Agenda 10/28/2014 Item #16A1110/28/2014 16.A.11.
EXECUTIVE SUMMARY
Recommendation to approve an easement agreement for the purchase of a road right -of -way,
drainage and utility easement (Parcel 268RDUE) required for the expansion of Golden Gate
Boulevard from east of Wilson Boulevard to 20th Street East. (Project No. 60040.) Estimated
Fiscal Impact: $12,987.
OBJECTIVE: To purchase an easement needed for the four - laning of Golden Gate Boulevard
from east of Wilson Boulevard to 20th Street East (the Project).
CONSIDERATIONS: Collier County is seeking to purchase Parcel 268RDUE, a 43 foot wide
perpetual, non - exclusive road right -of -way, drainage and utility easement needed for
construction of the Project. The easement is 6,450 square feet in extent and is situated along the
road frontage of a parent tract owned by Luis and Yolanda Lebron. The parent tract is improved
with a single family home and is located on the south side of Golden Gate Boulevard, just east of
18th Street Southeast. The appraised value of the easement is $5,900. Please refer in this regard
to the attached appraisal report (without addenda), dated May 28, 2014, prepared by RKL
Appraisal and Consulting, PLC. The attached easement agreement reflects a negotiated full
compensation amount of $12,933 computed as follows: $11,000 for Parcel 268RUE and $1,933
for attorney's and appraiser's fees and costs, which the County is required to pay according to
Sections 73.091 and 73.092, Florida Statutes. The owners allege that this acquisition will cause
severance damages to the remainder property due to the partial loss of a landscape buffer. The
proposed settlement includes a portion of these severance damages, which were not provided for
in the attached appraisal report prepared for the County. If this parcel is not acquired by
negotiation, it will have to be condemned and the County will be liable for payment of the
owner's additional attorney's, appraiser's and other experts' fees and costs, which will far
exceed the difference between the appraised value and the negotiated purchase price. Staff
accordingly recommends that the Board of County Commissioners (the Board) approve the
agreement.
FISCAL IMPACT: Funds in the amount of $12,987, being the negotiated full compensation
amount of $12,933 and recording fees of $54, will be required. The primary funding source for
the acquisition of right -of -way is impact fees. Should impact fees not be sufficient within a
particular project, the secondary funding source will be gas taxes. The county currently
maintains Golden Gate Boulevard, so incremental maintenance costs ultimately related to the
improvements will be minimal compared to the overall benefits of project. Additional right -of-
way acquisitions are required, which will add acreage to the mowing and garbage removal
maintenance at approximately $3,000 per year. Replacement of swales with closed drainage
(piping) has a useful life of approximately fifty years with recurring costs of periodic inspections
and system cleaning on a three to five year basis at an estimated cost of $5,000 per cycle. New
roadway construction has a maintenance curve of approximately 5 to 7 years before any
incremental costs are required for repairs or replacement. When the construction contract is
brought before the BCC for approval, the maintenance costs will be revised if necessary.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality, and
requires a majority vote for Board approval. - SAS
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10/28/2014 16.A.11.
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. 268RDLTE 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 teens and conditions of the agreement; and
5. Authorize any and all budget amendments that may be required to carry out the collective
will of the Board.
Prepared by: Robert Bosch, Right -of -Way Coordinator, Transportation. Engineering, GMD.
Attachments: (1) Easement Agreement with Exhibit A; (2) Location Map; and (3) Appraisal
Report (without addenda) dated May 28, 2014.
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10/28/2014 16.A.11.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.A.16.A.11.
Item Summary: Recommendation to approve an easement agreement for the purchase
of a road right -of -way, drainage and utility easement (Parcel 268RDUE) required for the
expansion of Golden Gate Boulevard from east of Wilson Boulevard to 20th Street East.
(Project No. 60040.) Estimated Fiscal Impact: $12,987.
Meeting Date: 10/28/2014
Prepared By
Name: BoschRobert
Title: Right Of Way Coordinator, Transportation Engineering & Construction Management
9/24/2014 4:08:18 PM
Approved By
Name: DelateJoseph
Title: Project Manager, Senior, Transportation Engineering & Construction Management
Date: 9/29/2014 1:57:15 PM
Name: PutaansuuGary
Title: Project Manager, Principal, Transportation Engineering & Construction Management
Date: 9/30/2014 3:38:54 PM
Name: HendricksKevin
Title: Manager - Right of Way, Transportation Engineering & Construction Management
Date: 10/1 /2014 8:43:19 AM
Name: LynchDiane
Title: Supervisor - Operations, Road Maintenance
Date: 10/1/2014 11:57:53 AM
Name: KhawajaAnthony
Title: Chief Engineer - Traffic Operations, Traffic Operations
Date: 10/2/2014 8:07:32 AM
Name: KearnsAllison
Title: Manager Financial & Operational Support, Transportation Administration
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Date: 10/2/2014 2:34:04 PM
10/28/2014 16.A.11.
Name: TaylorLisa
Title: Management/Budget Analyst, Transportation Administration
Date: 10/2/2014 2:54:00 PM
Name: ShueGene
Title: Director - Operations Support, Transportation Administration
Date: 10/3/2014 8:59:04 AM
Name: GossardTravis
Title: Superintendent - Roads & Bridges, Road Maintenance
Date: 10/6/2014 2:16:26 PM
Name: StoneScott
Title: Assistant County Attorney, CAO Land Use/Transportation
Date: 10/7/2014 3:40:21 PM
Name: MarcellaJeanne
Title: Executive Secretary, Transportation Planning
Date: 10/13/2014 9:08:30 AM
Name: IsacksonMark
Title: Director -Corp Financial and Mngmt Svs, Office of Management & Budget
Date: 10/15/2014 1:04:24 PM
Name: KlatzkowJeff
Title: County Attorney,
Date: 10/15/2014 2:36:41 PM
Name: UsherSusan
Title: Management/Budget Analyst, Senior, Office of Management & Budget
Date: 10/20/2014 9:45:05 AM
Name: DurhamTim
Title: Executive Manager of Corp Business Ops,
Date: 10/20/2014 11:31:58 AM
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10/28/2014 16.A.11.
PROJECT: Golden Gate Blvd. #60040
PARCEL No: 268RDUE
FOLIO No: 39386640003
EASEMENT AGREEMENT
THIS EASEMENT AGREEMENT (hereinafter referred to as the "Agreement") is made
and entered into on this day of , 2014, by and between LUIS
LEBRON AND YOLANDA LEBRON, husband and wife, whose mailing address is 1860
Golden Gate Boulevard East, Naples, FL 34120 -3607 (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:
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:
$11,000.00
subject to the apportionment and distribution of proceeds pursuant to Paragraph 9 of this
Agreement (said transaction hereinafter referred to as the "Closing "). County also
agrees to pay the sum of $1,933.00 to Roetzel & Andress, c/o Attorney Kenneth A.
Jones for legal fees and all other costs. Said aggregate payment of $12,933.00
(representing Owner's proceeds, attorney fees and all other costs) shall be paid at
closing by County Warrant or funds wire transfer to Roetzel & Andress, c/o Attorney
Kenneth A. Jones, 2320 First Street, Suite 1000, Fort Myers, Florida 33901 -2904, and
shall be full compensation for the Easement conveyed, including 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 to cut and cap irrigation lines (if any) extending into
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the Easement, and to remove all sprinkler valves and related electrical wiring (if any),
and all other damages in conneon with conveyance of said Easement to County,
including all attorneys' fees, expert witness fees and costs as provided for in Chapter 73,
Florida Statutes.
3. Prior to Closing and as soon after the execution of this Agreement as is possible, Owner
shall provide County with 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;
(b) Instruments required removing, releasing or subordinating any and all liens,
exceptions and/or qualifications affecting County's enjoyment of the Easement.
(c) Closing Statement;
(d) Grantor's Non - Foreign, Taxpayer Identification and "Gap" Affidavit;
(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.n
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
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without interruption or inconvenience to the County's contractor. All Improvements not
removed from the Easement prior to commencement of construction of the project shall
be deemed abandoned by Owner.
This provision shall survive Closing and is not deemed satisfied by conveyance of title.
6. Owner and County agree to do all things which may be required to give effect to this
Agreement immediately as such requirement is made known to them or they are
requested to do so, whichever is the earlier.
7. Owner agrees, represents and warrants the following:
(a) Owner has full right, power and authority to own and operate the property
underlying the Easement, to enter into and to execute this Agreement, to
execute, deliver and perform its obligations under this Agreement and the
instruments executed in connection herewith, to undertake all actions and to
perform all tasks required of Owner hereunder and to consummate the
transaction contemplated hereby.
(b) County's acceptance of the Easement shall not be deemed to be full
performance and discharge of every agreement and obligation on the part of
Owner to be performed pursuant to the provisions of this Agreement.
(c) No party or person other than County has any right or option to acquire the
Easement or any portion thereof.
(d) Until the date fixed for Closing, so long as this Agreement remains in force and
effect, Owner shall not encumber or convey any portion of the property
underlying the Easement or any rights therein, nor enter into any agreements
granting any person or entity any rights with respect to the Easement, without
first obtaining the written consent of County to such conveyance, encumbrance,
or agreement, which consent may be withheld by County for any reason
whatsoever.
(e) There is no maintenance, construction, advertising, management, leasing,
employment, service or other contract affecting the Easement.
