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Agenda 09/23/2014 Item #16A 5EXECUTIVE SUMMARY 9/23/2014 16.A.5. Recommendation to approve an easement agreement for the purchase of a Road Right -of -Way, Drainage and Utility Easement (Parcel 152RDUE) required for the expansion of Golden Gate Boulevard from east of Wilson Boulevard to 20th Street East. Project No. 60040 (Fiscal Impact: $10,521). OBJECTIVE: To purchase an easement needed for the four -laning of Golden Gate Boulevard from east of Wilson Boulevard to 20'' Street East (the Project). CONSIDERATIONS: Collier County is seeking to purchase a 15,000 square foot, more or less, perpetual, non - exclusive Road Right -of -way, Drainage and Utility Easement with a northern property line along Golden Gate Boulevard E. and an eastern property line along 4"' Street SE (Parcel 152RDUE). Parcel 152RDUE is needed for construction of the Project and is part of the 5.15 acre unimproved parent tract owned by the Robert Menta Revocable Trust (Property Owners). The accompanying Summary Appraisal Report prepared by Wilcox Appraisal Services, Inc. and dated February 2014 indicates the appraised value of Parcel 152RDUE is $3,900. However, the market value of the subject property, an estimate in and of itself, is relatively insignificant in the context of the overall cost of acquiring the necessary easement rights should the relationship between the Property Owners and Collier County become adversarial, and attorneys, appraisers and other experts are brought in to represent the owner. The attached easement agreement reflects the "global settlement" amount for Parcel 152RDUE of $10,450. Accordingly, staff is recommending that the Board of County Commissioners (the "Board ") approve this agreement for the purchase of Parcel 152RDUE. FISCAL IMPACT: Funds in the amount of $10,521 ($10,450 purchase price and recording fees of approximately $71) will be paid from gas taxes and/or road impact fees. 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 acquisition of this right -of -way will not add any cost to the annual operating and maintenance budget. Operating and maintenance costs for the Project will be considered when the construction contract is brought before the Board for approval. 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. 152RDUE 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; 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 required to carry out the collective will of the Board. Prepared By: Sonja Stephenson, TECM, Property Acquisition Specialist Attachments: (1) Easement Agreement; (2) Property Location Map; (3) Appraisal Report Summary dated FEFacket Page -969- 9/23/2014 16.A.5. COLLIER COUNTY Board of County Commissioners Item Number: 16.16.A.16.A.5. Item Summary: Recommendation to approve an easement agreement for the purchase of a Road Right -of -Way, Drainage and Utility Easement (Parcel 152RDUE) required for the expansion of Golden Gate Boulevard from east of Wilson Boulevard to 20th Street East. Project No. 60040 (Fiscal Impact: $10,521). Meeting Date: 9/23/2014 Prepared By Name: StephensonSonja Title: Property Acquisition Specialist, Transportation Engineering & Construction Management 8/26/2014 7:09:11 AM Submitted by Title: Property Acquisition Specialist, Transportation Engineering & Construction Management Name: StephensonSonja 8/26/2014 7:09:12 AM Approved By Name: PutaansuuGary Title: Project Manager, Principal, Transportation Engineering & Construction Management Date: 8/26/2014 9:00:07 AM Name: DelateJoseph Title: Project Manager, Senior, Transportation Engineering & Construction Management Date: 8/26/2014 9:35:07 AM Name: HendricksKevin Title: Manager - Right of Way, Transportation Engineering & Construction Management Date: 8/26/2014 12:07:04 PM Name: LynchDiane Title: Supervisor - Operations, Road Maintenance Date: 8/27/2014 11:59:08 AM Packet Page -970- 9/23/2014 16.A.5. Name: TaylorLisa Title: Management/Budget Analyst, Transportation Administration Date: 8/27/2014 1:02:15 PM Name: KeamsAllison Title: Manager Financial & Operational Support, Transportation Administration Date: 8/27/2014 1:08:27 PM Name: AhmadJay Title: Director - Transportation. Engineering, Transportation Engineering & Construction Management Date: 8/27/2014 1:13:45 PM Name: ShueGene Title: Director - Operations Support, Transportation Administration Date: 8/27/2014 1:55:39 PM Name: MarcellaJeanne Title: Executive Secretary, Transportation Planning Date: 9/8/2014 9:04:51 AM Name: PepinEmily Title: Assistant County Attorney, CAO Litigation Date: 9/11/2014 9:13:17 AM Name: KlatzkowJeff Title: County Attorney, Date: 9/11/2014 2:47:26 PM Name: UsherSusan Title: Management/Budget Analyst, Senior, Office of Management & Budget Date: 9/12/2014 9:36:04 AM Name: DurhamTim Title: Executive Manager of Corp Business Ops, Date: 9/12/2014 11:57:25 AM Packet Page -971- 9/23/2014 16.A.5. PROJECT: Golden Gate Blvd #60040 PARCEL No(s): 152RDUE FOLIO No(s): 37223960000 EASEMENT AGREEMENT THIS EASEMENT AGREEMENT (hereinafter referred to as the Agreement') is made and entered into on this day of , 2014, by and between ROBERT MENTA, Trustee of the Robert Menta Revocable Trust dated June 24, 2014, whose mailing address is 28508 La Pluma Way, Bonita Springs, FL 34135 (hereinafter referred to as "Owner"), and COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing address is 3299 Tamiami Trail East, c/o 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: $8,70.0 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 to Roetzel & Andress, c% Attorney Kenneth A. Jones for legal fees and all other costs. Said aggregate payment of $10,450 (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% Attorney Kenneth A. Jones, 2320 First Street, Sdite 1000, fort Myers, Florida 33901-2904, and shall be full compensation for the Easement conveyed, Including 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 cure, including but not limited to the cost to relocate the existing irrigation system and other improvements (if any), and the cost 3o cut and cap irrigation lines (if any) extending into the Easement, 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 aftomeys' fees, expert witness flees 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 a copy of any existing title insurance policy and the following documents and instruments (prepared by County) properly executed, witnessed and notarized where required, in a form acceptable to County (hereinafter referred to as "Closing Documents "): (a) Road Right -of -Way, Drainage and Utility Easement; Packet Page -972- 9/23/2014 16.A.5., Page 2 (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 Idenffication and `Gap" Affidavit; (e) W -9 Form; 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. Therefore, 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 Documents, 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 Closing, payment shall be made to Owner in that amount shown on. the Closing Statement as "Net Cash to the Seller," 5. Owner agrees to relocate any existing Irrigation system located on the Easement including irrigation lines, electrical wiring and sprinkler valves, etc. (if any), 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 acknowledges that County has compensated Owner for the value of the Improvements 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 maybe 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_ Packet Page -973- 9/23/2014 16.A.5. Page 3 (d) Until the date fixed for Closing, so tong 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, formal or informal, existing or pending or threatened which affect the Easement 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. i (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 I 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 j 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 'b 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, conoeming payment of documentary stamp taxes Packet Page -974- 9/23/2014 16.A.5., Page 4 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 representatives, successors, successor trustees, and /or assignees, whenever the context so requires or admits. i 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 l 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 286, 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 1 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 II i Packet Page -975- - AS TO OWNER: DATED: D•% 4 Name ( rintP or Type)� Approved as to form and legality �miAly P Pepin Assistant County Attorney 9/23/2014 16.A.5. Robert Menta Revocable Trust dated June 24, 2014 ROBERT MEN , Trustee Page 5 cAe; 9/23/2014 16.A.5. y LINE_ GOLDEN GATE BOULEVARD (CR 676) I LENGTH 8 45+00 50.00' 46+00 +00 48 +00 49+00 5D +00 7 .00' L3 N45'28'56 "W 33.94' L4 N00'28'S2 "W 49.00' H UNE COWIENCEMCNT J NORTH 50' OF 50' TRACT 56 -E R 2 8 BECaHNn�c WW OF a /N8 300.24'/ J N J 8 S89'31'04"w 276.25' `y i PROPOSED ROADWAY EASEMENT wESTEWE TRACT S6 PARCEL 152 ROUE 30' Ts:aoo se. rT. AST 3NC F E CAST JO' Or � TRAOT56 $ TRACT 56 GOLDEN GATE ESTATES, TRACT 89 UNIT 13 E PLAT BOOK 7 PAGE 72 + y TRACT 55 MENTA OR 2007/300 A, w E k SO. FT. SQUARE FEET OR OFFICIAL RECORDS (BOOK /PACE) PROPOSED ROADWAY, DRAINAGE AND UTILITY EASEMENT (RDUE) f 771 EXISTING ROADWAY EASEMENT DEDICATED TO THE PERPETUAL lL1 USE OF THE PUBLIC PER PLAT BOOK 7, PAGE 72 LINE TABLE LINE_ BEARING I LENGTH Lt SDO'28'52'E 50.00' L2 500 28'54 "E 7 .00' L3 N45'28'56 "W 33.94' L4 N00'28'S2 "W 49.00' TECM - ROW F 0 1 2010 LEGAL DESCRIPTION FOR PARCEL 152 ROUE A PORTION .OF TRACT 56, GOLDEN GATE ESTATES. UNIT 13 AS RECORDED IN PLAT BOOK 7, PACE 72 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, LYING IN SECTION 3, TOWNSHIP 49 SOUTH, RANGE 27 EAST, .COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS- COMMENCING AT THE NORTHWEST CORNER OF SAID TRACT 56; i THENCE S.00'26 52 "E., ALONG THE WEST LINE OF SAID TRACT 56. FOR 50.00 FEET TO A POINT ON THE SOUTH LINE OF THE NORTH 50 FEET OF SAID TRACT 56 AND THE POINT OF BE094NING THE HEREIN DESCRIBED PARCEL; THENCE N.89'31'04'E., ALONG SAID SOUTH LINE FOR 300.24 FEET, TO A POINT ON THE WEST LINE OF THE EAST 30 i FEET OF SAID TRACT 56; j THENCE. S.00'28S4 "E., ALONG SAID WEST LINE FOR 73.00 FEET; THENCE N.4528'56"W., FOR 33.94 FEET: THENCE S.89'31'04 "W„ FOR 276.25 FEET TO A POINT ON THE WEST LINE OF SAID TRACT 56; THENCE N.00'28'52"W., ALONG SAID WEST LINE FOR 49.00 FEET TO THE POINT OF BEGINNING OF HEREIN DESCRIBED 1 PARCEL. I CONTAINING 15,000 .SQUARE FEET, MORE OR LESS. ' o ao eo 1eo „•; SKETCH t DESCRIPTION ONLY noroo� RA �aNU '& APPM NOT A BOUNDARY SURVEY _. ErATa: 1 - -�0• w..lc on; y� �p FOR; COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS NOT `"�'Ni On Mo ORIOJML • Iw¢a bum= SIX or A nao.aasTam F1AhCYeR AID wvrrR. GOLDEN GATE BOULEVARD ml SKETCH k DESCRIPTION OF; PROPOSED ROADWAY �EABEYENT 'PARCEL 152 RDUE w COLDER COUNTY, FLORIDA• PNRF:111%W45TS FAX am ip4m LBNa: aFSE ; JOB NUMBER ..REVISION I SECTION 70WNSHIP RANGE SCALE DATE DRAWN '$Y FILE NAME. SHEET 050217.00.Ot 0007 REV 0' 3 49 27 1' 8-',, DEC. 2009 R.Y. SK +52 i OF 1 Packet Page -977- 9/23/2014 16.A.5. Property Location Map Golden Gate Boulevard 60040 — Parcel 152RDUE Robert Menta Revocable Trust Packet Page -978- 9/23/2014 16.A.5. Packet Page -979- Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Summary Appraisal Report Number 13 -06 -04 (Parcel No. 152 RDUE) Project: Widening of Golden Gate Boulevard County Project No. 60040AA . Parcel No. 152 RDUE Parent Tract: 5.15 Acre Vacant Tract. Improvements: None. Location: The parent tract is located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE in Collier County, Naples, Florida. Owners: Robert and Vera Menta. Date of Valuation: February 22, 2014. (Date of the Most Recent Inspection) For Harry Henderson, SRA, Review Appraiser Transportation Right -Of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 March 2014 Prepared By: Wilcox Appraisal Services, Inc. 1633 SE 41 st Street Cape Coral, Florida 33904 -7470 239 - 542 -2311 Email: awilcoxmaisra @comcast.net Appraisal I I( I � h. Institute's .1 1)mfessionals Prmding Real Bstate Solutions Wilcox Appraisal Services, Inc. is committed to the highest degree of professionalism with sit of our appraisers being designated members of the Appraisal Institute. Packet Page -979- Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Wilcox Appraisal Services, Inc. March 4, 2014 Harry Henderson, SRA, Review Appraiser Transportation Right -of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 9/23/2014 16.A.5. �(� II��II, Appraisal .� st tute- pmr& sionals P -Mgduw heal Estate SWmions Wilcox Appraisal Services, Inc. is committed to the highest degree of professionalism with all of our appraisers being designated members of the Appraisal Institute. Re: Summary Appraisal Report Number: 13 -06 -04 (Parcel No. 152 RDUE). Project: Widening of Golden Gate Boulevard. Parcel No.: 152 RDUE. Parent Tract: 5.15 Acre Vacant Tract. Improvements: None. Location: The parent tract is located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE in Collier County, Naples, Florida. Owners: Robert and Vera Menta. Date of Value: February 22, 2014 (Date of Most Recent Inspection). Dear Mr. Henderson: Pursuant to your request, an inspection and valuation analysis has been completed of the above referenced property for the purpose of estimating the market value of the property rights and improvements (if any) which are proposed to be acquired, together with all diminution in value to the remainder land and improvements (if any) which can be attributed to the proposed use of, or activity upon, the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement (Parcel No. 152 RDUE). The Appraisal Standards Board of the Appraisal Foundation adopted the "2014 -2015 Uniform Standards of Professional Appraisal Practice" (USPAP) on February 1, 2013. The 2014 -2015 standards became effective January 1, 2014 through December 31, 2015. In compliance with Standards Rule 2 -2(b), the appraiser is communicating to the client a "Summary Appraisal Report", one of the three reporting options allowed under Standards Rule 2 -2. To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, February 22, 2014, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. The parent tract of this appraisal assignment is an unimproved tract of land located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE in Collier County, Naples, Florida. The parent tract owners of record are listed on the 2013 Collier County Tax Roll as 1633 S.E. 41" StmPt • Cana Cnral • Flnrida 33904 -7470 239 -542 -2311 'Packet Page -980-1@comcast.net 9/23/2014 16.A.5. Page No. 2 Prepared for and property of Collier County March 4, 2014 Board of Commissioners. Reliance upon the Harry Henderson, SRA, Review Appraiser appraisal for other uses is not warranted. Robert and Vera Menta. The property is identified as Folio No. 37223960000 and S.T.R.A.P. No. 329200 -56 04C10 in the Collier County Property Appraiser's Office. The parent tract contains 5.15 acres of gross land area and is rectangular in shape. Specifically, the parent tract has a northern property line along Golden Gate Boulevard E. that measures 330 feet; with a depth there from along the eastern property line along 4th Street SE that measures 680 feet; with a depth there from along the western property line that measures 680 feet; and a southern property line that measures 330 feet. The parent tract benefits from 330 feet of frontage along the southerly right -of -way of Golden Gate Boulevard E., and from 680 feet of frontage along the westerly right -of -way of 4th Street SE. Golden Gate Boulevard E. is an arterial, undivided, two lane, paved roadway. 4th Street SE is a local, undivided, two lane, paved roadway. The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. The parent tract is a level tract that is not cleared. The parent tract is situated within an area designated Flood Zone AE in the Federal Emergency Management Flood Rate Maps, Map Number 12021 C0430H, and dated May 16, 2012. Flood Zone AE is the flood insurance rate zone used for the 1- percent - annual- chance floodplains that are determined for the Flood Insurance Study by detailed methods of analysis. In most instances, Base Flood Elevations derived from the detailed hydraulic analyses are shown at selected intervals in this zone. Mandatory flood insurance purchase requirements apply. Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil types that includes No. 18, Riviera Fine Sand, Limestone Substratum; and No. 21, Boca Fine Sand. It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract, are general in nature, and may or may not apply specifically to the soil group(s) located on the parent tract. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and /or wildlife species. It is important for the reader to be advised that no environmental studies of the parent tract have been provided to the appraiser. The parent tract is designated Estates. Designation on the Collier County Future Land Use Map, within the Residential Estates Sub - district, and is further regulated by the Golden Gate Area Master Plan. Furthermore, the parent tract is zoned E, Estates District, according to the Collier County Land Development Code. The parent tract is encumbered by a 50 -foot wide road right -of -way easement along the northern property line along the property's existing frontage to Golden Gate Boulevard E. and by a 30 -foot wide road right -of -way easement along the eastern property line along the property's existing frontage to 4th Street SE. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. W1/CO), Packet Page - 981 -'S, InC• 9/23/2014 16.A.5. Page No. 3 Prepared for and property of Collier County March 4, 2014 Board of Commissioners. Reliance upon the Harry Henderson, SRA, Review Appraiser appraisal for other uses is not warranted. The parent tract is unimproved. Based on the analysis of the legally permissible, physically possible, financially feasible and maximally productive uses of the parent tract, the highest and best use "as though vacant" is estimated to be potential single - family residential development. The proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement will be utilized for the widening of Golden Gate Boulevard E. from Wilson Boulevard to DeSoto Boulevard. Plans included the widening of Golden Gate Boulevard E. from two lanes to four lanes and will include capacity improvements such as adding turn lanes to the Wilson Boulevard and Everglades Boulevard intersections. Other improvements include traffic signal upgrades at three major intersections (Wilson, Everglades and DeSoto Boulevards), on -road bike lanes and sidewalks on both sides of the roadway. This project will also include the replacement of bridges over three canals, the Golden Gate, Miller and Faka Union canals. Parcel No. 152 RDUE is a perpetual, non - exclusive, road right -of -way, drainage, and utilities easement that consist of a strip taking along the southerly right -of -way of Golden Gate Boulevard E. Parcel No. 152 RDUE contains 0.34 acres (15,000 square feet) of gross land area and is irregular in shape. Specifically, the Parcel No. 152 RDUE has a northern property line along Golden Gate Boulevard E. that measures 300.24 feet; with a depth there from along the eastern property line and along 4th Street SE that measures 73.00 feet; with a depth there from along the western property line that measures 49.00 feet and a southern property line that is irregular and can be described as follows: proceed from the southwest corner of Parcel No. 152 RDUE easterly 276.25 feet, thence southeasterly 33.94 feet to the southeast corner of Parcel No. 152 RDUE. No significant improvements are located within the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement. The remainder property shall contain 5.15 acres of gross land area and is still rectangular in shape and the same size and shape as before the taking, since the proposed property rights to be acquired involve a perpetual easement for road right -of -way, drainage, utilities and maintenance of these uses. However, the remainder property will be encumbered by an additional perpetual easement located along the southerly existing right -of -way of Golden Gate Boulevard E. containing 0.34 acres of gross land area. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. The highest and best use of the remainder property "as vacant" is estimated to remain the same as before the taking, potential single - family residential development. Finally, the remainder property is not considered to be damaged due to the taking of the proposed perpetual easement acquisition area. The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement (Parcel No. 152 RDUE). Market Value is defined as "the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; W11coA Packet Page -982- =S, InC- Page No. 4 March 4, 2014 Harry Henderson, SRA, Review Appraiser 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale ". Source: The Dictionary of Real Estate Appraisal, Fifth Edition. 2010, The Appraisal Institute, Chicago, IL 60607, Page 123. This letter of transmittal precedes the full narrative appraisal report, further describing the property and containing the reasoning and most pertinent data leading to the final value estimates. Your attention is directed to the "General Assumptions ", "General Limiting Conditions ", and "Certificate of Appraisal', which are considered usual for this type of assignment and have been included in the addendum of this report. