Agenda 10/14/2014 Item # 16A23 10/14/2014 16.A.23.
EXECUTIVE SUMMARY
Recommendation to approve an easement agreement for the purchase of a road right-of-way,
drainage and utility easement (Parcel 221RDUE) required for the expansion of Golden Gate
Boulevard from east of Wilson Boulevard to 20th Street East. (Project No. 60040). Estimated
Fiscal Impact: $3,277.
OBJECTIVE: To purchase an easement needed for the four-laning of Golden Gate Boulevard from east
of Wilson Boulevard to 20th Street East(the Project).
CONSIDERATIONS: Collier County is seeking to purchase Parcel 221RDUE, a 20 foot wide
perpetual, non-exclusive road right-of-way, drainage and utility easement, needed for construction of the
Project. The easement is 3,600 square feet in extent and is situated along the road frontage of a parent
tract owned by James A. and Karla Beckman. The unimproved parent tract is located on the north side of
Golden Gate Boulevard,just west of 14th Street Northeast. The appraised value of the easement is $900.
Please refer in this regard to the attached appraisal report (without addenda), dated March 5, 2014,
prepared by Kenneth R. Devos. The attached easement agreement reflects a negotiated full compensation
amount of $3,250 computed as follows: $1,500 for Parcel 221RUE and $1,750 for attorney's and
appraiser's fees and costs, which the County is required to pay according to Sections 73.091 and 73.092,
Florida Statutes. If this parcel is not acquired by negotiation, it will have to be condemned and the
County will be liable for payment of the owner's additional attorney's, appraiser's and other experts' fees
and costs, which will far exceed the difference between the appraised value and the negotiated purchase
price. Staff accordingly recommends that the Board of County Commissioners (the Board) approve the
agreement.
FISCAL IMPACT: Funds in the amount of$3,277, being the purchase price of$3,250 and recording
fees of$27, will be required. The primary funding source for the acquisition of right-of-way is impact
fees. Should impact fees not be sufficient within a particular project, the secondary funding source will
be gas taxes.
The county currently maintains Golden Gate Boulevard, so incremental maintenance costs ultimately
related to the improvements will be minimal compared to the overall benefits of project. Additional right-
of-way acquisitions are required, which will add acreage to the mowing and garbage removal
maintenance at approximately $3,000 per year. Replacement of swales with closed drainage (piping) has
a useful life of approximately fifty years with recurring costs of periodic inspections and system cleaning
on a three to five year basis at an estimated cost of$5,000 per cycle. New roadway construction has a
maintenance curve of approximately 5 to 7 years before any incremental costs are required for repairs or
replacement. When the construction contract is brought before the BCC for approval, the maintenance
costs will be revised if necessary.
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: That the Board of County Commissioners of Collier County:
1. Approve the attached easement agreement and authorize its Chairman to execute same on behalf of
the Board;
2. Accept the conveyance of Parcel No. 221RDUE and authorize the County Manager, or his designee,
to record the conveyance instrument in the public records of Collier County, Florida;
3. Authorize the payment of all costs and expenses necessary to close the transaction;
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10/14/2014 16.A.23.
4. 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 agreement; and
5. Authorize any and all budget amendments that may be required to carry out the collective will of the
Board.
Prepared by: Robert Bosch,Right-of-Way Coordinator,Transportation Engineering.
Attachments: (1) Easement Agreement with Exhibit A; (2) Location Map; and (3) Appraisal Report
(without addenda) dated March 5, 2014.
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10/14/2014 16.A.23.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.A.16.A.23.
Item Summary: Recommendation to approve an easement agreement for the purchase
of a road right-of-way, drainage and utility easement (Parcel 221RDUE) required for the
expansion of Golden Gate Boulevard from east of Wilson Boulevard to 20th Street East.
(Project No. 60040). Estimated Fiscal Impact: $3,277.
Meeting Date: 10/14/2014
Prepared By
Name: BoschRobert
Title: Right Of Way Coordinator, Transportation Engineering&Construction Management
9/3/2014 11:09:42 AM
Approved By
Name: HendricksKevin
Title: Manager-Right of Way, Transportation Engineering& Construction Management
Date: 9/3/2014 1:17:37 PM
Name: PutaansuuGary
Title:Project Manager, Principal, Transportation Engineering&Construction Management
Date: 9/4/2014 12:18:50 PM
Name: AhmadJay
Title:Director-Transportation Engineering, Transportation Engineering&Construction Management
Date: 9/4/2014 2:08:27 PM
Name: GossardTravis
Title: Superintendent-Roads &Bridges, Road Maintenance
Date: 9/8/2014 8:18:56 AM
Name: TaylorLisa
Title: Management/Budget Analyst, Transportation Administration
Date: 9/8/2014 2:57:17 PM
Name: ShueGene
Title: Director- Operations Support.Transportation Administration
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Date: 9/9/2014 2:47:12 PM
Name: KearnsAllison
Title: Manager Financial &Operational Support,Transportation Administration
Date: 9/10/2014 3:21:28 PM
Name: DelateJoseph
Title: Project Manager, Senior, Transportation Engineering&Construction Management
Date: 9/11/2014 8:35:37 AM
Name: MarcellaJeanne
Title: Executive Secretary, Transportation Planning
Date: 9/11/2014 4:50:48 PM
Name: LynchDiane
Title: Supervisor-Operations, Road Maintenance
Date: 9/22/2014 4:16:47 PM
Name: PepinEmily
Title: Assistant County Attorney, CAO Litigation
Date: 9/24/2014 2:41:04 PM
Name: KlatzkowJeff
Title: County Attorney,
Date: 9/24/2014 4:09:08 PM
Name: UsherSusan
Title: Management/Budget Analyst, Senior, Office of Management&Budget
Date: 10/6/2014 11:43:33 AM
Name: KlatzkowJeff
Title: County Attorney,
Date: 10/6/2014 2:16:59 PM
Name: OchsLeo
Title: County Manager, County Managers Office
Date: 10/6/2014 4:53:26 PM
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PROJECT: Golden Gate Blvd. #60040
PARCEL No: 221RDUE
FOLIO No: 39269480005
EASEMENT AGREEMENT
THIS EASEMENT AGREEMENT (hereinafter referred to as the "Agreement") is made
and entered into on this day of , 2014, by and between JAMES A.
BECKMAN AND KARLA BECKMAN, husband and wife, whose mailing address is 5610
San Miguel Road, Bonita, CA 91902-2212 (hereinafter referred to as "Owner"), and
COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing address is
3299 Tamiami Trail East, do the Office of the County Attorney, Suite 800, Naples, Florida
34112 (hereinafter referred to as "County").
WHEREAS, County requires a perpetual non-exclusive Road Right-of-Way, Drainage
and Utility Easement over, under, upon and across the lands described in Exhibit "A", which
is attached hereto and made a part of this Agreement (hereinafter referred to as the
"Easement"); and
WHEREAS, Owner desires to convey the Easement to County for the stated
purposes, on the terms and conditions set forth herein; and
WHEREAS, County has agreed to compensate Owner for conveyance of the
Easement.
NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars
($10.00), and other good and valuable consideration, the receipt and sufficiency of which is
hereby mutually acknowledged, it is agreed by and between the parties as follows:
1. All of the above RECITALS are true and correct and are hereby expressly incorporated
herein by reference as if set forth fully below, and all Exhibits referenced herein are
made a part of this Agreement.
2. Owner shall convey the Easement to County for the sum of:
$1,500.00
subject to the apportionment and distribution of proceeds pursuant to Paragraph 9 of
this Agreement (said transaction hereinafter referred to as the "Closing"). County also
agrees to pay the sum of $1,750.00 to Roetzel & Andress, c/o Attorney Kenneth A.
Jones for legal fees and all other costs. Said aggregate payment of $3,250.00
(representing Owner's proceeds, attorney fees and all other costs) shall be paid at
closing by County Warrant or funds wire transfer to Roetzel & Andress, c/o Attorney
Kenneth A. Jones, 2320 First Street, Suite 1000, Fort Myers, Florida 33901-2904. and
shall be full compensation for the Easement conveyed, including (if applicable) all
landscaping, trees, shrubs, improvements, and fixtures located thereon, and shall be in
full and final settlement of any damages resulting to Owner's remaining lands, costs to
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nure, including but not limited to the cost to relocate the existing irrigation system and
other improvements (if aOv), and the cost to cut and cap irrigation lines (if any)
extending into the EaSenlant, and to remove all sprinkler valves and related electrical
wiring (if any), and all other damages in connection with conveyance of said Easement
to County, including all attorneys' fees, expert witness fees and costs as provided for in
Chapter 73, Florida Statutes.
3, Prior to Closing and as soon after the execution of this Agreement as is possible,
Owner shall provide County with the following documents and instruments (prepared
by County) properly ezeouted, witnessed and notarized where requinad, in a form
acceptable to County (hereinafter referred to as "Closing Documents"):
(a) Road Right-of-VVay, Oroinageand Utility Easement:
(b) Instruments required removing, releasing or subordinating any and all liens,
exceptions and/or qualifications affecting County's enjoyment of the
Easement.
(C) Closing Statement;
(d) Grantor's Non-Foreign, Taxpayer Identification and "Gap" Affidavit;
/alVN-gForm; and
(f) Such evidence of authority and capacity of Owner and its representatives to
execute and deliver this agreement and all other documents required to
consummate this transaction, as reasonably determined by County, County's
counsel and/or title company.
4. Both Owner and County agree that time is of the essence. TheP8f0[8. Closing shall
occur within ninety (90) days of the date of execution of this Agreement or within thirty
(30) days of County's receipt of all Closing OoCu[D8DtS, whichever is the later. This
agreement shall remain in full force and effect until Closing shall occur, until and unless
it is terminated for other cause At C|osinS, payment shall be made to Owner in that
amount shown on the Closing Statement as Net Cash to the SeUer.^
5. Owner agrees to relocate any existing irrigation system located on the Easement
including irrigation lines, electrical wiring and sprinkler valves. etc. (if Bny), prior to the
construction of the project without any further notification from County. Owner
assumes full responsibility for the relocation of the irrigation system (if any) on the
remainder property and its performance after relocation, Owner holds County
harmless for any and all possible damage to the irrigation system in the event owner
fails to relocate the irrigation system prior to construction of the project.
