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Agenda 06/28/2022 Item #16A 5 (Drainage Easement as part of Goodland Drive Culvert Replacement Project)06/28/2022 EXECUTIVE SUMMARY Recommendation to approve an agreement for the purchase of a perpetual non -exclusive drainage easement (Parcel 161DE) required for the replacement of an existing tidal interconnect culvert as part of the Goodland Drive Culvert Replacement Project No. 50238. Estimated Fiscal Impact: $24,750. ____________________________________________________________________________________________________________________________________________________________ OBJECTIVE: To acquire a perpetual non-exclusive drainage easement required for the replacement of an existing tidal interconnect culvert as part of the Goodland Drive Culvert Replacement Project No. 50238 (the “Project”). CONSIDERATIONS: Collier County is seeking to acquire Parcel 161DE (the “Parcel”), a perpetual non-exclusive drainage easement, needed for the replacement of a County maintained culvert between two channels that lie partially outside of the road right of way. The parent tract is located on the corner of Palm Avenue and Goodland Drive and is owned by Trent B. Smith and Kristin P. Smith, Trustees of the Smith Revocable Trust dated August 21, 2020. Parcel 161DE is comprised of 617 square feet and is irregular in shape. The attached appraisal report, prepared by Maxwell, Hendry & Si mmons, LLC, reflects an appraised value of $19,300 for the Parcel. The attached agreement for $24,500 is the result of amicable negotiations with the property owners. If this parcel is not acquired by negotiation and has to be condemned, the costs of a condemnation action will far exceed the difference between the appraised value and the negotiated settlement amount. Staff recommends that the Board of County Commissioners (the “Board”) approve the agreement. FISCAL IMPACT: Funds in the amount of $24,750 will be required, being the negotiated compensation amount of $24,500 and miscellaneous closing and recording fees not to exceed $250. The funding source for the acquisition of the drainage easement is Stormwater Capital Improvement Program, Fund 325. The Project is for the replacement of an existing culvert; therefore, no new maintenance costs are anticipated. GROWTH MANAGEMENT IMPACT: This recommendation is consistent with the Stormwater Management Sub-Element of 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. - DDP RECOMMENDATION: To . Approve the attached agreement and authorize the Chairman to execute same on behalf of the Board; . Accept the conveyance of the Parcel 161DE and authorize the County Manager, or their 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 easement agreement to close the transaction; . Authorize the County Manager or their designee to take the necessary measures to ensure the County’s performance in accordance with the terms and conditions of the easement 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. ATTACHMENT(S) 1. Easement Agreement 161DE (PDF) 2. Appraisal 161DE (PDF) 3. Aerial Depiction 161DE (PDF) 16.A.5 Packet Pg. 350 06/28/2022 COLLIER COUNTY Board of County Commissioners Item Number: 16.A.5 Doc ID: 22316 Item Summary: Recommendation to approve an agreement for the purchase of a perpetual non- exclusive drainage easement (Parcel 161DE) required for the replacement of an existing tidal interconnect culvert as part of the Goodland Drive Culvert Replacement Project No. 50238. Estimated Fiscal Impact: $24,750. Meeting Date: 06/28/2022 Prepared by: Title: Property Acquisition Specialist – Transportation Engineering Name: Karen Dancsec 05/23/2022 2:39 PM Submitted by: Title: Division Director - Transportation Eng – Transportation Engineering Name: Jay Ahmad 05/23/2022 2:39 PM Approved By: Review: Road Maintenance Dawn Wolfe Additional Reviewer Completed 05/23/2022 3:28 PM Growth Management Department Jeanne Marcella Growth Management Department Completed 05/23/2022 3:44 PM Transportation Engineering Michelle Sweet Additional Reviewer Completed 05/24/2022 5:47 AM Growth Management Department Lisa Taylor Additional Reviewer Completed 05/24/2022 2:06 PM Capital Project Planning, Impact Fees, and Program Management Beth Johnssen Additional Reviewer Completed 05/24/2022 5:22 PM Transportation Engineering Jay Ahmad Additional Reviewer Completed 05/25/2022 8:16 AM Growth Management Operations Support Tara Castillo Additional Reviewer Completed 05/25/2022 10:28 PM Growth Management Department Gene Shue Additional Reviewer Completed 06/01/2022 11:08 AM Growth Management Department Karen Dancsec Growth Management Skipped 05/23/2022 1:30 PM Growth Management Department Trinity Scott Transportation Completed 06/01/2022 3:14 PM County Attorney's Office Derek D. Perry Level 2 Attorney Review Completed 06/03/2022 4:45 PM Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 06/06/2022 8:20 AM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 06/06/2022 10:42 AM Office of Management and Budget Susan Usher Additional Reviewer Completed 06/07/2022 8:36 AM County Manager's Office Geoffrey Willig Level 4 County Manager Review Completed 06/20/2022 10:55 AM Board of County Commissioners Geoffrey Willig Meeting Pending 06/28/2022 9:00 AM 16.A.5 Packet Pg. 351 16.A.5.a Packet Pg. 352 Attachment: Easement Agreement 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 16.A.5.a Packet Pg. 353 Attachment: Easement Agreement 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 16.A.5.a Packet Pg. 354 Attachment: Easement Agreement 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 16.A.5.a Packet Pg. 355 Attachment: Easement Agreement 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 16.A.5.a Packet Pg. 356 Attachment: Easement Agreement 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 16.A.5.a Packet Pg. 357 Attachment: Easement Agreement 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 16.A.5.a Packet Pg. 358 Attachment: Easement Agreement 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 16.A.5.a Packet Pg. 359 Attachment: Easement Agreement 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 16.A.5.a Packet Pg. 360 Attachment: Easement Agreement 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 21110911N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Letter of Transmittal ............................................................................................................................................................................................................ GP Residential .................................................................................................................................................................................................................... GP Residential .................................................................................................................................................................................................................... Additional Comparables 4-6 ................................................................................................................................................................................................ Additional Comparables 7-9 ................................................................................................................................................................................................ GP Residential .................................................................................................................................................................................................................... GP Residential Certifications Addendum ............................................................................................................................................................................. Drainage Easement Analysis ............................................................................................................................................................................................... Location Map ..................................................................................................................................................................................................................... Aerial Map .......................................................................................................................................................................................................................... Flood Map .......................................................................................................................................................................................................................... Building Sketch ................................................................................................................................................................................................................... Drainage Easement - Page 1 ............................................................................................................................................................................................... Subject Photos ................................................................................................................................................................................................................... Photograph Addendum ....................................................................................................................................................................................................... Comparable Photos 1-3 ...................................................................................................................................................................................................... Comparable Photos 4-6 ...................................................................................................................................................................................................... Comparable Photos 7-9 ...................................................................................................................................................................................................... Qualifications ...................................................................................................................................................................................................................... Qualifications ...................................................................................................................................................................................................................... 1 2 3 4 5 6 7 9 17 18 19 20 21 22 23 24 25 26 27 28 Form TOCP - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Borrower Lender/Client File No. Property Address City County State Zip Code TABLE OF CONTENTS 16.A.5.b Packet Pg. 361 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Maxwell, Hendry & Simmons, LLC 1619 Jackson Street Fort Myers, FL 33901 (239) 337-0555 www.mhsappraisal.com 02/01/2022 Growth Management Division C&M 4800 Davis Blvd Naples, FL 34104 Re:Property:663 Palm Ave Goodland, FL 34114 Borrower:N/A File No.:21110911 Opinion of Value: $515,000 Effective Date:12/17/2021 In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. Only an exterior inspection has been completed. This appraisal is subject to the extraordinary assumption that the subject property was in similar condition in the most recent MLS listing, ML#222002879, as it was on the day of inspection. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Abigail Joyce License or Certification #: Cert Gen RZ4168 State: FL Expires: 11/30/2022 info@mhsappraisal.com Matthew S. Simmons License or Certification #: Cert Res RD5762 State: FL Expires: 11/30/2022 info@MHSappraisal.com 16.A.5.b Packet Pg. 362 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Maxwell, Hendry & Simmons, LLC 21110911RESIDENTIAL APPRAISAL SUMMARY REPORT 663 Palm Ave Goodland FL 34114 Collier Lot 1, Block C, Goodland Isles First Addition, Plat Book 8, Page 1 46420280008 2021 3,888.60 N/A N/A W&J Nolin Revocable Living Trust Goodland 34940 0109.06 The intended use of the assignment is for the proposed acquisition of a portion of the subject property by Collier County for a drainage easement. Collier County Growth Management Division Growth Management Division C&M 4800 Davis Blvd, Naples, FL 34104 Abigail Joyce 1619 Jackson Street, Fort Myers, FL 33901 175 2,000 975 0 65 25 60 7 4 9 Vacant 20 The subject's neighborhood is bound by U.S. 41 to the north, Gulf of Mexico to the south, Big Cypress National Preserve to the east, and Marco Island to the west.The neighborhood is composed primarily of fair to average quality single-family uses of varying design and appeal. Larger, newer, waterfront properties represent the upper end of one-unit housing price ranges. The subject is easily accessed by major roads such as Goodland Dr, St. Rd. 92 and U.S. 41 with adequate access to shopping, dining, and recreational facilities. ‘Other' Land Use represents vacant/parks/recreational land. Property values increased at a rapid pace from 2011 through most of 2016. From 2017 to early 2020, growth slowed in the market as supply began to come from new construction. However, in late April of 2020, prices began to increase again as additional demand came into the market as a byproduct of the COVID-19 pandemic. This demand depleted inventory in most markets and historic low interest rates also fueled price growth. In the months leading up to the effective date of this appraisal, prices were rising at an annual rate of 24%. Inventory levels remained relatively low and interest rates continued to remain at near historically low levels. 