Agenda 06/28/2016 Item #16A14 6/28/2016 16.A.14.
EXECUTIVE SUMMARY
Recommendation to approve an agreement for the purchase of a "fee" estate(Parcel 101FEE) and
a Temporary Construction Easement (Parcel 101TCE) necessary for the construction of roadway
and related improvements required at the intersection of Airport-Puffing Road and Davis
Boulevard,Project No. 60148, and approve the release of a code enforcement lien with an accrued
value of $14,366.88 for payment of $641.88, per said agreement, in the code enforcement action
entitled Board of County Commissioners v.Home Depot USA,Inc.,Code Enforcement Board Case
No. 2005040822 relating to property located at 1651 Airport Road South, Collier County, Florida.
(Estimated Fiscal Impact: $95,650).
OBJECTIVE: To acquire right-of-way for the construction of intersection improvements at Airport-
Pulling Road and Davis Boulevard, Project No. 60148, (Project) and that the Board of County
Commissioners (Board) accepts an offer to release a code enforcement lien, with an accrued value of
$14,366.88,for payment of$641.88 in relation to the Code Enforcement Board Case No.2005040822.
CONSIDERATIONS: Airport-Pulling Road is a two-way divided six-lane roadway with variable width
medians. At its intersection with Davis Boulevard, northbound through traffic is restricted because the
outside laneserves both northbound through traffic and traffic turning right onto Davis Boulevard.
Construction of a dedicated right turn lane on Airport-Pulling Road for northbound traffic turning right
onto Davis Blvd.,while retaining all three through lanes,will improve the capacity of the intersection.
Collier County is seeking to purchase a fee estate in an irregularly shaped parcel of land(Parcel 101FEE)
approximately 177 feet long by mostly 15 feet wide and tapering to 4.5 feet (2,706 square feet or 0.06
acres more or less). Parcel 101FEE runs along the western boundary of the parent tract owned by Home
Depot U.S.A., a Delaware corporation,and is required for construction of the dedicated northbound right
turn lane on Airport-Pulling Road.
Collier County is also seeking to purchase a Temporary Construction Easement (Parcel 101TCE) that is
more or less horseshoe shaped and approximately 261 square feet in area for the purpose of constructing a
sidewalk with handrail and ramp within the public right-of-way adjacent thereto.
The accompanying Appraisal dated November 12, 2015 by Michael P. Jonas, MAI, AI-GRS, CCIM, of
Capstone Valuation Advisors estimated the current market value of Parcels 101FEE and 101TCE to be
$94,200 and$1,300, respectively. A purchase offer in the aggregate amount of$95,500 was tendered to
the Property Owner and was accepted.
As part of the negotiations, the County also addressed a Code Enforcement lien as a result of a code
violation at 1651 Airport Road South, consisting of area in rear for erecting a pole sign without a valid
Collier County permit,the Code Enforcement Special Magistrate ordered the imposition of a lien against
Home Depot USA, Inc., in Case No. 2005040822. The lien was recorded in the Official Records on
January 17, 2007, at O.R. Book 4170, Page 0356, and it encumbers all real and personal property owned
by Home Depot USA, Inc. The lien amount of$14,175 is based on a total of 189 days of accrued fines
(at $75 per day from December 6, 2015 through calculated date of June 13, 2006) plus $191.88 in
operational costs. The property was brought into compliance on June 13,2006.
Pursuant to Resolution No. 2012-46, a request for waiver may be considered. Compliance has been
achieved and this property is being actively maintained. According to Paragraph 10 of the attached
agreement, the owner has agreed to pay $641.88 as a good faith settlement of fines and is requesting a
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6/28/2016 16.A.14.
waiver of$13,725 in accrued fines. The amount of$641.88 will be charged against Home Depot on the i""*"
closing statement for Parcels 101FEE and 101TCE and will be deducted from the net proceeds.
Accordingly, staff is recommending the Board approve the accompanying agreement for the purchase of
Parcels 101FEE and 101TCE.
FISCAL IMPACT: Funds in the amount of$95,650($94,200 purchase price for Parcel 101FEE, $1,300
purchase price for Parcel 101TCE and approximately $150 for recording fees) are available in the
Airport-Pulling Road & Davis Boulevard Transportation Capital Improvement Project No. 60148. The
primary funding source for the acquisition of right-of-way is impact fees. New roadway construction has
a maintenance curve of approximately five to seven years before any incremental costs are required for
repairs. Payment of$641.88 will be made, upon approval of this executive summary, representing $450
in fines and $191.88 in operational costs. If approved by the Board, accrued fines in the amount of
$13,725 would be waived.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a
majority vote for Board approval.—ERP
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 Purchase Agreement and authorize the Board's Chairman to execute
same on behalf of the Board;
2. To accept the conveyance of Parcels 101FEE and 101TCE and authorize the County Manager, or his
designee,to record the conveyance instruments 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 Purchase 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 Purchase Agreement; and
5. To authorize any and all budget amendments required to carry out the collective will of the Board.
6. To waive the fines in the amount of$13,725 by accepting payment of$641.88 and authorize the
Chairman to sign the attached lien release and satisfaction of lien for recording in the Official Public
Records.
Prepared by: Deborah Farris, Senior Property Acquisition Specialist, Transportation Engineering
Division, Growth Management Department and Marlene Serrano, Manager of Operations, Code
Enforcement Division,Growth Management Department
Attachments:
1)Purchase Agreement(Parcel 101FEE and 101TCE);
2)Property Location Map;
3)Proposed Improvement;
4)Appraisal Report dated November 12,2015 that due to its size is located at:
http://apps3.colliergov.net/agenda/ftp/2016BCCMeetings/AgendaJun2816/GrowthMgmt/apprais
al Parcel 101FEE & TCE.pdf
5)Release and Satisfaction of Lien;
6)Lien Order.
t""\
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6/28/2016 16.A.14.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.A.16.A.14.
Item Summary: Recommendation to approve an agreement for the purchase of a "fee"
estate (Parcel 101FEE) and a Temporary Construction Easement (Parcel 101TCE) necessary for
the construction of roadway and related improvements required at the intersection of Airport-
Pulling Road and Davis Boulevard, Project No. 60148, and approve the release of a code
enforcement lien with an accrued value of$14,366.88 for payment of$641.88, per said
agreement, in the code enforcement action entitled Board of County Commissioners v. Home
Depot USA, Inc., Code Enforcement Board Case No. 2005040822 relating to property located at
1651 Airport Road South, Collier County, Florida. (Estimated Fiscal Impact: $95,650).
Meeting Date: 6/28/2016
Prepared By
Name: FarrisDeborah
Title:Property Acquisition Specialist, Senior,Transportation Engineering&Construction Management
5/23/2016 8:00:55 AM
Approved By
Name:NauthRookmin
Title:Management/Budget Analyst,Capital Construction&Maintenance Budget/Fiscal
Date: 5/25/2016 2:50:57 PM
Name: OrdonezJulio
Title:Project Manager,Principal,Transportation Engineering&Construction Management
Date: 5/25/2016 3:52:26 PM
Name: HendricksKevin
Title:Manager-Right of Way,Transportation Engineering&Construction Management
Date: 5/31/2016 2:02:31 PM
Name: GossardTravis
Title: Division Director-Road Maintenance,Road Maintenance
Date: 6/1/2016 8:35:30 AM
Name: KearnsAllison
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6/28/2016 16.A.14.
Title: Manager-Financial&Operational Sprt, Capital Construction&Maintenance Budget/Fiscal
Date: 6/1/2016 12:39:33 PM
Name: MessamMarlene
Title: Project Manager,Principal,Traffic Operations
Date: 6/1/2016 12:56:42 PM
Name: LynchDiane
Title: Supervisor-Operations,Road Maintenance
Date: 6/1/2016 2:11:39 PM
Name: KhawajaAnthony
Title: Chief Engineer-Traffic Operations,Traffic Operations
Date: 6/1/2016 2:40:20 PM
Name: ShueGene
Title: Division Director-Operations Support, Growth Management Department
Date: 6/1/2016 4:14:13 PM
Name: MarcellaJeanne
Title: Executive Secretary,Transportation Administration
Date: 6/3/2016 10:37:06 AM
Name: PepinEmily
Title:Assistant County Attorney, CAO Litigation
Date: 6/13/2016 8:50:14 AM
Name: KlatzkowJeff
Title: County Attorney,
Date: 6/13/2016 9:34:47 AM
Name: UsherSusan
Title:Management/Budget Analyst, Senior,Office of Management&Budget
Date: 6/20/2016 9:05:14 AM
Name: CasalanguidaNick
Title: Deputy County Manager,County Managers Office
Date: 6/20/2016 11:06:41 AM
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6/28/2016 16.A.14.
-- PROJECT: 60148/Airport&Davis
PARCEL No(s): 101FEE/101TCE
FOLIO No(s): Portion of 00390680004
PURCHASE AGREEMENT
THIS PURCHASE AGREEMENT (hereinafter referred to as the "Agreement") is
made and entered into on this day of , 2016, by and between
HOME DEPOT U.S.A., INC, a Delaware corporation, whose mailing address is 2455
Paces Ferry Road, C-20, Atlanta, GA 30339 (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 fee estate in that land described in Exhibit "A"
(hereinafter referred to as"101 FEE"),which is attached hereto and made a part of this
Agreement;and
WHEREAS, County requires a Temporary Construction Easement over, under,
upon and across the lands described in Exhibit"B",which is attached hereto and made
a part of this Agreement (hereinafter referred to as "101TCE") (101FEE and 101TCE
hereinafter collectively referred to as the"Property");and
WHEREAS, Owner desires to convey the Property 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
Property.
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 - The aggregate purchase price (the "Purchase Price")
for the Property shall be $95,500 ($94,200 for Parcel 101FEE and $1,300 for
Parcel 101TCE), U.S. Currency, payable at time of closing, subject to the
apportionment and distribution of proceeds pursuant to Paragraph 8 of this
Agreement (said transaction hereinafter referred to as the "Closing"). Said
payment to Owner, payable by County Warrant (check) or funds wire transfer,
shall be full compensation for the Property conveyed, including (If applicable)
all landscaping, trees, shrubs, improvements, and fixtures located thereon,
and, subject to Paragraph 5 below, shall be in full and final settlement of any
damages resulting to Owner's remaining lands, costs to cure, including, but not
limited to (if applicable), the cost to relocate the existing irrigation system and
other improvements, and the cost to cut and cap irrigation lines extending into
the Property, and to remove all sprinkler valves and related electrical wiring,
and all other damages in connection with conveyance of said Property 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 convey fee simple
title. With the exception of those items listed on Schedule B-II of the Stewart
Title Commitment #C-01206-51576 with the effective date of March 7, 2016,
Owner shall obtain from the holders of any liens or exceptions encumbering the
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Property, the execution of such instruments which will remove, release or
subordinate such liens from the Property 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 properly executed, witnessed, and notarized where required, in a
form acceptable to County(hereinafter referred to as'Closing Documents"):
(a) Special Warranty Deed;
(b) Instruments required to remove, release or subordinate any and all
liens affecting the Property;
(c) Closing Statement;
(d) Grantor's Non-Foreign,Taxpayer Identification 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." County shall be
entitled to full possession of the Property at Closing.
5. IRRIGATION SYSTEM AND MISCELLANEOUS IMPROVEMENTS - All
Improvements not removed from the Property prior to commencement of
construction of the project shall be deemed abandoned by Owner. In the event
of such abandonment by Owner of its existing irrigation system, landscaping
and miscellaneous improvements located on the Property (if any), County's
contractor will:
(a)Cap off the existing irrigation system(if any)at the right-of-way line.
(b)Mark the new location of the irrigation line(required by the cap off).
(c) Remove all existing landscaping from within the right-of-way.
County shall restore the surface of the temporary construction easement area
to its pre-existing condition, including, but not limited to, repairing or replacing
any sod, landscaping, paving and other improvements affected thereby at
County's sole cost and expense. The County is not obligated to have its
contractor take any additional action other than that which is stated above.
Owner holds County harmless for any and all possible damage to the irrigation
system which is not a result of County's own negligence or malfeasance.
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.
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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, 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.
(b) County's acceptance of a deed to the said Property shall not be
deemed to be full performance and discharge of every agreement
and obligation on the part of 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 Property 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 or any rights therein, nor enter into any agreements
granting any person or entity any rights with respect to the Property,
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 contracts affecting the
Property.
(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 Property or which adversely
affect Owner's ability to perform hereunder; nor is there any other
charge or expense upon or related to the Property 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 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 and not to do any act or omit to perform any
act which would adversely affect the physical condition of the
Property or its intended use by County.
8. CURRATIVE INSTRUMENTS, PROCESSING FEES, TAXES - County shall
pay all fees to record any curative instruments required to clear title, and all
Special Warranty Deed recording fees. In addition, County may elect to pay
reasonable processing fees required by mortgagees in connection with the
execution and delivery of a Release or Subordination of any mortgage, lien or
other encumbrance recorded against the Property; provided, however, that any
apportionment and distribution of the full compensation amount in Paragraph 2
which may be required by any mortgagee or lien-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
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Paragraph 2. County shall have sole discretion as to what constitutes
"reasonable processing fees*.
9. DOCUMENTARY STAMP AND 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 are past due and
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, unless the
Property is acquired under threat of condemnation. County acknowledges that
the Property is being acquired under threat of condemnation and no
documentary stamp taxes are required or payable.
10. CLOSING STATEMENT ADJUSTMENTS -All current ad valorem real estate
taxes due on the Property during Owner's term of possession, and all
maintenance charges and assessments due from Owner, for which a bill is
rendered prior to closing, will be charged against Owner on the closing
statement. Real Property taxes shall be prorated based on the current year's
tax and paid by Owner. If Closing occurs at a date when the current year's
millage is not fixed,taxes will be prorated based upon such prior year's millage.
The amount of $641.88 will be charged against Owner on the closing
statement as full settlement and payment in full toward the $14,366.88 fine
owed County in connection with Code Enforcement Case#2005040822.
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 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 before the Property held in such capacity is
conveyed to County, its successors and assigns. (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 Property 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 consensual 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. 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.
15. VENUE - This Agreement is governed and construed in accordance with the
laws of the State of Florida.
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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: HOME DEPOT U.S.A., INC.
a Delaware corporation
DATED:
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Title: Senior Corporate Counsel
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Approved as to form and legality:
0`. , •
mily Pepin •
Assistant Coun Attorney
Last Revised:4/25116
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•
6/28/2016 16.A.14.
I
DESCRIPTION OF(• •
A PARCEL OF LAND LYING IN
•
SECTION 12,TOWNSHIP 50 SOUTH,RANGE 25 EAST
COLLIER COUNTY,FLORIDA •
EXHIBIT A
PARCEL NO. 101 FEE Qa9e--L t ---
DESCRIPTION:
A PORTION OF LAND DESCRIBED IN OFFICIAL RECORD4•'BOOK 2657, PAGE 3361,.PUBLIC
RECORDS OF COLLIER COUNTY, FLORIDA; SITUATED IN SECTION 12, TOWNSHIP 50 •
SOUTH, RANGE 25 EAST, COLUER COUNTY, FLORIDA BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
COMMENCE AT THE SOUTHWEST CORNER OF LOT 1, BLOCK J. THE GLADES UNIT TWO,
AS RECORDED IN PLAT BOOK 10, PAGE 88, PUBLIC RECORDS OF COLLIER COUNTY,
FLORIDA; SAID POINT BEING THE INTERSECTION OF THE EASTERLY RIGHT—OF—WAY LINE •
OF AIRPORT—PULLING ROAD (100' R/W) AND THE NORTH RIGHT—OF—WAY LINE OF
•
GLADES BOULEVARD (80' R/W); THENCE NO0'18'49"W FOR 900.42 FEET ALONG THE
WEST LINE OF SAID LOT 1 AND SAID EASTERLY RIGHT—OF—WAY UNE TO THE MOST
NORTHWEST!CORNER OF SAID DESCRIBED LAND, ALSO BEING THE SOUTHWEST CORNER,
OF LAND DESCRIBED IN OFFICIAL RECORD BOOK 4110, PAGE 1307, PUBLIC RECORDS
OF COLLIER COUNTY, FLORIDA AND THE POINT OF BEGINNING OF A PARCEL OF LAND
FURTHER DESCRIBED;
THENCE DEPARTING THE EASTERLY RIGHT—OF—WAY LINE OF AIRPORT—PULLING ROAD
(100' R/W) N89'20'26"E FOR 15.00 FEET ALONG A NORTH LINE OF SAID DESCRIBED
•
LAND; THENCE SOC'18'49"E FOR 7.52 FEET ALONG A LINE THAT IS 15.00 EAST OF' AND
PARALLEL WITH THE WEST LINE OF SAID DESCRIBED LAND AND SAID EASTERLY
RIGHT—OF—WAY LINE; THENCE N8913'06"E FOR 10.82 FEET; THENCE SO0'13'29"E FOR
27.72 FEET; THENCE S89'46'40"W FOR 10.77 FEET TO A POINT ON A LINE THAT IS •
15.00 FEET EAST OF AND PARALLEL WITH THE WEST LINE OF SAID DESCRIBED LAND
AND THE EASTERLY RIGHT—OF—WAY LINE OF AIRPORT—PULLING ROAD (100' R/W);
THENCE S00'18'49"E FOR 95.00 FEET ALONG SAID UNE THAT IS 15.00 FEET EAST OF
AND PARALLEL WITH SAID DESCRIBED LAND AND SAID EASTERLY RIGHT—OF—WAY LINE;
THENCE S12'21'01"W FOR 48.08 FEET; THENCE N89'55'12"W FOR 4.46 FEET TO A
POINT ON THE WEST LINE OF SAID DESCRIBED LAND AND THE EASTERLY RIGHT—OF-WAY
LINE OF AIRPORT—PULLING ROAD (100' R/W); THENCE NOO'18'49"W FOR 176.93 FEET•
ALONG SAID WEST LINE AND SAID EASTERLY RIGHT—OF—WAY LINE TO THE POINT OF
BEGINNING.