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the inspection. The appraiser _has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser; however, is not qualified to test for such substance or conditions. If the presence of such substances, such as asbestos, urea, formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it 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. Furthermore, the appraiser is not an expert in the determination of jurisdictional wetlands or non jurisdictional uplands. By reason of my investigation and analysis, data contained in this report, and my experience in the real estate appraisal business, it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting. from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of or activity upon the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement (Parcel No. 152 RDUE), as of February 22, 2014, is: W"CO) Packet Page - 983 -'S, InC. Page No. 5 March 4, 2014 Harry Henderson, SRA, Review Appraiser Value of the Property Rights Taken: Value of the Improvements Taken: Severance Damages: Net Cost to Cure: TOTAL AMOUNT DUE OWNER: 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Respectfully submitted, WILCOX APPRAISAL SERVICES, INC. $3,900 0 0 0 $3,900 R. Alan Wilcox, MAI, SRA State - Certified General Real Estate Appraiser RZ 306 W1160) packet Page - 984 - 3S, InC. 9/23/2014 16.A.5. Prepared for and properly of Collier County Board of Commissioners. Page Reliance upon the appraisal for other uses is not warranted. Table of Contents PAGE TABLECONTENTS .......................................................................... ..............................1 CERTIFICATION.............................................................................. ............................... 3 SUMMARY OFSALIENT FACTS AND CONCLUSIONS ............... ............................... 5 INTRODUCTION AND DEFINITION OF THE APPRAISAL PROBLEM ...................... 12 Identification of the Intended User .......................................................... .............................13 Identification of the Real Estate .............................................................. .............................13 PriorServices .......................................................................................... .............................14 Identification of the Property Rights to be Valued ................................... .............................14 Intended Use or Function of the Appraisal .............................................. .............................15 Definition of the Value Estimate(s) ......................................................... .............................15 Dateof Value Estimate(s) ...................................................................... .............................16 Description of the Scope of the Appraisal ............................................... .............................16 HypotheticalConditions .......................................................................... .............................16 OtherLimiting Conditions ....................................................................... .............................17 PHOTOGRAPHS OF THE PARENT TRACT ................................ ............................... 18 VALUATION ANALYSIS OF THE PARENT TRACT .................... ............................... 23 Ownerof Record .................................................................................... .............................24 Legal Description of the Parent Tract ..................................................... .............................24 Real Estate Assessments and Ad Valorem Taxes .................................. ........................... ...24 Sales and Marketing History of the Parent Tract .................................... .............................24 Florida Area and Collier County Map ....................................................... .............................25 ParentTract Local Area Map .................................................................. .........................:...26 MarketArea Data .................................................................................. .............................27 ParentTract Aerial Map ......................................................................... .............................30 ParentTract Plat Map ............................................................................ .............................31 ParentTract Land Use Map ................................................................... .............................32 ParentTract Zoning Map ........................................................................ .............................33 SiteData ............................................................................................... .............................34 Collier County Future Land Use Designation .......................................... .............................36 ZoningClassification .............................................................................. .............................37 ImprovementData .................................................................................. .............................39 Highestand Best Use ............................................................................. .............................40 TheAppraisal Process ........................................................................... .............................43 The Sales Comparison Approach to Value ............................................. .............................45 LandSales Map ..................................................................................... .............................47 Reconciliation of the Value Indications ................................................... .............................57 Estimation of Reasonable Exposure Time .............................................. .............................58 (MICOA Packet Page - 985 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 2 Reliance upon the appraisal for other uses is not warranted. Table of Contents - continued 71 PAGE DESCRIPTIONS AND VALUATION ANALYSES OF THE PROPOSED PARTIAL ACQUISITION AREA AND THE REMAINDER PROPERTY ........ ............................... 59 Parcel No. 152 RDUE Acquisition Area Map .......................................... .............................60 Project Description and Identification of the Proposed Partial Acquisition Area ...................61 Valuation Analysis of the Proposed Partial Acquisition Area ................... .............................61 Valuation Analysis of the Remainder Property "As Severed" .................. .............................62 Severance Damages to the Remainder Property ................................... .............................63 Costto Cure Analysis ............................................................................. .............................63 SpecialBenefits ..................................................................................... .............................64 Summary and Conclusion and the Total Compensation Estimate ........ ............................... ADDENDUM.................................................................................. ............................... 65 Assumptions and Limiting Conditions ..................................................... .............................66 Qualifications of the Appraiser ................................................................ .............................68 SiteTo Do Business Site Map ............................................................. ............................... 70 Site To Do Business Executive Summary Report ................................... .............................72 LandSales Map ..................................................................................... .............................78 LandSales Data Sheets ......................................................................... .............................79 IMICOAPacket Page - 986 -'S, InC. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Certification I certify that, to the best of my knowledge and belief: 9/23/2014 16.A.5. Page 3 • 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, impartial, and unbiased professional analyses, opinions, and conclusions. • 1 have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved. • 1 have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment and my engagement in this assignment was not contingent upon developing or reporting predetermined results. • My compensation for completing this assignment is not contingent upon the developing or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. • The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • 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 report, R. Alan Wilcox, MAI, SRA, has completed the requirements under the continuing education program of the Appraisal Institute. • As of the date of this report, R. Alan Wilcox, MAI, SRA, State - Certified General Real Estate Appraiser, License No. RZ 306, has completed the requirements under the continuing education program of the State of Florida for state - certified appraisals. • I, R. Alan Wilcox, MAI, SRA, have made a personal inspection of the subject property and sales comparables that are contained in this report. • No one provided significant professional assistance other than the person signing this report, unless otherwise indicated within the report. • I, R. Alan Wilcox, MAI, SRA, have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three - year period immediately preceding acceptance of this assignment. • This report was prepared for and is the property of the Collier County Board of Commissioners and the reliance upon this appraisal for other uses is not warranted. • Acceptance and utilization of this appraisal report, or any portion thereof, constitutes acknowledgement and acceptance of all General Assumptions and Special Conditions contained herein. Kr"M Packet Page - 987 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 4 Reliance upon the appraisal for other uses is not warranted. To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, February 22, 2014, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. By reason of my investigation and analysis, data contained in this report, and my experience in the real estate appraisal business, it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of or activity upon the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement (Parcel No. 152 RDUE), as of February 22, 2014, is: Value of the Property Rights Taken: $3,900 Value of the Improvements Taken: 0 Severance Damages: 0 Net Cost to Cure: 0 TOTAL AMOUNT DUE OWNER: $3,900 Respectfully submitted, WILCOX APPRAISAL SERVICES, INC. ......... z4 R. Alan Wilcox, MAI, SRA State - Certified General Real Estate Appraiser RZ 306 W1lco.)l Packet Page - 988 -'S, InC. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. 9/23/2014 16.A.5. Page 5 Summary of Salient Facts and Conclusions A. Appraisal Problem: 1. Types of Value (s): 2. Property Rights: 3. Intended Use of Appraisal Report 4. Date of Value: 5. Scope of Analysis: 6. Owners of Record: B. Site Data, Before the Taking: 1. Location: Market Value. Undivided Fee Simple Interest. The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement (Parcel No. 152 RDUE). February 22, 2014 (Date of Most Recent Inspection). Summary Appraisal Report. Robert and Vera Menta. The parent tract is located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE in Collier County, Naples, Florida. 2. Size & Shape: The parent tract contains 5.15 acres of gross land area and is rectangular in shape. Specifically, the parent tract has a northern property line along Golden Gate Boulevard E. that measures 330 feet; with a depth there from along the eastern property line along 4th Street SE that measures 680 feet; with a depth there from along the western property line that measures 680 feet; and a southern property line that measures 330 feet. 3. Roadway Frontage: The parent tract benefits from 330 feet of frontage along the southerly right -of -way of Golden Gate Boulevard E., and from 680 feet of W11coA Packet Page - 989- 'S,1nC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 6 Reliance upon the appraisal for other uses is not warranted. frontage along the westerly right -of -way of 4th Street SE. Golden Gate Boulevard E. is an arterial, undivided, two lane, paved roadway. 4th Street SE is a local, undivided, two lane, paved roadway. 4. Utilities: The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. 5. Topography: The parent tract is a level tract that is not cleared. The parent tract is situated within an area designated Flood Zone AE in the Federal Emergency Management Flood Rate Maps, Map Number 12021 C0430H, and dated May 16, 2012. Flood Zone AE is the flood insurance rate zone used for the 1- percent - annual- chance floodplains that are determined for the Flood Insurance Study by detailed methods of analysis. In most instances, Base Flood Elevations derived from the detailed hydraulic analyses are shown at selected intervals in this zone. Mandatory flood insurance purchase requirements apply. 6. Predominant Soils: Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil types that includes No. 18, Riviera Fine Sand, Limestone Substratum; and No. 21, Boca Fine Sand. It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract, are general in nature, and may or may not apply specifically to the soil group(s) located on the parent tract. 7. Exotic Vegetation and Wildlife: Current county, state, and federal regulations have considered certain areas jurisdictional based upon vegetation classifications and /or wildlife species. The appraiser is not an expert at vegetation groups or wildlife identification and has not been provided a report prepared by such an expert. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas W1IcoA Packet Page - 990 -'S, InO 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 7 Reliance upon the appraisal for other uses is not warranted. being considered to be jurisdictional based upon vegetation classifications and /or wildlife species. Furthermore, the appraiser has assumed a reasonable quantity of non - jurisdictional uplands exist on the parent tract suitable for the development of the property in accordance to the estimated highest and best use. 8. Environmental Liabilities: The parent tract is assumed to be unaffected by environmental liabilities. However, the reader is advised that no environmental studies of the parent tract have been provided to the appraiser. 9. Easements & Restrictive Covenants: The parent tract is encumbered by a 50 -foot wide road right -of -way easement along the northern property line along the property's existing frontage to Golden Gate Boulevard E. and by a 30 -foot wide road right -of -way easement along the eastern property line along the property's existing frontage to 4th Street SE. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. 10. Land Use and Zoning: The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub- district, and is further regulated by the Golden Gate Area Master Plan. Furthermore, the parent tract is zoned E, Estates District, according to the Collier County Land Development Code. C. Improvement Data, Before the Taking: The parent tract is vacant land. WIICO� Packet Page - 991 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 8 Reliance upon the appraisal for other uses is not warranted. D. Highest and -Best Use, Before the Taking: 1. As Though Vacant: 2. As Improved: E. Market Value Estimate, Before the Takinq: The highest and best use "as though vacant" is estimated to be potential single - family residential development. NA. 1. Land Value: 2. Improvements: ......................................................................................... Total Market Value of the Parent Tract: ......................................................... F. Reasonable Exposure Time: Six to thirty -six months. G. Intended Use of the Proposed Acquisition Area and A Description of the Proposed Land and Improvements Taken: 1. Intended Use of the Proposed Acquisition: 2. Proposed Land and Property Rights Taken: ............. $59,200 ............ $ 0 ............. $59,200 The proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement will be utilized for the widening of Golden Gate Boulevard E. from Wilson Boulevard to DeSoto Boulevard. Plans included the widening of Golden Gate Boulevard E. from two lanes to four lanes and will include capacity improvements such as adding turn lanes to the Wilson Boulevard and Everglades Boulevard intersections. Other improvements include traffic signal upgrades at three major intersections (Wilson, Everglades and DeSoto Boulevards), on -road bike lanes and sidewalks on both sides of the roadway. This project will also include the replacement of bridges over three canals, the Golden Gate, Miller and Faka Union canals. Parcel No. 152 RDUE is a perpetual, non- exclusive, road right -of -way, drainage, and utilities easement that consist of a strip taking along the southerly right -of -way of Golden Gate Boulevard E. Parcel No. 152 RDUE contains 0.34 acres (15,000 square feet) of gross land area and is irregular in shape. Specifically, the Parcel No. 152 RDUE has a northern property line along Golden Gate Boulevard E. that Wilcoll Packet Page - 992 - n, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 9 Reliance upon the appraisal for other uses is not warranted. measures 300.24 feet; with a depth there from along the eastern property line and along 4th Street SE that measures 73.00 feet; with a depth there from along the western property line that measures 49.00 feet and a southern property line that is irregular and can be described as follows: proceed from the southwest corner of Parcel No. 152 RDUE easterly 276.25 feet, thence southeasterly 33.94 feet to the southeast corner of Parcel No. 152 RDUE. 3. Proposed Improvements Taken: No significant improvements are located within the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement. H. Market Value of the Proposed Property Rights and Improvements Taken: Property Rights Taken: ............................................ Improvements Taken: .............................................. Total: ....................................................................... I. Market Value of the Remainder Property, As Part of the Whole: ...................... ............................... $3,900 .................... ............................... 0 ...................... ............................... $3,900 1. Market Value of the Parent Tract, Before the Taking: ........................................... $59,200 2. Less Market Value of the Proposed Part Taken: ................................................... 3,900 Total. Market Value of the Remainder Property, As Part of the Whole: ....................... $55,300 J. Description of the Remainder Propert y, After the Taking: 1. Site Data, Remainder Property: 2. Improvement Data, Remainder Property: The remainder property shall contain 5.15 acres of gross land area and is still rectangular in shape and the same size and shape as before the taking, since the proposed property rights to be acquired involve a perpetual easement for road right -of -way, drainage, utilities and maintenance of these uses. However, the remainder property will be encumbered by an additional perpetual easement located along the southerly existing right -of -way of Golden Gate Boulevard E. containing 0.34 acres of gross land area. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. The remainder property is vacant land. "CO) Packet Page - 993 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 10 Reliance upon the appraisal for other uses is not warranted. 3. Highest and Best Use, Remainder Property: a. As Though Vacant: The highest and best use of the remainder property "as vacant" is estimated to remain the same as before the taking, potential single - family residential development. b. As Improved: NA. K. Market Value of the Remainder Property After the Taking: 1. Land Value: .......................................................................................................... $55,300 2. Improvement Value: ............................................................................................. $ 0 Total Market Value of the Remainder Property: .......................................................... $55,300 L. Severance Damages: M. Cost to Cure: N. Special Benefits: The remainder property is not considered to be damaged due to the proposed perpetual, non- exclusive, road right -of -way, drainage, and utility easement. None. None. 0. Summary of the Just Compensation Estimate: Value of the Property Rights Taken: Value of the Improvements Taken: Severance Damages: Net Cost to Cure: TOTAL AMOUNT DUE OWNER: P. Extraordinary Assumptions: Q. Hypothetical Conditions: $3,900 0 0 0 $3,900 None. To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, February 22, 2014, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions Wilco) Packet Page - 994 - M Inc. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page Reliance upon the appraisal for other uses is not warranted. contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. R. Appraiser: R. Alan Wilcox, MAI, SRA; State - Certified General Real Estate Appraiser, RZ 306. W"CO' Packet Page - 995 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 12 Reliance upon the appraisal for other uses is not warranted. I Introduction and Definition of the Appraisal Problem I The first step of the valuation process is the development of a clear statement of the appraisal problem. This sets the limits of the appraisal and eliminates any ambiguity about the nature of the assignment. The statement of the appraisal problem includes: • Identification of the Intended User(s); • Identification of the Real Estate; • Prior Services; • Identification of the Property Rights to be Valued; • Intended Use or Function of the Appraisal; • Definition of Value; • Date of the Value Estimate; • Description of the Scope of the Appraisal; • Hypothetical Conditions; and • Other Limiting Conditions. WYCO) Packet Page - 996 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 13 Reliance upon the appraisal for other uses is not warranted. IDENTIFICATION OF THE INTENDED USER(S) This appraisal is made for the exclusive use of Harry Henderson, SRA, Review Appraiser, Transportation Right -of -Way Group, 2885 South Horseshoe Drive, Naples, Florida 34104; and its use by others is strictly prohibited. This narrative report is made subject to the Assumptions and Limiting Conditions as listed in the Addendum to this report. IDENTIFICATION OF THE REAL ESTATE The parent tract of this appraisal assignment is an unimproved tract of land located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE in Collier County, Naples, Florida. The parent tract owners of record are listed on the 2013 Collier County Tax Roll as Robert and Vera Menta. The property is identified as Folio No. 37223960000 and S.T.R.A.P. No. 329200 56 04C10 in the Collier County Property Appraiser's Office. The parent tract contains 5.15 acres of gross land area and is rectangular in shape. Specifically, the parent tract has a northern property line along Golden Gate Boulevard E. that measures 330 feet; with a depth there from along the eastern property line along 4th Street SE that measures 680 feet; with a depth there from along the western property line that measures 680 feet; and a southern property line that measures 330 feet. The parent tract benefits from 330 feet of frontage along the southerly right -of -way of Golden Gate Boulevard E., and from 680 feet of frontage along the westerly right -of -way of 4th Street SE. Golden Gate Boulevard E. is an arterial, undivided, two lane, paved roadway. 4th Street SE is a local, undivided, two lane, paved roadway. The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. The parent tract is a level tract that is not cleared. The parent tract is situated within an area designated Flood Zone AE in the Federal Emergency Management Flood Rate Maps, Map Number 12021 C0430H, and dated May 16, 2012. Flood Zone AE is the flood insurance rate zone used for the 1- percent - annual- chance floodplains that are determined for the Flood Insurance Study by detailed methods of analysis. In most instances, Base Flood Elevations derived from the detailed hydraulic analyses are shown at selected intervals in this zone. Mandatory flood insurance purchase requirements apply. Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil types that includes No. 18, Riviera Fine Sand, Limestone Substratum; and No. 21, Boca Fine Sand. It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract, are general in nature, and may or may not apply specifically to the soil group(s) located on the parent tract. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and /or wildlife species. It is important for the reader to be advised that no environmental studies of the parent tract have been provided to the appraiser. The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub - district, and is further regulated by the Golden Gate Area Master Plan. Furthermore, the parent tract is zoned E, Estates District, according to the Collier County Land Development Code. W11co) Packet Page - 997 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 14 Reliance upon the appraisal for other uses is not warranted. The parent tract is encumbered by a 50 -foot wide road right -of -way easement along the northern property line along the property's existing frontage to Golden Gate Boulevard E. and by a 30 -foot wide road right -of -way easement along the eastern property line along the property's existing frontage to 4th Street SE. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. The parent tract is unimproved. Based on the analysis of the legally permissible, physically possible, financially feasible and maximally productive uses of the parent tract, the highest and best use "as though vacant" is estimated to be potential single - family residential development. PRIOR SERVICES USPAP requires if known prior to accepting an assignment, and /or if discovered at any time during the assignment, an appraiser must disclose to the client, and in the subsequent certification: • any current or prospective interest in the subject property or parties involved; and • any services regarding the subject property performed by the appraiser within the three year period immediately preceding acceptance of the assignment, as an appraiser or in any other capacity. The appraiser signing this report has performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three -year period immediately preceding acceptance of this assignment. IDENTIFICATION OF THE PROPERTY RIGHTS TO BEVALUED The valuation of real property includes both the physical real estate and the rights that one or more individuals or legal entities may hold or contemplate holding in the ownership or use of the land and improvements. An appraiser may estimate the value of a fee simple estate or a partial interest created by the severance or division of ownership rights. Special attention must be given to any limitations on ownership rights such as easements, encroachments, liens, or leases. Financing must also be considered because fee simple estates, leasehold estates, and leased fee estates can all be mortgaged. The specific rights to be valued in the probable or actual financing involved must be ascertained at the start of the assignment because the complexity of these rights and terms will determine the procedures, skills, and time required to complete the assignment. In this particular appraisal assignment, the appraiser has been requested by the client to estimate the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Fee simple ownership is an absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain, escheat, police power and taxation. Eminent domain is the right of the sovereign government to take private property for public use upon the payment of just compensation. Escheat is the right to have titular ownership of a property returned to the state if the owner dies and leaves no will and no known or ascertainable heirs. Police power is the right to regulate property so that the public safety, health, morals, and general welfare are protected. Examples of this power are zoning ordinances, building codes, air and land traffic regulations, and sanitary regulations. Taxation is the right to take money from owners of valuable goods, products, and rights. In W11co) Packet Page - 998 -'S, 1nC, 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 15 Reliance upon the appraisal for other uses is not warranted. addition to government restrictions on property, legal private agreements may also impose limitations. One type is a restriction inserted in a deed. Other private restrictions include certain easements, rights of way, and party wall agreements. The proposed property rights to be acquired involve a proposed perpetual, non - exclusive, road right -of -way, drainage, and utilities easement. INTENDED USE OR FUNCTION OF THE APPRAISAL The intended use of an appraisal (formerly known as the Function of the Appraisal), is the manner in which a client employs the information contained in an appraisal report. Because an appraisal provides the basis for a decision regarding real property, the nature of the decision affects the character of the assignment in the appraisal report. For example, a value estimate may be needed to determine the price at which to buy or sell a property, the amount of a loan, a basis for taxation, terms of a lease, value of real property assets and financial statements, or a basis for just compensation and eminent domain proceedings. The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement (Parcel No. 152 RDUE). DEFINITION OF THE VALUE ESTIMATE(S) The purpose of any valuation process is to estimate the value of a real property interest. Therefore, the specified type of value and the interests involved must be clearly defined. Types of appraised value include market value, fair value, use value, going concern value, investment value, assessed value, and insurable value. As previously noted in the letter of.transmittal, the type of value to be estimated in this particular appraisal assignment has been identified as the market value of the undivided fee simple interest in the parent tract before and after the taking. Market Value is defined as "the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale ". Source: The Dictionary of Real Estate Appraisal, Fifth Edition. 2010, The Appraisal Institute, Chicago, IL 60607, Page 123. lMlCO� Packet Page - 999 -4S, Inc. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 16 Reliance upon the appraisal for other uses is not warranted. DATE OF THE VALUE ESTIMATE(S) The date of a value estimate must be specified because the forces that influence real property value are constantly changing. Although conditions observed at the time of the appraisal may persist for a considerable time after that date, an estimate of value is considered valid only for the exact date specified. Market value is generally seen as a reflection of market participant's perceptions of future economic conditions and the perceptions are based on market evidence at a specific point in time. Value influences reflect economic conditions at a particular time and sudden changes in business and real estate markets can dramatically influence value. As previously identified, the appraiser is estimating the market value of the undivided fee simple interest in the parent tract before and after the taking. The effective date of the appraisal is February 22, 2014 (Date of the Most Recent Inspection). R. Alan Wilcox, MAI, SRA, inspected the parent tract. DESCRIPTION OF THE SCOPE OF THE APPRAISAL The scope of the appraisal refers to the extent of the process in which data are collected, confirmed, and reported. The scope is described to protect third parties whose reliance on an appraisal report may be affected by this information. An appraiser determines the extent of the work and of the report based on the significance of the appraisal problem. The appraiser is responsible for describing the scope of the appraisal in the report. Standards Rule 2- 2(b)(vii), USPAP- 2014 -2015, requires the appraiser to "summarize the scope of work used to develop the appraisal ". In this regard, pertinent to the extent to which the parent tract and the remainder property have been identified and inspected, the type of market data researched, and the type and extent of the analysis applied, the reader is advised to refer to the appropriate portion of this report. • Data Collection: The data utilized in this assignment was collected through a thorough search of .the public records of Collier County, Florida, interviews of local real estate brokers and property owners, and information obtained from this firm's appraisal office. Furthermore, Patricia A. Wilcox, SRA, assisted in the collection of market data. • Data Confirmation: The appraiser signing this report has independently confirmed the market data that has been utilized in the development of the value estimates reported herein. Furthermore, the appraiser signing this report has also physically inspected this data. Data Reporting: The data utilized in this report has been presented in a data sheet format for the reader's review. Additional information has been retained in the permanent files of the appraiser and is available upon request by the client. HYPOTHETICAL CONDITIONS To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, February 22, 2014, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of - data -used in an analysis. A hypothetical condition may be used in an assignment only if: W1ICO packet Page - 1000 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 17 Reliance upon the appraisal for other uses is not warranted. • Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; • Use of the hypothetical condition results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions. OTHER LIMITING CONDITIONS Statements of limiting conditions are included in a report for the appraiser's protection, and to inform and protect the client and other users of the report. For a complete copy of the typical Assumptions and Limiting Conditions, which govern the appraisal process, please refer to the Addendum section of this report. LMICO. packet Page - 1001 -'S, InC. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Photographs of the Parent Tract WIICID Packet Page -1002- S, /nC 9/23/2014 16.A.5. Page 18 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 19 Reliance upon the appraisal for other uses is not warranted. Parcel No. 152 RDUE Photos Taken by: R. Alan Wilcox, MAI, SRA View looking southwesterly across the intersection of Golden Gate Boulevard E. and 4th Street SE showing the parent tract located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE, in Naples, Collier County, Florida. View looking southeasterly across Golden Gate Boulevard E. showing the parent tract located on the south side of Golden Gate Boulevard E. MICO, Packet Page -1003- S, I11C. rti !` View looking southwesterly across the intersection of Golden Gate Boulevard E. and 4th Street SE showing the parent tract located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE, in Naples, Collier County, Florida. View looking southeasterly across Golden Gate Boulevard E. showing the parent tract located on the south side of Golden Gate Boulevard E. MICO, Packet Page -1003- S, I11C. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 20 Reliance upon the appraisal for other uses is not warranted. Parcel No. 152 RDUE Photos Taken by: R. Alan Wilcox. MAI, SRA View looking northwesterly across 4th Street SE showing the parent tract located on the west side of 4th Street SE. View looking westerly across the intersection of Golden Gate Boulevard E. and 4th Street SE and along Golden Gate Boulevard E. showing the parent tract located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE. WICO packet Page - 1004 -'S, Inc. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 21 Reliance upon the appraisal for other uses is not warranted. Parcel No. 152 RDUE Photos Taken by: R. Alan Wilcox. MAI. SRA OW l "W" M View looking easterly along Golden Gate Boulevard E. showing the parent tract located on the south side of Golden Gate Boulevard E. l� 7 View looking northerly across the intersection of Golden Gate Boulevard E. and 4th Street SE and along 4th Street SE showing the parent tract located at the southwest comer of Golden Gate Boulevard E. and 4th Street SE. W/C0. packet Page - 1005 - S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 22 Reliance upon the appraisal for other uses is not warranted. Parcel No. 152 RDUE Photos Taken by: R. Alan Wilcox. MAI, SRA View looking northerly along 4th Street SE showing the parent tract located on the west side of 4th Street SE. WIICO Packet Page - 1006 -'S, InC, Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Valuation Analysis of the Parent Tract WIICO Packet Page - 1007 - S, InC. 9/23/2014 16.A.5. Page 23 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 24 Reliance upon the appraisal for other uses is not warranted. OWNER OF RECORD The parent tract owners of record are listed on the 2014 Collier County Tax Roll as Robert and Vera Mental whose mailing address is 28508 La Pluma Way, Bonita Springs, Florida 34135. LEGAL DESCRIPTION OF THE PARENT TRACT The following legal description is provided: All of Tract 56, Golden Gate Estates, Unit No. 13, according to the Plat thereof recorded in Plat Book 7, Page 72, of the Public Records of Collier County, Florida. REAL ESTATE ASSESSMENTS AND AD VALOREM TAXES The parent tract is assessed on the 2013 Collier County Tax Roll as an unimproved property with a total market value of $28,840, allocated $28,840 to the value of the land and $0 to the value of the improvements. The property has total exemptions of $0, resulting in a taxable value of $28,840. The 2013 taxes for the parent tract totaled $344.14, exclusive of any early payment discounts or late payment penalties. The property is identified as Folio No. 37223960000 and S.T.R.A.P. No. 329200 56 04C10 in the Collier County Property Appraiser's Office. SALES AND MARKETING HISTORY OF THE PARENT TRACT There has been no arm's length transactions involving the parent tract within three years of the date of value (February 22, 2014). Furthermore, the appraiser is not aware of any current listings or valid pending offers involving the parent tract. WlICO Packet Page - 1008 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 25 Reliance upon the appraisal for other uses is not warranted. Florida State and Collier County Map *44-11-1v 1 11 M-4 T ii It W-.4 Collier County It Florida W"CO, Packet Page -1009- A, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 26 Reliance upon the appraisal for other uses is not warranted. Parent Tract Local Area Map WICO, Packet Page - 1010 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 27 Reliance upon the appraisal for other uses is not warranted. MARKET AREA DATA Definition of Concept: A market area is an area that usually has distinguishing characteristics. A market area may be a section of a community or an entire community. One subdivision may be one market area, while another market area may be comprised of all or parts of two or more subdivisions. In large towns and cities, the market area usually consists of a portion of the larger urban area, whereas the entire community may constitute the market area in small towns and cities. Market area occupants usually have an observable commonality of interests. Obviously, no grouping of inhabitants, buildings, or business enterprises can possess identical features or attributes; therefore, a market area is relatively uniform. That is, a market area exhibits a greater degree of commonality than the larger area. Market Area Delineation: A market area's boundaries may be the physical area that exerts relevant influences on a subject property's value. The boundaries may coincide with changes in prevailing land use, occupant characteristics, or physical characteristics, such as structures, street patterns, terrain, vegetation, and lot sizes. Because changes in natural or physical features often coincide with the change from one market area to another, features such as transportation arteries (highways, major streets, railroads), bodies of water (rivers, lakes, streams), and changes in elevation (hills, mountains, cliffs, valleys) often constitute market area boundaries. The primary market area is defined geographically as the area in which a competitive property would have a similar market area identification and general location appeal. The primary market area, for purposes of this appraisal assignment, consists of those residential properties zoned (E), Estates District, according to the Collier County Land Development Code located along and near Golden Gate Boulevard and near the intersection of Golden Gate Boulevard and Wilson Boulevard in Collier County, Florida. The secondary market area is defined economically to include those areas where a similarly zoned property would be considered by the same basic profile of prospective purchasers as generally competitive with the parent tract. The secondary market area, for purposes of this appraisal assignment, is defined as those residential properties zoned (E), Estates District, located in peripheral locations to the primary market area described above. Stages of a Market Area's Life Cycle: A market area's life cycle usually consists of the following stages: 1. Growth - a period during which the market area gains public favor and acceptance. 2. Stability - a period of equilibrium without marked gains or losses. 3. Decline - a period of diminishing demand. 