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Agenda 02/10/2009 Item #16K 3 Aget1da Item r'~o" 16K3 rebrumy 10, 2009 Po:ge 1 of 44 EXECUTIVE SUMMARY Recommendation to approve a Stipulated Final Judgment for Parcel 136 in the lawsuit styled Collier County v. Ronen Graziani, et al., Case No. 06-548-CA and to purchase the remainder property located on Santa Barbara Boulevard as part of the outstanding eminent domain litigation settlement. Project No. 62081. (Fiscal Impact: $637,780). This is a companion item to Parcels 134 and 135. OBJECTIVE: That the Board of County Commissioners approve a Stipulated Final Judgment for payment of full compensation, for the taking of Parcel 136, along with the purchase of the remainder of the Parent Tract, in the lawsuit styled Collier CO!lllty v. Ronen Graziani, et. aI., Case No. 06-548-CA (Santa Barbara Boulevard Project No. 26(81). CONSIDERATIONS: On October 22, 2002 the Board adopted Resolution No. 2002-442 authorizing the acquisition of right-of-way for the expansion of Santa Barbara Boulevard from four lanes to six lanes. The motion for approval of Resolution No. 2002-442 also recommended that, where property owners are willing to sell the parent tract and all improvements and the county determines a significant impact to the parent tract as a result of the project, staff is authorized to acquire the parent tract at fair market value. (Sec attached October 22, 2002 BCC Meeting Minutes.) - In addition, at the Santa Barbara/Logan Boulevard Workshop on April ] 6, 2003 the Board of County Commissioners recognized that approximately 10 homes would be significantly impacted by the project, and that the Board should provide those homeowners an opportunity to sell their entire property to the County. Commissioner Coletta added that a "rea~onable inconvenience fee" should be considered when offering to purchase those impacted properties. In the instant case, the relevant property is a 3.244 square foot (under air), single-family residence sitting on 3.533 acres. It is described as the North 180 feet of Tract 109, Golden Gate Estates Unit No. 30, and is located at the southwest corner of Santa Barbara Boulevard and Painted Lcaf Lane. The County requires one parcel (Parcel 136) from this property for the Santa Barbara Boulevard Expansion Project. The taking involved the acquisition of a perpetual Road Right-of-Way, Drainage and Utility Easement that runs along the propel1y's li'ontage on Santa Barbara Boulevard and contains 0.21 acres. After the right-of-way was taken for the road project, the residential structure was left approximately II feet from the new light-of-way line of Santa Barbara Boulevard, making this property one of the 10 homes designated as being significantly impacted by the project. Prior to the property owner's decision to sell the entire property to the County and to move elsewhere, Collier County condemned a 0.21 acre parcel for road rigbt-of-way (partial take Parcel No. 136) from homeowner Vimal A. Patel. An Order of Taking hearing was held on July 15,2006, and the County deposited the sum of $165,700.00 into the Court Registry. The owner's original counter offer for the partial taking was $1.048,500.00, plus attorncy's fees and costs. After reaching an impasse at court-ordered mediation, the County made an Offer of Judgment to settle the case in the amount of$290,000. - Upon reconsideration of the County's OfTer of Judgl11cnt to settle the eminent don1ain L:nvsuit on the partial-take Parcel No. 136, and thc Commission's previous offer to buy-out the 10 properties that were left closest to the expanded roadway, Mr. Patel has accepted the Offer of Judgment contingent upon the County's purchase of the remainder property, under the tenns and conditions set f011h in the attached Purchase Agreement. [';;;;-;'1 i\!C), i6r,3 i() 2CiC9 2. Df '::,4 Executive Summary Page Two Staff recommends purchase of the entire 3.533 acre property lor the County's appraised value of $740,000. Of this, $290,000 will be allocated to settle the condemnation case for Parcel 136. See attached Stipulated Final Judgment and Purchase Agreement. I fboth are approved, the County will be responsible for the following additional costs: Purchase of Entire Property: (Agreed purchase price minus deposit) Moving Expenses: * Attorneys fees: Expcli Fees and Costs: TOTAL $574.300 $ 10.000 $ 43,857 $ 9.623 $637,780 * Attorney's Fees are mandated by ~73.092, F.S., and are based on 33% of the total benefit achieved, i.e., 0.33 x ($290,000 - $] 57, I (0). Total amount paid to owner, including deposit and moving expenses: $750,000 Total paid by County lor Parcel 136 plus parent tract: $803,480 FISCAL IMPACT: Funds in the amount 0[$637,780 will come from Gas Taxes and Impact Fees. Source of funds are Gas Taxes and Impact Fees. GROWTH MANAGEMENT IMPACT: None. LEGAL CONSIDERATIONS: This item is legally sufficicnt lor Board action, is not quasi- judicial and as such, ex-palie disclosure is not required. This item requires only a majority vote. RNZ RECOMMENDATION: That the Board of County Commissioners: 1. Approve the Stipulatcd Final Judgment as to partial take Parcel No. 136: 2. Approve the attached Purchase Agreement; 3. Authorize its Chairman to execute same on behalf of the Board; 4. Authorize the payment of all costs and expenses necessary to close the transaction; 5. Accept the conveyance ofthe property via Warranty Dccd and authorize staff to record same in thc public records of Collier County, Florida; 6. Approve any and all budget amendmcnts required. PREPARED BY: Robeli N. Zachary, Assistant County Attorney Kevin Hendricks, Right-of-\Vay i\cqulsiiion .\1anager C:P:06-054X-C A;769 2 Page J of I /\get2-d~ item r'~o. ~:3~3 reD:-uary i 0, LO,--,g 28ge 3 of 44 COLLIER COUNTY SOARD OF COUNTY COMMISSIONERS Item Number: Item Summary: 16K3 Recommendation to approve a Stipulated Final Judgment for Parcel 136 in the lawsuit styled Collier County v, Ronen Graziani, el ai, Case No. 06.548-CA and to purchase the remainder property located on Santa Barbara Boulevard as part of the outstanding eminent domain litigation settlement. Project No. 62081 (Fiscal Impact $637,780)_ This is a companion item to Parcels 134 and 135 Item 16K2 Meeting Date: 2/1 0:?009 90000 AM Prepared By Robert N. Zachary County Attorney Assistant County Attorney Date County Attorney Office 1128/20095:02:58 PM Approved B.y Robert N. Zachary County Attorney Assistant County Attorney Date County Attorney Office 1128120095:22 PM Approved B}' Lisa Taylor ManagemenUBudget Analyst Date Transportation Services Transportation Administration 1129120097:43 AM Approved By Norm E. Feder, AICP Transportation Division Administrator Transportation Services Admin. Date Transportation Services 11291200911 :39 AM Approved By Kevin Hendricks Transportation Services Right Of Way Acquisition Manager TEeM-ROW Date 1/29/20092:33 PM Approved By Najeh Ahmad Director Date Transportation Services Transportation Engineering & Construction Management 1129120092:34 PM Approved By Brian Hancock Operations Support Manager Date Transportation Division Transportation Administration 113012009 8:08 M.~ ApproH'd By Jeff Klatzkow Assistant County Attorney Date County Attorney County Attorney Office 1/30/20Q9 9:35 AM '\pproHd By Susan Usher Senior Management/8udget Analyst Date County Manager's Office Office of Management & Budget 2/2/200911 :33 AM Approved By ,----" ~~..--'-, ,-,,,,,,.,t,,,,, v. IV'u,",u C0unty r.iaiiagtii' Dale Soard of County Commissioners County Manager's Ofnce 2i2l2009 3:11 PM file://C:\AuendaTest\ExDort\ I 23-Februarvo;.,20 I 0.0;.,202009\ J 6.%20CONSFNT%2()A(,FND.. 2/4/7009 !\oenda Item !'~o. 1 C:;K3 ~ Februa:)i 10, 2009 ?a;184 of Ll4 IN THE CIRCUIT COURT OF THE TWENTIETH JVDICIAL CIRCUIT IN AND FOR COLLIER COUNTY, FLORIDA CIVIL ACTION COLLIER COUNTY, FLORIDA, a political subdivision of the State of Florida, Petitioner, Case No. 06-548-CA v. RONEN GRAZIANI, et al., Parcel: 136 Respondents. I I STIPULATED FINAL JUDGMENT THIS CAUSE having come before the Court upon Joint Motion made by Petitioner, COLLLIER COUNTY, FLORIDA, by and through its undersigned counsel, and Respondent, VIMAL A. PATEL, by and through their undersigned counsel, for entry of a Stipulated Final Judgment as to Parcel 136, and it appearing to the Court that the parties are authorized to make such Motion, the Court finding that the compensation to be paid by Petitioner is the full compensation due the Respondent, VIMAL A. PATEL, and the Court being otherwise fully advised in the premises thereof, it is thereupon ORDERED AND ADJUDGED that Respondent, VIMAL A. PATEL, have and recover from Petitioner, COLLIER COUNTY, FLORIDA, the total sum of Two Hundred Ninety Thousand and Noll 00 Dollars ($290,000.00) for Parcel 136, as full payment for the property interest taken a.'1d for damages resulting to the remainder, if less than the entire property was taken, and for all other damages in cOilllection with said parcel; it is further ~L,ger1da item I'-JO. i 81<3 February 10, 2009 Page 5 of 44 ORDERED AND ADJUDGED that Petitioner, COLLIER COUNTY, FLORIDA, is entitled to a credit for the good faith estimate of value previously deposited in the amount of $165,700.00; it is further ORDERED AND ADJUDGED that Petitioner, COLLIER COUNTY, FLORIDA, shall pay an additional One Hundred Twenty-Four Thousand Three Hundred and NollOO Dollars ($124,300.00) to Respondent for Parcel 136; it is furt..>ter ORDERED AND ADJUDGED that within thirty (30) days hereof, Petitioner shall pay the total sum of Hundred Twenty-Four Thousand Tbree Hundred and No/IOO Dollars ($124,300.00) to Respondent, VIMAL A. PATEL, 2801 Santa Barbara Boulevard, Naples, Florida 34116-7431; it is further ORDERED AND ADJUDGED that Petitioner, COLLIER COUNTY, FLORIDA, shall pay an additional Fifty-Three Thousand Four Hundred Eighty and No/100 Dollars ($53,480.00) to Respondent for attorney's fees, expert fees and costs, and no other attorney's fees or costs shall be awarded in this case; it is further ORDERED AND ADJUDGED that within thirty (30) days hereof, Petitioner shall pay the total sum of Fifty-Tbree Thousand Four Hundred Eighty and Noll 00 Dollars ($53,480.00), to the Dean Mead Trust Account, 800 North Magnolia Avenue, Suite 1500, Orlando, Florida, 32803- 3269, for proper disbursement in accordance with this order; it is further ORDERED AND ADJUDGED that title to Parcel 136, a perpetual non-exclusive road right-of-way, drainage and utility easement, being fully described in Exhibit "A" attached hereto and incorporated herein, which vested in Petitioner pursuant to the Order of Taking dated July 18, 2006, and the deposit of money heretofore made, is approved, ratified, and confirmed; it is further 2 ~,Qend.3 !~em ~Jo. 16K3 Fe~xL:ary 10, 20J9 Page >3 of 44 ORDERED AND ADJUDGED that the Notice of Lis Pendens filed in the above-styled cause and recorded in Official Record Book 4014, Page 2954 of the Public Records of Collier County, Florida be dismissed as to Parcel 136; it is further ORDERED AND ADJUDGED that pursuant to Section 74.051(3), F.S., the Clerk of Courts shall disburse the interest earned on the funds on deposit in the amount of $9,484.83 to the Board of County Commissioners, acCOlhJt number 336-163656-62081; it is further ORDERED AND ADJUDGED that this Stipulated Final Judgment is to be recorded in the Official Records of Collier County, Florida; it is further ORDERED AND ADJUDGED that this Order disposes of all claims arising out of the taking of Parcel 136 and that have or could have been asserted in this cause; it is further DONE AND ORDERED in Chambers at Naples, Collier County, Florida, this ~ day of ,2009. HONORABLE CYNTHIA A. ELLIS CIRCUIT COURT JUDGE conformed copies to; Robert N. Zachary, Esquire Mark Leavitt, Esquire Vimal A. Patel Kevin Hendricks, Acquisition Mgr.lTransp. Accounting 3 ,L\genda :tem 1\]0. "16!<3 February 10, 2009 Page 7 of ~4 JOINT MOTION FOR STIPULATED FINAL JUDGMENT Petitioner, COLLIER COUNTY, FLORJDA, together with Respondent, VlMAL A. PATEL, hereby respectfully move for entry of the foregoing Stipulated Final Judgment as to Parcel 136. Dated: MARK R. LEAVITT, ESQ. Florida Bar No. 655600 Dean, Mead, Egerton, Bloodworth, Et AI, PA 800 N. Magnolia Ave., Suite 1500 Orlando, FL 32803.3269 (407)841-1200 - Telephone (407)423-1831 - Facsimile ATTORNEY FOR RESPONDENT, VIMAL A. PATEL Dated: VlMAL A. PATEL 280 I Santa Barbara Boulevard Naples, Florida 34116-7431 06.()548CA1763 Dated: (2.-(;. ROBERTN. ZACHARY Florida Bar No. 816604 ASSIST ANT COUNTY ATTORNEY Harmon Turner Building, 8th Floor 3301 East Tamiami Trail Naples, Florida 34112 (239) 774-8400 - Telephone (239) 252-6300 ~ Facsimile A TTOM'EY FOR PETITIONER 4 A'J8rxia :tem I\~. "iSV,3 F'=.'bruary 10 2009 :'C;)~ 8 of.+4 tU lOB 109 co ..., I :1 SOUTH 150' NOR~Lf 780' I ;j F mACT 109 OF ~'?ACT 709 ~ ~ GOLDEN GATE dTAiES UNIT 30, I ~ ~ \ 2;J, PLAT 800K r PAGE 58 ~ <:::) ~ PROPOSEJJ piJlmuM. I ~ ~ I NON-EXCL~ ROAD --1 I ~ l-- [X/snNG 60' [AS[M[NT R.O,W.. DRAINAGE. AND I t;j I rOR R.O.lf. PURPOSES PER PLAr unuTY 'ENT I >-.j PROPOSED I,rOllsw fFrr I I I R.O.W. EASEMENT", ----- , , '~ , - , , - . . - ~ ~.'~~ PARCEl NO, I,J{P ~'^ I ~ - ." P D B 'L" 5.00'15'20"[ /50.00' . . , 6 '--'" '" '" '" '" '" '" " [AST UN OF SccnON 29 ,o''''-$JJO'f5'20"E. /80.00' SANTA BARBARA BOULEVARD P.D.C, GOWEN GAT[ UNIT 6, ~/~Off~~g PLAT BOOK 5, PACES 124-IJ4 c I o I PLAT BOOK 5, PAGES 124-134 5 4 GOLDEN GA T[ CITY UNIT 6, LEGAL DESCRIPTION ALL THAT PART OF THE NORTH 180 FEET OF TRACT 109, GOWEN GAT[ ESTATES UNIT 3Q, 58, COLL/ER COUNTY. FLORIOA, AND BtlNG MORE PARTlCULARL Y DESCRIBED AS FOLLOWS: JJo.oo'l (PLA T) I Z 770,7 709.1 --------- I' ~ ~ o u ~ 100 GRAPHIC SCAl~ }- <00 TRACT 108 R[PLA T. PLA T BOOK 19, PAGE 54 2 , t 7 EXISTING 5J' EASEMENT / FOR R.o. W. PURPOSES f (PER PLAT) ,. ~'" ~\~ r;- PLAT 800K 7, PAGE COMMENCING A T THE NORTH[AST CORNER OF SAID TRACT 109, A POINT ON TriE [AST UN[ OF S[CTlON 29, TOWNSHIP 49 SOUTH, RANCE 26 [AS-T. COLU[R COUNTY, FLORIDA; THENCE ALONG THE EAST LINE OF SAID SECTION SOUTH 00'15'20" EAST 180.00 FEET,. rriENC[ LEA VlNG SAID EAST SECTlON LINE SOUTH 89'3(51- wrST 53. 