Agenda 01/12/2010 Item #16B 5
Agenda Item No. 1685
January 12, 2010
Page 1 of 13
EXECUTIVIT SUMMARY
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Recommendation to approve the purchase of 1.64 acres of unimproved property which is
required for the construction of the right-of-way corridor for Phase II of the Vanderbilt Beach
Road Extension Project. Project No. 60168, Phase II (Fiscal Impact: $41,780.00).
OBJECTIVE: To obtain the Board of County Commissioners' approval to purchase unimproved
property which is required for the construction of the right-of-way corridor associated with Phase II of
the Vanderbilt Beach Road Extension project. (Project 60168)
CONSIDERATIONS: The subject property described as the North 105 Feet of Tract 4, Unit 18,
Golden Gate Estates (Parcel 276FEE) contains a total of 1.64 unimproved acres and is located on
Wilson Boulevard. It is required for the construction of the right-of-way corridor associated with
Phase II of the Vanderbilt Beach Road Extension project. U sing the most recent sales data from the
real estate market, the Division of Transportation's Review Appraiser, Hany Henderson, SRA,
prepared an appraisal ofthe property estimating its current market value at $22,140 ($13,500 per acre).
On October 20, 2009, the Collier County Transportation Division invited the owner, Pamela Rowc
Sizemore to discuss the sale of the subject property to the County. On November 20, 2009, Pamela
Rowe Sizemore replied that she would sell tbe subject property to the County for $41,000 the assessed
value.
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Staff recommends that the Board of County Commissioners purchase the subject property from Pamela
Rowe Sizemore for $41,000 as there are no attorney or expeJi witness fees. A purchase now at
$41,000 would avoid the usual costs to the County associated with taking property later through
condemnation (filing fees, service of process on all interested parties, an appraisal update, mediation
expenses, and the time of the staff of the County Attorney's 01lice),
FISCAL IMPACT: The fiscal impact is the purchase price of $41 ,000 plus recording fees, title and
insurance fees of $780, The funds will be paid from gas taxes and/or impact fees,
LEGAL CONSIDERATION: This item has been reviewed and approved by the County Attorney's
Office and is legally sufficient - JEW,
GROWTH MANAGEMENT IMPACT: This project 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:
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]. Approve the attached Purchase Agreement and authorize its Chairman to execute same on behalf of
the Board;
2. Accept the conveyance of Parcel 276FEE and authorize the County Manager, or his designee, to:
(a) take the necessary measures to ensure the County's performance in accordance with the tem1S
and conditions of the Agreement, and (b) to record same in the public records of Collier County,
Florida;
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Agenda Item No, 1685
January 12, 2010
Page 2 of 13
~. ;\uthnrize the payment of all Cilst:.; and ;:;xpcnsc:~ n~~ccssary to close the transaction; and
4, Approve any and nll budget amendments, which may be required to carry out the collective will of
the Board,
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Attachments: (1) Purchase Agreement; (2) Aerial View of the Property; (3) Appraisal Report
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Agenda Item No. 1685
January 12, 2010
Page 3 of 13
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COLLIt.R COUNTY
BOARD OFCOUNTY COMMISSIONERS
Item Number:
Item Summary:
1605
Meeting Date:
Recommendation to approve the purchase of 1.64 acres of unimproved property which is required
for the construction of the right~of-way corridor for Phase II of the Vanderbilt Beach Road
Extension Project Project No. 60168, Phase II (Fiscallmpac!: $41,780,00),
1/12/::01 J 9:00:00 /\M
Prepared By
Margaret Kreynus Property Acquisition Specialist, Senior Date
Transportation Engineering &
Transportation Division Construction Management 12/18/20092:21:46 PM
Approved By
Therese Stanley Manager - Operations Support. Trans Date
Transportation Division Transportation Administration 12/21f2009 9:13 AM
A pproved By
Gary Putaansuu Project Manager, Principal Date
Transportation Engineering &
Transportation Division Construction Management 1.2f21f2009 9:52 AM
Approved By
