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Agenda 02/09/2021 Item #16A16 (Purchase Agreement Parcel 117FEE & Parcel 117TDRE - Project 60168)02/09/2021 EXECUTIVE SUMMARY Recommendation to approve an Agreement for the purchase of land (Parcel 117FEE) and an easement (Parcel 117TDRE) required for the Vanderbilt Beach Road Extension Project (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 117FEE, a fee simple interest, and Parcel 117TDRE, a temporary driveway restoration easement, needed for construction of the Project. The improved parent tract is located on the south side of Vanderbilt Beach Road across from the entrance to Vanderbilt County Club and is owned by Gregg and Camillia Strakaluse. Parcel 117FEE is 45,690 square feet or 1.05 acres in extent and rectangular in shape; Parcel 117TDRE is 3,187 square feet and an irregular wedge shape. RKL Appraisal and Consulting, PLC, in its appraisal report dated October 7, 2020, a copy of which is attached for your reference, appraised the total value of both parcels at $408,000. In response to the County's offer to purchase, the owners responded with a counteroffer of $593,000. The attached agreement reflects a negotiated compensation amount of $478,750. Staff recommends that the Board of County Commissioners (the Board) approve the agreement. If these parcels are not acquired by negotiation, they will have to be condemned and the County will become liable for payment of attorney and expert fees and costs that will exceed the difference between the appraised value and the negotiated compensation amount. FISCAL IMPACT: Funds in the amount of $479,750 will be required, being the negotiated compensation amount of $478,750 and miscellaneous closing and recording fees not to exceed $1,000. 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 117FEE and Parcel 117TDRE and authorize the County Manager, or his designee, to record the conveyance instruments 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: Michelle L. Sweet, Sr. Property Acquisition Specialist, Right -of -Way Acquisition, Packet Pg. 707 02/09/2021 Transportation Engineering Division. ATTACHMENT(S) 1. Location Map (PDF) 2. Purchase Agreement (PDF) 3. [Linked] 60168-117 Appraisal (PDF) Packet Pg. 708 16.A.16 02/09/2021 COLLIER COUNTY Board of County Commissioners Item Number: 16.A.16 Doe ID: 14642 Item Summary: Recommendation to approve an Agreement for the purchase of land (Parcel 117FEE) and an easement (Parcel 117TDRE) required for the Vanderbilt Beach Road Extension Project (Project No. 60168). Meeting Date: 02/09/2021 Prepared by: Title: Property Acquisition Specialist — Transportation Engineering Name: Michelle Sweet 01/04/2021 12:03 PM Submitted by: Title: Division Director - Transportation Eng — Transportation Engineering Name: Jay Ahmad 01/04/2021 12:03 PM Approved By: Review: Transportation Engineering Robert Bosch Additional Reviewer Transportation Engineering Mario Puente Additional Reviewer Growth Management Department Lisa Taylor Additional Reviewer Transportation Engineering Jay Ahmad Additional Reviewer Growth Management Department Jeanne Marcella Level 1 Reviewer Growth Management Operations Support Christopher Johnson Growth Management Department Gene Shue Additional Reviewer Road Maintenance Albert English Additional Reviewer 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 Office of Management and Budget Laura Zautcke Additional Reviewer Office of Management and Budget Susan Usher Additional Reviewer County Manager's Office Dan Rodriguez Level 4 County Manager Review Board of County Commissioners MaryJo Brock Meeting Pending Completed 01/04/2021 12:58 PM Completed 01/04/2021 1:24 PM Completed 01/04/2021 1:55 PM Completed 01/05/2021 10:18 AM Completed 01/05/2021 4:12 PM Additional Reviewer Completed Completed 01/06/2021 1:37 PM Completed 01/07/2021 9:35 AM Completed 01/11/2021 4:45 PM Completed 01/12/2021 8:52 AM Completed 01/12/2021 8:56 AM Completed 01/12/2021 1:42 PM Completed 01/15/2021 8:43 AM Completed 01/15/2021 4:41 PM Completed 02/01/2021 8:01 AM 02/09/2021 9:00 AM Packet Pg. 709 16.A.16.a LOCATION MAP PARCELS 117FEE and 117TDRE Vanderbilt Beach Road Extension Project No. 60168 CL m 0 r U 0 J C d E L 0 R Q Packet Pg. 710 16.A.16. b PROJECT NO.: 60168 Vanderbilt Beach Road Ext. PARCEL NO.: 117FEE & 117TDRE FOLIO NO.: 36715700009 PURCHASE AGREEMENT THIS PURCHASE AGREEMENT is made and entered into on this day of , 202_, by and between GREGG R. STRAKALUSE and CAMILLIA G. STRAKALUSE, husband and wife, whose mailing address is 8150 Vanderbilt Beach Road, Naples, FL 34120 (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing address is 3299 Tamiami Trail East, c/o the Office of the County Attorney, Suite 800, Naples, FL 34112 (hereinafter referred to as "Purchaser"). WHEREAS, Purchaser desires to purchase 1) a portion of Seller's property as described on attached "Exhibit A", which is incorporated herein by reference, together with all structures and improvements thereon (hereinafter referred to as "Parcel 117FEE"); and 2) a Temporary Driveway Restoration Easement over, under, upon and across a portion of the Seller's property as described on attached Exhibit "B", which is incorporated herein by reference (hereinafter referred to as "Parcel 117TDRE"); and WHEREAS, Purchaser has requested that Seller convey to Purchaser in fee simple the lands described on attached "Exhibit A", and a Temporary Driveway Restoration Easement over, under, upon and across the lands described on attached "Exhibit B"; and WHEREAS, Seller has agreed to sell Parcel 117FEE and Parcel 117TDRE (Parcel 117FEE shown on Exhibit "A" and Parcel 117TDRE shown on Exhibit "B", hereinafter collectively referred to as "the Property") to Purchaser for the stated purposes on the terms and conditions set forth herein. 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 convey the Property to Purchaser and Purchaser shall purchase the Property from Seller. 2. PURCHASE PRICE The purchase price (the "Purchase Price") for the Property shall be FOUR HUNDRED SEVENTY-EIGHT THOUSAND SEVEN HUNDRED FIFTY and 00/100 DOLLARS ($478,750.00) (U.S. Currency) payable at time of closing. The Purchase Price, subject to Packet Pg. 711 16.A.16. b 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. 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 applicable title standards adopted by the Florida Bar and in accordance with law. Within ten (10) days of the Effective Date of this Agreement, Seller shall provide 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 any documents necessary to convey marketable title and the following documents and instruments duly executed and acknowledged, in recordable form: General Warranty Deed in favor of Purchaser conveying title to Parcel 117FEE, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions or conditions of record. 2. Temporary Driveway Restoration Easement conveying Parcel 117TDRE; 3. Combined Purchaser -Seller closing statement. 4. 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. 5. A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. Packet Pg. 712 16.A.16. b 6. Such evidence of authority and capacity of Seller and its representatives to execute and deliver this Agreement. 7. 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 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 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 deed and easement 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 constitutes "reasonable processing fees." E. There shall be deducted from the proceeds of sale all prior year ad valorem taxes and assessments levied against the parent tract property which remain unpaid as of the date of Closing. 4. 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 Packet Pg. 713 16.A.16. b 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. 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. 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 expense, shall use its best efforts to make such title good and marketable. In the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice 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 and as provided for in Paragraph 3.A. 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 Packet Pg. 714 16.A.16. b 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 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 and an easement 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, Packet Pg. 715 16.A.16. b 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. 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 on the Property or potential of ground water contamination from neighboring 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 ownership thereof. Seller represents none of the Property has been used as a sanitary landfill. I. Seller has no knowledge that the Property, and/or that Seller's operations concerning the Property, are in violation of any applicable Federal, State or local statute, law or 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, 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 Packet Pg. 716 16.A.16. b 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 that may restrict or change any other condition of the Property. 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. TERM OF EASEMENT - The term of Temporary Driveway Restoration Easement Parcel 117TDRE shall commence upon the issuance of Purchaser's official Notice to Proceed to its roadway contractor for the construction of Vanderbilt Beach Road Ext Project No. 60168, and shall automatically terminate three (3) years therefrom or upon Collier County's notification to the contractor of substantial completion, whichever occurs first. 9. 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. B. No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 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. Packet Pg. 717 16.A.16. b 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: Deputy Clerk , Chairman AS TO SELLER: DATED: WITNESSES: (Signature) GREGG R. STRAKALUSE NtSG LNG 11: (Printed Name) % n {Si at CAMILLIA G. STRAKALUSE (PrinteNae) Approved as to farm and legality: IZ Jennifer A. Belpedio y V Assistant County Attorney Packet Pg. 718 16.A.16. b P001NT DF VANDERBILT BEACH ROAD B[GFKINIKFG L1 O(DE N W E S TRACT 81 I HEST LINE - OF TRACT 96 i I i PROPOSED PARCEL 117 FEE 45,690 SO FT NORTH 404.82' OF TRACT 96 STRAKALUSE, GREGG & CAMILLIA C OR 4108/108 TRACT 96 GOLDEN GATE ESTATES UNIT 3 PLAT BOOK 4 PAGE 77 NORTH LINE OF TRACT 96 TRACT 97 I - EAST LINE NUMOLS, A" E OF TRACT 96 OR 3301/"7 i E -I ROW MAY 3 2020 7th AVENUE NW SO.FT. SOUARE FEET EXDE EXISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 77 FEE PROPOSED FEE SIMPLE ACOIISRION OR OFFICIAL RECORDS (BOOK/PAGE) PROPOSED FEE SIMPLE PARCEL 4-. LINE TABLE LINE BEARING LENGTH Ll " 1 V L21 �71 ,4 L3 1 ' L4 N 4" IN 1 9' LEGAL DESCRIPTION (PARCEL 117 FEE) A PORTION OF TRACT 96, GOLDEN GATE ESTATES UNIT 3. AS RECORDED IN PLAT BOOK 4, PAGE 77. OF THE PURUC RECORD OF COLDER COUNTY, FLORIDA. LYING IN SECTION 2. TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, KING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNIACT 96: THG AT THE ENCE 'SS'O6 E..ALONGTHE NORTH LINE TOF CORNER OF SAID HENCESAID TRACT 96, FOR 330.11 FEET +T17 EAST LINE OF SAID TRACT 96:' THENCE &00'27'04'E.. ALONG SAID EAST LINE, FOR 138.43 FEET; i (; THENCE 5 69.55 31'W„ FOR 330,10 FEET TO A POINT ON THE WEST LINE OF SATO "TRACT[Qi: THENCE N.00'2Ti4'W.. ALONG SAID WEST LINE, FOR t3&39 FEET TO THE POINT OF 801NN-N pF THE `�ABC'FL DESCRIBED HEREIN. - 7'�� CONTAINING 45,690 SOUAAE FEET, MORE OR LESS- BEARINGS ARE BASED ON STATE PLANE COORDINATES, FLOF"DA EAST IONS. '•� } 1' Or �S T•�C �,^• aCand�il �IIIII o ea 120 f940 � 4`L 7� SKETCH R DESCRIPTION ONLY SCAM fI-,.1 o wq NOT A BOUNDARY SURVEY '"� mwv FOR: COWER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS n[ +wcm a, i ru W VANDERBILT BEACH ROAD EXTENSION ee,o wua. v.,e on~.. sui. Sao SE=H k DESCRIMON OF: PROPOSED FEE SIMPLE NO,,, Fbn63e 109 ACQUISITION Phm 1Y39) 597-0575 FAX (M) 597-057e PARCEL 117 FEE ----k LS No e952 ENGINEERING COLLIER COUNTY. FIARIDA JOB NUMBER REV ,*N I SECTION I TDWNSHM RANGE SCAL DATE I DRAWN Tt1 I FILF NAME SHEE-1 080119.0600 t 07 49S 26E 1' t 120' 5 4 20 D.AM SKI17FEL 1 C1 a Packet Pg. 719 16.A.16. b N w E PnINT aF COMMENCEMENT 5 wulDt am ■o IWA 6z .64 467 Y I— .Y — Y- 500'27'14'E POINT OF '138.39' BEGINNtNG N8W55'31 'E _ _ 56-13' N00'00'00'E 917_ EAST Ul1E- OF TWO 96 Q� " � TRACT 81 �� B� IBIT IB VANDERBILT BEACH ROAD 468 46 471 4 N89'55'31"E` f 148.24' �500'00'00' 27.88' N90'00,00,w 47.59' N79'34'36"W 102.34' PROPOSED 1791nf` p1EI+C PARCEL 117 TDRE a e1ntH e 3.187 SO. Fr. 4wl0, x71$ TRACT 96 D(DE EXISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 77 TORE PROPOSED TEMPORARY DRIVEWAY RESTORATION EASEMENT OR OFFICIAL RECORDS (BOOK/PAGE) P777iPROPOSED TORE TRACT 97 LEGAL DESCRIPTION (PARCEL 117 TDRE) A PORTION OF TRACT 96, GOLDEN GATE ESTATES UNIT 3, AS RECORDED IN PLAT BOOK 4, PAGE 77, OF THE PUBLIC RECORD OF COLLIER COUNTY, FLORIDA, LYING IN SECTION 2, TOWNSHIP 49 SOUTH, RANGE 26 EAST. COLDER COUNTY. FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENIONG AT THE NORTH WEST CORNER OF SAID TRACT 96; THENCE S.D0`27'14E.. ALONG THE WEST UNE OF SAID TRACT 96. FOR 136.39 FEET; THENCE N.89'55'31'E., FOR 56.13 FEET TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL; THENCE N.8755'31'E.. FOR 148.24 FEET; THENCE S.00'OO'00-E., FOR 27.88 FEET; THENCE N.90'00'001N., FOR 47.59 FEET; THENCE N.7W34'36'*., FOR 102.34 FEET; THENCE N.00'00'OO'E., FOR 9.17 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED HEREIN; CONTAINING 30197 SQUARE FEET, MORE OR LESS GC ROW �. • 1 t t AUG 4 2020 �,tP~rrii caf ��ra'. TEMPORARY ORNEWAY RESTORATION EASE IEkT - CJ (t?l'fiT1CM L: 31 EARa 5301 0 t w ?