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Backup Documents 02/14/2012 Item # 9I
A 1 91 1" RESOLUTION NO. 2012 — 27 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, REAPPOINTING STUART WARSHAUER TO THE AFFORDABLE HOUSING ADVISORY COMMITTEE. WHEREAS, on July 31, 1991, the Board of County Commissioners adopted Ordinance No. 91 -65 establishing the Affordable Housing Advisory Committee; and WHEREAS, Ordinance No. 91 -65, as subsequently amended, provides that this Advisory Committee shall be composed of eleven (11) voting members and one (1) alternate member appointed by the Board of County Commissioners and the Naples City Council based on residency and professional experience related to affordable housing; and WHEREAS, there are currently vacancies on this Advisory Committee; and WHEREAS, the Board of County Commissioners previously provided public notice soliciting applications from interested parties; and WHEREAS, the Advisory Committee has provided the Board of County Commissioners with its recommendation for appointment. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, that STUART WARSHAUER, a for- profit provider of affordable housing, is hereby reappointed to the Affordable Housing Advisory Committee to serve a three -year term, said term to expire on October 1, 2014. THIS RESOLUTION ADOPTED after motion, second and majority vote on this the 14th BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA By: W. C' L FRED W. COYLE, CHAIRI&N item * --IL Agenda Date 0�1 b First Street Plaza Appraisals F� o (Yk- First Street Plaza Appraisals PhillippiPenny Sent: Friday, February 03, 2012 7:53 PM To: HillerGeorgia; FialaDonna; CoyleFred; ColettaJim; HenningTom Cc: OchsLeo; Leona rdRoosevelt zr Page 1 of 2 (`,Imp rvl �s5 r Ni IIPr Attachments: APPRAISAL 08- 09- 09.pdf (2 MB) ; APPRAISAL 09- 20- 11.pdf (2 MB) ; APPRAISAL 11- 03- 11.��B) ; APPRAISAL 01- 25- 12.pdf (983 KB) Commissioners, / Per your request at the January 24, 2012 meeting, I am here address' g the issue of the di ences in the parcel appraisals received for the proposed First Street Plaza at the corne of First and Main Streets in Immokalee. This issue was raised during the awarding of a CDBG grant, not at the r quest to purchase. Therefore, the due diligence process had not been completed. The first appraisal was garnered on 08/08/ for�IDBG application, mitted to HHVS on December 31, 2009, (� to begin implementation of the Public Ream Plan. The appraised a unt was $429,500, rendered by the Collier �./ County Appraiser, Roosevelt Leonard. The U.A was not away he grant. It came to our attention that the Transportation Department might turn back $810,000 to HHVS and the funds �-1 were 2009 funds. In anticipation of the funding possibility, the CRA requested and updated appraisal from Mr. Leonard. The second appraisal was executed 09/20/11 and the appraised amount came in at , When we were able to cure the 2009 application, we requested a 3rd appra' a loc7amou sed upon the CDBG federal regulations, an appraisal for acquisition can be er than 60 d appraisal was ucte by a local appraiser, Mr. Jo a ubmitted 11/03/1or that appraisal was 232,23 + $57,344 (Impact Fee s = $ 0,000. AI ugh not all apprseres, it is a legitimate a ivity. Mr. Leonard does not cons' er the valu impact fees in his apr of practice. Note from Amy Patterson: 'Impact fees run with the subject prop36rty. the value of the impact fees remain with the land and will be applieft redevelopment of the property. For example, if a lot had a 1,500 squar and then the property owner decided to build a new home, the only imp paid would be for any increase in size. If they same size home was co fees would be required. It works this way for commercial as well a (. applied against the new use. Impact fees due represent only a increa: use de- intensifies, the balance of impact fees remain with a land." 7hoeif a structure is removed, s due upon t that was demolished uld be required to be :ted (1,500 sf) no additional impact act fee) value of the previous use is size or intensity of use. If the (new) None the less, even the appraisal of 11/03/11 w _ to mee quirements and Mr. Leonard was asked once again to update his apprais ased upon new co s as comm al property had sold since his September appraisal. The fourth app�isal of 01/25/12 cam i at $232,700 w ich was very near the 3rd appraisal amount. Based upon the reconciled appraisals, I asked the owner if she would accept the final appraisal amount of $232,700. She stated she will and we are now ready to move forward with the project. Thank you for your patience and support of this project. Please call if there is any other information I can provide. I have here attached all of the appraisals for your review. https:Hmail. colliergov. net/owa / ?ae= Item &t =1 PM. Note &id= RgAAAACBw7hYJwxlSL... 2/6/2012 First Street Plaza Appraisals Page 2 of 2 Best regards, Penny 239.285.7635 9! Under Florida Law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by telephone or in writing. https :Hmaii.colliergov.net/owa / ?ae= Item &t =IPM. Note &id= RgAAAACBw7hYJwxlSL... 2/6/2012 Immokoloee Vacant Land Appraisals Page 1 of 1 Immokoloee Vacant Land Appraisals 91 HillerGeorgia Sent: Friday, February 03, 2012 12:47 PM To: OchsLeo Leo - Still waiting on the county in -house appraisal of the vacant parcels. Please confirm that it's on the agenda for reconsideration as I requested. Thank you - Georgia Hiller Commissioner, District 2 https:Hmail.colliergov. net/owa / ?ae= Item &t =1 PM. Note &id= RgAAAACBw7hYJwxlSL... 2/3/2012 t Page 1 of 1 a. y! Owner- Mateo Ayala Lots size- 0.58 acres Zoning C -4 MSOSD Immokalee CRA / RPM Ms. McLaughlin Pursuant to your request we have inspected and appraised the subject property, which contains one residential unit. The subject property is located at W Main St in Immokalee Florida. The Subject Property will be further described legally within the following Summary Appraisal Report. The purpose of this investigation and analysis was to provide our opinion of the Market Value of the Fee Simple Estate of the Subject Property as of Aug 8, 2009 based on the subject being valued "as is ". This report has been prepared for our client Immokalee CRA; the intended use was to assist the client in internal decision making. The scope of work performed is specific to the needs of the intended user and the intended use. No other use Is intended, and the scope of work may not be appropriate for other uses. The scope of work performed included a complete analysis of the Subject Property with the sales approach to value. The cost approach is analyzed, but most weight is given to the sales approach to value. Based upon the scope of the assignment, our investigation and analysis of the Information contained within this report, as well as our general knowledge of real estate valuation procedures and market conditions, it is our opinion that the subject property as of Aug 8, 2009 is estimated to valued at $429,500 dollars . ($429,500 DOLLARS) Roosevelt Leonard CertiFled Real Estate Apprafser 91 91 0 SCOPE OF WORK Communication. with the client is required to establish most of the information necessary for problem identification. However, the identification of relevant characteristics is a judgment made by the appraiser and this information is obtained from public records and Realist Services data. This appraisal summary report does not include assumptions, extraordinary assumptions, hypothetical conditions, supplemental standards, jurisdictional exceptions, and other conditions that affect the scope of work. Determining the scope of work Is an ongoing process in an assignment. Certain information or conditions discovered during the course of an assignment might cause the appraiser to reconsider the scope of work, however in this appraisal assignment, the scope of work: process is stated below. The scope of work will include research, analyses of the subject property neighborhood, market area, and surrounding areas. This information provides the appraiser with the basis for determining the type and extent of research and analyses to include in the development of an appraisal. Similar information is necessary for identification of the problem, determining. the solution or scope of work, and applying the solution such as; client and any other Intended users; ■ ' intended use of the appraiser's opinions and conclusions; ■ type and definition of value or objective; • effective date of the appraiser's opinions and conclusions; • subject of the assignment and ifs relevant characteristics; and interest valued; • assignment conditions. (hypothetical conditions, extraordinary assumptions) The problem consists of obtaining market value for the identified subject property. The parcel is being acquired for public use purposes. The property interests valued in this parcel will be fee simple. The scope of the work will include following the Appraisal Summary Report format (b) displayed on a chart located on the preceding page. The opinion(s) of the real estate appraiser will be communicated in Summary Appraisal Report format. The definition of market value, effective date of the appraisal, and relevant'conditions will be defined'in this section of the appraisal. t Details Page 1 of 1 91 .10 Property Record Sketches Trim Notices Current Ownership Parcel No.11 81681720003 11 Property Address NO SITE ADDRESS Owner Name AYALA, MATEO =& NORA Addresses 207 WASHINGTON AVE Cityl IMMOKALEE H State FL 2Ip 34142 -3133 :RED WHIDDENS BLK 4 LOTS 8, 9 AND LOT 23 LESS 20FT R!W Section Township Range Acres Map No. Sira No. 4 47 29 0.43 2E04 711400 4 82E04 Sub No. 711400__ WHIDDEN, FRED 11 '11 Milla eq Area I pf►ugg 'U se Code 10 q VACANT COMMERCIAL 1 5 11 13.4606 2009 Preliminary Tax Roll Latest Sales History (Subject to Change) If all Values shown below equal 0 this parcel was created after the Final Tax Roll Land Value $ 51,700.00 F —Date---]F- ate F— Book - Pape Amount (+) Improved Value $ 0.00 03 ! 1990 1616-1780 $ 60,200.00 = Just Value $ 61,700.00 ( -) SOH Exempt Value $ 0.00 (_) Assessed Value $ 61,700.00 ( -) Homostead and other Exempt Value $0.00-1 Taxable Value $ 51,700.00 SOH = "Save Our Homes" exempt value due to cap on assessment Increases. The Information is Updated Weekly. http:// www. col lierappraiser .com/RecordDetail.asp ?Map= No &FoliolD= 0000081681720003 8/13/2009 I Collier county Zoning Map Viewer ICOLLIER COUNTY ZONING VIEWER - -- - - Enter Parcel Folio Number: 81881720003 �oorxl ;o;Rarcel,,,� Enter Address: P doom to gddreso Na les - D i'F Address Points { I t El F— Coastal Construction B (7 Coastal Construction ( t D r Major Roads J — <a] I other values> j NAME — I I ITH AVE N — 15TH ST N 1 -- 1 ST ST S fs' i. Afrb a 15 C!�I- fi1 _ Selection Color rage i or 1 91 0A7 0,%Bler Zonin : C- 4 -MSOSD Zoning Petitions: http: / /gis.colliergov. net / website /ZoningViewer /defaull.aspx 8/13/2009 0 � r Details Property Kecora i Sketches Trim Notices j Current Ownership Parcel No. 181681960009 PropertyAd dress NO SITE ADDRESS t'age 1 of 1 9.1 Owner Name AYALA, MATEO =& NORA Addresses 207 WASHINGTON AVE City IMMOKALEE State FL Zipil 34142 - 3133 Legaill FRED WHIDDEN BLK 4 LOT 22 LESS 1 9 20FT RW — I Section Township Range Acres Map No. Strap No. 4 47 29 0.15 2E04 711400 4 222E04 Sub No. 1 711400 WHIDDEN, FRED Millage Area 1 MilIM '6 tise Code 11 10 11 VACANT COMMERCIAL 5 11 13.4606 2009 Preliminary Tax Roll (Subject to Change) If all Values shown below equal 0 this parcel was created after the Final Tax Roll Land Value $17,875.00 ( +} Improved Value $ 0.00 (_) Just Value ( -} SOH Exempt Value $17,875.00 $ 0.00 (_) Assessed Value $ 17,875.00 - Homestead and other Exempt Value $ 0.00 ( =) Taxable Value $17,875.00 SOH - 'Save our Homes- exempt value due to cap on assessment Increases. Latest Sales History Date Book - Page Amount The Information Is Updated Weekly. http:// www. collierappraiser .com/RecordDetail. asp? Map= No &FolioID= 0000081681960009 8/13/2009 Collier County Zoning Map Viewer ICObLIER COUNTY BONING VIEWER Enter parcel Folio Number: Enter Address: 81691960009 Zoom'to Pa�ceL:..� Naples Address - Seiection Color E) F Address Points k s 8 % Coastal Construction a Q R Coastal Construction (' El r Major Roads } { -- <all other values> NAME l t _ — I I ITH AVE N 15TH ST N i — ISTSTS 0 Pag eA� 91 0 ODIS O�Flltf Zonin : C- 4 -MSOSD Zoning Petitions: htt-o: / /2is.collierizov. net / website /ZoninAViewer /default.aspx 6/3/2009 . 91 itnmokalea:NNeighboz.hb'bd Prof -6-- iatige_location) �'•�: .: [, � � �_ }• i .. � is s: r• , :� •' 7 `• � � .. .•1 Lam• a: i�:•�.• '� , •r :.; .. '. , ..{ ' ; Iq • f Quick Glance Population: 20,275 Population Growth:._ __ ._...._..__..____ , w._..._...._ .,... .... _.__.....__. -2.5% ._....__.___.__....... 2,491 Population Density: •..Median Age: •... _ � _...._._.._....._ ._....__..__.._._..._ _... _ ._...._.____.....__ ..__ _._ ._ ..y �26 years Median Income: $28,704 100 Cost of Living Index; Weather Today: Fair 88 °F / 69 -F January Avg Temp: 520F � July Avg Temp;.._._._ _.....----- •..__..�....____ -... ...__�....___..._...__.. ^..,...., _: .:__.:_ .._.._ gZoF_.. _.._.._.....,._....._._.__,_... . _.. ._..._. ......:....__..._.�._ .._....._...._..........._....__. _ . ....... ...._..._._...._....__._.. _..._._._66...__....__......... Sunny Days: - _. _.. _...... __ .__.... _....__. ._....._...._.__ . w_...._..._ ....�_...._.... ......... .....� W_......_.,.M ._.......'- Precipitation Days: M - - - - -- .... .... . 108 Rainfall (inches): SO ~S.no`wf4ti= (inches)': , � • �..�..�_......_w...__ _ _...__ _..._.___�..... .__...._.- - ___.......o. :...w Immokalee Demographics 1 91 IM. so n _ We Female Mcried Single F44= (wl kids) Immokalee .lobs and Politics Unemployment Rate: 6.5% >Acent'Job GroiivEh: Future Job Growth: 30.4% �•Democraf:..._. ..w...- __...n,......._.... ...._. , .........._._:.. _ __.:_.._..... • - •;.... •�'34: -1 %•: •......_:.__..:.__,..,.w Republican: 64.9% .. ................ Independent (others): ..__...:_... .._..._.._ _ _....._......_. __- '- 0.9 %;� .._._... ..�i Immokalee Housing Statistics Median Home Age: 24 years •'S'3:'?'• ._".+"� ;, �.^"l,._._. ;q.r......_.ry�.�.�. ee^ j;�si •..e.... �.,v....w�ti :.. �r ;'i.• �•.�... ..• t......;- .^y...,y�;....#.i.�..�...,�'�'" i :'_. m; .... •.�.�.__... .._..._.... ss:�... .. .- e.»._..._.. .- _..... .. ...�... .. ..... �_ac: -._: cis..._.__•_-»_ �•_—._....___. __.._..:+;i�.u.:_.>= • Renter v. Owner ' • Market Value ' I 91 1yr i :. Syr • 10yr Srninokaiee Education Statistics $4,908 School Expenditures: Pupil/Teacher Ratio: 14 Students /Librarian: 801 '.�`..�'.„�C�-�rw.-� -N ^wr :?C!r •vyA �x'�: �w. ».. w.. r. �=... �•: �J:»..»,. r�. ��. �. y�v:", � ».cnVY..t.�....1....p.......w«» ............ ._......... »....r._..........._ ............_......�.... .. !St(ii��rits /.Ciiu7nseATo;'r'cs '� �z -s( 336' HS Grad 1123.7% Soma College 1.3% Bachelor's Degree 1.6% Graduate Degree 0.4% 91 Immoka(ee Demographics & Househo(d Information Immokalee. Dernoclranhi&mokalee Household Information Population Number'of Households 4,716 Male Households: Family 3,636 t Female Households: 'Non - Family 1,079 Married Households: With Children 2,839 Single Age 0-4 2,012 Separated Age 5 -9 2.019 Widowed Age 10 -14 1,676 2 Divorced Age 15.19 2,173 Number of Households Age 20 -24 2,121 Avg Household Size Age 25'34 3,488 Avg family Size Age 35-44 2,681 Median Age Age 45 -54 1,761 Nledian'Houdeho' ld Incothe =Age. -55 -59 606 Average Household Income Age 60 -64 424 par.' Capita lncbme Age 65 -74 525 White Collar Jobs Age 75 -84 226 Blue Collar Jobs Age 85+ 51 Employed 7,152 Unemployed 977 Im-moka -lee Income, .Jobs & Education Immokalee lncomw & Jabs, Immokalee Education tess than 9th' Grade 5,351 $10,000 - $'!4,999 -Some High School 1,951 + $15,060 = $24;999' Higli�Schooj•Grad&afte: ,- .: ' = 1,559 $25,000 - $34,999 Some College 376 $35,000. $49,999 Assoclate•Degree 132. $50,000 - $74,999 Bachelor's Degree 193 $75,000.$99,99,3 Graduate Degree 43 $100,000 - $149,999 Percentage High School or Higher 24.0% $150,000 -$I 9q,g9q 23 Over $200,000 ' 16 [mmokafee Residential & Ethnicity Statistics Immokalee Residontial Sta IARMokalee Ethnicity Statistics Average Home Sale Price White 8,084 Total Housing Units African American 4,331 Owner Occupied Hlspanic or Latino 14,027 Rental Occupied Asian 79 Rental Vacancy Rate American Indian or Alaska Native 251 Vacant Housing Units Hawaiian / Pacific Islander _49 Other 8,247 Median Travel Time tc Work minutes Transportation tb Work: Public 1,250 i`raii6portatfon to Work: Drive / Carpool•= 2,637 Transportation to Work: Walk / Bike / 481 Other . Work at Home 86- 91 ECONOMIC ANALYSIS AREA ANALYSIS An analysis of population, employment, and income trends for Collier County and the State of Florida is performed using data provided by NPA Data Services, a recognized source. While the NPA data is still considered relevant, it is noted that the data presented was compiled by NPA in late 2008 subsequent to the collapse of the sub - prime housing market and well into the ongoing national economic downturn, and the resulting meltdown in the capital credit markets, and the broader national economic downturn. Consequently, we include discussion regarding the subprime mortgage crisis, the ,economic downturn, and government sponsored rescue efforts, and the impact of the capital credit markets on real estate values. NATIONAL ECONOMIC DOWNTURN /SUBPRIME MORTGAGE CRISIS The subprime mortgage crisis is an ongoing financial crisis characterized by contracted liquidity in global credit markets and banking systems triggered by the failure of mortgage companies, investment firms and government sponsored enterprises *which invested heavily in subprime mortgages. The crisis, which has roots in the late 1990's, became apprarent in late 2005 through 2006 with the bursting of the United States housing bubble and high default rates on "subprime" and adjustable rate mortgages (ARiv1). Declining lending standards, an increase in loan incentives such as low initial terms, and a long -term trend of rising housing prices had encouraged borrowers to assume difficult mortgages in the belief they would be able to quickly refinance at more favorable terms. However, once interest rates began to rise and housing prices in markets across the nation started to decrease in 2006 to 2007, refinancing became more difficult. Defaults and foreclosure activity increased dramatically as low initial terms expired, home prices failed to increase as *anticipated, and ARM interest rates reset higher. Foreclosures accelerated in the United States in late 2006 and triggered a global financial crisis through 2007 and 2008. During 2007, nearly 1.3 million U.S. housing properties were subject to foreclosure activity, up 79% from 2006. On September 7, 2008, Congress bought out the government- sponsored mortgage giants Fannie Mae and Freddie Mac, placing the pair into separate conservatorships, with the federal government committing $100 billion to each. The government buy -out is expected to eventually have a positive effect on the residential -market by increasing- the availability of residential financing and Iowering interest rates. ! As part *of the Government Sponsored Enterprises (GSE) restructuring plan, the Treasury Department is providing capital and funding support in an effort to boost investor confidence in Faunie. and Freddie's $5.2 trillion worth of debt and mortgage- backed securities. As a result, interest rates decreased by the largest weekly decrease since May 1980. The current rate on a 30 -year fixed -rate mortgage as of February 12, 2009 is 5.16 %, and a proposal to Iower the rate to 4.5% is. currently being considered by the federal government to further alleviate the housing credit crisis. 91 In early October 2008 the U.S. Congress passed a.$700 billion financial- market rescue package authorizing the government to buy troubled assets from financial institutions affected by recorded home foreclosures. It contains a provision which raises the limit on federal bank-deposit. insurance from $100,000 to $250,000; and reiterates the authority -of securities regulators to suspend asset valuing rules that corporate executives blame for fueling _the crisis. The passage of the rescue package, which included the Troubled Asset Relief Program (TARP), did not immediately boost confidence, The rescue plan caused a downward spiral in Europe, Asia, and the United Sates, The Dbw plunged by as much as 900 points, whith market volatility that has not been seen since the early 1930s. In early February 2009 the U.S. Congress passes a $787 billion economic stimulus plan which is expected to revitalize the economy and ease frozen credit markets. It will provide billions of dollars in aid though sources such as unemployment benefits, food stams, medical care, and job retaining. Tens of billions of dollars wilt help offset cuts states might have had to make in iad to schools and local goverments. Additionally, there is more_ than $48 billion for transportation projects including road and bridge construction, mass transit, and high -speed rail. The expansion of computerized information technology in the heath care industry, and billions to create green jobs to ' reduce the country's dependence on foreign oil are also included. IMPACT OR CAPITAL MARKETS ON COMMERCIAL REAL BSTATE VALUES Investors have access to less. leverage with higher borrowing costs which negatively impacts real estate values. Leverage is one of the prime motivators for investors to purchase real estate as it allows investors to control a larger property than they otherwise could if they had to pay all cash, thus increasing their return on equity. Leverage also allows investors to spread their equity across multiple properties, minimizing their risk through diversification. When there is uncertainty in the markets, lenders hedge their risk by building in a greater cushion in their underwriting, including increasing: (1) Debt Service Coverage Ratio (DSCR) requirements, (2) wider loan spreads, (3) and decreasing Loan -to- Values (LTVs). -Rising DSCR - Prior to the capital markets shakeup, DSCR was at an average of 1.1:1, which means lenders required $1.10 in NOI for each $1 in debt service. Lenders today are mitigating risk by requiring that NOIs are 1.25:I greater than debt service. i - Wider Loan Spreads - Competition among lenders forced spreads to historically low levels in 2006 and early 2007, with the average falling to 100 to I10 basis points over the 10 -year Treasury, which at the time was around 4.65 %. The 10 -year Treasury has retreated to -the mid -3 percent range, but lenders are pricing in more risk, pushing loan spreads to an average of 275 basis points over the 10- year Treasury. Lower LTVs - Approximately one year ago, LTVs were 75 to 80 percent. The rapid price appreciation *cycle has ended, and tighter credit markets are encouraging lenders X91 to become more cautious. As a result, LTVs have decreased to the 65 to 70 percent range. The news media has continuously reported on current market conditions with statistics on falling sales, increased inventory, stationary pricing, and a decrease in new home permits. Homebuyers are taking their time to decide on purchasing a home and in some markets such as Southwest Florida there is a significant glut of inventory to choose from. Job growth and the area's underlying employment base will be prime factors in how deep and how long the current sales slump continues. COLLIER COUNTY AREA ANALYSIS An analysis of population, employment, and income trends for Collier County and the State of Florida is performed using data provided by NPA Daw Services, a recognized source. POPULATION Historical and projected population trends for Collier County are charted below: i 200 a. POPULATION TRENDS Collier County Year The population of Collier County increased at a compounded annual rate of 3.37% from 2004 to 2009. For the same time period, the State "of Florida grew at a compounded annual rate of approximately 1.94 %. Over the last ten years Collier County's average annual compound change was 3.60 %, compared to 1.94% for the State of Florida. Looking ahead, both Collier County and the State of Florida are anticipated to experience continued growth, with future population- estimates reflecting growth rates similar to those experienced1n. the past. For the period 2009 to 2019, the populations of Collier County and the State of Florida are expected to increase by an average annual compound rate of 4.23% and 2.02 %, respectively. For the next five years, the population of Collier County should grow slightly faster than the ten year average. 1 91 POPULATION T12FI1'DS COi4IPARISON State of Florida Collier County Year Population (000's) Clran a Population (0001s) 'Change I999 15,759.1 245,1 2004 17,342.6 10.00/0 295.7 20.6% Historical 2005 17,736.0 2.3% 306.8 3.7% 2006 18,057.5 118% ' 313.2 2.1% 2007 18,251.2 1.1% 315.8. 