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Agenda 01/12/2010 Item #16B 5 Agenda Item No. 1685 January 12, 2010 Page 1 of 13 EXECUTIVIT SUMMARY .,--., Recommendation to approve the purchase of 1.64 acres of unimproved property which is required for the construction of the right-of-way corridor for Phase II of the Vanderbilt Beach Road Extension Project. Project No. 60168, Phase II (Fiscal Impact: $41,780.00). OBJECTIVE: To obtain the Board of County Commissioners' approval to purchase unimproved property which is required for the construction of the right-of-way corridor associated with Phase II of the Vanderbilt Beach Road Extension project. (Project 60168) CONSIDERATIONS: The subject property described as the North 105 Feet of Tract 4, Unit 18, Golden Gate Estates (Parcel 276FEE) contains a total of 1.64 unimproved acres and is located on Wilson Boulevard. It is required for the construction of the right-of-way corridor associated with Phase II of the Vanderbilt Beach Road Extension project. U sing the most recent sales data from the real estate market, the Division of Transportation's Review Appraiser, Hany Henderson, SRA, prepared an appraisal ofthe property estimating its current market value at $22,140 ($13,500 per acre). On October 20, 2009, the Collier County Transportation Division invited the owner, Pamela Rowc Sizemore to discuss the sale of the subject property to the County. On November 20, 2009, Pamela Rowe Sizemore replied that she would sell tbe subject property to the County for $41,000 the assessed value. ,,-. Staff recommends that the Board of County Commissioners purchase the subject property from Pamela Rowe Sizemore for $41,000 as there are no attorney or expeJi witness fees. A purchase now at $41,000 would avoid the usual costs to the County associated with taking property later through condemnation (filing fees, service of process on all interested parties, an appraisal update, mediation expenses, and the time of the staff of the County Attorney's 01lice), FISCAL IMPACT: The fiscal impact is the purchase price of $41 ,000 plus recording fees, title and insurance fees of $780, The funds will be paid from gas taxes and/or impact fees, LEGAL CONSIDERATION: This item has been reviewed and approved by the County Attorney's Office and is legally sufficient - JEW, GROWTH MANAGEMENT IMPACT: This project 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: _. ]. Approve the attached Purchase Agreement and authorize its Chairman to execute same on behalf of the Board; 2. Accept the conveyance of Parcel 276FEE and authorize the County Manager, or his designee, to: (a) take the necessary measures to ensure the County's performance in accordance with the tem1S and conditions of the Agreement, and (b) to record same in the public records of Collier County, Florida; . ---,"--"~-'-~~-""" -~ "~...~_..,, '. '" .,,,,,,,,. ~.....~". >"-~, " """..,u....~, """..,..,.",.~.-... '~~"-"',. ,-,,. Agenda Item No, 1685 January 12, 2010 Page 2 of 13 ~. ;\uthnrize the payment of all Cilst:.; and ;:;xpcnsc:~ n~~ccssary to close the transaction; and 4, Approve any and nll budget amendments, which may be required to carry out the collective will of the Board, P"'''''!""\'l...",,,ri l.:v' \~"''''''''''rnt V"''''~.'''''l~~ <':""'!":~or Pr{'lpF"rl~' A n.(JP~',:l';'tC~ SpeC;all'st 'T~r~,f ..--r'--'---'---,;" ..._o_____-__J~l_....,~-~u -'-_.~ -~~.I.--.~...'-'... ~-'- _.I. , -'-.........~l\... Attachments: (1) Purchase Agreement; (2) Aerial View of the Property; (3) Appraisal Report .~", " Agenda Item No. 1685 January 12, 2010 Page 3 of 13 ..~.. COLLIt.R COUNTY BOARD OFCOUNTY COMMISSIONERS Item Number: Item Summary: 1605 Meeting Date: Recommendation to approve the purchase of 1.64 acres of unimproved property which is required for the construction of the right~of-way corridor for Phase II of the Vanderbilt Beach Road Extension Project Project No. 60168, Phase II (Fiscallmpac!: $41,780,00), 1/12/::01 J 9:00:00 /\M Prepared By Margaret Kreynus Property Acquisition Specialist, Senior Date Transportation Engineering & Transportation Division Construction Management 12/18/20092:21:46 PM Approved By Therese Stanley Manager - Operations Support. Trans Date Transportation Division Transportation Administration 12/21f2009 9:13 AM A pproved By Gary Putaansuu Project Manager, Principal Date Transportation Engineering & Transportation Division Construction Management 1.2f21f2009 9:52 AM Approved By Norm E. Feder, AICP Administrator. Transportation Date Transportation Division Transportation Administration 12122120092:01 PM Approved By Jennifer White Assistant County Attorney Date County Attorney County Attorney 12/23f200911:11 AM Approved By Kevin Hendricks Manager. Right of Way Date Transportation Division Transportation Engineering & Construction Management 1212312009 12:56 PM Approved By Pat lehnhard Executive Secretary Date Transportation Division Transportation Administration 12123120091:07 PM Approved By Jeff Klatzkow County Attorney Date 12/23/20091:21 PM Approved By Mark Isackson ManagementfBudget Analyst, Senior Date - Office of Management & Budget Office of Management & Budget 12130120092:51 PM ......