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Agenda 04/12/2016 Item #16A 5 4/12/2016 16.A.5. EXECUTIVE SUMMARY Recommendation to approve an easement agreement for the purchase of a Road Right-of-Way, Drainage and Utility Easement (Parcel 286RDUE) required for the expansion of Golden Gate Boulevard from 20th Street East to east of Everglades Boulevard. Project No. 60145 (Estimated Fiscal Impact: $5,100). OBJECTIVE: To purchase an easement needed for the four-laning of Golden Gate Boulevard from 20th Street East to east of Everglades Boulevard(the "Project"). CONSIDERATIONS: Collier County is seeking to purchase a 7,200 square foot, more or less, perpetual, non-exclusive Road Right-of-Way, Drainage and Utility Easement (Parcel 286RDUE). Parcel 286RDUE is "vacant" land and part of a 2.34 acre parent tract owned by Manuel Alonso (Property Owner). The unimproved property is located on the south side of Golden Gate Boulevard, between 20th Street Southeast and 22nd Street Southeast. The accompanying appraisal dated December 21, 2015 prepared by Rachel M. Zucchi, MAI, CCIM, of the firm RKL Appraisal and Consulting, estimated the current market value of Parcel 286RDUE to be $2,900. However, this appraisal does not account for the overall costs of obtaining the subject easement should the relationship between the Property Owner and Collier County become adversarial. The attached easement agreement reflects an amicably-negotiated settlement amount of$5,000. Had the relationship between the Property Owner and the County staff become adversarial, it is likely that an attorney, an appraiser and other experts might have been brought in to manufacture additional claims; Parcel 286RDUE would have to be taken by condemnation; and the cost to acquire the right-of-way required for the construction of the project would rise beyond the actual value of the right-of-way involved. Accordingly, staff is recommending that the Board of County Commissioners (Board) approve the accompanying agreement for the purchase of Parcel 286RDUE. FISCAL IMPACT: Funds in the amount of$5,100 ($5,000 purchase price for Parcel 286RDUE and approximately $100 recording fees) are available in the Golden Gate Boulevard Transportation Capital Improvement Project No. 60145. The primary funding source for the acquisition of right-of-way is impact fees. Should impact fees not be sufficient within a particular project, the secondary funding source will be gas taxes. Incremental maintenance costs for Golden Gate Boulevard from 20th Street East to east of Everglades Boulevard are estimated at $3,000 per year for mowing and garbage removal. The cost to maintain stormwater management infrastructure will be approximately $5,000 on a three to five year basis. New roadway construction has a maintenance curve of approximately five to seven years before any incremental costs are required for repairs. LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a majority vote for Board approval.—JAB Packet Page -312- 4/12/2016 16.A.5. GROWTH MANAGEMENT IMPACT: This recommendation is consistent with the Long Range Transportation Plan and the Collier County Growth Management Plan. RECOMMENDATION: 1. To approve the accompanying Easement Agreement and authorize its Chairman to execute same on behalf of the Board; 2. To accept the conveyance of Parcel No. 286RDUE and authorize the County Manager, or his designee, to record the conveyance instrument in the public records of Collier County, Florida; 3. To authorize the payment of all costs and expenses that Collier County is required to pay under the terms of the Easement Agreement to close the transaction; 4. To authorize the County Manager or his designee to take the necessary measures to ensure the County's performance in accordance with the terms and conditions of the agreement; and 5. To authorize any and all budget amendments required to carry out the collective will of the Board. Prepared by: Deborah Farris, Senior Property Acquisition Specialist, Transportation Engineering Division, Growth Management Department Attachments: 1)Easement Agreement 2)Property Location Map 3)Appraisal Report dated December 21, 2015 due to its size is located at: http://apps3.colliergov.net/agenda/ftp/201613CCMeetings/AgendaApril 1216/GrowthMgmt/Appr aisal Report dated Dec 21, 2015.pdf Packet Page -313- 4/12/2016 16.A.5. COLLIER COUNTY Board of County Commissioners Item Number: 16.16.A.16.A.5. Item Summary: Recommendation to approve an easement agreement for the purchase of a Road Right-of-Way, Drainage and Utility Easement (Parcel 286RDUE) required for the expansion of Golden Gate Boulevard from 20th Street East to east of Everglades Boulevard. Project No. 60145 (Estimated Fiscal Impact: $5,100). Meeting Date: 4/12/2016 Prepared By Name: FarrisDeborah Title:Property Acquisition Specialist, Senior,Transportation Engineering&Construction Management 3/8/2016 7:51:33 AM Approved By Name: PutaansuuGary Title: Project Manager,Principal,Transportation Road Maintenance Date: 3/8/2016 1:45:32 PM Name: AhmadJay Title:Division Director-Transportation Eng,Transportation Engineering&Construction Management Date: 3/9/2016 8:06:08 AM Name: TaylorLisa Title: Management/Budget Analyst, Senior, Capital Construction&Maintenance Budget/Fiscal Date: 3/9/2016 11:14:30 AM Name: KearnsAllison Title: Manager-Financial&Operational Sprt, Capital Construction&Maintenance Budget/Fiscal Date: 3/9/2016 3:19:07 PM Name: DelateJoseph Title: Project Manager, Senior,Transportation Road Maintenance Date: 3/10/2016 8:18:06 AM Name: GossardTravis Title: Division Director-Road Maintenance,Road Maintenance Packet Page -314- 4/12/2016 16.A.5. Date: 3/10/2016 11:05:24 AM Name: ShueGene Title: Division Director-Operations Support, Growth Management Department Date: 3/10/2016 1:49:10 PM Name: LynchDiane Title: Supervisor-Operations,Road Maintenance Date: 3/11/2016 1:38:55 PM Name: HendricksKevin Title:Manager-Right of Way,Transportation Engineering&Construction Management Date: 3/14/2016 3:10:29 PM Name: MarcellaJeanne Title: Executive Secretary,Transportation Administration Date: 3/15/2016 12:48:57 PM Name: BelpedioJennifer Title:Assistant County Attorney,CAO General Services Date: 3/16/2016 8:55:31 AM Name: KlatzkowJeff Title: County Attorney, Date: 3/25/2016 5:39:48 PM Name: UsherSusan Title: Management/Budget Analyst, Senior, Office of Management&Budget Date: 3/29/2016 12:52:51 PM Name: CasalanguidaNick Title: Deputy County Manager, County Managers Office Date: 4/2/2016 1:27:46 PM Packet Page -315- 4/12/2016 16.A.5. PROJECT: Golden Gate Blvd#60145 PARCEL No(s): 286RDUE FOLIO No(s): Portion of 39390400006 EASEMENT AGREEMENT THIS EASEMENT AGREEMENT (herein fter referred to as the "Agreement") is made and entered into on this Zit day of 0u# 2016, by and between MANUEL ALONSO, a married person, whose mailin address is 18908 SW 33RD Court, Miramar, Florida 33029-5838 (hereinafter referred to as "Owner"), and COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing address is 3299 Tamiami Trail East, do the Office of the County Attorney, Suite 800, Naples, Florida 34112(hereinafter referred to as"County"). WHEREAS, County requires a perpetual non-exclusive Road Right-of-Way, Drainage and Utility Easement over, under, upon and across the lands described in Exhibit "A", which is attached hereto and made a part of this Agreement (hereinafter referred to as the"Easement");and WHEREAS, Owner desires to convey the Easement to County for the stated purposes,on the terms and conditions set forth herein;and WHEREAS, County has agreed to compensate Owner for conveyance of the Easement. NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby mutually acknowledged,it is agreed by and between the parties as follows: 1. RECITALS - All of the above RECITALS are true and correct and are hereby expressly incorporated herein by reference as if set forth fully below, and all Exhibits referenced herein are made a part of this Agreement. 