If Owner elects to retain improvements and/or landscaping ("Improvements") located
on the Easement (if any), the Owner is responsible for their retrieval prior to the
construction of the project without any further notification from County. Owner
ac:..knoVv|edges that County has compensated Owner for the value of the Improvements
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located within the Easement area, and yet County is willing to permit Owner to salvage
said improvements as long as their retrieval is performed before construction and
without interruption or inconvenience to the County's contractor. All Improvements not
removed from the Easement prior to commencement of construction of the project
shall be deemed abandoned by Owner.
This provision shall survive Closing and is not deemed satisfied by conveyance of title.
6. Owner and County agree to do all things which may be required to give effect to this
Agreement immediately as such requirement is made known to them or they are
requested to do so, whichever is the earlier.
7. Owner agrees, represents and warrants the following:
(a) Owner has full right, power and authority to own and operate the property
underlying the Easement, to enter into and to execute this Agreement, to
execute, deliver and perform its obligations under this Agreement and the
instruments executed in connection herewith, to undertake all actions and to
perform all tasks required of Owner hereunder and to consummate the
transaction contemplated hereby.
(b) County's acceptance of the Easement shall not be deemed to be full
performance and discharge of every agreement and obligation on the part of
Owner to be performed pursuant to the provisions of this Agreement.
(c) No party or person other than County has any right or option to acquire the
Easement or any portion thereof.
(d) Until the date fixed for Closing, so long as this Agreement remains in force and
effect, Owner shall not encumber or convey any portion of the property
underlying the Easement or any rights therein, nor enter into any agreements
granting any person or entity any rights with respect to the Easement, without
first obtaining the written consent of County to such conveyance,
encumbrance. or agreement, which consent may be withheld by County for
any reason whatsoever,
(e) There is no maintenance, construction, advertising. management, leasing.
employment, service or other contract affecting the Easement.
(f) Owner has no knowledge that there are any suits, actions or arbitration,
administrative or other proceedings or governmental investigations or
requirements, formai or informal, existing or pending or threatened which
affect the E asement or which adversely affect Owner's ability to perform
hereunder: nor is there any other charge or expense upon or related to the
Easement which has not been disclosed to County in writing prior to the
effective date of this Agreement.
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(g) County is entering into this Agreement based upon Owner's representations
stated in this Agreement and on the understanding that Owner will not cause
the physical condition of the property underlying the Easement to change from
its existing state on the effective date of this Agreement up to and including the
date of Closing. Therefore, Owner agrees not to enter into any contracts or
agreements pertaining to or affecting the property underlying the Easement
and not to do any act or omit to perform any act which would adversely affect
the physical condition of the property underlying the Easement or its intended
use by County.
(h) To the best of Owner's knowledge; the property underlying the Easement, and
all uses of the said property, have been and presently are in compliance with
all Federal, State and Local environmental laws; that no hazardous
substances have been generated, stored, treated or transferred on the
property underlying the Easement except as specifically disclosed to the
County; that the Owner has no knowledge of any spill or environmental law
violation on the property contiguous to or in the vicinity of the Easement to be
sold to the County, that the Owner has not received notice and otherwise has
no knowledge of: a) any spill on the property underlying the Easement; b) any
existing or threatened environmental lien against the property underlying the
Easement; or c) any lawsuit, proceeding or investigation regarding the
generation, storage, treatment, spill or transfer of hazardous substances on
the property underlying the Easement. This provision shall survive Closing
and is not deemed satisfied by conveyance of title.
8. County shall pay all fees to record any curative instruments required to clear title, and
all Easement instrument recording fees. In addition, County may elect to pay
reasonable processing fees required by lien-holders and/or easement holders in
connection with the execution and delivery of a Release or Subordination of any
mortgage, lien or other encumbrance recorded against the property underlying the
Easement; provided. however, that any apportionment and distribution of the full
compensation amount in Paragraph 2 which may be required by any mortgagee, lien-
holder or other encumbrance-holder for the protection of its security interest. or as
consideration due to any diminution in the value of its property right, shall be the
responsibility of the Owner, and shall be deducted on the Closing Statement from the
compensation payable to the Owner per Paragraph 2. County shall have sole
discretion as to what constitutes "reasonable processing fees."
9. There shall be deducted from the proceeds of sale all prior year ad valorem taxes and
assessments levied against the parent tract property which remain unpaid as of the
date of Closing. Furthermore, in accordance with the exemptions provided for in
Section 201.01, Florida Statutes. concerning payment of documentary stamp taxes by
County, Owner shall pay all documentary stamp taxes required on the instrument(s) of
transfer.
10. This Agreement and the terms and provisions hereof shall be effective as of the date
this Agreement is executed by both parties and shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, executors, personal
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Page 5
representatives, successors, successor trustees, and/or assignees, whenever the
context so requires or admits.
11. If the Owner holds the property underlying the Easement in the form of a partnership,
limited partnership, corporation, trust or any form of representative capacity
whatsoever for others, Owner shall make a written public disclosure, according to
Chapter 286, Florida Statutes, under oath, subject to the penalties prescribed for
perjury, of the name and address of every person having a beneficial interest in the
property underlying the Easement before the Easement held in such capacity is
conveyed to County. (If the corporation is registered with the Federal Securities
Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose
stock is for sale to the general public, it is hereby exempt from the provisions of
Chapter 285, Florida Statutes.)
12. Conveyance of the Easement, or any interest in the property underlying the Easement,
by Owner is contingent upon no other provisions, conditions, or premises other than
those so stated herein; and this written Agreement, including all exhibits attached
hereto, shall constitute the entire Agreement and understanding of the parties, and
there are no other prior or contemporaneous written or oral agreements, undertakings,
promises, warranties, or covenants not contained herein. No modification, amendment
or cancellation of this Agreement shall be of any force or effect unless made in writing
and executed and dated by both Owner and County.
13. Should any part of this Agreement be found to be invalid, then such invalid part shall
be severed from the Agreement, and the remaining provisions of this Agreement shall
remain in full force and effect and not be affected by such invalidity.
14. This Agreement is governed and construed in accordance with the laws of the State of
Florida.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first above written.
AS TO COUNTY:
DATED:
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
BY:
Deputy Clerk TOM HENNING, Chairman
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Page 6
AS TO OWNER:
DATED:
Witness (Signature)
7//JAMES A. BECKMAN
,./
AL
Name (Print or Type)
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Witness (Signature) /KARLA BECKMAN
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Name (Print or Type)
Approved as to form and legality:
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Assistant County Attorney
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EXHIBIT "A"
WEST 180' OF
[RAM 107
BECKMAN SUBAUT
OR 714/1382 OR 3984/1207
TRACT 74
TRACT 107 TRACT 108
GOLDEN GATE ESTATES
UNIT 49
PLAT BOOK 5 PAGE 80
PROPOSED ROADWAY EASEMENT-7
PARCEL 221 RDUE
1 c/1.1-1 00 1,14 •44,.. 1'3+00
GOLDEN GATE BOULEVARD (CR 876)
OFFTIO,-- _CO CS BOO-a/PAGE)
09F12, 11,10ADWAY, 1'31:A1h:ha AND 11-1,11/1.1L',
IT>1.171N:3 111204.9WR'f EASEME1,:1 DE.9.ZATED Tc THE "9F' TA.
01- 1'1.131.15 PER 7';AT 01,DON .,-A;F 891
LEGAL DESCRIPTION FOR PARCEL 221 RDUE
PC raTT,ON OF T1,1,14.7.- 197, C;3;...D9 1.1 0579 17;T4t-CIE. L1N 69 15 1?1,CoR11E11; 90 P L., PAC,L ci,F1
JJ 1-1.1:::a10 S Di- CZYL1-P, UNT1'. 1-LDRID,f•„ "SEC 11,01', 2 10 Vi.:,:5111:1 S111,,,11- RANGE 2-1' FAS-,
7Y, 1,1,3 1.4,21•11.2 DESORIBT:E" r73.:__OVIS
1-r 1,2,1717- '12E" „'1-- 7:7, FETE- 1711= -1-57 111,125" 757 E 77:AT
:.211:1-5 12.55 /
BD
SKETCH & DESCRIPTION ONLY 111111111111111
NOT A BOUNDARY SURVEY SCAIX 1*,-1,3C*
CLB.INP, ;;;;;VERNME10 111.1A.11:1
I GOLDEN GATE BOULEVARD DX TA
I SKETCH & DESCRIPTION OF: PROPOSED Ea 0A1P4 AY EASEMENT I iTIN
a
I PACEL 001 ETWE ove Par:DA.2-A.tAr,
COLLITIT COUNTY, YLORIDA two..,t,aaaa,
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LOCATION MAP
PARCEL 221 RDUE - GOLDEN GATE BOULEVARD PROJECT NO. 60040
(Not to Scale)
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PROPOSED EASEMENT #,.