00 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 89'31'51' WEST 53.66 FEn- THENCE NORTH 02'35'47" EASTJ131 FEEe rh'[NCE NORrrlERLY 112,80 tTET ALONG TtiE ARC OF A CIRCULAR CURVE CONCAVE WESTERLY HA~NG A RADIUS OF 2,953.00 FEET THROUGH A CENTRAL ANGLE OF 02"10'52" AND BEiNG SU8TENDED BY A CHORD WHICH BEARS NORfrl 01'08'42" EAST 1/2.79 FEET TO THE NORTH LINE OF SAID mACr,o THENCE ALONG SAID NORTH TRACT LINE NORTH 89'3"51" OST 5904 FEET; THENCE sour:-f 00'15'20- EAST 150.00 FEET TO THE POINT OF BEGINNING. CUl.'lI, COUJER COUNTY TRANSPORTATION. ENGiNEERING &: CONSTRUC1JON I.IANAGElJENT DIVISION TIllE: SKETCH AND DESCRIPnON 8DNG PARr OF mE NORm '80' OF TRACT 109, GO,-DOI GA IE [5TA TES UNiT 30, PLA T BOOK 7, PACE 58, COl.U[R COUNTY. FLORIDA CONTAINING 9,109 SQUA8E FEET MORE OR LESS. SUBJECT 10 EASEMfNTS &:- RESTRICTIONS OF RECORD. .. J .. . . ... NOT A iS~VEr ... " r['l,". 'I', PREPARCOJjY: MtsONMI .',~-IN'G,' ;, (., i-.5 . CURVE NUMBeR I RGdil!S~ 296J,OO _.O"f/oz C270'SY Acc=< !f2.80 TQn9~r~ .55.47 Chord=- rJ2.79 Chord 8rJ. N,OfVB'<rE. lAW' LY .R. P QFf A{ '5UR~i'C1'i' Ie MAPPfl? r'1ORm;.' ifeGis.mA .rS .'15621. .. NOT V~U; un;J;/SJc,~i}j-;iY-;JH[ SlJR:-r;oR AND S[ALED WITH mE SURVEraR's EMBC!SSW:-SUL, C[JmnCAT[ OF AUTHORIZA.~9"!,,1.18,:P ..._~. IJ!:NoN;sJJl!"sn> <WA'CR1II ~'Ct.H4<IWIJUJJ)'UJ_pgJjl ""-llSD/fIirnAICPUJCCllOIlI/II'!( ='01 (rsIIIJ) f;;R r-"""" f~r ""'" P~O.I,CT NC" 62081 P.....= NO. , f JB WilsOnMiller'.^~- r """"""~.Ecul:VaIl'S>.mr)'tn'L.an:/rqooAr:ModI'T~Lb1c....ulonj, Wis~.hc. """""Foi1l'>1._.~,r..... "'tIla.lorJ...o.SJ.:;m,i<IrIo<',n;,~.~~.F-os"'"'<-a-VII_It'~.....;..""o,,__ WoT", O~/2002 Ju' 11, 20n -. 09'. 1:l ~o .'NAPI[R:~:\S'JR\~'son\5'~'oh 0f r,,"~'iplio"'\S""mi!l~d\2o~20} ~.15 dwa EXHIBIT A LEGEND; f.>>,>, '-.>.><'i ~)'l:'NfA5EM[NT ~~ ~~a~~~~fSD.!f.Nr R.o.~ "" RIGHT OF WAY .0,0.8.' ~ POINT OF 8[ri/NNlNG P,o.C. = POINT OF COMMENC[MfNT I P,OJtCl"Ll,' NS022-- 002-0,IO~ TDh"'>'rP ,1\Jenda item NJ. 16K3 ~ Febru3ry 10, 2009 Page 9 of 44 PURCHASE AGREEMENT (Extended Possession of Improved Property) Santa Barbara Boulevard Project Parcel No. 136 Remainder Folio No. 36169760004 THIS PURCHASE AGREEMENT is made and enlered into on this day of , 2009, by and between VlMAl A. PATEL, a single person, whose mailing address is 1924 Santa Barbara Boulevard, Suite No.1, Naples, Florida 34116 (hereinafter referred to as ~Seller"), and COLLIER COUNTY, a political sUbdivision of the State of Florida, whose mailing address is 3301 Tamiami Trail East, Naples, Florida 34112 (hereinafter referred to as MPurchaser"). WHEREAS, Sener owns certain improved property located at 2801 Santa Barbara Boulevard, Naples, Florida 34116-7431, and more particularly described as the North 180 feet of Tract 109, Golden Gate Estates. Unit No. 3D, according to the Plat thereof, recorded in Plat Book 7, Page 58. of the Public Records of Collier County. Florida, together with all buildings, struclures and improvements, fixtures. built-in appliances, refrigerators, stove, dishwasher, washer, dryer. ceiling fans, floor coverings and window treatments (hereinafter collectively referred to a6 M~ropertyM); and Whereas, Purchaser desires to purchase said Property; and WHEREAS, Seller desires to remain in possession of thB residence located on Ihe Property. and has requested the right to occupy the premises for a term of six (6) months, to which request Purchaser has agreed: and WHEREAS, Seller has agreed to sell and Purchaser has agreed to purchase the Property subject to the terms and conditions that follow. NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars ($10.00), and other good and valuable consideration. the receipt and sufficiency of which is hereby mutually aCKnowledged. it is agreed by and between the parties as follows: 1. AGREEMENT In consideration of the purchase price and upon the terms and conditions hereinafter set forth, SaUer shall sell to Purchaser and Purchaser shall purchase from Seller the Property. 2. PURCHASE PRICE A. The purchase price (the "Purchase Price") ror the Property shaU be FOUR HUNDRED FiFTY THOUSAND AND NO/100 Doilars ($450,000.00) (U,S. Currency) payable at time of dosing. Said Purchase Price was agreed upon by the parties hereto with full consideration having been given to the value of the extended possession, (See Section 4, below.) None of the Purchase Price is attributed to any personal property_ Purchaser shall oleo pay to SeUer TEN THOUSAND AND NO/100 Dollars ($10,000,00) towards the Sellar's moving expenses. B. Paymenl of the Purchase Price and ather amounts provided for herein shall be made at time of closing and shall be full compensation for the Property conveyed, including all structural and site improvements and fixtures, and aU landscaping, trees and shrubs located thereon, and shall be in full and final settlement of all other costs and expenses incLlrred by Seller, including but not limited to moving expenses, attomeys' fees, expert witness fees and costs, as provided for in Chapter 73, Florida Statutes. None of this Purchase Price ls attributable to any personal property. ~ SeIer'S InUials PageN:J.1 Purchase Agreement :"..J9iida :t.:::;m hio. lCf-<3 - Fsb:-'..iary 10. 2D09 P21'28 'j 0 of .i4 Santa Barbara Boulevard Project Parcel 136 Remainder 3. CLOSING A. The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of the transaction shall be held on or before NINETY (90) days following execution of this Agreement by the Purchaser unless extended by mutual written agreement of the parties hereto. The Closing shall be held at the Collier County Attorney's Office, Administration Building, 3301 Tamiami Trail East, Naples, Florida. Purchaser shall be entitled to possession as of Closing, unless otherwise provided herein. Seller shall deliver the Property in broom-clean and working condition, and free of all debris upon vacating the premises. B. Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and In acoordance with law. Within FIFTEEN (15) days of the effective date hereof, Seller shall provide Purchaser with a copy of any existing prior title insurance policies. At or before the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 1. General Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions or conditions of record. 2. Combined Purchaser~Seller closing statement. 3. A "Grantor's Non-Foreign, Taxpayer Identification & "Gap" Affidavit" as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter in order to insure the "gap" and issue the policy contemplated by the title insurance commitment. 4. A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. 5. Such evidence of authority and capacity of Seller and its representatives to execute and deliver this Agreement and all other documents required to consummate this transaction, as reasonably determined by Purchaser's counsel and/or title company. 6. Certificate of insurance pursuant to Section 4L (below). C. At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 1. A negotiable instrument in an amount equal to Net Cash to Seller on the Closing Statement. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in "Requirements and Conditions~ below, and the Title Company is irrevocably committed to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 2. Funds payable to the Seller representing the Purchase Price shall be subject to adjustments and pro-rations as hereinafter set forth. D. Purchaser shall pay all fees to record any curative instruments required to clear title, all Warranty Deed recording fees, and any and all costs and/or fees associated with securing and recording a Satisfaction, Release or Subordination of ,:my mortgage, lien or other encumbrance recorded against the Property; provided, however, that any SeIJersJnitlals Page No_ 2 purchase Agreement Aoenda Item r'~o. ~i 6K3 ~ rebruary 10, 2009 Page .11Jf 44 Santa Barbara Boulevard Project Parcel 136 Remainder . apportionment and distribution of the full compensation amount in Section 2 which may be required by any mortgagee, lien-holder or other encumbrance. holder for the protection of its security interest or as consideration for the execution of any release, subordination or satisfaction, shall be the responsibility of the Seller, and shall be deducted on the Closing Statement from the compensation payable to the Selier per Section 2. E. Seller, at its sole cost and expense, shail pay at Closing all documentary stamp taxes due upon the recording of the Warranty Deed, in accordance with Chapter 201.01, Florida Statutes, unless the Property is acquired under threat of condemnation. F. The cost of a Title Commitment shall be paid by Purchaser along with the cost of an Owner's Form B Title Policy, issued pursuant to the Commitment provided for in Section 8. "Requirements and Conditions~ (below), G. Real Property taxes shall be prorated based on the current year's lax and paid by Seller. If Closing occurs at a date which the current year's mil/age is not fixed, taxes will be prorated based upon such prior year's millage. H, A Security Deposit in the amount of FIVE THOUSAND AND NO/100 Dollars ($5,000.00) will be withheld from Seller's closing proceeds to be held by Purchaser during the Seller's occupancy in accordance with the provisions of Section 48 (below). 4. OCCUPANCY BY SELLER AFTER CLOSING A. Seller may occupy the Property after Closing for a term of SIX (6) months from the date of Closing (the "Initial Term"). As consideration for Seller's extended occupancy of the Property the Purchase Price in Section 2 was reduced by the sum of SIX AND NO/l00 Dollars ($6.00). In the event Seller and Purchaser agree to extend the Inilial Term of extended occupancy by an additional number of months (the "Extended Term"), an additional sum will be required from Seller and shall be calculated by multiplying the number of months of the Extended Term by TWO THOUSAND AND NO/100 Dollars ($2,000.00). This Fee must be paid to the Purchaser in a lump sum, no later than THIRTY (30) days before expiration of the Initial Term, whereupon Purchaser and Seller shall execute an addendum to this Agreement memorializing this Extended Term of possession. B. At Closing, the sum of FIVE THOUSAND AND NO/100 Dollars ($5,000.00) will be withheld by Purchaser as security for any damages suffered by the Property during the Seller's occupancy ("Security Deposit"). The Security Deposit will be paid to Seller at the end of its Term of occupancy, provided there has been no damage to the Property caused by the negligence or intentional acts of Seller or anyone acting with Seller's knowledge and consent. Upon the vacating of the Property, the Purchaser will have TWENTY (20) days to return the Security Deposit or give Seller written notice of Purchaser's intention to impose a claim upon the Security Deposit. In the event Purchaser intends to impose a claim upon a part or all of the Security Deposit, it will provide Seller with an explanation of the damage, an estimate of repair and an accounting of the deposit balance. c. When the Property is partly damaged or destroyed by fire or other casualty not due to Seller's willful or negligent act or that of anyone on the Property with the knowledge or consent (actual or implied), of Seller, Purchaser will make repair as soon as reasonably possible. Purchaser shall also be responsible for the repair to fixtures or appliances in excess of the limit set forth in Section 4F (below), provided such repair is not necessitated by Seller's misuse, waste or neglect of the Property, or that of anyone on the Property with Seller's knowledge and consent (actual or implied). If the Property is rendered un~inhabitable due to fire, storm or other casualty, then this Agreement shall automatically terminate, with the sole duty of Purchaser then being to refund to Seller the security deposit, plus accrued interest. Purchaser shall not be liable for any damage or injury to SeUer and his or her property by reason of any water damage sustained by Seller and his or her property, or by reason of the breakage, leakage, or obstruction of water and sewer lines or other breakage in or about the Property. Page No. 3 SeIIe(sl,1i!ials Purchase Agreement Ibm I~o. 16K3 Februa:-y 10, 2009 Santa Barbara Boulevard Project Parcel 136 Remainder t'2'J'3 12 of ..'l4 D. Seller agrees to pay all utility services as they come due, including electricity, telephone, gas, cable television, water, sewer, and solid waste collection, shall arrange for a final billing and payment of same at the time Seller vacates the Property, and acknowledges that Purchaser will deduct all such unpaid bills from the Security Deposit. Seller shall keep the property free from pests and insure that the air conditioning system is in operation to maintain a reasonable room temperature until the Seller vacates the property. E. Seller will use the Property only as its primary residence. Seller is prohibited from allowing persons, other than its immediate family members, to reside on the Property. F. Seller shall maintain the Property, inciuding all Systems and Equipment, in clean and working condition at all times. Seller shall use aU Systems and Equipment in a reasonable manner. Seller shall immediately make and pay for all required repairs to the plumbing, range, heating apparatus, washer-dryer, air conditioning, refrigerator, dishwasher and electric and gas fixtures, provided the cost of said repairs does not exceed Ten Thousand Dollars ($10,000.00). Purchaser reserves the right to enter upon the Property and repair, at