0.8% 2008 18,673.6 2.3% 332.5 5.3% Current 2009 19,091.3 2,2% 349.1 5.0% 2010 19,504.4 2.2% ' 365.5 4.7% 2011 19,916.6 2.1% 382.1 4.5% 20I2 20,330.1 2,1% 399.0 4.4% Projected 2013 20,747.2 2.1% 416:4 4.4% 2014 21,170.3 2.0% 434.5 4.3% 2019 23,311.0 10.1% 528.1 21.6% Average Annual Historical Compound Change Past 5 years 1.94% 3,37% Past 10 dears- 1.9411/o 3.600/0 Projected Next 5 years 2.09% 4,47/0 Next 10 years 2.02% 4.23% Source: NP'A Data Semkcx lnc.; cmaptkd by !RR According to a January 2009 Herald Tribune article, "Florida's population growth crawled to a near standstill last year, the compounding result of a national recession and the downturn in the state real estate market. It was the slowest rate in Florida since 1944, during the height of World War II." According to the U.S. Census Bureau; Florida population grew by*less than 129,000, or by 0.7 %, between July 2007 and July 2008. Growth is expected to slow even more in 2009, before return to a more stabilized growth rate in 2010 and 2011. As shown in the preceding table, Collier County has historically outpaced 'the overall State of Florida in population growth. However, based on the recent statistics the NPA Data Services, Inc. projection of 4.47% average annual growth for the next five years appears high. The following chart from Hank Fishkind, an economist with•Fishkind & Associates shows projected. population growth through 2012 for Collier County. The table following shows the indicated projected percent growth per year which ranges from 0.7% to 1.7% per year from 2009 through 2011, and 2.1 % from 2011 to 2012. t91 VALUATION ANALYSIS VALUATION METHODOLOGY Appraisers usually consider three approaches to estimating the market value of real, property. These are the cost approach, sales comparison approach and the income capitalization approach. The cost approach assumes that the informed purchaser would pay no more than the cost of producing a substitute property with the same utility. This approach •is particularly applicable when the improvements being appraised are relatively new and represent the highest and best use of the land, or when the property has unique or ,specialized improvements for which there is little or no sales data from comparable properties. The sales comparison approach assumes that an informed purchaser would pay no more for a property than: the cost of acquiring another existing - property With the same utility. This approach is especially appropriate when an active market•provides sufficient reliable data. The sales comparison approach is -less reliable in an inactive market, or when estimating the value of properties for which no directly comparable sales data is available. The sales comparison approach is often relied upon for owner -user properties. The income capitaliza tion approach reflects the market's perception of a relationship between a property's potential income and its market value. This approach converts the anticipated net income from ownership of a property into a value indication through capitalization. Thd 'primary methods are direct capitalization and discounted cash flow analysis, with one or both methods applied, as appropriate. This approach is widely used in appraising income- producing properties. Reconciliation of the various indications into a conclusion of value is based on an evaluation of the quantity and quality of available data in each approach and the applicability of each approach to the property type. Use of the approaches in this assignment is summarized as follows: APPROACHES TO VALUE :A 2pkoach A plicabiliSy to Subject Use in Assignment Cost Approach Not applicable Not Utilized Sales Comparison Approach Most applicable Utilized Income Capitalization Approach Not applicable Not UtUized 91 +1 —7SUBJECT REAL ESTATE APPRAISAL VACANT LAND APPRAISAL Folio No. 2 PARCELS Property Address JW MAIN ST & N I st ST Address: XXXX W MAIN ST 81681960009 & 81681720003 Owner Name AIATEO AYALA Addresses 207 WASHINGTON AVE City IV1i110KALEE State JFL Zip 34142 TAXID #63864600007 Sales Price Legal FRED WHIDDEN BILK 4 LOTS 8, 9, & LOT 22 SEE ATTCHED SHORT LEGAL $75,000 Section Township Range Acres lifap No. Strap No. 4 47 29 0.58 Property Appraiser Sales Data Property Appraiser Sales Data Property A raiser Sales Data Date of Sate tx Time TYPE. VACANT Mlllage Area ivilllage VILCgde LAND C -4 NISOSD —7SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address: XXXX W MAIN ST 440 ALACHUA ST XXXX N 15TH ST I SR 29 106 DIXIE AVE E Proximity to Subject TAXID #63867100009 • TAXID #00076960103 TAXID #63864600007 Sales Price $75,000 $916,100 $550,000 Unit Price 11.47SF 12.51SF B.00SF Data Source PROPERTY APPR REC Property Appraiser Sales Data Property Appraiser Sales Data Property A raiser Sales Data Date of Sate tx Time DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment Adjustment 9/0012008 $0 2/00/2009 $0 2/00/2009 $0 Location IMMOKALEE - TRAFFIC INFERIOR PLUS SIMILAR $0 INFERIOR PLUS ZONING C -4 MSOSD C-5 FMOSD PLUS C -3 COSD $0 C -5AOSD PLUS Utilities Available Electric /Water Equal $0 Equal $0 Equal $0 Slze/Acres 0.58 ac 125,264 SF 6,534SF $0 73,181SF PLUS 91,OOOSF PLUS TopoIOff Site Imp Rectangular Rectangular $0 Rectangular $0 Rectan ilar $0 ACCESS Access Access $0 Access $0 Access $0 $0 $0 Sales or Financing Concessions CLOSED SALE $0 CLOSED SALE $0 CLOSED SALE $0 Net Ad'. (Total) 50 PERC 25 PERC 125 PERC Indicated Value of Subject F. 17.20sf 15.63sf 13.50sf Comments on Market Data: Equal consideration is given to all parcels, therfore the higher end of the range is used due to the utility of the subject property. The estimated value of the subject property is $17.00sf. Comments aW gonditions 41 Acuraisai: The Interest being appraised Is fee simple, and the highest and best use of the parcel is considered vacant. The 4 elements of H & B use are considered, and this report is a market value appraisal. The appraisers decisions and scope of work may become relevant to the characteristics of extraordinary assumptions or hypothetical conditions and may become applicable in this valuation. Final Rsoonciliation: All three approaches were considered in the valuation of this parcel. The sales approach method Is given most weight. Due to the age and condition of the subject property, the Improvements have a nominal value, therefore the parcel will be valued as vacant land. ESTIMATE MARKET VALUE: $429,500 dollars MATHEMATICALLY: The subject property is 25,264sf (area) x $17.00 is $429,488 say $429,500 DATE OF ESTIMATED VALUE: Aug 8, 2009 Appraiser: Roosevelt Leonard Land Appraisal Report, Appraisal Form 02 Rev. 4/19/06 1 -91 AD1 USTM EW FACTORS The adjustment process is typically applied through either quantitative or qualitative analysis, or a combination of the two. Quantitative adjustments are often developed as dollar or percentage. amounts and are most credible when there is sufficient data to perform a paired sales or statistical analysis. While we present numerical adjustments in the Improved Sales Adjustment Grid that follows, they are based on qualitative judgment rather than empirical data as there is not sufficient data to develop a sound quantified estimate within a reasonable degree of confidence. Our qualitative, adjustments are based on a scale calibrated in 5% increments, with -a minor adjustment considered to be 5% and a substantial adjustment considered to be 25 %. Our rating of each comparable sale in• relation to the subject is the basis for the adjustments. If the comparable is superior to the subject, its• sale price is adjusted downward to reflect the subject's relative inferiority; if the comparable is inferior, its price is adjusted upward. The elements of comparison are: Real Property Rights Conveyed This adjustment is generally applied to reflect the transfer of property rights different from those being appraised, such as differences between -properties leased at market rent and those leased at rent either below or above market levels. The length -of remaining leases also influences required adjustments. For this analysis, no adjustments are required. Financing Terms This adjustment is generally applied to a property that transfers with atypical financing such as having assumed an existing mortgage at a favorable interest rate. Conversely, a property may be encumbered with an above - market mortgage, which has no prepayment clause or a very costly prepayment. clause. Such atypical financing often plays a role in the negotiated sale price. For this analysis, no adjustments are required. Conditions of Sale This adjustment category reflects extraordinary motivations of the buyer or seller to complete the sale. Examples include a purchase for assemblage involving anticipated incremental value, or a quick sale for cash: This adjustment category may also reflect a distress-related sale, or a corporation recording a non - market price. For this analysis, no adjustments are required. Expenditures at purchase This adjustment is appropriate in situations where the sale price has been influenced by expenditures that the buyer intended to make immediately after purchase. Examples include buyer -paid -sales commissions, costs to cure deferred maintenance, and 'costs to remediate environmental contamination. For this analysis, no adjustments are required. The previous adjustments, if required, are applied sequentially in the order discussed. 91' LAND VALUE ANALYSIS A DIALYSIS AND ADJUSTMENT OF SALES The. adjustment .process is typically applied through either quantitative ' qualitative analysis. Quantitative adjustments are often developed as dollar or percentage amounts, while qualitative adjustments are simply expressed through relative comparison (i.e. significantly inferior). Quantitative adjustments are most applicable'when the quality and quantity of data allows paired sales, cost or statistical analysis. Given the availability of data and imperfect nature of the real estate market, participants most often rely on relative or qualitative comparisons. Combining the benefits of both qualitative and quantitative analysis, a blended adjustment technique is generally used. This is accomplished through pre - assigning quantitative adjustments for relative comparison. The following chart illustrates the blended adjustment technique. I BLENDED ADJUSTMENTS " ' I Qualitative Pre - Assigned Quantitative Comparisons Adjustment Slight Adjustment 5% Moderate Adjustment -10% Fair Adjustment 15% Significant Adjustment 20% Large Adjustment 25% plus Market participants can often identify superior or inferior characteristics when comparing properties. Without paired • sales or statistical information, applying quantitative adjustments to reflect the differences is often problematic -or subjective. For this analysis, the above listed quantitative adjustments reflect the need for slight, moderate, fair, { significant, or large adjustments. Adjustments are based on our rating of each comparable sale in relation to the subject. if the comparable is rated superior to the subject, the.sale price. is adjusted downward to reflect the subject's relative inferiority; if the comparable is rated inferior, its price, is adjusted upward. Adjustments were considered under the elements of comparison discussed below. Real Property Rights Conveyed This adjustment is generally applied to reflect the transfer of property rights different from those being appraised, such as differences between properties owned in fee simple and in leased fee. ins. nao,aony I tauTRY for to i any W............. _ IMMOAKLEE POINTS 8.3 �,......E•5 D•5 8.3 84 E-6 .... e•1 .... E•3 .... 8.4 C -5 ... C.2 D-5 .. 8.2 . .. A•2 C -2 .. C -3 .. C.3 . 8.2 ,-..D-2 G7 D•3 E -3 EST .83 D•2 D•2 D•1 ; SD$ l� A•2 E3 I : C-6 C-5 i .8.4 , 0.6 i D -2 C•4 I W Exposure Time 91 The Dictionary of Real Estate Appralsal, Fourth Edition 2002, by the Appraisal Institute, defines Exposure Time on page 105 as follows: "The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of -a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming -a competitive and open market. Exposure time is always presumed to occur prior to the effective date of the appraisal. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. Exposure time is different for various types of real estate and value ranges and under various market conditions. "Markef value estimates imply that an adequate marketing effort and reasonable time for exposure occurred prior to the effective date of the appraisal.-' We have reviewed the exposure time on the sales contained in the Sales Comparison Approach in this appraisal. Based on -fhe .current market,' it Is our opinion that the Subject Property.should have an exposure time of approximately. 12 months or less. Market -Value Section 1110 of - Financial, Institutions Reform, . Recovery, and Enforcement Act's (FIRREA) instructions to the Office of Thrift Supervision uses the definition_ of Market Value - below as developed by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and adopted by the Appraisal Foundation's Uniform Standards of Professional Appraisal Practice. "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 sailer, each acting prudently, 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: a. buyer and seller are typically motivated; b. both parties are well informed or well advised, and acting in what they. consider their own best interests; c. a reasonable time is allowed for exposure in the open market; d.- payment is made- In terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. the price represents the normal consideration for the property' sold unaffected by special. dr creative financing or sales concessions granted by anyone associated with the sale." ' 91 Highest and best use is a concept in real estate appraisal. it states that the value of a property is directly related to the use of that property; the highest and best use is the reasonably probable use that produces the highest property value. This use, the Highest and Best lase, mayor may not be the current use of the property. In order to bo considered as the Highest and Best Use of a property, any potential use must pass as series of tests. The exact definition of Highest and Best Use varies, but generally the use must be: • legally allowable • physically possible • financially feasible • maximally productive Legally allowable Only those uses that are, or may be, legally allowed are potential highest and best uses. This may exclude uses that are not, and unlikely to become, allowed by zo_ •n , uses forbidden by government regulations, and uses prohibited by deed restrictions or covenants. Properties with a use, that predates existing zoning regulations may be legally nonconforming. Such grandfathered uses are generally legal even though they do not meet current zoning regulations. Since their use predates the zoning, they are "grandfathered in ". However, some such uses may not be reproduced if the legally nonconforming improvement is destroyed or damaged beyond a certain point. Physically possible Any potential use must be physically possible given the -size; shape, topography, and other characteristics of the site. For example a 40,000- square -foot (3,700 m) single story warehouse would not fit on a 10,000 - square -foot (930 m2) site, therefore that use,-would fail the physical possibility test. Financial feasibility The highest and best use of a property must be financially feasible. This means that the proposed use of a property must generate adequate revenue to justify the costs of construction plus a profit for the developer. In the case of an improved property, with obvious remaining economic life, the question of financial feasibility is somewhat irrelevant. In the case of an improved property with limited remaining economic life, the.question of financial-feasibility becomes a question of the maximally productive use of the site: If the value of the land As Vacant exceeds the value of the property As Improved, then redevelopment of the site becomes the maximally productive use of the property and continued use of the existing improvements that do not represent the highest net value of the site is considered to be financially unfeasible. ! " , ► 1.91 MaximaIIy productive use i Finally the use must generate the highest net return (profit) to the developer. A property that could hypothetically be developed with residential, commercial or industrial development might only have one of those- uses as its highest and best use. These three hypothetical development scenarios follow to illustrate the test of maximally productive use. i i GENI,,RAL ASSTJWTIONS AND SPECIAL CONDITIONS 91 The legal descriptions used in this report are assumed to be correct 2. No survey of the property has been made by the appraiser and no responsibility is assumed in connection. with such matters. Sketches- in this report are included only to assist the reader in visualizing the property. 3. No responsibility is assumed for matters of a legal nature affecting title to the property nor is an opinion of title hereby rendered. The subject's title is assumed to be good and merchantable, unless otherwise stated herein. 4. Information furnished by others is assumed to be true, correct and reliable. A reasonable effort has been made to verify such information; however, the appraiser assumes no responsibility for its accuracy. 5. All mortgages, liens, encumbrances, leases, and servitudes--have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. No responsibility is assumed .for such conditions or for engineering services, which may be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report S. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non - conformity has been stated, defined and considered in the appraisal report. 9. It is assumed that, unless discussed otherwise within the report, all normally required licenses, consents or other legislative or administrative authority from any local, state or national govern- mental or private entity or organization have been obtained, or can in our opinion reasonably be assumed to be obtained or renewed, for any use on which the value estimate contained in this report is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted within the report. 11. .The appraiser will not be required to give testimony or appear in court because of having made this appraisal, with reference to the subject property, unless arrangements have been previously made therefore. 12. Possession of this report; or a copy thereof, does not carry with it the right of publication. It may _not be used for airy purpose by any person other than the party to who it is addressed without the written consent of the appraiser, and in any event only with properly written qualification. It is -intended to only be used in its entirety. 13. The distribution of the total valuation in this report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 14. Neither all or any part of the contents of this report, or copy thereof, shall be conveyed to the public . through advertising, public relations, neWs, sales or any other media without written consent and approval of the appraiser. Nor shall the appraiser, firm or professional organization of which the appraiser is a member be identified without written consent of the appraiser. -- GENERAL ASSUMPTIONS AND SPECIAL CONDfTIONS 91 Page 2 of 2 IS. No environmental impact studies were either requested or made in conjunction with this appraisal, and the appraiser hereby reserves the right to alter, amend, revise or rescind any of the value opinions based upon any subsequent environmental impact studies, research or investigation. 16. Acceptance of and/or? use of this appraisal report constitutes acceptance of all General Assumptions and Special Conditions. 17. Payment for the preparation of this appraisal report is based on all charges due the appraiser in connection therewith, and, in no way is contingent upon the value conclusions herein. Any responsibility of the appraiser to the client for.any part of the report is subject to full payment. is. In this appraisal assignment; the existence ofpotentially hazardous material used in the construction or maintenance of the improvements, such as the presence of urea formaldehyde foam insulation, and/or existence of toxic waste, which may or may not be present on the property, has 'not been considered. Nor has any study or consideration been given to the possible existence of any toxic wastes on, or buried under, the surface of this property. The appraiser is not qualified to detect such substances. We urge the client to retain an expert in this field if desired. 19. This appraisal is made subject to any additional restrictions, Qrdinances or protective covenants which the appraiser, after due diligence and normal, standaid research, may not be aware of which would affect the subject property. Furthermore, the appraisal is subject to any and all easements, setbacks, flood elevations or restrictions, if any, that have been or might be imposed by any local, state or federal agency, and which may not be of record. 20. This report is based on information obtained from several'sources including the current owner -of the property, the Collier County Development Services division, various Realtors and Brokers, as 'well as others as noted within the text of this appraisal. Such information is assumed to be reliable and accurate, but the appraiser does not warrant such beyond our reasonable attempt to verify said data. d 91 CERTIFICATION I certify that, to the best of my knowledge and belief. — the statements of fact contained in this report are true and correct. — the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. _ my engagement in this assignment was not contingent upon developing or reporting predetermined results. -- my compensation for completing this assignment Is not contingent upon the 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 tills appraisal. — my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. -- I have (or have not) made it personal inspection of the property that is the subject of this report. (If more than one person signs this certification, the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property.)41 no one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant real property appraisal assistance must be stated.) - ------------ Roosevelt Leonard �•L SUMMARY APPRAISAL REPORT FOR Client: Immokalee Community Redevelopment Agency Subject: Vacant parcel located at the NW corner of N. 1st St. and W. Main St. in Immokalee, Florida AS OF' 03 NOVEMBER 2011 AT THE REQUEST OF CHRISTIE BETANCOURT ADMINISTRATIVE ASSISTANT 1320 NORTH 15th STREET, SUITE 2 IMMOKALEE, FL 34142 PREPARED BY SUNSTATE APPRAISAL GROUP, LLC COMMERCIAL, AGRICULTURAL AND RESIDENTIAL REAL ESTATE APPRAISERS PO BOX 93 ESTERO, FL 33929 (239) 405 -7074 #11188 —dL 91 ° 1 �.. 91 TABLE OF CONTENTS PART ONE - INTRODUCTION ............................ . .. ............................... . SUMMARY OF IMPORTANT DATA AND CONCLUSIONS .... . ............................ . LOCATION MAP FOR SUBJECT PROPERTY ..... ............................... . ....... . NEIGHBORHOOD AERIAL PHOTOGRAPH ........ ............................... , ..... . SUBJECT ZONING AND FLOOD MAP DATA ............. . SUBJECT PLAT MAP ........ ............................... .......................... STREET SCENES NEAR SUBJECT PROPERTY ........................................... STREET SCENES NEAR SUBJECT PROPERTY . .......... ............................... . PHOTOGRAPHS OF SUBJECT PROPERTY ............................................... PART TWO - PREMISES OF THE APPRAISAL .................. ............................... 10 SCOPEOF WORK .................................... ............................... 11 CLIENT. USE AND INTENDED USERS .................. ............................... 1 I PURPOSE OF THE APPRAISAL ......................... ............................... 11 DEFINITION OF MARKET VALUE ...................... ............................... 11 APPRAISAL EFFECTIVE DATE .......... . ............. ............................... 12 DATEOF REPORT ................................... ............................... 12 ESTATE APPRAISED ................................. ............................... 12 PERCENTAGE OF OWNERSHIP INTEREST .............. ............................... 12 PERSONAL PROPERTY APPRAISED ......... . ... . ...... ............................... 12 PART THREE - PRESENTATION OF DATA .................... ............................... 13 INFLUENCES ON VALUE ............................. ............................... 14 AREA INFORMATION ................................ ............................... 14 NEIGHBORHOOD INFORMATION .................. ............................... . ... 15 IMMEDIATE NEIGHBORHOOD ........................ ............................... 18 LEGAL DESCRIPTION ................................ ............................... 18 PROPERTY INFORMATION ........................... ............................... 19 ESTIMATED IMPACT FEE CREDIT ..... . ............... ............................... 19 ENVIRONMENTAL CONTAMINATION ....................... . ........................ 20 NATURAL RESOURCE CONCERNS ............. ............................... . ....... 20 GROWTH MANAGEMENT PLAN AND ZONING .......... ............................... 20 PUBLIC UTILITIES AND CONCURRENCE ............... ............................... 21 ASSESSMENT AND TAXES ............................ ............................... 21 CENSUS AND FLOOD ZONE DATA ..................... ............................... 21 APPARENT OWNER OF RECORD ...................... ............................... 21 TRANSACTIONAL HISTORY OF SUBJECT PROPERTY .... ............................... 22 CURRENT STATUS OF SUBJECT.......... ............. ............................... 22 PART FOUR - ANALYSIS OF DATA AND CONCLUSIONS ........ ............................... 23 HIGHEST AND BEST USE ............................. ............................... 24 CONSIDERATION OF APPROACHES ................... ............................... 24 SALES COMPARISON APPROACIi ..................... ............................... 25 VACANT LAND COMPARABLES ....................... 27 LAND SALES ADJUSTMENT GRID ..... ............................... . ............... 33 PRELIMINARY ESTIMATES OF MARKET VALUE ........ ............................... 36 FINAL ESTIMATE OF MARKET VALUE ................. ............................... 36 ADDENDA CONTENTS ...................................... ............................... 37 91 PART ONE - INTRODUCTION 91 SUMMARY OF IMPORTANT DATA AND CONCLUSIONS This information is summarized only for convenience. The value given is the final, rounded conclusion of the appraisal. To use this summary without first reading the appraisal report may be misleading. PROPERTY APPRAISED A vacant parcel of commercial land with an area of 25,300 square feet (0.58 acre) located at the N W corner of the intersection of N . I "Street and W. Main Street in Immokalee, Florida. PROPERTY ADDRESS No Physical Site Address PROPERTY STRAP # 81681720003 and 81681960009 APPRAISER John W. Loukonen State - Certified General Real Estate Appraiser RZ3317 SCOPE OF WORK All applicable approaches to value were developed. The appraisal results are presented in a summary format. PURPOSE OF THE APPRAISAL Estimate market value. INTEREST APPRAISED Fee Simple CLIENT, USE AND INTENDED USERS The client is Immokalee Community Redevelopment Agency. The appraisal is intended to be used for possible asset acquisition. The intended user is Immokalce Community Rcdevelopment Agency. APPRAISAL EFFECTIVE DATE 03 November 2011 DATE OF REPORT On or about 03 November 2011 ESTIMATE OF VALUE $290,000 EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS None This is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standard Rule 2 -2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it might not include full discussions of the data, reasoning and analyses that were used in the appraisal process to develop the opinion of value. Supporting documentation concerning the data, reasoning and analyses is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report. Standard Assumptions and Limiting Conditions are included in the Addendum. COMPETENCY RULE DISCLOSURE The appraiser is competent to appraise commercial property and has appraisal experience and knowledge in and about the subject market area. PRIOR VALUATION RULE The appraiser has not appraised the subject within the last 5 years. , , ` If. ''*.1 LOCATION MAP FOR SUBJECT PROPERTY ` ' ` . ^*, � .' _ »^t — � -�` 3 m � � /moes I km 91 NEIGHBORHOOD AERIAL PHOTOGRAPH w MAN 41 x 4 ,9I lift R R y r. yet �y���ifi• I����� «�~ f ` � �i�tll ', t • i� I :t' ��� 1 ��•1 } rl�' � c � l y t rT it Lj r M tat �R s u 1 � _ %ow Y LO 91 PA td 0 do O C4 ri 0 0 N O -0 O C4 O .