adjustments are required.
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Page 30
Sales Comparison Approach Conclusion
The adjusted values of the comparable properties range from $15,679 to $22,895; the
average is $18,918. All of the value indications have been considered, and in the final
analysis, due to the overall improving residential market conditions, we conclude toward
the high end of the range in arriving at my final reconciled per acre value of $21,000.
MARKET VALUE OF PARENT TRACT
Indicated Value per Acre: $21,000
Subject Size: 2.80992
Indicated Value: $59,008
Rounded: $59,000
Exposure and Marketing Times
Exposure time is always presumed to precede the effective date of the appraisal and is the
length of time the subject property would have been exposed for sale in the market had it
sold on the effective valuation date at the concluded market value. Marketing time is an
estimate of the amount of time it might take to sell a property at the estimated market
value immediately following the effective date of value.
Based on our review of recent sales transactions for similar properties and our analysis of
supply and demand in the local retail market it is our opinion that the probable marketing
and exposure time for the parent tract is 6 months to 12 months.
GOLDEN GATE BOULEVARD E. WIDENING CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN
Page 31
CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN
The part taken consists of an approximate 15 to 20 foot wide strip taking along the
northerly right-of-way of Golden Gate Boulevard E. The part taken is partially cleared
and minimally landscaped with a gravel driveway. The improvements located outside
the proposed acquisition area, including the single-family home, are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported.
Value of Improvements Taken
The depreciated replacement cost of the improvements taken is based on cost estimates
from Marshall & Swift, a nationally recognized cost service.
Cost Source:
No. of Stories Multiplier:1.000 Local Multiplier:0.950
Height/Story Multiplier:1.000 Current Cost Multiplier:1.010
Perimeter Multiplier:1.000 Combined Multipliers:0.960
Item Unit Type Cost Quantity Total
Gravel Driveway Sq. Ft. $1.40 210 $294
Clearing, grading, landscaping Sq. Ft. $1.13 2,865 $3,237
$3,531
Item Total
Soft Costs ……………10.0% $353
Total Soft Costs $353
$3,885
Component Eff. Age Life Percent Amount
Physical Depreciation: Site 5 15 33% $1,177
$1,177
$2,707
$2,700
Total Costs
Depreciation: Section 1 of 1
Rounded
Section 66, Pages 1 - 8Marshall & Swift
% of Site Cost
Depreciated Value of Improvements
Total Cost
Marshall & Swift
Site Improvements Taken
Total Site Improvement Costs
Percent Type
Soft Costs
Total Depreciation
Based on the previous analysis, the following table summarizes the estimated market
value of the parent tract and the contributory of value of the site improvements.
Fee Value per
Acre
% of
Fee
Indicated Value
per Acre Acres Indicated
Value
Rounded
Value Total Value
Parent Tract Before the Taking
Land $21,000 100%$21,000 2.80992 $59,008 $59,000
Improvements $2,700
Total $61,700
Value Indications Proposed Property Rights and Improvements Taken
GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF PART TAKEN
Page 32
VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY
DESCRIPTION OF PART TAKEN
Parcel No. 415 RDUE is a perpetual, non-exclusive, road right-of-way, drainage, and
utility easement. The easement will be utilized for the widening of Golden Gate
Boulevard E. from Wilson Boulevard to DeSoto Boulevard. Plans included the widening
of Golden Gate Boulevard E. from two lanes to four lanes and will include capacity
improvements such as adding turn lanes to the Wilson Boulevard and Everglades
Boulevard intersections. Other improvements include traffic signal upgrades at three
major intersections (Wilson, Everglades and DeSoto Boulevards), on-road bike lanes and
sidewalks on both sides of the roadway. This project will also include the replacement of
bridges over three canals, the Golden Gate, Miller and Faka Union canals.
The part taken consists of an approximate 15 to 20 foot wide strip taking along the
northerly right-of-way of Golden Gate Boulevard E.
Land Area: Total: 0.07059 acres; 3,075 square feet
Shape: Rectangular MOL
Approximate Dimensions: 105' x 15' and 75' x 20'
Proposed Improvements Taken: The part taken is partially cleared and minimally
landscaped with a gravel driveway.
GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF PART TAKEN
Page 33
Aerial - Part Taken
Approximate boundary lines of part taken shown in blue.
GOLDEN GATE BOULEVARD E. WIDENING
Page 34
Sketch and Legal Description of Proposed Part Taken
GOLDEN GATE BOULEVARD E. WIDENING VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Page 35
VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
The market value of the fee simple interest of the parent tract was previously estimated
via the Sales Comparison Approach to have a unit value of $21,000 per gross acre. The
part taken is valued as part of the whole; therefore, this value will serve as a basis of
value for the valuation of the property rights taken.
As previously stated, Parcel No. 415 RDUE is a perpetual easement for road right-of-
way, drainage, utilities and maintenance of these uses. Accordingly, the proposed
easement will essentially take the entire bundle of rights, with the owner only allowed to
utilize the proposed easement area for density calculations.
Since the proposed taking is an easement versus a fee simple taking, the bundle of rights
taken is something less than 100%. However, since the proposed easement precludes
almost all practical uses by the owner, Parcel No. 415 RDUE is estimated to include 99%
of the fee simple value resulting in an estimated overall unit value.
Value of Improvements Taken
The depreciated replacement cost of the improvements taken is based on cost estimates
from Marshall & Swift, a nationally recognized cost service.
Cost Source:
No. of Stories Multiplier:1.000 Local Multiplier:0.950
Height/Story Multiplier:1.000 Current Cost Multiplier:1.010
Perimeter Multiplier:1.000 Combined Multipliers:0.960
Item Unit Type Cost Quantity Total
Gravel Driveway Sq. Ft. $1.40 210 $294
Clearing, grading, landscaping Sq. Ft. $1.13 2,865 $3,237
$3,531
Item Total
Soft Costs ……………10.0% $353
Total Soft Costs $353
$3,885
Component Eff. Age Life Percent Amount
Physical Depreciation: Site 5 15 33% $1,177
$1,177
$2,707
$2,700
Total Costs
Depreciation: Section 1 of 1
Rounded
Section 66, Pages 1 - 8Marshall & Swift
% of Site Cost
Depreciated Value of Improvements
Total Cost
Marshall & Swift
Site Improvements Taken
Total Site Improvement Costs
Percent Type
Soft Costs
Total Depreciation
GOLDEN GATE BOULEVARD E. WIDENING VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Page 36
The concluded value of the Land and Property Rights Taken as well as the Improvements
Taken is shown in the following table.
Fee Value per
Acre
% of
Fee
Indicated Value
per Acre Acres Indicated
Value
Rounded
Value Total Value
Proposed Part Taken
Additional Encumbered Land Taken $21,000 99%$20,790 0.07059 $1,468 $1,500
Improvements Taken $2,700
Total $4,200
Value Indications Proposed Property Rights and Improvements Taken
The valuation of the remainder property, as part of the whole is shown in the following
table.
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $61,700
Less Market Value of the Proposed Part Taken: $4,200
Total Market Value of the Remainder Property, As Part of the Whole: $57,500
Effective Date(s) October 12, 2016
GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
Page 37
VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED
DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
The remainder property will consist of the same size and shape as before the taking, since
the proposed property rights to be acquired involve a perpetual easement for road right-
of-way, drainage, utilities and maintenance of these uses. However, the remainder
property will be encumbered by an additional perpetual easement located along the
existing right-of-way of Golden Gate Boulevard E. The remainder property’s overall
access, availability to utilities, topography, land use designation, and zoning are
unchanged.
REMAINDER PROPERTY, AFTER THE TAKING
Land Area: Total: 2.80992 acres; 122,400 square feet
Shape: Rectangular
Improvements: The parent tract is improved with a single-family home.
Existing Easements and
Encumbrances:
The parent tract is encumbered by a 50-foot wide road
right-of-way easement along the southern property line
bordering the property's existing frontage to Golden Gate
Boulevard E. We are not aware of any other easement,
restrictions, or encumbrances that would adversely affect
value before the taking. However, a current title report
was not provided for the purpose of this appraisal.
Proposed Easement and
Encumbrances:
Additional 15 to 20 foot roadway, drainage and utility
easement north of the existing easement along the
southern property line.