„ _4 ~° PARCEL 221RDUE +r. -,. ,
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APPRAISAL
OF
PARCEL 221 RDUE
GOLDEN GATE BOULEVARD EAST IMPROVEMENT PROJECT
PROJECT#60040
ESTATE RESIDENTIAL PROPERTY
GOLDEN GATE BOULEVARD EAST
NAPLES,COLLIER COUNTY, FLORIDA
PREPARED FOR:
MR. HARRY HENDERSON, SRA
COLLIER COUNTY GROWTH MANAGEMENT DIVISION
2885 HORSESHOE S DR
NAPLES, FL 34104
REQUESTED BY:
MR. HARRY HENDERSON, SRA
DATE OF APPRAISAL: MARCH 5,2014
PROJECT NUMBER: 2014-01-221
PREPARED BY:
KENNETH R. DEVOS,MAI, SRA
303 DONORA BOULEVARD
FORT MYERS BEACH,FLORIDA 33931
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KENNETH R. DEVOS, MAI, SRA
State-Certified General Real Estate Appraiser#703
303 Donora Boulevard
Fort Myers Beach,Florida 33931
(239)463-0074 FAX(239)244-3398
March 26,2014
Mr. Harry Henderson, SRA
Collier County Growth Management Division
2885 Horseshoe S. Dr.
Naples,Fl 34104
Re: Appraisal of Strip Acquisition
Parcel 221 RDUE
Golden Gate Boulevard Improvement Project
Project#60040
660' East of Northeast Corner of Golden Gate Boulevard East and 12 Street NE
Naples, Collier County, Florida
PO#4500149481
Dear Mr. Henderson:
In accordance with your request,I have made an appraisal of the above captioned property for the
purpose of estimating the"Market Value" of the permanent easement interest in the property to be
acquired,as described within the report, and damages to the remainder,if any. By Market Value is
meant the most probable price in terms of money that a property should bring in a competitive and
open market under all conditions requisite to a fair market sale; the buyer and seller,each acting
prudently,knowledgeably and assuming the price is not affected by undue stimulus. This property
is valued based upon its anticipated use as an estate residential tract. Due to the nature of the parent
tract and the acquisition area, I have estimated only the value of the land. The function of this report
is to serve in part as the basis for purchase of part of the property. The intended user is Collier
County Growth Management Division.This is a Complete Appraisal in Summary Format.
The date of the value estimate is March 5, 2014 which was the date of final property inspection. I
have thoroughly analyzed the physical, sociological, economic, and governmental factors which
influence the property's value. Based on my investigation and analyses, it is my opinion that the
market value of the fee simple interests of the area proposed to be acquired from the subject property
and damaged to the remainder,if any,was:
PARCEL 221 RDUE
NINE HUNDRED DOLLARS
($900)
The following pages present the data and discussions which form the basis for our value
conclusions.
REAL ESTATE APPRAISERS & CONSULTANTS
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LETTER OF TRANSMITTAL
PAGE TWO
Information and statements furnished to the appraisers and contained in this report were obtained
from sources considered to be reliable and believed to be true and correct. However,no responsibility
for the accuracy of such items furnished the appraiser can be assumed by the appraiser.
Disclosure of the contents of this report is governed by the By-Laws and Regulations of the
professional appraisal organizations with which the appraiser is affiliated. Neither all nor any part of
the contents of this report or copies thereof shall be used for any purpose by anyone but the client
specified in this report.
To the best of my ability, the analysis, opinions and conclusions were developed and the report was
prepared in accordance with the standards and report writing requirements of the Appraisal Institute
and USPAP. This appraisal is also subject to the underlying assumptions and contingent conditions
contained in the attached report.
I appreciate this opportunity to have been of service to you. If you have any questions with regard to
this matter,please let me know.
Respectfully submitted,
Kenneth R. Devos, MAI, SRA
State-Certified General Real Estate Appraiser
#703
REAL ESTATE APPRAISERS&CONSULTANTS
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TABLE OF CONTENTS
PART I—INTRODUCTION
TITLE PAGE
LETTER OF TRANSMITTAL
TABLE OF CONTENTS
APPRAISER'S CERTIFICATION 1
SUMMARY OF SALIENT FACTS AND CONCLUSIONS 2
PHOTOGRAPHS OF SUBJECT 3
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS 4
SCOPE OF THE APPRAISAL 6
PURPOSE OF THE APPRAISAL 7
FUNCTION OF THE APPRAISAL 7
IDENTIFICATION OF THE PROPERTY 7
DEFINITION OF MARKET VALUE 8
INTEREST APPRAISED 8
PART II—FACTUAL DATA—BEFORE ACQUISITION
LEGAL DESCRIPTION 9
AREA, CITY,AND NEIGHBORHOOD DATA 10
PROPERTY DATA 23
SITE 25
IMPROVEMENTS NA
FIXTURES NA
USE HISTORY 26
SALES HISTORY 26
RENTAL HISTORY 27
ASSESSED VALUE AND ANNUAL TAX LOAD 27
ZONING AND OTHER LAND USE REGULATIONS 27
PART III—DATA ANALYSIS AND CONCLUSIONS--BEFORE ACQUISITION
ANALYSIS OF HIGHEST AND BEST 28
LAND VALUATION 35
VALUE ESTIMATE BY THE COST APPROACH NA
VALUE ESTIMATE BY THE SALES COMPARISON APPROACH 37
VALUE ESTIMATE BY THE INCOME CAPITALIZATION APPROACH NA
CORRELATION AND FINAL VALUE ESTIMATE 37
PART VI—ACQUISITION ANALYSIS
RECAPITULATION 39
PART VII—EXHIBITS AND ADDENDA
PERTINENT EXHIBITS
COMPARABLE DATA MAP
DETAIL OF COMPARATIVE DATA
QUALIFICATIONS OF APPRAISER
REAL ESTATE APPRAISERS&CONSULTANTS
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CERTIFICATE OF APPRAISAL
I certify that,to the best of my knowledge and belief,...
the statements of fact contained in this report are true and correct.
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.
I have no present or perspective interest in the subject of this report and I have no
personal interest of bias in respect to the parties involved.
compensation is not contingent on an action or event resulting from the analyses,
opinions,or conclusions in,or the use of,this report.
my analyses, opinions, and conclusions were developed, and this report has been
prepared,in conformity with the requirements of the Code of Professional Ethics and
the Standards of Professional Practice of the Appraisal Institute.
the use of this report is subject to the requirements of The Appraisal Institute relating
to review by its duly authorized representatives.
As of the date of this study, I, Kenneth R. Devos, MAI, SRA, have completed the
requirements of the continuing education program of the Appraisal Institute.
I, Kenneth R. Devos, MAI, SRA, have made a personal inspection of the properties
which are the subjects of this study.
the appraiser has provided appraisal or other real estate services pertaining to this
property in the last five years in the form of a prior appraisal. This appraisal is an
update of the earlier report.
March 26,2014
DATE Kenneth R. Devos,MAI, SRA
State-Certified General Real Estate Appraiser
#703
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 1
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SUMMARY OF IMPORTANT DATA AND CONCLUSIONS
Location: The property is located 330 feet east of the northeast corner of
Golden Gate Boulevard East and 12th Street NE, Naples,
Collier County,Florida. There is no street address at this time.
Owners: James A. &Karla Beckman
5610 San Miguel Rd
Bonita, CA 91902
Purpose of Report: To estimate the market value of the permanent easement
interest in"as is" condition.
Function of Report: To serve as the basis for purchase of part of the property.
Flood Zone: Flood zones AH: AH: "Flood depths of 1 to 3 feet(usually
areas of ponding); Base flood elevations determined."
Highest and Best Use: Estate Residential
ESTIMATE OF VALUE:
Parcel 201RDUE PARENT TRACT ACQUISITION REMAINDER
INCOME APPROACH: NA NA NA
SALES COMPARISON
APPROACH: $25,750 $940 NA
COST APPROACH: NA NA NA
ESTI_MATED VALUE: $25,750 $940 NA
Date of Appraisal: March 5,2014
Kenneth R. Devos,MM, SRA Golden Gate Boulevard East PCL 221 Page 2
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SUBJECT PHOTOGRAPHS
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Kenneth R. Devos,MM, SRA Golden Gate Boulevard East PCL 221 Page 3
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APPRAISAL OF PARCEL 221 RDUE
GOLDEN GATE BOULEVARD EAST
NAPLES,COLLIER COUNTY,FLORIDA
ASSUMPTIONS AND LIMITING CONDITIONS
In conducting this appraisal,your appraiser has assumed that:
1. Title to the land is good and marketable.
2. The property is appraised as though under competent management and responsible ownership
and is free and clear of all encumbrances and liens other than those mentioned in this report.
3. The information supplied by others is correct, and the revenue stamps placed on the deeds
used to indicate the sale prices are in correct relation to the actual dollar amounts of the
individual transactions.
4. There are no hidden or undisclosed sub-soil conditions. No consideration has been given to
oil or mineral rights,if outstanding.
5. All general codes,ordinances,regulations or statutes affecting the property have been and will
be enforced and the property is not subject to flood plain or utility restrictions or moratoriums,
except as reported to your appraiser and contained in this report.
6. The party for whom this report is prepared has reported to the appraiser no original existing
conditions or development plans that would subject this property to the regulations of the
Securities and Exchange Commission or similar agencies on the state or local level.
7. No responsibility is assumed by the appraiser for legal matters, nor is any opinion on title
rendered herewith.
8. The appraiser herein,by reason of this report, is not to be required to give testimony in court
with reference to the property appraised. unless arrangements have been previously made
therefore.
9. The appraiser has made no survey of the property and assumes no responsibility in connection
with such matters. Any sketch or identified survey of the property included in this report is
only for the purpose of assisting the reader to visualize the property. The appraisal covers the
property as described in this report,and the areas and dimensions as shown herein are assumed
to be correct.
I C. The distribution of the total valuation in this 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.
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 4
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APPRAISAL OF PARCEL 221 RDUE
GOLDEN GATE BOULEVARD EAST
NAPLES,COLLIER COUNTY,FLORIDA
ASSUMPTIONS AND LIMITING CONDITIONS(CONTINUED)
11. No environmental impact studies were either requested or made in conjunction with this
appraisal,and the appraiser hereby reserves the right to alter,amend,revise,or rescind any of
the value opinions based upon any subsequent environmental impact studies, research or
investigation.
12. Unless stated otherwise,no percolation tests have been performed on this property. In making
the appraisal,it has been assumed that the property is capable of passing such tests so as to be
developable to its highest and best use,as discussed in this report.
13. Unless otherwise states in this report, the existence of potentially hazardous material,which
may or may not be present in this property,was not observed by the appraiser. The appraiser
has no knowledge of the existence of such materials on or in the property. The appraiser,
however, is not qualified to detect such substances. The presence of such as asbestos, urea
formaldehyde foam insulation, and/or existence of toxic waste may affect the value of the
property. This value estimate is premised on the assumption that there is no such material on
or in the property which would cause a loss in value. No responsibility is assumed for any
such conditions, or for any expertise or engineering knowledge required to discover them.
We urge the client to retain an expert in this field if so desired.
