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Agenda 10/28/2014 Item #16A1110/28/2014 16.A.11. EXECUTIVE SUMMARY Recommendation to approve an easement agreement for the purchase of a road right -of -way, drainage and utility easement (Parcel 268RDUE) required for the expansion of Golden Gate Boulevard from east of Wilson Boulevard to 20th Street East. (Project No. 60040.) Estimated Fiscal Impact: $12,987. OBJECTIVE: To purchase an easement needed for the four - laning of Golden Gate Boulevard from east of Wilson Boulevard to 20th Street East (the Project). CONSIDERATIONS: Collier County is seeking to purchase Parcel 268RDUE, a 43 foot wide perpetual, non - exclusive road right -of -way, drainage and utility easement needed for construction of the Project. The easement is 6,450 square feet in extent and is situated along the road frontage of a parent tract owned by Luis and Yolanda Lebron. The parent tract is improved with a single family home and is located on the south side of Golden Gate Boulevard, just east of 18th Street Southeast. The appraised value of the easement is $5,900. Please refer in this regard to the attached appraisal report (without addenda), dated May 28, 2014, prepared by RKL Appraisal and Consulting, PLC. The attached easement agreement reflects a negotiated full compensation amount of $12,933 computed as follows: $11,000 for Parcel 268RUE and $1,933 for attorney's and appraiser's fees and costs, which the County is required to pay according to Sections 73.091 and 73.092, Florida Statutes. The owners allege that this acquisition will cause severance damages to the remainder property due to the partial loss of a landscape buffer. The proposed settlement includes a portion of these severance damages, which were not provided for in the attached appraisal report prepared for the County. If this parcel is not acquired by negotiation, it will have to be condemned and the County will be liable for payment of the owner's additional attorney's, appraiser's and other experts' fees and costs, which will far exceed the difference between the appraised value and the negotiated purchase price. Staff accordingly recommends that the Board of County Commissioners (the Board) approve the agreement. FISCAL IMPACT: Funds in the amount of $12,987, being the negotiated full compensation amount of $12,933 and recording fees of $54, will be required. 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. The county currently maintains Golden Gate Boulevard, so incremental maintenance costs ultimately related to the improvements will be minimal compared to the overall benefits of project. Additional right -of- way acquisitions are required, which will add acreage to the mowing and garbage removal maintenance at approximately $3,000 per year. Replacement of swales with closed drainage (piping) has a useful life of approximately fifty years with recurring costs of periodic inspections and system cleaning on a three to five year basis at an estimated cost of $5,000 per cycle. New roadway construction has a maintenance curve of approximately 5 to 7 years before any incremental costs are required for repairs or replacement. When the construction contract is brought before the BCC for approval, the maintenance costs will be revised if necessary. LEGAL CONSIDERATIONS: This item has been approved as to form and legality, and requires a majority vote for Board approval. - SAS Packet Page -1002- 10/28/2014 16.A.11. GROWTH MANAGEMENT IMPACT: This recommendation is consistent with the Long Range Transportation Plan and the Collier County Growth Management Plan. RECOMMENDATION: That the Board of County Commissioners of Collier County: 1. Approve the attached easement agreement and authorize its Chairman to execute same on behalf of the Board; 2. Accept the conveyance of Parcel No. 268RDLTE and authorize the County Manager, or his designee, to record the conveyance instrument in the public records of Collier County, Florida; 3. Authorize the payment of all costs and expenses necessary to close the transaction; 4. Authorize the County Manager or his designee to take the necessary measures to ensure the County's performance in accordance with the teens and conditions of the agreement; and 5. Authorize any and all budget amendments that may be required to carry out the collective will of the Board. Prepared by: Robert Bosch, Right -of -Way Coordinator, Transportation. Engineering, GMD. Attachments: (1) Easement Agreement with Exhibit A; (2) Location Map; and (3) Appraisal Report (without addenda) dated May 28, 2014. Packet Page -1003- 10/28/2014 16.A.11. COLLIER COUNTY Board of County Commissioners Item Number: 16.16.A.16.A.11. Item Summary: Recommendation to approve an easement agreement for the purchase of a road right -of -way, drainage and utility easement (Parcel 268RDUE) required for the expansion of Golden Gate Boulevard from east of Wilson Boulevard to 20th Street East. (Project No. 60040.) Estimated Fiscal Impact: $12,987. Meeting Date: 10/28/2014 Prepared By Name: BoschRobert Title: Right Of Way Coordinator, Transportation Engineering & Construction Management 9/24/2014 4:08:18 PM Approved By Name: DelateJoseph Title: Project Manager, Senior, Transportation Engineering & Construction Management Date: 9/29/2014 1:57:15 PM Name: PutaansuuGary Title: Project Manager, Principal, Transportation Engineering & Construction Management Date: 9/30/2014 3:38:54 PM Name: HendricksKevin Title: Manager - Right of Way, Transportation Engineering & Construction Management Date: 10/1 /2014 8:43:19 AM Name: LynchDiane Title: Supervisor - Operations, Road Maintenance Date: 10/1/2014 11:57:53 AM Name: KhawajaAnthony Title: Chief Engineer - Traffic Operations, Traffic Operations Date: 10/2/2014 8:07:32 AM Name: KearnsAllison Title: Manager Financial & Operational Support, Transportation Administration Packet Page -1004- Date: 10/2/2014 2:34:04 PM 10/28/2014 16.A.11. Name: TaylorLisa Title: Management/Budget Analyst, Transportation Administration Date: 10/2/2014 2:54:00 PM Name: ShueGene Title: Director - Operations Support, Transportation Administration Date: 10/3/2014 8:59:04 AM Name: GossardTravis Title: Superintendent - Roads & Bridges, Road Maintenance Date: 10/6/2014 2:16:26 PM Name: StoneScott Title: Assistant County Attorney, CAO Land Use/Transportation Date: 10/7/2014 3:40:21 PM Name: MarcellaJeanne Title: Executive Secretary, Transportation Planning Date: 10/13/2014 9:08:30 AM Name: IsacksonMark Title: Director -Corp Financial and Mngmt Svs, Office of Management & Budget Date: 10/15/2014 1:04:24 PM Name: KlatzkowJeff Title: County Attorney, Date: 10/15/2014 2:36:41 PM Name: UsherSusan Title: Management/Budget Analyst, Senior, Office of Management & Budget Date: 10/20/2014 9:45:05 AM Name: DurhamTim Title: Executive Manager of Corp Business Ops, Date: 10/20/2014 11:31:58 AM Packet Page -1005- 10/28/2014 16.A.11. PROJECT: Golden Gate Blvd. #60040 PARCEL No: 268RDUE FOLIO No: 39386640003 EASEMENT AGREEMENT THIS EASEMENT AGREEMENT (hereinafter referred to as the "Agreement") is made and entered into on this day of , 2014, by and between LUIS LEBRON AND YOLANDA LEBRON, husband and wife, whose mailing address is 1860 Golden Gate Boulevard East, Naples, FL 34120 -3607 (hereinafter referred to as "Owner "), and COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing address is 3299 Tamiami Trail East, c/o the Office of the County Attorney, Suite 800, Naples, Florida 34112 (hereinafter referred to as "County "). WHEREAS, County requires a perpetual non - exclusive Road Right -of -Way, Drainage and Utility Easement over, under, upon and across the lands described in Exhibit "A ", which is attached hereto and made a part of this Agreement (hereinafter referred to as the "Easement"); and WHEREAS, Owner desires to convey the Easement to County for the stated purposes, on the terms and conditions set forth herein; and WHEREAS, County has agreed to compensate Owner for conveyance of the Easement. NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby mutually acknowledged, it is agreed by and between the parties as follows: 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. Owner shall convey the Easement to County for the sum of: $11,000.00 subject to the apportionment and distribution of proceeds pursuant to Paragraph 9 of this Agreement (said transaction hereinafter referred to as the "Closing "). County also agrees to pay the sum of $1,933.00 to Roetzel & Andress, c/o Attorney Kenneth A. Jones for legal fees and all other costs. Said aggregate payment of $12,933.00 (representing Owner's proceeds, attorney fees and all other costs) shall be paid at closing by County Warrant or funds wire transfer to Roetzel & Andress, c/o Attorney Kenneth A. Jones, 2320 First Street, Suite 1000, Fort Myers, Florida 33901 -2904, and shall be full compensation for the Easement conveyed, including all landscaping, trees, shrubs, improvements, and fixtures located thereon, and shall be in full and final settlement of any damages resulting to Owner's remaining lands, costs to cure, including but not limited to the cost to relocate the existing irrigation system and other improvements (if any), and the cost to cut and cap irrigation lines (if any) extending into Packet Page -1006- 10/28/2014 16.A.11. Page 2 the Easement, and to remove all sprinkler valves and related electrical wiring (if any), and all other damages in conneon with conveyance of said Easement to County, including all attorneys' fees, expert witness fees and costs as provided for in Chapter 73, Florida Statutes. 