Norm E. Feder, AICP Administrator. Transportation Date
Transportation Division Transportation Administration 12122120092:01 PM
Approved By
Jennifer White Assistant County Attorney Date
County Attorney County Attorney 12/23f200911:11 AM
Approved By
Kevin Hendricks Manager. Right of Way Date
Transportation Division Transportation Engineering &
Construction Management 1212312009 12:56 PM
Approved By
Pat lehnhard Executive Secretary Date
Transportation Division Transportation Administration 12123120091:07 PM
Approved By
Jeff Klatzkow County Attorney Date
12/23/20091:21 PM
Approved By
Mark Isackson ManagementfBudget Analyst, Senior Date
- Office of Management &
Budget Office of Management & Budget 12130120092:51 PM
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Agenda Item No, 1685
January 12, 20 0
Page 4 of 3
PROJECT 60168
PARCEL No. 276FEE
FOLIO No.: 37490360006
PURCHASE AGREEMENT
THIS PURCHASE AGREEMENT (hereinafter referred to as the "Agreement") is made
and entered into on this day of , 2009, by and between PAMELA
ROWE SIZEMORE, whosemailingaddressis2996PetersAvenue.Naples.FI 34112 - 5928,
(hereinafter referred to as "Own(;,""j, and COLLIER COUNTY. a political subdivision of the State
of Florida, whose mailing address is 3301 Tamiami Trail East, Naples, Florida 34112
(hereinafter referred to as "Purchaser").
WHEREAS, Purchaser reqUires a fee estate in that land more particularly described as
the North 105 Feet of Tract 4, GOlden Gate Estates UnIt No. 18, according to the plat thereof,
as recorded In Plat Book 7, Pages 7 and 8, of the Public Records of Collier County, Florida,
(hereinafter referred to as "Property") and
WHEREAS, Owner desires to convey the Property to Purchaser for the stated purposes,
on the terms and conditions set forth herein; and
WHEREAS, Purchaser has agreed to compensate Owner for conveyance of the
Property,
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.
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:
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The p'.m::h2:se ;:m::e (the "Purch8<:;e Price".\ for the Prooerty shalt be $41,000.00 (U,S.
Currency) payable at time of closing, subject to the apportionment and distribution of
proceeds pursuant to Paragraph 9 of this Agreement (said transaction hereinafter
referred to as the "Closing"). Said payment to Owner, payable by County Warrant,
shall be full compensation for the Property 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. and the cost to cut and cap irngation lines extending into the Property,
and to remove all sprinkler valves and related electncal wiring, and all other damages
In connection with conveyance of said Property to Purchaser, including all attorneys'
fees, expert witness fees and costs as provided for In Chapter 73, Florida Statutes.
Owner shall convey a marketable title free of any liens, encumbrances, exceptions, or
qualifications, Marketable title shall be determined according to the applicable title
standards adopted by the Florida Bar and In accordance with law. Owner shall obtain
from the holders of any liens, exceptions and/or qualifications encumbenng the
Property, the execution of such Instruments which Wilt remove or release such
encumbrances from the Property upon their recording in the public records of Collier
County, Florida At or prior to Closing, Owner shall provide Purchaser with a copy of
any existing prior title insurance policies, Owner shall provide such instruments.
properly executed, to Purchaser on or before the date of ClOSing. Owner shalt cause
to be delivered to Purchaser the items speCified herein and the following documents
and instruments duly executed and acknowledged, In recordable form (hereinafter
referred to as '.Closing Documents")'
(a) General Warranty Deed:
(b) Closing Statement,
(c) Grantor's Non-Foreign, Taxpayer Identification and "Gap" Affidavit;
(d) W,9 Form: and
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(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 Property or which adversely affect Owner's ability to perform hereunder; nor
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Agenda Item No, 1685
PagJ~uary 12, 20 0
Page 5 of 3
(e) Such evidence of auti"Jc)r;;y ~:I':; r:ap?,:lf\, 0T Owner and its representatives to
execute and deliver this agreement and all other documents required to
consummate this transaction, as reasonably determined by Purchaser,
Purchaser's counsel andlor title company.
