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Agenda 01/26/2010 Item #10CAgenda Item No. 10C January 26, 2010 Page 1 of 132 EXECUTIVE SUMMARY Recommendation to approve the purchase of 1.476 acres of commercially zoned property needed for the construction of a stormwater detention and treatment pond required in connection with the Collier Boulevard/US -41 Overpass Project No. 60116. (Fiscal Impact: $2,160,442.50). OBJECTIVE: To obtain the approval of the Board of County Commissioners to purchase commercially zoned property required for the construction of a stormwater detention and treatment pond associated with the Collier Boulevard/US -41 Overpass Project No. 60116. CONSIDERATIONS: On April 14, 2009, the Collier County Board of County Commissioners approved the "Developer Agreement — US -41 Developers' Consortium III" providing for the design, right -of -way acquisition, permitting and construction of intersection improvements at the intersection of Collier Boulevard and US -41 within the footprint of a future grade - separated overpass. A copy of that Developer Agreement is attached for reference along with the Grade Separated Overpass Concept Plan identifying the subject property as a stormwater detention and treatment pond site for the Collier Boulevard/US -41 Overpass Project. The property is located at the northeast corner of Tamiami Trail East (US -41) and Collier Boulevard (CR -951) and consists of two parcels containing a total of 1.476 acres. Parcel One's land use is classified "improved commercial" and contains 0.973 acres. Parcel Two's land use is classified "vacant commercial" and contains 0.503 acres. The property was previously utilized as a gasoline and convenience store facility; but removal of the underground storage tank system and related site clean -up has been completed according to the Natural Attenuation Quarterly Monitoring Report prepared by Groundwater & Environmental Services, Inc., dated December 2008. Furthermore, a Site Rehabilitation Completion Order issued by the Florida Department of Environmental Protection on April 3, 2009, provides documentation that the subject property is released from any further obligation to conduct rehabilitation for contamination associated with petroleum product discharge at the site. The current owner, Mar Investments, LLC, a Florida Limited Liability Company (hereinafter "Mar "), was marketing the subject property at $35 per square foot through a local real estate broker. Once the property had been identified as a favorable site for a stormwater detention and treatment pond for the project, an independent real estate appraiser was hired by the County who estimated the market value of the subject property as of August 11, 2009 to be $30 per square foot, or $1,929,000.00 (less the cost to demolish and remove the existing improvements). When negotiating this purchase price of $2,125,000.00 plus payment of Seller's attorney /engineering /appraisal fees in the aggregate amount of $28,505.00, significant weight was given to the fact that impact fees in the aggregate amount of $389,878 run with the land and add considerable value to the typical user - purchaser. Consideration must also be given to the fact that if not purchased now, the County could wind up paying as much or more for the subject property as the owners are seeking today, and if unable to negotiate an agreement in the future, and the property had to be condemned, the cost of taking the property via eminent domain could result in even more cost to the County. Agenda Item No. 10C January 26, 2010 Page 2 of 132 FISCAL IMPACT: Funds in the amount of $2,160,442.50 will come from the Transportation Supported Gas Tax Fund and Impact Fee Funds. (Total amount includes the $2,125,000.00 value of the property, $28,505.00 for Mar's attomey /engineering /appraisal fees, $6,787.50 for title services /title insurance, approximately $150.00 in recording fees.) Source of Funds are Gas Taxes and Impact Fees. GROWTH MANAGEMENT IMPACT: This project is consistent with the Long Range Transportation Plan and the Collier County Growth Management Plan. LEGAL CONSIDERATION: This item is legally sufficient for Board action - STW RECOMMENDATION: That the Board of County Commissioners of Collier County, Florida: 1. Approve the attached Purchase Agreement; 2. Authorize its Chairman to execute same on behalf of the Board; 3. Authorize the payment of all costs and expenses necessary to close the transaction; 4. Accept the conveyance of the property via Warranty Deed and authorize the County Manager or his designee to record same in the public records of Collier County, Florida; and 5. Approve any and all budget amendments required. Prepared by: Kevin Hendricks, TECM Right -of -Way Acquisition Manager Attachments: (1) Purchase Agreement (for Stormwater Retention Pond Sites); (2) Aerial Photograph; (3) Grade Separated Overpass Concept Plan; (4) Appraisal; (5) Developer Agreement Agenda Item No. 10C January 26, 2010 Page 3 of 132 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS Item Number: 10C Item Summary: Recommendation to approve the purchase of 1.476 acres of commercially zoned property needed for the construction of a stormwater detention and treatment pond required in connection with the Collier Boulevard /US -41 Overpass