•
•
•
•
•
NOTES: •
1. THE BEARINGS SHOWN HEREON ARE BASED UPON NORTH AMERICAN DATUM 83
(NATIONAL SPATIAL REFERENCE SYSTEM 2007) ALSO KNOWN AS NORTH AMERICAN .
DATUM 83 (2007), STATE PLANE COORDINATE SYSTEM,•FLORIDA EAST ZONE, HAVING
THE EASTERLY RIGHT—OF—WAY LINE OF AIRPORT—PULLING ROAD AS NO0'18'49"W.
2. PARCEL SHOWN HEREON CONTAINS 2706 SQUARE 'FEET, MORE OR LESS.
•
REVISION: 08-23-12: AMENDED SIZE .OF INGRESS & EGRESS EASEMENT, ORB 893,
PAGE 519, TO SIZE RECORDED IN ORB 918, PAGE 837 — DOCUMENT
RECORDED IN ORB 918, PAGE 837 NOT SUPPLIED BY ORIGINAL TITLE
•
SEARCH REPORT PROVIDED BY "ATTORNEYS' 'TITLE FUND SERVICES, LLC"
FUND FILE NUMBER: 64-2011-1407.
•
' • TECM-ROW
6a--�- „e � AUG 2 9 2012
DAVID G. DEARIE, 23AuGiZ
PROFESSIONAL SURVEYOR AND MAPPER '
FLORIDA LICENSE No. 4989 THIS DESCRIPTION IS NOT c
WITHOUT ACCOMPANYING SKETCH•
SHOWN ON SHEET 2 OF 3 AND •
AIM Engineering & Surveying, Inc. LB 3114 SHEET 3 OF 3
5300 LEE BLVD. THIS IS NOT A SURVEY SHEET 1 OF 3
P.O. BOX 1235 ,ROJECT NUUSER:DESCRiPTIOM:DESCRIPTION AND SKETCH OFA PARCEL OF LAND
LEHIGH;ACRES 11-9841 LYING IN SECTION 12-50S-25E
FLORIDA 33970 ORA%+9Y, CUENT;
(239) 332-4559 'ES CDLLIER COUNTY
A I M FX:(239) 332-8734 "1E03-03-12 SEC-TWP- 25E
FILE:
12-505-25E 11-9841 SD.DWGPS CWNTr
SD.DWG (PO COWER COUNTY
eil)
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' rPI STA 72+04.72.B/L SURVEY(AIRPORT—PUWNC RD).
/ STA 10+20.02,B/L SURvlY(DAVIS BOULEVARD) SKETCH OF
\--B/L suRVEr A PARCEL OF LAND LYING IN DAVIS BOULEVARD
(04'ls BOULEVARD) SECTION 12,TOWNSHIP 50 SOUTH,RANGE 25 EAST
COLLIER COUNTY,FLORIDA 150'R/W
1120.42a0)._ _ f—EXISTING SOUTHERLY R/W UNE '
400.00'(9)
•
R.—
ORB 4110 e T •A
PAGE 1307 8 EXH 3I t
•
O_ I B/L SURVEY S " Page_A—of _ _
(AIRPORT-PULLING ROAD)
POINT OF BEGINNING
IM05T NW CORNER •
• ORB 2657, PAGE 3361
FOUNDOIDMFIC IRON ROD
STA 60+30,06 NO IDETTIFlGTION
200.09'(0)
cr)- COLLIER COUNTY •
101 FEE FOUO NO.' 00390680004
co
• ? e' -PROPOSED R/W
-• UNE
15' UTILITY EASEMENT /-10' UTILITY EASEMENT
pp _ "'$ 8 ORB 893, PAGE 519 L. ORB 893, PAGE 519
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�15' UTILITY EASEMENT •
° °
i IORB57
O _ ^ PAGE 3361 ORB 938, PAGE 1992 •
75' J
Qy o LEGEND:
(C) = CALCULATED DATA
L oQ INGRESS & EGRESS EASEMENT (EI) = DEED DATA
(50'X110') ORB 893, PACE (P) = PLAT DATA
0 519 AMENDED TO 75'X11Q' STA= SSTATIONNE
- 01 ( PER ORB 918, PAGE 837 e
U I ORB = OFFICIAL RECORD BOOK
R/W = RIGHT OF WAY
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/ SW CORNER LOT 1 WITHOUT ACCOMPANYING
BLOCK d +DO.oD'(P) DESCRIPTION SHOWN ON SHEET 1
3.35.000OF 3 AND SKETCH SHOWN ON
85.0010) SHEET 3 OF.3
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AIM Engineering & Surve (n ,In LINE
8 6 9 , Inc. LB 3114 THIS IS NOT A SURVEY
5300 LEE BLVD. SHEET 2 OF 3
/..-N' P.O. BOX 1235 PROJECT NUMBER:DESCRIPTION: DESCRIPTION AND SKETCH OFA PARCEL OF LAND
!
LEHIGH ACRES 11-9841
FLORIDA 33970 LYING IN SECTION 12-50S-25E
DRANT!BY; CLIENT:
(239) 332-4E69 `ES COLLIER COUNTY
MIDI FX,(239)332-8734 DA —"sSEC—TVP—RCE
02-03-12 12-50S-25E FILE: COUNTY:
11-9841 SDAWG(P5) COWER COUNTY
Packet Page -720-
6/28/2016 16.A.14.
• SKETCH OF
A PARCEL OF LAND LYING IN _
SECTION 12,TOWNSHIP 50 SOUTH,RANGE 25 EAST
COLLIER COUNTY,FLORIDA
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•
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PI = POINT OF INTERSECTION
• EASEMENT LOCATION
SHOWN ON SHEET 2 OF 3
n
STA. 67+53.12 •
OFFSET 50.00 X18 STATIONING PER COLLIER COUNTY THIS SKETCH IS NOT VALID
DESIGN PLAN FOR WITHOUT ACCOMPANYING
AIRPORT-PULUNG ROAD AND DAVIS DESCRI1 SHOWN ON
SHEET OF 3 AND
BOULEVARD (SR 84) INTERSECTION SK
ETCH SHOWN ON SHEET
IMPROVEMENT
2 OF 3
3;115. ... .....60 15 30 60
I
I
AIM Engineering & Surveying, Inc. LB 3114 •
1 INCH = 30 FEET
inr seme
5300 LEE BLVD. THIS IS NOT A SURVEY SHEET 3 OF 3 ,"'""*\P.O. BOX 1235 PROJECT NUMBER:DESCRIPTION: DESCRIPTION AND SKETCH OF A PARCEL OF LAND
LEHIGH ACRES 11-9841
DRAVrt•I BY; CLIENT;
FLORIDA 33970 LYING IN SECTION 12-50S-25E
(239) 332-4569 JES COLLIER COUNTY
A I M FX:(239) 332-873: DATE' SEC-TWP-RCE FILE:
02-03-12 12-505-25E 11-9841 SD.DWG p6 COUNTY:
( ) COWER COUNTY
Packet Page -721- cA
6/28/2016 16.A.14.
DESCRIPTION OF
A PARCEL OF LAND LYING IN
SECTION 12,TOWNSHIP 50 SOUTH,RANGE 25 EAST
COLLIER COUNTY.FLORIDA
TEMPORARY
EXHIBIT_. ..- CONSTRUCTION EASEMENT
PARCEL NO. 101 TCEPa9e--1---'af."3--- DURATION 2 NM&
DESCRIPTION:
A PORTION OF LAND DESCRIBED IN OFFICIAL RECORD BOOK.2657, PAGE 3361, PUBLIC
RECORDS OF COLLIER COUNTY, FLORIDA; SITUATED IN SECTION 12, TOWNSHIP 50
SOUTH, RANGE 25 EAST, COLLIER COUNTY, FLORIDA BEING MORE PARTICULARLY •
DESCRIBED AS FOLLOWS:
COMMENCE AT THE SOUTHWEST CORNER OF LOT 1, BLOCK J, THE GLADES UNIT TWO,
AS RECORDED IN PLAT BOOK 10, PAGE 88, PUBLIC RECORDS OF COLLIER COUNTY,
•
FLORIDA; SAID POINT BEING THE INTERSECTION OF THE EASTERLY RIGHT-OF-WAY UNE
OF AIRPORT-PULLING ROAD (100' R/W) AND THE NORTH RIGHT-OF-WAY LINE OF
GLADES BOULEVARD (80' R/W); THENCE NO0'18'49"W FOR 900,42 FEET ALONG THE
WEST LINE OF SAID LOT 1 AND SAID EASTERLY RIGHT-OF-WAY LINE TO THE MOST
NORTHWEST CORNER OF SAID DESCRIBED LAND, ALSO BEING THE SOUTHWEST CORNER
OF LAND. DESCRIBED IN OFFICIAL RECORD BOOK 4110, PAGE 1307, PUBLIC RECORDS
OF COLLIER COUNTY, FLORIDA; THENCE DEPARTING THE EASTERLY RIGHT-OF-WAY UNE
•
OF AIRPORT-PULLING ROAD (100' R/W) N89'20'26"E FOR 15.00 FEET ALONG A NORTH
LINE OF SAID DESCRIBED LAND; THENCE 500'18'49"E FOR 5.18 FEET ALONG A LINE •
THAT IS 15.00 FEET EAST OF AND PARALLEL WITH THE WEST UNE OF SAID DESCRIBED
LAND AND SAID EASTERLY RIGHT-OF-WAY LINE AND THE POINT OF BEGINNING OF A
PARCEL OF LAND FURTHER DESCRIBED;
THENCE N89'41'11"E FOR 17.50 FEET TO A POINT ON A LINE THAT IS 32.50 FEET'
EAST OF AND PARALLEL WITH THE WEST LINE OF SAID DESCRIBED LAND AND THE
EASTERLY RIGHT-OF-WAY LINE OF AIRPORT-PULLING ROAD (100' R/W); THENCE
• S00'18'49"E FOR 32.00 FEET ALONG SAID LINE THAT IS 32.50 FEET EAST OF AND
PARALLEL WITH SAID WEST LINE AND SAID EASTERLY RIGHT-OF-WAY LINE; THENCE
S89'41'11"W FOR 17.50 FEET TO A POINT ON A LINE THAT IS 15.00 FEET EAST OF
AND PARALLEL WITH THE WEST UNE OF SAID DESCRIBED LAND AND THE EASTERLY
RIGHT-OF-WAY LINE OF AIRPORT-PULLING ROAD (100' R/W); THENCE NO0'18'49"W FOR
2,04 FEET ALONG SAID LINE THAT IS 15.00 FEET EAST OF AND PARALLEL WITH THE
WEST LINE OF SAID DESCRIBED LAND AND SAID EASTERLY RIGHT-OF-WAY LINE; THENCE
N89'46'40"E FOR 10.77 FEET; THENCE NOD-13'29"W FOR 27.72 FEET; THENCE
S89'13'06"W FOR 10.82 FEET TO A POINT ON A LINE THAT IS 15.00 FEET EAST OF ,
AND PARALLEL WITH THE WEST LINE OF SAID DESCRIBED LAND AND SAID EASTERLY
RIGHT-OF-WAY LINE; THENCE NO0'18'49"W FOR 2.34 FEET ALONG SAID LINE THAT IS
15.00 FEET EAST OF AND PARALLEL WITH THE WEST LINE OF SAID DESCRIBED LAND
AND SAID EASTERLY RIGHT-OF-WAY LINE TO THE POINT OF BEGINNING. •
•
NOTES:
1. THE BEARINGS SHOWN HEREON ARE BASED UPON NORTH AMERICAN DATUM 83
(NATIONAL SPATIAL REFERENCE SYSTEM 2007) ALSO KNOWN AS NORTH AMERICAN
•
DATUM 83 (2007), STATE PLANE COORDINATE SYSTEM, FLORIDA EAST ZONE, HAVING
THE EASTERLY RIGHT-OF-WAY LINE OF AIRPORT-PULUNG ROAD AS NO0'18'49"W.
2. PARCEL SHOWN HEREON CONTAINS 261 SQUARE FEET, MORE OR LESS,
REVISION: 08-23-12: AMENDED SIZE OF INGRESS & EGRESS EASEMENT, ORB 893,
PAGE 519, TO SIZE RECORDED IN ORB 918, PAGE 837 - DOCUMENT
RECORDED IN ORB 918, PAGE 837 NOT SUPPLIED BY ORIGINAL TITLE
SEARCH REPORT PROVIDED BY "ATTORNEYS' TITLE FUND SERVICES, LLC"
FUND FILE NUMBER: 64-2011-1407.
•
TECM-ROW
. z/6/z
AUG 2 9 2012 •
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DAVID G. DF�4RIE,
PROFESSIONAL SURVEYOR AND MAPPER
THIS DESCRIPTION IS NOT VALID
FLORIDA LICENSE N . 4989
1yR AT ACCOMPANYING SKETCH
SHOWN ON SHEET 2 DF 3 AND
AIM Engineering It SHEET Inc. LB 3114 SHEET 3 OF 3
MEM5300 LEE BLVD. THIS IS NOT A SURVEY SHEET 1 OF 3
P.O. BOX 1235 aoecr NUMBER:DESCRIPTION:DESCRIPTION AND SKETCH OF. A PARCEL OF•LgND
Mum ME LEHIGH ACRES 11.9341 LYING IN SECTION 12-505-25E
� ��•v� FLORIDA 33970 DRAWN BY: CLIENT:
M (239) 332-45E39 JES COLLIER COUNTY
A I M FX:(239)332-87$4 TATE SEC-WA-AGE FILE
02-03-12 12-50S-25E I 11-9341 SD.DWG (E5) COUNTY:
COUNTY
Packet Page-722-
6/28/2016 16.A.14.
• Pt STA.72+04,72, B/L SURVEY(AIRPORT-PULLING RD).
STA +o420.o2B/L SURVEY(DAv15 BouLEV so) SKETCH OF
\-B/L SURVEY A PARCEL OF LAND LYING IN DAVIS BOULEVARD
(Daws BOULEVARD) SECTION 12,TOWNSHIP 50 SOUTH,RANGE 25 EAST
COLLIER COUNTY,FLORIDA 150'R/W •
+90,431D)- - - - - EXISTING SOUTHERLY R/W 'UNE
40O.DD'(D)
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ORB 4110
PAGE 1307
`"1B/L SURVEY V EXHIBIT
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to
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31 *SEE SHEET 3 OF 3
FOR DETAIL
8 15' UTILITY EASEMENT •
10' UTILITY EASEMENT
— ORB 893, PAGE 519 ORB 893, PAGE 519
737 ^
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A I PAGE 3361 ORB 938, PAGE 1992
Q ^ '_ J
py o 75' LEGEND:
(C) = CALCULATED DATA
'pov INGRESS do EGRESS EASEMENT (0) = DEED DATA
(50'X110') ORB 893, PAGE (P) = PLAT DATA .ll
o 519 - AMENDED TO 75'X710' B/L = BASE LINE
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uc. v THE GLADES $ E UNIT 2
18 BLOCK N.' $
R J PLAT BOOK 10 •
LOT 1,LESS THE PAGE 88
I EAST 65 FEET LOT 2
ORB 5368,PAGE 954 THIS SKETCH,IS NOT VAUD '
POINT OF COMMENCEMENT WITHOUT ACCOMPANYING
SW CORNER LOT 1 DESCRIPTION SHOWN ON SHEET 1
BLOCK J 400•oo'(v) OF 3 AND SKETCH SHOWN ON
3 '04(° R5.D0'(D) SHEET 3 OF 3
EXISTING NORTH GLADE/WS BOULEVARD 80'R/W
AIM Engineering & Surveying,R Inc. INE LB 3119 ��
Mugg THIS IS NOT A SURVEY
5300 LEE BLVD, SHEET 2 OF 3 _
P.O. BOX 1235 PRo.,ECT NUMBER:DESCRIPTION: DESCRIPTION AND SKETCH OF A PARCEL OF LANDLEHIGH ACRES 11-9841 LYING IN SECTION 12-50S-25E
FLORIDA 33970 DRAWN BY; CLIENT:
(239) 332-4569 JES COLLIER COUNTY
A I M FX:(239) 332-8734 DATE SEC-TAP-RCE ME; _
02-03-12" 12-50S-23E 11-9641 SD.DWG (Es) CWNTM
COWER COUNT
Packet Page -723- —
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•
SKETCH OF
• ' A PARCEL OF LAND LYING IN
^, SECTION 12,TOWNSHIP 50 SOUTH,RANGE 25 EAST
COLLIER COUNTY,FLORIDA
•
w I'
41
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EX
HIBiT. L_. j ���_. /pagesa_o1 --ORB
4110
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I: LINE BEARING DISTANCE
•
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L2 S00'18'49"E 5.16'
L3 N89'41'11"E 17.50'
• L4 S00'18'49"E 32.00' .