(f) Owner has no knowledge that there are any suits, actions or arbitration,
administrative or other proceedings or governmental investigations or
requirements, 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.
(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
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existing state on the effective date of this Agreement up to and including the
date of Closing. Therefore, Owner agrees not to enter into any contracts or
agreements pertaining to or affecting the property underlying the Easement and
not to do any act or omit to perform any act which would adversely affect the
physical condition of the property underlying the Easement or its intended use
by County.
(h) To the best of Owner's knowledge, the property underlying the Easement, and
all uses of the said property, have been and presently are in compliance with all
Federal, State and Local environmental laws; that no hazardous substances
have been generated, stored, treated or transferred on the property underlying
the Easement except as specifically disclosed to the County; that the Owner has
no knowledge of any spill or environmental law violation on the property
contiguous to or in the vicinity of the Easement to be sold to the County, that the
Owner has not received notice and otherwise has no knowledge of: a) any spill
on the property underlying the Easement; b) any existing or threatened
environmental lien against the property underlying the Easement; or c) any
lawsuit, proceeding or investigation regarding the generation, storage,
treatment, spill or transfer of hazardous substances on the property underlying
the Easement. This provision shall survive Closing and is not deemed satisfied
by conveyance of title.
8. Owner shall indemnify, defend, save and hold harmless the County against and from,
and reimburse the County with respect to, any and all damages, claims, liabilities, laws,
costs and expenses (including without limitation reasonable paralegal and attorney fees
and expenses whether in court, out of court, in bankruptcy or administrative proceedings
or on appeal), penalties or fines incurred by or asserted against the County by reason or
arising out of the breach of any of Owner's representations under paragraph 7(h). This
provision shall survive Closing and is not deemed satisfied by conveyance of title.
9. 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."
10. There shall be deducted from the proceeds of sale all prior year ad valorem taxes and
assessments levied against the parent tract property which remain unpaid as of the date
of Closing. Furthermore, in accordance with the exemptions provided for in Section
201.01, Florida Statutes, concerning payment of documentary stamp taxes by County,
Owner shall pay all documentary stamp taxes required on the instrument(s) of transfer.
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11. 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.
12. If the Owner holds the property underlying the Easement in the form of a partnership,
limited partnership, corporation, trust or any form of representative capacity whatsoever
for others, Owner shall make a written public disclosure, according to Chapter 286,
Florida Statutes, under oath, subject to the penalties prescribed for perjury, of the name
and address of every person having a beneficial interest in the property underlying the
Easement before the Easement held in such capacity is conveyed to County. (If the
corporation is registered with the Federal Securities Exchange Commission or registered
pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it
is hereby exempt from the provisions of Chapter 286, Florida Statutes.)
13. Conveyance of the Easement, or any interest in the property underlying the Easement,
by Owner is contingent upon no other provisions, conditions, or premises other than
those so stated herein; and this written Agreement, including all exhibits attached hereto,
shall constitute the entire Agreement and understanding of the parties, and there are no
other prior or contemporaneous written or oral agreements, undertakings, promises,
warranties, or covenants not contained herein. No modification, amendment or
cancellation of this Agreement shall be of any force or effect unless made in writing and
executed and dated by both Owner and County.
14. 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.
15. This Agreement is governed and construed in accordance with the laws of the State of
Florida.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date
first above written.
AS TO COUNTY:
DATED:
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
BY:
Deputy Clerk TOM HENNING, Chairman
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.7
AS TO OWNER:
DATED: !7- 11--117Z
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Witness (Signature)
Name (Print or Type
Witness (Signature)
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Name (Print or Type)
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Name (Print or Type)
Approved as to form and legality:
bt A. �hone�
Assistant County Attorney
10/28/2014 16.A.11
Page 6
Y NDA !_EBRON
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j I • EKE 10/28/2014 16.A.11.
GOLDEN GATE BOULEVARD (CR 876)
45, 00 Iafj
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PROPOSED ROADWAY EASEMIENT
( PARCEL 288 ROUE
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TRACT 59 ( TRACT 60 TRACT 61
GOLDEN GATE ESTATES
UNIT 51
PLAT BOOK 5 PAGE 84
I
wt ST 150' O
TRACT 60
LEBRON VILLRIAI(AR
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r -�-� ;.X c1 NG ROADWAY _ASEMENT DEDICATED TO THE PERPE%,A, i� U
SE 0 i!.E PJOL!C PER PLA- BOOK S, PAGE 84
LEGAL DESCRIPTION FOR PARCEL 268 RDUE
A PORTIC`. OF 'RACT 60, GOLDEN GATE ESTATES. UNIT 5: AS RECORDED IN PLAT BOOK 5. PAGE 84 OF THE PUBLIC
Ri :DR'JS O' :.OLDER COJNTY, f LOR'DA, LYIVG IN SECTION 1. TOWNS"10 49 SCUTH, RANGE 21 EAST, COLLIER
CJU,ITY. FLD�ZNA. BEING M;i4iL YArtIICULARLY DESCRIBED AS FOI }.OW$
THL SOU'I' 43 FE .T OF 'rE NCRTH 93 FEET 0" TtiE WEST 150 rEET OF ,AID TRADT 60
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GOLDEN GATE BOULEVARD �ilrrl.
SKETCH 8 DESCRIPTION OF: PROPOSED ROADWAY EASEMENT
14.
PARCEL 268 RDUE "lo M'lamFano—bu1.l00
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COLLIER COUNTY. FLORIDA Fn t2ne6746M FAX: CMM74M
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JGo NUMBER REVISION I SFCT:ON I TOWNS H!� RANCC SCALE DATE DRAWN $Y �Il£ NAME SHEET
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10/28/2014 16.A.11.
LOCATION MAP
PARCEL 268RDUE - GOLDEN GATE BOULEVARD PROJECT NO. 60040
(Not to Scale)
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APPRAISAL AND CONSULTING
REAL ESTATE APPRAISAL REPORT
GOLDEN GATE BOULEVARD E. WIDENING
Residential
1860 Golden Gate Boulevard E.
Naples, Collier County, Florida, 34120
PREPARED FOR:
Mr. Harry Henderson
Review Appraiser
Collier County Transportation Right -Of -Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Client File: 268 RDUE
EFFECTIVE DATE OF THE APPRAISAL:
May 10, 2014
DATE OF THE REPORT:
May 28, 2014
REPORT FORMAT:
Appraisal Report
PREPARED BY:
RKL APPRAISAL AND CONSULTING, PLC
RKL File Number: 2014 -118 (Parcel No. 268 RDUE)
4 -500 Executive Drive, Suite 300
NaWes. FL 34119 -8908
C.IOWKY MAI,CIV, Phone: 239- 596 -0800
S)UIS C. BOW'rM. MAI wvv -A-.rtaae.com
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APPRAISAL AND CONSULTING
May 28, 2014
Mr. Harry Henderson
Collier County Transportation Right -Of -Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Re: Real Estate Appraisal
Golden Gate Boulevard E. Widening
1860 Golden Gate Boulevard E., Naples,
Collier County, Florida, 34120
Client File: 268 RDUE
RKL File Number: 2014 -118 (Parcel No. 268 RDUE)
Dear Mr. Henderson:
At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying
appraisal for the above referenced property. The purpose of the appraisal is to estimate
the market value of the fee simple interest in the parent tract before and after the
proposed acquisition. The intended users for the assignment are Collier County
Transportation Right -Of -Way Group. The intended use of the appraisal is as a basis of
value for determining full compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if any) which are proposed to lod "
be acquired, including all diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-
exclusive, road right -of -way, drainage, and utility easement. We use the appraisal report
option of Standards Rule 2 -2 of USPAP to report the assignment results.
Please reference the appraisal scope section of this report for important information
regarding the scope of research and analysis for this appraisal, including property
identification, inspection, highest and best use analysis, and valuation methodology.
The accompanying appraisal conforms with the Uniform Standards of Professional
Appraisal Practice ( USPAP), the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
The parent tract is a parcel of land containing an area of 2.34 acres, or 102,000 square
feet. The tract is improved with a single- family home containing 2,074 square feet of
living area constructed in 1998. The improvements located outside the proposed
acquisition area, including the single - family home, are considered to be unaffected
by the acquisition. Therefore, the contributory value of those improvements is not
reported in the following appraisal.
Acr L" ,M ZUCCH!, MAL COM 4500 Executive Drive, Suite 300
Naples, FL 34119 -8908
c - "��� �" "' �� CPA Naples,
239 -596 -0800
S,UI S C. B01AWI-I- MAI - ,vwm7.rkiae.com
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10/28/2014 16.A.11.
Mr. Harry Henderson
Collier County Transportation Right -Of -Way Group
May 28, 2014
Page 2
Based on the appraisal described in the accompanying report, subject to the Limiting
Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions
(if any), it is my opinion that the amount due the property owner, as a result of the loss of
real estate resulting from the property rights and improvements (if any) which are
proposed to be acquired, including all diminution in value to the remainder land and
improvements (if any) which can be attributed to the use of or activity upon the proposed
perpetual, non - exclusive, road right -of -way, drainage, and utility easement (Parcel No.