14. To the best of our ability,the analysis,opinions and conclusions were developed and the report
was prepared in accordance with the standards&report writing requirements of the Appraisal
Institute.
15. This appraisal recognizes that Collier County has enacted Growth Management legislation
which may have an effect upon the development of this and other sites in the county. This
legislation requires that a minimum Level of Service (LOS) either be present or be
anticipated to be present prior to the need created by the proposed real estate development.
To the extent possible, I have recognized the effects of this legislation which are indicated
by the real estate market. I recommend that the client carefully monitor this situation to
ascertain any future effects of this legislation of real estate activity and prices.
16. The Americans with Disabilities Act("ADA")became effective January 26, 1992. I have not
made a specific compliance survey and analysis of this property to determine whether or not
it is in conformity with the various detailed requirements of the ADA. It is possible that a
compliance survey of the property,together with a detailed analysis of the requirements of the
ADA,could reveal that the property is not in compliance with one or more of the requirements
of the Act. If so, this fact could have a negative effect upon the value of the property. Since
I have no direct evidence relating to this issue, I did not consider possible non-compliance
with the requirements of ADA in estimating the value of the property.
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 5
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SCOPE OF THE APPRAISAL
This appraisal recognizes that the nature of the area to be acquired is such that the removal of this area
has little or no effect on the overall property. Therefore,this appraisal will focus on the value of the
subject land.
In the estimate of the value of the Whole Property, this appraisal will reflect the price of suburban
estate land. It recognizes the adequate number of applicable market data for the sale of estate land
tracts in recent years. Indeed, there have been a sufficient number of sales of vacant estate tracts in
this portion of Collier County during the past two(2)years.
A portion of this property, however, is proposed to be purchased by the Collier County Growth
Management Division for the expansion of the Golden Gate Boulevard East corridor east of Wilson
Boulevard. To arrive at this value estimate, I have reviewed and investigated sales of vacant estate
tracts which are located in the suburban part of Collier near this project. The sale properties contain
property characteristics similar to those of the subject and are used as the basis for adjustment factors,
if any are used.
Each of these sale properties is a tract of vacant land usable for estate purposes which has zoning and
other characteristics similar to those of the subject property. I have used the infoimation from these
properties to generate a Sales Comparison analysis,each with an estimated value for the subject using
that approach to value.
I obtained data for this appraisal from public records as reported on the web sites for the Collier
County Property Appraiser,as well as through the CoreLogic data service. All sales data are believed
accurate and representative of the market which includes the subject property.
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 6
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PURPOSE OF THE APPRAISAL
The purpose of this appraisal is to estimate the market value of a portion of the property in permanent
easement and recognizes the current undeveloped condition of the site.
FUNCTION OF THE APPRAISAL
The function of this appraisal is to serve as the basis for purchase as a permanent easement of 3,600
SF of the property located along the northern right of way line along the Golden Gate Boulevard
frontage. (See acquisition area sketch).
IDENTIFICATION OF PROPERTY
The subject of this appraisal is a vacant estate property located on the north side of Golden Gate
Boulevard East 660 feet east of 12th Street NE. The address is not yet assigned. The property is
situated within an historical estate area,with easy access to Naples and other parts of Collier County
via Golden Gate Boulevard (CR 876) and Collier Boulevard (CR 951). The property consists of a
tract of estate zoned vacant land with frontage on Golden Gate Boulevard East. This appraisal is
premised upon the use of the property as estate residential and deals only with the value of the land
affected by the proposed acquisition.
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DEFINITION OF MARKET VALUE
Market Value—As defined in the Agencies' appraisal regulations,the most probable
price which 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 are 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 own best
interests;
-A reasonable time is allowed for exposure in the open market;
-Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
-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.
2010 Interagency Appraisal and Evaluation Guidelines, Department of the Treasury, Office of
Comptroller of the Currency,Board of Governors of the Federal Reserve System,Federal Deposit
Insurance Corporation, Office of Thrift Supervision and National Credit Union Administration
under 12 CFR Part 34, Real Estate Appraisals and Title XI of the Financial Institutions Refoi��i,
Recovery and Enforcement Act of 1989 ("FIRREA"), and the Interagency Appraisal and
Evaluation Guidelines, Federal Register, Volume 75,No. 237, December 10, 2010, P 61-62
PROPERTY RIGHTS APPRAISED
The property rights appraised are all the rights inherent in permanent easement ownership. An
easement estate is defined as "an interest is real property that transfers use,but not ownership, of
a portion of an owner's property."
(The Appraisal of Real Estate, 13th Edition 2008,Page 117)
Kenneth R. Devos,MM, SRA Golden Gate Boulevard East PCL 221 Page 8
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PART II—FACTUAL DATA—BEFORE ACQUISITION
LEGAL DESCRIPTION:
The legal description for the Parent Tract, aka the Whole Property,is taken from the legal
description posted on the Collier County Property Appraiser's web site. The tract is located in
Section 2,Township 49 S,Range 27 East, Collier County,Florida, as described as the West 180
feet of Tract 107, Golden Gate Estates Unit 49 (PB 5,page 80)Collier County, Florida.
STATEMENT OF OWNERSHIP AND HISTORY
According to information from the Collier County tax roll,this property is owned by James A. &
Karla Beckman, 5610 San Miguel Road, Bonita, CA 91902. The property has been in this
ownership for more than the last five(5) years. There are no transfers of the property which are
applicable to use in the estimate of value.
DATE OF INSPECTION AND EFFECTIVE DATE OF APPRAISAL
The subject property originally was inspected and photographed on March 5, 2014. This is the Date
of Value.
DATE OF REPORT
This appraisal report is dated March 26,2014 as is indicated on the Letter of Transmittal.
EXPOSURE TIME
During the investigation of market data for this assignment, I have estimated that the Exposure
Time for the subject property, the period prior to the date of value necessary to result in the sale of
the property,would be within a range of 6 to 12 months.
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 9
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COLLIER COUNTY REGIONAL MAP
5
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Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 10
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COLLIER COUNTY AREA DISCUSSION
The subject property is located in Collier County. Naples is the county seat of Collier County.
Situated on the Gulf of Mexico, Collier County is one of six counties, Sarasota,Charlotte,
Glades,Hendry, Lee and Collier,which constitute the area known as the Southwest Florida
Region. Major cities located in this portion of the state include Sarasota, Venice,Port Charlotte,
Cape Coral, Fort Myers and Naples.
PHYSICAL FEATURES
With a land area of 1,994+/- square miles (1,276,160+/- acres), Collier County is the second
largest County in land area in Florida. Collier County is bound on the north by Lee and Hendry
Counties,on the east by Broward and Dade(Florida East Coast) Counties, on the south by
Monroe(Everglades and Florida Keys) County, and on the west and southwest by the Gulf of
Mexico. The coastal shoreline extends a total of 675.2 miles,much of which is the
environmentally sensitive Ten Thousand Islands, located south and east of Naples. The beaches
are located along the extreme western portion of the County.
The County's topography is flat lowland which ranges in elevation from a high of 44 feet above
sea level near Immokalee in the northern portion, to a low of 3.3 feet at Everglades City in the
southern portion. Approximately 64% (816,742+/-acres) of the County is classified as fresh
water and salt water wetlands. These areas are not habitable.
Land uses in the County consist of residential, commercial, light industrial, open and
recreational, institutional, and agricultural. In 1997, approximately 277,279 acres or 22%of
Collier land was used for cash crops on 235 farms. In 2002 that acreage number decreased to
180,852 or 14%but the number of farms increased to 273. In 2007 the number decreased further
to 109,934,with an average of 341 acres per farm. Of this, 63%was for crops, 29%was for
irrigated crops and 9%was for citrus. The majority of housing and commercial/industrial
development has occurred along the western portion of the County surrounding Naples. The city
of Naples has very little undeveloped land,but the surrounding unincorporated areas can
accommodate growth for decades to come.
The climate is subtropical with an average annual temperature of 74 degrees F.; average winter
temperature has a high range of 74 to 78 degrees F. and a low from 48 to 52 degrees F.; average
summer temperature is 91 degrees F. Average annual rainfall is 50 to 55 inches per year of
which approximately 80% falls between May and October,the rainy season.
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COLLIER COUNTY AREA DISCUSSION (CONTINUED)
Collier County is composed of several communities,most of which are located along the
westerly edge. They include the City of Naples,North Naples,East Naples, Golden Gate, Marco
Island and the rural community of Immokalee.
TRANSPORTATION
Throughout the western, central and southern portions of the County,there are major arterial
roadways. The Tamiami Trail (U. S. Route 41) is predominately a four and six-lane divided
highway which runs in a north-south direction from Tampa until it reaches Naples, 150 miles to
the south, then turns and runs eastward across the southern portion of the County until it reaches
the Miami area, 110+/- miles east of Naples.
Interstate 75 parallels U. S. Route 41 approximately five miles to the east until it reaches Naples.
There it continues as two-lane 1-75 / State Road 84 (known both as Everglades Parkway and
Alligator Alley) and transects the central portion of the County in an east-west direction. This
road connects the area with Fort Lauderdale/Miami on the East Coast of Florida and is part of the
I-75 system. Throughout the westernmost populated areas there are other State as well as
County roadways running in both north-south and east-west directions which allow good
vehicular traffic flow. Public ground transportation is available through Greyhound Bus,
operating from Naples on a daily basis. Naples Airport has commuter service to Miami and
Tampa for connections with major airlines. The area also is serviced by Southwest International
Airport in Ft. Myers.
Collier Area Transport(CAT)provides bus service within the Naples urban area as well as much
of the surrounding suburban and some rural areas. Busses run on scheduled routes and provide
local transport within the area.