�1• � �� 0 SKETCH Q DESCRIPTION ONLY 0o ' o.n 1, NOT A BOUNDARY SURVEY seas: t'-tso `• d aOd�. FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS "S w.a.uMn�w r�Hn .1 1 VANDERBILT BEACH ROAD EXTENSION 6610W&w PWkom. &A zoo SEIs'PCH k DESCRIPTION OF: N.q... FWft 0+109 PROPOSED TEMPORARY DRIVEWAY RESTORATION EASEMENT Fn.. (239) 597-0M FAX' (2J9) 597-05M LH N. 6952 PARCEL 117 TDRE YENGINEERING COLLIER COUNTY, FLORIDA JOB NUMBER REV15K1N SELTITJM TOWNSHIP RANGE DATE DRAWN Bry FILE NAME SI#ET 0601 14.06.00 4 2 49S 26E 1• i 20' 7 1 s 20 DAM Slf 1 i 7TDRF 1 , Q Packet Pg. 720 RKL APPRAISAL AND CON SULUNG REAL ESTATE APPRAISAL REPORT VANDERBILT BEACH ROAD EXTENSION Residential 8150 Vanderbilt Beach Road 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: 117 FEE and 117 TDRE EFFECTIVE DATE OF THE APPRAISAL: August 27, 2020 DATE OF THE REPORT: October 7, 2020 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2020-131 (Parcel No. 117 FEE and 117 TDRE) ACHEL M. ZUCCHL MAI, CC1M C. LOWRY, MAI, CPA OUIS C. BOBBITI', MAI 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com RKL APPRAISAL AND CONSULTING October 7, 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 8150 Vanderbilt Beach Road, Naples, Collier County, Florida, 34120 Client File: 117 FEE and 117 TDRE RKL File Number: 2020-131 (Parcel No. 117 FEE and 117 TDRE) 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 temporary driveway restoration easement (TDRE) and the proposed fee simple acquisition area (FEE). 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 3.07 acres, or 133,639 square feet. The parent tract is improved with a single-family home containing 3,008 square feet of living area constructed in 2007. ACHI L M. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 300 C. LOW RY, MAI, CPANaples, FL 34119-8908 Phone: 239-596-0800 0UIS C. 6OHM, MAI www.rklac.com Mr. Harry Henderson, SRA Collier County Transportation Right -Of -Way Group October 7, 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 temporary driveway restoration easement (Parcel No. 117 TDRE) and the proposed fee simple acquisition area (Parcel No. 117 FEE), as of August 27, 2020, is: SUMMARY OF TOTAL COMPENSATION Value of Property Rights Taken (FEE): $83,900 Value of Improvements Taken (FEE): $169,100 Value of Property Rights Taken (TDRE): $1,800 Severance Damages: $137,600 Net Cost to Cure: $15,600 TOTAL AMOUNT DUE OWNER: $408,000 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). ACHEL M. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 300 C. LOW RY, MAI, CPANaples, FL 34119-8908 Phone: 239-596-0800 0Uls C. 6oBaM, MAI www.rklac.com Mr. Harry Henderson, SRA Collier County Transportation Right -Of -Way Group October 7, 2020 Page 3 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: Due to the coronavirus pandemic, a virtual interior inspection of the subject home was conducted via Zoom, a web -based video conferencing tool. Interior photographs of the home were also provided by the property owner. It is assumed the interior condition of the subject property is consistent with those areas observed during the virtual inspection and are as represented in the photographs provided. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC 'Pt' 4�a� Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0800 Ext. 203 ACHEL M. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 300 C. LOW RY, MAI, CPANaples, FL 34119-8908 Phone: 239-596-0800 0Uls C. BOBBM, MAI www.rklac.com 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 ImprovementsAnalysis................................................................................................ 23 Real Estate Taxes and Assessments.............................................................................. 41 Highestand Best Use.................................................................................................... 42 ValuationMethodology.................................................................................................... 44 AnalysesApplied.......................................................................................................... 45 Valuation Analysis of Parent Tract................................................................................... 46 Sales Comparison Approach - Land............................................................................. 46 Valuation Analysis As Improved...................................................................................... 53 Sales Comparison Approach......................................................................................... 53 Valuation Analysis of Part Taken and Remainder Property ............................................. 61 Description of Part Taken............................................................................................. 61 Value Analysis Proposed Property Rights and Improvements Taken .......................... 66 Valuation Analysis of Remainder Property As Severed ................................................... 69 Description of Remainder Property as Severed............................................................ 69 Value Analysis Remainder Property As Severed......................................................... 69 Severance Damages to the Remainder Property........................................................... 72 Costto Cure Analysis................................................................................................... 72 Special Benefits Analysis............................................................................................. 72 Summary and Conclusion............................................................................................. 73 Certification...................................................................................................................... 75 Assumptions and Limiting Conditions............................................................................. 77 Addenda Appraiser Qualifications Property Information ..... Comparable Data ........... *Rn ,,,x, 1„11, ,,H,,,,,,N,, 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 8150 Vanderbilt Beach Road, Naples, Collier County, Florida, 34120 Owner: Gregg R. Strakaluse and Camillia G. Strakaluse 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 temporary driveway restoration easement (TDRE) and the proposed fee simple acquisition area (FEE). 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, the North 404.82 feet of Tract 96 Tax Identification: 36715700009 Land Area: Total: 3.06793 acres; 133,639 square feet Shape: The site is roughly rectangular. Flood Zone: Zone AH Zoning: E - Estates Improvements: Single -Family Year Built: 2007 Gross Living Area (GLA): 3,008 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: $245,400 Improvements: $719,600 Total Market Value of Parent Tract: $965,000 Effective Date(s) August 27, 2020 Property Rights Fee Simple 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 1 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 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: Due to the coronavirus pandemic, a virtual interior inspection of the subject home was conducted via Zoom, a web -based video conferencing tool. Interior photographs of the home were also provided by the property owner. It is assumed the interior condition of the subject property is consistent with those areas observed during the virtual inspection and are as represented in the photographs provided. Page 2 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PART TAKEN Identification: 117 FEE and 117 TDRE Intended Use of the Proposed The intended use of the proposed FEE acquisition area is Acquisition: for expansion and extension of Vanderbilt Beach Road. The intended use of the proposed TDRE acquisition area is for the temporary (3-year) use for driveway restoration. Description: FEE: approximate 138 foot wide strip along the northern (rear) property line. TDRE: approximate 3,187 square foot parcel along the southern boundary of Parcel 117FEE. Land Area (FEE): Total: 1.04890 acres; 45,690 square feet Land Area (TDRE): Total: 0.07316 acres; 3,187 square feet Shape (FEE): Rectangular MOL Shape (TDRE): Wedge Approximate Dimensions: FEE: 330.1 F x 138.43' x 330.10' x 138.39' TDRE: Approximate 3,187 square foot parcel Proposed Improvements Taken: The part taken (FEE) is cleared and landscaped including pavers around the trees with weed barriers, two evergreen trees behind columns, and a Royal Poinciana tree. A decorative aluminum fence with 10-concrete columns and two -decorative gates runs along the northern border of the site. There is electrical lighting system to the street with four decorative luminaries and two outlet receptacles. An additional 550 cubic yards of fill were brought in and graded to increase the elevation and improve drainage for the front yard. The easternmost driveway is brick -paver. The westernmost driveway is brick -paver for approximately 30-feet then lime rock. Lastly there is a short, approximately 15-foot, chain -link fence along the eastern border of the site. Any impacted improvements within the TDRE will be cured by the contractor and are therefore not included in the following analysis. VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN Property Rights Taken (FEE): $83,900 Improvements Taken (FEE): $169,100 Property Rights Taken (TDRE) $1,800 Total: $254,800 Effective Date(s) August 27, 2020 VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE Market Value of the Parent Tract, Before the Taking: $965,000 Less Market Value of the Proposed Part Taken: $254,800 Total Market Value of the Remainder Property, As Part of the Whole: $710,200 Effective Date(s) August 27, 2020 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 Page 3 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS 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: Due to the coronavirus pandemic, a virtual interior inspection of the subject home was conducted via Zoom, a web -based video conferencing tool. Interior photographs of the home were also provided by the property owner. It is assumed the interior condition of the subject property is consistent with those areas observed during the virtual inspection and are as represented in the photographs provided. Page 4 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS REMAINDER PROPERTY, AFTER THE TAKING Land Area: Total: 2.01904 acres; 87,949 square feet Shape: The site is roughly rectangular. Improvements: The parent tract is improved with a single-family home, guest home, and detached garage. Existing Easements and We are not aware of any easement, restrictions, or Encumbrances: encumbrances that would adversely affect value after the taking. However, a current title report was not provided for the purpose of this appraisal. Proposed Acquisition: A Fee Simple Acquisition of 45,690 square feet consisting of an approximate 138 foot wide strip along the northern (rear) property line (FEE) and an approximate 3,187 square foot temporary (3-year) driveway restoration easement (TDRE) along the southern boundary of Parcel I I7FEE. 