— n p. bo O b mod„ O 71 1 91 Ir 02 4 1 is 14 el IN -1 td 0 do O C4 ri 0 0 N O -0 O C4 O .— n p. bo O b mod„ O 71 1 91 STREET SCENES NEAR SUBJECT PROPERTY 91 i. View East along Main Street and across signalized intersection with First Street. Subject out of view on left. View West along Main Street of intersection with 1st Street. Subject is in view on right past First Street. STREET SCENES NEAR SUBJECT PROPERTY View South across Main Street intersection. Subject is out of view on right. w A.. View North from First Street across Main Street. Subject is in view on the left corner past First Street 8 91 91 PHOTOGRAPHS OF SUBJECT PROPERTY View NW from Main Street of subject SE corner. The green grass roughly marks the subject outline. View NE from Main Street from subject SW corner. C91 PART TWO - PREMISES OF THE APPRAISAL 1 0 k91 SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was as follows: • Personally inspected and photographed the subject property and each comparable • Reviewed, aerial photographs, land development code, plat maps, zoning, impact fee credits, future land use, and other documentation provided • Reviewed how the property relates to its neighborhood and to the broader market area with emphasis with commercial uses Researched the market area for sales and listings of vacant comparables • Estimated the foe simple market value • Prepared a summary appraisal report summarizing the appraisal assignment, the property appraised, the application of appraisal methodology, and the logical support for the value conclusion Sources of market data included, but were not limited to, local and regional MLS systems, LoopNet, the public records, the files of real estate brokers and my appraisal files. CLIENT, USE AND INTENDED USERS The client is Immokalee Community Redevelopment Agency. The appraisal is intended to be used for determination of market value for possible asset acquisition. The intended user is Immokalee Community Redevelopment Agency. PURPOSE OF THE APPRAISAL The purpose of the appraisal is to estimate market value. DEFINITION OF MARKET VALUE 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 sale as of specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated; b. Both parties are well informed or well advised, and each acting in what he considers his own best interest; C. A reasonable time is allowed for exposure in the open market; d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; e. The price represents the normal consideration for the property sold unaffected by special creative financing or sales concessions granted by anyone associated with the sale; 11 91 This is market value as defined by the Office of the Comptroller of Currency in 12 CFR, Part 34. It is the same definition referenced in the Uniform Standards of Professional Appraisal Practice (USPAP) and the most commonly used definition. The reasonable exposure time referenced in V.) above is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was 12 -18 months. The financial arrangements comparable to cash referenced in (d.) above are conventional commercial financing which, as of the effective date, was 60 --80% loan to value ratio, 15 -25 year amortization and interest rates ranging from 4.75% to 7.00% depending on discount points and risk as well as the borrower's relationship with the lender. The typical commercial loan is set up for a three to five year balloon. APPRAISAL EFFECTIVE DATE The effective date of appraisal is as of 03 November 2011. DATE OF REPORT This appraisal report was written on or about 03 November 2011. Fee simple interest. ESTATE APPRAISED PERCENTAGE OF OWNERSHIP INTEREST The percentage of ownership interest appraised is 100 percent. PERSONAL PROPERTY APPRAISED No personal property is included in the estimate of value. 12 91 PART THREE -- PRESENTATION OF DATA 13 INFLUENCES ON VALUE Appraisal of the value of real property involves both the physical real estate and the intangible rights of ownership. The ultimate value of both is influenced by the social, economic, governmental and physical conditions of the area surrounding the property. Properties that are very much alike may have considerably different values due only to their geographical location and the economic level of their particular area. information in this report that describes the area surrounding the property being appraised is included to communicate the influence the area exerts upon the economic performance of the property. AREA INFORMATION Collier County The property is located in Collier County. Collier County is the most southerly county on Florida's west coast offering mainland coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With 2,025 square miles of land area, it is the largest county in Florida. About 60% of the land area is in public ownership, is set aside for environmental preservation, or is scheduled for public land acquisition. The region enjoys a climate that is classified as subtropical. Summers are relatively mild and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter, is one that attracts and is enjoyable to most people. The geography of the area runs generally northwest and southeast as indicated by the trend of the coastline. Beaches extend from the northern county line south to Cape Romano and then, as the coastline trends further to the southeast, beaches give over to mangrove islands and swamps. Moving northeastward from the beaches, elevations increase very slowly. Most of the county is less than 15 feet above mean sea level. Although changes in elevation are gradual, they are well defined by variations in vegetation. Much of the county is, or was once, wetland. The once plentiful marine resources are largely depleted, but still provide good sport fishing. Population centers include the coastal communities of Naples, Marco Island and Everglades/Chokoloskee. Immokalee, the single large interior community, is located in north Collier County and is the agricultural center of the region. Most growth is accounted for by the heavy influx of retirement age persons. These are predominately active retired people who can afford a variety of recreational pursuits including boating, golfing and tennis. The strong attraction of these people to the beach results in exclusively residential development along the beaches and for some distance inland. Commercial zones are primarily located along arterial roads and inland away from the most desirable residential locations. A secondary population of service industry families lives throughout the area. These people provide the support services and local industries that cater to seasonal tourists as well as year round residents. The economy of Collier County is based on agriculture, tourism, construction and service industries. All of these industries have been negatively affected by the prolonged economic recovery. The construction industry has been the most devastated as few new residential and commercial projects come on -line. The greater Naples area is the focus of tourism and construction and it is the primary market for local business. Of the total county population, about 75% live in the greater Naples area. As late as the end of 2005, studies identified Collier County as one of the fastest growing counties in the State and among the fastest growing in the nation. Most of that growth was taking place along the northern and eastern fringes of the Naples area. More recently these outlying areas have also had the highest incidence of foreclosures and short sales. The MLS indicates that residential listings have declined since the inventory peak of 2008 -2009. Although inventory has declined, prices generally have remained flat and stable since mid 2009. Growth is expected to continue once current economic conditions are improved and foreclosure and short sale inventory is fully absorbed. There is strong grass roots support for environmental issues and for less intensive development. Local politics are dominated by the struggle to achieve a balance between economic prosperity and preservation of natural resources. However, non - profit, County, and State preservation organizations have also struggled to maintain land acquisitions due 14 ff to lack of funding. Prices for raw acreage has fallen off dramatically since the peak of 2005. The most dramatic price 91 decline was exhibited in outlying areas which was where the most price appreciation occurred. Acquisitions of land for mitigation and the transfer of development rights has waned in direct relation to the residential market. Presently, the residential market is segmented with most neighborhoods experiencing price stabilization after steep declines. Throughout the residential market, investors and end -user buyers are buying foreclosures and short sales. Inventories appear to be shrinking with the latest foreclosure moratorium set by a few large banking firms. With shrinking inventories, home pricing is expected to gradually increase to levels similar to normal cost - depreciated values resulting in an erosion of external market obsolescence. Since early 2006 the volume of commercial market activity has been low. Prices has also followed a downward trend and have followed a similar path as residential property. Most all commercial segments have experienced significant value declines. The poor job market has resulted in distressed sales which have been the primary driver behind these declines. Without a resurgence of the local economy through job creation the middle and lower class areas will continue to be depressed. The more affluent areas will continue to do okay as domestic and international investment has helped slow down declines in high end real- estate. NEIGHBORHOOD INFORMATION Immokalee Area Information The property being appraised lies within the Immokalee Planning Community which is a 26 square mile area centered on the unincorporated community of Immokalee. Immokalee is located in north central Collier County approximately 25 miles cast of the Gulf ofMexico, six miles south ofthe Collier County-Hendry County line and 18 miles north of I -75. With the County's formation in 1923, Immokalee was the only non - coastal settlement. Today it remains the only interior community of considerable size. Immokalee was fairly isolated from the coastal area until the Immokalee Road (CR- 846) was rebuilt and resurfaced in 1955 -56. With major improvements to the transportation system, Immokalee became a thriving agricultural center for cattle, citrus, vegetable farms and cypress timber. There are two main roads that provide access to Immokalee. The first is Immokalee Road (CR846) which runs from Naples to Immokalee and out east through ag -lands towards Clewiston. From Naples this route is 4 to 6 lanes out +/ -15 miles cast to the County fairgrounds. The remaining +16 miles to Immokalee is a 2 -lane route that is heavily traveled during morning and afternoon rush hour. The second arterial road is State Road 29 (Main Street) which runs through Immokalee. Outside of town SR29 runs south from Immokalee to I -75 and Everglades City and north through ag -lands to LaBelle in Hendry County. State Road 82 intersects State Road 29 5 miles north of Immokalee providing a +/ -25 mile route to greater Fort Myers. The state and county road system leading to Immokalee is in good condition. Over the next few years the FDOT has plans to widen roads and provide a bypass route around the town construction is expected to begin 2012. The Immokalee urban area traffic network branches off the main arterial road of Main Street (SR29) and CR846. The town's 2 -lane collectors comprise of several roads; New Market Road /W estclox, a northwest/southeast neighborhood collector that posses through industrial areas and residential neighborhoods; Immokalee Drive, an east/west neighborhood collector serving old and newly developed residential districts west and east of SR -29; First street connects Main Street and commercial areas ofNew Market Road; and Lake Trafford Road an east/west collector connecting commercial and residential development from Lake Trafford to New Market Road. Beyond the collectors are residential roadways. Most roadways are asphalt paved and others time rock material. Non - "planned unit development" streets are typically laid out on a grid pattern. Overall connectivity is good, but the community remains segmented by drainage systems. Immokakx is the agricultural center of an area that includes parts of Collier, Lee, Glades and Hendry counties. The economy is dominated by the agricultural industry which employs over a third of the working population in ranching, truck farms and citrus. This industry has made Immokalee on of the leading domestic producer of winter vegetables for the eastern region of the United States. Most of the land and agricultural business is vested in a few large corporate - owned enterprises with annual local sales well over tens of millions of dollars. Immokalee is also home to the Seminole Indian Casino, which attracts many visitors from around greater Naples and Fort Myers area. 15 Historically, residential development was confined to the downtown area. In the mid 2000's, this trend changed with the approval of new projects and Planned Unit Developments andwith the increased development in the Lake Trafford Road corridor. The commercial area is principally strip zoning along segments of CR846, SR29, Lake Trafford Rd, First Street, and New Market Rd. Immokalee has a large indus ;Q located on the east side of town where processing plants, packing houses and agri - industrial use —red of the Immokalee Airport, the University of Florida Institute Pepper Tree Ranch Conservation area, schools, jail, ant reservation has been a growing and prosperous area of the l from the gambling proceeds. Land in the Immokalee area ranges in elevation from abc and palmetto flat woods interspersed with marshy pond; is a remnant of the water oak and sand pine community i of natural sloughs enhanced by shallow canals and ditc Vacant land in Immokalee exists as large tracts and sm built up with many small vacant lots and tracts scattere area is over 90% vacant as it is used for agriculture of ,e re m i% ian Immokalee is an arcaof housing diversity ranging frorr ` A' cots with medium density single family and /or multi -fami V' • is to individuals or families on a weekly or monthly rate. Vv" hers suffer from severe dilapidation resulting in health cod rash, junk, and crime. There is a concerted County effort o ation which has no where else to go. As a result, development of subsidized housing proJec . lasts decade. Few of these projects continue to be under construction, but there is an evident slowdown as the demand for migrant labor has weakened with a decline in citrus and vegetable production. In general, the density of residential development is relatively high and there are many low rent substandard structures directly competing with newer subsidized migrant and low income housing projects. Low income housing in Immokalee is in an oversupplied condition even during peak harvest season which has increased peak vacancy rates and decreased rents. County Code Enforcement has recently been a topic of heated debate as the County pushes to remove "blight." The term "blight" is undefined. County Code Enforcement, therefore, uses its discretion in determining whether there is "blight" on a given property. Mobile home park owners and commercial business owners have been cited by County Code Enforcement for "blight." This has resulted in fines and contentious debate with the County Code Enforcement. In interviews with residential and commercial property owners, these owners feel the latest land development code contains affluent standards, which, when applied to a low income area, is not practical and severely limits financial feasibility for existing and new construction. "Blight" and "vested legally non - conforming use" appear at odds in the Immokalee area. With regard to existing structures and uses, it is imperative that due diligence be performed to ensure whether any aging substandard residential or commercial property is a "vested legally non - conforming use." This due diligence should include, at the least, consultation with an attorney that is familiar with the land development code, as well as consultation with the County Attorney regarding the County's opinion on the continuation of vested non - conforming use and whether any existing or potential code violation exists. However, as noted above, confirmation that the property is a "vested legally non - conforming use" does mean that the property may not he considered "blight." An opinion on the continued or anticipated use of the property as it relates to County Code Enforcement is beyond the scope of this appraisal, and the undersigned appraiser makes no guarantees and is not liable for any actions taken by County Code Enforcement or other government body with regard to the future or anticipated use of the property and any finding that the property is "blight." Public water and public sewer service is available throughout the business district and industrial areas. Most residential neighborhoods are served by public water and public sewer although there are exceptions and in some areas where service is available units have not been connected into the system. The Collier County School Board operates four elementary schools, one middle school and one high school. These schools are located within walking distance of most of the urban area and are easily assessable by those who require transportation by school bus. Park and recreation facilities are generally associated with the public schools. There is one 25 acre community park adjacent to the high school in the downtown area. Lake Trafford, which lies at the western boundary of the lmmokalee Planning Community, is the largest lake in Collier County. Historically a provider of boating, hunting and fishing recreation, the lake has fallen into disuse as a result of aquatic weed control efforts thatupset 16 91 �9I the natural balance. Overall, access to public schools, churches, employment centers, stores and recreation facilities is good. The estimated 2008 permanent population of Immokalee was 29,353. However, the population nearly doubles during the winter months due to agricultural seasonality. This increase occurs during the winter and spring when the harvest season for vegetables and citrus is at its peak. The 2008 projected peak season population for Immokalee is 44,353. Population demographics are considerably different from Collier County as a whole. The 2000 Immokalee median age was 24.7 years while the Collier County 2000 median age was 44.1. In 2000,65% of Immokalee's population was of Iispanic origin, which maybe of any race, in comparison to 19.6% of the remainder of Collier County's population being of Hispanic origin. The 2000 Household Median Income in Immokalee was $24,3I5 in comparison to Collier County's median household income of $48,289. According to the 2000 U.S. Census 39.8% of the population was below poverty level. Whereas the Collier County average household remains just under 2 per dwelling unit, in Immokalee it exceeds 4 per unit. The Immokalee area agricultural economy is typically more stable than that of the coastal community. However, due to poor consecutive agricultural seasons, diseased citrus crops, and the overall US economy the real estate values in all segments have fallen to levels last seen in the early 2000's and late 1990's. Newer residential development has suffered the greatest value decline. Newer homes that once sold in the mid $200's in 2006 arc now selling between $50,000 - 570,000, well below the current cost of construction. Lack of affordable housing is no longer the issue it once was 5 years ago. W ith County and State funded low income and migrant housing projects still under slow construction the housing market is oversupplied. The market price of lowest entry point level housing is about $14,000 for a 20 -40 year old mobile home trailer on a small lot. There is sufficient inventory on the market to keep housing prices depressed for at least another 12 months. However, over the last 18 months, prices have stabilized at current levels. Residential rents have also fallen 15 -30% over the last 4 years. Multifamily residential units rent for about $500 -650 per month. Single family homes can rent anywhere from $500 to $1,100 per month with mobile homes representing the tow end and 2007 Arrowhead site built homes representing the high end. Over the last 2 years, rents for migrant laborers has fallen from $50-65 per week per bed to $35 -50 per week per bed. The higher end represents County run migrant camps and good condition privately owned and operated camps. Commercial real estate in Immokalee boomed with several new projects during the mid to late 2000's. Vacant land values for prime retail locations reached a price range of $12 to $21 per square foot during the peak with the high end of the range representing a corner lot sale located at First Street and Main Street. There have been a few vacant commercial land sales over the last 24 months with sales primarily between $348 per square foot with no prime corner lots included in the data set. Vacant land with industrial or retail potential and with limited exposure appears to be selling from $1 to $3 per square foot. Recent sales of improved retail with good exposure is limited with one sale representing $87.10 per sq.ft. for an old retail strip center unit. Agricultural packing sheds are selling between $55 and $75 per square foot with the low end representing REO sales. Purchasers of most agricultural assets are classified as out of state agricultural organizations. Asking prices for listings are higher than recent respective sales. Given the few sales and listings available it does appear that commercial prices have stabilized. Vacant commercial retail listings and for sale by owner range from $3.74 per square foot to as high as $11.86 per square foot with the high end of the range represented by a prime 0.58 acre corner location at Main Street and V* Street. Lease rates for improved industrial and retail rental rates vary from $5.00 per square foot to $13.00 per gross square foot. Vacancy rates for agricultural related industrial use is less than 5% as the produce re- packing business seems to flourish year round. On the other hand retail store fronts are experiencing higher vacancy rates estimated to be 20 %. This higher vacancy rate is attributed to the past three seasons having odd consecutive freezes. This spin of bad luck put small retail operators outof business due to lack of harvesting jobs needed to support local business. Landlords indicate that most retail tenants struggle to make rent payments during poor agricultural seasons. Industrial agricultural produce re- packing /distribution businesses seem to be one of the few business able to pulling through the tough economy as they can source produce regionally to supply customers year round. New construction over the last 6 -36 months commercial construction has been limited. However, currently there are four commercial projects underway and include: construction of a 9,100 sgft. Dollar General retail store, located at Lake Trafford Road and SR29; State construction of new agricultural warehouse space on the State Farmers Market offNew Market Road; new construction to expand a locally owned restaurant on New M arket Road; County construction of a large Industrial manufacturing facility located on the Airport property (lease status to a local manufacture is unknown at this time). Essentially most of the construction is government funded which means private sector construction is still sluggish. There are some bright spots for Immokalee's economy with expansion of Seminole Gaming and the development of Ave Maria six miles south on Camp Keais Road. The Ave Maria community includes an entire town and a University. Ave 17 91 Maria totals about 5,000 acres, of which nearly 20% has been designated as the University campus. When completed, the Town will contain some 11,000 residential dwellings in a wide variety of price ranges and neighborhoods. From rental apartments to condominiums, and from starter to estate homes. The goal of the University is to become the major Catholic University in the south, with some 5,000 graduate and undergraduate students. The first phase of the University and Town, including representative housing and commercial areas opened in mid 2007. Overall, Immokalee is still dominated by agricultural industry and to a growing extent by proximity to the coastal community. The town is experiencing one of the longest and deepest trough cycles in decades due to the combination of the US economy and 3 consecutive seasons of low crop yields. The outlook is one of optimism as such low points historically leads to new growth opportunities for national or international agricultural investment. IMMEDIATE NEIGHBORHOOD The neighborhood is a mixed use area that centers along the cast/west corridor of Main Street and north /south corridor ofFinst Street in downtown Immokalee. The streets are laid out on a grid system that feed into Main and First Street. Property fronting along Mein and First Street are zoned for strip commercial use and range in depth between 100 to 200 feet. Some of this commercial property is underused and remains vacant or as old residential property. Property behind the commercial strip are older residential and mobile home parks abutting commercial development with little or no buffering. There are few sidewalks and minimal street lighting off of Main and First Street. Open drainage systems are seen in much of the area. Residential development is typically high to medium density multi - family complexes, single family homes, and older legally nonconforming tenant leased mobile home parks. Much of the housing in the area is in need of rehabilitation. Main Street and most of First Street are four -lane landscaped and lighted median routes. This is the oldest portion of town and is roughly 75% developed. The roads are at their maximum widths as old buildings sit near the road's edge. Most of the buildings are over 45 years old and are legally nonconforming to current development standards. Redevelopment of the area by private land owners seems to be at a standstill as County requirements involve re- engineered site development plans which are too complex and costly endeavors for small businesses. The Immokalee Community Redevelopment Agency is promoting conformity through re- development incentives. Grants are offered in the amount of$20,000 to improve commercial building facades. There is some scattered participation in this program. Overall there is very little new development in the immediate area. The latest building constructed was a Family Dollar retail store in 2007. Agricultural labor with limited transportation is the main composition of neighborhood residents. During peak harvest season (Oct -May) the immediate area is inundated by Mexican, Guatemalan, and Haitian migrant populations requiring close proximity to local ag- packing facilities or local crew bus pick -up points for field harvesting. Small local and large regional commercial businesses support the majority of the neighborhood's needs. Small retail shops are about 50% owner occupied family businesses. Commercial businesses run the gamut from ethnic restaurants, grocery, hardware, clothing, furniture, thrift, and auto parts. Employment centers are produce packing and shipping operations that operate during harvest season. The general appearance of properties along the segment of this commercial corridor is one of an older, less attractive community. Commercial re- development has been slow and erratic largely because the area lacks a supporting year round economic base. In the short run new development and redevelopment is likely to occur at a slow pace. In the long run, nearby development of Ave Maria and recent state law approvals for Seminole Casino gaming expansion could spark an increase in demand for residential and commercial development, but that still remains to be seen. LEGAL DESCRIPTION Lots. 8i e a2 and Zit 810C YPED WIIIDDU, aawrri tit to the Flat tJlareaf,.' ate recorded in R3ltt 'ok-2, at Page 36, of the. Public Records Ot Cpllier Coiutty Plordda. Lose the South 20 leotf of I Lots Z3` c>sd 23, pr4viousiyy acquired by ,flee 8ttr )R�d• �epaXt>t .a-Plclida. 