Project No. 60116. (Fiscal Impact: $2,160,442.50). (Norman Feder, Transportation Services Administrator) Meeting Date: 1/26/2010 9:00:00 AM Prepared By Kevin Hendricks Manager - Right of Way Date Transportation Engineering & Transportation Division Construction Management 1181201011:51:53 AM Approved By Kevin Hendricks Manager - Right of Way Date Transportation Engineering & Transportation Division Construction Management 1 /81201 0 11:52 AM Approved By Norm E. Feder, AICP Administrator - Transportation Date Transportation Division Transportation Administration 1/8/2010 4:37 PM Approved By Lisa Taylor Management/Budget Analyst Date Transportation Division Transportation Administration 1/11/2010 3:32 PM Approved By Therese Stanley Manager - Operations Support - Trans Date Transportation Division Transportation Administration 1/11/2010 5:01 PM Approved By Najeh Ahmad Director - Transportation Engineering Date Transportation Engineering & Transportation Division Construction Management 1/12/2010 9:43 AM Approved By Steven Williams Assistant County Attorney Date County Attorney County Attorney 1/12/2010 4:29 PM Approved By Pat Lehnhard Executive Secretary Date Transportation Division Transportation Administration 1113/2010 11:03 AM Approved By OMB Coordinator Date Agenda Item No. 10C January 26, 2010 Page 4 of 132 County Manager's Office Office of Management & Budget 111412010 9:47 AM Approved By Jeff Klatzkow County Attorney Date 1/14/2010 4:35 PM Approved By Susan Usher Management/Budget Analyst, Senior Date Office of Management S Office of Management 8: Budget 1/1912010 6:12 PM Budget Approved By Leo E. Ochs, Jr. County Manager Date County Managers Office County Managers Office 111912010 7:05 PM Agenda Item No. JDC January 26, 2110 Page 5 of 32 PROJECT: COLLIER BLVD /US -41 OVERPASS PROJECT 060116 PARCEL: 101FEE FOLIO NO.: 00724680007 & 34520003003 PURCHASE AGREEMENT (for Stormwater Retention Pond Sites) THIS PURCHASE AGREEMENT is made and entered Into on this day of 200_, by and between MAR INVESTMENTS LLC, a Florida Limited Liability Company, whose mailing address Is 14810 Griffin Rd., Davie, Florida 33331 (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing address is 3301 Tamlami Trail East, Naples, Florida 34112, (hereinafter referred to as "Purchaser"). WHEREAS, Seller owns that certain property more particularly described as Exhibit "A" which is incorporated herein by reference, together with all structures and improvements, (hereinafter referred to as 'Property"); and WHEREAS, Purchaser requires the Property for stormwater retention purposes as part of the Collier Boulevard /US-41 Overpass Project; and WHEREAS, Seller has agreed to sell and Purchaser has agreed to buy the Property subject to the terms and conditions that follow. 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: AGREEMENT In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property. This property Is being acquired under the threat of condemnation. 2. PURCHASE PRICE The purchase price (the "Purchase Price ") for the Property shall be $2,125,000 (U.S. Currency) payable at time of closing to the Trust Account of The Law Office of Brian P. Patchen, CIO Brian P. Patchen, Esquire, 1000 Brickell Avenue, Suite 1112, Miami, FL 33131 -3014. The Purchase Price, subject to the apportionment and distribution of proceeds pursuant to Paragraph 3D of this Agreement, 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 and all claims against the Purchaser. None of this Purchase Price is attributed to any personal property. Purchaser shall also pay the aggregate amount of $28,505 (U.S. Currency) to the Trust Account of The Law Office of Brian P. Patchen, C/O Brian P. Patchen, Esquire, said amount representing $25,000 due the law firm of Brian P. Patchen; $1,005 due the firm of Carroll & Carroll, Inc.; $1,575 due the firm of JMD Engineering Inc. and $925 due the firm of Klusza & Goding, Inc. 3. CLOSING A. TIME IS OF THE ESSENCE. Therefore, the Closing (THE "CLOSING DATE ", "DATE OF CLOSING ", OR "CLOSING ") of the transaction shall be held on or before one hundred twenty (120) days following execution of this Agreement by the Purchaser but not later than April 30, 2009 unless extended by mutual written agreement of the parties hereto. The Closing shall be held at the Collier County Attorney's Office, Administration Building, 3301 Tamiami Trail East, Naples, Agenda Item No. 10C January 26, 2 10 Florida. Purchaser shall be entitled to possession as of Closing, unless otherwise Page 6 of 32 provided herein. B. Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At or before the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and Instruments duly executed and acknowledged, in recordable form: 1. General Warranty Deed In favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions or conditions of record. 2. Combined Purchaser - Seller closing statement. 3. A "Grantor's Non - Foreign, Taxpayer Identification & "Gap" Affidavtr as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter in order to insure the "gap" and Issue the policy contemplated by the title insurance commitment. 4. A W -9 Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. 5. Public Disclosure Act Disclosure Affidavit. 