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: $161,500 Improvement Value: $412,900 Less three-year TDRE Rights Taken: -$1,800 Total Market Value of Reminder Property: $572,600 Effective Date(s) August 27, 2020 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: Due to the coronavirus pandemic, a virtual interior inspection of the subject home was conducted via Zoom, a web -based video conferencing tool. Interior photographs of the home were also provided by the property owner. It is assumed the interior condition of the subject property is consistent with those areas observed during the virtual inspection and are as represented in the photographs provided. Page 5 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Severance Damages to the Remainder Property Value of the Whole $965,000 Less Value of the Part Taken $254,800 Value of the Remainder Property as Part of the Whole $710,200 Value of the Remainder Property as Severed $572,600 Difference (Severance Damages) $137,600 Rounded: $137,600 Net Cost to Cure: S15,600 Special Benefits: $0 Parcel No. It 7 FEE and 117 TDRE Fee Value per Acre % of Fee Indicated Value per Acre Acres Indicated Value Rounded Value Total Value Parent Tract Before the Taking land $80,000 100% $80,000 3.06793 $245,435 $245,400 Improvements $719,600 Total $965,000 Proposed Part Taken Fee Simple Land Taken (FEE) $80,000 100% $80,000 1.04890 $83,912 $83,900 Improvements Taken (FEE) $169,100 Amount Due Owner (FEE) $253,000 Fee Value per Acre Annual Indicated Net Income#Years Per Indicated Net Income over3- Return Acre Per Year year Term Temporary Driveway Restoration Easement $80,000 10% $8,000 3.00 $24,000 (TDRE) Three-year TDRE Rights Taken Acres Encumbered 0.07316 $1,756 $1,800 Total $254,800 Remainder Property, as Part of the Whole $710,200 Remainder Properly Land Area $80,000 100% $80,000 2.01904 $161,523 $161,500 Improvements $412,900 $574,400 Less three-year TDRE Rights Taken-$1,800 Total $572,600 Damages $137,600 Special Benefits $0 Net Damages $137,600 Summary of Total Comaensation Fee Simple Land Taken (FEE) $80,000 100% $80,000 1.04890 $83,912 $83,900 Value ofImprovements Taken (FEE) $169,100 Amount Due Owner (FEE) $253,000 Temporary Driveway Restoration Easement Acres Encumbered 0.07316 $1,756 $1,800 ARE) Total $254,800 Net Damages $137,600 Net Cost to Core $15,600 Total Amount Due Owner $408,000 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 Page 6 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS 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: Due to the coronavirus pandemic, a virtual interior inspection of the subject home was conducted via Zoom, a web -based video conferencing tool. Interior photographs of the home were also provided by the property owner. It is assumed the interior condition of the subject property is consistent with those areas observed during the virtual inspection and are as represented in the photographs provided. Page 7 VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Vanderbilt Beach Road Extension 8150 Vanderbilt Beach Road, Naples, Collier County, Florida, 34120 Legal Description: Golden Gate Estates Unit 3, the North 404.82 feet of Tract 96 Tax Identification: 36715700009 The parent tract is a residential parcel of land containing an area of 3.07 acres, or 133,639 square feet. The parent tract is improved with a single-family home containing 3,008 square feet of living area constructed in 2007. A pool with aluminum screen enclosure and brick pavers was added in 2016. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is Gregg R. Strakaluse and Camillia G. Strakaluse. 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 • the expectations of parties who are regularly intended users for similar assignments; and Page 7 VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION • 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 temporary driveway restoration easement (TDRE) and the proposed fee simple acquisition area (FEE). 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) The proposed property rights to be acquired include the fee simple acquisition area (117 FEE) and a proposed (117 TDRE) temporary (3-year) driveway restoration easement. 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 August 27, 2020. The date of the most recent inspection was August 27, 2020. The date of the report is October 7, 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: A virtual interior inspection and a physical on -site inspection was made. Exterior photographs were taken by the appraiser. Interior photographs were taken by the property owner. 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 Analvses Cost Approach: A cost approach was not applied as the age of the improvements makes the depreciation difficult to accurately measure. 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 there is adequate data to develop a value estimate and this approach reflects market behavior for this property type. Income Approach: An income approach was not applied as the subject is not an income producing property and this approach does not reflect market behavior for this property type. Page 9 VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION 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: Due to the coronavirus pandemic, a virtual interior inspection of the subject home was conducted via Zoom, a web -based video conferencing tool. Interior photographs of the home were also provided by the property owner. It is assumed the interior condition of the subject property is consistent with those areas observed during the virtual inspection and are as represented in the photographs provided. 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 r Estates Area: 88.47 square miles ■Income Profile Prepared by l i 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 Owner 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% 0.72% 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 a$15,000 412 3.7% 373 3.11/. $15,000 - $24,999 590 5.3% 549 4.61/6 $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 a 0 m' 1P sBz FM-2 Golden Gate E31wd W Golden Gate Blvd kN Map data @2020 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, a Boundary Survey prepared by Quattrone & Associates, Inc. dated July 7, 2004 and a sketch and description of the proposed roadway easement prepared by RWA Engineering dated May 4, 2020. Land Summary - Parent Tract Before Taking Parcel ID Gross Land Area Gross Land Area (Acres) (Sq Ft) 36715700009 3.0679 133,639 SITE Location: The subject is located along the south side of Vanderbilt Beach Road, 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: • Vanderbilt Beach Road: 330 feet The site has an average depth of approximately 405 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: Collier County Potable Water (installed 2015); Well water irrigation system throughout parent parcel 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 currently no sidewalks. Sidewalks are proposed 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 two driveways along Vanderbilt Beach Road. Flood Zone: The subject is located in an area mapped by the Federal Emergency Page 14 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Management Agency (FEMA). The subject is located in FEMA flood zone AH, which is classified as a flood hazard area. FEMA Map Number: 12021 C 0410H FEMA Map Date: May 16, 2012 With the exception of the single-family home, the subject parent tract appears to be largely located in the 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. 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. A Subdivi'vion of Section 2 4porl3 of 3rctiona I, /I & /P T498 re26E Gofl"Wr Counfy, Florida Sheet I OF 2 3C'Dratnv r Eoarment � G Q b 33 4(6 'o S4 5, afAc. S zzAc. 5. z v C, 5.7e Ac. Ra.d /ew'Wi, b � x G5 80 81 57C-Ac. 57CAe 3.7SA-, S s9 �o'so'E 2645, of . . -- - ---,.. M d � 97 ° I12 .�y►,RG. 3.L9,4� 5.67A� ". Page 16 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Photographs Vanderbilt Beach Road - Easterly Vanderbilt Beach Road - Westerly (Photo Taken on July 17, 2020) Page 17 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Photographs Aluminum Fence, Columns and Gate in Part Taken - Easterly (Photo Taken on Julv 17, 2020) MR.0 * Brick Pavers in Part Taken on westernmost Driveway (Photo Taken on July 17, 2020) Page 18 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Photographs Lime rock Driveway in Part Taken - Southerly Aluminum Fence and Columns in Part Taken - Easterly (Photo Taken on July 17, 2020) Page 19 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Photographs Easternmost brick paver driveway in FEE and TDRE Part Taken - Southerly Landscaping in Part Taken - Easterly (Photo Taken on July 17, 2020) Page 20 • 'a.f ,'��i ham• -�. �, �"7 ... .. WIN 11 � i' 11 �.., .P� IIII iiiu�u� O�� x z icar , jo Al i �r Fs -A VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Photographs Chain link fence along Eastern Border in Part Taken - Easterly (Photo Taken on July 17, 2020) Page 22 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS IMPROVEMENTS ANALYSIS The parent tract is a residential parcel of land containing an area of 3.07 acres, or 133,639 square feet. The parent tract is improved with a single-family home containing 3,008 square feet of living area constructed in 2007. IMPROVEMENTS DESCRIPTION Property Type: Residential Property Sub Type: Single-family Residential Building Summary Building Name/ID Year Built Construction Number of Living Area Bedrooms / Bathrooms Quality Stories 8150 Vanderbilt Beach Road 2007 CBS/Average One 3,008 4 Bedroom phis Den / 3 Bathroom Notes: The following description is based on our property inspection and public records. The square footage reported herein is based on a floor plan dated February 27, 2006 prepared by Disney & Associates, P.A. GENERAL Building Description: Single-family Residential Construction Class: Class C Appeal/Appearance: Average Year Built: 2007 Renovations: 2016 (Pool) Actual Age (Yrs.): 13 Effective Age (Yrs.): 5 MVS Expected Life (Yrs.): 60 Remaining Useful Life (Yrs): 55 Condition: Average Garage: Three -car attached garage Porch / Deck: Screened lanai with pool; 1,660/sf concrete basketball court; 522/sf brick paver fire pit FOUNDATION, FRAME & EXTERIOR Foundation: Poured concrete slab Structural Frame: Concrete Block Exterior: Painted Stucco Windows: Aluminum Roof/Cover: Hip / Concrete Tile Page 23 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS INTERIOR Interior Layout: Den/office located off entry foyer; open living and dining room; kitchen with stainless steel LG Appliances, wood cabinets, dishwasher, disposal, and granite countertops; walk-in pantry; family room with breakfast nook; laundry; master suite with his and her (walk-in) closets, dual vanities, garden tub and shower stall. Floor Cover: Ceramic tile in kitchen/bathrooms/laundry; wood -look laminate in bathrooms and den Walls: Painted drywall with crown molding in kitchen and living areas. Ceilings: Painted drywall MECHANICAL SYSTEMS HVAC: Package Units Heating: Electric Electrical: Average Plumbing Condition: Average PROPERTY ANALYSIS Design & Functional Utility: The overall design and utility of the building is adequate for its current use. Deferred Maintenance: There was no deferred maintenance noted on the date of inspection. Hazardous Substances We were not provided with an environmental assessment report for the purpose of this appraisal. Environmental and hazardous substance issues are beyond our scope of expertise. Unless otherwise stated, we assume no hazardous conditions exist on or near the subj ect. Capital Improvements: We were not made aware of any planned capital improvements. Improvement Analysis Conclusion The quality, maintenance, and overall appeal of the subject are considered to be consistent with that of competing properties. Page 24 VANDERBILT BEACH ROAD EXTENSION Improvements Plan IMPROVEMENTS ANALYSIS m LINEN �Ila 9 6, nuew .w- aY BgGFST .xa m•a O 'L BATH �__ I I a i m .