L5 S89'41'11"W 17.50'
L6 NO0'18'49"W •2.04'
•
I .MOST NW CORNER L7 N89'46'40"E 10.77'
ORB 2657, PAGE 3361 LB NOO'13'29"W 27.72'
AND SW CORNER . L9 589'13'05"W 10.82'
ORB 4110, PAGE 1307 L10 N00 18'49"W 2.34'
•
L2 L3
POINT OF BEGINNING L1
L9 '\--A NORTH UNE OF
L10' I�1 TCE ORB 2657, PAGE'3361
•
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STATIONING PER COLLIER COUNTY THIS SKETCH 1S NOT VALID
I DESIGN PIAN.FOR WITHOUT ACCOMPANYING
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BOULEVARD (SR54) INTERSECTION SHEET 1 OF 3 AND
IMPROVEMENT SKETCH SHOWN ON SHEEP
2 OF 3
30 0 15 30 60
•
1 INCH = 30 FEET
AIM Engineering & Surveying, Inc. LB 3114
5300 LEE BLVD. THIS is NOT A SURVEY SHEET 3 OF 3
P.O. BOX 1235 PROJECT NUMBER:DESCRIP1io , DESCRIPTION AND SKETCH OF A PARCEL OF LAND,
LEHIGH ACRES 11-9841 LYING IN SECTION 12-50S-25E
FLORIDA 33970 DRAWN BY: CLIENT:
(239) 332-4569 JE6 COLLIER COUNTY
A I M FX(239) 332-8734 DAZE' SEC-Txp-RGE FILE: COUNTY:
02-03-12 12-50S-25E 11-9841 SD.DWG (E5) COLLIER COUN�
Packet Page -724-
6/28/2016 16.A.14.
LOCATION MAP
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This Instrument Prepared By:
Marlene Serrano
Code Enforcement Division
2800 North Horseshoe Drive
Naples, FL 34104
(239) 252-2440
RELEASE AND SATISFACTION OF LIEN
KNOW ALL MEN BY THESE PRESENTS: That the BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA is the owner and holder of a certain lien against all real and
personal property owned by:
Home Depot USA, Inc.,
Respondent
The lien was recorded on January 17, 2007, in Official Records Book 4170, Page 0356, in the
Official Records of Collier County, State of Florida. The lien secures the principal sum of
fourteen thousand three hundred sixty six dollars and eighty eight cents ($14,366.88), plus
accrued interest and penalties, if any, and imposes certain obligations against real property
situated in Collier County, Florida.
Collier County, a political subdivision of the State of Florida, by execution of this Release and
Satisfaction of Lien, acknowledges payment as approved by the Board of County
Commissioners as satisfaction of the lien and hereby cancels and releases said lien.
The Clerk of the Circuit Court is hereby directed to record this Release and Satisfaction of Lien
in the Official Records of Collier County, Florida, to acknowledge that the lien ceases to exist.
ATTEST BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
By: By:
Deputy Clerk Donna Fiala, Chairman
Date: Date:
Approved as to form and legality
Kevin Noell
Assistant County Attorney
2005-040822
•
Packet Page -727-
„MA g116. 40
3960252 OR: 4.16/28/20161•
16.A.14.
RECORDED in OFFICIAL RECORDS of COLLIER COUNTI, FL
01/17/2007 at I1:00AM DWIGHT E. BROCK, CLERK
NEC FIE 18.50
Retn:DENNIS MITCHELL
COLLIER COUNTY CODE ENFORCEMEN
COLLIER COUNTY CODE ENFORCEMENT 2800 N HORSESHOE DR CUES BLDG
SPECIAL MASTER NAPLES FL 34104
Case Nos.-2005040822
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY,FLORIDA,
Petitioner,
vs.
HOME DEPOT USA,INC.,
Respondent(s) --- w
OR1CTHE SPECL��R
ha' +SING FINES
THIS CAUSE came beffor• t .•ci• .st:- , _ . -., ing\pon the Petitioner's Motion for
Imposition of Fines on Januar 5, Pal , : e S••f i s ► 'ving heard argument respective to all
appropriate matters,hereupon ssu;. i . F.+ i s f +.nd r . ofJte pecial Master,as follows:
FINDINGS OF • CT
1. On October 12, 2005, Rso' ent was found guil vj tion of Ordinance No. 04-41, as
amended, Section 10.02.06, for ere =.le sign witho i permit, which violation occurred on
the property located at 1651 Airport R . o. r , olio#390680004.
2. An Order was entered by the Speci stm-Ofif nng Respondent to abate the violation on or
before December 6,2005,or a fine of$75 per day would be assessed for each day the violation continued
thereafter until abatement. (A copy of the Order is recorded at OR 3912, PG 3631 and attached hereto).
3. Operational costs incurred by the County of$191.88 were assessed and ordered to be paid.
4. No Request for Re-hearing or Appeal pursuant to Ordinance 04-46 has been timely filed.
5. Based on testimony of the investigating officer, abatement did not occur until June 13, 2006 and
fines of$75 per day for 189 days have accrued.
6. Respondent, having been duly noticed for the public hearing regarding the County's Motion,
failed to appear and presented no evidence contesting the County's Motion for Imposition of Fines.
ORDER
Based upon the foregoing Findings of Fact and pursuant to the authority granted in Chapter 162,
Florida Statutes,and Collier County Ordinance No.04-46, it is hereby ORDERED:
Packet Page-728-
6/28/2016 16.A.14.
A. Petitioner's Motion for Imposition of Fines is granted.
B. Respondent is ordered to pay fines of$75 per day for 189 days for a total of$14,175.00.
C. Respondent is ordered to pay previously assessed operational costs of$191.88.
D. Respondent shall pay all outstanding fines and costs in the total amount of$14,366.88 forthwith
or be subject to Notice of Assessment of Lien against all properties owned by Respondent in Collier
County, Florida. 1
DONE AND ORDERED this 541x. day of Ja'h, ,2007 at Collier County,Florida.
Ikak
& 4. 41111bAll. 1. '
. ' NDA C.G- " ON
,,--c,,, n ` ter
i ,A '-Code Enforcement
77,6),>\,:tt-1--
N.\\I-` .\\\
LIEN RIGHTS: This oder r- . .,- '• • ' ' 'ord of Collier County. After three x-
(3) months from the filing of y c lie o il1C . iii,h `ins unpaid,the Special Master may 'F"
authorize the County Attorney to. e o n',, ' I. •t.pursu- c i llect on unpaid claims. In the event
that outstanding fines are fo ,d a co ions a_ cy, e ' to to r will be responsible for those ms
costs incurred by Collier Count . e\ ; ,, ' '
\ �'! ,f I-
APPEAL RIGHTS: Any aggri\1/4ved rty may appeal a fin. of the Special Master to the Circuit
Court within thirty(30) days of the , f the Ordgr a• Z An appeal shall not be a hearing de a
novo, but shall be limited to appellate r e.�v c f c d..c.eated within the original hearing. It is the
responsibility of the appealing party to -a-transcribed record of the hearing from the Clerk of
Courts. Filing an Appeal shall not stay the Special Master's Order. o
w
c_r+
cc: Respondent-Home Depot USA, Inc. x-
Collier Co.Code Enforcement Dept. ac-
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Executive Summary
PARCEL 101FEE AND 101TCE
AIRPORT ROAD AND
DAVIS BOULEVARD PROJECT
1663 Airport Road S
Naples, Florida 34104
PROPERTY TYPE:
Land and Affected Improvements
PERTINENT DATES:
Valuation Date: November 3, 2015
Report Date: November 12, 2015
REPORTING REQUIREMENT:
Report Type: Appraisal Report
PREPARED FOR:
Harry Henderson, SRA
Review Appraiser
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
2885 South Horseshoe Drive
Naples, Florida 34104
PREPARED BY:
CAPSTONE VALUATION ADVISORS
2575 Northbrooke Plaza Drive, Suite 201
Naples, FL 34119
TRACKING NUMBERS:
Capstone File No.: 15-500-0126
Client File No.: Parcel 101FEE and 101TCE
Capstone Valuation Advisors, LLC ǁ Orlando ǀ Tampa ǀ Jacksonville ǀ Ft. Lauderdale | Tallahassee | Naples
Naples Office ǁ 2575 Northbrooke Plaza Drive, Suite 201 ǀ Naples, FL 34119
November 12, 2015
Harry Henderson, SRA
Review Appraiser
COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS
2885 South Horseshoe Drive
Naples, Florida 34104
RE: PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT
1663 Airport Road S
Naples, Florida 34104
Capstone File No.: 15-500-0126
Client File No.: Parcel 101FEE and 101TCE
Dear Mr. Henderson:
At the Collier County Board of County Commissioners’s request and authorization, we have prepared an appraisal in
order to form an opinion of the recommendation for compensation for the above referenced property. We have
prepared the written report in accordance with Standards Rule 2-2(a) of the Uniform Standards of Professional
Appraisal Practice (USPAP) as an Appraisal Report. This report presents discussions of the subject property, scope of
work, and valuation analysis. Any additional information relied upon by the appraiser, and not include included in this
report, has been retained in the appraiser’s work file.
The purpose of this appraisal was to develop an opinion of the “as is” recommendation for compensation of the
acquired easement area from the subject property. The “as is” recommendation for compensation opinion is made
under market conditions prevailing as of November 3, 2015.
Based on the intended use and in consideration of the subject’s physical and economic characteristics, we have
prepared an appropriate scope of work that will provide for a credible value result. The significant elements of the
scope of work included an: i) on-site observation of the subject and its surroundings; ii) an analysis of the subject’s
market area; iii) a collection, verification, and analysis of vacant land sales; and iv) completion of the sales
comparison approach to value.
Property Overview
The subject parent tract of this appraisal is improved with a free standing Home Depot. The retail outlet sits on an
8.84-gross acre site located near the corner of Davis Boulevard and Airport-Pulling Road in Naples, Florida. The
property is zoned General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use Subdistrict (C-4-
GTMUD-MXD) by Collier County. The subject is adequately served by utilities and is irregular in shape. The parent
tract improvements were approved in SDP 00-007. The total site size in the SDP is 12.4 acres or 540,361 SF. This
SDP includes two land leased parcels totaling 3.56 acres which are owned by a separate entity and are not included
as part of the subject parent tract. The Home Depot improvements include an 110,860 SF retail building with a
24,252 SF garden center. Site improvements include 496 parking spaces, landscaping, water detention areas and
driveways.
Pertinent physical data regarding the subject before the taking is located in the following table.
Capstone Valuation Advisors, LLC ǁ Orlando ǀ Tampa ǀ Jacksonville ǀ Ft. Lauderdale | Tallahassee | Naples
Naples Office ǁ 2575 Northbrooke Plaza Drive, Suite 201 ǀ Naples, FL 34119
Subject Property Before Taking
Total Site Area (Gross)8.84 Acres
Part Taken Area 0.06 Acres
Net Site Area 8.78 Acres
ShapeRectangluar
Topography Generally Level
Site Composition Home Depot
Utilities Collier County
Site Improvements Retail Building with Garden Center and 496 Parking Spaces
Zoning
Future Land Use
Flood Map Panel 12021C0394H
Flood Map Date
Flood Zone Zone Zone "AE"
Easements/Encumbrances None
May 16, 2012
General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD)
Urban Residential Subdistrict - Bayshore/Gateway Triangle Redevelopment
Overlay
Part Taken Overview
The part taken Parcel 101FEE is an irregular shape approximately 177 feet long and mostly 15 feet wide tapering to
4.5 feet at the south end for a total of 2,706 square feet of land, which runs along the western property boundary of
the subject parent tract. At the northern end of the taking there is a 27.72 foot section that protrudes an additional
10.75 feet beyond the 15 foot area for a total width of approximately 25.75. Approximately 5’ x 15’ or 75 square feet
of the taking area is improved with a concrete sidewalk and the remaining 2,631 square feet is improved as a
landscape buffer area. The area of the taking is landscaped and is the landscape buffer area of the site development
plan.
Parcel 101TCE is a 36 month temporary construction easement. The parcel is horseshoe shaped and approximately
32 feet long by 5 feet with 2 feet wide ends that protrude an additional 7 feet on the north and south end, or 261
square feet of land. The easement area wraps around the protruding area of the taking that runs in the
northwestern portion of the subject parent tract. Parcel 101TCE contains a total of 0.01 acres or 261 SF and is
irregular in shape. Site improvements within the taking area include the sidewalk and grassed area, which will be
replaced or restored in similar or better condition by Collier County.
Compensation Conclusion
Data, information and calculations leading to the value conclusion(s) are incorporated in the report following this
letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and
inseparable, from this letter.
Based on the analysis contained in the following report, our recommendation for compensation for the acquisition of
Parcel 101FEE and Parcel 101TCE is concluded as follows:
Compensation Items
Part Taken $89,200
Cost to Cure $5,000
Damages $0
Temporary Construction Easement $1,300
Total Compensation $95,500
COMPENSATION CONCLUSION
Capstone Valuation Advisors, LLC ǁ Orlando ǀ Tampa ǀ Jacksonville ǀ Ft. Lauderdale | Tallahassee | Naples
Naples Office ǁ 2575 Northbrooke Plaza Drive, Suite 201 ǀ Naples, FL 34119
The compensation conclusion opinion provided above is subject to the following extraordinary assumptions and
hypothetical conditions. If any of the assumptions or conditions are found to be false, it could have an impact on the
analyses and compensation conclusion opinions derived in this appraisal report.
Extraordinary Assumptions: None.
Hypothetical Conditions: None.
The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning
leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has
been prepared in conformance with, our interpretation of the guidelines and recommendations set forth in the
Uniform Standards of Professional Appraisal Practice (USPAP) and the requirements of the Code of Professional Ethics
and Standards of Professional Appraisal Practice of the Appraisal Institute.
It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if we
can be of further service, please contact us.
Respectfully submitted,
CAPSTONE VALUATION ADVISORS
1 1 1 11111
15‐500‐0126 15‐500‐0126 15‐500‐0126 15‐500‐0126
1 1 1 11111
Michael P. Jonas, MAI, AI-GRS, CCIM
Managing Director | Southwest Florida
State-Certified General Real Estate Appraiser RZ2623
P: 239.777.3430
E: michael.jonas@cap-val.com
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT CERTIFICATION
CERTIFICATION
CERTIFICATION
We certify to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting
conditions and our personal, impartial and unbiased professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in or bias with respect to the property that is the subject of this
report and have no personal interest in or bias with respect to the parties involved with this assignment.
4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
5. Our compensation for completing this assignment is not contingent upon the development or reporting of a
predetermined value or direction in value that favors the cause of the client, the amount of the value opinion,
the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended
use of this appraisal.
6. This appraisal assignment was not made, nor was the appraisal rendered on the basis of a requested minimum
valuation, a specific valuation, or an amount which would result in approval of a loan.
7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with
the Uniform Standards of Professional Appraisal Practice.
8. The subject property was inspected by Michael P. Jonas, MAI, AI-GRS, CCIM on November 3, 2015.
9. No one provided real property appraisal assistance to the persons signing this Certification.
10. Michael P. Jonas, MAI, AI-GRS, CCIM has extensive experience in the appraisal of similar property types.
11. Michael P. Jonas, MAI, AI-GRS, CCIM is currently certified in the state where the subject is located.
12. We have not performed any prior professional services regarding the subject property, as appraisers or
otherwise, within the three-year period immediately preceding acceptance of this appraisal assignment.
13. This report has been prepared in accordance with the rules issued by the State of Florida for State-Certified
Appraisers.
14. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in
conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal
Practice of the Appraisal Institute.
15. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly
authorized representatives.
16. As of the date of this report, Michael P. Jonas, MAI, AI-GRS, CCIM has completed the continuing education
program for designated members of the Appraisal Institute.
