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Agenda 07/12/2016 Item #16A 2 7/12/2016 16.A.2. EXECUTIVE SUMMARY Recommendation to approve an easement agreement for the purchase of a road right-of-way, drainage, and utility easement (Parcel 391RDUE) required for the expansion of Golden Gate Boulevard from 20th Street East to east of Everglades Boulevard (Project 60145). Estimated Fiscal Impact: $302,527. OBJECTIVE: To purchase an easement needed for the four-laning of Golden Gate Boulevard from 20th Street East to east of Everglades Boulevard(the Project). CONSIDERATIONS: Collier County is seeking to purchase Parcel 391RDUE, a perpetual, non-exclusive road right-of-way, drainage, and utility easement needed for construction of the Project. This easement is approximately 54,401 square feet(1.25 acres) in extent and located in the Neighborhood Center Subdistrict at the northeast corner of Golden Gate Blvd and Everglades Blvd. It is situated along both road frontages of Big Bear Plaza CPUD, a commercially zoned parent tract owned by Norman L. and Joanne Taylor and Richard A. and Carolyn A. Faust. The appraisal prepared by Cardo Appraisal Group, LLC., on February 5, 2016, estimates the value of Parcel 391RDUE at $189,000. The attached easement agreement for $295,000 plus the construction of a paved driveway entrance and culvert on Golden Gate Blvd as part of construction of the Project is the culmination of amicable negotiations with the owner. If Parcel 391RDUE is not acquired by negotiation, it will have to be condemned and the County will be liable for inflated costs of owner's attorney, appraisal, and other expert fees as well as inflated commercial severance damages. Such costs could far exceed the difference between the appraised value and the negotiated settlement price. FISCAL IMPACT: Funds in the amount of$295,027, being the aggregate purchase price of$295,000 and recording fees of$27, will be required. Additionally, the paved driveway entrance and culvert to be built as part of the overall construction project will cost approximately $7,500. The primary funding source for the acquisition of right-of-way is impact fees. Should impact fees not be sufficient within a particular project,the secondary funding source will be gas taxes. Incremental maintenance costs for Golden Gate Boulevard from 20th Street East to east of Everglades Boulevard are estimated at $3,000 per year for mowing and garbage removal. The cost to maintain stormwater management infrastructure will be approximately $5,000 on a three to five year basis. New roadway construction has a maintenance curve of approximately five to seven years before any incremental costs are required for repairs. LEGAL CONSIDERATIONS: This item has been approved as to form and legality, and requires a majority vote for Board approval. -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 attached easement agreement and authorize the Chairman to execute same on behalf of the Board; 2. To accept the conveyance of Parcel No. 391RDUE and authorize the County Manager, or his designee,to record the conveyance instrument in the public records of Collier County, Florida; 3. To authorize the payment of all costs and expenses that Collier County is required to pay under the terms of the easement agreement to close the transaction; 4. To authorize the County Manager or his designee to take the necessary measures to ensure the County's performance in accordance with the terms and conditions of the easement agreement; and Packet Page-144- 7/12/2016 16.A.2. 5. To authorize any, and all, budget amendments that may be required to carry out the collective will of the Board. Prepared By: Karen Dancsec, Property Acquisition Specialist, ROW, Transportation Engineering Division, Growth Management Department Attachments: 1)Easement Agreement with Exhibit A 2)Location Map 3)Appraisal Report dated February 5, 2016, due to its size accessible at: http://apps3.co1liergov.net/agenda/ftp/20l 6BCCMeetinas/AgendaJuly 1216/GrowthMgmt/391 RDUE Report .pdf Packet Page-145- 7/12/2016 16.A.2. COLLIER COUNTY Board of County Commissioners Item Number: 16.16.A.16.A.2. Item Summary: Recommendation to approve an easement agreement for the purchase of a road right-of-way, drainage, and utility easement (Parcel 391RDUE) required for the expansion of Golden Gate Boulevard from 20th Street East to east of Everglades Boulevard (Project 60145). Estimated Fiscal Impact: $302,527. Meeting Date: 7/12/2016 Prepared By Name: DancsecKaren Title: Property Acquisition Specialist,Transportation Engineering&Construction Management 6/2/2016 1:52:07 PM Submitted by Title: Property Acquisition Specialist,Transportation Engineering&Construction Management Name: DancsecKaren 6/2/2016 1:52:08 PM Approved By Name: PutaansuuGary Title: Project Manager,Principal,Transportation Road Maintenance Date: 6/7/2016 5:29:41 PM Name: AhmadJay Title: Division Director-Transportation Eng, Transportation Engineering&Construction Management Date: 6/9/2016 12:04:10 PM Name: TaylorLisa Title: Management/Budget Analyst, Senior, Capital Construction&Maintenance Budget/Fiscal Date: 6/10/2016 2:07:57 PM Name: GossardTravis Title:Division Director-Road Maintenance,Road Maintenance Date: 6/13/2016 4:00:39 PM Packet Page-146- 7/12/2016 16.A.2. Name: HendricksKevin Title: Manager-Right of Way, Transportation Engineering&Construction Management Date: 6/13/2016 4:12:41 PM Name: ShueGene Title:Division Director-Operations Support, Growth Management Department Date: 6/13/2016 5:51:23 PM Name: KearnsAllison Title: Manager-Financial&Operational Sprt, Capital Construction&Maintenance Budget/Fiscal Date: 6/14/2016 1:28:05 PM Name: MarcellaJeanne Title: Executive Secretary, Transportation Administration Date: 6/17/2016 11:26:05 AM Name: PepinEmily Title:Assistant County Attorney, CAO Litigation Date: 6/17/2016 2:07:53 PM Name: UsherSusan Title: Management/Budget Analyst, Senior, Office of Management&Budget Date: 6/20/2016 9:15:29 AM Name: KlatzkowJeff Title: County Attorney, Date: 6/21/2016 4:44:11 PM Name: CasalanguidaNick Title:Deputy County Manager, County Managers Office Date: 7/1/2016 1:17:21 PM Packet Page -147- 7/12/2016 16.A.2. PROJECT: 60145 — Golden Gate Blvd East PARCEL No(s): 391RDUE FOLIO No(s): 40680040000 EASEMENT AGREEMENT THIS EASEMENT AGREEMENT (hereinafter referred to as the "Agreement") is made and entered into on this day of , 2016, by and between NORMAN L. and JOANNE TAYLOR, husband and wife, and RICHARD A. and CAROLYN A. FAUST, husband and wife, whose mailing address is 4651 West Blvd, Naples, Florida 34103-3056 (hereinafter referred to as "Owner"), and COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing address is 3299 Tamiami Trail East, do the Office of the County Attorney, Suite 800, Naples, Florida 34112 (hereinafter referred to as "County"). WHEREAS, County requires a perpetual, non-exclusive road right-of-way, drainage, and utility easementover, under, upon and across the lands described in Exhibit "A", which is attached hereto and made a part of this Agreement (hereinafter referred to as the "Easement"); and WHEREAS, Owner desires to convey the Easement to County for the stated purposes, on the terms and conditions set forth herein; and WHEREAS, County has agreed to compensate Owner for conveyance of the Easement. NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby mutually acknowledged, it is agreed by and between the parties as follows: 1. RECITALS - All of the above recitals are true and correct and are hereby expressly incorporated herein by reference as if set forth fully below, and all Exhibits referenced herein are made a part of this Agreement. 2. PURCHASE PRICE - Owner shall convey the Easement to County for the sum of: $295,000.00 subject to the apportionment and distribution of proceeds pursuant to Paragraph 9 of this Agreement (said transaction hereinafter referred to as the "Closing"). Said payment to Owner, payable by County Warrant or funds wire transfer, shall be full compensation for the Easement conveyed, including (if applicable) all landscaping, trees, shrubs, improvements, and fixtures located thereon, and shall be in full and final settlement of any damages resulting to Owner's remaining lands, costs to cure, including but not limited to the cost to relocate the existing irrigation system and other improvements (if any), and the cost to cut and cap irrigation lines (if any) extending into the Easement, and to remove all sprinkler valves and related electrical wiring (if any), and all other damages in connection with conveyance of said Easement to County, including all attorneys' fees, expert witness fees and costs as provided for in Chapter 73, Florida Statutes. Packet Page -148- 7/12/2016 16.A.2. Page 2 3. OTHER CONSIDERATIONS — County will install one paved driveway entrance and culvert, on Golden Gate Boulevard sufficient for commercial access in accordance with the Collier County Land Development Code at time of the roadway construction. The location of said driveway culvert will be as determined on the Big Bear Plaza CPUD Master Plan — Exhibit A, attached hereto as Exhibit "B". 4. CLOSING DOCUMENTS AND CLEAR TITLE - Owner shall obtain from the holders of any liens, exceptions and/or qualifications encumbering the Easement, the execution of such instruments which will remove, release or subordinate such encumbrances from the Easement upon their recording in the public records of Collier County, Florida. Prior to Closing and as soon after the execution of this Agreement as is possible, Owner shall provide County with a copy of any existing title insurance policy and the following documents and instruments properly executed, witnessed, and notarized where required, in a form acceptable to County (hereinafter referred to as "Closing Documents"): (a) Easement; (b) Instruments required to remove, release or subordinate any and all liens, exceptions and/or qualifications affecting County's enjoyment of the Easement; (c) Closing Statement; (d) Grantor's Non-Foreign, Taxpayer Identification and "Gap" Affidavit; (e) W-9 Form; and (f) Such evidence of authority and capacity of Owner and its representatives to execute and deliver this agreement and all other documents required to consummate this transaction, as reasonably determined by County, County's counsel and/or title company. 5. 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." 6. IRRIGATION SYSTEM AND MISCELLANEOUS IMPROVEMENTS - Owner agrees to relocate any existing irrigation system located on the Easement including irrigation lines, electrical wiring and sprinkler valves, etc. (if any), prior to the construction of the project without any further notification from County. Owner assumes full responsibility for the relocation of the irrigation system (if any) on the remainder property and its performance after relocation. Owner holds County harmless for any and all possible damage to the irrigation system in the event owner fails to relocate the irrigation system prior to construction of the project. Packet Page-149- 7/12/2016 16.A.2. Page 3 If Owner elects to retain improvements and/or landscaping ("Improvements") located on the Easement (if any), Owner is responsible for their retrieval prior to the construction of the project without any further notification from County. Owner acknowledges that County has compensated Owner for the value of all improvements located within the Easement area, and yet County is willing to permit Owner to salvage said improvements as long as their retrieval is performed before construction and without interruption or inconvenience to the County's contractor. All improvements not removed from the Easement prior to commencement of construction of the project shall be deemed abandoned by Owner. This provision shall survive Closing and is not deemed satisfied by conveyance of title. 