� a A I ___ .ter r• �� I 1 s.a arise Y. sSF. xpxo L 3 TAIL �LEV 2 338F. I I s FAI IiTY ROOM i V - ___• -t. �• ('''�}�' F- aa. nn e W QI N 5 _ = A Qy al ARAG_E 5T bF. ` TOTAL 4,033 SF. a,eem._.+mc roves. wxavir .Z. I�1 2 B Z II(•I 43 W1 e� '.__ MASERI A4 m _i '� / �J Yam_— DINING �2 �lln e 3 KauwNE �1• °0 ^ O x ti a�<.u>c uu uu+u:vs «� _ �" __� • . ��.a�". Fa �—r °per •jacm n,um exi ^.'� �, Rm 6 . 1'c 0.m €P 8; I i- a. 1—_ '2 E . ros rro ..<o�amrFEua.um W � W S > F BEDRO el ^ 4� A I FOT wR 4 A IGE � ��+. y I BE I .� cme cwcxems � versa wxs rtnv rare onEre coon ws, U � 'r"I'. Q � � DEN=•/ e IH z BATH 5 .I O BEDROOMS . 41 41ee41. LA p 3 CAR GARAGE ® TYPICAL WALL SECTION (FTC"•� 4s^A 1 oo"oTc OPTIONAL PERIMETER SECTION .�w�m.aee. �, +-------- — --------- FLOOR PLAN 5CALE: 1/ 4 I'-0' FX-i BEAM e,..e ^"mm° z , e<ti - Page 25 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS Improvements Plan - Collier County Property Appraiser Sketch ALSE 14 64 POOL-4 15X32 9 BRICK 29 1813.0 sf 7 M N 35 6 13 am 9 Q a, 32 4.2 w, 0 + 1 2900,5 sf CO 8 � 10 7 11 5 q 18 30 85.7 OP 30 (8=128.0 sf) 38,4 sf CPC 156.0 sf 40 12 3 12 35 CONC 1660.0 sf 18 5 52 Basketball Court 23 Single-family Home 29 GAR 70 (B=667,0 sf) 466.9 sf Page 26 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS Aerial - Part Taken Approximate boundary lines of the fee simple acquisition area (FEE) are shown in blue. The approximate boundary lines of the temporary driveway restoration easement (TDRE) are shown in yellow. Page 27 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS Improvement Photographs Front Elevation - Southerly Eastern Elevation (Photo Taken on July 17, 2020) Page 28 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS Improvement Photographs Pool and Sunshelf (Photo Taken on July 17, Rear Elevation - Northerly (Photo Taken on July 17, 2020) Page 29 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS Improvement Photographs FF1 - � we AMM� Western Elevation Concrete Basketball Court (Photo Taken on July 17, 2020) Page 30 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS Improvement Photographs Detached Shed Brick Paver Fire pit area (Photo Taken on July 17, 2020) Page 31 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS Page 32 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS Improvement Photographs Provided by Property Owner - Dining Room Page 33 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS Improvement Photographs Provided by Property Owner - Bedrooms Improvement Photographs Provided by Property Owner - Den used as Bedroom Page 34 VANDERBILT BEACH ROAD EXTENSION IMPROVEMENTS ANALYSIS Improvement Photographs Provided by Property Owner - Bedroom and Bathroom Page 35 VANDERBILT BEACH ROAD EXTENSION Improvement Photographs Provided by Property Owner - Master Bathroom Page 36 VANDERBILT BEACH ROAD EXTENSION Improvement Photographs Provided by Property Owner - Master Bathroom and 2nd Bathroom Page 37 VANDERBILT BEACH ROAD EXTENSION Improvement Photographs Provided by Property Owner - Laundry and Pantry Page 38 VANDERBILT BEACH ROAD EXTENSION Improvement Photographs Provided by Property Owner - Garage Page 39 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 2020 are as follows: ASSESSED VALUES - PARENT TRACT Tax Identification Number 36715700009 Land Assessed Value $210,450 Building Assessed Value $447,031 Save our Homes/Homestead, et al.-$279,408 Total Assessed Value $378,073 Totals Total Land Assessed Value $210,450 Total Building Assessed Value $447,031 Save our Homes/Homestead, et al. -$279,408 Total Assessment $378,073 Rates, Taxes, More Tax Rate 1.16% Ad Valorem Tax Amount $4,401 Special Assessment Amount $218 Special Assessment Comments District 1 Garbage Total Tax Liability $4,618 Property Tax Comments The 2018 and 2019 taxes have been paid. The 2020 millage rate shown is based on the proposed rate if the proposed budget is adopted. The assessment for the underlying land is currently $68,597 per acre prior to exemptions. The total assessment for the subject property is currently $218.58 per square foot prior to exemptions. Based on our valuation analysis, the subject's underlying land assessment appears reasonable and the total assessment appears low. Page 41 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 3.06793 acres or 133,639 square feet with 330 feet of frontage 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. 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 041 OH, 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 42 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, 1 Sth 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 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 43 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 44 VANDERBILT BEACH ROAD EXTENSION VALUATION METHODOLOGY ANALYSES APPLIED A cost analysis was considered and was not developed because the age of the improvements makes the depreciation difficult to accurately measure. 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 there is adequate data to develop a value estimate and this approach reflects market behavior for this property type. An income analysis was considered and was not developed because the subject is not an income producing property and this approach does not reflect market behavior for this property type. Page 45 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH - LAND VALUATION ANALYSIS OF PARENT TRACT SALES COMPARISON APPROACH - LAND 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 46 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH - LAND Comp Address Date Price City Acres Price Per Acre Comments Subject 8150 Vanderbilt Beach Road 8/27/2020 Naples 3.068 1 SWC 3rd Ave SW and Weber Blvd S 5/26/2020 $400,000 Heavily treed parcel located at the SWC of 3rd Ave SW and Weber Blvd S. in Weber Woods. Listed in 2120 for $450,000. Naples 5.000 $80,000 2 35103rd Ave SW 10/29/2019 $230,000 Heavily treed parcel located along south side of3rd 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 exception of the concrete slab and 18A0 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 tares. Most recent reduction to $250,000in 12/19. 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 Detemrination 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 g l lth Ave SW 3/13/2020 $87,000 Heavily treed parcel located along north side of l lth Ave SW. Listed for $100,IX0 on 10/29/19. Naples 1.136 $76,558 Comparables Map } vnderbin 6traeh Pd 4. n {>alc isr sari, -,;.:r .'. "d T, Vo m i J: Map data @2020 Page 47 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH - LAND 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 48 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH - LAND Land Analysis Grid 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 IIth Ave SW Extension Weber Blvd Address 8150 Vanderbilt Beach SWC 3rd Ave SW and 3510 3rd Ave SW 265 29th St NW 29th St NW llth Ave SW Road Weber Blvd City Naples Naples Naples Naples Naples Naples Date 8/27/2020 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 3.07 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 Simple Fee Simple 0.0% Fee Simple 0.05/6 Fee Simple 0.0% Fee Simple 0.00/, Fee Simple 0.0% Financing Cash to seller 0.00% Cash to seller 0.00% Conventional 0.0% Cash to seller 0.0% Cash to seller 0.0% Conditions of Sale Arius Length 0.01% Arius Length 0.00% Arm's Length 0.0% Arm's Length 0.0% Ands Length 0.0% Adjusted Acre Unit Price $80,000 $92,000 $90,350 $65,600 $76,558 Market Trends Through 8/27/2020 5.0% 1.3% 4.1% 1.3% 1.0% 2.3% Adjusted Acre Unit Price $81,001 $95,803 $91,480 $66,270 $78,286 Location Vanderbilt Beach Road Weber W oods Weber Woods Golden Cate Estates Golden Gate Estates Golden Gate Estates Fat. %Adjustment -5% -5% 5% 5% -5% $ Adjustment 3.07 -$4,050 5.00 44,790 2.50 $4,574 2.50 $3,313 2.50 -$1,914 1.14 Acres Frontage / Depth 330 x405 330 x 660 165 x660 165 x 660 165 x 660 75 x 660 %Adjustment 0% 01/. 01% 01/. 5% $ Adjustment None Known $0 None Known $0 None Known $0 Shed/Well/Septic $0 Uplands $3,914 None Known Topography / Wetlands %Adjustment 0% 0°/ -22% 0% 0% $Adjustment E- Estates $0 E- Estates $0 E- Estates -$20,250 E- Estates $0 E- Estates $o E- Estates Zoning Type Adjustment 0% 01% 0% 0% 0% $ Adjustment $0 $0 $0 $0 $0 Adjusted Acre Unit Price $76,951 $91,013 $75,804 $69,583 $78,286 Net Adjustments -5.0% -5.001. -17.1% 5.0% 0.01/6 Gross Adjustments 5.01/. 5.0% 27.1% 5.011. 10.0% Page 49 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH - LAND 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 July 2020 Market Report released by the Naples Area Board of Realtors (NABOR), overall closed sales increased 42.8% in July 2020 compared to closed sales in July 2019. Year-to-date closed sales are up 2.6% from 2019 year-to-date sales. Inventory increased in July by 9.4% from July 2019; however, it is down year-to-date by 6.4%. The July report also confirms home values continue to increase with the year-to-date median closed price of $442,500 up 7.4% from the 2019 year-to-date median price of $411,850. 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 50 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH - LAND East Naples 34114, 34117, 34120, 34137 Single Family July Year -to -Date 1 l i % Chang New Listings 168 190 + 13.1% 1,400 1,410 + 0.7% Closed Sales 154 210 + 36.4% 1,013 1,085 + 7.1% Days or Market Until Sale 101 80 - 2D.8% 99 89 -10.1 % Median Closed Price" $348,000 5375,000 + 7.8% $339,995 $358,000 + 5.3% Average Closed Price" $387,579 g416,177 + 7.4% $407,781 $421,999 +3.5% Percent of Current List Price Received" 97.7% 97.4% - 0.3% 97.D% 97.2% +0.2% Inventory of Homes for Sale 966 474 - 45.3% — — Months Supply of Inventory I 6.6 3.2 - 51.5% — — 'Does not accounl for sale concessions and/or do payment 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 essentially flat year-to-date while the number of closed sales is up by 7.1%. The median closed price increased by 5.3% year-to-date and the average sales price increased by 3.5%. However, it is noted this is unadjusted raw data and does not relate directly to the subject. The sales all occurred within the last ten months. Based on the preceding analysis and considering underlying land will have a similar trend as single-family homes, a 5.0% average annual adjustment is applied. Location The subject and comparables 1 and 2 are located within the area known as Weber Woods. However, the subject fronts Vanderbilt Beach Road, a main arterial, while comparables 1 and 2 are located along interior streets and considered superior in terms of location. Comparable 5 is located west of the Cypress Canal and south of White Boulevard and is just south of Weber Woods. It is also considered superior for its location along an interior street. 