2. PURCHASE PRICE-Owner shall convey the Easement to County for the sum of: $5,000 (FIVE THOUSAND DOLLARS) subject to the apportionment and distribution of proceeds pursuant to Paragraph 9 of this Agreement (said transaction hereinafter referred to as the "Closing"). Said payment to Owner, payable by County warrant or funds wire transfer, shall be full compensation for the Easement conveyed, including all landscaping, trees, shrubs, improvements, and fixtures located thereon, and shall be in full and final settlement of any damages resulting to Owner's remaining lands, costs to cure, including but not limited to the cost to relocate the existing irrigation system and other improvements (if any), and the cost to cut and cap irrigation lines (if any) extending into the Easement, and to remove all sprinkler valves and related electrical wiring (if any), and all other damages in connection with conveyance of said Easement to County, including all attorneys'fees,expert witness fees and costs as provided for in Chapter 73, Florida Statutes. 3. CLOSING DOCUMENTS AND CLEAR TITLE -Owner shall obtain from the holders of any liens, exceptions and/or qualifications encumbering the Easement, the execution of such instruments which will remove, release or subordinate such encumbrances from the Easement upon their recording in the public records of Collier County, Florida. Prior to Closing and as soon after the execution of this Agreement as is possible, Owner shall provide County with a copy of any existing title insurance policy and the following documents and instruments (prepared by County) properly executed, witnessed and notarized where required, in a form acceptable to County(hereinafter referred to as"Closing Documents"): Packet Page-316- 4/12/2016 16.A.5. Page 2 (a) Road Right-of-Way, Drainage and Utility Easement; (b)Instruments required removing, releasing or subordinating any and all liens, exceptions and/or qualifications affecting County's enjoyment of the Easement. (c) Closing Statement; (d)Grantor's Non-Foreign,Taxpayer Identification and"Gap"Affidavit; (e)W-9 Form;and (f) Such evidence of authority and capacity of Owner and its representatives to execute and deliver this agreement and all other documents required to consummate this transaction,as reasonably determined by County, County's counsel and/or title company. 4. TIME IS OF THE ESSENCE - Both Owner and County agree that time is of the essence. Therefore, Closing shall occur within ninety (90) days of the date of execution of this Agreement or within thirty(30)days of County's receipt of all Closing Documents, whichever is the later. This agreement shall remain in full force and effect until Closing shall occur, until and unless it is terminated for other cause. At Closing, payment shall be made to Owner in that amount shown on the Closing Statement as Net Cash to the Seller." 5. IRRIGATION SYSTEM AND MISCELLANEOUS IMPROVEMENTS - Owner agrees to relocate any existing irrigation system located on the Easement including irrigation lines,electrical wiring and sprinkler valves,etc. (if any), prior to the construction of the project without any further notification from County. Owner assumes full responsibility for the relocation of the irrigation system (if any) on the remainder property and its performance after relocation. Owner holds County harmless for any and all possible damage to the irrigation system in the event owner fails to relocate the irrigation system prior to construction of the project. If Owner elects to retain improvements and/or landscaping ("Improvements") located on the Easement (if any), the Owner is responsible for their retrieval prior to the construction of the project without any further notification from County. Owner acknowledges that County has compensated Owner for the value of the Improvements located within the Easement area, and yet County is willing to permit Owner to salvage said improvements as long as their retrieval is performed before construction and without interruption or inconvenience to the County's contractor. All Improvements not removed from the Easement prior to commencement of construction of the project shall be deemed abandoned by Owner. This provision shall survive Closing and is not deemed satisfied by conveyance of title. 6. MISCELLANEOUS REQUIREMENTS - Owner and County agree to do all things which may be required to give effect to this Agreement immediately as such requirement is made known to them or they are requested to do so, whichever is the earlier. 7. REPRESENTATIONS AND WARRANTIES-Owner agrees, represents and warrants the following: (a)Owner has full right, power and authority to own and operate the property underlying the Easement, to enter into and to execute this Agreement, to execute, deliver and perform its obligations under this Agreement and the instruments executed in connection herewith, to undertake all actions and to perform all tasks required of Owner hereunder and to consummate the transaction contemplated hereby. Packet Page-317- 4/12/2016 16.A.5. Page 3 (b)County's acceptance of the Easement shall not be deemed to be full performance and discharge of every agreement and obligation on the part of Owner to be performed pursuant to the provisions of this Agreement. ■ (c) No party or person other than County has any right or option to acquire the Easement or any portion thereof. (d)Until the date fixed for Closing, so long as this Agreement remains in force and effect, Owner shall not encumber or convey any portion of the property underlying the Easement or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Easement, without first obtaining the written consent of County to such conveyance, encumbrance, or agreement, which consent may be withheld by County for any reason whatsoever. (e)There is no maintenance, construction, advertising, management, leasing, employment,service or other contract affecting the Easement. (f) Owner has no knowledge that there are any suits, actions or arbitration, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affect the Easement or which adversely affect Owner's ability to perform hereunder; nor is there any other charge or expense upon or related to the Easement which has not been disclosed to County in writing prior to the effective date of this Agreement. (g)County is entering into this Agreement based upon Owner's representations stated in this Agreement and on the understanding that Owner will not cause the physical condition of the property underlying the Easement to change from its existing state on the effective date of this Agreement up to and including the date of Closing. Therefore, Owner agrees not to enter into any contracts or agreements pertaining to or affecting the property underlying the Easement and not to do any act or omit to perform any act which would adversely affect the physical condition of the property underlying the Easement or its intended use by County. (h)To the best of Owner's knowledge, the property underlying the Easement, and all uses of the said property, have been and presently are in compliance with all Federal, State and Local environmental laws; that no hazardous substances have been generated, stored, treated or transferred on the property underlying the Easement except as specifically disclosed to the County; that the Owner has no knowledge of any spill or environmental law violation on the property contiguous to or in the vicinity of the Easement to be sold to the County,that the Owner has not received notice and otherwise has no knowledge of: a) any spill on the property underlying the Easement; b) any existing or threatened environmental lien against the property underlying the Easement; or c) any lawsuit, proceeding or investigation regarding the generation, storage, treatment, spill or transfer of hazardous substances on the property underlying the Easement. This provision shall survive Closing and is not deemed satisfied by conveyance of title. 8. INDEMNIFICATION - Owner shall indemnify, defend, save and hold harmless the County against and from, and reimburse the County with respect to, any and all damages, claims, liabilities, laws, costs and expenses (including without limitation reasonable paralegal and attorney fees and expenses whether in court, out of court, in bankruptcy or administrative proceedings or on appeal), penalties or fines incurred by or asserted against the County by reason or arising out of the breach of any of Owner's representations under paragraph 7(h). This provision shall survive Closing and is not deemed satisfied by conveyance of title. 