7. 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. 8. REPRESENTATIONS AND WARRANTIES - Owner agrees, represents and warrants the following: (a) Owner has full right, power and authority to own and operate the property underlying the Easement, to enter into and to execute this Agreement, to execute, deliver and perform its obligations under this Agreement and the instruments executed in connection herewith, to undertake all actions and to perform all tasks required of Owner hereunder and to consummate the transaction contemplated hereby. (b) County's acceptance of the Easement shall not be deemed to be full performance and discharge of every agreement and obligation on the part of Owner to be performed pursuant to the provisions of this Agreement. (c) No party or person other than County has any right or option to acquire the Easement or any portion thereof. (d) Until the date fixed for Closing, so long as this Agreement remains in force and effect, Owner shall not encumber or convey any portion of the property underlying the Easement or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Easement, without first obtaining the written consent of County to such conveyance, encumbrance, or agreement, which consent may be withheld by County for any reason whatsoever. (e) There are no maintenance, construction, advertising, management, leasing, employment, service or other contracts affecting the Easement. (f) Owner has no knowledge that there are any suits, actions or arbitration, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affect the Easement or which adversely affect Owner's ability to perform hereunder; nor is there any other charge or expense upon or related to the Easement which has not been disclosed to County in writing prior to the effective date of this Agreement. Packet Page-150- CAO 7/12/2016 16.A.2. Page 4 (g) County is entering into this Agreement based upon Owner's representations stated in this Agreement and on the understanding that Owner will not cause the physical condition of the property underlying the Easement to change from its existing state on the effective date of this Agreement up to and including the date of Closing. Therefore, Owner agrees not to enter into any contracts or agreements pertaining to or affecting the property underlying the Easement and not to do any act or omit to perform any act which would adversely affect the physical condition of the property underlying the Easement or its intended use by County. (h) The property underlying the Easement, and all uses of the said property, have been and presently are in compliance with all Federal, State and Local environmental laws; that no hazardous substances have been generated, stored, treated or transferred on the property underlying the Easement except as specifically disclosed to the County; that the Owner has no knowledge of any spill or environmental law violation on the property contiguous to or in the vicinity of the Easement to be sold to the County, that the Owner has not received notice and otherwise has no knowledge of: a) any spill on the property underlying the Easement; b) any existing or threatened environmental lien against the property underlying the Easement; or c) any lawsuit, proceeding or investigation regarding the generation, storage, treatment, spill or transfer of hazardous substances on the property underlying the Easement. This provision shall survive Closing and is not deemed satisfied by conveyance of title. 9. INDEMNIFICATION - Owner shall indemnify, defend, save and hold harmless the County against and from, and reimburse the County with respect to, any and all damages, claims, liabilities, laws, costs and expenses (including without limitation reasonable paralegal and attorney fees and expenses whether in court, out of court, in bankruptcy or administrative proceedings or on appeal), penalties or fines incurred by or asserted against the County by reason or arising out of the breach of any of Owner's representations under paragraph 7(h). This provision shall survive Closing and is not deemed satisfied by conveyance of title. 10. CURATIVE INSTRUMENTS, PROCESSING FEES, TAXES - County shall pay all fees to record any curative instruments required to clear title, and all Easement instrument recording fees. In addition, County may elect to pay reasonable processing fees required by lien-holders and/or easement-holders in connection with the execution and delivery of a Release or Subordination of any mortgage, lien or other encumbrance recorded against the property underlying the Easement; provided, however, that any apportionment and distribution of the full compensation amount in Paragraph 2 which may be required by any mortgagee, lien-holder or other encumbrance-holder for the protection of its security interest, or as consideration due to any diminution in the value of its property right, shall be the responsibility of the Owner, and shall be deducted on the Closing Statement from the compensation payable to the Owner per Paragraph 2. County shall have sole discretion as to what constitutes "reasonable processing fees." In accordance with the provisions of Section 201.01, Florida Statutes, concerning payment of documentary stamp taxes by County, Owner shall further pay all documentary stamp taxes required on the instrument(s) of transfer, unless the Easement is acquired under threat of condemnation. Packet Page -151- 7/12/2016 16.A.2. Page 5 11. PRIOR YEAR AD VALOREM TAXES - There shall be deducted from the proceeds of sale all prior year ad valorem taxes and assessments levied against the parent tract property which remain unpaid as of the date of Closing. 12. 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. 13. PUBLIC DISCLOSURE - If the Owner holds the property underlying the Easement in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Owner shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, subject to the penalties prescribed for perjury, of the name and address of every person having a beneficial interest in the property underlying the Easement before the Easement held in such capacity is conveyed to County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 14. ENTIRE AGREEMENT - Conveyance of the Easement, or any interest in the property underlying the Easement, by Owner is contingent upon no other provisions, conditions, or premises other than those so stated herein; and this written Agreement, including all exhibits attached hereto, shall constitute the entire Agreement and understanding of the parties, and there are no other prior or contemporaneous written or oral agreements, undertakings, promises, warranties, or covenants not contained herein. No modification, amendment or cancellation of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Owner and County. 15. BREACH AND TERMINATION - If either party fails to perform any of the covenants, promises or obligations contained in this Agreement, such party will have breached this Agreement and the other party may provide written notice of said breach to the party in breach, whereupon the party in breach shall have 15 days from the date of said notice to remedy said breach. If the party in breach shall have failed to remedy said breach, the other party may, at its option, terminate this Agreement by giving written notice of termination to the party in breach and shall have the right to seek and enforce all rights and remedies available at law or in equity, including the right to seek specific performance of this Agreement. 16. 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. 17. VENUE - This Agreement is governed and construed in accordance with the laws of the State of Florida. Packet Page -152- 7/12/2016 16.A.2. Page 6 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, Chairperson AS TO OWNER: DATED: Witness (Signature) Norman L. Taylor ! t `"ti �%TrO Name(Print or Type) Witness (Signature) Name (Print or Type) Witness (Signature) Janne Taylor Y+. Name (Print or Type)' Witness (Signature) / F Name (Print or Type) Packet Page-153- CAO 7/12/2016 16.A.2. Page 7 DATED: Witness (Signature) Richard A. Faust Name (Print or Type) /: Witness (Signature) Name (Print or Type) J,47-4-64' Witness (Signature) Carolyn A. Faust Name(Print or Type) / .4! Witness (Signature) Name (Print or Type) Approved as to form and legality: ' 1:1) Assistant 6unty Attorney Last Revised:06/23/15 Packet Page -154- 7/12/2016 16.A.2. . , - - -------- ,, i. . . .' /1 i . . , . , . . ... , HIBIT___L2-[ . EX , , Page_t_of--4-- , '•• . , . • - - — . , . . . . I ... 1 • . '. . -. . E I ,.., . . . TRACT 1 77L; GOLDEN GATE ESTATES UNIT 77 I , 7 PLAT BOOK 5 PAGE 15 I LEV;ifi .' .1,.,_0, • • ; • ' : No)ir : 66 ; 2F, P19-3 1' 17:",A,1 ' 20920' .2.. • 1 TRACT 2 i L 5.6:57 i664E: Cr , • ; 1-11, i 560'26'7:-E' i. 55;-.),20' I wEST 50• Cf/ , - . , .. , , , ';'...:— 1-71 N6.9.3111,',1"E 1 11899C151 1 h 1 SOL726-2.1"11 25.00' . 1 .., 1 PROPOSED ROADWAY CASEMENT .; PARCEL 391 PL.TUE . , . . ,. . . . „A ‘....ii ,-,-,, ) , :, ---K!'""*"......--- , . . , - . . .. 1.T. GOLDEN (TAT( 0OULEVARD (Cl 576) 1,E301;;64/PtC.62; r.7,A24,A'', DP,A1N'...„.i. ,N',-„, .. . „ . ! . E K:.':.:t.;(.; ;;6‘..e,r6O)/v6/•': EA0i',.6;-NI; ,-67.6,,04):TEO LEGAL DESCRiPTION FOR PARCEL 391 ROLLE A POP:P01-4 9' 1111.A1:,1: 1. 6.01.19ELL GCE c:FT ALI', Ord.; /7 /4;:, 1111.9.20RDEC.1 'hi PLAT BCOP, 5, PACE 1:. CLI: THE PN6i616, n6_06);),64 6-.;) 1101;9E6 06,9.1NT-,', h'2.911112i, L.-0W.; 9,6,9,16:,;6. ;', 1,96,6'6,6666F 49 9,0;„TH, P-6.6.64;, :1.6 66:67, 901 H19H! 2(91',T91, 61,21-1-0A, E19171h1C 1,10PE ;6,6;6::01.61.1.66,,I ,-.6-17C.PC...: ;60 FOL.1.0v,S. 9,,,DKIL•1-.1,;(..9NL:', A: 1--',E. 06),1161.-.60-7 ‘6,DTZNI,R OF 1',A1,9 1‘.1.-.‘4" '. OF :916 12911-H 69 11"El DE .S4,1"") 7:11,41,211 1 AND THE POINT OF BEGINNING Cr THE HEREIN or';-.,P.: ., ,A,, ,r••• -.0...L.; ).,:AtO N1266,1i6 1 6.;...'. 