--.-.-.--. .'-.--.,,,.'''''''.........,..-..-. .._-_.,,-~.--.__.~_.,-, --~"-._,- .._--- - , '" Agenda Item No, 1685 January 12, 20 0 Page 4 of 3 PROJECT 60168 PARCEL No. 276FEE FOLIO No.: 37490360006 PURCHASE AGREEMENT THIS PURCHASE AGREEMENT (hereinafter referred to as the "Agreement") is made and entered into on this day of , 2009, by and between PAMELA ROWE SIZEMORE, whosemailingaddressis2996PetersAvenue.Naples.FI 34112 - 5928, (hereinafter referred to as "Own(;,""j, and COLLIER COUNTY. a political subdivision of the State of Florida, whose mailing address is 3301 Tamiami Trail East, Naples, Florida 34112 (hereinafter referred to as "Purchaser"). WHEREAS, Purchaser reqUires a fee estate in that land more particularly described as the North 105 Feet of Tract 4, GOlden Gate Estates UnIt No. 18, according to the plat thereof, as recorded In Plat Book 7, Pages 7 and 8, of the Public Records of Collier County, Florida, (hereinafter referred to as "Property") and WHEREAS, Owner desires to convey the Property to Purchaser for the stated purposes, on the terms and conditions set forth herein; and WHEREAS, Purchaser has agreed to compensate Owner for conveyance of the Property, 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. NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby mutually acknowledged, it is agreed by and between the parties as follows: 1 . " . 3 The p'.m::h2:se ;:m::e (the "Purch8<:;e Price".\ for the Prooerty shalt be $41,000.00 (U,S. Currency) payable at time of closing, subject to the apportionment and distribution of proceeds pursuant to Paragraph 9 of this Agreement (said transaction hereinafter referred to as the "Closing"). Said payment to Owner, payable by County Warrant, shall be full compensation for the Property 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. and the cost to cut and cap irngation lines extending into the Property, and to remove all sprinkler valves and related electncal wiring, and all other damages In connection with conveyance of said Property to Purchaser, including all attorneys' fees, expert witness fees and costs as provided for In Chapter 73, Florida Statutes. Owner shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications, Marketable title shall be determined according to the applicable title standards adopted by the Florida Bar and In accordance with law. Owner shall obtain from the holders of any liens, exceptions and/or qualifications encumbenng the Property, the execution of such Instruments which Wilt remove or release such encumbrances from the Property upon their recording in the public records of Collier County, Florida At or prior to Closing, Owner shall provide Purchaser with a copy of any existing prior title insurance policies, Owner shall provide such instruments. properly executed, to Purchaser on or before the date of ClOSing. Owner shalt cause to be delivered to Purchaser the items speCified herein and the following documents and instruments duly executed and acknowledged, In recordable form (hereinafter referred to as '.Closing Documents")' (a) General Warranty Deed: (b) Closing Statement, (c) Grantor's Non-Foreign, Taxpayer Identification and "Gap" Affidavit; (d) W,9 Form: and .._- (f) Owner has no knowledge that there are any suits, actions or arbitration, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affect the Property or which adversely affect Owner's ability to perform hereunder; nor , - Agenda Item No, 1685 PagJ~uary 12, 20 0 Page 5 of 3 (e) Such evidence of auti"Jc)r;;y ~:I':; r:ap?,:lf\, 0T Owner and its representatives to execute and deliver this agreement and all other documents required to consummate this transaction, as reasonably determined by Purchaser, Purchaser's counsel andlor title company. 4. Both Owner and Purchaser agree that time is of the essence. Therefore, Closing shall occur within ninety (90) days from the date of execution of this Agreement by the Purchaser; provided. however, that Purchaser shall have the unilateral right to extend the term of this Agreement pending receipt of such instruments, properly executed, which either remove or release any and all such liens. encumbrances or qualifications ::iffecting Purchaser's enjoym(>rll of the Property. At Closing. payment shall be made to Owner in that amount shown on the Closing Statement as "Net Cash to Seller," and Owner shall deliver the Closing Documents to Purchaser in a form acceptable to Purchaser. Purchaser shall be e~titled to full possesfolon of the Property at Closing. 