Agenda 12/08/2020 Item #16A30 (Purchase Agreement Parcel 109FEE Vanderbilt Beach Road Ext.)16.A.30
12/08/2020
EXECUTIVE SUMMARY
Recommendation to approve a Purchase Agreement for the purchase of land (Parcel 109FEE)
required for the Vanderbilt Beach Road Extension (Project No. 60168).
OBJECTIVE: To acquire the right-of-way needed for the construction of the Vanderbilt Beach Road
Extension Project (the Project).
CONSIDERATIONS: Collier County is seeking to purchase Parcel 109FEE, a fee simple interest,
needed for construction of the Project. The improved parent tract is located between the south side of
Vanderbilt Beach Road and the north side of 7' Ave NW and is owned by Daniel A. Mendoza and
Brenda A. Mendoza. Parcel 109FEE is 23,994 square feet in extent and is rectangular in shape. The
appraised value of the parcel is $46,800. Please refer in this regard to the attached appraisal report, dated
July 23, 2020, prepared by RKL Appraisal and Consulting. The attached agreement reflects a negotiated
full compensation amount of $60,000. If this parcel is not acquired by negotiation, it will have to be
condemned and the County will be liable for payment of the owners' attorney's, appraiser's and other
experts' fees and costs, which will far exceed the difference between the appraised value and the
negotiated purchase amount. Staff accordingly recommends that the Board of County Commissioners
(Board) approve the agreement.
FISCAL IMPACT: Funds in the amount of $60,150 will be required, being the aggregate compensation
amount of $60,000 and miscellaneous closing and recording fees not to exceed $150. The primary
funding source for the acquisition of right-of-way is impact fees. Should impact fees not be sufficient
within a particular project, the secondary funding source will be gas taxes.
No maintenance costs are anticipated until such time as the Project is constructed.
GROWTH MANAGEMENT IMPACT: This recommendation is consistent with the Long -Range
Transportation Plan and the Collier County Growth Management Plan.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a
majority vote for Board approval. - JAB
RECOMMENDATION:
Approve the attached agreement and authorize the Chairman to execute same on behalf of the Board;
Accept the conveyance of Parcel 109FEE and authorize the County Manager, or his designee, to
record the conveyance instrument in the public records of Collier County, Florida;
Authorize the payment of all costs and expenses that Collier County is required to pay under the
terms of the purchase agreement to close the transaction;
Authorize the County Manager or his designee to take the necessary measures to ensure the County's
performance in accordance with the terms and conditions of the purchase agreement; and
Authorize any, and all, budget amendments that may be required to carry out the collective will of the
Board.
Prepared By: Vivian Rodriguez, Property Acquisition Specialist, Right -of -Way Acquisition,
Transportation Engineering Division
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12/08/2020
ATTACHMENT(S)
1. Purchase Agreement (PDF)
2. Location Map (PDF)
3. [Linked] Appraisal Report (PDF)
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16.A.30
12/08/2020
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.30
Doe ID: 14064
Item Summary: Recommendation to approve a Purchase Agreement for the purchase of land
(Parcel 109FEE) required for the Vanderbilt Beach Road Extension (Project No. 60168).
Meeting Date: 12/08/2020
Prepared by:
Title: — Transportation Engineering
Name: Vivian Rodriguez
10/29/2020 10:15 AM
Submitted by:
Title: Division Director - Transportation Eng — Transportation Engineering
Name: Jay Ahmad
10/29/2020 10:15 AM
Approved By:
Review:
Transportation Engineering
Robert Bosch
Additional Reviewer
Growth Management Department
Lisa Taylor
Additional Reviewer
Transportation Engineering
Vivian Rodriguez
Additional Reviewer
Growth Management Department
Judy Puig
Level 1 Reviewer
Road Maintenance
Albert English
Additional Reviewer
Growth Management Operations Support
Christopher Johnson
Growth Management Department
Gene Shue
Additional Reviewer
Transportation Engineering
Mario Puente
Additional Reviewer
Transportation Engineering
Jay Ahmad
Additional Reviewer
Growth Management Department
Vivian Rodriguez
Deputy Department Head Review
Growth Management Department
Thaddeus Cohen
Department Head Review
County Attorney's Office
Jennifer Belpedio
Level 2 Attorney of Record Review
Office of Management and Budget
Debra Windsor
Level 3 OMB Gatekeeper Review
County Attorney's Office
Jeffrey A. Klatzkow Level 3 County Attorney's Office Review
Budget and Management Office
Mark Isackson
Additional Reviewer
County Manager's Office
Nick Casalanguida
Level 4 County Manager Review
Board of County Commissioners
MaryJo Brock
Meeting Pending
Completed
10/29/2020 10:25 AM
Completed
10/29/2020 10:40 AM
Skipped
10/29/2020 11:46 AM
Completed
10/29/2020 1:59 PM
Completed
10/29/2020 4:34 PM
Additional Reviewer Completed
Completed
11/02/2020 9:08 AM
Completed
11/02/2020 11:03 AM
Completed
11/03/2020 7:40 AM
Skipped
10/29/2020 9:46 AM
Completed
11/04/2020 9:09 AM
Completed
11/06/2020 11:40 AM
Completed
11/06/2020 12:37 PM
Completed
11/06/2020 2:18 PM
Completed
11/09/2020 7:47 AM
Completed
11/24/2020 10:40 AM
12/08/2020 9:00 AM
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16.A.30.a
PROJECT NO.: 60168 Vanderbilt Beach Road Ext.
PARCEL NO.: 109FEE
FOLIO NO.: 36713760106
PURCHASE AGREEMENT
THIS PURCHASE AGREEMENT is made and entered into on this day
of , 2020, by and between DANIEL A. MENDOZA AND
BRENDA A. MENDOZA, husband and wife, whose mailing address is 3621 7th Ave NW,
Naples, FI 34120 (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political w
subdivision of the State of Florida, whose mailing address is 3299 Tamiami Trail East, c/o U-
the Office of the County Attorney, Suite 800, Naples, FL 34112 (hereinafter referred to as
"Purchaser"). to
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WHEREAS, Purchaser desires to purchase a portion of Seller's property as
described on attached "Exhibit A" which is incorporated herein by reference, together with o
all structures and improvements thereon (hereinafter referred to as "the Property"); and r
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, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property.
2. PURCHASE PRICE
The purchase price (the "Purchase Price") for the Property shall be SIXTY THOUSAND
and 00/100 DOLLARS ($60,000.00) (U.S. Currency) payable at time of closing. The
Purchase Price, subject to the apportionment and distribution of proceeds pursuant to
Paragraph 3D of this Agreement, shall be full compensation for the Property conveyed,
including all structures, improvements, fixtures, landscaping, trees, and shrubs, located
thereon, and shall be in full and final settlement of all claims against the Purchaser,
including all attorneys' fees, expert witness fees and costs as provided for in Chapter 73,
Florida Statutes. None of this Purchase Price is attributed to any personal property.
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16.A.30.a
3. CLOSING
A. TIME IS OF THE ESSENCE. Therefore, the Closing (the "CLOSING DATE",
"DATE OF CLOSING", or "CLOSING") of the transaction shall be held on or before
one hundred twenty (120) days following execution of this Agreement by the
Purchaser or within thirty (30) days of receipt by purchaser of all fully executed
closing documents and documents necessary to convey marketable title free of any
liens, encumbrances, exceptions, or qualifications, whichever is later, unless
extended by mutual written agreement of the parties hereto. The Closing shall be
held at Collier County Growth Management Department, Transportation Engineering
Division, 2885 Horseshoe Drive South, Naples, Florida 34104. Purchaser shall be
entitled to possession at the time of Closing, unless otherwise provided herein.
B. Seller shall convey a marketable title free of any liens, encumbrances,
exceptions, or qualifications. Marketable title shall be determined according to w
applicable title standards adopted by the Florida Bar and in accordance with law. U.
Within ten (10) days of the Effective Date of this Agreement, Seller shall provide o
Purchaser with a copy of any existing title insurance policy and survey. Three (3)
weeks before the Closing, the Seller shall cause to be delivered to the Purchaser Q
any documents necessary to convey marketable title and the following documents
and instruments duly executed and acknowledged, in recordable form: o
1. General Warranty Deed in favor of Purchaser conveying title to the
Property, free and clear of all liens and encumbrances other than: 0
(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.
6. All other documents required to consummate this transaction, as reasonably
determined by Purchaser's counsel and/or title company.
C. At the time of Closing, the Purchaser, or its assignee, shall cause to be delivered
to the Seller a County Warrant or wire transfer in an amount equal to Net Cash to
Seller on the Closing Statement. No funds shall be disbursed to Seller until there is
verification that there has been no adverse change to the state of the title to the
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16.A.30.a
4
Property since the date of the last title commitment, referenced in Paragraph 5 "Title
Defects" below, and the title company is irrevocably committed to issue the Owner's
title policy to the Purchaser in accordance with the commitment.
D. Purchaser shall pay all fees to record any curative instruments required to clear
title, and all Warranty Deed recording fees. In addition, Purchaser may elect to pay
reasonable processing fees required by mortgagees in connection with the
execution and delivery of a Release or Satisfaction of any mortgage, lien or other
encumbrance recorded against the Property; provided, however, that any
apportionment and distribution of the full compensation amount in Paragraph 2
which may be required by any mortgagee, lien -holder or other encumbrance -holder
as payoff, paydown, or for the protection of its security interest, or as consideration
due to any diminution in the value of its property right, shall be the responsibility of
the Seller, and shall be deducted on the Closing Statement from the compensation
payable to the Seller per Paragraph 2. County shall have sole discretion as to what w
constitutes "reasonable processing fees." o
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E. There shall be deducted from the proceeds of sale all prior year ad valorem o
taxes and assessments levied against the parent tract property which remain unpaid Q
as of the date of Closing.
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ICT
IRRIGATION SYSTEM AND MISCELLANEOUS IMPROVEMENTS
A. Seller agrees to relocate any existing irrigation system (if any) located on the
Property including any irrigation lines, electrical wiring and sprinkler valves, etc.,
prior to the construction of the project without any further notification from Purchaser.
Seller assumes full responsibility for the relocation of the irrigation system (if any) on
the remainder property and its performance after relocation. Seller holds Purchaser
harmless for any and all possible damage to the irrigation system in the event owner
fails to relocate the irrigation system prior to construction of the project.
B. If Seller elects to retain any improvements and/or landscaping ("Improvements")
located on the Property, the Seller is responsible for their retrieval prior to the
construction of the project without any further notification from Purchaser. Seller
acknowledges that Purchaser has compensated Seller for the value of the
improvements located on the Property, and yet Purchaser is willing to permit Seller
to salvage said improvements as long as their retrieval is performed before
construction and without interruption or inconvenience to Purchaser's contractor. All
Improvements not removed from the Property prior to construction of the project
commences shall be deemed abandoned by Seller.
This provision shall survive Closing and is not deemed satisfied by conveyance of
title.
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16.A.30.a
5. TITLE DEFECTS
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 forty-five (45) days after the Effective Date hereof, Purchaser shall
obtain as evidence of title an ALTA Commitment for a Title Insurance Policy with
Florida Modifications 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, if 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. w
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B. 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 o
to
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 o
providing written notice to 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.
6. 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, 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 terminated 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,
provided Seller is not in default, then as Seller's sole remedy, Seller shall have the
right to terminate and cancel this Agreement by giving written notice thereof to
Purchaser, whereupon $500 shall be paid to Seller as liquidated damages, which
shall be Seller's sole and exclusive remedy, and neither party shall have any further
liability or obligation to the other. Notwithstanding anything to the contrary herein
contained, the Purchaser shall have the right to terminate this agreement without
cause, in which event the liquidated damages provisions of this Section 1.13 shall
equally apply, and Seller's sole remedy shall be a claim for payment of $500 as
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16.A.30.a
liquidated damages. The parties acknowledge and agree that Seller's actual
damages in the event of Purchaser's default or termination without cause are
uncertain in amount and difficult to ascertain, and that said amount of liquidated
damages was reasonably determined by mutual agreement between the parties,
and said sum was not intended to be a penalty in nature.
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.
7. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES
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. Prior to Closing, and upon the request of
Purchaser or the Title Company, certified copies of such approvals shall be delivered
to Purchaser or the Title Company.
C. The warranties set forth in this paragraph 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.
D. Seller and Purchaser agree to do all things which may be required to give effect
to this Agreement immediately as such requirement is made known to them or they
are requested to do so, whichever is the earlier.
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 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.
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16.A.30.a
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 Seller 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 Materials as defined
herein, or any other activity that would have toxic results, and no such Hazardous
Materials 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 Seller has no knowledge that there is ground water contamination w
on the Property or potential of ground water contamination from neighboring LL
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properties. Seller represents no storage tanks for gasoline or any other Hazardous
Materials are or were located on the Property at any time during or prior to Seller's o
ownership thereof. Seller represents none of the Property has been used as a Q
sanitary landfill.