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N'• {' fly' Y', .Y �„ .4z t ° t : k 3R' b Packet Page -157- Attached : Are the hyperlink documents from the Executive Summary 301 Yamato Road, Suite 1240 Boca Raton, FL 33431 Office: (561) 573-0285 E-Mail: fcardo@cardoappraisal.com Cardo Appraisal Group LLC APPRAISERS CONSULTANTS APPRAISAL OF Parcel Number: 391 Roadway, Drainage & Utility Easement (RDUE) Project Name: Golden Gate Blvd, (CR 876) Proposed Rd. Easement Parent Taxpayer of Record: Richard A & Carolyn A Faust Part Taken Size: 54,401 Square Feet - Land Parent Location: NEC corner of Golden Gate Blvd. E. & Everglades Blvd. For Collier County Transportation Right-Of-Way Office By Frank J. Cardo, MAI State-Certified General Real Estate Appraiser RZ1190 Date of Value: February 2, 2016 Date of Report: February 5, 2016 FILE NUMBER: 2016001.382 Cardo Appraisal Group LLC APPRAISERS CONSULTANTS Frank J. Cardo, MAI, President STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ1190 Over 25 years quality experience in Florida 301 Yamato Road, Suite 1240 Boca Raton, FL 33431 Office: (561) 573-0285 E-Mail: fcardo@cardoappraisal.com February 5, 2016 Harry Henderson, SRA Review Appraiser Transportation Right-of-Way Office Collier County 2885 South Horseshoe Drive Naples, FL 34104 Proposed Acquisition: Parcel 391 (RDUE) Project Name: (GGB) and (EB) Roadway Widening Project Parent Tract Location: NEC corner of Golden Gate Blvd. E. & Everglades Blvd. Taxpayer of Record: Richard A & Carolyn A Faust At your request, we have personally appraised the property referenced above. This parcel is being acquired as part of Collier County making intersection improvements at Golden Gate Boulevard (GGB) and Everglades Boulevard (EB). This is known as the (GGB) and (EB) Roadway Widening Project. The purpose of the appraisal is to estimate compensation due for the taking of the parcel, and damages to the remainder, if any, for the property to be acquired, as of January 15, 2016. The intended use of this appraisal is to aid Collier County in negotiating just compensation for the proposed acquisition. The parent tract is located at the northeast corner of Golden Gate Blvd. E. & Everglades Boulevard in the unincorporated area of Collier County, Naples, Florida. The Parent Tract is known as Big Bear Plaza. In front of the parent tract are existing roadway easements. This area also appears to function as drainage area for the road. The proposed easement is for modifying, improving and expanding the existing roadway for the intersection improvements. The proposed new Roadway, Drainage and Utility Easement (RDUE) are at the front (s) of the parent tract and will be used in perpetuity. CARDO APPRAISAL GROUP LLC Harry Henderson, SRA Review Appraiser Transportation Right-of-Way Office Collier County February 5, 2016 Page 2 Based on an examination of all relevant factors, as well as a general knowledge of real estate valuation procedures, we have formed an opinion that on February 2, 2016, total compensation due for the taking of Parcel (s), plus damages, if any, to the remainder is as follows: As of the date of value, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed improvements have been completed. The following appraisal report contains our analysis of the data along with other materials on which the estimates of value were predicated. This letter must remain attached to the report, which contains 54 pages plus related exhibits, in order for the value opinion set forth to be considered valid. Your attention is directed to the Assumptions and Limiting Conditions contained within this report. This appraisal has been prepared for use by the Collier County Board of Commissioners and is property of the Collier County Board of Commissioners. Reliance upon this appraisal for other uses is not warranted. Respectfully submitted, CARDO APPRAISAL GROUP, LLC Frank J. Cardo, MAI State-Certified General Real Estate Appraiser RZ1190 Summary of Compensation 189,000$ -$ -$ -$ 189,000$ Total Compensation Value of Part Taken - Parcel 391 RDUE (Land): Value of Part Taken - Parcel 391 RDUE (Improvements): Cost to Cure: Damages: CARDO APPRAISAL GROUP LLC Table of Contents Summary Of Important Facts And Conclusions .............................................................. 1 Collier County Certification Of Value ............................................................................... 3 General Assumptions And Limiting Conditions ............................................................... 4 Subject Photographs ....................................................................................................... 9 Area / Location Maps .................................................................................................... 12 Parent Tract – Aerial Maps ............................................................................................ 14 Purpose And Date Of Report ........................................................................................ 15 Property Appraised........................................................................................................ 15 Property Inspection ............................................................................................. 15 Parent Tract ........................................................................................................ 15 Part Taken .......................................................................................................... 15 Remainder .......................................................................................................... 15 Client ............................................................................................................................. 16 Intended Use And User ................................................................................................. 16 Scope Of Assignment .................................................................................................... 16 Property Rights Appraised ............................................................................................ 17 Definition Of Just Compensation ................................................................................... 17 Definition Of Market Value ............................................................................................ 17 Neighborhood Description ............................................................................................. 18 Parent Tract - Property Data ......................................................................................... 22 Taxpayer Of Record, Parcel Folio Number (S), Real Estate Assessment And Taxes ... 22 Zoning Map......................................................................................................... 23 Zoning And Future Land Use Discussion ...................................................................... 25 Site Analysis ....................................................................................................... 27 Highest And Best Use ................................................................................................... 29 Sales Comparison Approach ......................................................................................... 32 Valuation Of The Part Taken ............................................................................................ 48 Remainder ..................................................................................................................... 51 Summary of Compensation ........................................................................................... 53 Qualifications for Frank J. Cardo, MAI (St. Cert. Gen. REA RZ1190) Data Book CARDO APPRAISAL GROUP LLC Table of Contents – Data Book Taking Sketch ..............................................................................................................A-1 Zoning Maps ................................................................................................................A-2 Planned Unit Developments, Commercial and Industrial Zoning ............................... A-17 Approved Commercial Centers At Golden Glades Blvd. E & Everglades Blvd. .......... A-18 Land Sale 1 ................................................................................................................ A-19 Land Sale 2 ................................................................................................................ A-21 Land Sale 3 ................................................................................................................ A-22 Land Sale 4 ................................................................................................................ A-23 Listings ....................................................................................................................... A-28 Property Owner Notification Letter ............................................................................. A-39 Big Bear Plaza Ordinance .......................................................................................... A-40 CARDO APPRAISAL GROUP LLC 1 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Parcel (s) 391 RDUE Client - Intended User: Collier County Government Harry Henderson, SRA Review Appraiser Transportation Right-of-Way Office Taxpayer of Record: Richard A. & Carolyn A Faust 4651 West Boulevard Naples, FL 34103 Property Rights Appraised: Fee simple estate Special Assumptions Reference: Extraordinary Assumption, Refer to # 7, 13 and 23 of the Assumptions and Limiting Conditions Unusual Market Externality: None Parent Tract Location Southeast corner of Golden Gate Blvd. E. & Everglades Blvd. Parent Tract, Site/Land Area: 5.46 acres Improvements: Vacant land Zoning & Land Use Plan: E- Estates – Commercial Neighborhood Subdistrict Highest & Best Use: Future commercial development Exposure Time: Eight months to one year Marketing Time: Eight months to one year Part Taken – Parcel 391 RDUE Part Taken Site/Land Area: 54,401 square feet Type of Taking: Perpetual Roadway, Drainage & Utility Easement Proposed Use: Modifying/ improving/expanding the existing Roadway intersection, drainage & utility systems. Highest & Best Use: Future commercial development as part of parent tract. Remainder of Parent Tract Site/Land Area: 5.46 acres. Highest & Best Use: Same size as before the taking except front will be encumbered with an expanded roadway, drainage & utility easements to be used in perpetuity. Future commercial development or development in conjunction with possible corner assemblage. Effects on the Remainder None Damages to the Remainder None CARDO APPRAISAL GROUP LLC 2 SUMMARY OF COMPENSATION Date of Value: February 2, 2016 Date of Report: February 5, 2016 Dates of Inspection: January 7, 15, 20, 2016 & February 5, 2016 & various other times Appraiser: Frank J. Cardo, MAI State-Certified General Real Estate Appraiser RZ1190 1. Value Before the Taking:(Land)833,000$ 2. Value of Part Taken: (Land) 189,000$ 644,000$ 644,000$ -$ -$ 6. Special Benefits:-$ 7. Damages (5-6):-$ -$ -$ -$ -$ -$ -$ -$ 189,000$ -$ -$ -$ 189,000$ Value of Part Taken - Parcel 391 RDUE (Land): Value of Part Taken - Parcel 391 RDUE (Improvements): Cost to Cure: Damages: Total Compensation 11. Damages Uncurable Severance (7-10): 12. Cost to Cure: 13. Improvements Cured, but paid in (2): 14. Net Cost to Cure (If less than item (10), cost is justified unless the cost is minor): Summary of Compensation Feasibilty of Cost to Cure 8. Value of Remainder (Cured): 9 Value of Remainder (Uncured): 10. Damages (Curable) (8-9): Summary of Values & Compensation Partial Acquisition 3. Value of Remainder As Part of Whole (1-2): 4. Value of Remander Uncured: 5. Damages, Total Uncured (3-4): CARDO APPRAISAL GROUP LLC 3 COLLIER COUNTY CERTIFICATION OF VALUE County Road: Golden Gate Blvd. Road Number: 876 County: Collier County Project: GGB & EB Roadway, Drainage & Utility Improvements Parcel No.: 391 RDUE I certify to the best of my knowledge and belief, that: 1) The statements of fact contained in this report are true and correct. 