19 The site address is as follows: There is no physical address Site 91 PROPERTY INFORMATION The subject site is a vacant rectangular shaped parcel with 25,300 square and sits at NW corner of the signalized intersection of North Ist Street and W. Main Street. The site fronts the west side of 1" Street for 230 feet and fronts W. Main Street for 110 feet. Access is currently along 1st Street as there is no curb 30 feet north of Main Street Legal access for development may only be granted along First Street given the close proximity to the signalized intersection. it is unclear as to what the County would allow for new development.. Full access could be granted at the north end of the subject. If not, legal U -turns can be made along First Street at North 2nd Avenue X400 feet north of the site for south bound ingress. Northbound egress maybe possible as it is currently physically possible. The site enjoys some of the best exposure to local traffic in Immokalee. Sidewalks are available along the east and south boundary of the site. The land is level in terrain and has an elevation of about 35 feet above mean sea level (NGVD). The entire site is filled to road level. The fill is attributed to old development that has been demolished. According to the County property record card the site has been improved with four separate improvements. Discussion of these old improvements will be in the impact fee credit section of this appraisal. Old water and sewer hook ups could not be found on the subject. The appraiser was unable to locate these utilities. The property record card shows a diagram of an old pump house that may have been a source of water for the old improvements. Public water, electricity, telephone service and TV cable are available. Drainage appears to be good. Surrounding uses are retail, office, and residential uses. ESTIMATED IMPACT FEE CREDIT Also important to value, but not neecssaril art of market value, is the vested impact fee credit that runs with the land. Based on county permit rcMr3st1—er-e-a—r—eT strictures that have been demolished. On 14 Noveember2011, discussions with the County Impact Fee Coordinators, Craig Davis and Paula Fleishman, indicate that the old demolished subject improvements will receive an impact fee credit. According to the County property record card demolished buildings include: 1. Retail Store with 3,232 sq.ft. demolished in 1973 estimated impact fee credit is $45,131.78 2. Retail Store with 3,000 sq.R. demolished in 1988 estimated impact fee credit is $41,892.12 3. Retail Store with 2,900 sq.ft. demolished in 1988 estimated impact fee credit is $40,495.72 4. Five apartments with 320 livable sq.fL ea. demolished in 1980 estimated impact fee credit is $48,008.80 if residential re- development occurs. if commercial re- development occurs the impact fee credit is less with no credit for school, library, and parks. The applicable commercial redevelopment impact fee is $29,833.73 These rates are subjectto change and in general have been on a declining trend overthe last 3 years. The total estimated impact fee credit is $175,527.70 for residential rc- dcvelopment or $157,352.63 for commercial re- development. This credit is based on the impact fee calculator on the County web site. The appraiser spent some time with the impact fee calculator plugging in various potential uses for the subject. 'These uses were consistent with current development code and zoning. The impact fee credit appears to be sufficient to cover most all impact fees related most commercial uses. For more intense uses such as conveniences store and fast food restaurants the credit will cover over 70% -100% of the impact fee costs depending upon the size of the improvement. Therefore, the impact fee credit in relation to re- development is a value added component to the overall subject value. How much value added depends on the use chosen 19 91 for re- development and when the impact fee credits are a realized benefit. This topic wilt be further discussed in highest and best use section of the appraisal and in the final indication of market value.. According to lmmokelee Water and Sewer there are no utility impact fees. It is doubtful that the subject was ever connected to Immokalee utilities as there is record of a water pump house which may have supplied water to the demolished structures. The appraiser assumes there is no connectivity or meters to the existing water and sewer utilities. Such fees are minimal and have no bearing on this appraisal. ENVIRONMENTAL CONTAMINATION This is a factor of unknown risk. The property is not adjacent to, or associated with, any known contamination point source and the current use in not considered in a high risk category. Environmental contamination seems unlikely. Unless otherwise stated in this report, the existence of hazardous substances or environmental conditions including but not limited to asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, urea formaldehyde insulation, lead paint, toxic mold, et cetera, which might or might not be present in or on the property were not called to the attention of the appraiser. Nothing like this was discovered during the property inspection and no environmental assessment report was madc available for review. Such tests were not in the appraiser's required scope of work, the appraiser is not qualified to test for such substances and conditions and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any such conditions that might exist, or for the knowledge and expertise required to discover them. The property was appraised as though uncontaminated and the value estimated is predicated on the assumption that there is no such condition on, in, or proximate to the property that would diminish value. NATURAL RESOURCE CONCERNS The entire site is cleared and mowed. There is nothing to indicate any natural resource concern Unless otherwise stated in this report, I have not discovered, been told of, or received documentation indicating any unusual natural resource concern that would tend to make this property more or less valuable than another. Specialized natural resource audits were not in the appraiser's required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any extraordinary natural resource concerns, or for the knowledge and expertise required to discover them. The property was appraised as though there are no unusual natural resource concerns. GROWTH MANAGEMENT PLAN AND ZONING The Collier County Growth Management PIan (GMP) refers us to the Immokalee Area Master Plan (TAMP) which sets forth the future land uses and policies governing development. The TAMP identifies the property as being within a designated Commerce Center -Mixed Use Subdistrict. This subdistrict isknow .astheMainShtetOveriaySub- district (MSOSD) The purpose of this district is to provide for and promote economic development and efficient delivery of goods and services through greater density and intensity that encourage dense, clustered development; incorporating smart growth principles; and by providing greater development flexibility. The subject has two different zoning classifications. The property is zoned "C-4 MSOSD "General Commercial and VR- MSOSD" Village Residential. Both classifications are within the Main Street Overlay Sub - District as show on the map located in the Addendum. The subject northern 100 feet is zoned VR- MSOSD, depicted as the hatched mark area on the overlay. The hatch mark area allows commercial activity up to a maximum intensity of C -1 "Commercial 20 Professional and General 011:`ice District ". The reason for low intensity commercial is to buffer existing residential areas. The Main Street Overlay supersedes the VR zoning which only permits intense residential development. The C-4 zoned portion (southern 130 feet of the subject) allows for more intense and wider array ofpermitted commercial uses. A copy of applicable sections of the IAMP's "MSOSD "description and descriptions of VR, C -1, and C-4 zoning districts are included in the Addendum. PUBLIC UTILITIES AND CONCURRENCE The full range of utilities including sewer, water, electricity, telephone and TV cable are available. Adequate capacity exists to support full utilization of the site. The service levels along the adjacent road system are within acceptable limits as defined by Collier County. There are no concurrence issues adversely affecting this property. ASSESSMENT AND TAXES By statute, real estate in Florida is assessed at 100% of fair market value as of January I of the tax year. Certain discounts are allowed which represent costs of sale. The Collier County property appraiser applies statistical methods to assure that assessments comply with standards established by the Florida Department of Revenue. The tax assessment is usually not a reliable indicator of market value. The subject is assigned three identification numbers and is cumulatively assessed as such. The 2011 assessment was: Land $ 37,950 Improvements 0 Total $ 37,950 Taxes $554.27 (March payment) CENSUS AND FLOOD ZONE DATA The data pertaining to the subject property is: National Flood Insurance Program Flood Insurance Rate Maps Revised November 17, 2005 Community —Panel Number — 120067 15OG Flood Zone D — An area of undetermined but possible flood hazards. APPARENT OWNER OF RECORD The subject is owned by two separate owners. Each owner owns a separate parcel ID #. Parcel ID # 81681960009 Ayala, Mateo & Nora 207 Washington Ave Immokalec, FL 34142 21 X91 Parcel ID # 81681720003 Ayala, Cara A 207 Washington Ave Immokalee, FL 34142 . 91 According to the owner, the two owners are prepared to sell the subject together and not separate. TRANSACTIONAL HISTORY OF SUBJECT PROPERTY No prior transactions over the past 5 years. CURRENT STATUS OF SUBJECT According to discussions with the owner and the appraiser's files the property has been posted "for sale by owner" for about 12 months. According to the appraisers files and discussions with the owner in January 2011 the subject asking price was $250,000 or $9.88 per square foot. As of 1 l November 2011 discussions with the owner indicate the property asking price is $300,000 or $11.86 per square foot. The owner indicated that the property has not been listed by areal estate agent and it is not currently under contract. The owner said that they have been approached by the County for possible purchase. 22 ;. 91 PART FOUR - ANALYSIS OF DATA AND CONCLUSIONS 23 HIGHEST AND BEST USE 1:91 Definition Highest and best is defined as follows: 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 definition is taken from page 171, The Dictionary of Real Estate Appraisal third edition, published in 1993 by the Appraisal Institute. Analysis - Physically Possible - County setback requirements for development indicate that the site is large enough to support a variety of commercial uses for a single or multi tenant user. See "C-4" General Commercial district setback requirement in the Addendum. Legally Permissible - Surrounding commercial development and excellent corner site exposure suggest some type of commercial development driven by high exposure. "C -4" General Commercial zoning permits a wide variety of commercial uses. The Main Street Overlay Sub - district ( MSOSD) restricts some C -4 commercial uses such as auto repair and fuel station As earlier mentioned the MSOSD eases restrictions of the residential VR zoning by permitting C -1 commercial. Essentially the entire site can be developed with commercial use with intense commercial use focused on the southern 130 feet. A well engineered SDP could place low intensity portions of the SDP within the northern 100 feet to satisfy site development plan requirements for parking open space and drainage. . Financially Feasible - Downtown multi- tenant retail and office space appears to be oversupplied as vacancy rates are high and rents are depressed. The site is too small for regional retail space that has grown over the last 5 years with new Dollar General and Family Dollar stores. With the MSOSD eliminating fuel service and automotive repair there are few exposure driven uses to choose. One could be a small convenience store /pharmacy or another national franchise fast food restaurant with drive through. The local Burger King, McDonald's, Wendy's, and Popeyes' appear to be financially feasible as they continue to remain in business. With the high exposure, high concentration of migrant foot traffic, and close proximity to employment centers, the site could viably support such commercial uses. Maximally Productive - The highest and best use of the aite is to develop with a commercial use that can benefits from high traffic exposure. With respectto the County proposing a park for the subject site, such development should be legally permissible. Public Parks are not associated with financial feasibility and are more dependent upon County budgetary expenses for park maintenance which is beyond the scope of this appraisal. CONSIDERATION OF APPROACHES Only the sales comparison approach is applicable to the vacant subject site. 24 c91 SALES COMPARISON APPROACH Introduction In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sale data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: 1. Research the market to gather information on sales, listings and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. S. Reconcile the various value indications produced from the analysis of comparables into a single value indication or a range of values. The outline developed above is developed in detail on the following pages. Land Sales Data A search was made for land sales comparable to the subject site. Three closed sales were identified as the best available for analysis. No comparable listings with offering prices below values set by the most recent sales could be found. The data was limited as there have been few recent commercial vacant land sales. There is one recent sale that deserves mentioning as it could raise questions to value. This sale is the bank sale of the carwash on SR29 which was verified to be a foreclosure distressed bank sale. Such sales are not indicative of market value as the short marketing time and low price is representative of a liquidation value and not market value. A copy of the car was sale is included in the Addendum. Dollars per square foot of unit area was selected as the unit of comparison best adapted to this property type. It is the unit of comparison most often used by local buyers, sellers and brokers. Data for the comparable sales is given on the following pages. Each comparable is identified by number which will be used throughout the analysis. The location of each comparable can be determined from the map following this page. 25 LOCATION MAP FOR SUBJECT AND VACANT LAND COMPARABLES F-2) 02 1, a f1vi rl Rd 01 pal as -moin't, Pwk QD 10 03 Subject hs 26 f. 91 VACANT LAND COMPARABLE 01 LEGAL: Lengthy legal subject to easements and restrictions; Public Records of Collier Cotmty, FL. ^ ^^ 00122840009 No Site Address on W. Main Street OFF. REC. BOOK -PAGE: 4561 -1319 SALE PRICE: $232,500 DATE OF CONTRACT: Unknown DATE OF RECORDING: 4 -30 -10 LISTING PRICE: Unknown DAYS ON MARKET: Unknown GRANTOR: Shirley M. Brown PO Box 5155, Immokalee, FL 34142 GRANTEE: Collier County Redevelopment Agency 310 Alachua Street, Immokalee, Florida 34142 VERIFICATION: On 14 January 2011 the sister (Terri Brown) of the owner verified the sale as an arm's - length transaction. She said the County intends to build a public park on the property. FINANCING: Cash to seller. CASK EOU1V. PRICE: $232,500 AREA: 85,378 square feet (1.96 acres County Record not from legal) Break down: C -4 general commercial 115' frontage x 250'= 28,750 sq.ft. estimated; 33.67% RMF -6 residential 55,478 sq$, estimated; 66.33% UNIT PRICE: $2.72 per square foot TOPO- ELEVATION: Level: about 35 feet above mean sea level. DRAINAGE: Average GROUND COVER: Mostly cleared LAND USE DESIGNATION: Commerce Center /Mixed Use Subdistrict ZONING: "C4- MSOSD" Main Street Overlay District & "RMF -6" Residential Multi- family. The RMF -6 zoning it outside of the MSOSD overlay. The C-4 zoning is roughly one third of the total area. IMPROVEMENTS: None UTILITIES: All available. PRIOR SALES: No prior transactions over the last 5 years. 27 91, ; I 91 COMPARABLE O1 J:77 ��4` Ali n+ yr w� si Roughly one third of the area is zoned C-4. The bisecting fence fine is about where the zoning changes from C-4 to RMF-6 28 91 VACANT LAND COMPARABLE 02 LEGAL: Lengthy Legal; deed restricted parcel subject to a 15 foot access casement along the south boundary; Public Records of Collier County, FL. 52659910049 No Site Address off N. 15w Street OFF. REC. BOOK -PAGE: 4425 -0119 SALE PRICE: $916,100 DATE OF CONTRACT: Unknown DATE OF RECORDING: 04 February 2009 LISTING PRICE: Unknown DAYS ON MARKET: Unknown GRANTOR: Okeechobee Inn, Ltd. (Reliance Bank) 802 NW I A Street, South Bay, Florida 33493 GRANTEE: Suncoast Schools Federal Credit Union 6801 East Hillsborough Avenue, Tampa, Florida 33610 VERIFICATION: 19 October 2009, Scott Royal (partial owner grantor) verbified sale as an arm's - length transaction. He said the bank plans to eventually build a bank building on the site. FINANCING: Cash to Seller CASH EQUIV. PRICE: $916,100 AREA: 72,995 square feet (1.67 acres) UNIT PRICE: S 12.55 per square foot TOPO - ELEVATION: Level: about 35 feet above mean sea level; 2 -3 feet below road level DRAINAGE: Average; low area on western half. GROUND COVER: The western portion is less vegetated than the eastern portion. LAND USE DESIGNATION: Neighborhood Center ZONING: "C -3 SR29COSDII - Intermediate Commercial District/State Road 29 Commercial Overlay Sub - District IMPROVEMENTS: None. UTILITIES: All available. PRIOR SALES: No prior transactions over the last 5 years. 29 X91 COMPARABLE 02 CIR 91 VACANT LAND COMPARABLE 03 Ji LEGAL: Lengthy Legal; Public Records of Collier County, FL. 00076560008 1011 North 15th Street OFF. REC. BOOK -PAGE: 4706 -0231 SALE PRICE: $385,000 DATE OF CONTRACT: 15 mos.prior DATE OF RECORDING: 27 July 2011 LISTING PRICE: Unknown DAYS ON MARKET: 42 days on Loopnet GRANTOR: Mohan Raj and Kiruba Raj, husband and wife 4869 Southern Boulevard, West Palm Beach, FL 33415 GRANTEE: SR 29 LLC. 2760 N University Drive, Davie, FL 33024 VERIFICATION: On 16 November 2011 Seller's agent Ken V ickerson with Intervest Realty Sources, LLC verified the sale as an arm's length transaction. The sale was pending a 15 month County approval process for development of a 9,100 sq.ft. Dollar General retail store. No impact foe credits were involved with the sale. FINANCING: Sale financed as part of a construction mortgage for $1,295,000 CASH EOUIV. PRICE: $385,000 AREA: 42,000 square feet (0.964 acre) UNIT PRICE: $9.17 per square foot TOPO - ELEVATION: Level: about 35 feet above mean sea level. 1 -2 feet below road level DRAINAGE: Good GROUND COVER: Cleared LAND USE DESIGNATION: Commercial Subdistrict ZONING: "C-4 SR29COSD" - General Commercial District IMPROVEMENTS: A 24 foot by 31 foot accessarybam for adjacent residential property. It has since been demolished thus, it provided no contributory value. UTILITIES: All available. PRIOR SALES: No prior transactions over the last 5 years. 31 91 COMPARABLE 03 32 ,, 91 LAND SALES ADJUSTMENT GRID Note_ PlusAdjurbrionts shown without sign. Minus adjustrnents shown In ( ITEM SUBJECT COMP d'1 COMP 02 COMP N3 PROPERTY IDENTIFICATION Ayala Collier Co. Roder Suncoast Sohl CU_ SR 20 LLC NW Comer tst& Main W. Main tidest 11 16M $beat 1011 N. 161h Stud SALE PRICE WA $232,000 $918.ODD $380.000 CONDITIONS OF SALE Mabel Madret MmAVt MAW 0 0 O SUILDINO IMPROVEMENTS None lion* None No Contribution 0 0 0 rINANCINO Cash or Cash to Seller Cash to Seller Combuclion Loan Equivalent 0 0 0 ADJUSTED SALE PRICE N/A $232,000 $018,000 $356.000 Reoording Date NIA 30•Apr•10 .04-rob-00 .274411 Months Prior To Effective Daft 03- Nov -11 18.16 32.04 3.25 MARKET CHANOE ADJUSTMENT NIA 0 820.000) 0 ADJUSTED SALE PRICE NIA !232.600 !887.000 338GAW Stile In Square reel 25,300 85.378 72.006 42:000 PRICE PER ACRE 7 62 72 "Al S! 17 LOCATION NW Corner 1/IL Main W. Main $beet N. 16th Street N 16th Street EXPOSURE Oood Average Average Avenge ACCESS Avenge Average Average Avenge 0 0 0 SUBTOTAL NIA $212 $0.41 , 09.17 UTILITIESANFRASTRUCTURE PubhoWatedSevver PublioUiate"awar PublieWitedSewet PubhcWatad$*w*r Road Serves* OK Road Suvioe OK Road Service OK Road Service OK 0 0 0 COMPREHENSIVE PLAN/ Commoroe Center Comm.33%iLRed4 Neighborhood Ctu Commercial ZONING C-4 &MWSOSO C-4 MSOSDLRMF•8 C•3 SR2000SD C-4 SR2000SD 4.81 0 0 SIZE INSQUAR£ FEET 26,300 sq.tt 86.378 sq. R 72,006 sq. R 42AW sq. R. SHAPE/CONFIOURATION Rectangular Irregular Rectangular Rectangular 0 O 0 PHYSICAL CHARACTERISTICS Leval. ,0/, 38' MSL Level: ♦/ 3& MSL Level: *I.36' MSL Level; eh 3W MSL (Terrain, Elevation, Vegetation Cleared Cleared Cleared A Mad Vop Improved 33 Discussion of Adjustments 91 Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two step process. First, adjustments are made so that all of the comparable sales meet the standard of a "market" transaction as outlined in the definition of market value. The fast group of adjustments is made before the comparable sales are reduced to a common unit of comparison. Included at this stage are adjustments to bring historic sales current to the appraisal effective date. The second group of adjustments is made after an appropriate unit of comparison is chosen. These adjustments account for physical differences like location, physical characteristics and size. Sometimes adjustment is required for differences in the permitted land use (zoning) or in the availability of public services (infrastructure). When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. Conditions of Sale — This adjustment category is intended to account for a variety of factors that might affect the purchase price. These factors include, but are not limited to, fees or commissions not paid as part of the purchase price, personal property included with the sale of real estate and buyer /seller motivations inconsistent with the normal market that result in a premium or a discounted purchase price. None of the comparables required adjustment in this category. Building Improvements — This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that make a positive contribution to the sale price require a negative adjustment. Buildings that are demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. None of the comparables required adjustment in this category. Financing — Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. Where conventional financing is not the norm, other terms of financing may be "cash equivalent" provided such terms are not so favorable that the purchaser is induced to pay a price outside of the normal market range. None of the comparable sales require adjustment in this category. Market Change — This adjustment is intended to account for changes in value resulting from the ebb and flow of market forces over time. This is often referred to as a "Time" adjustment. The more precise term is Market Advancement or Market Decline. Considered by this adjustment are the influences of local supply and demand as well as broader financial considerations such as inflation and recession. The market exhibited steep price declines from mid 2007 to mid 2009 and has since been followed by a period of price stabilization to date. Comparable 2 sold early 2009 and was mostlikely contracted 30 -90 days prior to this closing date. W ith the contractual and closing dates during the time of dramatic price declines a market change adjustment is required. In this category a negative 25% was made to comparable 2. Location/Access/Exposure — This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. The characteristics of location include access to the neighboring road system, traffic counts, corner characteristics, the amount of road frontage and the economic strength of the immediate vicinity. Occasionally, proximity to some desirable or undesirable geographic feature or manmade object is influential. Although the subject is on a comer lot with superior exposure at the signalized intersection it is questionable if any access along Main Street would be granted given the narrow 110' frontage and close proximity to the signal. Subject access will most likely be allowed on first street only. Therefore, none of the comparable sales require adjustment in this category. 