4.
Both Owner and Purchaser agree that time is of the essence. Therefore, Closing shall
occur within ninety (90) days from the date of execution of this Agreement by the
Purchaser; provided. however, that Purchaser shall have the unilateral right to extend
the term of this Agreement pending receipt of such instruments, properly executed,
which either remove or release any and all such liens. encumbrances or qualifications
::iffecting Purchaser's enjoym(>rll of the Property. At Closing. payment shall be made
to Owner in that amount shown on the Closing Statement as "Net Cash to Seller," and
Owner shall deliver the Closing Documents to Purchaser in a form acceptable to
Purchaser. Purchaser shall be e~titled to full possesfolon of the Property at Closing.
5.
Owner agrees to relocate any existing irrigation system located on the Property
including irrigation lines, electrical wiring and sprinkler valves, etc., prior to the
construction of the project without any further notification from Purchaser. Owner
assumes full responsibility for the relocation of the Irrigation system on the remainder
property and its pertormance 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 Property, the Owner is responsible for their retrieval prior to the construction of
the project Without any furiher- notification from Purchaser. Owner aCknowledges that
Purchaser has compensated Owner for the value of the Improvements and yet
Purchaser is willing to permit Owner to salvage the Improvements as long as their
retrieval is performed before construction and without interruption or inconvenience to
the County's contractor. All Improvements not removed from the Property prior to
construction of the project commences shall be deemed abandoned by Owner.
This provision shall survive Closing and is not deemed satisfied by conveyance of title.
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6.
Owner and Purchaser agree to do all things which may be required to give effect to
this Agreement immediately as such requirement is made known 10 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 10 own and operate the Property, 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) Purchaser's acceptance of a deed to the said Property 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 Purchaser has any right or optron to acquire the
Property or any portion thereof.
(d) Until the date fixed for Cl0sing, so long as thi~ Agreement remains in force and
effect, Owner shall not encumber or convey any portion of the Property or any
rights therein, nor enter into any agreements granting any person or entity any
rights with respect to the Property. without first obtaining Ihe written consent of
Purchaser to such conveyance, encumbrance, or agreement which consent may
be withheld by Purchaser for any reason whatsoever.
(e) There are no maintenance, construction, advertising, management. leasing,
employment, service or other contracts affecting the Property.
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Agenda Item No. 16 5
P ~':l'uary 12, 20 0
ag Page 6 of 3
is there any other charge or expense upon or related to the Property which has
not been disclosed to Purchaser in writing prior to the effective date of this
Agreement.
(g) Purchaser is entering into this AgrfH~ment based upon Owner's representations
stated In this Agreement and on the understanding that Owner will not cause the
physical condition of the Property to change from its existing state on the
effectIVe date of this Agreement up to and including the date of Closing.
Therefore, Owner agrees not to enter into any contracts or agreements
pertaining to or affecting the Property and not to do any act or omit to perform
any act which would adversely affect the physical condition of the Property or its
intended use by Purchaser.
(h) The Property and all uses of the Property ~ave 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 except as speCifically disclosed to the Purchaser: that the Owner
has no knowledge of any spill or environmental law violation on any property
contiguous to or In the vicinity of the Property to be sold to the Purchaser, that
the Owner has not received notice and otherwise has no knowledge of a) any
spill on the Property, b) any eXisting or threatened environmental lien against
the Property or c) any lawsuit, proceeding or investigation regarding the
generation, storage, treatment. spill or transfer of hazardous substances on the
Property. This prOVIsion shall survive Closing and is not deemed satisfied by
conveyance of title.
8. Owner shall Indemnify, defend, save and hold harmless the Purchaser against and
from, and reimburse the Purchaser 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 Purchaser 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 Purchaser shall pay all fees to record any curative instruments required to clear title,
and all Warranty Deed recording fees. In addition, Purchaser may elect to pay
reasonable processing fees required by mortgagees in connection with the execution
and delivery of a Release or Subordination of any mortgage, lien or other
encumbrance recorded against the Property: 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.