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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 regulation, 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, a
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 acknowledges and agrees that Purchaser is entering into this Agreement
based upon Seller's representations stated herein 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 or agreements
pertaining to or affecting the Property and not to do any act or omit to perform any
act which would change the zoning or physical condition of the Property or the
governmental ordinances or laws governing same. 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 any
governmental authorities having jurisdiction of the development of the property
which may restrict or change any other condition of the Property.
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16.A.30.a
L. Seller represents, warrants and agrees to indemnify, reimburse, defend and hold
Purchaser harmless from all costs (including attorney's fees) asserted against the
Purchaser by reason or arising out of the breach of any of Owner's representations
under Paragraph 7. This provision shall survive Closing and is not deemed satisfied
by conveyance of title.
8. ENTIRE AGREEMENT
A. 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.
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B. No waiver of any provision of this Agreement shall be effective unless it is in writing U-
signed by the party against whom it is asserted, and any waiver of any provision o
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 Q
provision or a waiver as to any other provision.
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C. This Agreement is governed and construed in accordance with the laws of the
State of Florida. =
D. Should any part of this Agreement be found to be invalid, then such invalid part
shall be severed from the Agreement, and the remaining provisions of this
Agreement shall remain in full force and effect and not be affected by such
invalidity.
E. The Effective Date of this Agreement will be the date of execution of this
Agreement by the last signing party.
9. PUBLIC DISCLOSURE.
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,
subject to the penalties prescribed for perjury, 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, Florida Statutes.)
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16.A.30.a
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first above written.
AS TO PURCHASER:
DATED:
ATTEST: BOARD OF COUNTY COMMISSIONERS
CRYSTAL K. KINZEL, Clerk of the COLLIER COUNTY, FLORIDA
Circuit Court & Comptroller
BY: BY: w
Deputy Clerk BURT L. SAUNDERS, Chairman U-
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AS TO SELLER: o
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DATED:
WITNESSES:
%n ""a r Q
m
(Signature) DANIEL A. MENDO L
NY% I k)I K.¢
(Prin Name)
,,,.
(Signature)
DEA'N FAY
(Printed Name)
Approved as to form and legality:
Jennifer A. Belpedio
Assistant County Attorney
BRENDA A. MENDOZA
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16.A.30.a
VANDERBILT BEACH ROAD ecitiNiri
L1 L2
b� br
S 89'55'31' W O
a 180.05' N
TRACT449
LINE TABLE
UNE
BEARING
LENGTH
L1
N 89'56'01" E
82.83'
L2
N 89.55'06- Ej
97,23'
PROPOSED
PARCEL 109 FEE
23,994 SO. FT.
TRACT 64
GOLDEN GATE ESTATES
UNIT 3
PLAT BOOK 4 PAGE 77 TRACT 65
TRACT 64
ROMERO REV TR MENDOZA. DANIEL A
OR 5639/407 do BRENDA A
TE - ROW
MAY 13 2020
7th AVENUE NW N
SO.FT. SQUARE FEET
EXDE ENISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 77 W
FEE PROPOSED FEE SIMPLE ACOUISITION
OR OFFICIAL RECORDS (BOOK/PAGE)
PROPOSED FEE SIMPLE PARCEL
LEGAL DESCRIPTION (PARCEL 109 FEE)
A PORTION OF TRACT 64. GOLDEN GATE ESTATES UNIT 3, AS RECORDED IN PLAT BOOK 4, PAGE 77, OF THE PUBUC
RECORDS OF COLLIER COUNTY, FLORIDA. LYING IN SECTION 2, TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLUER COUNTY,
FLORIDA. BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHEAST CORNER OF TRACT 64; �c,hael i
THENCE 5.00'27'44'E., ALONG THE EAST UNE OF SAID TRACT 64. FOR 133.27 FEET; : `. •'," 1•f• • • • • •.
THENCE 5.89.55'31'W., FOR 180.05 FEET TO A POINT ON THE WEST LINE OF THE EAS; 180 •iFE� OFIr3Rih T 164;
THENCE N.00.27'50-W., ALONG SAID WEST UNE, FOR 133.27 FEET TO A POINT ON THI: N INE OF S Gf-64;
THENCE N.a9.56'01"E., ALONG SAID NORTH UNE, FOR 82.83 FEET TO THE NORTH QUARTEIY CORNQR OF SAII SECTIM
2, TOWNSHIP 49 SOUTH, RANGE 26 EAST; - x 3O J :
THENCE N.89.55'06-E., ALONG SAID NORTH UNE, FOR 97.23 FEET TO THE POINT OF BEGIN * OF THE PARCkt
DESCRIBED HEREIN. - r
CONTAINING 23,994 SQUARE FEET, MORE OR LESS. ',Pf�r�r :• 0: `
BEARINGS ARE BASED ON STATE PLANE COORDINATES, FLORIDA EAST ZONE. 4.and 5%)'01 �
0 Bu 120 40
SKETCH & DESCRIPTION ONLY �' J ncMo. w�oosraimr c *-r+�`>LAM + 'W
NOT A BOUNDARY SURVEY SCALD 1•-120' WNW aSm
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FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS M wge IrvwMI A While DOCUbdants
VANDERBILT BEACH ROAD EXTENSION
SKMH k DESCRIPTION OF: PROPOSED FEE SBWL.E 6610 Naples a Drive.t» 34SUM 260
ACQUISITION Ph— 1?901597-05+oe
75 FAX. (239) 597-0S78
PARCEL 109 FEE �k LB No.: 6952
COLLIER COUNTY, FLORIDA YENGINEERING
JOB NUMBER REVISION I SECTION I TOWNSHIP I RANGE I SCALE DATE
DRAWN BY FILE NAME SHEET
060119.D0.00 1 02 49S 26E 1 • - 120' S 4 20 DAM SK109M 1 OF 1
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16.A.30.b
AERIAL - PARCEL 109FEE
(Vanderbilt Beach Road Extension Project No. 60168)
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RKL
APPRAISAL AND CON SU L i I S G
REAL ESTATE APPRAISAL REPORT
VANDERBILT BEACH ROAD EXTENSION
Residential
3621 7th Avenue NW
Naples, Collier County, Florida, 34120
PREPARED FOR:
Mr. Harry Henderson, SRA
Review Appraiser
Collier County Transportation Right -Of -Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Client File: 109 FEE
EFFECTIVE DATE OF THE APPRAISAL:
July 2, 2020
DATE OF THE REPORT:
July 23, 2020
REPORT FORMAT:
Appraisal Report
PREPARED BY:
RKL Appraisal and Consulting, PLC
RKL File Number: 2020-131 (Parcel No. 109 FEE)
ACHE L M. 2L1CCH I, MAI, CC1M
C. 10WRY, MAI. CPA
ours C. BoaBITT, MAI
4500 Executive Drive, Suite 300
Naples, FL 34119-8908
Phone: 239-596-0800
www.rklac.com
RKL
APPRAISAL AND CONSULTING
July 23, 2020
Mr. Harry Henderson, SRA
Collier County Transportation Right -Of -Way Group
2885 South Horseshoe Drive
Naples, Florida 34104
Re: Real Estate Appraisal
Vanderbilt Beach Road Extension
3621 7th Avenue NW, Naples,
Collier County, Florida, 34120
Client File: 109 FEE
RKL File Number: 2020-131 (Parcel No. 109 FEE)
Dear Mr. Henderson:
At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying
appraisal for the above referenced property. The purpose of the appraisal is to estimate
the market value of the fee simple interest in the parent tract before and after the
proposed acquisition. The intended users for the assignment are Collier County
Transportation Right -Of -Way Group. The intended use of the appraisal is as a basis of
value for determining full compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if any) which are proposed to
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 Fee Simple
Acquisition area. We use the appraisal report option of Standards Rule 2-2 of USPAP to
report the assignment results.
Please reference the appraisal scope section of this report for important information
regarding the scope of research and analysis for this appraisal, including property
identification, inspection, highest and best use analysis, and valuation methodology.
The accompanying appraisal conforms with the Uniform Standards of Professional
Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
The parent tract is a residential parcel of land containing an area of 3.15 acres, or 137,251
square feet. The parent tract is improved with a single-family home. The improvements
located outside the proposed acquisition area, including the single-family home, are
considered to be unaffected by the acquisition. Therefore, the contributory value of
those improvements is not reported in the following appraisal.
kCH.ELM. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 300
LOWRY, MAI. CPA Naples, FL 34119-8908
Phone: 239-596-0800
❑UIS C. BOBB ITT, MAI www.rklac.com
1
Mr. Harry Henderson, SRA
Collier County Transportation Right -Of -Way Group
July 23, 2020
Page 2
Based on the appraisal described in the accompanying report, subject to the Limiting
Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions
(if any), it is my opinion that the amount due the property owner, as a result of the loss of
real estate resulting from the property rights and improvements (if any) which are
proposed to be acquired, including all diminution in value to the remainder land and
improvements (if any) which can be attributed to the use of, or activity upon, the
proposed Fee Simple Acquisition (Parcel No. 109 FEE), as of July 2, 2020, is:
SUMMARY OF TOTAL COMPENSATION
Value of Property Rights Taken: $46,800
Value of Improvements Taken: $0
Severance Damages: $0
Net Cost to Cure: $0
TOTAL AMOUNT DUE OWNER: $46,800
Significant Factor
The world, including the United States, is in the midst of health crisis since early 2020 due to the
rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health
Organization (WHO). Health issues have led to substantially lower economic activity and
uncertainty which has greatly increased the probability of recession. The depth and length of any
economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of
COVID-19 on the real estate market in the area of the subject property were not yet measurable
based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data
available to the appraiser at the time of the assignment and apply only as of the effective date
indicated. No analyses or opinions contained in this appraisal should be construed as predictions
of future market conditions or value(s).
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions:
None.
Respectfully submitted,
RKL APPRAISAL AND CONSULTING, PLC
(;aj v1' ��"
-
Rachel M. Zucchi, MAI, CCIM
Florida State -Certified General Real Estate Appraiser RZ #2984
rzucchi@rklac.com; Phone 239-596-0800 Ext. 203
kCH.E
L M. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 300
LOWRY, MAI. CPA Naples, FL 34119-8908
Phone: 239-596-0800
❑UIS C. BOBB ITT, MAI www.rklac.com
1
VANDERBILT BEACH ROAD EXTENSION TABLE OF CONTENTS
TABLE OF CONTENTS
Summary of Important Facts and Conclusions................................................................... 1
IntroductionInformation.....................................................................................................
7
SubjectIdentification......................................................................................................
7
Current Ownership and Property History.......................................................................
7
AppraisalScope..............................................................................................................
7
Client, Intended User, and Intended Use........................................................................
8
Definition of Market Value.............................................................................................
8
Definition of Property Rights Appraised........................................................................
8
Purpose of Appraisal, Property Rights Appraised, and Dates ........................................
9
Scopeof Work................................................................................................................
9
MarketArea Analysis...................................................................................................
11
Property Description and Analysis...................................................................................
14
Site Analysis - Parent Tract..........................................................................................
14
Real Estate Taxes and Assessments..............................................................................
21
Highestand Best Use....................................................................................................
22
ValuationMethodology....................................................................................................
24
AnalysesApplied..........................................................................................................
25
Valuation Analysis of Parent Tract...................................................................................
26
Sales Comparison Approach.........................................................................................
26
Contributory Value of the Site Improvements Taken ...................................................
33
Valuation Analysis of Part Taken and Remainder Property .............................................
34
Description of Part Taken.............................................................................................
34
Value Analysis Proposed Property Rights and Improvements Taken ..........................
37
Valuation Analysis of Remainder Property As Severed ...................................................
38
Description of Remainder Property as Severed............................................................
38
Value Analysis Remainder Property As Severed.........................................................
38
Severance Damages to the Remainder Property...........................................................
40
Costto Cure Analysis...................................................................................................
40
Special Benefits Analysis.............................................................................................
40
Summary and Conclusion.............................................................................................
41
Certification......................................................................................................................
43
Assumptions and Limiting Conditions.............................................................................
45
Addenda
Appraiser Qualifications
Property Information .....
Comparable Data ...........
P
Addendum A
Addendum B
Addendum C
VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
GENERAL
Subject: Vanderbilt Beach Road Extension
3621 7th Avenue NW, Naples,
Collier County, Florida, 34120
Owner: Daniel A. and Brenda A. Mendoza
Intended Use: The intended use is as a basis of value for determining full
compensation to the property owner for the loss of the real
estate resulting from the property rights and improvements (if
any) which are proposed to be acquired, including all
diminution in value to the remainder land and improvements (if
any) which can be attributed to the use of, or activity upon, the
proposed Fee Simple Acquisition area.
Intended User(s): Collier County Transportation Right -Of -Way Group
PARENT TRACT BEFORE THE TAKING
Current Use:
Single-family residential
Legal Description:
Golden Gate Estates Unit 3, East 180 feet of Tract 64
Tax Identification:
36713760106
Land Area:
Total: 3.15085 acres; 137,251 square feet
Shape:
The site is roughly rectangular.
Flood Zone:
Zone AH
Zoning:
E - Estates
Improvements:
Single -Family
Year Built:
2016
Gross Living Area (GLA):
3,075
Highest and Best Use
As Vacant Single-family residential development
As Improved The highest and best use is as currently improved.