3. Prior to Closing and as soon after the execution of this Agreement as is possible, Owner shall provide County with a copy of any existing title insurance policy and the following documents and instruments (prepared by County) properly executed, witnessed and notarized where required, in a form acceptable to County (hereinafter referred to as "Closing Documents "): (a) Road Right -of -Way, Drainage and Utility Easement; (b) Instruments required removing, releasing or subordinating any and all liens, exceptions and/or qualifications affecting County's enjoyment of the Easement. (c) Closing Statement; (d) Grantor's Non - Foreign, Taxpayer Identification and "Gap" Affidavit; (e) W -9 Form; and (f) Such evidence of authority and capacity of Owner and its representatives to execute and deliver this agreement and all other documents required to consummate this transaction, as reasonably determined by County, County's counsel and /or title company. 4. 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.n 5. Owner agrees to relocate any existing irrigation system located on the Easement including irrigation lines, electrical wiring and sprinkler valves, etc. (if any), prior to the construction of the project without any further notification from County. Owner assumes full responsibility for the relocation of the irrigation system (if any) on the remainder property and its performance after relocation. Owner holds County harmless for any and all possible damage to the irrigation system in the event owner fails to relocate the irrigation system prior to construction of the project. If Owner elects to retain improvements and /or landscaping ( "Improvements ") located on the Easement (if any), the Owner is responsible for their retrieval prior to the construction of the project without any further notification from County. Owner acknowledges that County has compensated Owner for the value of the Improvements located within the Easement area, and yet County is willing to permit Owner to salvage said improvements as long as their retrieval is performed before construction and Packet Page -1007- 10/28/2014 16.A.11. Page 3 without interruption or inconvenience to the County's contractor. All Improvements not removed from the Easement prior to commencement of construction of the project shall be deemed abandoned by Owner. This provision shall survive Closing and is not deemed satisfied by conveyance of title. 6. Owner and County agree to do all things which may be required to give effect to this Agreement immediately as such requirement is made known to them or they are requested to do so, whichever is the earlier. 7. 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 is no maintenance, construction, advertising, management, leasing, employment, service or other contract affecting the Easement. (f) Owner has no knowledge that there are any suits, actions or arbitration, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affect the Easement or which adversely affect Owner's ability to perform hereunder; nor is there any other charge or expense upon or related to the Easement which has not been disclosed to County in writing prior to the effective date of this Agreement. (g) County is entering into this Agreement based upon Owner's representations stated in this Agreement and on the understanding that Owner will not cause the physical condition of the property underlying the Easement to change from its Packet Page -1008- 10/28/2014 16.A.11. Page 4 existing state on the effective date of this Agreement up to and including the date of Closing. Therefore, Owner agrees not to enter into any contracts or agreements pertaining to or affecting the property underlying the Easement and not to do any act or omit to perform any act which would adversely affect the physical condition of the property underlying the Easement or its intended use by County. (h) To the best of Owner's knowledge, the property underlying the Easement, and all uses of the said property, have been and presently are in compliance with all Federal, State and Local environmental laws; that no hazardous substances have been generated, stored, treated or transferred on the property underlying the Easement except as specifically disclosed to the County; that the Owner has no knowledge of any spill or environmental law violation on the property contiguous to or in the vicinity of the Easement to be sold to the County, that the Owner has not received notice and otherwise has no knowledge of: a) any spill on the property underlying the Easement; b) any existing or threatened environmental lien against the property underlying the Easement; or c) any lawsuit, proceeding or investigation regarding the generation, storage, treatment, spill or transfer of hazardous substances on the property underlying the Easement. This provision shall survive Closing and is not deemed satisfied by conveyance of title. 8. Owner shall indemnify, defend, save and hold harmless the County against and from, and reimburse the County with respect to, any and all damages, claims, liabilities, laws, costs and expenses (including without limitation reasonable paralegal and attorney fees and expenses whether in court, out of court, in bankruptcy or administrative proceedings or on appeal), penalties or fines incurred by or asserted against the County by reason or arising out of the breach of any of Owner's representations under paragraph 7(h). This provision shall survive Closing and is not deemed satisfied by conveyance of title. 9. 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." 10. There shall be deducted from the proceeds of sale all prior year ad valorem taxes and assessments levied against the parent tract property which remain unpaid as of the date of Closing. Furthermore, in accordance with the exemptions provided for in Section 201.01, Florida Statutes, concerning payment of documentary stamp taxes by County, Owner shall pay all documentary stamp taxes required on the instrument(s) of transfer. Packet Page -1009- 10/28/2014 16.A.11. Page 5 11. This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustees, and /or assignees, whenever the context so requires or admits. 12. If the Owner holds the property underlying the Easement in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Owner shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, subject to the penalties prescribed for perjury, of the name and address of every person having a beneficial interest in the property underlying the Easement before the Easement held in such capacity is conveyed to County. (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13. Conveyance of the Easement, or any interest in the property underlying the Easement, by Owner is contingent upon no other provisions, conditions, or premises other than those so stated herein; and this written Agreement, including all exhibits attached hereto, shall constitute the entire Agreement and understanding of the parties, and there are no other prior or contemporaneous written or oral agreements, undertakings, promises, warranties, or covenants not contained herein. No modification, amendment or cancellation of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Owner and County. 14. Should any part of this Agreement be found to be invalid, then such invalid part shall be severed from the Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and not be affected by such invalidity. 15. This Agreement is governed and construed in accordance with the laws of the State of Florida. 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 TOM HENNING, Chairman Packet Page -1010- .7 AS TO OWNER: DATED: !7- 11--117Z �6� ?/vy Witness (Signature) Name (Print or Type Witness (Signature) HQ � de.,l,5 Ca54f"'— ?, -/ /,/ Name (Print or Type) ! " 9,1ok Witness (Signature) �dn c Name (Print or Type) Witness (Signat e} Name (Print or Type) Approved as to form and legality: bt A. �hone� Assistant County Attorney 10/28/2014 16.A.11 Page 6 Y NDA !_EBRON L� Packet Page -1011- j I • EKE 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD (CR 876) 45, 00 Iafj I a7. ?0 14R +CT 149 +00 _�!= „144,00 43 I PROPOSED ROADWAY EASEMIENT ( PARCEL 288 ROUE i v;.aso so rt I I TRACT 59 ( TRACT 60 TRACT 61 GOLDEN GATE ESTATES UNIT 51 PLAT BOOK 5 PAGE 84 I wt ST 150' O TRACT 60 LEBRON VILLRIAI(AR - OR 2073/1047 OR 2827/2410 � I � I 0 I t i I 1 y I W E i S I I f SO �QUARE FOCI T" - ROY JR OFF ,CAL RECORDS (800K /SAGE) JCJ PROPOSED ROADWA-. DRAINAGE AND UTILITY EASEMENT (RDUE) FEB a 1 20� r -�-� ;.X c1 NG ROADWAY _ASEMENT DEDICATED TO THE PERPE%,A, i� U SE 0 i!.E PJOL!C PER PLA- BOOK S, PAGE 84 LEGAL DESCRIPTION FOR PARCEL 268 RDUE A PORTIC`. OF 'RACT 60, GOLDEN GATE ESTATES. UNIT 5: AS RECORDED IN PLAT BOOK 5. PAGE 84 OF THE PUBLIC Ri :DR'JS O' :.OLDER COJNTY, f LOR'DA, LYIVG IN SECTION 1. TOWNS"10 49 SCUTH, RANGE 21 EAST, COLLIER CJU,ITY. FLD�ZNA. BEING M;i4iL YArtIICULARLY DESCRIBED AS FOI }.OW$ THL SOU'I' 43 FE .T OF 'rE NCRTH 93 FEET 0" TtiE WEST 150 rEET OF ,AID TRADT 60 O;�N :AINIVG 6,45C SOJARE FEET MORE OR '-E-;S. O 40 60 160 Y+ SKETCH do DESCRIPTION ONLY A 130, rvrca NOT A BOUNDARY SURVEY $CAM: 1' -W Rata �oa*�I� war V./A .IIxN01If T4[ 01.rlML ! 