POPULATION
Because of its natural assets, i.e., sandy barrier beaches,mangrove islands and subtropical
climate, Collier County, especially the Naples/Marco Island area,has experienced a steady
upward trend in demand over the last 25 years. Since 1970, the Collier County,Naples area has
experienced a very high growth rate. According to the latest figures published by the Census
Bureau, the Naples area is one of the fastest growing S.M.S.A.'s (Standard Metropolitan
Statistical Areas), in the United States, on a percentage basis. Between the years of 1980 and
1990, the Collier area population climbed from 85,971 people to 152,099 people, representing a
change of 77%or an average annual rate of change of 7.69%. From 1990 to 2000,population
increased to 251,377, or an annual increase of 6.5%. As of 2007,population had increased to
333.858, an increase of 32.8%or 4.7%per year. The estimated population as of 2009 was
333.032, a slight decrease from 2007. As of the 2010 census, the population had declined
further, to 321,520. The US Census Bureau,however, estimated an increase to 328,134 persons
in 2011, to 332,427 in 2012 and to 333,663 in 2013. In the addenda I have presented a chart
showing both the historical and future population estimates for the County from 1960 to 2040.
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COLLIER COUNTY AREA DISCUSSION (CONTINUED)
The figures include only legal residents. Many winter and part-time residents own homes in
Naples/Collier County,but maintain legal residences elsewhere and are not reported in these
figures.
The State of Florida historically has attracted a large number of retirees. Collier County reflects
this pattern with a large older population. These older,retired individuals live primarily along
the coastal areas of the state similar to the Naples/Collier County area. In the addenda I have
presented a summary of the age distribution for the Naples/Collier County area.
While the number of births usually exceeds the number of deaths each year,the main force of
population growth is inmigration of new households,particularly retiree households. More than
half of the population growth is attributed to immigration.
The number of persons per household declined 13.5%between 1970 and 1980, or from 2.88
persons to 2.49 persons per household. As of 1990, County-wide average persons per household
has decreased to 2.40. It has remained at that level through 1997. Local planning agencies had
projected this trend. This also indicates that the population of Collier County would grow
predominantly through inmigration from other areas of the country and state. Between 2000 and
2004, only 7.9% of the population increase was due to births, the balance(92.1%)due to
inmigration. The low numbers of persons per household suggests the majority of economic
expansion will be dependent on the construction and service industries. As the population gets
older, and more people inmigrate to the area, demands for new housing, retail trades, and support
services are required. This will generate new employment opportunities and attract younger
families into the area.
Since that date,however, the trend has reversed. As of 2000 the number of persons per
household increased to 2.44 and remained at that level as of 2003. A slight decrease to 2.43 in
2007 and to 2.41 in 2010 seems to indicate a drop among families.
Further signs of this trend emerged as the 1991 public school student population increased to
21,855 people which represents an increase of about 26% over 1987. Statistics for 1996 indicate
a student population of 28,177, a further increase of 5.8%per year. As of 2003, the student
enrollment for K through 12 was 41,154, an increase of 6.6%per year for the intervening period.
The number further increased to 48,866 as of 2007, an expansion of 18.7% or 4.7%per year. As
of 2010,however, the enrollment decreased to 46,465. This later data demonstrate the decrease
in family size as a result of families with children in the home leaving the area due to the
economic downturn subsequent to 2007.
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COLLIER COUNTY AREA DISCUSSION (CONTINUED)
HOUSING
According to the 1980 census data, the County's housing stock expanded to 50,743 units from
17,580 units in 1970, a total increase of 188.6%or an annual average of 3,316 units. Total
housing stock in 1987 was estimated to be 78,774 which indicates an average increase of 4,004
units per year between 1980 and 1987. By 1990, there were 94,165 housing units in the market
area. That figure states that the market area housing stock has grown by a net annual average
increase of 3,848 new housing units per year between 1987 and 1990. These figures are
considered reasonable in light of current growth trends,particularly the second home market
(non-legal residents).
Construction of residential properties in Collier historically has favored multi-family units over
single family detached units. This is evident in the statistics for 1990 through 2004, as shown on
the chart in the addenda. Likewise, the number of units constructed during that period has
fluctuated significantly from year to year. Some of this is in response to economic pressures,
both within Collier County and elsewhere. It also demonstrated the market's reaction to the
construction of more units than can be absorbed within a time period. For example,after a
banner year in 1990, apartment construction decreased by almost 50%in 1991. That was
followed by an increase in 1992 but to levels less than 1990. The trend continued generally
upward through the peak in 2001,when permits for 4,350 apartments were granted. Since then,
the number of permits in most years has dropped to be similar to construction of apartments in
the mid 1990's. The one exception was in 2005, when 5,468 permits for apartments were issued.
This statistic seems to foretell the rapid expansion of demand and prices experienced in 2006, the
height of the real estate market in southwest Florida, including Collier County.
Similar trends are found in the single family market. After the drop in numbers in 1991, this
market segment generally has increased in numbers,with the 2004 total about 50%higher than
that of 1990.
2005 proved to be a banner year for residential construction in Collier County. During that 12
months, the county granted permits for 10,651 single family houses. That was an increase of
about 220%over the prior year. Likewise, multi-family permits increased to 1,266 for 5,468
units, a growth of 109%. These statistics reflect the strength of the local and national economies,
with very low unemployment, especially in Southwest Florida.
Kenneth R.Devos,MM, SRA Golden Gate Boulevard East PCL 221 Page 14
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COLLIER COUNTY AREA DISCUSSION (CONTINUED)
Unfortunately, the years 2006 through 2009 experienced significant decreases in all residential
construction. The total number of units permitted in 2006 was only 7,261, a decrease of 73%
from the prior year. The figures for 2007, 3,168 units, indicate a further decrease of 56%. The
figures for 2008 and 2009 have followed that trend,with a decrease of about 52% from 2007 and
14%from 2008.
2010 experienced an increase in activity,with 34%more units in 2010 than 2009. 2011
continued that trend with a 7%increase over 2010. The data for 2012 indicated a further
increase of 34%. (See the chart in addenda for details.)
The influx of retirees and non-resident second home buyers causes strong seasonal swings in the
local economy. A large share of the retirees only resides in the area during the winter months.
Some maintain second homes in the area and others lease dwellings on a seasonal basis. The
County Planning Department estimates that during the winter,the population increases as much
as 35%. Additionally, according to the Collier County Hotel/Motel Association, approximately
75,000 transient guests are accommodated in Collier County hotels and motels during the peak
of the winter season(March).
As the population,household and housing stock figures indicate, second home buying has been
popular in Collier County. Every type of housing product offered in the County has appealed to
second home buyers in the local market,but condominiums have definitely been the most
popular. In these past few years the second or vacation home market is estimated to have
accounted for at least one-third of all housing demand.
Housing units classified as seasonal or recreational comprise about 70 percent of all the vacant
units and are indicative of the large number of second homes in the County. Removal of these
"occasional use" units indicates a vacancy rate of approximately seven percent.
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COLLIER COUNTY AREA DISCUSSION (CONTINUED)
GROWTH MANAGEMENT
In January 1989,both Collier County and the City of Naples enacted legislation to implement the
Florida Growth Management Act on a local level. An extension of the state mandated land use
plans enacted in the late 1970's,this new legislation attempts to establish a relationship between
development of real estate and the availability of support facilities such as roads,utilities,
schools, parks,police and fire protection.
Development of new properties will be guided by the availability of a minimum Level of Service
(LOS) for the property. The developer must demonstrate that the proposed development will not
exceed the LOS which currently is available, or specifically planned for completion, either by
public or private means,prior to the completion of the development and the creation of the
additional need.
In some instances, this may result in either the increase in development costs or delays in
development as the developer is required to pay for needed improvements or wait until the public
agency, either county or city, is able to provide these improvements. This program became
effective in April 1990.
Based upon information which I have gathered, it appears that the subject property will not be
affected adversely by these guidelines.
EMPLOYMENT
Because the County is to a great extent tourist oriented,in 1988 the number of service (28.3%)
and wholesale and retail trade (22.8%) jobs was high,representing 51%of total employment.
The next largest category was agriculture, forestry and fisheries at 20.4%, followed by
construction at 10.2%and finance, insurance and real estate at 6.77%. Manufacturing,
transportation, communications and public utilities,and publications made up the remainder.
In 1993, service(33.3%) and wholesale and retail trade(24.4%)jobs increased their position in
the workforce, representing 57.7%of total employment. The next largest category was
agriculture,forestry and fisheries at 17%, followed by construction at 8.3%and finance,
insurance and real estate at 6.3%. Manufacturing, transportation, communications and public
utilities, and publications made up the remainder.
In 1995, the numbers were similar with a small amount of shifting within categories. Service
(32.6%) and wholesale and retail trade(28.4%)jobs increased their position in the workforce,
representing 61%,of total employment. The next largest category was agriculture, forestry and
fisheries at 16.5%. followed by construction at 9.8%and finance, insurance and real estate at
6.6%. Manufacturing, transportation, communications and public utilities, and publications
made up the remainder.
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COLLIER COUNTY AREA DISCUSSION (CONTINUED)
In 2004, the numbers showed a shift toward the service sector. Service(50%)jobs increased
their position in the workforce and wholesale and retail trade(19%)jobs decreased their position
in the workforce,representing 69%of total employment. The next largest category was
construction at 15%followed by agriculture, forestry and fisheries at 6%, and finance,insurance
and real estate at 6%. Manufacturing,transportation, communications and public utilities, and
publications made up the remainder.
In 2008,the numbers remained fairly stable. Service(53.3%)jobs increased slightly while the
wholesale and retail trade(26.26%)jobs retained their position in the workforce,representing
79%of total employment. The next largest category was health at 14%,a significant increase,
followed by finance,insurance and real estate at 6.3%, and agriculture, forestry and fisheries at
4.98%. Manufacturing,transportation, communications and public utilities, and publications
made up the remainder.
In 2009 and 2010, the numbers in all areas remained fairly stable. Overall work force numbers
were 100,292 (2009) and 98,906 (2010). They began to increase in 2011 (102,886), a trend
which continued in 2012 (105,937) (See the chart in the addenda for a complete breakdown for
these years by category)
Since the local economy is heavily dependent upon a somewhat seasonal agricultural and tourist
industry,the County, as well as Southwest Florida,has been seeking new light manufacturing
industries to help stabilize the economic base. To date no new major corporation has completed
or announced the construction of manufacturing facilities in Collier County.