2) The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is my personal unbiased professional analyses, opinions, and conclusions. 3) I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. 4) My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. 5) My analyses, opinions, or conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice, and the provisions of Chapter 475, Part II, Florida Statutes. 6) I have made a personal inspection of the property that is the subject of this report and I have afforded the property owner the opportunity to accompany me at the time of the inspection. I also have made a personal field inspection of the comparable sales relied upon in making this appraisal. The subject and the comparable sales relied upon in making these appraisals were as represented by the photographs contained in this appraisal. 7) No persons other than those named herein provided significant professional assistance to the person signing this report. 8) I understand that this appraisal is to be used in connection with the acquisition of right of way for a transportation facility to be constructed by Collier County. 9) This appraisal has been made in conformity with the appropriate state laws, regulations, policies, and procedures applicable to appraisal of right of way for transportation purposes; and, to the best of my knowledge, no portion of the property value entered on this certificate consists of items, which are non-compensable under the established law of the State of Florida. 10) I have not revealed the findings or results of this appraisal to anyone other than the proper officials of Collier County and I will not do so until so authorized by county officials, or until I am required by due process of law, or until I am release d from this obligation by having publicly testified as to such findings. 11) Regardless of any stated limiting conditions or assumptions, I acknowledge that this appraisal report and all maps, data, summaries, charts, and other exhibits collected or prepared under this agreement shall become the property of Collier County without restriction of limitation of their use. 12) Statements supplement to this certification required by membership or candidacy in a professional organization are described on an addendum to this certificate and, by reference, are made part hereof. 13) Based upon my independent appraisal and the exercise of my professional judgment, my opinion of the market value for the part taken, including net severance damages after special benefits, if any, of the property appraised as of February 2, 2016 is $189,000.00. MARKET VALUE SHOULD BE ALLOCATED AS FOLLOWS: LAND $189,000.00 LAND AREA ENGLISH (AC/SF) 54,401 SF IMPROVEMENTS 0.00 PROPERTY TYPE CODE * (1234) UVP NET DAMAGES and/or COST TO CURE 0.00 TOTAL $189,000.00 PROPERTY TYPE CODES: 1. R- RURAL U-URBAN I -Improved 2. V- Vacant H- (Home) Residence 3. B- (Business) F- (Factory) Industrial A- Agricultural S- Special Purpose W- Whole Taking 4. P- Partial Frank J. Cardo MAI State-Certified General Real Estate Appraiser RZ1190 CARDO APPRAISAL GROUP LLC 4 GENERAL ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report has been prepared using the following general assumptions and limiting conditions: 1. Unless otherwise stated, the value appearing in this appraisal represents the opinion of the market value or the value defined as of the date specified. Market value of real estate is affected by national and local economic conditions and consequently will vary with future changes in such conditions. 2. The legal description provided to Cardo Appraisal Group LLC for this report is assumed to be correct, that the title on the property is in good standing, that there are no restrictions on the title. The appraiser assumes no responsibility for related legal matters, nor renders any opinion as to the property’s title. All existing liens and encumbrances, if any, have been disregarded, and the property has been appraised as though free and clear, under responsible ownership and competent management. 3. The value estimated in this appraisal report is gross, without any consideration given to encumbrances, restrictions or questions regarding the title, unless specifically defined. 4. The appraiser’s opinion of value has been based on the assumption of competent ownership, marketing and management of the subject property. Without competent marketing and management, then the appraisal value stated herein might not apply. 5. No responsibility is assumed for accuracy of information furnished by or from any parties, the clients, his designees or public records. Cardo Appraisal Group, LLC is not liable for such information or the work of subcontractors. When possible, comparable data relied upon for this report has been confirmed with one or more parties familiar with the particular transaction or from an affidavit. All comparable data included is considered appropriate to the best of our knowledge and belief. 6 All engineering studies, if any, are assumed to be correct. The plot plans, sketches and maps in this report are included only to assist the reader to visualize the property and are not necessarily to scale. Any photos are included for the same purpose and are not intended to represent the property other than what is pictured at the time the photo was taken. The appraiser has made no survey of the property and assumes no responsibility in connection with any such surveys. 7. The appraiser has inspected the land and any improvements. However, the report was prepared assuming no hidden or unapparent physical conditions of the property, subsoil or structures that render the property more or less valuable. The appraiser assumes no responsibility for such conditions or for obtaining any engineering studies that would possibly reveal them. Therefore, unless such matters are specifically noted for consideration in this report, the value estimate is not subject to any such conditions. 8. It is assumed the subject property is in full compliance with all local, state and federal environmental laws and regulations, unless any lack of compliance is stated, described or considered in the appraisal report. CARDO APPRAISAL GROUP LLC 5 9. It is assumed the subject property conforms to all applicable zoning and use regulations unless a non-conforming use has been identified, described and considered in this appraisal report. 10. It is assumed all required licenses, certificates of occupancy, consents and other administrative or legislative authority from any local, state or national government agency, or from any private entity, have been or can be obtained or renewed for any use on which the appraised value of the subject property, stated in this report, is based. 11. No environmental impact study, special market study, or highest-and-best-use analysis has been either requested or made unless otherwise specified in the agreement between Cardo Appraisal Group, LLC and its client. Should any previous or subsequent study become known the appraiser, the appraiser reserves an unlimited right to alter, amend, revise or rescind any statement, finding, opinion, values, estimates or conclusions. 12. It is assumed that the use of land and improvements is confined within the boundaries of the subject property described, and that there is no encroachment or trespass unless noted in the report. 13. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser nor called to the attention of the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances and may not be held accountable for the presence of substances such as asbestos, urea-formaldehyde foam insulation or other potentially hazardous materials that might affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. 14. The appraiser has not made a specific compliance survey or analysis to determine whether the subject property conforms to the American with Disabilities Act (ADA), which took effect Jan. 26, 1992. Non-conformity, as determined by an ADA compliance survey, along with a detailed analysis of ADA requirements, could result in a lower property value. However, the appraiser did not consider possible ADA non-compliance in preparing this report and estimating value. The appraiser recommends that parties who seek to determine ADA compliance hire a competent legal professional, along with architects and engineers versed in ADA requirements, to conduct an “ADA Audit” of the property and structures. Although the cost to remedy any non- compliance could reduce the property value estimate contained in this report, the appraiser assumes no responsibility for any such condition, nor for any ADA expertise needed to discover possible non-compliance. 15. This appraisal is to be used only in its entirety. All opinions and conclusions included in the report were prepared by the appraiser(s) whose signature(s) appear on the report. No changes of any item in the report shall be made by anyone other than the appraiser(s), and the Cardo Appraisal Group, LLC shall have no responsibility should any unauthorized changes be made. 16. The distribution of the total valuation stated in this report between land and improvements applies only under the stated program of utilization. The separate valuations for land and CARDO APPRAISAL GROUP LLC 6 building(s) must not be used in conjunction with any other appraisal, no matter how similar, and are invalid if used as such. 17. Possession of the report, or a copy of it, does not carry any right to publish the report, nor may it be used other than for its intended use. The fee attached is for analytical services only. The report may not be used for any purpose or by any person or corporation other than the client or party to whom it is addressed. Nor may it be copied without written consent of an officer of Cardo Appraisal Group LLC., and then only in its entirety. 18. This appraisal report has been prepared for the exclusive benefit of the client, its successors or assigns. It may not be used or relied upon by any other party without express, written permission of the appraiser and client. Furthermore, any party who uses or relies upon any information in this report, without written consult “does so at his own risk”. If client refers this report to an approved party, client is responsible for making the party aware of all the assumptions and limiting conditions of this report. 19. Disclosure of the contents of this appraisal report is governed under the By-Laws and Regulations of the Appraisal Institute. Neither all nor any part of this report shall be made public without the written of the author, including the valuation conclusions, the identity of the appraiser or appraisal firm. In addition, this includes any reference to the Appraisal Institute or to the MAI designation. 20. The appraiser may not divulge the material contents of the report, analytical findings or conclusions or give a copy of the report to anyone but the client or his designee, as specified in writing, except in cases where the report has been requested, by the Appraisal Institute, a court of law or any entity with the power to subpoena. 