0.6069[0 SfX a r3R COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS A nomm M:661E" Fl101'[oolft 51Af[7011 AID WPM. 71C GOLDEN GATE BOULEVARD �ilrrl. SKETCH 8 DESCRIPTION OF: PROPOSED ROADWAY EASEMENT 14. PARCEL 268 RDUE "lo M'lamFano—bu1.l00 N.pa Fb-ft 301M COLLIER COUNTY. FLORIDA Fn t2ne6746M FAX: CMM74M LB No.: Wit JGo NUMBER REVISION I SFCT:ON I TOWNS H!� RANCC SCALE DATE DRAWN $Y �Il£ NAME SHEET D�J2' i JG.G1 D;,v' REV ca 009 5.0.. cK 268 Or t ParkPt Pa RP - 1(117- T 10/28/2014 16.A.11. LOCATION MAP PARCEL 268RDUE - GOLDEN GATE BOULEVARD PROJECT NO. 60040 (Not to Scale) Packet Page -1013- 10/28/2014 16.A.11. APPRAISAL AND CONSULTING REAL ESTATE APPRAISAL REPORT GOLDEN GATE BOULEVARD E. WIDENING Residential 1860 Golden Gate Boulevard E. Naples, Collier County, Florida, 34120 PREPARED FOR: Mr. Harry Henderson Review Appraiser Collier County Transportation Right -Of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Client File: 268 RDUE EFFECTIVE DATE OF THE APPRAISAL: May 10, 2014 DATE OF THE REPORT: May 28, 2014 REPORT FORMAT: Appraisal Report PREPARED BY: RKL APPRAISAL AND CONSULTING, PLC RKL File Number: 2014 -118 (Parcel No. 268 RDUE) 4 -500 Executive Drive, Suite 300 NaWes. FL 34119 -8908 C.IOWKY MAI,CIV, Phone: 239- 596 -0800 S)UIS C. BOW'rM. MAI wvv -A-.rtaae.com Packet Page -1014- 10/28/2014 16.A.11. APPRAISAL AND CONSULTING May 28, 2014 Mr. Harry Henderson Collier County Transportation Right -Of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Re: Real Estate Appraisal Golden Gate Boulevard E. Widening 1860 Golden Gate Boulevard E., Naples, Collier County, Florida, 34120 Client File: 268 RDUE RKL File Number: 2014 -118 (Parcel No. 268 RDUE) Dear Mr. Henderson: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. The intended users for the assignment are Collier County Transportation Right -Of -Way Group. The intended use of the appraisal is as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to lod " be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non- exclusive, road right -of -way, drainage, and utility easement. We use the appraisal report option of Standards Rule 2 -2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice ( USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The parent tract is a parcel of land containing an area of 2.34 acres, or 102,000 square feet. The tract is improved with a single- family home containing 2,074 square feet of living area constructed in 1998. The improvements located outside the proposed acquisition area, including the single - family home, are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported in the following appraisal. Acr L" ,M ZUCCH!, MAL COM 4500 Executive Drive, Suite 300 Naples, FL 34119 -8908 c - "��� �" "' �� CPA Naples, 239 -596 -0800 S,UI S C. B01AWI-I- MAI - ,vwm7.rkiae.com Packet Page -1015- 10/28/2014 16.A.11. Mr. Harry Henderson Collier County Transportation Right -Of -Way Group May 28, 2014 Page 2 Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of or activity upon the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement (Parcel No. 268 RDUE), as of May 10, 2014, is: SUMMARY OF JUST COMPENSATION Value of Property Rights Taken: $1,500 Value of Improvements Taken: $4,400 Severance Damages: $0 Net Cost to Cure: $0 TOTAL AMOUNT DUE OWNER: $5,900 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC Rachel M. Zucchi, MAI, CCIM Florida State - Certified General Real Estate Appraiser RZ #2984 rzucchinrklac.com; Phone 239 -596 -0800 Ext. 203 ACH EL M ?t3CCH L MAi. CCIM C. 1 .0Wl Y- MAI. CPA CJVJIS C. CrCJl3hIM MAI Packet Page -1016- 4500 Executive Drive, Suite 300 Naples, FL 34119 -8908 Phone: 239 -596 -0800 -,vww.rklac.com 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions .................................... ............................... 1 IntroductionInformation ...................................................................... ............................... 5 SubjectIdentification ....................................................................... ............................... 5 Current Ownership and Property History ........................................ ............................... 5 AppraisalScope ............................................................................... ............................... 5 Client, Intended User, and Intended Use ......................................... ............................... 6 Definitionof Market Val ue .............................................................. ............................... 6 Definition of Property Rights Appraised ......................................... ............................... 6 Purpose of Appraisal, Property Rights Appraised, and Dates ......... ............................... 6 Scopeof Work ................................................................................. ............................... 7 MarketArea Analysis .......................................................................... ............................... 8 Property Description and Analysis .................................................... ............................... 11 Site Analysis - Parent Tract ........................................................... ............................... 11 ImprovementsAnalysis ................................................................. ............................... 17 Real Estate Taxes and Assessments ............................................... ............................... 18 Highestand Best Use ..................................................................... ............................... 19 ValuationMethodology ..................................................................... ............................... 21 AnalysesApplied ........................................................................... ............................... 22 Valuation Analysis of Parent Tract .................................................... ............................... 23 Sales Comparison Approach .......................................................... ............................... 23 Contributory Value of the Site Improvements Taken .................... ............................... 29 Valuation Analysis of Part Taken and Remainder Property .............. ............................... 30 Descriptionof Part Taken .............................................................. ............................... 30 Value Analysis Proposed Property Rights and Improvements Taken .......................... 33 Valuation Analysis of Remainder Property As Severed .................... ............................... 35 Description of Remainder Property as Severed ............................. ............................... 35 Value Analysis Remainder Property As Severed .......................... ............................... 35 Severance Damages to the Remainder Property ............................ ............................... 37 Costto Cure Analysis .................................................................... ............................... 37 SpecialBenefits Analysis .............................................................. ............................... 37 Summaryand Conclusion .............................................................. ............................... 38 Certification....................................................................................... ............................... 39 Assumptions and Limiting Conditions .............................................. ............................... 