In accordance with the proviSions of Section 20101. Flonda Statutes, concerning
payment of documentary stamp taxes by Purchaser, Owner shall further pay all
documentary stamp taxes reqUired on the Instrument{s) of transfer, unless the
Property IS acquired under threat of condemnation,
10 AI! ad valorem real estate taxes due on the Property during Owner's term of
possession. and all maintenance charges and ?ssessments due from Owner, for
which a bill IS rendered prior to closing Will be charged against Owner on the clOSing
statement. Rea: Property taxes shall be prorated bd::;ed on the current YEar's tax and
paid by Owner If Closing occurs at a date when the current year's millage is not
fixed, taxes will be prorated based upon such prior year's millage.
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, andior assignees, whenever the
context so requires or admits,
12. If the Owner holds the Property 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, of the name and address of every person having a beneficial interest in
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the Property before thl"o ~rhp€,fjy heid i" such capacity is conveyed to Purchaser, its
successors and assigns, (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.)
Agenda Item No. 1685
Pagel~nuary 12, 20r. 0
Page 7 Ofr'3
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13. Conveyance of the Property 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. underttlkings, promises, warranties, or covenants not contained
herein. No modification, amendment or consensual cancellation of this Agreement
shall be of any force or effect unless made in writing and executed and dated by both
Owner and Purchaser.
14. Should any part of this Agreement be found to be invalid, then such invalid part shall
be severed from the Agreement, and the remainlOg 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 PURCHASER
Deputy Clerk
BY:
Donna Fiala, Chairman
DATED:
ATTEST:
DWIGHT E. BROCK, Clerk
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY. FLORIDA
AS TO OWNER
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Approved as to form and
legal sufficiency
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AssIsta t County Attorney
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LAND APPRAISAL REPORT
Borrower Owner: Sizemore
Property Address E/S of Wilson Blvd
City Naples County Collier
legal Description Golden Gate Estates Unit 18 N 105ft afTract 4
Sale Price $ NIA Date oj Sale NIA L_oan TellD NIA yrs_ Property Rights Appraisoo [gJ Fee
Actual Real Estate Taxes S 473_30 (yr) Loan charges 10 be paid by se~er $ N/A Other sales concessions NfA
Lender/Client Collier County GovfTransportation OivisH)n Address ]885 South Horseshoe Drive, Na les FL 34104
Occupant vacant Appraiser Harry Henderson, SRA Instructions to Appraiser Estimale Market Value Parent TracUFull Take
Folio #37490360006
Location
BuinUp
Growth Rate
Property Values
Demand/Supply
Marketing Time
Presenl Land Use
Census Tract 112_02
StaleFL
Zip Code 34120
r--:~; Leasehold
C]OeMinimisPUD
I Urban <~ Suburban LJ Rural
COver 75% SJ 25% to 75% C Under 25%
CRapid ;:Steady Ls:Slow
[Jlrn:reasing ~Stable 0JDeclining
c:: Shortage i:J !nBala1ce ~ Oversupply
[J Under 3 Mos. D 4-6 Mos, :sJ Over 6 Mos.
~%1Family_%2-4Family _%Apts. _%Condo---..2%Commercial
_% Industrial-.!Q% Vacant _%
Change in Presemland Use [1 NolLikelY L,iJ Likely (*)
(*)From vacant To
~Owner .:'.!Tcnanl
$ 80,000 to $ 395,000
1 yrs.to 30 yrs.
