Loading...
368 RDUE Report 301 Yamato Road, Suite 1240 Boca Raton, FL 33431 Office: (561) 573-0285 E-Mail: fcardo@cardoappraisal.com Cardo Appraisal Group LLC APPRAISERS CONSULTANTS APPRAISAL OF Parcel Number: 368 Roadway, Drainage & Utility Easement (RDUE) Project Name: Golden Gate Blvd, (CR 876) Proposed Rd. Easement Parent Taxpayer of Record: A & M American Investments, LLC Part Taken Size: 4,350 Square Feet - Land Parent Location: 3040 Golden Gate Blvd East For Collier County Transportation Right-Of-Way Office By Frank J. Cardo, MAI State-Certified General Real Estate Appraiser RZ1190 Date of Value: February 2, 2016 Date of Report: February 5, 2016 FILE NUMBER: 2016001.368 Cardo Appraisal Group LLC APPRAISERS CONSULTANTS Frank J. Cardo, MAI, President STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ1190 Over 25 years quality experience in Florida 301 Yamato Road, Suite 1240 Boca Raton, FL 33431 Office: (561) 573-0285 E-Mail: fcardo@cardoappraisal.com February 5, 2016 Harry Henderson, SRA Review Appraiser Transportation Right-of-Way Office Collier County 2885 South Horseshoe Drive Naples, FL 34104 Proposed Acquisition: Parcel 368 (RDUE) Project Name: (GGB) and (EB) Roadway Widening Project Parent Tract Location: 3040 Golden Gate Blvd East & South side (GGB), 300’ west of (EB) Taxpayer of Record: A & M American Investments, LLC At your request, we have personally appraised the property referenced above. This parcel is being acquired as part of Collier County making intersection improvements at Golden Gate Boulevard (GGB) and Everglades Boulevard (EB). This is known as the (GGB) and (EB) Roadway Widening Project. The purpose of the appraisal is to estimate compensation due for the taking of the parcel, and damages to the remainder, if any, for the property to be acquired, as of January 15, 2016. The intended use of this appraisal is to aid Collier County in negotiating just compensation for the proposed acquisition. The parent tract is located on the south side of GGB, also known as County Road 876, (CR 876) about 300 feet west of EB, in the unincorporated area of Collier County, Naples, Florida. In front of the parent tract is an existing roadway easement. This area also appears to function as drainage area for the road. The proposed easement is for modifying, improving and expanding the existing roadway for the intersection improvements. The proposed new Roadway, Drainage and Utility Easement (RDUE) are at the front of the parent tract and will be used in perpetuity. CARDO APPRAISAL GROUP LLC Harry Henderson, SRA Review Appraiser Transportation Right-of-Way Office Collier County February 5, 2016 Page 2 Based on an examination of all relevant factors, as well as a general knowledge of real estate valuation procedures, we have formed an opinion that on February 2, 2016, total compensation due for the taking of Parcel (s), plus damages, if any, to the remainder is as follows: As of the date of value, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed improvements have been completed. The following appraisal report contains our analysis of the data along with other materials on which the estimates of value were predicated. This letter must remain attached to the report, which contains 49 pages plus related exhibits, in order for the value opinion set forth to be considered valid. Your attention is directed to the Assumptions and Limiting Conditions contained within this report. This appraisal has been prepared for use by the Collier County Board of Commissioners and is property of the Collier County Board of Commissioners. Reliance upon this appraisal for other uses is not warranted. Respectfully submitted, CARDO APPRAISAL GROUP, LLC Frank J. Cardo, MAI State-Certified General Real Estate Appraiser RZ1190 Summary of Compensation 11,000$ -$ -$ -$ 11,000$ Total Compensation Value of Part Taken - Parcel 368 RDUE (Land): Value of Part Taken - Parcel 368 RDUE (Improvements): Cost to Cure: Damages: CARDO APPRAISAL GROUP LLC Table of Contents Summary Of Important Facts And Conclusions .............................................................. 1 Collier County Certification Of Value ............................................................................... 3 General Assumptions And Limiting Conditions ............................................................... 4 Subject Photographs ....................................................................................................... 9 Area / Location Maps .................................................................................................... 11 Parent Tract – Aerial Maps ............................................................................................ 13 Purpose And Date Of Report ........................................................................................ 14 Property Appraised........................................................................................................ 14 Property Inspection ............................................................................................. 15 Parent Tract ........................................................................................................ 15 Part Taken .......................................................................................................... 15 Remainder .......................................................................................................... 15 Client ............................................................................................................................. 15 Intended Use And User ................................................................................................. 15 Scope Of Assignment .................................................................................................... 16 Property Rights Appraised ............................................................................................ 16 Definition Of Just Compensation ................................................................................... 17 Definition Of Market Value ............................................................................................ 17 Neighborhood Description ............................................................................................. 18 Parent Tract - Property Data ......................................................................................... 22 Taxpayer Of Record, Parcel Folio Number (S), Real Estate Assessment And Taxes ... 22 Zoning Map......................................................................................................... 23 Zoning And Future Land Use Discussion ...................................................................... 25 Site Analysis ....................................................................................................... 26 Highest And Best Use ................................................................................................... 27 Sales Comparison Approach ......................................................................................... 30 Valuation Of The Part Taken ............................................................................................ 46 Remainder ..................................................................................................................... 