9. CURATIVE INSTRUMENTS, PROCESSING FEES, TAXES - County shall pay all fees to record any curative instruments required to clear title, and all Easement instrument recording fees. In addition, County may elect to pay reasonable Packet Page -318- 4/12/2016 16.A.5. Page 4 processing fees required by lien-holders and/or easement holders in connection with the execution and delivery of a Release or Subordination of any mortgage, lien or other encumbrance recorded against the property underlying the Easement; provided, however, that any apportionment and distribution of the full compensation amount in Paragraph 2 which may be required by any mortgagee, lien-holder or other encumbrance-holder for the protection of its security interest,or as consideration due to any diminution in the value of its property right, shall be the responsibility of the Owner, and shall be deducted on the Closing Statement from the compensation payable to the Owner per Paragraph 2. County shall have sole discretion as to what constitutes"reasonable processing fees." 10. PRIOR YEAR AD VALOREM TAXES-There shall be deducted from the proceeds of sale all prior year ad valorem taxes and assessments levied against the parent tract property which remain unpaid as of the date of Closing. Furthermore, in accordance with the exemptions provided for in Section 201.01, Florida Statutes, concerning payment of documentary stamp taxes by County, Owner shall pay all documentary stamp taxes required on the instrument(s)of transfer. 11. EFFECTIVE DATE - This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustees, and/or assignees,whenever the context so requires or admits. 12. PUBLIC DISCLOSURE- If the Owner holds the property underlying the Easement in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Owner shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, subject to the penalties prescribed for perjury, of the name and address of every person having a beneficial interest in the property underlying the Easement before the Easement held in such capacity is conveyed to County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13. ENTIRE AGREEMENT - Conveyance of the Easement, or any interest in the property underlying the Easement, by Owner is contingent upon no other provisions, conditions, or premises other than those so stated herein; and this written Agreement, including all exhibits attached hereto, shall constitute the entire Agreement and understanding of the parties, and there are no other prior or contemporaneous written or oral agreements, undertakings, promises,warranties,or covenants not contained herein. No modification, amendment or cancellation of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Owner and County. 14. BREACH AND TERMINATION - Should any part of this Agreement be found to be invalid, then such invalid part shall be severed from the Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and not be affected by such invalidity. 15. SEVERABILITY — Should any part of this Agreement be found to be invalid, then such invalid part shall be severed from the Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and not be affected by such invalidity. 16. VENUE-This Agreement is governed and construed in accordance with the laws of the State of Florida. Packet Page -319- 4/12/2016 16.A.5. Page 5 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written. AS TO COUNTY: DATED: ATTEST: BOARD OF COUNTY COMMISSIONERS DWIGHT E. BROCK,Clerk COLLIER COUNTY, FLORIDA BY: Deputy Clerk DONNA FIALA,Chairman AS TO OWNER: DATED: c? e,1' Witness(Signature) 7'R''TA ONSO .5177/ -S '? 1 4 rvTES Name(Print or Type) Witness(Signature) C p o Fiat&m') Name(Print or Type) Approved as to form and legality: Jennifer A , edio }/ a °\ Assistant County Attorney 'a • Packet Page -320- 4/12/2016 16.A.5. GOLDEN GATE BOULEVARD (CR 876) 158+00 159+00 14+00 161+00 162+00 163+00 G /. 5✓D, Y _ • A ___.___ i . �i�i°i�i�ii�V. R PROPOSED ROADWAY EASEMENT i PARCEL 286 RDUE . 9 d 7,200 50. FT. • l 6. d i TRACT 99 TRACT 100 TRACT 101. GOLDEN GATE ESTATES R UNIT 51 k PLAT BOOK 5 PAGE 84 q , R , WEST 150' OF TRACT 100 ALONSO PREZIOSE OR 3930/2790 OR 924/359 2 i* 'I EXHIB T N • Page of W - ,(, E S SO. FT. SQUARE FEET • OR OFFICIAL RECORDS (BOOK/PAGE) TECM-ROW � .4 PROPOSED ROADWAY, DRAINAGE AND UTILITY EASEMENT (ROUE) FEB 0 1 2010 iA EXISTING ROADWAY EASEMENT USE OF TEPUBLICPERPAT DEDICATED BOOK 5, THE PERPETUAL EB4 LEGAL DESCRIPTION FOR PARCEL 286 ROUE A PORTION OF TRACT 100, GOLDEN GATE ESTATES, UNIT 51 AS RECORDED IN PLAT BOOK 5, PAGE 84 OF THE PUBLIC RECORDS OF COLLIER.COUNTY, FLORIDA, LYING IN SECTION 1, TOWNSHIP 49 SOUTH, RANGE 27 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS. THE SOUTH 48 FEET OF THE NORTH 98 FEET OF THE WEST 150 FEET OF SAID TRACT 100. CONTAINING 7,200 SQUARE FEET, MORE OR LESS. 0 40 80 180 Ry;MIC PROfE URYEYOR Et MAPPER SKETCH & DESCRIPTION ONLY i rtOR;DA RG R PR:FEAT 5301 NOT A BOUNDARY SURVEY SCALE:1"=80' SIGNNG DATE: J)� / I FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS ADFLORRIIDA REGISTERED EPROFESSIONAL SURVEYOR ANp MAPPER. SEAL OF GOLDEN GATE BOULEVARD, D�►Aff L...man SKETCH & DESCRIPTION OF: PROPOSED ROADWAY EASEMENT CONSULTING aril EndE Mapping PARCEL 286 ROUE 6610 Willow Park Drive,Suita 200 Naples,Florida 34194 COLLIER COUNTY, FLORIDA Phone.(239)597-0575 FAX:(239)597.0578 . "' ' LB N.:6952 JOB NUMBER REVISION SECTION TOWNSHIP RANGE SCALE DATE DRAWN BY FILE NAME SHEET 050217.00.01 0001 REV 01 1 49 27 1" = BO' DEC. 2009 S.D.L. • SK 286 1 OF 1 • Packet Page-321- 4/12/2016 16.A.5. PROPERTY LOCATION MAP (Not to Scale) Parcel 286RDUE/Folio#39390400006 St'it rY T5 f e1 ^' #31rcr'G�urvt' �7dptn'!yy•oirfs LL's_..... � Packet Page -322- 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com R EAL E STATE A PPRAISAL R EPORT G OLDEN G ATE B OULEVARD E. W IDENING Vacant Residential Land 75300 20th Street SE Naples, Collier County, Florida, 34117 P REPARED F OR : Mr. Harry Henderson Review Appraiser Collier County Transportation Right-Of-Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Client File: 286 RDUE E FFECTIVE D ATE OF THE A PPRAISAL : December 12, 2015 D ATE OF THE R EPORT : December 21, 2015 R EPORT F ORMAT : Appraisal Report P REPARED B Y : RKL A PPRAISAL AND C ONSULTING , PLC RKL File Number: 2015-249 (Parcel No. 286 RDUE) 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com December 21, 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 75300 20th Street SE, Naples, Collier County, Florida, 34117 Client File: 286 RDUE RKL File Number: 2015-249 (Parcel No. 286 RDUE) Dear Mr. Henderson: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referen ced property. The purpose of th e appraisal is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. The intended user s 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 th e property owner for th e loss of the real estate resulting from the property rights a nd improvements (if any) which are proposed to be acquired, including all diminution in valu e 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 USPA P to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analys is for this appraisa l, including property identification, inspection, highest and be st 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 Appraisa l Institute. The parent tract is a vacant parcel of la nd containing an area of 2.34 acres, or 102,000 square feet. Mr. Harry Henderson Collier County Transportation Right-Of-Way Group December 21, 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 ac companying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypot hetical 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 ri ghts and improvements (if any) which are proposed to be acquired, including all dimi nution in value to the remainder land and improvements (if any) which can be attributed