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 slightly 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 51 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH - LAND 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, and in the final analysis, considering the proximity to Collier Boulevard, I conclude toward the high end of the range in arriving at my final reconciled per acre value of $80,000. Land Value Ranges & Reconciled Values Number of Comparables: 5 Unadjusted Adjusted % a Low: $65,600 $69,583 6.07% High: $92,000 $91,013 -1.07% Average: $80,902 $78,327 -3.18% Reconciled Value [Unit Value: $80,000 Subject Size: 3.06793 Indicated Value: $245,435 Reconciled Final Value: $245,400 Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local retail market it is our opinion that the probable marketing and exposure time for the parent tract is 6 months to 12 months. Page 52 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH VALUATION ANALYSIS AS IMPROVED SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Comparables I have researched 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 square foot as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Page 53 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH Comp Address Price Price Per SF Year Built City Date GLA Construction Comments Subject 8150 Vanderbilt Beach Road 2007 4 Bedroomplus Den / 3 Bathroom Naples 8/27/2020 3,008 Class C 1 32217th Ave SW $1,075,000 $337.68 2006 4 Bed +Den / 3 Bath home located on 5.16 acres with frontage along a drainage canal. Site is secured by automatic gate. Circular drive with fountain and professional landscaping with extensive outdoor lighting. Attached 2-car garage. Goumtet kitchen with granite countertops, gas stove, double ovens & pantry. Hardwood floors in master, 2 walk-in Naples 11/7/2019 3,184 Concrete Block closets and separate water heater and A/C. Pool (756/sf) with sun shelf and spa. New pool heater, outdoor shower and new screen enclosure. A 2nd automatic gate leads to RV parking with electric and reverse osmosis water hookup. Detached A/C 2-car garage with workshop (811/st) and fire pit. Sold 3/8/2017 for $875,000. 2 430 29th St NW $975,000 $275.89 2002 3 Bed +Den / 2.5 Bath on 2.5 acres fully fenced. Bespoke ceiling details, woodwork & stonework, gourmet island kitchen, gas fireplace, home office with built-ins, master suite with large closet/dressing room, dual sinks, jacuzai tub and oversized shower. Two guest suites and two - Naples 3/23/2020 3,257 Concrete Block car attached garages. Heated saltwater pool & spa, outdoor kitchen, fire pit, fenced green space, concrete & Metal roof converted bam with 2 A/C spaces (exercise & yoga studio and mancave/lounge) plus workshop area or 4-car garage with lighting fans and 2 manual overhead doors. 3 38323rd Ave SW $970,000 $289.38 2018 4Bed +Den / 3.5 Bath home with attached 3car garage and additional 1lx 2l A/C storage room Gated entry with Quartzite kitchen countertops, granite/quartz baths, customcabinetry with under counter lighting, walk-in pantry, gas range, hardwood flooring, built-in wine Naples 12/6/2019 3,352 Concrete Block baz. Whole house revers osmosis, 22k hole house Genemc generator and tank -less gas water heater. Sa$waterpool & spa with lights. Lot purchased in 412017 for $155,000. 4 381 25th St SW $725,000 $262.78 2005 4 Bed +Den / 3 Bath home with attached 3-oar garage. Detached 2,880 SF storage/shop with 3 overhead doors, storage cabinets and ceiling fans. Pool/spa with screened lanai and brick paver patio. Naples 10/2/2019 2,759 Concrete Block 5 330 25th St NW $725,000 $263.92 1998 3 Bed +Den / 3 Bath home with attached 2-car garage. Ship -lap bead siding exterior. Plank oak flooring, tray ceilings, plantation shutters, and newly remodeled goumret kitchen with granite counters and stainless steel appliances. Whole house reverse osmosis, 22K Kohler Naples 2/12/2020 2,747 Concrete Block propane generator, buried 1,000 acre propane, LID landscape lighting. Saltwater pool and spa and detached 2,160 SF workshop/garage with A/C gym and spray foam insulation. Page 54 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH Comparables Map i:?� Yanderblh � 6¢ach Pd ® u Gate 91vd W n a m w w oogle a: Of ssz M,r tlrr "a-r ? ad 4" Map data @2O20 Page 55 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. Age/Condition Attributes such as size, shape, age, number of stories, etc. Economic Characteristics Material differences between the subjects' net operating income and the net operating income of the comparables on a per unit basis. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 56 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Vanderbilt Beach 3221 7th Ave SW 430 29th St NW 3832 3rd Ave SW 381 25th St SW 330 25th St NW Road Extension Address 8150 Vanderbilt 3221 7th Ave SW 430 29th St NW 3832 3rd Ave SW 381 25th St SW 330 25th St NW Beach Road City Naples Naples Naples Naples Naples Naples Date 8/27/2020 11/7/2019 3/23/2020 12/6/2019 10/2/2019 2/12/2020 Price $1,075,000 $975,000 $970,000 $725,000 $725,000 No. of Units 1 1 1 1 1 1 Price per Unit $1,075,000 $975,000 $970,000 $725,000 $725,000 1Yansaction Adjustments Property Rights Fee Simple Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Financing Cash to seller 0.0% Cash to seller 0.0% Casht°s<uer 0.0% Conventional 0.0% C.-bona] 0.0% Conditions of Sale Ands Length 0.0% Ands Length 0.0% An 's Lmgth 0.0% Arm's Length 0.0% A-'s Le gth 0.0% Adjusted Price per Unit $1,075,000 $975,000 $970,000 $725,000 $725,000 Murket Trends Through 8/27/2020 5.0% 4.0% 2.1% 3.6% 4.5% 2.7% Adjusted Price per Unit $1,118,088 $995,678 $1,004,976 $757,697 $744,345 Location Vanderbilt Beach Weber Woods Golden Gate Estates Weber Woods Golden Gate Estates Golden Gate Road Ext. Estates % Adjustment -3 % 0% -3 % 3 % 3 % $ Adjustment 3,008 -$33,543 3,184 $0 3,257 -$30,149 3,352 $22,731 2,759 $22,330 2,747 GLA SF Difference -176 -249 -344 249 261 $ Adjustment 1 2007 -$13,200 2006 -$18,680 2002 -$25,800 2018 $18,680 2005 $19,580 1998 Year Built % Adjustment 1 0% 0% -2e/ 0% 10% $ Adjustment 1 1 4 + Den / 3 Bath $0 4 + Den / 3 Baths $0 3 + Den / 2.5 Baths -$20,100 4 + Den / 3.5 Bath $0 4 + Den / 3 Bath $74,400 3 + Den / 3 Bath Bed / Bath $ Adjustmentl Attached 3-car $0 Attached 2-car; Detached $15,000 Attached 2-car; -$5,000 Attached 3-car garage; $0 Attached 3-car garage; $10,000 Attached 2-car; Garage/ Workshop garage; detached A/C 2-car Detached 4-car/yoga 240/sf A/C storage 2,880/sf (2014) Detached 2,160 SF shed studio/mancave room garage/gym $ Adjustment Basketball court; fire $0 RV Parking with -$20,000 Outdoor kitchen; fire $0 Outdoor kitchenibar; -$10,000 Landscaping $0 Landscaping; LED Site Improvements/ Amenities pit gated with Electric/Water; fire pit pit; fenced green space; gated Lighting; gated lighting gated gated $ Adjustment 3.07 $0 5.15 -$5,000 2.50 -$5,000 2.50 $10,000 2.50 $5,000 2.50 Acres Acre Difference -2.08 0.57 0.57 0.57 0.57 $ Adjustment 480 SF Pool -$166,690 756 SF Pool / Spa $45,430 600 SF Pool / Spa $45,430 392 SF Pool / Spa $45,430 450 SF Pool / Spa $45,430 390 SF Pool / Spa Pooll $ Adjustment I -$10,000 -$10,000 $0 $0 $0 Adjusted Price per Unit $894,655 $1,002,428 $964,357 $844,538 $921,086 Net Adjustments -20.0% 0.7 % -4.0% 11.5% 23.7% Gross 20.0% 11.5% 13.1% 14.1% 23.7% Page 57 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH Comparable 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 with increasing vacancy, the overall commercial 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 commercial 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. The sales all occurred within the last eleven months. Based on the analysis presented in the land valuation, a 5.0% average annual adjustment is applied. Location Comparables I and 3 are located within Weber Woods similar to the subject. However, they are located along interior streets which is superior to the subject's location along Vanderbilt Beach Road. Comparable 2 is located along 29th Street NW, just east of Weber Woods. It is considered to have offsetting positive and negative location attributes; therefore, no adjustments are applied. Comparables 4 and 5 are located furthest east and are considered slightly inferior overall in terms of location. Page 58 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH Gross Living Area This adjustment reflects differences in living area. For this analysis, all of the comparables are adjusted for their differing gross living areas. Age This adjustment reflects differences in age and condition. For this analysis, comparable 5 is adjusted upward for its older age while comparable 3 is adjusted downward for its newer age. Beds/Baths The subject is a four -bedroom home with a den and three bathrooms similar to comparables 1 and 4. Comparables 2, 3, and 5 are adjusted for their differing bedrooms bathrooms. Garage/Workshop This adjustment reflects differences in garages. The subject has an attached three -car garage and a detached 216 square foot shed built in 2000. Comparable 1 has an attached two -car garage and detached air-conditioned two -car garage. Overall it is considered similar to the subject and no adjustments are applied. Comparable 2 has an attached two -car garage and a detached four -car garage which includes two air-conditioned areas built out as an exercise studio and a mancave/lounge. It is adjusted downward accordingly. Comparable 3 has an attached three -car garage and a 240/sf air-conditioned storage room. It is considered similar to the subject and no adjustments are applied. Comparable 4 has an attached three -car garage and a detached 2,800/sf storage/shop with three overhead doors. It is adjusted downward accordingly. Comparable 5 has an attached two -car garage and a detached 2,160/sf air-conditioned garage/gym. It is considered similar to the subject and no adjustments are applied. Site Improvements / Amenities The subject is improved with a 1,660/sf concrete basketball court a 522/sf brick paver fire pit. It is gated with a decorative aluminum fence, 10 decorative columns, two gates, and lighting. Comparable 1 has RV Parking with electric and water service, a fire pit, and is gated. It is considered similar to the subject and no adjustments are applied. Comparable 2 has an outdoor kitchen, fire pit, fenced green space and is gated. Comparable 3 also has an outdoor kitchen/bar and is gated. They are both considered superior to the subject and adjusted downward accordingly. Page 59 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH Comparable 4 has no additional site improvements/amenities aside from landscaping. It is adjusted upward accordingly. Comparable 5 has landscaping, LED lighting, a 22K Kohler propone generator with a buried 1,000 gallon propane tank and is gated. Overall it is considered inferior and is adjusted upward accordingly. Lot size The subject parcel is 3.07 acres. Comparables 2, 3, 4, and 5 are all adjusted upward for their smaller lot sizes. Comparable 1 consists of 5.15 acres and is adjusted downward accordingly. Pool The subject has a 480 square foot pool with brick pavers and an aluminum screen enclosure. It has a sun shelf but no spa. Comparables 1 and 2 both have larger pools with a spa. They are adjusted downward accordingly. Comparables 3, 4, and 5 are considered relatively similar overall and no adjustments are required. Sales Comparison Approach Conclusion All of the value indications have been considered, and in the final analysis, considering the subject's proximity to Collier Boulevard as well as the improving market conditions I conclude toward the high end of the range in arriving at my final reconciled value of $965,000. Value Ranges & Reconciled Values Number of Comparables: 5 Unadjusted Adjusted % Low: $725,000 $844,538 16.49% High: $1,075,000 $1,002,428 -6.75% Average: $894,000 $925,413 3.51% Reconciled Final Value: $965.000 The previously estimated value of the parent tract of $245,400 indicates a contributory value of the improvements of $719,600 ($965,000 - $245,400). Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local retail market it is our opinion that the probable marketing and exposure time for the parent tract is 6 months to 12 months. Page 60 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF PART TAKEN VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY DESCRIPTION OF PART TAKEN Parcel No. 117 FEE is a Fee Simple Acquisition for the expansion and extension of Vanderbilt Beach Road from Collier Boulevard to 16th Street NE. Parcel No. 117 TDRE is a temporary (3-year) driveway restoration easement. 