Highest and Best Use
As Vacant
As Improved
Single-family residential development
The highest and best use is as currently improved.
VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED
Most competitive Golden Gate Estates properties are encumbered by 30 to 50 foot wide
road right-of-way easements along the property’s adjacent roadway frontages. Prior to the
taking, the parent tract is encumbered by a 50-foot wide road right-of-way easement
along the southern property line bordering the property's existing frontage to Golden Gate
Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that
would adversely affect value before the taking. However, a current title report was not
provided for the purpose of this appraisal. After the taking, there will be an additional 15
to 20 foot roadway, drainage and utility easement north of the existing easement along
the southern property line.
GOLDEN GATE BOULEVARD E. WIDENING VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED
Page 38
The proposed easement area precludes almost all practical uses by the owner. Therefore,
the proposed easement is estimated to take 99% of the fee simple value of the area taken.
Accordingly, the appraiser has estimated the residual value to proposed additional
easement area to be 1% of the fee simple value.
Value of Remainder Improvements
Most competitive homes in the local market area are typically located 100 feet or more
from the adjacent roadway, especially homes located along main roadways. Homes
located significantly less than 100 feet are considered to have functional obsolescence
due to a below market setback of the building improvements from the adjacent roadway.
The remainder property’s improvements will not be damaged after the taking as the
setback of the single-family home which is currently approximately 280 feet before the
taking, will reduce to approximately 260 feet after the taking from the right-of-way of
Golden Gate Boulevard E. This is consistent with most competitive homes in the market
area; therefore, there is no functional obsolescence.
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The concluded value of the Remainder Property is shown in the following table.
Fee Value per
Acre
% of
Fee
Indicated Value
per Acre Acres Indicated
Value
Rounded
Value Total Value
Remainder Property
Land Area - Exclusive of Additional
Encumbered Land Taken $21,000 100%$21,000 2.73933 $57,526 $57,500
Additional Encumbered Land Taken $21,000 1%$210 0.07059 $15 $15
Total Land 2.80992 $57,541 $57,500
Improvements $0
Total $57,500
Value Indications Remainder Property, After the Taking
GOLDEN GATE BOULEVARD E. WIDENING SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
Page 39
SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
Severance damages are calculated as the negative difference between the value of the
remainder property, as part of the whole, and the value of the remainder property, as
severed. When the value of the remainder property, as severed, is less than the value of
the remainder property, as part of the whole, the difference is the actual measurement of
the damages to the remainder property. When the value of the remainder property, as
severed, is greater than the value of the remainder property, as part of the whole, the
difference is not damage but is considered a benefit. Severance damages are calculated in
the following table.
Value of the Whole $61,700
Less Value of the Part Taken $4,200
Value of the Remainder Property as Part of the Whole $57,500
Value of the Remainder Property as Severed $57,500
Difference (Severance Damages) $0
Rounded: $0
Severance Damages to the Remainder Property
COST TO CURE ANALYSIS
Based on the analysis of the remainder property, there is no net cost to cure.
SPECIAL BENEFITS ANALYSIS
Based on the analysis of the remainder property, there are no special benefits.
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY AND CONCLUSION
Page 40
SUMMARY AND CONCLUSION
Based on the data and analyses developed in this appraisal, I have reconciled to the
following value conclusion(s), as of October 12, 2016, subject to the Limiting Conditions
and Assumptions of this appraisal.
Fee Value per
Acre
% of
Fee
Indicated Value
per Acre Acres Indicated
Value
Rounded
Value Total Value
Parent Tract Before the Taking
Land $21,000 100%$21,000 2.80992 $59,008 $59,000
Improvements $2,700
Total $61,700
Proposed Part Taken
Additional Encumbered Land Taken $21,000 99%$20,790 0.07059 $1,468 $1,500
Improvements Taken $2,700
Total $4,200
Remainder Property, as Part of the Whole $57,500
Remainder Property
Land Area - Exclusive of Additional
Encumbered Land Taken $21,000 100%$21,000 2.73933 $57,526 $57,500
Additional Encumbered Land Taken $21,000 1%$210 0.07059 $15 $15
Total Land 2.80992 $57,541 $57,500
Improvements $0
Total $57,500
Damages $0
Special Benefits $0
Net Damages $0
Additional Encumbered Land Taken $21,000 99%$20,790 0.07059 $1,468 $1,500
Value of Improvements Taken $2,700
Total $4,200
Net Damages $0
Net Cost to Cure $0
Total Amount Due Owner $4,200
Parcel No. 415 RDUE
Summary of Total Compensation
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions: None.