268 RDUE), as of May 10, 2014, is:
SUMMARY OF JUST COMPENSATION
Value of Property Rights Taken: $1,500
Value of Improvements Taken: $4,400
Severance Damages: $0
Net Cost to Cure: $0
TOTAL AMOUNT DUE OWNER:
$5,900
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions:
None.
Respectfully submitted,
RKL APPRAISAL AND CONSULTING, PLC
Rachel M. Zucchi, MAI, CCIM
Florida State - Certified General Real Estate Appraiser RZ #2984
rzucchinrklac.com; Phone 239 -596 -0800 Ext. 203
ACH EL M ?t3CCH L MAi. CCIM
C. 1 .0Wl Y- MAI. CPA
CJVJIS C. CrCJl3hIM MAI
Packet Page -1016-
4500 Executive Drive, Suite 300
Naples, FL 34119 -8908
Phone: 239 -596 -0800
-,vww.rklac.com
10/28/2014 16.A.11.
GOLDEN GATE BOULEVARD E. WIDENING TABLE OF CONTENTS
TABLE OF CONTENTS
Summary of Important Facts and Conclusions .................................... ............................... 1
IntroductionInformation ...................................................................... ...............................
5
SubjectIdentification ....................................................................... ...............................
5
Current Ownership and Property History ........................................ ...............................
5
AppraisalScope ............................................................................... ...............................
5
Client, Intended User, and Intended Use ......................................... ...............................
6
Definitionof Market Val ue .............................................................. ...............................
6
Definition of Property Rights Appraised ......................................... ...............................
6
Purpose of Appraisal, Property Rights Appraised, and Dates ......... ...............................
6
Scopeof Work ................................................................................. ...............................
7
MarketArea Analysis .......................................................................... ...............................
8
Property Description and Analysis .................................................... ...............................
11
Site Analysis - Parent Tract ........................................................... ...............................
11
ImprovementsAnalysis ................................................................. ...............................
17
Real Estate Taxes and Assessments ............................................... ...............................
18
Highestand Best Use ..................................................................... ...............................
19
ValuationMethodology ..................................................................... ...............................
21
AnalysesApplied ........................................................................... ...............................
22
Valuation Analysis of Parent Tract .................................................... ...............................
23
Sales Comparison Approach .......................................................... ...............................
23
Contributory Value of the Site Improvements Taken .................... ...............................
29
Valuation Analysis of Part Taken and Remainder Property .............. ...............................
30
Descriptionof Part Taken .............................................................. ...............................
30
Value Analysis Proposed Property Rights and Improvements Taken ..........................
33
Valuation Analysis of Remainder Property As Severed .................... ...............................
35
Description of Remainder Property as Severed ............................. ...............................
35
Value Analysis Remainder Property As Severed .......................... ...............................
35
Severance Damages to the Remainder Property ............................ ...............................
37
Costto Cure Analysis .................................................................... ...............................
37
SpecialBenefits Analysis .............................................................. ...............................
37
Summaryand Conclusion .............................................................. ...............................
38
Certification....................................................................................... ...............................
39
Assumptions and Limiting Conditions .............................................. ...............................
41
Addenda
Appraiser Qualifications ................................. ............................... .......................Addendum A
Financials and Property Information ..................................... ............................... Addendum B
ComparableData ................................................................... ............................... Addendum C
Packet Page -1017-
10/28/2014 16.A.11.
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
GENERAL
Subject: Golden Gate Boulevard E. Widening
1860 Golden Gate Boulevard E., Naples,
Collier County, Florida, 34120
Owner: Luis and Yolanda Lebron
Intended Use: The intended use is as a basis of value for determining full
compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if
any) which are proposed to be acquired, including all
diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the
proposed perpetual, non - exclusive, road right -of -way, drainage,
and utility easement.
Intended User(s): Collier County Transportation Right -Of -Way Group
PARENT TRACT BEFORE THE TAKING
Current Use:
Legal Description:
Tax Identification:
Land Area:
Shape:
Flood Zone:
Zoning:
Improvements:
Year Built:
Gross Living Area (GLA):
Single - family residential
Golden Gate Estates Unit 51 W 150 feet of Tract 60
39386640003
Total: 2.34 acres; 102,000 square feet
Rectangular
Zone AH
E - Estates
1998
2,074
Highest and Best Use
As Vacant Single - family residential development
As Improved The highest and best use is as currently improved.
VALUE INDICATIONS BEFORE THE TAKING
Land Value: $23,400
Improvements: $4,400
Total Market Value of Parent Tract: $27,800
Effective Date(s) May 10, 2014
Property Rights Fee Simple
The improvements located outside the proposed acquisition area, including the
single - family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions:
None.
Pate 1
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GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
PART TAKEN
Identification: 268 RDUE
Intended Use of the Proposed The intended use of the proposed acquisition area is for a
Acquisition: perpetual, non - exclusive, road right -of -way, drainage,
and utilities easement.
Description: 43 foot wide strip taking along the southerly right -of -way
of Golden Gate Boulevard E.
Land Area: Total: 0.15 acres; 6,450 square feet
Shape: Rectangular MOL
Approximate Dimensions: 150'x 43'
Proposed Improvements Taken: The part taken is cleared and minimally landscaped with
an asphalt driveway.
VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Property Rights Taken: $1,500
Improvements Taken: $4,400
Total: $5,900
Effective Date(s) May 10, 2014
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $27,800
Less Market Value of the Proposed Part Taken: $5,900
Total Market Value of the Remainder Property, As Part of the Whole: $21,900
Effective Date(s) May 10, 2014
The improvements located outside the proposed acquisition area, including the
single - family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions:
None.
Page 2
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GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
REMAINDER PROPERTY, AFTER THE TAKING
Land Area:
Total: 2.34 acres; 102,000 square feet
Shape:
Rectangular
Improvements:
The parent tract is improved with a single - family home.
Existing Easements and
The parent tract is encumbered by a 50 -foot wide road
Encumbrances:
right -of -way easement along the northern property line
bordering the property's existing frontage to Golden Gate
Boulevard E. We are not aware of any other easement,
restrictions, or encumbrances that would adversely affect
value before the taking. However, a current title report
was not provided for the purpose of this appraisal.
Proposed Easement and
Additional 43 foot roadway, drainage and utility
Encumbrances:
easement south of the existing easement along the
northern property line.
Highest and Best Use
As Vacant
Single - family residential development
As Improved
The highest and best use is as currently improved.
VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE TAKING
Land Value:
$21,900
Improvement Value:
$0
Total Market Value of Reminder
Property: $21,900
Effective Date(s)
May 10, 2014
The improvements located outside the proposed acquisition area, including the
single- family home, are considered to be unaffected. by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions:
None.
Page 3
Packet Page -1020-
Remainder Property
Land Area - Exclusive of Additional
Encumbered Land Taken
Additional Encwnbered Land Taken
Total Land
Improvements
Total
Damages
Special Benefits
Net Damages
Summary of Total Compensation
$10,000 100% $10,000 2.19 $21,935 $21,900
$10,000 1% $100 0.15 $15 $0
2.34 $21,950 $21,900
$0
$21900
$0
$0
$0
Additional E-nclnnbered Land Taken $10.000 99% $9,900 0.15 $1.466 $1,500
Value of Improvements Taken $4.400
Total $5,900
Net Damages $0
Net Cost to Cure $0
Total Amount Due Owner $5,900
The improvements located outside the proposed acquisition area, including the
single- family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results
Hypothetical Conditions:
10/28/2014 16.A.11.
GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Severance Damages to the Remainder Property
Value of the Whole
$27,800
Less Value of the Part Taken
$5,900
Value of the Remainder Property as Part of the Whole
$21,900
Value of the Remainder Property as Severed
$21,900
Difference (Severance Damages)
$0
Rounded:
$0
Cost to Cure:
$0
Special Benefits:
$0
Parcel No. 268 RDUE
Fee Value per % of Indicated Value
Acres
Indicated Rounded
Total Value
Acre Fee per Acre
Value Value
Parent Tract Before the Taking
Land $10,000 100% $10,000 2.34
$23,416 $23,400
Improvements
$4,400
Total
$27,800
Proposed Part Taken
Additional Enctunbered Land Taken $10,000 99% $9,900 0.15
$1,466 $1,500
Improvements Taken
$4.400
Total
$5,900
Remainder Property, as Part of the Whole
$21,900
Remainder Property
Land Area - Exclusive of Additional
Encumbered Land Taken
Additional Encwnbered Land Taken
Total Land
Improvements
Total
Damages
Special Benefits
Net Damages
Summary of Total Compensation
$10,000 100% $10,000 2.19 $21,935 $21,900
$10,000 1% $100 0.15 $15 $0
2.34 $21,950 $21,900
$0
$21900
$0
$0
$0
Additional E-nclnnbered Land Taken $10.000 99% $9,900 0.15 $1.466 $1,500
Value of Improvements Taken $4.400
Total $5,900
Net Damages $0
Net Cost to Cure $0
Total Amount Due Owner $5,900
The improvements located outside the proposed acquisition area, including the
single- family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions:
None.