51 Qualifications for Frank J. Cardo, MAI (St. Cert. Gen. REA RZ1190) Data Book CARDO APPRAISAL GROUP LLC Table of Contents – Data Book Taking Sketch ..............................................................................................................A-1 Zoning Maps ................................................................................................................A-2 Planned Unit Developments, Commercial and Industrial Zoning ............................... A-17 Approved Commercial Centers At Golden Glades Blvd. E & Everglades Blvd. .......... A-18 Subject Deed .............................................................................................................. A-19 Land Sale 1 ................................................................................................................ A-23 Land Sale 2 ................................................................................................................ A-23 Land Sale 3 ................................................................................................................ A-24 Land Sale 4 ................................................................................................................ A-25 Listings ....................................................................................................................... A-32 Property Owner Notification Letter ............................................................................. A-43 CARDO APPRAISAL GROUP LLC 1 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Parcel (s) 368 RDUE Client - Intended User: Collier County Government Harry Henderson, SRA Review Appraiser Transportation Right-of-Way Office Taxpayer of Record: A & M American Investments, LLC 13275 Keystone Terrace North Miami, Florida 33181 Property Rights Appraised: Fee simple estate Special Assumptions Reference: Extraordinary Assumption, Refer to # 7, 13 and 23 of the Assumptions and Limiting Conditions Unusual Market Externality: None Parent Tract Location South side GGB, 300’ west of EB Parent Tract, Site/Land Area: 51,000 square feet or 1.17 acres Improvements: Vacant land Zoning & Land Use Plan: Eligible for SFR and a conditional use in the “E”-Estates zoning district via the Neighborhood Center Transitional Conditional Use Provision. However, property could not be so developed - unless aggregated with an abutting parcel(s) - due to the 75’ wide buffer requirement’s - Estates - Collier County Highest & Best Use: Future assemblage for commercial development or development in conjunction with corner assemblage. Exposure Time: Eight months to one year Marketing Time: Eight months to one year Part Taken – Parcel 368 RDUE Part Taken Site/Land Area: 4,350 square feet Type of Taking: Perpetual Roadway, Drainage & Utility Easement Proposed Use: Modifying/ improving/expanding the existing Roadway intersection, drainage & utility systems. Highest & Best Use: Future commercial development as part of parent tract. Remainder of Parent Tract Site/Land Area: 51,000 square feet. Highest & Best Use: Same size as before the taking except front will be encumbered with an expanded roadway, drainage & utility easements to be used in perpetuity. Future commercial development or development in conjunction with possible corner assemblage. Effects on the Remainder None Damages to the Remainder No Severance CARDO APPRAISAL GROUP LLC 2 SUMMARY OF COMPENSATION Date of Value: February 2, 2016 Date of Report: February 5, 2016 Dates of Inspection: January 7, 15, 20, 2016 & February 5, 2016 & various other times Appraiser: Frank J. Cardo, MAI State-Certified General Real Estate Appraiser RZ1190 1. Value Before the Taking:(Land)127,500$ 2. Value of Part Taken: (Land) 11,000$ 116,500$ 116,500$ -$ -$ 6. Special Benefits:-$ 7. Damages (5-6):-$ -$ -$ -$ -$ -$ -$ -$ 11,000$ -$ -$ -$ 11,000$ Value of Part Taken - Parcel 368 RDUE (Land): Value of Part Taken - Parcel 368 RDUE (Improvements): Cost to Cure: Damages: Total Compensation 11. Damages Uncurable Severance (7-10): 12. Cost to Cure: 13. Improvements Cured, but paid in (2): 14. Net Cost to Cure (If less than item (10), cost is justified unless the cost is minor): Summary of Compensation Feasibilty of Cost to Cure 8. Value of Remainder (Cured): 9 Value of Remainder (Uncured): 10. Damages (Curable) (8-9): Summary of Values & Compensation Partial Acquisition 3. Value of Remainder As Part of Whole (1-2): 4. Value of Remander Uncured: 5. Damages, Total Uncured (3-4): CARDO APPRAISAL GROUP LLC 3 COLLIER COUNTY CERTIFICATION OF VALUE County Road: Golden Gate Blvd. Road Number: 876 County: Collier County Project: GGB & EB Roadway, Drainage & Utility Improvements Parcel No.: 368 RDUE I certify to the best of my knowledge and belief, that: 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 is 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 I have no personal interest or bias with respect to the parties involved. 4) My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. 5) My analyses, opinions, or conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice, and the provisions of Chapter 475, Part II, Florida Statutes. 6) I have made a personal inspection of the property that is the subject of this report and I have afforded the property owner the opportunity to accompany me at the time of the inspection. I also have made a personal field inspection of the comparable sales relied upon in making this appraisal. The subject and the comparable sales relied upon in making these appraisals were as represented by the photographs contained in this appraisal. 7) No persons other than those named herein provided significant professional assistance to the person signing this report. 8) I understand that this appraisal is to be used in connection with the acquisition of right of way for a transportation facility to be constructed by Collier County. 9) This appraisal has been made in conformity with the appropriate state laws, regulations, policies, and procedures applicable to appraisal of right of way for transportation purposes; and, to the best of my knowledge, no portion of the property value entered on this certificate consists of items, which are non-compensable under the established law of the State of Florida. 10) I have not revealed the findings or results of this appraisal to anyone other than the proper officials of Collier County and I will not do so until so authorized by county officials, or until I am required by due process of law, or until I am released from this obligation by having publicly testified as to such findings. 11) Regardless of any stated limiting conditions or assumptions, I acknowledge that this appraisal report and all maps, data, summaries, charts, and other exhibits collected or prepared under this agreement shall become the property of Collier County without restriction of limitation of their use. 12) Statements supplement to this certification required by membership or candidacy in a professional organization are described on an addendum to this certificate and, by reference, are made part hereof. 13) Based upon my independent appraisal and the exercise of my professional judgment, my opinion of the market value for the part taken, including net severance damages after special benefits, if any, of the property appraised as of February 2, 2016 is $11,000.00. MARKET VALUE SHOULD BE ALLOCATED AS FOLLOWS: LAND $11,000.00 LAND AREA ENGLISH (AC/SF) 4,350 SF IMPROVEMENTS 0.00 PROPERTY TYPE CODE * (1234) UVP NET DAMAGES and/or COST TO CURE 0.00 TOTAL $11,000.00 PROPERTY TYPE CODES: 1. R- RURAL U-URBAN I -Improved 2. V- Vacant H- (Home) Residence 3. B- (Business) F- (Factory) Industrial A- Agricultural S- Special Purpose W- Whole Taking 4. P- Partial Frank J. Cardo MAI State-Certified General Real Estate Appraiser RZ1190 CARDO APPRAISAL GROUP LLC 4 GENERAL ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report has been prepared using the following general assumptions and limiting conditions: 1. Unless otherwise stated, the value appearing in this appraisal represents the opinion of the market value or the value defined as of the date specified. Market value of real estate is affected by national and local economic conditions and consequently will vary with future changes in such conditions. 2. The legal description provided to Cardo Appraisal Group LLC for this report is assumed to be correct, that the title on the property is in good standing, that there are no restrictions on the title. The appraiser assumes no responsibility for related legal matters, nor renders any opinion as to the property’s title. All existing liens and encumbrances, if any, have been disregarded, and the property has been appraised as though free and clear, under responsible ownership and competent management. 3. The value estimated in this appraisal report is gross, without any consideration given to encumbrances, restrictions or questions regarding the title, unless specifically defined. 4. The appraiser’s opinion of value has been based on the assumption of competent ownership, marketing and management of the subject property. Without competent marketing and management, then the appraisal value stated herein might not apply. 