the Seller's expense, all damage or injury to the fixtures and appiiances in the event Seller fails to effect repairs after TEN (10) days' notice. Purchaser's election not to effect repairs shall not relieve Seller of its obligation to repair or subject Purchaser to liability for its election. G Seller shall comply with all governmental regulations concerning the use of the Property and not permit or suffer any illegal activity or use, or permit to be made any disturbance, noise or nuisance whatsoever, which would be detrimental to the peace, quiet and comfort of other persons in the vicinity of the Property, or affect the insurance risk factor to the Property. H. Seller shall permit Purchaser's agent or empioyee to enter the Property at any reasonable time, upon TWENTY-FOUR (24) hours nolice, during the term of this Agreement to inspect the Property or make any needed repairs, l. Seller will surrender possession of the Property at the expiration of either the Initial Term or the Extended Term in as good a condition as of the Effective Date, reasonable wear and tear and acts of God excepted. Seller shall not be responsible to repair or replace the items or deficiencies set forth in the attached list marked Exhibit "B", which existed prior to the Closing. J. Seller shall not alter or make additions to the Property without the Purchaser's consent. Seller shall not deface, damage or remove any part of the Property or permit any person to do so, nor shall any of the appliances listed on Exhibit "C~ be replaced without the Purchaser's consent. K. DEFAULT. Seller will be deemed in default of this Agreement if Seiler fails to perform any of the covenants, promises or obligations contained in this Section for a period of TEN (10) days after notice of such default. Upon Seller's default, County may terminate this Agreement upon TWENTY (20) days written notice to Seller, re-enter and take possession of the Property, Whereupon the term thereby granted and all rights of Seiler to occupy the Property shall terminate. The Seller shail remain liable for any damage suffered by the Property because of Seller's breach of any of the covenants of this Agreement, and such termination shall be without prejUdice to the Purchaser's right to collect said damages. Purchaser and Seller shall have the right to pursue any and all remedies available under this Agreement or applicable law. L SeUer shall be required to maintain Insurance on the Property during the entire Term, and any Extended Term, which policy shall include contents coverage of $100,000, premises liability with iimlts of $300,000, and loss of use coverage. Purchaser will be named as an additional insured and the policy premium for the Term of occupancy will be paid in advance at Closing. Seller will be required to provide a certificate of insurance prior to Closing. SelJer's!nitiall Page No. -4 Purchase Agreement Agenda item t~o. "i 6K3 February 10,2009 Santa Barbara Boulevard Project Parcel 136 Remainder Page 13 of 44 M. The terms and conditions contained in this Section shall survive Closing and are not deemed satisfied by conveyance of title, 5. PROPERTY CONDITION DISCLOSURES A. General. Seller represents that Seller knows of no facts or conditions materially affecting the value of the Property, except those which are readily observable by Purchaser, or which have been disclosed to Purchaser by Seller in writing and furnished to Purchaser prior to the Effective Date of this Agreement. 8. Radon Gas. Florida law requires the following disclosure: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county health department. Seller has no knowledge of the existence of radon on the Property or any radon mitigation having been performed on the Property. C. Lead Based Paint/Paint Hazards. If construction of the residence on the Property was commenced prior to 1978, Seller is required to complete, and Seller and Purchaser are required to sign and attach to this Agreement, the addendum entitled "Lead-Based Paint and/or Lead-Based Paint Hazards Attachment to Sales Contract: Disclosure of Information and Acknowledgement." D. Moid. Molds are commonly found both indoors and outdoors. Interior infestation by certain molds may cause property damage and health problems for some persons. Seller has no knowledge of any mold remediation having been performed on the Property. E. Warranty. Except as to any facts or conditions disclosed to Purchaser as required under Section 5. A. above, Seller warrants that all major appliances and equipment; sprinkler, well, septic, heating, cooling, electrical and plumbing and security systems; major mechanical components; roof (including fascia and soffits); ceiling; structural walls; foundation; swimming pool, spa and pool/spa deck; seawalls; docks; boat lifts/davits and related electrical and mechanical components, if any (collectively "Systems and Equipment") are in Working Condition. "Working Condition" shail mean operating in a manner in which the Systems and Equipment were designed to operate. The roof, ceiling, interior and exterior walls, foundation, swimming pool, spa and poollspa deck, if any, shall be considered in Working Condition if structurally sound and watertight. Seawalls and docks, if any, shall be considered in Working Condition if structurally sound. Seller shall not be required to repair or replace any Cosmetic Condition. UCosmetic Condition" shall mean an aesthetic imperfection which does not affect the Working Condition of the item, including corrosion; tears; worn spots; discoloration of floor covering or wallpaper or window treatments; missing or torn screens; nail holes; scratches; dents; chips; caulking; pitted pool surfaces; minor cracks in windows, driveways, sidewalks, spa/pool decks and garage, tile, lanai and patio floors; and cracked roof tiles, curling or worn shingles and limited roof life, so long as there is no evidence of structural damage or leakage. 6. INSPECTIONS A. Insoection Period. Purchaser shall have THIRTY (30) days from the Effective Date (Inspection PeriOd) to have the Property and improvements thereon inspected at Purchaser's expense as follows: (a) Systems and Equipment, by an appropriately Florida licensed inspection company or licensed contractor, and/or (b) radon gas, by a Florida certified radon measurement technician or specialist, and/or (c) lead-based paint and hazards, by an EPA-certified lead exposure risk assessor, and/or (d) termites or other wood-destroying organisms, by a certified pest control operator (COllectively the "Inspection Items"). Upon reasonable notice, Seller shall provide access and utiiities service to the Property to facilitate inspections. Page No_ 5 Selle~s Inkials Purchase Agreement :t~iTI ["JD. i oKJ February 11], 2009 Santa Barbara Boulevard Project Parcel 136 Remainder Page: 4 of .14 B. Election and Resoonse. If any inspection conducted during the Inspection Period reveals: (1) that any Systems and Equipment are not in Working Condition, and/or (2) the presence of radon gas at a level in excess of EPA action levels, and/or (3) the presence of lead-based paint or paint hazards required abatement under HUD/EPA protocols, and/or (4) the existence of active infestation by termites or other wood- destroying organisms and/or visible damage caused by active or past infestation (collectively the "Defective Inspection Items"), Purchaser shall, within FIFTEEN (15) days after expiration of the Inspection Period: (a) notify Seller of any Defective Inspection Items, and (b) furnish to Seller a copy of the inspection report(s) documenting the Defective Inspection Items, and (c) notify Seller of Purchaser's election either to: (i) receive a credit from Seller at closing in lieu of any repairs, replacements, treatment, mitigation or other remedial action necessary to bring the Defective Inspection Items into compliance with the relevant standards set forth above (the "Remedial Action"), or (ii) have Selier take Remedial Action at Seller's expense prior to closing. If Purchaser elects to receive a credit. the amount of the credit shall be equivalent to the estimated costs of any Remedial Action and shall be determined not later than the earlier of Seller's Response Deadline, or TEN (10) days prior to the Closing. If Purchaser elects (i), Seller shall not be required to take any Remedial Action. If Purchaser makes no election, Purchaser shall be deemed to have elected to receive a credit at Closing. c. Not later than FIFTEEN (15) days from receipt of the written notice and inspection report(s) from Purchaser ("Seller's Response Deadline"), Seller shall notify Purchaser whether Seller will give Purchaser credit equal to the cost of repairs or take remedial action, whichever is requested by Purchaser. If Seller refuses Purchaser's election by Seller's Response Deadline, then Purchaser may terminate this Agreement within TEN (10) days of Seller's Response Deadline. If Purchaser does not elect to so terminate this Agreement, Purchaser is deemed to have accepted the Property in the condition it existed on the Effective Date, except that Purchaser retains the rights set forth in Section 6.G. (Walk Through Inspection) below. If Seller fails to respond by the Seller's Response Deadline, Seller shall be deemed to have accepted PurChaser's election, and Purchaser may receive credit at Closing as set forth above. D. If Purchaser does not have the Inspection Items inspected, or fails to do so within the Inspection Period, or fails to timely report any Defective Inspection Items to Seller, Purchaser shaH be deemed to have accepted the Property in the condition it existed on the Effective Date, except that Purchaser retains the rights set forth in Section 6.G. (Walk Through Inspection) below. E. Remedial Action shall be deemed to have been properly performed if (1) the Systems and Equipment are placed in Working condition (as defined abovej, (2) radon gas within the residence on the Property is reduced to below EPA action levels, (3) lead- based paint and paint hazards on the Property are removed or contained in accordance with HUD/EPA guidelines, and (4) any active infestation of termites or other wood- destroying organisms is exterminated or treated, and all visible damage caused by active or past infestation is repaired or replaced. Seller shall make a diligent effort to perform and complete all Remedial Action prior to the Closing Date, failing which a sum equivalent to One Hundred Fifty percent (150%) of the estimated costs of completing the Remedial Action shall be paid by Seller into escrow at Closing pending completion. F. No cost to repair or replace any Systems and Equipment shall exceed the fair market value of that item if it were in Working Condition, If the costs do exceed fair market value, then either Seller or Purchaser may elect to pay such excess, failing which, either party may terminate this Agreement upon written notice. G. Walk-Throuah Insoection. Purchaser (or a designated representative) may conduct a waik-through inspection of the Property prior to Closing and prior to possession, to confirm: (1) completion of any Remedial Action agreed to by Seller in Section 6.8 "Election and Response" above, (2) that the personal property items which are being conveyed as part of this Agreement remain on the Property, (3) that the personal property items which are not being conveyed as part of this Agreement have been removed from the Property, and (4) that Seller has maintained the Property as Sellers In~ia!s Page No.6 Purchase Agreement j\:~enda Item ~"Ja. 16K3 - Fe:Jruary 10. 2009 Santa Barbara Boulevard Project Parcel 136 Remainder Page 15 of .14 required in Sections 3 and 7. Upon reasonable notice, Seller shall provide access and utilities service to the Property to facilitate the walk.through inspection. H. Insoections durina Occuoancv. Purchaser may enter upon the Property with at least 24-hour notice to Seller for purposes of inspecting the Property for compliance with the terms of Section 4 of this Agreement or effecting repairs. 7. RISK OF LOSS Seller shall maintain the Property (including without limitation the lawn, shrubbery, and landscaping) in the condition existing on the Effective Date until Closing or date of Purchaser's possession, whichever is later, except for ordinary wear and tear and any Remedial Action agreed to by Seller under Section 6B above. Any future loss and/or damage to the Property between the Effective Date and the Closing or date of Purchaser's possession, whichever is earlier, shall be at Seller's sole risk and expense, except as provided in Section 4. 8. REQUIREMENTS AND CONDiTIONS FOR CLOSING Upon execution of this Agreement by both parties or at such other time as specified within this Section, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing: A. Within FIFTEEN (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form 6-1970) covering the Property, together with hard copies of all exceptions shown thereon. Purchaser shall have THIRTY (30) days, following receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, jf any, which obligations shall be paid at closing. If the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of its intention to waive the applicable contingencies or to terminate this Agreement. B. If Purchaser shall fail to advise the Seller in writing of any such objections in Seller's title in the manner herein required by this Agreement, the tiUe shall be deemed acceptabie. Upon notification of Purchaser's objection to title, Seller shall have THIRTY (30) days to remedy any defects in order to convey good and marketable title, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to make such title good and marketable. In the event Seller is unable to cure said objections Within said time period, Purchaser, by providing written notice 10 Seller within SEVEN (7) days after expiration of said THIRTY (30) day period, may accept title as it then is, waiving any objection, or may terminate the Agreement. C. Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within TEN (10) days of the Effective Date of this Agreement. Purchaser shall have the option, at ils own expense, to obtain a current survey of the Property prepared by a surveyor licensed by the State of Florida. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access 10 a public roadway, the Purchaser shall notify the Seller In writing, within THIRTY (30) days from the Effective Date of this Agreement, of suCh encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within FORTY FIVE (45) days, Purchaser may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement, by providing written notice to Seller within SEVEN (7) days after expiration of said FORTY FIVE (45) day period. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed SeIJer'slntials Page No.7 Purchase Agreement !iem f'~o.1'3f<3 r=ebiuary 10, 20CJ9 Santa Barbara Boulevard Project Parcel 136 Remainder ?3ge 15 of 44 an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. 9. TERMINATION AND REMEDIES A. If Seller shall have failed to perform any of the covenants and promises contained herein, which are to be performed by Seller, except for those provisions in Section 4, within FIFTEEN (15) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Agreement. B. If the Purchaser has not terminaied this Agreement pursuant to any of the provisions authorizing such termination, and Purchaser fails to close the transaction contemplated hereby or otherwise fails to perform any of the terms, covenants and conditions of this Agreement as required on the part of Purchaser to be performed, except for the terms and conditions in Section 4, provided Seller is not in default, then Seller shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendor, including the right to seek specific periormance of this Agreement. C. The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satiSfactory and sufficient remedies to each of the parties, and take into account the peculiar risks and expenses of each of the parties. D. This Section does not apply to any defaults by Seller of the obligations contained in Section 4 of this Agreement. 10. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES Seller intends for Purchaser to rely on the representations contained in this Section in entering into this Agreement and warrants the following: A. Seller has full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. B. Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. C. The warranties set forth in this Section are true on the Effective Date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. o. Seller and Purchaser agree to do aU things which may be required to give effect to this Agreement immediately as such requirement is made known to them or they are requested to do so, whichever is the earlier. E. Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or Investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal. state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if Seijer's In~ials Page No. 8 Purchase Agreement ,A,qenda item ~~o. ~161<3 ~ Ff.~bruary 10, 2009 Santa Barbara Boulevard Project Parcel 136 Remainder Page 17 of 44 continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. F. No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. G. Until the date fixed for Closing or as long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. H. Seller represents that they have (it has) no knowledge that any pollutants are or have been discharged from the Property, directly or indirectly into any body of water. Seller represents the Property has not been used for the production, handling, storage, transportation, manufacture or disposal of hazardous or toxic substances or wastes, as such terms are defined in applicable laws and regulations, or any other activity that would have toxic results, and no such hazardous or toxic substances are currently used in connection with the operation of the Property, and there is no proceeding or inquiry by any authority with respect thereto. Seller represents that they have (it has) no knowledge that there is ground water contamination on the Property or potential of ground water contamination from neighboring properties. Seller represents no storage tanks for gasoline or any other hazardous substances are or were located on the Property at any time during or prior to Seller's ownership thereof. Seller represents none of the Property has been used as a sanitary landfill. I. Seller has no knowledge that the Property, and/or that Seller's operations concerning the Property, are in violation of any applicable Federal, State or local statute, law or reguiation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. J. There are no unrecorded restrictions, easements or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there are no maintenance, construction, advertising, management, leasing, employment, service or other contracts affecting the Property. K. Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefore, proposals for public improvement assessments, pay~back agreements, paving agreements, road expansion or improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder; nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the Effective Date of this Agreement. L. Selier acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated above and on the understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the date of Closing. Therefore, Seller agrees not to enter into any contracts Dr agreements pertaining to or affeciing the Property and not to do any act or omit to perform any act which would adversely affect the zoning or physical condition of the Property or its intended use by Purchaser. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregOing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or allY governmental authorities having jurisdiction of the development of the property which may restrict or change any other condition of the Property. Page No. 9 5eIHlr'slnilials Purchase Agreement Agsnda liem f~CJ. "1 6~<J February' ! O. 2009 Santa Barbara Boulevard Project Parcel 136 Remainder ?clJ8 j 8 ')f ~4 M. Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to. the Comprehensive Environmental Response, Compensation, and Liability Act of 19BO, 42 U.S.C. Section 9601, et seq., ("CERCLA" or "Superfund"), which was amended and uP9raded by the Superfund Amendment and Reauthorization Act of 1986 ("SARA"). including any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance at title. 11. NOTICES Any notice, request, demand, instruction or other communication to be given to either party hereunder shall be in writing sent by facsimile with automated confirmation of receipt, or registered or certified mail, return receipt requested, postage prepaid or personal delivery addressed as follows: If to Purchaser: With a copy to: If to Selier: With a copy to: Transportation Engineering & Construction Management Attn: Kevin Hendricks Right-ot-Way Acquisition Manager 2885 South Horseshoe Drive Naples, Florida 34104 Telephone 239-252-8192 Fax 239-530-6643 Jeffery A. Klatzkow County Attorney Office of the County Attorney Harmon Turner Building 3301 Tamiami Trail East Naples, Florida 34112 Telephone 239-252-8400 Fax 239-252-0225 Vimal Patel 1924 Santa Barbara Blvd., Suite No. Napies, FL 34116 Telephone: 239-348-7741 Fax: 239-348-7746 N/A The addressees, addresses and numbers for the purpose of this Section may be changed by either party by giving written notice of such change to the other party in the manner provided herein. For the purpose of changing such addressees, addresses and numbers only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. Notice shall be deemed given in compliance with this Section upon receipt of automated fax confirmation or upon on the fifth day after the certified or registered mail has been postmarked, or receipt of personal delivery. 12. REAL ESTATE BROKERS Any and all brokerage commissions or fees shall be the sole responsibility of the Seller and shall be paid at Closing. Seller shall indemnify Purchaser from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been a procuring clause or engaged by Seller as a real estate broker, salesman or representative, in connection with this .A.greemellt. 10 Selier"s In~ia~ Page No. Purchase Agreement Aoenda Item NO.1 GK3 ~ February 10, 2009 pago 19 of 44 Santa Barbara Boulevard Project Parcel 136 Remainder ~ 13. MISCELLANEOUS A. This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. B. This Agreement and the terms and provisions hereof shall be effective as of the Effective Date and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. C. Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. D. Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend or limit the scope or intent of this Agreement or any provisions hereof. E. All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. F. No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. G. If any date specified in this Agreement falls on a Saturday, Sunday or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. H. If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to s. 286.23, Fla. Stat., under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Fiorida Statutes) I. This Agreement is governed and construed in accordance with the laws of the State of Florida. J. The Effective Date of this Agreement will be the date of execution of this Agreement by the last signing party. K. This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and there are no promises, representations, warranties or covenants by or between the parties not included in this Agreement. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. L. TIME IS OF THE ESSENCE to this Agreement. M. Seller may not assign, sublease, or license any rights arising under this Agreement without the written consent of the Purchaser. Page No 11 Seller's Initials Purchase Agreement /;"8::;'nGa :teiTI No. 1 :S~\3 , cebruary 10. 20G9 Santa Barbara Boulevard Project Parcel 136 Remainder Page 20 of 44 N. The parties hereto agree and acknowledge that this Agreement is not a lease but rather a contract for occupancy (extended possession) of the Property as a condition of sale which is not subject to Chapter 83, Florida Statutes. The parties do not intend to invoke any of the obligations or remedies contained in Chapter 83, and the terms and conditions contained herein shall be construed in accordance with the parties intent and shall be given their plain meaning without reference or application of s. 83.43, Fla. Stat., or any other portion of Chapter 83. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written. AS TO PURCHASER: DATED: ATIEST: DWIGHT E. BROCK, Clerk BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA Deputy Clerk BY: , Chairman AS TO SELLER: DATED: Witness (Signature) VIMAL A. PATEL Name (Print or Type) Witness (Signature) Name (Print or Type) Approved as to form and legal sufficiency: Robert N. Zachary Assistant County Attorney last Revised 12/23/08 12 $e/lefslnitials PegeNo. Aqe~\d3 Item [\]0. '16~(3 - February 10,2009 Page 21 of "4 October 22, 2002 ------- --- ~ ~- ~ "7 CHAIRMAN COLETTA: With that, if there is no m~ discussions, I'll call the question. All those in favo~icate by . / saymg aye. // COMMISSIONER COYLE: Aye. // COMMISSIONER FIALA: Ayy COMMISSIONER HENN!-Nef Aye. CHAIRMAN COLETJK:' Aye. Opposed? / (No respons~ CI-lAI~-N COLETTA: And the ayes have it 4-0, with Commissjprrer Carter absent. ~K KANT: Thank you, Commissioners. CHAIRMAN COLETTA: Thank you. - Item #10B RESOLUTION 2002-442, AUTHORIZING THE ACQUISITION BY GIFT OR PURCHASE OF RIGHT-OF-WAY AND STORMW A TER RETENTION AND TREATMENT POND SITES AND PERPETUAL, NON-EXCLUSIVE ROAD RIGHT -OF - WAY, DRAINAGE AND/OR UTILITY EASEMENTS, AND TEMPORARY DRIVEWAY RESTORATION EASEMENTS AND TEMPORARY CONSTRUCTION EASEMENTS, WHICH WILL BE REQUIRED FOR THE CONSTRUCTION OF ROADWAY, DRAINAGE, AND UTILITY IMPROVEMENTS FOR THE SANTA BARBARA/LOGAN BOULEVARD ROAD IMPROVEMENT PROJECT FROM DA VIS BOULEVARD TO NORTH OF PINE RIDGE ROAD, FISCAL IMPACT: $11,914,000 - ADOPTED WITH CHANGES Now we'll move on to lO(B). Mr. Feder? MR. FEDER: Yes. For the record, Norman Feder, Page 138 _..,...._.__._._._--,"-.-_.....__.---~,"_....._..- l\aenda : tem No. 16K3 " February 10, 2009 ?age 22 of 44 October 22, 2002 MS. STEVENS: My name is Judy Stevens, and I live at 5410 Mahogany Ridge Drive, which is the comer of Logan Boulevard and Mahogany. And I had no intentions on speaking today, but I've been to all the meetings. I'm not one to speak. I wanted to turn my time over to Jeff, but that's not going to be allowed today. I can say that I'm highly opposed to this project for obvious reasons; children safety being number one. There have been two accidents on the comer of our street within this year where two people have died. And by increasing the traffic to this area, it is not going to help, it is only going to hinder the project. I'm not happy about my property value, that I'm going to lose money as well. I don't know what else to say other than, you know, think big. You know, you have to think and make the right decision for yourself. CHAIRMAN COLETTA: Thank you, ma'am, And that concludes our speakers and closes the -- MS. FILSON: Yes, sir. CHAIRMAN COLETTA: -- public portion of the meeting. I'd like to make a motion at this time, recommending that the Board of County Commissioners adopt the attached resolutions authorizing the acquisition by gift or purchase of all rights and interest in real property which are required for the construction and maintenance of a six-lane section of Santa Barbara Boulevard/Logan Boulevard from Davis Boulevard to North Pine Ridge (sic), and, two, where property owners are willing to sell the parent tract and all improvements and the county has determined that a significant impac~ will o~~cr:E-?'tf~e parent tract as a resuI,t of the project, authOrize statt to-r-eqUlre the parent tract at falr market value; and to authorize the Chain1{an to execute same on behalf of the Board; and to approve all and any budget amendments required. Page 188 Aq~nda item t.Jo. .16~(3 , February 10. 