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296_RDUE_Report 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com REAL ESTATE APPRAISAL REPORT GOLDEN GATE BOULEVARD E. WIDENING Vacant Residential Land 2160 Golden Gate Blvd E Naples, Collier County, Florida, 34117 PREPARED FOR: Mr. Harry Henderson Review Appraiser Collier County Transportation Right-Of-Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Client File: 296 RDUE EFFECTIVE DATE OF THE APPRAISAL: December 12, 2015 DATE OF THE REPORT: December 22, 2015 REPORT FORMAT: Appraisal Report PREPARED BY: RKL APPRAISAL AND CONSULTING, PLC RKL File Number: 2015-249 (Parcel No. 296 RDUE) 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com December 22, 2015 Mr. Harry Henderson Collier County Transportation Right-Of-Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Re: Real Estate Appraisal Golden Gate Boulevard E. Widening 2160 Golden Gate Blvd E, Naples, Collier County, Florida, 34117 Client File: 296 RDUE RKL File Number: 2015-249 (Parcel No. 296 RDUE) Dear Mr. Henderson: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. The intended users for the assignment are Collier County Transportation Right-Of-Way Group. The intended use of the appraisal is as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non- exclusive, road right-of-way, drainage, and utility easement. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The parent tract is a vacant parcel of land containing an area of 2.34 acres, or 102,000 square feet. Mr. Harry Henderson Collier County Transportation Right-Of-Way Group December 22, 2015 Page 2 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of or activity upon the proposed perpetual, non-exclusive, road right-of-way, drainage, and utility easement (Parcel No. 296 RDUE), as of December 12, 2015, is: SUMMARY OF JUST COMPENSATION Value of Property Rights Taken: $3,200 Value of Improvements Taken: $0 Severance Damages: $0 Net Cost to Cure: $0 TOTAL AMOUNT DUE OWNER: $3,200 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0800 Ext. 203 GOLDEN GATE BOULEVARD E. WIDENING TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions ................................................................... 1 Introduction Information ..................................................................................................... 5 Subject Identification ...................................................................................................... 5 Current Ownership and Property History ....................................................................... 5 Appraisal Scope .............................................................................................................. 5 Client, Intended User, and Intended Use ........................................................................ 5 Definition of Market Value ............................................................................................. 6 Definition of Property Rights Appraised ........................................................................ 6 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 6 Scope of Work ................................................................................................................ 7 Market Area Analysis ......................................................................................................... 8 Property Description and Analysis ................................................................................... 11 Site Analysis - Parent Tract .......................................................................................... 11 Real Estate Taxes and Assessments .............................................................................. 17 Highest and Best Use .................................................................................................... 18 Valuation Methodology .................................................................................................... 20 Analyses Applied .......................................................................................................... 21 Valuation Analysis of Parent Tract ................................................................................... 22 Sales Comparison Approach ......................................................................................... 22 Valuation Analysis of Part Taken and Remainder Property ............................................. 28 Description of Part Taken ............................................................................................. 28 Value Analysis Proposed Property Rights and Improvements Taken .......................... 30 Valuation Analysis of Remainder Property As Severed ................................................... 31 Description of Remainder Property as Severed ............................................................ 31 Value Analysis Remainder Property As Severed ......................................................... 31 Severance Damages to the Remainder Property ........................................................... 32 Cost to Cure Analysis ................................................................................................... 32 Special Benefits Analysis ............................................................................................. 32 Summary and Conclusion ............................................................................................. 33 Certification ...................................................................................................................... 34 Assumptions and Limiting Conditions ............................................................................. 36 Addenda Appraiser Qualifications ....................................................................................... Addendum A Property Information ............................................................................................ Addendum B Comparable Data .................................................................................................. Addendum C GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 1 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Golden Gate Boulevard E. Widening 2160 Golden Gate Blvd E, Naples, Collier County, Florida, 34117 Owner: Leon George Stucki Intended Use: The intended use is as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-exclusive, road right-of-way, drainage, and utility easement. Intended User(s): Collier County Transportation Right-Of-Way Group PARENT TRACT BEFORE THE TAKING Current Use: Vacant residential. Improvements: None Legal Description: Golden Gate Estates Unit 51, West 150 feet of Tract 102 Tax Identification: 39390560001 Land Area: Total: 2.34160 acres; 102,000 square feet Shape: Rectangular Flood Zone: Zone AH Zoning: E - Estates Highest and Best Use As Vacant As Improved Single-family residential development NA VALUE INDICATIONS BEFORE THE TAKING Land Value: $41,000 Improvements: $0 Total Market Value of Parent Tract: $41,000 Effective Date(s) December 12, 2015 Property Rights Fee Simple The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 2 PART TAKEN Identification: 296 RDUE Intended Use of the Proposed Acquisition: The intended use of the proposed acquisition area is for a perpetual, non-exclusive, road right-of-way, drainage, and utilities easement. Description: 53 foot wide strip taking along the southerly right-of-way of Golden Gate Boulevard E. Land Area: Total: 0.18251 acres; 7,950 square feet Shape: Rectangular MOL Approximate Dimensions: 150' x 53' Proposed Improvements Taken: None VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN Property Rights Taken: $3,200 Improvements Taken: $0 Total: $3,200 Effective Date(s) December 12, 2015 VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE Market Value of the Parent Tract, Before the Taking: $41,000 Less Market Value of the Proposed Part Taken: $3,200 Total Market Value of the Remainder Property, As Part of the Whole: $37,800 Effective Date(s) December 12, 2015 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 3 REMAINDER PROPERTY, AFTER THE TAKING Land Area: Total: 2.34160 acres; 102,000 square feet Shape: Rectangular Improvements: None Existing Easements and Encumbrances: The parent tract is encumbered by a 50-foot wide road right-of-way easement along the northern property line bordering the property's existing frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Proposed Easement and Encumbrances: Additional 53 foot roadway, drainage and utility easement south of the existing easement along the northern property line. Highest and Best Use As Vacant As Improved Single-family residential development NA VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE TAKING Land Value: $37,800 Improvement Value: $0 Total Market Value of Reminder Property: $37,800 Effective Date(s) December 12, 2015 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 4 Value of the Whole $41,000 Less Value of the Part Taken $3,200 Value of the Remainder Property as Part of the Whole $37,800 Value of the Remainder Property as Severed $37,800 Difference (Severance Damages) $0 Rounded: $0 Severance Damages to the Remainder Property Cost to Cure: $0 Special Benefits: $0 Fee Value per Acre % of Fee Indicated Value per Acre Acres Indicated Value Rounded Value Total Value Parent Tract Before the Taking Land $17,500 100%$17,500 2.34160 $40,978 $41,000 Improvements $0 Total $41,000 Proposed Part Taken Additional Encumbered Land Taken $17,500 99%$17,325 0.18251 $3,162 $3,200 Improvements Taken $0 Total $3,200 Remainder Property, as Part of the Whole $37,800 Remainder Property Land Area - Exclusive of Additional Encumbered Land Taken $17,500 100%$17,500 2.15909 $37,784 $37,800 Additional Encumbered Land Taken $17,500 1%$175 0.18251 $32 $0 Total Land 2.34160 $37,816 $37,800 Improvements $0 Total $37,800 Damages $0 Special Benefits $0 Net Damages $0 Additional Encumbered Land Taken $17,500 99%$17,325 0.18251 $3,162 $3,200 Value of Improvements Taken $0 Total $3,200 Net Damages $0 Net Cost to Cure $0 Total Amount Due Owner $3,200 Parcel No. 296 RDUE Summary of Total Compensation The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION Page 5 INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Golden Gate Boulevard E. Widening 2160 Golden Gate Blvd E, Naples, Collier County, Florida, 34117 Legal Description: Golden Gate Estates Unit 51, West 150 feet of Tract 102 Tax Identification: 39390560001 The parent tract is a vacant parcel of land containing an area of 2.34 acres, or 102,000 square feet. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner: Leon George Stucki Sale History: According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): The subject is not currently listed for sale, or under contract. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy, nor is it listed for sale. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser’s responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: ● the client and any other intended users; ● the intended use of the appraiser’s opinions and conclusions; ● the type and definition of value; ● the effective date of the appraiser’s opinions and conclusions; ● subject of the assignment and its relevant characteristics ● assignment conditions ● the expectations of parties who are regularly intended users for similar assignments; and ● what an appraiser’s peer’s actions would be in performing the same or a similar assignment. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Transportation Right- Of-Way Group. The intended use is as a basis of value for determining full compensation GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION Page 6 to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-exclusive, road right-of-way, drainage, and utility easement. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:  Buyer and seller are typically motivated;  Both parties are well informed or well advised, and acting in what they consider their best interests;  A reasonable time is allowed for exposure in the open market;  Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and  The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.” (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: “Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.” (Source: The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) The proposed property rights to be acquired involve a proposed perpetual, non-exclusive, road right-of-way, drainage, and utilities easement. PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. The effective date of the subject appraisal is December 12, 2015. The date of the most recent inspection was December 12, 2015. The date of the report is December 22, 2015. GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION Page 7 SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: A complete on site inspection was made and photographs were taken. Market Area and Analysis of Market Conditions: A complete analysis of market conditions has been made. The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: A cost approach was not applied because the subject tract is vacant land. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. GOLDEN GATE BOULEVARD E. WIDENING SCOPE OF WORK Page 8 MARKET AREA ANALYSIS Boundaries The subject is located in the north central part of Collier County in the northwestern portion of the Collier County Rural Estates Planning Community. This surrounding area is generally delineated as follows: North Immokalee and Oil Well Roads South Interstate 75 (Alligator Alley) East Two miles east of Everglades Blvd. West Generally County Road 951 The subject is located in Golden Gate Estates which consists of single family homes on acreage parcels. Access and Linkages Primary access to the area is provided by Interstate 75 (I-75), a major arterial that runs east to Fort Lauderdale and north through Tampa, Florida; I-75 terminates to the north at the US/Canadian Border in Sault Ste. Marie, Michigan. Further access to the area from Interstate75 is by: • State Road 29 (I-75 exit 80) at Miles City. • County Highway 846 (Immokalee Road, I-75 exit 111). • Golden Gate Boulevard Overall, vehicular access is average. The subject property is accessed from Collier Boulevard which extends from Immokalee Road to the north to Marco Island to the south. Golden Gate Boulevard West intersects with Collier Boulevard between Vanderbilt Beach Road and Pine Ridge Road. Golden Gate Boulevard West becomes Golden Gate Boulevard East, east of the Wilson Boulevard N. Wilson Boulevard N. provides access to Immokalee Road from the market area. The Southwest Florida International Airport (RSW) is located about 25+/- miles from the market area; travel time is about 35 to 45 minutes, depending on traffic conditions. The Naples Municipal Airport (APF) is approximately 15+/- miles and 30 to 40 minutes southwest. Downtown Naples is approximately 20+/- miles from the market area and 30 to 40 minutes southwest. Demand Generators We have utilized STDB Online, an industry respected site analysis and demographic data provider, to analyze the subject’s market area demand generators. For the purposes of defining the market area, we utilize the boundaries of Collier Boulevard, Immokalee GOLDEN GATE BOULEVARD E. WIDENING SCOPE OF WORK Page 9 Road, Everglades Boulevard, and Interstate 75. As shown, population and households are projected to grow by an average annual rate of approximately 1.1% per year through 2020. The average household income in the market area is slightly less than the overall Collier County average of $83,281. Outlook and Conclusions As with the overall Collier County market, the Rural Estates market had been in those stages of the real estate cycle best described by The Appraisal of Real Estate, 14th Edition as decline and recession since 2006. Most recently, the residential market has entered the next real estate cycle, an expansion period, with sustained growth in demand and increasing construction. According to the Office of Federal Housing Enterprise Oversight (OFHEO) the Naples-Immokalee-Marco Island MSA, began seeing sustained positive quarterly increases in the house price index (HPI) in mid 2012. GOLDEN GATE BOULEVARD E. WIDENING SCOPE OF WORK Page 10 Surrounding Area Map GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT Page 11 PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS - PARENT TRACT The following description is based on our property inspection, public records, and a sketch and description of the proposed roadway easement prepared by RWA Consulting. Land Summary - Parent Tract Before Taking Parcel ID Gross Land Area (Acres) Gross Land Area (Sq Ft) 39390560001 2.34160 102,000 SITE Location: The parent tract is located on the south side of Golden Gate Boulevard E, between 20th Street SE and 22nd Street SE in Collier County, Naples, Florida. Current Use of the Property: Vacant residential. Shape: The site is roughly rectangular. Road Frontage/Access: The subject property has average access with frontage as follows: • Golden Gate Boulevard E.: 150 feet The site has an average depth of 680 feet. It is not a corner lot. Visibility: Average Topography: The subject parent tract is an uncleared heavily wooded parcel with level topography slightly below grade and no known areas of wetlands. Soil Conditions: We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: FP&L Sewer: None, private septic required for single-family home Water: None, private well required for single-family home Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: • Street Lighting: None • Sidewalks: None • Curbs and Gutters: None • Curb Cuts: None Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in FEMA flood zone AH, which is classified as a flood hazard area. FEMA Map Number: 12021C 0430H FEMA Map Date: May 16, 2012 GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT Page 12 The subject appears to be partially located in a flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: We were not provided with an environmental assessment report for the purpose of this appraisal. Environmental issues are beyond our scope of expertise; therefore, we assume the property is not adversely affected by environmental hazards. Encumbrance / Easements: The parent tract is encumbered by a 50-foot wide road right-of-way easement along the northern property line bordering the property's existing frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Site Comments: The site has average and typical utility. ZONING Zoning Code E Zoning Authority Collier County Zoning Description Estates; The purpose and intent of the estates district (E) is to provide lands for low density residential development in a semi-rural to rural environment, with limited agricultural activities. In addition to low density residential development with limited agricultural activities, the E district is also designed to accommodate as conditional uses, development that provides services for and is compatible with the low density residential, semi-rural and rural character of the E district. Permitted Uses Includes single-family dwellings, family care facilities (subject to section 5.05.04), essential services (as set forth in section 2.01.03), and schools, public, including educational plants. Current Use Legally Conforming The subject is legal and conforming use. Minimum Lot Area 2.25 acres or 98,010 square feet Minimum Floor Area 1,000 square feet Minimum Street Frontage 150 feet Set Back Distance Front and Rear Yards: 75 feet Side Yard Distance 30 feet, 37.5 feet for corner lots along longest side Maximum Density One dwelling unit per 2.25 acres. Maximum Building Height 30 feet Future Land Use Designation Estates Designation GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT Page 13 Aerial - Parent Tract GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT Page 14 Plat Map - Parent Tract Approximate boundary lines of parent tract shown in blue. GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT Page 15 Site Photographs Golden Gate Boulevard E - Westerly (Parent Tract on Left) (Photo Taken on December 12, 2015) Golden Gate Boulevard E - Easterly (Parent Tract on Right) (Photo Taken on December 12, 2015) GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT Page 16 Site Photographs Parent Tract - Southerly (Photo Taken on December 12, 2015) Parent Tract - Southerly (Photo Taken on December 12, 2015) GOLDEN GATE BOULEVARD E. WIDENING REAL ESTATE TAXES AND ASSESSMENTS Page 17 REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. The property tax identification number and assessed value of the property for tax year 2015 are as follows: ASSESSED VALUES - PARENT TRACT Tax Identification Number 39390560001 Land Assessed Value $24,336 Building Assessed Value $0 10% Assessment Cap - $9,330 Total Assessed Value $15,006 Totals Total Land Assessed Value $24,336 Total Building Assessed Value $0 10% Assessment Cap - $9,330 Total Assessment $15,006 Total Assessment per Land Acre (Prior to Assessment Cap) $10,393 Rates, Taxes, More Tax Rate 1.51% Ad Valorem Tax Amount $226 Special Assessment Amount $0 Special Assessment Comments None Total Tax Liability $226 Property Tax Comments The 2014 taxes have been paid. The 2015 taxes have not been paid, but are not yet delinquent. The tax assessment for subject property, excluding the assessment cap, is currently $10,393 per acre. Based on our valuation analysis, the subject’s assessment appears low. GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE Page 18 HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1  Physically possible for the land to accommodate the size and shape of the ideal improvement.  Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable.  Financially feasible to generate sufficient income to support the use.  Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As If Vacant Physically Possible The subject site is 2.34 acres or 102,000 square feet with 150 feet of frontage along Golden Gate Boulevard E.. The parent tract is encumbered by a 50-foot wide road right- of-way easement along the northern property line bordering the property's existing frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. The physical characteristics of the parent tract should reasonably accommodate any use that is not restricted by its size. The subject's utilities are typical and adequate for the market area. The site is roughly rectangular. The site appears to be located in a FEMA flood zone AH area per FEMA Floor Map Number: 12021C 0430H, dated May 16, 2012, which is classified as a flood hazard area. There are no known physical reasons that would unusually restrict development. The site is considered to have a functional utility suitable for a variety of uses. Legally Permissible The subject site is zoned E, which permits uses that include single-family dwellings, family care facilities (subject to section 5.05.04), essential services (as set forth in section 2.01.03), and schools, public, including educational plants. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only single-family uses are given further consideration in determining the highest and best use of the site, as if vacant. 1 The Dictionary of Real Estate Appraisal 6th ed. (Chicago: Appraisal Institute, 2015) GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE Page 19 Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. From 2006 through early/mid 2011 the Southwest Florida real estate market had been in those stages of the real estate cycle best described by The Appraisal of Real Estate, 14th Edition as decline and recession. Since early/mid 2011 to date, the market has been in the recovery stage which is characterized by increasing demand and decreasing vacancy. Most recently, the residential market has entered the next real estate cycle, an expansion period, with sustained growth in demand and increasing construction. On this basis, barring unforeseen changes in the market, if developed with a well- designed residential product that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Single- family residential development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, single-family residential development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Consider the size, class, and location of the property, the most probable buyer is an owner-user. GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE Page 20 VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is lease reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor’s perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. GOLDEN GATE BOULEVARD E. WIDENING ANALYSES APPLIED Page 21 ANALYSES APPLIED A cost analysis was considered and was not developed because the subject tract is vacant land. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH Page 22 VALUATION ANALYSIS OF PARENT TRACT SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Comparables I have researched seven comparables for this analysis. These are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH Page 23 Comp Address Date Price Land SF Comp City Price per Acre Acres Subject 2160 Golden Gate Blvd E 12/12/2015 102,000 Subject Naples 2.34 1 Golden Gate Blvd E 1/30/2015 $30,000 122,400 1 Naples $10,676 2.81 2 2535 Golden Gate Blvd E 4/2/2015 $34,500 112,200 2 Naples $13,372 2.58 3 14th St SE 6/26/2015 $43,000 99,000 3 Naples $18,943 2.27 4 810 14th St SE 8/12/2015 $40,000 118,800 4 Naples $14,652 2.73 5 481 22nd St SE 8/27/2015 $50,000 118,800 5 Naples $18,315 2.73 6 735 18th St NE 10/1/2015 $17,000 49,500 6 Naples $14,912 1.14 7 10th Ave NE 10/22/2015 $38,000 108,900 7 Naples $15,200 2.50 Vacant parcel located along east side of 18th St NE. Listed on 9/2/2015 for $19,700. Vacant parcel located along east side of 14th St SE. Lot is reportedly uplands. Listed in April 2015 for $45,000 and reduced to $44,500 5/13/15. Title was transfered to Angela Rius (local investor) in September. Ms. Rius has recently purchased three other lots in the Golden Gate Estates area, including the adjacent lot to the north ($40,000 in 8/2015). Lot was re-listed in 11/2015 for $69,999. Vacant parcel located along west side of 22nd St SE. Listed June 3, 2015 for $39,900 as uplands lot. Sold June 24, 2015 to Audi Homes & Land Inc. Re-listed July 1, 2015 for $54,900. Purchased by affiliate of Custom Homes by Kaye. Vacant parcel located along south side of 10th Ave NE. Small section at rear east coner has wetlands. Originally listed in 6/2014 for $37,500. Listing expired 6/2015. Re-listed on October 2, 2015 for $38,000. Vacant parcel located along north side of Golden Gate Blvd E, east of 22nd St NE. Lot sold as a short sale at reported price