41 Addenda Appraiser Qualifications ................................. ............................... .......................Addendum A Financials and Property Information ..................................... ............................... Addendum B ComparableData ................................................................... ............................... Addendum C Packet Page -1017- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Golden Gate Boulevard E. Widening 1860 Golden Gate Boulevard E., Naples, Collier County, Florida, 34120 Owner: Luis and Yolanda Lebron Intended Use: The intended use is as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement. Intended User(s): Collier County Transportation Right -Of -Way Group PARENT TRACT BEFORE THE TAKING Current Use: Legal Description: Tax Identification: Land Area: Shape: Flood Zone: Zoning: Improvements: Year Built: Gross Living Area (GLA): Single - family residential Golden Gate Estates Unit 51 W 150 feet of Tract 60 39386640003 Total: 2.34 acres; 102,000 square feet Rectangular Zone AH E - Estates 1998 2,074 Highest and Best Use As Vacant Single - family residential development As Improved The highest and best use is as currently improved. VALUE INDICATIONS BEFORE THE TAKING Land Value: $23,400 Improvements: $4,400 Total Market Value of Parent Tract: $27,800 Effective Date(s) May 10, 2014 Property Rights Fee Simple The improvements located outside the proposed acquisition area, including the single - family home, are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Pate 1 Packet Page -1018- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PART TAKEN Identification: 268 RDUE Intended Use of the Proposed The intended use of the proposed acquisition area is for a Acquisition: perpetual, non - exclusive, road right -of -way, drainage, and utilities easement. Description: 43 foot wide strip taking along the southerly right -of -way of Golden Gate Boulevard E. Land Area: Total: 0.15 acres; 6,450 square feet Shape: Rectangular MOL Approximate Dimensions: 150'x 43' Proposed Improvements Taken: The part taken is cleared and minimally landscaped with an asphalt driveway. VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN Property Rights Taken: $1,500 Improvements Taken: $4,400 Total: $5,900 Effective Date(s) May 10, 2014 VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE Market Value of the Parent Tract, Before the Taking: $27,800 Less Market Value of the Proposed Part Taken: $5,900 Total Market Value of the Remainder Property, As Part of the Whole: $21,900 Effective Date(s) May 10, 2014 The improvements located outside the proposed acquisition area, including the single - family home, are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 2 Packet Page -1019- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS REMAINDER PROPERTY, AFTER THE TAKING Land Area: Total: 2.34 acres; 102,000 square feet Shape: Rectangular Improvements: The parent tract is improved with a single - family home. Existing Easements and The parent tract is encumbered by a 50 -foot wide road Encumbrances: right -of -way easement along the northern property line bordering the property's existing frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Proposed Easement and Additional 43 foot roadway, drainage and utility Encumbrances: easement south of the existing easement along the northern property line. Highest and Best Use As Vacant Single - family residential development As Improved The highest and best use is as currently improved. VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE TAKING Land Value: $21,900 Improvement Value: $0 Total Market Value of Reminder Property: $21,900 Effective Date(s) May 10, 2014 The improvements located outside the proposed acquisition area, including the single- family home, are considered to be unaffected. by the acquisition. Therefore, the contributory value of those improvements is not reported. The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 3 Packet Page -1020- Remainder Property Land Area - Exclusive of Additional Encumbered Land Taken Additional Encwnbered Land Taken Total Land Improvements Total Damages Special Benefits Net Damages Summary of Total Compensation $10,000 100% $10,000 2.19 $21,935 $21,900 $10,000 1% $100 0.15 $15 $0 2.34 $21,950 $21,900 $0 $21900 $0 $0 $0 Additional E-nclnnbered Land Taken $10.000 99% $9,900 0.15 $1.466 $1,500 Value of Improvements Taken $4.400 Total $5,900 Net Damages $0 Net Cost to Cure $0 Total Amount Due Owner $5,900 The improvements located outside the proposed acquisition area, including the single- family home, are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results Hypothetical Conditions: 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Severance Damages to the Remainder Property Value of the Whole $27,800 Less Value of the Part Taken $5,900 Value of the Remainder Property as Part of the Whole $21,900 Value of the Remainder Property as Severed $21,900 Difference (Severance Damages) $0 Rounded: $0 Cost to Cure: $0 Special Benefits: $0 Parcel No. 268 RDUE Fee Value per % of Indicated Value Acres Indicated Rounded Total Value Acre Fee per Acre Value Value Parent Tract Before the Taking Land $10,000 100% $10,000 2.34 $23,416 $23,400 Improvements $4,400 Total $27,800 Proposed Part Taken Additional Enctunbered Land Taken $10,000 99% $9,900 0.15 $1,466 $1,500 Improvements Taken $4.400 Total $5,900 Remainder Property, as Part of the Whole $21,900 Remainder Property Land Area - Exclusive of Additional Encumbered Land Taken Additional Encwnbered Land Taken Total Land Improvements Total Damages Special Benefits Net Damages Summary of Total Compensation $10,000 100% $10,000 2.19 $21,935 $21,900 $10,000 1% $100 0.15 $15 $0 2.34 $21,950 $21,900 $0 $21900 $0 $0 $0 Additional E-nclnnbered Land Taken $10.000 99% $9,900 0.15 $1.466 $1,500 Value of Improvements Taken $4.400 Total $5,900 Net Damages $0 Net Cost to Cure $0 Total Amount Due Owner $5,900 The improvements located outside the proposed acquisition area, including the single- family home, are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 4 Packet Page -1021- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Golden Gate Boulevard E. Widening 1860 Golden Gate Boulevard E., Naples, Collier County, Florida, 34120 Legal Description: Golden Gate Estates Unit 51 W 150 feet of Tract 60 Tax Identification: 39386640003 The parent tract is a parcel of land containing an area of 2.34 acres, or 102,000 square feet. The tract is improved with a single - family home containing 2,074 square feet of living area constructed in 1998. The improvements located outside the proposed acquisition area, including the single - family home, are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner: Luis and Yolanda Lebron Sale History: According to public records, the subject has not sold in the last three years. Current The subject is not currently listed for sale, or under Listing /Contract(s): contract. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy, nor is it listed for sale. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • the client and any other intended users; • the intended use of the appraiser's opinions and conclusions; • the type and definition of value; • the effective date of the appraiser's opinions and conclusions; • subject of the assignment and its relevant characteristics • assignment conditions • the expectations of parties who are regularly intended users for similar assignments; and • what an appraiser's peer's actions would be in performing the same or a similar assignment. Page 5 Packet Page -1022- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Transportation Right - Of -Way Group. The intended use is as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non - exclusive, road right -of -way, drainage, and utility easement. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value is defined by The Dictionary of Real Estate Appraisal 5rh Edition: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: "Absolute ownership interest unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, Fifth Edition, 2010.) The proposed property rights to be acquired involve a proposed perpetual, non - exclusive, road right -of -way, drainage, and utilities easement. PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. The effective date of the subject appraisal is May 10, 2014. The date of the most recent inspection was May 10, 2014. The date of the report is May 28, 2014. Page 6 Packet Page -1023- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING INTRODUCTION INFORMATION SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2 -2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: An on -site inspection was made and photographs were taken. Market Area and Analysis of A complete analysis of market conditions has been made. Market Conditions: The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Anal Cost Approach: A cost approach was not applied as the subject tract is analyzed as vacant land. However, the Cost Approach is utilized to estimate the contributory depreciated value of the site improvements (if any) taken. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 7 Packet Page -1024- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SCOPE of WORK MARKET AREA ANALYSIS Boundaries The subject is located in the north central part of Collier County in the northwestern portion of the Collier County Rural Estates Planning Community. This surrounding area is generally delineated as follows: North Immokalee and Oil Well Roads South Interstate 75 (Alligator Alley) East Two miles east of Everglades Blvd. West Generally County Road 951 The subject is located in Golden Gate Estates which consists of single family homes on acreage parcels. Access and Linkages Primary access to the area is provided by Interstate 75 (I -75), a major arterial that runs east to Fort Lauderdale and north through Tampa, Florida; I -75 terminates to the north at the US /Canadian Border in Sault Ste. Marie, Michigan. Further access to the area from Interstate75 is by: • State Road 29 (I -75 exit 80) at Miles City. • County Highway 846 (Immokalee Road, I -75 exit 111). • Golden Gate Boulevard Overall, vehicular access is average. The subject property is accessed from Collier Boulevard which extends from Immokalee Road to the north to Marco Island to the south. Golden Gate Boulevard West intersects with Collier Boulevard between Vanderbilt Beach Road and Pine Ridge Road. Golden Gate Boulevard West becomes Golden Gate Boulevard East, east of the Wilson Boulevard N. Wilson Boulevard N. provides access to Immokalee Road from the market area. The Southwest Florida International Airport (RSW) is located about 25 +/- miles from the market area; travel time is about 35 to 45 minutes, depending on traffic conditions. The Naples Municipal Airport (APF) is approximately 15 +1- miles and 30 to 40 minutes southwest. Downtown Naples is approximately 20 +/- miles from the market area and 30 to 40 minutes southwest. Demand Generators We have utilized STDB Online, an industry respected site analysis and demographic data providen to analyze the subject's market area demand generators. For the purposes of defining the market area, we utilize the boundaries of Collier Boulevard, Immokalee Page 8 Packet Page -1025- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SCOPE OF WORK Road, Everglades Boulevard, and Interstate 75. As shown, population and households are projected to grow by an average annual rate of less than 1.0% per year through 2018. The average household income in the market area is less than that in the overall Collier County average of $82,769. B' n' Estates Prepared by Rachel Zucchi Summary Census 2010 :2013 2018. Population 22,795 23,107 24,081 Households 7,648 7,779 8,134 Families 6,151 6,236 6,497 Average Household Size 2.98 2.97 2.96 Owner Occupied Housing Units 6,428 6,372 6,720 Renter Occupied Housing Units 1,220 1,407 1,413 Median Age 40.1 40.8 .40.6 Trends: 2013 - 2018 Annual Rate ` Area .State _ National Population 0.83% 0.99% 0.71% Households 0.90% 0.98% 0.74% Families 0.82% 0.87% 0.63% Owner HHs 1.07% 1.32% 0.94% Median Household Income 3.59% 3.47% 3.03% 2013 2018.`. Households by Income Number Percent Number .Percent. <$15,000 634 8.2% 556 6.8% $15,000 - $24,999 562 7.2% 366 4.5% $25,000 - $34,999 810 10.4% 641 7.9% $35,000 - $49,999 1,044 13.4% 965 11.9% $50,000 - $74,999 1,713 22.0% 1,730 21.3% $75,000 - $99,999 1,169 15.0% 1,493 18.4% $100,000 - $149,999 1,328 17.1% 1,696 20.9% $150,000 - $199,999 271 3.5% 363 4.5% 5200,000+ 247 3.2% 324 4.0% Median Household Income $59,625 $71,139 Average Household Income $76,619 $89,126 Per Capita Income $25,807 $30,121 Outlook and Conclusions As with the overall Collier County market, the Rural Estates market had been in those stages of the real estate cycle best described by The Appraisal of Real Estate, 14' h Edition as decline and recession since 2006. Decline immediately follows an expansion period in the real estate cycle and is characterized by positive but falling demand, and increasing vacancy. The next market cycle is recession, a period characterized by falling demand and decreasing vacancy. Since early to mid 2011, the market has been in the recovery stage which is characterized by increasing demand and decreasing vacancy. The residential market had price appreciation in 2013 and 2014 to date; however, the commercial market has been relatively stable since mid 2011 and is expected to remain stable through mid to late 2014. The long term economic outlook for Collier County and the market area is positive. Page 9 Packet Page -1026- GOLDEN GATE BOULEVARD E. WIDENING 10/28/2014 16.A.11. SCOPE OF WORK Surrounding Area Map 12 th Ave NE Avy : e IE _ . ,.. i Citfi Ave F:F - "Y !Yr i.:i,1 ... O. t m Z m m ch S t r z L t. _., �rYfi Nt .t'� NE i d E Goldan G =1c: Blvd L- Golden Cate E?dvd Golden Gatti. Blvd E r� r, s ° RUF�'- L I, Map data @2014 Gaayle Pa (ye 10 Packet Page -1027- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS - PARENT TRACT The following description is based on our property inspection, public records, and a sketch and description of the proposed roadway easement prepared by RWA Consulting. Land Summary - Parent Tract Before Taking Parcel ID Gross Land Area Gross Land Area (Acres) (Sq Ft) 39386640003 2.34 102,000 SITE Location: The parent tract is located on the south side of Golden Gate Boulevard E, between 18th Street SE and 20th Street SE in Collier County, Naples, Florida. Current Use of the Property: Single - family residential Shape: The site is roughly rectangular. Road Frontage /Access: The subject property has average access with frontage as follows: • Golden Gate Boulevard E.: 150 feet The site has an average depth of 680 feet. It is not a corner lot. Visibility: Average Topography: The subject parent tract is cleared around the single - family home and heavily wooded in the southern portion of the site with level topography and no known areas of wetlands. Soil Conditions: We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: FP &L Sewer: Septic Water: Well Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: • Street Lighting: None • Sidewalks: None • Curbs and Gutters: None • Curb Cuts: None Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in FEMA flood zone AH, which is classified as a flood hazard area. FEMA Map Number: 12021 C 0430H FEMA Map Date: May 16, 2012 Page 11 Packet Page -1028- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT The subject is in a flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: We were not provided with an environmental assessment report for the purpose of this appraisal. Environmental issues are beyond our scope of expertise; therefore, we assume the property is not adversely affected by environmental hazards. Encumbrance / Easements: The parent tract is encumbered by a 50 -foot wide road right -of -way easement along the northern property line bordering the property's existing frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Site Comments: The site has average and typical utility. ZONING Zoning Code E Zoning Authority Collier County Zoning Description Estates; The purpose and intent of the estates district (E) is to provide lands for low density residential development in a semi -rural to rural environment, with limited agricultural activities. In addition to low density residential development with limited agricultural activities, the E district is also designed to accommodate as conditional uses, development that provides services for and is compatible with the low density residential, semi -rural and rural character of the E district. Permitted Uses Includes single - family dwellings, family care facilities (subject to section 5.05.04), essential services (as set forth in section 2.01.03), and schools, public, including educational plants. Current Use Legally Conforming The subject is legal and conforming use. Minimum Lot Area 2.25 acres or 98,010 square feet Minimum Floor Area 1,000 square feet Minimum Street Frontage 150 feet Set Back Distance Front and Rear Yards: 75 feet Side Yard Distance 30 feet, 37.5 feet for corner lots along longest side Maximum Density One dwelling unit per 2.25 acres. Maximum Building Height 30 feet Future Land Use Designation Estates Designation Page 12 Packet Page -1029- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SITE ANALYSIS - PARENT TRACT Aerial - Parent Tract Page 13 Packet Page -1030- GOLDEN GATE BOULEVARD E. WIDENING Plat Map - Parent Tract Approximate boundary lines of parent tract shown in blue. 10/28/2014 16.A.11. SITE ANALYSIS - PARENT TRACT U N I I I A SUBDIVISION OF PARTS OF SEC71 COLLIER COUN X!WW_v,q' 1--i GA 20 9 I-5,4GAc- as rr LJ 1 ju I G a 0 1� —wool 11 1­1 ��8i I p ) 8 °' 2 9 �� 5 8 6 9 17 24 57 64 al Page 14 Packet Page -1031- GOLDEN GATE BOULEVARD E. WIDENING Site Photographs 10/28/2014 16.A.11. SITE ANALYSIS - PARENT TRACT Golden Gate Boulevard E - Westerly (Parent Tract on Left) Golden Gate Boulevard E - Easterly (Parent Tract on Right) (Photo Taken on May 10, 2014) Page 15 Packet Page -1032- GOLDEN GATE BOULEVARD E. WIDENING Site Photographs 10/28/2014 16.A.11. SITE ANALYSIS - PARENT TRACT Parent Tract - Southerly Parent Tract - Southerly (Photo Taken on May 10, 2014) Page 16 Packet Page -1033- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING IMPROVEMENTS ANALYSIS IMPROVEMENTS ANALYSIS The parent tract is a parcel of land containing an area of 2.34 acres, or 102,000 square feet. The tract is improved with a single- family home containing 2,074 square feet of living area constructed in 1998. Prior to the taking, the parent tract is encumbered by a 50 -foot wide road right -of -way easement along the northern property line bordering the property's existing frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. After the taking, there will be an additional 43 foot roadway, drainage and utility easement south of the existing easement along the northern property line. Most competitive homes in the local market area are typically located 100 feet or more from the adjacent roadway, especially homes located along main roadways. Homes located significantly less than 100 feet are considered to have functional