72' x 122' x 30' x 26' x 61' x 96', per county GIS 8,276 sf VR Village Residential District N/A Single-Family Residential Single-Family Residential The site is subject to VR zoning. This zoning allows for single-family uses. The subject sites physical aspects do not impose apparent major limitations on development. The financial feasibility of development is evidenced by several similar uses in the market area. Single-family development is considered the highest and best use as vacant, based on the legally permissible, physically possible, and financially feasible uses of the site. Paved (Asphalt) Concrete Concrete Pole Mostly Level Average Irregular Appears Adequate Canal AE 12021C0842H 5/16/2012 No survey was provided and therefore easements, encroachments or other adverse conditions could not be determined. Furthermore, no environmental reports were provided. This appraisal assumes that there are no adverse easements, encroachments or other adverse environmental conditions associated with the subject property. The subject site features utility connections, mature landscaping, concrete seawall, wooden dock/lift, and crushed shell/gravel driveway and walkways. 1 1 Manufactured 50 25 Concrete Manufactured Metal Aluminum SingleHung Yes Concrete N/A N/A None Apparent None Apparent Wall Unit Electricity Wall Unit Carpet/Wood Drywall Wood-Paint. Tile Tile Wood Screened Porch Other Entry 4 2 2 Crushed Shell 52 1744 According to the listing agent, the subject features carpet and wood flooring, laminate countertops, a screened porch, a dock/lift, and a detached two car garage. Only an exterior inspection has been completed. This appraisal is subject to the extraordinary assumption that the subject property was in similar condition in the most recent MLS listing, ML#222002879, as it was on the day of inspection. According to the listing agent and confirmed with county permit records, the roof was replaced in September 2019. Each of the positive and negative condition-related factors have been considered within the assignment of an effective age. Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:SUBJECTProperty Address: City: State:Zip Code: County:Legal Description: Assessor's Parcel #: Tax Year:R.E. Taxes: $Special Assessments: $Borrower (if applicable): Current Owner of Record:Occupant:Owner Tenant Vacant Manufactured Housing Project Type:PUD Condominium Cooperative Other (describe)HOA: $per year per month Market Area Name:Map Reference:Census Tract:ASSIGNMENTThe purpose of this appraisal is to develop an opinion of:Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments):Current (the Inspection Date is the Effective Date)Retrospective Prospective Approaches developed for this appraisal:Sales Comparison Approach Cost Approach Income Approach (See Reconciliation Comments and Scope of Work) Property Rights Appraised:Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Intended User(s) (by name or type): Client: Address: Appraiser:Address:MARKET AREA DESCRIPTIONLocation: Urban Suburban Rural Built up:Over 75%25-75%Under 25% Growth rate:Rapid Stable Slow Property values: Increasing Stable Declining Demand/supply:Shortage In Balance Over Supply Marketing time:Under 3 Mos.3-6 Mos.Over 6 Mos. PredominantOccupancy Owner Tenant Vacant (0-5%) Vacant (>5%) One-Unit Housing PRICE $(000) Low High Pred AGE (yrs) Present Land Use One-Unit % 2-4 Unit % Multi-Unit % Comm'l % % Change in Land Use Not Likely Likely *In Process * * To: Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends):SITE DESCRIPTIONDimensions:Site Area: Zoning Classification:Description: Zoning Compliance:Legal Legal nonconforming (grandfathered)Illegal No zoning Are CC&Rs applicable?Yes No Unknown Have the documents been reviewed?Yes No Ground Rent (if applicable)$/ Highest & Best Use as improved:Present use, or Other use (explain) Actual Use as of Effective Date:Use as appraised in this report: Summary of Highest & Best Use: Utilities Public Other Provider/Description Off-site Improvements Type Public Private Electricity Gas Water Sanitary Sewer Storm Sewer Street Curb/Gutter Sidewalk Street Lights Alley Topography Size Shape Drainage View Other site elements:Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map #FEMA Map Date Site Comments:DESCRIPTION OF THE IMPROVEMENTSGeneral Description # of Units Acc.Unit # of Stories Type Det. Att. Design (Style) Existing Proposed Und.Cons. Actual Age (Yrs.) Effective Age (Yrs.) Exterior Description Foundation Exterior Walls Roof Surface Gutters & Dwnspts. Window Type Storm/Screens Foundation Slab Crawl Space Basement Sump Pump Dampness Settlement Infestation Basement None Area Sq. Ft. % Finished Ceiling Walls Floor Outside Entry Heating Type Fuel Cooling Central Other Interior Description Floors Walls Trim/Finish Bath Floor Bath Wainscot Doors Appliances Refrigerator Range/Oven Disposal Dishwasher Fan/Hood Microwave Washer/Dryer Attic None Stairs Drop Stair Scuttle Doorway Floor Heated Finished Amenities Fireplace(s) # Patio Deck Porch Fence Pool Woodstove(s) # Car Storage None Garage # of cars ( Tot.) Attach. Detach. Blt.-In Carport Driveway Surface Finished area above grade contains:Rooms Bedrooms Bath(s)Square Feet of Gross Living Area Above Grade Additional features: Describe the condition of the property (including physical, functional and external obsolescence): Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 16.A.5.b Packet Pg. 363 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 21110911RESIDENTIAL APPRAISAL SUMMARY REPORT Public Record N/A N/A There are no prior sales or transfers to analyze. The subject was listed for sale on local MLS, ML#222002879, on 01/12/2022 for $515,000. As of 01/13/2022, the subject is pending. The listing agent indicated that the contract price was close to list price, however, the exact contract price is unknown and the contract has not been analyzed. 663 Palm Ave Goodland, FL 34114 N/A N/A Inspection Public Record N/A N/A Fee Simple Goodland 8,276 sf Canal Manufactured Average 50 Effective Age: 25 52 1 744 N/A Average Central/Central Typical 2 Car Detached Screened Porch Pool/Spa None Additional Features Dock/Lift Additional Features None 576 Coconut Ave Goodland, FL 34140 0.11 miles W 455,000 568.75 ML#220036276 OR#5806-1545 Conventional None Known 08/20/2020 +72,800 Fee Simple Goodland 4,792 sf +34,840 Canal Ranch Average 56 Effective Age: 20 -20,000 52 1 800 -4,200 N/A Average Central/Central Typical Open Parking +15,000 OpPrch(2)/Patio -7,500 None Dock +7,500 700 sf FLL -37,500 60,940 Net 13.4 % Gross 43.8 %515,940 584 Coconut Ave Goodland, FL 34140 0.15 miles W 585,000 371.43 ML#220081715 OR#5970-3756 Conventional None Known 06/21/2021 +35,100 Fee Simple Goodland 5,227 sf +30,490 Canal (Superior)-75,000 Elevated Average 27 Effective Age: 27 +8,000 62 2 -10,000 1,575 -62,325 0sf Average Central/Central Typical 1 Carport +7,500 ScrnPrch (2)-2,500 None Dock/Lift/BtHse -7,500 Storage -2,500 -78,735 Net 13.5 % Gross 41.2 %506,265 568 Coconut Ave Goodland, FL 34140 0.07 miles W 575,000 653.41 ML#220038218 OR#5862-797 Cash None Known 12/04/2020 +69,000 Fee Simple Goodland 10,019 sf -17,430 Canal Elevated Average 54 Effective Age: 15 -40,000 63 2 -10,000 880 -10,200 N/A Average Central/Central Typical 2 Car Garage -5,000 ScrnPrch/Patio -2,500 Pool/Spa -35,000 Dock/Lift 440 sf FLL -24,500 -75,630 Net 13.2 % Gross 37.2 %499,370 The subject property is a two bedroom, one bathroom manufactured home with canal frontage in the Goodland community of Collier County. There are a limited number of similar properties in the subject market area and very few have recently sold. Due to this, it was necessary to utilize older sales from within the subject community. The comparable sales utilized represent the best available indicators of current market value. All seven comparables are located in similar market areas and are of similar market appeal. Positive market condition adjustments have been warranted and applied at a rate of 2.0% per month from April 2020 through the effective date of this appraisal. Adjustments for effective age have been made at a rate of $4,000 per year. Adjustments for gross living area, site area and amenities were also necessary for several sales utilized. All quantitative adjustments are based on paired sales (GLA, etc.) and/or depreciated cost (additional items). Sales data indicate a value range of $499,370 to $614,840. Comparable 4 is the high end of this range and has been considered an outlier. Excluding the outliers, the remaining comparables range from $499,370 to $522,500 with the subject commanding a value within this more narrow range. Majority weight has been placed on Comparables 1 through 3 as they are the most similar to the subject with gross sale price adjustments of 43.8% or less. Additional consideration has also been given to Comparable 7 as it is the pending sale of the subject property. 515,000 Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:TRANSFER HISTORYMy research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): 1st Prior Subject Sale/Transfer Date: Price: Source(s): 2nd Prior Subject Sale/Transfer Date: Price: Source(s): Analysis of sale/transfer history and/or any current agreement of sale/listing:SALES COMPARISON APPROACHSALES COMPARISON APPROACH TO VALUE (if developed)The Sales Comparison Approach was not developed for this appraisal. FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address Proximity to Subject Sale Price $ $$$ Sale Price/GLA $/sq.ft.$/sq.ft.$/sq.ft.$/sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust. Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site View Design (Style) Quality of Construction Age Condition Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total)+- +- +-$$$ Adjusted Sale Price of Comparables $$$ Summary of Sales Comparison Approach Indicated Value by Sales Comparison Approach $ Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 16.A.5.b Packet Pg. 364 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 21110911ADDITIONAL COMPARABLE SALES 663 Palm Ave Goodland, FL 34114 N/A N/A Inspection Public Record N/A N/A Fee Simple Goodland 8,276 sf Canal Manufactured Average 50 Effective Age: 25 52 1 744 N/A Average Central/Central Typical 2 Car Detached Screened Porch Pool/Spa None Additional Features Dock/Lift Additional Features None 667 Palm Ave Goodland, FL 34140 0.03 miles SW 780,000 517.24 ML#221072402 OR#6062-3718 Conventional None Known 12/22/2021 Fee Simple Goodland 8,712 sf -4,360 Canal Elevated Average 21 Effective Age: 6 -76,000 63 2 -10,000 1,508 -57,300 N/A Average Central/Central Typical 2 Car Garage -5,000 ScnPrch/OpPrch -2,500 None Dock/Lift/BtHse -7,500 Storage -2,500 -165,160 Net 21.2 % Gross 21.2 %614,840 691 Palm Ave Goodland, FL 34140 0.16 miles SW 750,000 516.53 ML#220074434 OR#5906-786 Conventional None Known 02/26/2021 +75,000 Fee Simple Goodland 8,276 sf Canal (Superior)-125,000 Elevated Average 47 Effective Age: 10 -60,000 73 3 -20,000 1,452 -53,100 0sf Average Central/Central Typical 1 Carport +7,500 ScrndPrch(2)-2,500 None Dock/Lift/BtHse -7,500 788 sf FLL/Storage -41,900 -227,500 Net 30.3 % Gross 52.3 %522,500 544 Coconut Ave Goodland, FL 34140 0.05 miles NE 559,000 407.73 ML#221038046 Listing Agent Pending Fee Simple Goodland 5,663 sf +26,130 Canal Manufactured Average 29 Effective Age: 25 62 2 -10,000 1,371 -47,025 N/A Average Central/Central Typical 2 Car Grge/Crpt -20,000 Screened Porch None Dock +7,500 None -43,395 Net 7.8 % Gross 19.8 %515,605 See the summary comments within the prior Sales Comparison Approach on the previous page. Form GPRES2.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 4 5 6 File No.:SALES COMPARISON APPROACHFEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Address Proximity to Subject Sale Price $ $$$ Sale Price/GLA $/sq.ft.$/sq.ft.$/sq.ft.$/sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust. Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site View Design (Style) Quality of Construction Age Condition Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total)+- +- +-$$$ Adjusted Sale Price of Comparables $$$ Summary of Sales Comparison Approach Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 16.A.5.b Packet Pg. 365 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 21110911ADDITIONAL COMPARABLE SALES 663 Palm Ave Goodland, FL 34114 N/A N/A Inspection Public Record N/A N/A Fee Simple Goodland 8,276 sf Canal Manufactured Average 50 Effective Age: 25 52 1 744 N/A Average Central/Central Typical 2 Car Detached Screened Porch Pool/Spa None Additional Features Dock/Lift Additional Features None 663 Palm Ave Goodland, FL 34140 Less than 0.01 miles 515,000 692.20 ML#222002879 Listing Agent Pending Fee Simple Goodland 8,276 sf Canal Manufactured Average 50 Effective Age: 25 52 1 744 N/A Average Central/Central Typical 2 Car Detached Screened Porch None Dock/Lift None Net 0.0 % Gross 0.0 %515,000 Net % Gross % Net % Gross % Form GPRES2.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 789 File No.:SALES COMPARISON APPROACHFEATURE SUBJECT COMPARABLE SALE # COMPARABLE SALE # COMPARABLE SALE # Address Proximity to Subject Sale Price $ $$$ Sale Price/GLA $/sq.ft.$/sq.ft.$/sq.ft.$/sq.ft. Data Source(s) Verification Source(s) VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust.DESCRIPTION +(-) $ Adjust. Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site View Design (Style) Quality of Construction Age Condition Above Grade Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Total Bdrms Baths Room Count Gross Living Area sq.ft. sq.ft. sq.ft. sq.ft. Basement & Finished Rooms Below Grade Functional Utility Heating/Cooling Energy Efficient Items Garage/Carport Porch/Patio/Deck Net Adjustment (Total)+- +- +-$$$ Adjusted Sale Price of Comparables $$$ Summary of Sales Comparison Approach Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 16.A.5.b Packet Pg. 366 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 21110911RESIDENTIAL APPRAISAL SUMMARY REPORT The subject's site value has been estimated through land sales and listings as well as land extraction. All information has been retained in the appraisers workfile. Marshall & Swift Cost Tables Average Current 380,000 744 125.00 93,000 Appl.,Prch/Pto,Etc. 15,000 0 108,000 45,004 45,004 62,996 75,000 517,996 The Cost Approach has been completed with the aid of Marshall & Swift Cost Tables and discussions with local builders/contractors. Building area calculations are based on public records, model/construction floor plans, and/or on-site measurements. Depreciation has been calculated using the age/life method. Site improvements include the "as is" value of the grading/fill, utility systems, landscaping/irrigation, detached garage, and crushed shell/gravel walkways/driveway. 