1 1 1 11111
15‐500‐0126 15‐500‐0126 15‐500‐0126 15‐500‐0126
1 1 1 11111
Michael P. Jonas, MAI, AI-GRS, CCIM
Managing Director | Southwest Florida
State-Certified General Real Estate Appraiser RZ2623
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT TABLE OF CONTENTS
TABLE OF CONTENTS
TABLE OF CONTENTS
CERTIFICATION .............................................................................................................................................. 4
EXECUTIVE SUMMARY ..................................................................................................................................... 5
INTRODUCTION – PARENT TRACT ................................................................................................................... 6
REgional ANALYSIS ......................................................................................................................................... 9
NEIGHBORHOOD ANALYSIS ........................................................................................................................... 12
MARKET ANALYSIS ........................................................................................................................................ 14
SITE ANALYSIS ............................................................................................................................................. 17
ASSESSMENT & TAXES .................................................................................................................................. 20
HIGHEST & BEST USE – PARENT TRACT ......................................................................................................... 21
APPRAISAL METHODOLOGY ........................................................................................................................... 22
SALES COMPARISON APPROACH .................................................................................................................... 23
VALUE OF AFFECTED IMPROVEMENTS ............................................................................................................ 27
PART TAKEN – PARCEL 101FEE ...................................................................................................................... 28
SUBJECT PROPERTY – AFTER THE TAKING ..................................................................................................... 30
HIGHEST & BEST USE – REMAINDER PROPERTY ............................................................................................. 31
VALUATION – REMAINDER PROPERTY ............................................................................................................ 32
PART TAKEN – PARCEL 101TCE ...................................................................................................................... 33
COMPENSATION CONCLUSION ....................................................................................................................... 35
ASSUMPTIONS & LIMITING CONDITIONS ....................................................................................................... 36
ADDENDA
ADDENDUM A: LAND SALE COMPARABLES
ADDENDUM B: SUBJECT PROPERTY INFORMATION
ADDENDUM C: DEMOGRAPHIC SUMMARIES
ADDENDUM D: QUALIFICATIONS
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SUBJECT PHOTOGRAPHS
1
COLLIER COUNTY PROPERTY APPRAISER’S AERIAL TAX MAP
Parent Tract
Taking Area
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SUBJECT PHOTOGRAPHS
2
SUBJECT SITE PLAN
Parent Tract
Taking Area
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SUBJECT PHOTOGRAPHS
3
FACING EAST FROM AIRPORT ROAD FACING NORTH ON AIRPORT ROAD
FACING SOUTH FROM DAVIS BLVD FACING SOUTH ON AIRPORT ROAD
TYPICAL VIEW OF TAKING AND TCE AREA TYPICAL VIEW OF TAKING AREA
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SUBJECT PHOTOGRAPHS
4
AERIAL ZONING MAP
FUTURE LAND USE MAP FLOOD MAP – ZONE “AE”
TRAFFIC MAP ONE-MILE RADIUS
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT EXECUTIVE SUMMARY
5
EXECUTIVE SUMMARY
The pertinent physical and financial data with respect to the subject property and our appraisal is presented below:
Property Name Parcel 101FEE and 101TCE Airport Road and Davis Blvd Project
Location 1663 Airport Road S
Naples, Florida 34104
Property Tax Parcel 390640002
Appraisal Data
Interest Appraised Fee Simple Estate
Valuation Date November 3, 2015
Part Taken Parcel 101FEE
Property Rights Acquired Fee Simple Estate
Taking Area 0.06 Acres 2,706 SF
Part Taken Parcel 101TCE
Property Rights Acquired Temporary Construction Easement 36 Months
Taking Area 0.01 Acres 261 SF
Subject Property Before Taking
Total Site Area (Gross)8.84 Acres
Part Taken Area 0.06 Acres
Net Site Area 8.78 Acres
ShapeRectangluar
Topography Generally Level
Site Composition Home Depot
Utilities Collier County
Site Improvements Retail Building with Garden Center and 496 Parking Spaces
Zoning
Future Land Use
Flood Map Panel 12021C0394H
Flood Map Date
Flood Zone Zone Zone "AE"
Easements/Encumbrances None
Subject Property After Taking
Total Site Area (gross)8.84 Acres
Part Taken Area 0.06 Acres
Net Site Area 8.78 Acres
ShapeRectangluar
Topography Generally Level
Site Composition Home Depot
Utilities Collier County
Site Improvements Retail Building with Garden Center and 496 Parking Spaces
Zoning
Future Land Use
Flood Map Panel 12021C0394H
Flood Map Date May 16, 2012
Compensation Items
Part Taken $89,200
Cost to Cure $5,000
Damages $0
Temporary Construction Easement $1,300
Total Compensation $95,500
EXECUTIVE SUMMARY
May 16, 2012
General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD)
General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD)
Urban Residential Subdistrict - Bayshore/Gateway Triangle Redevelopment
Overlay
Urban Residential Subdistrict - Bayshore/Gateway Triangle Redevelopment
Overlay
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
6
INTRODUCTION – PARENT TRACT
The following information has been provided in the section below: identification of the property, property ownership
& recent history, the purpose and intended use of this appraisal, the appraisal process, the property rights
appraised, the definition of value, estimate of exposure & marketing time, and other miscellaneous terms &
definitions.
IDENTIFICATION OF PROPERTY
The subject parent tract of this appraisal is improved with a free standing Home Depot. The retail outlet sits on a
8.84-gross acre site located near the corner of Davis Boulevard and Airport-Pulling Road in Naples, Florida. The
property is zoned General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use Subdistrict (C-4-
GTMUD-MXD) by Collier County. The subject is adequately served by utilities and is irregular in shape. The parent
tract improvements were approved in SDP 00-007. The total site size in the SDP is 12.4 acres or 540,361 SF. This
SDP includes two land leased parcels totaling 3.56 acres which are owned by a separate entity and are not included
as part of the subject parent tract. The Home Depot improvements include an 110,860 SF retail building with a
24,252 SF garden center. Site improvements include 496 parking spaces, landscaping, water detention areas and
driveways. The Collier County Property Appraiser identifies the subject as parcel number: 390680004.
Legal Description
The legal description for the subject property is a lengthy metes and bounds description. The legal description is
provided in Deed Book 2657 / Page 3361 of the Collier County Public Records. Please refer to the Addendum of this
report for a copy of the deed of the most recent transfer of the subject property which includes the full legal
description. The Collier County Property Appraiser identifies the subject as parcel number: 390680004.
PROPERTY OWNERSHIP & RECENT HISTORY
Current Ownership History
According to the Collier County Property Appraiser, legal title to the subject is held in the name of Home Depot
USA, Inc. The property was acquired from Scotty’s Inc. on March 31, 2000, for $6,000,000. This transaction was
recorded in Official Records Book 2657 Page 3361 and was considered arm’s length.
We are unaware of any contracts, offers to purchase, or listings regarding the subject in the previous three-year
period.
CLIENT AND INTENDED USE/USERS
The client of this report is Collier County Board of County Commissioners. The intended user of this report is Collier
County Board of County Commissioners. The intended use of this appraisal is for potential acquisition of the part
taken by the client for use in the AIRPORT ROAD AND DAVIS ROAD PROJECT.
TYPE AND DEFINITION OF VALUE
Based on Florida case law (Source: State Road Dept. V. Stack, 231 So. 2nd 859 FL 1st DCA 1969), Market Value is
defined as:
“The amount of money that a purchaser willing but not obligated to buy the property would pay an owner willing
but not obligated to sell, taking into consideration all uses to which the property is adapted and might be applied in
reason. Inherent in the willing buyer-willing seller test of fair market value is the following:
1. A fair sale resulting from fair negotiations;
2. Neither party is acting under compulsion of necessity (this eliminates forced liquidation or sale at auction).
Economic pressure may be enough to preclude a sale’s use;
3. Both parties having knowledge of all relevant facts;
4. A sale without peculiar or special circumstances; and
5. A reasonable time to find a buyer.”
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
7
SCOPE OF WORK
In the process of preparing this appraisal:
Our inspection was limited to an observation of the subject via the public right-of-way. As a result, our
observations were limited to those items readily observable from the public right-of-way. We did not attempt to
detect any physical issues that would not be readily observable from the public right-of-way. As well, we did
not attempt to detect any environmental hazards at the subject that were not readily observable from the
public right-of-way, nor did we conduct any off-site research into potential environmental hazards which might
impact the subject.
We were not provided with any surveys of the subject. Public records were utilized to estimate the size of the
overall property. We were provided with a survey and legal description of the taking area for Parcel 101FEE and
the temporary construction easement area for Parcel 101TCE from the client.
The subject’s surrounding environment was toured in an attempt to identify and consider those characteristics
that may have a legal, economic or physical impact on the subject. However, unless otherwise noted in this
appraisal, no research into non-observable neighborhood issues such as environmental contamination, pending
public condemnation issues, etc., was completed;
The micro and/or macro market environments were observed with respect to physical and economic factors
relevant to the valuation process; expanded this knowledge through interviews with regional and/or local
market participants, available published data and other various resources;
Regional and/or local research was completed with respect to applicable tax data, zoning requirements, flood
zone status, demographics, and comparable listing and sale information;
The data gathered through the use of appropriate and accepted appraisal methodology was analyzed to arrive
at a probable value indication via the sales comparison approach to value. The sales comparison approach is
the most applicable because it measures the most recent market activity between sellers and buyers for similar
vacant properties. The cost approach was applicable to estimate the contributory value of the site
improvements within the taking area. The income approach was not applicable as it is not typically used for
valuing vacant land parcels. The omission of the income capitalization approach in valuing the subject does not
affect the credibility of the market value conclusion contained herein;
The results were correlated and reconciled into a reasonable and defensible value conclusion, as defined
herein; and
The taking area Parcel 101FEE, along the western property boundary was inspected and a recommendation for
compensation was estimated.
The temporary construction easement area Parcel 101TCE, along the western property boundary was inspected
and a recommendation for compensation was estimated.
A reasonable exposure time and marketing time was estimated in conjunction with the value estimate
presented.
DATE OF VALUES & PROPERTY VISITATION
The date of the “as is” market value is November 3, 2015. The date of our most recent property inspection was
November 3, 2015.
PROPERTY RIGHTS APPRAISED
The subject’s fee simple estate has been appraised. No title work was provided by the client. No easements or
encumbrances were noted on the subject parent tract prior to the taking.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
8
EXPOSURE & MARKETING TIME
Current appraisal guidelines require an estimate of a reasonable time period in which the subject property could be
brought to market and sold. This reasonable time frame can either be examined historically or prospectively. In a
historic analysis, this is referred to as exposure time. Exposure time always precedes the date of value with the
underlying premise being the time a property would have been on the market prior to the date of value, such that it
would sell at its appraised value as of the date of value. On a prospective basis, the term marketing time is most
often used. The exposure or marketing time is a function of price, time, and use. It is not an isolated estimate of
time alone. It is different for various types of real estate and under various market conditions. In consideration of
these factors, we have analyzed comparable sales, investor surveys and the opinions of market participants.
The following table presents the information derived from these sources:
Source
Land Sales 1.0 Mo. - 62.0 Mo. 6.0 Mo.
Market Participants 3.0 Mo. - 12.0 Mo. 6.0 Mo.
Conclusion
Typical
6-12 Months
Range in Months
EXPOSURE & MARKETING TIME
Our comparable sales provide a marketing time range that is much greater than would be expected within the
current market. Collier County is in the beginning stages of recovery and marketing times have been decreasing.
Furthermore, participants report increased activity for this type of property. Overall, an exposure/marketing time of
12 months or less is considered reasonable for the subject. This exposure/marketing time reflects current economic
conditions, current real estate investment market conditions, the terms and availability of financing for real estate
acquisitions, and property and market-specific factors. It assumes that the subject property is (or has been) actively
and professionally marketed. The marketing/exposure time would apply to all valuation premises included in this
report.
TERMS & DEFINITIONS
The following definitions of pertinent terms are taken from the Dictionary of Real Estate Appraisal, Fifth Edition
(2010), published by the Appraisal Institute.
Fee Simple Estate: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations
imposed by the governmental powers of taxation, eminent domain, police power, and escheat.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT REGIONAL ANALYSIS
9
REGIONAL ANALYSIS
The following map depicts the subject’s physical location within the Naples-Marco Island MSA.
Recent Performance
According to Moody’s Economy.com, Naples is galloping closer to a new cycle of economic expansion. Job growth
has slowed slightly from last year's scorching pace but is still trending well ahead of even the strong Florida
average. Aside from the metro area’s staple consumer services, hiring has also been exceptionally strong in
manufacturing and in higher-paying business services.
As in the rest of the state, house prices have accelerated to their heartiest pace since the bust, easily beating the
U.S. average. Foreclosures have started to dip again after the backlog of distressed properties reared up into the
early months of 2013. Demand from investor buyers, while slowing, is still strong enough to quickly absorb the
distressed inventory and allow buoyant pricing across the housing market. Also encouraging, especially for the
Naples market, sales of high-priced condos are soaring as wealthier retirees, flush with years of financial portfolio
gains, are again flocking to prime Florida locations.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT REGIONAL ANALYSIS
10
Shopping
Metro area consumer services will continue their extraordinary winning stretch. Florida added more retail jobs in
2013 than any other state, and Naples’s 4.5% gain in industry payrolls ranked it the strongest performer among
U.S. metro areas. A rising stock market and strong sales at auto dealerships were instrumental last year. Even if
equities stop short of last year’s stellar gains, consumer confidence will remain strong amid other signs of economic
recovery. Retail sales will also maintain momentum because much of the pent-up demand for autos, household
appliances, and other durable goods has yet to be released after years of delayed purchases. Strong statewide and
metro area population growth will also fuel the retail boom. In addition to the renewed influx of retirees, younger
workers will come to Naples seeking jobs.
Hospitality
Tourism will also be a key driver. Last year’s hiring surge lifted industry payrolls firmly above the prerecession peak,
and a calmer pace of job growth will still allow Naples to outperform in coming months. Collier County visitor counts
rose firmly above year-earlier levels in the first quarter thanks to a strong revival in traffic from Europe. Further
indicating the upside from improved consumer confidence in the U.S. and overseas, tourist spending is off to an
even stronger start than the visitor count in 2014. Visitations, spending, and hotel occupancy all point to the metro
area’s most successful winter tourist season in many years. The county’s tourism promoters in Europe are reporting
a surge in interest and advance bookings, suggesting continued strength into the summer, when overseas visitors
typically favor Naples.
Useful Support
The metro area is making big strides in diversifying the economy. Manufacturing and professional services, while
relatively small segments, have made strong contributions over the past year, and the outlook has brightened.
Medical devices maker Arthrex continues to implement its multiyear expansion plan in Naples, boosting the
prospects of a budding medical sciences cluster in the metro area. Collier County’s efforts to attract large biotech
operations have run into budget problems in recent years, but an improving fiscal picture will allow more public
incentives. A recovering property tax base, rising sales tax collections, and lesser need for K-12 education spending
will free up resources for fostering new industries and attracting firms.
2011 2012 2013 2014 Indicators 2015 2016 2017 2018
9.7 10.2 10.7 11.3 Gross Metro Product, C$B 11.9 12.4 12.8 13.2
1.2 5.1 5.1 4.8 % Change 5.8 4.5 3.0 2.7
114.9 118.7 123.4 129.9 Total Employment (000) 134.7 139.2 142.6 145.1
3.3 3.3 4.0 5.2 % Change 3.7 3.4 2.4 1.8
10.2 8.5 6.7 5.9 Unemployment Rate 6.0 5.9 5.7 5.6
5.6 3.9 3.8 7.8 Personal Income Growth 8.7 7.6 6.1 5.3
327.5 332.5 337.0 342.7 Population (000) 348.5 354.7 361.3 368.2
920 1,296 1,726 2,163 Single-Family Permits 3,716 4,213 3,943 3,614
400 316 1,128 2,967 Multifamily Permits 3,823 3,970 3,971 3,860
326.7 345.2 406.7 415.2 Existing Home Price ($Ths) 411.8 407.1 414.2 422.9
2,100 2,555 1,858 1,404 Mortgage Originations ($Mil) 1,592 1,430 1,383 1,656
6.8 4.7 4.2 5.4 Net Migration (000) 5.5 5.9 6.3 6.6
1,284 1,060 824 800 Personal Bankruptcies 776 796 847 926
Naples-Marco Island MSA
Source: Economy.com
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT REGIONAL ANALYSIS
11
Major Employers
Rank Company No. of Employees
1Naples Community Hospital Inc. 4,000
2 Publix Supermarkets 3,246
3 Marriott International Inc. 1,800
4 Wal-Mart Stores Inc. 1,715
5Gargiulo Inc. 1,110
6 Winn-Dixie 1,014
7 The Home Depot U.S.A. Inc. 1,012
8 Arthrex Inc. & Manuf. 954
9Home Team Inspection Svc. 900
10 Pacific Tomato Growers 800
Source: Economy.com
MAJOR EMPLOYERS
Employment
Conclusion
Moody’s Economy.com predicts that Naples will maintain a strong recovery over the next year as rising U.S.
incomes and economic recovery in Europe support key metro area industries. Job growth will easily outpace the
U.S. average, but at a less glaring rate than recently. Healthy demographics and the presence of important service
industries will make Naples an above-average long-term performer as well.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT NEIGHBORHOOD ANALYSIS
12
NEIGHBORHOOD ANALYSIS
The following map depicts the subject’s physical location within the neighborhood area.