4. Revitalization - a period of renewal, modernization, and increasing demand. Although the stages describe a market area's evolution in a general way, they should not be overemphasized as providing guidelines to market area trends. Many market areas are stable for very long periods of time, and decline is not necessarily imminent in all older market areas. Unless caused by the advent of some specific external influence, for example, a new highway that changes traffic patterns, decline may be at a barely perceptible rate and is subject to interruption by changing use or revival of demand. Therefore, there is no definite life expectancy for a market area. Moreover, the stages are not always sequential. At any time in the cycle, major changes can occur which interrupt the order to the cycle's stages. For example, a market area that is in a stage of growth may decline precipitously rather than stabilize. Wilda Packet Page -1011- S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 28 Reliance upon the appraisal for other uses is not warranted. The primary residential market area is considered to be within a period of stabilizing values after a period of decline. The entire southwest Florida market area has suffered through a dramatic recession, with the collapse of the residential and commercial construction industries, the lack of market financing, and a high unemployment rate. Prior to this dramatic recession, the 2004 and 2005 Collier County real estate market experienced tremendous appreciation. This appreciation was facilitated by rapid growth and an over active speculative market. However, the residential bubble collapsed in 2006 and the commercial market collapsed in 2007. Dramatically lower values, higher vacancies, and lower rents all contributed to the collapse of the residential and commercial construction industry and the limited demand for vacant sites. However, most market participants believe the worst is over, but forecast that it could take several years for the market to reach equilibrium. Pricing has stabilized. Recently, the number of bank foreclosure sales has declined and the number of listings has significantly declined. This has caused some pricing increases. Nonetheless, high unemployment and stricter financing requirements continues to hinder market recovery. General Primary Market Description: The Golden Gate Estates area began development in the early 1960's. Based on the Collier County tax rolls, there are approximately 31,000 platted tracts of land located within the Golden Gate Estates area typically ranging in size from 1.14 acres to over 5 acres. Tracts smaller than 2.25 acres are considered to be legally non- conforming tracts. The Golden Gate Estates area is composed of two separate sub - markets, the Urban Estates area, which lies west of Collier Boulevard (CR 951), and the Rural Estates area, which lies east of Collier Boulevard (CR 951). The primary roadways that provide the main access to the immediately described primary market area include: • Golden Gate Boulevard; • Collier Boulevard (CR 951); • Wilson Boulevard; • Everglades Boulevard; and • Desoto Boulevard. Available utilities within the primary market area include telephone, electrical service and emergency services. Water must be typically provided by private well and wastewater must be typically disposed of by a private septic tank and drain field combination. Furthermore, the appraiser has included in the addendum of this report the following market analysis reports prepared by the appraiser via the "Site To Do Business" web site: 1. Site Details Report.; and 2. Executive Summary Report. Trends and Conclusions: In conclusion, it is the appraiser's opinion that the primary residential market area is considered to be within a period of stabilizing values after a period of decline. Recently, the number of bank foreclosure sales has declined and the number of listings has significantly declined causing some pricing increases. Nonetheless, high unemployment and stricter financing requirements continues to hinder market recovery. Finally, positive regional economic factors including climate, beaches, tourism, demographics, the regional WICO packet Page -1012- 5, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 29 Reliance upon the appraisal for other uses is not warranted. airport, and the continued growth of Florida Gulf Coast University, will continue to have positive long range economic impacts. WIICO Packet Page - 1013 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 30 Reliance upon the appraisal for other uses is not warranted. Parent Tract Aerial Map WICO Packet Page - 1014 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 31 Reliance upon the appraisal for other uses is not warranted. Parent Tract Plat Map CO LL R 0 it 0 WIICO. Packet Page -1015- 5, Inc. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 32 Reliance upon the appraisal for other uses is not warranted. Parent Tract Land Use Map URBAN DESIGNATION ANXED USE DISTRICT 7 URBAN RESIDENTIAL SUBDISTRICT Y�" 1 I RESIDENTIAL DEN9TY'BANDS URBAN COASTAL FRINGE SUBDISTRICT URBAN RESIDENTIAL FRINGE SUBDISTRICT BUSINESS PARK: SUBDISTRICT OFFICE AND NFlLL COMMERCIAL SUBDISTRICT PL'D'NEIGHBORHOOD VILLAGE CENTER. SUBDISTRICT RESIDENTIAL MIXED USE NOGHBORHCOD SUBDISTRICT ■ ORANGE BLOSSOM FP USE SUBDISTRICT VANDERBILT BEACH / COLLIER BLVD. COMMERCIAL SUSDISWJCT ®HENDERSON CREEK M XED USE SUBDISTRICT RESEARCH AND TECHNOLOGY PARK. SUBDISTRICT ® BUCKLEY MIXED USE SUBDISTRICT COMMERCIAL MIXED USE SUBDISTRICT iLIMNGSTON ROAD / RADIO ROAD ..OMMERCIAL INFlLL SUBDISTRICT ■VANDERENLT BEACH ROAD NEICI9ORHOOD CCMMERCIAL SUBDISTRICT ■COLLIER BOULEVARD COMMUNITY FACILITY SUBDISTRICT VIDUSTRIAL DISTRICT BUSINESS PARK. SUBDISTRICT RESEARCH AND TECHNOLOGY PARK SUBDISTRICT NOTE COMMNCIAL DISTRICT AGRICULTURAL../ RURAL .�... DESIGNATION r7ADRICULTLRIAL/RURAL MIXED USE DISTRICT RJRAL COMMERCIAL SUBDISTRICT ■CORKSCREW ISLAND NEICHROPHOCD COMMERCIAL SUBDISTRICT RURAL - FRINGE Mill USE DDTRICT RECEIVING LANDS SENDING LANDS NEUTRAL LANDS ' RURAL SETTLEMENT AREA DISTRICT ® RURAL INDUSTRIAL DISTRICT '® ESTATES DESIGNATION CONSERVATION DESIGNATION. OVERLAYS AND SPECIAL FEATURES iNCDRPORATED: AREAS - -- COASTAL HIGH HAZARD AREA •••••• TRAFFIC CONCESBON BOUNDARY MEA OF -.DAL STATE CONCERN OYERLA' AIRPORT MDSE AREA OVERLAY NATURAL RESOURCE PROTECTION AREA (NRPA)- OVERLAY BAYSHORE /GATEWAY MIA14CLE REDEVELOPMENT OVERLAY RURAL LANDS STEWAHDSHIP AREA OVERLAY ® URBAN RURAL FRINGE TRANSITION ZONE. OVERLAY NORTH SELLE MEADE OVERLAY INTERCHANGE 'I) THIS YAV CAN NOT BC- :INTENPREIE:� WTHGOT THE GOALS. CBUECIIVIZS MD.POU.. OF THE COWER CRINTY Ilt�1YTV MANAGEMENT PLAN. CG) THE FLIT RE LAND USE NAP SERIES INCLUDES' NUMEROUS MAPS M MOTION TO THS COUNT -DE FUTU^.E LAND USE YAP; THESE MAPS ARE LISTED AND LOCAtED AT THE END OF THE FUTIME LAND USE ELEMENT TEXT. t'-') MOST SUONTIMCTS AS DEPICT© MAY NOT SE: TC SCALE. THE FUTJRE LAND USE NAP SERE, DEPICTS THESE SJBDISTRICIS 'TO SCALE. CA) TIE CONSERVATOR .DESIGNATION IS SUBJECT. TO CHANGE AS AREAS ME- ADOUIREO. AND MAY INCLUDE CUTPARCELS, IS) HERON TO THE GOLDEN DATE AREA MASTER RAN AND THE IMMONALEE MCA MASTER PLAN FOR FUTURE LAND OY MAPS OF THOSE COMMUNITIES. Wilco, Packet Page - 1016 - IS, InC. MIXED USE ACTIVTY C£NTER SUBDISTRICT *. INTERCFIANCE. ACTIVITY CENTER SUBDISTRICT / PINE RIDGE JELIVNGSTON COMMERCIAL NFUL SUBINSTRIGr BUSINESS PARK SUBDISTRICT RESEARCH AND TECHNOLOGY PARK SUBDISTRICT ROAD / EATONWOOD LANE ■UMNCSTON COMMERCIAL INFlLL . SUBDISTRICT LIVIX IiW ROAD COMMERCIAL MILL SUBDISTRICT COMMERCIAL NIXED USE SUBDISTRICT ®LIVINGSTON ROAD / VETERAN'S MEMORIAL BLVD, COMMERCIAL INFlLL SUBDISTRICT El GODLLETfE /PINE RIOC£ GOMMMCIAL NFlLL .5UBDISIRICT BLOSSOM ' AIRPORT CROSSROADS ®ORANGE COMMERCIAL SUBDISTRICT AGRICULTURAL../ RURAL .�... DESIGNATION r7ADRICULTLRIAL/RURAL MIXED USE DISTRICT RJRAL COMMERCIAL SUBDISTRICT ■CORKSCREW ISLAND NEICHROPHOCD COMMERCIAL SUBDISTRICT RURAL - FRINGE Mill USE DDTRICT RECEIVING LANDS SENDING LANDS NEUTRAL LANDS ' RURAL SETTLEMENT AREA DISTRICT ® RURAL INDUSTRIAL DISTRICT '® ESTATES DESIGNATION CONSERVATION DESIGNATION. OVERLAYS AND SPECIAL FEATURES iNCDRPORATED: AREAS - -- COASTAL HIGH HAZARD AREA •••••• TRAFFIC CONCESBON BOUNDARY MEA OF -.DAL STATE CONCERN OYERLA' AIRPORT MDSE AREA OVERLAY NATURAL RESOURCE PROTECTION AREA (NRPA)- OVERLAY BAYSHORE /GATEWAY MIA14CLE REDEVELOPMENT OVERLAY RURAL LANDS STEWAHDSHIP AREA OVERLAY ® URBAN RURAL FRINGE TRANSITION ZONE. OVERLAY NORTH SELLE MEADE OVERLAY INTERCHANGE 'I) THIS YAV CAN NOT BC- :INTENPREIE:� WTHGOT THE GOALS. CBUECIIVIZS MD.POU.. OF THE COWER CRINTY Ilt�1YTV MANAGEMENT PLAN. CG) THE FLIT RE LAND USE NAP SERIES INCLUDES' NUMEROUS MAPS M MOTION TO THS COUNT -DE FUTU^.E LAND USE YAP; THESE MAPS ARE LISTED AND LOCAtED AT THE END OF THE FUTIME LAND USE ELEMENT TEXT. t'-') MOST SUONTIMCTS AS DEPICT© MAY NOT SE: TC SCALE. THE FUTJRE LAND USE NAP SERE, DEPICTS THESE SJBDISTRICIS 'TO SCALE. CA) TIE CONSERVATOR .DESIGNATION IS SUBJECT. TO CHANGE AS AREAS ME- ADOUIREO. AND MAY INCLUDE CUTPARCELS, IS) HERON TO THE GOLDEN DATE AREA MASTER RAN AND THE IMMONALEE MCA MASTER PLAN FOR FUTURE LAND OY MAPS OF THOSE COMMUNITIES. Wilco, Packet Page - 1016 - IS, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 33 Reliance upon the appraisal for other uses is not warranted. Parent Tract Zoning Map W1ICO Packet Page - 1017 -'S, InC. GOLDEN GATE BOULEVARD � ` Parent . Tract' 53 54 55 '56 89 90 91 r" 52 57 88 93 51 58 $7 94 a6 95 50 59 �S ST/W-3 Y as 49 6© 96 _ L LOT 1 J 4 48 61 84 97 98 47 62 E W 83 of 46 63 52 99 W1ICO Packet Page - 1017 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 34 Reliance upon the appraisal for other uses is not warranted. SITE DATA Location: The parent tract is located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE in Collier County, Naples, Florida. Size and Shape: The parent tract contains 5.15 acres of gross land area and is rectangular in shape. Specifically, the parent tract has a northern property line along Golden Gate Boulevard E. that measures 330 feet; with a depth there from along the eastern property line along 4th Street SE that measures 680 feet; with a depth there from along the western property line that measures 680 feet; and a southern property line that measures 330 feet. Roadway Frontage: The parent tract benefits from 330 feet of frontage along the southerly right -of -way of Golden Gate Boulevard E., and from 680 feet of frontage along the westerly right -of -way of 4th Street SE. Golden Gate Boulevard E. is an arterial, undivided, two lane, paved roadway. 4th Street SE is a local, undivided, two lane, paved roadway. Available Utilities: The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. Exotic Vegetation and Wildlife: Current county, state, and federal regulations have considered certain areas jurisdictional based upon vegetation classifications and /or wildlife species. The appraiser is not an expert at vegetation groups or wildlife identification and has not been provided a report prepared by such an expert. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and /or wildlife species. Environmental Liabilities: Unless otherwise stated above or elsewhere in this report, the existence of hazardous substances, including, without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the property inspection. The appraiser is not qualified to test such substance or conditions. If the presence of such substances, such as asbestos, urea, formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it 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. The parent tract is assumed to be unaffected by environmental liabilities. However, the reader is advised that no environmental studies of the parent tract have been provided to the appraiser. Elevation and Topography: The parent tract is a level tract that is not cleared. The parent tract is situated within an area designated Flood Zone AE in the Federal Emergency Management Flood Rate Maps, Map Number 12021 C0430H, and dated May 16, 2012. Flood Zone AE is the flood insurance rate zone used for the 1- percent - annual - chance floodplains that are determined for the Flood Insurance Study by detailed methods of analysis. In most instances, Base Flood Elevations derived from the detailed hydraulic analyses are shown at selected intervals in this zone. Mandatory flood insurance purchase requirements apply. Predominant Soil Class ification(§): Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil types that includes No. 18, Riviera Fine Sand, Limestone Substratum; and No. 21, Boca Fine Sand. It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent W11CO Packet Page - 1018 - S, 111C. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 35 Reliance upon the appraisal for other uses is not warranted. tract, are general in nature, and may or may not apply specifically to the soil group(s) located on the parent tract. Easements and Restrictive Covenants: The parent tract is encumbered by a 50 -foot wide road right -of -way easement along the northern property line along the property's existing frontage to Golden Gate Boulevard E. and by a 30 -foot wide road right -of -way easement along the eastern property line along the property's existing frontage to 4th Street SE. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. WIICO Packet Page -1019- 5, /nC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 36 Reliance upon the appraisal for other uses is not warranted. COLLIER COUNTY FUTURE LAND USE DESIGNATION The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub - district, and is further regulated by the Golden Gate Area Master Plan. The geographic framework for growth in Collier County is established by the Future Land Use Element. As such, the Element is central to planning for: protection and management of natural resources; public facilities; coastal and rural development; and, housing and community character and design. The Element is also important to the County's system of land development regulations and to private property rights. The purpose of the Future Land Use Element is to guide decision - making by Collier County on regulatory, financial and programmatic matters pertaining to land use. Most directly, this Element controls the location, type, intensity and timing of new or revised uses of land. The land use strategy in this Element is closely coordinated with a strategy for provision of public facilities as found in the Capital Improvements and Public Facility Elements of the Comprehensive Plan, and with the strategies to protect and conserve natural resources as found in the Conservation and Coastal Management Element. The Golden Gate Area was previously subject to the regulations outlined in the County's Growth Management Plan. However, in 1991, the unique characteristics of the area resulted in adoption of a separate Master Plan for Golden Gate. This Master Plan became a separate Element of the County's Growth Management Plan and supersedes Objective 1, Policy 1.1, and Policy 1.3 of the County -Wide Future Land Use Element. All other Goals, Objectives, and Policies contained in the Future Land Use Element and all other Elements are applicable. In addition, the Golden Gate Area Future Land Use Map will be used instead of the County -Wide Future Land Use Map. The Estates Designation is characterized by low- density semi -rural residential lots with limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there are some legal non - conforming lots as small as 1.14 acres. Intensifying residential density shall not be permitted. The Estates Designation also accommodates future non - residential uses including: • Conditional uses and essential services as defined in the Land Development Code; • Parks, open space and recreational uses; • Group Housing shall be permitted subject to the .definitions and regulations as outlined in the Collier County Land Development Code (Ordinance 91 -102, adopted October 30, 1991 and consistent with locational requirements in Florida Statutes (Chapter 419.01 F.S.). • Schools and school facilities in the Estates Designation north of 1 -75, and where feasible and mutually acceptable, co- locate schools with other public facilities, such as parks, libraries and community centers to the extent possible. • Group Housing includes the following type facilities: • Family Care Facility, if occupied by not more than six (6) persons shall be permitted in residential areas; • Group Care Facility; • Care Units; • Adult Congregate Living Facilities; and • Nursing Homes. W"CO Packet Page -1020- 5, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 37 Reliance upon the appraisal for other uses is not warranted. ZONING CLASSIFICATION The parent tract is zoned (E), Estates District, according to the Collier County Land Development Code. The purpose and intent of the Estates District is to provide lands for low - density residential development in a semi -rural to rural environment, with limited agricultural activities. In addition to low- density residential development with limited agricultural activities, the Estates District is also designed to accommodate as conditional uses, development that provides services for and is compatible with the low- density residential, semi -rural and rural character of the Estates District. The Estates District corresponds to and implements the estates land use designation on the future land use map of the Collier County growth management plan, although in limited instances, it may occur outside of the estates land use designation. The maximum density permissible in the Estates District shall be consistent with and not exceed the density permissible or permitted under the Estates District of the future land use element of the growth management plan or as provided under the Golden Gate Master Plan. Permitted uses under this zoning classification are as follows: • Single- family dwelling; and • Family care facilities, subject to section 2.6.26. • Essential services, as set forth in section 2.6.9.1. Uses accessory to permitted uses are as follows: • Uses and structures that are accessory and incidental to uses permitted as of right in the Estates District; • Field crops raised for the consumption by persons residing on the premises; • Keeping of fowl or poultry, not to exceed 25 in total number subject to specific conditions; • Keeping of horses and livestock (except for hogs), not to exceed two such animals for each acre and subject to specific conditions; • One guesthouse, subject to section 2.6.14; • Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or preliminary subdivision plat. These facilities may include but are not limited to golf course, clubhouse, community center building and tennis facilities, parks, playgrounds and playfields; and • Excavation and related processing and production that are subject to specific conditions. Conditional uses in the Estates District that are subject to the standards and procedures established in division 2.74 are as follows: • Churches and other places of worship; • Social and fraternal organizations; • Child care centers and adult day care centers; • Schools, public and private; and • Group care facilities (category 1); care units, nursing homes, assisted living facilities, and continuing care retirement communities; all subject to section 2.6.26. • Category II group care facilities and care units, subject to section 2.6.26 only when tenancy of the person or persons under care would not: • Constitute a direct threat to the health or safety of other individuals; • Result in substantial physical damage to the property of others; or Wilco, Packet Page - 1021 -'S, h1C. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 38 Reliance upon the appraisal for other uses is not warranted. o Result in the housing of individuals who are engaged in the current, illegal use of or addiction to a controlled substance. Extraction or earthmining, and related processing and production not incidental to the development of the property subject to the following criteria: o The site area shall not exceed 20 acres. Essential services, as set forth in section 1.6.9.2. The following dimensional standards apply to all permitted, accessory, and conditional uses in the Estates District: Minimum Lot Size: Two and one - fourth (2 1/4) Acres Minimum Yard Requirements: Front yard, feet: 75 Side yard, feet: 30 Rear yard, feet: 75 Minimum Yard Requirements for nonconforming lots of record: Front yard, feet: One full depth setback for corner lots along the shorter lot line along the street. Setback along longer lot line may be reduced by up to 50 percent. See definition of yard, front for lots that do not conform to a minimum lot width or area requirements. Side yards, feet: 10% of lot width with max. of 30 Rear yard, feet: 75 Minimum Lot Width, feet: 150 Minimum Floor Area: 1,000 SF Maximum Height: 30 Maximum density: One dwelling unit per 2. '/4 acres Minimum off - street parking: As required in division 2.3 Landscaping: As required in division 2.4 Signs: As required in division 2.5 Wilco, packet Page -1022- S,1nC. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. IMPROVEMENT DATA The parent tract is unimproved. WYCO, packet Page -1023- 5, InC. 9/23/2014 16.A.5. Page 39 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 40 Reliance upon the appraisal for other uses is not warranted. HIGHEST AND BEST USE Highest and best use is defined in The Dictionary of Real Estate Appraisal, Third Edition as published by the Appraisal Institute: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. Implied within these definitions is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual property owners. Also implied is that the determination of highest and best use results from the appraiser's judgment and analytical skill, i.e., that the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value) another appropriate term to reflect highest and best use would be most probable. Highest and Best Use Analysis "As Though Vacant ": This part of the highest and best use analysis assumes that a parcel of land is vacant or that it can be made vacant through the demolition of any improvements. The question to be answered in this part of the highest and best use analysis is: if the land is (or was) vacant, what use should be made of it? That is, what type of building or other improvement (if any) should be constructed on the land? The purpose of estimating the highest and best use for land or a site is to identify the use that causes the land to have value. This identification also helps to identify comparable properties. For highest and best use of land as though vacant, a use must meet four criteria. The four criteria are (1) legally permissible, (2) physically possible (3) financially feasible, and (4) maximally productive. The following analysis is presented: 1. Legally Permissible Uses: The most significant elements to be considered in regards to those uses which are legally permissible for the parent tract include, but are not necessarily limited to the following: • The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub - district, and is further regulated by the Golden Gate Area Master Plan. • The parent tract is zoned E, Estates District, according to the Collier County Land Development Code. • The parent tract is encumbered by a 50 -foot wide road right -of -way easement along the northern property line along the property's existing frontage to Golden Gate Boulevard E. and by a 30 -foot wide road right -of -way easement along the eastern property line along the property's existing frontage to 4th Street SE. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. • The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and /or wildlife species. 2. Physically Possible Uses: The most significant facts related to the parent tract in regards to those uses which are physically possible include, but are not necessarily limited to the following: W/CO. Packet Page -1024- 5, Inc. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 41 Reliance upon the appraisal for other uses is not warranted. • The parent tract is located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE in Collier County, Naples, Florida. • The parent tract contains 5.15 acres of gross land area and is rectangular in shape. Specifically, the parent tract has a northern property line along Golden Gate Boulevard E. that measures 330 feet; with a depth there from along the eastern property line along 4th Street SE that measures 680 feet; with a depth there from along the western property line that measures 680 feet; and a southern property line that measures 330 feet. • The parent tract benefits from 330 feet of frontage along the southerly right -of -way of Golden Gate Boulevard E., and from 680 feet of frontage along the westerly right -of- way of 4th Street SE. Golden Gate Boulevard E. is an arterial, undivided, two lane, paved roadway. 4th Street SE is a local, undivided, two lane, paved roadway. • The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. • The parent tract is a level tract that is not cleared. The parent tract is situated within an area designated Flood Zone AE in the Federal Emergency Management Flood Rate Maps, Map Number 12021 C0430H, and dated May 16, 2012. Flood Zone AE is the flood insurance rate zone used for the 1- percent - annual- chance floodplains that are determined for the Flood Insurance Study by detailed methods of analysis. In most instances, Base Flood Elevations derived from the detailed hydraulic analyses are shown at selected intervals in this zone. Mandatory flood insurance purchase requirements apply. • Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil types that includes No. 18, Riviera Fine Sand, Limestone Substratum; and No. 21, Boca Fine Sand. It is important to bring to the reader's attention that the information reported above related to the predominant soil groups) on or near the parent tract, are general in nature, and may or may not apply specifically to the soil group(s) located on the parent tract. • The appraiser has assumed a reasonable quantity of non jurisdictional uplands exist on the parent tract suitable for the development of the property in accordance to the estimated highest and best use. • The parent tract is assumed to be unaffected by environmental liabilities. 3. Financially Feasible Uses: Having determined the uses that are physically possible and legally permissible, the appraiser must further analyze these uses to determine those that are likely to produce some income, or return, greater than the combined income needed to satisfy operating expenses, financial expenses and capital amortization. All uses that are expected to produce a positive return are regarded as financially feasible. The most important data related to those uses that are financially feasible for the parent tract include, but are not necessarily limited to the following: • The primary market area, for purposes of this appraisal assignment, consists of those residential properties zoned (E), Estates District, according to the Collier County Land Development Code located along and near Golden Gate Boulevard and near the intersection of Golden Gate Boulevard and Wilson Boulevard in Collier County, Florida. Wilda packet Page -1025- 5, /nC, 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 42 Reliance upon the appraisal for other uses is not warranted. • The secondary market area is defined as those residential properties zoned (E), Estates District, located in peripheral locations to the primary market area. • The Golden Gate Estates area began development in the early 1960's. Based on the Collier County tax rolls, there are approximately 31,000 platted tracts of land located within the Golden Gate Estates area typically ranging in size from 1.14 acres to over 5 acres. Tracts smaller than 2.25 acres are considered to be legally non- conforming tracts. • The Golden Gate Estates area is composed of two separate sub - markets, the Urban Estates area, which lies west of Collier Boulevard (CR 951), and the Rural Estates area, which lies east of Collier Boulevard (CR 951). • The primary roadways that provide the main access to the immediately described primary market area include: o Golden Gate Boulevard; o Collier Boulevard (CR 951); o Wilson Boulevard; o Everglades Boulevard; and o Desoto Boulevard. • Available utilities within the primary market area include telephone, electrical service and emergency services. Water must be typically provided by private well and wastewater must be typically disposed of by a private septic tank and drain field combination. • The primary residential market area is considered to be within a period of stabilizing values after a period of decline. • Recently, the number of bank foreclosure sales has declined and the number of listings has significantly declined causing some pricing increases. Nonetheless, high unemployment and stricter financing requirements continues to hinder market recovery. • Finally, positive regional economic factors including climate,. beaches, tourism, demographics, the regional airport, and the continued growth of Florida Gulf Coast University, will continue to have positive long range economic impacts. 4. Maximally Productive: Among the financially feasible uses, the use that provides the highest rate of return, or value (given a constant rate of return), is the highest and best use. In summary, the parent tract is legally, physically and financially capable of supporting potential single - family residential development. Accordingly, it is the appraisers' opinion that the highest and best use of the parent tract "as though vacant" is estimated to be potential single - family residential development. "CO. Packet Page -1026- 5,1nC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. rage 43 Reliance upon the appraisal for other uses is not warranted. I The Appraisal Process I There are three standard approaches to property valuation: 1. Cost Approach 2. Sales Comparison Approach 3. Income Capitalization Approach The Cost Approach requires the estimation of the reproduction cost new of the subject improvements on current market price levels for labor and materials. The second component is the estimate of accrued depreciation, or diminished utility, which is computed and subtracted from the reproduction cost new to obtain an estimate of the depreciated reproduction costs of the subject improvements. Finally, the land value, as obtained from a market comparison approach, is added to obtain a value of the property as a whole. The underlying premise in the Cost Approach is the theory of substitution, which states that an informed purchaser would pay no more for a property than would be required to substitute of equal utility. This approach is most applicable when the improvements are new and represent the highest and best use of the subject, as though vacant. Conversely, when the improvements are old and adequate land sales are not available, the Cost Approach tends to lose credence. The Sales Comparison Approach, or Direct Comparison Approach, utilizes the past actions of buyers and sellers for a similar class of property in a simulation model to project the most probable selling price. This approach is also based upon the theory of substitution as well as the concept of anticipation and contribution. This approach is most applicable when there has been a sufficient amount of market transactions of similar properties to ascertain patterns of behavior of the market participants. This valuation can only be as accurate as the quality of information permits. If the comparative properties are quite dissimilar to the parent tract and large adjustments are required, then this approach loses credibility. The Income Approach is the valuation process which measures value as a function of the present worth of the property's net income capacity. This approach is based upon the concept of anticipation, contribution, and increasing and decreasing returns. This approach requires market oriented income and expense data as well as current mortgage and equity rates (income and yield). This approach is generally considered most reliable in the valuation of commercial properties, as it best represents investor's and lender's expectations and actions in the market. Each of the above three approaches will usually indicate different values. After all of the factors of the three approaches have been carefully weighted, the indications of value are correlated to arrive at a final estimate of value. (Mica packet Page - 1027 -'S, ►nC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 44 Reliance upon the appraisal for other uses is not warranted. Identification of the Applicable Valuation Procedure(s): It is the appraiser's opinion that the Market Approach to Value (Sales Comparison Approach to Value) is the only applicable approach for this valuation assignment. The Sales Comparison Approach to Value is considered applicable since an adequate number of similar unimproved sales have recently occurred within the market area that may be utilized by the appraiser in predicting typical buyer and seller behavior. The market data within the Sales Comparison Approach to Value is considered sufficient and adequate to provide a reliable value conclusion. The Cost Approach to Value and the Income Capitalization Approach to Value are not considered applicable for this appraisal assignment due to the fact that the parent tract is vacant land. W1ICO. packet Page -1028- S, Inc. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 45 Reliance upon the appraisal for other uses is not warranted. The Sales Comparison Approach to Value INTRODUCTION In the Sales Comparison Approach, market value is estimated by comparing the parent tract to similar properties that have been sold recently or for which offers to purchase have been made. A major premise of the Sales Comparison Approach is that the market value of a property is directly related to the prices of comparable, competitive properties. A comparative analysis in the Sales Comparison Approach focuses on differences in legal, physical, locational, and economic characteristics of similar properties and the parent tract. Differences in the real property rights conveyed, the dates of sale, the motivations of buyers and sellers, and the financing arrangements for each sales transaction can also account for variations in prices. The Sales Comparison Approach is applicable to all types of real property interest when there are sufficient, recent, and reliable transactions to indicate value patterns in the market. For property types that are bought and sold regularly, the Sales Comparison Approach often provides a reliable indication of market value. When data is available, this is the most direct and systematic approach to value. When the number of market transactions is insufficient, the applicability of the Sales Comparison Approach may be limited. For example, the Sales Comparison Approach is rarely applied to a special purpose property because few similar properties may be sold in a given market. To value such properties, the Cost or Income Capitalization Approach may be more appropriate and reliable. Nevertheless, data on sales and offers for similar properties may establish broad limits for the value of the property being appraised. When economic conditions are changing rapidly, the usefulness of the Sales Comparison Approach may be limited. For example, changes in income tax laws and zoning regulations, the availability in cost of financing, or the supply of similar properties may cause the sale prices of comparable properties with similar uses to be unreliable indicators of the value of the parent tract. If economic changes occur abruptly, an appraiser may have difficulty finding a reliable market basis on which to make adjustments for these changes. Rapid inflation or deflation can also jeopardize the reliability of an appraiser's adjustments and limit the usefulness of the Sales Comparison Approach. To apply the Sales Comparison Approach, an appraiser follows a systematic procedure: A. Research the market to obtain information on sales transactions, listings, and offerings to purchase properties similar to the parent tract. B. Verify the information by confirming that the data obtained are factually accurate and that the transactions reflect arm's length market considerations. C. Select relevant units of comparison (e.g., dollars per acre, per square foot, or per income multiplier) and develop a comparative analysis for each unit. D. Compare the parent tract and comparable sale properties using the elements of comparison and adjust the sale price of each comparable appropriately or eliminate the property as a comparable. E. Reconcile the various value indications produced from the analysis of comparables into a single value indication or a range of values. An imprecise market may indicate a range of values. IM160• Packet Page - 1029 -'S. InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 46 Reliance upon the appraisal for other uses is not warranted. PRINCIPLES OF THE SALES COMPARISON APPROACH TO VALUE The application of the Sales Comparison Approach is based on, and consistent with, the operation of value influences and appraisal principles. The following appraisal principles are generally considered most relevant to the Sales Comparison Approach: A. Supply and Demand: Property prices are determined by the market and they result from negotiations between buyers and sellers. Buyers constitute market demand and the properties offered for sale constitute the supply. If the demand for a particular type of property is high, prices tend to increase; if demand is low, prices tend to decline. Shifts in the supply of improved properties frequently lag behind shifts in demand because supply is created by time - consuming construction, while demand can change rapidly. B. Substitution: As applied in the Sales Comparison Approach, the principle of substitution holds that the value of a property tends to be set by the price that would be paid to acquire a substitute property of similar utility and desirability. This principle implies that the reliability of the Sales Comparison Approach is diminished if substitute properties are not available in the market. C. Balance: The forces of supply and demand tend toward equilibrium, or balance, in the market, but absolute equilibrium is almost never attained. The balance between supply and demand continually changes. Due to shifts in population, purchasing power, and consumer tastes and preferences, demand varies greatly over time. The construction of new buildings and the demolition of old ones cause supply to vary as well. Another aspect of this principle is that the relationship between land and improvements and the relationship between a property and its environment must both be in balance for a property to reflect its actual market value. If, for example, a property has too much land in relation to its improvements or too many expensive amenities for its location, an imbalance is created. Appraisers must watch for imbalances in the market and within properties because they can cause the market to impute different prices to otherwise comparable properties. D.. Externalities: Positive and negative external forces affect all types of property. A period of economic development or economic depression can often influence property values. An appraiser analyzes the market area of a parent tract to identity all significant external influences. To a great extent, these external forces are reflected in the adjustments made for property location. Two properties with identical physical characteristics may have quite different market values if one of the properties has less attractive surroundings. Factors such as the condition and lighting of streets, the convenience of transportation facilities, the adequacy of police protection, and the proximity to shopping and restaurant facilities vary with location. They must be considered by the appraiser to determine if they have a positive or negative effect on the value of the property being appraised. PRESENTATION OF THE MARKET DATA: The appraiser has reviewed economic data related to a number of sales and listings of comparable unimproved properties located within the primary and secondary market areas. Based on this research, the appraiser has assembled nine competitive unimproved sales zoned E, Estates District, transacted between July 2013 and February 2014 as being most comparable to the parent tract. The data sheets for each of the sales used to estimate the value of the parent tract are presented in the addendum of this report. Wilco. Packet Page -1030- S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 47 Reliance upon the appraisal for other uses is not warranted. Land Sales Map WIICO Packet Page -1031- s, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 48 Reliance upon the appraisal for other uses is not warranted. APPLICATION OF THE MARKET DATA As previously stated, the appraiser has selected nine competitive unimproved sales zoned E, Estates District, transacted between July 2013 and February 2014 as being most comparable to the parent tract. All sales have been compared to the parent tract and adjusted for significant differences. Buyers, sellers, and active real estate agents have reported that competitive unimproved properties within the market area are typically purchased based on a price per acre of gross land area unit of value. Furthermore, the appraiser has applied the proper sequence of adjustments including the following order: property rights conveyed; financing; conditions of sale (motivation); market conditions (time); and other significant locational and physical characteristics. The sales comparison grid is presented on the following two pages: Wilda Packet Page - 1032 - S,1nC. 9/23/2014 16.A.5. m Ql ml�I�oW R O a) fn �W fn �ayiayi_m0°j •• O M 000'oo'� tfi b9 69 69 O. M o 0 0 0 0'0 O' 00 tC p N Z N `- C f6 :d .0 •� Lq u tp ICS O O 0 0 O O O' O 0 0 0 0 0 IL 0 y CA C.0 0. y y J W W M r O Lr) O O O O LC) 00 Z L 69 64 >, Efl IR W ,.- O I O r O o O! O Ole- - U) Z N = O ti 6F). 69 to 69 C O O O O O O O ti U y CA (A W W J' N N G 0 L6 O O 01 0 LD N O L ? 64 69 6F? N N N O . N.--� .. l0� M �., Z �^°-� M OKi �� O'�C to O C!i ZI N :O * r ns Lo 2 0 0 O O 0 0 0 0 0 0 0 M C U) � r (n a (n (n Lfl � W W - A 0� — V o Lf) r 00 00 Lo 07 in r !W.r v+ 21 3 O fM 3: y y Cl) O B O N N O O cc O O 00 'a !4 p O N Z W Z N o N Z C �+ O ao LO LSO cc 00 EA 69 69 69 O 00 O O 0 0 O O 0 CIO 0 O O O O 0 OCO C C co' ""' cn a y y M'. N W W co .- M N Co � O L6 r- 0 O 0': O LA y:t 69:40 i 'r J Co +. w .- ~ a .L m morn o 0 040 0 — nsl p o m Z N zI N 'O N Z _m c 0 r- f6 Co — - 'E : 0. 0) 61) 69 69 V) 0 O Of O O O O O O O M O y' O CIO d to Cn ._,CO ;M W W cr) 00 M Co %- O O O O O O LO �{ O U- (n C La >' �' ` 6F' '" W, y O O c/i O y W °: cc :Q O 0) U N O W O. '^ C +' 0 co r Vi y y I w w y m a la at O r p t O Q Q o F- u. U ) LU i z z E -6 U /.. o N Qi '�: o 0 G1 m N o ,, d N E d Q Q` IL Q c rn � ° m O M c O c o O, L G V an d V V C p .d V d U c W' o 0 o IL W d ` aa Q CL 0. o = c ° • C o ° � C = m ' o ' m 3, V d N L C O)' tC,'O' C 4., L6 O: W,° J1 O y Q.' C. Lp .. c0 <0 �!J C O 'O^ Q O O N— ^. am m N,� W �'',� d -LL U Q Q J'� tA,� J;M Z Q a` o: Packet Page -1033- Q QQ O 9/23/2014 16.A.5. O LO d CD a Packet Page -1034- d IC Co i Q O (DI O M O> O> "0 ID N N O: O 00 00 0 0 0! 0 O O e c c c e o o ViCI Z N ) CA Sri Cn C N io ' 64 64 cfs 64 00 00 cc O O O O O cc O O O O G O D W LLl J ; O 00 O LO O O O O u M y9 yq T W ! , lC) d4 O G1� oD M O W> o� W> N N O (D O lf� O O (Al E9 O 64 O 6 4 O O Co tf) A ) y O O ` Z N N Z C f9 Co f��II O ct O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ifs Z E vm p m m j W J U N 0 0 0 0 0 0 0 U L0 69 6<} CO 69 401. Q N 0) r Z U' Ca p N O O W u1 0 O CO y O N O TO O O O Co o 0 0 0 0 o M Z N Oa N co m' O N �? Efl 69 64 00 Co 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O V CA ( j W W; J M M r O c-- O O O O- N 64 - it (Q � O> O l0 — O O 64 64 O 64 O 64 O O IC1 0 0 0 0 0 0 Cl)O V, @ N 0 0 Z I N Z C m 0 O (A O r 07 0 0 0 0 0 0 0 0 Z a) y Cl) � Cn m CO CO N,64 N, O {, O N O O O Co ) W W'J : _ 4 6 ' Co W L : L_ . »,- EA > L LO C6 J >, m C Co; m LU •� m ea � c'C7 ea 'C9 w a �+ O O C Cn O' !0 y 0.