Page 4
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GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION
INTRODUCTION INFORMATION
SUBJECT IDENTIFICATION
Subject: Golden Gate Boulevard E. Widening
1860 Golden Gate Boulevard E., Naples,
Collier County, Florida, 34120
Legal Description: Golden Gate Estates Unit 51 W 150 feet of Tract 60
Tax Identification: 39386640003
The parent tract is a parcel of land containing an area of 2.34 acres, or 102,000 square
feet. The tract is improved with a single - family home containing 2,074 square feet of
living area constructed in 1998. The improvements located outside the proposed
acquisition area, including the single - family home, are considered to be unaffected
by the acquisition. Therefore, the contributory value of those improvements is not
reported.
CURRENT OWNERSHIP AND PROPERTY HISTORY
Owner: Luis and Yolanda Lebron
Sale History: According to public records, the subject has not sold in
the last three years.
Current The subject is not currently listed for sale, or under
Listing /Contract(s): contract.
To the best of our knowledge, no other sale or transfer of ownership has occurred within
the past three years, and as of the effective date of this appraisal, the property is not
subject to an agreement of sale or option to buy, nor is it listed for sale.
APPRAISAL SCOPE
According to the Uniform Standards of Professional Appraisal Practice, it is the
appraiser's responsibility to develop and report a scope of work that results in credible
results that are appropriate for the appraisal problem and intended user(s). Therefore, the
appraiser must identify and consider:
• the client and any other intended users;
• the intended use of the appraiser's opinions and conclusions;
• the type and definition of value;
• the effective date of the appraiser's opinions and conclusions;
• subject of the assignment and its relevant characteristics
• assignment conditions
• the expectations of parties who are regularly intended users for similar
assignments; and
• what an appraiser's peer's actions would be in performing the same or a similar
assignment.
Page 5
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GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION
CLIENT, INTENDED USER, AND INTENDED USE
The client and the intended user of the appraisal are Collier County Transportation Right -
Of -Way Group. The intended use is as a basis of value for determining full compensation
to the property owner for the loss of the real estate resulting from the property rights and
improvements (if any) which are proposed to be acquired, including all diminution in
value to the remainder land and improvements (if any) which can be attributed to the use
of, or activity upon, the proposed perpetual, non - exclusive, road right -of -way, drainage,
and utility easement. The appraisal is not intended for any other use or user.
DEFINITION OF MARKET VALUE
Market value is defined by The Dictionary of Real Estate Appraisal 5rh Edition:
"The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller each acting
prudently and knowledgeably, and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date
and the passing of title from seller to buyer under conditions whereby:
• Buyer and seller are typically motivated;
• Both parties are well informed or well advised, and acting in what they consider
their best interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in United States dollars or in terms of
financial arrangements comparable thereto; and
■ The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register
34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9,
1992; 59 Federal Register 29499, June 7, 1994)
DEFINITION OF PROPERTY RIGHTS APPRAISED
Fee simple estate is defined as an: "Absolute ownership interest unencumbered by any
other interest or estate, subject only to the limitations imposed by the governmental
powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary
of Real Estate Appraisal, Fifth Edition, 2010.)
The proposed property rights to be acquired involve a proposed perpetual, non - exclusive,
road right -of -way, drainage, and utilities easement.
PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES
The purpose of the appraisal is to estimate the market value of the fee simple interest in
the parent tract before and after the proposed acquisition. The effective date of the subject
appraisal is May 10, 2014. The date of the most recent inspection was May 10, 2014. The
date of the report is May 28, 2014.
Page 6
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GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION
SCOPE OF WORK
The problem to be solved is to estimate the market value of the fee simple interest in the
parent tract before and after the proposed acquisition.
SCOPE OF WORK
Report Type: This is an Appraisal Report as defined by Uniform
Standards of Professional Appraisal Practice under
Standards Rule 2 -2(a). This format provides a summary or
description of the appraisal process, subject and market
data and valuation analyses.
Property Identification: The subject has been identified by the legal description and
the assessors' parcel number.
Inspection: An on -site inspection was made and photographs were
taken.
Market Area and Analysis of A complete analysis of market conditions has been made.
Market Conditions: The appraiser maintains and has access to comprehensive
databases for this market area and has reviewed the market
for sales and listings relevant to this analysis.
Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the
subject has been made. Physically possible, legally
permissible, and financially feasible uses were considered,
and the maximally productive use was concluded.
Valuation Anal
Cost Approach: A cost approach was not applied as the subject tract is
analyzed as vacant land. However, the Cost Approach is
utilized to estimate the contributory depreciated value of
the site improvements (if any) taken.
Sales Comparison Approach: A sales approach was applied as typically this is the most
appropriate approach for the valuation of vacant land. This
approach is applicable to the subject because there is an
active market for similar properties and sufficient sales data
is available for analysis.
Income Approach: An income approach was not applied as the subject is not
likely to generate rental income as vacant land.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and
the proposed roadway improvements have been completed
as of the effective date of the appraisal.
Extraordinary Assumptions: None.
Comments
The individual sections of the report detail the additional research, confirmation, and
analysis of relevant data.
Page 7
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10/28/2014 16.A.11.
GOLDEN GATE BOULEVARD E. WIDENING SCOPE of WORK
MARKET AREA ANALYSIS
Boundaries
The subject is located in the north central part of Collier County in the northwestern
portion of the Collier County Rural Estates Planning Community.
This surrounding area is generally delineated as follows:
North Immokalee and Oil Well Roads
South
Interstate 75 (Alligator Alley)
East
Two miles east of Everglades Blvd.
West
Generally County Road 951
The subject is located in Golden Gate Estates which consists of single family homes on
acreage parcels.
Access and Linkages
Primary access to the area is provided by Interstate 75 (I -75), a major arterial that runs
east to Fort Lauderdale and north through Tampa, Florida; I -75 terminates to the north at
the US /Canadian Border in Sault Ste. Marie, Michigan. Further access to the area from
Interstate75 is by:
• State Road 29 (I -75 exit 80) at Miles City.
• County Highway 846 (Immokalee Road, I -75 exit 111).
• Golden Gate Boulevard
Overall, vehicular access is average.
The subject property is accessed from Collier Boulevard which extends from Immokalee
Road to the north to Marco Island to the south. Golden Gate Boulevard West intersects
with Collier Boulevard between Vanderbilt Beach Road and Pine Ridge Road. Golden
Gate Boulevard West becomes Golden Gate Boulevard East, east of the Wilson
Boulevard N. Wilson Boulevard N. provides access to Immokalee Road from the market
area.
The Southwest Florida International Airport (RSW) is located about 25 +/- miles from the
market area; travel time is about 35 to 45 minutes, depending on traffic conditions. The
Naples Municipal Airport (APF) is approximately 15 +1- miles and 30 to 40 minutes
southwest. Downtown Naples is approximately 20 +/- miles from the market area and 30
to 40 minutes southwest.
Demand Generators
We have utilized STDB Online, an industry respected site analysis and demographic data
providen to analyze the subject's market area demand generators. For the purposes of
defining the market area, we utilize the boundaries of Collier Boulevard, Immokalee
Page 8
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GOLDEN GATE BOULEVARD E. WIDENING SCOPE OF WORK
Road, Everglades Boulevard, and Interstate 75. As shown, population and households are
projected to grow by an average annual rate of less than 1.0% per year through 2018.
The average household income in the market area is less than that in the overall Collier
County average of $82,769.
B' n' Estates
Prepared by Rachel Zucchi
Summary
Census 2010
:2013
2018.
Population
22,795
23,107
24,081
Households
7,648
7,779
8,134
Families
6,151
6,236
6,497
Average Household Size
2.98
2.97
2.96
Owner Occupied Housing Units
6,428
6,372
6,720
Renter Occupied Housing Units
1,220
1,407
1,413
Median Age
40.1
40.8
.40.6
Trends: 2013 - 2018 Annual Rate `
Area
.State
_
National
Population
0.83%
0.99%
0.71%
Households
0.90%
0.98%
0.74%
Families
0.82%
0.87%
0.63%
Owner HHs
1.07%
1.32%
0.94%
Median Household Income
3.59%
3.47%
3.03%
2013
2018.`.
Households by Income
Number
Percent
Number
.Percent.
<$15,000
634
8.2%
556
6.8%
$15,000 - $24,999
562
7.2%
366
4.5%
$25,000 - $34,999
810
10.4%
641
7.9%
$35,000 - $49,999
1,044
13.4%
965
11.9%
$50,000 - $74,999
1,713
22.0%
1,730
21.3%
$75,000 - $99,999
1,169
15.0%
1,493
18.4%
$100,000 - $149,999
1,328
17.1%
1,696
20.9%
$150,000 - $199,999
271
3.5%
363
4.5%
5200,000+
247
3.2%
324
4.0%
Median Household Income
$59,625
$71,139
Average Household Income
$76,619
$89,126
Per Capita Income
$25,807
$30,121
Outlook and Conclusions
As with the overall Collier County market, the Rural Estates market had been in those
stages of the real estate cycle best described by The Appraisal of Real Estate, 14' h Edition
as decline and recession since 2006. Decline immediately follows an expansion period in
the real estate cycle and is characterized by positive but falling demand, and increasing
vacancy. The next market cycle is recession, a period characterized by falling demand
and decreasing vacancy. Since early to mid 2011, the market has been in the recovery
stage which is characterized by increasing demand and decreasing vacancy. The
residential market had price appreciation in 2013 and 2014 to date; however, the
commercial market has been relatively stable since mid 2011 and is expected to remain
stable through mid to late 2014. The long term economic outlook for Collier County and
the market area is positive.