of $17,000 in 10/2014. Deed reports closing at $16,000. Re-listed immediately at $59,900 in 10/2014 and reduced multiple times. Most recent price reduction was in 12/14 to $28,900 and then increased to $35,000 in 1/2015. Magdevys reported the lot had wetlands. Comments Vacant parcel located along north side of Golden Gate Blvd E, east of 14th St NE. Vacant parcel located along east side of 14th St SE. Listed July 2, 2015 for $89,000 and reduced to $44,900 on July 7, 2015. Title was transfered to Angela Rius (local investor) in September. Ms. Rius has recently purchased three other lots in the Golden Gate Estates area, including the adjacent lot to the south ($43,000 in 6/2015). Comparables Map 3 GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH Page 24 Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non-realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH Page 25 Name Address City Date Price Acres Acre Unit Price Property Rights Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Financing Cash0.0%Cash0.0%Cash0.0%Cash0.0% Private Equity 0.0% Cash 0.0% Cash 0.0% Conditions of Sale Arm's Length 0.0% Arm's Length 0.0% Arm's Length 0.0% Arm's Length 0.0% Arm's Length 0.0% Arm's Length 0.0% Arm's Length 0.0% Market Trends Through 12/12/2015 20.0% Location % Adjustment $ Adjustment Road Frontage % Adjustment $ Adjustment Acres % Adjustment $ Adjustment Wetlands % Adjustment $ Adjustment Shape % Adjustment $ Adjustment Zoning % Adjustment $ Adjustment Net Adjustments Gross Adjustments 0% $18,315 $14,912 20.0% 20.0% $30,000 $43,000 8/12/2015 10th Ave NE 10th Ave NE 481 22nd St SE 10/1/2015 $15,592 3.7% 22nd St SE $15,458 12/12/2015 1/30/2015 $34,500 6/26/2015 2.73 $19,321 -$3,864 Golden Gate Estates $14,652 2.73 $13,372 $15,573 $18,315 0% 2.73 $0 $0 0% -20%-20% $0 $15,200 2.6% 0% 5.5% Golden Gate Estates -$3,118 1.14 $17,000 $15,200 $38,000 Comp 7 2.50 Naples 10/22/2015 $14,912 0% $0 Naples 8/27/2015 Rectangular 0% 0% None known $14,652 6.3% 0% $0$0 $0 E None known 0% Rectangular $0 0% 20% $0 Rectangular $0 2.27 0% 0%0% $0 -$4,122 2.73 -$3,115 0% -20% $0 Golden Gate Estates 14th St SE14th St SE 0% $0 Golden Gate Estates Rectangular Golden Gate Blvd. E. 2.81 $3,036 None known Wetlands 0% $0 $13,372 0% 481 22nd St SE $50,000$40,000 Comp 6Comp 4 810 14th St SE Naples 810 14th St SE Comp 5 735 18th St NE Naples 735 18th St NE Comp 3 14th St SE Land Analysis Grid Comp 1 Naples 1400 Block Golden Gate Blvd E 2535 Golden Gate BlvdE Golden Gate Blvd E $10,676 14th St SE $10,676 $18,943 2160 Golden Gate Blvd E 2535 Golden Gate Blvd E NaplesNaples $18,943 Naples 2.58 Comp 2 Golden Gate Boulevard E. Widening 4/2/2015 2.34 2.272.81 Transaction Adjustments Fee Simple Adjusted Acre Unit Price 0% Adjusted Acre Unit Price $12,502 Golden Gate Estates Golden Gate Estates Golden Gate Blvd. E. $0 $15,181 0% $0 0% Golden Gate Blvd. E. 2.34 $0$0 2.58 0% $0 None known EE $0 0% E $0 0% $0 Rectangular 20.0% 20.0% $12,502 $18,217 0.0% 20.0% E 0% $0 E Rectangular $0 $0 $0$0 $0$0 0% Minimal E 0% $0 $0 0% 0% $0 None known Rectangular $0 E 0% $0 Rectangular 0% 0% 0% 0% 0% $0 -20% -20% 1.14 -$3,092 $0 2.50 None known $20,611 8.8% 0% 0% Golden Gate Estates 17.1% Golden Gate Estates 13.5% $12,458 -20.0% $12,367 20.0% -20.0% Adjusted Acre Unit Price $16,489 0.0% -20.0% 20.0% -20.0% -20.0% $15,456 $12,474 10th Ave NE18th St NE GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH Page 26 Comparable Sale Adjustments Property Rights All the comparable sales transferred in fee simple interest; therefore, no adjustment for property rights is required. Financing All the comparable sales had market orientated financing or were cash transactions; therefore, no adjustment for financing is required. Conditions of Sale All the comparable sales were arm’s length transactions; therefore, no adjustments are required. Economic Trends The sales all occurred within the last eleven months. Sale prices have been increasing during this period and a 20.0% annual adjustment is applied based on an analysis of recent sales and active listings. Location The comparables are all located within the Golden Gate Estates market area; therefore, no adjustments are required. Road Frontage The subject parent tract is located along Golden Gate Boulevard E, a main arterial through Golden Gate Estates that is heavily traveled in relation to the interior streets. Comparables 3 through 7 are all located along interior streets and are considered superior in terms of location. Comparables 1 and 2 are located along Golden Gate Boulevard E and are considered similar to the subject in terms of location. Comparables 3 through 7 are adjusted downward accordingly. Size For this analysis, the comparables range in size from 1.14 to 2.81 acres in size. Any size adjustment due to the typical inverse relationship between size and price per acre is generally offset by the direct relationship between frontage and price per acre. No adjustments could be quantified; therefore, none are made. Wetlands For this analysis, the subject and comparables 1, 3, 4, 5 and 6 are considered to be uplands with no wetland areas. Therefore, no adjustments are required. The listing agent for comparable 2 reported some wetlands were identified; therefore, this sale is adjusted upward appropriately. The listing agent for comparable 7 reported some wetlands located in the rear of the site which reportedly did not affect the purchase price. GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH Page 27 Shape For this analysis, the sales are all rectangular; therefore, no adjustments are required. Zoning For this analysis, the sales have similar zoning and highest and best use; therefore, no adjustments are required. Sales Comparison Approach Conclusion The adjusted values of the comparable properties range from $12,367 to $18,217; the average is $14,280. All of the value indications have been considered, and in the final analysis, due to the overall improving residential market conditions, we conclude toward the high end of the range in arriving at my final reconciled per acre value of $17,500. MARKET VALUE OF PARENT TRACT Indicated Value per Acre: $17,500 Subject Size: 2.34160 Indicated Value: $40,978 Rounded: $41,000 Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local retail market it is our opinion that the probable marketing and exposure time for the parent tract is 6 months to 12 months. GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF PART TAKEN Page 28 VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY DESCRIPTION OF PART TAKEN Parcel No. 296 RDUE is a perpetual, non-exclusive, road right-of-way, drainage, and utility easement. The easement will be utilized for the