21. The appraiser(s) is not required to give testimony in deposition, in court, or at a governmental hearing, about this appraisal or the subject property, unless prior arrangements have been made and the appraiser has granted prior approval. The arrangements must be made no less than 30 days before the anticipated date of testimony. Further, the appraiser reserves the right to consider and evaluate additional data that becomes available between the date of the report and the date of the hearing, if applicable, and to make any necessary adjustments to the value opinion. In addition, no testimony will be rendered unless the entire appraisal fee has been paid. Further, all testimony will be subject to expert witness fees previously approved by the appraiser. 22. Liability of Cardo Appraisal Group, LLC and its employees is limited to the fee collected for the appraisal. There is no accountability or liability to any third party. 23. The appraisers have been instructed, by the client, to perform an exterior only inspection of the subject property. At the inspection the property was fenced and locked, prohibiting the appraisers’ access to the exterior of the building. The appraisers have relied upon building information available through the Property Appraiser’s Office of Collier County and exterior measurements by the appraiser from outside of the property to complete this analysis. If this information should prove to be incorrect, the appraisers reserve the right to alter the estimate of value contained herein. This is considered an extraordinary assumption. CARDO APPRAISAL GROUP LLC 7 24. Should the appraiser be required to enforce the above assumptions and limiting conditions against any entity, person or persons claiming damages because of reliance upon or use of this appraisal report, such parties shall be liable to the appraiser for all reasonable attorney’s fees, costs and expenses incurred by the appraiser in enforcing this contract or defending the contingent conditions set forth in this appraisal report. That includes any costs incurred either with or without a lawsuit, and any trials or appeals. Acceptance of the delivery or payment of this report constitute acceptance of this condition and all other conditions detailed under Assumptions and Limiting Conditions. CARDO APPRAISAL GROUP LLC 8 PARENT TRACT CARDO APPRAISAL GROUP LLC 9 SUBJECT PHOTOGRAPHS Corner view of subject’s Parent Tract looking at the northeast corner of Golden Gate Boulevard E. and Everglades Boulevard. Street scene looking north along Everglades Boulevard. Parent Tract Parent Tract & Part Taken CARDO APPRAISAL GROUP LLC 10 View of subject looking northeasterly across Everglades Boulevard. View of subject looking north along Everglades Boulevard. Parent Tract Parent Tract & Part Taken CARDO APPRAISAL GROUP LLC 11 Looking west along Golden Gate Boulevard E. Parent Tract Parent Tract CARDO APPRAISAL GROUP LLC 12 AREA / LOCATION MAPS Collier County Base Map CARDO APPRAISAL GROUP LLC 13 CARDO APPRAISAL GROUP LLC 14 PARENT TRACT – AERIAL MAP Parent Tract Size = 5.46 acres Part Taken Size = 54,401 SF 299.98 ft 75 ft 630.19 ft 25 ft CARDO APPRAISAL GROUP LLC 15 PURPOSE AND DATE OF REPORT The purpose of this appraisal is to estimate compensation due for the proposed acquisition described herein, and damages to the remainder, if any, for the property to be acquired, as of February 2, 2016. PROPERTY APPRAISED This parcel is being appraised as part of Collier County making intersection improvements at Golden Gate Boulevard (GGB) and Everglades Boulevard (EB). This is known as the (GGB) and (EB) Roadway Widening Project. The parent tract is located at the southeast corner of Golden Gate Boulevard East and Everglades Boulevard in the unincorporated area of Collier County, Naples, Florida. The total area of Part Taken contains 54,401 square feet. See sketch in the data book section of this report for the Part Taken dimensions. Property Inspection Frank J. Cardo, MAI made a number of inspections of the subject between December 1, 2015 and February 2, 2016. The property owner was notified via letter sent by U.S. Mail, and advised of our intentions to make a formal inspection of the subject. We invited the property owner and/or their agents to share any information that they have on the subject property. Frank J Cardo conducted a final exterior site inspection on February 2, 2016, which is the effective date of valuation. Parent Tract The parent tract is located at the northeast corner of Golden Gate Boulevard East and Everglades Boulevard in the unincorporated area of Collier County, Naples, Florida. The parent tract is a vacant tract of land containing 5.46 acres. Legal Description See deed in addendum Part Taken - See sketch and legal description in part taken section of this report. Remainder The remainder will be the same as before the taking except there will be an easement at the front of the subject's parent tract. The property owner will have enough land area to develop the remainder. The taking has no effect to the remainder. CARDO APPRAISAL GROUP LLC 16 CLIENT Collier County Government c/o Harry Henderson, SRA Review Appraiser Transportation Right-of-Way Office INTENDED USE AND USER The intended use of this appraisal is to aid Collier County in negotiating just compensation for the right-of-way acquisitions described herein. This appraisal has been prepared for use by the Collier County Board of Commissioners and is property of the Collier County Board of Commissioners. Reliance upon this appraisal for other uses is not warranted. SCOPE OF ASSIGNMENT The taking was not physically delineated on site by engineering stakes. We used due diligence locating the taking boundaries by approximating measurements from the Collier County Property Appraisers website and using landmarks on site to locate the boundaries of the takings. Based on our review of the parent tract, as well as the taking, we find that the reduction in size of the parent tract does not adversely impact the future development of the remainder. Therefore, the taking has no adverse impact on the function, marketability or value of the remainder. The value of the land is estimated by the Sales Comparison Approach. Because the subject property is being valued as vacant land, the cost and income approaches are not applicable. Therefore, only the sales comparison analysis is being utilized. The omission of the other two approaches is not considered misleading to the client. Sales data considered for this appraisal was obtained from the Collier County Public Records, LoopNet and similar properties previously appraised by Cardo Appraisal Group, LLC. Total compensation has been calculated by estimating the fee simple market value of the parent tract before and after the taking(s) including the valuation of the part(s) taken and an analysis of potential damages resulting from the proposed taking. CARDO APPRAISAL GROUP LLC 17 PROPERTY RIGHTS APPRAISED The property rights being appraised are those of fee simple title and an easement. "Fee Simple" is defined as absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. "Easement" is defined as an interest in real property that conveys use, but not ownership, of a portion of an owner's property. Source: The Dictionary of Real Estate Appraisal, Fifth Edition, American Institute of Real Estate Appraisers, 2010. DEFINITION OF JUST COMPENSATION Just Compensation is defined as "...the amount of the loss for which a property owner has established a claim to compensation. It is the payment of the market value of the real estate which was taken." Another definition says, "just compensation" means value of land taken and damage, if any, to land not taken." It universally has been held that damages to a remainder parcel in a partial taking case are part and parcel of just compensation in a constitutional sense. The basic premise is that the owner must be compensated for the taking of the land, as opposed to being compensated for the land taken. It is also generally recognized that property encompasses the entire bundle of rights inherent in the ownership of the real estate and the taking or infringement on these rights often constitutes a taking, even if no part of the physical real estate is taken." Source: Real Estate Valuation Litigation, 2nd Edition, American Institute of Real Estate Appraisers, Copyright 1995, Page 17. DEFINITION OF MARKET VALUE Fair Market Value is defined as "...the amount of money that a purchaser willing but not obliged to buy the property would pay an owner willing but not obliged to sell, taking into consideration all uses to which the property is adapted and might be applied in reason." Source: Florida Eminent Domain Practice and Procedures, 5th ed., The Florida Bar Continuing Education, 1996, Page 9-64. State Road Department v. Stack, 231 So.2d 859 (Fla. 1st DCA 1969). Market Value is also defined as "...the price which would be agreed to by an informed seller who is willing but not obligated to sell, and an informed buyer who is willing but not obligated to buy." Source: Uniform Eminent Domain Code, Copyright 1974, § 1004, Page 7. CARDO APPRAISAL GROUP LLC 18 NEIGHBORHOOD DESCRIPTION General Area Description for Golden Gate Estates The preceding map shows the general outline of the subject’s neighborhood. Golden Gate Estates was founded by the Gulf American Land Corporation by purchasing 177 square miles of land area that now contain 31,000 ± platted lots. This area is located 7 miles northeast of the City of Naples, on the north side north of Alligator Alley (I-75) within the unincorporated areas of Collier County but bears a Naples address. About 50% of the lots in Golden Gate Estates have some wetlands. Green Boulevard is an old landing strip and many buyers saw their lot from the air. Sales were slow and by 1970 there fewer than 2,000 residents. Subject CARDO APPRAISAL GROUP LLC 19 The primary roadways that provide the main access to the neighborhood include the following primary roadways: • Golden Gate Boulevard; • Collier Boulevard (CR 951); • Wilson Boulevard; • Everglades Boulevard; and • Desoto Boulevard. The home sites range in size from one acre to over five acres. Some homesteads can be as large as ten acres. The Golden Gate Estates area is composed of two separate sub-markets, the Urban Estates area, which lies west of Collier Boulevard (CR 951), and the Rural Estates area, which lies east of Collier Boulevard (CR 951). Homes can be entry-level homes to glamorous mansions closer to the beach. Guesthouses, pickup trucks, all-terrain vehicles (ATV) and recreational vehicles (RV) also allowed on all premises unlike many other communities. Single family homes are found in Golden Gate Estates with some located on mile-long streets that dead-end at a canal-providing desired privacy for owners. All wetland lots are buildable, though special permits are required. The size of the house and pool are not restricted, but detached structures may not be placed within a wetland. Most lots that have wetland have upland. Subject CARDO APPRAISAL