obsolescence due to a below market setback of the building improvements from the adjacent roadway. The remainder property's improvements will not be damaged after the taking as the setback of the single - family home which is currently approximately 200 feet before the taking, will reduce to approximately 160 feet after the taking from the right -of -way of Golden Gate Boulevard E. This is consistent with most competitive homes in the market area; therefore, there is no functional obsolescence. The improvements located outside the proposed acquisition area, including the single- family home, are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. The contributory value of the improvements located within the part taken is reported. The part taken is cleared and minimally landscaped with an asphalt driveway. Page 17 Packet Page -1034- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING REAL ESTATE TAXES AND ASSESSMENTS REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. The property tax identification number and assessed value of the property for tax year 2013 are as follows: ASSESSED VALUES - PARENT TRACT Tax Identification Number Land Assessed Value Building Assessed Value Total Assessed Value Save our Home and Homestead Exemptions Total Taxable Value Totals Total Land Assessed Value Total Building Assessed Value Total Assessed Value Save our Home and Homestead Exemptions Total Assessment Rates, Taxes, More 39386640003 $12,402 $128,442 $140,844 - $70,472 $70,372 $12,402 $128,442 $140,844 - $70,472 $70,372 Tax Rate 1.40% Ad Valorem Tax Amount $982 Special Assessment Amount $173 Special Assessment Comments District 1 Total Tax Liability $1,155 Property Tax Comments The 2013 taxes are delinquent as of the effective date of the appraisal. The assessment for subject land is currently $5,296 per acre prior to exemptions. Based on our valuation analysis, the subject's assessment appears low. Page 18 Packet Page -1035- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable and legal use of vacant land or an 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. 1 • Physically possible for the land to accommodate the size and shape of the ideal improvement. • Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. • Financially feasible to generate sufficient income to support the use. • Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As If Vacant Physically Possible The subject site is 2.34 acres or 102,000 square feet with 150 feet of frontage along Golden Gate Boulevard E. The parent tract is encumbered by a 50 -foot wide road right - of -way easement along the northern property line bordering the property's existing frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. The physical characteristics of the parent tract should reasonably accommodate any use that is not restricted by its size. The subject's utilities are typical and adequate for the market area. The site is roughly rectangular. The site is located in a FEMA flood zone AH area per FEMA Floor Map Number: 12021 C 0430H, dated May 16, 2012, which is classified as a flood hazard area. There are no known physical reasons that would unusually restrict development. The site is considered to have a functional utility suitable for a variety of uses. Legally Permissible The subject site is zoned E, which permits uses that include single- family dwellings, family care facilities (subject to section 5.05.04), essential services (as set forth in section 2.01.03), and schools, public, including educational plants. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only The Dictiona7 -11 of Real Estate 5`h Edition, Page 93, Appraisal Institute Page 19 Packet Page -1036- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST Use single - family uses are given further consideration in determining the highest and best use of the site, as if vacant. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. Since 2006, the Southwest Florida residential market had been in those stages of the real estate cycle best described by The Appraisal of Real Estate, 14th Edition as decline and recession. Decline immediately follows an expansion period in the real estate cycle and is characterized by positive but falling demand, and increasing vacancy. The next market cycle is recession, a period characterized by falling demand and decreasing vacancy. Since early to mid 2011, the market has been in the recovery stage which is characterized by increasing demand and decreasing vacancy. The residential market had price appreciation in 2013; however, the commercial market has been relatively stable since mid 2011 and is expected to remain stable through mid to late 2014. On this basis, barring unforeseen changes in the market, if developed with a well - designed residential product that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Single - family residential development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, single- family residential development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved A continuation of the current use is concluded to be financially feasible due to the quality, age and location of the improvements. There are no apparent alternative uses that would indicate a higher present value that the current use. Furthermore, the value of the existing improvements, as is, exceeds the value of the site. Therefore, the highest and best use is as currently improved. Most Probable Buyer Consider the size, class, and location of the property, the most probable buyer is an owner -user. Page 20 Packet Page -1037- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING HIGHEST AND BEST USE VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is lease reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor's perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthennore, different properties require different means of analysis and lend themselves to one approach over the others. Page 21 Packet Page -1038- GOLDEN GATE BOULEVARD E. WIDENING 10/28/2014 16.A.11. ANALYSES APPLIED ANALYSES APPLIED A cost analysis was considered and was not developed as the subject tract is analyzed as vacant land. However, the Cost Approach is utilized to estimate the contributory depreciated value of the site improvements (if any) taken. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. Paae 22 Packet Page -1039- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH VALUATION ANALYSIS OF PARENT TRACT SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Comparables I have researched seven comparables for this analysis. These are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Page 2' Page -1040- GOLDEN GATE BOULEVARD E. WIDENING 10/28/2014 16.A.11. SALES COMPARISON APPROACH Comp Address Date Price Land SF City Price per Acre Acres Comments Subject 1860 Golden Cate Boulevard E 5/10/2014 m 102,000 L Naples ,.. 2.34 ] 16th Street SE 11/1312013 $13,500 51,000 Vacant parcel located along east side of 16th Street SL, south of Golden Cate Blvd E. Naples $11,538 1.17 2 12th Street N­ E 3/19/2014 $12,000 49,500 Vacant parcel located along east side of 12th Street NE, north of Golden Gate Blvd E Deed shows a closing price of Naples $10,526 1.14 $10,000. Listing agent, Dawn Olitsky, confirmed sales price IJaty Es ed E a E - kC� iF,t etc B! based on HUD closing statement of $12,000. 3 Golden Gate Blvd E $8,900 51,000 Vacant parcel located along south side of Golden Cate Blvd I, east of 22nd St NE. Naples $7,607 1.17 q 821 Nth Street SE 12 23/2013 $24,000 1 ]8,800 Vacant parcel located along west side of 20th St SE, south of Golden Gate Blvd E. Naples $8,791 2.73 5 10th Street NE 1/29/2014 $16,000 49,500 Vacant parcel located along east side of ]0th St NE, north of Golden Gate Blvd E. Naples $14,035 1.14 6 12th Ave NE 11126/2013 $30,000 99,000 Vacant parcel located along north side of 20th St N$ north of Golden Gate Blvd E Naples $13,216 2.27 7 2nd Ave NE 3,128 /2014 $25,000 99,000 Vacant parcel located along north side of 2nd Ave NP north of Golden Cate Blvd E. Naples $11,013 2.27 Comparables Map m L ,.. a 4!r L:0Icon IJaty Es ed E f �alr_u a E - kC� iF,t etc B! ?h �J tilap data 9-7014 Google Paae 24 Packet Page -1041- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 25 Packet Page -1042- x U Q O N d Z Q O U m� J V 10/28/2014 16.A.11. Packet Page -1043- N C cC Cl- $a 9 t- Z Z _1. Q n Q Q C• � N fV O L N C ^ � O� d 4 O p e fH Q N n 4 NK N O G _" a op b^D GG i/Y y O p fif w $ oo G9 �D � 44� N N 'o z z M o 0 o z h 6 _ tn z z h o 0 o y z U L • Z 49 K .52 U K K C K CO N 69 N N li V Q O O N 0o U F C = Q 3 8 = Lo �g F LL� N Y O O VI GG O � — ✓7 � °L � — Z as a C5 C5 6 O � � °• �' � _. _ y oG O � � O �' � N NK _ O K o O K O � � O K W v' in U 2• J L LT < z e < z Packet Page -1043- N C cC Cl- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH Comparable Sale Adjustments Property Rights All the comparable sales transferred in fee simple interest; therefore, no adjustment for property rights is required. Financing All the comparable sales had market orientated financing or were cash transactions; therefore, no adjustment for financing is required. Conditions