Good Avg. Fair Poor
'DLZ,]
uLZuD
I]LZDD
Dk'jDD
Dl8JDD
D[giDD
DZiDD
D 2<1_, D
D2<lDD
C2<lDD
CCXJCI,
1=0JDD
Employment Stability
Convenience 10 Employmem
Convenience to Shopping
Convenience 10 Schools
MeQuacyolPublicTransportation
Recreational Facililies
Adequacy 01 Utililies
Properly Compatibility
Proleclion from Detrimental Conditions
Police and FireProteclion
General Appearance 01 Properties
Appeal 10 Market
o Fully Dev,
[I TakingPlace(*)
single.lamily
% Vacant
PredominanlValue$ 150,000
Predominant Age lQ,yrs,
Predominant Occupancy
Single Family Price Range
Sifl{l~FamilyAge
Comments including those factors. favorable or unfavorable. affecting marketability (e.g public parks, schools, view, noise) See attached addenda.
Dimensions 105x680 ___________-' 1.64 Sq,Ft.orAcres ~ Carner Lot
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20ning classification Estates (2.25 acre conforminq lot size min.) Present Improvements 'do ~ do notconlorm to zoning regulations
Highest and best use [1 Present use 2J Other (specrty) eventual single-family development 'non-conforming lot of record
Public Other (Describe) OFF SITE IMPROVEMENTS ITopa level
lXJ Street Access ~ Public = Private I Size Compatible with area
--, i Surtace Macad,!r:!~__~_" ... IShapeRectan ular --.- ~.,._.--
cJ Maintenance [,,3:' Public.=-' Private IView Nei hborhood
~] I [=:; Storm Sewer =: Curtl/Gutter ! Drainage A ears to be ade uate
[n'J Urlderground Efect. & Tel,' 0 Sloe\\l'!l!<.___ ___~--! _~treet'=!~Jls the property loealed In a HUDklentlfled Special Flood HaZllrd Area? L8j NoDVes
Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other allmse conllitions), Zone D Comm#120067C0250G dId 11/17/05
No adverse conditions observed. The sub'ect lands are assumed 10 have an u landiwetland rofile which would allow sin le-famil develo ment
as allowed b zonin without a ical ermittin and/or miti ation Tical roadway and/or arameter utilit easements exist on the site; these
are common in the area and do not im act value.
The unllerSlgnell has r~eited lt1ree recent sales of properties most slmriar and PlOxlmale to subject and has cons'dered these in the market analysis. The oescnption Inclulles a llollar
alljustment reliecbng market reaction to those items of Significant variaUon between the subiect and comparable properties. If a Significant item In tne comparable plOperty is superior
\{! or more favorable Ihan fhe subjecl property, a minus (.) adjustment is marle thus reducing me indicated value a! subject: if a signifk:anl item in tne comparable is Inlerlor to or iess
iavorable tnan the subject property, a pius (+) adlustment is made Ihus increasing the indicated value of the subjecl.
ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPABA~lt~O, 2
Address EIS of Wilson Blvd S/S 45th Avenue NW EfS 12th Street NE
Na les, FL 34120 Naoles FL 34120 Na ies, FL 34120
Proximi 10 Subeet 4.51 miles N 0,54 miles E
Sales Price N/A $ 15,842/ac ',C'
Price Gross $ $ 25189 '",
Dala Source MLS#209006794 MLS#209006918
Dateo! Sale and DESCRIPTION DESCRIPTION DESCRIPTION
Time Adjustment N/A 2/09 4/09
"'_.'~'_^M
LOCi!1jon GGE GGE ~__~.~n._" GGE
Si!eNie.w 1.64 acres 1.59 acres __iDJLac_ 1.59 acres
To 0 ra h Level/natural Level/natural Level/natural
20nll}Q~ Estates _____n___ _~~~tes___ .__,,_..___.______ Estates
$
$
11320/ac
18,000
10252/ac
16,300
I
MLS#207012555
DESCRIPTION
11/09
GGE
159 acres
Level/natural
Estates
in$/ac
in$iac
Cash or Equiv,
Cash or Equiv.
Cash or Equiv,
Sales or Financing
Concessions
NfA
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11,320
10,252
15,842
See attached addenda,
Comments and Conditions of Appraisal. Subiect and camps are compared on a $iacre unit price basis. The subiect tract Value: 1.64 acres x
$13,SOO/acre = $22,140.