VALUE INDICATIONS BEFORE THE TAKING
Land Value: $267,800
Improvements: $0
Total Market Value of Parent Tract: $267,800
Effective Date(s) July 2, 2020
Property Riehts Fee Simple
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
Significant Factor
The world, including the United States, is in the midst of health crisis since early 2020 due to the
rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health
Organization (WHO). Health issues have led to substantially lower economic activity and
uncertainty which has greatly increased the probability of recession. The depth and length of any
economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of
COVID-19 on the real estate market in the area of the subject property were not yet measurable
based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data
Page 1
VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
available to the appraiser at the time of the assignment and apply only as of the effective date
indicated. No analyses or opinions contained in this appraisal should be construed as predictions
of future market conditions or value(s).
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions:
None.
Page 2
VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Identification:
Intended Use of the Proposed
Acquisition:
Description:
Land Area:
Shape:
Approximate Dimensions:
PART TAKEN
109 FEE
The intended use of the proposed acquisition area is for
expansion and extension of Vanderbilt Beach Road.
Approximate 133 foot wide strip along the northern
(rear) property line.
Total: 0.55083 acres; 23,994 square feet
Rectangular MOL
180.05' x 133.27' x 180.06' x 133.27'
Proposed Improvements Taken: The part taken is heavily wooded with natural vegetation.
There are no improvements taken.
VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
Property Rights Taken: $46,800
Improvements Taken: $0
Total: $46,800
Effective Date(s) July 2, 2020
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $267,800
Less Market Value of the Proposed Part Taken: $46,800
Total Market Value of the Remainder Property, As Part of the Whole: $221,000
Effective Date(s) July 2, 2020
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
Significant Factor
The world, including the United States, is in the midst of health crisis since early 2020 due to the
rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health
Organization (WHO). Health issues have led to substantially lower economic activity and
uncertainty which has greatly increased the probability of recession. The depth and length of any
economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of
COVID-19 on the real estate market in the area of the subject property were not yet measurable
based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data
available to the appraiser at the time of the assignment and apply only as of the effective date
indicated. No analyses or opinions contained in this appraisal should be construed as predictions
offuture market conditions or value(s).
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions:
None.
Page 3
VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
REMAINDER PROPERTY, AFTER THE TAKING
Land Area:
Total: 3.15085 acres; 137,251 square feet
Shape:
The site is roughly rectangular.
Improvements:
The parent tract is improved with a single-family home.
Existing Easements and
The parent tract is encumbered by a 30-foot wide
Encumbrances:
drainage easement along the northern property line
bordering the property's frontage to Vanderbilt Beach
Road and a 50-foot wide road right-of-way easement
along the southern property line bordering the property's
frontage to 7th Ave NW. We are not aware of any other
easement, restrictions, or encumbrances that would
adversely affect value before the taking. However, a
current title report was not provided for the purpose of
this appraisal.
Proposed Acquisition:
A Fee Simple Acquisition of 23,994 square feet
consisting of an approximate 133 foot wide strip along
the northern (rear) property line.
Highest and Best Use
As Vacant
Single-family residential development
As Improved
The highest and best use is as currently improved.
VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE TAKING
Land Value:
$221,000
Improvement Value:
$0
Total Market Value of Reminder Property: $221,000
Effective Date(s)
July 2, 2020
The improvements located outside the proposed acquisition area are considered to
be unaffected by the acquisition. Therefore, the contributory value of those
improvements is not reported in the following appraisal.
Significant Factor
The world, including the United States, is in the midst of health crisis since early 2020 due to the
rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health
Organization (WHO). Health issues have led to substantially lower economic activity and
uncertainty which has greatly increased the probability of recession. The depth and length of any
economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of
COVID-19 on the real estate market in the area of the subject property were not yet measurable
based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data
available to the appraiser at the time of the assignment and apply only as of the effective date
indicated. No analyses or opinions contained in this appraisal should be construed as predictions
of future market conditions or value(s).
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions:
None.
Page 4
VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
Severance Damages to the Remainder Property
Value of the Whole $267,800
Less Value of the Part Taken $46,800
Value of the Remainder Property as Part of the Whole $221,000
Value of the Remainder Property as Severed $221,000
Difference (Severance Damages) $0
Rounded: $0
Net Cost to Cure: $0
Special Benefits: $0
Parcel No. 109 FEE
Parent Tract Before the Taking
Land
Improvements
Total
Proposed Part Taken
Fee Simple Land Taken
Improvements Taken
Total
Remainder Property, as Part of the Whole
Remainder Property
Land Area
hnprovements
Total
Damages
Special Benefits
Net Damages
Fee Value per % of Indicated Value Acres Indicated Rounded Total Value
Acre Fee per Acre Value Value
$85,000 100% $85,000
$85,000 100% $85,000
$85,000 100% $85,000
3.15085 $267,822 $267,800
$0
0.55083 $46,820 $46,800
$0
2.60002 $221,002 $221,000
$0
$267,800
$46,800
$221,000
$221,000
$0
$0
$0
Summary of Total Compensation
Fee Simple Land Taken $85,000 100% $85,000 0.55083 $46,820 $46,800
Value ofhnprovements Taken $0
Total $46,800
Net Damages $0
Net Cost to Cure $0
Total Amount Due Owner $46,800
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
Significant Factor
The world, including the United States, is in the midst of health crisis since early 2020 due to the
rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health
Organization (WHO). Health issues have led to substantially lower economic activity and
uncertainty which has greatly increased the probability of recession. The depth and length of any
economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of
COVID-19 on the real estate market in the area of the subject property were not yet measurable
based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data
available to the appraiser at the time of the assignment and apply only as of the effective date
Page 5
VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
indicated. No analyses or opinions contained in this appraisal should be construed as predictions
offuture market conditions or value(s).
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions ma affect the assignment results.
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions:
None.
Page 6
VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION
INTRODUCTION INFORMATION
SUBJECT IDENTIFICATION
Subject: Vanderbilt Beach Road Extension
3621 7th Avenue NW, Naples,
Collier County, Florida, 34120
Legal Description: Golden Gate Estates Unit 3, East 180 feet of Tract 64
Tax Identification: 36713760106
The parent tract is a residential parcel of land containing an area of 3.15 acres, or 137,251
square feet. The parent tract is improved with a single-family home. The single-family
home consists of 3,075 square feet and was constructed in 2016. The improvements
located outside the proposed acquisition area, including the single-family home, are
considered to be unaffected by the acquisition. Therefore, the contributory value of
those improvements is not reported.
CURRENT OWNERSHIP AND PROPERTY HISTORY
Owner
The owner of the property is Daniel A. and Brenda A. Mendoza.
Sale History
According to public records, the subject has not sold in the last three years.
Current Listing/Contract(s):
The subject is not currently listed for sale, or under contract.
To the best of our knowledge, no other sale or transfer of ownership has occurred within
the past three years, and as of the effective date of this appraisal, the property is not
subject to an agreement of sale or option to buy, nor is it listed for sale.
APPRAISAL SCOPE
According to the Uniform Standards of Professional Appraisal Practice, it is the
appraiser's responsibility to develop and report a scope of work that results in credible
results that are appropriate for the appraisal problem and intended user(s). Therefore, the
appraiser must identify and consider:
• the client and any other intended users;
• the intended use of the appraiser's opinions and conclusions;
• the type and definition of value;
• the effective date of the appraiser's opinions and conclusions;
• subject of the assignment and its relevant characteristics
• assignment conditions
Page 7
VANDERBILT BEACH ROAD EXTENSION
INTRODUCTION INFORMATION
• the expectations of parties who are regularly intended users for similar
assignments; and
• what an appraiser's peer's actions would be in performing the same or a similar
assignment.
CLIENT, INTENDED USER, AND INTENDED USE
The client and the intended user of the appraisal are Collier County Transportation Right -
Of -Way Group. The intended use is as a basis of value for determining full compensation
to the property owner for the loss of the real estate resulting from the property rights and
improvements (if any) which are proposed to be acquired, including all diminution in
value to the remainder land and improvements (if any) which can be attributed to the use
of, or activity upon, the proposed Fee Simple Acquisition area. The appraisal is not
intended for any other use or user.
DEFINITION OF MARKET VALUE
Market value definition used by agencies that regulate federally insured financial
institutions in the United States is defined by The Dictionary of Real Estate Appraisal,
6th ed. (Chicago: Appraisal Institute, 2015) as:
The most probable price that a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller each acting prudently
and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit
in this definition is the consummation of a sale as of a specified date and the passing
of title from seller to buyer under conditions whereby:
■ Buyer and seller are typically motivated;
■ Both parties are well informed or well advised, and acting in what they consider
their best interests;
■ A reasonable time is allowed for exposure in the open market;
■ Payment is made in terms of cash in United States dollars or in terms of
financial arrangements comparable thereto; and
■ The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register
34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9,
1992; 59 Federal Register 29499, June 7, 1994)
DEFINITION OF PROPERTY RIGHTS APPRAISED
Fee simple estate is defined as an: "Absolute ownership unencumbered by any other
interest or estate, subject only to the limitations imposed by the governmental powers of
taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real
Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015)
Page 8
VANDERBILT BEACH ROAD EXTENSION
INTRODUCTION INFORMATION
PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES
The purpose of the appraisal is to estimate the market value of the fee simple interest in
the parent tract before and after the proposed acquisition. The effective date of the subject
appraisal is July 2, 2020. The date of inspection was July 2, 2020. The date of the report
is July 23, 2020.
SCOPE OF WORK
The problem to be solved is to estimate the market value of the fee simple interest in the
parent tract before and after the proposed acquisition.
SCOPE OF WORK
Report Type:
This is an Appraisal Report as defined by Uniform
Standards of Professional Appraisal Practice under
Standards Rule 2-2(a). This format provides a summary or
description of the appraisal process, subject and market
data and valuation analyses.
Property Identification:
The subject has been identified by the legal description and
the assessors' parcel number.
Inspection:
An on -site inspection was made and photographs were
taken.
Market Area and Analysis
of A complete analysis of market conditions has been made.
Market Conditions:
The appraiser maintains and has access to comprehensive
databases for this market area and has reviewed the market
for sales and listings relevant to this analysis.
Highest and Best Use Analysis:
A complete as vacant and as improved highest and best use
analysis for the subject has been made. Physically possible,
legally permissible and financially feasible uses were
considered, and the maximally productive use was
concluded.
Valuation Analyses
Cost Approach:
A cost approach was not applied as the subject tract is
analyzed as vacant land. However, the Cost Approach is
utilized to estimate the contributory depreciated value of
the site improvements (if any) taken.
Sales Comparison Approach: A sales approach was applied as typically this is the most
appropriate approach for the valuation of vacant land. This
approach is applicable to the subject because there is an
active market for similar properties and sufficient sales data
is available for analysis.
Income Approach: An income approach was not applied as the subject is not
likely to generate rental income as vacant land.
Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and
the proposed roadway improvements have been completed
as of the effective date of the appraisal.
Extraordinary Assumptions: None.
Page 9
VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION
Significant Factor
The world, including the United States, is in the midst of health crisis since early 2020
due to the rise of COVID 19. The global outbreak was officially declared a pandemic by
the World Health Organization (WHO). Health issues have led to substantially lower
economic activity and uncertainty which has greatly increased the probability of
recession. The depth and length of any economic ramifications from the COVID 19
pandemic are unclear at this time. The effects of COVID-19 on the real estate market in
the area of the subject property were not yet measurable based on reliable data. The
analyses and value opinion(s) in this appraisal are based on the data available to the
appraiser at the time of the assignment and apply only as of the effective date indicated.
No analyses or opinions contained in this appraisal should be construed as predictions of
future market conditions or value(s).
Comments
The individual sections of the report detail the additional research, confirmation, and
analysis of relevant data.
Page 10
VANDERBILT BEACH ROAD EXTENSION MARKET AREA ANALYSIS
MARKET AREA ANALYSIS
Boundaries
The subject is located in the north central part of Collier County in the northwestern
portion of the Collier County Rural Estates Planning Community.
This surrounding area is generally delineated as follows:
North Immokalee and Oil Well Roads
South Interstate 75 (Alligator Alley)
East Two miles east of Desoto Blvd.
West Generally County Road 951
The subject is located in Golden Gate Estates which consists of single family homes on
acreage parcels. It is located within the area known as Weber Woods. This area largely
consists of the portion of Golden Gate Estates accessed from Weber Boulevard which
consists of property bounded by Collier Boulevard (West), Vanderbilt Beach Road
(North), White Boulevard (South), and Cypress Canal (East).
Market Area Access and Linkages
Primary access to the area is provided by Interstate 75 (I-75), a major arterial that runs
east to Fort Lauderdale and north through Tampa, Florida; I-75 terminates to the north at
the US/Canadian Border in Sault Ste. Marie, Michigan. Further access to the area from
Interstate75 is by:
• State Road 29 (I-75 exit 80) at Miles City.
• County Highway 846 (Immokalee Road, I-75 exit 111).
• Golden Gate Boulevard
Overall, vehicular access is average.