34 91 UtilitieOnfrastructure — This category of adjustment references the availability and adequacy of the road system, the public water distribution system and the publicwaste water collection system of each comparable property as itcompares with the same services available to the subject property. None of the comparable sales require adjustment in this category. Comprehensive Plan/Land Use — This category of adjustment considers differences in the potential land uses (Comprehensive Plan) or in the specific uses (Zoning) to which a property could be developed. Differences in value between the subject property and comparable sales might exist because their highest and best uses are different as a result of government regulation though zoning and land use controls. Comparable 1 and the subject both have a mix of commercial and residential zoning. However, the entire subject is within the MSOSD which allows commercial use for 100% of the site.. Commercial zoning and MSOSD area for Comparable 1 is roughly 33 %. The remaining 67% is residential zoning with no guarantee or future land use designation for commercial use. As such the significant lower price paid for this comparable reflects a weighted average of commercial and residential zoning. Prices exhibited for vacant residential land is found to be around $0.39 per square foot. To make this comparable similar to the subject a significant adjustment was made to bring the residential portion up to prices reflected by a 100% commercial parcel. A mathematical formula was developed to estimate this adjustment. The formula factors the price and area of residential land and results in an adjustment that is the difference between the overall average price paid ($2,72psf) and the price reflecting the estimated price paid for 100% commercial. In other words, the resulting adjustment reflects the site as though it has a 100% commercial land use. With the majority of the comparable residential land a significant adjustment of 270% was required. Size /Shape — This category of adjustment addresses the affect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor /speculator is such that the unit price is reduced. None of the comparable sales require adjustment in this category. Physical Characteristics — This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics include land elevation, soil conditions, drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. None of the comparable sales require adjustment in this category. Recapitulation of data After making the adjustments discussed above, the comparable sales offer indications of unit value for the subject property as follows: Price Per Square Foot Sales Indicated For Subieci $7.33 $9.41 $9.17 Reconciliation To arrive at a conclusion of value for the subject site, the indications of value are used to bracket the subject vacant land value estimate based on the how well each comparable reflects overall superior or inferior characteristics. W Comparable 3 is most like the subject as it required , . ed no adjustments. It is the best comparable available and was heavily 91 weighted at 70%. Comparable 2 is the next best sale that required a large market time adjustment and was weighted 25 %. Comparable 1 required significant adjustment for land use limitations. Although this value indicator does not appear to be a good comparable, it was included for two reasons. For one, it was the next best comparable to use in a stagnate market. For two, this sale needed to be diffused as it does appears to be a similar comparable when realistically it is not thus, comparable I was weighted 5 %. After adjustments, the value indicators ranged from $7.33 to $9.41 per square foot and average $8.63. The weighted average results in a value indication of $9.14 per square foot. After all consideration, I settled on the weighted average at $9.14 per square foot. PRELIMINARY ESTIMATES OF MARKET VALUE Adopting a unit value of $9.14 per square foot results in an indication of value by the sales comparison approach of $231,242 (25,300 sq. ft. x $9.14 per sq. ft.). Estimate of Value Added for Impact Fee Credit None of the comparables used in the sales comparable analysis had any significant impact fee credits. W itb commercial development as the highest and best use the estimated impact fee credit towards new commercial rc- development as of the effective date was $157,352.63 Full value recognition of this impact fee today can only be realized for proposed construction assuming the use would utilize the entire credit. However, there is no current proposed construction and given the slow economy these fees could only be realized after a 12 -18 month marketing period and possibly another 12 -18 month period for the County SDP approval process thus, resulting in a possible 36 month hold period. W ith a 36 month hold period there is substantial risk associated withholding purchased impact fee credits. Rates have been in a declining trend over the last few years Even an impact fee moratorium to spur development is not impossible. The risk associated with holding substantial impact fee credits should factor: no current development plan, marketing time, SDP development time, declining impact fee rates, alternative development of low intensity commercial (lower impact fee requirements) and the rare possibility of a moratorium. For the present value calculation the appraiser estimates an excessively high risk discount rate of 40% over a 3 year hold period. The resulting net present value of holding the impact fee credit over the next three years is $57,344. FINAL ESTIMATE OF MARKET VALUE Combining the subject preliminary market value with the net present value estimate of the impact fee credit results in the final indication of market value. As of 03 November 2011 the market value of the fee simple interest of the subject property is $288,586 ($232,2342 + $57,344), rounded to $290,000 Sunstate Appraisal Group, LLC John W. Loukonen State - Certified General Real Estate Appraiser RZ 3317 36 t91 ADDENDA CONTENTS (In order of appearance) Page Topic Page Count Assumptions and Limiting Conditions ............................. ............................... 2 Certifi cation.................................................. ............................... I EngagementLetter ............................................. ............................... 1 Copy of IAMP's Main Street Overlay Subdistrict ..................... ............................... 4 Subject C -1 and VR, and C -4 Zoning Classification .................. ............................... 10 Impact Fee Credit Estimates ...................................... ............................... I Copyof Distressed Bank Sale .................................... ............................... 2 Qualifications of Appraiser .... . ................ ............................... . 37 ASSUMPTIONS AND LIMITING CONDITIONS X91 The certification ofthe appraiser appearing in this report is subject to the following assumptions and limiting conditions. ACCEPTANCE OF AND /OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS This is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standard Rule 2 -2(b) of The Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, It might not include full discussions of the data, reasoning and analyses that were used in the appraisal process to develop the opinion of value. Supporting documentation concerning the data, reasoning and analyses Is retained in the appraiser's file. The information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report. GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to he good and marketable. 2. The property is appraised free and clear of liens and encumbrances. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is assumed to be true, correct and reliable. A reasonable effort was made to verify such information, but the appraiser bears no responsibility for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material is included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that might be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws. 8. It is assumed that the property is either in compliance with, or is "grandfathered" or "vested" under, all applicable zoning, use regulations and restrictions. 4. It is assn ned that all required licenses, certificates ofoccupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there is no encroachment or trespass. 11. It is assumed that the subject site and improvements are not contaminated by any hazardous material or toxic substance. During the property inspection I will be sensitive to obvious signs of contamination and I will report anything unusual. however, this appraiser is not qualified to render a professional opinion regarding the existence or the nature of hazardous materials in or on the subject property. If a definitive opinion is desired, then the client is urged to retain an expert in the field. 691 12. The distribution of the total value in this report, between land and improvements, applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 13. Possession of this report, or a copy thereof, does not carry with it the right of publication. 14. Unless previous arrangements were made, the appraiser, by reason of this appraisal, is not required to give further consultation, testimony, or to be in attendance in court. 15. Neither all nor any part of the contents of this report (especially any opinions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. This appraisal for Collier County will be subject to Chapter 119, Florida Statutes, also known as the "Public Records Law ". a CERTIFICATE OF APPRAISER I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF; I personally inspected the subject property. Further, I made an inspection of all comparable sales and/or listings identified in the report. The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and arc my personal, impartial and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 1 have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the 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. My analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I am also subject to the Code of Ethics and Standards of Professional Practice of the Appraisal Institute, which includes provisions for peer review. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. No one provided significant real property appraisal assistance to the person signing this certification. As of the date of this report John W. Loukonen has completed the requirements of the continuing education program of the State of Florida SUNSTATE APPRAISAL, GROUP, LLC. c L V4_-- John W. Loukonen State- Certified General Real Estate Appraiser RZ 3317 ENGAGEMENT LETTER _ t.. Carty Boa�tt oECaub Goe�i®orro CdKw CamV Bard oi cap* coo isimws 3W'rssIMf IN E �• ; Aft Acowo ftYttlo &%pin FL f41 ta4m 72w TasiaviTA N $b 7aa Tar BWfFt•a6aat7attIWW -2 Ntptsa FL 741t2400 vomiortt 12=74 Jo1Ot tN LOtKO11E1t B N PATIAMABiALGNOUP LLC Pro Nrx as ESTEROFL non Pbafa datMar W. Immokalaa CRA SuNa 2132D North 1 SK Stlagt Immokolaa FL 94142 TraadParmnt NotooDgs PumbanOrdarnood snwtapearasaBwYltd cortaspaadww&..hipping papal and !+wives: Purchase order ., _.. 4900132791 c•,162W2011 .tea•. a.. Iaaiook Oomw maul DaWmy Dab: x736=2 Currency U90 r aorta Apax►dtwA" t WWII Tour none Taro artipto a panels at do Iraatadmol Math 1st Suet"L1tn Wtssth lwatdwks. FL PMrs mml7mw w!d _ a81�1rtEfoag, Tatd.rflrtlumotl W UtD 7af.00 VENDOR Tom* mit CondiSom Tho VENDOR M C4w *Pw-ow i+ethornsY: W- 0Av"AdiwVovjw h bxAq ilpaga.,7f2 Fsni m dak att2 bkAW4. Bxdad V ddh'ry "paymro arm FwiM dw V6#100R xWoae b itovldtgoods mid snwiosaaufirdinftPtschsta Order with dog 1, - tans,dbtMaryareatodrrd Wedlrafa a hYd shows. Nofhde�ridn IsnrdsMritardrlulfeaanteantotaasrasspaiiied Cetiw C w* Baatd otCatr*j Catmeatiatrrs Arty: Amaatia Flapbo 7299 Tarimd Td E Ste loo !loom FL 34112474D Fkxvh aa'Ordrrit mdtvitedurdw diociwt oECdlir Caunty Board dCox* t:omttsdaars br= t .,. Strplan V. Crrwi, C www Se Man 1 pxtlwnp Diactr 91 ► COPY OF IAMP's MAIN STREET OVERLAY SUBDISTRICT 5. Main Stre4 Owrtay StrWistrict Special conditions for the properties identified in the Immokalee Area Master Plan; referenced on Map 7; and further identified by the designation "MSOSD' on the applicable official Collier County Zoning Atlas Maps. The purpose of this designation is to encourage developrnerrt and redevelopment by enhancing and beautifying the downtown Main Street area through flexible design and development standards. a. Permitted uses. For all properties within the Main Street Overlay Subdistrict, except for properties hatched as indicated on Map 7, the Main Street Overlay Subdistrict, all permitted uses within the uses within the underlying zoning districts contained within this Subdistrict, and the following uses may be permuted as of right in this Subdistrict: 1. Hotel and motels (7011) 2. Communication towers, as defined in section 5.05,09, subject to the following: I. Such tourer is an essential service use as defined by subsection 2.01.03A4; and ii. Such tower may not exceed a .height of 75 .feet above grade including any antennas attached thereto. b. Permitted uses. For hatched properties within the Main Street �reday Subdistrict, all permitted uses within the underlying zoning districts contained within this Subdistrict, and the following uses are permitted as of right in this Subdistrict: 1. -Al uses allowed in the Commercial Professional District (C -1), of this Code, except for group 7521. 2. Communication towers, as defined in section 5.05.09 subject to the following: i. Such tower is an essential service use as defined by subsection 2.01.03 A4, and ii. Such tower may not exceed a height of 75 feet above grade including any antennas attached thereto. 91 C. Prohibited uses. All uses prohibited within the underlying residential and commercial zoning districts contained within this Subdistrict, and the following uses, shall be prohibited in the Main Street Overlay Subdistrict: 1. Automobile parking (7521) on all properties having frontage on Main Street, North First Street, South First Street and North 9u' Street within the Main Street Overlay Subdistrict. 2. Automotive dealers (5511, 5521, 5531 installation, 5551, 3561, 5571, .5999) on all properties having frontage on Main Street, North First Street, South First Street and North a Street within the Main Street Overlay Subdistrict. 3. Gasoline service stations (5541) on all properties having frontage on Main Street and gasoline seance stations (5541 with services and repairs as described in section - 5.05.05) are on all properties having frontage on North First Street and South First Street within the Main Street Overlay Subdistrict. 4. Primary uses such as convenience stores and grocery stores are prohibited from servicing and repairing vehicles in conjunction with the sale of gasoline, on all properties having frontage on Main Street, North First Street, South First Street and North P Street within the Main Street Overlay Subdistrict. 5. Automotive repair, services, parking (7514, 7515, 76621) and carwashes (7542') on all properties having frontage on Main Street, North First Street, South First Street and North 9°' Street within the Main Street Overlay Subdistrict. 6. Radio and television repair shops (7622 automotive) is prohibited on all properties having frontage on Main Street, North First Street, South First Street and North 9s' Street within the Main Street Overlay Subdistrict. 7. Outdoor storage yards and outdoor storage are prohibited within any front, side or rear yard on all properties within the Main Street Overlay Subdistrict. 8. Drive - through areas shall be prohibited on all properties having frontage on. Main Street, North First Street, South First Street and North 9s' Street within the Main Street Overlay Subdistrict. 9. Warehousing (4225), 10. Communication towers, as defined in section 5.05.09 of this Code, except as otherwise permitted in this Subdistrict. 11. Any other heavy commercial use which is comparable in nature with the forgoing uses and is deemed inconsistent with the intent of this Subdistrict shall be prohibited. a d. Accessary uses. 1. Uses and structures that are accessory and incidental to the permitted uses as of right in the underlying zoning districts contained within this subdistrict and are not otherwise prohibited by this subdistrict. 2. Communication towers, as defined in section 5.05.09 subject to the following. I. Such tower is an essential service use as defined by subsection 2.01.03 A4., and il. Such tower may not exceed a height of 75 feet above grade including any antennas attached thereto. e. Conditional uses. 1. Conditional uses of the underlying zoning districts contained within the subdistrict, subject to the standards and procedures established in section 10.08,00 and as set forth'below. L Local and suburban passenger transportation (4131, 4173) located upon commercially zoned properties within the Main Street Overlay Subdistrict, III. Communication towers, as defined in section 5.05.09 of this Code for essential service uses as defined by subsection 2.01.03 A 4 that exceed a height of 75 feet above grade including any antennas attached thereto. f. Special requirements for outdoor display and sale of merchandise. L Outdoor display and sale of merchandise, within the front and side yarde on improved properties, are permitted subject to the following provisions: a) The outdoor display/sale of merchandise is limited to the sale of comparable merchandise sold on the premises and is indicated on the proprietors' occupational license. b) The outdoor display/sale of merchandise is permitted on improved commercially zoned properties and is subject to the submission of a site development plan that demonstrates that provisions will be made to adequately address the following: it Vehicular and pedestrian traffic safety measures. 11) Location of sale/display of merchandise in relation to parking areas. tit) Fire protection measures M Limited hours of operation from dawn until dusk 91 *.,tv or] LIIIIIIW IIUUIJ UI WV"WUVII 'UVlit VVWII WInII W.00%. fi. Outdoor display and sale of merchandise w0on the sidewalk area only shall be permitted in conjunction with "Main Smell' approved vendor calls, provided the applicant submits a site devslopmenrt plan which demonstrates that provisions will be made to adequately address the following. a) Location of sale/display of merchandise in relation to road rights- of-way, b) Vendor cans are located on sld*wrdksthatt afford the applicant a fWe (5) foot clearance for non - obstructed pedestrian traffic; and e) Limited hours of operation from dawn until dusk COPIES OF SUBJECT ZONING C -1 CLASSIFICATION 1. ` 9 A. Commercial Professional and General Office District (C-1). The purpose and intent of the commercial professional and general office district C-1 is to allow a concentration of ollics type buildings and land uses that are most compatible with, and located near, residential areas Most 0-1 commercial. professional, and general office districts are contiguous to, or when within a PUD, will be placed in close proximity to residential areas, and, therefore, serve as a transitional zoning district between residential areas and higher intensity commercial zoning districts The types of office uses permitted are those that do not have high traffic volumes throughout the day, which extend into the evening hours. They will have morning and evening short-term peak conditions The market support for these 0*9 uses should be those with a localized basis of market support as opposed to office functions requifavg inter - jurisdictional and regional market support Because office functions have significant employMw characteristics, which are compounded when aggregations occur, certain personal service uses shall be permitted, to provide a convenience to office -based employment. Such convaniance commercial uses shall be made an integral pad of an office huilding as opposed to the singular use of a ballding Housing may also be a component of this district as provided for through condidomail ese approval 1. The following uses, as identified with a number from the Standard Industrial Classification Manual (19137), or as otherwise provided for within this section are permissible by right, or as accessory or conditional uses within the C,1 commercial professional and germal office district a. i°erlith i arcs. 1. Accounting (8721)_ L Adjustment and collection services (7322). 3. Advertism►g agencies (7311) 4. Architectural services @712). Auditing (8721). 6. Automobile parking lots (7521) only. 7. Barber shops (7241, except for barber schools). L Beauty shops (7231, except for beauty schools). 9. Bookkeeping services (6721). 10. Business consulting services (8748). 11. Business credit institutions (6153-61513). IL Child day care services (®351). 11 Computer programming, data processing and other services (1371 — 7376, 7379). X Credit reporting servicas (C323). I& Debt counseling (7299, no other miscellaneous services) K Direct mail advertising services (7331). 1.7. Educational plaids It. Engineering services (8711). 91 W It. Engineering services (8711). 119. Eseentlail services, subject to section 2.01.03. 20. Group care facilities (category I and 11, except for homeless shatters); care unite, except for homeless shelters, nursing homes, assisted IiWny facilhies pursuant to F.S. §400.402 and ch. 58AS F.A.C., and continuing care retirement communities pursuant to F.S. §651 and ch_ 4 -193 F.A.C., all subject to section 6.05 04 21. Neafth services, offices and clinics (8011 --W49) 22. Insurance carriers, agents and brokers (6311 -6399, 6411) 23. Landscape architects, consulting and planning (0781). 24. Legal services (8111). 25. Loan brokers (6163) 26. Management services (8741 R 8742). 27. Mortgage bankers and loan correspondents (6162). 28 Personal credit institutions (6141). 29. Photographic studios, portrait (7221). 30. Physical fitness facilities (7991, permitted only when physically integrated and operated in conjunction vaih another permitted use in this district - no stand- alone facilities shall be permitted). 31. Public .relations services (8743). 31 Radio., television and publishers advertising representatives (7313). 31 Real Estate (6531--6562). 34. Secretarial and court reporting services (73313). 35. Security and commodity brokers. dealer, exchanges and services (6211- - 6,2B9). 39. Shoe repair shops and shoeshine parlors (7251). 37. Social services, individual and family 1:8322 activity centers, elderly or handicapped only; day care centers, adult and handicapped only). 38. Surveying services (8713). 39. Tax return preparation services (7291). 40 Travel agencies :(4724, no other transportation services). 41. Any other commercial use or professional services which is comparable in nature with the foregoing uses including those that exclusively serve the adminisitrative as opposed to the operational functions of a business and are associated purely with activities conducted in an office b. Accessory uses. 7. Uses and strictures that are accessory and incidental to the uses permitted as of right in the C -1. C -1fr district. 91 2. Caretaker's residence, subject to section 5,03.05. G CondSonal uses. The f+olkw /trig uses are permissible as c oalitiorta/ rises !" the (C•1) comntercW p►ofossjonal and yoneral office dlsrrict, subject to rite standards and procedures *WhIlshed in section 10.OLOO. 1. Ancillary plants. 2. Automobile parking, automobile parking garages and parking structures (7521 -- shall not be construed to permit the activity of "tow -in parking lots ") 3. Banks, credit unions and trusts (6011 --6M) 4. Church*& S. Civic, social and fraternal associations (8641). 6. Educational services (8211- 8222). 7. Funeral services (7261, except crematories). Home health care services (8082). 9. Homeless shelters 10. Ubrades 03331, except regional libraries). 11. Mixed residential and commercial uses subject to design criteria contained in section 4.02.38 except where superseded by the following criteria: i. Asite development plan is approved pursueni to section 10.02.03 that is designed to protect the character of the residential uses and of the neighboring lands; IL The commercial uses in the development may be limited in hours of operation, size of delivery trucks, and type of equipment, 111. The residential uses are designed so that they are compatible with the commercial uses; Iv. Residential. dwellings units are located above principal used V. Residential and commercial uses do not occupy the same floor of a building; vi. The number of residential dwellings units shall be controlled by the dimensional standards of the underlying district, together with the specific requirement that in no instance shall the residential uses exceed fifty (60%) percent of the gross floor area of the building, vii. Building height may not exceed two (2) stories; viii. Each residential dwelling unk shall contain the following minimum floor areas: Efficiency and one - bedroom, 450 square teat; two- bedroom, 660 square feet; thrmbedroom, 900 square feet; X91 Ix. A minimum of 36 percent of thp mixed use development shall be maintained as open space TW following may be used to satisfy the open space requirements, areas used to satisfy water management requirements, landscaped areas, recreation areas, or setback areas not covered with impervious surface or used for parking (parking lot islands may not be used unless existing native veyetation is maintained), X. The mixed commercialfresrdential suuct►ne shall be designed to enhance compadbiltty of the commercial and residential uses through such measures as, but not limited to, minimizing noise associated with commercial uses; directing commercial lighting away from residential units; and separating pedestrian and vehicular access ways and parking areas from residential units, to the greatest extent possible. YL Religious organizations (8661). 