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 FEE: approximate 138 foot wide strip along the northern (rear) property line. TDRE: approximate 3,187 square foot parcel along the southern boundary of Parcel 117FEE. Land Area (FEE): Total: 1.04890 acres; 45,690 square feet Land Area (TDRE): Total: 0.07316 acres; 3,187 square feet Shape (FEE): Rectangular MOL Shape (TDRE): Wedge Approximate Dimensions: FEE: 330.1 F x 138.43' x 330.10' x 138.39' TDRE: Approximate 3,187 square foot parcel Proposed Improvements Taken: The part taken (FEE) is cleared and landscaped including pavers around the trees with weed barriers, two evergreen trees behind columns, and a Royal Poinciana tree. A decorative aluminum fence with 10-concrete columns and two -decorative gates runs along the northern border of the site. There is electrical lighting system to the street with four decorative luminaries and two outlet receptacles. An additional 550 cubic yards of fill were brought in and graded to increase the elevation and improve drainage for the front yard. The easternmost driveway is brick -paver. The westernmost driveway is brick -paver for approximately 30-feet then lime rock. Lastly there is a short, approximately 15-foot, chain -link fence along the eastern border of the site. Any impacted improvements within the TDRE will be cured by the contractor and are therefore not included in the following analysis. Page 61 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF PART TAKEN Aerial - Part Taken Approximate boundary lines of the fee simple acquisition area (FEE) are shown in blue. The approximate boundary lines of the temporary driveway restoration easement (TDRE) are shown in yellow. Page 62 VANDERBILT BEACH ROAD EXTENSION Aerial - Proposed Improvements A I I� I DESCRIPTION OF PART TAKEN I I _ 'I �' � I �vmTE I�RD ICR- I } a st E J I x i i § 'i Approximate boundary lines of remainder property shown in blue. Page 63 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF PART TAKEN Sketch and Legal Description of Proposed Part Taken (FEE) BEGINNING VANDERBILT BEACH ROAD I —„O� LINE } � OF TRACT 96 4541 c65 �Y,5Fi .,':i' <%`a5'i..r;=` '�.�Y `xa,�, �,,��a61.� 470 �ei- a72 N PROPOSED PARCEL 117 FEE W E 45.690 SO, FT. NORTH 404.32' S OF TRACT 96 STPAMUSE. GREGG & CAMILUA G TRACT 81 OR 4108/108 TRACT 96 GOLDEN GATE ESTATES UNIT 3 PLAT BOOK 4 PAGE 77 OF NI ;HOLS, WRK E OR 3301/537 7fh AVENUE NW SOFT. SQUARE FEET EXDE EXISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 77 FEE PROPOSED FEE SIMPLE ACOUISTTION OR OFFICIAL RECORDS {BOOK/PAGE) L" X PROPOSED FEE SIMPLE PARCEL TRACT 97 I - EAST LINE OF TRACT 96 1LZ-ROW MAY 3 2320 :E I LINE TABLE LINE BEARING LENGTH L1 N 89'55106' E 33GA V L2 S OO'27'04' E L3 S 8 ' •31" W 33D.10' L4 N OU27'14' W 138.39' LEGAL DESCRIPTION (PARCEL 117 FEE) A PORTION OF TRACT 96, GOLDEN GATE ESTATES UNIT 3, AS RECORDED IN PLAT BOOK 4, PAGE 77, OF THE PUBLIC RECORD OF CCU-JR COUNTY, FLORIDA. LYING IN SECTION 2, TOWNSHIP 49 SOUTH, RANGE 26 EAST, COWER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWSr BEGINNING AT THE NORTNWEST CORNER OF SAID TRACT 98-, + THENCE N.89'5S'O6'E_, ALONG THE NORTH LINE OF SAD TRACT 96. FOR 330.11 FEET +9b�.I/`y'CPD11{T, EAST LINE OF SAID TRACT 96; • ••�1{1C,3 ��', THENCE S.00'2-rWE„ ALONG SAID EAST LINE, FOR 138.43 FEET; - THENCE S.89'5631'W., FOR 330.10 FEET TO A POINT ON THE WEST LINE OF SAD-tTRA&62 THENCE N_0077'14'W., ALONG SAID WEST LINE, FOR 138.39 FEET TO THE POINT aF 151!�I14NIN%gF THE CEL- DESCRIBED HEREIN. @:Cr CONTAINING 45,690 SQUARE FEET, MORE OR LESS r' e p; FIQfa�� BEARINGS ARE BASED ON STATE PLANE COORDINATES, FLORIDA EAST TONE_ ,Land0411, o ea tm uu 1D SKETCH & DESCRIPTION ONLY SwAXM 7-=i2o' � 4�R^Tp" rMF=t w 5m NOT A BOUNDARY SURVEY mm: FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMIS510NER5 nu iropZM � M6ia A��pLS VANDERBILT BEACH ROAD EXTENSION SKETCH & DESCRIPTION OF. PROPOSED FEE SIMPLE � ow�n�� AC41TTSITION Phonee: etIMOF%?-0M FAX: RM1 S97- n F6 No.:9952 PARCEL 117 FEE COLIdEB COUNTY, FLORMA F TYENGINEERING JOB NUMBER I RiVS4O SECTION TOWNSNIP kaNGE SCALE DATE ORAriI, 6Y FILE NAME SHEET 060119.06.00 1 02 49S 26E 1" = 120' 5/4/20 DAM _._SK117FEE 1 OF 1 Page 64 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF PART TAKEN Sketch TRACT 81 19 a and Legal Description of Proposed Part Taken (TDRE) ,v IN _T[i I I E COMMENCEMENT — S wwlk artr w arA 461 ?65 SO0'27'141E 138 39' N89'55'319 56.13 VANDERBILT BEACH ROAD POINT BEGIN 9.1T EAST LINE OF TRACT 96 N79'34'36,W F 02-34' PROPOSED PARCEL 117 TORE air c� 3,187 SO. FT. OA 41WI00 M 1570M TRACT 96 TRACT 97 7 as OF NING 148.24' N89.55'31"E 27.88' NBO'06'007N 47,59' FXOF EXISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 77 TORE PROPOSED TEMPORARY ORNEWAY RESTORATION EASEMENT OR OFFICIAL RECORDS (BOOK/PAGE) PROPOSED TORE LEGAL DESCRIPTION (PARCEL 117 TDRE) A PORTION OF TRACT 95, GOLDEN GATE ESTATES UNIT 3, AS RECORDED IN PLAT BOOK 4, PAGE 77, OF THE PUBLIC RECORD OF COLLIER COUNTY, FLORIDA. LYING IN SECTION 2, TOWNSHIP 40 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS COMMENCING AT THE NORTH WEST CORNER OF SAID TRACT 96; THENCE S-OW27'14"E_, ALONG THE WEST LINE OF SAID TRACT 96, FOR 136.39 FEET; THENCE N.SW55'31'E.. FOR 56,13 FEET TO THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL; THENCE NAW55'31'E., FOR 148.24 FEET; THENCE S.WO0*00"E_, FOR 27.88 FEET; THENCE N.9D'00'0O'W., FOR 47.59 FEET; THENCE N.79.34'36'W., FOR E02.34 FEET; HE THENCE N.00'00'00"E., FOR 9.17 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED REIN; CONTAINING 3,187 SQUARE FEET, MORE OR LESS —1� �?+' , I A �''' rr el ' ~d TEMPORARY DRf"AY AUG 4 ZKO FL'STORATION EASEh"T pLT,raTION: 31 �.Ah7 - 5301 zi 240 SKETCH & DESCRIPTION ONLY T NOT A BOUNDARY SURVEY scDx: i'-1ao- SF' c^s: r� d FOR: COLLIER COUNTY" GOVERNMENT BOARD OF COUNTY COMMISMDNERS '�ei .�cw W .-j Arm Pis+ A' VANDERBILT BEACH ROAD EXTENSION 3KSTCH k DESCRIPTION OF: esiow�awc.co�.smseno Nwl"a. �n Ulm PROPOSED TEMPORARY DRIYKWAY RESTORATION EASEMENT Nn (zW"7Cs7S FA)L 2�IW097a PARCEL 117 TDRE LON...SOW COLLIER COUNTY, FIARIDA ENGINEERING D60119.06.DO 1 4 1 2 1 495 1 26E 1 1" = 120' 1 7/15/20 1 DAM I SKI17TDRE I 1 OF 1 Page 65 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 $80,000 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. 117 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) Therefore, Parcel No. 117 FEE includes 100% of the fee simple value resulting in an estimated overall unit value. Parcel No. 117 TDRE is a temporary (3-year) driveway restoration easement. A temporary easement as defined by The Dictionary of Real Estate Appraisal, Sixth Edition is an easement granted for a specific purpose and applicable for a specific time period. A driveway restoration easement, for example, is terminated after the restoration of the driveway and the unencumbered fee interest in the land reverts to the owner. Accordingly, the proposed easement will essentially take the entire bundle of rights for the three year term. Compensation for temporary easements is usually based on the market rent of the affected area for the term of the temporary easement. In the absence of rental date, the appropriate rate of return on the land for the term of the easement is utilized. In the case of the subject parent tract; there is inadequate market rental rate data available to determine an appropriate rental rate for vacant Estates zoned land. An appropriate rate of return for the subject parent tract is estimated at 10.0% based on investor surveys. Value of Improvements Taken The part taken (FEE) is cleared and landscaped including pavers around the trees with weed barriers, two evergreen trees behind columns, and a Royal Poinciana tree. A decorative aluminum fence with 10-concrete columns and two -decorative gates runs along the northern border of the site. There is electrical lighting system to the street with four decorative luminaries and two outlet receptacles. An additional 550 cubic yards of fill were brought in and graded to increase the elevation and improve drainage for the front yard. The easternmost driveway is brick -paver. The westernmost driveway is brick - paver for approximately 30-feet then lime rock. Lastly there is a short, approximately 15- foot, chain -link fence along the eastern border of the site. Any impacted improvements within the TDRE will be cured by the contractor and are therefore not included in the following analysis. The depreciated replacement cost of the improvements taken is based on cost estimates from Marshall & Swift, a nationally recognized cost service. Page 66 VANDERBILT BEACH ROAD EXTENSION VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN Marshall & Swift Cost Source: Marshall & Swift Section 66, Pages 1-8 No. of Stories Multiplier: 1.000 Local Multiplier: 1.000 Height/Story Multiplier: 1.000 Current Cost Multiplier: 1.020 Perimeter Multiplier: 1.000 Combined Multipliers: 1.020 Site Improvements Taken Item I Unit Type I Costj Quantityl I Total Brick Paver Driveway Sq. Ft. $25.00 2,354 $58,850 Lime rock Driveway Sq. Ft. $1.55 2,110 $3,271 Aluminum Fence, 10 Columns, 2 Gates, Lights Lin. Ft. $58.42 320 $18,693 Chain Link Fence Lin. Ft. $14.20 15 $213 Clearing, grading, fill, irrigation, landscaping Sq. Ft. $2.59 41,226 $106,868 Total Site Improvement Costs $187,896 Soft Costs Item Percent Type Total Indirect Costs .............. 10.0% % of Site Cost Total Soft Costs $18,790 $18,790 Total Costs Total Cost $206,686 Depreciation: Section 1 of Componentl Ell. Age I Life I Percent I Amount Physical Depreciation: Site 3 15 20% $37,579 Total Depreciation $37,579 Depreciated Value of Improvements $169,107 Rounded $169,100 The concluded value of the Land and Property Rights Taken as well as the Improvements Taken is shown in the following table. Value Indications Proposed Property Rights and Ifnprovements Taken Fee Value per % of Indicated Value per Acres Indicated Value Rounded Total Value Acre Fee Acre Value Proposed Part Taken Fee Simple Land Taken (FEE) $80,000 100 % $80,000 1.04890 $83,912 $83,900 Improvements Taken (FEE) $169,100 Amount Due Owner (FEE) $253,000 Fee Value per Annual Indicated Net Income #Years Indicated Net Income Acre Return Per Acre Per Year over3-year Term Temporary Driveway Restoration Easement $8Q 000 10 (TDB Three-year TDRE Rights Taken Total $8,000 3.00 $24,000 Acres Encumbered 0.07316 $1,756 $1,800 $254,800 The valuation of the remainder property, as part of the whole is shown in the following table. Page 67 VANDERBILT BEACH ROAD EXTENSION VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE Market Value of the Parent Tract, Before the Taking: $965,000 Less Market Value of the Proposed Part Taken: $254,800 Total Market Value of the Remainder Property, As Part of the Whole: $710,200 Effective Date(s) August 27, 2020 Page 68 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 3.06793 acres or 133,639 square feet. Prior to the taking, the parcel consists of approximately 330 feet of frontage and 405 feet of depth. After the taking, the parcel will consist of approximately 330 feet of frontage and 267 feet of depth. The remainder property will consist of 2.01904 acres or 87,949 square feet. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. The remainder parent tract will have a legally non -conforming lot size (2.01904 acres vs. required 2.25 acres min.) in the after condition. REMAINDER PROPERTY, AFTER THE TAKING Land Area: Total: 2.01904 acres; 87,949 square feet Shape: The site is roughly rectangular. Road Frontage/Access: The remainder property has average access with frontage as follows: • Vanderbilt Beach Road: 330 feet The site has an average depth of approximately 267 feet. It is not a corner lot. Improvements: The parent tract is improved with a single-family home, guest home, and detached garage. Existing/Proposed Easements and We are not aware of any easement, restrictions, or Encumbrances: encumbrances that would adversely affect value after the taking. However, a current title report was not provided for the purpose of this appraisal. Proposed Acquisition: A Fee Simple Acquisition of 45,690 square feet consisting of an approximate 138 foot wide strip along the northern (rear) property line (FEE) and an approximate 3,187 square foot temporary (3-year) driveway restoration easement (TDRE) along the southern boundary of Parcel 117FEE. 