See attached Limitrn Conditions,
Final Reconciliation' Unit/Price conclusion ($iacre)' $13,500iacre
to tie $ 22,140
November 15, 20 09
I ESTIMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF
I Did Not Ph\'sically Inspect Property
L____;Did
Har~gnd~rso~_ S.f3..A___
Appraiser(s)
~2K1
Review Appraiser iii apolicaole)
CollierCoun1YGovernment
Form LND - "WinTOTAL' appraisa! software oy a la mode, inc -1-800.ALAMODE
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IMainFileNO,~O. 1685
RleNOPa,cel276Fee January ~29 ~ri~
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upplemental Addendum
Borrower/Client
Pro Address
Ci
Lender
Owner: Sizemore
E/S of Wilson Blvd
Na les
Collier Count GovlTrans
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Cou CeUter
Slale FL Zi Code 34120
ortation Division
. Land: NelQhborhood Market Factors
The subject is located in the central part of unincorporated Collier County in the Golden Gate Estates area. Golden Gate
Estates is a sprawling pre-platted subdivision consisting of acreage-type single-family homesiles (1,14 to 5 acres typically) in a
semi-fural setting. Essential services are within a 30 minute drive into greater Naples. The subject is located on the east side of
Wilson Boulevard. Maintenance levels in the area are average.
. Land: Market Data
The subject and camps are compared on a uniUprice ($tacre) basis. This method eliminates the need for direct size
adjustments. The sales cited are all Estates zoned lands located in the general vicinity of the subject. The overall real estate
market has been in decline since late 2005 and remains exceptionally weak.; the Estates market has been especially soft due to
a severe supply-demand imbalance in this area. The sales cited are relatively recent transactions; no time adjustments have
been applied in order to give property owner's every benefit of the doubt.
The indicated unit prices range from $10,252/acre to $15,842/acre; given the comparison criteria discussed, a unit price of
$13,500tacre is selected as reasonable for the underlying unit/price value for the subject lands.
Form TAOD - ''WinTOTAL'' appraisal software b~ a la mode. inc. -1.800-ALAMODE
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January 12, 2010
10 of 13
Location Map
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~ 45th AIle NE
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Borrower/Client
Proe Address
C;
Lender
Owner: Sizemore
E/S of Wilson Blvd
Na les
Collier Count GovlTrans
Cou Collier
ortation Division
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Form MAP.lOC -"WinTOTAL" aporalsal software by a la mode, inc. -j.800..ALAMODE
IM'inFil'NO'~0.16B5
January 12, 2010
Page 11 of 13
.-
DEFINITION OF MARKET VALUE: The most probable price which a pTO~rty should bring in a competitive al'ld open market under all cOfld~(ms
requisite to a fair sale, Ihe buyer and seller, each acting pruderrtly, knowledgeab~ and assuming the price is n01 affected by undue stimulus. Implicit in this
defiflition is the consummation of a sale as 01 a speCified date and the passing of title from seller to buyer under condttions whereby: (1) buyer and seller are
typically motivated; (2) both parties are wall imormed or well advised, am! each acting In what he considers his own best Interest; (3) a reasonable time is allowed
lur llXPosure in the open market; (4) payment I~ made in lenllS of casilln U.S, dullals IJ' in terms of financial arrangements crnnparable thereto; and (5) the price
represents the normal consideration lor the property sold unaffected by special or creative financing or sales concessions. granted by anyone associated with
thasale.
. Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary
for those costs which are normally paid by sellers as a resutt of tradition or law in a market area; these costs are readily identifiable
since the seller pays these costs In virtually an sales lransactlons. Special or creative financing adjustments can be made to t~
comparabie property by comparisons to financinlllerms offered by a third party insfitutianal lender that is not already involved in the
property or transactian. Any adjustment should nol be calculated on a mechanicai dollar lor dallar cost of the financing or concession
but the dollar amount oi any adjustment should approximate the market's reaction to the financing or concessions based on the
appraiser's judgement.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification tMt appears in the appraisal report is subject to the fallOWing
conditions:
1, The appraiser will nol be responsible tor matters of a legal nature 1hal atlect eilherthe property being appraised or the tifle to it The appraiser assumes that
the title is good and marketable and, theretore, will not render any opinions about the title. The property is appraised on the basis of it beifXl under responsible
ownership.