The subject property is accessed from Vanderbilt Beach Road just west of Collier
Boulevard. Weber Boulevard North runs from Vanderbilt Beach Road to White
Boulevard and provides access to 7th Avenue NW. Collier Boulevard extends from
Immokalee Road to the north to Marco Island to the south. Access to Weber Boulevard is
also provided by Golden Gate Boulevard West. Golden Gate Boulevard West intersects
with Collier Boulevard between Vanderbilt Beach Road and Pine Ridge Road. Golden
Gate Boulevard West becomes Golden Gate Boulevard East, east of the Wilson
Boulevard N. Wilson Boulevard N and Everglades Boulevard N provide access to
Immokalee Road from the market area. Desoto Boulevard N provides access to Randall
Blvd and Oil Well Rd, both of which connect to Immokalee Road.
The Southwest Florida International Airport (RSW) is located about 25+/- miles from the
market area; travel time is about 35 to 45 minutes, depending on traffic conditions. The
Page 11
VANDERBILT BEACH ROAD EXTENSION MARKET AREA ANALYSIS
Naples Municipal Airport (APF) is approximately 15+/- miles and 30 to 40 minutes
southwest. Downtown Naples is approximately 20+/- miles from the market area and 30
to 40 minutes southwest.
Demographics / Demand Generators
We have utilized STDB Online, an industry respected site analysis and demographic data
provider, to analyze the subject's market area demand generators. For the purposes of
defining the market area, we utilize the boundaries of Collier Boulevard, Immokalee
Road, Desoto Boulevard North, and Interstate 75. As shown, population and households
are projected to grow by an average annual rate of approximately 1.6% per year through
2025.
The average household income in the market area of $92,642 is less than the overall
Collier County average of $108,633.
*esri- Demographic and
Estates
Area: 88.47 square miles
Income
Profile
Prepared by Esri
Summary
Census 2010
2020
2025
Population
27,040
32,722
35,345
Households
8,956
11,137
12,052
Families
7,226
8,886
9,601
Average Household Size
3.00
2.93
2.92
Owrer Occupied Housing Units
7,515
9,406
10,225
Renter Occupied Housing Units
1,441
1,731
1,827
Median Age
39.0
41.3
41.2
Trends: 2020-2025 Annual Rate
Area
state
National
Population
1.55%
1.33%
0.720h
Households
1.59%
1.27%
0.72%
Families
1.56%
1.23%
0.64%
Owner HHs
1.68%
1.22%
0.72%
Median Household Income
1.67%
1.51%
1.60%
2020
2025
Households by Income
Number
Percent
Number
Percent
¢$15,000
412
3.7%
373
3.11%
$15,000 - $24,999
590
5.3%
549
4.6%
$25,000 - $34,999
663
6.0%
613
5.1%
$35,000 - $49,999
1,319
11.8%
1,252
10.4%
$50,000 - $74,999
2,560
23.0%
2,543
21.1%
$75,000 - $99,999
1,943
17.4%
2,061
17.1%
$100,000 - $149,999
2,001
11
2,471
20.5%
$150,000 - $199,999
1,083
9.7%
1,460
12.1%
$200,000+
566
5.1%
730
6.1%
Median Household Income
$75,222
$81,725
Average Household Income
$92,642
$104,093
Per Capita Income
$31,550
$35,520
Outlook and Conclusions
As with the overall Collier County market, the long term economic outlook for Rural
Estates is positive. Total population is projected to increase slightly over the next five
years and begin a more normalized pattern thereafter. The residential, agricultural and
commercial markets have been improving and prior to the coronavirus outbreak the
overall real estate market was projected to continue to increase at a stabilized rate through
2020. The trajectory of the Southwest Florida economy and its real estate sector will
Page 12
VANDERBILT BEACH ROAD EXTENSION
depend on how widely the virus spreads, and how long containment policies like social
distancing need to be maintained. Based on other areas of the world that have
experienced the pandemic and have since trended positively in seeing a reduced number
of new cases, there is optimism the current market disruption could be short-term.
Market Area Map
n
0
m'
••• 47
n
I?
E5 MI
—21
Golden Gate E31vd W Golden Gate Blvd k+
Map data (D2024
Page 13
VANDERBILT BEACH ROAD EXTENSION
SITE ANALYSIS - PARENT TRACT
PROPERTY DESCRIPTION AND ANALYSIS
SITE ANALYSIS - PARENT TRACT
The following description is based on our property inspection, public records, and a
sketch and description of the proposed roadway easement prepared by RWA
Engineering.
Land Summary - Parent Tract Before Taking
Gross Land Area Gross Land Area
Parcel ID
(Acres) (Sq Ft)
36713760106 3.1508 137,251
SITE
Location:
The subject is located along the south side of Vanderbilt Beach Road
and north side of 7th Avenue NW, east of Collier Boulevard within
an area known as Weber Woods.
Current Use of the Property:
Single-family residential
Shape:
The site is roughly rectangular.
Road Frontage/Access:
The subject property has average access with frontage as follows:
• 7th Avenue NW: 180 feet
• Vanderbilt Beach Road: 180 feet
The site has an average depth of approximately 763 feet. It is not a
corner lot.
Visibility:
Average
Topography:
The subject parent tract is partially cleared with level topography and
no known areas of wetlands.
Soil Conditions:
We were not provided with a soils report for the purpose of this
appraisal. We are not experts in soils analysis; however, the soil
conditions observed at the subject appear to be typical of the region
and adequate to support development.
Utilities:
Electricity: FP&L
Sewer: Septic
Water: Well
Underground Utilities: The site is not serviced by underground
utilities
Adequacy: The subject's utilities are typical and adequate for the
market area.
Site Improvements: • Street Lighting: There is currently no street lighting. Street
lighting is proposed along Vanderbilt Beach Road.
• Sidewalks: There are sidewalks along Vanderbilt Beach Road.
• Curbs and Gutters: There are currently no curbs or gutters. Curbs
and gutters are proposed along Vanderbilt Beach Road.
• Curb Cuts: The subject has one driveways along 7th Avenue
NW.
Flood Zone: The subject is located in an area mapped by the Federal Emergency
Management Agency (FEMA). The subject is located in FEMA
Page 14
VANDERBILT BEACH ROAD EXTENSION
SITE ANALYSIS - PARENT TRACT
flood zone AH, which is classified as a flood hazard area.
FEMA Map Number: 12021 C 0410H
FEMA Map Date: May 16, 2012
The subject is in a flood zone. The appraiser is not an expert in this
matter and is reporting data from FEMA maps.
Environmental Issues: We were not provided with an environmental assessment report for
the purpose of this appraisal. Environmental issues are beyond our
scope of expertise; therefore, we assume the property is not
adversely affected by environmental hazards.
Encumbrance / Easements: The parent tract is encumbered by a 30-foot wide drainage easement
along the northern property line bordering the property's frontage to
Vanderbilt Beach Road and a 50-foot wide road right-of-way
easement along the southern property line bordering the property's
frontage to 7th Ave NW. We are not aware of any other easement,
restrictions, or encumbrances that would adversely affect value
before the taking. However, a current title report was not provided
for the purpose of this appraisal.
Site Comments: The site has average and typical utility.
ZONING
Zoning Code
E
Zoning Authority
Collier County
Zoning Description
Estates; The purpose and intent of the estates district
(E) is to provide lands for low density residential
development in a semi -rural to rural environment, with
limited agricultural activities. In addition to low density
residential development with limited agricultural
activities, the E district is also designed to
accommodate as conditional uses, development that
provides services for and is compatible with the low
density residential, semi -rural and rural character of the
E district.
Permitted Uses
Includes single-family dwellings, family care facilities
(subject to section 5.05.04), essential services (as set
forth in section 2.01.03), and schools, public, including
educational plants.
Current Use Legally Conforming
The subject is legal and conforming use.
Minimum Lot Area (SF)
2.25 acres
Minimum Floor Area (SF)
1,000
Minimum Street Frontage (Feet)
150
Front and Rear Set Back Distance (Feet)
75
Side Yard Distance (Feet)
30 feet; 37.5 feet for corner lots along longest side
Maximum Density/FAR
One dwelling units per 2.25 acres
Maximum Building Height (Feet)
30
Zoning Comments
We were not supplied with a survey indicating building
setbacks and have assumed that the improvements
conform to current building codes.
Future Land Use Designation
Estates Designation - Residential Estates Subdistrict
Page 15
VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT
Aerial - Parent Tract
Plat Map - Parent Tract
Approximate boundary lines of parent tract shown in blue.
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9
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Cl
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Page 16
VANDERBILT BEACH ROAD EXTENSION
SITE ANALYSIS - PARENT TRACT
Site Photographs
7th Avenue NW - Easterly
7th Avenue NW - Westerly
(Photo Taken on July 2, 2020)
Page 17
VANDERBILT BEACH ROAD EXTENSION
SITE ANALYSIS - PARENT TRACT
Site Photographs
Vanderbilt Beach Road - Easterly
Vanderbilt Beach Road - Westerly
(Photo Taken on July 2, 2020)
Page 18
• 'tea . - '- - -TC' L. � �:Y.� ..1,.
M r. -' a �. "PP :�q�'. (•�' ify� i
ilp
VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT
Improvements Analysis
The parent tract is a residential parcel of land containing an area of 3.15 acres, or 137,251
square feet. The parent tract is improved with a single-family home. The single-family
home consists of 3,075 square feet and was constructed in 2016.
The primary road access/frontage for the subject property is 7th Avenue NW. The single-
family home is oriented toward 7th Avenue NW. The building improvement closest to
the take area is the rear facing section of the single-family home.
Prior to the taking, the parcel consists of approximately 180 feet of frontage and 763 feet
of depth. After the taking, the parcel will consist of approximately 180 feet of frontage
and 630 feet of depth.
Most competitive homes in the local market area are typically located on parcels with 165
to 330 feet of frontage and 630 to 800 feet of depth. Homes are generally located 100 feet
or more from the adjacent roadway, especially homes located along main roadways.
Homes located significantly less than 100 feet from the adjacent roadway are considered
to have functional obsolescence due to a below market setback of the building
improvements from the adjacent roadway.
The remainder property's improvements will not be damaged, as the depth of the parcel,
which is currently approximately 763 feet, will reduce to 630 feet. Further, the single-
family home which has a rear setback from the right-of-way of Vanderbilt Beach Road of
approximately 410 feet before the taking, will reduce to approximately 277 feet after the
taking. This is consistent with most competitive homes in the market area; therefore,
there is no functional obsolescence.
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The contributory value of the improvements located within the part taken is reported. The
part taken is heavily wooded with natural vegetation. There are no improvements taken.
Page 20
VANDERBILT BEACH ROAD EXTENSION REAL ESTATE TAXES AND ASSESSMENTS
REAL ESTATE TAXES AND ASSESSMENTS
The real estate tax assessment of the subject is administered by Collier County. In 2008,
Florida voters amended the Constitution to give non -homestead property owners some
protection against increases in their annual property tax assessments. As amended, the
Florida Constitution now prohibits the assessment of certain non -homestead property
from increasing by more than 10% per year. The 10% cap applies to most types of
commercial property, including non -homestead residential property (i.e. apartments and
other rental property) and nonresidential property (i.e. commercial property and vacant
land). The cap was set to expire on January 1, 2019; however, in November 2018 Florida
voters amended the Constitution to make the cap permanent. The protection of the 10%
cap is lost when there is a change of ownership or control.
The Florida Department of Revenue issued an extension for property taxes due to
COVID-19. All property taxes paid by April 15, 2020 were considered on time.
The property tax identification number and assessed value of the property for tax year
2019 are as follows:
ASSESSED VALUES - PARENT TRACT
Tax Identification Number
36713760106
Land Assessed Value
$180,385
Building Assessed Value
$550,888
Save our Homes/Homestead, et al.
-$134,328
Total Assessed Value
$596,945
Totals
Total Land Assessed Value $180,385
Total Building Assessed Value $550,888
Save our Homes/Homestead, et al.-$134,328
Total Assessment $596,945
Rates. Taxes. More
Tax Rate 1.16%
Ad Valorem Tax Amount $6,926
Special Assessment Amount $218
Special Assessment Comments District 1 Garbage
Total Tax Liability $7,144
Property Tax Comments The 2018 and 2019 taxes have been paid.
The assessment for the subject underlying land is currently $57,250 per acre prior to
exemptions. Based on our valuation analysis, the subject's assessment appears low.
Page 21
VANDERBILT BEACH ROAD EXTENSION HIGHEST AND BEST USE
HIGHEST AND BEST USE
Highest and best use may be defined as:
The reasonably probable use of property that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity. 1
■ Physically possible for the land to accommodate the size and shape of the
ideal improvement.
■ Legally permissible under the zoning regulations, building codes,
environmental regulations, and other restrictions that apply to the site. A
property use that is either currently allowed or most probably allowable.
■ Financially feasible to generate sufficient income to support the use.
■ Maximally productive, or capable of producing the highest value from
among the permissible, possible, and financially feasible uses.