Location
The subject site is located at the southeast quadrant of Davis Boulevard and Airport Pulling Road in the East Naples
area of Collier County. The subject’s immediate market area is bound by Golden Gate Parkway to the north and
Tamiami Trail E (US 41) to the southwest.
Access
US Highway 41 (Tamiami Trail) is the primary commercial corridor for Naples as well as serving as the primary
transportation corridor for Naples. US Highway 41 is a variable-width right-of-way, traversing the neighborhood in a
northwest-southeast direction. US Highway 41 connects the subject neighborhood with Tampa to the north and to
Miami to the east. US Highway 41 is fairly heavily traveled, with daily trips increasing as the population and
business base in the area continues to expand.
Davis Boulevard (SR 84) is a main east/west thoroughfare for this neighborhood and is the north frontage of the
subject. The road begins at Collier Boulevard (CR 951), just south of Interstate 75 at Exit 101 and ends at US
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT NEIGHBORHOOD ANALYSIS
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Highway 41 (Tamiami Trail) going westward. Davis Boulevard is a four-lane road, with the east and west directions
being separate by a grass median with attractive landscaping and trees.
Airport Pulling Road is a main north/south thoroughfare for this neighborhood and is the west frontage of the
subject. The road begins at Tamiami Trail E (US 41), just south of the subject and ends to the north at Immokalee
Road in North Naples. Airport Pulling Road is a six-lane road, with the north and south directions being separate by
a grass median with attractive landscaping and trees.
Interstate 75 is part of the U.S. interstate system. It runs in a north / south direction. Interstate 75 begins in
Hialeah, Florida, running along the western parts of South Florida before traveling westward across Alligator Alley,
resuming its northward direction in Naples, and running along Florida’s Gulf Coast towards Tampa. Access to
Interstate 75 is possible from the Golden Gate Parkway Exit, which is Exit 105 or the Collier Boulevard (SR 951)
Exit, which is Exit 101. Exit 101 is the last exit before Interstate 75 turns into Alligator Alley, which is a toll road.
Public transportation is provided by the Collier Area Transit (CAT) in Collier County. This service provides access to
the developed areas of Collier County. The local market perceives public transportation as good compared to other
areas in the region; however, the primary mode of transportation is the automobile.
The Naples Municipal Airport (APF) is located just south of the subject property. The Southwest Florida
International Airport (RSW) is located approximately 30 miles north of the subject property and travel time is
approximately 30 - 35 minutes, depending on traffic conditions. Downtown Naples or 5th Avenue South, the cultural
and economic center of the area, is located less than 1 mile west of the subject property and travel time is less
than 5 minutes.
Overall, access to the subject neighborhood is considered good.
Land Uses
The land use in the subject’s immediate neighborhood is mainly residential, with a slight retail and office presence.
The subject corner is improved with a Joey D’s restaurant and across the street from a Walgreens and a SunTrust
Bank along Davis Boulevard. South of the subject is the Collier County Courthouse at the northeast corner of Airport
Pulling Road South and Tamiami Trail East. West of the subject is the Village Plaza Shopping Center and Brookside
Marina. Residential communities are to the east of the subject.
Barriers to Entry
The barriers to entry are relatively high, mainly attributed the area being mostly built out. Overall, the barriers to
entry are typical in the area and we are not aware of any extraordinary governmental barriers to entry.
Demographic Profiles
The demand drivers for the subject include; 1) its frontage along Airport Pulling Road 2) its proximity to retail
clusters; 3) its proximity to the Collier County Courthouse and Downtown Naples, and 4) its proximity to residential
neighborhoods which provide potential employees and customers.
CONCLUSION
The immediate area appears to be showing signs of stabilization according to conversations with market
participants, as prospects for new development in the near term improve. Property values are appreciating,
vacancy rates are decreasing and rental rates are increasing. Given that the subject is positioned adequately within
the neighborhood, sufficient demand can be expected for the foreseeable future. The subject property is situated in
an established retail corridor with nearby commercial uses and it is likely that the subject will benefit from these
uses and be positioned favorably over the long-term.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
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MARKET ANALYSIS
The market analysis forms a basis for assessing market area boundaries, supply and demand factors, and
indications of financial feasibility. Primary data sources utilized for this analysis include CoStar and our own
research. We have defined a broader market area for comparison purposes of Collier County, and will then compare
those Retail market statistics to properties located in the submarket. The data was extracted from the current
CoStar analytic figures provided.
Market Summary
Market statistics for Collier County as well as the defined submarket East Naples are shown in the following table:
Collier County East Naples
Total Inventory 23,372,615 4,198,769
Vacant Inventory 1,829,484 552,942
Vacancy Rate 7.8% 13.2%
Occupancy Rate 92.2% 86.8%
Average Rent $18.11 $15.18
Absorption 32,836 37,114
New Construction 115,701 3,400
Survey Date 2015 Q4 2015 Q4
CURRENT RETAIL MARKET TRENDS
Historical market statistics for Retail space within the broader market area and submarket are shown in the
following table.
Period Avg.
Effective
Rent
Effective
Rent %
Change
Deliveries Net Absorp. Vac.
Rate
Avg.
Effective
Rent
Effective
Rent %
Change
Deliveries Net
Absorp.
Vac.
Rate
2009 Q1 $23.14 -- 114,204 6,630 6.8% $17.12 -- 20,728 (27,711)6.7%
2009 Q2 $21.87 -5.49%112,444 112,780 7.0% $17.67 3.21% 18,968 (1,205)7.2%
2009 Q3 $21.37 -2.29%126,268 (149,871)8.5% $17.60 -0.40% 18,968 (45,539)8.7%
2009 Q4 $20.16 -5.66%218,087 (331,754)9.1% $16.79 -4.60%18,968 (63,221)10.2%
2010 Q1 $18.13 -10.07%222,619 (37,313)9.6% $16.04 -4.47% 21,428 19,158 10.5%
2010 Q2 $17.36 -4.25%92,931 43,794 10.0% $15.60 -2.74%21,428 14,733 10.6%
2010 Q3 $16.99 -2.13%87,491 75,809 10.0% $15.75 0.96% 18,968 (19,534)10.6%
2010 Q4 $16.88 -0.65%86,671 121,607 10.0% $14.97 -4.95%18,968 (19,929)11.8%
2011 Q1 $16.79 -0.53%86,671 (84,467)10.4% $14.92 -0.33% 18,968 (58,832)13.2%
2011 Q2 $16.78 -0.06%86,671 107,619 10.3% $14.90 -0.13%18,968 12,697 13.9%
2011 Q3 $16.50 -1.67%84,776 119,594 9.7% $13.43 -9.87% 18,968 51,564 12.1%
2011 Q4 $16.34 -0.97%84,776 127,051 9.5% $12.73 -5.21%18,968 15,242 12.1%
2012 Q1 $16.27 -0.43%67,896 25,832 9.6% $12.59 -1.10% 15,912 6,212 12.1%
2012 Q2 $16.73 2.83% 71,996 17,221 8.9% $14.02 11.36% 15,912 53,191 10.8%
2012 Q3 $16.72 -0.06%51,433 39,884 8.6% $13.71 -2.21% 15,912 (2,089)10.9%
2012 Q4 $16.63 -0.54%52,633 5,721 8.5% $13.90 1.39% 17,112 (15,626)11.4%
2013 Q1 $16.81 1.08% 48,533 11,538 8.6% $13.90 0.00% 17,112 6,503 11.9%
2013 Q2 $16.45 -2.14%48,533 61,910 8.4% $13.89 -0.07%17,112 22,362 11.9%
2013 Q3 $16.71 1.58% 135,708 84,192 7.9% $14.02 0.94% 15,912 6,932 11.9%
2013 Q4 $16.93 1.32% 84,520 23,699 7.8% $14.50 3.42% 15,912 (39,005)12.2%
2014 Q1 $16.82 -0.65%88,939 37,593 7.8% $14.21 -2.00% 15,912 (1,419)13.1%
2014 Q2 $17.42 3.57% 121,075 67,064 7.7% $14.43 1.55% 0 12,788 13.4%
2014 Q3 $17.97 3.16% 122,260 38,907 7.2% $14.38 -0.35% 1,185 9,524 13.8%
2014 Q4 $18.05 0.45% 119,900 69,020 7.1% $14.40 0.14% 1,185 (57,132)13.7%
2015 Q1 $18.78 4.04% 164,477 18,342 7.3% $14.96 3.89% 1,185 31,893 12.9%
2015 Q2 $18.51 -1.44%167,877 (14,415)7.1% $15.16 1.34% 4,585 (16,538)12.1%
2015 Q3 $18.17 -1.84%119,227 28,914 7.7% $15.22 0.40% 3,400 4,828 13.1%
2015 Q4 $18.11 -0.33%115,701 32,836 7.8% $15.18 -0.26%3,400 37,114 13.2%
Collier Count y East Naples
HISTORICAL RETAIL MARKET TRENDS
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
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According to CoStar, the Collier County Retail market’s inventory increased 2.96% since the 2009 Q1. The current
vacancy is 7.8%. The market has been improving during our study period. During our study period, vacancy has
ranged from the current low rate of 6.8% to the high rate of 10.4% and averaged 8.5%. The downward trend in
vacancy is attributed to 659,737 square feet of net absorption or an average of 23,562 square feet per quarter
since 2009 Q1. The reported rental rate is $18.11 per square foot which is a -21.74% change from the market high
over the study period. However, the current rental rate is 11.31% higher than the market low of $16.27 per square
foot during the study period.
The submarket’s Retail market inventory increased 1.42% since the 2009 Q1. The submarket has been improving
during our study period. During the study period, vacancy has ranged from the current low rate of 6.7% to the high
rate of 13.9% and has averaged 11.6%. The downward trend in vacancy is attributed to -63,039 square feet of
net absorption or an average of -2,251 square feet per quarter since 2009 Q1. The reported rental rate is $15.18
per square foot which is a -14.09% change from the market high of $17.67 per square foot over the study period.
However, the current rental rate is 20.57% higher than the market low of $12.59 per square foot during the study
period.
Retail market sale statistics for the broader market area are presented in the following table:
MSA SALE STATISTICS
SUBMARKET SALE STATISTICS
Sales price per SF in the MSA is higher compared to the five-year average and cap rates are lower during this time
period. Sales volume is significantly higher than the five-year average. The improvement of the market area with
increasing sales prices and decreasing vacancy should help prices continue to increase.
Sales price per SF in the submarket is higher compared to the five-year average and cap rates are slightly lower
during this time period. Sales volume is higher than the five-year average. The improvement of the market area
with increasing sales prices and decreasing vacancy should help prices continue to increase.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT MARKET ANALYSIS
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Occupancy
Our conclusion of stabilized occupancy for the subject is illustrated in the following table:
Market Area Occupancy
Collier County: Current 92.2%
Submarket Occupancy 2008 to Present: Average 88.4%
Submarket: Current 86.8%
Stabilized Estimate 90.0%
STABILIZED OCCUPANC Y
The average occupancy rate for the submarket is 88.4%. The current broader market occupancy is 92.2% and the
submarket occupancy is 86.8%. We have concluded the stabilized occupancy rate for the subject at 90.0%.
The chart above shows the vacancy rate for the Retail market in Collier County has experienced a steady decrease
over the past 5 years, with approximately 9.3% at the end of 2009 to approximately 6.6% at the end of 2014. In
August of-2015, the vacancy rate was approximately 6.5%.
The chart above shows the vacancy rate for the Retail market in East Naples has decreased slightly over the past 5
years, with approximately 9.5% at the end of 2009 to approximately 9.2% at the end of 2014. In August of-2015,
the vacancy rate was approximately 8.8%.
CONCLUSION
In both the broader Collier County market and the East Naples submarket, rental rates have been stabilizing with
decreasing vacancy. Both areas are continuing their climb out of the recession and by most accounts, the market is
in a growth stage as seen by significant increases in redevelopments and absorption since market vacancy highs.
The growth is not as seemingly exponential as it was during the real estate boom years in the early 2000’s, but low
interest rates at the current time should help to keep the slow and steady growth currently being experienced
throughout the near term.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SITE ANALYSIS
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SITE ANALYSIS
Below we have summarized the pertinent features of the subject parent tract, with additional discussion and detail
provided as needed in the section which follows.
Land Data Rating
Total Site Area (Gross)8.84 Acres 385,070 SF Average
Part Taken Area 0.06 Acres 2,706 SF --
Net Site Area 8.78 Acres 382,364 SF Average
ShapeRectangluar Good
Topography Generally Level Average
Site Composition Home Depot Retail Building Average
Site Improvements Retail Building with Garden Center and 496 Parking Spaces Below Average
Infrastructure Primary Road Secondary Road Rating
Frontage Road Airport-Pulling Road Davis Boulevard Good
Road Frontage 440 Feet (Est.)395 Feet (Est.)Good
Road Trips30,500 ADT (Est.)23,000 ADT (Est.)Average
Traffic Lanes 6-Lane, Asphalt 4-Lane Asphalt Good
Traffic Signal Yes Yes Good
Median Break No No Average
Sidewalks/Curb & Gutters Yes Yes Good
Utilities Rating
Water Collier County Average
Sewer Collier County Average
Electricity Florida Power & Light Average
Telephone Multiple Carriers Average
Mass Transit Collier Area Transit Average
Jurisdictional Rating
Zoning Jurisdiction Collier County --
Zoning District Good
Future Land Use Good
Permitted Uses
Good
Legally Conforming Yes -
Flood Map Panel 12021C0394H -
Flood Map Date -
Flood Zone Zone Zone "AE"Average
Other Noted Not Noted Unknown
Easements X
Encroachments X
Deed Restrictions X
Environmental Issues/Hazardous Materials X
SITE SUMMARY
May 16, 2012
The purpose and intent of the Gateway Triangle Mixed Use District is to
encourage revitalization of the Gateway Triangle portion of the Bayshore
Gateway Triangle Redevelopment Area with human-scale, pedestrian-oriented,
interconnected projects that are urban in nature and include a mix of
residentialtypesandcommercialuses
General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD)
Urban Residential Subdistrict - Bayshore/Gateway Triangle Redevelopment
Overlay
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SITE ANALYSIS
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Bayshore Gateway Triangle Redevelopment Area
The subject is located within the Mini-Triangle of the Gateway Triangle Mixed Use Overlay District. This
redevelopment area extends north of Tamiami Trail as a large triangle area. The triangle’s borders consist of Davis
Boulevard, Tamiami Trail and Airport Road.
The Gateway Triangle Mixed Use Overlay District borders the Bayshore Mixed Use Overaly District. Tamiami Trail is
the common boundary of these two districts, with the Bayshore Overlay area lying to the south of Tamiami Trail
and the Gateway Triangle area to the north. Both of these redevelopment areas make up approximately 1,800
acres in size.
These areas are certainly beset by many problems that are typical of older urban areas that have passed over in
the wave of newer urban development. Dilapidated and vacant structures are present in the area. At the same
time, the area possesses a number of assets, which present some clear opportunities that are supportive of
redevelopment.
The most recent completed project is the rezoning of a 17-acre Cultural Arts site at the corner of Bayshore Drive
and Jeepers Drive, southeast of the subject. The site will include a 350-seat black box theater, an open-air
amphitheater, and a mixed-use commercial/residential district.
Subject
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT SITE ANALYSIS
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Zoning & Future Land Use
The preceding map depicts the subject’s area and surrounding uses, as well as the zoning districts surrounding the
subject.
Component Detail
Zoning Jurisdiction Collier County
Current Zoning
Future Land Use Urban Residential Subdistrict - Bayshore/Gateway Triangle Redevelopment Overlay
Legally Conforming Yes
Zoning ChangeNot likely
Uses Permitted
Development Standards
Minimum Lot Size 10,000 SF
Minimum Lot Width 100 Feet
Max. FAR None
Front Yard Setback 7 Feet
Side Yard Setback
Rear Yard Setback
Max. Building Height 56 Feet
Minimum Building Floor Area 700 Feet per unit
The purpose and intent of the Gateway Triangle Mixed Use District is to encourage revitalization of the
Gateway Triangle portion of the Bayshore Gateway Triangle Redevelopment Area with human-scale,
pedestrian-oriented, interconnected projects that are urban in nature and include a mix of residential
types and commercial uses.