2. The appraiser has provided a sketch In the appraisal report to show approximate dimensions 01 the improvements and the sketch is inciuded only to assist
the reader 01 Ihe reporlin visualizing the properly and understanding the ajlp raiser's delerminationof its size,
3, The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or oUrer data sources) and has noted
in the appraisal report whether the subject site is locatoo in an idelllified Special Flood Hazard Area. Because the appraiser is nota surveyor, he or she makes
noguarantees,expressorimplied,regardinglhisdetermination.
4, The appraiser will not give lestimony or appear in court because he or she made an appraisai 01 the property in question, unless specific arrangemellls10 do
so have been made be1orehand,
5, The appraiser has estimated the value ollhe land in the cost approacl1 at Its highest and best use and the improvements a1their contributory value, These
separate valuations of the iand and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used.
6. The awaiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, to)(ic
substances, etc.) observed during the inspection of the subject property or that he or she became aware 01 durill1l the normal research involved in performing
the appraisal. Unless othelVlise stated in the appraisal report, the appraiser has no knowledge 01 any hidden or unapparent conditons ollhe property or
adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or iess valuable, and
has assumed that there are no such conditons and makes no guarantees or warranties, express or implied, regarding the condition of the property, The
appraiser will not be responsible for any such conditions that do exisl or lor any engineering or testing thai might be required to discover whether such
conditions exist Because the appraiser is not an expert in the lield of environmemal hazards, the appraisal report must not be considered as an
envlronmemalassessmenl of the property.
7, The appraiser obtairrell the information, es1imates, and opinions that were expressed in the appraisal report from sources that he or she considers to be
reliable and believes them 10 be true and correct. The appraiser does not assume responsibility lor Ire accuracy of such items t~t were furnished by other
parties.
8, Tile appraiser will n01 disclose the coments of the appraisal report except as provided fOf in the Uniiorm S1andards of Professionai Appraisal Practice.
9, The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory compietlon, repairs, or
alterations on the assumption that compietion of the improvements will be perlormed in a workmanlike manner.
10. The appraiser must provide his or her prior written consent belore the lender/client specified in the appraisal report can distribute the appraisal report
Oncluding conclusions abolIlthe property vaiue, the appraiser's identity and protessional designations, and references to any professional appraisal
orllanizations or the firm with which the appraiser is associated) to anyone other than the borrower: the mortgagee or its successors and assigns: the mortgage
insurer: consuttants; professional appraisal organizations: any state or federally approved financial institution: or any department agency, or instrumentality
of theUniled States or any slale or the District of Coiumbia; excep11hatthe lender/cliem may distribute the properly description section of the report only to data
collection or reporting service(s} WithOlJ! having to obtain 1he appraiser's prior written consent. The appraiser's written consent and approval musl aiso
be obtained before ltIe appraisal can be conveyed by anyone to the pUbiic through advertising, public relations, news, sales, or oltler media,
~.
Page10f2
Fannie Mae Form 1004B 6-93
Freddie Mac Form 4396-93
Collier County Governmenl
Form ACR - "WinTOTAL" appraisai software by a la mode, inc, --1-800-ALAMODE
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IMai~FileND,~O. 1685
January 12, 2010
Page 12 of 13
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1, I have researched the subject market area and have selected a minimum 01 three recent sales 01 properties mosl similar and proximate to the subject property
for consideration in the sales comparison analysis and have made 3 dollar adjustment when appropriate to reflect the market reaction to those items of sigrlificant
variation, If a sign~icant item in a comparable property is superior to, or more favorabfe than, the Subject property, I Mve made a negative adjustment 10 reduce
the adjusted saies price of the comparable and, if a significant item in a comparable property is t~lerior to, or less favorable than the subject property, I have made
a positiveadjustmelllto increase the adjusled sales price of the com parable.