� O L O �Oj Q Q O a I- :LLfAC9OiS�iC9q Lr WJZZ U N O 'y. C E 6 (++ A 0 m N a E C .o E C E v0) oc p � 0 L- Q C �C Q Q M V t aO � Q C O Q dN m 0 O U) C C r 0) d 6 a . ', . d r as 0 o ; o C ;c 0) 0u m W ' c = V as O LL >' d1V � a c c N O V V c 10 'o o c, c H y m e m tii 11i' 'a c= M a v!. a a ai a; v d N ea C C d 01 :O L C. ea O, ` 7 3 : V !C d w �: $ W m O D J O N', X C. l0 Q + lC !0 J D N N' C a O` U O .p Q 'C� Q Q J N J E N LL. : it to D D Z Q : f0 o O O a w � C d d U �`p C d d as Packet Page -1034- d IC Co i Q O 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 51 Reliance upon the appraisal for other uses is not warranted. Explanation of Adjustments: The following explanations of adjustments are presented: • Adjustments for Property Rights Conveyed Financing and Conditions of Sale (Motivation), and Conditions of Sale (Motivation): All sales utilized in direct comparison to the parent tract conveyed property rights involving a fee simple estate and involved market financing or were all cash to seller transactions. Furthermore, all sales were verified to be typically motivated arm's length transactions. Accordingly, no adjustments were made for these three elements of comparison. • Adjustments for Marketing Conditions (Time): The date of sale identifies the market conditions under which the comparable sale occurred. Changes in market conditions can be caused by inflation, deflation, changes in supply and demand, and other factors. Although the adjustment for market conditions is sometimes referred to as a "time adjustment ", the passing of time is not the cause of the adjustment, but rather, the market conditions that may or may not have changed over the time period analyzed. Changes in market conditions are usually measured as a percentage of a previous price. An analysis of a resale of the sale property, or two (2) paired sales considered very similar, can provide an indication of the rate of price change. It should be remembered that the purpose of the market conditions adjustment is to adjust all sales from the date of sale to the date of value. The nine closed sales utilized in direct comparison to the parent tract are recent sales that sold between July 2013 and February 2014. Therefore, the appraiser is concerned with any market condition changes between the oldest sale (July 2013) and the date of value (February 22, 2014). The primary residential market area is considered to be within a period of stabilizing values after a period of decline. Residential market values have dramatically declined subsequent to the market peak. Recently, the number of bank foreclosure sales has declined and the number of listings has significantly declined. This has caused some pricing increases. All sales utilized are recent transactions. Accordingly, the appraiser has not made a market conditions (time) adjustment. • Adiustments for Location: All sales are competitive vacant residential sites located in the primary market area. Accordingly, all sales were considered to have a similar overall location. Adjustments for Road Frontage: The parent tract is located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE. Golden Gate Boulevard E. is an arterial, undivided, two lane, paved roadway and 4th Street SE is a local, undivided, two lane, paved roadway. All sales, except Sale No. 8, are located along nearby less travelled interior streets connecting to Golden Gate Boulevard E. Accordingly, these sales were given a negative 15% adjustment for being located along less busy more desirable residential roadways. Sale No. 8 is also a corner site similar to the parent tract with frontage along Golden Gate Boulevard E. and frontage along a less travelled interior street, 7th Street NW. Accordingly, no adjustment was necessary for Sale No. 8 for this element of comparison. Adjustments for Size: All sales range in size from 1.14 to 5.00 acres, as compared to the parent tract's size of 5.15 acres. For many sale properties, sales of significant larger W1/CO. Packet Page - 1035 - S, 61C. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 52 Reliance upon the appraisal for other uses is not warranted. size will typically sell for a lower unit value, as compared to sales of smaller size. However, based on the analysis of the eight land sales utilized, no size adjustment was considered necessary. Adiustments for UplandMetlands: Sale Nos. 1, 3, 4, 5, 7, 8 and 9 were considered to consist of mostly upland areas similar to the parent tract. Verification of Sale No. 2 indicated the sale property included partial wetland areas. Accordingly, this sale was given a positive 10% adjustment for this condition. Verification of Sale No. 6 indicated the sale property included significant wetland areas. Accordingly, this sale was given a positive 25% adjustment for this condition. Adiustments for Land Use /Zoning and Utilities: All sales have similar land use designations, zoning classifications and available utilities. Accordingly, no adjustments were made for these elements of comparisons. DISCUSSION OF SALES: Unimproved Land Sale No. 1 contains 2.73 acres of gross land area and is a February 2014 transaction. Unimproved Land Sale No. 1 is located on the east side of 5th Street NW approximately 0.10 miles north of Golden Gate Boulevard, Collier County, Naples, Florida. Unimproved Land Sale No. 1 benefits from frontage along the easterly right -of- way of 5th Street NW. Available utilities to the sale property include telephone, electrical service and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 1 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No. 1 is encumbered by a 30 -foot wide road right -of -way easement along the western property line and along the property's existing frontage to 5th Street NW. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Property appears to be mostly uplands. Unimproved Land Sale No. 1 was adjusted for differences in roadway frontage and provided an indicated adjusted value of $11,832 per acre. Unimproved Land Sale No. 2 contains 2.73 acres of gross land area and is a January 2014 transaction. Unimproved Land Sale No. 2 is located on the east side of 7th Street NW approximately 0.75 miles north of Golden Gate Boulevard, Collier County, Naples, Florida. Unimproved Land Sale No. 2 benefits from frontage along the easterly right -of- way of 7th Street NW. Available utilities to the sale property include telephone, electrical service and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 2 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No. 2 is encumbered by a 30 -foot wide road right -of -way easement along the western property line and along the property's existing frontage to 7th Street NW. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property included partial wetlands. Unimproved Land Sale No. 2 was adjusted for differences in roadway frontage and for partial wetlands. Land Sale No. 2 provided an indicated adjusted value of $11,484 per acre. Unimproved Land Sale No. 3 contains 1.14 acres of gross land area and is a January 2014 transaction. Unimproved Land Sale No. 3 is located on the east side of 10th Street NE approximately 0.70 miles north of Golden Gate Boulevard, Collier County, Naples, Florida. Unimproved Land Sale No. 3 benefits from frontage along the easterly right -of- way of 10th Street NE. Available utilities to the sale property include telephone, "CO, Packet Page - 1036 - 5, Inc. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 53 Reliance upon the appraisal for other uses is not warranted. electrical service and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 3 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No. 3 is encumbered by a 30 -foot wide road right -of -way easement along the western property line and along the property's existing frontage to 10th Street NE. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. Unimproved Land Sale No. 3 was adjusted for differences in roadway frontage and provided an indicated adjusted value of $11,930 per acre. Unimproved Land Sale No. 4 contains 2.73 acres of gross land area and is a December 2013 transaction. Unimproved Land Sale No. 4 is located on the west side of 20th Street SE approximately 1.0 miles south of Golden Gate Boulevard, Collier County, Naples, Florida. Unimproved Land Sale No. 4 benefits from frontage along the westerly right -of -way of 20th Street SE. Available utilities to the sale property include telephone, electrical service and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 4 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No. 4 is encumbered by a 30 -foot wide road right -of -way easement along the eastern property line and along the property's existing frontage to 20th Street SE. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. Unimproved Land Sale No. 4 was adjusted for differences in roadway frontage and provided an indicated adjusted value of $7,473 per acre. Unimproved Land Sale No. 5 contains 1.17 acres of gross land area and is a November 2013 transaction. Unimproved Land Sale No. 5 is located on the east side of 16th Street SE approximately 0.60 miles south of Golden Gate Boulevard, Collier County, Naples, Florida. Unimproved Land Sale No. 5 benefits from frontage along the easterly right -of -way of 16th Street SE. Available utilities to the sale property include telephone, electrical service and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 5 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No. 5 is encumbered by a 50 -foot wide road right -of -way easement along the western property line and along the property's existing frontage to 16th Street SE. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. Unimproved Land Sale No. 5 was adjusted for differences in roadway frontage and provided an indicated adjusted value of $9,808 per acre. Unimproved Land Sale No. 6 contains 2.58 acres of gross land area and is a September 2013 transaction. Unimproved Land Sale No. 6 is located on the west side of 5th Street NW approximately 0.05 miles north of Golden Gate Boulevard, Collier County, Naples, Florida. Unimproved Land Sale No. 6 benefits from frontage along the westerly right -of -way of 5th Street NW. Available utilities to the sale property include telephone, electrical service and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 6 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No. 6 is encumbered by a 30 -foot W1ICO packet Page - 1037 -'S, Inc, 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 54 Reliance upon the appraisal for other uses is not warranted. wide road right -of -way easement along the western property line and along the property's existing frontage to 5th Street NW. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property included significant wetlands. Unimproved Land Sale No. 6 was adjusted for differences in roadway frontage and for significant wetlands. Land Sale No. 6 provided an indicated adjusted value of $9,806 per acre. Unimproved Land Sale No. 7 contains 2.73 acres of gross land area and is an August 2013 transaction. Unimproved Land Sale No. 7 is located on the east side of 9th Street SW approximately 0.75 miles south of Golden Gate Boulevard, Collier County, Naples, Florida. Unimproved Land Sale No. 7 benefits from frontage along the easterly right -of- way of 9th Street SW. Available utilities to the sale property include telephone, electrical service and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 7 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No. 7 is encumbered by a 30 -foot wide road right -of -way easement along the western property line and along the property's existing frontage to 9th Street SW. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. Unimproved Land Sale No. 7 was adjusted for differences in roadway frontage and provided an indicated adjusted value of $12,143 per acre. Unimproved Land Sale No. 8 contains 2.81 acres of gross land area and is an August 2013 transaction. Unimproved Land Sale No. 8 is located at the northwest corner of Golden Gate Boulevard W. and 7th Street NW, Collier County, Naples, Florida. Unimproved Land Sale No. 8 benefits from frontage along the northerly right -of -way of Golden Gate Boulevard W. and along the westerly right -of -way of 7th Street NW. Available utilities to the sale property include telephone, electrical service and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 8 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No. 8 is encumbered by a 50 -foot wide road right -of -way easement along the southern property line and along the property's existing frontage to Golden Gate Boulevard W., and by a 30 -foot wide road right -of -way easement along the eastern property line and along the property's existing frontage to 7th Street NW. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. Unimproved Land Sale No. 8 was adjusted for differences in roadway frontages and provided an indicated adjusted value of $12,456 per acre. Unimproved Land Sale No. 9 contains 5.00 acres of gross land area and is a July 2013 transaction. Unimproved Land Sale No. 9 is located on the east side of 15th Street SW approximately 0.55 miles south of Golden Gate Boulevard, Collier County, Naples, Florida. Unimproved Land Sale No. 9 benefits from frontage along the easterly right -of- way of 15th Street SW. Available utilities to the sale property include telephone, electrical service and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 9 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No. 9 is encumbered by a 30 -foot wide road right -of -way easement along the western property line and along the property's W1ICO. packet Page -1038- S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 55 Reliance upon the appraisal for other uses is not warranted. existing frontage to 15th Street SW. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. Unimproved Land Sale No. 9 was adjusted for differences in roadway frontage and provided an indicated adjusted value of $15,300 per acre. RECONCILIATION OF THE MARKET VALUE ESTIMATE: In summary, the appraiser has selected nine competitive unimproved sales zoned E, Estates District, transacted between July 2013 and February 2014 for direct comparison to the parent tract and which will provide the database for the application of the Sales Comparison Approach. The indicated adjusted sales prices associated with these nine sales range from a low of $7,473 per gross acre for Sale No. 4 to a high of $15,300 per gross acre for Sale No. 9. The arithmetical mean from this database was $11,359 per gross area. All nine sales conveyed property rights involving a fee simple estate and involved market financing or were all cash to seller transactions. Also, all sales utilized in direct comparison to the parent tract were verified to be arm's length transactions. The primary residential market area is considered to be within a period of stabilizing values after a period of decline. Residential market values have dramatically declined subsequent to the market peak. Recently, the number of bank foreclosure sales has declined and the number of listings has significantly declined. This has caused some pricing increases. All sales utilized are recent transactions. Accordingly, the appraiser -has not made a market conditions (time) adjustment. All sales are competitive vacant residential sites considered to have the same highest and best use "as vacant" (potential single - family residential development). All sales are located in the primary market area. Accordingly, all sales were considered to have a similar overall location. The parent tract is located at the southwest corner of Golden Gate Boulevard E. and 4th Street SE. Golden Gate Boulevard E. is an arterial, undivided, two lane, paved roadway and 4th Street SE is a local, undivided, two lane, paved roadway. All sales, except Sale No. 8, are located along nearby less travelled interior streets connecting to Golden Gate Boulevard E. Accordingly, these sales were given a negative 15% adjustment for being located along less busy more desirable residential roadways. Sale No. 8 is also a corner site similar to the parent tract with frontage along Golden Gate Boulevard E. and frontage along a less travelled interior street, 7th Street NW. Accordingly, no adjustment was necessary for Sale No. 8 for differences in roadway frontages. All sales range in size from 1.14 to 5.00 acres, as compared to the parent tract's size of 5.15 acres. For many sale properties, sales of significant larger size will typically sell for a lower unit value, as compared to sales of smaller size. However, based on the analysis of the eight land sales utilized, no size adjustment was considered necessary. Sale Nos. 1, 3, 4, 5, 7, 8 and 9 were considered to consist of mostly upland areas similar to the parent tract. Verification of Sale No. 2 indicated the sale property included partial wetland areas. Accordingly, this sale was given a positive 10% adjustment for this condition. Verification of Sale No. 6 indicated the sale property included significant wetland areas. Accordingly, this sale was given a positive 25% adjustment for this condition. All sales have similar land use designations, zoning classifications and available utilities. Accordingly, no adjustments were made for these elements of comparisons. W11co, Packet Page -1039- S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 56 Reliance upon the appraisal for other uses is not warranted. In conclusion, the final estimate of value, after reviewing each of the nine comparable sales utilized in direct comparison to the parent tract is $11,500 per gross acre, which results in the following estimate of value: Market Value of the Parent Tract: (5.15 Gross Acres) x ($11,500 Per Gross Acre) _ $59,225 Rounded to, Say = $59,200 W11CO. Packet Page -1040- S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 57 Reliance upon the appraisal for other uses is not warranted. I Reconciliation of the Value Indications I In summary, the appraiser has obtained the following value indications from the valuation approaches presented earlier in the appraisal report as follows: The Cost Approach to Value: The Sales Comparison Approach to Value: The Income Capitalization Approach to Value: NA $59,200 N/A Reconciliation is the analysis of alternative conclusions to arrive at a value estimate. Reconciliation is required because different value indications result from the use of more than one valuation approach and within the application of a single approach. Furthermore, the final value estimate should not be derived simply by applying technical and quantitative procedures; rather, it should involve the exercise of judgment. The value conclusion reached should be consistent with market thinking and the quantity of data used should correspond to the amount of data the market considers relevant to the problem. An appraiser shall produce a meaningful, defensible value estimate by considering three criteria: appropriateness, accuracy, and quantity of evidence. Appropriateness relates to the use of certain approaches and specific assignments. All data, calculations, estimates, and adjustments are examined for accuracy. The quantity of evidence is analyzed to determine if the conclusion reached is sufficiently supported in the market. Market data reflects past phenomena, but an appraiser must rely on data to estimate future benefits and the present value of these benefits. Nevertheless, the data available should not dictate the range of future possibilities under consideration. It was the appraiser's opinion that the Market Approach to Value or the Sales Comparison Approach to Value was the only applicable approach for this valuation assignment. The Sales Comparison Approach to Value was considered applicable since an adequate number of sales of similar unimproved acreage properties have recently occurred within the market area that were utilized by the appraiser in predicting typical buyer and seller behavior. In summary, the appraiser has selected nine competitive unimproved sales zoned E, Estates District, transacted between July 2013 and February 2014 as being most comparable to the parent tract. The market data within the Sales Comparison Approach to Value was considered sufficient and adequate to provide a reliable value conclusion. Based on this market analysis, the market value of the parent tract was estimated to have a unit value of $11,500 per gross acre, resulting in a total indicated market value of $59,200, rounded (5.15 acres x $11,500 per gross acre). The Cost Approach to Value and the Income Capitalization Approach to Value were not considered applicable for this appraisal assignment due to the fact that the parent tract is vacant land. Wilda Packet Page -1041- 5, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 58 Reliance upon the appraisal for other uses is not warranted. Estimation of Reasonable Exposure Time: In this portion of the analysis, the appraiser will provide the reader with a narrative overview relating to the estimate of the reasonable exposure time or normal marketing period for the parent tract. Exposure time is always presumed to precede the effective date of the appraisal. Exposure time may be defined as follows: the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. The appraiser has estimated a reasonable exposure time for the parent tract to be six to thirty - six months, based on the appraiser's research of market activity and available listings and interviews with numerous market participants. "CO, packet Page -1042- S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 59 Reliance upon the appraisal for other uses is not warranted. Descriptions and Valuation Analyses of the Proposed Partial Acquisition Area and the Remainder Property WICO, Packet Page -1043- S. InC. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Parcel No. 152 RDUE Acquisition Area Map COWEN CATE BOULEVARD (CR 876) F'I 65+00 45400 4t +00 48 +00 49+00 i0r00 iO�T � N IIN Q• ry, TyNeIfARCCMENT J NOM'IFF 50' Of �• 1RA[T b0 `^ N88'3t'04TF 300.74'/ ECWtNrX. v J N J F 1'04"W 776.'25" e ROADWAY EASEMENT NES1 ONE CY PARCEL 152 RDUE 30' 1a4cr.56 :soon so. r1. L e KM Luc OF 1W 30' Ov mACT 54 � TRACT 5S GOLDEN GATE ESTATES 'TRACT 89 UNIT 13 y PLAT BOOK 7 PAGE 72 + a i TRACT 55 MENTA OR 2007/300 r N LINE SABLE _ LINE REARING LENGTH 11 500128'57'E 50.00' 'S W L2 SOD'28'Sd'T 73.00' l4 NC70'7ti'S ? "W 49.00' $0. 