2009 Page 23 of 44 October 22, 2002 COMMISSIONER CARTER: Aye. COMMISSIONER COYLE: Aye. CHAIRMAN COLETTA: Aye. Opposed? (No response.) CHAIRMAN COLETTA: And the ayes have it, 5-0. Thank you very much. It's been a long -- take a short five-minute break here. Don't go too far. (Brief recess.) Item #1 OC BID 02-3424 AWARDED TO AJAX PAVING INDUSTRIE IN THE AMOUNT OF $12,495,051.66; AND $600,000 / ALLOCATED FOR CONTINGENCY PURPOSES 1'0/ CONSTRUCT THE PROPOSED GOODLETTE-FMNK ROAD / ~~~~~~~~~M PINE RIDGE ROAD TO V~DERBILT CHAIRMAN COLETTA: Now we~t a quorum. Okay, let's go right back to it. ~t item is legislative agenda, right? Here we go. / MR. STRAKALUSE: Commissioners, Gregg Strakaluse, for the record. Item 10Cq is awafcf of bid for a construction contract in the amount of $ 12,495,051-i6 to Ajax Paving Company for / improvements to th~_~o6d]ette-Frank Road, of which we already do have the right-of-wi;!?'. The improvyments to this road include six lanes between Pine Ridge and C~r Street, and then four lanes from Center Street to VanderbiltBeach Road. It include sidewalks, pathways. An/questions? CDMMISSIONER CARTER: No. I move for approval. J ,. / / // .. ----_.....~. ~- -----Page-20S -,---,,~--'-"'._""~""-" ....,_..---_.~....-.-.~-- I I I I I I I I I I I I I I i I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted ,l;Qenda item !~(). 'loff,3 - =ebru~yy 10, 2009 Page 24 of 44 Wilcox Appraisal Services, Inc. .1111111111, Appraisal Institute'. l'mr~w'mUlL.\ f'/Yll'iding llc(//E<{all'SO!lIliOf{$ June 14, 2006 Wilcox Appraisal Services, Inc. is committed to the highest degree of professionalism with all of our appraisers being designated members of the Appraisal Institute. Harry Henderson, SRA, Review Appraiser Transportation Right-of-Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Re: Complete Summary Appraisal Report Number: 04-12-01 (Parcel No. 136). Project: Widening of Santa Barbara Boulevard from Davis Boulevard (SR 84) to Pine Ridge Road (CR 896) (Collier County Project No. 62081). Parcel No.: 136. Subject Property: 3533-Acre Residentially Improved Tract. Improvements: Single-Family Home and Associated Site Improvements. Location: The Subject Property is Located at the Southwest Corner of Santa Barbara Boulevard and Painted Leaf Lane (281h Avenue SW) in Naples, Florida. The parent tract has a street address of 2801 Santa Barbara Boulevard, Naples, Florida 34116. Owner: Vimal A Patel. Dear Mr. Henderson: Pursuant to your request, an inspection and valuation analysis has been completed of the above referenced property for the purpose of estimating the market value of the property rights and improvements (if any) which are proposed to be acquired, together with all diminution in value to the remainder land and improvements (if any) which can be attributed to the proposed use of, or activity upon, the proposed perpetual, non-exclusive road right-of-way, drainage, and utility easement (Parcel No. 136). The Appraisal Standards Board of the Appraisal Foundation adopted the "2005 Uniform Standards of Professional Appraisal Practice" (USPAP) on June 27, 2004. The 2005 standards became effective January 1, 2005. In compliance with Standards Rule 2-2(b), the appraiser is communicating to the reader a "Complete Summary Appraisal Report", one of the three reporting options allowed under Standards Rule 2-2. Based on the same partial takinq, the appraiser has previous/V appraised the parent tract, the remainder propertv. and estimated the total amount due the owner. The date of the previous appraisal report was Septemb~r 23. 2005 wit" a date of valLIe of September 11, 2005. The date of this new appraisal report is June 14, 2006 with a date of value of June 14, 2006. Since the date of t1ie oriqinal appraisal report. an additional search of the pUblic records of Collier COLlntv. Florida, has been conducted. Also, additional interviews with local real estate brokers and propertv owners have been subsequentlv completed. This new appraisal utilizes new unimproved and improved competitive sales. The appraiser has inspected all new comparable sales. 1633 S.E. 41st Street. Cape Coral. Florida 33904-7470 239-542-2311 . Fax 239.542.4995 . Email awilcox@swfla.rr.com I -~ I I I I I I I .... I I I I I I I . I Page No.2 June 12, 2006 Harry Henderson, SRA, Review Appraiser /\genda :telT1 No. 16K3 February 10, 2009 Page 25 of 44 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. The appraiser previously conducted a detailed interior inspection of the parent tract improvements with the owner on September 11, 2005. Tile appraiser has subsequentlv conducted onlv exterior inspections of the parent tract improvements. with the most recent exterior inspection on June 14. 2006. The appraiser has assumed that the parent tract improvements on June 14, 2006. the date of valuation, were similar in tvpe and condition to the improvements previouslv inspected on September 11. 2005. The parent tract of this appraisal assignment is a residentially improved tract of land located at the southwest corner of Santa Barbara Boulevard and Painted Leaf Lane (28th Avenue S.W) in Naples, Florida. The parent tract has a street address of 2801 Santa Barbara Boulevard, Naples, Florida 34116. The parent tract is improved with a single-family home and associated site improvements. The parent tract owner of record is listed on the 2006 Collier County Tax Roll as Vimal A. Patel. The property is identified as Folio No. 38169760004 and STRAP. No. 335500 109 04B29 in the Collier County Property Appraiser's Office. The parent tract contains 3.533 acres of gross land area and is rectangular in shape. Specifically, the parent tract has an eastern property line along Santa Barbara Boulevard that measures 180.00 feet; with a depth there from along the northern property line and Painted Leaf Lane (28th Avenue S.w.) that measures 85501 feet; with a depth there from along the southern property line that measures 855.01 feet; and a rear, western property line that measures 180.00 feet. The parent tract benefits from 150.00 feet of frontage along the western right-of-way of Santa Barbara Boulevard and from 802.01 feet of frontage along the southern right of Painted Leaf Lane (28th Avenue S.W.). Santa Barbara Boulevard is an arterial, median divided, four-lane, paved roadway. Painted Leaf Lane (28th Avenue S.W.) Is a local, undivided, two-lane, paved roadway. The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. The parent tract is a level tract that is partially cleared. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications andlor wildlife species. It is important for the reader to be advised tllat no environmental studies of the parent tract have been provided to the appraiser. The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Estates-Mixed Use District, within the Residential Estates Sub-district, and is further regulated by the Golden Gate Area Master Plan. Furthermore, the parent tract is zoned E, Estates District, according to the Collier County Land Development Code. The parent tract is encumbered by a 53-foot wide road right-of-way easement along the eastern property line and along the property's existing frontage to Santa Barbara Boulevard and by a 3D-foot wide road right-of-way easement along the northern property line and along the property's existing frontage to Painted Leaf Lane (28th Avenue S.W.). The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I Page No.3 June 12, 2006 Harry Henderson, SRA, Review Appraiser L'<(,f:m.:;a 119m No. i G~<3 '-' F9bruary 10,2009 Page 26 of 44 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any titie information. As previously stated, the parent tract is improved with a single-family home and associated site improvements. The parent tract's single-family home is one story and 11as a slab on grade foundation, CBS construction and a concrete tile roof. The parent tract's single-family home contains 2,716 square feet of gross living area. In addition, the home includes a Florida room containing 382 square feet and a recreation room (converted garage area) containing 528 square feet. Both the Florida room and recreation room are partially finished and each of these rooms includes one wall air conditioning. Furthermore, the home also includes a screen entry area (21 square feet), an open entry area (15 square feet), a screen porch with a built-in spa (270 square feet) and an open concrete patio with built-in barbeque area (915 square feet). Finally, a detached two-car wood frame carport is located immediately northwest of the home that is in a deteriorated condition. The interior of the home is partitioned into four bedrooms, three baths, a foyer area, living room, family room, den, kitchen, and utility room. The floor plan or interior layout is atypical with poor interior circulation and room transitions. Interior finishing materials include ceramic tile, marble, and vinyl floor coverings, six foot paneled wood doors and vaulted ceilings in the master bedroom with two skylights. Bath areas have marble vanity tops and paneled wood cabinets. The kitchen is dated and includes a domed ceiling, Formica counter tops, a range, refrigerator, dishwasher and disposal. The home also has a walk-in wine cooler in the Florida Room, a fireplace with coral front and hurricane shutters. Significant site improvements include: site clearing/fill and grade, two concrete driveways including a circular driveway, concrete walk areas, one well, a water treatment system, a septic tank/drain field, numerous fruit trees, sod and mature landscaping. The parent tract building improvements were constructed in 1975 and have been reasonably maintained. Consequently, the building improvements have a chronological age of 31 years and an estimated effective age of 28 years. Furthermore, the appraiser has estimated the building improvements to have a total economic life of 60 years and a remaining economic life of 32 years. The single-family home is located in the eastern portion of the property and is setback 75 feet from the existing right-of-way of Santa Barbara Boulevard. Most competitive homes in the Golden Gate Estate market area are typically iocated greater than 100 feet from the adjacent roadway, especially main roadways. Typically, homes located on sites with adequate depth are placed somewhat away from the adjacent roadway to promote greater privacy and less noise from traffic. Accordingly, it is the appraiser's opinion that the parent tract's single-family home suffers incurable functional obsolescence due to the placement of the home at a setback distance of 75 feet. Incurable functional obsolescence is an element of depreciation; a defect caused by a deficiency or superadequacy in the structure, materials, or design, which carmot be practically or economically corrected. Furthermore, the appraiser has recognized that there is significant market resistance (external obsolescence) to singie-family homes that are located along more heavily traveled roadways Wilcox Appraisal Services, Inc. I -- I I I I I I I oil II ! I I I I I I I I Page No.4 June 12, 2006 Harry Henderson, SRA, Review Appraiser L,CJenda Item No. "i6KJ ,. February 10, 2009 PagB 27 of L4 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. similar to Santa Barbara Boulevard External obsolescence is an element of depreciation caused by negative influences outside the property, Based on the analysis of the legally permissible, physically possible, financially feasible and maximally productive uses of the parent tract, the highest and best use "as though vacant" is estimated to be potential single-family residential development. Furthermore, the highest and best use of the parent tract "as improved" is estimated to be the continued use of the existing improvements as a single-family home and associated site improvements. Parcel 136 is a proposed perpetual, non-exclusive road right-of-way, drainage, and utility easement for road right-of-way, drainage, utilities and maintenance of these uses, Parcel 136 is located along the westerly existing right-of-way of Santa Barbara Boulevard. The proposed easement area contains 9,109 square feet (0,209 acres) of gross land area and is irregular in shape. Specifically, the proposed easement area has an eastern property line along the existing right-of-way of Santa Barbara Boulevard that measures 150,00 feet; with a depth there from along the northern property line and Painted Leaf Lane (28th Avenue S.w.) that measure 59.04 feet; with a depth there from along the southern property line that measure 63,66 feet; and a western property line that measures 150.11 feet. The only significant improvements located within the proposed easement area consist of site improvements including site clearinglfill and grade, portions of the concrete driveway, portions of the sprinkler system, sod and landscaping. The proposed easement area will be utilized for the widening of Santa Barbara Boulevard. The remainder property shall contain 3.533 acres of gross land area and is still rectangular in shape and the same size and shape as before the taking, since the proposed property rights to be acquired involve a proposed perpetual, non-exclusive road right-of-way, drainage, and utility easement. However, the remainder property will be encumbered by an additional perpetual easement located along the westerly existing right-of-way of Santa Barbara Boulevard containing 0.209 acres of gross land area. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. The highest and best use of the remainder property "as vacant" is estimated to remain the same as before the taking, potential single-family residential development. The remainder property's improvements are the same as before the taking, except for the taking of site improvements including sile clearing/fill and grade, portions of the concrete driveway, portions of the sprinkler system, sod and landscaping. However, the setback of the single-family home from the right-of-way of Santa Barbara Boulevard will be reduced from 75 feet before the taking to 11 feet after the taking. Based on the analysis of any potential impacts caused by the proposed perpetual, non- exclusive road right-aI-way, drainage, and utility easement acquisition area and the appraiser's knowledge and experience, an appropriate cost to cure will inciude the construction of an eight- foot high concrete block wall with stucco painted finish aiong the 150.00 feet frontage to Santa Barbara Bou!evard and an additional 15 feet along the north and south property lines that .....vifl enhance safety, increase privacy, and reduce noise from the roadway, The cost to cure will also include new landscaping along the new eight-foot high masonry wall to improve the perimeter aesthetic appearance of the property and the reconliguring of the sprinkler system. Wilcox Appraisal SelYices, Inc. I I I I I I I I I I I I I I I I I I I Page No.5 June 12, 2006 Harry Henderson, SRA, Review Appraiser L,qenda It:::ill )\jo. '1 i3K3 - ~8bruary 10.2009 Pa:J8 28 of 44 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. After the completion of a partial cure, the appraiser has estimated that the highest and best use of the remainder property "as improved" will remain the same as before the taking, the continued use of the existing improvements as a single-family home and associated site improvements. However, it is the appraiser's opinion that the remainder property's improvements, even after the completion of the partial cure, will suffer severance damages due to the setback of the single-family home from the road right-of-way being reduced from 75 feet before the taking to 11 feet after the taking. The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-exclusive road right-of-way, drainage, and utility easement (Parcel No. 136). Market Value is defined as "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 they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale". Source: Uniform Standards of Professional Ap{xaisal Practice. 2003 Edition. The Appraisal Foundafion, Washington, D.G., Glossary, Page 224. This letter of transmittal precedes the full narrative appraisal report, further describing the property and containing the reasoning and most pertinent data leading to the final value estimates. Your attention is directed to the "General Assumptions", "General Limiting Conditions", and "Certificate of Appraisal", which are considered usual for this type of assignment and have been included in the addendum of this report. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which mayor may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test for such substance or conditions. If the presence of such substances, such as asbestos, urea, formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a less in value. No responsibility is assumed for any such conditions or for any expertise or engineering Wi/cox Appraisal SeNices, Inc. I .- I I i I II I I I III I I I I I I I . I Page No.6 June 12, 2006 Harry Henderson, SRA, Review Appraiser AJenda Item No. 113K3 ,. February 10. 2009 Page 29 of "4 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. knowledge required to discover them. Furthermore, the appraiser is not an expert in the determination of jurisdictional wetlands or non-jurisdictional uplands, By reason of my investigation and analysis, data contained in this report, and my experience in the real estate appraisal business, it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of or activity upon the land which is proposed to be taken, as of June 14, 2006, is: Value of the Property Rights Taken: Value of the Improvements Taken: Severance Damages: Net Cost to Cure: $33,100 $77,200 $24,500 $30,900 TOTAL AMOUNT DUE OWNER: $165,700 Respectfully submitted, WILCOX APPRAISAL SERVICES, INC. ~ . L . OJ...... W .~ R. Alan Wilcox, MAl, SRA State-Certified General Real Estate Appraiser RZ 306 Wilcox Appraisal Selvices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted L\Ci'.:.::r::::a item t\j:). 1r3K3 , February 10.2009 p~g~e 6'& of 44 _.- The Cost Approach to Value INTRODUCTION The Cost Approach is based upon the theory of substitution whereby it is assumed that a prudent and well-informed purchaser would pay no more than the cost of procuring a substitute property of equal desirability and utility. The following steps are considered to be the proper process for the application of this approach: 1. Estimate the value of the site as though vacant and available to be developed to its highest and best use. 2. Estimate the cost to reproduce (or replace) the building improvements, new, as of the effective appraisal date. 3. Estimate the amount of accrued depreciation. 4. Deduct the estimated depreciation from the cost new of the building improvements to derive the present depreciated cost of the building improvements. 5. Estimate the contributory value of the associated site improvements that have not already been considered. Note: Site improvements are often appraised at their contributory value, Le., directly on a depreciated-cost basis. 6. Add the site value to the total depreciated cost of all the improvements to arrive at the indicated value of the property. PART ONE: ESTIMATE THE VALUE OF PARENT TRACT'S SITE "AS THOUGH VACANT" AND AVAILABLE TO BE DEVELOPED TO ITS HIGHEST AND BEST USE It is the appraisers' opiniDn that the highest and best use of the parent tract "as though vacant" is estimated to be to be potential single-family residential development. The market value estimate of the parent tract's land was obtained through the applicatiDn of the Sales Comparison Approach to Value. The appraiser has previously estimated the parent tract land to have a unit value of $160,000 per gross acre, which results in the following estimate of value: Market Value of the Parent Tract Land: (3.533 Gross Acres) x ($160,000 Per Gross Acre) = $565,280 $565,300 Rounded to, Say = PART TWO: ESTIMATION OF REPLACEMENT COST Replacement Cost is defined as "the estimated cost to construct, at current prices as of the effective appraisal date, a building with utility equivalent to the building being appraised, using modern materials and current standards, design, and layout". Based on a review of the Marshall Valuation Service, discussions with local contractors, and the appraiser's experience, Wilcox Appraisal Services, Inc. I -- I I I I I I I . I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agellda item ~~o. 16K3 February 10, 2009 Paqe ?1 of 44 Page 67 the following replacement costs are indicated for the parent trael's building and significant site improvements: Replacement Cost New: Cost New Total Size Cost SF = New 2,716 = $213,885 528 = $16,632 382 = $12,033 21 = $551 15 = $65 270 = $7,088 915 = $7,229 $257,483 1.13 0.97 $282,227 $282,200 $6,500 $12,000 $300,700 I. Buildinq Improvements: 1. Living Area: 2. Recreation Room: 3. Florida Room: 4. Screen Entry: 5. Open Entry Area: 6. Covered Lanai: 7. Open Patio Area with Barbeque: Subtotal: (Times) Current Cost Multiplier: (Times) Local Cost Multiplier: Replacement Cost New (Structure): Rounded to, Say: (Plus) Replacement Cost New of Appliances/Fans: (Plus) Replacement Cost New of Spa: Total Replacement Cost New (Single-Family Home): x X X X X X X X PSF $78.75 $31.50 $31.50 $26.25 $4.30 $26.25 $7.90 II. Sh:mificant Site Improvements: Significant site improvements include: site clearinglfill and grade, two concrete driveways including a circular driveway, concrete walk areas, one well, a water treatment system, a septic tank/drain field, numerous fruit trees, sod and mature landscaping. The appraiser has estimated the replacement cost new of all significant site improvements total $124,500. III. Total Replacement Cost New: Accordingly, based on the above market data and analysis, the total repiacement cost new of the parent tract's building and significant site improvements total $425,200 ($300,700 + $124,500). PART THREE: ESTIMATE OF ACCRUED DEPRECIATION As previously stated, the parent tract building impl"Ovements were constructed in 1975 and have been reasonably maintained. Consequently, the building improvements have a chronological age of 31 years and an estimated effective age of 28 years. Furthermore, the appraiser has estimated the building improvements to have a total economic life of 60 years and a remaining economic life of 32 years. Accrued depreciation is the loss of value from the replacement cost of the improvements that may derive from physical deterioration, functional obsolescence, external obsolescence, or any combination of these sources. There are several methods that can be applied to estimate accrued depreciation. It should be remembered that accrued depreciation is applied only to the improvements, since the land or site value is included in the value estimate at its current market value. The appraiser has selected the breakdown method as being most appropriate for this appraisal problem. Accordingly, each cause of depreciation (diminished utility) is analyzed and measured separately and then the estimates are totaled to derive a lump-sum amount that is deducted from the estimated replacement cost. Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I II Prepared for and property of Collier County Beard of Commissioners Reliance upon the appraisal for other uses is not warranted i:STi !'h. -;[;r:~:3 1].2JC3 p~~f)~:;f"" Physical Deterioration: Physical deterioration is an element of depreciation caused by wear, tear, age and use. The appraiser has selected the economic agellife method as being most appropriate to estimate the physical deterioration. To estimate the total accrued depreciation, the appraiser will determine a ratio of the estimated effective age to the estimated total economic life of the parent tract's single-family home and then apply this ratio to the current replacement cost new. Accordingly, the following estimation of physical deterioration is presented: L Phvsical Deterioration: Total Replacement Cost New: Estimated Total Economic Live: Actual Age: Estimated Economic Age: Percent Depreciated: Indicated Physical Deterioration: Rounded to, Say: Indicated Depreciated Replacement Cost New Before Subtracting Functional and External Obsolescence: $425,200 60 31 28 46.67% $198,441 $198,400 $226,800 Functional Obsolescence: Functional obsolescence is an element of depreciation caused by deficiencies and superadequacies of the improvements located on the property. A deficiency is an inadequacy in a structure Dr one of its components. A superadequacy is an excess in the capacity Dr quality of a structure or structural component; determined by market standards. Incurable functional obsolescence is an element of depreciation; a defect caused by a deficiency or superadequacy in the structure, materials, or design, which cannot be practically Dr economically corrected. The single-family home is located in the eastern portion of the property and is setback 75 feet from the existing right-of-way of Santa Barbara Boulevard. Most competitive homes in the Golden Gate Estate market area are typically located greater than 100 feet from the adjacent roadway, especially main roadways. Typically, homes located on sites with adequate depth are placed somewhat away from the adjacent roadway to promote greater privacy and less noise from traffic. Accordingly, it is the appraiser's opinion that the parent tract's single-family home suffers incurable functional obsolescence due to the placement of the home at a setback distance of 75 feet. In addition, as previously mentioned, the parent tract's single-family home is considered to have an atypical floor plan or interior layout with poor circulation and room transitions. Incurable functional obsolescence is an element of depreciation; a defect caused by a deficiency or superadequacy in the structure, materials, or design, which cannot be practically or economically corrected. Wilcox Appraisal Services, Inc. I _1lIl I I I I I I I I ... I I I I I I I . I Prepared for and property of Collier County Boam of Commil3sioncf's. Reliance upon the appraisal for other uses is not warranted ';Gl:::nda item ~~o. 16K3 " February 10. 2009 p~gge ~~ of 44 --_.~ - - Accordingly, the appraiser has estimated a total of 10% of the depreciated replacement cost new as being appropriate for this appraisal analysis. The following sets forth the appraiser's estimate of functional obsolescence: II. Functional Obsolescence: Indicated Depreciated Replacement Cost New Before Subtracting Functional and External Obsolescence: $226,800 Estimated 10% Depreciation for Functional Obsolescence Due to House Being Located Less than 100 Feet From Roadway and Atypical Floor Plan: Rounded to, Say: 10.00% $22,680 $22,700 Extemal Obsolescence: External obsolescence is an element of depreciation caused by negative influences outside the property, As previously stated, the appraiser has recognized that there is significant market resistance (external obsolescence) to single-family homes that only have vehicular access to more heavily traveled roadways similar to Santa Barbara Boulevard. Accordingly, the appraiser has estimated a total of 10% of the depreciated replacement cost new as being appropriate for this appraisal analysis. The following sets forth the appraiser's estimate of external obsolescence: III. External Obsolescence: I ndicated Depreciated Replacement Cost New Before Subtracting Functional and External Obsolescence: Estimated 10% Depreciation for External Obsolescence Due to House Being Located Along Heavily Traveled Roadway: Rounded to, Say: $226,800 10.00% $22,680 $22,700 Summary of the Total Estima1ed Accrued Depreciation: The following sets forth the summary of the total estimated accrued depreciation: Summary of Total Estimated Accrued Depreciation: I. Physical Deterioration: $198,400 11. Functional Obsolescence: $22,700 III. External Obsolescence: $22,700 Total Estimated Accrued Depreciation: $243,800 Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I :1 I- ~.