GOLDEN GATE BOULEVARD E. WIDENING CERTIFICATION
Page 41
CERTIFICATION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional
analyses, opinions and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
report, and have no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
6. Our compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a
stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
7. The reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the requirements of the Code of Professional
Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute.
8. My reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice
9. The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property.
11. No one provided significant real property appraisal assistance to the person signing
this certification.
12. We have experience in appraising properties similar to the subject and are in
compliance with the Competency Rule of USPAP.
GOLDEN GATE BOULEVARD E. WIDENING CERTIFICATION
Page 42
13. This appraisal is not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
14. We have not relied on unsupported conclusions relating to characteristics such as
race, color, religion, national origin, gender, marital status, familial status, age,
receipt of public assistance income, handicap, or an unsupported conclusion that
homogeneity of such characteristics is necessary to maximize value.
15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or
in any other capacity, regarding the property that is the subject of this report within
the three-year period immediately preceding acceptance of this assignment
16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the
continuing education program of the Appraisal Institute.
Rachel M. Zucchi, MAI, CCIM
Florida State-Certified General Real Estate Appraiser RZ #2984
rzucchi@rklac.com; Phone 239-596-0800 Ext. 203
GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS
Page 43
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the
report.
1. The title is marketable and free and clear of all liens, encumbrances,
encroachments, easements and restrictions. The property is under responsible
ownership and competent management and is available for its highest and best
use.
2. There are no existing judgments or pending or threatened litigation that could
affect the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements
that would render the property more or less valuable. Furthermore, there is no
asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale
price are in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise
noted in the report.
1. An appraisal is inherently subjective and represents our opinion as to the value of
the property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including,
without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction
with this appraisal, and we reserve the right to revise or rescind any of the value
opinions based upon any subsequent environmental impact studies. If any
environmental impact statement is required by law, the appraisal assumes that
such statement will be favorable and will be approved by the appropriate
regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony,
respond to any subpoena or attend any court, governmental or other hearing with
reference to the property without compensation relative to such additional
employment.
6. We have made no survey of the property and assume no responsibility in
connection with such matters. Any sketch or survey of the property included in
this report is for illustrative purposes only and should not be considered to be
GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS
Page 44
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third-
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS
Page 45
17. The analyses contained in the report necessarily incorporate numerous estimates
and assumptions regarding property performance, general and local business and
economic conditions, the absence of material changes in the competitive
environment and other matters. Some estimates or assumptions, however,
inevitably will not materialize, and unanticipated events and circumstances may
occur; therefore, actual results achieved during the period covered by our analysis
will vary from our estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992.
We have not made a specific survey or analysis of any property to determine
whether the physical aspects of the improvements meet the ADA accessibility
guidelines. In as much as compliance matches each owner’s financial ability with
the cost to cure the non-conforming physical characteristics of a property, we
cannot comment on compliance to ADA. Given that compliance can change with
each owner’s financial ability to cure non-accessibility, the value of the subject
does not consider possible non-compliance. A specific study of both the owner’s
financial ability and the cost to cure any deficiencies would be needed for the
Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive benefit of the Client, its
subsidiaries and/or affiliates. It may not be used or relied upon by any other party.
All parties who use or rely upon any information in the report without our written
consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of
hazardous materials on the subject property or in the improvements, and our
valuation is predicated upon the assumption that the subject property is free and
clear of any environment hazards including, without limitation, hazardous wastes,
toxic substances and mold. No representations or warranties are made regarding
the environmental condition of the subject property and the person signing the
report shall not be responsible for any such environmental conditions that do exist
or for any engineering or testing that might be required to discover whether such
conditions exist. Because we are not experts in the field of environmental
conditions, the appraisal report cannot be considered as an environmental
assessment of the subject property.