Page 9
Packet Page -1026-
GOLDEN GATE BOULEVARD E. WIDENING
10/28/2014 16.A.11.
SCOPE OF WORK
Surrounding Area Map
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Packet Page -1027-
10/28/2014 16.A.11.
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
PROPERTY DESCRIPTION AND ANALYSIS
SITE ANALYSIS - PARENT TRACT
The following description is based on our property inspection, public records, and a
sketch and description of the proposed roadway easement prepared by RWA Consulting.
Land Summary - Parent Tract Before Taking
Parcel ID Gross Land Area Gross Land Area
(Acres) (Sq Ft)
39386640003 2.34 102,000
SITE
Location: The parent tract is located on the south side of Golden Gate
Boulevard E, between 18th Street SE and 20th Street SE in Collier
County, Naples, Florida.
Current Use of the Property: Single - family residential
Shape: The site is roughly rectangular.
Road Frontage /Access: The subject property has average access with frontage as follows:
• Golden Gate Boulevard E.: 150 feet
The site has an average depth of 680 feet. It is not a corner lot.
Visibility: Average
Topography: The subject parent tract is cleared around the single - family home and
heavily wooded in the southern portion of the site with level
topography and no known areas of wetlands.
Soil Conditions: We were not provided with a soils report for the purpose of this
appraisal. We are not experts in soils analysis; however, the soil
conditions observed at the subject appear to be typical of the region
and adequate to support development.
Utilities: Electricity: FP &L
Sewer: Septic
Water: Well
Underground Utilities: The site is not serviced by underground
utilities
Adequacy: The subject's utilities are typical and adequate for the
market area.
Site Improvements: • Street Lighting: None
• Sidewalks: None
• Curbs and Gutters: None
• Curb Cuts: None
Flood Zone: The subject is located in an area mapped by the Federal Emergency
Management Agency (FEMA). The subject is located in FEMA
flood zone AH, which is classified as a flood hazard area.
FEMA Map Number: 12021 C 0430H
FEMA Map Date: May 16, 2012
Page 11
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10/28/2014 16.A.11.
GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
The subject is in a flood zone. The appraiser is not an expert in this
matter and is reporting data from FEMA maps.
Environmental Issues: We were not provided with an environmental assessment report for
the purpose of this appraisal. Environmental issues are beyond our
scope of expertise; therefore, we assume the property is not
adversely affected by environmental hazards.
Encumbrance / Easements: The parent tract is encumbered by a 50 -foot wide road right -of -way
easement along the northern property line bordering the property's
existing frontage to Golden Gate Boulevard E. We are not aware of
any other easement, restrictions, or encumbrances that would
adversely affect value before the taking. However, a current title
report was not provided for the purpose of this appraisal.
Site Comments: The site has average and typical utility.
ZONING
Zoning Code
E
Zoning Authority
Collier County
Zoning Description
Estates; The purpose and intent of the estates district (E) is to
provide lands for low density residential development in a
semi -rural to rural environment, with limited agricultural
activities. In addition to low density residential development
with limited agricultural activities, the E district is also
designed to accommodate as conditional uses, development that
provides services for and is compatible with the low density
residential, semi -rural and rural character of the E district.
Permitted Uses
Includes single - family dwellings, family care facilities (subject
to section 5.05.04), essential services (as set forth in section
2.01.03), and schools, public, including educational plants.
Current Use Legally Conforming
The subject is legal and conforming use.
Minimum Lot Area
2.25 acres or 98,010 square feet
Minimum Floor Area
1,000 square feet
Minimum Street Frontage
150 feet
Set Back Distance
Front and Rear Yards: 75 feet
Side Yard Distance
30 feet, 37.5 feet for corner lots along longest side
Maximum Density
One dwelling unit per 2.25 acres.
Maximum Building Height
30 feet
Future Land Use Designation
Estates Designation
Page 12
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GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT
Aerial - Parent Tract
Page 13
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GOLDEN GATE BOULEVARD E. WIDENING
Plat Map - Parent Tract
Approximate boundary lines of parent tract shown in blue.
10/28/2014 16.A.11.
SITE ANALYSIS - PARENT TRACT
U N I I I
A SUBDIVISION OF PARTS OF SEC71
COLLIER COUN
X!WW_v,q' 1--i GA
20 9
I-5,4GAc-
as rr LJ 1
ju I G a 0 1� —wool 11 11
��8i I p ) 8 °' 2 9 �� 5 8 6 9
17 24 57 64 al
Page 14
Packet Page -1031-
GOLDEN GATE BOULEVARD E. WIDENING
Site Photographs
10/28/2014 16.A.11.
SITE ANALYSIS - PARENT TRACT
Golden Gate Boulevard E - Westerly (Parent Tract on Left)
Golden Gate Boulevard E - Easterly (Parent Tract on Right)
(Photo Taken on May 10, 2014)
Page 15
Packet Page -1032-
GOLDEN GATE BOULEVARD E. WIDENING
Site Photographs
10/28/2014 16.A.11.
SITE ANALYSIS - PARENT TRACT
Parent Tract - Southerly
Parent Tract - Southerly
(Photo Taken on May 10, 2014)
Page 16
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10/28/2014 16.A.11.
GOLDEN GATE BOULEVARD E. WIDENING IMPROVEMENTS ANALYSIS
IMPROVEMENTS ANALYSIS
The parent tract is a parcel of land containing an area of 2.34 acres, or 102,000 square
feet. The tract is improved with a single- family home containing 2,074 square feet of
living area constructed in 1998.
Prior to the taking, the parent tract is encumbered by a 50 -foot wide road right -of -way
easement along the northern property line bordering the property's existing frontage to
Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or
encumbrances that would adversely affect value before the taking. However, a current
title report was not provided for the purpose of this appraisal. After the taking, there will
be an additional 43 foot roadway, drainage and utility easement south of the existing
easement along the northern property line.
Most competitive homes in the local market area are typically located 100 feet or more
from the adjacent roadway, especially homes located along main roadways. Homes
located significantly less than 100 feet are considered to have functional obsolescence
due to a below market setback of the building improvements from the adjacent roadway.
The remainder property's improvements will not be damaged after the taking as the
setback of the single - family home which is currently approximately 200 feet before the
taking, will reduce to approximately 160 feet after the taking from the right -of -way of
Golden Gate Boulevard E. This is consistent with most competitive homes in the market
area; therefore, there is no functional obsolescence.
The improvements located outside the proposed acquisition area, including the
single- family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The contributory value of the improvements located within the part taken is reported. The
part taken is cleared and minimally landscaped with an asphalt driveway.
Page 17
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GOLDEN GATE BOULEVARD E. WIDENING REAL ESTATE TAXES AND ASSESSMENTS
REAL ESTATE TAXES AND ASSESSMENTS
The real estate tax assessment of the subject is administered by Collier County. The
property tax identification number and assessed value of the property for tax year 2013
are as follows:
ASSESSED VALUES - PARENT TRACT
Tax Identification Number
Land Assessed Value
Building Assessed Value
Total Assessed Value
Save our Home and Homestead Exemptions
Total Taxable Value
Totals
Total Land Assessed Value
Total Building Assessed Value
Total Assessed Value
Save our Home and Homestead Exemptions
Total Assessment
Rates, Taxes, More
39386640003
$12,402
$128,442
$140,844
- $70,472
$70,372
$12,402
$128,442
$140,844
- $70,472
$70,372
Tax Rate 1.40%
Ad Valorem Tax Amount $982
Special Assessment Amount $173
Special Assessment Comments District 1
Total Tax Liability $1,155
Property Tax Comments The 2013 taxes are delinquent as of the
effective date of the appraisal.
The assessment for subject land is currently $5,296 per acre prior to exemptions. Based
on our valuation analysis, the subject's assessment appears low.
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GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE
HIGHEST AND BEST USE
Highest and best use may be defined as:
The reasonably probable and legal use of vacant land or an improved property, which
is physically possible, appropriately supported, financially feasible, and that results in
the highest value. The four criteria the highest and best use must meet are legal
permissibility, physical possibility, financial feasibility, and maximum productivity. 1
• Physically possible for the land to accommodate the size and shape of the
ideal improvement.
• Legally permissible under the zoning regulations, building codes,
environmental regulations, and other restrictions that apply to the site. A
property use that is either currently allowed or most probably allowable.
• Financially feasible to generate sufficient income to support the use.
• Maximally productive, or capable of producing the highest value from
among the permissible, possible, and financially feasible uses.
Highest and Best Use As If Vacant
Physically Possible
The subject site is 2.34 acres or 102,000 square feet with 150 feet of frontage along
Golden Gate Boulevard E. The parent tract is encumbered by a 50 -foot wide road right -
of -way easement along the northern property line bordering the property's existing
frontage to Golden Gate Boulevard E. We are not aware of any other easement,
restrictions, or encumbrances that would adversely affect value before the taking.
However, a current title report was not provided for the purpose of this appraisal. The
physical characteristics of the parent tract should reasonably accommodate any use that is
not restricted by its size.
The subject's utilities are typical and adequate for the market area. The site is roughly
rectangular. The site is located in a FEMA flood zone AH area per FEMA Floor Map
Number: 12021 C 0430H, dated May 16, 2012, which is classified as a flood hazard area.