~._--.~-_.... ---...---..,------ Prepared fOf and property of Collier County Board of Commissioners Relianc:e upon the appraisal lor other uses is not warranted r~\yenGa :tem No. -16K3 - February 10, 2009 pK~a87a of 44 - PART FOUR: RECAPITULATION OF THE COST APPROACH TO VALUE Based on the aforementioned data and analysis as presented under the Cost Approach analysis, the value indication by the Cost Approach is presented: Recapitulation of the Cost Approach to Value: Total Replacement Cost New: $425,200 (less) Total Depreciation: $243,800 Tota! Depreciated Replacement Cost New: $181.400 (Add) land Value - Via Sales Comparison Approach ($160,000 X 3533): $565,300 Indicated Value of the Parent Tract Via the Cost Approach $746,700 - Wilcox Appraisal Services, Inc, I - I I I I I I I .. I I I I I I I I I Prepared for and property of Collier County Board 01 Commissioners Reliance upon the appraisal for other uses is not warran:ed .l\getlja item ~,lo. 161,,3 F,.bruary 10, 2009 Paqo );5 of 44 PagEr'1, . The Sales Comparison Approach to Value PART ONE: INTRODUCTION In the Sales Comparison Approach, market value is estimated by comparing the parent tract to similar properties that have been sold recently or for which offers to purchase have been made. A major premise of the Sales Comparison Approach is that the market value of a property is directly related to the prices of comparable, competitive properties. A comparative analysis in the Sales Comparison Approach focuses on differences in legal, physical, locational, and economic characteristics of similar properties and the parent tract and on differences in the real property rights conveyed, the dates of sale, the motivations of buyers and sellers, and the financing arrangements for each sales transaction which can account for variations in prices, The Sales Comparison Approach is applicable to all types of real property interest when there are sufficient, recent, and reliable transactions to indicate value patterns in the market For property types that are bought and sold regularly, the Sales Comparison Approach often provides a reliable indication of market value. When data are available, this is the most direct and systematic approach to value. When the number of market transactions is insufficient, the applicability of the Sales Comparison Approach may be limited. For example, the Sales Comparison Approach is rarely applied to a special purpose property because few similar properties may be sold in a given market To value such properties, the Cost or Income Capitalization Approach may be more appropriate and reliable. Nevertheless, data on sales and offers for similar properties may establish broad limits for the value of the property being appraised. When economic conditions are changing rapidly, the usefulness of the Sales Comparison Approach may be limited. For example, changes in income tax laws and zoning regulations, the availability in cost of financing, or the supply of similar properties may cause the sale prices of comparable properties with similar uses to be unreliable indicators of the value of the parent tract. If economic changes occur abruptly, an appraiser may have difficulty finding a reliable market basis on which to make adjustments for these changes. Rapid inflation or deflation can also jeopardize the reliability of an appraiser's adjustments and limit the usefulness of the Sales Comparison Approach. To apply the Sales Comparison Approach, an appraiser follows a systematic procedure: A. Research the market to obtain information on sales transactions, listings, and offerings to purchase properties similar to the parent tract B. Verify the information by confirming that the data obtained are factually accurate and that the transactions reflect arm's length market considerations. C. Select relevant units of comparison (e.g., dollars per acre, per square foot, or per income multiplier) and develop a comparative analysis for each unit. D. Compare the parent tract and comparable sale properties using the elements of comparison and adjust the sale price of each comparable appropriately or eliminate the property as a comparable. Wilcox Appraisal Services, Inc. I I I I I I I I I I I I I I I I I I I ~;a :,-~'r-; ;'J..::. - jf~2, 2nU3 Prepared lor and property 01 Collier CGunty Board of Commissioners Reliance upon the appraisal for other uses is not warranted ;J~-I~ ", 'J' -'4 Page'-rZ . , - -. E. Reconcile the various value indications produced from the analysis of com parables into a single value indication or a range of values. An imprecise market may indicate a range of values. PART TWO: PRINCIPLES OF SALES COMPARISON APPROACH TO VALUE The application of the Sales Comparison Approach is based on, and consistent with, the operation of value influences and appraisal principles. The following appraisal principles are generally considered most relevant to the Sales Comparison Approach: A. Supply and Demand: Property prices are determined by the market. They result from negotiations between buyers and sellers; buyers constitute market demand and the properties offered for sale constitute the supply. If the demand for a particular type of property is high, prices tend to increase; if demand is low, prices tend to decline. Shifts in the supply of improved properties frequently lag behind shifts in demand because supply is created by time-consuming construction, while demand can change rapidly. B. Substitution: As applied in the Sales Comparison Approach, the principle of substitution holds that the value of a property tends to be set by the price that would be paid to acquire a substitute property of similar utility and deSirability. This principle implies that the reliability of the Sales Comparison Approach is diminished if substitute properties are not available in the market. C. Balance: The forces of supply and demand tend toward equilibrium, or balance, in the market, but absolute equilibrium is almost never attained. The balance between supply and demand changes continually. Due to shifts in population, purchasing power, and consumer tastes and preferences, demand varies greatly over time. The construction of new buildings and the demolition of old ones cause supply to vary as well. Another aspect of this principle is that the relationship between land and improvements and the relationship between a property and its environment must both be in balance for a property to reflect its actual market value. If, for example, a property has too much land in relation to its improvements or too many expensive amenities for its location, an imbalance is created. Appraisers must watch for imbalances in the market and within properties because they can cause the market to impute different prices to otherwise comparable properties. D. Externalities: Positive and negative external forces affect all types of property. A period of economic development or economic depression can often influence property values. An appraiser analyzes the market area of a parent tract to identity all significant external influences. To a great extent, these external forces are reflected in the adjustments made for property location. Two properties witil identical physical characteristics may have quite different market values if one of the properties has less attractive surroundings. Factors such as the condition and lighting of streets, the convenience of transportation facilities, the adequacy of police protection, and the proximity to shopping and restaurant facilities vary with location. Tiley must be considered by the appraiser to determine if they have a positive or negative effect on the value of the property being appraised. PART THREE: PRESENTATION OF THE MARKET DATA The appraiser has revie'Ned economic data related to 3 number of improved sales of comparable properties located within the primary and secondary market areas. Based on this Wilcox Appraisal SelVices, Inc. I -- I I I I I I I .. I I I I I I I I I Prepared fOf ancl property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted ,l\genda Item i'~o. 16K3 February 10. 2009 p~age 7~ of 44 research, the appraiser has assembled three improved sales that were transacted between December 2005 and January 2006 as being most comparable to the parent tract. The data sheets for each of the improved sales used to estimate the value of the parent tract are presented in the addendum of this report. Wilcox Appraisal SelVices, Inc. I I I I I I I I f JIifL~~~~[~::"'Ll':'Qb ~:~~:~~J]I ".~:.,,~~c:~',} t~:~:~i~~:~ I"', "" I,.,,,,,,,,,,,,,,,dt~-;"';;'if'{;y;l f,,]l :,_.;,;~.~:.'~_.(~,y".:rll~ ;,; ';~~:'-"-'" ,"~.", '''f:ii~i~lp;)I[4;0;}'~ I ::;'''--v, " ,~ .', ~.~" ,~":/;Hti{~~~t--3-1",- r ,.' . gr:r::-~'r',..~,o(?,~\~, i'i;. 10 10 ,:-~,- : //1. VI~",;';C~'~;\~1~;~ . ...[;'-. ~ I ,..~.J..,. ,,'., C.\..- -." I I',',! 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PI'< Y n", "I ~ ~'-> ~. u '.c ~ '.n' l~ 11 ",;:; ~:~ t -;-~,~ Ii': \ .', .~ "_ \ ""0 . \>~'~ ill. I;.:~ I: :.s I~ :;;: I, U, 1- r,','" ~ 'T:~,:1 ;~~- ; ,. .-.....: \ "0::"1 il)!'/"iiJ:'! -I .1' '''' '0' '" ,"_'~I,.....r, '-'~'-"'.".""I' , .: II I. f"l~i,,.C~,, ,,"'" ,= '-. i;~r ;~ !~'_d ~!__K_<;!., ! "': ~'I ;.:;; ~I! ~~Il j','UI I.. r,,< . ~;: :'... , ,~ Ii.o ,-~,. I'" I l' ". ,W ~.''1,- -- '.. '" -.-_-,."._YL.,J' ~,!.. '"I ''', " i 1 '1>1''''-<''''-'' '''',.---.......-------''" I., I ..:' ""'."'."''''.. 1"...1'<.'.. 'c' '" ".,,1',' ,,,,0..,..._,] w' G~ivl. V"0{ji._~, -',~~F,OJ'~' "~W"It'~1Lj__~...hLLJ2 ~~- r'IIe'.li" .,.., ,Il.'.' 'i': 1\"' '1'-''-'' ,':,~," 'I __d_~______~\'J ..\' 1~ 5\.\' " ''''''-N 0;[-. .~ \'".\ i~\\:\ I:. ",\. 4~\':., - ~',\~:"-'::;~. Improved Sales Map -W.i!cox Appraisal Sen'iccs, fllc.- i r c:pn:d kr .ilLd pr:J,J~:1y ,,(CDllier COLIn:)' B),ud u! Culltmismmcls P,':lull';c l:pOIII!lC ilppral~..1 lOJ "ther (I~C~ IS !lot \\',manwd N I .- I I I I I I I III I I I I I I J I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. ,L,genda :tem No. 161<3 February 10, 2009 p;gi8ig of 44 - PART FOUR: APPLICATION OF THE MARKET DATA As previously stated, the appraiser has selected three improved sales that were transacted between December 2005 and January 2006 as being most comparable to the parent tract. All sales have been compared to the parent tract and adjusted for significant differences. Furthermore, the appraiser has applied the proper sequence of adjustments including the following order: property rights conveyed; financing; conditions of sale (motivation); market conditions (time) and other locational and physical characteristics. The following sales comparison grid is presented: Sales Comparison Grid. Improved Sales: Subleel Sale S.le Sale ~ !iQ.,1 No.2 NO.3 Jun-2006 Dee-ZOOS Jan-2006 J2in-2006 NA Fee Simple Fee Simple Fee Simple NA Typical Typical Typical NA Arm's Longth Arm's Length Arm's Length 2801 Santa Baroara Blvd. o181510thAve.SW 5250 Tamarind Ridge Dr. 4195 3rd Ave. NW 3.533 2010 2270 2270 Average Allerape Average Average CBS/Avg IGood Frame/Avg./Good CBS/Good CBS/Avg/Good 1975/28Yrs, 1979f24 Yrs 1960 & 2002/10 YnJ. 1979f24 Yrs. 1 S10l)'/Avg ., StoryfA...g. 1 StoryfA...; 2 StoryfAvg. 2,716 SF 2,772 SF 2,556 SF 2.457 SF 413 4/25 413 3/25 526 SFf382 SF None None None None 529 SF 576 SF None None None None 2,400 SF 21 SF/270 SF/915 SF 12B SF/378 SF 70 SFf396 SF 26 SF(444 SF Sp' Pool/No Spa & Sc. Ene!. None PoolfSpa & Se. Enel None Ye' None None Ve, No No No Ye. No No No Element of Comoarison: Da~ of ValuelSale Property Rlgh.ts Conveyed Financing ConditIons of Sale (MotlvatJonl Locatlon Site Oata: Land Area (Gross Acres) Site Improvements Improvement Data: Construction/Quality Year BulltlEffectlve Age Oll.lgn & Appeal Gran Living Area Sedrooms/Sathl Recreation/Florlda Rooms Garage Attach.ed Oetach8d Garage & 2nd Floor Mother-In-law Area EntryfLanal/Patlo Are.. Swimming Pool/Spa & Sc. Encl. Guest HOU68 FunctlonllolObsoleseence External Obsolescence Transaction Adiustments: Sales PrIce Property Rights Conveyed Financing Conditions of Sale (Motivation) Market Conditions (TIn'lO) Adjusted Sales Price Other Adjustments: Site Dala: Location/Land Area (Gross Acres) Site Improvements Improvement Data: ConstructionfQuallty Year BultUEtfectlve Age Design & Appeal Gross living Area Bedroom slSaths Rocreatlon/Florlda Rooms Garage Attached Detached Garage & 2nd Floor Mother-In-law Area Entry/Lanai/Patio Areas Swimming PoolfSp. & Sc. Ene!. Guest House Functional Obsolescence Extern. I Obsolescence Final ActjustBd Sales Price $0 -$33,800 $0 .S2B,300 -$127,600 .$28,300 $0 $0 $0 -$2,600 $7,600 $~2,200 52,500 $0 $2.,500 $15,800 $15,800 515,800 -$10,000 -$15,900 .0 $0 .0 -$45,400 $1,ODO $1,600 $1,500 -$2S,SOO $7,200 -$34,800 .553,500 $0 $0 -$22.500 -$22.500 -$22.500 .$:>2..~00 .