21. The person signing the report may have reviewed available flood maps and may
have noted in the appraisal report whether the subject property is located in an
identified Special Flood Hazard Area. We are not qualified to detect such areas
and therefore do not guarantee such determinations. The presence of flood plain
areas and/or wetlands may affect the value of the property, and the value
conclusion is predicated on the assumption that wetlands are non-existent or
minimal.
22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector.
RKL Appraisal and Consulting, PLC does not guarantee that the subject property
is free of defects or environmental problems. Mold may be present in the subject
property and a professional inspection is recommended.
GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS
Page 46
23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client’s use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third party may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
GOLDEN GATE BOULEVARD E. WIDENING ADDENDA - APPRAISER QUALIFICATIONS
ADDENDA
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS
ADDENDUM A
APPRAISER QUALIFICATIONS
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS
4500 Executive Drive, Suite 300
Naples, Florida 34119
Phone: 239-596-0800; Fax: 239-596-0801
www.rklac.com
RKL Appraisal and Consulting, PLC
COMPANY PROFILE:
RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members
of the Appraisal Institute. It is our mission to maximize our over 60-years of combined
appraisal experience to provide our clients with the highest quality of Real Estate
Appraisal and Consulting Services.
Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI
Partner / Managing Director Partner Senior Partner
rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com
BUSINESS FOCUS:
Practice is focused on community/neighborhood shopping centers, retail and office
buildings, industrial warehouse/distribution buildings, residential and commercial
condominium and subdivision projects, hotels and motels, vacant land and special
purpose properties. Specialized services include appraisal review, business valuations,
market feasibility studies, acquisition/disposition counseling, and litigation support in
connection with real estate transactions including bankruptcy, eminent domain, estate
valuations, and matrimonial and equitable distribution. Clients served include banks and
financial institutions, developers and investors, law firms, business/industry and
government, life insurance companies and pension fund advisors, and mortgage bankers.
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS
PROFESSIONAL QUALIFICATIONS OF
Rachel M. Zucchi, MAI, CCIM
EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC
Naples, FL (2009 – Present)
President of D&R Realty Group, Inc.
Naples, FL (2009 – Present)
Senior Real Estate Analyst, Integra Realty Resources – Southwest Florida
Naples, FL (2003 – 2009)
Research Associate, Integra Realty Resources – Southwest Florida
Naples, FL (2002-2003)
PROFESSIONAL
ACTIVITIES:
Member:
Member/Board of
Directors:
Member:
Member:
Member:
Licensed:
Licensed:
Appraisal Institute – MAI Certificate Number 451177
Appraisal Institute Florida Gulf Coast Chapter
(2015-2017)
CCIM Institute - CCIM Designation Pin Number 21042
Naples Area Board of REALTORS
The American Real Estate Society (ARES)
Florida State Certified General Real Estate Appraiser
License No. RZ 2984
Real Estate Broker (Florida)
License No. BK3077672
EXPERT
WITNESS:
Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier
County
EDUCATION: Bachelor of Arts
Major in Economics
Florida Gulf Coast University, 2002
Graduated Magna Cum Laude
Honor Society, Key Club, Phi Eta Sigma
Presented at Eastern Economic Association Conference
Successfully completed real estate and valuation courses and seminars sponsored by the
Appraisal Institute and others.
BUSINESS
FOCUS:
Actively engaged in real estate valuation and consulting since 2003. Practice is focused
on community/neighborhood shopping centers, power centers, office-buildings,
warehouse/distribution, multi-family and single family subdivisions, condominium
developments, hotels/motels, vacant land and special purpose properties. Specialized
services include appraisals, market feasibility studies, and litigation support in
connection with real estate transactions. Clients served include banks and financial
institutions, developers and investors, law firms, business/industry and government, and
mortgage bankers. Valuations have been performed for condemnation purposes, estate,
financing, and due diligence support.