5. No responsibility is assumed for accuracy of information furnished by or from any parties, the clients, his designees or public records. Cardo Appraisal Group, LLC is not liable for such information or the work of subcontractors. When possible, comparable data relied upon for this report has been confirmed with one or more parties familiar with the particular transaction or from an affidavit. All comparable data included is considered appropriate to the best of our knowledge and belief. 6 All engineering studies, if any, are assumed to be correct. The plot plans, sketches and maps in this report are included only to assist the reader to visualize the property and are not necessarily to scale. Any photos are included for the same purpose and are not intended to represent the property other than what is pictured at the time the photo was taken. The appraiser has made no survey of the property and assumes no responsibility in connection with any such surveys. 7. The appraiser has inspected the land and any improvements. However, the report was prepared assuming no hidden or unapparent physical conditions of the property, subsoil or structures that render the property more or less valuable. The appraiser assumes no responsibility for such conditions or for obtaining any engineering studies that would possibly reveal them. Therefore, unless such matters are specifically noted for consideration in this report, the value estimate is not subject to any such conditions. 8. It is assumed the subject property is in full compliance with all local, state and federal environmental laws and regulations, unless any lack of compliance is stated, described or considered in the appraisal report. CARDO APPRAISAL GROUP LLC 5 9. It is assumed the subject property conforms to all applicable zoning and use regulations unless a non-conforming use has been identified, described and considered in this appraisal report. 10. It is assumed all required licenses, certificates of occupancy, consents and other administrative or legislative authority from any local, state or national government agency, or from any private entity, have been or can be obtained or renewed for any use on which the appraised value of the subject property, stated in this report, is based. 11. No environmental impact study, special market study, or highest-and-best-use analysis has been either requested or made unless otherwise specified in the agreement between Cardo Appraisal Group, LLC and its client. Should any previous or subsequent study become known the appraiser, the appraiser reserves an unlimited right to alter, amend, revise or rescind any statement, finding, opinion, values, estimates or conclusions. 12. It is assumed that the use of land and improvements is confined within the boundaries of the subject property described, and that there is no encroachment or trespass unless noted in the report. 13. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser nor called to the attention of the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances and may not be held accountable for the presence of substances such as asbestos, urea-formaldehyde foam insulation or other potentially hazardous materials that might affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. 14. The appraiser has not made a specific compliance survey or analysis to determine whether the subject property conforms to the American with Disabilities Act (ADA), which took effect Jan. 26, 1992. Non-conformity, as determined by an ADA compliance survey, along with a detailed analysis of ADA requirements, could result in a lower property value. However, the appraiser did not consider possible ADA non-compliance in preparing this report and estimating value. The appraiser recommends that parties who seek to determine ADA compliance hire a competent legal professional, along with architects and engineers versed in ADA requirements, to conduct an “ADA Audit” of the property and structures. Although the cost to remedy any non- compliance could reduce the property value estimate contained in this report, the appraiser assumes no responsibility for any such condition, nor for any ADA expertise needed to discover possible non-compliance. 15. This appraisal is to be used only in its entirety. All opinions and conclusions included in the report were prepared by the appraiser(s) whose signature(s) appear on the report. No changes of any item in the report shall be made by anyone other than the appraiser(s), and the Cardo Appraisal Group, LLC shall have no responsibility should any unauthorized changes be made. 16. The distribution of the total valuation stated in this report between land and improvements applies only under the stated program of utilization. The separate valuations for land and CARDO APPRAISAL GROUP LLC 6 building(s) must not be used in conjunction with any other appraisal, no matter how similar, and are invalid if used as such. 17. Possession of the report, or a copy of it, does not carry any right to publish the report, nor may it be used other than for its intended use. The fee attached is for analytical services only. The report may not be used for any purpose or by any person or corporation other than the client or party to whom it is addressed. Nor may it be copied without written consent of an officer of Cardo Appraisal Group LLC., and then only in its entirety. 18. This appraisal report has been prepared for the exclusive benefit of the client, its successors or assigns. It may not be used or relied upon by any other party without express, written permission of the appraiser and client. Furthermore, any party who uses or relies upon any information in this report, without written consult “does so at his own risk”. If client refers this report to an approved party, client is responsible for making the party aware of all the assumptions and limiting conditions of this report. 19. Disclosure of the contents of this appraisal report is governed under the By-Laws and Regulations of the Appraisal Institute. Neither all nor any part of this report shall be made public without the written of the author, including the valuation conclusions, the identity of the appraiser or appraisal firm. In addition, this includes any reference to the Appraisal Institute or to the MAI designation. 20. The appraiser may not divulge the material contents of the report, analytical findings or conclusions or give a copy of the report to anyone but the client or his designee, as specified in writing, except in cases where the report has been requested, by the Appraisal Institute, a court of law or any entity with the power to subpoena. 21. The appraiser(s) is not required to give testimony in deposition, in court, or at a governmental hearing, about this appraisal or the subject property, unless prior arrangements have been made and the appraiser has granted prior approval. The arrangements must be made no less than 30 days before the anticipated date of testimony. Further, the appraiser reserves the right to consider and evaluate additional data that becomes available between the date of the report and the date of the hearing, if applicable, and to make any necessary adjustments to the value opinion. In addition, no testimony will be rendered unless the entire appraisal fee has been paid. Further, all testimony will be subject to expert witness fees previously approved by the appraiser. 22. Liability of Cardo Appraisal Group, LLC and its employees is limited to the fee collected for the appraisal. There is no accountability or liability to any third party. 