2, I have laken into consideration the iactors that have an impact on value in my developrT1€nt of the estimate of market value in 1he appraisal report, I have not
knowingly withheld any significant inlormalion from the appraisal report and I believe, to the best of my Imowledge, that ali statements and information in the
appraisal report are true antl corrllCt.
3. I stated in the appraisal report o~ly my ow~ perso~al, unbiased, and professional analysis opinions, and conclusions, which are subjecf only to the contingent
and limiting conditions specified in this form,
4, I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with
respectfo tM participants in the transaction. I did not base, either partialo/ or completely, my analysis and/or the estimate of market value in the appraisai report
on tll: race, color, religion, sex, handicap, familial status, or national origin of eilherthe prospective owners or occupants of the subject property or of the present
owners or occupants of the properfies in l!le vicinity oflhe Subject property
5, I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation lor pertorming this
appraisal is contingent on the appraised value of the property
6, I was not required to report a predetermined value or direction in value Ihat favors the cause at the client or any relatoo party, tl1e amount of the value estimate,
the atlainmelll 01 a specific resuR, or !tie occurrence ot a subsequent event in order to receive my compensaton and/or empioymentfor pertorming the appraisal. I
did not base the appraisal report on a requested mi~imum valuation, a specific valuation, or the need to approve a specific mortgage loan.
7. I pertormed this appraisal in conformity wi!tl the Unitorm Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal
StandardS Board oj The Appraisal Foundation and that were in place as of the ellecfive date of this appraisal, with the exception oj the departure provision ot fhose
Standards, which does not apply, I acknowledge thai a~ estimate of a reasonable time jar exoosure In the open market is a condillOn in the definilion of market value
and the estimate I developed is consistent wi!tl the marketing time nOled in the neighbornood section of :his report, unless I have o1t1erwise stated in the
reconciliation section.
8, I have personally inspetted the interior and exterior areas of 1t1esubject property ami the exterior 01 all properties listed as comparables in the appraisal report
I further certily that I have ooted any apparent Dr known adverse conditions In the sub;ecl improvements, on the subject site, Dr on any srte within the immediate
vicinity at the subject property of which I am aware and have made adjustments lor these adverse conditions in my analysis 01 the property value to fhe eXlent that
I had marketevidencetosupporflhem. I have alSo commented about the eHect of the adverse conditions on the marketability otthe sub jectproperty,
g, I Dersonal~ prepared all conclusions and opinions aboUl t~e rea: eSlate that were se1forth in the appraisa: report If I relied on significant professional
assistance from any Individual or individuais in the performance 01 the appraisal or fhe preparation of the appraisal report, I have named such individual(s) and
disclosed the specific tasks performed by them In the reconciliation section of this appraisal report I certify that any individual so named is quaiified to perform
the tasks, I have nol authorized anyone to make a change to any item In the report therefore, if an unauthorized change is made 10 the appraisal report, I will take
no responsibility for it.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory apcreiser signed the appraisal report, he or she certifies and agrees fhat:
I directiy supervise the appraiser who prepared the appraisal report r,ave reviewed the appraisal report, agree with fhe statements end conclusions 01 the appraiser,
agreetobebouncbytheappraiser'scertificationsnumbered~through 7 above, and amteking full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: E.!S2L~!I~g.0.Jl)vd, Naples. FL 34120
APPRAISER:
SUPERVISORY APPRAISER (lIDly il required):
Signature:
Name:
Dare Signed:
State Certification #'
or State License #:
State:
Expiration Date of Certiiicalion or License:
Signature:
Name: Harry Henderson, SRA
Dale Signed: November 15, 2009
State Certification #: RD3475
or State License#:
Stale:B:
Expiration Dale of Certification orUcense:
11/30/10
r~Dld
,-= Did Nol Inspec1 Property
Freddie Mac Form ~396-93
Page2ot?
FannieMaeForm1004B6-93
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