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Agenda 04/27/2021 Item #16A 5 (Purchase of land - VBR Ext)16.A.5 04/27/2021 EXECUTIVE SUMMARY Recommendation to approve an Agreement for the purchase of land (Parcel 1107FEE) required for construction of the Vanderbilt Beach Road Extension. [Project No. 601681 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 1107FEE, a parcel of land needed for construction of the Project. The improved parent tract is located east of Wilson Boulevard on the south side of 12' Avenue NE and is owned by 180 12th AVE NE, LLC. Parcel 1107FEE is 15,000 square feet in extent and is rectangular in shape. The attached appraisal report prepared by Wilcox Appraisal Services, Inc., dated September 22, 2020, estimates the full compensation amount for Parcel 1107FEE to be $61,800. This amount includes severance damages to the remainder property. In response to the County's offer to purchase, the property owner made a counter offer of $146, 625 and also claimed business damages. The attached agreement reflects a negotiated full compensation amount of $94,000. If this parcel is not acquired by negotiation, it will have to be condemned. Significant risk factors accrue to the County in condemnation actions, including exposure to exorbitant damages claims and liability for payment of attorney and expert witness fees and costs. Staff accordingly recommends that the Board of County Commissioners (the Board) approve the agreement as a better result is not expected if Parcel 1107FEE is condemned. FISCAL IMPACT: Funds in the amount of $94,100 will be required, being the negotiated compensation amount of $94,000 and miscellaneous closing and recording fees not to exceed $100. 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 I I07FEE and authorize the County Manager, or his designee, to record the conveyance instrument in the public records of Collier County, Florida; Authorize the payment of all costs and expenses that Collier County is required to pay under the terms of the purchase agreement to close the transaction; Authorize the County Manager or his designee to take the necessary measures to ensure the County's performance in accordance with the terms and conditions of the purchase agreement; and Authorize any, and all, budget amendments that may be required to carry out the collective will of the Board. Prepared By: Karen Dancsec, Property Acquisition Specialist, Right -of -Way Acquisition, Transportation Engineering Division. Packet Pg. 513 16.A.5 04/27/2021 ATTACHMENT(S) 1. Purchase Agreement (PDF) 2. Location Map (PDF) 3. [Linked] Appraisal 10-16-2020 (PDF) Packet Pg. 514 16.A.5 04/27/2021 COLLIER COUNTY Board of County Commissioners Item Number: 16.A.5 Doe ID: 15312 Item Summary: Recommendation to approve an Agreement for the purchase of land (Parcel 1107FEE) required for construction of the Vanderbilt Beach Road Extension. [Project No. 60168]. Meeting Date: 04/27/2021 Prepared by: Title: Property Acquisition Specialist — Transportation Engineering Name: Karen Dancsec 03/18/2021 8:23 AM Submitted by: Title: Division Director - Transportation Eng — Transportation Engineering Name: Jay Ahmad 03/18/2021 8:23 AM Approved By: Review: Transportation Engineering Robert Bosch Additional Reviewer Transportation Engineering Jay Ahmad Additional Reviewer Growth Management Department Jeanne Marcella Level 1 Reviewer Growth Management Operations Support Christopher Johnson Transportation Engineering Mario Puente Additional Reviewer Transportation Engineering Marlene Messam Additional Reviewer Road Maintenance Albert English Additional Reviewer Growth Management Department Gene Shue Additional Reviewer Growth Management Department Lisa Taylor 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 03/18/2021 8:45 AM Completed 03/18/2021 9:17 AM Completed 03/18/2021 3:28 PM Additional Reviewer Completed Completed 03/19/2021 2:53 PM Completed 03/22/2021 3:54 PM Completed 03/23/2021 12:04 PM Completed 03/24/2021 5:01 PM Completed 03/30/2021 1:48 PM Completed 03/31/2021 9:39 AM Completed 03/31/2021 1:46 PM Completed 03/31/2021 2:18 PM Completed 03/31/2021 2:38 PM Completed 04/14/2021 9:19 AM Completed 04/18/2021 3:26 PM Completed 04/19/2021 7:28 AM 04/27/2021 9:00 AM Packet Pg. 515 16.A.5.a PROJECT: 60168 Vanderbilt Beach Road Ext PARCEL: 1107FEE FOLIO: a portion of 37492160107 PURCHASE AGREEMENT THI§ PURCHASE AGREEMENT is made and entered into on this day of lCt^r 2021, by and between 180 12"AVE NE, LLC, a Florida limited liability company, whose mailing address is 85 3151 St SW, Naples, Florida 34117, (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 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 "the Property"); and WHEREAS, Seller has agreed to sell, and Purchaser has agreed to purchase the Property subject to the terms and conditions that follow. NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby mutually acknowledged, it is agreed by and between the parties as follows: AGREEMENT In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property. 2. PURCHASE PRICE The purchase price (the "Purchase Price") for the Property shall be NINETY-FOUR THOUSAND AND 001100 DOLLARS ($94,000.00) (U.S. Currency) payable at time of closing. The Purchase Price, subject to the apportionment and distribution of proceeds pursuant to Paragraph 3D of this Agreement, shall be full compensation for the Property conveyed, including all structures, improvements, fixtures, landscaping, trees, and shrubs, located thereon, and shall be in full and final settlement of all claims against the Purchaser, including all attorneys' fees, expert witness fees and costs as provided for in Chapter 73, Florida Statutes. None of this Purchase Price is attributed to any personal property. Packet Pg. 516 1 CLOSING AND MARKETABLE TITLE 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 obtain from the holders of any liens, exceptions and/or qualifications encumbering the Property the execution of such instruments which will remove, release or subordinate such encumbrances from the Property upon their recording in the public records of Collier County, Florida. 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: 1. General Warranty Deed. in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions or conditions of record. 2. Combined Purchaser -Seller closing statement. 3. A "Grantor's Non -Foreign, Taxpayer Identification & "Gap" Affidavit" as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter in order to insure the "gap" and issue the policy contemplated by the title insurance commitment. 4. A W-9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. 5. Such evidence of authority and capacity of Seller and its representatives to execute and deliver this Agreement. 6. All other documents required to consummate this transaction, as reasonably determined by Purchaser's counsel and/or title company. 2 Packet Pg. 517 4. 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 Warranty Deed recording fees. In addition, Purchaser may elect to pay reasonable processing fees required by mortgagees in connection with the execution and delivery of a Release or Satisfaction of any mortgage, lien or other encumbrance recorded against the Property; provided, however, that any apportionment and distribution of the full compensation amount in Paragraph 2 which may be required by any mortgagee, lien -holder or other encumbrance -holder as payoff, paydown, or for the protection of its security interest, or as consideration X 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 LO taxes and assessments levied against the parent tract property which remain unpaid as of the date of Closing. IRRIGATION SYSTEM AND MISCELLANEOUS IMPROVEMENTS A. Seller agrees to relocate any existing irrigation system (if any) located on the Property including any irrigation lines, electrical wiring and sprinkler valves, etc., prior to the construction of the project without any further notification from Purchaser. Seller assumes full responsibility for the relocation of the irrigation system (if any) on the remainder property and its performance after relocation. Seller holds Purchaser harmless for any and all possible damage to the irrigation system in the event owner fails to relocate the irrigation system prior to construction of the project. B. If Seller elects to retain any improvements and/or landscaping ("Improvements") located on the Property, the Seller is responsible for their retrieval prior to the construction of the project without any further notification from Purchaser. Seller acknowledges that Purchaser has compensated Seller for the value of the improvements located on the Property, and yet Purchaser is willing to permit Seller to salvage said improvements as long as their retrieval is performed before construction and without interruption or inconvenience to Purchaser's contractor. All Improvements not removed from the Property prior to construction of the project commences shall be deemed abandoned by Seller. This provision shall survive Closing and is not deemed satisfied by conveyance of title. F—Packet Pg. 518 16.A.5.a 5. TITLE DEFECTS Upon execution of this Agreement by both parties or at such other time as specified within this Section, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the dosing: 3 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 w unmarketable, Purchaser shall deliver to the Seller written notice of its intention to U- waive the applicable contingencies or to terminate this Agreement. B. Upon notification of Purchaser's objection to title, Seller shall have thirty (30) W 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 o event Seller is unable to cure said objections within said time period, Purchaser, by t° providing written notice to Seller within, seven (7) days after expiration of said thirty M (30) day period, may accept title as it then is, waiving any objection, or may terminate LO the Agreement. TERMINATION AND REMEDIES E d A. If Seller shall have failed to perform any of the covenants and promises contained herein, which are to be performed by Seller, within fifteen (15) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Agreement. B. If the Purchaser has not terminated this Agreement pursuant to any of the provisions authorizing such termination, and Purchaser fails to close the transaction contemplated hereby or otherwise fails to perform any of the terms, covenants and conditions of this Agreement as required on the part of Purchaser to be performed, provided Seller is not in default, then as Seller's sole remedy, Seller shall have the right to terminate and cancel this Agreement by giving written notice thereof to Purchaser, whereupon $500 shall be paid to Seiler 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 Packet Pg. 519 W 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. 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. Purchasers acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. D. Seller and Purchaser agree to do all things which may be required to give effect to this Agreement immediately as such requirement is made known to them or they are requested to do so, whichever is the earlier. E. Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Sellers 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. I Packet Pg. 520 1 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. L 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. I 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 Sellers representations stated herein and, on the understanding, that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the date of Closing. Therefore, Seller agrees not to enter into any contracts or agreements pertaining to or affecting the Property and not to do any act or omit to perform any act which would change the zoning or physical condition of the Property or the governmental ordinances or laws governing same. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any governmental authorities having jurisdiction of the development of the property which may restrict or change any other condition of the Property. Packet Pg. 521 L. Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from all costs (including attorney's fees) asserted against the Purchaser by reason or arising out of the breach of any of Owner's representations under Paragraph 7. This provision shall survive Closing and is not deemed satisfied by conveyance of title. 8. ENTIRE AGREEMENT A. This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and there are no promises, representations, warranties or covenants by or between the parties not included in this Agreement. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. LU W CD 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 X 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. Q to C. This Agreement is governed and construed in accordance with the laws of the State of Florida, LO 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 E 0 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. If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to s. 286.23, Fla. Stat., under oath, subject to the penalties prescribed for perjury, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County, (if the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) Packet Pg. 522 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written. AS TO PURCHASER: 1173111"1 ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court & Comptroller AVA Deputy Clerk AS TO SELLER. - DATED: * �111 12,1 : Wi TNES- - rinted Name 11 Y� (/- (8ignature) (Printed Name) Approved as to form and legality: Jennifer A. Belpedio Assistant County Attorney BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA M3 PENNY TAYLOR, Chairperson 180 12TH AVE NE, LLC, a Florida limited liability company BY: &' tri Fi"Cq�`' David Freeman, Manager/Member Packet Pg. 523 TRACT 22 VANDERBILT BEA 12TH AVENk N.E. TRACT 27 GOLDEN GATE ESTATES UNIT 18 PLAT 90OK 7 PACE 7 WEST LIC OF EAST 150' OF TRACT V CH ROAD CAST 150' OF TRACT 27 PROPOSED PARCEL 1107 FEE I5.000 SO. FT.-i N w E s TRACT 38 ST UNE OF TRACT 27 714 som LINE Of TRACT 27 TE - ow MAY 4 2020 $0. Ft. SQUME FEET ra ra Slit m PARCEL OR OFACIAL RECORDS (DOOK/PAGE) = PRWOSM FEE PARCEL LEGAL DESCRIMM FOR PARCEL 1107 FEE A PORTION Or TRACT 27, COWEN GATE ESTATES UNIT 15. AS RECORDED IN PLAT BOOK 7. pal 7. OF THE PUNX RECORDS OF COWER COWM, nabDA. LYM W SECTION SOVtK RANGE 27 EAST. COLLIER C000Y. FLORIDA. BOW MORE PARMWAKV POLLOWS: THE SOUTH 100 FEET OF THE EAST 150 FEET OF W TRACT 27. CONTA"W I UOO SOAK FEET. MORE OR LESS 5301 g Of 00 SKETCH a DESCRIPT" ONLY HUT A 900NDAXY SURVEY FM COLL" COOM OVAMMAM BOOM OF COMY OOMMSWM %mow VA DRUM ROAD WINSM SKV= it DISCS"011 M f2OPOWD M SWU fPAJ= Now, mo* Nowxoa PARCIM 1107 M moft gmu?-ffin "m amw4om Wtow COUMR COUNTY. FLOMA ENGLNEWNG Packet Pg. 524 16.A.5. b Location Map Parcel 1107FEE N M LO Q C O m 0 O J r C d E t u O a Packet Pg. 525 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Appraisal Report Number 20-05-01 (Parcel No. 1107 FEE) Project: Vanderbilt Beach Road Extension (CR-862) County Project No. 60168 Parcel No. 1107 FEE Parent Tract: 2.27 Acre Improved Tract. Improvements: One Single -Family Home and Associated Site Improvements. Location: The parent tract is located on the south side of 12th Avenue NE 0.20 miles east of Wilson Boulevard N in Collier County, Naples, Florida. The parent tract has a street address of 180 12th Avenue NE, Naples, Florida 34120. Owner: 180 12th Ave. NE, LLC. Folio No.: 37492160107. Date of Valuation: September 22, 2020. (Date of the Most Recent Inspection) For Harry Henderson, SRA, Review Appraiser Transportation Right -Of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 October 2020 Prepared By: Wilcox Appraisal Services, Inc. 1633 SE 41 st Street Cape Coral, Florida 33904-7470 239-542-2311 Email: awilcoxmaisra@comcast.net I Appraisal InstituteTM Professionals Providing Real Estate Solutions Wilcox Appraisal Services, Inc. is committed to the highest degree of professionalism with all of our appraisers being designated members of the Appraisal Institute. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Wilcox Appraisal Services, Inc. Appraisal ,I II II� I� Institute'm Professionals Providing Real Estate Solutions Wilcox Appraisal Services, Inc. is committed to the highest degree of professionalism with all of our October 16, 2020 appraisers being designated members of the Appraisal Institute. Harry Henderson, SRA, Review Appraiser Transportation Right -of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Re: Appraisal Report Number: 20-05-01 (Parcel No. 1107 FEE). Project: Widening of Golden Gate Boulevard. Parcel No.: 1107 FEE. Parent Tract: 2.27 Acre Improved Tract. Improvements: One Single -Family Home and Associated Site Improvements. Location: The parent tract is located on the south side of 12th Avenue NE 0.20 miles east of Wilson Boulevard N in Collier County, Naples, Florida. The parent tract has a street address of 180 12th Avenue NE, Naples, Florida 34120. Owner: 180 12th Ave. NE, LLC. Folio No.: 37492160107. Date of Value: September 22, 2020 (Date of Most Recent Inspection). Dear Mr. Henderson: Pursuant to your request, an inspection and valuation analysis has been completed of the above referenced property for the purpose of estimating the market value of the property rights and improvements (if any) which are proposed to be acquired, together with all diminution in value to the remainder land and improvements (if any) which can be attributed to the proposed use of, or activity upon, the proposed fee simple acquisition area (Parcel No. 1107 FEE). The Appraisal Standards Board of the Appraisal Foundation adopted the "2020-2021 Uniform Standards of Professional Appraisal Practice" (USPAP) on April 5, 2019. The 2020-2021 standards became effective January 1, 2020 through December 31, 2021. In compliance with Standards Rule 2-2(a), the appraiser is communicating to the client an "Appraisal Report", one of the two reporting options allowed under Standards Rule 2-2. The appraiser has physically inspected the northern and central improved portion of the parent tract. Furthermore, the appraiser has examined Collier County Property Appraiser aerials of the parent tract. The rear, southern, portion of the parent tract appears to be level, covered with vegetation, and is unimproved. The appraiser has not completed a physical field inspection of the rear, southern, portion of the parent tract including the fee simple acquisition area. The appraiser has assumed the rear. southern. portion of the parent tract and the fee simple acquisition area are unimproved. The appraiser reserves the right to amend the findings of this resort if the rear. southern. portion of the parent tract and fee simple acauisition area are improved. An extraordinary assumption is an assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the 1633 S.E. 415' Street • Cape Coral • Florida 33904-7470 239-542-2311 • Email awllcoxmaisra@comcast.net Page No. 2 October 16, 2020 Harry Henderson, SRA, Review Appraiser Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property. To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, September 22, 2020, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. This letter of transmittal precedes the full narrative appraisal report, further describing the property and containing the reasoning and most pertinent data leading to the final value estimates. Your attention is directed to the "General Assumptions", "General Limiting Conditions", and "Certificate of Appraisal", which are considered usual for this type of assignment and have been included in the addendum of this report. By reason of my investigation and analysis, data contained in this report, and my experience in the real estate appraisal business, it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of or activity upon the proposed fee simple acquisition area (Parcel No. 1107 FEE), as of September 22, 2020, is: Value of the Land Taken: $12,900 Value of the Improvements Taken: $ 0 Severance Damages: $48,900 Net Cost to Cure: $ 0 TOTAL AMOUNT DUE OWNER: $61,800 Respectfully submitted, WILCOX APPRAISAL SERVICES, INC. R. Alan Wilcox, MAI, SRA / State -Certified General Real Estate Appraiser RZ 306 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 1 Reliance upon the appraisal for other uses is not warranted. Table of Contents PAGE TABLECONTENTS........................................................................................................1 CERTIFICATION............................................................................................................. 