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM B - PROPERTY INFORMATION
ADDENDUM B
PROPERTY INFORMATION
$ 145,000
$ 108,400
$ 100
$ 119,500
$ 6,500
$ 0
$ 37,654
$ 112,319
$ 149,973
$ 149,973
$ 25,000
$ 124,973
$ 24,987
$ 99,986
Parcel No.40683760002 Site Adr.3361 GOLDEN GATE BLVD E
Name / Address VILTRES, JULIO ALFONSO
ARELYS CABRERA
3361 GOLDEN GATE BLVD E
City NAPLES State FL Zip 34120
Map No. Strap No. Section Township Range Acres *Estimated
4D05 349600 46 04D05 5 49 28 2.81
Legal GOLDEN GATE EST UNIT 77 TR 46 E 180FT
Millage Area 80 Millage Rates *Calculations
Sub./Condo 349600 - GOLDEN GATE EST UNIT 77 School Other Total
Use Code 1 - SINGLE FAMILY RESIDENTIAL 5.245 6.258 11.503
Latest Sales History
(Not all Sales are listed due to Confidentiality)
Date Book-Page Amount
06/29/15 5170-2051
02/23/15 5127-2673
11/25/14 5097-3043
12/19/00 2756-983
11/01/85 1166-1645
08/01/74 599-107
2016 Certified Tax Roll
(Subject to Change)
Land Value
(+) Improved Value
(=) Market Value
(=) Assessed Value
(-) Homestead
(=) School Taxable Value
(-) Additional Homestead
(=) Taxable Value
If all Values shown above equal 0 this parcel was created after the Final Tax Roll
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1 of 1 10/11/2016 3:24 PM
Parcel No.40683760002 Site Adr.3361 GOLDEN GATE BLVD E
Name / Address VILTRES, JULIO ALFONSO
ARELYS CABRERA
3361 GOLDEN GATE BLVD E
City NAPLES State FL Zip 34120
Permits
Tax Yr Issuer Permit # CO Date Tmp CO Final Bldg Type
1990 COUNTY 90-6185 12/14/90 RESIDENCE
Land
# Calc Code Units
10 ACREAGE 2.81
Building/Extra Features
# Year Built Description Area Adj Area
10 1990 RESIDENTIAL 1494 1721
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1 of 1 10/11/2016 3:24 PM
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
October 3, 2016
Julio Alfonso Viltres
3361 Golden Gate Blvd E
Naples, Florida, 34120
Re: Golden Gate Blvd. E. widening
Real Estate Appraisal
3361 Golden Gate Blvd E, Naples
Collier County, Florida, 34120
Dear Julio Alfonso Viltres:
As you may be aware, Collier County Growth Management Division C&M is planning the above
referenced road-widening project and has engaged RKL Appraisal and Consulting, PLC to
appraise Parcel 415 RDUE which is a portion of the property located at 3361 Golden Gate Blvd
E, Naples.
We will be conducting a field inspection of your property within the next few weeks and will be
photographing the exterior of the property, building and improvements (if any).
Please contact me if you have any questions or comments. Thank you for your cooperation and
assistance in this matter.
Sincerely,
Rachel M. Zucchi, MAI, CCIM
Partner / Managing Director
RKL Appraisal and Consulting, PLC
4500 Executive Drive, Suite 300
Naples, Florida 34119
Phone: 239-596-0800 Ext. 203
Fax: 239-596-0801
rzucchi@rklac.com
www.rklac.com
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ADDENDUM C
COMPARABLE DATA
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3800 Date 8/17/2016
Address 3841 4th Ave NE Price $38,500
City Naples Price per Acre $16,940
State Florida Financing Cash
Tax ID 40690400009 Property Rights Fee Simple
Grantor Larry A McDonald Days on Market 6-7 months
Grantee Marlon and Elizabeth
Nunez
Verification Source Kevin Bundy; Compass Real
Estate
Legal Description
Acres 2.3 Topography Treed
Land SF 99,000 Zoning Type E - Estates
Road Frontage 150 Environmental Issues None known
Depth 660 Shape Rectangular
Encumbrance or Easement 30' wide road ROW Easement along southern property line, 4th Ave NE
Land Comparable 1
Transaction
Site
Comments
East 150' of Tract 131, Golden Gate Esates, Unit No. 77
Vacant parcel located along northern side of 4th Ave NE, north of Golden Gate Blvd E. Listed in January 2016 for
$42,000 and reduced to $41,900 in July 2016.