There are no known physical reasons that would unusually restrict development. The site
is considered to have a functional utility suitable for a variety of uses.
Legally Permissible
The subject site is zoned E, which permits uses that include single- family dwellings,
family care facilities (subject to section 5.05.04), essential services (as set forth in section
2.01.03), and schools, public, including educational plants. Recognizing the principle of
conformity, we consider the prevailing land use patterns in the area. Therefore, only
The Dictiona7 -11 of Real Estate 5`h Edition, Page 93, Appraisal Institute
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GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST Use
single - family uses are given further consideration in determining the highest and best use
of the site, as if vacant.
Financially Feasible
Financial feasibility is an analysis of the ability of a property to generate sufficient
income to support the use, or a reasonable probability of producing a positive income
stream net of operating expenses, financial costs, and capital amortization.
Since 2006, the Southwest Florida residential market had been in those stages of the real
estate cycle best described by The Appraisal of Real Estate, 14th Edition as decline and
recession. Decline immediately follows an expansion period in the real estate cycle and is
characterized by positive but falling demand, and increasing vacancy. The next market
cycle is recession, a period characterized by falling demand and decreasing vacancy.
Since early to mid 2011, the market has been in the recovery stage which is characterized
by increasing demand and decreasing vacancy. The residential market had price
appreciation in 2013; however, the commercial market has been relatively stable since
mid 2011 and is expected to remain stable through mid to late 2014.
On this basis, barring unforeseen changes in the market, if developed with a well -
designed residential product that is appropriately marketed and priced, should be received
favorably by the market.
Maximally Productive
The maximally productive land use yields the highest value of the possible uses. Single -
family residential development is the only use that meets the tests of physically possible,
legally permissible, and financially feasible. Therefore, single- family residential
development is concluded to be the maximally productive and highest and best use of the
site.
Highest and Best Use as Improved
A continuation of the current use is concluded to be financially feasible due to the
quality, age and location of the improvements.
There are no apparent alternative uses that would indicate a higher present value that the
current use. Furthermore, the value of the existing improvements, as is, exceeds the value
of the site. Therefore, the highest and best use is as currently improved.
Most Probable Buyer
Consider the size, class, and location of the property, the most probable buyer is an
owner -user.
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GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE
VALUATION METHODOLOGY
Three basic approaches may be used to arrive at an estimate of market value. They are:
1. The Cost Approach
2. The Sales Comparison Approach
3. The Income Approach
Cost Approach
The Cost Approach estimates the current cost to construct the existing structure including
an entrepreneurial incentive, depreciation, and the estimated land value. This approach is
particularly applicable when the improvements represent the highest and best use of the
land and are relatively new. It is also applicable when the property has unique or
specialized improvements for which there is little or no sales data from comparable
properties.
Sales Comparison Approach
The Sales Comparison Approach compares sales of similar properties with the subject
property. Each comparable sale is adjusted for its inferior or superior characteristics. The
values derived from the adjusted comparable sales form a range of value for the subject.
By process of correlation and analysis, a final indicated value is derived. This approach is
most reliable in an active market, and is lease reliable when valuing a property for which
no direct comparable sales data is available.
Income Approach
The Income Approach converts the anticipated flow of future benefits (cash flows and
reversion) to a present value estimate through a capitalization and or a discounting
process. This approach generally reflects a typical investor's perception of the
relationship between the potential income of a property and its market value.
Final Reconciliation
The appraisal process concludes with the Final Reconciliation of the values derived from
the approaches applied for a single estimate of market value. The reconciliation of the
approaches is based on an evaluation of the quantity and quality of the available data in
each approach. Furthennore, different properties require different means of analysis and
lend themselves to one approach over the others.
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GOLDEN GATE BOULEVARD E. WIDENING
10/28/2014 16.A.11.
ANALYSES APPLIED
ANALYSES APPLIED
A cost analysis was considered and was not developed as the subject tract is analyzed as
vacant land. However, the Cost Approach is utilized to estimate the contributory
depreciated value of the site improvements (if any) taken.
A sales comparison analysis was considered and was developed because typically this is
the most appropriate approach for the valuation of vacant land. This approach is
applicable to the subject because there is an active market for similar properties and
sufficient sales data is available for analysis.
An income analysis was considered and was not developed because the subject is not
likely to generate rental income as vacant land.
Paae 22
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GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
VALUATION ANALYSIS OF PARENT TRACT
SALES COMPARISON APPROACH
The Sales Comparison Approach is based on the premise that a buyer would pay no more
for a specific property than the cost of obtaining a property with the same quality, utility,
and perceived benefits of ownership. It is based on the principles of supply and demand,
balance, substitution and externalities. The following steps describe the applied process
of the Sales Comparison Approach.
• The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
• The most pertinent data is further analyzed and the quality of the transaction is
determined.
• The most meaningful unit of value for the subject property is determined.
• Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
• The value indication of each comparable sale is analyzed and the data reconciled
for a final indication of value via the Sales Comparison Approach.
Comparables
I have researched seven comparables for this analysis. These are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a party to the
transaction. For this analysis, we use the price per acre as the appropriate unit of
comparison because market participants typically compare sale prices and property
values on this basis.
Page 2'
Page -1040-
GOLDEN GATE BOULEVARD E. WIDENING
10/28/2014 16.A.11.
SALES COMPARISON APPROACH
Comp
Address
Date
Price
Land SF
City
Price per Acre
Acres
Comments
Subject
1860 Golden Cate Boulevard E
5/10/2014
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102,000
L
Naples
,..
2.34
]
16th Street SE
11/1312013
$13,500
51,000
Vacant parcel located along east side of 16th Street SL,
south of Golden Cate Blvd E.
Naples
$11,538
1.17
2
12th Street N E
3/19/2014
$12,000
49,500
Vacant parcel located along east side of 12th Street NE,
north of Golden Gate Blvd E Deed shows a closing price of
Naples
$10,526
1.14
$10,000. Listing agent, Dawn Olitsky, confirmed sales price
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based on HUD closing statement of $12,000.
3
Golden Gate Blvd E
$8,900
51,000
Vacant parcel located along south side of Golden Cate Blvd
I, east of 22nd St NE.
Naples
$7,607
1.17
q
821 Nth Street SE
12 23/2013
$24,000
1 ]8,800
Vacant parcel located along west side of 20th St SE, south
of Golden Gate Blvd E.
Naples
$8,791
2.73
5
10th Street NE
1/29/2014
$16,000
49,500
Vacant parcel located along east side of ]0th St NE, north
of Golden Gate Blvd E.
Naples
$14,035
1.14
6
12th Ave NE
11126/2013
$30,000
99,000
Vacant parcel located along north side of 20th St N$ north
of Golden Gate Blvd E
Naples
$13,216
2.27
7
2nd Ave NE
3,128 /2014
$25,000
99,000
Vacant parcel located along north side of 2nd Ave NP
north of Golden Cate Blvd E.
Naples
$11,013
2.27
Comparables Map
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Paae 24
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GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Analysis Grid
The above sales have been analyzed and compared with the subject property. I have
considered adjustments in the areas of:
Effective Sale Price This takes into consideration unusual conditions involved in the sale
that could affect the sales price, such as excess land, non - realty
components, commissions, or other similar factors. Usually the sale
price is adjusted for this prior to comparison to the subject.
Real Property Rights Property rights dissimilar to the subject which affect value.
Financing Terms Favorable or unfavorable seller financing, or assumption of existing
financing.
Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as
1031 exchange transaction, assemblage, or forced sale.
Market Conditions Inflation or deflation since sale date due to economic influences
Location Market or submarket area influences on sale price; surrounding land
use influences.
Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc.
On the following page is a sales comparison grid displaying the subject property, the
comparables and the adjustments applied.
Page 25
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10/28/2014 16.A.11.
GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Comparable Sale Adjustments
Property Rights
All the comparable sales transferred in fee simple interest; therefore, no adjustment for
property rights is required.
Financing
All the comparable sales had market orientated financing or were cash transactions;
therefore, no adjustment for financing is required.
Conditions of Sale
All the comparable sales were arm's length transactions; therefore, no adjustment for
conditions of sale is required.
Economic Trends
The sales all occurred within the last seven months. Sale prices have been relatively flat
during this period; therefore, no adjustments are required.
Location
The comparables are all located within the Golden Gate Estates market area; therefore, no
adjustments are required.
Road Frontage
The subject parent tract is located along Golden Gate Boulevard E, a main arterial
through Golden Gate Estates that is heavily traveled in relation to the interior streets.
With exception of comparable 3, all the sales are located along interior streets and are
considered superior in terms of location. Comparable 3 is considered similar to the
subject in terms of location.
Size
For this analysis, the sales were relatively similar in size; therefore, no adjustments are
required.
Wetlands
For this analysis, the subject and all of the comparable sales are considered to be uplands
with no wetland areas. Therefore, no adjustments are required.
Shape
For this analysis, the sales are all rectangular; therefore, no adjustments are required.
Zoning
For this analysis, the sales have similar zoning and highest and best use; therefore, no
adjustments are required.
Page 27
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GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH
Sales Comparison Approach Conclusion
The adjusted values of the comparable properties range from $6,593 to $10,526; the
average is $8,492. All of the value indications have been considered, and in the final
analysis, due to the overall improving residential market conditions in the Southwest
Florida market, we conclude toward the high end of the range in arriving at my final
reconciled per acre value of $10,000.