Highest and Best Use As If Vacant
Physically Possible
The parent tract is 3.15085 acres or 137,251 square feet with 180 feet of frontage along
7th Avenue NW and 180 feet along Vanderbilt Beach Road. The parent tract is
encumbered by a 30-foot wide drainage easement along the northern property line
bordering the property's frontage to Vanderbilt Beach Road and a 50-foot wide road
right-of-way easement along the southern property line bordering the property's frontage
to 7th Ave NW. We are not aware of any other easement, restrictions, or encumbrances
that would adversely affect value before the taking. However, a current title report was
not provided for the purpose of this appraisal. The physical characteristics of the subject
tract should reasonably accommodate any use that is not restricted by its size.
The subject's utilities are typical and adequate for the market area. The site is roughly
rectangular. The site is located in a FEMA flood zone AH area per FEMA Flood Map
Number: 12021 C 0410H, dated May 16, 2012, which is classified as a flood hazard area.
There are no known physical reasons that would unusually restrict development. The site
is considered to have a functional utility suitable for a variety of uses.
Legally Permissible
The subject site is zoned Estates (E), which permits uses that include single-family
dwellings, family care facilities (subject to section 5.05.04), essential services (as set
forth in section 2.01.03), and schools, public, including educational plants. Recognizing
the principle of conformity, we consider the prevailing land use patterns in the area.
Therefore, only single-family uses are given further consideration in determining the
highest and best use of the site, as if vacant.
I The Dictionary of Real Estate Appraisal 6th ed. (Chicago: Appraisal Institute, 2015)
Page 22
VANDERBILT BEACH ROAD EXTENSION HIGHEST AND BEST USE
Financially Feasible
Financial feasibility is an analysis of the ability of a property to generate sufficient
income to support the use, or a reasonable probability of producing a positive income
stream net of operating expenses, financial costs, and capital amortization.
From 2006 through early/mid 2011 the Southwest Florida real estate market had been in
those stages of the real estate cycle best described by The Appraisal of Real Estate, 14`h
Edition as decline and recession. The residential market has stabilized after several years
of an expansion period, with sustained growth in demand and increasing construction.
Aside from some signs of an upcoming decline, characterized by positive but falling
demand, the overall real estate market was projected to continue to increase at a
stabilized rate through 2020 prior to the coronavirus outbreak. The trajectory of the
Southwest Florida economy and its real estate sector will depend on how widely the virus
spreads, and how long containment policies like social distancing need to be maintained.
Based on other areas of the world that have experienced the pandemic and have since
trended positively in seeing a reduced number of new cases, there is optimism the current
market disruption could be short-term.
On this basis, barring unforeseen changes in the market, if developed with a well -
designed residential product that is appropriately marketed and priced, should be received
favorably by the market.
Maximally Productive
The maximally productive land use yields the highest value of the possible uses. Single-
family residential development is the only use that meets the tests of physically possible,
legally permissible, and financially feasible. Therefore, single-family residential
development is concluded to be the maximally productive and highest and best use of the
site.
Highest and Best Use as Improved
A continuation of the current use on the parent tract is concluded to be financially
feasible due to the quality, age and location of the improvements.
There are no apparent alternative uses that would indicate a higher present value that the
current use. Furthermore, the value of the existing improvements, as is, exceeds the value
of the site. Therefore, the highest and best use is as currently improved.
Most Probable Buyer
Considering the size, class, and location of the property, the most probable buyer is an
owner -user.
Page 23
VANDERBILT BEACH ROAD EXTENSION VALUATION METHODOLOGY
VALUATION METHODOLOGY
Three basic approaches may be used to arrive at an estimate of market value. They are:
1. The Cost Approach
2. The Sales Comparison Approach
3. The Income Approach
Cost Approach
The Cost Approach estimates the current cost to construct the existing structure including
an entrepreneurial incentive, depreciation, and the estimated land value. This approach is
particularly applicable when the improvements represent the highest and best use of the
land and are relatively new. It is also applicable when the property has unique or
specialized improvements for which there is little or no sales data from comparable
properties.
Sales Comparison Approach
The Sales Comparison Approach compares sales of similar properties with the subject
property. Each comparable sale is adjusted for its inferior or superior characteristics. The
values derived from the adjusted comparable sales form a range of value for the subject.
By process of correlation and analysis, a final indicated value is derived. This approach is
most reliable in an active market, and is least reliable when valuing a property for which
no direct comparable sales data is available.
Income Approach
The Income Approach converts the anticipated flow of future benefits (cash flows and
reversion) to a present value estimate through a capitalization and or a discounting
process. This approach generally reflects a typical investor's perception of the
relationship between the potential income of a property and its market value.
Final Reconciliation
The appraisal process concludes with the Final Reconciliation of the values derived from
the approaches applied for a single estimate of market value. The reconciliation of the
approaches is based on an evaluation of the quantity and quality of the available data in
each approach. Furthermore, different properties require different means of analysis and
lend themselves to one approach over the others.
Page 24
VANDERBILT BEACH ROAD EXTENSION
VALUATION METHODOLOGY
ANALYSES APPLIED
A cost analysis was considered and was not developed because the subject tract is
analyzed as vacant land. However, the Cost Approach is utilized to estimate the
contributory depreciated value of the site improvements (if any) taken.
A sales comparison analysis was considered and was developed because typically this is
the most appropriate approach for the valuation of vacant land. This approach is
applicable to the subject because there is an active market for similar properties and
sufficient sales data is available for analysis.
An income analysis was considered and was not developed because the subject is not
likely to generate rental income as vacant land.
Page 25
VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH
VALUATION ANALYSIS OF PARENT TRACT
SALES COMPARISON APPROACH
The Sales Comparison Approach is based on the premise that a buyer would pay no more
for a specific property than the cost of obtaining a property with the same quality, utility,
and perceived benefits of ownership. It is based on the principles of supply and demand,
balance, substitution and externalities. The following steps describe the applied process
of the Sales Comparison Approach.
• The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
• The most pertinent data is further analyzed and the quality of the transaction is
determined.
• The most meaningful unit of value for the subject property is determined.
• Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
• The value indication of each comparable sale is analyzed and the data reconciled
for a final indication of value via the Sales Comparison Approach.
Land Comparables
I have researched five comparables for this analysis; these are documented on the
following pages followed by a location map and analysis grid. All sales have been
researched through numerous sources, inspected and verified by a party to the
transaction. For this analysis, we use the price per acre as the appropriate unit of
comparison because market participants typically compare sale prices and property
values on this basis.
Page 26
VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH
Comp
Address
Date
Price
City
Acres
Price Per Acre
Comments
Subject
36217th Avenue NW
7/2/2020
Naples
3.151
1
SWC 3rd Ave SW and Weber Blvd S
5/26/2020
S400,000
Heavily treed parcel located at the SWC of 3rd Ave SW and Weber Blvd S. in Weber
Woods. Listed in 2/20 for $450,000.
Naples
5.000
$80,000
2
35I03rd Ave SW
10/29/2019
$230,000
Heavily treed parcel located along south side of 3rd Ave SW in Weber Woods. Listed
in 8/19 for $249,900.
Naples
2.500
$92,000
3
265 29th St NW
5/26/2020
$225,875
Single-family home (built 1982) was demolished with—eption of the concrete slab
and 18x40 plastic pool. Electric, septic, well, and irrigation are in place. A 1,500 SF
building (1996) with steel beams and roll down garage doors and a separate storage
Naples
2.500
$90,350
shed. Seller had custom architectural plans available to build on the current slab.
Listed for $329,900 in 7/ 18 and reduced multiple times. Most recent reduction to
$250,000 in 12119.
4
29th St NW
6/12/2020
$164,000
Heavily treed parcel located along east side of 29th St NW. Listed for $178,000 on
1/23/20. Collier County ERP Wetlands Determination letter dated 4/30/14 concludes the
parcel does not compromise wetlands and will not require and ERP for development.
Naples
2.500
$65,600
5
l lth Ave SW
3/13/2020
$87,000
Heavily treed parcel located along north side of 1Ith Ave SW. Listed for $100,000 on
10/29/19.
Naples
1.136
$76,558
Comparables Map
t;,tc GNdon 4394a Umd W
i
Map 41ata. (D2020
Page 27
VANDERBILT BEACH ROAD EXTENSION
SALES COMPARISON APPROACH
Analysis Grid
The above sales have been analyzed and compared with the subject property. I have
considered adjustments in the areas of:
Effective Sale Price This takes into consideration unusual conditions involved in the
sale that could affect the sales price, such as excess land, non -
realty components, commissions, or other similar factors.
Usually the sale price is adjusted for this prior to comparison to
the subject.
Real Property Rights Property rights dissimilar to the subject which affect value.
Financing Terms Favorable or unfavorable seller financing, or assumption of
existing financing.
Conditions of Sale Circumstances that atypically motivate the buyer or seller, such
as 1031 exchange transaction, assemblage, or forced sale.
Market Conditions Inflation or deflation since sale date due to economic influences
Location Market or submarket area influences on sale price; surrounding
land use influences.
Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc.
On the following page is a sales comparison grid displaying the subject property, the
comparables and the adjustments applied.
Page 28
VANDERBILT BEACH ROAD EXTENSION
SALES COMPARISON APPROACH
Land Analysis Gtid
Comp 1
Comp 2
Comp 3
Comp 4
Comp 5
Name
Vanderbilt Beach Road
SWC 3rd Ave SW and
3510 3rd Ave SW
265 29th St NW
29th St
llth Ave SW
Extension
Weber Blvd
Address
3621 7th Avenue NW
SWC 3rd Ave SW and
3510 3rd Ave SW
265 29th St NW
29th St NW
I Ith Ave SW
Weber Blvd S
City
Naples
Naples
Naples
Naples
Naples
Naples
Date
7/2/2020
5/26/2020
10/29/2019
5/26/2020
6/12/2020
3/13/2020
Price
5400,000
$230,000
$225,875
$164,000
$87,000
Acres
3.15
5.00
2.50
2.50
2.50
1.14
Acre Unit Price
$80,000
$92,000
$90,350
$65,600
$76,558
Transaction Adjustments
Property Rights
Fee Surple
Fee Simple 0.0%
Fee Simple 0.0%
Fee Simple 0.01/.
Fee Simple 0.01%
Fee Simple 0.0%
Financing
Cash to seller 0.0%
Cash to seller 0.00/,
Conventional 0.0°/
Cash to seller 0.0%
Cash to seller 0.0%
Conditions of Sale
Amts Length 0.00/,
Ands Length 0.0%
Ands Length 0.0%
Anns Length 0.01/.
Ands Length 0.0%
Adjusted Acre Unit Price
$80,000
$92,000
$90,350
$65,600
$76,558
Market Trends Through
7/2/2020 0.01%
0.0%
0.0%
0.0%
0.0%
0.0%
Adjusted Acre Unit Price
$80,000
$92,000
$90,350
$65,600
$76,558
Location
Weber Woods
Weber Woods
Weber Woods
Golden Cate Estates
Golden Gate Estates
Golden Gate Estates
Adjustment
0^/
0%
10%
too/0
01/6
$ Adjustnocntj
3.15
$0
5.00
$0
2.50
$9,035
2.50
$6,560
2.50
$0
1.14
Acres
Frontage/Depth
180x763
330x660
165x660
165x660
165x660
75x660
%Adjustment
0%
00/
01/
01/
5%
$ Adjustment
I None Known
$0
None Known
$0
None Known
$0
Shed/Well/Septic
$0
Uplands
$3,828
None Knoam
Topography / Wetlands
%Adjustment
0^/
tp/
_221/.
01/
01/
$Adjustment
1$0
E- Estates
E- Estates
$0
E- Estates
-$20,000
E- Estates
$0
E- Estates
$0
E-Estates
Zoning Type
Adjustment
0^/
tp/
01/
01/
01/
$Adjustment
$o
$0
$0
$0
$0
Adjusted Acre Unit Price
$80,000
$92,000
$79,385
$72,160
$80,385
Net Adjustments
0.0%
0.01/.
-12.1%
10.01%
5.0%
Gross Adjustments
0.0"/0
0.01/.
32.1%
10.01/6
5.0%
Page 29
VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH
Comparable Land Sale Adjustments
Property Rights
All of the comparables transferred in fee simple interest; therefore, no adjustments for
property rights are required.
Financing
All of the comparable sales had market orientated financing or were cash transactions;
therefore, no adjustments for financing are required.
Conditions of Sale
All of the comparable sales were arm's length transactions; therefore, no adjustments for
conditions of sale are required.
Economic Trends
This appraisal was performed following public awareness that COVID-19 was affecting
residents in the United States. At the time of the appraisal, COVID-19 was beginning to
have widespread health and economic impacts. The effects of COVID-19 on the real
estate market in the area of the subject property were not yet measurable based on
reliable data. The analyses and value opinion in this appraisal are based on the data
available to the appraiser at the time of the assignment and apply only as of the effective
date indicated. No analyses or opinions contained in this appraisal should be construed as
predictions of future market conditions or value. As discussed, aside from some signs of
an upcoming decline, characterized by positive but falling demand, the overall real estate
market was projected to continue to increase at a stabilized rate through 2020 prior to the
coronavirus outbreak. The trajectory of the Southwest Florida economy and its real estate
sector will depend on how widely the virus spreads, and how long containment policies
like social distancing need to be maintained. Based on other areas of the world that have
experienced the pandemic and have since trended positively in seeing a reduced number
of new cases, there is optimism the current market disruption could be short-term.