10 Feet
50 Feet
General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use Subdistrict (C-4-GTMUD-
MXD)
ZONING & FUTURE LAND USE SUMMARY
The subject’s zoning district is consistent with the future land use designation.
CONCLUSION
The site provides a functional configuration and adequate access for a variety of uses. Overall, the site is generally
level, at road grade and has all necessary utilities available. Lastly, we are unaware of any environmental issues or
hazardous materials that may adversely impact the market value/utility of the site. Overall, the site is considered
well-suited for a variety of uses and we are not aware of any physical issues with the site that would prevent it
from being developed with its highest and best use, as vacant.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ASSESSMENT & TAXES
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ASSESSMENT & TAXES
Below we have summarized the pertinent information with regard to the parent tract’s historical and current
assessment and real estate taxes. Additional discussion and detail will be provided as needed in the section which
follows.
Description 2013
Assessed Value $6,096,712 $6,251,737 $6,323,607
Assessed Value $ Per Acre $689,673 $707,210 $715,340
Exemptions $0 $0 $0
Taxable Value $6,096,712 $6,251,737 $6,323,607
Tax Rate 1.19327% 1.17997% 1.16727%
Base Tax Expense $72,750 $73,769 $73,814
Add: Non Ad-Valorem $0 $0 $0
Gross Tax Expense $72,750 $73,769 $73,814
Less: 4.0% Early-Pmt Disc. -$2,910 -$2,951 -$2,953
Net Tax Expense $69,840 $70,818 $70,861
Assessment Ratio 469% 481% 486%
Parcel ID: 390680004
ASSESSMENT & TAX SUMMARY
2014 2015 Proposed
The State of Florida offers a discount for early payment of real estate taxes before the required due date. The
discount is 4% if paid by November 30th; 3% by December 31st, 2% by January 31st, and 2% by the end of
February. The real estate taxes are considered delinquent if not paid by April 1st of each year.
The law in state of Florida indicates that the local assessor should reflect 100% of fee simple market value,
assuming market leases in place (where applicable). However, in actual practice the local assessments often vary
anywhere from 75% to 90% of market value for most property types. Part of the reason for this gap is that the
assessor’s office allows for a discount to reflect transaction costs that the seller would experience in selling the
property. Another reason for the difference is to reduce the frequency of appeals.
The subject’s 2015 preliminary market value appears to be low. According to the Collier County Tax Collectors
Office, there are no delinquent taxes for the subject property.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT HIGHEST & BEST USE
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HIGHEST & BEST USE – PARENT TRACT
In appraisal practice, the concept of highest and best use represents the premise upon which value is based. The
four criteria the highest and best use must meet are:
Legally permissible;
Physically possible;
Financially feasible; and
Maximum profitability
Highest and best use analysis involves assessing the subject both as if vacant and as improved.
AS VACANT
Legally Permissible
The subject property is zoned General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD) and the following uses are allowable: The purpose and intent of the Gateway
Triangle Mixed Use District is to encourage revitalization of the Gateway Triangle portion of the Bayshore Gateway
Triangle Redevelopment Area with human-scale, pedestrian-oriented, interconnected projects that are urban in
nature and include a mix of residential types and commercial uses. Given the prevailing land use patterns in the
area, only retail use is given further consideration in determining the highest and best use of the site, as though
vacant.
Physically Possible
The physical characteristics of the site do not appear to impose any unusual restrictions on development. Overall,
the site is generally level and at road grade. Water and sewer are available to the site. There are no known physical
reasons why the subject site would not support many of the legally permissible developments, subject only to
limitations on site size and dimensions. Overall, the site is considered well-suited for retail development.
Financially Feasible
The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the
legally probable land uses versus the cost to create the uses. As stated within the market analysis, the subject is
well-positioned for retail use and there is demand for retail development in the area. Overall, development of a
retail uses is financially feasible.
Maximally Productive
The final test of highest and best use of the site as though vacant is that the use be maximally productive, yielding
the highest returns to the land. In the case of the subject as though vacant, the analysis has indicated developing
the site with a retail use is the best use of the property.
CONCLUSION: HIGHEST AND BEST USE AS VACANT
Based on the foregoing analysis, the highest and best use of the site is for retail development.
AS IMPROVED
The subject parent tract of this appraisal is improved with a free standing Home Depot. The existing improvements
provide a positive cash flow that is anticipated to continue into the future. Therefore, the highest and best use of
the parent tract as improved is for continued use as a retail building. Use as a retail building is consistent with the
highest and best use of the site as vacant.
Building and site improvements located outside of the taking area are not considered within the following valuation
analysis.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT APPRAISAL METHODOLOGY
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APPRAISAL METHODOLOGY
In appraisal practice, an approach to value is included or omitted based on its applicability to the property type
being valued and the quality and quantity of information available.
COST APPROACH
The cost approach is based upon the proposition that the informed purchaser would pay no more for the subject
than the cost to produce a substitute property with equivalent utility. This approach is particularly applicable when
the property being appraised involves relatively new improvements that represent the highest and best use of the
land, or when relatively unique or specialized improvements are located on the site and for which there exist few
sales or leases of comparable properties.
SALES COMPARISON APPROACH
The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to indicate a value
for the subject. Valuation is typically accomplished using physical units of comparison such as price per square foot,
price per unit, price per floor, etc., or economic units of comparison such as gross rent multiplier. Adjustments are
applied to the physical units of comparison derived from the comparable sale. The unit of comparison chosen for
the subject is then used to yield a total value. Economic units of comparison are not adjusted, but rather analyzed
as to relevant differences, with the final estimate derived based on the general comparisons.
INCOME CAPITALIZATION APPROACH
The income capitalization approach reflects the subject’s income-producing capabilities. This approach is based on
the assumption that value is created by the expectation of benefits to be derived in the future. Specifically
estimated is the amount an investor would be willing to pay to receive an income stream plus reversion value from
a property over a period of time. The two common valuation techniques associated with the income capitalization
approach are direct capitalization and the discounted cash flow (DCF) analysis.
METHODOLOGY APPLICABLE TO THE SUBJECT
In valuing the subject, the sales comparison approach is the most applicable because it measures the most recent
market activity between sellers and buyers for similar vacant properties. The cost approach was applicable to
estimate the contributory value of the site improvements within the taking area. The income approach was not
applicable as it is not typically used for valuing vacant land parcels. The omission of the income capitalization
approach in valuing the subject does not affect the credibility of the market value conclusion contained herein.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT SALES COMPARISON APPROACH
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SALES COMPARISON APPROACH
In order to estimate the market value of the subject, we have utilized the sales comparison approach that directly
compares the subject to recent sales of similar type properties. Typically, the most widely used and market oriented
unit of comparison for vacant land similar to the subject is the sale price gross square foot. All transactions used in
this analysis are computed on this basis.
Our initial search was based on the following parameters:
● Vacant land sales from 2.0 to 10.0 acres in size;
● Commercial zoned properties located in Naples, Florida;
● A sale date within the last 18 months.
Our search for comparable properties involved a thorough search of the local MLS and the Collier County property
Appraiser. The sales utilized were considered most similar to the subject. We have included detailed write-ups in
the Addenda of this report.
Land Sale Map
Subject Property:
1663 Airport Pulling Road
Comparable No. 3:
6865 Collier Blvd
Comparable No. 1:
1705 Tamiami Trail E
Comparable No. 4:
14610 Tamiami Trail N
Comparable No. 2:
2511 Pine Ridge Road
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT SALES COMPARISON APPROACH
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Land Sales Adjustment Grid
Comp No. 1 Comp No. 2 Comp No. 3 Comp No. 4 Subject
Address 1705 & 1807 Tamiami
Trail East
2511 Pine Ridge Road 6865 Collier Boulevard 14610 Tamiami Trail N 1663 Airport Road S
Parcel No. 386880009, 386840007 447280001 25910000502 142440007 390640002
City Naples Naples Naples Naples Naples
County Collier Collier Collier Collier Collier
Grantor Maria A. Martinez and
Fifth Avenue Plaza, LLC
(Separate entities)
Greater Naples Young
Mens Christian Assoc.,
Inc
Beaumaris, LLC 14500 Tamiami Trail
North, LLC
Grantee Trigate Enterprises, LLC
and DaviTami
Enterprises, LLC
(Related entities0
2014 Naples Associates,
LLC
Esprop, LLC Naples North, LLC
Instrument Number 5143/1000, 5142/0567 5119/2201 5086/1736 5058/1400
Days on Market N/A 6 Months 77 Months N/A
Adj. Sale Price*$2,150,000 $2,500,000 $2,600,000 $9,000,000
Sale Price Per Acre $1,085,859 $1,295,337 $573,951 $1,153,846
Sale Price PSF $24.93 $29.74 $13.18 $26.49
Premise Fee Simple Fee Simple Fee Simple Fee Simple
Property Rights 0.0%0.0%0.0%0.0%
Terms Cash to Seller Cash to Seller Cash to Seller Conventional
Financing Terms 0.0%0.0%0.0%0.0%
Transaction Type Sale Sale Sale Sale
Conditions of Sale 0.0%0.0%0.0%0.0%
Sale/Contract Date Apr-15 Feb-15 Oct-14 Jul-14
Market Conditions 0.0%0.0%0.0%0.0%
Adj. Sale Price $2,150,000 $2,500,000 $2,600,000 $9,000,000
Adj. Price Per Acre $1,085,859 $1,295,337 $573,951 $1,153,846
Adj. Price PSF $24.93 $29.74 $13.18 $26.49
Proximity to Demand Drivers Similar Similar Inferior Similar --
Surrounding Area Character Similar Similar Inferior Similar --
Median HH Income (3-Mile) $47,594 $66,178 $43,412 $57,519 $47,772
Population (3-Mile)42,069 43,538 25,472 37,842 49,024
Location 0.0%-10.0%25.0%0.0%--
Land Size Net (AC)1.98 Ac. 1.93 Ac. 4.53 Ac. 7.80 Ac. 8.84 Ac.
Land Size Net (SF)86,249 SF 84,071 SF 197,327 SF 339,768 SF 385,070 SF
Land Size (Gross AC)0.0%0.0%0.0%0.0%--
Traffic Counts 53,500 ADT (Est.)41,500 ADT (Est.)22,000 ADT (Est.)36,000 ADT (Est.)53,500 ADT (Est.)
Corner YesNoNoNoNo
Traffic Signal YesNoNoNoYes
Access/Visibility 0.0%0.0%15.0%0.0%--
Zoning Commercial. Gateway
Triangle Trial Mixed Use
Overlay (C-4, GTMUD-
MXD)
Commercial (C-1) Planned Unit
Development (PUD)
Commercial (C-4) General Commercial -
Gateway Triangle Mixed
Use Overlay District-
Mixed Use Subdistrict (C-
4-GTMUD-MXD)
Zoning 0.0%0.0%0.0%0.0%--
ShapeTriangular Slightly Irregular Slightly Irregular Rectangular Rectangluar
Topography Generally Level Generally Level Generally Level Generally Level Generally Level
Shape/Composition/Topo. 0.0%0.0%0.0%0.0%--
Utilities All Available All Available All Available All Available All Available
Retention On-Site On-Site On-Site On-Site On-Site
Improvements None None None None None
Utilities/Improvements 0.0%0.0%0.0%0.0%--
Total Physical Adjs. 0.0% -10.0% 40.0% 0.0%
Adj. Price PSF $24.93 $26.76 $18.45 $26.49
Total Gross Adjs. 0.0% -10.0% 40.0% 0.0%
Verification Anthony Fortino Public Records David Stevens Public Records
Phone #239.272.2144 239.261.3400
Sale Date $ SF
Low Indication July-14 $18.45
Average Indication December-14 $24.16
High Indication April-15 $26.76
COMPARABLE LAND SALE SUMMARY
Property IndentificatioSale/Transaction DataPhysical Data
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT SALES COMPARISON APPROACH
25
DISCUSSION OF ADJUSTMENTS
In the section that follows, we have summarized the rationale for adjustments where significant differences
between the subject and the comparables existed.
Property Rights Conveyed: All of the comparables were sold based on the fee simple premise and no
adjustments were made.
Financing Terms: To the best of our knowledge, all of the sales utilized in this analysis were accomplished with
cash or market-oriented financing. Therefore, no adjustment for financial terms is required for the comparables.
Conditions of Sale: Adjustments for conditions of sale usually reflect the motivations of the buyer and the seller.
All comparables were an arm’s length sale. Therefore, no adjustment was required.
Market Conditions: Real estate values normally change over time. The rate of change fluctuates due to
investors’ perceptions of prevailing market conditions. This adjustment category reflects value changes, if any that
have occurred between the date of sale and the effective date of value. All of the sales are relatively recently
transpiring within the last 18 months. The sales themselves do not indicate that values have changed much over
this 18-month period. Therefore, no market conditions adjustment has been applied to the comparable sales.
Location: An adjustment for location is required when the locational characteristics of a comparable property are
measurably different from those of the subject property. Location adjustments for the comparables are based on
our observation, comments from market participants and consideration of the surrounding demographics.
Comparables 1 and 4 are in a similar location than the subject; therefore, no adjustments were required.
Comparable 2 is considered to be in a superior location and was adjusted downward accordingly. Comparable 3 is
considered to be in an inferior location and was adjusted upward accordingly.
Land Size (Gross): Larger properties tend to sell for less on a per unit basis than smaller properties. Conversely,
smaller properties tend to sell for more per square foot than larger properties. We have utilized the largest sales
available in the market area. Furthermore, in the area of the subject property, there are limited large commercial
tracts. Several developers in the area are looking to assemble properties for redevelopment. Therefore, no
adjustments were made to the comparables for size. This is further supported by the sale of the largest
comparable which was acquired by a user in need of a large commercial parcel.
Access/Visibility: Comparables 1, 2 and 4 have similar access and visibility and no adjustments were required.
Comparable 3 has inferior access and visibility and was adjusted upward accordingly.
Zoning: At times, the market is willing to pay for zoning classifications that allow higher density developments.
Moreover, the market will sometimes pay a premium for any approvals to account for an owner/developer's cost,
time and risk to obtain development rights for a site. All of the sale have similar commercial zoning; therefore, no
adjustments for zoning were needed.
Shape/Topography: The comparables are all similar to the subject and are conducive for development;
therefore, no adjustments were required.
Utilities/Improvements: All of the comparables and the subject property have access to all utilities and require
on site retention; therefore, no adjustments were required.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT SALES COMPARISON APPROACH
26
CONCLUSION
After applying appropriate transactional and property adjustments, the sales reflect adjusted unit prices ranging
from $18.45 to $26.76 per square foot, with an average of $24.16 per square foot. We have placed primary weight
on comparables 1 and 4, which did not require any adjustments. The market value opinion of the subject parent
tract is estimated as follows:
Subject Size x $ SF Value
385,070 SF x $25.00 Per SF =$9,626,760
385,070 SF x $26.00 Per SF =$10,011,830
"As Is" Fee Simple Value Indication (Rd)=$10,000,000
CONCLUDED LAND VALUE
The concluded value of $10,000,000 equates to a unit value of $25.97 per square foot.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT AFFECTED IMPROVEMENTS
27
VALUE OF AFFECTED IMPROVEMENTS
The estimated value of the subject parent tract is based upon its estimated land value plus the estimated value of
any improvements affected by the taking. Site improvements located within the taking area for Parcel 101FEE
include landscaping and a concrete sidewalk.
The part taken Parcel 101FEE is an irregular shape approximately 177 feet long and mostly 15 feet wide tapering
to 4.5 feet at the south end for a total of 2,706 square feet of land, which runs along the western property
boundary of the subject parent tract. At the northern end of the taking there is a 27.72 foot section that protrudes
an additional 10.75 feet beyond the 15 foot area for a total width of approximately 25.75. Approximately 5’ x 15’ or
75 square feet of the taking area is improved with a concrete sidewalk and the remaining 2,631 square feet is
improved as a landscape buffer area. The area of the taking is landscaped and is the landscape buffer area of the
site development plan.
Based on our review of Marshall and Swift as presented below, the contributory value of these components is
estimated at $18,900 rounded.
Concrete Sidewalk MVS Sec/Page66/1
Component SF 75 SF
Base Cost $PSF $4.20
Regional Cost Multipliers
Current 1.04
Local 0.96
Final $PSF Cost $4.19
Total Base Building Cost $314
Landscaping MVS Sec/Page66/8
Component SF 2,631 SF
Base Cost $PSF $7.07
Regional Cost Multipliers
Current 1.04
Local 0.96
Final $PSF Cost $7.06
Total Base Building Cost $18,571
Value of Improvements Acquired (Rounded)$18,900
MVS COST SCHEDULE
RECONCILIATION AND CONCLUSION OF VALUE
As previously discussed, we only used the sales comparison approach in developing an opinion of value for the
subject land. The cost approach was utilized to estimate the contributory value of the affected site improvements.