35 515,000 517,996 Primary emphasis is placed on the Sales Comparison Approach as it best represents the interactions of buyers and sellers in the subject's marketplace. The Cost Approach represents the cost to construct the improvement combined with the site value. The Income Approach is not a typical approach to value for a single family property and was, therefore, not developed. 515,000 12/17/2021 28 Scope of Work Limiting Cond./Certifications Narrative Addendum Photograph Addenda Sketch Addendum Map Addenda Additional Sales Cost Addendum Flood Map Manuf. House Addendum Hypothetical Conditions Extraordinary Assumptions Location Map Qualifications Drainage Easement Analysis Growth Management Division C&M 4800 Davis Blvd, Naples, FL 34104 Abigail Joyce Maxwell, Hendry & Simmons, LLC (239) 337-0555 (239) 337-3747 info@mhsappraisal.com 02/01/2022 Cert Gen RZ4168 FL 11/30/2022 12/17/2021 Matthew S. Simmons Maxwell, Hendry & Simmons, LLC (239) 337-0555 (239) 337-3747 info@MHSappraisal.com 02/01/2022 Cert Res RD5762 FL 11/30/2022 Form GPRES2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:COST APPROACHCOST APPROACH TO VALUE (if developed)The Cost Approach was not developed for this appraisal. Provide adequate information for replication of the following cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value): ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW Source of cost data: Quality rating from cost service:Effective date of cost data: OPINION OF SITE VALUE =$ DWELLING Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ Sq.Ft. @ $=$ =$ Garage/Carport Sq.Ft. @ $=$ Total Estimate of Cost-New =$ Less Physical Functional External Depreciation =$( ) Depreciated Cost of Improvements =$ ''As-is'' Value of Site Improvements =$ =$ =$ INDICATED VALUE BY COST APPROACH =$ Comments on Cost Approach (gross living area calculations, depreciation, etc.): Estimated Remaining Economic Life (if required):Years INCOME APPROACHINCOME APPROACH TO VALUE (if developed)The Income Approach was not developed for this appraisal. Estimated Monthly Market Rent $X Gross Rent Multiplier = $Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM):PUDPROJECT INFORMATION FOR PUDs (if applicable)The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities:RECONCILIATIONIndicated Value by: Sales Comparison Approach $Cost Approach (if developed) $Income Approach (if developed) $ Final Reconciliation This appraisal is made ''as is'', subject to completion per plans and specifications on the basis of a Hypothetical Condition that the improvements have been completed, subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require alteration or repair: This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based on the degree of inspection of the subject property, as indicated below, defined Scope of Work,Statement of Assumptions and Limiting Conditions, and Appraiser’s Certifications,my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real property that is the subject of this report is: $, as of:, which is the effective date of this appraisal. If indicated above, this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report. See attached addenda.ATTACHMENTSA true and complete copy of this report contains pages,including exhibits which are considered an integral part of the report. This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 16.A.5.b Packet Pg. 367 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 21110911Assumptions, Limiting Conditions & Scope of Wo 663 Palm Ave Goodland FL 34114 Growth Management Division C&M 4800 Davis Blvd, Naples, FL 34104 Abigail Joyce 1619 Jackson Street, Fort Myers, FL 33901 STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. - The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed. - If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. - The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. - If the Cost Approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. - The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. Scope of Work 1. A complete inspection of the subject property. 2. Obtain measurements for the property under appraisal. 3. Analyze the site pertaining to the subject property. 4. Obtain available comparable sales and listings data to compare with the subject. 5. Analyze the data that has been collected and apply the results appropriately to the valuation of the subject property. 6. Analyze the cost data applicable to the subject's improvements. 7. Using the data collected and the analyses performed to complete the appropriate approaches to value. 8. Explain the reasons why any approaches to value were not completed. 9. Analyze each of the approaches to value that have been completed to arrive at a value for each valuation analysis. 10. Reconcile the approaches to value to arrive at a final estimate of value. 11. Relay the data collected and analyzed to the client in summary format throughout the final appraisal report. Hypothetical Conditions None Extraordinary Assumptions Only an exterior inspection has been completed. This appraisal is subject to the extraordinary assumption that the subject property was in similar condition in the most recent MLS listing, ML#222002879, as it was on the day of inspection. Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address: City: State:Zip Code: Client: Address: Appraiser:Address: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 16.A.5.b Packet Pg. 368 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) 21110911Certifications 663 Palm Ave Goodland FL 34114 Growth Management Division C&M 4800 Davis Blvd, Naples, FL 34104 Abigail Joyce 1619 Jackson Street, Fort Myers, FL 33901 APPRAISER'S 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 credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. -I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - I 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. - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - I have made a personal inspection of the property that is the subject of this report. - No one provided significant real property appraisal assistance to the person(s) signing this certification. DEFINITION OF MARKET VALUE *: 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: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and acting in what they consider their best interests. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. *12 CFR Ch. V (1-1-11 Edition) Part 564.2 (g) Office of Thrift Supervision, Department of the Treasury Growth Management Division C&M 4800 Davis Blvd, Naples, FL 34104 Abigail Joyce Maxwell, Hendry & Simmons, LLC (239) 337-0555 (239) 337-3747 info@mhsappraisal.com 02/01/2022 Cert Gen RZ4168 FL 11/30/2022 12/17/2021 Matthew S. Simmons Maxwell, Hendry & Simmons, LLC (239) 337-0555 (239) 337-3747 info@MHSappraisal.com 02/01/2022 Cert Res RD5762 FL 11/30/2022 Form GPRES2AD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address: City: State:Zip Code: Client: Address: Appraiser:Address:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Interior & Exterior Exterior Only None Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 16.A.5.b Packet Pg. 369 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Drainage Easement Analysis The intended use of the assignment is for the proposed acquisition of a portion of the subject property by Collier County for a drainage easement. Collier County has proposed a portion of the subject site with an area of approximately 617 square feet along the northwestern lot line be utilized for a drainage easement. The opinion of the market value of the subject before the taking has been developed within the form report. Primary emphasis has been placed on the Sales Comparison Approach as it best represents the interactions of buyers and sellers in the subject's marketplace. Seven comparable sales were analyzed to develop this approach to value. The Cost Approach represents the depreciated cost to construct the improvement combined with the opinion of site value. This approach was developed. but has been given no weight due to the age of the improvements. The Income Approach was not developed as single-family homes in this market are not typically utilized for generating income. Based on this analysis, the opinion of the fee simple market value of the subject property before the taking as of the effective date is $515,000. Market Value Before The Taking: $515,000 The market value of the proposed part taken has been determined through the analysis of recent vacant land sales in the subject market area. No improvements are located within the proposed acquisition area and the nature of the taking is not believed to impact the value of the remainder. Therefore only the market value of the vacant land taken has been calculated. The following recent sales were utilized to determine the opinion of the land value: Comparable 1 - 507 W Goodland Dr - Parcel ID 46370080002 Comparable 1 sold for $275,000 on 04/05/2021 (OR#5926-1109). The comparable property was listed on local MLS, ML#221000469, for 64 days. The property features a site size of 4,792 square feet, a canal view, seawall, dock with boat lift. Comparable 2 - 689 Palm Avenue - Parcel ID 46470520006 Comparable 2 sold for $305,000 on 10/05/2020 (OR#5832-417). The comparable property was listed on local MLS, ML#219065492, for 336 days. The property features a site size of 8,276 square feet, a wide canal view, and seawall. Comparable 3 - 608 Sunset Court - Parcel ID 46422560001 Comparable 3 sold for $220,000 on 04/17/2020 (OR#5754-420). The comparable property was listed on local MLS, ML#219061350, for 62 days. The property features a site size of 4,792 square feet, a bay view, a dock with boat lift, and seawall. Comparable 4 - Parcel ID 46273160207, Harbour Place Comparable 4 sold for $250,000 on 05/08/2020 (OR#5765-2607). The comparable property was listed on local MLS, ML#219018729, for 348 days. The property features a site size of 4,356 square feet, a bay view and a seawall. Comparable 5 - Pending - PID 46372360005, Coconut Avenue Comparable 5 was listed for sale on local MLS, ML#221038272, for $295,000 on 05/21/2021. On 01/06/2022, the comparable was listed as pending. The property features a site size of 5,663 square feet, a canal view, and a seawall. There are a limited number of vacant land sales in the subject's market area. Due to this, it was necessary to utilize dated sales from the subject market area. The comparable sales utilized represent the best available indicators of current market value. All five comparables are located in the subject's market area and are of similar market appeal. Positive market condition adjustments have been warranted for several of the land sales utilized. After applying positive market condition adjustments, the closed sales range from $264,400 to $390,400. Adjustment for site size, view and amenities were considered within the final opinion of value for the subject site. The opinion of market value for the subject site, in its as-is condition, is $380,000. Using these for sales comparison, the opinion of value for the subject site is $380,000. Based on a site size of 8,276 square feet, the value per square foot is $45.91. This value per square foot has been multiplied by the size of the acquisition area to determine the market value for the land encumbered by the drainage easement. $45.91 (Value per square foot) x 617 square feet (Land Taken) = $28,326, rounded to $28,300. In valuing the land encumbered by the drainage easement, we have considered whether severance damages are warranted for the taking of the proposed area. We have considered several factors when determining severance damages are warranted including the size of the proposed area, the location of the easement, and the topography of the area. The proposed easement is a small 617 square foot area located on the northwest corner of the subject property with frontage along the road/canal. This loss of this area would not affect the use of the subject property or the overall market value of the subject property. Due to this, no severance damages have been warranted for the acquisition of the easement area. Drainage Easement Analysis Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 21110911 N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code File No. The opinion of market value for the subject site, in its as-is condition, is $380,000. Using these for sales comparison, the opinion of value for the subject site is $380,000. Based on a site size of 8,276 square feet, the value per square foot is $45.91. This value per square foot has been multiplied by the size of the acquisition area to determine the market value for the land encumbered by the drainage easement. $45.91 (Value per square foot) x 617 square feet (Land Taken) = $28,326, rounded to $28,300. Market Value Before The Taking: $515,000 16.A.5.b Packet Pg. 370 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Valuation of Easement Rights The contributory value of the portion of a property encumbered by an easement is generally less than the contributory value of the portion of a property not encumbered by an easement. The contributory value of an easement is typically referred to as an “easement to fee ratio.” The extent to which the easement (rights) restrict the beneficial use of the area encumbered by the easement generally has a strong correlation with the “easement to fee ratio.” For example, if an easement prevents any beneficial use of the easement area by the property owner then the easement to fee ratio would be high (e.g. 75% to 95%). In other words, the easement would have consumed all contributory value