5. Owner agrees to relocate any existing irrigation system located on the Property including irrigation lines, electrical wiring and sprinkler valves, etc., prior to the construction of the project without any further notification from Purchaser. Owner assumes full responsibility for the relocation of the Irrigation system on the remainder property and its pertormance 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 Property, the Owner is responsible for their retrieval prior to the construction of the project Without any furiher- notification from Purchaser. Owner aCknowledges that Purchaser has compensated Owner for the value of the Improvements and yet Purchaser is willing to permit Owner to salvage the Improvements as long as their retrieval is performed before construction and without interruption or inconvenience to the County's contractor. All Improvements not removed from the Property prior to construction of the project commences shall be deemed abandoned by Owner. This provision shall survive Closing and is not deemed satisfied by conveyance of title. ,~." 6. Owner and Purchaser agree to do all things which may be required to give effect to this Agreement immediately as such requirement is made known 10 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 10 own and operate the Property, to enter into and to execute this Agreement, to execute, deliver and perform its obligations under this Agreement and the instruments executed in connection herewith, to undertake all actions and to perform all tasks required of Owner hereunder and to consummate the transaction contemplated hereby_ (b) Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of Owner to be performed pursuant to the proVisions of this Agreement. (c) No party or person other than Purchaser has any right or optron to acquire the Property or any portion thereof. (d) Until the date fixed for Cl0sing, so long as thi~ Agreement remains in force and effect, Owner shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property. without first obtaining Ihe written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. (e) There are no maintenance, construction, advertising, management. leasing, employment, service or other contracts affecting the Property. - --~-..-. _w..,..._ ,-".-.--,",",,", .. ...--'"'.-..--.-- ...-'....0. ----...---........- -, . . , Agenda Item No. 16 5 P ~':l'uary 12, 20 0 ag Page 6 of 3 is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. (g) Purchaser is entering into this AgrfH~ment based upon Owner's representations stated In this Agreement and on the understanding that Owner will not cause the physical condition of the Property to change from its existing state on the effectIVe date of this Agreement up to and including the date of Closing. Therefore, Owner agrees not to enter into any contracts or agreements pertaining to or affecting the Property and not to do any act or omit to perform any act which would adversely affect the physical condition of the Property or its intended use by Purchaser. (h) The Property and all uses of the Property ~ave 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 except as speCifically disclosed to the Purchaser: that the Owner has no knowledge of any spill or environmental law violation on any property contiguous to or In the vicinity of the Property to be sold to the Purchaser, that the Owner has not received notice and otherwise has no knowledge of a) any spill on the Property, b) any eXisting or threatened environmental lien against the Property or c) any lawsuit, proceeding or investigation regarding the generation, storage, treatment. spill or transfer of hazardous substances on the Property. This prOVIsion shall survive Closing and is not deemed satisfied by conveyance of title. 8. Owner shall Indemnify, defend, save and hold harmless the Purchaser against and from, and reimburse the Purchaser 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 Purchaser 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 Purchaser shall pay all fees to record any curative instruments required to clear title, and all Warranty Deed recording fees. In addition, Purchaser may elect to pay reasonable processing fees required by mortgagees in connection with the execution and delivery of a Release or Subordination of any mortgage, lien or other encumbrance recorded against the Property: provided, however, that any apportionment and distribution of the full compensation amount in Paragraph 2 which may be required by any mortgagee, 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. In accordance with the proviSions of Section 20101. Flonda Statutes, concerning payment of documentary stamp taxes by Purchaser, Owner shall further pay all documentary stamp taxes reqUired on the Instrument{s) of transfer, unless the Property IS acquired under threat of condemnation, 10 AI! ad valorem real estate taxes due on the Property during Owner's term of possession. and all maintenance charges and ?ssessments due from Owner, for which a bill IS rendered prior to closing Will be charged against Owner on the clOSing statement. Rea: Property taxes shall be prorated bd::;ed on the current YEar's tax and paid by Owner If Closing occurs at a date when the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. 