GROUP LLC 20 Available utilities within the primary market area include telephone, electrical service and emergency services. Water is typically via by private a well and wastewater is typically via a private septic tank and drain field combination. Golden Gate Estates favors horses and some more exotic animals like Alpacas and Llamas. Many hiking trails have year round access. Picayune Strand State Forest is located in South Golden Gate Estates and Belle Meade is more than 65,000 acres of recreational land. MARKET AREA ATTRIBUTE RATINGS Highway Access Average Demand Generators Average Convenience to Support Services Average Convenience to Public Average Property Compatibility Good General Appearance of Properties Average to Good Appeal to Market Average to Good Prices/Value Trend Stable/ Some increases CARDO APPRAISAL GROUP LLC 21 Conclusion It is our opinion, that the neighborhood will maintain its socioeconomic status in relation to surrounding communities for the foreseeable future. In general, the residential market is in a state of stable to increasing property values following a long period of decline with many foreclosures. Recently, the number of bank foreclosure sales has decreased and the number of listings has declined causing some price increases. Good economic conditions, low unemployment and reasonable financing requirements will continue the recovery on a slow but steady pace. This trend is expected to continue. Positive regional economic factors including climate, beaches, tourism, demographics, the regional airport, and the continued growth of Florida Gulf Coast University, will continue to have positive long range economic impacts. CARDO APPRAISAL GROUP LLC 22 PARENT TRACT - PROPERTY DATA Taxpayer of Record, Parcel Folio Number (s), Real Estate Assessment and Taxes Five-Year Sales History We have not been provided with a title abstract on the property appraised, nor have they conducted a title search of their own. However, based upon the confidentiality as stated in the tax rolls, the subject has not sold within the past five years. The subject is currently listed for $900,000 or $3.79 per square foot. The property has been listed on the market for over 2 years. The details of this listing are contained in the data book section of this report. The subject has a site plan approval for a Commercial PUD and is known as Big Bear Plaza. CARDO APPRAISAL GROUP LLC 23 Zoning Map CARDO APPRAISAL GROUP LLC 24 CARDO APPRAISAL GROUP LLC 25 ZONING AND FUTURE LAND USE DISCUSSION Previously, Golden Gate was subject to regulations included in the County's Growth Management Plan. However, in 1991, the area’s distinctive characteristics resulted in the adoption of a separate Master Plan for Golden Gate. This most recent Master Plan became a separate part of the County's Growth Management Plan and supersedes the County-Wide Future Land Use Plan. Therefore, the Golden Gate Area Future Land Use Map will be used to value the subject property instead of the County-Wide Future Land Use Map. This separate Future Land Use Map is on the preceding page and found in the data book. Both, the Zoning Map and Collier County Future Land Use Map show the parent tract as having the Estates Designation. The Estates Designation is characterized by low-density semi-rural residential lots with limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there are some legal non-conforming lots as small as 1.14 acres. Intensifying residential density shall not be permitted. On the Golden Gate Future Land Use Map, the parent tract at the intersection of Everglades Boulevard and Golden Gate Boulevard East has a red box outline that is marked Neighborhood Sub-district. The Neighborhood Subdistrict recognizes the need to provide basic goods, services and amenities to Estates residents. Neighborhood Centers have been designated on the Golden Gate Area Future Land Use Plan. The Neighborhood Center designation does not guarantee that commercial zoning will be granted. The designation only provides the opportunity to request commercial zoning. There are four neighborhood centers in the Golden Gate Estates area. The subject’s intersection is known as Everglades Boulevard and Golden Gate Boulevard Center. A copy of the Golden Gate Area Master Plan is contained in the data book in the addendum section of this report. The Master Plan also states that parcels immediately adjacent to commercial zoning within the Neighborhood Centers at the intersection of Everglades Boulevard and Golden Gate Boulevard may qualify for Conditional Uses Subdistrict under the transitional conditional use provision of the Conditional Uses Subdistrict of this Master Plan Element. In addition, properties eligible for Neighborhood Center Transitional Conditional Use shall abut the arterial or collector road serving the Neighborhood Center. According to David Weeks, AICP, Growth Management Manager, of the Collier County Government, Growth Management Department, Zoning Division, Comprehensive Planning Section, “the SW and SE quadrants are eligible to be rezoned to allow CARDO APPRAISAL GROUP LLC 26 commercial uses in accordance with their Future Land Use Map (FLUM) designation”. “The subject being the NE quadrant of the Center is approximately 5.46 acres in size and consists of Tract 1, Unit 77 of Golden Gate Estates.” The subject already has an approved C PUD Mater Plan. See ordinance and exhibit in the data book section of this report. Zoning and Future Land Use Conclusion Based on the preceding data, we conclude that the subject’s typical buyer is a developer, investor or owner-user that would develop the subject property on a standalone basis based on the allowable uses contained in the subject’s CPUD Master Plan Ordinance. Some modification or an amendment to the CPUD Master Plan may be necessary because of the taking. This modification already exists in the before condition because the use and users are unknown until a buyer is found. The typical buyer would bear this cost. It is our opinion that the subject’s highest and best use is not suited for single family development but rather for commercial development because Everglades Boulevard and Golden Gate Boulevard are the main arterials in the Golden Gate Area and there are very few site available for commercial development. CARDO APPRAISAL GROUP LLC 27 Close up snips from subject’s approved ordinance contained in the data book section CARDO APPRAISAL GROUP LLC 28 Site Analysis The appraisers have referenced the Collier County Property Appraisers Geographic Information System "GIS" which locates the subject in Section 5, Township 49, Range 28. It is assumed that this source as well as the legal descriptions obtained from the property appraisers' accurately represents the size and shape of the parent tract as of the date of value. These sources, as well as an inspection of the site, have been utilized for the following site description. Size and Shape: The parent tract contains 5.46 acres of gross land area and is rectangular. Specifically, the parent tract has a northern property line along Golden Gate Boulevard E. that measures 350 ± feet and an east property line along Everglades Boulevard that measures 680 ± feet. Roadway Frontage: Golden Gate Boulevard E. and Everglades Boulevard are the Estates major arterials, undivided, two-lanes, and asphalt paved roadways. Utilities: The available utilities available to the parent tract include telephone, electrical service and emergency services. No public water is available. Therefore, a private well is necessary. Wastewater would be typically disposed of by a private septic tank and drain field combination. CARDO APPRAISAL GROUP LLC 29 Topography: A topographical survey or environmental survey of the site was not provided. The parent tract is a level tract and covered in native vegetation. Easements and Restrictive Covenants: The parent tract is encumbered by 50-foot wide road right-of-way easements. The appraiser is not aware of any other easements or restrictive covenants that might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser was not given any title information. Environmental Hazards: We are not aware of, nor did we observe any adverse environmental conditions. An environment survey of the subject is beyond the scope of this appraisal and the client is urged to obtain the opinion of an expert on environmental issues. Building & Site Improvement Analysis None HIGHEST AND BEST USE The Appraisal Institute defines "Highest and Best Use" as follows: "The reasonably probable and legal use of vacant land or improved property which is physically possible, appropriately supported, financially feasible and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility and maximum productivity" Source: The Dictionary of Real Estate Appraisal, Fifth Edition 2010, by the Appraisal Institute. In estimating highest and best use, there are four aspects to be considered: 1. Physically Possible. What uses are physically appropriate to the site in question? 2. 3. 4. Legally Permissible. What uses are permitted by zoning, deed restriction, etc. on the site in question? Financially Feasible. Which possible and permissible uses will produce a net return to the owner of the site? Maximally Productive. Among the feasible uses, which use will produce the highest present worth? CARDO APPRAISAL GROUP LLC 30 The highest and best use of a site, considered as if vacant, may be different from the highest and best use of the entire property as improved at the date of appraisal. The existing use may then be considered an economically justified interim use until land value alone exceeds the value of the property as improved, plus demolition costs. Factors that must be considered in estimating highest and best use include accessibility and transportation, local facilities and services available, the physical attributes of the site, the effect of taxes and zoning, and the broader concept of environmental harmony within the neighborhood. The use must be reasonably probable, legally permitted, and logical; if a use is merely possible but is remote in time and likelihood, it cannot be considered highest and best use. Highest and Best Use of the Site 1. 2. 3. 