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3772 Date 7/22/2016
Address 533 22nd St SE Price $21,900
City Naples Price per Acre $19,211
State Florida Financing Cash
Tax ID 39391440007 Property Rights Fee Simple
Grantor Terry A Olson Days on Market 3-4 months
Grantee Luis J Diaz Alamo Verification Source Dave Huff; Sun Realty
Legal Description
Acres 1.1 Topography Treed
Land SF 49,500 Zoning Type E - Estates
Road Frontage 75 Environmental Issues None known
Depth 660 Shape Rectangular
Encumbrance or Easement
Comments
Land Comparable 2
Vacant parcel located along western side of 22nd St SE, south of Golden Gate Blvd E. Listed in October 2015 for
$21,900. Notice of Commencement for single-family home recorded October 4, 2016.
Site
Transaction
North 75' of South 150' of Tract 111, Golden Gate Esates, Unit No. 51
30' wide road ROW Easement along eastern property line, 22nd St SE
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3801 Date 10/14/2016
Address 3801 10th Ave NE Price $29,000
City Naples Price per Acre $25,439
State Florida Financing Cash
Tax ID 40529480006 Property Rights Fee Simple
Grantor A&M Investments LLC Days on Market 26 days
Grantee Arm SA LLC Verification Source Nicolas Villamizar; Xclusive
Homes LLC
Legal Description
Acres 1.1 Topography Treed
Land SF 49,500 Zoning Type E - Estates
Road Frontage 75 Environmental Issues None known
Depth 660 Shape Rectangular
Encumbrance or Easement 30' wide road ROW Easement along southern property line, 10th Ave NE
Comments
Transaction
Site
Land Comparable 3
Vacant parcel located along northern side of 10th Ave NE, north of Golden Gate Blvd E. Lot sold March 29, 2016 for
$14,000. Immediately re-listed (March 31, 2016) for $29,900 and increased April 6, 2016 to $32,500. Price was reduced
August 26, 2016 to $29,500. Transferred from related entities Martha L. Villamizar to A&M Investments LLC prior to
closing.
East 75' of East 150' of Tract 119, Golden Gate Esates, Unit No . 74
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3802 Date 6/24/2016
Address 3251 2nd Ave NE Price $39,000
City Naples Price per Acre $17,181
State Florida Financing Cash
Tax ID 40682400004 Property Rights Fee Simple
Grantor Julio and Susana
Esquenazi
Days on Market 1-2 months
Grantee Kerry and Farah Eliazard Verification Source Bob Martin; Miloff
Aubuchon Realty Group
Legal Description
Acres 2.3 Topography Treed
Land SF 99,000 Zoning Type E - Estates
Road Frontage 150 Environmental Issues None known
Depth 660 Shape Rectangular
Encumbrance or Easement
West 150' of Tract 30, Golden Gate Esates, Unit No. 77
30' wide road ROW Easement along southern property line, 2nd Ave NE
Comments
Vacant parcel located along northern side of 2nd Ave NE, north of Golden Gate Blvd E and east of Everglades Blvd
N. Listed April 26, 2016 for $45,000.
Site
Transaction
Land Comparable 4
GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA
ID 3803 Date 4/8/2016
Address 3752 2nd Ave SE Price $25,000
City Naples Price per Acre $21,930
State Florida Financing Cash
Tax ID 40867560002 Property Rights Fee Simple
Grantor A&M American
Investments LLC
Days on Market 6 days
Grantee RMJ Properties Verification Source Nicolas Villamizar; Xclusive
Homes LLC
Legal Description
Acres 1.1 Topography Treed
Land SF 49,500 Zoning Type E - Estates
Road Frontage 75 Environmental Issues None known
Depth 660 Shape Rectangular
Encumbrance or Easement
West 75' of the East 180 feet of Tract 79, Golden Gate Esates, Unit No. 80
30' wide road ROW Easement along northern property line, 2nd Ave SE
Transaction
Land Comparable 5
Site
Vacant parcel located along southern side of 2nd Ave SE, south of Golden Gate Blvd E. Listed March 18, 2016 for
$24,900. Notice of commencement for single family home recorded July 5, 2016. Home listed July 23, 2016 for
$275,900 and pended with financing contingencies August 16.
Comments