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, andior assignees, whenever the context so requires or admits, 12. If the Owner holds the Property in the form of a partnership. limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Owner shall make a written public disclosure, according to Chapter 286, FlOrida Statutes, under oath, of the name and address of every person having a beneficial interest in "- , . .. the Property before thl"o ~rhp€,fjy heid i" such capacity is conveyed to Purchaser, its successors and assigns, (If the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) Agenda Item No. 1685 Pagel~nuary 12, 20r. 0 Page 7 Ofr'3 I I 13. Conveyance of the Property by Owner is contingent upon no other provIsions, conditions, or premises other than those so stated herein; and this written Agreement, including all exhibits attached hereto, shall constitute the entire Agreement and understanding of the parties, and there are no other prior or contemporaneous written or oral agreements. underttlkings, promises, warranties, or covenants not contained herein. No modification, amendment or consensual cancellation of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Owner and Purchaser. 14. Should any part of this Agreement be found to be invalid, then such invalid part shall be severed from the Agreement, and the remainlOg 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 PURCHASER Deputy Clerk BY: Donna Fiala, Chairman DATED: ATTEST: DWIGHT E. BROCK, Clerk BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY. FLORIDA AS TO OWNER , /Z jd , I,) ~ o . -- J ;.-) '. .m~,';, ^""\ (_ , ~MEj, Rb'JJrs~w';2;R~ c;C!:f\(iJ , Witness (Signature) 3",~i, (;<J,"on Name (Print or Type) (]I {l"~ " """ oJ.' V\'itn s (Signature) [)eM uv tn, Af"\F'I'A C T'I Name {print or Type) Approved as to form and legal sufficiency ~~" -)\~ AssIsta t County Attorney .- ..-..-..-- ._~~". "..._.._,-~" ."-.~_.._.. ,,- ,...--., '" -_......_..,.,...,.~- LAND APPRAISAL REPORT Borrower Owner: Sizemore Property Address E/S of Wilson Blvd City Naples County Collier legal Description Golden Gate Estates Unit 18 N 105ft afTract 4 Sale Price $ NIA Date oj Sale NIA L_oan TellD NIA yrs_ Property Rights Appraisoo [gJ Fee Actual Real Estate Taxes S 473_30 (yr) Loan charges 10 be paid by se~er $ N/A Other sales concessions NfA Lender/Client Collier County GovfTransportation OivisH)n Address ]885 South Horseshoe Drive, Na les FL 34104 Occupant vacant Appraiser Harry Henderson, SRA Instructions to Appraiser Estimale Market Value Parent TracUFull Take Folio #37490360006 Location BuinUp Growth Rate Property Values Demand/Supply Marketing Time Presenl Land Use Census Tract 112_02 StaleFL Zip Code 34120 r--:~; Leasehold C]OeMinimisPUD I Urban <~ Suburban LJ Rural COver 75% SJ 25% to 75% C Under 25% CRapid ;:Steady Ls:Slow [Jlrn:reasing ~Stable 0JDeclining c:: Shortage i:J !nBala1ce ~ Oversupply [J Under 3 Mos. D 4-6 Mos, :sJ Over 6 Mos. ~%1Family_%2-4Family _%Apts. _%Condo---..2%Commercial _% Industrial-.!Q% Vacant _% Change in Presemland Use [1 NolLikelY L,iJ Likely (*) (*)From vacant To ~Owner .:'.!Tcnanl $ 80,000 to $ 395,000 1 yrs.to 30 yrs. Good Avg. Fair Poor 'DLZ,] uLZuD I]LZDD Dk'jDD Dl8JDD D[giDD DZiDD D 2<1_, D D2<lDD C2<lDD CCXJCI, 1=0JDD Employment Stability Convenience 10 Employmem Convenience to Shopping Convenience 10 Schools MeQuacyolPublicTransportation Recreational Facililies Adequacy 01 Utililies Properly Compatibility Proleclion from Detrimental Conditions Police and FireProteclion General Appearance 01 Properties Appeal 10 Market o Fully Dev, [I TakingPlace(*) single.lamily % Vacant PredominanlValue$ 150,000 Predominant Age lQ,yrs, Predominant Occupancy Single Family Price Range Sifl{l~FamilyAge Comments including those factors. favorable or unfavorable. affecting marketability (e.g public parks, schools, view, noise) See attached addenda. Dimensions 105x680 ___________-' 1.64 Sq,Ft.orAcres ~ Carner Lot "1 -.....- 20ning classification Estates (2.25 acre conforminq lot size min.) Present Improvements 'do ~ do notconlorm to zoning regulations Highest and best use [1 Present use 2J Other (specrty) eventual single-family development 'non-conforming lot of record Public Other (Describe) OFF SITE IMPROVEMENTS ITopa level lXJ Street Access ~ Public = Private I Size Compatible with area --, i Surtace Macad,!r:!~__~_" ... IShapeRectan ular --.- ~.,._.-- cJ Maintenance [,,3:' Public.=-' Private IView Nei hborhood ~] I [=:; Storm Sewer =: Curtl/Gutter ! Drainage A ears to be ade uate [n'J Urlderground Efect. & Tel,' 0 Sloe\\l'!l!<.___ ___~--! _~treet'=!