The tourism and service industries will remain the primary industries in the Naples,Collier
County area for years to come. A great number of large planned unit developments and
condominium projects are under construction within Collier County. The greatest concern
facing this area is maintaining a proper balance between the supply and demand for housing, and
staying ahead of the growth by providing proper infrastructure support,roads, schools, etc. The
County, as well as Southwest Florida,has been seeking new light manufacturing industries to
help stabilize the economic base.
The figures for 2010 indicate that 125,364 persons were employed in Collier County from a
work force of 143,150. This is an unemployment rate of 12.4%. This contrasts with the figures
for the prior four years which indicate a significant increase of the rate from the low of 2.7%in
2000 and 2001 to a high of 4.2%in 2003, before decreasing to a 2004 level of 3.1%and the
similar level in 2005. The average rate for 2006 (2.7%) continued that earlier trend but the rates
for 2007 (4.0%) and 2008, at 4.9%, indicate the effects of downturns in both the real estate and
general markets. The statistic for 2009 shows the extreme effect the economic downturn has had
on local employment, with unemployment increased to 9.1%and escalating in 2010 to 12.4%.
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COLLIER COUNTY AREA DISCUSSION (CONTINUED)
Fortunately,this trend has reversed in the subsequent period. In 2011 average employment went
to 128,670 from a workforce of 144,890, an unemployment rate of 11.2%. This rate has
decreased further as of 2012 to 8.5%and in 2013 to only 6.7%. This information is found in the
addenda.
As previously stated,rapid growth has been caused by the population in-migration from the
north and the accompanying need for construction of homes and expansion of businesses,
services and schools. Total employment in the County has more than doubled in the past decade.
Unemployment in the years prior to the recession was observed to be less than 5%of the work
force on an annual average but that figure is known to be distorted by the large number of
seasonal agricultural workers resident in the northeastern part of the County.
Most employment growth is the result of expansion of existing businesses and the formation of
new service and retail firms. An economic development office has been established and local
business leaders have expressed interest in attracting new employment. Few major employers,
however,have indicated any desire to move into the local area.
In the past years,new light industrial growth in Collier County has occurred primarily in the area
adjacent to and northeast of the municipal airport. An industrial area also exists north of Pine
Ridge Road between Airport Road and US-41. The construction industry has been the major
force affecting the industrial areas today.
All areas of the County come under the jurisdiction of the County Government except Naples
and Everglades City, incorporated cities which function as independent municipalities. The
County is governed by a Board of Commissioners consisting of five elected members. As
mandated in the Florida Statutes, each County has formulated a Comprehensive Plan for future
growth and development with the intent of implementing it in order to provide a balance between
individual rights and community rights, and to supervise future growth and development in
regard to the services the County is able to supply, i.e., water, sewer, schools and roads. To be
prepared for continuous change,the Comprehensive Plan is updated every four years.
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 18
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COLLIER COUNTY AREA DISCUSSION (CONTINUED)
The trends in the County over the past decade,prior to 2006,have been increasing in population,
housing, employment, family income, and general real estate values. This has been due
primarily to its location on the Gulf of Mexico and its subtropical climate which attract new
residents. The economy of Collier County had been growing with the population and increased
tourist activities created by the expanding hostelry industry. The economy is highly dependent
on the service,trade,and retail sectors. A more diversified economic base,with light industries,
would create a more stable economy which is less dependent on tourism. Nonetheless,the
physical, social, governmental and economic influences throughout Collier County have
provided a positive atmosphere over the past two decades.
This trend has been altered as a result of the recent recession, making marked decreases in
economic statistics since 2006. This trend has continued through 2012 and 2013, when
employment data and real estate value information seem to indicate a general improvement in
those areas. The long term future expectations are for the upward trends to continue, enhancing
the value and desirability of all types of properties.
SUMMARY:
Collier County has experienced a very rapid growth pattern through 2006,with a significant
decrease in economic activity, especially construction and employment, in the years immediately
after. This resulted in a decrease in the development of real estate and the contraction of the
economic base. While in the past the growth has been primarily in the retiree section of the
population,recent years had brought an increasing number of younger families. With the recent
enactment of the county's Growth Management Act, the pace and direction of growth will have
specific guidelines under which to progress. This will allow continued development while
providing for the inclusion of needed support facilities.
While the recent economic situation indicated a continued low level of construction and related
real estate development, overall trends for the area indicate that a return to a positive growth is
probable. Construction has experienced an increase in activity which, while lower than the peak
years prior to 2006, seem to indicate that there are positive signs for the local economy. Based
upon the events of the recent past and knowledgeable projections for the future, the outlook for a
return to continued growth in Collier County is favorable.
02272014
Kenneth R. Devos, MAI, SRA Golden Gate Boulevard East PCL 221 Page 19
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MARKET AREA MAP
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Kenneth R. Devos,MM, SRA Golden Gate Boulevard East PCL 221 Page 20
,,,
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MARKET AREA DESCRIPTION
This property is located in Naples, in east central Collier County. This area predominantly has been
used as residential properties,with single family estate houses. This residential development supports
limited commercial development located at the intersection of Golden Gate Boulevard and Wilson
Boulevard.Additional commercial properties are located along the western side of the Market Area's
western boundary, CR 951 (Collier Boulevard). These roadways, Golden Gate Boulevard, Wilson
Boulevard and Collier Boulevard,are the major roadways in the area.
This market area, formerly known as the neighborhood,of which this property is a part includes the
eastern portion of Collier County east of the Golden Gate city center. It is bounded by the following:
On the North: Vanderbilt Beach Road
On the East: Everglades Boulevard
On the South: White Boulevard/Frangipani Avenue
On the West: Collier Boulevard(CR 951)
The overall nature of this area is residential, primarily estate single family detached houses.
Residential estates comprise the largest portion of the total properties in the area, with 69% of the
total number of properties. This is followed by the vacant single family tracts,which make up another
28% of the total. Estate single family residences are found throughout the area. The houses are
mostly CBS of between 1,001 sf and 1,500 sf. (32%),with another 25%being between 1,500 sf and
2,000 sf and 13%between 2,001 sf and 2,500 s£ This indicates the moderate economic level found
throughout the area,with many residents being middle income office and service workers. Even so,
the age of these improvements, with 81% of the houses built between 1981 and 2010, indicates a
stable population. Only about 20% of these houses were constructed during the "boom" years
between 2001 and 2010 and county records list minimal construction since that date. Most recently,
however,there seems to be a resumption of building,with numerous houses under construction as of
the inspection dates.
Within the neighborhood,the pattern of development corresponds closely with the nature of the road
on which the property is located. Thus,the properties located even on the major roads,such as Golden
Gate Boulevard,Wilson Boulevard and Everglades Boulevard,as well as those on the side streets are
developed as estate residential. The properties located at the single intersection of Golden Gate
Boulevard and Wilson Boulevard are the only commercial developments in this Market Area. This
seems to he evidence of Collier County's continuing program encourage the semi-rural estate
residential character of the area and prevent a more intense use of these properties.
Kenneth R. Devos, MAI, SRA Golden Gate Boulevard East PCL 221 Page 21
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MARKET AREA DESCRIPTION (CONTINUED)
According to the Collier County Property Appraiser's information, the subject's Market Area
contains 5,798 properties. Of these, 69%are listed as estate single family houses with another 28%
are listed as vacant residential. Only 1% is shown as commercial. Properties such as the subject
recognize the need for estate residential uses in this area. The subject location provides it reasonable
travel time to and from other parts of Naples.
These properties are part of the overall Golden Gate Estates subdivision. Created in the early 1960's,
the development consisted primarily of five (5) acre estate residential tracts located in the eastern
portion of the Naples urban area. This development encompassed land from just west of CR 951
along the route of SR 84 (now Interstate 75) east as far as DeSoto Boulevard. The massive
development extends from US 41 on the south as far north as CR 846.
The original marketing plan was to sell these properties as 5 acre estates. Resistance to this plan
resulted in the developer, GAC, subdividing many of the tracts to as small as 1.14 acres. This plan
boosted sales but also resulted in county zoning regulations which prevented further division of the
properties.
Another unusual aspect of the development was the use of permanent easements rather than dedicated
rights of way for both the frontage roadways and the drainage canals which serve these properties.
Thus the areas of the right of way for these roads and canals,such as Golden Gate Boulevard and the
Golden Gate canal, are included in the area calculations for the adjoining estate tracts, even though
these areas do not contribute usable area. Their primary benefit is that they establish the gross land
area which is used to determine the size of the improvements which can be constructed on the
properties. Considering the typical size of most houses in the subject Market Area,this consideration
seems to have little practical impact.
SUMMARY:
The residential portion of this area contains significant amounts of land available for construction of
new improvements. Existing development for the most part is experiencing moderate to low sales
levels. Although demand in recent years for residential space has been restricted by the economic
conditions, historically the demand for such space has been met by available supply. As overall
economic conditions continue to improve, it is anticipated that a return to higher sales levels as well
as creation of additional houses,as has been seen in the area,is a reasonable and realistic prospect.
Kenneth R. Devos,MAI. SRA Golden Gate Boulevard East PCL 221 Page 22
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SITE SKETCH
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Kenneth R. Devos,MM, SRA Golden Gate Boulevard East PCL 221 Page 23
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AERIAL PHOTOGRAPH
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Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 24
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SITE DATA
Location: This property is an estate residential zoned tract of land
currently vacant. It is located 660 feet east of the northeast
corner of Golden Gate Boulevard East and 12th Street NE.
This property is in Section 2, Township 49 South, Range 27
East.
Land Area: The property which is considered as the Parent Tract for this
appraisal contains an area of 2.81 acres of land, as shown on
the Collier County Property Appraiser's files.
Shape: The site is rectangular
Dimensions: The site is 180' wide (on the northern and south property
lines),680' on the west and the eastern property lines(as taken
from the Collier County Property Appraiser's map).
Frontage: The site has frontage on Golden Gate Boulevard East on its
southern property line(180').
Topography: Based on a physical inspection as well as topographic maps
for the property,the site appears to be level and about at grade
with adjacent roadways.
Drainage: On site drainage is to the south to the roadway on that side of
the site.
Soil
Characteristics: Based upon an inspection of the site,the soil a combination of
gray sand with some coral rock and shell.This is typical of this
area and should allow its use as estate residential.