widening of Golden Gate Boulevard E. from Wilson Boulevard to DeSoto Boulevard. The proposed plans are to widen Golden Gate Boulevard E. from two lanes to four lanes and will include capacity improvements such as adding turn lanes to the Wilson Boulevard and Everglades Boulevard intersections. Other improvements include traffic signal upgrades at three major intersections (Wilson, Everglades and DeSoto Boulevards), on-road bike lanes and sidewalks on both sides of the roadway. This project also includes the replacement of bridges over three canals, the Golden Gate, Miller and Faka Union canals. The part taken consists of an approximate 53 foot wide strip taking along the southerly right-of-way of Golden Gate Boulevard E. Land Area: Total: 0.18251 acres; 7,950 square feet Shape: Rectangular MOL Approximate Dimensions: 150' x 53' Proposed Improvements Taken: None GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF PART TAKEN Page 29 Sketch and Legal Description of Proposed Part Taken GOLDEN GATE BOULEVARD E. WIDENING VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN Page 30 VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN The market value of the fee simple interest of the parent tract was previously estimated via the Sales Comparison Approach to have a unit value of $17,500 per gross acre. The part taken is valued as part of the whole; therefore, this value will serve as a basis of value for the valuation of the property rights taken. As previously stated, Parcel No. 296 RDUE is a perpetual easement for road right-of- way, drainage, utilities and maintenance of these uses. Accordingly, the proposed easement will essentially take the entire bundle of rights, with the owner only allowed to utilize the proposed easement area for density calculations. Since the proposed taking is an easement versus a fee simple taking, the bundle of rights taken is something less than 100%. However, since the proposed easement precludes almost all practical uses by the owner, Parcel No. 296 RDUE is estimated to include 99% of the fee simple value resulting in an estimated overall unit value. The concluded value of the Land and Property Rights Taken is shown in the following table. Fee Value per Acre % of Fee Indicated Value per Acre Acres Indicated Value Rounded Value Total Value Proposed Part Taken Additional Encumbered Land Taken $17,500 99%$17,325 0.1825 $3,162 $3,200 Improvements Taken $0 Total $3,200 Value Indications Proposed Property Rights and Improvements Taken The valuation of the remainder property, as part of the whole is shown in the following table. VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE Market Value of the Parent Tract, Before the Taking: $41,000 Less Market Value of the Proposed Part Taken: $3,200 Total Market Value of the Remainder Property, As Part of the Whole: $37,800 Effective Date(s) December 12, 2015 GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF REMAINDER PROPERTY AS SEVERED Page 31 VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED DESCRIPTION OF REMAINDER PROPERTY AS SEVERED The remainder property will consist of the same size and shape as before the taking, since the proposed property rights to be acquired involve a perpetual easement for road right- of-way, drainage, utilities and maintenance of these uses. However, the remainder property will be encumbered by an additional perpetual easement located along the existing right-of-way of Golden Gate Boulevard E. The remainder property’s overall access, availability to utilities, topography, land use designation, and zoning are unchanged. REMAINDER PROPERTY, AFTER THE TAKING Land Area: Total: 2.34160 acres; 102,000 square feet Shape: Rectangular Improvements: None Existing Easements and Encumbrances: The parent tract is encumbered by a 50-foot wide road right-of-way easement along the northern property line bordering the property's existing frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Proposed Easement and Encumbrances: Additional 53 foot roadway, drainage and utility easement south of the existing easement along the northern property line. Highest and Best Use As Vacant As Improved Single-family residential development NA VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED Most competitive Golden Gate Estates properties are encumbered by 30 to 50 foot wide road right-of-way easements along the property’s adjacent roadway frontages. Prior to the taking, the parent tract is encumbered by a 50-foot wide road right-of-way easement along the northern property line bordering the property's existing frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. After the taking, an there will be an additional 53 foot roadway, drainage and utility easement south of the existing easement along the northern property line. GOLDEN GATE BOULEVARD E. WIDENING SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Page 32 The proposed easement area precludes almost all practical uses by the owner. Therefore, the proposed easement is estimated to take 99% of the fee simple value of the area taken. Accordingly, the appraiser has estimated the residual value to proposed additional easement area to be 1% of the fee simple value. The value of the Land and Property Rights Remaining is calculated in the following table. Fee Value per Acre % of Fee Indicated Value per Acre Acres Indicated Value Rounded Value Total Value Remainder Property Land Area - Exclusive of Additional Encumbered Land Taken $17,500 100%$17,500 2.1591 $37,784 $37,800 Additional Encumbered Land Taken $17,500 1%$175 0.1825 $32 $0 Total Land 2.3416 $37,816 $37,800 Improvements $0 Total $37,800 Value Indications Remainder Property, After the Taking SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Severance damages are calculated as the negative difference between the value of the remainder property, as part of the whole, and the value of the remainder property, as severed. When the value of the remainder property, as severed, is less than the value of the remainder property, as part of the whole, the difference is the actual measurement of the damages to the remainder property. When the value of the remainder property, as severed, is greater than the value of the remainder property, as part of the whole, the difference is not damage but is considered a benefit. Severance damages are calculated in the following table. Value of the Whole $41,000 Less Value of the Part Taken $3,200 Value of the Remainder Property as Part of the Whole $37,800 Value of the Remainder Property as Severed $37,800 Difference (Severance Damages) $0 Rounded: $0 Severance Damages to the Remainder Property COST TO CURE ANALYSIS Based on the analysis of the remainder