~Jls the property loealed In a HUDklentlfled Special Flood HaZllrd Area? L8j NoDVes Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other allmse conllitions), Zone D Comm#120067C0250G dId 11/17/05 No adverse conditions observed. The sub'ect lands are assumed 10 have an u landiwetland rofile which would allow sin le-famil develo ment as allowed b zonin without a ical ermittin and/or miti ation Tical roadway and/or arameter utilit easements exist on the site; these are common in the area and do not im act value. The unllerSlgnell has r~eited lt1ree recent sales of properties most slmriar and PlOxlmale to subject and has cons'dered these in the market analysis. The oescnption Inclulles a llollar alljustment reliecbng market reaction to those items of Significant variaUon between the subiect and comparable properties. If a Significant item In tne comparable plOperty is superior \{! or more favorable Ihan fhe subjecl property, a minus (.) adjustment is marle thus reducing me indicated value a! subject: if a signifk:anl item in tne comparable is Inlerlor to or iess iavorable tnan the subject property, a pius (+) adlustment is made Ihus increasing the indicated value of the subjecl. ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPABA~lt~O, 2 Address EIS of Wilson Blvd S/S 45th Avenue NW EfS 12th Street NE Na les, FL 34120 Naoles FL 34120 Na ies, FL 34120 Proximi 10 Subeet 4.51 miles N 0,54 miles E Sales Price N/A $ 15,842/ac ',C' Price Gross $ $ 25189 '", Dala Source MLS#209006794 MLS#209006918 Dateo! Sale and DESCRIPTION DESCRIPTION DESCRIPTION Time Adjustment N/A 2/09 4/09 "'_.'~'_^M LOCi!1jon GGE GGE ~__~.~n._" GGE Si!eNie.w 1.64 acres 1.59 acres __iDJLac_ 1.59 acres To 0 ra h Level/natural Level/natural Level/natural 20nll}Q~ Estates _____n___ _~~~tes___ .__,,_..___.______ Estates $ $ 11320/ac 18,000 10252/ac 16,300 I MLS#207012555 DESCRIPTION 11/09 GGE 159 acres Level/natural Estates in$/ac in$iac Cash or Equiv, Cash or Equiv. Cash or Equiv, Sales or Financing Concessions NfA " , r- + $. '$ + + , I I 11,320 10,252 15,842 See attached addenda, Comments and Conditions of Appraisal. Subiect and camps are compared on a $iacre unit price basis. The subiect tract Value: 1.64 acres x $13,SOO/acre = $22,140. See attached Limitrn Conditions, Final Reconciliation' Unit/Price conclusion ($iacre)' $13,500iacre to tie $ 22,140 November 15, 20 09 I ESTIMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF I Did Not Ph\'sically Inspect Property L____;Did Har~gnd~rso~_ S.f3..A___ Appraiser(s) ~2K1 Review Appraiser iii apolicaole) CollierCoun1YGovernment Form LND - "WinTOTAL' appraisa! software oy a la mode, inc -1-800.ALAMODE .. - IMainFileNO,~O. 1685 RleNOPa,cel276Fee January ~29 ~ri~ , upplemental Addendum Borrower/Client Pro Address Ci Lender Owner: Sizemore E/S of Wilson Blvd Na les Collier Count GovlTrans , .,.,., ., Cou CeUter Slale FL Zi Code 34120 ortation Division . Land: NelQhborhood Market Factors The subject is located in the central part of unincorporated Collier County in the Golden Gate Estates area. Golden Gate Estates is a sprawling pre-platted subdivision consisting of acreage-type single-family homesiles (1,14 to 5 acres typically) in a semi-fural setting. Essential services are within a 30 minute drive into greater Naples. The subject is located on the east side of Wilson Boulevard. Maintenance levels in the area are average. . Land: Market Data The subject and camps are compared on a uniUprice ($tacre) basis. This method eliminates the need for direct size adjustments. The sales cited are all Estates zoned lands located in the general vicinity of the subject. The overall real estate market has been in decline since late 2005 and remains exceptionally weak.; the Estates market has been especially soft due to a severe supply-demand imbalance in this area. The sales cited are relatively recent transactions; no time adjustments have been applied in order to give property owner's every benefit of the doubt. The indicated unit prices range from $10,252/acre to $15,842/acre; given the comparison criteria discussed, a unit price of $13,500tacre is selected as reasonable for the underlying unit/price value for the subject lands. Form TAOD - ''WinTOTAL'' appraisal software b~ a la mode. inc. -1.800-ALAMODE ",,,._-~-,..._~_.",.," "' ,.._-~ IMainFi!BNO~O_16B5 January 12, 2010 10 of 13 Location Map > ..... 47th.;/w~ ME , ~ 45th AIle NE ~ Borrower/Client Proe Address C; Lender Owner: Sizemore E/S of Wilson Blvd Na les Collier Count GovlTrans Cou Collier ortation Division ...L "". " ."'~ -<- -+ .J.. andRd---~"',,', ~ .," . -,~, -,.. --'"-- ...1_.. -",-- _.J".. -.,"- urlinRd -"_.' " ~L.. "'" .-"-. ._.. ..~ ._J. !. .--"---- , -"-.- ~ Terry 5\---- , ,--_.. , ., __d... ,.L.. .".' ". ."" ," "'i' ,d.. .--.", ..... -."-. - ..- - _.~- -_...'.... -~ -- --,,- ..,. ..'. '.'- .',L_ +- --,,- onit~BmhRdse --~- ." .". T 'n .ft_ ,'.- Shady Hollow BI'idW.' '411lAve NW'c 2 C B 1-- oJ y 41st veNt: 4hlAw..NE -", 39th.AIJe NW ,....i'. ,37th Ave NW -'". .