The valuation of the whole property before the taking is the summation of the preceding land value and the value
of the affected improvements as summarized below.
Parcel 101FEE
Land Value of the Whole Property $10,000,000
$18,900
Value Indication (Rd)$10,018,900
VALUE OF THE SUBJECT PROPERTY BEFORE THE TAKING
Value of the Affected Improvements
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT PART TAKEN
28
PART TAKEN – PARCEL 101FEE
DESCRIPTION OF THE PART TAKEN
The part taken Parcel 101FEE is an irregular shape approximately 177 feet long and mostly 15 feet wide tapering
to 4.5 feet at the south end for a total of 2,706 square feet of land, which runs along the western property
boundary of the subject parent tract. At the northern end of the taking there is a 27.72 foot section that protrudes
an additional 10.75 feet beyond the 15 foot area for a total width of approximately 25.75. Approximately 5’ x 15’ or
75 square feet of the taking area is improved with a concrete sidewalk and the remaining 2,631 square feet is
improved as a landscape buffer area. The area of the taking is landscaped and is the landscape buffer area of the
site development plan.
Below is a copy of the taking sketch and description provided by the client and prepared by AIM Engineering &
Surveying, Inc. on February 3, 2012:
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT PART TAKEN
29
VALUATION OF THE PART TAKEN
The value of the proposed taking area can be calculated by using the estimated land value of the property before
the taking and applying the previously concluded unit value for the subject parent tract. The land value for the
whole property was previously estimated at $25.97 per square foot. The land value of the proposed taking area
can be calculated using this unit value ($25.97 x 2,706 SF) resulting in an estimated land value for the taking area
of $70,273 or $70,300 rounded.
IMPROVEMENTS WITHIN THE TAKING
The part taken Parcel 101FEE is an irregular shape approximately 177 feet long and mostly 15 feet wide tapering
to 4.5 feet at the south end for a total of 2,706 square feet of land, which runs along the western property
boundary of the subject parent tract. At the northern end of the taking there is a 27.72 foot section that protrudes
an additional 10.75 feet beyond the 15 foot area for a total width of approximately 25.75. Approximately 5’ x 15’ or
75 square feet of the taking area is improved with a concrete sidewalk and the remaining 2,631 square feet is
improved as a landscape buffer area. The area of the taking is landscaped and is the landscape buffer area of the
site development plan.
Based on our review of Marshall and Swift as presented below, the contributory value of these components is
estimated at $18,900 rounded.
Concrete Sidewalk MVS Sec/Page 66/1
Component SF 75 SF
Base Cost $PSF $4.20
Regional Cost Multipliers
Current 1.04
Local 0.96
Final $PSF Cost $4.19
Total Base Building Cost $314
Landscaping MVS Sec/Page 66/8
Component SF 2,631 SF
Base Cost $PSF $7.07
Regional Cost Multipliers
Current 1.04
Local 0.96
Final $PSF Cost $7.06
Total Base Building Cost $18,571
Value of Improvements Acquired (Rounded)$18,900
MVS COST SCHEDULE
TOTAL VALUE OF PART TAKEN
The total value of the part taken Parcel 101FEE is the summation of the preceding land and improvement values as
illustrated below.
Parcel 101FEE
Value of Land Acquired $70,300
Value of Improvements Acquired $18,900
Value of Part Taken $89,200
TOTAL VALUE OF THE PART TAKEN
REMAINDER VALUE AS PART OF THE WHOLE
Value of the Parent Tract $10,018,900
Part Taken Parcel 102FEE $89,200
Remainder Value as Part of the Whole $9,929,700
REMAINDER VALUE AS PART OF THE WHOLE
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT AFTER THE TAKING
30
SUBJECT PROPERTY – AFTER THE TAKING
DESCRIPTION OF THE PROPERTY AFTER THE TAKING
After the taking the remainder property will be one contiguous rectangular shaped tract. The gross property size is
slightly smaller at 8.78 Acres or 382,364 SF with frontage along Airport Road and Davis Boulevard in Naples,
Florida. The property is zoned General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD) by Collier County. The Home Depot improvements include an 110,860 SF retail
building with a 24,252 SF garden center. Site improvements include 496 parking spaces, landscaping, water
detention areas and driveways. The following sketch depicts the remaining ownership “after the taking”.
Before the taking the primary issues impacting the site were as follows:
The subject was a Home Depot improved with an 110,860 SF retail building with a 24,252 SF garden center with
496 parking spaces with adequate access from Airport Road and Davis Boulevard.
The highest and best use of the site as vacant was for retail use and the highest and best use of the property as
improved was for continued use as a retail building.
After the taking the primary issues impacting the site are unchanged. The property is still suitable for its highest
and best use as vacant and as improved.
Property After
the Taking
Taking Area
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT REMAINDER PROPERTY
31
HIGHEST & BEST USE – REMAINDER PROPERTY
AS VACANT
Legally Permissible
The subject property is zoned General Commercial - Gateway Triangle Mixed Use Overlay District-Mixed Use
Subdistrict (C-4-GTMUD-MXD) and the following uses are allowable: The purpose and intent of the Gateway
Triangle Mixed Use District is to encourage revitalization of the Gateway Triangle portion of the Bayshore Gateway
Triangle Redevelopment Area with human-scale, pedestrian-oriented, interconnected projects that are urban in
nature and include a mix of residential types and commercial uses. Given the prevailing land use patterns in the
area, only retail use is given further consideration in determining the highest and best use of the site, as though
vacant.
Physically Possible
The physical characteristics of the site do not appear to impose any unusual restrictions on development. Overall,
the site is generally level and at road grade. Water and sewer are available to the site. There are no known physical
reasons why the subject site would not support many of the legally permissible developments, subject only to
limitations on site size and dimensions. Overall, the site is considered well-suited for retail development.
Financially Feasible
The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the
legally probable land uses versus the cost to create the uses. As stated within the market analysis, the subject is
well-positioned for retail use and there is demand for retail development in the area. Overall, development of a
retail uses is financially feasible.
Maximally Productive
The final test of highest and best use of the site as though vacant is that the use be maximally productive, yielding
the highest returns to the land. In the case of the subject as though vacant, the analysis has indicated developing
the with a retail use is the best use of the property.
CONCLUSION: HIGHEST AND BEST USE AS VACANT – REMAINDER PROPERTY
The highest and best use of the remainder site as vacant is the same as the whole property before the taking. No
damages result from the proposed acquisition. Based on the foregoing analysis, the highest and best use of the
site is for retail development.
AS IMPROVED – REMAINDER PROPERTY
The subject remainder property of this appraisal is improved with a free standing Home Depot Retail Building. The
existing improvements provide a positive cash flow that is anticipated to continue into the future. Therefore, the
highest and best use of the remainder property as improved is for continued use as a retail building. Use as a retail
building is consistent with the highest and best use of the site as vacant.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT REMAINDER
32
VALUATION – REMAINDER PROPERTY
The remainder property will be one contiguous irregular shaped tract. After the taking the site is slightly smaller at
8.78 Acres or 382,364 SF.
Prior to the taking we estimated land value at $25.97 per square foot. The same unit value is utilized for the
subject property after the taking for the 8.78 Acres or 382,364 SF of land area. Therefore, we will apply this unit
value for the remainder area as follows:
Subject Size x $ SF Value
382,364 SF x $25.97 Per SF =$9,929,727
Total Rounded =$9,929,700
REMAINDER VALUE
DAMAGES TO THE REMAINDER
Severance damages result when the value of the remainder, uncured, is less than the value of the remainder, as
part of the whole. When the value of the remainder, uncured, is greater than the value of the remainder, as part
of the whole, the difference is not a damage, but may be due to a benefit resulting from the taking, or a taking of
negligible impact which is not recognized in the market. The following is an arithmetic calculation of damages for
the subject property.
Value
Value of the Remainder as Part of the Whole $9,929,700
Value of the Remainder, Uncured $9,929,700
Damages $0
DAMAGES CALCULATION
COST TO CURE
Though the uncured remainder will function adequately as a retail building after the taking, the modification of the
landscaped area will require reworking of the irrigation on site. The placement and reworking of the irrigation is
considered a minor cost to cure as it does not mitigate any damages, but restore the utility of the remainder
property to the greatest extent possible. Based on our discussion with landscape architects familiar with the
restoration process, an allowance of $5,000 has been allocated to handle the reworking of the irrigation on site.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT PART TAKEN 101TCE
33
PART TAKEN – PARCEL 101TCE
DESCRIPTION OF THE PART TAKEN
Parcel 101TCE is a 36 month temporary construction easement. The parcel is horseshoe shaped and approximately
32 feet long by 5 feet with 2 feet wide ends that protrude an additional 7 feet on the north and south end, or 261
square feet of land. The easement area wraps around the protruding area of the taking that runs in the
northwestern portion of the subject parent tract. Parcel 101TCE contains a total of 0.01 acres or 261 SF and is
irregular in shape. Site improvements within the taking area include the sidewalk and grassed area, which will be
replaced or restored in similar or better condition by Collier County.
Below is a copy of the taking sketch and description provided by the client and prepared by AIM Engineering &
Surveying, Inc. on February 3, 2012:
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT PART TAKEN 101TCE
34
VALUATION OF THE TEMPORARY CONSTRUCTION EASEMENT
The property will be encumbered by the County's temporary easement for 36 months. The owner's utility of the
area is temporarily relinquished for use to Collier County. Due to the minor size of the temporary easement, the
appraisers believe it is appropriate to evaluate the temporary easement as a short-term lease of the easement area.
Therefore, we must calculate an annual lease payment for the temporary construction easement area. To estimate
the annual lease amount we must first estimate the fee simple value of the underlying temporary construction
easement area and then select an appropriate land lease cap rate to apply.
The fee simple value of the temporary construction easement can be calculated by using the estimated land value
for the whole property before the taking. Applying our previously estimated unit value of $25.97 per square foot, to
the total area of the temporary construction easement of 261 SF, results in an estimated fee simple value for the
land of $6,778 or $6,800 for the temporary construction easement.
The following table illustrates investor survey land lease rates for a variety of property types from RealtyRates.com.
Based on the data presented below, a cap rate ranging from 6.0% to 6.5% would be reasonable for the subject
retail property. Therefore, we have concluded to a cap rate of 6.25%.
The value of the proposed taking area can be calculated by using the estimated fee simple land value of the
property of $6,800 at a cap rate of 6.25%, which indicates an annual land lease payment of $425. The total
compensation for the three year temporary construction easement is concluded at $1,275 or $1,300 rounded.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BLVD PROJECT PART TAKEN 101TCE
35
COMPENSATION CONCLUSION
Compensation Items
Part Taken $89,200
Cost to Cure $5,000
Damages $0
Temporary Construction Easement $1,300
Total Compensation $95,500
COMPENSATION CONCLUSION
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECTASSUMPTIONS & LIMITING CONDITIONS
36
ASSUMPTIONS & LIMITING CONDITIONS
1. Unless otherwise specifically noted in the body of the report, it is assumed that title to the property or properties appraised is clear and
marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value.
We are not aware of any title defects nor has it been advised of any unless such is specifically noted in the report. We, however, have not
examined title and makes no representations relative to the condition thereof. Documents dealing with liens, encumbrances, easements,
deed restrictions, clouds and other conditions that may affect the quality of title have not been reviewed. Insurance against financial loss
resulting in claims that may arise out of defects in the subject property’s title should be sought from a qualified title company that issues or
insures title to real property.
2. Unless otherwise specifically noted in the body of this report, it is assumed: that the existing improvements on the property or properties
being appraised are structurally sound, seismically safe and code conforming; that all building systems (mechanical/electrical, HVAC,
elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; that the roof and exterior are in
good condition and free from intrusion by the elements; that the property or properties have been engineered in such a manner that the
improvements, as currently constituted, conform to all applicable local, state, and federal building codes and ordinances. We are not
engineers and are not competent to judge matters of an engineering nature. We have not retained independent structural, mechanical,
electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of
improvements. Unless otherwise specifically noted in the body of the report: no problems were brought to our attention by ownership or
management; we inspected less than 100% of the entire interior and exterior portions of the improvements; and we were not furnished any
engineering studies by the owners or by the party requesting this appraisal. If questions in these areas are critical to the decision process of
the reader, the advice of competent engineering consultants should be obtained and relied upon. It is specifically assumed that any
knowledgeable and prudent purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the
structural integrity of the property and the integrity of building systems. Structural problems and/or building system problems may not be
visually detectable. If engineering consultants retained should report negative factors of a material nature, or if such are later discovered,
relative to the condition of improvements, such information could have a substantial negative impact on the conclusions reported in this
appraisal. Accordingly, if negative findings are reported by engineering consultants, we reserve the right to amend the appraisal conclusions
reported herein.
3. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property was not
observed by the appraisers. We have no knowledge of the existence of such materials on or in the property. We are not, however, qualified
to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater or
other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is
no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any
expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. We
have inspected, as thoroughly as possible by observation, the land; however, it was impossible to personally inspect conditions beneath the
soil. Therefore, no representation is made as to these matters unless specifically considered in the appraisal.
4. All furnishings, equipment and business operations, except as specifically stated and typically considered as part of real property, have been
disregarded with only real property being considered in the report unless otherwise stated. Any existing or proposed improvements, on or
off-site, as well as any alterations or repairs considered, are assumed to be completed in a workmanlike manner according to standard
practices based upon the information submitted to us. This report may be subject to amendment upon re-inspection of the subject property
subsequent to repairs, modifications, alterations and completed new construction. Any estimate of Market Value is as of the date indicated;
based upon the information, conditions and projected levels of operation.
5. It is assumed that all factual data furnished by the client, property owner, owner’s representative, or persons designated by the client or
owner to supply said data are accurate and correct unless otherwise specifically noted in the appraisal report. Unless otherwise specifically
noted in the appraisal report, we have no reason to believe that any of the data furnished contain any material error. Information and data
referred to in this paragraph include, without being limited to, numerical street addresses, lot and block numbers, Assessor’s Parcel
Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas,
useable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any material
error in any of the above data could have a substantial impact on the conclusions reported. Thus, we reserve the right to amend
conclusions reported if made aware of any such error. Accordingly, the client-addressee should carefully review all assumptions, data,
relevant calculations, and conclusions within 30 days after the date of delivery of this report and should immediately notify us of any
questions or errors.
6. The date of value to which any of the conclusions and opinions expressed in this report apply, is set forth in the Letter of Transmittal.
Further, that the dollar amount of any value opinion herein rendered is based upon the purchasing power of the American Dollar on that
date. This appraisal is based on market conditions existing as of the date of this appraisal. Under the terms of the engagement, we will
have no obligation to revise this report to reflect events or conditions that occur subsequent to the date of the appraisal. However, we will
be available to discuss the necessity for revision resulting from changes in economic or market factors affecting the subject.
7. We assume no private deed restrictions, limiting the use of the subject property in any way.
8. Unless otherwise noted in the body of the report, it is assumed that there are no mineral deposit or subsurface rights of value involved in
this appraisal, whether they be gas, liquid, or solid. Nor are the rights associated with extraction or exploration of such elements considered
unless otherwise stated in this appraisal report. Unless otherwise stated it is also assumed that there are no air or development rights of
value that may be transferred.
9. We are not aware of any contemplated public initiatives, governmental development controls, or rent controls that would significantly affect
the value of the subject.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECTASSUMPTIONS & LIMITING CONDITIONS
37
10. The estimate of Market Value, which may be defined within the body of this report, is subject to change with market fluctuations over time.
Market value is highly related to exposure, time promotion effort, terms, motivation, and conclusions surrounding the offering. The value
estimate(s) consider the productivity and relative attractiveness of the property, both physically and economically, on the open market.
11. Any cash flows included in the analysis are forecasts of estimated future operating characteristics are predicated on the information and
assumptions contained within the report. Any projections of income, expenses and economic conditions utilized in this report are not
predictions of the future. Rather, they are estimates of current market expectations of future income and expenses. The achievement of
the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be
assured. Actual results may vary from the projections considered herein. We do not warrant that these forecasts will occur. Projections
may be affected by circumstances beyond the current realm of knowledge or control of us.
12. Unless specifically set forth in the body of the report, nothing contained herein shall be construed to represent any direct or indirect
recommendation by us to buy, sell, or hold the properties at the value stated. Such decisions involve substantial investment strategy
questions and must be specifically addressed in consultation form.
13. Also, unless otherwise noted in the body of this report, it is assumed that no changes in the present zoning ordinances or regulations
governing use, density, or shape are being considered. The property is appraised assuming that all required licenses, certificates of
occupancy, consents, or other legislative or administrative authority from any local, state, nor national government or private entity or
organization have been or can be obtained or renewed for any use on which the value estimates contained in this report is based, unless
otherwise stated.