23. The appraisers have been instructed, by the client, to perform an exterior only inspection of the subject property. At the inspection the property was fenced and locked, prohibiting the appraisers’ access to the exterior of the building. The appraisers have relied upon building information available through the Property Appraiser’s Office of Collier County and exterior measurements by the appraiser from outside of the property to complete this analysis. If this information should prove to be incorrect, the appraisers reserve the right to alter the estimate of value contained herein. This is considered an extraordinary assumption. CARDO APPRAISAL GROUP LLC 7 24. Should the appraiser be required to enforce the above assumptions and limiting conditions against any entity, person or persons claiming damages because of reliance upon or use of this appraisal report, such parties shall be liable to the appraiser for all reasonable attorney’s fees, costs and expenses incurred by the appraiser in enforcing this contract or defending the contingent conditions set forth in this appraisal report. That includes any costs incurred either with or without a lawsuit, and any trials or appeals. Acceptance of the delivery or payment of this report constitute acceptance of this condition and all other conditions detailed under Assumptions and Limiting Conditions. CARDO APPRAISAL GROUP LLC 8 PARENT TRACT CARDO APPRAISAL GROUP LLC 9 SUBJECT PHOTOGRAPHS Front View of subject looking south across Golden Gate Boulevard Looking east along Golden Gate Boulevard Parent Tract Size = 51,000 SF Parent Tract CARDO APPRAISAL GROUP LLC 10 Front view looking southeasterly across Golden Gate Boulevard. Looking east along Golden Gate Boulevard Parent Tract Parent Tract CARDO APPRAISAL GROUP LLC 11 AREA / LOCATION MAPS Collier County Base Map CARDO APPRAISAL GROUP LLC 12 CARDO APPRAISAL GROUP LLC 13 PARENT TRACT – AERIAL MAPS CARDO APPRAISAL GROUP LLC 14 PURPOSE AND DATE OF REPORT The purpose of this appraisal is to estimate compensation due for the proposed acquisition described herein, and damages to the remainder, if any, for the property to be acquired, as of February 2, 2016. PROPERTY APPRAISED This parcel is being appraised as part of Collier County making intersection improvements at Golden Gate Boulevard (GGB) and Everglades Boulevard (EB). This is known as the (GGB) and (EB) Roadway Widening Project. The parent tract is located on the south side of GGB, also known as County Road 876, (CR 876) about 300 feet west of EB, in the unincorporated area of Collier County, Naples, Florida. The Part Taken is the front 50 feet in depth of the parent tract. The total area of Part Taken contains 4,350 square feet. (75’ x 50’ = 4,350 SF). Parent Tract Size = 51,000 SF Part Taken Size = 4,350 SF 75 ft 680 ft 75 ft CARDO APPRAISAL GROUP LLC 15 Property Inspection Frank J. Cardo, MAI made a number of inspections of the subject between December 1, 2015 and February 2, 2016. The property owner was notified via letter sent by U.S. Mail, and advised of our intentions to make a formal inspection of the subject. We invited the property owner and/or their agents to share any information that they have on the subject property. Frank J Cardo conducted a final exterior site inspection on February 2, 2016, which is the effective date of valuation. Parent Tract The parent tract is located on the south side of GGB, also known as County Road 876, (CR 876) about 300 feet west of EB, in the unincorporated area of Collier County, Naples, Florida. The parent tract is a vacant tract of land containing 51,000 square feet. Legal Description See deed in addendum Part Taken - See sketch and legal description in part taken section of this report. Remainder The remainder will be the same as before the taking except there will be an easement at the front of the subject's parent tract. The taking has no effect to the remainder. CLIENT Collier County Government c/o Harry Henderson, SRA Review Appraiser Transportation Right-of-Way Office INTENDED USE AND USER The intended use of this appraisal is to aid Collier County in negotiating just compensation for the right-of-way acquisitions described herein. This appraisal has been prepared for use by the Collier County Board of Commissioners and is property of the Collier County Board of Commissioners. Reliance upon this appraisal for other uses is not warranted. CARDO APPRAISAL GROUP LLC 16 SCOPE OF ASSIGNMENT The taking was not physically delineated on site by engineering stakes. We used due diligence locating the taking boundaries by approximating measurements from the Collier County Property Appraisers website and using landmarks on site to locate the boundaries of the takings. Based on our review of the parent tract, as well as the taking, we find that the reduction in size of the parent tract does not adversely impact the future development of the remainder. Therefore, the taking has no adverse impact on the function, marketability or value of the remainder. The value of the land is estimated by the Sales Comparison Approach. Because the subject property is being valued as vacant land, the cost and income approaches are not applicable. Therefore, only the sales comparison analysis is being utilized. The omission of the other two approaches is not considered misleading to the client. Sales data considered for this appraisal was obtained from the Collier County Public Records, LoopNet and similar properties previously appraised by Cardo Appraisal Group, LLC. Total compensation has been calculated by estimating the fee simple market value of the parent tract before and after the taking(s) including the valuation of the part(s) taken and an analysis of potential damages resulting from the proposed taking. PROPERTY RIGHTS APPRAISED The property rights being appraised are those of fee simple title and an easement. "Fee Simple" is defined as 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. "Easement" is defined as an interest in real property that conveys use, but not ownership, of a portion of an owner's property. Source: The Dictionary of Real Estate Appraisal, Fourth Edition, American Institute of Real Estate Appraisers, 2002. CARDO APPRAISAL GROUP LLC 17 DEFINITION OF JUST COMPENSATION Just Compensation is defined as "...the amount of the loss for which a property owner has established a claim to compensation. It is the payment of the market value of the real estate which was taken." Another definition says, "just compensation" means value of land taken and damage, if any, to land not taken." It universally has been held that damages to a remainder parcel in a partial taking case are part and parcel of just compensation in a constitutional sense. The basic premise is that the owner must be compensated for the taking of the land, as opposed to being compensated for the land taken. It is also generally recognized that property encompasses the entire bundle of rights inherent in the ownership of the real estate and the taking or infringement on these rights often constitutes a taking, even if no part of the physical real estate is taken." Source: Real Estate Valuation Litigation, 2nd Edition, American Institute of Real Estate Appraisers, Copyright 1995, Page 17. DEFINITION OF MARKET VALUE Fair Market Value is defined as "...the amount of money that a purchaser willing but not obliged to buy the property would pay an owner willing but not obliged to sell, taking into consideration all uses to which the property is adapted and might be applied in reason." Source: Florida Eminent Domain Practice and Procedures, 5th ed., The Florida Bar Continuing Education, 1996, Page 9-64. State Road Department v. Stack, 231 So.2d 859 (Fla. 1st DCA 1969). Market Value is also defined as "...the price which would be agreed to by an informed seller who is willing but not obligated to sell, and an informed buyer who is willing but not obligated to buy." Source: Uniform Eminent Domain Code, Copyright 1974, § 1004, Page 10.7. CARDO APPRAISAL GROUP LLC 18 NEIGHBORHOOD DESCRIPTION General Area Description for Golden Gate Estates The preceding map shows the general outline of the subject’s neighborhood. Golden Gate Estates was founded by the Gulf American Land Corporation by purchasing 177 square miles of land area that now contain 31,000 ± platted lots. This area is located 7 miles northeast of the City of Naples, on the north side north of Alligator Alley (I-75) within the unincorporated areas of Collier County but bears a Naples address. About 50% of the lots in Golden Gate Estates have some wetlands. Green Boulevard is an old landing strip and many buyers saw their lot from the air. Sales were slow and by 1970 there fewer than 2,000 residents. Subject CARDO APPRAISAL GROUP LLC 19 The primary roadways that provide the main access to the neighborhood include the following primary roadways: • Golden Gate Boulevard; • Collier Boulevard (CR 951); • Wilson Boulevard; • Everglades Boulevard; and • Desoto Boulevard. The home sites range in size from one acre to over five acres. Some homesteads can be as large as ten acres. The Golden Gate Estates area