~'; ."",,')5thAve NW > . .. . , o . < ~ > '" . o o ~ - l .. . Herftage' III ..., 8~y E Bonita" .; ,~~ _ . "- ..I' Du1d;;~f..':: ~<,~ ~ l' Bay Ea~'- "~~.:..~ 2S\h ~~ ~w _."=___ ' LRkf},,;0,,:r4.~',' ." "---- - -.. -.- i _c,v-'~"21~-~r-I=-r~_:"-~={ :~ 24thAve~ ".- , 'it. "22ndAveNV\' ~, e- ~ ~ ~ ,... 'h-- . ~ ...., [ -i''' --'-- .-." ~:t".,=. ;;-"-- o ::,.~ ~ .. ""...,,,. 2 . . 20th Ave NW', CeiuS6Pines GalfClub Golf Club of the Evergl!ldes '12thAvt NW OldeFlorid" Golf'Ctutl ,10lh Av~ NW g :r ~ ~nderbilt Beach Rd.. ~ ~ -, - , i.I;l' ::.I , ' ~ - ~ , " , ~ z ~ - ~ " 2 ~ ~ " ;; " 2 , " ~ " z > ~ 2 . " 2 > ~ ~, ~ ~ " w - - " . ~ " 'i1 ~ ~ " ~ 2 > 2 > " ~ ~ ~ " ~ 2 , 2 , ~ Slate FL Zi Code 34120 ';' .."""c.~~ ._. , . . -~.. .,.,'-" ... '.. ". " .~ ...- -...,..- -,_..._-, -40- -- " . . ,"r ,,- ._. /, -"c R~bbit.RllhRtL .~_"'P1atl~dl';=-...;;.. .... "'. " "'" _. . ~~.,.- ...1.. ::-"'-":=] ~: :-. 5'~ 4'---. 70th./l,ve-/NE'",_,---"'" '--""'5"'-~-.""~""~'" .,-"""-, ,,,., , ~'+""'.m.L..,..J_-"-'..... _-'It,. --,-- '" -." .*-.., . - 68th .Aue ,NE~. ,..-~,,-. e~ '''-'",". --"'- . ,',' ,'. ..', ._. --'0..._. _,__-_.-.66tIi:AueNit::.-="::----- -'-''-- -+-.-.--- -"'-.- ~, --i'~ W~Turk 'I?r_=-,-- ~ ~ -- --;---''''"''h.Ave''Ne-"--'" - -....."'"' .. -,,~ .. -...~~- "I ;c. , I --"cO' _ -- -~ ,..... -;,f;'- ,1". , .J" .,,~ ,~,' ..,,-, ... '"".62lld'A1Je.I'!t--.........-.. ,-"'--- - '-+r-' 60lt1'Ave,NE'"_,"=~",, ..,,- .. , ~,- - _'--. _L_ .' .. ---~. -~ selh AUe:--RE--I'''' ..:', .--_"-.,1 , 56l1jAIJeNE-----:::,;:-;., _..;.1_ ."" ...1. -.,. .... ",. ".... ,'~ . .".. __1.._ ".. ~, 'i:' - - .~_. 'S4th"'veNf",--. -,---".- ..,..'-- .", ,., "" ,,~ 52nd''''veNE--- ,"~ ,.<0. -,~ E \I e r g_J e"d _t;?_,s"'" , '. g ~ ..~ ..o:-._~ II ~ ~ I: e, is .s i' sothAueNE ~:~O"~h'~'" ~ ~'471hAue NE . ~ ~ - ~ , ,..- ....~-;;>-' !l- g. ~ , '" ~"lQ_. la. ffi ffi ffi 4Sih Aw.NE'- " ~ _. " - o w' a .m .p 'i3tdAve'NE-_.. " --i,' ., ..~ 846' '-r I ".. .~'_. ",.. 39\h/IVeNE: o ,", 371h,A\leNE ..,,, -'" -' 35th Ave NE (,-IlveDi ".. , . .~:--.~;;.c.-ifj6[J 6ifw~{Rd .'.' :Pat... ..,I.. -,'.c."'-.._ "'" 3lltlweNE' ~ -'Val~cia GOlf,Course . 29ihAvt:NE '. 27tnAvf:.NE . . ,o:';"-"1<andiinaliif 24th Ave r~E; 9(rale'~. :;:,~ . -..'-.':.'.---0.1" r" ll:I .--,.. M ~,~-." . t. _ _ .0:;:-'- 24th Ave: Nf,,- i-I-th ,0,.;;;,', f-rf -',~.. ...-- ,....- -",. ..", .. ...,.--.._. ~. ,- 22nl'ilueNE 22iidAve.NE fiE-'" 20ln Ave Ne--.-..-- . -.- NE"'- .~ ~ Juil~ 'BWE- Ave Nf 161h A~e NE --", -1-- .I41h Xve'NE 14th Ave NE t2lnlWeNE ;14 AveNt: 12t Ave NE.~- J2'thilVe,NE__" lOth"i\vel'lE" ~" .'.".- loth Ave NE IOlhAvf'-NE. ...-"....';!li...". 'QI ~, ::r ~--':::r ~ ", \a ~ \a" - ~ ~---.-- rfi m 'i'Ii ,~. ll: , -,... Q , i>j,-* --:~ , , , !a \a \a ""'z ~,m,_ffi -ij .8ihAveNE \a >::!...., " iilI:' ffi:. ,~,6th A~~~E- 4lh Av,~..NE" -,,-. m < . o .!I . . ffi ._~ ,,,. 2nd AveNE . < ~ 2 . , Golden Gate Blvd. W_.. Goldtn G.~I!: Blvd E ."C olden Gate Blvd \ILl N , '041 ~ )Q <>- ~ :::r lQ >::! >::! ~ - ~ , , , ;jiB1B: l:;i , , >::!-, - - 3' \a _' \a ~ w . ~ ~ ~ . ~ . . , g ,~ i ::,.~, ~ .~_ ~ >:1' :a - \a -'j;! \a' ~., ~-~_.~ ~..~~. ~. ~ >::!' 2ndAveSE ~ :4lhA~e SE .' , I'" ...- 6lt1'Av.~ SE- . 8th'AveSE [ ~ . ~ -,~ COlllpariJblp # ::1 W/S 121" strl!pl SF 2.42 miles SW w " - . :!l- 5' \a \a ~ ~ . , hite8lvd " ~ 3' ~ ~ ~ ~ ~' : ~ ^ . " v, . ~ ~ ~ " , . ~ . , ..L ~ ~ , " \a >::! \a ~ ~ . ~ ~ ~ 1&ln Ave SW' ,,*009 ",io..,,~ C, woo~ NI~1rO, >oj ""!.~ 1IlII< .10' ;.~ ~ ~ m " ,.. ."', -,~_..--"'C'c._" lOthAueSE '0"', o . - - . . " ~ ~ .-- I :3C:<'lle Irnir'(j.",--"----1.2 1.8 '" '121h Av~ SE ~ g. , ~ . k " e .. -" , . o , ~ r , . ~ " 14ltiAwSE ~ . " ". ~ i Form MAP.lOC -"WinTOTAL" aporalsal software by a la mode, inc. -j.800..ALAMODE IM'inFil'NO'~0.16B5 January 12, 2010 Page 11 of 13 .- DEFINITION OF MARKET VALUE: The most probable price which a pTO~rty should bring in a competitive al'ld open market under all cOfld~(ms requisite to a fair sale, Ihe buyer and seller, each acting pruderrtly, knowledgeab~ and assuming the price is n01 affected by undue stimulus. Implicit in this defiflition is the consummation of a sale as 01 a speCified date and the passing of title from seller to buyer under condttions whereby: (1) buyer and seller are typically motivated; (2) both parties are wall imormed or well advised, am! each acting In what he considers his own best Interest; (3) a reasonable time is allowed lur llXPosure in the open market; (4) payment I~ made in lenllS of casilln U.S, dullals IJ' in terms of financial arrangements crnnparable thereto; and (5) the price represents the normal consideration lor the property sold unaffected by special or creative financing or sales concessions. granted by anyone associated with thasale. . Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a resutt of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs In virtually an sales lransactlons. Special or creative financing adjustments can be made to t~ comparabie property by comparisons to financinlllerms offered by a third party insfitutianal lender that is not already involved in the property or transactian. Any adjustment should nol be calculated on a mechanicai dollar lor dallar cost of the financing or concession but the dollar amount oi any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification tMt appears in the appraisal report is subject to the fallOWing conditions: 1, The appraiser will nol be responsible tor matters of a legal nature 1hal atlect eilherthe property being appraised or the tifle to it The appraiser assumes that the title is good and marketable and, theretore, will not render any opinions about the title. The property is appraised on the basis of it beifXl under responsible ownership. 2. The appraiser has provided a sketch In the appraisal report to show approximate dimensions 01 the improvements and the sketch is inciuded only to assist the reader 01 Ihe reporlin visualizing the properly and understanding the ajlp raiser's delerminationof its size, 3, The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or oUrer data sources) and has noted in the appraisal report whether the subject site is locatoo in an idelllified Special Flood Hazard Area. Because the appraiser is nota surveyor, he or she makes noguarantees,expressorimplied,regardinglhisdetermination. 4, The appraiser will not give lestimony or appear in court because he or she made an appraisai 01 the property in question, unless specific arrangemellls10 do so have been made be1orehand, 5, The appraiser has estimated the value ollhe land in the cost approacl1 at Its highest and best use and the improvements a1their contributory value, These separate valuations of the iand and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The awaiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, to)(ic substances, etc.) observed during the inspection of the subject property or that he or she became aware 01 durill1l the normal research involved in performing the appraisal. Unless othelVlise stated in the appraisal report, the appraiser has no knowledge 01 any hidden or unapparent conditons ollhe property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or iess valuable, and has assumed that there are no such conditons and makes no guarantees or warranties, express or implied, regarding the condition of the property, The appraiser will not be responsible for any such conditions that do exisl or lor any engineering or testing thai might be required to discover whether such conditions exist Because the appraiser is not an expert in the lield of environmemal hazards, the appraisal report must not be considered as an envlronmemalassessmenl of the property. 7, The appraiser obtairrell the information, es1imates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them 10 be true and correct. The appraiser does not assume responsibility lor Ire accuracy of such items t~t were furnished by other parties. 8, Tile appraiser will n01 disclose the coments of the appraisal report except as provided fOf in the Uniiorm S1andards of Professionai Appraisal Practice. 9, The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory compietlon, repairs, or alterations on the assumption that compietion of the improvements will be perlormed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent belore the lender/client specified in the appraisal report can distribute the appraisal report Oncluding conclusions abolIlthe property vaiue, the appraiser's identity and protessional designations, and references to any professional appraisal orllanizations or the firm with which the appraiser is associated) to anyone other than the borrower: the mortgagee or its successors and assigns: the mortgage insurer: consuttants; professional appraisal organizations: any state or federally approved financial institution: or any department agency, or instrumentality of theUniled States or any slale or the District of Coiumbia; excep11hatthe lender/cliem may distribute the properly description section of the report only to data collection or reporting service(s} WithOlJ! having to obtain 1he appraiser's prior written consent. The appraiser's written consent and approval musl aiso be obtained before ltIe appraisal can be conveyed by anyone to the pUbiic through advertising, public relations, news, sales, or oltler media, ~. Page10f2 Fannie Mae Form 1004B 6-93 Freddie Mac Form 4396-93 Collier County Governmenl Form ACR - "WinTOTAL" appraisai software by a la mode, inc, --1-800-ALAMODE - ..--,-. , .__..~-- "-_....~.... .. ....."....,,-~._.... ,. ---....-.