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 25
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SITE DATA(CONTINUED)
Utilities: Electric and telephone are available at the tract. Water is
provided by on-site well. Sanitary waste is handled by septic
system. Trash is handled by private service. Police and fire
protection are provided by the Collier County.
Easements: A road easement of 50 feet along the southern property line.
This is the northern half of the current right of way for Golden
Gate Boulevard East.
DESCRIPTION OF THE IMPROVEMENTS
The subject property is vacant and wooded.
FIXTURES
As this estimate deals with vacant land,this section is not applicable.
USE HISTORY
This property,as well as much of the surrounding land, can be used for estate residential purposes,
specifically single family houses. This site currently is vacant. There is no evidence that any other
use has been made of this property.
SALES HISTORY
The most recent transfer of this property was via a Warranty deed in October 1977. This sale is
considered not pertinent to the estimate of land value as is presented here due to the length of time
since the sale.
Kenneth R. Devos, MM, SRA Golden Gate Boulevard East PCL 221 Page 26
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RENTAL HISTORY
Since the subject is vacant and rentals of vacant land, especially residential, seldom reflect the
underlying value,the rental status is not relevant to this appraisal.
ASSESSED VALUATION AND TAXES:
The assessed value for this estate residence with 2.81 acres of land in 2013 was$14,893. Taxes for
that year were$177.71. This amount has been paid.
ZONING:
E,Estate Residential by Collier County. This classification allows for single family houses on
estate tracts.
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 27
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HIGHEST AND BEST USE—BEFORE ACQUISITION
As defined in The Appraisal of Real Estate. 13th Edition, Highest and Best Use is: "the reasonably
probable and legal use of vacant land or an improved property, which is physically possible,
appropriately supported,and financially feasible,and that results in the highest value."(Page 277-78)
An analysis of the Highest and Best Use of a property is the most important part of the appraisal
process because it is in terms of highest and best use that market value is estimated. This study and
selection of highest and best use is based on available data about what uses are legal, possible,
appropriate and feasible for the site.
HIGHEST AND BEST USE:
Based on this discussion of uses which are legal, physically possible, appropriately supported and
financially feasible, it is my opinion that the Highest and Best Use of this property is as estate
residential. Based upon the existing and anticipated development along this portion of Collier County,
such a use pattern is consistent with existing and anticipated growth in this part of the county.
LEGAL USE:
This property is zoned E, which allows for estate residential uses. The subject is a vacant estate
residential property. The use of the property as estate residential is consistent with the legal uses as
well as other development in this part of Collier County.
POSSIBLE USE:
This site presently has sufficient physical characteristics of size, shape, access, public utilities and
infrastructure to be physically and functionally adequate for its most immediate use of estate
residential. This is consistent with the development pattern present or anticipated for this area. The
fact that some nearby properties include this use is ample evidence that the use is possible.
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 28
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HIGHEST AND BEST USE(CONTINUED)
FEASIBLE USE:
Based on the neighborhood data,as presented earlier, the demand estate residential properties in this
area has been steady, although restricted by recent economic conditions. The current pressure for
estate residential uses in these portions of the Collier County suburban area has remained reasonably
strong and has been progressing due to the area's location and the relative ease of access to and from
this area from throughout southwest Florida. The long term outlook for the overall trends in this area
is favorable. Considering the neighborhood demand factors, the future trends are expected to be a
return to an increasing level of demand.
PROBABLE USE:
In keeping with the current development of properties near the subject as well as those is being
completed within this area, the most probable use for these properties is estate residential. The
experience of other existing properties in this area indicates that such a use is most reasonable.
Kenneth R. Devos,MM, SRA Golden Gate Boulevard East PCL 221 Page 29
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APPROACH TO VALUE—BEFORE ACQUISITION
The appraisal process is a systematic method of gathering data regarding sociological, physical,
economic and governmental forces to analyze and interpret their influence, in terms of value, on a
specific real property. In this process three basic approaches are used: Cost, Sales Comparison and
Income. Each is based on the principle of substitution;that an informed purchaser would pay no more
for the rights in a particular real property than the cost of acquiring,without undue delay,an equally
desirable one.
COST APPROACH
In the Cost Approach,the site is valued as if vacant and available to be put to its highest and best use.
The reproduction cost new of the improvements is estimated less accrued depreciation from all causes,
physical, functional and locational. This depreciated value of the improvements is added to the site
value for an indication of the subject's value by the Cost Approach.
SALES COMPARISON APPROACH
In the Sales Comparison Approach, sales of similar properties are ascertained as to their price,terms
and condition of sale. These sales are then compared directly to the subject by an applicable unit of
comparison and adjusted for any differences in time, location, and physical characteristics. The
resulting adjusted sales values indicate a range of value for the subject.
INCOME APPROACH
The Income Approach estimates the present worth of all future benefits,either in money or amenities,
anticipated through ownership of the real estate. In this process,I estimate the Potential Gross Income
from market rentals. From this I subtract the market derived allowance for vacancy and collection
loss. The result is the effective gross income. Based upon market data, I estimate the expenses as
anticipated for the property and subtract them from the Effective Gross Income to arrive at a Net
Operating Income. By using the appropriate method and rate, I convert the Net Operating Income
into a value estimate via the appropriate method(s)of capitalization.
THE RECONCILIATION AND FINAL VALUE ESTIMATION:
The reconciliation is essentially a weighing of the three approaches so that the final value estimate
will reflect the reliability of the data in each of the three approaches. The reconciliation must also
reflect the proportionate degree to which each of the three approaches reflects the reaction of typical
users and investors in the market.
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APPROACH TO VALUE—BEFORE ACQUISITION
APPLICABLE APPROACHES
This property has been valued using one of the three Approaches. Since I am focusing the analysis
on the estimate of land value and some minor site improvements,one of the three approaches typically
is applicable. This is the Sales Comparison Approach. Since this type of property frequently is sold,
the Sales Comparison Approach can be applicable. While such land sometimes is rented or leased,
the rent usually is a means of paying the minimal taxes and to allow for the upkeep of the property
rather than a true return on investment. For that reason,the Income Approach is not considered to be
applicable.
The degree of agreement among the indicated estimates of value demonstrates the focus of the market.
I will consider these estimates in the correlated final estimate of value.
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SALES COMPARISON APPROACH—BEFORE ACQUISITION
To complete this analysis, I have researched and investigated sales of several estate residential sites
located in the east Naples suburban portion of Collier County. There have been sufficient sales of
such properties considered to be arms' length and open market sales involved unrelated private
parties. I have used several of these sales to estimate the value of the subject property.
I have used three sales, all of them estate residential sites like the subject. The specific information
for these sales is presented in the sales sheets in the addenda of this report.
Sale 1 is the February 2014 transfer of a 2.73 acre tract located on the east side of 5'h Street NW just
north of Golden Gate Boulevard West. The property sold for $38,000 or $13,919 per gross acre.
Although the recent economic situation in Collier County has resulted in decreases in prices of this
type of property over the time period prior to this sale,based upon the most recent sales data I have
not made an adjustment to the price of this sale property for this factor. As the most recent sale of
vacant estate residential land used in this appraisal,I have concluded that no adjustment for this factor
is applicable.
This site is located on a side street while the subject is located on Golden Gate. The sale's location
on a less heavily traveled roadway is seen within the market as being more desirable. I have estimated
that the subject location on the more heavily traveled Golden Gate Boulevard results in a negative
price increment of 20%. Therefore, I have applied an adjustment of minus 20%to the price of this
sale for location. No other adjustments appear to he indicated.
Sale 2 is the February 2014 transfer of a 2.73 acre tract located on the east side of 7`h Street NW,north
of Golden Gate Boulevard West. The property sold for$33,000 or$12,088 per gross acre. Although
the recent economic situation in Collier County has resulted in decreases in prices of this type of
property over the time period prior to this sale,based upon the most recent sales data I have not made
an adjustment to the price of this sale property for this factor. As a recent sale of vacant estate
residential land used in this appraisal.I have concluded that no adjustment for this factor is applicable.
This site is located on a side street while the subject is located on Golden Gate Boulevard. The sale's
location on a less heavily traveled roadway is seen within the market as being more desirable. I have
estimated that the subject location on the more heavily traveled Golden Gate Boulevard results in a
negative price increment of 20%. Therefore,I have applied an adjustment of minus 20%to the price
of this sale for location.
Kenneth R. Devos, MAL SRA Golden Gate Boulevard East PCL 221 Page 32
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SALES COMPARISON APPROACH(CONTINUED)
The price of this tract appears to have been affected negatively by the amount of wetland found there.
According to the broker,about'/to 1/3 of the property,in the western frontage area,is wetland. Based
upon my comparison of the price of this and the other two sale properties,a plus adjustment of about
10%is appropriate. No other adjustments appear to be indicated.
Sale 3 is the January 2014 transfer of a 1.14 acre tract located on the west side of 10th Street NW just
north of Golden Gate Boulevard West. The property sold for $16,000 or $14,035 per gross acre.
Although the recent economic situation in Collier County has resulted in decreases in prices of this
type of property over the time period prior to this sale,based upon the most recent sales data I have
not made an adjustment to the price of this sale property for this factor. As a recent sale of vacant
estate residential land used in this appraisal, I have concluded that no adjustment for this factor is
applicable.
This site is located on a side street while the subject is located on Golden Gate Boulevard. The sale's
location on a less heavily traveled roadway is seen within the market as being more desirable. I have
estimated that the subject location on the more heavily traveled Golden Gate Boulevard results in a
negative price increment of 20%. Therefore,I have applied an adjustment of minus 20%to the price
of this sale for location. No other adjustments appear to be indicated.
ANALYSIS:
Each of the sales presented here is an estate acreage tract available for estate residential purposes.
The first adjustment will consider the effects of Market Conditions. Earlier sales indicate that Market
Conditions declined from 2009 through 2011. More recent market activity, however, seems to
indicate a leveling of prices,especially in these most recent sales. For this reason,I have not applied
any adjustments to the prices of these sales for this factor. Based upon these comparisons,this seems
to be reasonable.