property, there is no net cost to cure. SPECIAL BENEFITS ANALYSIS Based on the analysis of the remainder property, there are no special benefits. GOLDEN GATE BOULEVARD E. WIDENING SUMMARY AND CONCLUSION Page 33 SUMMARY AND CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of December 12, 2015, subject to the Limiting Conditions and Assumptions of this appraisal. Fee Value per Acre % of Fee Indicated Value per Acre Acres Indicated Value Rounded Value Total Value Parent Tract Before the Taking Land $17,500 100%$17,500 2.34160 $40,978 $41,000 Improvements $0 Total $41,000 Proposed Part Taken Additional Encumbered Land Taken $17,500 99%$17,325 0.18251 $3,162 $3,200 Improvements Taken $0 Total $3,200 Remainder Property, as Part of the Whole $37,800 Remainder Property Land Area - Exclusive of Additional Encumbered Land Taken $17,500 100%$17,500 2.15909 $37,784 $37,800 Additional Encumbered Land Taken $17,500 1%$175 0.18251 $32 $0 Total Land 2.34160 $37,816 $37,800 Improvements $0 Total $37,800 Damages $0 Special Benefits $0 Net Damages $0 Additional Encumbered Land Taken $17,500 99%$17,325 0.18251 $3,162 $3,200 Value of Improvements Taken $0 Total $3,200 Net Damages $0 Net Cost to Cure $0 Total Amount Due Owner $3,200 Parcel No. 296 RDUE Summary of Total Compensation The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. GOLDEN GATE BOULEVARD E. WIDENING CERTIFICATION Page 34 CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. GOLDEN GATE BOULEVARD E. WIDENING CERTIFICATION Page 35 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0800 Ext. 203 GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS Page 36 ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS Page 37 scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third- party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS Page 38 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner’s financial ability with the cost to cure the non-conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner’s financial ability to cure non-accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS Page 39 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. GOLDEN GATE BOULEVARD E. WIDENING ADDENDA - APPRAISER QUALIFICATIONS ADDENDA GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS 4500 Executive Drive, Suite 300 Naples, Florida 34119 Phone: 239-596-0800; Fax: 239-596-0801 www.rklac.com RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our over 60-years of combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, business/industry and government, life insurance companies and pension fund advisors, and mortgage bankers. GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 – Present) President of D&R Realty Group, Inc. Naples, FL (2009 – Present) Senior Real Estate Analyst, Integra Realty Resources – Southwest Florida Naples, FL (2003 – 2009) Research Associate, Integra Realty Resources – Southwest Florida Naples, FL (2002-2003) PROFESSIONAL ACTIVITIES: Member: Member/Board of Directors: Member: Member: Member: Licensed: Licensed: Appraisal Institute – MAI Certificate Number 451177 Appraisal Institute Florida Gulf Coast Chapter (2015-2017) CCIM Institute - CCIM Designation Pin Number 21042 Naples Area Board of REALTORS The American Real Estate Society (ARES) Florida State Certified General Real Estate Appraiser License No. RZ 2984 Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County EDUCATION: Bachelor of Arts Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Honor Society, Key Club, Phi Eta Sigma Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, power centers, office-buildings, warehouse/distribution, multi-family and single family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include appraisals, market feasibility studies, and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, business/industry and government, and mortgage bankers. Valuations have been performed for condemnation purposes, estate, financing, and due diligence support. GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION $ 0 $ 0 $ 0 $ 24,336 $ 0 $ 24,336 $ 9,330 $ 15,006 $ 24,336 $ 15,006 Collier County Property AppraiserProperty Summary Parcel No.39390560001 Site Adr.2160 GOLDEN GATE BLVD E Name / Address STUCKI, LEON GEORGE 21406 SNAG ISLAND DR City LAKE TAPPS State WA Zip 98391-8709 Map No. Strap No. Section Township Range Acres  *Estimated 4C12 342700 102 14C12 12 49 27 2.34 Legal GOLDEN GATE EST UNIT 51 W 150FT OF TR 102 Millage Area 61 Millage Rates *Calculations Sub./Condo 342700 - GOLDEN GATE EST UNIT 51 School Other Total Use Code 0 - VACANT RESIDENTIAL 5.48 6.1927 11.6727 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 04/03/98 2405-143 04/03/98 2405-141 11/01/88 1392-1856 2015 Certified Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (-) 10% Cap (=) Assessed Value (=) School Taxable Value (=) Taxable Value If all Values shown above equal 0 this parcel was created after the Final Tax Roll Page 1 of 1 12/3/2015http://www.collierappraiser.com/main_search/Recorddetail.html?Map=No&FolioNum=39390560001 Collier County Property AppraiserProperty Detail Parcel No.39390560001 Site Adr.2160 GOLDEN GATE BLVD E Name / Address STUCKI, LEON GEORGE 21406 SNAG ISLAND DR City LAKE TAPPS State WA Zip 98391-8709 Permits Tax Yr Issuer Permit # CO Date Tmp CO Final Bldg Type Land  #Calc Code Units 10 ACREAGE 2.34 Building/Extra Features  # Year Built Description Area Adj Area Page 1 of 1 12/3/2015http://www.collierappraiser.com/main_search/Recorddetail.html?Map=No&FolioNum=39390560001 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com December 4, 2015 George Leon Stucki 21406 Snag Island Drive Lake Tapps, WA 98391 Re: Golden Gate Blvd. E. widening Real Estate Appraisal 2160 Golden Gate Blvd E.. Naples Collier County, Florida, 34117 Dear Mr. Stucki: As you may be aware, Collier County Growth Management Division C&M is planning the above referenced road-widening project and has engaged RKL Appraisal and Consulting, PLC to appraise Parcel 296 RDUE which is a portion of the property located at 2160 Golden Gate Blvd E., Naples. We will be conducting a field inspection of your property within the next few weeks and will be photographing the site and improvements (if any). Please contact me if you have any questions or comments. Thank you for your cooperation and assistance in this matter. Sincerely, Rachel M. Zucchi, MAI, CCIM Partner / Managing Director RKL Appraisal and Consulting, PLC 4500 Executive Drive, Suite 300 Naples, Florida 34119 Phone: 239-596-0800 Ext. 203 Fax: 239-596-0801 www.rklac.com GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA ID 3065 Date 1/30/2015 Address Golden Gate Blvd E Price $30,000 City Naples Price per