According to the May 2020 Market Report released by the Naples Area Board of Realtors
(NABOR), overall closed sales decreased 49.6% in May 2020 compared to closed sales
in May 2019. Year-to-date closed sales are down 8.5% from 2019 year-to-date sales.
Inventory decreased as well, May 2020 inventory decreased by 27.2% as compared to
May 2019. However, the May report also confirms home values remain stable with the
year-to-date median closed price of $347,750 up 2.3% from the 2019 year-to-date median
price of $340,000. The May 2020 median price of $333,000 declined 6.1% from the May
2019 median price of $354,450.
The following table summarizes single family metrics within the subject's East Naples
market area. East Naples is defined by NABOR as Zip Codes 34114, 34117, 34120,
34137 which consists generally of properties east of Collier Boulevard.
Page 30
VANDERBILT BEACH ROAD EXTENSION
SALES COMPARISON APPROACH
East Naples
34114, 34117, 34120, 34137
Single Family
May
Year -to -Date
NKBM
,qWe..edrdrt.r>�.
New Listings
190
200
+ 5.3%
1,064
1,030
- 3.2E
Closed Sales
177
109
- 38.4%
695
697
+ 0.3E
Days on Market Until Sale
110
97
- 11.8E
101
93
- 7.9E
Median Closed Price'
$355,000
5360,000
+ 1.4%
$340,000
$348,000
+2.4%
Average Closed Price'
$4C3,402
5442,878
+ 9.8°%
$415,732
$417,997
+ 0.5%
Percent of Current List Price Received'
97.2E
97.3E
+ 0.1 %
96.8E
97.3%
+ 0.5°h
Inventory of Homes for Sale 972 660 - 32.1 % — —
Months Supply of Inventory 7.7 4.7 - 39.0% — — —
Does not account for sale concessions andlor downpayment assistance. I Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size.
As shown, the number of new listings is down 3.2% year-to-date while the number of
closed sales is essentially flat year-to-date. The median closed price increased by 2.4%
year-to-date and the average sales price increased by 0.5%. However, it is noted this is
unadjusted raw data and does not relate directly to the subject.
The sales all occurred within the last nine months. Based on the preceding analysis and
considering underlying land will have a similar trend as single-family homes, a market
conditions adjustment is not applied.
Location
The subject and comparables 1 and 2 are located within the area known as Weber Woods.
Comparable 5 is located west of the Cypress Canal and south of White Boulevard and is
just south of Weber Woods. No adjustment is indicated for Comparables 1, 2, and 5.
Comparables 3 and 4 are both located east of the Cypress Canal and accessed from
Golden Gate Boulevard West. They are considered inferior to the subject and adjusted
upward accordingly.
Size / Configuration
For this analysis, the comparables range in size from 1.14 to 5.00 acres in size. They
range from 75' x 660' to 330' x 660'.
Comparable 1 is larger than the subject parent tract and can legally be subdivided into
two separate parcels. Comparables 2, 3, and 4 are smaller than the subject parent tract.
Comparable 5 is a legally non -conforming lot with only 75 feet of frontage and is
significantly smaller than the subject parent tract.
Comparable 5 is considered inferior to the subject and adjusted upward appropriately.
Page 31
VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH
Topography / Wetlands
For this analysis, the subject and the comparables are considered to be uplands with no
wetland areas. Comparable 3 included a 1,500 square foot shed (1996), well and septic. It
is adjusted downward to account for the estimated contributory value of the
improvements.
Zoning
All of the comparables are relatively similar in terms of zoning type; therefore, no
adjustments are required.
Sales Comparison Approach Conclusion — Land Valuation
All of the value indications have been considered as well as the subject's proximity to
Collier Boulevard. Lastly, I also consider the subject parent tract is encumbered by a 30-
foot wide drainage easement along the northern property line bordering the property's
frontage to Vanderbilt Beach Road. The entirety of the drainage easement is located
within the part taken.
Based on the preceding analysis, I arrive at my final reconciled per acre value of $85,000.
Land Value Ranges & Reconciled Values
Number of Comparables: 5 Unadjusted Adjusted % a
Low: $65,600
$72,160 10.00%
High: $92,000
$92,000 0.00%
Average: $80,902
$80,786 -0.14%
Reconciled Value/Unit Value:
$85,000
Subject Size:
3.15085
Indicated Value:
$267,822
Reconciled Final Value:
$267,800
Exposure and Marketing Times
Exposure time is always presumed to precede the effective date of the appraisal and is the
length of time the subject property would have been exposed for sale in the market had it
sold on the effective valuation date at the concluded market value. Marketing time is an
estimate of the amount of time it might take to sell a property at the estimated market
value immediately following the effective date of value.
Based on our review of recent sales transactions for similar properties and our analysis of
supply and demand in the local retail market it is our opinion that the probable marketing
and exposure time for the parent tract is 6 months to 12 months.
Page 32
VANDERBILT BEACH ROAD EXTENSION CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN
CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN
The part taken consists of an approximate 133 foot wide strip along the northern (rear)
property line. The part taken is heavily wooded with natural vegetation. There are no
improvements taken. The improvements located outside the proposed acquisition
area, including the single-family home, are considered to be unaffected by the
acquisition. Therefore, the contributory value of those improvements is not
reported.
Based on the previous analysis, the following table summarizes the estimated market
value of the parent tract and the contributory of value of the site improvements.
Value Indications, Before the Taking
Fee Value per u Indicated Value Indicated Rounded
Acre �o of Fee Acres per Acre Value Value Total Value
Parent Tract Before the Taking
Land $85,000 100% $85,000 3.15085 $267,822 $267,800
hnprovements $0
Total $267,800
Page 33
VANDERBILT BEACH ROAD EXTENSION
DESCRrPTION OF PART TAKEN
VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY
DESCRIPTION OF PART TAKEN
Parcel No. 109 FEE is a Fee Simple Acquisition for the expansion and extension of
Vanderbilt Beach Road from Collier Boulevard to 16th Street NE. Plans include the
widening of Vanderbilt Beach Road from two lanes to a six -lane divided road with a
planted median and extension of the existing roadway to 16th Street NE. Proposed
improvements include minor improvements to existing intersecting streets including
Weber Boulevard, Massey Street and Douglas Street. New roadway intersections at
Wilson Boulevard, 8th Street NE and 16th Street NE are also proposed. Additionally, a
new traffic signal at the Vanderbilt Beach Road/Wilson Boulevard intersection and the
relocation of the Cypress Canal from 29th Street NW to 15th Street NW is planned.
The part taken consists of an approximate 133 foot wide strip along the northern (rear)
property line.
Land Area: Total: 0.55083 acres; 23,994 square feet
Shape: Rectangular MOL
Approximate Dimensions: 180.05' x 133.27' x 180.06' x 133.27'
Easement and Encumbrances: The 30-wide drainage easement along the northern
property line is located entirely within the part taken.
Proposed Improvements Taken: The part taken is heavily wooded with natural vegetation.
There are no improvements taken.
Page 34
VANDERBMT BEACH ROAD EXTENSION
DESCRrPTION OF PART TAKEN
Aerial - Part Taken
Approximate boundary lines of part taken shown in blue.
Page 35
VANDERBILT BEACH ROAD EXTENSION
DESCRrPTION OF PART TAKEN
Sketch and LeLyal Description of Pronosed Part Taken
VANDERBILT BEACH ROAD L1 �L2 BEGINNING
450 451 452 1 455._
L r ,
'S 89'S5'31� W
�'< 180A5' — —
PROPOSED
PARCEL 109 FEE
23,994 SO. FT.
TRACT 64
GOLDEN GATE ESTATES
UNIT 3
TRAU 449 PLAT BOOK i PAGE 77 TRACT 65
TRACT 64
ROMERO REV TR VENDOZA DANIEL A
OR 509/407 & BRENDA A
OR 3541/358
LINE TABLE
LINE
BEARING
1 LENGTH
L1
N 89'56'01" E
I 82.83'
L2
N 89'55'06" E
I 97.23'
TE - ROW
MAY 13 W5
7th AVENUE �NW N
SQ.FT. SQUARE FEET
ME EXISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 77
FEE PROPOSED FEE SIMPLE ACQUISITION `N
OR OFFICIAL RECORDS (BOOK/PAGE)
= PROPOSED FEE SIMPLE PARCEL S
LEGAL DESCRIPTION (PARCEL 109 FEE)
A PORTION OF TRACT 64, GOLDEN GATE ESTATES VNIT 3. AS RECORDED IN PLAT BOOK 4, PAGE 77, OF THE PUBLIC
RECORDS OF COLLIER COUNTY, FLORIDA, LYING IN SEC'nON 2, TOWNSHIP 49 SDVTH, RANGE 28 EAST COWER COUNTY,
FLORIDA. BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS 'y I I I I I " t
BEGINNING AT THE NORTHEAST CORNER OF TRACT 64; *Y`_A�C.t1`d8 .�
. /
THENCE S.00'27'44'E., ALONG THE EAST' LINE OF SAID TRACT 64, FOR 133.27 FEET; THENCE
1/
THENCE S.89'55'31'W., FOR 160.05 FEET TO A POINT ON THE WEST LINE OF THE EAS'F`180
THENCE N.00'27"50'W.. ALONG SAID WEST LINE, FOR 133,27 FEET TO A POINT ON THE' ` �" .•"NE OFF �1•—&4:
THENCE 14,89'56'O3"E., ALONG SAID NORTH LINE, FUR 82.83 FEET TO THE NORTH OUIiTEiCCORNF OF SAPP tCTIQd
2. TOWNSHIP 49 SOUTH, RANGE 26 EAST; �} `" I
THENCE N.89'S5'O6"E., ALONG SAID NORTH LINE. FOR 97.23 FEET TO TTTE POINT OF BE(QNiISP�6 OF THE PARCLI{.
DESCRIBED HEREIN.
CONTAINING 23.994 SQUARE FEET. MORE OR LESS,G,Or�'
EEARINGS ARE BASED ONSTATE PLAN COORQINATES, FLORIDA EAST ZONE �`��L�n Su �'•�
rrilall��s.
o m Mn SIC
SKETCH do DESCRIPTION ONLY
NOT A BOUNDARY SURVEY srux: I' —I"'
FOR: COLLIER COUNTY GOVERNMENT I30ARO OF OOVNTI' COMIJESSIONERS EAu iat ai W ui A ON DMV00 WAM ASxA'
VANDERBELT BEACH ROAD EXTENSION
SXLTCH & DE CRTPTIOK OF: FROFOSED FEE SDUW 6619vaLh+Pnk[hfrc.5lalef06
ACQUISIT ION w-I urasm
PARCEL 109 FEE IB A0" �asz
CI COUNTY, FLORIDA Y"4 G I N E E RI N G
JOEI N11 REVISION SEC110N TAWNSHIP RANGE SCALE DATE DRAWN EY t ILE NAT,1E SHEET
nrsrn7onnnn t n7 6LC 9FF 4" = 17n' F14/9n nAFA SK309FEE 1 OF 1
Page 36
VANDERBILT BEACH ROAD EXTENSION VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN
The market value of the fee simple interest of the parent tract was previously estimated
via the Sales Comparison Approach to have a unit value of $85,000 per gross acre. The
part taken is valued as part of the whole; therefore, this value will serve as a basis of
value for the valuation of the property rights taken.
As previously stated, Parcel No. 109 FEE is a Fee Simple Acquisition for the expansion
and extension of Vanderbilt Beach Road from Collier Boulevard to 16th Street NE.
Fee simple estate is defined as an: "Absolute ownership unencumbered by any other
interest or estate, subject only to the limitations imposed by the governmental powers of
taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real
Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015)
An adjustment for the Drainage Easement was considered within the parent tract
valuation. Therefore, Parcel No. 109 FEE includes 100% of the fee simple value resulting
in an estimated overall unit value.
Value of Improvements Taken
The concluded value of the Land and Property Rights Taken as well as the Improvements
Taken is shown in the following table.
The part taken is heavily wooded with natural vegetation. There are no site improvements
taken.
Value Indications Proposed Property Rights and Improvements Taken
Fee Value per % of Fee Indicated Value Acres Indicated Rounded Total Value
Acre per Acre Value Value
Proposed Part Taken
Fee Simple Land Taken $85,000 100% $85,000 0.55083 $46,820 $46,800
Improvements Taken $0
Total $46,800
The valuation of the remainder property, as part of the whole is shown in the following
table.
VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE
Market Value of the Parent Tract, Before the Taking: $267,800
Less Market Value of the Proposed Part Taken: $46,800
Total Market Value of the Remainder Property, As Part of the Whole: $221,000
Effective Date(s) July 2, 2020
Page 37
VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED
DESCRIPTION OF REMAINDER PROPERTY AS SEVERED
The parent tract consists of 3.15085 acres or 137,251 square feet. Prior to the taking, the
parcel consists of approximately 180 feet of frontage and 763 feet of depth. After the
taking, the parcel will consist of approximately 180 feet of frontage and 630 feet of
depth. The remainder property will consist of 2.60002 acres or 113,257 square feet. The
remainder property's overall access, availability to utilities, topography, land use
designation, and zoning are unchanged.