The next factor is the effects of location on price. All of the properties have locations on lightly
traveled side streets, while the subject is located on heavily traveled Golden Gate Boulevard East.
For this reason, I have estimated that the difference in location results in adjustment of minus 20%.
Based upon these comparisons,this also seems to be a reasonable adjustment.
The subject property consists of 2.81 acres. From a size standpoint, the differences between the
subject and the sale properties used here appear not to have an effect on price. For this reason,I have
not applied adjustments for this factor.
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 33
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SALES COMPARISON APPROACH(CONTINUED)
ANALYSIS: (CONTINUED)
Finally, one of the sale (#2) includes a significant amount of wetland area. This appears to have
resulted in a slightly lower price than those indicated for the other two properties. Based upon a
comparison of the prices of these three properties, I have applied an adjustment of plus 10% to the
price of this sale property.
PARCEL 221
# SUBJECT 1 2 3
LOCATION GGBE 5th St NW 7th St NW 10th St NE
DATE 3/5/14 2/14/14 1/31/14 1/29/2014
PRICE $38,000 $33,000 $16,000
SITE AC 2.81 2.73 2.73 1.14
ZONING E E E E
$/AC $13,919 $12,088 $14,035
CASH EQUIVALENCY $0 $0 $0
$13,919 $12,088 $14,035
MARKET CONDITIONS
$13,919 $12,088 $14,035
ADJUSTMENTS
FRONTAGE -$2,784 -$2,418 -$2,807
-20% $11,136 $9,670 $11,228
WETLAND $0 $967 $0
10% $11,136 $10,637 $11,228
ADDITIONAL MARKET DATA:
In order to consider the current perspective of real estate participants (i.e. owners and their brokers),
the following is a brief list of some Golden Gate Estate tracts in this immediate area which are listed
for sale. Generally, their prices are consistent with the prices of the three sales presented above.
# OFFER 1 OFFER 2 OFFER 3 OFFER 4
LOCATION 12th St NE 16th St NE 18th St SE 18th St SE
DATE CURRENT CURRENT CURRENT CURRENT
PRICE $ 24,900 $ 29,901 $ 28,901 $ 25,901
SITE AC 2.73 2.34 2.73 2.27
ZONING E E E E
$/AC $9,121 $12,778 $10,586 $11,410
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 34
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SALES COMPARISON APPROACH(CONTINUED)
ANALYSIS: (CONTINUED)
The result of this adjustment process, as shown in the chart above, is a price range from $10,637 to
$11,228 per acre. I have placed equal weight on all of the sales and recognized the similarity in the
adjusted prices of the three. The indicated price is supported by the prices of the sales. Therefore, I
have estimated the value of the subject as the rounded amount of$ $11,000 per acre. With 2.81 ac,
this is an indicated value of$30,900. (2.81 ac X$11,000 per acre=$30,910, SAY$30,900)
RECONCILIATION:
Each of the sales presented here is a vacant estate residential site located in eastern Naples, Florida.
The subject property consists of a tract containing 2.81 acres. I have adjusted the prices of the sale
properties to allow for the differences in location and wetland.
Based upon the available information, I have estimated the value of the subject land, via the Sales
Comparison Approach,as of March 5,2014 as follows:
THIRTY THOUSAND NINE HUNDRED DOLLARS
($30,900)
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 35
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RECONCILIATION AND FINAL VALUE ESTIMATE—BEFORE ACQUISITION
Reconciliation is the application of the process of evaluating alternative conclusions and selecting
from the indicators of value derived from each of the approaches utilized in the appraisal problem
to arrive at the final estimate of value. The relative value derived from each approach is weighed
and the most weight and reliance is placed upon the approach which, in the appraiser's judgment,
best approximates the value being sought in the appraisal. The indications below provide the
reasoning for the final value estimate presented in this report.
COST APPROACH TO VALUE: NA
The Cost Approach to Value is most reliable when the property appraised is a site improved to its
Highest and Best Use with a new improvement. This approach to value normally is most
applicable in instances of new or recent construction. In the case of the subject is vacant and this
approach is not applicable. As vacant land is the only item considered in this estimate of value, I
have not used this approach to value
INCOME APPROACH TO VALUE: NA
The Income Approach to Value is a reliable indication of value for income producing properties.
The credibility of this approach is enhanced by the quality and quantity of the income information
upon which the approach is based. In this instance, since the subject is not improved, the Income
Approach is not applicable. I have not used this approach to estimate the value of the subject
property.
Kenneth R. Devos, MAI, SRA Golden Gate Boulevard East PCL 221 Page 36
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RECONCILIATION AND FINAL VALUE ESTIMATE—BEFORE ACQUISITION
(CONTINUED)
SALES COMPARISON APPROACH: $30,900
In the appraisal of vacant land, the reliability of the Sales Comparison Approach is affected by the
quality and quantity of sales of closely similar properties. In this instance, there have been
sufficient sales of vacant estate residential sites. These sales require adjustment for two factors:
location and wetland. These increments are based primarily upon market data from the sales. I
have recognized the differences between these sale properties and the subject. The estimate of
market value for the subject is supported by the market data.
FINAL VALUE ESTIMATE:
The Market Value of the subject property has been considered on the basis of the rentals and sales
of similar properties. I have estimated the final value based upon the majority of the data,with the
values as indicated in Sales Comparison Approach being in close agreement. From this data, the
estimated value of the subject, as of the Date of Value, March 5,2014,was:
THIRTY THOUSAND NINE HUNDRED DOLLARS
($30,900)
Kenneth R. Devos, MAI, SRA Golden Gate Boulevard East PCL 221 Page 37
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ACQUISITION ANALYSIS
SKETCH OF PROPOSED ACQUISITION AREA
WEST 180. OF
TRACT 107 S
BECKMAN UBIAUT
OR 714/1382 OR 3984/1207
TRACT 74 TRACT 107 + TRACT 108
GOLDEN GATE ESTATES
UNIT 49
PLAT BOOK 5 PAGE 80
N
Vv
1
c
PROPOSED ROADWAY EASEMENT
PARCEL 221 RDUE
T.60C SG.
I
20 / _
– — 108+00 107 00171 GC� 111400 12400 113+0C
- I II I 1 I
I I I I f
GOLDEN GATE BOULEVARD (CR 875) `
I
OR OTrOCIAI RECORDS (HOOK/PAGE)
[T' PROPOSED ROADWAY, DRAINAGE AND UTILITY EASEMENT (RODE)
EY!STING ROADWA e EMSIc D DI- YEE C HE °LRPL DIAL
USE .n T-1. P,FLIC f[R 1,41 w0Y E PACE 80
LEGAL DESCRIPTION FOR PARCEL 221 ROUE
TUITION OF TRACT 1D7, GOLDEN GATE ESTATES, UNIT 49 55 RECORDED IN 9LAT BOOK 5, PAGE NO OE THE
R_CDR7 E COWER CO'LINIY, ,RID, L11.G 'N SECTION S. TOWNSHIP 49 SOUTH, HANOI 77 LAST,
CDLLIYR COUNTY, El ORIDA. 9115G MORE:'A4TICUJ.RLY DESCRIDE. r,5 YO i OWS,
THE NO5'H DC FEET OF THE SOUTH 70 "LET OF THE WEST 13 TEES 07 SAID TRACT 1/97,
CSNTAIN;NG 3,500 COIIARE FEET, MORE OR LESS. / //�/�/
0 40 BO 150 / /n y/, '' "�--�
s / ortssa SVP9911:a u.PPCI,
SKETCH & DESCRIPTION ONLY .n.atasv:'MI+, -e, uc s ,
NOT A BOUNDARY SURVEY SCALE 60 '0'" �J>(��CJO
FOk:COL.,_R cowry 00.'ERN MCI 9DARI::F 503NTY COMMISSIONER:: r nauw a,..L 5 R osuuc.5u/rvfls,PM,s
57.5 VALID 51,0 lr GOLDEN GATE BOULEVARD DUTA-t
SKETCH & DESCRIPTION OF, PROPOSED ROADWAY EASEMENT CONS U IN 1 Cyril Prpoceia,
PARCEL 221 RDUE 55101110.Pam Rr.0 6ueo 200
COLLIER COUNTY, FLORID', j ��P-0��1�
wre:lzm se7ac;r.14n:125s1507-M75
L8 N::695:
JJ NT)),,' 7,i E:SIUI: 11Jr: -0N'N 11-1_L I S J'.L 1144145 91 FILE NYC SHEET
c
Kenneth R. Devos,MM, SRA Golden Gate Boulevard East PCL 221 Page 38
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RECAPITULATION-LAND
The proposed acquisition area will serve for the expansion of the Golden Gate Boulevard East right
of way. It will allow expansion of Golden Gate Boulevard from two to four travel lanes, along with
sidewalk and drainage structures.
As was described in the earlier sections of this report, the estimated value of the property Before
Acquisition is$11,000 per acre. Based upon this analysis,the fee value of the property being acquired
is estimated at$11,000 per acre. With 0.083 acres (3,600 sf) this is an estimated fee value of$909.
(0.083 AC X$11,000 per acre= $909)
This amount, however, is for the fee simple interest in the proposed right of way. The acquisition,
however,is a permanent easement. Although not all of the rights to the land area are to be transferred,
from a practical standpoint,virtually all use of that area will be vested in the new roadway. The only
practical use of the proposed right of way by the fee owner is in the calculation of building area
possible to be constructed in the property. Since the land area,even in the unencumbered remainder,
already allows for a house with a size in keeping with others in the neighborhood,such a use probably
has little value.
For this reason, I have concluded that there is a minimal remaining value to the fee owner for the land
needed for this new right of way. I have estimated a nominal value of about 1% of the fee simple
value estimated above. This would indicate a value for the permanent easement rights for the new
right of way, 3,600 sf,as$900. ($909 X.99= $900.)
ESTIMATE OF VALUE FOR ACQUISITION
PARCEL 221 RDUE
Land $ 900
TOTAL ESTIMATED COMPENSATION $900
Kenneth R. Devos,MAI, SRA Golden Gate Boulevard East PCL 221 Page 39
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