11 Soup kitchens. It Veterinary services (0742, excluding outdoor kenneling). 73. Any other commercial or professional use which is comparable in nature with the foregoing list of permitted uses and consistent with the purpose and intent statement of the district as determined by the board of zoning appeats .pursuant to section 10.08.00. 91 COPIES OF SUBJECT ZONING VR CLASSIFICATION aurmes, cuws; guars. Hugs, ttrru the n« e. F. Village Residential District (VRj. The purpose and intent of the village residential district .(VRj is to provide lands where a mixture of residential uses may exist AddrtiopaNr, uses are located end designedlo maintain a village residential. character which is generally low prortle, relatively small balldDsg footprints as is the current appearance of GQodland and .Copeland. The VR district corresponds to and impkmants the mixed residential land use designation on the Immokalsa.future land use map of the Colter County GMP. It is intended for application in those urban areas outside of the coastal urban area designated on the future land use map of the Collar County .GMP, though there is some existing VR zoning in the coastal urban area. The maximum dewily permissible -in the VR district and the urban mixed use land use designation shall be guided, in part, by the density rating system contained in the future land. use element of the Collier County GMP. The maximum dertefy permissi . 91 1. Boatyards and marinas, subject to section 5,03.06 and the applicable review criteria set forth in section 5.05,02. 2. Child care centieve and adult day care celftm 3. Churches. 4. Civic and cultural facilities. & Cluster housing, subject to section 4.(}2.04 6. Fraternal and social clubs. 7. Schools, private, Also, "Ancillary plants' for public schools. L Group care fadlidas (ctitegoty I and D►: care units; nursing homes; assisted living facilities pursuant to § 400.4002 F.S and ch. 5114-5 F.A.C., and continuing. care retirement communities pursuant to § 651 .F. S antl ch. 4- 193 VAC.; all subject to section 5.05.04. 9. Recreational facilities intended to serve an existing and/or developing residential community as represented by all of the properliesllot$:parcels included in an approved.prohminary subdivision plat, PUD or site development plan. The use of said recreational facilities shall be limited to the owners of property or occupants of residential dwellings units and their guests within the area of approved preliminary subdivision plat, or site development plan. 10. Model homes and model sales centers, subject to compliance with all other LDC requirements, to include but not limited to. section 5.04.04. d. Prohibited animals in residential districts The following animals are to be considered farm animals and are not permitted to be kept in residential districts except as provided for in zoning district regulations: turkeys, chickens, ducks, geese, pigs, horses, cows, goats, hogs, and the like. iv 91 COPIES OF SUBJECT ZONING C-4 CLASSIFICATION General Commercial District (C -4). The general commercial district (C -4) is intended to provide for those types of land uses that attract large segments of the population at the same time by virtue of scale, coupled with the type of activity. The purpose and intent of the C-4 district is to provide the opportunity for the most diverse types of Comm ercial activities delivering goods and services, including entertainment and recreational attractions, at a larger scale than the C -1 through C -3 districts. As such, all of the uses permitted in the C -1 through C -3 districts are also permitted in the C -4 district. The outside storage of merchandise and equipment is prohibited, except to the extent that it i s associated with the commercial activity conducted on -site such as, but not limited to, automobile sales, marine vessels, and the renting and leasing of equipment. Activity centers are suitable locations for the uses permitted by the C -4 district because most activity centers arc located at the intersection of arterial roads. Therefore the uses in the C-4 district can most be sustained by the transportation network of major roads. The C-4 district is permitted in accordance with the locations[ criteria for uses and the goals, objectives, and policies as identified in the future land use element of the Collier County GMP. The maximum density permissible or permitted in a district shall not exceed the density permissible under the density rating system. 1. The following uses, as defined with a number from the Standard Industrial Classification Manual (1987), or as otherwise provided for within this section are permissible by right, or as accessory or conditional uses within the general commercial district (C -4). Permitted uses. Accounting (8721). Adjustment and collection services (7322). Advertising agencies (7311). Advertising — miscellaneous (7319). Agricultural services (0783). Amusement and recreation services, indoor. Amusement and recreation services, outdoor (7999 - fishing piers and lakes operation, houseboat rental, pleasure boat rental, operation of party fishing boats, canoe rental only). Ancillary plants. Animal specialty services, except veterinary (0752, excluding outside kenneling). Apparel and accessory stores (5611- 5699). Architectural services (8712). Auditing (8721). Auto and home supply stores (5531). Automobile Parking, automobile parking garages and parking structures (7521 - shall not be construed to permit the activity of "tow -in parking lots "), Automotive services (7549) except that this shall not be construed to permit the activity of "wrecker service (towing) automobiles, road and towing service." Automotive vehicle and equipment dealers (5511 and 5599, new vehicles only). Banks, credit Unions and trusts (6011- 6099). Barber shops (7241, except for barber schools). Beauty shops (7231, except for beauty schools). Bookkeeping services (8721). Bowling centers, indoor (7933). Building cleaning and maintenance services (7349). Business associations (8611). Business consulting services (8748). Business credit institutions (6153 -- 6159). Business services - miscellaneous (7381, 7389 - except auctioneering service, automobile recovery, automobile repossession, batik work, bottle exchanges, bronzing, cloth cutting, contractors' disbursement, cosmetic kits, cotton inspection, cotton sampler, directories - telephone, drive -away automobile, exhibits - building, filling pressure containers, field warehousing, fire extinguisher, floats - decoration, folding and refolding, gas systems, bottle labeling, liquidation services, metal slitting and shearing, packaging and labeling, patrol of electric transmission or gas lines, pipeline or powerline inspection, press clipping service, recording studios, repossession service, rug binding, salvaging of damaged merchandise, scrap steel cutting and slitting, shrinking textiles, solvent recovery, sponging textiles, swimming pool cleaning, tape slitting, texture designers, textile folding, tobacco sheeting, and window trimming service). L 91 w Cable and other pay television services (4841) including communications towers up to specified height, subject to section - 5.05.09. Carpet and upholstery cleaning (7217). Carwashes (7542) provided that carwashes abutting residential zoning districts.shall be subject to section 5.05.11 of this Code. Child day care services (8351). Churches. Civic, social and fraternal associations (8641). Coin - operated laundries and dry cleaning (7215). Coin operated amusement devices, indoor (7993)_ Commercial art and graphic design (7336). Commercial photography (7335). Commercial printing (2752, excluding newspapers). Computer programming, data processing and other services (7371- 7379). Computer and computer software stores (5734). Credit reporting services (7323). Dance studios, schools and halls, indoor (7911). Detective, guard and armored car service (7381, except armored car and dog rental), Department stores (5311). Direct mail advertising services (7331). Disinfecting and pest control services (7342). Drycleaning plants (7216, nonindustrial drycleaning only). Drug stores (5912). Eating and drinking establishments (5812 and 5813) excluding bottle clubs. All establishments engaged in the retail sale of alcoholic beverages for on- premise consumption are subject to the locations[ requirements of section 5.05.01 Educational plants. Educational services (8221 and 8222). Electrical and electronic repair shops (7622- 7629). Engineering services (8711). Equipmentrental and leasing (7359 - except airplane, industrial truck, portable toilet and oil field equipment renting and leasing). Essential services, subject to section 2.01.03 Facilities support management services (8744). Federal and federally- sponsored credit agencies (6111). Food stores (groups 5411-5499). Funeral services (7261, except crematories). Garment pressing, and agents for laundries and drycleaners (7212). Gasoline service stations (5541), with services and repairs as described in section 5.05.05 General merchandise stores (5331 - 5399). Glass stores (5231). Golf courses, public (7992). Group care facilities (category I and II, except for homeless shelters); care units,.except for homeless shelters; nursing homes; assisted living facilities pursuant to F.S. § 400.402 and ch. 58A -5 F.A.C.; and continuing care retirement communities pursuant to F.S. § 651 and ch. 4 -193 F.A.C.; all subject to section 5.05.04 Hardware stores (5251). Health services, miscellaneous (8092 - 8099). Health services, offices and clinics (8011- 8049). Home furniture and furnishings stores (5712 - 5719). Home health care services (8082)_ Hospitals (8062- 8069). Hotels and motels (7011, 7021 and 7041) when located within an activity center. Household appliance stores (5722). Insurance carriers, agents and brokers (6311 -6399, 6411). Labor unions (8631). Landscape architects, consulting and planning (0781). Laundries and drycleaning, coin operated - self service (7215). Laundries, family and commercial (7211). Laundry and garment services, miscellaneous (7219). 9' Legal services (8111). + Libraries (8231). Loan brokers (6163). Management services (8741, 8742). Marinas (4493 & 4499 - except canal operation, cargo salvaging, ship dismantling, lighterage, marine salvaging, marine wrecking, and steamship leasing), subject to section 5.05.02 Medical and dental laboratories (8071 and 8072). Medical equipment rental and leasing (7352). Membership organizations, miscellaneous (8699). Membership sports and recreation clubs, indoor (7997). Mortgage bankers and loan correspondents (6162). Motion picture theaters (7832). Motorcycle dealers (5571). Museums and art galleries (8412). Musical instrument stores (5736). News syndicates (7383). Nursing and professional care facilities (8051- 8059). Outdoor advertising services (7312). Paint stores (5231). Passenger car leasing (7515). Passenger car rental (7514). Personal credit institutions (6141). Personal services, miscellaneous (7299). Personnel supply services (7361 & 7363). Photocopying and duplicating services (7334). Photofinishing laboratories (7384). Photographic studios, portrait (7221). Physical fitness facilities (7991). Political organizations (8651). Professional membership organizations (8621). Professional sports clubs and promoters, indoor (7941). Public administration (groups 9111-9199, 9229, 9311, 9411 -9451, 9511 -9532, 9611- 9661). Public or private parks and playgrounds. Public relations services (8743). Radio, television and consumer electronics stores (5731). Radio, television and publishers advertising representatives (7313). Radio and television broadcasting stations (4832 & 4833). Real Estate (6512, 6531- 6552). Record and prerecorded tape stores (5735). Religious organizations (8661). Repair services - miscellaneous (7699 - except agricultural equipment repair, awning repair, beer pump coil cleaning and repair, blacksmith shops, catch basin, septic tank and cesspool cleaning, industrial truck repair, machinery cleaning, repair of service station equipment, boiler cleaning, tinsmithing, tractor repair). Research, development and testing services (8731- 8734). Retail - miscellaneous (5921 -5963, 5992 - 5999). Retail nurseries, lawn and garden supply stores (5261). Reupholstery and furniture repair (7641). Secretarial and court reporting services (7338). Security and commodity brokers, dealer, exchanges and services (6211- 6289). Security systems services (7382). Shoe repair shops and shoeshine parlors (7251). Social services, individual and family (8322 -8399, except for homeless shelters and soup kitchens). Surveying services (8713). Tax return preparation services (7291). Telegraph and other message communications (4822) including communications towers up to specified height, subject to section 5.05.09 Telephone communications (4812 and 4813) including communications towers up to specified height, subject to section 5.05.09 �J Theatrical producers and miscellaneous theatrical services, indoor (7922 -7929, including bands, orchestras and entertainers; except motion picture). 133. Travel agencies (4724, no other transportation services). United State Postal Service (4311. except major distribution center). Veterinary services (0741 & 0742, excluding outside kenneling). Videotape rental (7841). Vocational schools (8243- 8299). W allpaper stores (523 1). Watch, clock and jewelry repair (7631). Anyuse which was permissible under the prior General Retail Commercial (G RC) zoning district, as identified by Zoning Ordinance adopted October 8, 1974, and which was lawfully existing prior to the adoption of this Code. Any other commercial use orprofessional services which is comparable in nature with the foregoing uses including those that exclusively serve the administrative as opposed to the operational functions of a business and are purely associated with activities conducted in an office. Any other commercial or professional use which is comparable in nature with the (C -1) list of permitted uses and consistent with the purpose and intent statement of the district as determined by the board of zoning appeals pursuant to section 10.08.00 Accessory Uses. Uses and structures that are accessory and incidental to the uses permitted as of right in the C -4 district. Caretaker's residence, subject to section 5.03.05 Outside storage or display of merchandise when specifically permitted for a use, otherwise prohibited, subject to section 4.02.12 Conditional uses. The following uses are permitted as conditional uses in the general commercial district (C -4), subject to the standards and procedures established in section 10.08.00 Animal specialty services, except veterinary (0752, with outside kenneling). Amusement and recreation services, outdoor (7948, 7992, 7996, 7999). Auctioneering services, auction rooms (7389, 5999). Automotive dealers and gasoline service stations (5521, 5551, 5561, 5599 outdoor display permitted). Automotive rental and leasing, outdoor display permitted (7513, 7519). Bottle clubs. (All establishments engaged in the retail sale of alcoholic beverages for on- premise consumption are subject to the locational requirements of section 5.05.01.). Communication towers above specified height, subject to section 5.05.09 Fire protection (9224). Fishing, hunting and trapping (0912 - 0919). Fuel dealers (5983 - 5989). Homeless shelters. Hotels and motels (7011, 7021, 7041 when located outside an activity center). Kiosks. Legal counsel and prosecution (9222). Local and suburban transit (groups 4111 -4121, bus stop and van pool stop only). Motion picture theaters, drive -in (7833). Permitted use with less than 700 square feet of gross floor area in the principal structure. Police Protection (9221). Public order and safety (9229). Soup kitchens. Motor freight transportation and warehousing (4225, air conditioned and mini -and self storage warehousing only). Veterinary services (0741 & 0742, with outside kenneling). Any other general commercial use which is comparable in nature with the foregoing list ofpermittcd uses and consistent with the permitted uses and purpose and intent statement of the district, as determined by the board of zoning appeals pursuant to section 10.08.00 1. 91 IMPACT FEE CREDIT ESTIMATES ll—fi 1, vt � ~y wpxt fm WT WUMM), ekBew nwibKt Ub Ity WpXT NOT M-LUMD, VWaW ca-gan I ublmft at 25Z-4m fw waler wd sv000 Arkw i Qtj:jUL% jA �-QJ5 fty **W Wd W*,w HtVwtt NW %Raw wvall o I 4,Kt t F ezi jo, P, 1. P: 1. d i r7," �L, mt Nqw k;blm -ol 0.11 1 1, 1. 71, .'J ll—fi 1, vt � ut*ty to%malm NoT ftluceA pwm "3nwo 'Ality vrpKl f" NOT MLVM. Mwom n~ umm of ZZ-Am tr wow ad wwar wpw utpltb at 25z-v!5,f& waw NW %Raw wvall o I 4,Kt t F ezi jo, P, 1. P: 1. �L, mt -ol 0.11 1 1, 1. .'J 91 DISTRESSED BANK SALE 10156 LEGAL: Lot 1 of that certain subdivision known as K.A. Wallace Subdivision, recorded in Plat Book 40, Page 53, Public Records of Collier County, FL. 52659910049 830 N. 15'h Street OFF. REC. BOOK -PAGE: 4623 -0444 SALE PRICE: 5240,000 DATE OF CONTRACT: Unknown DATE OF RECORDING: 12 November 2010 LISTING PRICE: Unknown DAYS ON MARKET: Less than 90 GRANTOR: El Toro Holdings, LLC. (Reliance Bank) 14241 Metro Parkway, Fort Myers, Florida 33912 GRANTEE: TWC Enterprises, LLC 301 N 15" Street, Immokalec, FL VERIFICATION: On 20 January 2011, Curtis Blocker Sr.(Grantee) verbified the REO sale. He felt the purchase was a great deal considering that he has spent an additional $100,000 for equipment to get the car wash back into operation. FINANCING: Cash to Seller CASH EOUIV. PRICE: $240,000 AREA: 30,492 square feet of land (0.70 acres) UNIT PRICE: $7.87 per square foot TOPO- ELEVATION: Level: about 35 feet above mean sea level DRAINAGE: Good GROUND COVER: Improved with site development plan. LAND USE DESIGNATION: Commercial Subdistrict ZONING: "C -4 SR29COSD" - General Commercial District/State Road 29 Commercial Overlay Sub - District IMPROVEMENTS: Self service car wash built in 2002. The structure appears to be in good condition however the carwash equipment was inoperable. UTILITIES: All available. PRIOR SALES: No prior market sales in the last 5 years. In September 2010, Reliance Bank foreclosed on the prior owners. Reliance Bank has a real estate holding company called El Toro Holdings (Grantor). � R 6 1 7 load • 1 7 load I 691 OUALIFICATIONS OF JOAN W. LOUKONEN EDUCATION University of Florida, Gainesville, FL. B.S. - College of Agriculture. Food and Resource Economics 1997 University of Florida, Gainesville, FL. M.S. - College of Agriculture, Master of Agribusiness (Included course work from University of Florida's MBA program) 1998 Florida Real Estate Appraisal Board (FREAB) Certified Residential Appraisal Course, May 2007 FREAB Certified Income Capitalization Appraisal Course (A113), October 2007 Appraisal Institute Courses FREAB Certified & AI Course; Site Valuation and Depreciation, February 2009 FREAB Certified & Al Course; Appraisal of Local Retail Properties, May 2009 FREAB Uniform Standards of Professional Appraisal Practice (USPAP), May 2010. FREAB Certified & Al Course; Florida Law & Appraisers Roles and Rules, May 2010 Al Business Practices and Ethics, May 2010. Al Residential Appraisal Update: Staying Competent in a New Decade, May 2011 Continuing Education John Loukonen has met the continuing education requirements of the State of Florida and is currently pursuing the Appraisal Institute's MAT designation. PROFESSIONAL EXPERIENCE Lamar Rou Produce, coordinating harvest, packing, and shipping of wholesale watermelons while migrating with the crops along the US eastern coast from Immokalee FL, through N.FL, GA, SC, NC, MD to DE. May - Aug 1993 -1997. Work was 7 days per week until commencement of fall college classes at UF. Six L's Packing Co., Immokalee, FL; Sales ofwholesale melons and vegetables on location ofvarious growing, packing and shipping operations in FL, GA, SC, VA, MI, and MD; 99' -06'. Managing Member of LOKO, LLC a personal investment/management company of residential rental property2005- current. Operated as sole proprietor prior to 2005 since 1994. Carroll & Carroll Real Estate Appraisers, Inc., Naples, FL Commercial Division - Associate appraiser supervised by Ray Carroll, May 2006 -May 2009. Sunstate Appraisal Group, LLC., Estero, FL President; June 2009 - current PROFESSIONAL RECOGNITION State Certified General Real Estate Appraiser #RZ3317; Earned 06 -03 -09 MEMBERSHIPS AND CIVIC APPOINTMENTS Appraisal Institute; Associate Member 2006- present Appointed to the Estero United Methodist Church Finance Committee. 2007 -2010 Appointed to Estero United Methodist Church Long Range Planning Committee 2009 - present. Elected Chairman of the Board of Trustees Estero United Methodist Church 2010- present. PRACTICE AND EXPERIENCE INCLUDES ASSIGNMENTS FOR Agricultural (citrus/farm /pasture /migrant labor camp) Single and Multi - Family residential Commercial Properties (Office/Rcrail/ /Industrial) Insurable Value (Condominiums) Special Purpose Properties (Church, funeral home) Tax Appeals REO and Foreclosure Property Court Witness Testimony Areas of experience: Lee, Collier (including Immokalee), Hendry, Charlotte, Glades and Jackson County. 91 of XXXX W MAIN ST (NO SITE ADDRESS) IMMOKALEE, FL 34142 AS Of: JAN 25, 2012 Prepared For: IMMOKALEE CRA Prepared By: ROOSEVELT LEONARD COLLIER COUNTY GOVERNMENT REAL PROPERTY MGT 3301 TAMIAMI TRAIL E NAPLES, FL 34112 f Nroduced by ClickFORMS Software 800 -622 -87 I FRONT OF SUBJECT PROPERTY .15 acre lot (Mateo Ayala) IMMOKALEE, FL 34142 REAR OF SUBJECT PROPERTY .43 acre lot (tiara Ayala) BIRD'S VIEW STREET SCENE Page 2 of 8 COL I COUNTY GOVERNMENT REAL PROPERT 3T SUBJECT PHOTO ADDENDUM File No. AYALA Case No. Borrower OWNER CLARAAYALA 9' ImmW Address )0= W MAIN ST (NO SITE ADDRESS) , City IMMOKALEE Coulty COLLIER sme FL 41) Code 34442 Londe IMMOKALEE CRA Address f Nroduced by ClickFORMS Software 800 -622 -87 I FRONT OF SUBJECT PROPERTY .15 acre lot (Mateo Ayala) IMMOKALEE, FL 34142 REAR OF SUBJECT PROPERTY .43 acre lot (tiara Ayala) BIRD'S VIEW STREET SCENE Page 2 of 8 COLLIER COUNTY GOVERNMENT REAL PROPERTY MGT i—AND APPRAISAL REPORT File No. AYALA Borrower OWNER CLARA AYALA Census Trail 114.00 Map Reference 2EG4 Property Address )O= W MAIN ST NO SITE ADDRESS ` City IMMOKALEE County COLLIER Slate FL Zip Code 34142 Legal Description SEE ATTACHED ADDENDA Sale Price $ NA Date of Sale NA Loan -erm yrs. Property Rghts Appraised _X j Fee Leasehold De Minimis PUD Actua Real Estate "axes $ ATTACHED (yr) Loan Charges to be paid•by seller $ Other Sales Concessions NONE LenderlCl!ent IMMOKALEE CRA Address Occupant VACANT LAND Appraiser ROOSEVELT LEONARD Instructions to Appraiser FAIR MARKET VALUE Lccaton X J:ban Suburban 1 Rural GoodAv . Fair Poor Suilt Up X Over 75% 25% to 75% Urder 25% Empioymerd Stability X n Growth Rate ❑ Fully Dev. Rapid Steady X Slow Convenience to Employment X r� Property Values increasing X Stable Declining Convenience to Shopping X Demand/Supply 'Shortage : X In Balance Oversupply Convenience to Schools X Vsksting The 71 Jnder 3 Mcs, 3-6 Mos. L�L Over 5 Mos. Adequacy of Public Transportation X Preserrt ;and Use 75 %1 Family 15 %2-4 Family _% Apts_% Condo 2 % Commercial Recreational Facilities X 2 %Industral % Vacant 5 % Adequacy of Utilities X e Change In Present Land Use X Not Likely Ukety( ") Taking Place (7 Property of Compallbll!ty X M From _ To Protection from Detrimental Conditions X Predominate Occupancy � Owner Terant % Vacant Police and Fire Protecton X Single Family Price Range $ 30,000 to $ 100,000 Predominant Value $ 70 Gene al Appearance of Properties X Single Family Age 5 yra to 50 y.s. Predominant Age 25 yrs ' Appeal to Market X Commends including those factors, favorable or unfavorable, affecting marketability (e.g. public parka, schools, view, noise): CLOSE TO MAJOR ROADS AND DOWNTOWN SHOPPING. THE ENTIRE MARKET AREA IS GOING THROUGH RENOVATIONS AND NEWER DEVELOPMENT IS MOVING INTO THE COMMUNITY. Dimersions 2 LOTS: 0.43 acres &0.' 5 acres = 0.58 ACRES TOTAL LX J Comer Lot Zoning Classfication BOTH LOTS C-4 MSOSD OVERLAY Present improvements X do do not conform to zoning regulations Hlgheat and best use X Present use Other ,spec fy) Public Other (Describe) OtFS17E MPROVEMENTS Topo LEVEL Elec. X Street Access C, Public ❑ Private Sae TYPICAL FOR THE MARKET Gas Surface ASPHALT Shape RECT water X Maintenance X Public Private Vlaw TRAFFIC San. Sews X !7X Storm Sewer X Curb/Gutter Drainage ADQ Underground Elect. & Tel. X Sidewalk X Street Lights is the property loaded in a HUD Identified Special Flood Huard Area? X No Yea Comments (favorable or unfavorable including any apparent adverse easements, encroachments or other adverse conditions): NO ADVERSE CONDITIONS NOTED THE SUBJECT PROPERTY FLOOD ZONE IS D PANEL NUMBER IS 12006701 SOD DATED 7/2011998 The urdersared has rested three recent sales of p. cparties rocs; sim ,ar acrd proximate to subject and has considered these In the market analysis. The description Inckxks a dollar adjustment reflecting market reaction to those items of sign fcant variation between the subject and comparable properties. If a significant item In the comparable property is superior to or more favorable than the subjject pr a minus (- adjustment a made thus reducing the indicated value of sUNW;'d a significant item in the corn able is inferior to or !en favorable than the sub ect ro a lure + ustment is made this i '. the indicated value of the b' . SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE COMPARABLE NO.3 Address XXXX W MAIN ST XXXX N 15TH STREET 1011 15TH ST N XXXX S 9TH ST 11 MOKALEE, FL 34142 IMMOKALEE, FL 34142 IMMOKALEE FL 34142 i IMMOKALEE FL 34142 Proximi to Su ' WITHIN B MILES WITHIN 1 112 MILE 385 000 9.218F WITHIN 1 1/2 MILE 232,500 2.73SF S Price _ NA 916,000 0.9.178F P�1 Data Source TX ID 00078960103 TX ID 00076580008 TX ID 00122840009 Date of Save and DESCRIPTION DE RIPTION DE PTION DESCRIPTION Time Ad stment NA 2/2008 -229,000 07/2011 04/2010 Location IMMOKALEE IMMOKALEE IMMOKALEE IMMOKALEE Sl new 0.58 AC ! 