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 After the taking, there will be a fee simple acquisition of 45,690 square feet consisting of an approximate 138 foot wide strip along the northern (rear) property line (FEE) and an approximate 3,187 square foot temporary (3-year) driveway restoration easement (TDRE) along the southern boundary of Parcel I I7FEE. Parcel No. 117 FEE includes 100% of the fee simple value with no residual value to the remainder property. Parcel No. 117 TDRE is a temporary (3-year) driveway restoration easement. A temporary easement as defined by The Dictionary of Real Estate Appraisal, Sixth Edition Page 69 VANDERBILT BEACH ROAD EXTENSION VALUE ANALYSIS REMAINDER PROPERTY As SEVERED is an easement granted for a specific purpose and applicable for a specific time period. A driveway restoration easement, for example, is terminated after the restoration of the driveway and the unencumbered fee interest in the land reverts to the owner. Accordingly, the proposed easement will essentially take the entire bundle of rights for the three year term. The remainder property will consist of 2.01904 acres or 87,949 square feet. Most competitive residential parcels in the subject area of the Golden Gate Estates plat have lot sizes which exceed the Estates zoning minimum of 2.25 acres. While lot sizes in the Golden Gate Estates market area below minimum size requirements are not uncommon (and typically remain buildable) the appraiser recognizes that a minor narrowing of the pool of potential buyers may result; this factor is considered accordingly. Value of Remainder Improvements Due to the partial acquisition of the parent tract, a partial cure will be necessary including the re-establishment of the existing fence. The part taken is improved with a decorative aluminum fence, 10 columns, and two gates that run along the northern boundary providing a level of security and safety for the single-family home. However, considering the existing two-lane Vanderbilt Beach Road is going to be expanded to a six -lane road and will be 138 feet closer to the single-family home, it is the appraiser's opinion the fence will need to be replaced with a concrete block wall to provide for additional safety as well as to help buffer noise and block streetlights. Therefore, an allowance is included in the Cost to Cure Analysis. Finally, it is the appraiser's opinion, that even after a partial cure, the remainder property's improvements will be damaged after the taking due to the reduction of the setback of the single-family home from approximately 215 feet before the taking to approximately 77 feet after the taking from the right-of-way of Vanderbilt Beach Road. Additionally, the remainder property will consist of 2.01904 acres or 87,949 square feet. Most competitive residential parcels in the subject area of the Golden Gate Estates plat have lot sizes which exceed the Estates zoning minimum of 2.25 acres. This is especially true for the larger more expensive home such as the subject. While lot sizes in the Golden Gate Estates market area below minimum size requirements are not uncommon (and typically remain buildable) the appraiser recognizes that a minor narrowing of the pool of potential buyers may result due to the smaller 2.01904 acre remainder parcel; this factor is considered accordingly. Further, most competitive homes in the local market area have a front setback of 100 feet or more from the adjacent roadway, especially homes located along main roadways. Homes located significantly less than 100 feet are considered to have functional obsolescence due to a below market setback of the building improvements from the adjacent roadway. The remainder property's improvements will be damaged after the taking. Page 70 VANDERBILT BEACH ROAD EXTENSION VALUE ANALYSIS REMAINDER PROPERTY As SEVERED The amount of overall obsolescence is estimated based on an analysis of similar properties as well as discussions with market participants. The overall obsolescence is applied to the value of the improvements. The value of the Remainder Improvements is shown in the following table. Value of Remainder Improvements Property Value as a Whole Before the Taking $965,000 Land Value Before the Taking $245,400 Improvements Value Before the Taking $719,600 Less Site Improvements Taken $169,100 Value of Remainder Improvements before Overall Obsolescence $550,500 Overall Obsolescence Adjustment 25.0% $137,625 Value of Remainder Improvements $412,875 Rounded $412,900 The concluded value of the Remainder Property is shown in the following table. Value Indications Remainder Property, After the Taldng Fee Value per % of Indicated Value per Acre Fee Acre Acres Indicated Value Rounded Value Total Value Remainder Property Land Area $80,000 100% $80,000 2.01904 $161,523 $161,500 Improvements $412,900 $574,400 Less three-year TDRE R4& Taken -$1,800 Total $572,600 Page 71 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 $965,000 Less Value of the Part Taken $254,800 Value of the Remainder Property as Part of the Whole $710,200 Value of the Remainder Property as Severed $572,600 Difference (Severance Damages) $137,600 Rounded: $137,600 COST TO CURE ANALYSIS Due to the partial acquisition of the parent tract, a partial cure will be necessary including the re-establishment of the existing fence. The part taken is improved with a decorative aluminum fence, 10 columns, and two gates that run along the northern boundary providing a level of security and safety for the single-family home. However, considering the existing two-lane Vanderbilt Beach Road is going to be expanded to a six -lane road and will be 138 feet closer to the single-family home, it is the appraiser's opinion the fence will need to be replaced with a concrete block wall to provide for additional safety as well as to help buffer noise and block streetlights. Without the wall, vehicular traffic on Vanderbilt Beach Road would be more visible and audible from the single-family home and could result in additional minor damage to the remainder (above the overall obsolescence previously calculated). It is our opinion that this additional potential damage would be completely eliminated by the establishment of a concrete block wall (instead of the existing fence) with two entrance gates on the remainder lands. The following table details the cost of the new wall, gates, and lights based on cost estimates from Marshall & Swift, a nationally recognized cost service. The contributory depreciated value of the existing fence, columns, gates, and lights is deducted to arrive at the net cost to cure of $15,600. Net Cost to Cure New 6' Decorative CBS Wall, 2 Gates, Lights $32,056 Total Cost to Cure $32,056 Less Contnbutory Depreciated Value of Fence/Columns/Gates/Lights $16,450 Net Cost to Cure $15,606 Rounded $15,600 SPECIAL BENEFITS ANALYSIS Based on the analysis of the remainder property, there are no special benefits. Page 72 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 August 27, 2020, subject to the Limiting Conditions and Assumptions of this appraisal. Parcel No. 117 FEE and 117 TDRE Fee Value per Acre % offee Indicated Value per Acre Acres Indicated Value Rounded Value Total Value Parent Tract Before the Taking land $80,000 100% $80,000 3.06793 $245,435 $245,400 Improvements $719,600 Total $965,000 Proposed Part Taken Fee Smrple Land Taken (FEE) $80,000 100% $80,000 1.04890 $83,912 $83,900 Improvements Taken (FEE) $169,100 Amount Due Owner (FEE) $253,000 Fee Value per Acre Annual Indicated Net Income Per Indicated Net Income over3- #Years Return Acre Per Year year Tenn Temporary Driveway Restoration Easement $80,000 10% $8,000 3.00 $24,000 (TDRE) Three-year TDRE Rights Taken Acres Encumbered 0.07316 $1,756 $1,800 Total $254,800 Remainder Property, as Part of the Whole $710,200 Remainder Properly Land Area $80,000 100% $80,000 2.01904 $161,523 $161,500 Improvements $412,900 $574,400 Less three-year TDRE Rights Taken-$1,800 Total $572,600 Damages $137,600 Special Benefits $0 Net Damages $137,600 Summary of Total Compensation Fee Smiple Land Taken (FEE) $80,000 100% $80,000 1.04890 $83,912 $83,900 Value ofImprovernents Taken (FEE) $169,100 Arnma Due Owner (FEE) $253,000 Temporary Driveway Restoration Easement Acres Encumbered 0.07316 $1,756 $1,800 (TDRE) Total $254,800 Net Damages $137,600 Net Cost to Cave $15,600 Total Amount Due Owner $408,000 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). Page 73 VANDERBILT BEACH ROAD EXTENSION SUMMARY AND CONCLUSION 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: Due to the coronavirus pandemic, a virtual interior inspection of the subject home was conducted via Zoom, a web -based video conferencing tool. Interior photographs of the home were also provided by the property owner. It is assumed the interior condition of the subject property is consistent with those areas observed during the virtual inspection and are as represented in the photographs provided. Page 74 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 75 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 76 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 77 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 78 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 79 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 party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 80 VANDERBILT BEACH ROAD EXTENSION ADDENDA - APPRAISER QUALIFICATIONS ADDENDA *Rn VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS *Rn VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS -RKI 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 %ACHCIL M. ZUCCHL MAI, CCIM 4500 Executive Drive, Suite 300 LOWRY, MAI, CPA Naples, FL 34119-8908 Phone: 239-596-0800 UTS C. BOBBITI', MAI www.rklac.com 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. *RU VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS RICK SCOTT, GOVERNOR JONATHAN ZACHEM, SECRETARY b1pr 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 4 ,`rr►►,, SUITE 3C10 — ,� NAPLES FL 34119 LICENSE NUMBER: RZ2984 EXPIRATION DATE: NOVEMBER 30, 2020 Always verify licenses online at MyFioridaLicense.com Do not after this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. iui.r�o= C s�-NG VANDERBILT BEACH ROAD EXTENSION ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION *Rn,u.ti Collier County Property Appraiser Property Summary Site 8150 Site Zone Parcel No 36715700009 Address VANDERBILT Site City NAPLES *Note 34120 *Disclaimer BEACH RD Name / Address STRAKALUSE, GREGG & CAMILLIA G 8150 VAN DERBILT BEACH RD City NAPLES I State I FL I Zip 34120-1776 Map No. Strap No. Section Township Range Acres *Estimated 4B02 326200 96 14B02 2 49 26 3.05 Legal I GOLDEN GATE EST UNIT 3 N 404.82 FT OF TR 96 Millage Area 9 11 Millage Rates 0 *Calculations Sub./Condo 326200 - GOLDEN GATE EST UNIT 3 School Other Total Use Code 9 1 - SINGLE FAMILY RESIDENTIAL 5.016 6.2924 11.3084 Latest Sales History (Not all Sales are listed due to Confidentialitv) Date Book -Page Amount 09/19/06 4108-108 $ 0 07/14/04 3606-1055 $ 217,500 03/07/01 2786-3172 $ 261,000 2020 Preliminary Tax Roll Subject to Change) Land Value $ 210,450 +� (_) Improved Value Market Value $ 447,031 $ 657,481 (-) Save our Home $ 229,408 (_) Assessed Value $ 428,073 (-) Homestead $ 25,000 $ 403,073 $ 25,000 (_) School Taxable Value (-) Additional Homestead (_) Taxable Value $ 378,073 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail F- Site 8150 Site Zone Parcel No 36715700009 Address VANDERBILT Site City NAPLES *Note 34120 *Disclaimer BEACH RD Name / Address STRAKALUSE_ GREGG & CAMILLIA G 8150 