is composed of two separate sub-markets, the Urban Estates area, which lies west of Collier Boulevard (CR 951), and the Rural Estates area, which lies east of Collier Boulevard (CR 951). Homes can be entry-level homes to glamorous mansions closer to the beach. Guesthouses, pickup trucks, all-terrain vehicles (ATV) and recreational vehicles (RV) also allowed on all premises unlike many other communities. Single family homes are found in Golden Gate Estates with some located on mile-long streets that dead-end at a canal-providing desired privacy for owners. All wetland lots are buildable, though special permits are required. The size of the house and pool are not restricted, but detached structures may not be placed within a wetland. Most lots that have wetland have upland. CARDO APPRAISAL GROUP LLC 20 Available utilities within the primary market area include telephone, electrical service and emergency services. Water is typically via by private a well and wastewater is typically via a private septic tank and drain field combination. Golden Gate Estates favors horses and some more exotic animals like Alpacas and Llamas. Many hiking trails have year round access. Picayune Strand State Forest is located in South Golden Gate Estates and Belle Meade is more than 65,000 acres of recreational land. MARKET AREA ATTRIBUTE RATINGS Highway Access Average Demand Generators Average Convenience to Support Services Average Convenience to Public Average Property Compatibility Good General Appearance of Properties Average to Good Appeal to Market Average to Good Prices/Value Trend Stable/ Some increases CARDO APPRAISAL GROUP LLC 21 Conclusion It is our opinion, that the neighborhood will maintain its socioeconomic status in relation to surrounding communities for the foreseeable future. In general, the residential market is in a state of stable to increasing property values following a long period of decline with many foreclosures. Recently, the number of bank foreclosure sales has decreased and the number of listings has declined causing some price increases. Good economic conditions, low unemployment and reasonable financing requirements will continue the recovery on a slow but steady pace. This trend is expected to continue. Positive regional economic factors including climate, beaches, tourism, demographics, the regional airport, and the continued growth of Florida Gulf Coast University, will continue to have positive long range economic impacts. CARDO APPRAISAL GROUP LLC 22 PARENT TRACT - PROPERTY DATA Taxpayer of Record, Parcel Folio Number (s), Real Estate Assessment and Taxes Five-Year Sales History The appraisers have not been provided with a title abstract on the property appraised, nor have they conducted a title search of their own. However, based upon the most recent available data from the Collier County Tax Rolls, the subject last sold via a Quit Claim Deed in April 2011 for $10. See addendum for copy of deed. The property does not appear to be listed for sale. CARDO APPRAISAL GROUP LLC 23 Zoning Map Parent Tract Parent Tract Zoning Designation CARDO APPRAISAL GROUP LLC 24 CARDO APPRAISAL GROUP LLC 25 ZONING AND FUTURE LAND USE DISCUSSION Previously, Golden Gate was subject to regulations included in the County's Growth Management Plan. However, in 1991, the area’s distinctive characteristics resulted in the adoption of a separate Master Plan for Golden Gate. This most recent Master Plan became a separate part of the County's Growth Management Plan and supersedes the County-Wide Future Land Use Plan. Therefore, the Golden Gate Area Future Land Use Map will be used to value the subject property instead of the County-Wide Future Land Use Map. This separate Future Land Use Map is on the preceding page and found in the data book. Both, the Zoning Map and Collier County Future Land Use Map show the parent tract as having the Estates Designation. The Estates Designation is characterized by low-density semi-rural residential lots with limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there are some legal non-conforming lots as small as 1.14 acres. Intensifying residential density shall not be permitted. On the Golden Gate Future Land Use Map, the parent tract is marked Estates Designation within the Mixed Use Residential Estates Subdistrict and Conditional Use Subdistrict. The intersection of Everglades Boulevard and Golden Gate Boulevard East has a red box outline that is marked Neighborhood Sub-district. The Neighborhood Subdistrict recognizes the need to provide basic goods, services and amenities to Estates residents. Neighborhood Centers have been designated on the Golden Gate Area Future Land Use Plan. The Neighborhood Center designation does not guarantee that commercial zoning will be granted. The designation only provides the opportunity to request commercial zooming. There are four Neighborhood centers. The subject’s intersection is known as Everglades Boulevard and Golden Gate Boulevard Center. A copy of the Golden Gate Area Master Plan is contained in our data book. The Master Plan states that parcels immediately adjacent to commercial zoning within the Neighborhood Centers located at the intersection of Everglades Boulevard and Golden Gate Boulevard may qualify for Conditional Uses Subdistrict under the transitional conditional use provision of the Conditional Uses Subdistrict of this Master Plan Element. Properties eligible for Neighborhood Center Transitional Conditional Use shall abut the arterial or collector road serving the Neighborhood Center. CARDO APPRAISAL GROUP LLC 26 Zoning and Future Land Use Conclusion Eligible for SFR and a conditional use in the “E”-Estates zoning district via the Neighborhood Center Transitional Conditional Use Provision. However, property could not be so developed - unless aggregated with an abutting parcel(s) - due to the 75’ wide buffer requirement. Based on the preceding data, we conclude that the subject’s typical buyer is a developer or investor that would develop or assemble the subject for quasi-commercial development or commercial development outlined in the Neighborhood Center Transitional Conditional Use Plan. This factor is taken into consideration for choosing comparable sales for valuing the subject property. It is our opinion that the subject’s highest and best use is not suited for single family development but rather for commercial development because Everglades Boulevard and Golden Gate Boulevard are the main arterials in the Golden Gate Area. Site Analysis The appraisers have referenced the Collier County Property Appraisers Geographic Information System "GIS" which locates the subject in Section 7, Township 49, Range 28. It is assumed that this source as well as the legal descriptions obtained from the property appraisers' accurately represents the size and shape of the parent tract as of the date of value. These sources, as well as an inspection of the site, have been utilized for the following site description. Size and Shape: The parent tract contains 1.17 acres of gross land area and is rectangular. Specifically, the parent tract has a northern property line along Golden Gate Boulevard E. that measures 75 feet; with a depth there from along the eastern and western property lines that measure 680 feet; and a rear, northern property line that measures 75 feet. Roadway Frontage: The parent tract benefits from 75 feet of frontage along the southerly right- of-way of Golden Gate Boulevard E. GGB are an arterial, undivided, two lanes, and paved roadway. Utilities: The available Utilities available to the parent tract include telephone, electrical service and emergency services. No public water is available. Therefore, a private well is necessary. Wastewater would be typically disposed of by a private septic tank and drain field combination. Topography: A topographical survey or environmental survey of the site was not provided. The parent tract is a level tract and covered in native vegetation. CARDO APPRAISAL GROUP LLC 27 Easements and Restrictive Covenants: The parent tract is encumbered by a 50-foot wide road right-of-way easement along the northern property line along the property's existing frontage to Golden Gate Boulevard E. The appraiser is not aware of any other easements or restrictive covenants that might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser was not given any title information. Environmental Hazards: We are not aware of, nor did we observe any adverse environmental conditions. An environment survey of the subject is beyond the scope of this appraisal and the client is urged to obtain the opinion of an expert on environmental issues. Building & Site Improvement Analysis None HIGHEST AND BEST USE The Appraisal Institute defines "Highest and Best Use" as follows: "The reasonably probable and legal use of vacant land or improved property which is physically possible, appropriately supported, financially feasible and 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" Source: The Dictionary of Real Estate Appraisal, Fifth Edition 2010, by the Appraisal Institute. In estimating highest and best use, there are four aspects to be considered: 1. Physically Possible. What uses are physically appropriate to the site in question? 