25 265 SF 1.67AC / 72 995 SF C.96AC 141,818 SF 1.96AC / 85,378 SF +300 ZONING C-4 MSOSD C -3 SR29COSD C-4 SR29COSD C-4 & RMF -6 +200 ACCESS ACCESS ACCESS ACCESS ACCESS DEVELOPABLE' DEVELOPABLE DEVELOPABLE DEVELOPABLE DEVELOPABLE CASH San or Financing CASH CASH Concessions Net Ad . ctal Plus X M rws 229 Film s Minus 0 X Plus M ours 500 000 IIndicated Value Net-25% Nett% Net =215% V. Subject _ Gross =25% 687 000 Gross =0% 385,000 Gross = 215% 732,500 mmends on Market Cate COMP#1 IS 587,000 OR 9.41 SF COMM IS 385,000 OR 9.21 SF COMP#3 IS 732,50) OR 8.58 SF COMP04 IS 75;000 OR 9 SF mments and Conditions of Appraisal: THE MARKET ANALYSIS DEMOSTRATES THE RANGE FOR COMM VACANT LAND IS SOM TO $9.41 SQUARE ET. HIGHER END OF THE DATA PER SQUARE FEET IS 59.21 THEREFORE 25,2658F X 9.21 IS $232,690.65 ROUNDED TO 7 al Reconciliation: BASED ON THE CURRENT COMMERCIAL LISTING PRICES AND THE OVERALL IMMOKALEE MARKET DROPPING APPROX 35% IN FROM THE TAX YEAR 2009, THE MOST WEIGHT IS PLACED ON COMP 42 WITH NO ADJUSTMENTS USED IN THIS APPRAISAL lindort TIMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF JAN 25, 2012 to be $ 232,700 Review A ser (f appiipble) raissr(s) . w �� ❑ Did Did Not Physically ROOS ELT LEONARD _ lnspeot Property Report Signed 1/25/2012 Date Repott Signed e Cartlflcaflon # -_ State State Certification # State tate Ucense # RD 3287 State FL Or State License # State Date of License of Certification 111130112 Exniratinn DatA of Urunra nr ('.ArnfiraKnn Produced by ClickFORMS Software 800 -622 -8727 Pape 1 of 8 609! f. COLLIER COUNTY GOVERNMENT REAL PROPERTY MGT �' EXTRA COMPARABLES 4 -5-6 File No. AYALA Case No. Bomwer OWNER CLARA AYALA _ Property Address XXXX W MAIN ST (NO SITE ADDRESS) C'Yy IMMOKALEE County COLLIER State FL Zip Code 34142 LenderlCllent IMMOKALEE CRA Address The undersigned has rested three recent sales of properties most simi ar and proximate to subject and has considered tiese In the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant III In the comparable properly is superior to cr more favorable than the subject property, a minus(-) adjustment Is made thus .-educing the indicated value of subject; I a significant Item in the comparable is Inferior to or less favorable !hart the subject propeq, a plus ( +) adjustment is made thus increasing the indicated value of the subject. SUBJECT Pil PERT C PARABLE NO. 4 COMPARABLE NO. 5 COMPARABU NO. 6 Address XXXX W MAIN ST 100 SR 29 IMMOKALEE FL 34142 IMMOKALEE FL Proximity S r WITHIN 1 112 MILE S NA 75,000 Sales Price $- $ - — Prce Data — — TX I D 00236840202 Date of Sale and Ti, n DESCRIPTION [DESCRIPTION Aa?= RIPTION DESCRIPTION NA 112011 Location IMMOKALEE IMMOKALEE Site/View 0.58 AC 125,266 SF 0.23 ACI10.019 SF ZONING C-4 MSOSD A -MSOSD +50,00 ACCESS ACCESS _ ACCESS DEVELOPABLE DEVELOPABLE NON DEV 1 -250 Sales or Financing Concessions CASH Ad. X Plus I 'Minus 26000 I X I Pius Minus 0 Indicated Value Net =33% iNet=0% Of Sr. ect ,Gross -100% $ 100.000 Gross--O% $ 0 Comments on Market Data COMPARABLE 04 IS FOR MARKET SUPPORT BEING AS THIS PARCEL RECENTLY SOLD $100,000 DOLLARS OR $10.00 SF X Plu Minus $ 0 Net=0% ;Gross =0% 1 0 AND THE ADJUSTED VALUE IS COMMENTS TO THE MARKET DATA: COMPARABLE #1 IS A OLDER SALE AND LARGER IN SIZE ALSO HAS GOOD VISIBILITY SIMILAR TO THE SUBJECT PROPERTY. COMPARABLE SOLD FOR $9.17 SF WITHOUT ANY ADJUSTMENTS. COMPARABLE 92 IS CLOSE IN PROXgv91YAND SIMILAR IN SIZE AND ZONING. THIS COMPARABLE IS GOOD INDICATOR OF WRATTHE MARKET IS NOW. $9.21 SF COMPARABLE #3 IS CLOSE IN PROXIMITY AND HAS GOOD EXPOSURE WITH MULTIPLE USES. COMPARABLE IS USED TO SUPPORT OR ESTABLISH A MIDRANGE PER SQUARE FEET $8,58. COMPARABLE 04 IS FOR MARKET SUPPORT BEING AS THIS PARCEL RECENTLY SOLD AND THE ADJUSTED VALUE IS $100,000 DOLLARS OR 10.00 SF h'roauceci by CIICKFORMS Software 800 -622 -8727 Page 7 of 8 COLL,. -R COUNTY GOVERNMENT REAL PROPERTY MGT COMMENT ADDENDUM File No. AYALA Case No. Bomw L OWNER CLARA AYALA ProwlyAddims XXXX W MAIN ST (NO SITE ADDRESS) City IMMOKALEE County COLLIER _ _ State FL Zip Code 34142 Lenderr-Ilent IMMOKALEE CRA Address Parcel No. #81681720003 Property Address NO SITE ADDRESS Owner Name AYALA, CLARA A Addresses 207 WASHINGTON AVE City IMMOKALEE State FL Zip 34142 - 3133 Legal DESCRIPTION :FRED WHIDDEN BLK 4 LOTS 8. 9 AND LOT 23 LESS 20 FT R/W THIS IS THE LOT THAT IS 0.43 ACRES IN SIZE. Parcel No.81681960009 Property Address NO SITE ADDRESS Owner Name AYALA, CLARA Addresses 207 WASHINGTON AVE City IMMOKALEE State FL Zip 34142 - 3133 Legal DESCRIPTION: FRED WHIDDEN BLK 4 LOT 22 LESS 20FT RW SCOPE OF THE APPRAISAL ASSIGNMENT• The client requested that both vacant lots be considered to be one parcel. The appraiser is aware of the owners being the same and the lots are contigous. The legal's are stated above and the tax info is attached. ADDITIONAL COMMENTS TO THE APPRAISAL — IMPACT FEES•• "` THE APPRAISER HAS TAKEN INTO CONSIDERATION THE IMPACT FEES THAT HAVE BEEN ESTABLISHED ON THESE PARCELS. THE PARCELS PREVIOUSLY HAD RETAIL STORES AND MULTIFAMILY UNITS CONSTRUCTED ON THE SITES. IT IS ESTIMATED IN TODAYS MARKET THE IMPACT FEES WOULD BE WORTH $160,000 DOLLARS HOWEVER, THEY WOULD ONLY APPLY IF A POT T OR SIMILAR TYPE STRUCTURES IMPACT FEE SUBJECT TO THE CHANGE WITH MARKET CONDITIONS AND ANY DEVELOPMENT OR RE- DEVEL PPWENT WILL REQUIRE A HOLDING PERIOD, THE RELIABILITY OF FUTURE DISCOUNTED CASH FLOWS 7 _ N INVESTMENT OR PROJECT WILL YIELD IS SUBJECTIVE AND WOULD NOT BE A PART OF THE MARKET THE BUYER OF THESE PARCELS HAVE NO USE FOR THE POTENTIAL CREDITS AND IT IS ALSO ESTABLISHED THAT FOR THE CURRENT PROPOSED USE BEING SIGNAGE, PARKS, AND PASSIVE USE THEREFORE NO IMPACT FEES WILL BE CHARGED. THE IMPACT FEES ARE NOT CONSIDERED IN THIS APPRAISAL. Produced by ClickFORMS Software 80022 -8727 Pepe 5 of 8 X91 COL 2 COUNTY GOVERNMENT REAL PROPERT. OT �' COMPARABLES 1 -2 -3 File No. AYALA �. Case No. Borrower OWNER CLARA AYALA Property Address X)= W MAIN ST (NO SITE ADDRESS) city IMMOKALEE County COLLIER State FL ao Cade 34142 Lerder/Olient IMMOKALEE CRA Andress COMPARABLE SALE # 1 XXXX N 15TH STREET IMMOKALEE, FL34142 COMPARABLE SALE # 2 1011 15TH ST N IMMOKALEE, FL 34142 COMPARABLE SALE # 3 XXXX S 9TH ST IMMOKALEE, FL 34142 Produced by ClickFORMS Software 800 -622 -8727 Page 6 of 8 i. Amon ` t COMPARABLE SALE # 2 1011 15TH ST N IMMOKALEE, FL 34142 COMPARABLE SALE # 3 XXXX S 9TH ST IMMOKALEE, FL 34142 Produced by ClickFORMS Software 800 -622 -8727 Page 6 of 8 COL. : COUNTY GOVERNMENT REAL PROPERT`, 3T File No. AYALA Case No. Borrower OWNER CLARA AYALA P,z:e* Address XXXX W MAIN ST (NO SITE ADDRESS) Cftv IMMOKALEE County COLLIER State FL Zip Code 34142 Len*/Client IMMOKALEE CRA Address COMPARABLE #4 100 SR 29 Produced by ClickFORMS Software 800-822 -8727 Page 8 of 8 COLT !FR COUNTY GOVERNMENT REAL PROPERTI 4GT File No. AYALA ; 91 ti PURPOSE AND USE OF LIMITED APPRAISAL Case No. The purpose of this limited appraisal is to estimate market value by performing an evaluation of real property collateral for use in a proposed underwriting. This limited appraisal is for the use of the party to whom it is addressed and any further use or dissemination without consent ofthe appraiser and addressee is prohibited. DEFINITION OF MARKET VALUE Market value, as referenced in OCC Rule 12 CFR 34.42(f): 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: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements thereto; and (5) the price represents the normal consideration for the property sold unaffected by special orcreative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparable 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 result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the markets reaction to the financing or concessions based on the appraiser's judgement. DESCRIPTION OF LIMITED VALUATION PROCESS In performing this preliminary value analysis, the valuation process consisted of: (1) Reviewing assessment/public records and comparable database listing information for the subject; (2) Conducting an inspection ofthe subject and its environs; (3) Analyzing sales of regional residential real estate; (4) arriving at a value conclusion; (5) Writing this report. Departures frrom specific appraisal guidelines included: SR 1 -3 because the appraiser has presumed, for the purpose of the limited appraisal, that the existing use ofthe subject property is the highest and best use; SR 1-4 because only a sales comparison analysis of value was employed in this limited appraisal since it Is the primary valuation method for residential dwelling slmilarto the subject. Any additional uses ofthe departure provision are specifically stated in the attached appraisal report or its attachments. SALES HISTORY According to the data utilized In preparing the report, the property ❑ has :X:] has not transferred within the past 12 months. LEVEL OF RELIABILITY The use of the departure provision to allow a limited appraisal with a single approach to value reduces the level of reliability of this report. RECONCILIATION Complete weight was given to the Sales Comparison Approach as it is the approach used by most buyers when purchasing a single family dwelling. The Income Approach was not applicable because ofthe lack of rental information and meaningful relevancy to the value of a dwelling located in this primarily owner occupied neighborhood. On the other hand, the Departure Provision was utilized to estimate the Cost Approach because the appraiser decided this omission in this limited appraisal assignment would not confuse or mislead the client or the intended users of this report. The market value is estimated on the FHLMC form 704 or similar attached, ASSUMPTIONS AND LIMITING CONDITIONS ' No responsibility is assumed for the legal discrimination or for matters indicating legal or title considerations. Title to the property is assumed to be marketable. The property is appraised free and clear of any and all liens and erncumbrances, except as noted in the report. * Information furnished by others during the course ofthe research has been verified to the extent possible and is believed to be reliable, but no warranty is given for its accuracy. * No responsibility is assumed forthe effect on value of hidden or unapparent conditions ofthe subsoil or structures; or for arranging engineering studies to discover such conditions. * No evidence of contamination or hazardous materials was observed. However, the appraiser is not qualified to detect potential hazardous waste material that may have an effect on the subject property. The client may wish to retain such an expert if he desires. * Sketches and other illustrative material are included only to assist the reader in visualizing the real estate and its environs, are based on data developed and supplied by others, and are not meant to represent a survey or as -built plan. An distribution of the total valuation among land, improvement, and /or other components applies only under the stated program of utilization Any must not be interpreted or used as individual values for other purposes. * The appraleer is not required to provide consultation, testimony, or attendance in court by reason of this assignment, unless such services have been assigned in contracting the assignment. * Possession ofthe report or a copy thereof does not carry with it the right of publication, and it may not be used for any purpose by anyone other than the addressee, without the written consent of the author and addresses. Even with such permission, out -of- context quoting from and/or partial reprinting of the report is prohibited. The report is an integrated entity and is only valid in its entirety. Neither all nor part of the contents of the report shall be disseminated to the public relations, news, sales, or other media without the prior written consent and approval of the author. LIMITED SCOPE APPRAISAL CERTIFICATION I certify to the best of my knowledge and belief that: the statements of fact contained in this report are true and correct; the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limited conditions and are personal, unbiased, professional analyses, opinions and conclusions; I have no present or prospective Interest In the real estate and have no personal interest or bias with respect to the stipulated result, or the occurrence of a subsequent event; the analyses, opinions and conclusions were developed and the report prepared in conformance with and subject to the requirements ofthe Uniform Standards of the Professional Appraisal Practice ofthe Appraisal Foundation; the appraisal assignmentwas not based upon a requested minimum valuation, a specific valuation, or the approval of a loan; I personally prepared all conclusions and opinions about the real estate that were setforth in the appraisal report. If I relied on significant professional assistance from any individual(s) in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by each in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, Man unauthorized change is made to the appraisal report, I will not take the responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervised the appraiser who prepared the appraisal report, have reviewed the appraisal re port, agree with the statements and conclusions of the appraiser, agree to be bound by the appraisers certification above, and am taking full responsibility for the appraisal and the appraisal report. PROPERTY ADDRESS: __ XXXX W MAIN ST (NO SITE ADDRESS) IMMOKALEE FL 34142 APPRAISER: Signature: Name: ROOSEVELT LEONARD Date Signed: 1/25/2012 State Certification #: or State License #: State RD 3287 SUPERVISORY APPRAISER (only if required) Signature: Name: Date Signed; State Certification #: or State License #: State Expiration Date of Certification or License: 11/30/12 Expiration Date of Certification or License: F7 Did 77 Did Not Inspect the Interior of the Property n Did n Did not Inspect property Produced by ClickFORMS Software 800 - 622 -B727 Page 3 of 8 CO' 7R COUNTY GOVERNMENT REAL PROPER- 9GT File No. AYALA DEFINITION OF MARKET VALUE: 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, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a :pacified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well Informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions" granted by anyone associated with the sale. '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 result of tradition or law in a market; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special of creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF LIMITING CONDITIONS CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land arid improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted inthe appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazard wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions 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 exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such Items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report'except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender /client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other then the borrower; the mortgage or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender /client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraisers written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Fannie Ma! Form 10046 (609) Page 4 of 8 r91 Search Results Collier County Tax Collector 3291 E Tamiami Trail Naples FL 34112 -5758 2011 Tax Roll Inquiry System Print this oaae Page 1 of 1 OWNER INFORMATION I PROPERTY INFORMATION Name: AYALA, MATEO & NORA Parcel: 81681960009 Address:11207W ASHINGTON AVE Lx: IMMOKALEE Address: Legal: FRED WHIDDEN BLK 4 LOT 22 LESS Address: LL Ml: 120FT RW Address: Legal: Address: IKALEE , FL 34142,3133 VALUE /EXEMPTIONS TAX INFORMATION PAY TERMS PAYMENT INFO Market Valve.-I 9,750 Covar0l 36.69 Yov: 13ti 70 Paid Dt : 00100/0000 Taxable Valve: 9,750 Sehool St: 31.97 Dtx: 138.13 Rcc c 0 Millage Code: Is School loc: 21.92 Jav: 139 35 Mach: 10 Hemestetl Ex: 0 City Tax: 0.00 Feb: 140.98 Paymt 0.00 A eltr Ex: 0 Dependt: 17.54 Mar: 142.40 Mort: 0 Widow Ex:L�—J Blind Ex: Disabled:0 L"�� Water: Ind nd: 333 Apr' STATUS INFO. 30.16 May: Non Ad Vs:1 N Installment: N Deferred: N VoterA r:79 Now Due: 13955 Veteran Ex: 0� * Gross Tax: 142 40 Pav Current "faxes Online Wholly Ex: 0 A r fee: Civilian E:: 0 Advertlsi :0.00 COMMENTS CERTIFICATE INFORMATION Certificates must be Eald with cash, tuhiers check or monev order Tax Year Split jCer= Date Pafd�Date R© M�❑b TpOq Amou® mt Dve thru , Amt Due thry , 2009 0 10357 -10 05/28/2010 6/18pA10 32 10 P 0 74 Comment: Certificates must be paid with cash, cashiers check or monev order New Search Back To List 2003 Parcel Information 1 2004 Parcel Information 1 2005 Parcel Information 1 2006 Parcel Information 2007 Parcel Information 12008 Parcel Information 12009 Parcel Information 12010 P�l�ormation Last Updated: 01/30/2012 5:00pm 91 Search Results Page I of I Collier County Tax Collector 3291 E Tamiami Trail Naples FL 34112 -5758 2011 Tax Roll Inquiry System Print this vaize OWNER INFORMATION PROPERTY INFORMATION Name AYALA, MATEO d NORA Parcel: 81681960009 Acre:.15 Address: 207 WASHINGTON AVE 1MMOKALEE (Mani Vi w Address: oeth FRED WHIDDEN BLK 4 LOT 22 LESS Address: _ L 12OFT RW Address: Legai: Address: JIMMOKALEE, FL 34142 -3133 L 1: VALUE/EXEMPTIONS TAX INFORMATION PAY TF,RMS PAYMENT INFO Market Value: 9,750 Coun : 36 69 Nor: 136.70 paid Dt : 00/000000 Taxable Value: 9,750 SchodSt:31.97 Dee: 138.13 1 Ree : 0 Mach: 0 Psymt: 0.00 Millage Code: Homested Ex; 5 1 0 School loc: 2].92 Jan: 139.55 City Tax: De ndt: Water: 0.00 17.54 333 FeD: Mar; 4 r'0 140.98 142.40 A rcltr Ex; [� i Mort: Widow Ex: Blind Ex: [Il I F--� STATUS INFO. I Indepeod: 30.16 F May: 1.0 Disabled: Veteran Ex: 0 Voter Appr: a Gross Taz: Appr fee: Adv 79 142.40 0 00 Now Due: 13955 Pity Current Taxes online Non AdVa: N N RM Wholly Ex: Civilian Ez: ® Baakro t: u 1'DA: u COMMENTS CERTIFICATE INFORMATION Certificates must be Baid with cash, cashiers check or moo • order Tax Year Split Cert. M Date Issued Palo Date Rec N Mach Sts TDA Amouet laid Amt Dac Mru , Amt Due thra , 2009 10 10357.10 OSlI8R010 06!18!2010 33Z 10 K30-1 305 74 Comment. Certificates must be paid with cash, cashiers check or money order New Search Back To List 2003 Parcel Information 2004 Parcel Information 2005 Parcel Information 2006 Parcel Information 2007 Parcel Information 2008 Parcel Information 2009 Parcel Information 2010 Parcel Information Last Updated: 01/30/2012 5:00pm COLLIER COUNTY GOVERNMENT REAL PROPERT' MGT 3301 TAMIAMI TRAIL E NAPtLES. FL 34' 12 91 COLLIER COUNTY GOVERNMENT REAL PROPERTY MGT LAND APPRAISAL REPORT Fite No AYALA C"e No Samw (OWNER CLARA AYALA& MATEO AYALA CWWA -,-.c 1,14w Map Rev"" _204, PTO" �_ Aftlm V= W MAIN ST fNO SITE ADDRESS) 01, MMOKALEE COLLIER :-late zip coon —31142 Leo Dmicrow sea ATrAcmw �U - ' �%"" 91 Sam Pe S NA Date at Sale 4 N A ___ Lw Tenn P-mervRrmAW2,5ed X] Fee A_wpwEsw9T&%mSATTACmw (yrl �Ow C "ayes c be Pw try smir S_ 00w Saes C esum NONE Larlawf"ll,ow IMM6KALEE - C RA AdjrM 0=0," VACANT LAND Awass ROOSEVELT LEONARD I'WACMSWAppraisel FAIR MARKET VALUE 1�r 00= x T .,.tw s1w w sma,44 (-� S*Jgmev Is made w6i� - ELr- 2!%,,o ume, 25% E-Invoymerl sme, Gra�rtn Pip cup oe, 7— RaN 1011 15TH ST N )D= S 9TH ST X Sbw Convenorce to E" y Tarr 0- mefty vow" x Stab* WITHIN 1 12 MILE WrrHlN 1 a MILE ec9 convewnce %1 S--xwlg shma;w _ - -.. C-4 & RMF-e ply corive-ww to S.)—.- %larkong rimp 3-6 k1l" l x X Over 6 M% AAjuacy v Putojc Omwt Land Use 75 %1 Funiq _lk %24 Fx7ty Ants `'k Condo —2 % Revs v-a =an ?e± 1. va:vy 5 klem=* cf C^," in Resem Larval Use Lovy So" or Frwyxmil Cams CASH From To :i9 v-ema1 ccnarimm PnKb,nlrm 0cojwxv X I c*%- Tow! 1,; Our! vokoe arc R- Sdvie cvrWy Prce " S 30,000 lm S 100,000 Pmdom,nWv3kw$_70 SOW 2: 4X6rX--- V� 21TOWOS SIngia c—� Age Y"% _50 ym -nwoirinwt A" 25 rs A",_, Awxw. COMRWM W<:UCWV VhM IWOM. 4WO-A* Or wftv=W, OftsadV mlllrkdablolly (0,9- OuNc Parks s&e6s v** mowl CLOSE TO MAJOF g - 3xi!a =ar it x x X 77 x x - i ox x X_j Dirrier-som 2, LOTS L 0 43 SCM & ^u.15 &CM s e P Ae ACRES TOTAL L_x Corner Lcl Zmrg C*%ftaw BOTH LOTS C-4 MSOSD OVERLAY prewf x I do „Hat rrronn to zom wjatv_�. 49.+ x f Preset: iA@ L_j 0"w ("CTy1 PLbc -_lwMe%nbc OF; SITE INIAO'J EIrtNTS-_ LEVEL Elec Street AMm al Ptok L -2, Stm rYPICAL FOR THE MARKET cla ISAAsce ASPHALT BECT Wale X I IAWWX= x I hbk P',vaw .,a. TRAFFIC Sm. sp-w 7 x 51amSewn -XY7 Dq� A ;;-A ZaWG" DO U EW. x I Sloawali X-1 StW L&,M Is ft Fo"ly beard W a HUD WwWad Sp@cW FbW Hmrd mo _X.;mc V, (Ivmb* Or Oftvallde "*&Vg 8" MI)mmm www eu&Tdm vvDwh-*-cs 7 other WoRm amions! NO ADVERSE CONq[TH* 46:FEE TIlE SUBJECT PROPERTY FLOOD ZONE IS D PANEL NUMBER IS 12006701500 DATED 712(y169-0 The Pm WM thm recant sm of promnwrIov snkw vc waxeram z viblea am MM W.6deed Omem Ins rrwkvpwv.s,s The *ssavoon r.,;tuoes a XAW 20umnem rm%ctwg marks! reaction 10 ft" it a! l vwl*w bmww the WAIWZ and cvvxawe wopern" P a urffcw, ter", 'I to mrcwavc sma,44 (-� S*Jgmev Is made w6i� rras %duoN the irIkated 4motsjzlw easqmlcar-�:. - mr�v pw" a xz t-) wismwns may, rog rqlpN tr* rdeged wam oijttf!L�. SUBJECT PROPERTY1 COMDARA&E slc. I COMPARASa N0,2 c0wikRQk_r Nc 3 Adore" XXXX W MAIN ST f )O= DELAWARE AVE 1011 15TH ST N )D= S 9TH ST IMMOKALEE, FL 34142! JMMOKALEE. Fl. 34142 +A. LQKALEE.1`1.34142 IMMOKALEF Fl- 34142 i; WITHIN 111 MILE I WITHIN 1 12 MILE WrrHlN 1 a MILE Sam pnm NA S 104,000 C4 Ms0SD 365 OW _ - -.. C-4 & RMF-e S 92ISF I 2.73SF _e iiI600127565101 TX 10 QW7656W66 -X 10 00122840004 Dve of Saie xx I DESCMP710N msmp-m ; .-i-, fic-tr23"Erw I . 7E. - __ _T_ _7 TI- ;R"w vacua INO577% Nat■O% e subiect _GT"!!77% 704.000_prwq% Gmw-21 5% M§,9W _I 732,W Commerce Dn Market Date CCWWS704,0WOR&68SF COMP02IS385000 OR92ISF IS7325MORSSSSF 7 49 SF gpml�q - - __ __ _ COMP44 _IS-75 OOC OR C*WWU and Cadftm of AWSSM A E = i;4 AVE RAGE DATA P Pna' _Y M THE TAX YEAR 2009. THE AVERAGE OR MIDRANGE $8.00 is USED IN THIS APPRAISAL ASSIGNMENT TESTIMA'rE TflE IA..qKE--,vALjE. A.S OUNED, Or SUSjEC- F -Q0 �yAS. _Q l)F SEPT 20_2w Renew ApprmW 10 apuc*, Appralmer(sl Did — No N01:14myscal y ROOSEVELT LEONARD :nww, Aooeo, DO ReWS9n9d 9121101 i Date ROW, Sq* a Stme cenelc3tw v SIM Stale Cerlsfi=*m & Or Stove Llwm 0! RD 3287 Sra* __ _FL_ Or sum Lican" * 202.120 State Slate Proaumd by ClickFORMS So"rt $00. 622-9777; pagil 1 a' 9 NA 071201,1 -=to" fMM0KALEE IMMOKALEE I IMMOKALEE IMMOKALEE jL9LlV_,ew_ 0.SSACL25.265 SF.242ACI'05.415SFL *400,M 0.96AC/41 81 SSF - I - I %AC: 85 378 SF ZONING C4 Ms0SD -RYF-16 i *200,OOC C-4 SR29COSO - -.. C-4 & RMF-e ACCESS ACCESS ACCESS I ACCESS ACCESS DEVELOPABLE, DEVELOPABLE DEVELOPABLE _ DEVELOPABLE DEVELOPABLE - So" or Frwyxmil Cams CASH CASH ;R"w vacua INO577% Nat■O% e subiect _GT"!!77% 704.000_prwq% Gmw-21 5% M§,9W _I 732,W Commerce Dn Market Date CCWWS704,0WOR&68SF COMP02IS385000 OR92ISF IS7325MORSSSSF 7 49 SF gpml�q - - __ __ _ COMP44 _IS-75 OOC OR C*WWU and Cadftm of AWSSM A E = i;4 AVE RAGE DATA P Pna' _Y M THE TAX YEAR 2009. THE AVERAGE OR MIDRANGE $8.00 is USED IN THIS APPRAISAL ASSIGNMENT TESTIMA'rE TflE IA..qKE--,vALjE. A.S OUNED, Or SUSjEC- F -Q0 �yAS. _Q l)F SEPT 20_2w Renew ApprmW 10 apuc*, Appralmer(sl Did — No N01:14myscal y ROOSEVELT LEONARD :nww, Aooeo, DO ReWS9n9d 9121101 i Date ROW, Sq* a Stme cenelc3tw v SIM Stale Cerlsfi=*m & Or Stove Llwm 0! RD 3287 Sra* __ _FL_ Or sum Lican" * 202.120 State Slate Proaumd by ClickFORMS So"rt $00. 622-9777; pagil 1 a' 9 COL R COUNTY GOVERNMENT REAL PROPERT 'GT SUBJECT PHOTO ADDENDUM File No AYALA Case Ne 30rtowm /OWNER CLARA AYALA 3 MATEO AYALA ?r"" AO"M )0= W MAIN ST {NO SITE AQORESS) __ (: tv IMMOKA! EEE _ _ aany COLDER Sae FL _ �' ender le*r FoCesz 34142 iMMOKALEECRA ` ev ClietFQaO,tc CnRu.er. ar�n.ea��_n, -sue FRONT OF SUBJECT PROPERTY 15 8" lot (Mateo Ayala) IMMOKAL.EE. FL 34142 REAR OF SUBJECT PROPERTY 43 acre lot (clua Ayala) BIRD'S VIEW STREET SCENE rx 4 9 COLLIER COUNT" GOVERNMENT REAL DROPERTY MG- File No. AYALA PURPOSE AND USE OF LIMITED APPRAISAL Case Nc /� The purpose of this limited appraisal is to estimate market value by performing an evaluation of real property COhateral for use m a proposed underwriting. This limited appraisal is for the use of the party to whom it is addressed and any further use or dissemination without consent al the appraiser and addressee is prohibited DEFINITION OF MARKET VALUE Marital value, as referenced In OCC Rub 12 CFR 34.42(1) The most probable Price which a property should bring :r a aor ""suave and open market under all Conditions requisite to a fair safe. the buyer and seller. each acting prudW.1y. and knowledgeably, and assuming the Price is not affected by undue sthnuknu. Irnplic it in this defmrtion is the cor>aturerthaton Of a Sale as of a specified daft and the passing of title from seller to buyer under CWXMI m whereby. (1) buyer and sailer are typically MOtiW*& (2) both parties are wev informed or wee advised. and acting In what he considers his awn best interest f3) a reasonable firma is allowed for exposure in the open market; (Al payment is made In terms of cash in U S. dollars or In terms of financial arrangements thereto: aid (b) the price reprsenla pre normal conaderabon for the property sold unaffected by special or creative financing or sales ooncessrats• No by anyone assooMW wcIM the saw 'Ac*"m eta to the comparable must be made for special or creative ,. or sales Oxica som edjus"ents are necessary for those aoets wrtxea are normally paid by sellers as a result of tradition or law on a market area. these costs are readily identifiable since the seller pays these costs e virtually safes transactions. Special or creative financing adpatrnenle can be made to the Comparable property by comparisons to finarc� rig terms party Institutional lender that is not aireedy mvohrcd in the property or transaction Any adjustment stouid rot be alaAriad an a medsarkM dollar for dollar cost of the financing or concession but the dollar arnourit Of arty autPustment should approximate the markets reaction to the financing or concessions based on the appraiser's judgement DESCRIPTION OF LIMITED VALUATION PROCESS In pedarming this preliminary value analysis. the valuation process consisted of: (1) R a issessmentlpublic records and comparable daUfbase Ifstxlg UdOrtrlation for the aubjeM (2) Conducting an inspection of the e^^ neat estate; 4) arriving at a value oa>dusion. (5) Wrsi tt"ng this report and its environs: (3} Analyzing sobs of regronai residential Departures specific appraisal guidelines ncluded: SR 1.3 because the appraiser has presumed- for the purpose of the r mRed appraisal, that the exbMng use Of the subject properly is tie highest and beat use, SR 1.4 because city a sates Comparison analysis of value was employed in this limited appraisal since R as the primary valuation method for residential dwelling similar to the subject. Any attdihonad uses of the d Provision are specifically stated in the attached appraisal report or is attadtrn" eparturc SALES HISTORY _ Aceordlnq to the dam utikzed in preparing the report, btu propa�ty QX has i has not "nsfernsd ww,hrn the past 12 months. LEVEL OF RELIABILITY The use of the departure provi &Or` to &plow a united appraisal with a single approach to value reduces the eves 01 re(laDi!ity of this report. RECONCILIATION COmptefe weight was given to the Sales Comparison Approach as R is the approach used by most buyers wren purchasing a single family The Income Approach was not appficable because of the tact of rental information and msar!cngfuI relevancy to the vale sip a dwoli��',.gg local in this primarily owner occupied neighborhood On the other hand. the Departure Provision was utilized to estimate the Cost APpr:9 because the appraiser deCded this orn,sson in this limited appraisal assignment would rot confuse or mislead the cbiMt or the lntendeo users of this report The market value is estimated on the FHLMC form 704 or simitar attached ASSUMPTIONS AND LIMITING CONDITIONS No responsWay is assumed for the legal discrimination or for matters tndtCat'tng 19g81 or Wit considerate s Title to the property is moiled to be marketable. The Property is appraaed free and clear of any and aN liens and eniuxhwrances, except as noted in the report Information hurdaheC by Others during the course of the research has been verified to the extferT 00mble end is believed to be reliable ble xo warrahty Is given forts accuracy No responsiti ft is assumed for the effect on value of hidden or unapparem conditions of the subsoil a structures; for arranging eng:naer g studies to discover such conditions. 