of Sale All the comparable sales were arm's length transactions; therefore, no adjustment for conditions of sale is required. Economic Trends The sales all occurred within the last seven months. Sale prices have been relatively flat during this period; therefore, no adjustments are required. Location The comparables are all located within the Golden Gate Estates market area; therefore, no adjustments are required. Road Frontage The subject parent tract is located along Golden Gate Boulevard E, a main arterial through Golden Gate Estates that is heavily traveled in relation to the interior streets. With exception of comparable 3, all the sales are located along interior streets and are considered superior in terms of location. Comparable 3 is considered similar to the subject in terms of location. Size For this analysis, the sales were relatively similar in size; therefore, no adjustments are required. Wetlands For this analysis, the subject and all of the comparable sales are considered to be uplands with no wetland areas. Therefore, no adjustments are required. Shape For this analysis, the sales are all rectangular; therefore, no adjustments are required. Zoning For this analysis, the sales have similar zoning and highest and best use; therefore, no adjustments are required. Page 27 Packet Page -1044- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SALES COMPARISON APPROACH Sales Comparison Approach Conclusion The adjusted values of the comparable properties range from $6,593 to $10,526; the average is $8,492. All of the value indications have been considered, and in the final analysis, due to the overall improving residential market conditions in the Southwest Florida market, we conclude toward the high end of the range in arriving at my final reconciled per acre value of $10,000. MARKET VALUE OF PARENT TRACT Indicated Value per Acre: $10,000 Subject Size: 2.34 Indicated Value: $23,416 Rounded: $23.400 Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local retail market it is our opinion that the probable marketing and exposure time for the parent tract is 6 months to 12 months. Page 28 Packet Page -1045- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN CONTRIBUTORY VALUE OF THE SITE IMPROVEMENTS TAKEN The part taken consists of an approximate 43 foot wide strip taking along the southerly right -of -way of Golden Gate Boulevard E. The part taken is cleared and minimally landscaped with an asphalt driveway. The improvements located outside the proposed acquisition area, including the single- family home, are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. Value of Improvements Taken The depreciated replacement cost of the improvements taken is based on cost estimates from Marshall & Swift, a nationally recognized cost service. Marshall & Swift Cost Source: Marshall & Swift Section 66, Pages 2 - 8 No. of Stories Multiplier: 1.000 Local Multiplier: 0.960 Height /Story Multiplier: 1.000 Current Cost Multiplier: 1.020 Perimeter Multiplier: 1.000 Combined Multipliers: 0.979 Site Improvements Iteml Unit Type I Costj Quantityl Total Asphalt Driveway Sq. Ft. $2.59 516 $1,336 Clearing, grading, minimal landscaping Sq. Ft. $0.75 5,934 $4,451 Total Site Improvement Costs $5,787 Soft Costs Item Percent Type Total Soft Costs .............. 10.0% % Bid. & Site Cost Total Soft Costs $579 $579 Total Costs Total Cost $6,366 Depreciation: Section 1 of 1 Componentl Eff. Age I Life I Percent Amount Physical Depreciation: Site 5 15 33% $1,929 Total Depreciation $1,929 Depreciated Value of Improvements $4,437 Rounded $4,400 Based on the previous analysis, the following table summarizes the estimated market value of the parent tract and the contributory of value of the site improvements. Value Indications Proposed Property Rights and Improvements Taken Fee Value per % of Indicated Value Indicated Rounded Ac Indicated Value Acre Fee per Acre Value Value Parent Tract Before the Taking Land $10,000 100% $10.000 2.34 $23416 $23.400 Improvementq $4.400 Total $27.800 Page 29 Packet Page -1046- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION Or PART TAKEN VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY DESCRIPTION OF PART TAKEN Parcel No. 268 RDUE is a perpetual, non - exclusive, road right -of -way, drainage, and utility easement. The easement will be utilized for the widening of Golden Gate Boulevard E. from Wilson Boulevard to Desoto Boulevard. Plans included the widening of Golden Gate Boulevard E. from two lanes to four lanes and will include capacity improvements such as adding turn lanes to the Wilson Boulevard and Everglades Boulevard intersections. Other improvements include traffic signal upgrades at three major intersections (Wilson, Everglades and Desoto Boulevards), on -road bike lanes and sidewalks on both sides of the roadway. This project will also include the replacement of bridges over three canals, the Golden Gate, Miller and Faka Union canals. The part taken consists of an approximate 43 foot wide strip taking along the southerly right -of -way of Golden Gate Boulevard E. Land Area: Total: 0.15 acres; 6,450 square feet Shape: Rectangular MOL Approximate Dimensions: 150'x 43' Proposed Improvements Taken: The part taken is cleared and minimally landscaped with an asphalt driveway. Page 30 Packet Page -1047- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF PART TAKEN Aerial - Part Taken Approximate boundary lines of part taken shown in blue. Page 31 Packet Page -1048- GOLDEN GATE BOULEVARD E. WIDENING Sketch and Legal Description of Proposed Part Taken 10/28/2014 16.A.11. DESCRIPTION OF PART TAKEN GOLDEN GATE eOULEVARD (CR 876) 145 +00 146 00 I 147 -OD 148 +00 149 +00 1, 50' s � 43 - 111 e Z"'mm ROADWAY EASEMENT PARCEL 266 RDUE 6,460 90. FT. tg t TRACT 59 TRACT 60 TRACT 61 . GOLDEN GATE ESTATES UNIT 51 PLAT BOOK 5 PAGE 84 t j WEST 750' OF TRACT 60 _ f+ -ESRON IALLAMIZAR I i OR 2073/1047 OR 2827/2410 yE 8 N w E 5 SO. FT. SQUARE FEET OR OFFICIAL RECORDS (BOOK /PACE) -MCM - ROW i X Xl PROPOSED ROADWAY, DRAINAGE AND UTILITY EASEMENT (ROUE) CCp n �� FS U rTT' EXS TING ROADWAY EASEMENT DEDICAT:D TO THE PEROETUAL USE OF THE PUBLIC PER SLAT BOOK 5, PAGE 84 LEGAL DESCRIPTION FOR PARCEL 268 RDUE A PORTICN 0' TRACT 60, GOLDEN GATE ESTATES• UNI? 51 AS RECORDED IN PLAT BD), 5, PAGE 84 OF THE PUBLIC RECORDS OF COLLIER COUNTY. FLORIDA, LYING IN SECTION 1, TOWNSHIP 49 SOUTH. RANGE 27 EAST, COLL:EP. COUNTY, FLORIDA, BEING MORE PARTICLLARLY DESCRIBED AS FO:LOWS. THE SOJTH 43 FEET OF THE NORTH 93 FEET 07 THE WEST 150 FEE- 0= SAID 'RAC' 60. CONTAINING 5,450 SQUARE FEE±, MORE OR LESS. SKETCH k DESCRIPTION ONLY t 4tArFa NOT A BOUNDARY SURVEY a:04IS_ 1•-W FOR: COLDER COUNTY COVERNMCAr BOARD OF COUNTY COMMISSIONERS rta�n. A(Oii4a0 Mon'saowu nrnsvaR No wnR. GOLDEN GATE SKETCH CRIPEYARD k DESCRIPTION OF: PROPOSED ROADWAY EASEMENT �j \8� �-6*-A PARCEL PARCEL 280 RDUE ' A Belo vaw PaACrlw.6vi e0D COLIJER COUNTY, FLORIDA NwgMrxl6c Iiw: {fJq awas�a FAK Raw enm» L6xe:wR JO(i NUNEfP RF.VIS?ON S�CTIOh TOWNSHIP RANGC SCALE L.TC DftAM'h 8T FtL= NAM= SNEET 0502". ^7 O' CC4T REv 0' I cu 27 = BC' DEC. 2909 S.O.L. SC 268y 1 CF Page 32 Packet Page -1049- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN The market value of the fee simple interest of the parent tract was previously estimated via the Sales Comparison Approach to have a unit value of $10,000 per gross acre. The part taken is valued as part of the whole; therefore, this value will serve as a basis of value for the valuation of the property rights taken. As previously stated, Parcel No. 268 RDUE is a perpetual easement for road right -of- way, drainage, utilities and maintenance of these uses. Accordingly, the proposed easement will essentially take the entire bundle of rights, with the owner only allowed to utilize the proposed easement area for density calculations. Since the proposed taking is an easement versus a fee simple taking, the bundle of rights taken is something less than 100 %. However, since the proposed easement precludes almost all practical uses by the owner, Parcel No. 268 RDUE is estimated to include 99% of the fee simple value resulting in an estimated overall unit value. Value of Improvements Taken The depreciated replacement cost of the improvements taken is based on cost estimates from Marshall & Swift, a nationally recognized cost service. Marshall & Swift Cost Source: Marshall & Swift Section 66, Pages 2 - 8 No. of Stories Multiplier: 1.000 Local Multiplier: 0.960 Height /Story Multiplier: 1.000 Current Cost Multiplier: 1.020 Perimeter Multiplier: 1.000 Combined Multipliers: 0.979 Site Improvements Iteml Unit Type I Costj Quantityl Total Asphalt Driveway Sq. Ft. $2.59 516 $1,336 Clearing, grading, minimal landscaping Sq. Ft. $0.75 5,934 $4,451 Total Site Improvement Costs $5,787 Soft Costs Item Percent Type Total Soft Costs .............. 