-.....' IMai~FileND,~O. 1685 January 12, 2010 Page 12 of 13 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1, I have researched the subject market area and have selected a minimum 01 three recent sales 01 properties mosl similar and proximate to the subject property for consideration in the sales comparison analysis and have made 3 dollar adjustment when appropriate to reflect the market reaction to those items of sigrlificant variation, If a sign~icant item in a comparable property is superior to, or more favorabfe than, the Subject property, I Mve made a negative adjustment 10 reduce the adjusted saies price of the comparable and, if a significant item in a comparable property is t~lerior to, or less favorable than the subject property, I have made a positiveadjustmelllto increase the adjusled sales price of the com parable. 2, I have laken into consideration the iactors that have an impact on value in my developrT1€nt of the estimate of market value in 1he appraisal report, I have not knowingly withheld any significant inlormalion from the appraisal report and I believe, to the best of my Imowledge, that ali statements and information in the appraisal report are true antl corrllCt. 3. I stated in the appraisal report o~ly my ow~ perso~al, unbiased, and professional analysis opinions, and conclusions, which are subjecf only to the contingent and limiting conditions specified in this form, 4, I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respectfo tM participants in the transaction. I did not base, either partialo/ or completely, my analysis and/or the estimate of market value in the appraisai report on tll: race, color, religion, sex, handicap, familial status, or national origin of eilherthe prospective owners or occupants of the subject property or of the present owners or occupants of the properfies in l!le vicinity oflhe Subject property 5, I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation lor pertorming this appraisal is contingent on the appraised value of the property 6, I was not required to report a predetermined value or direction in value Ihat favors the cause at the client or any relatoo party, tl1e amount of the value estimate, the atlainmelll 01 a specific resuR, or !tie occurrence ot a subsequent event in order to receive my compensaton and/or empioymentfor pertorming the appraisal. I did not base the appraisal report on a requested mi~imum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. I pertormed this appraisal in conformity wi!tl the Unitorm Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal StandardS Board oj The Appraisal Foundation and that were in place as of the ellecfive date of this appraisal, with the exception oj the departure provision ot fhose Standards, which does not apply, I acknowledge thai a~ estimate of a reasonable time jar exoosure In the open market is a condillOn in the definilion of market value and the estimate I developed is consistent wi!tl the marketing time nOled in the neighbornood section of :his report, unless I have o1t1erwise stated in the reconciliation section. 8, I have personally inspetted the interior and exterior areas of 1t1esubject property ami the exterior 01 all properties listed as comparables in the appraisal report I further certily that I have ooted any apparent Dr known adverse conditions In the sub;ecl improvements, on the subject site, Dr on any srte within the immediate vicinity at the subject property of which I am aware and have made adjustments lor these adverse conditions in my analysis 01 the property value to fhe eXlent that I had marketevidencetosupporflhem. I have alSo commented about the eHect of the adverse conditions on the marketability otthe sub jectproperty, g, I Dersonal~ prepared all conclusions and opinions aboUl t~e rea: eSlate that were se1forth in the appraisa: report If I relied on significant professional assistance from any Individual or individuais in the performance 01 the appraisal or fhe preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them In the reconciliation section of this appraisal report I certify that any individual so named is quaiified to perform the tasks, I have nol authorized anyone to make a change to any item In the report therefore, if an unauthorized change is made 10 the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory apcreiser signed the appraisal report, he or she certifies and agrees fhat: I directiy supervise the appraiser who prepared the appraisal report r,ave reviewed the appraisal report, agree with fhe statements end conclusions 01 the appraiser, agreetobebouncbytheappraiser'scertificationsnumbered~through 7 above, and amteking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: E.!S2L~!I~g.0.Jl)vd, Naples. FL 34120 APPRAISER: SUPERVISORY APPRAISER (lIDly il required): Signature: Name: Dare Signed: State Certification #' or State License #: State: Expiration Date of Certiiicalion or License: Signature: Name: Harry Henderson, SRA Dale Signed: November 15, 2009 State Certification #: RD3475 or State License#: Stale:B: Expiration Dale of Certification orUcense: 11/30/10 r~Dld ,-= Did Nol Inspec1 Property Freddie Mac Form ~396-93 Page2ot? 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