to the use of or act ivity upon the proposed perpetual, non-exclusive, ro ad right-of-way, drainage, a nd utility easement (Parcel No. 286 RDUE), as of December 12, 2015, is: S UMMARY OF J UST C OMPENSATION Value of Property Rights Taken: $2,900 Value of Improvements Taken: $0 Severance Damages: $0 Net Cost to Cure: $0 T OTAL A MOUNT D UE O WNER : $2,900 The value conclusion(s) are subject to the fo llowing 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 A PPRAISAL AND C ONSULTING , 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 T ABLE OF C ONTENTS Summary of Important F acts 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 Ri ghts 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 Ta ken 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 Qualifica tions ....................................................................................... Addendum A Financials and Property Information .................................................................... Addendum B Comparable Data .................................................................................................. Addendum C GOLDEN GATE BOULEVARD E. WIDENING SUMMAR Y OF IMPORTANT FACTS AND CONCLUSIONS Page 1 S UMMARY OF I MPORTANT F ACTS AND C ONCLUSIONS G ENERAL Subject: Golden Gate Boulevard E. Widening 75300 20th Street SE, Naples, Collier County, Florida, 34117 Owner: Manuel Alonso 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 P ARENT T RACT B EFORE THE T AKING Current Use: Vacant residential. Improvements: None Legal Description: Golden Gate Estates Unit 51, West 150 feet of Tract 100 Tax Identification: 39390400006 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 V ALUE I NDICATIONS B EFORE THE T AKING 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 fo llowing 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 SUMMAR Y OF IMPORTANT FACTS AND CONCLUSIONS Page 2 P ART T AKEN Identification: 286 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: 48 foot wide strip taking along the southerly right-of-way of Golden Gate Boulevard E. Land Area: Total: 0.16529 acres; 7,200 square feet Shape: Rectangular MOL Approximate Dimensions: 150' x 48' Proposed Improvements Taken: None V ALUE I NDICATIONS P ROPOSED P ROPERTY R IGHTS AND I MPROVEMENTS T AKEN Property Rights Taken: $2,900 Improvements Taken: $0 Total: $2,900 Effective Date(s) December 12, 2015 V ALUE I NDICATIONS R EMAINDER P ROPERTY , A S P ART OF THE W HOLE Market Value of the Parent Tract, Before the Taking: $41,000 Less Market Value of the Proposed Part Taken: $2,900 Total Market Value of the Remainder Property, As Part of the Whole: $38,100 Effective Date(s) December 12, 2015 The value conclusion(s) are subject to the fo llowing 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 SUMMAR Y OF IMPORTANT FACTS AND CONCLUSIONS Page 3 R EMAINDER P ROPERTY , A FTER THE T AKING Land Area: Total: 2.34160 acres; 102,000 square feet Shape: Rectangular Improvements: None Existing Easements and Encumbrances: The parent tract is encumber ed 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 48 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 V ALUE I NDICATIONS R EMAINDER P ROPERTY , A FTER THE T AKING Land Value: $38,100 Improvement Value: $0 Total Market Value of Reminder Property: $38,100 Effective Date(s) December 12, 2015 The value conclusion(s) are subject to the fo llowing 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 SUMMAR Y OF IMPORTANT FACTS AND CONCLUSIONS Page 4 Value of the Whole$41,000 Less Value of the Part Taken$2,900 Value of the Remainder Property as Part of the Whole$38,100 Value of the Remainder Property as Severed$38,100 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%$17,5002.34160$40,978$41,000 Improvements $0 Total $41,000 Proposed Part Taken Additional Encumbered Land Taken$17,500 99%$17,3250.16529$2,864$2,900 Improvements Taken $0 Total $2,900 Remainder Property, as Part of the Whole $38,100 Remainder Property Land Area - Exclusive of Additional Encumbered Land Taken$17,500 100%$17,5002.17631$38,085$38,100 Additional Encumbered Land Taken$17,500 1%$1750.16529$29$0 Total Land 2.34160$38,114$38,100 Improvements $0 Total $38,100 Damages $0 Special Benefits $0 Net Damages $0 Additional Encumbered Land Taken$17,500 99%$17,3250.16529$2,864$2,900 Value of Improvements Taken $0 Total $2,900 Net Damages $0 Net Cost to Cure $0 Total Amount Due Owner $2,900 Parcel No. 286 RDUE Summary of Total Compensation The value conclusion(s) are subject to the fo llowing 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 I NTRODUCTION I NFORMATION S UBJECT I DENTIFICATION Subject: Golden Gate Boulevard E. Widening 75300 20th Street SE, Naples, Collier County, Florida, 34117 Legal Description: Golden Gate Estates Unit 51, West 150 feet of Tract 100 Tax Identification: 39390400006 The parent tract is a vacant parcel of la nd containing an area of 2.34 acres, or 102,000 square feet. C URRENT O WNERSHIP AND P ROPERTY H ISTORY Owner: Manuel Alonso 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 ownershi p has occurred within the past three years, and as of the effective date of this appraisa l, the property is not subject to an agreement of sale or op tion to buy, nor is it listed for sale. A PPRAISAL S COPE According to the Uniform Standards of Pr ofessional Appraisal Practice, it is the appraiser’s responsibility to de velop and report a scope of work that results in credible results that are appropriate fo r the appraisal problem and inte nded user(s). Therefore, the appraiser must identify and consider: ● the client and any other intended users; ● the intended use of the apprai ser’s opinions and conclusions; ● the type and definition of value; ● the effective date of the appr aiser’s opinions and conclusions; ● subject of the assignment and its relevant characteristics ● assignment conditions ● the expectations of par ties who are regularly intended users for similar assignments; and ● what an appraiser’s peer’s actions would be in perfor ming the same or a similar assignment. C LIENT , I NTENDED U SER , AND I NTENDED U SE The client and the intended user of the a ppraisal are Collier Count y 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, includi ng all diminution in value to the remainder land and improvements (i f any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-exclusive, ro ad right-of-way, drainage, and utility easement. The appraisal is not intended for any other use or user. D EFINITION OF M ARKET V ALUE 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: Apprai sal Institute, 2015) as: The most probable price that a property s hould 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 cons ummation 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 ad vised, and acting in wh at 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 consider ation 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) D EFINITION OF P ROPERTY R IGHTS A PPRAISED Fee simple estate is defined as an: “Abs olute ownership unencumbered by any other interest or estate, subject only to the lim itations imposed by the governmental powers of taxation, eminent domain, police po wer, and escheat.” (Source: The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) The proposed property rights to be acquired i nvolve a proposed perpet ual, non-exclusive, road right-of-way, drainage, and utilities easement. P URPOSE OF A PPRAISAL , P ROPERTY R IGHTS A PPRAISED , AND D ATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the parent tract before and af ter the proposed acquisition. The e ffective 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 21, 2015. GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION Page 7 S COPE OF W ORK The problem to be solved is to estimate the market value of the fee simple interest in the parent tract before and afte r the proposed acquisition. S COPE OF W ORK 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 b een 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 th e 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 hypotheti cal 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 