3 SUMMARY OF SALIENT FACTS AND CONCLUSIONS .............................................. 5 INTRODUCTION AND DEFINITION OF THE APPRAISAL PROBLEM ...................... 13 Identification of the Intended User.......................................................................................14 Identification of the Real Estate...........................................................................................14 PriorServices......................................................................................................................14 Identification of the Property Rights to be Valued................................................................14 Intended Use or Function of the Appraisal...........................................................................15 Definition of the Value Estimate(s)......................................................................................15 Date of Value Estimate(s)...................................................................................................16 Description of the Scope of the Appraisal............................................................................16 Extraordinary Assumption...................................................................................................17 Hypothetical Conditions.......................................................................................................17 Other Limiting Conditions....................................................................................................17 PHOTOGRAPHS OF THE PARENT TRACT............................................................... 18 VALUATION ANALYSIS OF THE PARENT TRACT ................................................... 25 Ownerof Record.................................................................................................................26 Legal Description of the Parent Tract..................................................................................26 Real Estate Assessments and Ad Valorem Taxes...............................................................26 Sales and Marketing History of the Parent Tract.................................................................26 Florida Area and Collier County Map...................................................................................27 Parent Tract Local Area Map...............................................................................................28 MarketArea Data...............................................................................................................29 ParentTract Aerial Map......................................................................................................32 ParentTract Plat Map.........................................................................................................33 SiteData............................................................................................................................34 ImprovementSketch...........................................................................................................36 ImprovementData...............................................................................................................37 Highestand Best Use..........................................................................................................38 TheAppraisal Process........................................................................................................39 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 2 Reliance upon the appraisal for other uses is not warranted. Table of Contents - continued PAGE LAND OR SITE VALUATION....................................................................................... 41 LandSales Map..................................................................................................................42 Application of the Market Data............................................................................................44 Reconciliation of the Market Value Land Estimate...............................................................4E THE SALES COMPARISON APPROACH TO VALUE................................................49 ImprovedSales Map...........................................................................................................52 Application of the Market Data............................................................................................53 Reconciliation of the Market Value Estimate.......................................................................56 RECONCILIATION OF THE VALUE INDICATIONS.................................................... 57 ESTIMATION OF REASONABLE EXPOSURE TIME .................................................. 58 DESCRIPTIONS AND VALUATION ANALYSES OF THE PROPOSED PARTIAL ACQUISITION AREA AND THE REMAINDER PROPERTY ....................................... 59 Parcel No. 1107 FEE Acquisition Area Map........................................................................60 Project Description and Identification of the Proposed Partial Acquisition Area ...................61 Valuation Analysis of the Proposed Partial Acquisition Area................................................61 Aerial Overlay of the Partial Acquisition Area and Remainder Property...............................63 Valuation Analysis of the Remainder Property "As Severed"...............................................64 Severance Damages to the Remainder Property................................................................65 Costto Cure Analysis..........................................................................................................65 SpecialBenefits..................................................................................................................65 Summary and Conclusion and the Total Compensation Estimate.......................................66 ADDENDUM................................................................................................................. 67 Assumptions and Limiting Conditions..................................................................................68 Qualifications of the Appraiser.............................................................................................70 Quarterly Market Detail for the 2nd Quarter 2020 for the Single -Family Homes in the Naples-Immokalee-Marco Island MSA .........................72 LandSales Map..................................................................................................................74 LandSales Data Sheets......................................................................................................75 ImprovedSales Map...........................................................................................................80 Improved Sales Data Sheets...............................................................................................81 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 3 Reliance upon the appraisal for other uses is not warranted. Certification I certify that, to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. • 1 have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved. • 1 have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment and my engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the developing 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. • 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 and Standards of Professional Appraisal Practice of the Appraisal Institute. • The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • As of the date of this report, R. Alan Wilcox, MAI, SRA, has completed the requirements under the continuing education program of the Appraisal Institute. As of the date of this report, R. Alan Wilcox, MAI, SRA, State -Certified General Real Estate Appraiser, License No. RZ 306, has completed the requirements under the continuing education program of the State of Florida for state -certified appraisals. • 1, R. Alan Wilcox, MAI, SRA, have made a personal inspection of the subject property and sales comparables that are contained in this report. No one provided significant professional assistance other than the person signing this report, unless otherwise indicated within the report. • 1, R. Alan Wilcox, MAI, SRA, have performed no 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. • This report was prepared for and is the property of the Collier County Board of Commissioners and the reliance upon this appraisal for other uses is not warranted. • Acceptance and utilization of this appraisal report, or any portion thereof, constitutes acknowledgement and acceptance of all General Assumptions and Special Conditions contained herein. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 4 Reliance upon the appraisal for other uses is not warranted. The appraiser has physically inspected the northern and central improved portion of the parent tract. Furthermore, the appraiser has examined Collier County Property Appraiser aerials of the parent tract. The rear, southern, portion of the parent tract appears to be level, covered with vegetation, and is unimproved. The appraiser has not completed a physical field inspection of the rear, southern, portion of the parent tract including the fee simple acquisition area. The appraiser has assumed the rear, southern, portion of the parent tract and the fee simple acquisition area are unimproved. The appraiser reserves the right to amend the findings of this report if the rear, southern, portion of the parent tract and fee simple acquisition area are improved. An extraordinary assumption is an assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property. To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, September 22, 2020, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. By reason of my investigation and analysis, data contained in this report, and my experience in the real estate appraisal business, it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of or activity upon the proposed fee simple acquisition area (Parcel No. 1107 FEE), as of September 22, 2020, is: Value of the Land Taken: Value of the Improvements Taken: Severance Damages: Net Cost to Cure: TOTAL AMOUNT DUE OWNER: $12,900 $ 0 $48,900 $61,800 Respectfully submitted, WILCOX APPRAISAL SERVICES, INC. R. Alan Wilcox, MAI, SRA State -Certified General Real Estate Appraiser RZ 306 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 5 Reliance upon the appraisal for other uses is not warranted. Summary of Salient Facts and Conclusions A. Appraisal Problem: 1. Types of Value (s): 2. Property Rights: 3. Intended Use of Appraisal Report: 4. Date of Value: 5. Scope of Analysis: 6. Owner of Record: B. Site Data, Before the Taking: Market Value. Undivided Fee Simple Interest. The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed fee simple acquisition area (Parcel No. 1107 FEE). September 22, 2020 (Date of Most Recent Inspection). Appraisal Report. 180 12th Ave. NE, LLC. 1. Location: The parent tract is located on the south side of 12th Avenue NE 0.20 miles east of Wilson Boulevard N in Collier County, Naples, Florida. The parent tract has a street address of 180 12th Avenue NE, Naples, Florida 34120. 2. Size & Shape: The parent tract contains 2.27 acres of gross land area and is rectangular in shape. Specifically, the parent tract has a northern property line along 12th Avenue NE that measures 150 feet; with a depth there from along the eastern and western property lines that measure 660 feet; and a rear, southern property line that measures 150 feet. 3. Roadway Frontage: The parent tract benefits from 150 feet of frontage along the southerly right-of-way of 12th Avenue NE. 12th Avenue NE is a local, undivided, two lane, paved roadway. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 6 Reliance upon the appraisal for other uses is not warranted. 4. Utilities: The available utilities to the parent tract include telephone, electrical service, and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. 5. Topography: The parent tract appears to be a level tract partially cleared. 6. Predominant Soils: Only a limited visual surface inspection of the property was made, and no soil or subsoil problems were observed. No soil or subsoil engineering reports were provided to the appraiser. The appraiser has assumed no soil or subsoil problems exist that would negatively affect the market value of the parent tract. 7. Exotic Vegetation and Wildlife 8. Environmental Liabilities: Current county, state, and federal regulations have considered certain areas jurisdictional based upon vegetation classifications and/or wildlife species. The appraiser is not an expert at vegetation groups or wildlife identification and has not been provided a report prepared by such an expert. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and/or wildlife species. Furthermore, the appraiser has assumed a reasonable quantity of non - jurisdictional uplands exist on the parent tract suitable for the development of the property in accordance with the estimated highest and best use. Unless otherwise stated above or elsewhere in this report, the existence of hazardous substances, including, without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the property inspection. The appraiser is not qualified to test such substance or conditions. If the presence of such substances, such as asbestos, urea, formaldehyde foam insulation, or other hazardous substances or environmental Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 7 Reliance upon the appraisal for other uses is not warranted. 9. Easements & Restrictive Covenants: 10. Land Use and Zoning: C. Improvement Data, Before the Taking: D. Highest and Best Use, Before the Taking: conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The parent tract is assumed to be unaffected by environmental liabilities. However, the reader is advised that no environmental studies of the parent tract have been provided to the appraiser. The parent tract is encumbered by a 30-foot wide road right-of-way easement along the northern property line along the property's existing frontage to 12th Avenue NE. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub- district, and is further regulated by the Golden Gate Area Master Plan. Furthermore, the parent tract is zoned E, Estates District, according to the Collier County Land Development Code. The parent tract is improved with a single-family home and associated site improvements. 1. As Though Vacant: The highest and best use "as though vacant" is estimated to be potential single-family residential development. 2. As Improved: The highest and best use of the parent tract "as improved" is estimated to be the continued use of the existing improvements as a single-family home and associated site improvements. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 8 Reliance upon the appraisal for other uses is not warranted. E. Market Value Estimate, Before the Taking: 1. Land Value: ........................................................................................................ $ 86,300 2. Improvements: .................................................................................................... $252,700 Total Market Value of the Parent Tract: .................................................................... $339,000 F. Reasonable Exposure Time: Six to twelve months. G. Intended Use of the Proposed Acquisition Area and A Description of the Proposed Land and Improvements Taken: 1. Intended Use of the Proposed Acquisition: 2. Proposed Land Taken: The proposed fee simple acquisition area will be utilized for the Vanderbilt Beach Road Extension (Project No. 60168). The Vanderbilt Beach Road Extension (Collier Boulevard to 16th Street NE) is an approximate 7-mile extension of the existing roadway. Plans include: 1) a four -lane divided urban roadway to Wilson Boulevard; 2) two lanes from Wilson Boulevard to 16th Street NE; 3) minor improvements to existing intersecting streets including Weber Boulevard, Massey Street and Douglas Street; 4) new roadway intersections at Wilson Boulevard, 8th Street NE and 16th Street NE; 5) a new traffic signal at the Vanderbilt Beach road/Wilson Boulevard intersection; and 6) canal relocation to the south of the roadway from 29th Street NW to 15th Street NW. Parcel No. 1107 FEE is a fee simple acquisition area that consists of a strip taking along the rear, southerly boundary of the property. Parcel No. 1107 FEE contains 0.34 acres (15,000 square feet) of gross land area and is basically rectangular in shape. Specifically, Parcel No. 1107 FEE has a southern property line that measures 150.00 feet; with a depth there from along the western property line that measures 100.00 feet; with a depth there from along the eastern property line that measures 100.00 feet; and a northern property line that measures 150.00 feet. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 9 Reliance upon the appraisal for other uses is not warranted. 3. Proposed Improvements Taken: No significant improvements are located within the proposed fee simple acquisition area. H. Market Value of the Proposed Property Rights and Improvements Taken: LandTaken: ............................................................................................................... $12,900 Improvements Taken: ................................................................................................. $ 0 Total: .......................................................................................................................... $12,900 I. Market Value of the Remainder Property, As Part of the Whole: 1. Market Value of the Parent Tract, Before the Taking: ......................................... $339,000 2. Less Market Value of the Proposed Part Taken: ................................................. 