2. 3. 4. Legally Permissible. What uses are permitted by zoning, deed restriction, etc. on the site in question? Financially Feasible. Which possible and permissible uses will produce a net return to the owner of the site? Maximally Productive. Among the feasible uses, which use will produce the highest present worth? CARDO APPRAISAL GROUP LLC 28 The highest and best use of a site, considered as if vacant, may be different from the highest and best use of the entire property as improved at the date of appraisal. The existing use may then be considered an economically justified interim use until land value alone exceeds the value of the property as improved, plus demolition costs. Factors that must be considered in estimating highest and best use include accessibility and transportation, local facilities and services available, the physical attributes of the site, the effect of taxes and zoning, and the broader concept of environmental harmony within the neighborhood. The use must be reasonably probable, legally permitted, and logical; if a use is merely possible but is remote in time and likelihood, it cannot be considered highest and best use. Highest and Best Use of the Site - As Vacant 1. 2. 3. 4. Physically possible: The subject site is square in shape. The topography is generally flat, level and below the approximate road grade. These characteristics allow the site to support a variety of development types. However, fill maybe required. No physical impediments to development are known. Legally permissible: The site is located in the Estates section zoned general commercial. Uses permitted by zoning include a wide variety of retailing and service oriented activities as well as businesses and professional offices. Financially feasible: Financially feasible uses tend to occur naturally in free- market environments, and are evident upon observing the marketplace directly. Considering current value trends and economic conditions, construction of a commercial building would not be a financially feasible at this time. Maximally productive: Given the above, the highest and best use of the site, if vacant, would be holding onto the property until economic conditions allow development to be financially feasible. CARDO APPRAISAL GROUP, LLC 29 VALUATION OF THE PARENT TRACT CARDO APPRAISAL GROUP, LLC 30 SALES COMPARISON APPROACH The Sales Comparison Approach requires that the appraiser locate recent sales of similarly improved properties and through an adjustment process arrive at an indication of what these properties would have sold for if they possessed all of the salient characteristics of the subject property. These adjusted sales prices are then correlated into an estimate of the market value of the property via the Sales Comparison Approach to Value. A search of Collier County Official Records, paid subscription data services, local multiple listing service records, discussions with local brokers and appraisers and a personal inspection of the subject area produced several sales of similar type properties and one current listing. The sales and listing used in the analysis were the best comparables that we were able to verify with a party to the transaction. We compared the selected sales with the subject, considering differences and possible adjustments. We utilized a quantitative process to compare the subject property with the comparables to reflect a value for the subject property. The following pages feature a detailed write up of each comparable used in the analysis, a location map and summary of the selected comparable sales data, which is followed by a discussion of the pertinent adjustments and conclusion of value. CARDO APPRAISAL GROUP, LLC 31 Land Sale 1 – OR Book/Page – 5106/317 Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF CARDO APPRAISAL GROUP, LLC 32 Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF CARDO APPRAISAL GROUP, LLC 33 Land Sale 2 – OR Book/Page – 5020/3283 CARDO APPRAISAL GROUP, LLC 34 Sale No. 2 OR 5020/3283 For 3 parcels in 3/14 sold for $10.19/sf CARDO APPRAISAL GROUP, LLC 35 Land Sale 3 – OR Book/Page – 5116/2795 Sale No 3 OR 5116/2795 In 1/14 sold for $9.43/SF Sale No.3 OR 5116/2795 In 1/14 sold for $9.43/SF CARDO APPRAISAL GROUP, LLC 36 Sale No.3 OR 5116/2795 In 1/14 sold for $9.43/SF CARDO APPRAISAL GROUP, LLC 37 Land Sale 4 - OR Book/Page – 5002/2720 Sale No.4 5002/2720 In 12/13 sold for $7.50/SF Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF CARDO APPRAISAL GROUP, LLC 38 Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF CARDO APPRAISAL GROUP, LLC 39 Sales Discussion We have valued the subject on a price per square foot of land area basis as is customary in this market locale. To value the subject, a search was made for sales in the northeastern part of Collier County. A total of four recent sales and three listing are found and are shown on the following pages in chart form. The detailed information for each sale and listing is contained in the data book in the addendum of this report. In addition, more details have been retained in our file. Each sale and listing was analyzed and compared to the subject on a price per square foot of land area as that was deemed to provide the highest degree of correlation. Interest Conveyed: To properly relate the sales to the subject, it must be determined to the degree possible what property rights were conveyed in the sale transaction. Each of the sales was a retail or retail/office property and the fee simple/leased fee interest was conveyed. Financing Terms: Existing mortgage financing at a favorable rate may affect the purchase price. It appeared, based on available data that each of the sales was either an all-cash to seller transaction or subject to conventional financing. Conditions of Sale: Conditions of sale adjustments usually involve the motivations of the buyers and sellers when those motivations are considered extraordinary and when they have an impact on the price paid. If non-market conditions of sale have significantly affected the price of a property, the sale may be discarded as not being indicative of market value. There were no unusual conditions of sale involved in the data used. Market Conditions: This adjustment relates to the economic climate and market demand occurring at the time of sale. The sales occurred within the past 24 months from our date of value. Values have remained relatively stable during this period in the subject neighborhood. No adjustments to the sales are necessary or warranted. General Location: This category compares a property’s specific location to that of the subject. The sales analyzed are located in the general area of the Golden Gate Estates areas of northeastern Collier County. Zoning and Future Land Use: This category is a key component for choosing sales for this report. The Master Plan states that parcels immediately adjacent to commercial zoning within the Neighborhood Centers located at the intersection of Everglades Boulevard and Golden Gate Boulevard may qualify for Conditional Uses Subdistrict under the transitional conditional use provision of the Conditional Uses Subdistrict of this Master Plan Element. Properties eligible for Neighborhood Center Transitional Conditional Use shall abut the arterial or collector road serving the Neighborhood Center. The sales used in this report are the best indicators to value the subject. CARDO APPRAISAL GROUP, LLC 40 Access/Exposure: Amount and quality of road frontage are also key factors that the market considers when purchasing commercial properties in this market. Comparable Sales Map Parent Tract Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF Sale No. 2 OR 5020/3283 For 3 parcels in 3/14 sold for $10.19/SF Sale No. 3 OR 5116/2795 In 1/14 sold for $9.43/SF Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF CARDO APPRAISAL GROUP, LLC 41 Aerial Comparable Sales Map Parent Tract Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF Sale No.3 OR 5116/2795 In 1/14 sold for $9.43/SF Sale No. 2 OR 5020/3283 For 3 parcels in 3/14 sold for $10.19/sf Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF CARDO APPRAISAL GROUP, LLC 42 SALES ANALYSIS CHART Sale Number Subject 1 2 3 4 OR Book/Page N/A 5106/317 5020/3283 5116/2795 5002/2720 Address 3040 Golden Gate Blvd. E. 5349 Golden Gate Pkwy. 4087 Green Blvd. 11965 Collier Blvd. Golden Gate Blvd. West Location Golden Gate Blvd. & Everglades Blvd. North side GGP, West of Collier Blvd. Northwest corner of Green Blvd. & Collier Blvd. West side of Collier Blvd. ¼ mile N. GGP Southeast corner Golden Gate Blvd. West & Wilson Blvd. County Tax Parcel No.