deta il the additional research, confirmation, and analysis of relevant data. GOLDEN GATE BOULEVARD E. WIDENING S COPE OF W ORK Page 8 M ARKET A REA A NALYSIS 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 gene rally 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 Intersta te 75 (I-75), a major arterial that runs east to Fort Lauderdale and north through Tampa, Florida; I-75 terminat es 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 acc ess to Immokalee Road from the market area. The Southwest Florida International Airport (R SW) is located about 25+/- miles from the market area; travel time is about 35 to 45 minutes, depending on traffic conditions. The Naples Municipal Airp ort (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 an alysis and demographic data provider, to analyze the subject’s market ar ea demand generators. For the purposes of defining the market area, we utilize the boundaries of Collier Boulevard, Immokalee GOLDEN GATE BOULEVARD E. WIDENING S COPE OF W ORK Page 9 Road, Everglades Boulevard, and Interstate 75. As shown, population and households are projected to grow by an aver age annual rate of approxima tely 1.1% per year through 2020. The average household income in the market ar ea is slightly less th an the overall Collier County average of $83,281. Outlook and Conclusions As with the overall Collier C ounty market, the Rural Estates market had been in those stages of the real estate cycle best described by The Appraisal of Real Estate, 14 th Edition as decline and recession since 2006. Most recen tly, the residential market has entered the next real estate cycle, an expansion pe riod, with sustained growth in demand and increasing construction. According to the Offi ce of Federal Housing Enterprise Oversight (OFHEO) the Naples-Immokalee-Marco Isla nd MSA, began seeing sustained positive quarterly increases in the house price index (HPI) in mid 2012. GOLDEN GATE BOULEVARD E. WIDENING S COPE OF W ORK Page 10 Surrounding Area Map GOLDEN GATE BOULEVARD E. WIDENING S ITE A NALYSIS - P ARENT T RACT Page 11 P ROPERTY D ESCRIPTION AND A NALYSIS S ITE A NALYSIS - P ARENT T RACT The following description is based on our pr operty inspection, pub lic records, and a sketch and description of the proposed ro adway easement prepared by RWA Consulting. Land Summary - Parent Tract Before Taking Parcel IDGross Land Area (Acres) Gross Land Area (Sq Ft) 393904000062.34160102,000 S ITE 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 belo w 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 app ear to be typical of the region and adequate to support development. Utilities: Electricity: FP&L Sewer: None, private septic re quired 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 S ITE A NALYSIS - P ARENT T RACT 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 w ith 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 en cumbered 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. Z ONING 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 de nsity 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 dw ellings, 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 S ITE A NALYSIS - P ARENT T RACT Page 13 Aerial - Parent Tract GOLDEN GATE BOULEVARD E. WIDENING S ITE A NALYSIS - P ARENT T RACT Page 14 Plat Map - Parent Tract Approximate boundary lines of parent tract shown in blue. GOLDEN GATE BOULEVARD E. WIDENING S ITE A NALYSIS - P ARENT T RACT Page 15 Site Photographs Golden Gate Boulevard E - Westerly (Parent Tract on Left) (Photo Taken on December 12, 2015) Golden Gate Boulevard E - Ea sterly (Parent Tract on Right) (Photo Taken on December 12, 2015) GOLDEN GATE BOULEVARD E. WIDENING S ITE A NALYSIS - P ARENT T RACT 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 R EAL E STATE T AXES AND A SSESSMENTS Page 17 R EAL E STATE T AXES AND A SSESSMENTS The real estate tax assessment of the subj ect is administered by Collier County. The property tax identification number and assesse d value of the property for tax year 2015 are as follows: A SSESSED V ALUES - P ARENT T RACT Tax Identification Number 39390400006 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 a nd 2015 taxes have been paid. The tax assessment for subject property, excluding the assessment cap, is currently $10,393 per acre. Based on our valuation analys is, the subject’s assessment appears low. GOLDEN GATE BOULEVARD E. WIDENING H IGHEST AND B EST U SE Page 18 H IGHEST AND B EST U SE Highest and best use may be defined as: The reasonably probable use of property that results in the highe st value. The four criteria the highest and be st use must meet are lega l permissibility, physical possibility, financial feasibil ity, and maximum productivity. 1  Physically possible for the land to accommodate the size and shape of the ideal improvement.  Legally permissible u nder the zoning regulations, building codes, environmental regulations, and other re strictions that apply to the site. A property use that is either currently allowed or most probably allowable.  Financially feasible to generate su fficient 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 squa re 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 propert y 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 pur pose of this appraisal. The physical characteristics of the parent tract s hould 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 Ma y 16, 2012, which is classified as a flood hazard area. There are no known physical reasons that woul d unusually restrict de velopment. 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, incl uding educational plants. R ecognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only single-family uses are given fu rther consideration in determin ing the highest and best use of the site, as if vacant. 1 The Dictionary of Real Estate Appraisal 6 th ed. (Chicago: Appraisal Institute, 2015) GOLDEN GATE BOULEVARD E. WIDENING H IGHEST AND B EST U SE 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, financ ial costs, and capital amortization. From 2006 through early/mid 2011 the Southwest Fl orida real estate market had been in those stages of the real es tate cycle best described by The Appraisal of Real Estate, 14 th Edition as decline and rece ssion. 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 entere d 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 a nd 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 feasib le. 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. Th erefore, 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 H IGHEST AND B EST U SE Page 20 V ALUATION M ETHODOLOGY Three basic approaches may be us ed 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 improvement s 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 da ta 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 anal ysis, a final indicated value is derived. This approach is most reliable in an active market, and is l ease 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 th rough a capitalization and or a discounting process. This approach generally reflect s 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 Fina l 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 propertie s require different means of analysis and lend themselves to one approach over the others. GOLDEN GATE BOULEVARD E. WIDENING A NALYSES A PPLIED Page 21 A NALYSES A PPLIED A cost analysis was considered and was not developed because the subject tract is vacant land. A sales comparison analysis was considered and was develo ped because typically this is the most appropriate approach for the va luation 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 S ALES C OMPARISON A PPROACH Page 22 V ALUATION A NALYSIS OF P ARENT T RACT S ALES C OMPARISON A PPROACH The Sales Comparison Approach is based on th e premise that a buye r would pay no more for a specific property than th e cost of obtaining a property with the same quality, utility, and perceived benefits of owne rship. It is based on the prin ciples 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 analy zed 