REMAINDER PROPERTY, AFTER THE TAKING
Land Area:
Total: 2.60002 acres; 113,257 square feet
Shape:
The site is roughly rectangular.
Road Frontage/Access:
The remainder property has average access with frontage
as follows:
• 7th Avenue NW: 180 feet
• Vanderbilt Beach Road: 180 feet
The site has an average depth of approximately 630 feet.
It is not a corner lot.
Improvements:
The parent tract is improved with a single-family home.
Existing/Proposed Easements and
The remainder parcel will be encumbered by a 50-foot
Encumbrances:
wide road right-of-way easement along the southern
property line bordering the property's frontage to 7th Ave
NW. We are not aware of any other easement,
restrictions, or encumbrances that would adversely affect
value before the taking. However, a current title report
was not provided for the purpose of this appraisal.
Proposed Acquisition:
A Fee Simple Acquisition of 23,994 square feet
consisting of an approximate 133 foot wide strip along
the northern (rear) property line.
Highest and Best Use
As Vacant
Single-family residential development
As Improved
The highest and best use is as currently improved.
VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED
Most competitive parcels in the local market area have 165 to 330 feet of frontage and
630 to 800 feet of depth. After the taking, the parcel will consist of approximately 180
feet of frontage and 630 feet of depth. It is consistent with most competitive parcels.
After the taking, there will be a fee simple acquisition of 23,994 square feet consisting of
an approximate 133 foot wide strip along the northern (rear) property line. Therefore,
Parcel No. 109 FEE includes 100% of the fee simple value with no residual value to the
remainder property.
Page 38
VANDERBILT BEACH ROAD EXTENSION VALUE ANALYSIS REMAINDER PROPERTY As SEVERED
Value of Remainder Improvements
The primary road access/frontage for the subject property is 7th Avenue NW. The single-
family home is oriented toward 7th Avenue NW. The building improvement closest to
the take area is the rear facing section of the single-family home.
Most competitive homes in the local market area are typically located on parcels with 165
to 330 feet of frontage and 630 to 800 feet of depth. Homes are generally located 100 feet
or more from the adjacent roadway, especially homes located along main roadways.
Homes located significantly less than 100 feet from the adjacent roadway are considered
to have functional obsolescence due to a below market setback of the building
improvements from the adjacent roadway.
The remainder property's improvements will not be damaged, as the depth of the parcel,
which is currently approximately 763 feet, will reduce to 630 feet. Further, the single-
family home which has a rear setback from the right-of-way of Vanderbilt Beach Road of
approximately 410 feet before the taking, will reduce to approximately 277 feet after the
taking. This is consistent with most competitive homes in the market area; therefore,
there is no functional obsolescence.
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
The concluded value of the Remainder Property is shown in the following table.
Value Indications Remainder Property, After the Taldng
Fee Value per Indicated Value Indicated Rounded
Acre % of Fee per Acre Acres Value Value Total Value
Remainder Property
Land Area $85,000 100% $85,000 2.60002 $221,002 $221,000
Improvements $0
Total $221,000
Page 39
VANDERBILT BEACH ROAD EXTENSION
SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
SEVERANCE DAMAGES TO THE REMAINDER PROPERTY
Severance damages are calculated as the negative difference between the value of the
remainder property, as part of the whole, and the value of the remainder property, as
severed. When the value of the remainder property, as severed, is less than the value of
the remainder property, as part of the whole, the difference is the actual measurement of
the damages to the remainder property. When the value of the remainder property, as
severed, is greater than the value of the remainder property, as part of the whole, the
difference is not damage but is considered a benefit. Severance damages are calculated in
the following table.
Severance Damages to the Remainder Property
Value of the Whole $267,800
Less Value of the Part Taken $46,800
Value of the Remainder Property as Part of the Whole $221,000
Value of the Remainder Property as Severed $221,000
Difference (Severance Damages) $0
Rounded: $0
COST TO CURE ANALYSIS
Based on the analysis of the remainder property, there is no net cost to cure.
SPECIAL BENEFITS ANALYSIS
Based on the analysis of the remainder property, there are no special benefits.
Page 40
VANDERBILT BEACH ROAD EXTENSION
SUMMARY AND CONCLUSION
SUMMARY AND CONCLUSION
Based on the data and analyses developed in this appraisal, I have reconciled to the
following value conclusion(s), as of July 2, 2020, subject to the Limiting Conditions and
Assumptions of this appraisal.
Parent Tract Before the Taking
Land
Improvements
Total
Proposed Part Taken
Fee Simple Land Taken
hnprovements Taken
Total
Remainder Property, as Part of the Whole
Remainder Property
Land Area
hrgprovements
Total
Damages
Special Benefits
Net Damages
Summary of Total Compensation
Parcel No. 109 FEE
Fee Value per % of Indicated Value Indicated Rounded
Acre Fee per Acre Acres Value Value Total Value
$85,000 100% $85,000
$85,000 100% $85,000
$85,000 100% $85,000
3.15085 $267,822 $267,800
0
0.55083 $46,820 $46,800
�n
2.60002 $221,002 $221,000
0
$267,800
$46,800
$221,000
$221,000
$0
$0
$0
Fee Simple Land Taken $85,000 100% $85,000 0.55083 $46,820 $46,800
Value ofImprovements Taken $0
Total $46,800
Net Damages SO
Net Cost to Cure S0
Total Amount Due Owner S46,800
The improvements located outside the proposed acquisition area, including the
single-family home, are considered to be unaffected by the acquisition. Therefore,
the contributory value of those improvements is not reported.
Significant Factor
The world, including the United States, is in the midst of health crisis since early 2020 due to the
rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health
Organization (WHO). Health issues have led to substantially lower economic activity and
uncertainty which has greatly increased the probability of recession. The depth and length of any
economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of
COVID-19 on the real estate market in the area of the subject property were not yet measurable
based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data
available to the appraiser at the time of the assignment and apply only as of the effective date
indicated. No analyses or opinions contained in this appraisal should be construed as predictions
of future market conditions or value(s).
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Page 41
VANDERBILT BEACH ROAD EXTENSION
SUMMARY AND CONCLUSION
Hypothetical Conditions:
It is a hypothetical condition the proposed acquisition and the
proposed roadway improvements have been completed as of the
effective date of the appraisal.
Extraordinary Assumptions:
None.
Page 42
VANDERBILT BEACH ROAD EXTENSION
CERTIFICATION
CERTIFICATION
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, unbiased professional
analyses, opinions and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
report, and have no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
6. Our compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a
stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal.
7. The reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the requirements of the Code of Professional
Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute.
8. My reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice
9. The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property.
11. No one provided significant real property appraisal assistance to the person signing
this certification.
12. We have experience in appraising properties similar to the subject and are in
compliance with the Competency Rule of USPAP.
Page 43
VANDERBILT BEACH ROAD EXTENSION
CERTIFICATION
13. This appraisal is not based on a requested minimum valuation, a specific valuation,
or the approval of a loan.
14. We have not relied on unsupported conclusions relating to characteristics such as
race, color, religion, national origin, gender, marital status, familial status, age,
receipt of public assistance income, handicap, or an unsupported conclusion that
homogeneity of such characteristics is necessary to maximize value.
15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or
in any other capacity, regarding the property that is the subject of this report within
the three-year period immediately preceding acceptance of this assignment.
16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the
continuing education program for Designated Members of the Appraisal Institute.
Rachel M. Zucchi, MAI, CCIM
Florida State -Certified General Real Estate Appraiser RZ #2984
rzucchi@rklac.com; Phone 239-596-0800 Ext. 203
Page 44
VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the
report.
1. The title is marketable and free and clear of all liens, encumbrances,
encroachments, easements and restrictions. The property is under responsible
ownership and competent management and is available for its highest and best
use.
2. There are no existing judgments or pending or threatened litigation that could
affect the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements
that would render the property more or less valuable. Furthermore, there is no
asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale
price are in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise
noted in the report.
1. An appraisal is inherently subjective and represents our opinion as to the value of
the property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including,
without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction
with this appraisal, and we reserve the right to revise or rescind any of the value
opinions based upon any subsequent environmental impact studies. If any
environmental impact statement is required by law, the appraisal assumes that
such statement will be favorable and will be approved by the appropriate
regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony,
respond to any subpoena or attend any court, governmental or other hearing with
reference to the property without compensation relative to such additional
employment.
6. We have made no survey of the property and assume no responsibility in
connection with such matters. Any sketch or survey of the property included in
this report is for illustrative purposes only and should not be considered to be
Page 45
VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS
scaled accurately for size. The appraisal covers the property as described in this
report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if
any, and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other
legal matters such as legal title, geologic considerations such as soils and seismic
stability, and civil, mechanical, electrical, structural and other engineering and
environmental matters.
9. The distribution of the total valuation in the report between land and
improvements applies only under the reported highest and best use of the
property. The allocations of value for land and improvements must not be used in
conjunction with any other appraisal and are invalid if so used. The appraisal
report shall be considered only in its entirety. No part of the appraisal report shall
be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraisers, or any reference to the Appraisal
Institute) shall be disseminated through advertising media, public relations media,
news media or any other means of communication (including without limitation
prospectuses, private offering memoranda and other offering material provided to
prospective investors) without the prior written consent of the person signing the
report.
11. Information, estimates and opinions contained in the report, obtained from third -
party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only
for the purpose of estimating value and do not constitute predictions of future
operating results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in
the condition of the economy, of the real estate industry, or of the appraised
property at the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or
to the cost of moving or relocating such personal property; only the real property
has been considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or
conditions set forth in the body of this report but which may have been omitted
from this list of Assumptions and Limiting Conditions.
Page 46
VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS
17. The analyses contained in the report necessarily incorporate numerous estimates
and assumptions regarding property performance, general and local business and
economic conditions, the absence of material changes in the competitive
environment and other matters. Some estimates or assumptions, however,
inevitably will not materialize, and unanticipated events and circumstances may
occur; therefore, actual results achieved during the period covered by our analysis
will vary from our estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992.
We have not made a specific survey or analysis of any property to determine
whether the physical aspects of the improvements meet the ADA accessibility
guidelines. In as much as compliance matches each owner's financial ability with
the cost to cure the non -conforming physical characteristics of a property, we
cannot comment on compliance to ADA. Given that compliance can change with
each owner's financial ability to cure non -accessibility, the value of the subject
does not consider possible non-compliance. A specific study of both the owner's
financial ability and the cost to cure any deficiencies would be needed for the
Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive benefit of the Client, its
subsidiaries and/or affiliates. It may not be used or relied upon by any other party.
All parties who use or rely upon any information in the report without our written
consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of
hazardous materials on the subject property or in the improvements, and our
valuation is predicated upon the assumption that the subject property is free and
clear of any environment hazards including, without limitation, hazardous wastes,
toxic substances and mold. No representations or warranties are made regarding
the environmental condition of the subject property and the person signing the
report shall not be responsible for any such environmental conditions that do exist
or for any engineering or testing that might be required to discover whether such
conditions exist. Because we are not experts in the field of environmental
conditions, the appraisal report cannot be considered as an environmental
assessment of the subject property.
21. The person signing the report may have reviewed available flood maps and may
have noted in the appraisal report whether the subject property is located in an
identified Special Flood Hazard Area. We are not qualified to detect such areas
and therefore do not guarantee such determinations. The presence of flood plain
areas and/or wetlands may affect the value of the property, and the value
conclusion is predicated on the assumption that wetlands are non-existent or
minimal.
22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector.
RKL Appraisal and Consulting, PLC does not guarantee that the subject property
is free of defects or environmental problems. Mold may be present in the subject
property and a professional inspection is recommended.
Page 47
VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS
23. The appraisal report and value conclusion for an appraisal assumes the
satisfactory completion of construction, repairs or alterations in a workmanlike
manner.
24. The intended use of the appraisal is stated in the General Information section of
the report. The use of the appraisal report by anyone other than the Client is
prohibited except as otherwise provided. Accordingly, the appraisal report is
addressed to and shall be solely for the Client's use and benefit unless we provide
our prior written consent. We expressly reserve the unrestricted right to withhold
our consent to your disclosure of the appraisal report (or any part thereof
including, without limitation, conclusions of value and our identity), to any third
parties. Stated again for clarification, unless our prior written consent is obtained,
no third parry may rely on the appraisal report (even if their reliance was
foreseeable).
25. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and
uncertainty. In addition to the contingencies noted in the preceding paragraph,
several events may occur that could substantially alter the outcome of our
estimates such as, but not limited to changes in the economy, interest rates, and
capitalization rates, behavior of consumers, investors and lenders, fire and other
physical destruction, changes in title or conveyances of easements and deed
restrictions, etc. It is assumed that conditions reasonably foreseeable at the present
time are consistent or similar with the future.