MARKET VALUE OF PARENT TRACT
Indicated Value per Acre: $10,000
Subject Size: 2.34
Indicated Value: $23,416
Rounded: $23.400
Exposure and Marketing Times
Exposure time is always presumed to precede the effective date of the appraisal and is the
length of time the subject property would have been exposed for sale in the market had it
sold on the effective valuation date at the concluded market value. Marketing time is an
estimate of the amount of time it might take to sell a property at the estimated market
value immediately following the effective date of value.
Based on our review of recent sales transactions for similar properties and our analysis of
supply and demand in the local retail market it is our opinion that the probable marketing
and exposure time for the parent tract is 6 months to 12 months.
Page 28
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10/28/2014 16.A.11.
GOLDEN GATE BOULEVARD E. WIDENING CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN
CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN
The part taken consists of an approximate 43 foot wide strip taking along the southerly
right -of -way of Golden Gate Boulevard E. The part taken is cleared and minimally
landscaped with an asphalt driveway. The improvements located outside the proposed
acquisition area, including the single- family home, are considered to be unaffected
by the acquisition. Therefore, the contributory value of those improvements is not
reported.
Value of Improvements Taken
The depreciated replacement cost of the improvements taken is based on cost estimates
from Marshall & Swift, a nationally recognized cost service.
Marshall & Swift
Cost Source: Marshall & Swift Section 66, Pages 2 - 8
No. of Stories Multiplier: 1.000 Local Multiplier: 0.960
Height /Story Multiplier: 1.000 Current Cost Multiplier: 1.020
Perimeter Multiplier: 1.000 Combined Multipliers: 0.979
Site Improvements
Iteml Unit Type I Costj Quantityl Total
Asphalt Driveway Sq. Ft. $2.59 516 $1,336
Clearing, grading, minimal landscaping Sq. Ft. $0.75 5,934 $4,451
Total Site Improvement Costs $5,787
Soft Costs
Item Percent Type
Total
Soft Costs .............. 10.0% % Bid. & Site Cost
Total Soft Costs
$579
$579
Total Costs
Total Cost
$6,366
Depreciation: Section 1 of 1
Componentl Eff. Age I Life I Percent Amount
Physical Depreciation: Site 5 15 33% $1,929
Total Depreciation $1,929
Depreciated Value of Improvements $4,437
Rounded $4,400
Based on the previous analysis, the following table summarizes the estimated market
value of the parent tract and the contributory of value of the site improvements.
Value Indications Proposed Property Rights and Improvements Taken
Fee Value per % of Indicated Value Indicated Rounded
Ac Indicated Value
Acre Fee per Acre Value Value
Parent Tract Before the Taking
Land $10,000 100% $10.000 2.34 $23416 $23.400
Improvementq $4.400
Total $27.800
Page 29
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GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION Or PART TAKEN
VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY
DESCRIPTION OF PART TAKEN
Parcel No. 268 RDUE is a perpetual, non - exclusive, road right -of -way, drainage, and
utility easement. The easement will be utilized for the widening of Golden Gate
Boulevard E. from Wilson Boulevard to Desoto Boulevard. Plans included the widening
of Golden Gate Boulevard E. from two lanes to four lanes and will include capacity
improvements such as adding turn lanes to the Wilson Boulevard and Everglades
Boulevard intersections. Other improvements include traffic signal upgrades at three
major intersections (Wilson, Everglades and Desoto Boulevards), on -road bike lanes and
sidewalks on both sides of the roadway. This project will also include the replacement of
bridges over three canals, the Golden Gate, Miller and Faka Union canals.
The part taken consists of an approximate 43 foot wide strip taking along the southerly
right -of -way of Golden Gate Boulevard E.
Land Area: Total: 0.15 acres; 6,450 square feet
Shape: Rectangular MOL
Approximate Dimensions: 150'x 43'
Proposed Improvements Taken: The part taken is cleared and minimally landscaped with
an asphalt driveway.
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GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF PART TAKEN
Aerial - Part Taken
Approximate boundary lines of part taken shown in blue.
Page 31
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GOLDEN GATE BOULEVARD E. WIDENING
Sketch and Legal Description of Proposed Part Taken
10/28/2014 16.A.11.
DESCRIPTION OF PART TAKEN
GOLDEN GATE eOULEVARD (CR 876)
145 +00 146 00 I 147 -OD 148 +00 149 +00 1,
50'
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PARCEL 266 RDUE
6,460 90. FT.
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TRACT 59 TRACT 60 TRACT 61 .
GOLDEN GATE ESTATES
UNIT 51
PLAT BOOK 5 PAGE 84
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WEST 750' OF
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rTT' EXS TING ROADWAY EASEMENT DEDICAT:D TO THE PEROETUAL
USE OF THE PUBLIC PER SLAT BOOK 5, PAGE 84
LEGAL DESCRIPTION FOR PARCEL 268 RDUE
A PORTICN 0' TRACT 60, GOLDEN GATE ESTATES• UNI? 51 AS RECORDED IN PLAT BD), 5, PAGE 84 OF THE PUBLIC
RECORDS OF COLLIER COUNTY. FLORIDA, LYING IN SECTION 1, TOWNSHIP 49 SOUTH. RANGE 27 EAST, COLL:EP.
COUNTY, FLORIDA, BEING MORE PARTICLLARLY DESCRIBED AS FO:LOWS.
THE SOJTH 43 FEET OF THE NORTH 93 FEET 07 THE WEST 150 FEE- 0= SAID 'RAC' 60.
CONTAINING 5,450 SQUARE FEE±, MORE OR LESS.
SKETCH k DESCRIPTION ONLY t 4tArFa
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GOLDEN GATE
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GOLDEN GATE BOULEVARD E. WIDENING VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
The market value of the fee simple interest of the parent tract was previously estimated
via the Sales Comparison Approach to have a unit value of $10,000 per gross acre. The
part taken is valued as part of the whole; therefore, this value will serve as a basis of
value for the valuation of the property rights taken.
As previously stated, Parcel No. 268 RDUE is a perpetual easement for road right -of-
way, drainage, utilities and maintenance of these uses. Accordingly, the proposed
easement will essentially take the entire bundle of rights, with the owner only allowed to
utilize the proposed easement area for density calculations.
Since the proposed taking is an easement versus a fee simple taking, the bundle of rights
taken is something less than 100 %. However, since the proposed easement precludes
almost all practical uses by the owner, Parcel No. 268 RDUE is estimated to include 99%
of the fee simple value resulting in an estimated overall unit value.
Value of Improvements Taken
The depreciated replacement cost of the improvements taken is based on cost estimates
from Marshall & Swift, a nationally recognized cost service.
Marshall & Swift
Cost Source: Marshall & Swift Section 66, Pages 2 - 8
No. of Stories Multiplier: 1.000 Local Multiplier: 0.960
Height /Story Multiplier: 1.000 Current Cost Multiplier: 1.020
Perimeter Multiplier: 1.000 Combined Multipliers: 0.979
Site Improvements
Iteml Unit Type I Costj Quantityl Total
Asphalt Driveway Sq. Ft. $2.59 516 $1,336
Clearing, grading, minimal landscaping Sq. Ft. $0.75 5,934 $4,451
Total Site Improvement Costs $5,787
Soft Costs
Item Percent Type
Total
Soft Costs .............. 10.0% % Bid. & Site Cost
Total Soft Costs
$579
$579
Total Costs
Total Cost
$6,366
Depreciation: Section 1 of I
Componentl Eff. AQe I Life I Percent I I Amount
Physical Depreciation: Site 5 15 33% $1,929
Total Depreciation $1,929
Depreciated Value of Improvements $4,437
Rounded $4,400
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GOLDEN GATE BOULEVARD E. WIDENING VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
The concluded value of the Land and Property Rights Taken as well as the Improvements
Taken is shown in the following table.
Value Indications Proposed Property Rights and Improvements Taken
Proposed Part Taken
Additional Encumbered Land Taken $10,000 99% $9,900 0.15 $1,466 $1,500
Improvements Taken $4,400
Total $5,900
The valuation of the remainder property, as part of the whole is shown in the following
table.
VALUE INDICATION$ REMAINDER PROPERTY, As PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $27,800
Less Market Value of the Proposed Part Taken: $5,900
Total Market Value of the Remainder Property, As Part of the Whole: $219900
Effective Date(s) May 10, 2014
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GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED
DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
The remainder property will consist of the same size and shape as before the taking, since
the proposed property rights to be acquired involve a perpetual easement for road right -
of -way, drainage, utilities and maintenance of these uses. However, the remainder
property will be encumbered by an additional perpetual easement located along the
existing right -of -way of Golden Gate Boulevard E. The remainder property's overall
access, availability to utilities, topography, land use designation, and zoning are
unchanged.
REMAINDER PROPERTY, AFTER THE TAKING
Land Area: Total: 2.34 acres; 102,000 square feet
Shape: Rectangular
Improvements: The parent tract is improved with a single - family home.
Existing Easements and The parent tract is encumbered by a 50 -foot wide road
Encumbrances: right -of -way easement along the northern property line
bordering the property's existing frontage to Golden Gate
Boulevard E. We are not aware of any other easement,
restrictions, or encumbrances that would adversely affect
value before the taking. However, a current title report
was not provided for the purpose of this appraisal.