14. This study may not be duplicated in whole or in part without the specific written consent of us nor may this report or copies hereof be
transmitted to third parties without said consent, which consent we reserve the right to deny. Exempt from this restriction is duplication for
the internal use of the client-addressee and/or transmission to attorneys, accountants, or advisors of the client-addressee. Also exempt
from this restriction is transmission of the report to any court, governmental authority, or regulatory agency having jurisdiction over the
party/parties for whom this appraisal was prepared, provided that this report and/or its contents shall not be published, in whole or in part,
in any public document without the express written consent of us which consent we reserve the right to deny. Finally, this report shall not
be advertised to the public or otherwise used to induce a third party to purchase the property or to make a “sale” or “offer for sale” of any
“security”, as such terms are defined and used in the Securities Act of 1933, as amended. Any third party, not covered by the exemptions
herein, who may possess this report, is advised that they should rely on their own independently secured advice for any decision in
connection with this property. We shall have no accountability or responsibility to any such third party.
15. Any value estimate provided in the report applies to the entire property, and any pro ration or division of the title into fractional interests will
invalidate the value estimate, unless such pro ration or division of interests has been set forth in the report.
16. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization.
Component values for land and/or buildings are not intended to be used in conjunction with any other property or appraisal and are invalid if
so used.
17. The maps, plats, sketches, graphs, photographs and exhibits included in this report are for illustration purposes only and are to be utilized
only to assist in visualizing matters discussed within this report. Except as specifically stated, data relative to size or area of the subject and
comparable properties has been obtained from sources deemed accurate and reliable. None of the exhibits are to be removed, reproduced,
or used apart from this report.
18. No opinion is intended to be expressed on matters which may require legal expertise or specialized investigation or knowledge beyond that
customarily employed by real estate appraisers. Values and opinions expressed presume that environmental and other governmental
restrictions/conditions by applicable agencies have been met, including but not limited to seismic hazards, flight patterns, decibel
levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, licenses, etc. No survey,
engineering study or architectural analysis has been made known to us unless otherwise stated within the body of this report. If the
Consultant has not been supplied with a termite inspection, survey or occupancy permit, no responsibility or representation is assumed or
made for any costs associated with obtaining same or for any deficiencies discovered before or after they are obtained. No representation
or warranty is made concerning obtaining these items. We assume no responsibility for any costs or consequences arising due to the need,
or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the
actual need for Flood Hazard Insurance.
19. Acceptance and/or use of this report constitutes full acceptance of the Contingent and Limiting Conditions and special assumptions set forth
in this report. It is the responsibility of the Client, or client’s designees, to read in full, comprehend and thus become aware of the
aforementioned contingencies and limiting conditions. We assume no responsibility for any situation arising out of the Client’s failure to
become familiar with and understand the same. The Client is advised to retain experts in areas that fall outside the scope of the real estate
appraisal/consulting profession if so desired.
20. We assume that the subject property analyzed herein will be under prudent and competent management and ownership; neither inefficient
nor super-efficient.
21. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless
noncompliance is stated, defined and considered in the appraisal report.
22. No survey of the boundaries of the property was undertaken. All areas and dimensions furnished are presumed to be correct. It is further
assumed that no encroachments to the realty exist.
23. The Americans with Disabilities Act (ADA) became effective January 26, 1992. Notwithstanding any discussion of possible readily achievable
barrier removal construction items in this report, we have not made a specific compliance survey and analysis of this property to determine
whether it is in conformance with the various detailed requirements of the ADA. It is possible that a compliance survey of the property
together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the
requirements of the ADA. If so, this fact could have a negative effect on the value estimated herein. Since we have no specific information
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECTASSUMPTIONS & LIMITING CONDITIONS
38
relating to this issue, nor are we qualified to make such an assessment, the effect of any possible non-compliance with the requirements of
the ADA was not considered in estimating the value of the subject property.
24. The report is for the sole use of the client; however, client may provide only complete, final copies of the appraisal report in its entirety (but
not component parts) to third parties who shall review such reports in connection with loan underwriting or securitization efforts. Appraiser
is not required to explain or testify as to appraisal results other than to respond to the client for routine and customary questions. Please
note that our consent to allow an appraisal report prepared by us or portions of such report, to become part of or be referenced in any
public offering, the granting of such consent will be at our sole discretion and, if given, will be on condition that we will be provided with an
Indemnification Agreement and/or Non-Reliance letter, in a form and content satisfactory to us, by a party satisfactory to us. We do consent
to your submission of the reports to rating agencies, loan participants or your auditors in its entirety (but not component parts) without the
need to provide us with an Indemnification Agreement and/or Non-Reliance letter.
25. Provision of an Insurable Value by the appraiser does not change the intended use or user of the appraisal. The appraiser assumes no
liability for the Insurable Value estimate provided and does not guarantee that any estimate or opinion will result in the subject property
being fully insured for any possible loss that may be sustained. The appraiser recommends that an insurance professional be consulted. The
Insurable Value estimate may not be a reliable indication of the replacement or reproduction cost for any date other than the effective date
of this appraisal due to changing costs of labor and materials and due to the changing building codes and governmental regulations and
requirements.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ADDENDA
ADDENDA
ADDENDA
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ADDENDUM A
ADDENDA
ADDENDUM A
LAND SALE COMPARABLES
Land Sale No. 1
Property Identification
Record ID 4420
Property Name Bayshore Gateway Triangle Land
Address 1705 & 1807 Tamiami Trail East, Naples, Collier County,
Florida 34112
Tax ID 386880009, 386840007
User 1 3-Mile: 42,069
User 2 Median: $47,594
User 3 Traffic: 33,500 AADT / 53,500 AADT
MSA Naples-Marco Island
Market Type Vacant Commercial Land
Sale Data
Grantor Maria A. Martinez and Fifth Avenue Plaza, LLC (Separate
entities)
Grantee Trigate Enterprises, LLC and DavTami Enterprises, LLC
(Related entities)
Sale Date April 14, 2015 and April 22, 2015
Deed Book/Page 5143-1000, 5142-0567
Property Rights Fee Simple
Conditions of Sale Arms Length
Financing Cash to Seller
Verification Confirmed by Michael Jonas
Sale Price $2,150,000
Cash Equivalent $2,150,000
Land Sale No. 1 (Cont.)
Land Data
Zoning C-4-GTMUD-MXD
Topography Generally Level
Utilities All Available
Shape Triangular
Land Size Information
Gross Land Size 1.980 Acres or 86,249 SF
Front Footage 530 ft Tamiami Trail East;401 ft Davis Boulevard
Indicators
Sale Price/Gross Acre $1,085,859
Sale Price/Gross SF $24.93
Remarks
This property includes two parcels totaling 1.98 acres of vacant commercial land. The property is
located on the corner of Tamiami Trail E and Davis Boulevard in the East Naples area of Collier
County. The property is irregular / triangular in shape and zoned General Commercial - Gateway
Triangle Mixed Use Overlay District - Mixed Use Subdistrict (C-4-GTMUD-MXD) by Collier
County.
Parcel Number. 00386840007 is 70,567 SF and sold in April 2015 for $1,500,000 or $21.26 PSF.
Parcel Number. 00386880009 is 16,117 SF and sold a week later for $650,000 or $40.33 PSF. A
developer purchased both properties and plans on building a multi-story hotel, with a restaurant
and ground floor retail outlets. The developer is looking to acquire additional land to the east of
the two properties to expand his proposed development plan.
Land Sale No. 2
Property Identification
Record ID 3200
Property Name Future Walgreens
Address 2511 Pine Ridge Rd., Naples, Collier County, Florida 34109
Tax ID 21961000254
User 1 43,538
User 2 $66,178
User 3 41,500
MSA Naples-Marco Island
Market Type Commercial Land
Sale Data
Grantor Greater Naples Young Mens Christian Assoc., Inc
Grantee 2014 Naples Associates, LLC
Sale Date February 09, 2015
Deed Book/Page 5119-2201
Property Rights Fee Simple
Marketing Time 6 months
Conditions of Sale Arms Length
Financing Cash to Seller
Land Sale No. 2 (Cont.)
Verification Public records; Confirmed by Michael Jonas
Sale Price $2,500,000
Cash Equivalent $2,500,000
Land Data
Zoning C-1
Topography Level
Utilities All available
Shape Irregular
Land Size Information
Gross Land Size 1.930 Acres or 84,071 SF
Useable Land Size 1.930 Acres or 84,071 SF , 100.00%
Front Footage 245 ft Total Frontage: 245 ft Pine Ridge Rd.
Indicators
Sale Price/Gross Acre $1,295,337
Sale Price/Gross SF $29.74
Sale Price/Useable Acre $1,295,337
Sale Price/Useable SF $29.74
Sale Price/Front Foot $10,204
Remarks
This is the sale of a 1.93 acre (84,071 SF) vacant parcel located along the north side of Pine
Ridge Road, just east of Airport Road and adjacent to the YMCA and Sports Authority. The
property was on the market for 6 months and is zoned Commercial (C-1). The buyer, Ferber Co.,
a Ponte Verde Beach developer, purchased the site for development of a single-tenant 14,550 SF
Walgreens store. The sales price was verified at $2.5 million or $29.74 PSF.
Land Sale No. 3
Property Identification
Record ID 3220
Property Name 6865 Collier Blvd.
Address 6865 Collier Blvd., Naples, Collier County, Florida 34114
Tax ID 25910000502
User 1 25,472
User 2 $43,412
User 3 22,000
MSA Naples-Marco Island
Market Type Land
Sale Data
Grantor Beaumaris, LLC
Grantee Esprop, LLC
Sale Date October 17, 2014
Deed Book/Page 5086-1736
Property Rights Fee Simple
Marketing Time 77 months
Conditions of Sale Arms Length
Land Sale No. 3 (Cont.)
Financing Cash to Seller
Verification David Stevens; 239-261-3400 ext 160, May 14, 2015;
Confirmed by Michael Jonas
Sale Price $2,600,000
Cash Equivalent $2,600,000
Land Data
Zoning PUD
Topography Level
Land Size Information
Gross Land Size 4.530 Acres or 197,327 SF
4.530 Acres or 197,327 SF , 100.00%
Front Footage 385 ft Triangle Blvd;600 ft Collier Blvd
Indicators
Sale Price/Gross Acre $573,951
Sale Price/Gross SF $13.18
Sale Price/ Acre $573,951
Sale Price/ SF $13.18
Remarks
This property is located near a major intersection in a fast growing segment of Collier County.
The property has high traffic counts on Collier Boulevard near Tamiami Trail East., in close
proximity to a Carabba's, Super Walmart, Publix, Lowe's, and a new Fresh Market.
Land Sale No. 4
Property Identification
Record ID 3329
Property Type Land, Commercial
Property Name Commercial North Naples Land
Address 14610 Tamiami Trail N, Naples, Collier County, Florida 34110
Tax ID 00142440007
User 1 37,842
User 2 $57,519
User 3 36,000 ADT
MSA Naples-Marco Island
Sale Data
Grantor 14500 Tamiami Trail North, LLC
Grantee Naples North, LLC
Sale Date July 15, 2014
Deed Book/Page 5058/1400
Property Rights Fee Simple
Conditions of Sale Arm's Length
Financing Conventional
Verification Other sources: Public Records;, Confirmed by Byron Torres
Sale Price $9,000,000
Land Sale No. 4 (Cont.)
Cash Equivalent $9,000,000
Land Data
Zoning Commercial (C-4)
Topography Generally Level at Grade
Utilities All Avaialble
Dimensions 675 x 440
Shape Rectangular
Depth 440
Land Size Information
Gross Land Size 7.800 Acres or 339,768 SF
Front Footage 675 ft Total Frontage: 675 ft Tamiami Trl N
Indicators
Sale Price/Gross Acre $1,153,846
Sale Price/Gross SF $26.49
Sale Price/Front Foot $13,333
Remarks
This is the sale of a 7.8 acre (339,768 SF) parcel located along the east side of Tamiami Trl N,
just north of its intersection of Old 41 in the North Naples area of Collier County. The property is
zoned Commercial (C-4) allowing various office and retail uses. The sales price was verified at
$9.0 million or $26.49 PSF. The buyer is affiliated with Automotive Management Serves, Inc.
which owns and operates car dealerships of various brands.
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ADDENDUM B
ADDENDA
ADDENDUM B
SUBJECT PROPERTY INFORMATION
$ 6,000,000
$ 2,703,000
$ 0
$ 2,252,923
$ 4,070,684
$ 6,323,607
$ 6,323,607
$ 6,323,607
$ 6,323,607
Collier County Property AppraiserProperty Summary
Parcel No.00390680004 Site Adr.1663 AIRPORT RD S
Name / Address HOME DEPOT USA INC
PROPERTY TAX DEPT #6348
PO BOX 105842
City ATLANTA State GA Zip 30348-5842
Map No. Strap No. Section Township Range Acres *Estimated
5A12 000100 026 5A12 12 50 25 8.84
Legal 12 50 25 COMM NW1/4 CNR SEC 12 S 275FT, E 70FT TO POB, S ALG ELY RW LI SR 858 FOR 426FT, E 181.92FT,S 20FT,ELY 153FT,S 198.93FT, E 65FT, NLY 150FT, E 199.99FT,NLY TO S RW LI DAVIS BLVD,W 400FT, S 200FT, W 200FT TO POB AND E 65FT OF LOT 1 BLOCK J THE GLADES UNIT TWO
Millage Area 134 Millage Rates *Calculations
Sub./Condo 100 - ACREAGE HEADER School Other Total
Use Code 11 - STORES, ONE STORY 5.48 6.1927 11.6727
Latest Sales History
(Not all Sales are listed due to Confidentiality)
Date Book-Page Amount
03/31/00 2657-3361
02/14/90 1505-1208
11/01/80 893-519
2015 Certified Tax Roll
(Subject to Change)
Land Value
(+) Improved Value
(=) Market Value
(=) Assessed Value
(=) School Taxable Value
(=) Taxable Value
If all Values shown above equal 0 this parcel was created after the Final Tax Roll
Page 1 of 1
11/3/2015http://www.collierappraiser.com/main_search/Recorddetail.html?Map=No&FolioNum=00390680004
PARCEL 101FEE AND 101TCE AIRPORT ROAD AND DAVIS BOULEVARD PROJECT ADDENDUM C
ADDENDA
ADDENDUM C
DEMOGRAPHIC SUMMARIES
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ADDENDA
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QUALIFICATIONS
Capstone Valuation Advisors, LLC ǁ Orlando ǀ Tampa ǀ Jacksonville ǀ Ft. Lauderdale ǀ Tallahassee ǀ Naples
Naples Office ǁ 2575 Northbrooke Plaza Drive, Suite 201 ǀ Naples, FL 34119
Michael P. Jonas, MAI, AI‐GRS, CCIM
Managing Director | Southwest Florida michael.jonas@cap‐val.com
Professional Experience
Fifteen years of real estate appraisal and consulting experience throughout Florida including the Florida Keys.
1999 – 2000 Associate Clayton, Roper & Marshall Orlando, FL
2000 – 2001 Associate Chapman & Associates Sarasota, FL
2001 – 2008 Real Estate Operations Manager Coast Engineering Consultants, Inc Naples, FL
2008 – 2009 VP – Senior Review Appraiser Orion Bank. Naples, FL
2009 – 2011 VP – Real Estate Appraisal Manager Iberia Bank Naples, FL
2011 – 2014 Director Integra Realty Resources – Southwest FL Naples, FL
2014 – Present Managing Director Capstone Valuation Advisors, LLC Naples, FL
Clients include financial institutions, insurance companies, law firms, governmental entities, private property owners, investors and
Fortune 500 companies. Mr. Jonas specializes in multiple types of income producing real estate such as hotels, marinas, shopping
centers, residential and mixed‐use subdivisions, regional malls, freestanding and strip retail, suburban and CBD office buildings,
industrial and manufacturing facilities, apartment complexes, condominium projects, manufactured housing communities, gas
stations, self‐storage facilities and eminent domain cases among others.
Professional Activities & Affiliations
Appraisal Institute, Member (MAI / AI‐GRS) No. 12480
Certified Commercial Investment Member, CCIM No. 18275)
President: Florida Gulf Coast Chapter – Appraisal Institute
State & Regulatory Licensure
Florida State‐Certified General Real Estate Appraiser License No. RZ2623
Florida State Licensed Real Estate Broker License No. BK700992
Education
Mr. Jonas is a graduate of the University of Central Florida, in Orlando, Florida where he received a Bachelor of Science in Business
Administration (Major: Finance / Minor: Real Estate). Mr. Jonas has successfully completed numerous real estate related courses
and seminars sponsored by the Appraisal Institute, accredited universities, and others.
Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets: March 2012
Review Theory General: August 2014
USPAP & Florida Law: April 2014
Qualified Before Courts & Administrative Bodies
Monroe County Florida
Collier County Florida