that otherwise would have been attributable to the underlying fee simple interest. If the easement has little to no effect on the beneficial use(s) available to the property owner, then the easement to fee ratio would be low (e.g. 0% to 25%). According to an article titled “Easement Valuation,” published by the International Right-of-Way Association (IR/WA), dated May/June 2006, “in terms of space, three broad classes of easements exist and include subsurface, surface, and overhead easements.” The article includes the following Easement Valuation Matrix, which is used as a general guide in analyzing the effect of an easement on the total bundle of rights. This chart should not be considered an exclusive list as to the type of easements and their effect on the total bundle of rights, but should be used as a guide to general effects on the total fee ownership. Easements are not typically bought and sold on the open market. Easement rights are oftentimes acquired by public entities that may or are exercising their authority to condemn. The “value of an easement” depends on many issues or considerations, including (without limitation) whether the easement is perpetual or temporary, exclusive or non-exclusive, the rights granted to the easement holder (e.g. the dominant estate), and the uses that the fee-owner (e.g. subservient estate) are allowed within the area of the easement. Easements should be evaluated based on how they impact the utility/efficiency of the underlying fee ownership. Thus, the appraiser should be knowledgeable of the easement rights and the uses that remain to the owner of the property underlying the easement. Drainage Easement Analysis Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 21110911 N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code File No. 16.A.5.b Packet Pg. 371 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Paired Sales When estimating easement values, an analysis of paired sales is often used. This type of analysis can be useful, in that it can demonstrate a percentage to which a specific easement affected the bundle of rights. Once this impact is established, it becomes easier to formulate an opinion as to the percentage of fee simple value which the easement being analyzed would be expected to have. Due to the varying degrees and intensities of easements, finding a paired sale which represents every possible type and intensity of easement is unrealistic in the normal course of business. Therefore, determining percentages of impact for different easements is best analyzed by comparing the subject easement to the paired sale easement, and making qualitative adjustments for type of easement, the rights granted and retained, size, location and intensity as they relate to the subject site. The following paired sales are presented as market evidence for guidance purposes. Two sets of paired sales were selected which shared similar characteristics in all respects, with the exception that one of the properties is encumbered by an easement. The first set of paired sales, referred to as Set A, are summarized as follows: PAIRED SALE 1 (SET A) SALE PRICE: $2,186,800 DATE OF SALE: March 2005 FINANCING: Cash LOCATION: Terry Street, west of I-75 LEGAL DESCRIPTION: W ½ of NW ¼ of SW ¼ of SE ¼ less R/W TAX I.D. NO.: 25-47-25-B3-00004.0090, 2 others GRANTEE: Maxwell Land Acquisitions, LLC HIGHEST AND BEST USE: Residential RECORDING: 4632/4561 SITE AREA: 10.04 Acres or 437,342 Square Feet ZONING/LAND USE: Ag-2/Mod Dens SF Res UNIT OF VALUE: $5.00 per sq. ft. Drainage Easement Analysis Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 21110911 N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code File No. 16.A.5.b Packet Pg. 372 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) PAIRED SALE 2 (SET A) SALE PRICE: $105,000 DATE OF SALE: May 2006 FINANCING: Cash LOCATION: Terry Street, west of I-75 LEGAL DESCRIPTION: Lengthy Legal TAX I.D. NO.: 25-47-25-B3-00004.0080 GRANTEE: City of Bonita Springs HIGHEST AND BEST USE: Residential RECORDING: 2006000203481 SITE AREA: 1.75 Acres or 76,230 Square Feet ZONING/LAND USE: Ag-2/Mod Dens SF Res UNIT OF VALUE: $1.38 Per sq. ft. Drainage Easement Analysis Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 21110911 N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code File No. 16.A.5.b Packet Pg. 373 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Discussion of the Paired Sales (Set A): Sale 1 and 2 are similar parcels located along the southerly right-of-way of Terry Street, in Bonita Springs, Florida. The properties are similar with respect to location, access and zoning. Sale 1 transacted in March 2005 for $5.00 per sq. ft. and is not encumbered by an easement. Sale 2 transacted in May 2006 for $1.38 per sq. ft. and was encumbered by a transmission line easement. Analysis of the paired sales set indicates sales prices of $5.00 and $1.38 per sq. ft. This represents a difference of $3.62 per sq. ft. The value for the encumbered tract is 28% of the indicated value of the unencumbered tract. Consequently, the analysis indicates that the portion of the bundle of rights retained by the grantor of a transmission line easement has a value of 28% of fee simple value, and conversely, the value of the rights granted would constitute 72%. It should be noted that in the case of Sales 1 and 2, the highest and best use is for residential development. Transmission lines are generally considered to have more of a negative impact when located on a residential property, than when on a commercial property. Furthermore, this type of easement is a very restrictive easement, and would represent the upper range for easements. Drainage Easement Analysis Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 21110911 N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code File No. 16.A.5.b Packet Pg. 374 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) PAIRED SALE 1 (SET B) SALE PRICE: $315,000 DATE OF SALE: June 2017 FINANCING: Cash to seller LOCATION: Golden Gate Estates LEGAL DESCRIPTION: All of tract 5, Golden Gates Estates, Unit No. 95, Plat Book 9, Page 45 TAX I.D. NO.: 4182020007 GRANTEE: Somar 2660, LLC HIGHEST AND BEST USE: Residential RECORDING: OR#5369-1781 SITE AREA: 3.75 Acres or 163,350 Square Feet ZONING/LAND USE: Estates UNIT OF VALUE: $1.93 per sq. ft. Drainage Easement Analysis Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 21110911 N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code File No. 16.A.5.b Packet Pg. 375 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) PAIRED SALE 2 (SET B) SALE PRICE: $120,000 DATE OF SALE: June 2017 FINANCING: Cash to seller LOCATION: Golden Gate Estates LEGAL DESCRIPTION: All of Tract 70, Golden Gate Estates, Unit No. 193, Plat Book 7, Page 100 TAX I.D. NO.: 45847280006 GRANTEE: Stephen Charles Custer HIGHEST AND BEST USE: Residential RECORDING: OR#5411/962 SITE AREA: 3.83 Acres or 166,834 Square Feet ZONING/LAND USE: Estates UNIT OF VALUE: $0.72 Per sq. ft. Drainage Easement Analysis Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 