1T, SOUARE FEET OR OTFK:IAL RECORDS f8OOK /PAGE) ' PROPOSED ROADWAY, DRAINAGE AND UTILITY FASEMENT (RDUE) EXISUNC ROADWAY EASEMENT DEDICATED TO THE PERPETUAL USE OF THE PUBLIC PER PLAT BOOK 7, PALL 72 IMM -Row FS 0120T LEGAL DESCRIPTION FOR PARCEL 152 RDUE A PORTfON OF TRACT 56, 'GOLDEN GATE ESTATES. UNn 13 AS RECORDED IN PLAT BOOK 7T PAGE 72 OF THE PUBLIC RECORDS OF COUJrR COUNTY, FLORIDA; LYING IN SECTION 3, TOWNSHIP 49 SOUTH, RANGE 27 LAST, COLLIER COUNTY, FLORIDA, OEM MORE PARTICULARLY DESCRIBED AS FOLLOWS. COMMENCING AT THE NORIHNLSI CORNER OF SAID TRACT 56; THENCE 5.00'28'521.. ALONG THE WEST LINE OF SAID TRACT $6. FOR 50.00 FEET TO A POINT ON THE SOUTH LINE Or THE NDRTI4 50 FELT OF SAID TRACT 56 AND THE .POINT OF BEGINNING THE HEREIN DESCRIUED PARCEL; THENCE N.BW3t'O4'E.. ALONG SAID SOUTH LINE Fit 30D.24 FEET, TO A POINT ON TttE WEST LINE OF THE EAST 30 FEET OF SAID TRACT S6: . THENCE' S.00'28'54"E., ALONG SAID WEST LINE FOR 73.00 FEET: 1H(NCE N.45'28'56"W., FOR 33 -94 FEET; THENCE S.81r.NV04'W., FOR 276.25 FEET 10 A POINT ON THE WEST LNRL OF SAID TRACT 56; THENCE. N.0728'52W.T ALONG SAID WEST UNE FOR 49,00 FEET TO THE POINT OF BEGINNING OF HEREIN DCSCRi8ED PARCEL. CONTAINING 15,ODO SOUARE FELT. MORE OR LESS. 0 40 a0 TEU -an SKETCH k DESCRIPTION ONLY NOT A BOUNDARY SURVEY sc4LC V-06' nFwoa "" Tetra a b- fo FOR: COLLIER GOTlTIT1' 00YERNMENT BOARD OF COMM COMMI5510t1ER5 IA°OTL,o o a @ p �1pAd9 OF GOLDEN OATS BOULEVARD alc Tl�ie� RK87CR k DERCRIP"OH OF: PROPOSED ROADWAY EASEMENT PARCEL 152 ROUR fem111bwRbArQM,Sai�8f41 COLLIER COUNTY. FLORIDA T1Am'edwlOr. ru yw,4y>r, LBMw� JOB MIMITEIQ 11W510N SECTION 10"1114P RURI@' ST:AIr`. OAIE DRAWN By TILE NAME SHEE"I 05021TA0.01 0007 REV OT 3 69 27 1" 80' DEC. 2009 R.Y. '. I" t OF Wilda Packet Page - 1044 -'S, InC. 9/23/2014 16.A.5. Page 60 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 61 Reliance upon the appraisal for other uses is not warranted. PROJECT DESCRIPTION AND IDENTIFICATION OF THE PROPOSED PARTIAL ACQUISITION AREA Project Description: The proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement will be utilized for the widening of Golden Gate Boulevard E. from Wilson Boulevard to DeSoto Boulevard. Plans included the widening of Golden Gate Boulevard E. from two lanes to four lanes and will include capacity improvements such as adding turn lanes to the Wilson Boulevard and Everglades Boulevard intersections. Other improvements include traffic signal upgrades at three major intersections (Wilson, Everglades and DeSoto Boulevards), on -road bike lanes and sidewalks on both sides of the roadway. This project will also include the replacement of bridges over three canals, the Golden Gate, Miller and Faka Union canals. Description of the Proposed Acquisition Area: Parcel No. 152 RDUE is a perpetual, non- exclusive, road right -of -way, drainage, and utilities easement that consist of a strip taking along the southerly right -of -way of Golden Gate Boulevard E. Parcel No. 152 RDUE contains 0.34 acres (15,000 square feet) of gross land area and is irregular in shape. Specifically, the Parcel No. 152 RDUE has a northern property line along Golden Gate Boulevard E. that measures 300.24 feet; with a depth there from along the eastern property line and along 4th Street SE that measures 73.00 feet; with a depth there from along the western property line that measures 49.00 feet and a southern property line that is irregular and can be described as follows: proceed from the southwest corner of Parcel No. 152 RDUE easterly 276.25 feet, thence southeasterly 33.94 feet to the southeast corner of Parcel No. 152 RDUE. No significant improvements are located within the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement. Legal Description of the Partial Acquisition Area: The legal description of the proposed perpetual, non - exclusive, road right -of -way, drainage, and utilities easement acquisition area is as follows: LEGAL DESCRIPTION FOR PARCEL 152 RDUE A PORTION OF TRACT 56, GOLDEN GATE ESTATES, UN17 13 AS RECORDED IN PLAT BOOK 7, PAGE 72 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, LYING IN SECTION 3, TOWNSHIP 49 SOUTH, RANGE 27 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS. COMMENCING AT THE NORTHWEST CORNER OF SAID TRACT 56; THENCE S,00'28'52 °E., ALONG THE WEST LINE OF SAID TRACT 56, FOR 50.00 FEET TO A POINT ON THE SOUTH LINE OF THE NORTH 50 FEET OF SAID TRACT 56 AND THE POINT OF BEGINNING THE HEREIN DESCRIBED PARCEL: THENCE N:1219'31'04 "E., ALONG SAID SOUTH LINE FOR 300.24 FEET, TO A POINT ON THE WEST LINE OF THE EAST 30 FEET OF SAID TRACT r56; THENCE S.00'28'54 "E.. ALONG SAID WEST UNE FOR 73.00 FEET; THENCE N.45'26'56'W.. FOR 33.94 FEET; THENCE S.89'31'04 "W., FOR 276.25 FEET TO A POINT ON THE WEST LINE OF SAID TRACT 56; THENCE N.00'28'52 "W., ALONG SAID 'WEST LINE FOR 49.00 FEET TO THE POINT OF BEGINNING OF HEREIN DESCRIBED PARCEL. CONTAINING 15.ODO SQUARE FEET, MORE OR LESS. Source: RWA Consulting, Inc., Naples, Florida. VALUATION ANALYSIS OF THE PROPOSED PARTIAL ACQUISITION AREA Value of the Property Rights Taken: The appraiser has previously estimated the market value of the fee simple interest of the parent tract to have a unit value of $11,500 per gross acre. This value estimate was obtained through the application of the Sales Comparison Approach to Value. Since the part taken is to be valued as part of the whole, this value will serve as a basis of value for the valuation of the property rights taken. W11CO Packet Page -1045- S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 62 Reliance upon the appraisal for other uses is not warranted. As previously stated, Parcel No. 152 RDUE is a perpetual easement for road right -of -way, drainage, utilities and maintenance of these uses. Accordingly, the proposed easement will essentially take the entire bundle of rights, with the owner only allowed to utilize the proposed easement area for density calculations. Since the proposed taking is an easement versus a fee simple taking, the bundle of rights taken is something less than 100 %. However, since the proposed easement precludes almost all practical uses by the owner, the appraiser has estimated Parcel No. 152 RDUE will include 99% of the fee simple value resulting in an estimated overall unit value of $11,385 per acre (0.99 x $11,500). Therefore, the value of the property rights taken is estimated as follows: Market Value of the of the Property Rights Taken: (0.34 Gross Acres) x ($11,385 Per Acre) _ $3,871 Rounded to, Say = $3,900 Value of the Improvements Taken: As previously stated, no significant improvements are located within the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement. Summary of the Property Rights and Improvements Taken: The following is the appraiser's summary of the value of the property rights and improvements taken from the parent tract: 1. Property Rights Taken: ........................................................................................... $3,900 2. Improvements Taken: ............................................................................................. 0 Market Value of the Part Taken: .............................................................................. $3,900 Valuation of the Remainder Property, as Part of the Whole: The following sets forth the arithmetic analysis of the valuation of the remainder property, as part of the whole (before value less value of part taken): 1. Market Value of the Parent Tract, Before the Taking: ........................................... $59,200 2. Less Market Value of the Part Taken: ................................................................... 3,900 Total Market Value of the Remainder Property, As Part of the Whole: .................. $55,300 VALUATION ANALYSIS OF THE REMAINDER PROPERTY "AS SEVERED" The remainder property shall contain 5.15 acres of gross land area and is still rectangular in shape and the same size and shape as before the taking, since the proposed property rights to be acquired involve a perpetual easement for road right -of -way, drainage, utilities and maintenance of these uses. However, the remainder property will be encumbered by an additional perpetual easement located along the southerly existing right -of -way of Golden Gate Boulevard E. containing 0.34 acres of gross land area. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. The highest and best use of the remainder property "as vacant" is estimated to remain the same as before the taking, potential single - family residential development. Finally, the remainder property is not considered to be damaged due to the taking of the proposed perpetual easement acquisition area. Most competitive Golden Gate Estates properties are encumbered by 30 to 50 foot wide road right -of -way easements along the property's adjacent roadway frontages. Prior to the taking, the parent tract was encumbered by a 50 -foot wide road right -of -way easement along the southern property line and along the property's existing frontage to Golden Gate Boulevard E. W1/CO3 packet Page -1046- S,1►1C. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 63 Reliance upon the appraisal for other uses is not warranted. As stated above, after the taking, the remainder property will be encumbered by an additional perpetual easement containing 0.34 acres of gross land area located along the southerly existing right -of -way of Golden Gate Boulevard E. Although the appraiser has recognized that most buyers, sellers, and active real estate agents have reported that competitive unimproved Golden Gate Estate properties within the market area are typically purchased based on a price per acre of gross land area unit of value, the appraiser has also recognized the proposed additional easement area precludes almost all practical uses by the owner. Therefore, the appraiser has estimated Parcel No. 152 RDUE will take 99% of the fee simple value. Accordingly, the appraiser has estimated the residual value to proposed additional easement area to be 1 % of the fee simple value resulting in an estimated unit value of $115 per acre (0.01 x $11,500) for this portion of the property. The appraiser has previously estimated the market value of the undivided fee simple interest in the parent tract to have unit value of $11,500 per gross acre. The remainder land area exclusive of the additional encumbered area taking, containing 4.81 acres (5.15 — 0.34), is estimated to have the same unit value, as before the taking. Based on the aforementioned data and analysis, the following sets forth the appraiser's estimate of the remainder property as follows: Market Value of the of the Remainder Property: Land Area Exclusive of the Additional Encumbered Area Taken: (4.81 Gross Acres) x ($11,500 Per Acre) _ $55,315 Rounded to, Say = $55,300 Additional Encumbered Area Taken: (0.34 Gross Acres) x ($115 Per Acre) _ $ 39 Rounded to, Say = $ 0 Total = $55,300 SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Technically, severance damages are calculated as the negative difference between the value of the remainder property, as part of the whole, and the value of the remainder property, as severed. When the value of the remainder property, as severed, is less than the value of the remainder property, as part of the whole, the difference is the actual measurement of the damages to the remainder property. When the value of the remainder property, as severed, is greater than the value of the remainder property, as part of the whole, the difference is not damage but is considered a benefit. The appraiser has estimated the remainder property, as part of the whole, to be $55,300, which represents the value of the whole ($59,200), less the value of the part taken ($3,900). The appraiser has also estimated the market value of the remainder property as severed to be $55,300. Therefore, these value estimates indicate no severance damages. COST TO CURE ANALYSIS Based on the analysis of the remainder property, it is the appraiser's opinion, that there is no net cost to cure. Wl/co, Packet Page -1047- S, /nC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 64 Reliance upon the appraisal for other uses is not warranted. SPECIAL BENEFITS Based on the analysis of the remainder property, it is the appraiser's opinion, that there are no special benefits. SUMMARY AND CONCLUSION AND THE TOTAL COMPENSATION ESTIMATE Accordingly, based on all the aforementioned data and analysis, the following summarizes the appraiser estimates of the total just compensation estimate: "CO, packet Page -1048- S, /nC. Parcel No. 152 RDUE: $11,500 99.00% $11,385 Fee Indicated Indicated Indicated' _. Value YLP—f _. Vim... Quantlty Value Value 1. Before Propert y: Per Ac. Fee Per Ac. Acres Indicated Rounded Total A. Land: _ _. $11,500 100.00% $11,500 5.15 $59,225 .__ $59,200 B. Improvements: $0 C._Total• _..._ _ ........ ............ $3,900 $59,200'. "CO, packet Page -1048- S, /nC. A. Additional Encumbered Land Taken: $11,500 99.00% $11,385 0.34 $3,871 $3,900 B. Improvements Taken: $0 C. Total: $3,900 3. Remainder as Part of the Whole: $55,300 4. Remainder Property: A. Land: 1. Land Area (Exclusive of Additional Encumbered Land Taken): $11,500 100.00% $11,500 4.81 $55,315 $55_,300 2 Additional Encu mbered Land Taken: $11,500 1.00% $115 0.34 $39 $0 . ...... 5.15 $55,354 $55,300 -...$0 _._ ...... B. Improvements: C. Total: _ -__ . _ -- _. _.._. _ _ $55,300 5. Damages (Total): $0 6. Special Benefits: _ _ .. . _ ��. .. . $0' 7. Damages (Net): $0 Summary of Total Compensation: 1. Proposed Part to be Acquired: A. Additional Encumbered Land Taken: $11,500 99.00% $11,385 0.34 $3,871 $3,900 B. Improvements Taken: $p C. Total: _ _. _ , .. �. _ . $3,900 2. Damages (Net) _$O. 3. Cost to Cure, Net. $p TOTAL COMPENSATION: $3,900 "CO, packet Page -1048- S, /nC. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Addendum WIICO. Packet Page -1049- s, InC. 9/23/2014 16.A.5. Page 65 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 66 Reliance upon the appraisal for other uses is not warranted. ASSUMPTIONS AND LIMITING CONDITIONS The Market Value estimate of the property or properties appraised herein is subject to certain assumptions and limiting conditions. Specifically they are: Any legal descriptions furnished are assumed to be correct. 2. No responsibility is assumed for matters legal in character, nor is any opinion rendered herein as to title, which is assumed to be good and merchantable. It is assumed that the property is under responsible ownership and management on the appraisal date. 3. It is assumed that surveys and /or plats furnished to, or acquired by, the appraiser and used in the making of this report are correct. The appraiser has not made a land survey or caused one to be made, and therefore, assumes no responsibility for their accuracy. 4. Certain data used in compiling this report was furnished the appraiser from sources which they consider reliable, however, they do not guarantee the correctness of such data, although as far as is reasonably possible, the data has been checked and is believed to be correct. 5. The soil of the area under appraisement appears to be firm and solid, unless otherwise stated. Subsidence in the area is unknown or uncommon but the appraiser does not warrant against this condition of occurrence. 6. Subsurface rights (minerals and oil) were not considered in making this report unless otherwise stated. 7. The tracts that according to survey, map or plat, indicate riparian rights and /or littoral rights are assumed to go with the property unless easements or deeds of record were found by the appraiser to the contrary. 8. Possession of this report, or copy thereof, does not carry with it the right of publication or reproduction, nor may it be used by any but the applicant without prior written consent of the applicant and the appraiser, and in any event only in its entirety. 9. The appraiser by reason of this report is not required to give testimony in court with reference to the property herein appraised, nor is the appraiser obligated to appear before any governmental body, board or agent unless arrangements have been previously made therefore. 10. A careful inspection was made of any and all buildings involved in this appraisal report and damage, if any, by structural failure, termites, dry rot, wet rot or other infestations was reported as a matter of information by the appraiser, but no guarantee as to the amount or degree of damages, if any, is given herein. 11. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 12. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser, or firms with which they are connected, or any reference to the Appraisal Institute, or to the MAI designation. 13. Unless specifically stated in the report, the appraiser did not determine the flood plain status of the property appraised. If such data is available, it is recommended it be obtained prior to any development that might be contemplated. WICO. packet Page -1050- S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 67 Reliance upon the appraisal for other uses is not warranted. ASSUMPTIONS AND LIMITING CONDITIONS - Continued 14. Inspection of the parent tract revealed no obvious environmental hazards. The existence of potentially hazardous materials used in the construction or maintenance of the building, such as the presence of urea formaldehyde foam insulation, and /or existence of toxic waste, which may or may not be present on the property, has not been considered. The appraiser is not qualified to detect such substances and reserves the right to amend or alter this report and the value conclusions tendered herein should an Environmental Risk Audit (or other similar study) be conducted on the parent tract at a later date. 15. This appraisal was prepared by the appraiser who signed this report for the exclusive use of the client. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report. Wilco. packet Page - 1051 -'S, InC. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Qualifications of the Appraiser, R. Alan Wilcox, MAI, SRA OVERVIEW 9/23/2014 16.A.5. Page 68 R. Alan Wilcox has over 29 years of appraisal experience in the state of Florida specializing in eminent domain and litigation assignments. Mr. Wilcox has worked for both the condemnor and the property owner with experience in a variety of appraisal problems concerning commercial, industrial, residential, and special use properties. Mr. Wilcox has expertise in providing the client with strong market research for a reliable factual foundation to support the valuation opinion combined with effective communications including report writing, trial exhibits and expert testimony. PROFESSIONAL MEMBERSHIPS • MAI and SRA Designations, Appraisal Institute, Certificate No. 9613 • Trustee, Real Estate Appraiser Group Insurance Trust, Present • Member, Appraisal Institute, Regional Ethics and Counseling Panel, 1993 - Present • Member, Real Estate Investment Society, Present • President and Board of Director, Appraisers Liability Insurance Program, 2012 • Vice President and Board of Director, Appraisers Liability Insurance Program, 2011 • Board of Director, Appraisers Liability Insurance Program, 2010 • Member, Appraisal Institute, Leadership Development & Nominating Committee, 2005- 2008 • Member, National Board of Directors, Appraisal Institute, Region X, Chair, 2004 • Member, National Board of Directors, Appraisal Institute, 2001 -2003 • Director, Association of Eminent Domain Professionals, 2000 -2001 • President, West Cost Florida Chapter of the Appraisal Institute, 2001 • Regional Representative, West Coast Florida Chapter of Appraisal Institute, 1994 -2001 • Vice President, West Cost Florida Chapter of the Appraisal Institute, 2000 • Secretary, West Cost Florida Chapter of the Appraisal Institute, 1999 • Treasurer, West Cost Florida Chapter of the Appraisal Institute, 1998 • Member, Region X, Appraisal Institute, National General Appraisal Board Guidance Subcommittee, 1996 -1998 • Director, West Coast Florida Chapter of Appraisal Institute, 1993 -1996 • Chairperson, MAI Admissions Committee, West Coast Florida Chapter of the Appraisal Institute, 1997 • Chairperson, MAI, Candidate Guidance, West Coast Florida Chapter of the Appraisal Institute, 1993 -1996 AWARDS • Appraisal Institute's "Volunteer of Distinction Award ", Region X, 2011 • Outstanding and Dedicated Service Award, West Coast Florida Chapter of Appraisal Institute, 1996 lMICO packet Page - 1052 - S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 69 Reliance upon the appraisal for other uses is not warranted. Qualifications of the Appraiser, R. Alan Wilcox, MAI, SRA - Continued STATE CERTIFICATION /LICENSES • State - certified general real estate appraiser, RZ306 (Florida) • Real Estate Broker's License, BK 326544 (Florida) EDUCATIONAL BACKGROUND Bachelor of Science Degree, West Virginia University, Morgantown, West Virginia, 1971 • Graduated with High Honors (No. One in Graduating Class) • Gamma Sigma Delta National Honor Society of Agriculture • Xi Sigma Pi National Honor Society of Forestry • Senior Recognition Certificate (No. One in Graduating Class) • College Bowl Participant • Senior Scholarship Award of Merit Master of Science Degree, University of Washington, Seattle, Washington, 1976 Post Graduate, 20 quarter hours, University of South Florida, Fort Myers, Florida, 1980- 1983 • Post Graduate, 9 semester hours, Nova University, Fort Lauderdale, Florida, 1982 REAL ESTATE APPRAISAL COURSES AND SEMINARS COMPLETED R. Alan Wilcox, MAI, SRA, has completed the specialized appraisal educational requirements for obtaining the MAI, SRA, designation and the continuing education program of the Appraisal Institute, as well as the continuing education requirements for State Certification. Furthermore, R. Alan Wilcox, MAI, SRA has made special efforts to exceed the required minimum educational requirements and to attend the highest quality of appraisal educational offerings, including courses and seminars sponsored by the Appraisal institute, American Law Institute & American Bar Association (ALI -ABA), Continuing Legal Education (CLE) Institute, and the Association of Eminent Domain Professionals. EXPERIENCE • President/Owner, Wilcox Appraisal Services, Inc., Cape Coral, FL, August 1993 tc Present • Associate Appraiser, Hanson Real Estate Advisors, Inc., Fort Myers, FL, February 1990 to September 1998 • Expert Witness for the Florida Real Estate Appraisal Board, July 1998 • Associate Appraiser, Horizon Appraisal Services, Inc., Fort Myers, FL, June 1986 to February 1990 • Associate Appraiser, First Appraisal Services, Fort Myers, FL, March 1986 to June 1986 • Associate Appraiser, Richard L. Futral & Associates, Cape Coral, FL, July 1985 to March 1986 • Associate Appraiser, Calhoun & Associates, Fort Myers, FL, June 1984 to July 1985 Mica Packet Page - 1053 -'S, Inc. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Site to Do Business - Site Map 9/23/2014 16.A.5. Page 70 W/CO3 Packet Page -1054- s, 61C. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 71 Reliance upon the appraisal for other uses is not warranted. Site to Do Business Lat: 3027554.084547, Lon: - 9084407.735857 Prepared by R. Alan Wilcox Ring: 1, 3, 5 Miles July 27, 2013 WIICO Packet Page - 1055 - S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 72 Reliance upon the appraisal for other uses is not warranted. Site to Do Business Lat: 3027554.084547, Lon: - 9084407.735857 Prepared by R. Alan Wilcox Ring: 1 mile radius .. Summary: Census 2010 2012 '. 2017: Population 1,852 1,798 1,722 Households 585 568 546 Families 470 455 437 Average Household Size 3.17 3.17 3.15 Owner Occupied Housing Units 496 475 460 Renter Occupied Housing Units 89 93 86 Median Age 39.2 39.6 40.1 ' Trends: 2012 -- 2017 Annual Rate Area -' State '. National'. Population -0.864/. 0168% 0.68% Households -0.79% 0.65% 0,74% Families -0.80% 0.67% 0.72% Owner HHs -0.64% 0.87% 0.91% Median Household Income 1.54% 3.42% 2.55% 2012 2017 _.._ Households by Income Number Percent Number Percent <$15,000 38 6.7 %...,... 30 5.5 %..,. $15,000 - $24,999 25 4A% 16 2.9% $25,000 - .$34,999 43 7.6% 26 4.S% $35,000 - $49,999 121 21.3% 100 18.3% $50,000 - $74,999 .168 29.6 % - 185 .33.90/6 $75,000 - $99,999 89 15.7% 102 18.7% $100,000 - $149,999 58 10.2% 59 10.8% $150,000 - $199,999 11 1.9% 12 2.2% $200,000+ 16 2.8% 16 2.9% Median Household Income $55,839 $60,282 Average Household Income $69,4S9 $75,977 Per Capita Income $22,380 - $24,533 Census 2010 2012 2017 Population by Ape ,... Number Percent Number Percent. `, Number Percent 0 . p 96 5.2% 93 5.2 %_., 88 -... 5.1 %a 5 -9 121 6.S% 116 6.4% 110 6.4% 10- 14 161 8.7% 155 8.6% 149 8.7% 15 -19 162 8.7% ISO 8.3% - 136 7.9% 20-24 102 5.5% 101 5.6% 88 5.1% 25 -34176 9.5% 1749.7 %167 9.7% 35-44 307 16.6% 291 16.2% 269 15.6% 45- 54 365 19.7% 346 19.2% 310 18.0% 55- 64 205 11.1% 211 11.7% 217 12.6% 65-74 .107 '5.8% 112 6.2% 135 7.8% 75-84 41 2.2% 40 2.2% 43 2.5% 85+ 9 0.5% 10 0.6% 10 0.6% Date Note: Incnme is exixessed in can t dollars. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esn forecasts for 2012 and 2017. July 27, 2013 "CO, Packet Page - 1056 -'s, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 73 Reliance upon the appraisal for other uses is not warranted. Site to Do Business Demographic an• Income Profile - Appraisal Version Lat: 3027554.084547, Lon: - 9084407.735857 Prepared by R. Alan Wilcox Ring: 1 mile radius 7 4 Trends 2012 -2017 c 2.S d w 2 a c Ls- I- 0.5- Q _0.1 1 0 1 Population Households Families Population by Age c m V d a Area • State USA Owner HHs Median HH Income 2012 Household Income S50K - $74k 29 5% $35K - S49K 21.3% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esn forecasts for 2,012 and 2017. 575K - 599K 15.6% Wilco, Packet Page - 1057 -'S, 61C. Ik SK - S24K 4.4% < 15K 6.7% t200K+ 2.9% S1SM -S199K 1.9% X - S149k 10.2% July 27, 2013 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 74 Reliance upon the appraisal for other uses is not warranted. Site to Do Business OEM Lat: 3027554.084547, Lon: - 9084407.735857 Prepared by R. Alan Wilcox Ring: 3 mile radius Summary Census 2010 2012 2017. Population 10,931 11,035 11,255 Households 3,523 3,555 3,639 Families 2,858 2,873 2,942 - Average Household Size 3.10. 3.10 3.09 Owner Occupied Housing Units 2,996 2,986 3,079 Renter Occupied Housing Units 527 569 560 Median Age 40.2 40.6 41.4 Trends. 2012 -2017 Annual Rate Area I State' , , National' Population 0,40% 0.68% 0.68% Households 0.47% 0.65% 0.74% Families 0.48% 0.67% 0.72% Owner HHs 0.62% 0.87% 0.91% Median Household Income 1.81% 3.42% 2.SS% 3012 3017 Households by Income •.. ....... .... ... Number ,..: Percent Percent Number Percent <$15,000 _. 249 7.0 % 212 5.8 %... $15,000 - $24,999 196 5.5% 131 3.6% $25,000 - $34,999 319 9.0% 207 S.7% $35,000 - $49,999 654 18.4% 584 16.0% $50,000- $74,999 939 26.4% 1,12130.8% $75,000 - $99,999 508 14.3% 625 17.2% $100,000 - $149,999 459 12.9% 505 13.9% $150,000 - $199,999 105 3.0% 120 3.3% $200,000+ 125 3.5% 135 3.7% Median Household Income $56,875 $62,223 Average Household Income $73,142 $81,101 Per Capita Income $24,291 $27,087 `census 2010 :2012 :2017 Population by Age Number Percent Number Percent Number Percent 0 -4 .: 572 5.2% 574 5.2% -. 574 5A% 5 -9 .718 6.6% .717 6.5% 717 6.4% 10-14 899 8.2% 889 8.1% 897 8.0% 15-19 .910 8.3% 872 7.9% : 838 7.4% 20-24 536 4.9% 547 5.0% 501 4.5% 2S-34 1,059 9.7% 1,083 9.8% 1,096 9.7% 35-44 1,694 15.5% 1,663 15.1% 1,623 14.4% 45-54 2,025 18.5% 1,988 18.0% 1,878 16.7% 55 - 64 1,305 1.1.9% 1,395 12.6% 1,521 13.5% 65-74 806 7.4% 884 8.0% 1,124 10.0% 75-84 343 3..1% 353 3.2% 404 3.6% 85+ 65 0.6% 71 0.6% 81 0.7% Date Nate: Income is expressed in current dollars.. Source: U.S. Census Bureau, CenSm 2010 Summary File 1. Esn forecasts tot 2012 and 2017, July 27, 2013 RICO Packet Page - 1058 -IS, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 75 Reliance upon the appraisal for other uses is not warranted. Site to Do Business Trends 2012 -2017 C d u d a c a m m c c a Demographic and Income Profile - Appraisal Version Lat: 3027554.084547, Lon: - 9084407.735857 Prepared by R. Alan Wilcox Ring: 3 mile radius Population by Age 1R- C V a 2012 Household Income $50K - $74K 26A% $35K - $4 284% $25K - $34K K -$24K 55% -15K 7.0% $75K - $99K 14.3% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esn forecasts for 2012 and 2017. W1160. Packet Page -1059- 5, /nC. ■ Area State USA 2012 2017 $200K+ 3.5% $150K - $199K 3.0% 4149K M July 27, 2013 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 76 Reliance upon the appraisal for other uses is not warranted. Site to Do Business MEN Lat: 3027554.084547, Lon: - 9084407.735857 Prepared by R. Alan Wilcox Ring: 5 mile radius ;> Summary 2010 -: 2012 :' 2017::. Population 27,044 27,354 28,293 Households 8,901 9,003 9,373 Families 7,280 7,333 7,635 Average Household Size 3.03 3.03 3.01 Owner Occupied Housing Units 7,513 7,499 7,862 Renter Occupied Housing Units 1,388 1,505 1,511 Median Age 38.4 38.9 39.7 Trends: 2012 - 2017 Annual Rate < Area .. : State ':'National Population 0.68% 0.68% Households 0.81% 0.65% 0.74% Families 0.81% 0.67% 0.72% Owner HHs 0.95% 0.87% 0.91% Median Household Income 1.85% 3.42% 2.55% 2012 2017 . Households by Income .... .. Number Percent Number ..:... Percent <$15,000 ._. 646 7.2 °!n 557 5.9 %..;: $15,000 - $24,999 644 7.2% 431 4.6% - $25,000 - $34,999 818 9.1% 540 5.8% $35,000 - $49,999 .1,631 18.1% 1,501 16.0% $50,000 - $74,999 2,415 26.8% .2,962. 31.6% $75,000 - $99,999 1,269 14.1% 1,612 17.2% $100,000 - $149,999 :- 1,131 12.6% 1,262 13.5% $150,000 - $199,999 219 2.4% 253 2.7% $200,000+ 231 2.6% 254 2.7% Median Household Income $55,448 $60,773 Average Household Income $69,269 $76,497 Per Capita Income $22,682 $25,177 Census 2010 2012 2017 Population by Age Number : Percent Number Percent : Number Percent 0 - 4 1,602 ....: 1,604 5.9% .:.1,629 5.8% 5 - 9 1,895 7.0% 1,894 6.9% 1,923 6.8% 10- 14 2,326 8.6% 2,304 8.4% 2,361 8.3% Is- 19 2,196 8.1% 2,107 7.7% 2,052 7.3% 20-24 1,355 5.0% 1,386 5.1% 1,290 4.6% 25- 34 2,828 10.5% : 2,898 - 10.6% 2,965 10.5% 35-44 4,312 15.9% 4,236 15.5% 4,208 14.9% 45-54 4;645 17.2% 4,569 16.7% 4,374 15.5% 55-64 3,072 11.4% 3,294 12.0% 3,651 12.9% 65-74 1,901 7.0% : 2,102 7.7% 2,724 9.6% 75-84 773 2.9% 804 2.9% 931 3.3% 85+ 140 0.5% 156 0.6% 183 0.6% Data Note:. income is expressed in current dollars. Source: U.S.. Census Bureau, Census 2010 Summary File 1. Esn forecasts for 2012 and 2017. July 27, 2013 W1iCO, Packet Page -1060- 5, /nC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 77 Reliance upon the appraisal for other uses is not warranted. Site to Do Business 4 Demographic and Income Profile - Appraisal Version Lat. 3027554.084547, Lon: - 9084407.735857 Prepared by R. Alan Wilcox Ring: 5 mile radius Trends 2012 -2017 c w u v a c m m w c Population by Age c v V d a 2012 Household Income SSOK -$74k 26.8% 53 5K -549K. SISK -S34K ...... 9.1% S75K -$99K 14.1% Source: U:S. Census Bureau, Census 2010 Summary File 1. Esn forecasts for 2012 and 2017. W1160. Packet Page - 1061 -'S, InC. Area State t3 USA 12012 2017 S24K 1% <SISK 7.2% S200K+ 2.6% S1SOK. - S390K 2.4% - 5149K 6% July 27, 2013 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page %$ Reliance upon the appraisal for other uses is not warranted. Land Sales Map RICO Packet Page - 1062 - S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 79 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 1 SALES DATA Recording Data Warranty Deed, Collier County, OR Book 5009, Page 1404. Grantor Frank M. Laplatte. Grantee Lazaro Homes, LLC. Sales Date -- Price February 14, 2014 -- $38,000. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past three years. Legal Description The South 180 feet of Tract 70, Golden Gate Estates Unit No. 11, according to the map or plat thereof as recorded in Plat Book 4, Pages 103 and 104, Public Records of Collier County, Florida. PROPERTY DATA Property Type — Current Use Residential — Vacant land. Highest and Best Use Residential development. Location The sale property is located on the east side of 5`h Street NW approximately 0.10 miles north of Golden Gate Boulevard, Collier County, Naples, Florida. Roadway Frontage 5th Street NW. Folio No. 37114400006. STRAP No. 328600 700 4C04. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30 -foot wide road right -of -way easement along the western property line and along the property's existing frontage to 5th Street NW. Size (Gross) 2.73 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $13,919 Per Gross Acre. VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on February 21, 2014 with Keith Gordon, listing agent, 877 - 232 -9695 and with Town & Country Title, 239 - 566 -8908. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Property appears to be mostly uplands. Wilco. Packet Page -1063- S, Inc. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 80 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 2 SALES DATA Recording Data General Warranty Deed, Collier County, OR Book 5007, Page 3006. Grantor Christopher L. Conn and Patricia A. Daly. Grantee Maino, LLC. Sales Date - Price January 31, 2014 - $33,000. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past three years. Legal Description The South 180 feet of Tract 24, Golden Gate Estates Unit No. 11, according to the map or plat thereof as recorded in Plat Book 4, Page 103, Public Records of Collier County, Florida. PROPERTY DATA Property Type - Current Use Residential - Vacant land. Highest and Best Use Residential development. Location The sale property is located on the east side of 7th Street NW approximately 0.75 miles north of Golden Gate Boulevard, Collier County, Naples, Florida. Roadway Frontage 7th Street NW. Folio No. 37111720006. STRAP No. 328600 24 14C04. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30 -foot wide road right -of -way easement along the western property line and along the property's existing frontage to 7th Street NW. Size (Gross) 2.73 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $12,088 Per Gross Acre. VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on February 24, 2014 with Casey Merriam, listing agent, 239 - 860 -0452. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property included partial wetlands. MICO. Packet Page -1064- S. /nC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 81 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 3 SALES DATA Recording Data Warranty Deed, Collier County, OR Book 5005, Page 1116. Grantor Russell A. Bronson and Virginia Bronson. Grantee Vicente Camacho. Sales Date — Price January 29, 2014 — $16,000. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past three years. Legal. Description The North 75 feet of the North 150 feet of Tract 47, Golden Gate Estates Unit No. 49, according to the map or plat thereof as recorded in Plat Book 5, Pages 80 and 81, Public Records of Collier County, Florida. PROPERTY DATA Property Type — Current Use Residential — Vacant land Highest and Best Use Residential development. Location The sale property is located on the east side of 10th Street NE approximately 0.70 miles north of Golden Gate Boulevard, Collier County, Naples, Florida. Roadway Frontage 10th Street NE. Folio No. 39262920009. STRAP No. 342100 47 24CO2. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30 -foot wide road right -of -way easement along the western property line and along the property's existing frontage to 10th Street NE. Size (Gross) 1.14 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $14,035 Per Gross Acre. VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on February 24, 2014 with Dawn Olitsky, listing agent, 239 - 850 -8679. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. MICO. Packet Page -1065- S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 82 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 4 SALES DATA Recording Data Warranty Deed, Collier County, OR Book 4995, Page 3903. Grantor Maria Flores Rivera. Grantee Ronald Franklin Martin, II and Denise S. Martin. Sales Date — Price December 23, 2013 — $24,000. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past three years. Legal Description The North 180 feet of Tract 77, Golden Gate Estates Unit No. 51, according to the map or plat thereof as recorded in Plat Book 5, Page 84, Public Records of Collier County, Florida. PROPERTY DATA Property Type -- Current Use Residential -- Vacant land Highest and Best Use Residential development. Location The sale property is located on the west side of 201h Street SE approximately 1.0 miles south of Golden Gate Boulevard, Collier County, Naples, Florida. Roadway Frontage 20`h Street SE. Folio No. 39388240003. STRAP No. 342700 770 4C12. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30 -foot wide road right -of -way easement along the eastern property line and along the property's existing frontage to 20th Street SE. Size (Gross) 2.73 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $8,791 Per Gross Acre. VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on February 24, 2014 with Richard Faust, listing agent, 239 - 298 -6473. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. RICO Packet Page - 1066 -'S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 83 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 5 SALES DATA Recording Data Warranty Deed, Collier County, OR Book 4984, Page 1040. Grantor Dietmar Meyer and Ute Meyer, f /k/a Ute C. Alber. Grantee Joe Cordero. Sales Date — Price November 13, 2013 — $13,500. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past three years. Legal Description The South 75 feet of the North 150 feet of Tract 11, Golden Gate Estates Unit No. 51, according to the map or plat thereof as recorded in Plat Book 5, Pages 84 and 85, Public Records of Collier County, Florida. PROPERTY DATA Property Type — Current Use Residential — Vacant land. Highest and Best Use Residential development. Location The sale property is located on the east side of 161h Street SE approximately 0.60 miles south of Golden Gate Boulevard, Collier County, Naples, Florida. Roadway Frontage 16th Street SE. Folio No. 39381480006. STRAP No. 342700 111 4C12. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 50 -foot wide road right -of -way easement along the western property line and along the property's existing frontage to 16th Street SE. Size (Gross) 1.17 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $11,538 Per Gross Acre. VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on February 24, 2014 with Dawn Olitsky, listing agent, 239 - 850 -8679. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. W1/11:0, Packet Page -1067- S, /nC. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Land Sale No. 6 9/23/2014 16.A.5. Page 84 SALES DATA Recording Data Warranty Deed, Collier County, OR Book 4969, Page 1599. Grantor Frances H. Sacco N /K/A Frances Sacco Ferguson. Grantee Neil Baldwin and Petra Jaeckle - Baldwin. Sales Date - Price September 20, 2013 - $23,000. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property.in the past three years. Legal Description The North half of Tract 38, Golden Gate Estates Unit No. 11, according to the map or plat thereof as recorded in Plat Book 4, Pages 103 and 104, Public Records of Collier County, Florida. PROPERTY DATA Property Type - Current Use Residential - Vacant land Highest and Best Use Residential development. Location The sale property is located on the west side of 5th Street NW approximately 0.05 miles north of Golden Gate Boulevard, Collier County, Naples, Florida. Roadway Frontage 5th Street NW. Folio No. 37112680103. STRAP No. 328600 381 4C04. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30 -foot wide road right -of -way easement along the eastern property line and along the property's existing frontage to 5th Street NW. Size (Gross) 2.58 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $8,915 Per Gross Acre. VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on February 24, 2014 with Casey Merriam, listing agent, 239 - 860 -0452. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property included significant wetlands. W1ICO packet Page -1068- S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 85 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 7 SALES DATA Recording Data Warranty Deed, Collier County, OR Book 4958, Page 3177. Grantor Robert C. Anderson and Susan L. Anderson. Grantee Alexander Pando and Perla Pando. Sales Date - Price August 22, 2013 - $39,000. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past three years. Legal Description The North 180 feet of Tract 132, Golden Gate Estates Unit No. 9, according to the map or plat thereof as recorded in Plat Book 4, Pages 99 and 100, Public Records of Collier County, Florida. PROPERTY DATA Property Type - Current Use Residential - Vacant land. Highest and Best Use Residential development. Location The sale property is located on the east side of 9`h Street SW approximately 0.75 miles south of Golden Gate Boulevard, Collier County, Naples, Florida. Roadway Frontage 9th Street SW. Folio No. 37019040008. STRAP No. 328000 132 04C08. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30 -foot wide road right -of -way easement along the western property line and along the property's existing frontage to 9th Street SW. Size (Gross) 2.73 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $14,286 Per Gross Acre. VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on September 3, 2013 with Jay Malamphy, selling agent, 239 - 248 -6393. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. Mica Packet Page -1069- 5, InC. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Land Sale No. 8 9/23/2014 16.A.5. Page 86 SALES DATA Residential development. Recording Data General Warranty Deed, Collier County, OR Book 4954, Page 3626. Grantor Michael R. Adams. Grantee Nian Financing Corp. Sales Date — Price August 9, 2013 — $35,000. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past three years. Legal Description The East 180 feet of Tract 2, Golden Gate Estates Unit No. 11, according to the map Easements) or plat thereof as recorded in Plat Book 4, Pages 103 and 104, Public Records of Collier County, Florida. PROPERTY DATA Property Type — Current Use Residential — Vacant land Highest and Best Use Residential development. Location The sale property is located at the northwest corner of Golden Gate Boulevard and 7`h Street NW, Collier County, Naples, Florida. Roadway Frontage Golden Gate Boulevard and 7th Street NW. Folio No. 37110120005. STRAP No. 328600 2 14C04. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easements) The sale property is encumbered by a 50 -foot wide road right -of -way easement along the southern property line and along the property's existing frontage to Golden Gate Boulevard, and by a 30 -foot wide road right -of -way easement along the eastern property line and along the property's existing frontage to 7`h Street NW. Size (Gross) 2.81 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $12,456 Per Gross Acre. VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on September 3, 2013, with John Grice, listing agent, 239 - 269 -4514. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. 14r"C0. packet Page -1070- S, InC. 9/23/2014 16.A.5. Prepared for and property of Collier County Board of Commissioners. Page 87 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 9 SALES DATA Recording Data Warranty Deed, Collier County, OR Book 4951, Page 1417. Grantor Jason Pillai et al. Grantee Lazaro Homes LLC. Sales Date — Price July 26, 2013 — $90,000. Conditions of Sale Typical market. Sales History The sale property previously sold for $56,000 on August 10, 2011._ Legal Description All of Tract 27, Golden Gate Estates Unit No. 9, according to the map or plat thereof STRAP No. as recorded in Plat Book 4, Pages 99 and 100, Public Records of Collier County, Zoning Florida. PROPERTY DATA Property Type -- Current Use Residential — Vacant land. Highest and Best Use Residential development. Location The sale property is located on the east side of 15th Street SW approximately 0.55 miles south of Golden Gate Boulevard, Collier County, Naples, Florida. Roadway Frontage 15th Street SW. Folio No. 37012000003. STRAP No. 328000 270 4C08. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30 -foot wide road right -of -way easement along the western property line and along the property's existing frontage to 15th Street SW. Size (Gross) 5.00 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $18,000 Per Gross Acre. VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on August 7, 2013 with Benjamin Wilson, listing agent, 239 - 293 -4519. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, verification of this sale indicated the property was mostly uplands. W1ICO. Packet Page -1071- S, /nC.