VAN DERBILT BEACH RD City I NAPLES State I FL rermns Tax Issuer Yr trroviaea Tor reverence purposes Permit # CO Date oni . -ruii uisciaimer. Tmp CO Final Bldg Type 2008 COUNTY 0606-4145 05/22/07 RESIDENCE 2010 COUNTY 2008031812 SHED 2017 COUNTY PRBD20160203904 04/20/17 POOL 2017 COUNTY PRBD20160308252 1 01/31/17 SCREEN ENCLOSURE Land # Calc Code Units 10 ACREAGE 3.05 Buildina/Extra Features # Year Built Description Area Area 3499 10 2007 RESIDENTIAL 2901 20 2000 GARAGE 216 216 30 2014 CARPORT 156 156 40 2016 ALUMENCREEN 4681 4681 50 2016 SWIMMING POOL 480 480 60 2016 BRICK DECK 2335 2335 70 2011 CONCRETE 1660 1660 TRACT 81 VANDERBILT BEACH ROAD <6� WEST UNE— OF TRACT 96 PROPOSED PARCEL 117 FEE 45,690 SQ. FT. NORTH 404.82' OF TRACT 96 STRAKALUSE, GREGG & CAMILLIA G OR 4103/108 TRACT 96 )LDEN GATE ESTATES UNIT 3 AT BOOK 4 PAGE 77 NICHOLS, MARK E OR 3301/537 7th AVENUE NW SQ.FT. SQUARE FEET EXDE IXISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 77 FEE PROPOSED FEE SIMPLE ACQUISRION OR OFFICIAL RECORDS (BOOK/PAGE) PROPOSED FEE SIMPLE PARCEL LEGAL DESCRIPTION (PARCEL 117 FEE) TRACT 97 —EASE UNE OF TRACT 96 UNE TABLE LINE BEARING LENGTH , A PORTION OF TRACT 96, GOLDEN GATE ESTATES UNIT 3AS RECORDED IN PLAT BOOK 4, PAGE 77, OF THE PUBLIC RECORD OF COLLIER CWNTY, FLORIDA, LYING IN SECTION 2, TOWNSHIP 49 SOUTH, RANGE 26 EAST, COWER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID TRACT 96; THENCE N,89*551060E., ALONG THE NORTH LINE OF SAID TRACT 96, FOR 330,11 FEET 4 �e CP0NFI ON EAST LINE OF SAID TRACT 96; ` , Raw °cQ THENCE S.00'27'04'E., ALONG SAID EAST LINE, FOR 138.43 FEET; 9C�flCgfe Oe THENCE S.89'55'31*W., FOR 330,10 FEET TO A POINT ON THE WEST LINE OF SAID-TRACT(9; 2 ; THENCE N.00'27'14'W., ALONG SAID WEST LINE, FOR 138.39 FEET TO THE POINT bF BEGINNIN%QF THE 4CEL; DESCRIBED HEREIN. _ e �j01 a- _ CONTAINING 45,690 SQUARE FEET, MORE OR LESS. r BEARINGS ARE BASED ON STATE PLANE COORDINATES, FLORIDA EAST ZONE. + ° ° Of Rof\ @ 1 1 Bt^ (Ia.i 0 i i 1 r ZL SUfhfYOR 0 80 120 240 rrJj/ FMMEMMETM SKETCH & DESCRIPTION ONLY SCATS: 1'm120' r10ron1 n�� CMF=TE NO. Woi NOT A BOUNDARY SURVEY Sp"H0 DAB' 105 FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS � ZM Ysr OkM�'L A `ANt0THIS 4 PALS VANDERBILT BEACH ROAD ERTENSION SKETCH &DESCRIPTION OF: PROPOSED FEE SIMPLE � ssio wriawe� Frio as se Suite zoo ACQUISITION Phone: 09I 597i157S FAX: (239) 59]-05)e PARCEL 117 FEE IB No.: 6952 COLLIER COUNTY, FLORIDA ENGINEERING = 120' � 5/4/20 I DAM � SK117FEE I 1 OF 1 VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA *RU, VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA Transaction ID 5358 Address SWC 3rd Ave SW and Weber Blvd S City Naples State Florida Tax ID 36760480002 Grantor David Tobias Grantee Legal Description New Era Building, hic Date Price Price per Acre Financing Property Rights Days on Market Verification Source All of Tract 10, Golden Gate Estates, Unit No. 4 5/26/2020 $400,000 $80,000 Cash to seller Fee Simple 2-3 Months Brandon Romero; MVP Realty Associates LLC Site Acres 5.00 Topography Wooded Land SF 217,800 Zoning Type E - Estates Road Frontage 330 Environmental Issues Noneknown 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. *RU VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA Transaction 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 Crate Estates, Unit No. 4 Site Acres 2.5 Topography Wooded Land SF 108,900 Zoning Type E - Estates Road Frontage 165 Environmental Issues None known 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. *RU VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA Transaction 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 TraciNoteboom; 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 Frontage 165 Environmental Issues 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 18x40plastic 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. 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 W S Naples, LLC Days on Market 3-4 Months Grantee Steven J. Buck and Verification Source Gary Butler; Downinf Frye Shawna M. Buck Realty Inc Legal Description S 1/2 of Tract 61, Golden Crate Estates, Unit No. 6 Site Acres 2.5 Topography Wooded Land SF 108,900 Zoning Type E - Estates Road Frontage 165 Environmental Issues None known 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 Detennination letter dated 4/30/14 concludes the parcel does not compromise wetlands and will not require and ERP for development. *RU VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA Transaction 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, hic Legal Description W 75' of the W 150' of Tract 19, Golden Gate Estates, Unit No. 27 Site Acres 1.1 Topography Wooded Land SF 49,500 Zoning Type E - Estates Road Prontage 75 Environmental Issues None known Depth 660 Shape Rectangular Encumbrance or 30' wide road ROW Easement along southerly property line, l lth Ave SW Easement Comments Heavily treed parcel located along north side of llth Ave SW. Listed for $100,000 on 10/29/19. *RU VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA Transaction ID 5435 Date 11/7/2019 Address 3221 7th Ave SW Price $1,075,000 City Naples Price Per SF $337.68 State Florida Transaction Type Closed Tax ID 36767000100 Financing Cash to seller Grantor Charles W. Walter and Property Rights Fee Simple Robin Walter Grantee Bradford and Fresa Nye Days on Market 1-2 Months Legal Description Golden Gate Estates Unit Verification Source Chris Sullivan; Re/Max 4, Tract 122 Affinity Plus Site Acres 5.2 Topography Level Land SF 224,400 Zoning E Road Frontage 330 Emironmental Issues None known Shape Rectangular Encumbrance or 50' wide ROW easement Utilities Well, Septic Improvements Rentable Area 3,184 Year Built 2006 No. of Bedrooms 4 Bed +Den Garage/Carport/ Attached 2-car; Detached Workshop A/C 2-car No. of Bathrooms 3 Baths Condition Good Site Improvements RV Parking with Electric/Water; fire pit; gated Comments 4 Bed + Den / 3 Bath home located on 5.16 acres with frontage along a drainage canal. Site is secured by automatic gate. Circular drive with fountain and professional landscaping with extensive outdoor lighting. Attached 2-car garage. Gourmet kitchen with granite countertops, gas stove, double ovens & pantry. Hardwood floors in master, 2 walk-in closets and separate water heater and A/C. Pool (756/sf) with sun shelf and spa. New pool heater, outdoor shower and new screen enclosure. A 2nd automatic gate leads to RV parking with electric and reverse osmosis water hookup. Detached A/C 2-car garage with workshop (811/sf) and fire pit. Sold 3/8/2017 for $875,000. AP-1-.y ro 5-ING VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA Transaction ID 5436 Date 3/23/2020 Address 430 29th St NW Price $975,000 City Naples Price Per SF $275.89 State Florida Transaction Type Closed Tax ID 36863500009 Financing Cash to seller Grantor Mary Louise Purtle hidiv Property Rights Fee Simple and as trustee of the Mary Louise Purtle Rev Trust Grantee John Lance Schademann Days on Market 4-5 Months and Tamara Elizabeth Schademann, Trustees Legal Description Golden Cate Estates Unit Verification Source Mimy Von Schreiner, John 6, N 165' ofTract 56 R Wood Site Acres 2.5 Topography Level Land SF 108,900 Zoning E Road Frontage 165 Environmental Issues Noneknown Shape Rectangular Encumbrance or 30' wide ROW easement Utilities Well, Septic Improvements Rentable Area 3,257 Year Built 2002 No. of Bedrooms 3 Bed + Den Garage/Carport/ Attached 2-car; Detached 4- Workshop car/yoga studio/mancave No. of Bathrooms 2.5 Baths Condition Good Site Improvements Outdoor kitchen; fire pit; fenced green space; gated Comments 3 Bed + Den / 2.5 Bath on 2.5 acres fully fenced. Bespoke ceiling details, woodwork & stonework, gourmet island kitchen, gas fireplace, home office with built-ins, master suite with large closet/dressing room, dual sinks, jacuzzi tub and oversized shower. Two guest suites and two -car attached garages. Heated saltwater pool & spa, outdoor kitchen, fire pit, fenced green space, concrete & Metal roof converted barn with 2 A/C spaces (exercise & yoga studio and mancave/lounge) plus workshop area or 4-car garage with lighting fans and 2 manual overhead doors. ,emu .troy mNs�aING VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA ID Address City State Tax ID Grantor Grantee Legal Description 5437 3832 3rd Ave SW Naples Florida 36761440009 Roy T. Diliberto and Peggy A. Diliberto Transaction Date Price Price Per SF Transaction Type Financing Property Rights Jacinto A. Rosa, Trustee Days on Market Golden Crate Estates Unit Verification Source 4, W 1/2 of Tract 29 12/6/2019 $970,000 $289.38 Closed Cash to seller Fee Simple 1-2 Months Lisa Maria Johnson, PA; John R Wood Properties Site Acres 2.5 Topography Level Land SF 108,900 Zoning E Road Frontage 165 Environmental Issues None known Shape Rectangular Encumbrance or 30' wide ROW easement Utilities Well, Septic Improvements Rentable Area 3,352 Year Built 2018 No. of Bedrooms 4 Bed + Den Garage/Carport/ Attached 3-car garage; Workshop 240/sfA/C storage room No. of Bathrooms 3.5 Baths Condition Good Site Improvements Outdoor kitchen/bar; gated Comments 4 Bed + Den / 3.5 Bath home with attached 3-car garage and additional l lx21 A/C storage room Gated entry with Quartzite kitchen countertops, granite/quartz baths, custom cabinetry with under counter lighting, walk- in pantry, gas range, hardwood flooring, built-in wine bar. Whole house revers osmosis, 22k hole house Generac generator and tank -less gas water heater. Saltwater pool & spa with lights. Lot purchased in 4/2017 for $155,000. 1—.� ro�S—NG' VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA ID Address City State Tax ID Grantor Grantee Legal Description Transaction 5438 Date 38125th St SW Price Naples Price Per SF Florida Transaction Type 36817420009 Financing Maria Walling, hidiv. and Property Rights as Trustee Perry R and Mary Jo Major Golden Gate Estates Unit 5, S 165' of of Tract 105 Days on Market Verification Source 10/2/2019 $725,000 $262.78 Closed Conventional Fee Simple 3-4 Months Stuart Miller; John R Wood Site Acres 2.5 Topography Level Land SF 108,900 Zoning E Road Frontage 165 Environmental Issues None known Shape Rectangular Encumbrance or 39 wide ROW easement Utilities Well, Septic Improvements Rentable Area 2,759 Year Built 2005 No. of Bedrooms 4 Bed + Den Garage/Carport/ Attached 3-car garage; Workshop 2,880/s f (2014) No. of Bathrooms 3 Baths Condition Good Site bnprowments Landscaping Comments 4 Bed + Den / 3 Bath home with attached 3-car garage. Detached 2,880 SF storage/shop with 3 overhead doors, storage cabinets and ceiling fans. Pool/spa with screened lanai and brick paver patio. 1—.� ro�5—ING' VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA Transaction ID 5439 Date 2/12/2020 Address 330 25th St NW Price $725,000 City Naples Price Per SF $263.92 State Florida Transaction Type Closed Tax ID 36867780003 Financing Conventional Grantor David and Vickie Property Rights Fee Simple Stonitsch Grantee James Pepper Days on Market 10-11 Months Legal Description Golden Gate Estates Unit Verification Source Lindsay Imbese; 6, S 165' of of Tract 122 DomainRealty Site Acres 2.5 Topography Level Land SF 108,900 Zoning E Road Frontage 165 FnvironmentalIssues Noneknown Shape Rectangular Encumbrance or 30' wide ROW easement Utilities Well, Septic Improvements Rentable Area 2,747 Year Built 1998 No. of Bedrooms 3 Bed + Den Garage/Carport/ Attached 2-car; Detached Workshop 2,160 SF garage/gym No. of Bathrooms 3 Baths Condition Good Site Improvements Landscaping; LID Lighting; gated Comments 3 Bed + Den / 3 Bath home with attached 2-car garage. Ship -lap boad siding etderior. Plank oak flooring, tray ceilings, plantation shutters, and newly remodeled gourmet kitchen with granite counters and stainless steel appliances. Whole house reverse osmosis, 22K Kohler propane generator, buried 1,000 acre propane, LED landscape lighting. Saltwaterpool and spa and detached 2,160 SF workshop/garage with A/C gymand spray foam insulation. a�� a .tiy ro�s� r NG