21110911 N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code File No. 16.A.5.b Packet Pg. 376 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Discussion of the Paired Sales (Set B): Sale 1 and 2 are similar parcels located in Golden Gate Estates in Collier County, Florida. The properties are similar with respect to location, access and zoning. Sale 1 transacted in March 2017 for $1.92 per sq. ft. and is not encumbered by an easement. Sale 2 transacted in June 2017 for $0.72 per sq. ft. and is encumbered by 55’ drainage easement. Analysis of the paired sales set indicates sales prices of $1.92 and $0.72 per sq. ft. This represents a difference of $1.20 per sq. ft. The value for the encumbered tract is 37.5% of the indicated value of the unencumbered tract. Consequently, the analysis indicates that the portion of the bundle of rights retained by the grantor of a drainage easement has a value of 37.5% of fee simple value, and conversely, the value of the rights granted would constitute 62.5%. It should be noted that in the case of 1 and 2, the highest and best use is for residential development. Furthermore, this type of easement is a restrictive easement, and would represent the upper range for easements. Opinion of Value of Easement Area Based upon the previously presented paired sales and comparable negotiated acquisition, as well as our experience, knowledge, and analysis of similar properties, it is our opinion that a typical easement of this nature would constitute 70% of the underlying land value, with 30% of the value being retained by the property owner. As such, the proposed easement will consume 70% of the $45.91 per square foot or $32.14 per square foot. Application of this unit of value to the proposed drainage easement area for the subject results in the following estimate of value: (617 Square Feet) x ($32.14 PSF) = $19,830 Rounded to: $19,800 Drainage Easement Analysis Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 21110911 N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code File No. Opinion of Value of Easement Area Based upon the previously presented paired sales and comparable negotiated acquisition, as well as our experience, knowledge, and analysis of similar properties, it is our opinion that a typical easement of this nature would constitute 70% of the underlying land value, with 30% of the value being retained by the property owner. As such, the proposed easement will consume 70% of the $45.91 per square foot or $32.14 per square foot. Application of this unit of value to the proposed drainage easement area for the subject results in the following estimate of value: (617 Square Feet) x ($32.14 PSF) = $19,830 Rounded to: $19,800 16.A.5.b Packet Pg. 377 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code 16.A.5.b Packet Pg. 378 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Form MAP.Aerial - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Aerial Map N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code 16.A.5.b Packet Pg. 379 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Form MAP.FLOOD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Flood Map N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code 16.A.5.b Packet Pg. 380 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Form MAP.Aerial - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Building Sketch N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code 16.A.5.b Packet Pg. 381 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Drainage Easement - Page 1 Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 16.A.5.b Packet Pg. 382 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Subject Front Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 663 Palm Ave N/A 744 5 2 1 Goodland Canal 8,276 sf Average 50 Subject Front Subject Street Borrower Lender/Client Property Address City County State Zip Code 16.A.5.b Packet Pg. 383 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Form PICSIX2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Photograph Addendum N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M *No interior inspection has been completed* Photos provided are from the subject's most recent MLS listing, ML#222002879 Borrower Lender/Client Property Address City County State Zip Code 16.A.5.b Packet Pg. 384 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Form PIC3x5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Comparable 1 Prox. to Subject Sales Price Client Lender Total Bedrooms Total Bathrooms Location View Site Quality Age 576 Coconut Ave 0.11 miles W 455,000 800 5 2 1 Goodland Canal 4,792 sf Average 56 Comparable 2 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 584 Coconut Ave 0.15 miles W 585,000 1,575 6 2 2 Goodland Canal (Superior) 5,227 sf Average 27 Comparable 3 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 568 Coconut Ave 0.07 miles W 575,000 880 6 3 2 Goodland Canal 10,019 sf Average 54 Borrower Lender/Client Property Address City County State Zip Code 16.A.5.b Packet Pg. 385 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Form PIC3x5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Comparable 4 Prox. to Subject Sales Price Client Lender Total Bedrooms Total Bathrooms Location View Site Quality Age 0.03 miles SW 780,000 1,508 6 3 2 Goodland Canal 8,712 sf Average 21 Comparable 5 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 0.16 miles SW 750,000 1,452 7 3 3 Goodland Canal (Superior) 8,276 sf Average 47 Comparable 6 Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 544 Coconut Ave 0.05 miles NE 559,000 1,371 6 2 2 Goodland Canal 5,663 sf Average 29 Borrower Lender/Client Property Address City County State Zip Code 16.A.5.b Packet Pg. 386 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Form PICPIX.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Comparable 7 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 663 Palm Ave Less than 0.01 miles 515,000 744 5 2 1 Goodland Canal 8,276 sf Average 50 Comparable 8 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Comparable 9 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Borrower Lender/Client Property Address City County State Zip Code 16.A.5.b Packet Pg. 387 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Form MAP.Generic - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Qualifications N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code 16.A.5.b Packet Pg. 388 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) Form MAP.Generic - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Qualifications N/A 663 Palm Ave Goodland Collier FL 34114 Growth Management Division C&M Borrower Lender/Client Property Address City County State Zip Code 16.A.5.b Packet Pg. 389 Attachment: Appraisal 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement) AERIAL – PARCEL 161DE (50238.3 - Goodland Drive Culvert Replacement) / 161DE 16.A.5.c Packet Pg. 390 Attachment: Aerial Depiction 161DE (22316 : 50238 - 161DE; Goodland Drive Culvert Replacement)