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 wh ere 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 vi a the Sales Comparison Approach. Comparables I have researched seven comp arables for this analysis. These are documented on the following pages followed by a location map a nd analysis grid. All sales have been researched through numerous sources, insp ected 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 t ypically compare sale prices and property values on this basis. GOLDEN GATE BOULEVARD E. WIDENING S ALES C OMPARISON A PPROACH Page 23 CompAddressDatePriceLand SF Comp CityPrice per AcreAcres Subject 75300 20th Street SE12/12/2015102,000 Subject Naples2.34 1 Golden Gate Blvd E1/30/2015$30,000122,400 1 Naples$10,6762.81 2 2535 Golden Gate Blvd E4/2/2015$34,500112,200 2 Naples$13,3722.58 3 14th St SE6/26/2015$43,00099,000 3 Naples$18,9432.27 4 810 14th St SE8/12/2015$40,000118,800 4 Naples$14,6522.73 5 481 22nd St SE8/27/2015$50,000118,800 5 Naples$18,3152.73 6 735 18th St NE10/1/2015$17,00049,500 6 Naples$14,9121.14 7 10th Ave NE10/22/2015$38,000108,900 7 Naples$15,2002.50 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). Vacant parcel located along north side of Golden Gate Blvd E, east of 14th St NE. Comments 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. 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 east side of 18th St NE. Listed on 9/2/2015 for $19,700. Comparables Map 3 GOLDEN GATE BOULEVARD E. WIDENING S ALES C OMPARISON A PPROACH Page 24 Analysis Grid The above sales have been analyzed and comp ared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unus ual conditions involved in the sale that could affect the sales pri ce, such as excess land, non-realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prio r to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller fi nancing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motiv ate 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 comparis on grid displaying the subject property, the comparables and the adjustments applied. GOLDEN GATE BOULEVARD E. WIDENING S ALES C OMPARISON A PPROACH Page 25 Name Address City Date Price Acres Acre Unit Price Property Rights Fee Simple0.0% Fee Simple0.0% Fee Simple0.0% Fee Simple0.0% Fee Simple0.0% Fee Simple0.0% Fee Simple0.0% FinancingCash0.0%Cash0.0%Cash0.0%Cash0.0% Private Equity0.0%Cash0.0%Cash0.0% Conditions of Sale Arm's Length0.0% Arm's Length0.0% Arm's Length0.0% Arm's Length0.0% Arm's Length0.0% Arm's Length0.0% Arm's Length0.0% Market Trends Through 12/12/201520.0% Location % Adjustment $ Adjustment Road Frontage % Adjustment $ Adjustment Acres % Adjustment $ Adjustment Wetlands % Adjustment $ Adjustment Shape % Adjustment $ Adjustment Zoning % Adjustment $ Adjustment Net Adjustments Gross Adjustments -20.0% $15,456$12,474 10th Ave NE 18th St NE 0.0%-20.0% 20.0% -20.0% Adjusted Acre Unit Price$16,489 -20.0%-20.0% $12,367 20.0% $12,458 8.8% 0%0% Golden Gate Estates 17.1% Golden Gate Estates 13.5% $20,611 2.50 None known 0% $0 -20%-20% 1.14 -$3,092 0% Rectangular 0% 0% 0% $0 None known Rectangular $0 E 0% $0 0% Minimal E 0% $0 $0 0% $0 0% $0 $0 $0 $0 $0 $0 E Rectangular $0 E 0% 0.0%20.0% 20.0% 20.0% $12,502$18,217 Rectangular 0% $0 E $0 0% E $0 0% $0 None known E 0% $0 0% Golden Gate Blvd. E. 2.34 $0 Golden Gate Estates Golden Gate Blvd. E. $0 $15,181 Adjusted Acre Unit Price 0% Adjusted Acre Unit Price $12,502 Golden Gate Estates Transaction Adjustments Fee Simple 2.58 Comp 2 Golden Gate Boulevard E. Widening 4/2/2015 2.342.27 2.81 $18,943 75300 20th Street SE2535 Golden Gate Blvd E Naples Naples $18,943 Naples Naples 1400 Block Golden Gate Blvd E 2535 Golden Gate BlvdE Golden Gate Blvd E $10,676 14th St SE $10,676 Land Analysis GridComp 1 735 18th St NE Naples 735 18th St NE Comp 3 14th St SE481 22nd St SE $50,000 $40,000 Comp 6 Comp 4 810 14th St SE Naples 810 14th St SE Comp 5 0% $0 $13,372 0% $0 2.58 Rectangular Golden Gate Blvd. E. 2.81 $3,036 None knownWetlands Golden Gate Estates 14th St SE 14th St SE 0% $0 Golden Gate Estates -$4,122 2.73 -$3,115 0% -20% $0 2.27 0% 0%0% $0 E None known 0% Rectangular $0 0%20% $0 Rectangular $0 0% $0 $0 $0 Rectangular 0% 0% None known $14,652 6.3% 0% $0 Naples 8/27/2015 $14,912 Comp 7 2.50 Naples 10/22/2015 -$3,118 1.14 $17,000 $15,200 $38,000 $0 $15,200 2.6% 0% 5.5% Golden Gate Estates $0 0% -20%-20% $15,573 $18,315 0% 2.73 $0 2.73 $13,372 2.73 $19,321 -$3,864 Golden Gate Estates 12/12/20151/30/2015 $34,500 6/26/2015 $15,592 3.7% 22nd St SE $14,652 $15,458 10/1/2015 $30,000$43,000 8/12/2015 10th Ave NE 10th Ave NE 481 22nd St SE $14,912 20.0%20.0% 0% $18,315 GOLDEN GATE BOULEVARD E. WIDENING S ALES C OMPARISON A PPROACH Page 26 Comparable Sale Adjustments Property Rights All the comparable sales transferred in fee si mple interest; therefore, no adjustment for property rights is required. Financing All the comparable sales had market orient ated 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 adjustme nt is applied based on an analysis of recent sales and active listings. Location The comparables are all located within the Gold en 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 tr aveled in relation to the interior streets. Comparables 3 through 7 are all located along inte rior streets and are considered superior in terms of location. Comparables 1 and 2 ar e 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 relationshi p between frontage and price per acre. No adjustments could be quantifie d; therefore, none are made. Wetlands For this analysis, the subject and comparab les 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 id entified; therefore, this sale is adjusted upward appropriately. The listing agent for co mparable 7 reported some wetlands located in the rear of the site which reported ly did not affect the purchase price. GOLDEN GATE BOULEVARD E. WIDENING S ALES C OMPARISON A PPROACH Page 27 Shape For this analysis, the sales are all rectangular; therefore, no adjustments are required. Zoning For this analysis, the sales have similar zoni ng 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 im proving residential market cond itions, we conclude toward the high end of the range in arriving at my final reconciled per acre value of $17,500. M ARKET V ALUE OF P ARENT T RACT 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 th e 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 c oncluded 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 D ESCRIPTION OF P ART T AKEN Page 28 V ALUATION A NALYSIS OF P ART T AKEN AND R EMAINDER P ROPERTY D ESCRIPTION OF P ART T AKEN Parcel No. 286 RDUE is a perpetual, non-e xclusive, road right-o f-way, drainage, and utility easement. The easement will be util ized for the widening of Golden Gate Boulevard E. from Wilson Boulevard to DeSo to Boulevard. The proposed plans are to widen Golden Gate Boulevard E. from two la nes 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 De Soto 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 48 foot wide strip ta king along the southerly right-of-way of Golden Gate Boulevard E. Land Area: Total: 0.16529 acres; 7,200 square feet Shape: Rectangular MOL Approximate Dimensions: 150' x 48' Proposed Improvements Taken: None GOLDEN GATE BOULEVARD E. WIDENING D ESCRIPTION OF P ART T AKEN Page 29 Sketch and Legal Descriptio n of Proposed Part Taken GOLDEN GATE BOULEVARD E. WIDENING V ALUE A NALYSIS P ROPOSED P ROPERTY R IGHTS AND I MPROVEMENTS T AKEN Page 30 V ALUE A NALYSIS P ROPOSED P ROPERTY R IGHTS AND I MPROVEMENTS T AKEN 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. 