Page 48
VANDERBILT BEACH ROAD EXTENSION ADDENDA - APPRAISER QUALIFICATIONS
ADDENDA
&KL
VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS
ADDENDUM A
APPRAISER QUALIFICATIONS
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VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS
APPRAISAL AND CONSULTING
RKL Appraisal and Consulting, PLC
COMPANY PROFILE:
RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members
of the Appraisal Institute. It is our mission to maximize our over 80-years of combined
appraisal experience to provide our clients with the highest quality of Real Estate
Appraisal and Consulting Services.
Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI
Partner / Managing Director Partner Senior Partner
rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com
BUSINESS FOCUS:
Practice is focused on community/neighborhood shopping centers, retail and office
buildings, industrial warehouse/distribution buildings, residential and commercial
condominium and subdivision projects, hotels and motels, vacant land and special
purpose properties. Specialized services include appraisal review, business valuations,
market feasibility studies, acquisition/disposition counseling, and litigation support in
connection with real estate transactions including bankruptcy, eminent domain, estate
valuations, and matrimonial and equitable distribution. Clients served include banks and
financial institutions, developers and investors, law firms, government, and property
owners.
ACC EL M. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 300
Naples, FL 34119-8908
C. LOWRY, MAI. CPA Phone: 239-596-0800
OUIS C. BOBBITT, MAI www.rklac.com
1
VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS
PROFESSIONAL QUALIFICATIONS OF
Rachel M. Zucchi, MAI, CCIM
EXPERIENCE:
Partner / Managing Director of RKL Appraisal and Consulting, PLC
Naples, FL (2009 — Present)
President of D&R Realty Group, Inc.
Naples, FL (2009 — Present)
Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida
Naples, FL (2003 — 2009)
Research Associate, Integra Realty Resources — Southwest Florida
Naples, FL (2002-2003)
PROFESSIONAL
Member: Appraisal Institute — MAI Certificate Number 451177
ACTIVITIES:
President: Appraisal Institute Florida Gulf Coast Chapter (2020)
Vice President: Appraisal Institute Florida Gulf Coast Chapter (2019)
Secretary / Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 / 2018)
Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2020)
Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 & 2016)
LDAC Attendee: Leadership Development & Advisory Council
Appraisal Institute - Washington, D.C. (2016, 2017, 2018)
Member: CCIM Institute - CCIM Designation Pin Number 21042
Member: Naples Area Board of REALTORS
Licensed: Florida State Certified General Real Estate Appraiser
License No. RZ 2984
Licensed: Real Estate Broker (Florida)
License No. BK3077672
EXPERT WITNESS:
Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County
EDUCATION:
Bachelor of Arts
Major in Economics
Florida Gulf Coast University, 2002
Graduated Magna Cum Laude
Honor Society, Key Club, Phi Eta Sigma
Presented at Eastern Economic Association Conference
Successfully completed real estate and valuation courses and seminars sponsored by the
Appraisal Institute and others.
BUSINESS FOCUS:
Actively engaged in real estate valuation and consulting since 2003. Practice is focused on
community/neighborhood shopping centers, retail and office -buildings, industrial
warehouse/distribution, multi -family and single family subdivisions, condominium
developments, hotels/motels, vacant land and special purpose properties. Specialized
services include market feasibility studies and litigation support in connection with real
estate transactions. Clients served include banks and financial institutions, developers and
investors, law firms, government, and property owners. Valuations have been performed for
eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due
diligence support.
° &KL
VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS
RICK SCOTT, GOVERNOR JONATHAN ZACHEM, SECRETARY
dbpr
WE
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD
THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE
PROVISIONS OF CHAPTER 475, FLORIDA STATUTES
ZUCCHI, RACHEL
4500 EXECUTIVE DRIVE
F�a SUITE 300
NAPLES FL 34119
LICENSE NUMBER: RZ2984_�
EXPIRATION DATE: NOVEMBER 30, 2020
Always verify licenses online at MyFloridaLicensexom
Do not alter this document in any form.
This is your license. It is unlawful for anyone other than the licensee to use this document.
Ejw q
*RU
VANDERBILT BEACH ROAD EXTENSION ADDENDUM B - PROPERTY INFORMATION
ADDENDUM B
PROPERTY INFORMATION
VANDERBILT BEACH ROAD BEGINNING
Li L2
EXDE\`x:"
450 451 452
453 345
%J` 45
� 457 455
\�..xTN
'` �S 89'55231" W
� \<
180.05'
PROPOSED
PARCEL 109 FEE
23,994 SQ. FT,
UNE TABLE
UNE
BEARING
__
LENGTH
L7
I N 89'56'01" E
82,83'
L2
I N 89'55006" E
1 97.23'
TRACT 64
GOLDEN GATE ESTATES
UNIT 3
PLAT BOOK 4 PAGE 77
TRACT 64
ROMERO REV TR MENDOZA, DANIEL A
OR 5639/407 & BRENDA A
OR 3541/358
7th AVENUE INW
SQ.Fi. SOUARE FEET
EXDE EXISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 77
FEE PROPOSED FEE SIMPLE ACQUISITION
OR OFFICIAL RECORDS (BOOK/PAGE)
PROPOSED FEE SIMPLE PARCEL
LEGAL DESCRIPTION (PARCEL 709 FEE)
TRACT 65
MAY 13 2020
N
w E
S
A PORTION OF TRACT 64, GOLDEN GATE ESTATES UNIT 3, AS RECORDED IN PLAT BOOK 4, PAGE 77, OF THE PUBIC
RECORDS OF COLUER COUNTY, FLORIDA, LYING IN SECTION 2, TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLLIER COUNTY,
FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: � a s a a ' 1 ] e � �
BEGINNING AT THE NORTHEAST CORNER OF TRACT 64. baef j (�
THENCE S.00'27'440E., ALONG THE EAST LINE OF SAID TRACT 64, FOR 133,27 FEET;•'�',,,{{. "'•."Y��
THENCE S.89'55'31"W., FOR 180.05 FEET TO A POINT ON THE WEST LINE OF THE EAST080i �FF�,COFirSAlp l'fi 64;
THENCE N.00027.50"W., ALONG SAID WEST LINE, FOR 133.27 FEET TO A POINT ON THE NO(Z4}LJJNE OF SA7 G'�-64;
THENCE N.89.56"01"E., ALONG SAID NORTH LINE, FOR 82,83 FEET TO THE NORTH QUARTEFCCORN� OF3Q7 SAJ SECTI@1
2, TOWNSHIP 49 SOUTH, RANGE 26 EAST; _
THENCE N.89'55.06"E., ALONG SAID NORTH LINE, FOR 97,23 FEET TO THE POINT OF BEGIN&* OF THE PARCkL _-
DESCRIBED HEREIN. odf 'D;•
c➢f o Or Roo a0 c�
CONTAINING 23,994 SQUARE FEET, MORE OR LESS. �� Or • Z�a
BEARINGS ARE BASED ON STATE PLANE COORDINATES, FLORIDA EAST ZONE. !e��and 5��:
(( ' ��rflitaaaa
0 BO 120 2C0 et:Yx� LIL
SKETCH & DESCRIPTION ONLYLm
r'°a.sw
NOT A BOUNDARY SURVEY SCALE' T"-120' saaMe mm.
FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS TMEA w® NN t � A UMon WAS
VANDERBILT BEACH ROAD EXTENSION
SKETCH &DESCRIPTION OF: PROPOSED FEE SIMPLE
�
6610 Niapiea Fb ��S�e 200
ACQUISITION
Phone: (139) 59]-05]5 FAx:
(239) 59]-0S]9
PARCEL 109 FEE
LB No.:6952
ENGINEERING
COLLIER COUNTY, FLORIDA
JOB NUMBER
REVISION
SECTION
TOWNSHIP
RANGE
SCALE
DATE
DRAWN BY
FILE NAME
SHEET
060119.00.00
1
02
49S
26E
1" = 120'
S 4 20
DAM
SK709FEE
1
OF 1
VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA
ADDENDUM C
COMPARABLE DATA
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VANDERBILT BEACH ROAD EXTENSION
ADDENDUM C - COMPARABLE DATA
Transaction
ID
5358
Date
5/26/2020
Address
SWC 3rd Ave SW and
Price
$400,000
Weber Blvd S
City
Naples
Price per Acre
$80,000
State
Florida
Financing
Cash to seller
Tax ID
36760480002
Property Rights
Fee Simple
Grantor
David Tobias
Days on Market
2-3 Months
Grantee
New Era Building, hic Verification Source
Brandon Romero; MVP
Realty Associates LLC
Legal Description
All of Tract 10, Golden Crate Estates, Unit No. 4
Site
Acres
5.00 Topography
Wooded
Land SF
217,800 Zoning Type
E - Estates
Road Frontage
330 Environmental Issues
None known
Depth
660 Shape
Rectangular
Encumbrance or
30' wide road ROW Easement along northerly/easterly property line, 3rd Ave
Easement
SW/Weber Blvd
Comments
Heavily treed parcel located at the SWC of 3rd Ave SW and Weber Blvd S. in Weber Woods. Listed in 2/20
for $450,000.
VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA
i ransaction
ID
5357
Date
10/29/2019
Address
3510 3rd Ave SW
Price
$230,000
City
Naples
Price per Acre
$92,000
State
Florida
Financing
Cash to seller
Tax ID
36764800002
Property Rights
Fee Simple
Grantor
KMI Poperties
Days on Market
2-3 Months
Grantee New Era Building, Inc Verification Source Brandon Romero; MVP
Realty Associates LLC
Legal Description E 1/2 of Tract 84, Golden Gate Estates, Unit No. 4
Site
Acres 2.5 Topography Wooded
Land SF 108,900 Zoning Type E - Estates
Road Frontage 165 Environmental Issues Noneknown
Depth 660 Shape Rectangular
Encumbrance or 30' wide road ROW Easement along northerly property line, 3rd Ave SW
Easement
Comments
Heavily treed parcel located along south side of 3rd Ave SW in Weber Woods. Listed in 8/19 for $249,900.
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H`t'�aC
VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA
1 1 A113 QG LILU 11
ID
5356
Date
5/26/2020
Address
265 29th St NW
Price
$225,875
City
Naples
Price per Acre
$90,350
State
Florida
Financing
Conventional
Tax ID
36862280003
Property Rights
Fee Simple
Grantor
Timothy R and Teresa M.
Days on Market
20 Months
Hoover
Grantee
Portal Glass Florida, LLC
Verification Source
Traci Noteboom;
Downing Frye Realty
Legal Description S 1/2 of Tract 38, Golden Gate Estates, Unit No. 6
Site
Acres 2.5 Topography Wooded
Land SF 108,900 Zoning Type E - Estates
Road Rrontage 165 Environmental Is sues None known
Depth 660 Shape Rectangular
Encumbrance or 30' wide road ROW Easement along eastern property line, 29th St NW
Easement
Comments
Single-family home (built 1982) was demolished with exception of the concrete slab and 18x40 plastic pool.
Electric, septic, well, and irrigation are in place. A 1,500 SF building (1996) with steel beams and roll down
garage doors and a separate storage shed. Seller had custom architectural plans available to build on the
current slab. Listed for $329,900 in 7/18 and reduced multiple times. Most recent reduction to $250,000 in
12/ 19.
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H`t'�aC
VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA
Transaction
ID
5362
Date
6/12/2020
Address
29th St NW
Price
$164,000
City
Naples
Price per Acre
$65,600
State
Florida
Financing
Cash to seller
Tax ID
36863760108
Property Rights
Fee Simple
Grantor
WS Naples, LLC
Days on Market
3-4 Months
Grantee Steven J. Buck and Verification Source Crary Butler; Downinf Frye
Shawna M. Buck Realty Inc
Legal Description S 1/2 of Tract 61, Golden Gate Estates, Unit No. 6
Site
Acres 2.5 Topography Wooded
Land SF 108,900 Zoning Type E - Estates
Road Rrontage 165 13wironmentalIssues Noneknown
Depth 660 Shape Rectangular
Encumbrance or 30' wide road ROW Easement along western property line, 29th St NW
Easement
Comments
Heavily treed parcel located along east side of 29th St NW. Listed for $178,000 on 1/23/20. Collier County
ERP Wetlands Determination letter dated 4/30/14 concludes the parcel does not compromise wetlands and
will not require and ERP for development.
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VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA
i ransaction
ID
5361
Date
3/13/2020
Address
llth Ave SW
Price
$87,000
City
Naples
Price per Acre
$76,558
State
Florida
Financing
Cash to seller
Tax ID
37981240004
Property Rights
Fee Simple
Grantor
Benjamin and Grasiela
Days on Market
3-4 Months
Ramirez
Grantee
Salvatore Mangiapane
Verification Source
Efrain Arce; LA Estates
Realty, Inc
Legal Description W 75' of the W 150' of Tract 19, Golden Crate Estates, Unit No. 27
Site
Acres 1.1 Topography Wooded
Land SF 49,500 Zoning Type E - Estates
Road Frontage 75 En-Aronmental Issues Noneknown
Depth 660 Shape Rectangular
Encumbrance or 30' wide road ROW Easement along southerly property line, I Ith Ave SW
Easement
Comments
Heavily treed parcel located along north side of I1th Ave SW. Listed for $100,000 on 10/29/19.
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H`t'�aC