4. Physically possible: The subject site is square in shape. The topography is heavily wooded, generally flat, level and below the approximate road grade. These characteristics allow the site to support a variety of development types. However, fill maybe required. No physical impediments to development are known. Legally permissible: The subject already has an approved C PUD Mater Plan. See ordinance and exhibit in the data book section of this report. Uses permitted by zoning include a wide variety of retailing and service oriented activities as well as businesses and professional offices. Financially feasible: Financially feasible uses tend to occur naturally in free- market environments, and are evident upon observing the marketplace directly. Considering current value trends and economic conditions, construction of a commercial building may not be a financially feasible at this time. Maximally productive: Given the above, the highest and best use of the site, if vacant, would be holding onto the property until economic conditions allow development to be financially feasible. Based on the preceding data, we conclude that the subject’s typical buyer is a developer, investor or owner-user that would develop the subject property on a standalone basis based on the allowable uses contained in the subject’s CPUD Master Plan Ordinance. Some modification or an amendment to the CPUD Master Plan may be necessary because of the taking. This modification already exists in the before condition because the use and users are unknown until a buyer is found. The typical buyer would bear this cost. It is our opinion that the subject’s highest and best use is not suited for single family development but rather for commercial development because Everglades Boulevard and Golden Gate Boulevard are the main arterials in the Golden Gate Area and there are very few site available for commercial development. CARDO APPRAISAL GROUP, LLC 31 VALUATION OF THE PARENT TRACT CARDO APPRAISAL GROUP, LLC 32 SALES COMPARISON APPROACH The Sales Comparison Approach requires that the appraiser locate recent sales of similarly improved properties and through an adjustment process arrive at an indication of what these properties would have sold for if they possessed all of the salient characteristics of the subject property. These adjusted sales prices are then correlated into an estimate of the market value of the property via the Sales Comparison Approach to Value. A search of Collier County Official Records, paid subscription data services, local multiple listing service records, discussions with local brokers and appraisers and a personal inspection of the subject area produced several sales of similar type properties and one current listing. The sales and listing used in the analysis were the best comparables that we were able to verify with a party to the transaction. We compared the selected sales with the subject, considering differences and possible adjustments. We utilized a quantitative process to compare the subject property with the comparables to reflect a value for the subject property. The following pages feature a detailed write up of each comparable used in the analysis, a location map and summary of the selected comparable sales data, which is followed by a discussion of the pertinent adjustments and conclusion of value. CARDO APPRAISAL GROUP, LLC 33 Land Sale 1 – OR Book/Page – 5106/317 Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF CARDO APPRAISAL GROUP, LLC 34 Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF CARDO APPRAISAL GROUP, LLC 35 Land Sale 2 – OR Book/Page – 5020/3283 CARDO APPRAISAL GROUP, LLC 36 Sale No. 2 OR 5020/3283 For 3 parcels in 3/14 sold for $10.19/sf CARDO APPRAISAL GROUP, LLC 37 Land Sale 3 – OR Book/Page – 5116/2795 Sale No 3 OR 5116/2795 In 1/14 sold for $9.43/SF Sale No.3 OR 5116/2795 In 1/14 sold for $9.43/SF CARDO APPRAISAL GROUP, LLC 38 Sale No.3 OR 5116/2795 In 1/14 sold for $9.43/SF CARDO APPRAISAL GROUP, LLC 39 Land Sale 4 - OR Book/Page – 5002/2720 Sale No.4 5002/2720 In 12/13 sold for $7.50/SF Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF CARDO APPRAISAL GROUP, LLC 40 Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF CARDO APPRAISAL GROUP, LLC 41 Sales Discussion We have valued the subject on a price per square foot of land area basis as is customary in this market locale. To value the subject, a search was made for sales in the northeastern part of Collier County. A total of four recent sales and three listing are found and are shown on the following pages in chart form. The detailed information for each sale and listing is contained in the data book in the addendum of this report. In addition, more details have been retained in our file. Each sale and listing was analyzed and compared to the subject on a price per square foot of land area as that was deemed to provide the highest degree of correlation. Interest Conveyed: To properly relate the sales to the subject, it must be determined to the degree possible what property rights were conveyed in the sale transaction. Each of the sales was a retail or retail/office property and the fee simple/leased fee interest was conveyed. Financing Terms: Existing mortgage financing at a favorable rate may affect the purchase price. It appeared, based on available data that each of the sales was either an all-cash to seller transaction or subject to conventional financing. Conditions of Sale: Conditions of sale adjustments usually involve the motivations of the buyers and sellers when those motivations are considered extraordinary and when they have an impact on the price paid. If non-market conditions of sale have significantly affected the price of a property, the sale may be discarded as not being indicative of market value. There were no unusual conditions of sale involved in the data used. Market Conditions: This adjustment relates to the economic climate and market demand occurring at the time of sale. The sales occurred within the past 24 months from our date of value. Values have remained relatively stable during this period in the subject neighborhood. No adjustments to the sales are necessary or warranted. General Location: This category compares a property’s specific location to that of the subject. The sales analyzed are located in the general area of the Golden Gate Estates areas of northeastern Collier County. Zoning and Future Land Use: This category is a key component for choosing sales for this report. The Master Plan states that parcels immediately adjacent to commercial zoning within the Neighborhood Centers located at the intersection of Everglades Boulevard and Golden Gate Boulevard may qualify for Conditional Uses Subdistrict under the transitional conditional use provision of the Conditional Uses Subdistrict of this Master Plan Element. Properties eligible for Neighborhood Center Transitional Conditional Use shall abut the arterial or collector road serving the Neighborhood Center. The subject is already approved for a CPUD and factors heavily into the adjustment of the sales. The sales used in this report are the only and best indicators to CARDO APPRAISAL GROUP, LLC 42 value the subject. Access/Exposure: Amount and quality of road frontage are also key factors that the market considers when purchasing commercial properties in this market. Comparable Sales Map Parent Tract Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF Sale No. 2 OR 5020/3283 For 3 parcels in 3/14 sold for $10.19/SF Sale No. 3 OR 5116/2795 In 1/14 sold for $9.43/SF Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF CARDO APPRAISAL GROUP, LLC 43 Aerial Comparable Sales Map Parent Tract Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF Sale No.3 OR 5116/2795 In 1/14 sold for $9.43/SF Sale No. 2 OR 5020/3283 For 3 parcels in 3/14 sold for $10.19/sf Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF CARDO APPRAISAL GROUP, LLC 44 SALES ANALYSIS CHART Sale Number Subject 1 2 3 4 OR Book/Page N/A 5106/317 5020/3283 5116/2795 5002/2720 Address N/A 5349 Golden Gate Pkwy. 4087 Green Blvd. 11965 Collier Blvd. Golden Gate Blvd. West Location Golden Gate E. & Everglades Boulevards. North side GGP, West of Collier Blvd. Northwest corner of Green & Collier Blvds. West side of Collier Blvd. ¼ mile N. GGP Southeast corner Golden Gate Blvd. West & Wilson Blvd. County Tax Parcel No.(s) 40680040000 36319960009 751800000120 751800000421 751800000489 00288800006 37221120208 Grantor N/A Pfpl, LLC Wynn Properties, Inc. Dorothy I. Martin Liberty Bank, F.S.B. Grantee N/A Milutico, LLC Collier Health Services, Inc. Pop Florida Properties, LLC Central Florida Real Estate Owned, LLC. Sale Date N/A 12/19/2014 3/18/2014 1/28/2014 5/15/2014 Sale Price N/A $76,600 $2,900,000 $595,000 $490,000 Land Size (SF) 237,838 16,553 284,629 63,070 65,340 Price/SF n/a $4.63 $10.19 $9.43 $7.50 County Tax Use Code 10-Vacant Commercial 10-Vacant Commercial 10-Vacant Commercial 10-Vacant Commercial 10-Vacant Commercial Future Land Use Commercial PUD approval with Mater Site Plan approved. Commercial Mixed Use Activity Center Subdistrict Golden Gate Estates Commercial Infill Subdistrict. Golden Gate Commercial Estates Neighborhood Shopping Center Subdistrict “E”-Estates zoning district via the Neighborhood Center Land Cleared No Yes Yes Yes Yes Topography Road Grade Average Level Grade Good Level Grade Good Level Grade Good Level Grade Good Level Grade Highest & Best Use Future Commercial Development Future Commercial Development Future Commercial Development Future Commercial Development Future Commercial Development QUALITATIVE ANALYSIS Conditions of Sale Similar (0) Similar (0) Similar (0) Similar (0) Market Conditions Similar (0) Similar (0) Similar (0) Similar (0) Location Inferior (+) Superior (---) Superior (---) Superior (-) Zoning/Future Land Use Similar (0) Similar (0) Similar (0) Inferior (+) Size Smaller (+) Similar (0) Smaller (+) Similar (0) Site Conditions Superior (-) Superior (-) Superior (-) Superior (-) Overall comparison per SF to Subject Property Similar to $4.64 Superior less than $10.19 Superior less than $9.43 Superior less than $7.50 CARDO APPRAISAL GROUP, LLC 45 Comparable Listings Map Subject Property Listing No. 1 $3.79/SF Listing No. 2 $10.51/SF Listing No. 3 $3.15/SF CARDO APPRAISAL GROUP, LLC 46 Listing Number Subject - 1 2 3 Name - Location Big Bear Plaza NEC Golden Gate Blvd. & Everglades Blvd. William Vine SWC Golden Gate Blvd. & Everglades Blvd. Fakahatchee Plaza NWC Golden Gate Blvd. & Everglades Blvd. County Parcel No. 40680040000 40930720009 40629000001 Years or Months Listed Over 2 years 9 months Over 2 years Listing Price $900,000 $2,500,000 $750,000 Land Size (SF) 237,838 total 237,838 total 237,838 total includes R/W’s 170,755 excludes R/W’s Price/SF $3.79 $10.51 $3.15 County Tax Use Code 10-Vacant Commercial 0-Vacant Residential 10-Vacant Commercial Zoning - Future Land Use Estates – Mixed Use District, Neighborhood Subdistrict. This site has an approved Commercial PUD Ordinance Eligible to be rezoned to allow commercial. Estates – Mixed Use District, Neighborhood Subdistrict. There is no site plan on record at the county. Estates – Mixed Use District, Neighborhood Subdistrict. This site has an approved Commercial PUD Ordinance Site Plan Has Mater site plan that is approved for Commercial PUD. See data book. None Has site plan that is approved for Commercial PUD. See data book Land Cleared Site Condition No & Heavily Wooded No & Heavily Wooded No & Heavily Wooded Topography Road Grade Average Level Grade Average Level Grade Average Level Grade Highest & Best Use Future Commercial Development Future Commercial Development Future Commercial Development Qualitative Analysis Conditions of Sale - Similar (0) Similar (0) Market Conditions - Similar (0) Similar (0) Location (Corner) - Similar (0) Similar (0) Zoning/Future Land Use - Inferior (+) Inferior (+) Gas station & Fast food not allowed. Site Plan - Inferior (+) Similar (0) Size - Similar (0) Similar (0) Site Conditions - Similar (0) Similar (0) Overall Comparison per SF to Subject Property Less than $3.79 Overpriced listing at $10.51 Inferior more than $3.15 CARDO APPRAISAL GROUP, LLC 47 Sales Discussion