286 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 vers us a fee simple taking, the bundle of rights taken is something less than 100%. Howeve r, since the proposed easement precludes almost all practical uses by th e owner, Parcel No. 286 RDUE is estimated to include 99% of the fee simple value resulting in an estim ated 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%$17,3250.1653$2,864$2,900 Improvements Taken $0 Total $2,900 Value Indications Proposed Property Rights and Improvements Taken The valuation of the remainder property, as pa rt of the whole is shown in the following table. V ALUE I NDICATIONS R EMAINDER P ROPERTY , A S P ART OF THE W HOLE Market Value of the Parent Tract, Before the Taking: $41,000 Less Market Value of the Proposed Part Taken: $2,900 Total Market Value of the Remainder Property, As Part of the Whole: $38,100 Effective Date(s) December 12, 2015 GOLDEN GATE BOULEVARD E. WIDENING D ESCRIPTION OF R EMAINDER P ROPERTY AS S EVERED Page 31 V ALUATION A NALYSIS OF R EMAINDER P ROPERTY A S S EVERED D ESCRIPTION OF R EMAINDER P ROPERTY AS S EVERED 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 perpet ual easement for road right- of-way, drainage, utilities and maintenan ce 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 Boul evard E. The remainder property’s overall access, availability to u tilities, topography, land use designation, and zoning are unchanged. R EMAINDER P ROPERTY , A FTER THE T AKING Land Area: Total: 2.34160 acres; 102,000 square feet Shape: Rectangular Improvements: None Existing Easements and Encumbrances: The parent tract is encumber ed 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 48 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 V ALUE A NALYSIS R EMAINDER P ROPERTY A S S EVERED Most competitive Golden Gate Estates prope rties are encumbered by 30 to 50 foot wide road right-of-way easements along the propert y’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 exis ting frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the ta king. However, a current title report was not provided for the purpose of this appraisal. Afte r the taking, an there will be an additional 48 foot roadway, drainage and utility easement south of the existing easement along the northern property line. GOLDEN GATE BOULEVARD E. WIDENING S EVERANCE D AMAGES TO THE R EMAINDER P ROPERTY Page 32 The proposed easement area precludes almost al l practical uses by th e owner. Therefore, the proposed easement is estimated to take 99% of the fee simple valu e 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 calculat ed 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%$17,5002.1763$38,085$38,100 Additional Encumbered Land Taken$17,500 1%$1750.1653$29$0 Total Land 2.3416$38,114$38,100 Improvements $0 Total $38,100 Value Indications Remainder Property, After the Taking S EVERANCE D AMAGES TO THE R EMAINDER P ROPERTY 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 pr operty, as severed, is le ss 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 re mainder 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$2,900 Value of the Remainder Property as Part of the Whole$38,100 Value of the Remainder Property as Severed$38,100 Difference (Severance Damages)$0 Rounded:$0 Severance Damages to the Remainder Property C OST TO C URE A NALYSIS Based on the analysis of the remainder property, there is no net cost to cure. S PECIAL B ENEFITS A NALYSIS Based on the analysis of the remainder property, there are no special benefits. GOLDEN GATE BOULEVARD E. WIDENING S UMMARY AND C ONCLUSION Page 33 S UMMARY AND C ONCLUSION 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%$17,5002.34160$40,978$41,000 Improvements $0 Total $41,000 Proposed Part Taken Additional Encumbered Land Taken$17,500 99%$17,3250.16529$2,864$2,900 Improvements Taken $0 Total $2,900 Remainder Property, as Part of the Whole $38,100 Remainder Property Land Area - Exclusive of Additional Encumbered Land Taken$17,500 100%$17,5002.17631$38,085$38,100 Additional Encumbered Land Taken$17,500 1%$1750.16529$29$0 Total Land 2.34160$38,114$38,100 Improvements $0 Total $38,100 Damages $0 Special Benefits $0 Net Damages $0 Additional Encumbered Land Taken$17,500 99%$17,3250.16529$2,864$2,900 Value of Improvements Taken $0 Total $2,900 Net Damages $0 Net Cost to Cure $0 Total Amount Due Owner $2,900 Parcel No. 286 RDUE Summary of Total Compensation The value conclusion(s) are subject to the fo llowing 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 C ERTIFICATION 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 conc lusions 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 th e 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, th e amount of the value opin ion, the attainment of a stipulated result, or the o ccurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclu sions were develope d, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Apprai sal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conc lusions 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 re al property appraisal assistance to the person signing this certification. 12. We have experience in appraising propert ies 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 requeste d minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusi ons relating to characteristics such as race, color, religion, national origin, gende r, marital status, familial status, age, receipt of public assistance income, ha ndicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not perf ormed any services, as an appraiser or in any other capacity, regarding the property that is the subj ect 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 A SSUMPTIONS AND L IMITING C ONDITIONS This appraisal is based on the following a ssumptions, except as ot herwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restric tions. 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 pendi ng or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditi ons of the land or of the improvements that would render the propert y 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 relati on to the actual dollar am ount of the transaction. 5. The property is in complianc e with all applic able building, envi ronmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is be lieved to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the followi ng 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 appl y 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 ei ther requested or made in conjunction with this appraisal, and we reserve the ri ght to revise or rescind any of the value opinions based upon any subsequent envi ronmental 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 at tend any court, governmental or other hearing with reference to the property without comp ensation relative to such additional employment. 6. We have made no survey of the prope rty 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 propert y is not subject to surface entry for the exploration or removal of such materials, unless otherwise note d in our appraisal. 8. We accept no responsibility for considerati ons 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, electri cal, structural and ot her engineering and environmental matters. 9. The distribution of the total valuat ion in the report between land and improvements applies only under the repor ted 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 entir ety. 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 apprai sers, or any reference to the Appraisal Institute) shall be disseminated through a dvertising media, public relations media, news media or any other means of co mmunication (including without limitation prospectuses, private offering memoranda an d other offering material provided to prospective investors) without the prior wr itten consent of the person signing the report. 11. Information, estimates and opinions contai ned in the report, obtained from third- party sources are assumed to be reliable a nd have not been independently verified. 12. Any income and expense estimates containe d 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 partic ularly affected by si gnificant 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 pers onal 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 extrem e fluctuations in economic cycles will occur. 