'No evidence of oattarninaGmt or hazardous materials was observed. However the appraiser is not qualMVod to defect potential hazardous waste material that may have an oelle:i an the "act propen- The C em! may wish eb retain such an expert if he desires Sketows and orer xlkisbab" material are included only to assist the reader in visuafginq the real estate and its environs are based 0, data dv"IO d and supolied by others, and are not meant to represent a survey or aa-built pion. Any distribution Oft* total valuation among land, mi l rovemenl. WWOr other compornerib apples only under the stated program of utilization and must not be interpreted or used as Individual values for other Purposes The appraiser is not required to provide consultation. tOSGrnony or aGefldarice in court by reason of this assignment. unless such services rave Ow n assigned in contracting the assignment. possession Of Su report or a ropy thereat dotes not Cony with a the rn� at uxab�n, and .t may not be used for any purpose by anyone other Man the address". without the written consent o! tiro author sired sddreasee. Even with such permission, 00-0- context auo ffig tom andlor Partial reonMkeq of the report is prohibited. The report is an - ln*2r8fed entity and is wily valid in its entirety. NaMm all nor pan of the contents of the report shag be d"Omir,ated to the public relations, news, sales. a other medta without the WW vrrihon consent and afldroval of the author LIMITED SCOPE APPRAISAL CERTIFICATION I oeRty t. the best u my knowledge and b y the that the statements of PSG contained m this report are true and correct; the reported anajyms, oP rtrorhs. and conclusions are 6rrxded only by to eeporled sarartpfions and limited conditions end are personal, unbiased, pro%$Skx al artayeeg, XffW% and oonchtsiorw I have no present or prospective interest in the reel estate and have no Personal interest or bias with respect to the st �oa� ooccaxranc i of a subatpuent evert. the ar+afysas. Opinions and conclusions were developed and to report prep8cad to jeCt to the requirernlerlts of the Untbnn Standards of the Professional Appraisal PraCiice of the Appraisal Foundation. the appraisal assignment was not based upon a requested minent m vokshon, a Specific valuation. Or the approval Ora ban. I personally prepared 311 conclusions and opinions about the real estate ow were set forth in the appraisal report . 111 rolied on significant orofessicrW assistance from any i a( )in the perfdtmariCe of the appraisal iX the preparation of the appraisal report I have named such Individual(s) and disCbsed 'he sp h the tasks_ I autonih n the reconciliation section of this appraisal report. t t:ertity that any mdmKk* so named is qualified to appraisal report. I will not talcs the responsibility for it roaks a change to any item in the repar3. therefore. <an unauthOmed Change is rude to the 3UPERVISORY APPRAISER'$ CERTIFICATION f a supervisory appraiser signed the appraisal report. he or she certifies and agrees that I direly suprer 4W the appraisal report. have reviewed the slopraisal "W", agree with the statements and conclusions of the appraiser cote prepared the ippromees certification above, and am In" pull responsibility for the appraisal and the appraise, repor -aapra sec agree to lea Hound by the -IROPERTY ADDRESS. XXXX W MAiN ST (NO SiTE ADDRESS). IMMOKALEE. FL 34142 1PPRAISER' f v SUPERVISORY itgnature: �.,•• --.. 7Ge._. APPRAISER 4only 4 r Q quied) Signature _ ileme: ROOSEVELT LEONARD Nam )ate Signed W2?T2011 - _ _ Dots Signed State Certification 0: State Cerhficafion a- ir State License 4: RD 32!37 — Plate -_ or State License s State - - - -tePiration Dar OfCartificstion Or LiOenae: 1113W12 - - __ Elirahon Date of Certification or License: _ Did : Did Not inspect the Irtterlor of the P►operty Did Did nw. InsoeG aropoxty Produced by ChckFORMS Software 8004622 -8727 Page 5 of 9 CO' ' PER COUNTY GOVERNMENT REAL PROPER-r- MGT Fue No AYALA DEFINITION OF MARKET VALUE: Trio most probable price wnich a prooerty should bring in a competitive and open market under all conditions requisite to a fair sale me bur and sever. each acting prudently, knowledgeably and assuming the once is not affected by undue stimulus implicit !n :his definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby, (1) buyer and seller are typically motivated, (2) both parties are well informed or welt advises, and each acbng in what he considers his own tier. interest: (3) a reasonable time Is allowed for exposure in the open market; (4) payment is made in terms of cast in u S- dollars or in terms of financial arrangements comparable thereto. and (5) the Once represents the normat consideration for the Property fold unaffected by special or creative firrmrig or sales concessions, granted by anyone associated weh the sale 'Adjustments t0 the comparablas must be made for special or creative financing or sates concessions No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law it a market these costs are readily identifiable since the seller pays these costa in virtually all sales transactions Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not aiready involved in the property or transaction- Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment $mould aPPrOmmate the market's reaction to the financing or concessions based on the appraiser's judgment STATEMENT OF WAITING CONDITIONS CONTINGENT AND LWAITiNG CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the folio" condiLons- The appraiser wilt not be responsible for matters of a tegai nature that affect enr+r the property being appraised or the title to it The appraiser assumes that the title is good and marketable anti, therefore. will not render any opinions about the tine The orooerry is appraised on the basis of It being under, responsible owner ins 2- Toe appraiser has provided a sketch in the appraisal report to show approximate dimensions of the Improvements and the sketch is included only to assist the reader of the report m viavaItzing the property and understanding the appraiser's delarminabon of Its size The appraiser has examined the avagable flood maps that are provided by the Federal Emergency Managemen,, Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Harm Area Because the appraiser is not a surveyor tie or she makes no guarantees, express or ImPfied regarding tlws '14". inatlon s The appraiser will not give testimony a appw in Burt because he or she made an aopralsat of the Property in question - unless spedfc arrangements 10 0o so have been made beforehand - 5 The appraiser has estimated pie value of the land in the cost approach at its highest and best use and the improvements at their contributory, value These sepgrate valuations of the land and Improvements must i . ot be used in cort}unction with any other apptatsat and are invalid if they are so used 6 The appraiser has rioted in the spot&" report any adverse condit ions (such es. needed repairs. deprecation, the presence Of hazard wastes, to= substances, etc.) observed during the inspection of the suoje:t property w that me or she became aware of during the normal research involved In perfonrNng the appraisal. Unless orierwnse stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparem conditions of the property or adverse environmental conditions ((nciuding the presence of hazardous wastes, toxic substances etc ) that would mare the prOmr*Y more or less valuable and has assumed that there are no such conditions and makes no guarantees or warrarni ies. express or implied regarding tine condition of the property. The appraiser will not be reaponsiblee for any sucn conditions that do exist or for any engineering Or testing that might be required to discover wdhet rw such oonditions exist Because the appraiser is nor an expert in the rre?d of environmental hazards, the appraisal report must not be considerec as an environmentai assessment of the property T The appraiser obtained site information, estimates, and opinions [rat were expressed M the appraisal report from sources 1 that rx or she considers to be reliable and believes t-tem to be true and correct. -he appraiser does not assume "Moo tssbi►rty for he accuracy of such items that were furnished by other parties E 8 The appraiser will not disciose the contents of the appraisal report except as provided form the uniform Standards or Professional Appraisal Practice. 9 The appraiser has based his or rte' apps, -sal report and vaivatk)n conc�krsion for an appraisal that is subjec. to sat- sfactory prom manlik repairs . or eMetatlons on the assumption that completion of the improvements wit' be oe!forrned m a worhrmantrke manner. 10 The appraiser must provide his or her pnor written consent before the lendertdlent specified in the appraisai report can distribute the appraisal report (ffcluding conclus>ans about the property value, the appraiser's identity and Professional designations, and references to any PMtessional appraisal Organizations or the firm with which the appraiser is assoasted'i to anyone other than the borrower: the mortgage or is successor$ and assigns: the mortgage insurer, consultants professional appraisal orgariasvons env state or federally approved financial institution, or arty department. agency, of instrumentality of the united States of any stator or the Oistrlt:t of Columbia, except that the lenOt r1chertt may distribute the property description section of the report only to date collection or reporting services) wnhout naving to obtain the aPpraiser's poor written consent. Tine aPPrsisNs wnttert COn"M and approval must also be obtained before the appraisal can be conveyed pry anyone to the public through advertising, public relations. news. sales. or other media 9i>lnae t W rat* 439 (ti -031 prOduCed by CbckFORMS SORware 800622.8727 rwnft Um roe- Cosa 18.93, ace 6 or 9 91 v CC _R COUNTY GOVERNMEN' REAL PROPEF ,AGT COMMENT ADDENDUM File No. AYALA �' 5aM- wer ! OWNER CLARA AYALA E MATEO AYALA Case No _ i• "' Address XXXX W MAIN ST (NO SITE ADDRE_ SS) :i:v IMMOKALEE _Ca rty CJLLIER State FL iQ Cxe 34142 - ndw*vwl 1AttRAOKALEE CRA - A7s#csg _— ParcclNo. #81681720003 Progerry Address NO SITE ADDRESS OwTler `amc AYALA. CLXRA A Addresses 207 WASHINGTON AVE City IMMOKAITF State Fl_ Zip ?4142 - 3 i 33 Legal DESCRIPTION :FRED W 4IDDEN RI.) 4 LOTS 8.9 AND LOT 23 LESS _OFT R, -'W THIS IS THE LOT Ti lAT IS 0.43 ACRES IN SIZE. Parcel No.8168196OW9 Property Address NO SITE ADDRESS Owner Name A}'AI.A. xWXTEO -& NORA Addresses 207 WASHINGTON AVE City PWM. fOKALEF State Fl_ Zip 34142 - ? 133 Legal DESCRIPTION: FRED W14IDDEN ALK 4 I-Of 22 LESS 2()FT RW COPE OF THE APP AISA ASSIGNMENT: The client requested that both vacant lots be considered to he one parcel.The appraiser is awe of the owners being seperate although having the same last name. The legals are stated alvwc and the tax inib is attached. PMduCed toy Cbci oRMS Software 800- 822.8727 N Q COr -R COUNTY GOVERNMENT REAL PROPER- 'G? COMPARABLES 1.2.3 F-de No AYALA Cam "° 9 BaroNe• /OWNER CLARA AYALA d MATEO AYALA daCgr.y aXkm )Q= W MAIN ST (NO SITE ADDRESS) 1v rtrN+ROKA+E County COLLIER _ FL ZIa code 34142 IMMOKALEE CRA _ --- a L� mI Produced by CtoekFORMS SattM" 8004M2.8727 COMPARABLE SALE s XXXX DELAWARE AVE IMMOKALEE, FL 34142 COMPARABLE SALE P 2 10' 1 1 STH ST N ,MMOKALEE. FL 34142 COMPARABLE SALE 0 3 XXXX S 9TH ST IMM✓KALEE, F 34142 Page 8 G 9 CCL I COUN1TV GOVERNMENT REAL PROPER" 'G? File No AYALA N Case No OWNER CLARA AYALA 6 MATEO AYALA �. 91 Progeny A ta" XXXX W MAIN ST ONO SITE ADORESS�_ C tr. _._ IMMOKALEE C� COLLIER State _ FL Zp,:O* 34142 L_2nce;r:, W.l _ IMMOKAL,EE CPA - _ y. 3 •k � a: 1 a Produced by CM*FORMS Software 800- 822.872? COMP 64 10C $R 29 Page 9 of 9 t I I I Q M. Z� W I L I I UUJ) .j X ov C; cv) rV uj Uj -j LU ol 7 JK2O!f� U. UJI Hwm -cm 41 !ORM 91 All; U LAA UJ LAJ LU J -cm 41 !ORM 91 I Immokalee Neighborhood Profile, c:,. rgz ,cation j Quick Glance Population: Population Growth: Population Density: Median Age: Median Income: Cost of Living Index: Weather January Avg Temp: July Avg Temp: Sunny Days: Precipitation Days: Rainfall (inches): Snowfall (inches): Today: Partly Cloudy iG' F + 73 F _ 275 2.491 25 iea -s 528,7U4 100 52 °F 92 °F 2b6 108 5 i91 Immokalee Demographics 100.1 1 ss sx � 43.3% e7.9x szx hale Ferraro Manrod Sin* FUNI, (wt kids) Immokalee Jobs and Politics Unemployment Rate: 6,50/c Recent Job Growth: _ 3. P'a Future Job Growth: 30 4''. � Democrat: 34.1010 Republican: 64.9 Independent (others): 0.90/0 Immokalee Housing Statistics Median Home Age: 24 years Median Home Value: 5152,910 • Renter v. Owner • Market Value 91 Vacam S.31% O*rned 3624% PAM 58.46% • 1yr • 6yr • 10yr Immokalee Education Statistics School Expenditures: Pupil /Teacher Ratio: Students/ Librarian: Students/ Counselor: MS Grm 23.7% Soroe Colege 1 3% Bwh* rb DW" 1.6X GndWe De" 0.4% 54,908 14 801 336 a91 faze ; o!'4 Tax Roll Summary Information Year Market Value Percent Increase Taxahic Value Percent Increase Over Prior Year flier Prior Year ( nlher ( uuntti 2010 Final 574,808,032 058 - 14.37% 561,439,779.385 - 12.20% 2009 Final $87 266,644,295 - 14.15% $69,976.749,096 578,662.966,910 - - 11.04% - #.70°1° 2008 Final 5101,765,979,722 - 5.72% 2007 Final _ 5107935,862503 �- 5.45% S82,542.090,22 ! 7.14% 2006 Final w S 102 ;57.800 980 30.81% 1 577,037.903.134 25.38% 2005 Finalg 578?49,901.963 21.83% $61,441.821 529 19.86% 2004 Final 564,236,986,518 11.21% 551,262.812,810 ( 11.48% 2003 Final 557.761.717,617 16.29% S45.985.72"_1 14 ' 16.45% 2002 Final 2001 Final S49,671.844,946 - 20.178/. 2-3-114 18.25 °l° S41-4-3.3,;21,441 21.92% S33 295.002.460 ! 20.38% 2000 Final 533,902.799,963 13.65'% S21.742.021.485 ! 1159% 1999 Final 529,830,939,079 15.73% 524,42.2,201,235 14.43% 2003 Final S14.426 99,363 �c�. (n.tnictinn 511,212,894,783 12.68 °t° 2010 Total - S780,700,703 S677,643.767 17.23% 2009 Total _ ! 51,113,053,970 29.33% 5965.101,892 24.72% 2008 Total 52,420.403,423 16,22% S2,085-592,135 - 14.07°x° 2007 Total S3.039,382,397 - 19.97 °,, 52.903382,879 16.06% 20061 ota l $2,189,5118.665 S2.068.182-409 2005 Total 52265,227.269 52,104,965.99' 2004 Total 2003 Total S1.8-72.487,964 $2,719,709,185 S 1,"55 418,72.2 $2,589,430,0 97 2002 Total S2.219,161,632 52,073,099.126 2001 Total 51,745,969,276 S1.66i,484„ 05 2000 Total 51.296,177,715 51.218.389311 1999 Total S1,206,207.185 _ 51,121.767.79- _ ( its ni \aph. 2010 Final_ S_17._720.557,787_ -1022% S14.97 7.498,919 -8.04% 2009 Final 519.738.257,718 - 8.80% 516.28.- .802.409 -5.56% 2008 Final 521,642,182,442 - 3,76% 517,246.749,629 - 1.20% 2007 Final S22,486.719,1199 3.14% 517.456,888,406 ^ 5,59% 20.27% - 2006 Final S21,802,038,544 25.$1% S16:533,125.948 2005 Final 517.371,133,725 12.60% 513.746,813.411 12.97 °!° 8.52% 2004 Final S15, 427. 299, 073 6.94% `.____.__512,168.219538 2003 Final S14.426 99,363 11.26% 511,212,894,783 12.68 °t° 2002 Final $12.966,197.227 20.94% - -- -- 59.9%0,900201 17.23% 2001 Final 5111,721 108,162 _. -_ 29.33% j TS8,488.615,091 24.72% 2000 Final 58.289,950,418 16,22% �- 56,806,066,692 - 14.07°x° 1999 Final $7,132,841,028 - 19.97 °,, 55.966,815,878 16.06% 2010 Total 5134.869.272 2009 Total i $268,917.273 2008 Total 5217.428,345 2007 Total $450,902.889 2006 Total 5197.624.801 S 119.1 '73.484 5256.182.122 5203,782,878 5426,536,194 S 192541,964 mhttnl.ri{r: C Doc u ill etx:4 iitl:i Setting, irs na- Jrovsr %rlt Des to;- Co (. o u I I t Property... 91 I '. � Rcat lsi Svt:;ec: ProDe-t-Y Immokalee, FL. 34142 Colfler County Prop" Detail Report Owns• into la,pm.ji N,imo Ayala Clara A 03;0011990 -z, 8 � ,q AiLvPss 207 Washington Ave S569 S, ing '-I, . Stale Immokalve Fl. },xc -ry Comma mial-Vacant -z., UIw-i Zqj, 34142 Commercial Lot "'p, 1 3133 ;r*he,,'-",M,,-t Collier County Sd O7,2011998 Whidden Fred OC r P ,L-fw5 T, -r•.[ 114.00 'o—a n,I Zrjnw 12006701500 Ta. tr-,Io 81631720003 ':,tai Asses,rl.er: : 537,600 ,V: fkPt. 711400 4 82E04 r, • ,, 0006 T-• 2010 0M-,G, L,:,, n Fred Whiddens Bat 4 Lots 8, 9 And Lot 23 Less 20ft RIW ISS9 Nj,te- 23 2010 1r, 4 S37.SOG haractenstics: .43 E 4 Whiddon Fred Lost Market Sale. DO,c 03;0011990 Warranty Deed $50.200 Ayala Clara A Sorkir Manuoi 06111172010 03/0011990 SSO.200 Y i-• name Ayala Clara A Ayala Aftwo 7e re, N:3-e Ayala Mateo & Nora Sorkin Manuel 9_7 1516-1768 yr�- Quit Claim Dood Warranty Deed Vottq.-ige I-In"', 0 310 011 99 0 Mortgage Amt S36,000 w,d,:-f First emmmo"wa ColvVentional littp:/,'rcitti.,;*,-'.:"rsEamrc.,,cc)m. %carchhasic Q 20 201 1 X91 * 1 ••• lYSTR eaa3SbO OR 4576 $91' RLCMW 111A, 11O10 1 S M 'ArAl . awfOrt r, 1111"t, COt.tlt .n,„ ctf" OF Tor Cl RCU11 Cenall 001:9.10 Win ■rc 110., cows 10.00 r-.mn1.: poll- C"J. A Sr:rrr. U. 12 SL 7" Se"k. Svik 6el I'vt 1a9deNatA, 71 QUIT ICLAFMI DEEP 91 %fade or FeWruuy 4th. 2010, by' :u,1 wzz) Nia" A-611 and Nwa AyaL t•a r', nhr,r ad&et, it :07 Washinttoa Awning. loanable! Fl, 34142, hamrnfla called the '�u�xr', tor, C4rs A. A)akk ukaw adillm" it- 207 Washist;gtan Avaaam. linisn"laa i'!, 3414Z haroinaller plied it* "grantee ": IR1ArN V••.. 'a,we. -: mA '.'l,�•v.• ,n,l' .. b..,�yr n ;K-a' •- r�e!!x: —, Y v'.. Lei. H_ �. �'K' x. pv^ ��.. uu.. wv M., V ,Trr,nnnnn , :mm,s +J m.l+n of a,r •�+v� � 4 Wit'"Wth, 11W the g'amor, f, cnd in caaside:aLx, of ttr sun of S LN AND NU'I0o pi7LLAR5 ff :0,001 and othet ,-alaabk catsidest mcis, erccir! uhrrref :, SC L•e,.kdged don hertby immix, RI w— and quit C.WM lade Air Oxill a Reeser, all On: right t:Iie• - .nteresr, c.a,m and demand Which the said grantor has it and lo. all dint ce,tsin .wid %= arise Collie- ComigN Flsrida, -M, S, 9. ,•,d , , Fit- :t :. :red a'�,•doe,t of . as recorded m Plat Bank :, d Pao 36. of the PubLC Retvr3s of CoOier Ccu+r.. •et57lrY��t or fat, :: and 7% p•rs A,lr b) the Star. Rea_ Drimrr,eat N'ea`rll' j. •,\ Pareet identincetion Number: d16y172Q1q \\ 't Sabjtes to 371 rrstna :itn,. ca,etont e s of trnrd un :c a: : anir; r,dinam"n and .,, rrstrict„an. i ,ed �41 tirh. f am". ^,I v Trtethrr alt tnc irne^lerlpJYrrditamrms And apt Mn "^CS-Z1Y -to Itc-mitioz n an rT r ,• . , Te HAt,,tad t9 Hard, the same topNlkralji .ati and sitssi.v I1ra+rm tlte.•cv- O'+^bap'n: ^r ,^ �•t»cisc a,"pertaitdat:. anC all estate, ril;hL hlle ir, idgeh t. hse»e+.r of the MM cn._rr•. r,the, it '�H.. or rgahy. In tae only proper v, benefit a ?�o ' Frvnr farc: f- Mateo Ayala / 207 WuItIOPOa As r., ilamakalet, FL 3414: .TSxare reared Ond *11wred M. Ow fWa�rrrc•"r; ll'it ctt,GiCnatn,r PrlmNamr' 111Y�nF.a'w +ft.�7LC� tMf+)CL �9ra A�y1a �� %� 20' t4 nshi"n Kvc., imtnolu es. FI. S41a2 N'itnrss SiFna�7I9�,r Prim Name: Is Witaw 11'Ettrraf.'.tie Rnctcr has hrrean o set them hand(,? and sebtfs) the day anC "d, v " far. a , c •}rat+. THE FORt:GOL \G 1 \g7'Rl:h1E!YT \1'AS ACk�Ori'LF.p(:Ep :+el'a!r tr.: or eb't: =*a <.::.: _•. h+ sfa:ea Al9!a v4 `lore A_l orb -W is pet%maita eneun W me c- has err sated s .tifiralw NO. ARY M'ttL'•_ 1 � n ' . ' ' Search Results Collier Count} Tax Collector 3291 E; Tamiami Trail Naples FL 34112-5758 1.010 Tax Roll lnquir) Svstem Paix i of I rent tints Rage 0%t \FR INFORMXTIO', ? PROPFRrl 1\FORNIMO\ �amr. �l'.�E..1. ('LAK�.1 -- _1" l_ 7 iLrrri: 6i "1.20W hrrr :" 13 �' t .ddr~esri(20''N"A.SHI'�CT(>rAVE I,a: 'IIM011t�inK -�L!!; Addrm 1 1 ,:1tF11 KTiIDDF\i 111A 4 LOTS A. 9 Lqvw''40D t.DT J LESS 9!F'r ILtN �ddmr�l 4 m�l .. Market \'a ___ _ _ , 11'r '.X 11fUR_ 1 -%TIO� P%N TFRNI\ P,�1 til£N1 I \F(1 ridtr to : ?w l� '� Derr�dl: 'idnw Fr:{ 0 ��111� ? q rler; Blied Et: 1� IsJrptnJ: %'Mrr.ippr: trr�� Fc��a 2222 j • GrvssTar L,1±a, Nnrt:k'0 STATI COMMENTS � � t'R rll ll \Ii1�lf)R�t \I :U\ rmn"tr% ma-r hr paid .rtA ca.4 rarVnz. rArc4 ..r m�nr+ :•rdrr _. NOW "W-, 11.mci Irfm)a6un 20p4 Pared Information 2005 Parcel Information 2006 i'srccl ►nl t tia:� n :007 ?arcel Inliimlatiun 1 2008 I'arcci Intnnnatier 2009 Parcel Ir.fQrn anon Last I 'pdated: 09 19'201 1 5:00pm http: ilcolliertax .cnmisearch /view.php ?ID= 197994806 &page =1 &tc- l &tax_year =2010 9/20,1201 i 91 I -1 4 ArcGIS Explorer Online Page I of I F� �_v 91 http://cxplofer.arcgis.coml?open=795a4fa88f8547ab896dc4839fbc24c4 9' 19.,'2011 V - - k Rcalv<l Socjec, Property Immokslee. FL 34142 Collier County Owrot, Info Property Detail Report Page I of I -;earchbasic ) 21 '21011 X91 Ayala Untoo 3133 Ayala Nora S`193 A7-!--z 207 Washington Ave Commemiat-Vacant I r. tiro no C, :y Immokafee FL Commercial Lot E' Z 34142 Location Info, Collier County Sd Whiddem Fred 114.00 C -4-MSO&d Fhod Zone P2ne, 120DST0160D Tax Info 8116111196=9 $13,000 P N T11400 4 222E04 0005 2010 Fred Whidden Olk 4 Lot 22 Lose 2W Rw $193 22 '---v 2010 '!'-,-k it' 4 L.4i4t: A5scs-;,m'.uw $13,000 -15 1P 4 Middan Frod LaV. MNf%*t Sale, Ayala Mateo .1—L Ayala Nora -;earchbasic ) 21 '21011 X91 . - - R.4tutn tot Naas Address This tootrusent -was prepared byt NORMAN SOMSZR4. P.A. 1110 ariekell Avenue Miami. Florida 33131 Property Appraiser's 0 Force, imzeel Identification � o go• o C7 �t w Grantee Social Security et m co oo No. Grantee Social Security CO Yo.. ur J'44W PR STATOTOW MARAASTY OM DOWa WT_ THIS zxowmw made this day of v . 1989, between rn0 -1SW=L SZWIA and MIRIAM SER141'T,=m wife, or. rne County at Dads, State of Florida, ('Grantor'), and MATZO AYALA and bORA A7ALA, hieg wife, ('Orantee'). whose sailing address is 207 ttashington Street,�i Isaokslee, Florida 33935. 5 0 WITMaSSSTO that said Orentor, for and :n consideration of the sus of TEN ($10.00) DOLLARS and other good and valuable consideration, to raid rancor in band paid by the said Orantse, the receipt whereof is L pare aokaowiedged, has granted, bargained and sold to said Grant,**. Ana anise's hairs and assigns forever. the following drat -.abed land. yi and being in Collier C0114 Ffelda, to Witt g' ' Lotm 8,; S(ti sad 23, 81 n82DOES. ;�OO�Qqiit the Plat :burro a recorded n k Pist tlo0 t 3a, of tbi P sic Reoorda a of Collier ty. �� Leis the South 20 lash of Lots 2 3, pr4vioos� 80quired by p the St da:. a Subject to ahp fp1��, in r+ ��-' 1. Taxes and i,aisaa'alAts 'r�i989zan 4 p4won t years. w o 2. Saaeaent i Ivor Of Lee Countytk. a eia- Nodperativo. Inc. TF 3. Conditions.i c<ioha end Lialtbit of revotd, it any. and said Grantor does hereby�rars�y prk cite title to said land, and rill defend the eau ag&innit�.t ul claims of ail persons whomsoever. IN W1W S WKTJ OF, Grantor has hereunto set Grantor's hand and seal. the day and year first above written. Signed, sealed and delivered to the P of t Ll en v STATE Of FLORIDA ) = COUNTY OF OADB ) a a!i m O o m cn C7 _ 7�t bn :he foregoing instrument vas,aeknowledged before ae this lzt day of by MASVZL SRRKIN and MIRIAM SZAXI ., s 4. ,• +`,;4.;f) "n r11ylatel: Vin s.ts tY public ate lorida My Commission :s itear'_K,.i°,'mn.iwt wOe1M1( �pMY110. A w_ ATlellr[• AT LAW, — M..'W.I t Lj 0 � o C7 �t RANUXL. 3'n KLRUA m co oo :he foregoing instrument vas,aeknowledged before ae this lzt day of by MASVZL SRRKIN and MIRIAM SZAXI ., s 4. ,• +`,;4.;f) "n r11ylatel: Vin s.ts tY public ate lorida My Commission :s itear'_K,.i°,'mn.iwt wOe1M1( �pMY110. A w_ ATlellr[• AT LAW, — M..'W.I t Lj . - I . Result,, Collier County Tax Collector 3201 E Tarniami"Frail Napics FL 41 :?-5758 20 1 O'Fax Roll Inquiry System Prini thi5 page !,Ugc : (I I MN NUR 1',FORNIAT10% %I %TEO& %OIL% 7-7: P9114" IMMOAALEL j%jagli(asN101 r F_1 81A 4 1 OT LUSS FI. JUM 24133 �. ; i >rl: 1 ►i.t r-.r\r\iprTRT\-sj A I i %x fN.'F— 11 0RMT10\ %N IfR►IS - - "I VAI WNT 11 f6 Pori I r — Dcc4 Z.h.4 Ive. Feb: F-1 A-3- l 10 M" %000 %d Vc!'A V,dff Appr-111.94 N., Du- A ppr ret: ro-- Ruskrupt:1 rl� R-6 —I Tas"k Volw:- ITWDF- ,411 - %Cnrltr F I-' shrool Evj io 9 .—a Iw fw,4 -ah cwh. rjoshi— rhivk -,r mnwovt nrdn low ohm. ( trliAra:, mint qi piod w ith cash, vpshirr% rhrcl, — mo,ar, -NiwsfsMh-- I Back To Ust j M81', Parcel Inibmwition 004 Parid Information 1205 Parcci igtomi-4kisn ;2�) 1 '()(I- Parccl Information 2008 Parccl Info,-Maiiv 2009 Parccl Infor-ration Last I updated: 09!19,2011 ;:Ol)p-r !&-tax .Car '010 91"W201 i91 ArcGIS Explorer Online Page I of Ju http:i' explorer. arcgis. corW? opcn- 795a4fa88f8547ab896dc48 ?Qfbe2k4 9/ 19/2011 . 91