(s) 40930600006 36319960009 751800000120 751800000421 751800000489 00288800006 37221120208 Grantor N/A Pfpl, LLC Wynn Properties, Inc. Dorothy I. Martin Liberty Bank, F.S.B. Grantee N/A Milutico, LLC Collier Health Services, Inc. Pop Florida Properties, LLC Central Florida Real Estate Owned, LLC. Sale Date N/A 12/19/2014 3/18/2014 1/28/2014 5/15/2014 Sale Price N/A $76,600 $2,900,000 $595,000 $490,000 Land Size (SF) 51,000 16,553 284,629 63,070 65,340 Price/SF N/A $4.63 $10.19 $9.43 $7.50 County Tax Use Code 0-Vacant Residential 10-Vacant Commercial 10-Vacant Commercial 10-Vacant Commercial 10-Vacant Commercial Future Land Use (A) Commercial Mixed Use Activity Center Subdistrict Golden Gate Estates Commercial Infill Subdistrict. Golden Gate Commercial Estates Neighborhood Shopping Center Subdistrict “E”-Estates zoning district via the Neighborhood Center Land Cleared No Yes Yes Yes Yes Topography Road Grade Average Below Grade Good Level Grade Good Level Grade Good Level Grade Good Level Grade Highest & Best Use Future Commercial Development Future Commercial Development Future Commercial Development Future Commercial Development Future Commercial Development QUALITATIVE ANALYSIS Conditions of Sale Similar (0) Similar (0) Similar (0) Similar (0) Market Conditions Similar (0) Similar (0) Similar (0) Similar (0) Location Inferior (+) Superior (-) Superior (-) Superior (-) Zoning/Future Land Use Superior (--) Superior (-) Superior (-) Superior (-) Size Inferior (+) Similar (-) Similar (-) Similar (0) Site Conditions Superior (-) Superior (-) Superior (-) Superior (-) Overall comparison per SF to Subject Property Superior less than $4.64 Superior less than $10.19 Superior less than $9.43 Superior less than $7.50 (A) Eligible for SFR and a conditional use in the “E”-Estates zoning district via the Neighborhood Center Transitional Conditional Use Provision. However, property could not be so developed - unless aggregated with an abutting parcel(s) - due to the 75’ wide buffer requirement. CARDO APPRAISAL GROUP, LLC 43 Comparable Listings Map Listing No. 1 $3.79/SF Listing No. 2 $10.51/SF Listing No. 3 $3.15/SF Subject Property CARDO APPRAISAL GROUP, LLC 44 Listing Analysis Chart Listing Number Subject 1 2 3 Name - Location Unknown Golden Gate Blvd. & Everglades Blvd. Big Bear Plaza NEC Golden Gate Blvd. & Everglades Blvd. William Vine SWC Golden Gate Blvd. & Everglades Blvd. Fakahatchee Plaza NWC Golden Gate Blvd. & Everglades Blvd. County Parcel No. 40930600006 40680040000 40930720009 40629000001 Years or Months Listed N/A Over 2 years 9 months Over 2 years Listing Price N/A $900,000 $2,500,000 $750,000 Land Size (SF) 51,000 total 237,838 total 237,838 total 237,838 total includes R/W’s 170,755 excludes R/W’s Price/SF N/A $3.79 $10.51 $3.15 County Tax Use Code 0-Vacant Residential 10-Vacant Commercial 0-Vacant Residential 10-Vacant Commercial Zoning - Future Land Use Eligible for SFR and a conditional use in the “E”-Estates zoning district via the Neighborhood Center Transitional Conditional Use Provision. However, property could not be so developed - unless aggregated with an abutting parcel(s) - due to the 75’ wide buffer requirement. Estates – Mixed Use District, Neighborhood Subdistrict. This site has an approved Commercial PUD Ordinance Eligible to be rezoned to allow commercial. Estates – Mixed Use District, Neighborhood Subdistrict. There is no site plan on record at the county. Estates – Mixed Use District, Neighborhood Subdistrict. This site has an approved Commercial PUD Ordinance Site Plan None Has site plan that is approved for Commercial PUD. See data book. None Has site plan that is approved for Commercial PUD. See data book Land Cleared Site Condition No & Heavily Wooded No & Heavily Wooded No & Heavily Wooded No & Heavily Wooded Topography Road Grade Average Level Grade Average Level Grade Average Level Grade Average Level Grade Highest & Best Use Future Commercial Development Future Commercial Development Future Commercial Development Future Commercial Development Qualitative Analysis Conditions of Sale Similar (0) Similar (0) Similar (0) Market Conditions Similar (0) Similar (0) Similar (0) Location (Corner) Superior (-) Superior (-) Superior (-) Zoning/Future Land Use Superior (-) Similar (0) Superior (-) Site Plan Superior (-) Similar (0) Superior (-) Size Larger (++) Larger (++) Larger (++) Site Conditions Similar (0) Similar (0) Similar (0) Overall comparison per SF to Subject Property Superior less than $3.79 Superior less than $10.51 Superior less than $3.15 CARDO APPRAISAL GROUP, LLC 45 Sales Discussion Continued The subject is not located at the corner and by itself could only be developed with a single family home. However, if aggregated with an abutting parcel (s) – due to the 75’ wide buffer requirement, then it could be developed either as commercial or as a commercial transitional use. This factor is given heavy consideration in estimating the subject’s value. Sales 2, 3 and 4 are located within the Golden Gate Area Future Land Use areas. These were the best and most recent commercial sales found in the eastern part of Collier County. Sale 4 is located within the Estates section of Collier County. This sale was used because of the lack of recent sales in the Estates section. However, it is still a good indicator of commercial land values in eastern Collier County. Sale 2 and 3 are located along Collier Boulevard, which is a main thoroughfare similar to the subject, however, it has much more traffic. Therefore, the sales are considered superior to the subject. Sale 1 is located in an older section of the County called Golden Gate. This eastern older established area shows how much commercial properties have been selling. All sales were adjusted accordingly. See previous adjustment chart for each sale analysis. The sales ranged in price from $4.64 to $10.19 per square foot. All of the listings are located at the Intersection of Golden Gate Boulevard and Everglades Boulevard. These list prices set the ceiling for valuing the subject and are the best indicators. The list prices are $3.79, $10.51 and $3.15 per square foot respectively. According to real estate broker, Matthew Stepan, CCIM with Premier Commercial in Bonita Springs, there was a recent offer made on his Listing Number 3 for $600,000 or $2.52 per square foot, however, the offer was considered too low and the seller rejected it. Based on this information, we conclude that the subject would most likely sell between the offer price of $2.52 per square foot and the list price of $3.15 per square foot. Based on our analysis and considering the risk involved to assemble the property, a value conclusion at the lower end of the scale is reasonable. Based on the previous sales and listings, we conclude a value for the Parent Tract at $2.50 per square foot of land. The total value is calculated as follows: 51,000 SF @ $2.50 per square foot = $127,500 Rounded to: PARENT TRACT MARKET VALUE VIA SALES COMPARISON: $127,500 CARDO APPRAISAL GROUP, LLC 46 VALUATION OF THE PART TAKEN CARDO APPRAISAL GROUP, LLC 47 PART TAKEN - Proposed Use In front of the parent tract is an existing perpetual, non-exclusive public roadway easement. This area also appears to function as drainage area for the existing road. The proposed easement is for modifying, improving and expanding the existing roadway for the intersection improvements. The taking is a perpetual non-exclusive, road right-of way, drainage and utilities easement (RDUE) is at the front of the parent tract and will be used in perpetuity. See following sketch for legal description, dimensions, shape and size. No significant improvements are located within the proposed easement. CARDO APPRAISAL GROUP, LLC 48 CARDO APPRAISAL GROUP, LLC 49 Value of the Proposed Easement The total impact of the acquisition cannot be estimated until the appraiser determines: 1) the loss of present utility, 2) the loss of future utility, 3) the accessory rights to be acquired and 4) the obligation of the parties. The easement is non-exclusive, perpetual and will essentially take most of the owner's bundle of rights. For the most part the property owner will only be allowed to utilize the land for density calculations. Considering the restrictive nature of the easement, we have compensated the property owner for 99% of the full fee simple value for the land underlying the Parcel (s). The underlying land value for the parent tract is $2.50 per square foot. The same unit value is applied when calculating the value of the land underlying the proposed easement parcel. The value of drainage easement (s) is calculated as follows: 4,350 square feet @ $2.50 per square foot x 99% = $10,875 Rounded to: LAND VALUE OF EASEMENT PARCEL $11,000 Improvements in the Easement No significant improvements are located within the proposed easement. Summary of Values for the Easement Land: $ 11,000 Improvements: $ 0 Total Value of the Easement $11,000 CARDO APPRAISAL GROUP, LLC 50 VALUATION OF THE REMAINDER CARDO APPRAISAL GROUP, LLC 51 REMAINDER – Effects on the Remainder The remainder will retain the same shape as it did before the taking. The taking includes three easements in the same area in perpetuity. The remainder will contain the same amount of square feet as it did before the taking, however, the area along the front of the site will be encumbered by the easement. The remainder has ample depth and can still be developed the same way as before the taking. Therefore, the taking has no adverse impact on the function, marketability or value of the remainder and there are no severance damages to the remainder. HIGHEST AND BEST USE In our analysis of highest and best use of the remainder, we have considered the same methodology and criteria used in the highest and best use of the parent tract. We have concluded that the remainder will continue to have the same highest and best use as before the acquisition, which is for assemblage for future transitional (quasi) commercial use. Valuation of the Remainder Based on our analysis of the sales utilized in the value of the parent tract, we have concluded a remainder value based on $2.50 per square foot, which is applied to 99,688 square feet (51,000 square feet – 4,350 square feet = 46,650 square feet) of the remainder unencumbered by the RDUE. $0.03 per square foot ($2.50 less 99% = $0.03) has been applied to the 4,350 square feet of the remainder that is located within the easement parcel. The value of the remainder is calculated as follows: 46,650 square feet @ $2.50 per square foot = $116,625 4,350 square feet @ $0.03 per square foot = $ 130 $116,755 Rounded to: LAND VALUE OF THE REMAINDER $116,500 CARDO APPRAISAL GROUP, LLC 52 SUMMARY OF COMPENSATION CARDO APPRAISAL GROUP, LLC 53 1. Value Before the Taking:(Land)127,500$ 2. Value of Part Taken: (Land) 11,000$ 116,500$ 116,500$ -$ -$ 6. Special Benefits:-$ 7. Damages (5-6):-$ -$ -$ -$ -$ -$ -$ -$ 11,000$ -$ -$ -$ 11,000$ Value of Part Taken - Parcel 368 RDUE (Land): Value of Part Taken - Parcel 368 RDUE (Improvements): Cost to Cure: Damages: Total Compensation 11. Damages Uncurable Severance (7-10): 12. Cost to Cure: 13. Improvements Cured, but paid in (2): 14. Net Cost to Cure (If less than item (10), cost is justified unless the cost is minor): Summary of Compensation Feasibilty of Cost to Cure 8. Value of Remainder (Cured): 9 Value of Remainder (Uncured): 10. Damages (Curable) (8-9): Summary of Values & Compensation Partial Acquisition 3. Value of Remainder As Part of Whole (1-2): 4. Value of Remander Uncured: 5. Damages, Total Uncured (3-4): QUALIFICATIONS OF FRANK J. CARDO, MAI President of Cardo Appraisal Group, LLC State-Certified General Real Estate Appraiser, State of Florida, License No. RZ1190 Overview  More than 30 years experience in all facets of real estate appraising and consulting, as well as brokerage of Florida properties since 1983.  Qualified Real Estate Valuation Expert Witness expert witness in Palm Beach, Broward, Dade, Indian River, Martin and Collier County courts; extensive testimony experience in cases involving property disputes, condemnation, bankruptcy, foreclosure and a wide range of real property valuation issues. Professional Experience and Affiliations CARDO APPRAISAL GROUP, LLC, PRESIDENT AND OWNER.  Prior Experience: 27 years with Anderson & Carr, Inc., vice president and principal, 1998 – 2010.  Member Appraisal Institute (MAI)  Member, Board of Directors, Appraisal Institute, South Florida Chapter, 2001 - 05, and 2009 to 2012.  House Committee Chairman, Appraisal Institute, South Florida Chapter, 2000 to 2012.  Member, the Education Committee, Appraisal Institute - Palm Beach Chapter, 1992 - 93. Appraisals and Related Projects Apartment Buildings Nursing Homes Banks Office Buildings Houses of Worship Residences - All Types Auto Dealerships’ Restaurants Service Stations Department Stores Shopping Centers Funeral Homes Special Purpose Buildings Hotels - Motels Store Buildings Industrial Buildings Supermarkets Leasehold Interests Mobile Home Parks Medical Buildings Vacant Lots & Acreage Warehouses Marinas Residential Project Adult Congregate Living Facilities Easements Citrus Groves Condominiums - Residential & Office Schools Agricultural Properties Eminent Domain Appraisals Road Right-of-Ways Golf Courses Education  B.S., Florida State University, College of Business, (Double-major in Real Estate and Risk Management Insurance), 1983.  Successfully completed more than a dozen post-graduate courses and seminars through the Appraisal Institute. APPRAISAL DATA BOOK Collier County Project Road Number: 876 for Intersection Improvements to Golden Gate East Boulevard & Everglades Boulevard Roadway, Drainage & Utility Easements (RDUE) for Parcel Numbers 368 RDUE, 370 RDUE, 380 RDUE, 382 RDUE & 391 RDUE TAKING SKETCH A-1 ZONING MAPS Subject’s Map Parent Tract Parent Tract Zoning Designation A-2 North Side Intersection Maps A-3 A-4 A-5 Parent Tract Land Use Plan Parent Tract Land Use Plan Parent Tract Land Use Plan A-6 A-7 Parent Tract Land Use Plan Conditional Uses Parent Tract Land Use Plan A-8 A-9 A-10 A-11 Parent Tract Land Use Plan Conditional Uses A-12 Parent Tract Land Use Plan Conditional Uses A-13 A-14 A-15 A-16 PLANNED UNIT DEVELOPMENTS, COMMERCIAL AND INDUSTRIAL ZONING Parent Tract A-17 APPROVED COMMERCIAL CENTERS AT GOLDEN GLADES BLVD. E & EVERGLADES BLVD. A-18 SUBJECT DEED A-19 A-20 A-21 A-22 Land Sale 1 – OR Book/Page – 5106/317 A-23 Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF A-24 Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF Land Sale 2 – OR Book/Page – 5020/3283 A-25 Sale No. 2 OR 5020/3283 For 3 parcels in 3/14 sold for $10.19/sf Sale No. 2 OR 5020/3283 For 3 parcels in 3/14 sold for $10.19/sf Land Sale 3 – OR Book/Page – 5116/2795 A-26 Sale No.3 OR 5116/2795 In 1/14 sold for $9.43/SF Sale No.3 OR 5116/2795 In 1/14 sold for $9.43/SF Land Sale 4 - OR Book/Page – 5002/2720 A-27 Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF A-28 Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF A-29 A-30 Parent Tract Size = 51,000 SF A-31 Parent Tract Size = 51,000 SF Listing No. 1 – Big Bear Plaza - Everglades Blvd. Naples, Fl 34120 A-32 A-33 A-34 A-35 Listing No. 2 – SWC Golden Gate Blvd. & Everglades Blvd. Naples, Fl 34120 A-36 A-37 A-38 A-39 Listing No. 3 – Fakahatchee Plaza - NWC of Golden Gate Blvd. & Everglades Blvd., Naples, 34120 A-40 A-41 A-42 A-43