16. The value found herein is subject to th ese 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 nece ssarily incorporate numerous estimates and assumptions regarding property perfor mance, 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 unan ticipated 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 matc hes each owner’s financial ability with the cost to cure the non-conforming physical characte ristics 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 th e exclusive benefit of the Client, its subsidiaries and/or affiliates . It may not be used or re lied upon by any other party. All parties who use or rely upon any inform ation in the report without our written consent do so at their own risk. 20. No studies have been pr ovided to us indicating the presence or absence of hazardous materials on the subject proper ty or in the improvements, and our valuation is predicated upon the assumpti on that the subject property is free and clear of any environment hazards incl uding, without limitation, hazardous wastes, toxic substances and mold. No representa tions or warranties are made regarding the environmental condition of the subjec t property and the person signing the report shall not be responsible for any su ch environmental conditions that do exist or for any engineering or testing that mi ght be required to discover whether such conditions exist. Because we are not e xperts 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 re viewed 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 dete rminations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assump tion 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 problem s. 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 conclu sion for an appraisal assumes the satisfactory completion of construction, re pairs 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 ot her than the Client is prohibited except as otherwise provided. Accordingly, the a ppraisal 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 unrestricte d right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, c onclusions of value and our identity), to any third parties. Stated again for clarification, unl ess our prior written consent is obtained, no third party may rely on the appraisa l 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 ar e subject to consid erable risk and uncertainty. In addition to the conti ngencies noted in the preceding paragraph, several events may occur that could s ubstantially alter the outcome of our estimates such as, but not limited to ch anges in the economy, interest rates, and capitalization rates, behavior of consumer s, investors and lende rs, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that cond itions reasonably foreseeable at the present time are consistent or similar with the future. GOLDEN GATE BOULEVARD E. WIDENING ADDENDA - APPRAISER QUALIFICATIONS A DDENDA GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS A DDENDUM A A PPRAISER Q UALIFICATIONS 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 C OMPANY P ROFILE : 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 B USINESS F OCUS : Practice is focused on community/neighborho od 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 incl ude appraisal review, business valuations, market feasibility studies, acquisition/dispos ition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable di stribution. Clients served include banks and financial institutions, developers and inve stors, law firms, business/industry and government, life insurance companies and pens ion fund advisors, and mortgage bankers. GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUAL IFICATIONS 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, Integr a Realty Resources – Southwest Florida Naples, FL (2003 – 2009) Research Associate, Integra Real ty 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 Florid a 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 Gene ral Real Estate Appraiser License No. RZ 2984 Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twen tieth 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 a nd 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 a nd special purpose properties. Specialized services include appraisals, market feas ibility studies, and litigation support in connection with real estate transactions. Clients serv ed include banks and financial institutions, developers and investors, law firms, business/industr y and government, and mortgage bankers. Valuations have been performed for condemnat ion purposes, estate, financing, and due diligence support. GOLDEN GATE BOULEVARD E. WIDENING ADDENDUM A - APPRAISER QUALIFICATIONS GOLDEN GATE BOULEVARD E. WIDENINGADDENDUM B - FINANCIALS AND PROPERTY INFORMATION A DDENDUM B F INANCIALS A ND P ROPERTY I NFORMATION $ 16,000 $ 0 $ 0 $ 13,000 $ 0 $ 24,336 $ 0 $ 24,336 $ 9,330 $ 15,006 $ 24,336 $ 15,006 Collier County Property Appraise r Property Summary Parcel No.39390400006 Site Adr.75300 20TH ST SE Name / Address ALONSO, MANUEL 18908 SW 33RD CT City MIRAMAR State FL Zip 33029-5838 Map No.Strap No.SectionTownshipRangeAcres   *Estimated 4C12342700 100 14C121249272.34 Legal GOLDEN GATE EST UNIT 51 W 150FT OF TR 100 Millage Area 61 Millage Rates *Calculations Sub./Condo 342700 - GOLDEN GATE EST UNIT 51 SchoolOtherTotal Use Code 0 - VACANT RESIDENTIAL 5.48 6.192711.6727 Latest Sales History (Not all Sales are listed due to Confidentiality) DateBook-PageAmount 11/16/05 3930-2790 06/12/98 2429-3406 06/12/98 2429-3405 02/24/98 2391-2550 02/24/98 2391-2548 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 1of 1 12 /3 /201 5 http://www.collierappraiser.com/main_sear ch/Recorddetail.html?Map=No&FolioNum=3939040000 6 Collier County Property Appraise r Property Detail Parcel No.39390400006 Site Adr.75300 20TH ST SE Name / Address ALONSO, MANUEL 18908 SW 33RD CT City MIRAMAR State FL Zip 33029-5838 Permits Tax YrIssuerPermit #CO DateTmp COFinal BldgType Land  #Calc CodeUnits 10ACREAGE2.34 Building/Extra Features  #Year BuiltDescriptionAreaAdj Area Page 1of 1 12 /3 /201 5 http://www.collierappraiser.com/main_sear ch/Recorddetail.html?Map=No&FolioNum=3939040000 6 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com December 4, 2015 Manuel Alonso 18908 SW 33rd Ct Miramar, FL 33029 Re: Golden Gate Blvd. E. widening Real Estate Appraisal 75300 20th St SE., Naples Collier County, Florida, 34117 Dear Mr. Alonso: As you may be aware, Collier County Growth Ma nagement Division C&M is planning the above referenced road-widening proj ect and has engaged RKL Appr aisal and Consulting, PLC to appraise Parcel 286 RDUE which is a portion of the property located at 75300 20th St SE, Naples. We will be conducting a field inspection of your pr operty 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 A DDENDUM C C OMPARABLE D ATA 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 Vacant parcel located along north side of Golden Gate Blvd E, east of 14th St NE. Comments 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 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 Site Transaction 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. 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 Comments 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 Land Comparable 3 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. Site South 150 feet of Tract 112, Golden Gate Esates, Unit No. 48 Transaction 30' wide road ROW Easement along western property line, 14th St SE Comments 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 Transaction Land Comparable 4 Site 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). North 180 feet of Tract 112, Golden Gate Esates, Unit No. 48 30' wide road ROW Easement along western property line, 14th St SE 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 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 Site Land Comparable 5 Transaction 30' wide road ROW Easement along eastern property line, 22nd St SE South 180 feet of Tract 110, Golden Gate Esates, Unit No. 51 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 Land Comparable 6 Comments Transaction 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 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 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. 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 Site