Acre $10,676 State Florida Financing Cash Tax ID 39269760000 Property Rights Fee Simple Grantor Judy Weigard fka Judy M Dickerson Days on Market 5-6 months Grantee Fredy Salgado Villa and Janete Salgado Verification Source Richard J Woodruff; Premiere Plus Realty Legal Description Acres 2.8 Topography Treed Land SF 122,400 Zoning Type E - Estates Road Frontage 180 Environmental Issues None known Depth 680 Shape Rectangular Encumbrance or Easement Land Comparable 1 Transaction Site East 180' of Tract 110, Golden Gate Esates, Unit No. 49 50' wide road ROW Easement along southern property line, Golden Gate Blvd E Comments Vacant parcel located along north side of Golden Gate Blvd E, east of 14th St NE. GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA ID 3193 Date 4/2/2015 Address 2535 Golden Gate Blvd E Price $34,500 City Naples Price per Acre $13,372 State Florida Financing Cash Tax ID 40622560001 Property Rights Fee Simple Grantor Alex Suarez Days on Market 2-3 months Grantee Jade Retail North LLC Verification Source Magdevys Abreu Legal Description Acres 2.6 Topography Treed Land SF 112,200 Zoning Type E - Estates Road Frontage 165 Environmental Issues None known Depth 680 Shape Rectangular Encumbrance or Easement Comments Land Comparable 2 East half of Tract 37, Golden Gate Esates, Unit No. 76 50' wide road ROW Easement along southern property line, Golden Gate Blvd E Vacant parcel located along north side of Golden Gate Blvd E, east of 22nd St NE. Lot sold as a short sale at reported price of $17,000 in 10/2014. Deed reports closing at $16,000. Re-listed immediately at $59,900 in 10/2014 and reduced multiple times. Most recent price reduction was in 12/14 to $28,900 and then increased to $35,000 in 1/2015. Magdevys reported the lot had wetlands. Site Transaction GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA ID 3431 Date 6/26/2015 Address 14th St SE Price $43,000 City Naples Price per Acre $18,943 State Florida Financing Cash Tax ID 39208400004 Property Rights Fee Simple Grantor Susan Colgan, Trustee Days on Market 1-2 months Grantee JD Investment Group of Naples, LLC Verification Source Magdevys Abreu; Coldwell Banker Legal Description Acres 2.3 Topography Treed Land SF 99,000 Zoning Type E - Estates Road Frontage 150 Environmental Issues None known Depth 660 Shape Rectangular Encumbrance or Easement 30' wide road ROW Easement along western property line, 14th St SE Comments Transaction South 150 feet of Tract 112, Golden Gate Esates, Unit No. 48 Site Vacant parcel located along east side of 14th St SE. Lot is reportedly uplands. Listed in April 2015 for $45,000 and reduced to $44,500 5/13/15. Title was transfered to Angela Rius (local investor) in September. Ms. Rius has recently purchased three other lots in the Golden Gate Estates area, including the adjacent lot to the north ($40,000 in 8/2015). Lot was re-listed in 11/2015 for $69,999. Land Comparable 3 GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA ID 3432 Date 8/12/2015 Address 810 14th St SE Price $40,000 City Naples Price per Acre $14,652 State Florida Financing Cash Tax ID 39208440006 Property Rights Fee Simple Grantor Manuel and Maria Garcia Days on Market 10 days Grantee JD Investment Group of Naples, LLC Verification Source Dave Huff; Sun Realty Legal Description Acres 2.7 Topography Treed Land SF 118,800 Zoning Type E - Estates Road Frontage 180 Environmental Issues None known Depth 660 Shape Rectangular Encumbrance or Easement North 180 feet of Tract 112, Golden Gate Esates, Unit No. 48 30' wide road ROW Easement along western property line, 14th St SE Comments Vacant parcel located along east side of 14th St SE. Listed July 2, 2015 for $89,000 and reduced to $44,900 on July 7, 2015. Title was transfered to Angela Rius (local investor) in September. Ms. Rius has recently purchased three other lots in the Golden Gate Estates area, including the adjacent lot to the south ($43,000 in 6/2015). Site Transaction Land Comparable 4 GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA ID 3433 Date 8/27/2015 Address 481 22nd St SE Price $50,000 City Naples Price per Acre $18,315 State Florida Financing Private Equity Tax ID 39391360006 Property Rights Fee Simple Grantor Audi Homes and Land, Inc Days on Market 6 days Grantee KSWFL Homesites, LLC Verification Source Angel Madera Jr.; Premiere Plus Realty Legal Description Acres 2.7 Topography Treed Land SF 118,800 Zoning Type E - Estates Road Frontage 180 Environmental Issues None known Depth 660 Shape Rectangular Encumbrance or Easement 30' wide road ROW Easement along eastern property line, 22nd St SE South 180 feet of Tract 110, Golden Gate Esates, Unit No. 51 Transaction Land Comparable 5 Site Vacant parcel located along west side of 22nd St SE. Listed June 3, 2015 for $39,900 as uplands lot. Sold June 24, 2015 to Audi Homes & Land Inc. Re-listed July 1, 2015 for $54,900. Purchased by affiliate of Custom Homes by Kaye. Comments GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA ID 3436 Date 10/1/2015 Address 735 18th St NE Price $17,000 City Naples Price per Acre $14,912 State Florida Financing Cash Tax ID 39322240001 Property Rights Fee Simple Grantor Hayri Solms Days on Market 8 days Grantee Agniel Marquez Verification Source Diego Figueroa; Florida Home Realty Inc Legal Description Acres 1.1 Topography Treed Land SF 49,500 Zoning Type E - Estates Road Frontage 75 Environmental Issues None known Depth 660 Shape Rectangular Encumbrance or Easement South 75 feet of the North 150 feet of Tract 22, Golden Gate Esates, Unit No. 50 30' wide road ROW Easement along eastern property line, 18th St NE Vacant parcel located along east side of 18th St NE. Listed on 9/2/2015 for $19,700. Site Land Comparable 6 Comments Transaction GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM C - COMPARABLE DATA ID 3437 Date 10/22/2015 Address 10th Ave NE Price $38,000 City Naples Price per Acre $15,200 State Florida Financing Cash Tax ID 40570760005 Property Rights Fee Simple Grantor GG Land Trust Days on Market 1 day Grantee Juan, Maritza, and Juan JR Hernandez Verification Source Timothy Summers; Florida Home Realty Legal Description Acres 2.5 Topography Treed Land SF 108,900 Zoning Type E - Estates Road Frontage 165 Environmental Issues None known Depth 660 Shape Rectangular Encumbrance or Easement Site West 1/2 of Tract 16, Golden Gate Esates, Unit No. 75 30' wide road ROW Easement along northern property line, 10th Ave NE Land Comparable 7 Transaction Comments Vacant parcel located along south side of 10th Ave NE. Small section at rear east coner has wetlands. Originally listed in 6/2014 for $37,500. Listing expired 6/2015. Re-listed on October 2, 2015 for $38,000.