12,900 Total Market Value of the Remainder Property, As Part of the Whole: ..................... $326,100 J. Description of the Remainder Property, After the Taking: 1. Site Data, Remainder Property The remainder property land has been reduced in size from 2.27 acres to 1.93 acres of gross land area. Specifically, the remainder property has a northern property line along the southerly right-of-way of 12th Avenue NE that measures 150.00 feet; with a depth there from along the western property line that measures 560.00 feet; with a depth there from along the eastern property line that measures 560.00 feet; and a southern property line along the new northerly right-of-way of Vanderbilt Beach Road Extension that measures 150.00 feet. The remainder property's vehicular access to 12th Avenue NE, utilities, topography, land use designation, and zoning are unchanged. However, the remainder property will have new rear yard frontage along the northerly right-of- way of the proposed Vanderbilt Beach Road Extension. The remainder property will have no vehicular access to Vanderbilt Beach Road Extension. Furthermore, an eight -foot high chain link fence will be built by Collier County along the new right-of-way line to Vanderbilt Beach Road Extension to separate the rear yard of the remainder property from the new busy roadway. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 10 Reliance upon the appraisal for other uses is not warranted. 2. Improvement Data, Remainder Property: 3. Highest and Best Use, Remainder Property: The remainder property's improvements are the same as before the taking. a. As Though Vacant: The highest and best use of the remainder property "as vacant" is estimated to remain the same as before the taking, potential single- family residential development. b. As Improved: The highest and best use of the remainder property "as improved" is estimated to remain the same as before the taking, the continued use of the existing improvements as a single- family home and associated site improvements. K. Market Value of the Remainder Property, After the Taking: Total Market Value of the Remainder Property: ........................................................ $277,200 L. Severance Damages: It is the appraiser's opinion that the remainder property will have a loss in value after the taking due to the new rear yard frontage along the northerly right-of-way of the proposed Vanderbilt Beach Road Extension and exasperated by the entire adjacent easterly property being improved with a retention pond as part of the Vanderbilt Beach Road Extension (Project No. 60168). The appraiser has estimated the remainder property, as part of the whole, to be $326,100, which represents the value of the whole ($339,000), less the value of the part taken ($12,900). The appraiser has also estimated the market value of the remainder property as severed to be $277,200. Therefore, these value estimates indicate severance damages in the amount of $48,900 ($326,100 - $277,200). M. Cost to Cure: None. N. Special Benefits: None. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 11 Reliance upon the appraisal for other uses is not warranted. 0. Summary of the Just Compensation Estimate: Value of the Land Taken: Value of the Improvements Taken: Severance Damages: Net Cost to Cure: TOTAL AMOUNT DUE OWNER: P. Extraordinary Assumptions: Q. Hypothetical Conditions: $12,900 $ 0 $48,900 $61,800 The appraiser has physically inspected the northern and central improved portion of the parent tract. Furthermore, the appraiser has examined Collier County Property Appraiser aerials of the parent tract. The rear, southern, portion of the parent tract appears to be level, covered with vegetation, and is unimproved. The appraiser has not completed a physical field inspection of the rear, southern, portion of the parent tract including the fee simple acquisition area. The appraiser has assumed the rear, southern, portion of the parent tract and the fee simple acquisition area are unimproved. The appraiser reserves the right to amend the findings of this report if the rear, southern, portion of the parent tract and fee simple acquisition area are improved. An extraordinary assumption is an assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property. To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, September 22, 2020, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 12 Reliance upon the appraisal for other uses is not warranted. analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. R. Prior Services: I, R. Alan Wilcox, MAI, SRA, have performed no 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. S. Appraiser: R. Alan Wilcox, MAI, SRA; State -Certified General Real Estate Appraiser, RZ 306. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 13 Reliance upon the appraisal for other uses is not warranted. Introduction and Definition of the Appraisal Problem The first step of the valuation process is the development of a clear statement of the appraisal problem. This sets the limits of the appraisal and eliminates any ambiguity about the nature of the assignment. The statement of the appraisal problem includes: • Identification of the Intended User(s); • Identification of the Real Estate; • Prior Services; • Identification of the Property Rights to be Valued; • Intended Use or Function of the Appraisal; • Definition of Value; • Date of the Value Estimate; • Description of the Scope of the Appraisal; • Extraordinary Assumptions; • Hypothetical Conditions; and • Other Limiting Conditions. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 14 Reliance upon the appraisal for other uses is not warranted. IDENTIFICATION OF THE INTENDED USER(S) This appraisal is made for the exclusive use of Harry Henderson, SRA, Review Appraiser, Transportation Right -of -Way Group, 2885 South Horseshoe Drive, Naples, Florida 34104; and its use by others is strictly prohibited. This narrative report is made subject to the Assumptions and Limiting Conditions as listed in the Addendum to this report. IDENTIFICATION OF THE REAL ESTATE The parent tract of this appraisal assignment is an improved tract of land located on the south side of 12th Avenue NE 0.20 miles east of Wilson Boulevard N in Collier County, Naples, Florida. The parent tract has a street address of 180 12th Avenue NE, Naples, Florida 34120. The parent tract owner of record is listed on the 2019 Collier County Tax Roll as 180 12th Ave. NE, LLC. The property is identified as Folio No. 37492160107 in the Collier County Property Appraiser's Office. PRIOR SERVICES USPAP requires if known prior to accepting an assignment, and/or if discovered at any time during the assignment, an appraiser must disclose to the client, and in the subsequent certification: • any current or prospective interest in the subject property or parties involved; and • any services regarding the subject property performed by the appraiser within the three- year period immediately preceding acceptance of the assignment, as an appraiser or in any other capacity. The appraiser signing this report has performed no 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. IDENTIFICATION OF THE PROPERTY RIGHTS TO BE VALUED The valuation of real property includes both the physical real estate and the rights that one or more individuals or legal entities may hold or contemplate holding in the ownership or use of the land and improvements. An appraiser may estimate the value of a fee simple estate or a partial interest created by the severance or division of ownership rights. Special attention must be given to any limitations on ownership rights such as easements, encroachments, liens, or leases. Financing must also be considered because fee simple estates, leasehold estates, and leased fee estates can all be mortgaged. The specific rights to be valued in the probable or actual financing involved must be ascertained at the start of the assignment because the complexity of these rights and terms will determine the procedures, skills, and time required to complete the assignment. In this particular appraisal assignment, the appraiser has been requested by the client to estimate the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Fee simple ownership is an absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain, escheat, police power and taxation. Eminent domain is the right of the sovereign government to take private property for public use upon the payment of just compensation. Escheat is the right to have titular ownership of a property returned to the state if the owner dies and leaves no will and no known or ascertainable heirs. Police power is the right to regulate property so that the public safety, health, morals, and general welfare are protected. Examples of this power are Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 15 Reliance upon the appraisal for other uses is not warranted. zoning ordinances, building codes, air and land traffic regulations, and sanitary regulations. Taxation is the right to take money from owners of valuable goods, products, and rights. In addition to government restrictions on property, legal private agreements may also impose limitations. One type is a restriction inserted in a deed. Other private restrictions include certain easements, rights of way, and party wall agreements. Parcel No. 1107 FEE is a fee simple acquisition area. INTENDED USE OR FUNCTION OF THE APPRAISAL The intended use of an appraisal (formerly known as the Function of the Appraisal), is the manner in which a client employs the information contained in an appraisal report. Because an appraisal provides the basis for a decision regarding real property, the nature of the decision affects the character of the assignment in the appraisal report. For example, a value estimate may be needed to determine the price at which to buy or sell a property, the amount of a loan, a basis for taxation, terms of a lease, value of real property assets and financial statements, or a basis for just compensation and eminent domain proceedings. The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed fee simple acquisition area (Parcel No. 1107 FEE). DEFINITION OF THE VALUE ESTIMATE(S) The purpose of any valuation process is to estimate the value of a real property interest. Therefore, the specified type of value and the interests involved must be clearly defined. Types of appraised value include market value, fair value, use value, going concern value, investment value, assessed value, and insurable value. As previously noted in the letter of transmittal, the type of value to be estimated in this particular appraisal assignment has been identified as the market value of the undivided fee simple interest in the parent tract before and after the taking. Market value is defined 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: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised, and acting in what they consider their best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." 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) Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 16 Reliance upon the appraisal for other uses is not warranted. DATE OF THE VALUE ESTIMATE(S) The date of a value estimate must be specified because the forces that influence real property value are constantly changing. Although conditions observed at the time of the appraisal may persist for a considerable time after that date, an estimate of value is considered valid only for the exact date specified. Market value is generally seen as a reflection of market participant's perceptions of future economic conditions and the perceptions are based on market evidence at a specific point in time. Value influences reflect economic conditions at a particular time and sudden changes in business and real estate markets can dramatically influence value. As previously identified, the appraiser is estimating the market value of the undivided fee simple interest in the parent tract before and after the taking. The effective date of the appraisal is September 22, 2020 (Date of the Most Recent Inspection). R. Alan Wilcox, MAI, SRA, inspected the parent tract. DESCRIPTION OF THE SCOPE OF THE APPRAISAL The scope of the appraisal refers to the extent of the process in which data are collected, confirmed, and reported. The scope is described to protect third parties whose reliance on an appraisal report may be affected by this information. An appraiser determines the extent of the work and of the report based on the significance of the appraisal problem. The appraiser is responsible for describing the scope of the appraisal in the report. Standards Rule 2-2(a)(vii), USPAP-2016-2017, requires the appraiser to "summarize the scope of work used to develop the appraisal". In this regard, pertinent to the extent to which the parent tract and the remainder property have been identified and inspected, the type of market data researched, and the type and extent of the analysis applied, the reader is advised to refer to the appropriate portion of this report. Data Collection: The data utilized in this assignment was collected through a thorough search of the public records of Collier County, Florida, interviews of local real estate brokers and property owners, and information obtained from this firm's appraisal office. Furthermore, Patricia A. Wilcox, SRA, assisted in the collection of market data. Data Confirmation: The appraiser signing this report has independently confirmed the market data that has been utilized in the development of the value estimates reported herein. Furthermore, the appraiser signing this report has also physically inspected this data. Data Reporting: The data utilized in this report has been presented in a data sheet format for the reader's review. Additional information has been retained in the permanent files of the appraiser and is available upon request by the client. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 17 Reliance upon the appraisal for other uses is not warranted. EXTRAORDINARY ASSUMPTIONS The appraiser has physically inspected the northern and central improved portion of the parent tract. Furthermore, the appraiser has examined Collier County Property Appraiser aerials of the parent tract. The rear, southern, portion of the parent tract appears to be level, covered with vegetation, and is unimproved. The appraiser has not completed a physical field inspection of the rear, southern, portion of the parent tract including the fee simple acquisition area. The appraiser has assumed the rear, southern, portion of the parent tract and the fee simple acquisition area are unimproved. The appraiser reserves the right to amend the findings of this report if the rear, southern, portion of the parent tract and fee simple acquisition area are improved. An extraordinary assumption is an assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property. HYPOTHETICAL CONDITIONS To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, September 22, 2020, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. A hypothetical condition may be used in an assignment only if: Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; Use of the hypothetical condition results in a credible analysis; and The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions. OTHER LIMITING CONDITIONS Statements of limiting conditions are included in a report for the appraiser's protection, and to inform and protect the client and other users of the report. For a complete copy of the typical Assumptions and Limiting Conditions, which govern the appraisal process, please refer to the Addendum section of this report. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Photographs of the Parent Tract Page 18 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 19 Reliance upon the appraisal for other uses is not warranted. Parcel No. 1107 FEE Photos Taken by: R. Alan Wilcox, MAI, SRA ly i.: ��.. L, '\ \any :♦ !� .:'L�` . t � I rya' _ i • �;�"ii�; �, .t � >,,� _fit ? View looking southwesterly across 12th Avenue NE showing the parent tract located on the south side of 12th Avenue NE 0.20 miles east of Wilson Boulevard N in Collier County, Naples, Florida. View looking westerly along 12th Avenue NE showing the parent tract located on the south side of 12th Avenue NE. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 20 Reliance upon the appraisal for other uses is not warranted. Parcel No. 1107 FEE Photos Taken by: R. Alan Wilcox, MAI, SIRA View looking southerly across 12th Avenue NE showing the parent tract's entrance asphalt drive located on the south side 12th Avenue NE. View looking southerly showing the front of the parent tract's single-family home. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 21 Reliance upon the appraisal for other uses is not warranted. Parcel No. 1107 FEE Photos Taken by: R. Alan Wilcox, MAI, SIRA La7%, il , ' ..+' a,�r View looking northeasterly showing the rear of the parent tract's single-family home and the raised wood deck area. View looking southerly showing the front entry area of the single-family home. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 22 Reliance upon the appraisal for other uses is not warranted. Parcel No. 1107 FEE Photos Taken by: R. Alan Wilcox, MAI, SIRA View lookinq northwesterly showing the raised wood deck area and covered screen enclosed porch area. View looking westerly showing a portion of the raised wood deck area and covered screen enclosed porch area. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 23 Reliance upon the appraisal for other uses is not warranted. Parcel No. 1107 FEE Photos Taken by: R. Alan Wilcox, MAI, SIRA �.� m y t i AN .r �, .. h, '?T• �T! Y .fit p �t, y 17 View looking northerly showing a portion of the front yard area. View looking southerly showing a portion of the backyard area. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 24 Reliance upon the appraisal for other uses is not warranted. Parcel No. 1107 FEE Photos Taken by: R. Alan Wilcox, MAI, SIRA View looking southerly showing a portion of the unimproved central and northern portion of the parent tract. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Valuation Analysis of the Parent Tract Page 25 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 26 Reliance upon the appraisal for other uses is not warranted. OWNER OF RECORD The parent tract owner of record is listed on the 2019 Collier County Tax Roll as 180 12th Ave. NE, LLC whose mailing address is 85 31st Street SW, Naples, Florida 34117. LEGAL DESCRIPTION OF THE PARENT TRACT The following legal description is provided: The East 150 feet of Tract 27, Golden Gate Estates, Unit No. 18, according to the Plat thereof recorded in Plat Book 7, Pages 7 and 8, of the Public Records of Collier County, Florida. REAL ESTATE ASSESSMENTS AND AD VALOREM TAXES The parent tract is assessed on the 2020 Collier County Preliminary Tax Roll as an improved property with a total market value of $263,155, allocated $45,400 to the value of the land and $217,755 to the value of the improvements. The property has total exemptions of $0 resulting in a taxable value of $263,155. The 2019 taxes for the parent tract totaled $3,931.32, exclusive of any early payment discounts or late payment penalties. The property is identified as Folio No. 37492160107 in the Collier County Property Appraiser's Office. SALES AND MARKETING HISTORY OF THE PARENT TRACT There have been no arm's length transactions involving the parent tract within three years of the date of value (September 22, 2020). Furthermore, the appraiser is not aware of any current listings or valid pending offers involving the parent tract. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 27 Reliance upon the appraisal for other uses is not warranted. Florida State and Collier County Map T'�'°°^ twn JeXwawi Akdeon HuraNm �y �br WSJ utaM valw� aW.ati,»caRr�a T"r u �' >wn rmmm� lavyl. aaamm°aY at.bfina �� .Yadw Pafiam, fixia P.aPkr ]tiiimr lbhea dtrva 9wnkr �b F rota 9ewrt Hamsido Omaa 9awM Amm Hnfficawlh Ocmla Be.eid Prl9im PMk A5R T•zr M16utze ypbm pbedmpm IfpLkMa SL Luue Saamta L6Boto a. Lert� ca�a cnar.�t. �a3.. Ago arm •. re„r y Parent Tract Ibnmc IAariv-❑atle M1Cnms Collier County Florida 4 Parent Tract I - - H-4-4� 1 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 28 Reliance upon the appraisal for other uses is not warranted. Parent Tract Local Area Map aaa 011 well ad ate. �RANGEfREE a k Valencia Gotf Course Randall Blvd. Immokalee Rd Y ti a m W 81 Z � � v to � M 12th Ave. NW Parent Tract lath Ave. NW Cypress Canal Cypress Canai x 0 x 3 GoldeecGat&Blvd E - - - w a76Golden Gate Blvd W Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 29 Reliance upon the appraisal for other uses is not warranted. MARKET AREA DATA Definitions: The following definitions were obtained from The Dictionary of Real Estate Appraisal, Sixth Edition as published by the Appraisal Institute: 1. Market area is defined as "the geographic region from which a majority of demand comes and in which the majority of competition is located. Depending on the market, a market area may be further subdivided into components such as primary, secondary, and tertiary market areas, or the competitive market area may be distinguished from the general market area. 2. Neighborhood is defined as "a group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises. 3. Market area delineation is defined as the process of identifying the geographic area where a majority of competition is located and from which a majority of demand is drawn. 4. Neighborhood boundaries is defined as the physical limits of a neighborhood; may be delineated by natural, man-made, or geopolitical features. 5. Market analysis is defined as a process for examining the study of the supply and demand in a specific area for a specific type of property. 6. Neighborhood life cycle is defined as the typical, but not necessarily universal, four - stage cycle that describes the life pattern of neighborhoods and districts. 7. Real estate cycle is defined as the successive periods of expansion, peak, contraction, and trough that characterize activity in a real estate market. Business and real estate cycles do not generally move in tandem. Since real estate development and sales activity are especially responsive to a downward movement in interest rates, increased activity in real estate markets often heralds an economic recovery. Market Area Analysis: Social, economic, governmental, and environmental forces influence property values in the vicinity of the subject property. As a result, they affect the value of that property. Therefore, to conduct a thorough analysis, the appraiser must delineate the boundaries of the area of influence. Although physical boundaries may be drawn, the most important boundaries are those that influence property values. The area of influence, commonly called a neighborhood or market area, can be defined as a group of complementary land uses. To identify a market area's boundaries, an appraiser examines the subject property's surroundings. The investigation begins with the subject property and proceeds outward, identifying all relevant influences on the property's value that can be attributed to the property's location. Analyzing the market area helps to provide a framework, or context, in which the opinion of property value is developed. The appraiser identifies the area of influence and establishes potential limits within which the appraiser searches for data that can be used to apply the approaches to value. Market Area Delineation: A market area's boundaries may be the physical area that exerts relevant influences on a subject property's value. The boundaries may coincide with changes in prevailing land use, occupant characteristics, or physical characteristics, such as structures, street patterns, terrain, vegetation, and lot sizes. Because changes in natural or physical Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 30 Reliance upon the appraisal for other uses is not warranted. features often coincide with the change from one market area to another, features such as transportation arteries (highways, major streets, railroads), bodies of water (rivers, lakes, streams), and changes in elevation (hills, mountains, cliffs, valleys) often constitute market area boundaries. The primary market area is defined geographically as the area in which a competitive property would have a similar market area identification and general location appeal. The primary market area, for purposes of this appraisal assignment, consists of those residential properties zoned (E), Estates District, according to the Collier County Land Development Code located east of 131h Street NW/NE, south of Randall Boulevard, west of approximately one mile east of Everglades Boulevard and north of approximately one mile south of Golden Gate Boulevard E/W in Collier County, Florida. The secondary market area is defined economically to include those areas where a similarly zoned property would be considered by the same basic profile of prospective purchasers as generally competitive with the parent tract. The secondary market area, for purposes of this appraisal assignment, is defined as those residential properties zoned (E), Estates District, located in peripheral locations to the primary market area described above. Stages of a Market Area's Life Cycle: A market area's life cycle usually consists of the following stages: 1. Growth - a period during which the market area gains public favor and acceptance. 2. Stability - a period of equilibrium without marked gains or losses. 3. Decline - a period of diminishing demand. 4. Revitalization - a period of renewal, modernization, and increasing demand. Although the stages describe a market area's evolution in a general way, they should not be overemphasized as providing guidelines to market area trends. Many market areas are stable for very long periods of time, and decline is not necessarily imminent in all older market areas. Unless caused by the advent of some specific external influence, for example, a new highway that changes traffic patterns, decline may be at a barely perceptible rate and is subject to interruption by changing use or revival of demand. Therefore, there is no definite life expectancy for a market area. Moreover, the stages are not always sequential. At any time in the cycle, major changes can occur which interrupt the order to the cycle's stages. For example, a market area that is in a stage of growth may decline precipitously rather than stabilize. In the first two of months of 2020 the primary and secondary markets were considered to be in a period of growth as evidenced by the steady absorption of available vacant residential land, the planned improvements to the area's infrastructure, and the continued development of residential properties within the market areas. However, in mid -March 2020 a high -degree of uncertainty entered the market due to the Novel Coronavirus (COVID-19) pandemic. On March 9, 2020, the governor of Florida issued Executive Order 20-52, declaring a state of emergency for the entire state due to COVDID-19 that was extended by Executive Order 20- 114. The state of emergency covers all of Florida and gives broad powers to state and local government agencies in responding to COVID-19. Social distancing measures have resulted in the temporary closing of many schools, churches, retail stores, hotels, restaurants, offices, and other commercial uses within the Collier County market area. Subsequently, the number of unemployed has subsequently surged to record highs. Currently, governmental fiscal and monetary policies are attempting a full support mode to reduce the economic consequences from COVID-19. However, the ultimate economic recovery Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 31 Reliance upon the appraisal for other uses is not warranted. will depend on virus containment and the development of adequate treatments and vaccines. Accordingly, at this time, it is unknown what effect COVID-19 will have on the primary and secondary market areas. General Primary Market Description: The Golden Gate Estates area began development in the early 1960's. Based on the Collier County tax rolls, there are approximately 31,000 platted tracts of land located within the Golden Gate Estates area typically ranging in size from 1.14 acres to over 5 acres. Tracts smaller than 2.25 acres are considered to be legally non- conforming tracts. The Golden Gate Estates area is composed of two separate sub -markets, the Urban Estates area, which lies west of Collier Boulevard (CR 951), and the Rural Estates area, which lies east of Collier Boulevard (CR 951). The primary roadways that provide the main access to the described primary market area include: • Collier Boulevard (CR 951); • Immokalee Road (CR 862); • Golden Gate Boulevard; • Randall Boulevard; • Wilson Boulevard; • Everglades Boulevard; and • Desoto Boulevard. Available utilities within the primary market area include telephone, electrical service, and emergency services. Water must be typically provided by private well and wastewater must be typically disposed of by a private septic tank and drain field combination. Finally, the appraiser has included in the addendum of this report the "Quarterly Market Detail for the 2nd Quarter 2020 for the Single -Family Homes in the Naples-Immokalee-Marco Island MSX produced by Florida Realtors with data provided by Florida's multiple listings services. Trends and Conclusions: In conclusion, recognizing the high -degree of uncertainty that entered the market area caused by the Novel Coronavirus (COVID-19) pandemic, it is unknown what effect COVID-19 will have on the primary and secondary market areas. However, due to positive regional economic factors as evidenced by the steady absorption of available vacant residential land, the planned improvements to the area's infrastructure and the continued development of residential properties within the market areas, it is the appraiser's opinion, that the primary and secondary market areas should expect continued economic development into the foreseeable future. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 32 Reliance upon the appraisal for other uses is not warranted. Parent Tract Aerial Map ,r Y Parent Tract *: - -r MrA 40, -, a IP _� 2t"Avenue- NEri7 It Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Parent Tract Plat Map Page 33 r Ar -7 ■4 150.0 —} — - 1 i Parent Tract f ; r 150.0 w Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 34 Reliance upon the appraisal for other uses is not warranted. SITE DATA Location: The parent tract is located on the south side of 12th Avenue NE 0.20 miles east of Wilson Boulevard N in Collier County, Naples, Florida. The parent tract has a street address of 180 12th Avenue NE, Naples, Florida 34120. Size and Shape: The parent tract contains 2.27 acres of gross land area and is rectangular in shape. Specifically, the parent tract has a northern property line along 12th Avenue NE that measures 150 feet; with a depth there from along the eastern and western property lines that measure 660 feet; and a rear, southern property line that measures 150 feet. Roadway Frontage: The parent tract benefits from 150 feet of frontage along the southerly right-of-way of 12th Avenue NE. 12th Avenue NE is a local, undivided, two lane, paved roadway. Available Utilities: The available utilities to the parent tract include telephone, electrical service, and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. Exotic Vegetation and Wildlife: Current county, state, and federal regulations have considered certain areas jurisdictional based upon vegetation classifications and/or wildlife species. The appraiser is not an expert at vegetation groups or wildlife identification and has not been provided a report prepared by such an expert. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and/or wildlife species. Furthermore, the appraiser has assumed a reasonable quantity of non -jurisdictional uplands exist on the parent tract suitable for the development of the property in accordance with the estimated highest and best use. Environmental Liabilities: Unless otherwise stated above or elsewhere in this report, the existence of hazardous substances, including, without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the property inspection. The appraiser is not qualified to test such substance or conditions. If the presence of such substances, such as asbestos, urea, formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The parent tract is assumed to be unaffected by environmental liabilities. However, the reader is advised that no environmental studies of the parent tract have been provided to the appraiser. Elevation and Topography: The parent tract appears to be a level tract partially cleared. Predominant Soil Classification(s): Only a limited visual surface inspection of the property was made, and no soil or subsoil problems were observed. No soil or subsoil engineering reports were provided to the appraiser. The appraiser has assumed no soil or subsoil problems exist that would negatively affect the market value of the parent tract. Easements and Restrictive Covenants: The parent tract is encumbered by a 30-foot wide road right-of-way easement along the northern property line along the property's existing frontage to 12th Avenue NE. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 35 Reliance upon the appraisal for other uses is not warranted. before the taking. However, the reader is advised that the appraiser has not been provided any title information. Collier County Future Land Use Designation and Zoninq Classification: The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub -district, and is further regulated by the Golden Gate Area Master Plan. Furthermore, the parent tract is zoned E, Estates District, according to the Collier County Land Development Code. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 36 Reliance upon the appraisal for other uses is not warranted. Improvement Sketch 40' ------------------------------------------------------------1 1 � 1 1 1 1 � � � 1 1 1 1 Wood Deck 1 1 with Rail Screened 1 1 Porch �N 1 ' 10' 22' 1 14' 6' 8' Master Bath Bedroom Master Living Room Bedroom Hall (Cathedral Ceiling) Bath WIC 0 20' Kitchen Bedroom 0 N Dining Family Utility Room Foyer Room Room (Vaulted Ceiling) (Vaulted Ceiling) 20' i� 40' ' I Entry ' ; Parcel1107 `-----------� a 180 12th Ave NE Year Built: 2003 Living Area: 2,040 5F Garage: 400 5F 5c.Porch: 168 5F Wood Deck: 587 5F Entry: 32 5F Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 37 Reliance upon the appraisal for other uses is not warranted. IMPROVEMENT DATA The parent tract is improved with a single-family home and associated site improvements. The single-family home is located in the northern portion of the property and is setback approximately 200 feet from the existing right of way of 12th Avenue NE. The parent tract's single-family home is one story and has a slab foundation, CBS construction and a fiberglass shingle roof. The home contains 2,040 square feet of gross living area, an attached two car garage containing 400 square feet, an entry porch containing 32 square feet, a screened porch containing 168 square feet, and wood deck with railing containing 576 square feet. The interior of the home is partitioned into three bedrooms, two baths, a foyer, living room, family room, dining room, kitchen, and utility room. Interior finishing includes porcelain tile flooring throughout, a cathedral ceiling in the living room/kitchen area, and vaulted ceilings in the dining room and family room. The kitchen includes wood cabinets, granite counters, a tile backsplash, a kitchen island, stainless steel appliances, and a pantry closet. The utility room includes a washer/dryer and extra cabinets. The master bath has a separate tub and shower with tile wainscot, wood cabinets, granite counters, and two sinks. The hall bath has a tub/shower combination with tile wainscot, wood cabinets, and granite counters. Other interior features include but are not limited to ceiling fans, an arched entry to the kitchen and living room area, plant shelves, a niche in living room, and recessed lighting. Significant site improvements include an asphalt driveway with extra pad, concrete pad in front of garage, brick walkway to entry, sod, landscaping, a well and water treatment system, septic tank/drain field, fill, grade, and clearing. The parent tract's single-family home was constructed in 2003 that has been well maintained and updated including all floors, the kitchen, and baths. The building improvements have a chronological age of 17 years and an estimated effective age of 10 years. Furthermore, the appraiser has estimated the parent tract's single-family home to have a total economic life of 60 years and a remaining economic life of 50 years. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 38 Reliance upon the appraisal for other uses is not warranted. HIGHEST AND BEST USE Highest and best use is defined in The Dictionary of Real Estate Appraisal, Sixth Edition, as published by the Appraisal Institute as "the reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity." Implied is that the determination of highest and best use results from the appraiser's judgment and analytical skill, i.e., that the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value) another appropriate term to reflect highest and best use would be most probable. Highest and Best Use Analysis "As Though Vacant": This part of the highest and best use analysis assumes that a parcel of land is vacant or that it can be made vacant through the demolition of any improvements. The question to be answered in this part of the highest and best use analysis is: if the land is (or was) vacant, what use should be made of it? That is, what type of building or other improvement (if any) should be constructed on the land? The purpose of estimating the highest and best use for land or a site is to identify the use that causes the land to have value. This identification also helps to identify comparable properties. For highest and best use of land as vacant, a use must meet four criteria. The four criteria are (1) legally permissible, (2) physically possible (3) financially feasible, and (4) maximally productive. In summary, the parent tract is legally, physically and financially capable of supporting potential single-family residential development. Accordingly, it is the appraisers' opinion that the highest and best use of the parent tract "as though vacant" is estimated to be potential single-family residential development. Highest and Best Use Analysis "As Improved": For this portion of the highest and best use analysis, the appraiser will provide the reader with an overview of the analysis and support of the highest and best use estimate for the parent tract "as improved". Again, under this portion of the highest and best use analysis, the appraiser will consider whether or not the existing improvements should be demolished, changed in some manner, or be retained. The following analysis is presented. In summary, the appraiser has estimated the highest and best use of the parent tract "as though vacant" to be potential single-family residential development. Furthermore, the parent tract is improved with a single-family home and associated site improvements. The parent tract's single-family home was constructed in 2003 that has been well maintained and updated including all floors, the kitchen, and baths. The building improvements have a chronological age of 17 years and an estimated effective age of 10 years. Furthermore, the appraiser has estimated the parent tract's single-family home to have a total economic life of 60 years and a remaining economic life of 50 years. Accordingly, it is the appraisers' opinion that the highest and best use of the parent tract "as improved" is estimated to be the continued use of the existing improvements as a single-family home and associated site improvements. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 39 Reliance upon the appraisal for other uses is not warranted. The Appraisal Process There are three standard approaches to property valuation: 1. Cost Approach 2. Sales Comparison Approach 3. Income Capitalization Approach The Cost Approach requires the estimation of the reproduction cost new of the subject improvements on current market price levels for labor and materials. The second component is the estimate of accrued depreciation, or diminished utility, which is computed and subtracted from the reproduction cost new to obtain an estimate of the depreciated reproduction costs of the subject improvements. Finally, the land value, as obtained from a market comparison approach, is added to obtain a value of the property as a whole. The underlying premise in the Cost Approach is the theory of substitution, which states that an informed purchaser would pay no more for a property than would be required to substitute of equal utility. This approach is most applicable when the improvements are new and represent the highest and best use of the subject, as though vacant. Conversely, when the improvements are old and adequate land sales are not available, the Cost Approach tends to lose credence. The Sales Comparison Approach, or Direct Comparison Approach, utilizes the past actions of buyers and sellers for a similar class of property in a simulation model to project the most probable selling price. This approach is also based upon the theory of substitution as well as the concept of anticipation and contribution. This approach is most applicable when there has been a sufficient amount of market transactions of similar properties to ascertain patterns of behavior of the market participants. This valuation can only be as accurate as the quality of information permits. If the comparative properties are quite dissimilar to the parent tract and large adjustments are required, then this approach loses credibility. The Income Approach is the valuation process which measures value as a function of the present worth of the property's net income capacity. This approach is based upon the concept of anticipation, contribution, and increasing and decreasing returns. This approach requires market -oriented income and expense data as well as current mortgage and equity rates (income and yield). This approach is generally considered most reliable in the valuation of commercial properties, as it best represents investor's and lender's expectations and actions in the market. Each of the above three approaches will usually indicate different values. After all of the factors of the three approaches have been carefully weighted, the indications of value are correlated to arrive at a final estimate of value. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 40 Reliance upon the appraisal for other uses is not warranted. Identification of the Applicable Valuation Procedure(s): It is the appraiser's opinion that the Sales Comparison Approach to Value is the only applicable approach for this valuation assignment. The Sales Comparison Approach to Value is considered applicable since an adequate number of similar improved sales have recently occurred within the market area that may be utilized by the appraiser in predicting typical buyer and seller behavior. Furthermore, the Sales Comparison Approach is the most often used approach to value single family homes. Finally, the Sales Comparison Approach to Value is considered sufficient and adequate to provide a reliable value conclusion. The Cost Approach to Value is not considered applicable since adequate sales were available. The Income Approach to Value is not considered applicable due to insufficient rental data and since the parent tract is not generally considered to be an income producing property. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 41 Reliance upon the appraisal for other uses is not warranted. Land or Site Valuation INTRODUCTION: In general, the supply of land is relatively stable. Although physical and ecological changes may result in the accretion or destruction of land, these occurrences are rare. Land has value because it has specific utility and is in demand. Several appraisal concepts and principles contribute to the formation of land value. Anticipation, the expectation of increased demand for sites suitable to a particular use, motivates speculators to acquire land. The supply of and demand for sites tend towards the equilibrium in the long run, but short-term imbalances do occur. Intense market competition can create land values that exceed profitability. The principle of substitution holds that the greatest demand is generated for the lowest priced sites. Balance and price at value is sustained when the various elements in an economic or environmental mix are in equilibrium. LAND VALUATION PROCEDURES: Traditionally, there are six land valuation techniques or procedures available to the appraiser for utilization in this process. These six procedures are identified as follows: 1. Sales Comparison: The Sales Comparison Approach may be used to value land that is actually vacant or land that is being considered as though vacant for appraisal purposes. Sales comparison is the most common technique for valuing land, and it is the preferred method when comparable sales are available. To apply this method, sales of similar parcels of land are analyzed, compared, and adjusted to provide a value indication for the land being appraised. In the comparison process the similarity or dissimilarity of the parcels is considered. Elements of comparison include property rights, legal encumbrances, financing terms, conditions of sale (motivation), market conditions (sale date), location, physical characteristics, available utilities, zoning, and highest and best use. The most variable elements of comparison are the physical characteristics of the site that includes the size and shape, frontage, topography, location and view. 2. Allocation: Vacant sites in densely developed urban locations may be so rare that their values cannot be estimated by direct comparison. Similarly, sales of vacant sites in remote rural areas may occur so seldom that comparable data are inadequate. In such cases, land value can be estimated by allocation or extraction. The allocation method is based on the principle of balance and the related concept of contribution, which affirm that there is a normal or typical ratio of land value to property value for specific categories of real estate in specific locations. The allocation method does not produce conclusive value indications, but it can be used to establish land value when the number of vacant land sales is inadequate. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 42 Reliance upon the appraisal for other uses is not warranted. 3. Extraction: Extraction is a variant of the allocation method in which land value is extracted from the sales price of an improved property by deducting the value contribution of the improvements, which is estimated from their depreciated costs. The remaining value represents the value of the land. 4. Subdivision Development: The subdivision development method is used to value land when subdivision and development represent the highest and best use of the appraised parcel and sales data on finished lots are available. The subdivision development analysis may involve industrial, residential, or recreational land. The subdivision of land is the normal pattern of real estate development. A landowner divides a large plot into smaller parcels to sell or lease them. 5. Land Residual: The land residual technique may also be used to estimate land value when sales data on similar parcels of vacant land are not available. This technique is based on the principle of balance and the related concept of contribution, which are concerned with equilibrium among the agents of production including labor, capital, coordination, and land. The land residual technique can be used to estimate land value when: (1) building value is known or can be accurately estimated, (2) stabilized, annual net operating income to the property is known or can be estimated, and (3) both building and land capitalization rates can be extracted from the market. 6. Ground Rent Capitalization: Ground rents can be capitalized at an appropriate rate to indicate the market value of a site. Ground rent is the amount paid for the right to use and occupy the land according to the terms of the ground lease. It corresponds to the value of the landowner's interest in the land, and the leased -fee interest. Market -derived capitalization rates are used to convert ground rent into market value. SUMMARY OF THE LAND VALUATION PROBLEM: The appraiser has considered each of the six land valuation procedures identified above and has determined that the Sales Comparison Approach to Value is the only applicable valuation procedure for this portion of the valuation assignment. This procedure is considered applicable due to the fact that an adequate number of recent and relevant unimproved transactions exist which can be utilized by the appraiser in predicting buyer and seller behavior for this type of property. PRESENTATION OF THE MARKET DATA: The appraiser has reviewed economic data related to a number of sales and listings of comparable unimproved properties located within the primary and secondary market areas. Based on this research, the appraiser has assembled five competitive unimproved sales zoned E, Estates District, transacted between January 2020 and April 2020 as being most comparable to the parent tract. The data sheets for each of the sales used to estimate the value of the parent tract are presented in the addendum of this report. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 44 Reliance upon the appraisal for other uses is not warranted. APPLICATION OF THE MARKET DATA As previously stated, the appraiser has selected five competitive unimproved sales zoned E, Estates District, transacted between January 2020 and April 2020 as being most comparable to the parent tract. All sales have been compared to the parent tract and adjusted for significant differences. Buyers, sellers, and active real estate agents have reported that competitive unimproved properties within the market area are typically purchased based on a price per acre of gross land area unit of value. Furthermore, the appraiser has applied the proper sequence of adjustments including the following order: property rights conveyed; financing; conditions of sale (motivation); market conditions (time); and other significant locational and physical characteristics. The sales comparison grid is presented on the following page: Wilcox Appraisal Services, Inc. d m IL U (D U) (I)I an Z ror)� Z a) (D� o cm o 0 0 0 o to o 0 0 0 0 0 w Cl) O o N N } m —- o m m O O c� «� c� o O cc O 0 0 0 0 0 0 0 0 0 0 0 0 Z �(n W ci M W J co M o 0 0 0 0 0 � Q Q H3 63 H? EA Z N N d �I N O� c cn� a O In O O O O O oo O o 0 0 0 0 0 Lo ns N O o N N Z N Z oo 04 6» r o 0 0 0 0 0 0 0 0 0 o 0 N Z C� +- U) } + CO �, (A Cf� N J— LO N ICT o 0 0 0 0 0 m Z W W 40 N It I I ICI G)l M ILL, o �ZNZ a) a) a)0� 0 0 0 0 0 f� o 0 0 0 0 0 N Z N N. m O m O M Cfl Efl Ef} Efl O O r M O O O o O 0 O 0 O 0 O 0 r � t� W !� J r- M W r �? O O O O O O M Li (`n _0 _0 � � 64 M �WINI INI I I I � dl NI N O O� 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o o N N� N - - O CO m O 0) Ef} ffl Ef} ER O CA CO 01 O 0 O 0 o 0 O 0 o 0 o 0 Z � U) CO W W J o NT O� 0 0 0 0 0 0 j t �vl� co I co I I I I I d �I N O> ti> N N N O O O o 0 0 0 0 0 0 0 0 0 0 p o (n '0 CV c"0 oo �} ds o� o 0 0 0 0 0 fn Z N Q +. (n + M O M 0 0 06 0 0 W W Q a- �, �I �I I 1-ilo ow w z z o � N •y a) a) VJ 0 _ -��Cr` N Qi i V ;E iQ Naii cC co LUw-Jzz N � CD I C .� O a% N O a) E a) 0 O .-. L Q c~ a U d }' as O Q O c� °' c a Q � _ G U) N o ...,_ O N IL�'' u C � 4) U_ c_ (ate O Ur)0 > c.i ns L .L N a, C U 'a m p � O Q � �Naa U m mom' a°, ���.Emd L a=��'� WpJ IC O N O (0 inw�N�Um)cnHCL—EL)� p IC - O 'o QQQ m C (D ^ V a d rr C (D L a " C V U- E N (� N IM cIL L V 'a JN w N J:D z Q Prepared for and property of Collier County Board of Commissioners. Page 46 Reliance upon the appraisal for other uses is not warranted. Explanation of Adjustments: The following explanations of adjustments are presented: Adjustments for Property Rights Conveyed, Financing and Conditions of Sale (Motivation): All sales utilized in direct comparison to the parent tract conveyed property rights involving a fee simple estate and involved market financing or were all cash to seller transactions. Also, all sales were verified to be typically motivated arm's length transactions. Accordingly, no adjustments were made for these three elements of comparison. Adjustments for Marketing Conditions (Time): The date of sale identifies the market conditions under which the comparable sale occurred. Changes in market conditions can be caused by inflation, deflation, changes in supply and demand, and other factors. Although the adjustment for market conditions is sometimes referred to as a "time adjustment", the passing of time is not the cause of the adjustment, but rather, the market conditions that may or may not have changed over the time period analyzed. Changes in market conditions are usually measured as a percentage of a previous price. An analysis of a resale of the sale property, or two (2) paired sales considered very similar, can provide an indication of the rate of price change. The primary and secondary market areas period of moderate growth. Also, all sales was needed for this element of comparison. are in a period of stabilizing values after a are recent sales. Therefore, no adjustment • Adjustments for Location, Road Frontage, Size, Land Use/Zoning, and Utilities: All sales are competitive vacant residential sites located in the primary Golden Gate Estates market area with similar road frontage on local roadways. All sales are similar in size as the parent tract, and have the same land use/zoning, and available utilities. Accordingly, no adjustments were made for these elements of comparison. Discussion of Sales: Land Sale No. 1 contains 2.73 acres of gross land area and is an April 2020 transaction. The sale property is located on the west side of 11th Street SW approximately 0.25 miles south of Golden Gate Boulevard W., Collier County, Naples, Florida. Land Sale No. 1 benefits from frontage along the westerly right-of-way of 11th Street SW. Available utilities to the sale property include telephone, electrical service, and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 1 has a future land use designation of Estates and is zoned Estates by Collier County. Sale No. 1 is encumbered by a 30-foot wide road right-of-way easement along the eastern property line and along the property's existing frontage to 11th Street SW. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, the property was reported to be mostly uplands. Land Sale No. 1 provided an indicated adjusted value of $36,630 per acre. Land Sale No. 2 contains 2.50 acres of gross land area and is a March 2020 transaction. The sale property is located on the west side of 3rd Street SW approximately 0.90 miles south of Golden Gate Boulevard W, Collier County, Naples, Florida. Land Sale No. 2 benefits from frontage along the westerly right-of-way of 3rd Street SW. Available utilities to the sale property include telephone, electrical service, and emergency services. Drinking water is typically provided by private well. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 47 Reliance upon the appraisal for other uses is not warranted. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 2 has a future land use designation of Estates and is zoned Estates by Collier County. Sale No. 2 is encumbered by a 30-foot wide road right-of-way easement along the eastern property line and along the property's existing frontage to 3rd Street SW. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, the property was reported to be mostly uplands. Land Sale No. 2 provided an indicated adjusted value of $41,960 per acre. Land Sale No. 3 contains 2.27 acres of gross land area and is a February 2020 transaction. The sale property is located on the east side of 2nd Street NE approximately 0.60 miles north of Golden Gate Boulevard E, Collier County, Naples, Florida. Land Sale No. 3 benefits from frontage along the easterly right-of-way of 2nd Street NE. Available utilities to the sale property include telephone, electrical service, and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 3 has a future land use designation of Estates and is zoned Estates by Collier County. Sale No. 3 is encumbered by a 30-foot wide road right-of-way easement along the western property line and along the property's existing frontage to 2nd Street NE. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, the property was reported to be mostly uplands. Land Sale No. 3 provided an indicated adjusted value of $34,317 per acre. Land Sale No. 4 contains 2.73 acres of gross land area and is a January 2020 transaction. The sale property is located on the east side of 11th Street NW approximately 0.20 miles north of Golden Gate Boulevard W, Collier County, Naples, Florida. Land Sale No. 4 benefits from frontage along the easterly right-of-way of 11th Street NW. Available utilities to the sale property include telephone, electrical service, and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 4 has a future land use designation of Estates and is zoned Estates by Collier County. Sale No. 4 is encumbered by a 30-foot wide road right-of-way easement along the western property line and along the property's existing frontage to 11th Street NW. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, the property was reported to be mostly uplands. Land Sale No. 4 provided an indicated adjusted value of $42,125 per acre. Land Sale No. 5 contains 2.73 acres of gross land area and is a January 2020 transaction. The sale property is located on the north side of 24th Avenue NE approximately 0.30 miles west of 8th Street NE, Collier County, Naples, Florida. Land Sale No. 5 benefits from frontage along the northerly right-of-way of 8th Street NE. Available utilities to the sale property include telephone, electrical service, and emergency services. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 5 has a future land use designation of Estates and is zoned Estates by Collier County. Sale No. 5 is encumbered by a 30-foot wide road right-of-way easement along the southern property line and along the property's existing frontage to 8th Street NE. Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, the property appears to be mostly uplands. Land Sale No. 5 provided an indicated adjusted value of $34,066 per acre. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 48 Reliance upon the appraisal for other uses is not warranted. RECONCILIATION OF THE MARKET VALUE ESTIMATE OF THE PARENT TRACT LAND: In summary, the appraiser has selected five competitive unimproved sales zoned E, Estates District, transacted between January 2020 and April 2020 for direct comparison to the parent tract land and which will provide the database for the application of the Sales Comparison Approach. The indicated adjusted sales prices associated with these five sales range from a low of $34,066 per gross acre for Sale No. 5 to a high of $42,125 per gross acre for Sale No. 4. The arithmetical mean from this database was $37,820 per gross area. In conclusion, the final estimate of value, after reviewing each of the five comparable sales utilized in direct comparison to the parent tract is $38,000 per gross acre, which results in the following estimate of value: Market Value of the Parent Tract Land: (2.27 Gross Acres) x ($38,000 Per Gross Acre) _ $86,260 Rounded to, Say = $86,300 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 49 Reliance upon the appraisal for other uses is not warranted. The Sales Comparison Approach to Value PART ONE: INTRODUCTION In the Sales Comparison Approach, market value is estimated by comparing the parent tract to similar properties that have been sold recently or for which offers to purchase have been made. A major premise of the Sales Comparison Approach is that the market value of a property is directly related to the prices of comparable, competitive properties. A comparative analysis in the Sales Comparison Approach focuses on differences in legal, physical, Iocational, and economic characteristics of similar properties and the parent tract and on differences in the real property rights conveyed, the dates of sale, the motivations of buyers and sellers, and the financing arrangements for each sales transaction which can account for variations in prices. The Sales Comparison Approach is applicable to all types of real property interest when there are sufficient, recent, and reliable transactions to indicate value patterns in the market. For property types that are bought and sold regularly, the Sales Comparison Approach often provides a reliable indication of market value. When data are available, this is the most direct and systematic approach to value. When the number of market transactions is insufficient, the applicability of the Sales Comparison Approach may be limited. For example, the Sales Comparison Approach is rarely applied to a special purpose property because few similar properties may be sold in a given market. To value such properties, the Cost or Income Capitalization Approach may be more appropriate and reliable. Nevertheless, data on sales and offers for similar properties may establish broad limits for the value of the property being appraised. When economic conditions are changing rapidly, the usefulness of the Sales Comparison Approach may be limited. For example, changes in income tax laws and zoning regulations, the availability in cost of financing, or the supply of similar properties may cause the sale prices of comparable properties with similar uses to be unreliable indicators of the value of the parent tract. If economic changes occur abruptly, an appraiser may have difficulty finding a reliable market basis on which to make adjustments for these changes. Rapid inflation or deflation can also jeopardize the reliability of an appraiser's adjustments and limit the usefulness of the Sales Comparison Approach. To apply the Sales Comparison Approach, an appraiser follows a systematic procedure: A. Research the market to obtain information on sales transactions, listings, and offerings to purchase properties similar to the parent tract. B. Verify the information by confirming that the data obtained are factually accurate and that the transactions reflect arm's length market considerations. C. Select relevant units of comparison (e.g., dollars per acre, per square foot, or per income multiplier) and develop a comparative analysis for each unit. D. Compare the parent tract and comparable sale properties using the elements of comparison and adjust the sale price of each comparable appropriately or eliminate the property as a comparable. E. Reconcile the various value indications produced from the analysis of comparables into a single value indication or a range of values. An imprecise market may indicate a range of values. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 50 Reliance upon the appraisal for other uses is not warranted. PART TWO: PRINCIPLES OF SALES COMPARISON APPROACH TO VALUE The application of the Sales Comparison Approach is based on, and consistent with, the operation of value influences and appraisal principles. The following appraisal principles are generally considered most relevant to the Sales Comparison Approach: A. Supply and Demand: Property prices are determined by the market. They result from negotiations between buyers and sellers; buyers constitute market demand and the properties offered for sale constitute the supply. If the demand for a particular type of property is high, prices tend to increase; if demand is low, prices tend to decline. Shifts in the supply of improved properties frequently lag behind shifts in demand because supply is created by time-consuming construction, while demand can change rapidly. B. Substitution: As applied in the Sales Comparison Approach, the principle of substitution holds that the value of a property tends to be set by the price that would be paid to acquire a substitute property of similar utility and desirability. This principle implies that the reliability of the Sales Comparison Approach is diminished if substitute properties are not available in the market. C. Balance: The forces of supply and demand tend toward equilibrium, or balance, in the market, but absolute equilibrium is almost never attained. The balance between supply and demand changes continually. Due to shifts in population, purchasing power, and consumer tastes and preferences, demand varies greatly over time. The construction of new buildings and the demolition of old ones cause supply to vary as well. Another aspect of this principle is that the relationship between land and improvements and the relationship between a property and its environment must both be in balance for a property to reflect its actual market value. If, for example, a property has too much land in relation to its improvements or too many expensive amenities for its location, an imbalance is created. Appraisers must watch for imbalances in the market and within properties because they can cause the market to impute different prices to otherwise comparable properties. D. Externalities: Positive and negative external forces affect all types of property. A period of economic development or economic depression can often influence property values. An appraiser analyzes the market area of a parent tract to identity all significant external influences. To a great extent, these external forces are reflected in the adjustments made for property location. Two properties with identical physical characteristics may have quite different market values if one of the properties has less attractive surroundings. Factors such as the condition and lighting of streets, the convenience of transportation facilities, the adequacy of police protection, and the proximity to shopping and restaurant facilities vary with location. They must be considered by the appraiser to determine if they have a positive or negative effect on the value of the property being appraised. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 51 Reliance upon the appraisal for other uses is not warranted. PART THREE: PRESENTATION OF THE MARKET DATA The appraiser has reviewed economic data related to a number of improved sales of comparable properties located within the primary and secondary market areas. Based on this research, the appraiser has assembled three improved sales that were all transacted between March 2020 and June 2020 as being most comparable to the parent tract. The data sheets for each of the improved sales used to estimate the value of the parent tract are presented in the addendum of this report. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 52 Reliance upon the appraisal for other uses is not warranted. Improved Sales Map d _ g E Winchester Head 1 Oil Well Rd Oil well Rd Orangetree ORANGE BLOSSOM RANCH z Randall Blvd m Randalf Btvd _ a, eo SUBJECT ° q 180 12th Ave NE COMPARABLE No. 2 2091 18th Ave NE 3 m z � m o m COMPARABLE No. 1 3711 12th Ave NE Golden Gate Blvd E Golden Crate E;vd E COMPARABLE No. 3 571 5th St NE Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 53 Reliance upon the appraisal for other uses is not warranted. PART FOUR: APPLICATION OF THE MARKET DATA As previously stated, the appraiser has selected three improved sales that were all transacted between March 2020 and June 2020 as being most comparable to the parent tract. All sales have been compared to the parent tract and adjusted for significant differences. Furthermore, the appraiser has applied the proper sequence of adjustments including the following order: property rights conveyed; financing; conditions of sale (motivation); market conditions (time) and other locational and physical characteristics. The improved sales comparison grid is presented on the following page: Wilcox Appraisal Services, Inc. 14 LO d co m IL O M O N Fu� W Z � 0 Q 6M N_ Q r M 0 0 0 0 0 CD 0 O O ER O O O O O O O O ER O EA O EA � EA O f/i O N E O_ - Z N 0) (n (n a (n (n O ER 63 ER ER 00 _O T,� C (n J O_ C T N O O LO r- O O 00 co ER ff3 M a 7 0 y E� U�� ma coM E» 69 � Fsr Cl)�LL a fn m U M O m d U N N L N 0 C J W N ON d U "" W Z 0 0 E c °' r N E C 0 0 0 Cl 0 0 Cl O EA O EA O EA EA O O cn O O .Q Z N E (n - Q N (n - O EA En 0 M O O O c`M T O) 0) ~ Q O N O (O O O_ V N In Q m y a (n m 04 0 0 m U cca d M e» M E!3 ELT 6 Cl) 4Fr m W E m t 09 a U U O (� o U L Q% N N C W /�/ V, 0 0 N W m N O_ U Z .0 M N E �' N M E E O O O O O O O O O O O O O ER O Vf l O EA EA EA O O a) 0 (n E 'C- C a� in (n a (,I in 0 o EA ER ER ER O O cc C C C o0 Z (n T J > Q O N Lf� N O O E!3 Cl) O L m N~ y a g m u, m 0 0- C) M � a Cl)M E» ea E!3 69 M Fsr W E w m N Q O � 1 M CD N N U O C W O •L ER Y O W o c? V z a CD m0 iii Q% Q N ns > 4 m V : Qa O L (D ¢a ''�^ V, d V lC i OQ QQQoOp y N > cn M p N mp(/�ONL) d H N z z z N Q U N N M N W y V% C O V Q O i 0 O '6 C p 0 ,> 0 y /+ O CD C (D C C CL aD O r c`i a >, N - ci 3 > O = - y E d V O w y C O w j �' O y G1 0 "a 0 y U r y Ct •i d d E m y L C Q 0 O C) w 7 N y d 'O i CD R m y 0 0 Ip � d Q t N Q N '.2 N CY � L 07 16 fn (n N t w (; y m- C 0 Q N d m L O 'a N N C y C o CL O a m 'C CD O 3 y m O "£ 0 ++ Q o C'i ti r V C O J O 0 ++ Q i7 V U) C _ > T C O C 4: `� •V O N iCL Q E .� oiS J E O U t a y j` m pl i >. C O U •� = d Q N C fl. .2 E> E 7 '� a�j J E O ` m s a 7 fd O y 0 m w L y y p O .y -p a0+ p�� 0� ns " 0 0 0 0� 0� C IC R a O R �L i� 'O �+ V ._. J m O w _y m E 0 0 "' W 0 E C) i5 J (n E (U > O C9 m Q W L H co d iLL U " O in CO E U>- 0 t7 CO Q W= ii a J Q Prepared for and property of Collier County Board of Commissioners. Page 5555 Reliance upon the appraisal for other uses is not warranted. Explanation of Adjustments: The following explanations of adjustments are presented: Adjustments for Property Rights Conveyed, Financing and Conditions of Sale (Motivation): All sales utilized in direct comparison to the parent tract conveyed property rights involving a fee simple estate and involved market financing or were all cash to seller transactions. Also, all sales were verified to be typically motivated arm's length transactions. Accordingly, no adjustments were made for these three elements of comparison. Adjustments for Marketing Conditions (Time): The date of sale identifies the market conditions under which the comparable sale occurred. Changes in market conditions can be caused by inflation, deflation, changes in supply and demand, and other factors. Although the adjustment for market conditions is sometimes referred to as a "time adjustment", the passing of time is not the cause of the adjustment, but rather, the market conditions that may or may not have changed over the time period analyzed. Changes in market conditions are usually measured as a percentage of a previous price. An analysis of a resale of the sale property, or two (2) paired sales considered very similar, can provide an indication of the rate of price change. The primary and secondary market areas are in a period of stabilizing values after a period of moderate growth. Therefore, no adjustment was needed for this element of comparison. Adjustments for Other Locational and Physical Characteristics: All sales were further adjusted for significant differences, including differences in location/land area, site improvements, year built/condition, gross living area, and entry/porch/patio areas. DISCUSSION OF SALES: Improved Sale No. 1 has a street address of 3711 12th Avenue NE, Naples, Florida, and is a March 2020 transaction. Improved Sale No. 1 contains 1.59 acres of gross land area and is located on the north side of 12th Avenue NE, east of Everglades Boulevard N in Collier County, Naples, Florida. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Improved Sale No. 1 is improved with a 3-bedroom, 2-bath, 2-car attached garage, covered entry, covered porch with brick deck, large brick patio, one-story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home contains 1,923 square feet of gross living area, was built in 2005 and has been updated. Significant site improvements include a brick drive, a well/pump/water treatment system, a septic tank/drain field, fill/grade/clearing sod, and landscaping. Improved Sale No. 1 sold for $325,000. Improved Sale No. 1, after appropriate adjustments, provided an indicated value of $337,800. • Improved Sale No. 2 has a street address of 2091 18th Avenue NE, Naples, Florida, and is an April 2020 transaction. Improved Sale No. 2 contains 1.59 acres of gross land area and is located on the north side of 18th Avenue NE, east of 16th Street NE in Collier County, Naples, Florida. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 56 Reliance upon the appraisal for other uses is not warranted. Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Improved Sale No. 2 is improved with a 4-bedroom, 2 bath, 2-car garage, covered entry, screened porch under truss, one-story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home contains 2,274 square feet of gross living area, was built in 2004 and has been well maintained. Significant site improvements include an asphalt drive, a well/pump/water treatment system, a septic tank/drain field, fill/grade/clearing sod, and landscaping. Improved Sale No. 2 sold for $316,000. Improved Sale No. 2, after appropriate adjustments, provided an indicated value of $335,100. Improved Sale No. 3 has a street address of 571 6th Street NE, Naples, Florida, and is a June 2020 transaction. Improved Sale No. 3 contains 2.27 acres of gross land area and is located on the west side of 6th Street NE, north of Golden Gate Boulevard E in Collier County, Naples, Florida. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. Improved Sale No. 3 is improved with a 3-bedroom, 1 den, 2 bath, 2 car attached garage, covered entry, screened porch under truss, one-story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home contains 2,173 square feet of gross living area, was built in 2003 and has been well maintained. Significant site improvements include an asphalt drive, fencing, a detached shed, a well/pump/water treatment system, a septic tank/drain field, fill/grade/clearing sod and landscaping. Improved Sale No. 3 sold for $375,000. Improved Sale No. 3, after appropriate adjustments, provided an indicated value of $343,100. RECONCILIATION OF THE MARKET VALUE ESTIMATE: In summary, the appraiser has selected three improved sales that were all transacted between March 2020 and June 2020 for direct comparison to the parent tract and which will provide the database for the application of the Sales Comparison Approach. The indicated adjusted sales prices associated with these three sales range from a low of $335,100 for Sale No. 2 to a high of $343,100 for Sale No. 3. The arithmetical mean from this database was $338,667. All sales are considered to be competitive homes located within the Golden Gate Estates market area. All sales have been compared to the parent tract and adjusted for significant differences. In conclusion, the final estimate of value, after reviewing each of the three improved sales utilized in direct comparison to the parent tract, as indicated via the Sales Comparison Approach, as of September 22, 2020, is $339,000. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 57 Reliance upon the appraisal for other uses is not warranted. Reconciliation of the Value Indications In summary, the appraiser has obtained the following value indications from the valuation approaches presented earlier in the appraisal report as follows: The Cost Approach to Value: NA The Sales Comparison Approach to Value: $339,000 The Income Capitalization Approach to Value: N/A Reconciliation is the analysis of alternative conclusions to arrive at a value estimate. Reconciliation is required because different value indications result from the use of more than one valuation approach and within the application of a single approach. Furthermore, the final value estimate should not be derived simply by applying technical and quantitative procedures; rather, it should involve the exercise of judgment. The value conclusion reached should be consistent with market thinking and the quantity of data used should correspond to the amount of data the market considers relevant to the problem. An appraiser shall produce a meaningful, defensible value estimate by considering three criteria: appropriateness, accuracy, and quantity of evidence. Appropriateness relates to the use of certain approaches and specific assignments. All data, calculations, estimates, and adjustments are examined for accuracy. The quantity of evidence is analyzed to determine if the conclusion reached is sufficiently supported in the market. Market data reflects past phenomena, but an appraiser must rely on data to estimate future benefits and the present value of these benefits. Nevertheless, the data available should not dictate the range of future possibilities under consideration. It was the appraiser's opinion that the Sales Comparison Approach to Value was the only applicable approach for this valuation assignment. The Sales Comparison Approach to Value was considered applicable since an adequate number of similar improved sales have recently occurred within the market area that may be utilized by the appraiser in predicting typical buyer and seller behavior. Furthermore, the Sales Comparison Approach was the most often used approach to value single family homes. Finally, the Sales Comparison Approach to Value was considered sufficient and adequate to provide a reliable value conclusion. The Cost Approach to Value was not considered applicable since adequate sales were available. The Income Approach to Value was not considered applicable due to insufficient rental data and since the parent tract is not generally considered to be an income producing property. In conclusion, it is the appraiser's opinion, that the market value of the parent tract, as of September 22, 2020, is $339,000, allocated $86,300 to the land value and $252,700 to the improvements. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 58 Reliance upon the appraisal for other uses is not warranted. Estimation of Reasonable Exposure Time: �:771 In this portion of the analysis, the appraiser will provide the reader with a narrative overview relating to the estimate of the reasonable exposure time or normal marketing period for the parent tract. Exposure time is defined in The Dictionary of Real Estate Appraisal, Sixth Edition as "the estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Furthermore, exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market. The appraiser has estimated a reasonable exposure time for the parent tract to be six to twelve months, based on the appraiser's research of market activity and available listings and interviews with numerous market participants. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Page 59 Descriptions and Valuation Analyses of the Proposed Partial Acquisition Area and the Remainder Property Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Parcel No. 1107 FEE Acquisition Area Map 12TH AVENUE N.E. --F-TRACT 27 GOLDEN GATE ESTATES UNIT PLAT BOOK 7 18 PAGE 7 N W E W Bg SMN9Dx s �s AUEKE 37492 TRACT 22 TRACT 38 EAST 15V OF TRACT 27 EAST LINE OF WEST LINE OF PROPOSED TRACT 27 EAST 150- OF PARCEL 1107 FEE TRACT 27 15,000 SO. FT. VANDERBILT BEACH ROAD "Xx' lD ^'`� 6 707 708 709 710 `V-Trd'N, 713 714 715 SOUTH LINE OF TRACT 27 TE - ROW SO. FT. SQUARE FEET MAY 4 2020 FEE FEE SIMPLE PARCEL OR OFFICIAL RECORDS (BOOK/PAGE) %:j•� PROPOSED FEE PARCEL LEGAL DESCRIPTION FOR PARCEL 1107 FEE A PORTION OF TRACT 27. GOLDEN GATE ESTATES UNIT 1B. AS RECORDED IN PLAT BOOK 7 1P4GE11rif, r IN SECTION 34, TOW�C}ilp 4� 7, OF THE PUBLIC RECORDS OF COLDER COUNTY, FLORIDA, LYING SOUTH. RANGE 27 EAST, COLDER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCR P...,; FOLLOWS: �G: , Cat - 'YO •�; THE SOUTH 1Do FEET OF THE EAST 150 FEET OF SAID TRACT 27_ CONTAINING 15,000 SQUARE FEET, MORE OR LESS. ate 0f ' �%�lste�ed Lards . � rrtr,�s�t1, 0 80 120 240 �lepuELK AIRVEY012 riG1®� NEp5T14TWn tq. 310� SKETCH & DESCRIPTION ONLY saac wm NOT A BOUNDARY SURVEY SCAT& 1'-22C' FOR: COWER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS�u wa® er . vls VANDERBILT BEACH ROAD EXTENSION SKETCH & DESCRIPTION OF: PROPOSED FEE SWLE PARCEL PARCEL 1107 FEE fifi10 Naples FkDemae'WWS111zOD Phpne: (239)59LB N : 55:(239)59]-0SJB COLLIER COUNTY, FLORIDA ENGINEERING JOB NUMBER REVISION SECTION TOWNSHIP RANGE SCALE DATE DRAWN BY FILE NAME SHEET 060119,06.00 I 7 I 34 48S 27E I. = 120' 4 28 20 MAW SK1107FEE 1 OF 1 Page 60 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 61 Reliance upon the appraisal for other uses is not warranted. PROJECT DESCRIPTION AND IDENTIFICATION OF THE PROPOSED PARTIAL ACQUISITION AREA Project Description: The proposed fee simple acquisition area will be utilized for the Vanderbilt Beach Road Extension (Project No. 60168). The Vanderbilt Beach Road Extension (Collier Boulevard to 16th Street NE) is an approximate 7-mile extension of the existing roadway. Plans include: 1) a four -lane divided urban roadway to Wilson Boulevard; 2) two lanes from Wilson Boulevard to 16th Street NE; 3) minor improvements to existing intersecting streets including Weber Boulevard, Massey Street and Douglas Street; 4) new roadway intersections at Wilson Boulevard, 8th Street NE and 16th Street NE; 5) a new traffic signal at the Vanderbilt Beach road/Wilson Boulevard intersection; and 6) canal relocation to the south of the roadway from 29th Street NW to 15th Street NW. Description of the Proposed Acquisition Area: Parcel No. 1107 FEE is a fee simple acquisition area that consists of a strip taking along the rear, southerly boundary of the property. Parcel No. 1107 FEE contains 0.34 acres (15,000 square feet) of gross land area and is basically rectangular in shape. Specifically, Parcel No. 1107 FEE has a southern property line that measures 150.00 feet; with a depth there from along the western property line that measures 100.00 feet; with a depth there from along the eastern property line that measures 100.00 feet; and a northern property line that measures 150.00 feet. Legal Description of the Partial Acquisition Area: The legal description of the proposed fee simple acquisition area is as follows: LEGAL DESCRIPTION FOR PARCEL 1107 FEE A PORTION OF TRACT 27, GOLDEN GATE ESTATES UNIT 18. AS RECORDED IN PLAT BOOK 7 % 1 i i , 7, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA. LYING IN SECTION 34. TOw }P 4p, SOUTH. RANGE 27 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCg4,,s,,,. FOLLOWS: � ;••;�� at& THE SOUTH 100 FEET OF THE EAST 150 FEET OF SAID TRACT 27. CONTAINING 15,000 SQUARE FEET, MORE OR LESS. Source: RWA Engineering, Naples, Florida. VALUATION ANALYSIS OF THE PROPOSED PARTIAL ACQUISITION AREA Market Value of the Land Taken: The appraiser has previously estimated the market value of the fee simple interest of the parent tract land to have a unit value of $38,000 per acre. This value estimate was obtained through the application of the Sales Comparison Approach to Value. Since the part taken is to be valued as part of the whole, this value will serve as a basis of value for the valuation of the land taken, which results in the following estimate of value: Market Value of the Land Taken: (0.34 acres) x ($38,000 Per Acre) _ $12,920 Rounded to, Say = $12,900 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 62 Reliance upon the appraisal for other uses is not warranted. Value of the Improvements Taken: No significant improvements are located within the proposed fee simple acquisition area. Summary of the Land and Improvements Taken: The following is the appraiser's summary of the value of the property rights and improvements taken from the parent tract: 1. Land Taken: ......................................................................................................... $12,900 2. Improvements Taken: ........................................................................................... $ 0 Market Value of the Part Taken: ................................................................................. $12,900 Valuation of the Remainder Property, as Part of the Whole: The following sets forth the arithmetic analysis of the valuation of the remainder property, as part of the whole (before value less value of part taken): 1. Market Value of the Parent Tract, Before the Taking: ......................................... $339,000 2. Less Market Value of the Part Taken: ................................................................. 12,900 Total Market Value of the Remainder Property, As Part of the Whole: ..................... $326,100 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 63 Reliance upon the appraisal for other uses is not warranted. Aerial Overlay of the Partial Acquisition Area and Remainder Property Remainder +- - Property s t A PROP HAW LFN.F I t t i _ Y c r,.'r: �Fi LV• is � - -CN I H4!/Si i 1i]A 4 ST r_ _ _ _ tee• m a� � r •+r I f + /_0 w sr.-e s g' -- aY en , T 10 1 ra• 7 i 6. J R _{ srn. 713.74. ss 14 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 64 Reliance upon the appraisal for other uses is not warranted. VALUATION ANALYSIS OF THE REMAINDER PROPERTY "AS SEVERED" The remainder property land has been reduced in size from 2.27 acres to 1.93 acres of gross land area. Specifically, the remainder property has a northern property line along the southerly right-of-way of 12th Avenue NE that measures 150.00 feet; with a depth there from along the western property line that measures 560.00 feet; with a depth there from along the eastern property line that measures 560.00 feet; and a southern property line along the new northerly right-of-way of Vanderbilt Beach Road Extension that measures 150.00 feet. The remainder property's vehicular access to 12th Avenue NE, utilities, topography, land use designation, and zoning are unchanged. However, the remainder property will have new rear yard frontage along the northerly right-of- way of the proposed Vanderbilt Beach Road Extension. The remainder property will have no vehicular access to Vanderbilt Beach Road Extension. Furthermore, an eight -foot high chain link fence will be built by Collier County along the new right-of-way line to Vanderbilt Beach Road Extension to separate the rear yard of the remainder property from the new busy roadway. The remainder property's improvements are the same as before the taking. The highest and best use of the remainder property "as vacant" is estimated to remain the same as before the taking, potential single-family residential development, and the highest and best use of the remainder property "as improved" is estimated to remain the same as before the taking, the continued use of the existing improvements as a single-family home and associated site improvements. It is the appraiser's opinion that the remainder property will have a loss in value after the taking due to the new rear yard frontage along the northerly right-of-way of the proposed Vanderbilt Beach Road Extension. The appraiser has previously completed a rear yard busy road frontage study utilizing paired sales analyses of six (6) improved residential sales with rear yard busy road frontage versus comparable home sales located nearby without busy road rear yard frontage. Based on this study, improved residential single-family properties with rear yard busy road frontage have a lower market value as compared with similar improved residential single-family properties located nearby without rear yard busy road frontage. This study indicated a negative difference of slightly less than 10%. Furthermore, the negative impacts of the rear yard busy road frontage is exasperated by the entire adjacent easterly property being improved with a retention pond as part of the Vanderbilt Beach Road Extension (Project No. 60168). Accordingly, the appraiser has estimated the remainder property will have a further loss in value of 5%. The appraiser has estimated the parent tract before the taking to have a value of $339,000. Also, the appraiser has estimated the land and improvements taken to have a value of $12,900. Accordingly, the estimated value of the remainder property before recognizing in any loss in value due to the new rear yard busy road frontage is $326,100 ($339,000 - $12,900). Based on the previously aforementioned study and analysis, the appraiser has recognized a loss in value of negative 15% or $48,900, rounded ($326,100 x 0.15), due to the new rear yard frontage along the northerly right-of-way of the proposed Vanderbilt Beach Road Extension and exasperated by the entire adjacent easterly property being improved with a retention pond as part of the Vanderbilt Beach Road Extension (Project No. 60168). Therefore, the appraiser has estimated the remainder property "as severed" to have a value of $277,200, rounded ($326,100 - $48,900). Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 65 Reliance upon the appraisal for other uses is not warranted. SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Technically, 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. It is the appraiser's opinion that the remainder property will have a loss in value after the taking due to the new rear yard frontage along the northerly right-of-way of the proposed Vanderbilt Beach Road Extension and exasperated by the entire adjacent easterly property being improved with a retention pond as part of the Vanderbilt Beach Road Extension (Project No. 60168). The appraiser has estimated the remainder property, as part of the whole, to be $326,100, which represents the value of the whole ($339,000), less the value of the part taken ($12,900). The appraiser has also estimated the market value of the remainder property as severed to be $277,200. Therefore, these value estimates indicate severance damages in the amount of $48,900 ($326,100 - $277,200). COST TO CURE ANALYSIS Based on the analysis of the remainder property, it is the appraiser's opinion, that there is no net cost to cure. SPECIAL BENEFITS Based on the analysis of the remainder property, it is the appraiser's opinion, that there are no special benefits. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 66 Reliance upon the appraisal for other uses is not warranted. SUMMARY AND CONCLUSION AND THE TOTAL COMPENSATION ESTIMATE Accordingly, based on all the aforementioned data and analysis, the following summarizes the appraiser estimates of the total just compensation estimate: Summary of Values for Parcel No. 1107 FEE: Partial Acquisition: Fee Indicated Indicated uantit Value Value Value 1. Parent Tract: Acres Per Acre Indicated Rounded A. Land: 2.27 $38,000 $86,260 $86,300 B. Improvements Taken: $252,700 Total: 2. Part Taken: A. Land Taken: 0.34 $38,000 B. Improvements Taken: Total: 113. Remainder as Part of the Whole (1-2): 4. Remainder Property: 5. Damages, Total: 6. Special Benefits: 7. Damages, Net: Summary of Total Compensation: Part Taken: A. Land Taken: 0.34 $38,000 B. Improvements Taken: Total: Damages, Net: Cost to Cure, Net: Total Compensation: $12,920 $12,900 $0 $12,920 $12,900 $0 Total $339,000 11 $12,900 $326,100 $277, 200 $48, 900 $0 $48, 900 $12,900 $48, 900 $61,800 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Addendum Page 67 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 68 Reliance upon the appraisal for other uses is not warranted. ASSUMPTIONS AND LIMITING CONDITIONS The Market Value estimate of the property or properties appraised herein is subject to certain assumptions and limiting conditions. Specifically, they are: Any legal descriptions furnished are assumed to be correct. 2. No responsibility is assumed for matters legal in character, nor is any opinion rendered herein as to title, which is assumed to be good and merchantable. It is assumed that the property is under responsible ownership and management on the appraisal date. 3. It is assumed that surveys and/or plats furnished to, or acquired by, the appraiser and used in the making of this report are correct. The appraiser has not made a land survey or caused one to be made, and therefore, assumes no responsibility for their accuracy. 4. Certain data used in compiling this report was furnished the appraiser from sources which they consider reliable, however, they do not guarantee the correctness of such data, although as far as is reasonably possible, the data has been checked and is believed to be correct. 5. The soil of the area under appraisement appears to be firm and solid, unless otherwise stated. Subsidence in the area is unknown or uncommon but the appraiser does not warrant against this condition of occurrence. 6. Subsurface rights (minerals and oil) were not considered in making this report unless otherwise stated. 7. The tracts that according to survey, map, or plat, indicate riparian rights and/or littoral rights are assumed to go with the property unless easements or deeds of record were found by the appraiser to the contrary. 8. Possession of this report, or copy thereof, does not carry with it the right of publication or reproduction, nor may it be used by any but the applicant without prior written consent of the applicant and the appraiser, and in any event only in its entirety. 9. The appraiser by reason of this report is not required to give testimony in court with reference to the property herein appraised, nor is the appraiser obligated to appear before any governmental body, board, or agent unless arrangements have been previously made, therefore. 10. A careful inspection was made of any and all buildings involved in this appraisal report and damage, if any, by structural failure, termites, dry rot, wet rot or other infestations was reported as a matter of information by the appraiser, but no guarantee as to the amount or degree of damages, if any, is given herein. 11. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 12. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser, or firms with which they are connected, or any reference to the Appraisal Institute, or to the MAI designation. 13. Unless specifically stated in the report, the appraiser did not determine the flood plain status of the property appraised. If such data is available, it is recommended it be obtained prior to any development that might be contemplated. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 69 Reliance upon the appraisal for other uses is not warranted. ASSUMPTIONS AND LIMITING CONDITIONS - Continued 14. Inspection of the parent tract revealed no obvious environmental hazards. The existence of potentially hazardous materials used in the construction or maintenance of the building, such as the presence of urea formaldehyde foam insulation, and/or existence of toxic waste, which may or may not be present on the property, has not been considered. The appraiser is not qualified to detect such substances and reserves the right to amend or alter this report and the value conclusions tendered herein should an Environmental Risk Audit (or other similar study) be conducted on the parent tract at a later date. 15. This appraisal was prepared by the appraiser who signed this report for the exclusive use of the client. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made, or actions taken based on this report. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 70 Reliance upon the appraisal for other uses is not warranted. Qualifications of the Appraiser, R. Alan Wilcox, MAI, SRA OVERVIEW R. Alan Wilcox has over 36 years of appraisal experience in the state of Florida specializing in eminent domain and litigation assignments. Mr. Wilcox has worked for both the condemnor and the property owner with experience in a variety of appraisal problems concerning commercial, industrial, residential, and special use properties. Mr. Wilcox has expertise in providing the client with strong market research for a reliable factual foundation to support the valuation opinion combined with effective communications including report writing, trial exhibits and expert testimony. PROFESSIONAL MEMBERSHIPS • MAI and SRA Designations, Appraisal Institute, Certificate No. 9613 • Member, Appraisal Institute, Regional Ethics and Counseling Panel, 1993-Present • Trustee, Real Estate Appraiser Group Insurance Trust, 2014 • President and Board of Director, Appraisers Liability Insurance Program, 2012 • Vice President and Board of Director, Appraisers Liability Insurance Program, 2011 • Board of Director, Appraisers Liability Insurance Program, 2010 • Member, Appraisal Institute, Leadership Development & Nominating Committee, 2005- 2008 • Member, National Board of Directors, Appraisal Institute, Region X, Chair, 2004 • Member, National Board of Directors, Appraisal Institute, 2001-2003 • Director, Association of Eminent Domain Professionals, 2000-2001 • President, West Cost Florida Chapter of the Appraisal Institute, 2001 • Regional Representative, West Coast Florida Chapter of Appraisal Institute, 1994-2001 • Vice President, West Cost Florida Chapter of the Appraisal Institute, 2000 • Secretary, West Cost Florida Chapter of the Appraisal Institute, 1999 • Treasurer, West Cost Florida Chapter of the Appraisal Institute, 1998 • Member, Region X, Appraisal Institute, National General Appraisal Board Guidance Subcommittee, 1996-1998 • Director, West Coast Florida Chapter of Appraisal Institute, 1993-1996 • Chairperson, MAI Admissions Committee, West Coast Florida Chapter of the Appraisal Institute, 1997 • Chairperson, MAI, Candidate Guidance, West Coast Florida Chapter of the Appraisal Institute, 1993-1996 AWARDS Appraisal Institute's "Volunteer of Distinction Award", Region X, 2011 Outstanding and Dedicated Service Award, West Coast Florida Chapter of Appraisal Institute, 1996 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 71 Reliance upon the appraisal for other uses is not warranted. Qualifications of the Appraiser, R. Alan Wilcox, MAI, SRA - Continued STATE CERTIFICATION/LICENSES • State -certified general real estate appraiser, RZ306 (Florida) • Real Estate Broker's License, BK 326544 (Florida) EDUCATIONAL BACKGROUND • Bachelor of Science Degree, West Virginia University, Morgantown, West Virginia, 1971 o Graduated with High Honors (No. One in Graduating Class) o Gamma Sigma Delta National Honor Society of Agriculture o Xi Sigma Pi National Honor Society of Forestry o Senior Recognition Certificate (No. One in Graduating Class) o College Bowl Participant o Senior Scholarship Award of Merit • Master of Science Degree, University of Washington, Seattle, Washington, 1976 • Postgraduate, 20 quarter hours, University of South Florida, Fort Myers, Florida, 1980- 1983 • Postgraduate, 9 semester hours, Nova University, Fort Lauderdale, Florida, 1982 REAL ESTATE APPRAISAL COURSES AND SEMINARS COMPLETED R. Alan Wilcox, MAI, SRA, has completed the specialized appraisal educational requirements for obtaining the MAI, SRA, designation and the continuing education program of the Appraisal Institute, as well as the continuing education requirements for State Certification. EXPERIENCE • President/Owner, Wilcox Appraisal Services, Inc., Cape Coral, FL, August 1993 to Present • Associate Appraiser, Hanson Real Estate Advisors, Inc., Fort Myers, FL, February 1990 to September 1998 • Expert Witness for the Florida Real Estate Appraisal Board, July 1998 • Associate Appraiser, Horizon Appraisal Services, Inc., Fort Myers, FL, June 1986 to February 1990 • Associate Appraiser, First Appraisal Services, Fort Myers, FL, March 1986 to June 1986 • Associate Appraiser, Richard L. Futral & Associates, Cape Coral, FL, July 1985 to March 1986 • Associate Appraiser, Calhoun & Associates, Fort Myers, FL, June 1984 to July 1985 Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 72 Reliance upon the appraisal for other uses is not warranted. Quarterly Market Detail — 2"' Quarter 2020 For Single Family Homes in Naples-Immokalee-Marco Island MSA Produced by Florida Realtors with data provided by Florida's multiple listings services. fi jil, Florida Rea ltors- 1, T;; tries hr R?a F,:nrh"i- �crda 5AME4175111 UN 42242 0 � lercertCiarge; Year-0sre r-Ye2 f", Chsed Sales 1,319 1,669 -21.0% Paid in Cash 455 696 -34.6% Median SalePrice $464,725 $454,000 2.4% Average Sale Price $851,075 $855,064 -0.5% Do liar Volume $1.1Billion $1.49illion -21.3% Me dian Pe rce nt of Original List Price Rneiad 94.7% 93.6% 1.2% Me dian Time to Untraot 90 Days 101 Days -10.9% Me dian Time to ale 134 Days 143 Days -6.3% New Pending Sales 1,82E 1,728 5.E% New Luting; 1,609 1,517 6.1% Pending lnentory 1,059 769 37.71A Irive niorryktive Listings) 2,441 3,151 -22.5% Munths5upptfoflnentory 5.5 7.6 -27.6% Qua Chsed Sales lercertCYarge ■ Year-m r-Yea r Year-to-Ifaie 2,719 -3.01A ie- number of sales transactions which closed during c22121 1,319 -21.0% g12024 1,400 23.3% q4 2419 1,311 1E.11A Economisis'noie;Clo sed Sales are one ofthe simplest—yetmost (132413 1,294 1E.35s important— indicators forthe residentialreal estate market. When g22413 1,669 6.1% comparing Closed Sale sacrossmark ets of different sizes, we ql 2419 1,135 1.1% recommend comparing the percentchangesinsales rather thanthe g42418 1,110 7.1% numberofsales,(nosed Sales (andmanyother market metrics) are Q32418 1,094 5.E% affected by seasonal cycles, so actual trends are more accurately g22418 1,573 4.4% g12418 1,123 -2.11A represented by year- over -year changes (i.e. comparing a quarter's g42417 1,036 1.1 sales to the amount of sales in the same quarter in the previousyear� 2017 1,034 rather than changes from one quarter to the next. q2 217 1,s06 9.10 .1% 2016 2017 201,E 2019 a 1,Soo a 1,00D O U Soo 0 al 42 CO CO 41- 4Z q3 44 al 4Z A3 1-7 41 q2 Q3 Q4 al q2 Fmduced byFlorida Reahor. $D v h data provided byFbtida's mu3tiple H sing mtvices Statisticsfare cb motrth cetaroled from 1d1S feeds on the 15th dayof Ede fbWwb g matrth ffimreleasedon Wednesday Ao go n 12,2020.Nextdam release is Thorsdaf,Noi nber 12, 2020. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 73 Reliance upon the appraisal for other uses is not warranted. Quarterly Market Detail — 2"' Quarter 2020 For Single Family Homes in Naples-Immokalee-Marco Island MSA Produced by Florida Realtors with data provided by Florida's multiple listings services. Continued 2016 100% 70% 60% 50% 40% 3tr% 2Dr% iD% 0% 5400/]00 a a e� 5300/]00 z a � 52aopaa 51A0/]00 I ChsedSales Traditional 10 Median Sale Price ChsedSales FornLun:IREO Median Sale Price ChsedSoIn Short Sale Median Sale Price �:�ii 2G1d ❑Traditional ❑EoreclosurejREO ❑5hor15ale a, Florida Realtor i:e Scine w R— Evt-*ir rrrn Q 2 2 0 WO 2 2 001eIt0Ya14e Year-0ae r-Year 1,299 1,635 -20.6% 5465,000 $460,000 1.1% 19 29 -N.5% 5367500 $276,000 33.2% 1 5 -80.0% $307,500 SNS,000 -10.9% 2019 50 i I i I i i i I I i i i i i i I i i ;at Q2- Q3 Q4 Qi Q2 ❑3 Q4 QL QZ Q3 Q4 Qi Q2 03 Q4 Qi Q2 2016 2017 201-E 2019 Pmdooed tytlorida Realtors) ith data provided byrbtida's nolillelisting servims Statis[iasforeadi month—Ohd from 141S feeds on the 15th dayoffie f lbo ingmTdh. Euta released on Wednesday, Ao go st 12,2020. M= data release is 1-h orsday,Noi nbL 12, 2020. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 75 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 1 SALES DATA Recording Data Warranty Deed, Collier County, OR Book 5756, Page 3762. Grantor M & N Investments, Inc. Grantee Yves R. Merveille. Sales Date - Price April 27, 2020 - $100,000. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past year. Legal Description The North 180 feet of Tract 81, Golden Gate Estates Unit No. 9, according to the map or plat thereof as recorded in Plat Book 4, Page 99, Public Records of Collier County, Florida. PROPERTY DATA Property Type - Current Use Residential - Vacant land. Highest and Best Use Residential development. Location The sale property is located on the west side of 11th Street SW approximately 0.25 miles south of Golden Gate Boulevard W., Collier County, Naples, Florida. Roadway Frontage 11th Street SW. Folio No. 37015440000. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement along the eastern property line and along the property's existing frontage to 111h Street SW. Size (Gross) 2.73 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $36,630 Per Gross Acre. VERIFICATION DATA Public Records and MLS. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, the property was reported to be mostly uplands. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 76 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 2 SALES DATA Recording Data Warranty Deed, Collier County, OR Book 5744, Page 2364. Grantor John P. Yurewitch and Margaret A. Yurewitch. Grantee Andrew Martin and Teresa Cotty. Sales Date - Price March 19, 2020 - $104,900. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past year. Legal Description The South 165 feet of Tract 73, Golden Gate Estates Unit No. 12, according to the map or plat thereof as recorded in Plat Book 4, Pages 105 and 106, Public Records of Collier County, Florida. PROPERTY DATA Property Type - Current Use Residential - Vacant land Highest and Best Use Residential development. Location The sale property is located on the west side of 3'd Street SW approximately 0.90 miles south of Golden Gate Boulevard W, Collier County, Naples, Florida. Roadway Frontage 3rd Street SW. Folio No. 37165560102. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement along the eastern property line and along the property's existing frontage to 3'd Street SW. Size (Gross) 2.50 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $41,960 Per Gross Acre. VERIFICATION DATA Public Records and MLS. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, the property was reported to be mostly uplands. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 77 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 3 0t �w 4 SALES DATA Recording Data Warranty Deed, Collier County, OR Book 5725, Page 395. Grantor Interartcenter, LLC. Grantee Raul Naranjo. Sales Date - Price February 5, 2020 - $77,900. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past year. Legal Description Tract 46, Golden Gate Estates Unit No. 14, according to the map or plat thereof as recorded in Plat Book 7, Pages 73 and 74, Public Records of Collier County, Florida. (OR Book 5732, Page 1811: Corrected legal description to the Deed recorded in OR 5725, Page 395. Grantee purchased the North 150 feet of Tract 46 ) PROPERTY DATA Property Type - Current Use Residential - Vacant land. Highest and Best Use Residential development. Location The sale property is located on the east side of 2"d Street NE approximately 0.60 miles north of Golden Gate Boulevard E, Collier County, Naples, Florida. Roadway Frontage 2nd Street NE. Folio No. 37283360006. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement along the western property line along the property's existing frontage to 2nd Street NE. Size (Gross) 2.27 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $34,317 Per Gross Acre. VERIFICATION DATA Public Records and MLS. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, the property was reported to be mostly uplands. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 78 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 4 SALES DATA Recording Data Warranty Deed, Collier County, OR Book 5718, Page 1277. Grantor Steven M. Fuhrman. Grantee Gadiel Gonzalez. Sales Date - Price January 17, 2020 - $115,000. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past year. Legal Description Tract 99, less the Southerly 150 feet thereof, Golden Gate Estates, Unit No. 10, according to the map or plat thereof as recorded in Plat Book 4, Page 101, Public Records of Collier County, Florida. PROPERTY DATA Property Type - Current Use Residential - Vacant land Highest and Best Use Residential development. Location The sale property is located on the east side of 11th Street NW approximately 0.20 miles north of Golden Gate Boulevard W, Collier County, Naples, Florida. Roadway Frontage 11th Street NW. Folio No. 37066200008. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement along the western property line along the property's existing frontage to 11th Street NW. Size (Gross) 2.73 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $42,125 Per Gross Acre. VERIFICATION DATA Public Records and MLS. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, the property was reported to be mostly uplands. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 79 Reliance upon the appraisal for other uses is not warranted. Land Sale No. 5 a , _ t l q r - ,b. } J Y SALES DATA Recording Data Warranty Deed, Collier County, OR Book 5714, Page 46. Grantor Nicolo La Grasta. Grantee Bay Atlas Properties, Inc. Sales Date - Price January 3, 2020 - $93,000. Conditions of Sale Typical market. Sales History There are no other arm's length sales of the sale property in the past year. Legal Description The West 180 feet of Tract 73, Golden Gate Estates, Unit No. 23, according to the map or plat thereof as recorded in Plat Book 7, Page 9, Public Records of Collier County, Florida. PROPERTY DATA Property Type - Current Use Residential - Vacant land. Highest and Best Use Residential development. Location The sale property is located on the north side of 24th Avenue NE approximately 0.30 miles west of 8th Street NE, Collier County, Naples, Florida. Roadway Frontage 24th Avenue NE. Folio No. 37745280006. Zoning E, Estates, District (Collier County). Land Use E, Estates, Designation (Collier County). Easement(s) The sale property is encumbered by a 30-foot wide road right-of-way easement along the southern property line along the property's existing frontage to 24th Avenue NE. Size (Gross) 2.73 Gross Acres. Utilities Telephone, Electrical Service and Emergency Services. UNIT OF COMPARISON $34,066 Per Gross Acre. VERIFICATION DATA Public Records and MLS. COMMENTS Verification of this sale indicated that at the time of sale, the property did not include any significant contributory improvements. Also, the property appears to be mostly uplands. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 80 Reliance upon the appraisal for other uses is not warranted. Improved Sales Map d Winchester Head 4 W Writ Rd Oil Well Rd r8rlgetr£e F -46 ORANGE BLOSSOM RANCH Rand ll i"I"d 1 Randall Blvd p n SUBJECT c q 180 12th Ave J COMPARABLE No. 2 3 2091 18th Ave NE m z m r o m COMPARABLE No. 1 3711 12th Ave NE Golden Gate Blvd E Golden Gate UNd E COMPARABLE No. 3 571 5th 5t NE Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 81 Reliance upon the appraisal for other uses is not warranted. Improved Sale No. 1 3711 12t" Avenue NE, Naples, FL WARRANTY DEED: O.R. Book 5746, Page 1856, March 30, 2020, Collier County, Florida. SALES PRICE: $325,000. FINANCING: Cash to Seller Transaction. GRANTOR: Jerred M. Hoover. GRANTEE: William J. and Sonnia M. Spiegler. SALES HISTORY: There are no other arm's length sales of the sale property in the past year. LEGAL DESCRIPTION: The West 105 feet of Tract 101, Golden Gate Estates, Unit No. 74, according to the plat thereof, recorded in Plat Book 5, Page 10, of the Public Records of Collier County, Florida. COLLIER COUNTY PROPERTY APPRAISER FOLIO NO.: 40527720001. SITE DATA: The sale property contains 1.59 acres of gross land area and is located on the north side of 12th Avenue NE, east of Everglades Boulevard N in Collier County, Naples, Florida. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. IMPROVEMENT DATA: The sale property is improved with a 3-bedroom, 2-bath, 2-car attached garage, covered entry, covered porch with brick deck, large brick patio, one-story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home contains 1,923 square feet of gross living area, was built in 2005 and has been updated. Significant site improvements include a brick drive, a well/pump/water treatment system, a septic tank/drain field, fill/grade/clearing sod, and landscaping. VERIFICATION DATA: Public Records and MLS. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 82 Reliance upon the appraisal for other uses is not warranted. Improved Sale No. 2 � /� 'i p JY+ t ( °.. "y �� 5� •R�Z/ _ Icy 1� �a .r I ! f 4. y( 2091 18t" Avenue NE, Naples, FL WARRANTY DEED: O.R. Book 5752, Page 2031, April 15, 2020, Collier County, Florida. SALES PRICE: $316,000. FINANCING: Cash to Seller Transaction. GRANTOR: Richard D. and Patricia L. Mastandrea. GRANTEE: Robert and Maureen Gillis. SALES HISTORY: There are no other arm's length sales of the sale property in the past year. LEGAL DESCRIPTION: The East 105 feet of the East 180 feet of Tract 83, Golden Gate Estates, Unit No. 25, according to the plat thereof, recorded in Plat Book 7, Pages 13 and 14, of the Public Records of Collier County, Florida. COLLIER COUNTY PROPERTY APPRAISER FOLIO NO.: 37867960000. SITE DATA: The sale property contains 1.59 acres of gross land area and is located on the north side of 18th Avenue NE, east of 16th Street NE in Collier County, Naples, Florida. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. IMPROVEMENT DATA: The sale property is improved with a 4-bedroom, 2 bath, 2-car garage, covered entry, screened porch under truss, one-story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home contains 2,274 square feet of gross living area, was built in 2004 and has been well maintained. Significant site improvements include an asphalt drive, a well/pump/water treatment system, a septic tank/drain field, fill/grade/clearing sod, and landscaping. VERIFICATION DATA: Public Records and MLS. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Page 83 Reliance upon the appraisal for other uses is not warranted. Improved Sale No. 3 ZAP'.. .: Al L ^7 \ iii LF off 571 6t" Street NE, Naples, FL WARRANTY DEED: O.R. Book 5775, Page 2044, June 3, 2020, Collier County, Florida. SALES PRICE: $375,000. FINANCING: Cash to Seller Transaction. GRANTOR: Younes and Helis Kuivjogi Alamouri. GRANTEE: Robert and Andrea Trammell. SALES HISTORY: There are no other arm's length sales of the sale property in the past year. LEGAL DESCRIPTION: The South 150 feet of Tract 97, Golden Gate Estates Unit 14, according to the plat thereof, recorded in Plat Book 7, Pages 73 and 74, of the Public Records of Collier County, Florida. COLLIER COUNTY PROPERTY APPRAISER FOLIO NO.: 37287000003. SITE DATA: The sale property contains 2.27 acres of gross land area and is located on the west side of 6th Street NE, north of Golden Gate Boulevard E in Collier County, Naples, Florida. Available utilities to the sale property include telephone and electrical service. The property is designated Estates on the Collier County Future Land Use Map and is zoned E, Estates District, according to the Collier County Land Development Code. IMPROVEMENT DATA: The sale property is improved with a 3-bedroom, 1 den, 2 bath, 2 car attached garage, covered entry, screened porch under truss, one-story, single-family residential structure with CBS construction and a fiberglass shingle roof. The home contains 2,173 square feet of gross living area, was built in 2003 and has been well maintained. Significant site improvements include an asphalt drive, fencing, a detached shed, a well/pump/water treatment system, a septic tank/drain field, fill/grade/clearing sod and landscaping. VERIFICATION DATA: Public Records and MLS Wilcox Appraisal Services, Inc.