Continued The subject is located at a corner and most likely can be developed with neighborhood commercial improvements. In fact, it already has a CPUD Master plan approved. This factor as well as location is given most consideration in estimating the subject’s value. Sales 2, 3 and 4 are located within the Golden Gate Area Future Land Use areas. These were the best and most recent commercial sales found in the eastern part of Collier County. Sale 4 is located within the Estates section of Collier County and is closest in proximity. This is a good indicator of value but has a superior location because it is farther west than the subject is and has more development surrounding it than the subject. Sale 2 and 3 are located along Collier Boulevard, which is a main thoroughfare similar to the subject, however, it has much more traffic. Therefore, these two sales are considered superior to the subject. Sale 1 is located in an older section of the county called Golden Gate. This eastern, older established area shows how much commercial properties have been selling. All sales were adjusted accordingly. See previous adjustment chart for each sale analysis. The sales ranged in price from $4.64 to $10.19 per square foot. All of the listings, including the subject are located at the intersection of Golden Gate Boulevard East and Everglades Boulevard. These list prices set the ceiling for valuing the subject and are the best indicators. The list prices are $3.79 (subject), $10.51 and $3.15 per square foot respectively. According to real estate broker, Matthew Stepan, CCIM with Premier Commercial in Bonita Springs, there was a recent offer made on his listing number 3 for $600,000 or $2.52 per square foot, however, the offer was considered too low and the seller rejected it. This listing has an approved CPUD Master Plan approval like the subject; however, gas station and fast food use was not part of this property’s Master Plan approval. In fact, it prohibits their use. It is our opinion, that fast food and gas station parcels command a higher price for the site than other types of neighborhood commercial uses. Based on this factor, this sale is considered inferior to the subject property. Based on our analysis, we conclude that the subject would most likely sell between the price of listing number 3 at $3.15 per square foot and the subject’s list price of $3.79 per square foot. Based on our analysis and considering the risk and costs involved to get specific site plan approval, a value conclusion between $3.15 (listing 3) and $3.79 (subject) is reasonable. Therefore, we conclude a value for the Parent Tract at $3.50 per square foot of land. The total value is calculated as follows: 237,838 SF @ $3.50 per square foot = $832,433 Rounded to: PARENT TRACT MARKET VALUE VIA SALES COMPARISON: $833,000 CARDO APPRAISAL GROUP, LLC 48 VALUATION OF THE PART TAKEN CARDO APPRAISAL GROUP, LLC 49 PART TAKEN - Proposed Use In front of the parent tract is an existing perpetual, non-exclusive public roadway easement. This area also appears to function as drainage area for the existing road. The proposed easement is for modifying, improving and expanding the existing roadway for the intersection improvements. The taking is a perpetual non-exclusive, road right-of way, drainage and utilities easement (RDUE) is at the front of the parent tract and will be used in perpetuity. See following sketch for legal description, dimensions, shape and size. No significant improvements are located within the proposed easement. CARDO APPRAISAL GROUP, LLC 50 CARDO APPRAISAL GROUP, LLC 51 Value of the Proposed Easement The total impact of the acquisition cannot be estimated until the appraiser determines: 1) the loss of present utility, 2) the loss of future utility, 3) the accessory rights to be acquired and 4) the obligation of the parties. The easement is non-exclusive, perpetual and will essentially take most of the owner's bundle of rights. For the most part the property owner will only be allowed to utilize the land for density calculations. Considering the restrictive nature of the easement, we have compensated the property owner for 99% of the full fee simple value for the land underlying the Parcel (s). The underlying land value for the parent tract is $3.50 per square foot. The same unit value is applied when calculating the value of the land underlying the proposed easement parcel. The value of drainage easement (s) is calculated as follows: 54,401 square feet @ $3.50 per square foot x 99% = $188,500 Rounded to: LAND VALUE OF EASEMENT PARCEL $189,000 Improvements in the Easement No significant improvements are located within the proposed easement. Summary of Values for the Easement Land: $ 189,000 Improvements: $ 0 Total Value of the Easement $189,000 CARDO APPRAISAL GROUP, LLC 52 VALUATION OF THE REMAINDER CARDO APPRAISAL GROUP, LLC 53 REMAINDER – Effects on the Remainder The remainder will retain the same shape as it did before the taking. The taking includes three easements in the same area in perpetuity. The remainder will contain the same amount of square feet as it did before the taking, however, the area along the front of the site will be encumbered by the easement. The remainder has ample depth and can still be developed the same way as before the taking. Therefore, the taking has no adverse impact on the function, marketability or value of the remainder and there are no severance damages to the remainder. HIGHEST AND BEST USE In our analysis of highest and best use of the remainder, we have considered the same methodology and criteria used in the highest and best use of the parent tract. We have concluded that the remainder will continue to have the same highest and best use as before the acquisition, which is for future commercial development. Valuation of the Remainder Based on our analysis of the sales utilized in the value of the parent tract, we have concluded a remainder value based on $3.50 per square foot, which is applied to 183,437 square feet (237,838 square feet – 54,401 square feet = 183,437 square feet) of the remainder unencumbered by the RDUE. $0.035 per square foot ($3.50 less 99% = $0.035) has been applied to the 183,437 square feet of the remainder that is located within the easement parcel. The value of the remainder is calculated as follows: 183,437 square feet @ $3.50 per square foot = $ 642,030 54,401 square feet @ $0.035 per square foot = $ 1,904 Total = $ 643,934 Rounded to: MARKET VALUE OF THE REMAINDER $ 644,000 CARDO APPRAISAL GROUP, LLC 54 SUMMARY OF COMPENSATION CARDO APPRAISAL GROUP, LLC 55 1. Value Before the Taking:(Land)833,000$ 2. Value of Part Taken: (Land) 189,000$ 644,000$ 644,000$ -$ -$ 6. Special Benefits:-$ 7. Damages (5-6):-$ -$ -$ -$ -$ -$ -$ -$ 189,000$ -$ -$ -$ 189,000$ Value of Part Taken - Parcel 391 RDUE (Land): Value of Part Taken - Parcel 391 RDUE (Improvements): Cost to Cure: Damages: Total Compensation 11. Damages Uncurable Severance (7-10): 12. Cost to Cure: 13. Improvements Cured, but paid in (2): 14. Net Cost to Cure (If less than item (10), cost is justified unless the cost is minor): Summary of Compensation Feasibilty of Cost to Cure 8. Value of Remainder (Cured): 9 Value of Remainder (Uncured): 10. Damages (Curable) (8-9): Summary of Values & Compensation Partial Acquisition 3. Value of Remainder As Part of Whole (1-2): 4. Value of Remander Uncured: 5. Damages, Total Uncured (3-4): QUALIFICATIONS OF FRANK J. CARDO, MAI President of Cardo Appraisal Group, LLC State-Certified General Real Estate Appraiser, State of Florida, License No. RZ1190 Overview  More than 30 years experience in all facets of real estate appraising and consulting, as well as brokerage of Florida properties since 1983.  Qualified Real Estate Valuation Expert Witness expert witness in Palm Beach, Broward, Dade, Indian River, Martin and Collier County courts; extensive testimony experience in cases involving property disputes, condemnation, bankruptcy, foreclosure and a wide range of real property valuation issues. Professional Experience and Affiliations CARDO APPRAISAL GROUP, LLC, PRESIDENT AND OWNER.  Prior Experience: 27 years with Anderson & Carr, Inc., vice president and principal, 1998 – 2010.  Member Appraisal Institute (MAI)  Member, Board of Directors, Appraisal Institute, South Florida Chapter, 2001 - 05, and 2009 to 2012.  House Committee Chairman, Appraisal Institute, South Florida Chapter, 2000 to 2012.  Member, the Education Committee, Appraisal Institute - Palm Beach Chapter, 1992 - 93. Appraisals and Related Projects Apartment Buildings Nursing Homes Banks Office Buildings Houses of Worship Residences - All Types Auto Dealerships’ Restaurants Service Stations Department Stores Shopping Centers Funeral Homes Special Purpose Buildings Hotels - Motels Store Buildings Industrial Buildings Supermarkets Leasehold Interests Mobile Home Parks Medical Buildings Vacant Lots & Acreage Warehouses Marinas Residential Project Adult Congregate Living Facilities Easements Citrus Groves Condominiums - Residential & Office Schools Agricultural Properties Eminent Domain Appraisals Road Right-of-Ways Golf Courses Education  B.S., Florida State University, College of Business, (Double-major in Real Estate and Risk Management Insurance), 1983.  Successfully completed more than a dozen post-graduate courses and seminars through the Appraisal Institute. APPRAISAL DATA BOOK Collier County Project Road Number: 876 for Intersection Improvements to Golden Gate East Boulevard & Everglades Boulevard Roadway, Drainage & Utility Easements (RDUE) for Parcel Numbers 368 RDUE, 370 RDUE, 380 RDUE, 382 RDUE & 391 RDUE TAKING SKETCH A-1 ZONING MAPS Subject’s Map Parent Tract Zoning Designation A-2 North Side Intersection Maps Parent Tract A-3 Parent Tract A-4 A-5 Parent Tract Land Use Plan Parent Tract Land Use Plan Parent Tract Land Use Plan A-6 A-7 Parent Tract Land Use Plan A-8 A-9 A-10 A-11 A-12 A-13 A-14 A-15 A-16 PLANNED UNIT DEVELOPMENTS, COMMERCIAL AND INDUSTRIAL ZONING Parent Tract A-17 APPROVED COMMERCIAL CENTERS AT GOLDEN GLADES BLVD. E & EVERGLADES BLVD. A-18 Land Sale 1 – OR Book/Page – 5106/317 A-19 Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF A-20 Sale No. 1 OR 5106/317 In 12/14 sold for $4.63/SF Land Sale 2 – OR Book/Page – 5020/3283 A-21 Sale No. 2 OR 5020/3283 For 3 parcels in 3/14 sold for $10.19/sf Sale No. 2 OR 5020/3283 For 3 parcels in 3/14 sold for $10.19/sf Land Sale 3 – OR Book/Page – 5116/2795 A-22 Sale No.3 OR 5116/2795 In 1/14 sold for $9.43/SF Sale No.3 OR 5116/2795 In 1/14 sold for $9.43/SF Land Sale 4 - OR Book/Page – 5002/2720 A-23 Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF A-24 Sale No. 4 OR 5002/2720 In 12/13 sold for $7.50/SF A-25 A-26 Parent Tract Size = 51,000 SF A-27 Parent Tract Size = 51,000 SF Listing No. 1 – Big Bear Plaza - Everglades Blvd. Naples, Fl 34120 – See ordinance in later section A-28 A-29 A-30 A-31 Listing No. 2 – SWC Golden Gate Blvd. & Everglades Blvd. Naples, Fl 34120 A-32 A-33 A-34 A-35 Listing No. 3 – Fakahatchee Plaza - NWC of Golden Gate Blvd. & Everglades Blvd., Naples, 34120 A-36 A-37 A-38 A-39 BIG BEAR PLAZA ORDINANCE A-40 Snips from subject’s approved ordinance – See previous page