10.0% % Bid. & Site Cost Total Soft Costs $579 $579 Total Costs Total Cost $6,366 Depreciation: Section 1 of I Componentl Eff. AQe I Life I Percent I I Amount Physical Depreciation: Site 5 15 33% $1,929 Total Depreciation $1,929 Depreciated Value of Improvements $4,437 Rounded $4,400 Page 33 Packet Page -1050- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN The concluded value of the Land and Property Rights Taken as well as the Improvements Taken is shown in the following table. Value Indications Proposed Property Rights and Improvements Taken Proposed Part Taken Additional Encumbered Land Taken $10,000 99% $9,900 0.15 $1,466 $1,500 Improvements Taken $4,400 Total $5,900 The valuation of the remainder property, as part of the whole is shown in the following table. VALUE INDICATION$ REMAINDER PROPERTY, As PART OF THE WHOLE Market Value of the Parent Tract, Before the Taking: $27,800 Less Market Value of the Proposed Part Taken: $5,900 Total Market Value of the Remainder Property, As Part of the Whole: $219900 Effective Date(s) May 10, 2014 Page 34 Packet Page -1051- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING DESCRIPTION OF REMAINDER PROPERTY AS SEVERED VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED DESCRIPTION OF REMAINDER PROPERTY AS SEVERED The remainder property will consist of the same size and shape as before the taking, since the proposed property rights to be acquired involve a perpetual easement for road right - of -way, drainage, utilities and maintenance of these uses. However, the remainder property will be encumbered by an additional perpetual easement located along the existing right -of -way of Golden Gate Boulevard E. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. REMAINDER PROPERTY, AFTER THE TAKING Land Area: Total: 2.34 acres; 102,000 square feet Shape: Rectangular Improvements: The parent tract is improved with a single - family home. Existing Easements and The parent tract is encumbered by a 50 -foot wide road Encumbrances: right -of -way easement along the northern property line bordering the property's existing frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Proposed Easement and Additional 43 foot roadway, drainage and utility Encumbrances: easement south of the existing easement along the northern property line. Highest and Best Use As Vacant Single - family residential development As Improved The highest and best use is as currently improved. VALUE ANALYSIS REMAINDER PROPERTY AS SEVERED Most competitive Golden Gate Estates properties are encumbered by 30 to 50 foot wide road right -of -way easements along the property's adjacent roadway frontages. Prior to the taking, the parent tract is encumbered by a 50 -foot wide road right -of -way easement along the northern property line bordering the property's existing frontage to Golden Gate Boulevard E. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. After the taking, an there will be an additional 43 foot roadway, drainage and utility easement south of the existing easement along the northern property line. Page 35 Packet Page -1052- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING VALUE ANALYSIS REMAINDER PROPERTY As SEVERED The proposed easement area precludes almost all practical uses by the owner. Therefore, the proposed easement is estimated to take 99% of the fee simple value of the area taken. Accordingly, the appraiser has estimated the residual value to proposed additional easement area to be I% of the fee simple value. Value of Remainder Improvements Most competitive homes in the local market area are typically located 100 feet or more from the adjacent roadway, especially homes located along main roadways. Homes located significantly less than 100 feet are considered to have functional obsolescence due to a below market setback of the building improvements from the adjacent roadway. The remainder property's improvements will not be damaged after the taking as the setback of the single - family home which is currently approximately 200 feet before the taking, will reduce to approximately 160 feet after the taking from the right -of -way of Golden Gate Boulevard E. This is consistent with most competitive homes in the market area; therefore, there is no functional obsolescence. The improvements located outside the proposed acquisition area, including the single - family home, are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. The concluded value of the Remainder Property is shown in the following table. Page 36 Packet Page -1053- Value Indications Remainder Property, After the Taking Fee Value per % of Indicated Value Indicated Rounded Acre Fee per Acre Acres Value Value Total Value Remainder Property Land Area - Exclusive of Additional Encumbered Land Taken $10,000 100% $10,000 2.19 $21,935 $21,900 Additional Encumbered Land Taken $10,000 1 % $100 0.15 $15 $0 TotaILand 2.34 $21,950 $21,900 Improvements $0 Total $21,900 Page 36 Packet Page -1053- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING SEVERANCE DAMAGES TO THE REMAINDER PROPERTY SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Severance damages are calculated as the negative difference between the value of the remainder property, as part of the whole, and the value of the remainder property, as severed. When the value of the remainder property, as severed, is less than the value of the remainder property, as part of the whole, the difference is the actual measurement of the damages to the remainder property. When the value of the remainder property, as severed, is greater than the value of the remainder property, as part of the whole, the difference is not damage but is considered a benefit. Severance damages are calculated in the following table. Severance Damages to the Remainder Property Value of the Whole $27,800 Less Value of the Part Taken $5,900 Value of the Remainder Property as Part of the Whole $21,900 Value of the Remainder Property as Severed $21,900 Difference (Severance Damages) $0 Rounded: $0 COST TO CURE ANALYSIS Based on the analysis of the remainder property, there is no net cost to cure. SPECIAL BENEFITS ANALYSIS Based on the analysis of the remainder property, there are no special benefits. Page 37 Packet Page -1054- GOLDEN GATE BOULEVARD E. WIDENING 10/28/2014 16.A.11. SUMMARY AND CONCLUSION SUMMARY AND CONCLUSION It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of May 10, 2014, subject to the Limiting Conditions and Assumptions of this appraisal. Parcel No. 268 RDUE Fee Value per % of Indicated Value Indicated Rounded Acre Fee Acres per Acre Value Value Total Value Parent Tract Before the Taking Land $10,000 100% $10,000 2.34 $23,416 $23,400 Improvements $4,400 Total $27,800 Proposed Part Taken Additional Encumbered Land Taken $10,000 99% $9,900 0.15 $1,466 $1,500 Improvements Taken $4,400 Total $5,900 Remainder Property, as Part of the Whole $21,900 Remainder Property Land Area - Exclusive of Additional Encumbered Land Taken $10,000 100% $10,000 2.19 $21,935 $21,900 Additional Encumbered Land Taken $10,000 1 % $100 0.15 $15 s0 Total Land 2.34 $21,950 $21,900 Improvements $0 Total $21,900 Damages $0 Special Benefits $0 Net Damages $0 Summary of Total Compensation Additional Encumbered Land Taken $10.000 99% $9,900 0.15 $1,466 $1500 Value of Improvements Taken $4.400 Total $5,900 Net Damages $0 Net Cost to Cure $0 Total Amount Due Owner $5,900 The improvements located outside the proposed acquisition area, including the single - family home, are considered to be unaffected by the acquisition. Therefore, the contributory value of those improvements is not reported. The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal Extraordinary Assumptions: None. Page 38 Packet Page -1055- GOLDEN GATE BOULEVARD E. WIDENING CERTIFICATION I certify that, to the best of my knowledge and belief. 1. The statements of fact contained in this report are true and correct. 10/28/2014 16.A.11. CERTIFICATION 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 39 Packet Page -1056- GOLDEN GATE BOULEVARD E. WIDENING 10/28/2014 16.A.11. CERTIFICATION 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three -year period immediately preceding acceptance of this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program of the Appraisal Institute. (;.v 'fv� - Q'�kr� Rachel M. Zucchi, MAI, CCIM Florida State- Certified General Real Estate Appraiser RZ #2984 rzucchi @rklac.com; Phone 239 -596 -0800 Ext. 203 Page 40 Packet Page -1057- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 41 Packet Page -1058- GOLDEN GATE BOULEVARD E. WIDENING 10/28/2014 16.A.11. ASSUMPTIONS AND LIMITING CONDITIONS scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal properly located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 42 Packet Page -1059- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non - conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non - accessibility, the value of the subject does not consider possible non - compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and /or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and /or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non - existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 43 Packet Page -1060- 10/28/2014 16.A.11. GOLDEN GATE BOULEVARD E. WIDENING ASSUMPTIONS AND LIMITING CONDITIONS 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 44 Packet Page -1061-