Proposed Easement and Additional 43 foot roadway, drainage and utility
Encumbrances: easement south of the existing easement along the
northern property line.
Highest and Best Use
As Vacant Single - family residential development
As Improved The highest and best use is as currently improved.
VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED
Most competitive Golden Gate Estates properties are encumbered by 30 to 50 foot wide
road right -of -way easements along the property's adjacent roadway frontages. Prior to the
taking, the parent tract is encumbered by a 50 -foot wide road right -of -way easement
along the northern property line bordering the property's existing frontage to Golden Gate
Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that
would adversely affect value before the taking. However, a current title report was not
provided for the purpose of this appraisal. After the taking, an there will be an additional
43 foot roadway, drainage and utility easement south of the existing easement along the
northern property line.
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GOLDEN GATE BOULEVARD E. WIDENING VALUE ANALYSIS REMAINDER PROPERTY As SEVERED
The proposed easement area precludes almost all practical uses by the owner. Therefore,
the proposed easement is estimated to take 99% of the fee simple value of the area taken.
Accordingly, the appraiser has estimated the residual value to proposed additional
easement area to be I% of the fee simple value.
Value of Remainder Improvements
Most competitive homes in the local market area are typically located 100 feet or more
from the adjacent roadway, especially homes located along main roadways. Homes
located significantly less than 100 feet are considered to have functional obsolescence
due to a below market setback of the building improvements from the adjacent roadway.
The remainder property's improvements will not be damaged after the taking as the
setback of the single - family home which is currently approximately 200 feet before the
taking, will reduce to approximately 160 feet after the taking from the right -of -way of
Golden Gate Boulevard E. This is consistent with most competitive homes in the market
area; therefore, there is no functional obsolescence.
The improvements located outside the proposed acquisition area, including the
single - family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The concluded value of the Remainder Property is shown in the following table.
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Value Indications Remainder Property, After the Taking
Fee Value per
% of
Indicated Value
Indicated
Rounded
Acre
Fee
per Acre
Acres
Value
Value Total Value
Remainder Property
Land Area - Exclusive of Additional
Encumbered Land Taken
$10,000
100%
$10,000
2.19
$21,935
$21,900
Additional Encumbered Land Taken
$10,000
1 %
$100
0.15
$15
$0
TotaILand
2.34
$21,950
$21,900
Improvements
$0
Total
$21,900
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GOLDEN GATE BOULEVARD E. WIDENING SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
Severance damages are calculated as the negative difference between the value of the
remainder property, as part of the whole, and the value of the remainder property, as
severed. When the value of the remainder property, as severed, is less than the value of
the remainder property, as part of the whole, the difference is the actual measurement of
the damages to the remainder property. When the value of the remainder property, as
severed, is greater than the value of the remainder property, as part of the whole, the
difference is not damage but is considered a benefit. Severance damages are calculated in
the following table.
Severance Damages to the Remainder Property
Value of the Whole $27,800
Less Value of the Part Taken $5,900
Value of the Remainder Property as Part of the Whole $21,900
Value of the Remainder Property as Severed $21,900
Difference (Severance Damages) $0
Rounded: $0
COST TO CURE ANALYSIS
Based on the analysis of the remainder property, there is no net cost to cure.
SPECIAL BENEFITS ANALYSIS
Based on the analysis of the remainder property, there are no special benefits.
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SUMMARY AND CONCLUSION
SUMMARY AND CONCLUSION
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
Based on the data and analyses developed
in this appraisal, I have reconciled
to the
following value conclusion(s), as of May 10, 2014, subject to
the Limiting Conditions
and Assumptions of this appraisal.
Parcel No. 268 RDUE
Fee Value per % of
Indicated Value
Indicated
Rounded
Acre Fee
Acres
per Acre
Value
Value
Total Value
Parent Tract Before the Taking
Land $10,000 100%
$10,000 2.34
$23,416
$23,400
Improvements
$4,400
Total
$27,800
Proposed Part Taken
Additional Encumbered Land Taken $10,000 99%
$9,900 0.15
$1,466
$1,500
Improvements Taken
$4,400
Total
$5,900
Remainder Property, as Part of the Whole
$21,900
Remainder Property
Land Area - Exclusive of Additional
Encumbered Land Taken $10,000 100%
$10,000 2.19
$21,935
$21,900
Additional Encumbered Land Taken $10,000 1 %
$100 0.15
$15
s0
Total Land
2.34
$21,950
$21,900
Improvements
$0
Total
$21,900
Damages
$0
Special Benefits
$0
Net Damages
$0
Summary of Total Compensation
Additional Encumbered Land Taken $10.000 99%
$9,900 0.15
$1,466
$1500
Value of Improvements Taken
$4.400
Total
$5,900
Net Damages
$0
Net Cost to Cure
$0
Total Amount Due Owner
$5,900
The improvements located outside the proposed acquisition area, including the
single - family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal
Extraordinary Assumptions:
None.
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GOLDEN GATE BOULEVARD E. WIDENING
CERTIFICATION
I certify that, to the best of my knowledge and belief.
1. The statements of fact contained in this report are true and correct.
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CERTIFICATION
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional
analyses, opinions and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
report, and have no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
6. Our compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a
stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
7. The reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the requirements of the Code of Professional
Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute.
8. My reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice
9. The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property.
11. No one provided significant real property appraisal assistance to the person signing
this certification.
12. We have experience in appraising properties similar to the subject and are in
compliance with the Competency Rule of USPAP.
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CERTIFICATION
13. This appraisal is not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
14. We have not relied on unsupported conclusions relating to characteristics such as
race, color, religion, national origin, gender, marital status, familial status, age,
receipt of public assistance income, handicap, or an unsupported conclusion that
homogeneity of such characteristics is necessary to maximize value.
15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or
in any other capacity, regarding the property that is the subject of this report within
the three -year period immediately preceding acceptance of this assignment.
16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the
continuing education program of the Appraisal Institute.
(;.v 'fv� - Q'�kr�
Rachel M. Zucchi, MAI, CCIM
Florida State- Certified General Real Estate Appraiser RZ #2984
rzucchi @rklac.com; Phone 239 -596 -0800 Ext. 203
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GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the
report.
1. The title is marketable and free and clear of all liens, encumbrances,
encroachments, easements and restrictions. The property is under responsible
ownership and competent management and is available for its highest and best
use.
2. There are no existing judgments or pending or threatened litigation that could
affect the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements
that would render the property more or less valuable. Furthermore, there is no
asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale
price are in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise
noted in the report.
1. An appraisal is inherently subjective and represents our opinion as to the value of
the property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including,
without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction
with this appraisal, and we reserve the right to revise or rescind any of the value
opinions based upon any subsequent environmental impact studies. If any
environmental impact statement is required by law, the appraisal assumes that
such statement will be favorable and will be approved by the appropriate
regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony,
respond to any subpoena or attend any court, governmental or other hearing with
reference to the property without compensation relative to such additional
employment.
6. We have made no survey of the property and assume no responsibility in
connection with such matters. Any sketch or survey of the property included in
this report is for illustrative purposes only and should not be considered to be
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ASSUMPTIONS AND LIMITING CONDITIONS
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third -
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal properly located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
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GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS
17. The analyses contained in the report necessarily incorporate numerous estimates
and assumptions regarding property performance, general and local business and
economic conditions, the absence of material changes in the competitive
environment and other matters. Some estimates or assumptions, however,
inevitably will not materialize, and unanticipated events and circumstances may
occur; therefore, actual results achieved during the period covered by our analysis
will vary from our estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992.
We have not made a specific survey or analysis of any property to determine
whether the physical aspects of the improvements meet the ADA accessibility
guidelines. In as much as compliance matches each owner's financial ability with
the cost to cure the non - conforming physical characteristics of a property, we
cannot comment on compliance to ADA. Given that compliance can change with
each owner's financial ability to cure non - accessibility, the value of the subject
does not consider possible non - compliance. A specific study of both the owner's
financial ability and the cost to cure any deficiencies would be needed for the
Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive benefit of the Client, its
subsidiaries and /or affiliates. It may not be used or relied upon by any other party.
All parties who use or rely upon any information in the report without our written
consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of
hazardous materials on the subject property or in the improvements, and our
valuation is predicated upon the assumption that the subject property is free and
clear of any environment hazards including, without limitation, hazardous wastes,
toxic substances and mold. No representations or warranties are made regarding
the environmental condition of the subject property and the person signing the
report shall not be responsible for any such environmental conditions that do exist
or for any engineering or testing that might be required to discover whether such
conditions exist. Because we are not experts in the field of environmental
conditions, the appraisal report cannot be considered as an environmental
assessment of the subject property.
21. The person signing the report may have reviewed available flood maps and may
have noted in the appraisal report whether the subject property is located in an
identified Special Flood Hazard Area. We are not qualified to detect such areas
and therefore do not guarantee such determinations. The presence of flood plain
areas and /or wetlands may affect the value of the property, and the value
conclusion is predicated on the assumption that wetlands are non - existent or
minimal.
22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector.
RKL Appraisal and Consulting, PLC does not guarantee that the subject property
is free of defects or environmental problems. Mold may be present in the subject
property and a professional inspection is recommended.
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23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client's use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third party may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
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