$22.500 -S22.!",OO $7~2.5DO $73;;.9(10 $756,500 Wilcox Appraisal SeNices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board 01 Commissioners Reliance upon the appraisal for other uses is no! warranled ,L,genda :~2m r'~O. 16~<3 February 10, 2009 pf9~e74f) of 44 Explanation of Adjustments: The following explanation of adjustments is presented: . Adiustments for Property RiQhts Conveved. FinancinQ, and Conditions of Sale (Motivation): All sales utilized in direct comparison to the parent tract conveyed property rights involving a fee simple estate. Also, all sales involved market financing or were all cash to seller transactions. Furthermore, all sales were verified to be arm's length transactions. Accordingly, no adjustments were made for these three elements of comparison. . Adjustments for MarketinQ Conditions (Time): The date of sale identifies the market conditions under which the comparable sale occurred. Changes in market conditions can be caused by inflation, deflation, changes in supply and demand, and other factors. Although the adjustment for market conditions is sometimes referred to as a "time adjustment", the passing of time is not the cause of the adjustment, but rather, the market conditions that mayor may not have changed over the time period analyzed. Changes in market conditions are usually measured as a percentage of a previous price. An analysis of a resale of the sale property, or two (2) paired sales considered very similar, can provide an indication of the rate of price change. It should be remembered that the purpose of the market conditions adjustment is to adjust all sales from the date of sale to the date of value. The three closed sales utilized in direct comparison to the parent tract sold between December 2005 and January 2006. Therefore, the appraiser is concerned with any market condition changes between the oldest sale (December 2005) and the date of value (June 14, 2006). The appraiser has interviewed numerous buyers and sellers and real estate brokers, who indicated significant, market appreciation of property values since the date of the oldest sale (May 2005) up to the end of 2005. However, subsequent to the end of 2005, property values have stabiiized. Accordingly, the appraiser has utilized, as most appropriate, a 36.0% annual adjustment or a positive 3.0 % per month adjustment to the previously adjusted sales prices for market conditions (time) for the time frame between the oldest saie (May 2005) up to January 2006, and have made no market conditions (time) adjustment for the time frame between January 2006 and the date of value (June 14, 2006). It should be understood that this market conditions adjustment (time) is made to the "adjusted" sales prices (after adjustments for property rights conveyed, financing and conditions of sale (motivation), if any. The following time adjustment grid is provided on the next page: Wilcox Appraisal Services, Inc. I I I I I I I I . I I I I I I I I I Prepared for and property of Collier County Board of CommissIoners Reliance upon the appraisal for other uses is not warranted Age,Kja Item No. 16K3 February 10. 2009 p[;~~e11 of 44 -.<lI~"'" - Time Adjustment Grid: Date of Sale Date of Appreciation No. of Months Diff. (X) Time Adj. Per Mo. Time Adj. FactorO.0200 Sales Price Adjustments: Adjusted Sales Price (X) Time Adj. Factor Indicated Time Adj. Rounded Sale No.1 Dec-2005 Jan-2006 1 2.00% Saie No.2 Jan-2006 Jan-2006 o 2.00% 0.0000 $755,000 $0 $755,000 0.0000 $0 $0 Sale No.3 Jan-2006 Jan-2006 o 2.00% 0.0000 $749,000 $0 $749,000 0.0000 $0 $0 $645,000 $0 $645,000 0.0200 $12,900 $12,900 Adjustments for Other Locational and Phvsical Characteristics: All sales are located within the immediate market area and were adjusted for significant differences in market conditions (time), site location/size, construction/quality, year builVeffective age, gross living area, the number of baths, the recreation/Florida rooms, attached garage, entry, lanai, patio area, the swimming pool/spa with screen enclosure area, guest house, functional obsolescence, and external obsolescence. Discussion of Sales: . Improved Sale No.1 has a street address of 481510lh Avenue S.W., Naples, Florida, and is a December 2005 transaction. Improved Sale No, 1 contains 2.01 acres of gross land area and is located on the north side of 10th Avenue S.w. and the south side of Pine Ridge Road (CR 896) approximately 0.80 mile east of Logan Boulevard, Collier County, Florida. Access to Improved Sale No.1 is provided by 10th Avenue S.W. The property has frontage along Pine Ridge Road but no direct access. Available utilities to the sale property include telephone and electrical service. The property is a level tract that appears to be of equal elevation as adjoining properties. The site is designated Estates Designation on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Improved Sale No.1 is improved with a 4 bedroom, one den, 2.5 bath, two-story, single- family residential structure with frame construction, wood siding and a fiberglass shingle roof. The home contains 2,722 square feet of gross living area and was built in 1979. The home also includes an attached garage of 529 square feet, a lanai area of 378 square feet, an entry area of 128 square feet and a screen enclosed pool area of 943 square feet. There is also a detached guesthouse with 720 square feet of living area with 2 bedrooms, one bath, attached 600 square foot garage and lanai area of 112 square feet. Significant site improvements include a we ii/pump/water treatment system, a septic tank/drain field, fill/grading/clearing, irrigation and sod/landscaping. Improved Sale No. 1 sold for $645,000. Improved Sale No. 1 was adjusted for significant differences in market conditions (time), site location/size, year builVeffective age, gross living area, the number of baths, the recreation/Florida rooms, attached Wilcox Appraisal SeNices, Inc. I I I I !I I I I I I I I I I I I I I I '<_-i?n'~ d ,!';;;[TI !~C). I '"j J !V' 9 Prepared for and property of Collier County Board 01 Ccmmlssioners Reliance upon the appraisal for other uses is nol warranted. p~g~'?71g .:A .~ - garage, entry, lanai, patio area, the swimming pool/spa with screen enclosure area, guest house, functional obsolescence, and external obsolescence. Improved Sale No. 1, after appropriate adjustments, provided an indicated value of $722,500. . Improved Sale No. 2 has a street address of 5250 Tamarind Ridge Drive, Naples, Florida, and is a January 2006 transaction. Improved Sale No.2 contains 2.27 acres of gross land area and is located on the south side of Tamarind Ridge Drive, approximately 0.30 mile east of Logan Boulevard, Collier County, Florida. Access to the sale property is provided by Tamarind Ridge Drive. Available utilities to the sale property include telephone and electrical service. The property is a level tract that appears to be of equal elevation as adjoining properties. The site is designated Estates Designation on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Improved Sale No. 2 is improved with a 4 bedroom, 3 bath, one-story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home contains 2,556 square feet of gross living area and was built in 1980 with an addition built in 2002. The home also includes an attached garage of 576 square feet, a lanai area of 396 square feet, and an entry area of 70 square feet. Significant site improvements include a well/pump/water treatment system, a septic tank/drain field, fill/grading/clearing, irrigation and sod/landscaping. Improved Sale No. 2 sold for $755,000. Improved Sale No. 2 was adjusted for significant differences in, site location/size, construction/quality, year built/effective age, gross living area, the recreation/Florida rooms, attached garage, entry, lanai, patio area, the swimming pool/spa with screen enclosure area, functional obsolescence, and external obsolescence. Improved Sale No.2, after appropriate adjustments, provided an indicated value of $732,900 . Improved Sale NO.3 has a street address of 4195 3'd Avenue N.W., Naples, Florida, and is a January 2006 transaction. Improved Sale No.3 contains 2.27 acres of gross land area and is located on the north side of 3rd Avenue N.W. approximately 0.20 mile west of Collier Boulevard (CR 951), Collier County, Florida. Access to the sale property is provided by 3rd Avenue N.W. Available utilities to the sale property include telephone and electrical service. The property is a level tract that appears to be of equal elevation as adjoining properties. The site is designated Estates Designation on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Improved Sale No.3 is improved with a 3 bedroom, one den, 2.5 bath, two-story, single- family residential structure with CBS and frame construction, and a metal roof. The home contains 2,457 square feet of gross living area and was built in 1979. The home also includes a lanai area of 444 square feet, an entry area of 28 square feet and a screen enclosed pool area of 1,144 square feet. There is also a detached garage with 1,200 square feet with a second fioor mother-in-law area containing 1,200 square feet of living area with 2 bedrooms and two baths. Significant site improvements include a well/pump/water treatment s)'stem, a septic tank/drain field, fill/grading/clearing, irrigation and sod/landscaping. Wilcox Appraisal Services, Inc. I - I I I I I I I .. I I I I I I I I I Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Agenda item ~Jo. 1 m<3 February 10, 2009 pfgif8fi of 44 - Improved Sale No.3 sold for $710,000. Improved Sale No.3 was adjusted for significant differences in, site location/size, year built/effective age, gross living area, the number of baths, the recreation/Florida rooms, detached garage and 2nd floor mother-in- law area, entry, lanai, patio area, the swimming pool/spa with screen enclosure area, functional obsolescence, and extemal obsolescence. Improved Sale No.3, after appropriate adjustments, provided an indicated value of $756.500. Reconciliation of the Market Value Estimate: In summary, the appiaiser has selected three improved sales that were transacted between December 2005 and January 2006 for direct comparison to the parent tract and which will provide the database for the application of the Sales Comparison Approach. The indicated adjusted sales prices associated with these three sales range from a low of $722,500 for Sale No. 1 to a high of $756,500 for Sale No.3. The arithmetical mean from this database was $737,300. All sales are located within the immediate market area and have been compared to the parent tract and adjusted for significant differences. In conclusion, the final estimate of value, after reviewing each of the three improved sales utilized in direct comparison to the parent tract. as indicated via the Sales Comparison Approach, as of June 14. 2006. is $737,000. Wilcox Appraisal SeNices, Inc. I I I I I I I I I I I I I I I I I I I Prepared for and property of Collier County Board of CommiSSioners Reliance upon the appraisal for other uses is not warranted. iisrr, :\JO. i 3h3 ,=-"::biuary 10 20C9 p.flf~ellW of "4 r Reconciliation of the Value Indications In summary, the appraiser has obtained the following value indications from the valuation approaches presented earlier in the appraisal report as follows: The Cost Approach to Value: $746,700 The Sales Comparison Approach to Value: $737,000 The Income Capitalization Approach to Value: N/A Reconciliation is the analysis of alternative conclusions to arrive at a value estimate. Reconciliation is required because different value indications result from the use of more than one valuation approach and within the application of a single approach. Furthermore, the final value estimate should not be derived simply by applying technical and quantitative procedures; rather, it should involve the exercise of judgment. The value conclusion reached should be consistent with market thinking and the quantity of data used should correspond to the amount of data the market considers relevant to the problem. An appraiser shall produce a meaningful, defensible value estimate by considering three criteria: appropriateness, accuracy, and quantity of evidence. Appropriateness relates to the use of certain approaches and specific assignments. All data, calculations, estimates, and adjustments are examined for accuracy. The quantity of evidence is analyzed to determine if the conclusion reached is sufficiently supported in the market. Market data reflects past phenomena, but an appraiser must rely on data to estimate future benefits and the present value of these benefits. Nevertheless, the data available should not dictate the range of future possibilities under consideration. It was the appraiser's opinion that the Sales Comparison Approach to Value and the Cost Approach to Value were the only applicable approaches for the valuation of the parent tract. The Sales Comparison Approach to Value was considered applicable since an adequate number of sales of similar improved properties have recently occurred within the market area that may be utilized by the appraiser in predicting typical buyer and seller behavior. The Cost Approach to Value was considered applicable due to the fact that the parent tract's improvements have been reasonably maintained, are consistent with other single-family homes found within the primary market area, and are estimated to represent the highest and best us "as improved". The Income Approach to Value was not considered applicable due to insufficient rental data and since the parent tract is not generally considered to be an income producing property. Greatest weight was given to the Sales Comparison Approach to Value with support consideration given to the Cost Approach to Value. In conclusion, it is the appraiser's opinion, that the market value of the parent tract, as of June 14, 2006, is $740,000, allocated $565,300 to the land value and $174,700 to the improvements. Wilcox Appraisal Services, Inc.