6. Such evidence of authority and capacity of Seller and its representatives to execute and deliver this Agreement and all other documents required to consummate this transaction, as reasonably determined by Purchaser's counsel and /or title company. C. At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 1. A negotiable instrument in an amount equal to Net Cash to Seller on the Closing Statement. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 6 "Requirements and Conditions for Closing" below, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owners tide policy to Purchaser In accordance with the commitment immediately after the recording of the deed. 2. Funds payable to the Seller representing the Purchase Price shall be subject to adjustments and pro - rations as hereinafter set forth. D. 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 Section 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 Seller, and shall be deducted on the Closing Statement from the compensation payable to the Seller per Section 2. i Page No. 2 4. Agenda Item No. January 26, 2 E. Seller, at its sole cost and exptrt>e, shall pay at Closing all documentary Page 7 of stamp taxes due upon the recording of the General Warranty Deed, in accordance with Chapter 201, Florida Statutes, unless the Property is acquired under threat of condemnation. The cost of a Title Commitment shall be paid by Purchaser along with the cost of an Owner's Form B Title Policy, issued pursuant to the Commitment provided for in Section 6, "Requirements and Conditions" (below). F. Real Property taxes shall be prorated based on the current year's tax and paid by Seller. If Closing occurs at a date upon which the current year's millage is not fixed, taxes will be prorated based upon the prior year's millage. A. Inspection Period. Purchaser shall have 60 days from the Effective Date (Inspection Period) to determine through appropriate investigation and Inspection that the Property is in compliance with all applicable State and Federal environmental laws and free of any Hazardous Materials. Upon reasonable notice, Seller will provide Purchaser, and its agents, with access to the Property for purposes of surveying, soil borings, site inspection and analysis. B. Election and Response. If Purchaser is not satisfied, for any reason, with the results of this investigation, Purchaser may elect to terminate this Agreement, without penalty, by giving written notice of its intent to terminate prior to expiration of the Inspection Period. Purchaser may elect to suspend its Notice of Termination if Seller notifies Purchaser in writing within ten (10) days thereafter that Seller agrees to promptly carry out, at its sole expense, all further investigations and remediation of the Property as necessary to make the Property acceptable to Purchaser (hereinafter "Remedial Action ") within a time period acceptable to Purchaser. As a condition precedent for suspension of the Notice of Termination, the parties shall agree to the specific term of such suspension and what will render the Property acceptable to Purchaser . C. "Hazardous Materials" means any substance: (1) the presence of which requires investigation, remediation, or is, or becomes regulated under any federal, state, or local law, regulation, order or policy; or (2) which is or becomes defined as a hazardous substance, pollutant or contaminant under federal, state or local law or regulation; or (3) which is toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise hazardous, or threatens the health or safety of persons on or about the Property, and is being regulated by any governmental authority in the state of Florida. D. If Purchaser does not have the Property inspected, or falls to do so within the Inspection Period, or fails to notify Seller of its intent to terminate, Purchaser shall be deemed to have accepted the Property in the condition it existed on the Effective Date. 5. RISK OF LOSS Seller shall maintain the Property in the condition existing on the Effective Date until Closing or date of Purchaser's possession, whichever is later, except for any Remedial Action agreed to by Seller under Section 4B above. Any future loss and /or damage to the Property between the Effective Date and the Closing or date of Purchaser's possession, whichever is earlier, shall be at Seller's sole risk and expense. 6. REQUIREMENTS AND CONDITIONS FOR CLOSING Upon execution of this Agreement by both parties or at such other time as specified within this Section, Purchaser and /or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing: A. Within fifteen (15) days after the date hereof, Seller shall provide Purchaser with a copy of any existing prior title insurance policies. Whereupon, within fifteen Page No. 3 110 32 Agenda Item No. January 26, 2 (15) days of the receipt thereof, Purchaser shall obtain as evidence of title an Page 8 of ALTA Commitment for an Owner's Title Insurance Policy (ALTA Form B -1970) covering the Property, together with hard copies of all exceptions shown thereon. Purchaser shall have thirty (30) days, following receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, If any, which obligations shall be paid at closing. If the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of Its intention to waive the applicable contingencies or to terminate this Agreement. B. If Purchaser shall fail to advise the Seller in writing of any such objections in Seller's title in the manner herein required by this Agreement, the title shall be deemed acceptable. Upon notification of Purchaser's objection to title, Seller shall have thirty (30) days to remedy any defects in order to convey good and marketable title, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to make such title good and marketable. In the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said thirty (30) day period, may accept title as it then is, waiving any objection, or may terminate the Agreement. C. Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within 10 (ten) days of the Effective Date of this Agreement. Purchaser shall have the option, at its own expense, to obtain a current survey of the Property prepared by a surveyor licensed by the State of Florida. No adjustments to the Purchase Price shall be made based upon any change to the total acreage referenced in Exhibit "A" to this Agreement, unless the difference in acreage revealed by survey exceeds 5% of the overall acreage of 64,301 square feet (Exhibit "A "), in which case the purchase price shall be adjusted up or down as appropriate at the rate of $30.00 per square foot. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing, within sixty (60) days from the Effective Date of this Agreement, of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within sixty (60) days, Purchaser may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. 7. TERMINATION AND REMEDIES A. If Seller shall have failed to perform any of the covenants and promises contained herein, which are to be performed by Seller, within fifteen (15) days of written notification of such failure. Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Agreement. B. If the Purchaser has not terminated this Agreement pursuant to any of the provisions authorizing such termination, and Purchaser fails to close the transaction contemplated hereby or otherwise fails to perform any of the terms, covenants and conditions of this Agreement as required on the part of Purchaser to be performed, provided Geller is not in default, then as Seller's sole remedy, Page No. 4 Agenda Item No. January 26, 2 Seller shall have the right to terminate and cancel this Agreement by giving written Page 9 of notice thereof to Purchaser, whereupon $500 shall be paid to Seller as liquidated damages which shall be Seller's sole and exclusive remedy, and neither party shall have any further liability or obligation to the other except as set forth in Section 10, Real Estate Brokers, hereof. The parties acknowledge and agree that Seller's actual damages in the event of Purchaser's default are uncertain in amount and difficult to ascertain, and that said amount of liquidated damages was reasonably determined by mutual agreement between the parties, and said sum was not Intended to be a penalty In nature. C. The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties, and take into account the peculiar risks and expenses of each of the parties. 8. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES Seller intends for Purchaser to rely on the representations contained in this Section in entering into this Agreement and warrants the following: A. Seller has full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. B. Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and /or Seller, N requested. C. The warranties set forth in this Article are true on the Effective Date of this Agreement and as of the date of Closing. 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 the Seller to be performed pursuant to the provisions of this Agreement. D. Seller and Purchaser 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. E. Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. F. No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. G. Until the date fixed for Closing or as long as this Agreement remains in force and effect, Seller 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 or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. H. Seller has no knowledge that the Property, and /or that Seller's operations oonceming the Property, are in violation of any applicable Federal, State or local Page No. 5 32 Agenda Item No. 10C January 26, 2Q10 statute, law or regulation, or of any notice from any governmental body has been Page 10 of 132 served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or Installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. I. There are no unrecorded restrictions, easements or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there are no maintenance, construction, advertising, management, leasing, employment, service or other contracts affecting the Property. J. Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefore, proposals for public Improvement assessments, pay -back agreements, paving agreements, road expansion or improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental Investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder, nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the Effective Date of this Agreement. K. Seller acknowledges and agrees that Purchaser Is entering into this Agreement based upon Seller's representations stated herein and on the understanding that Seller will not cause the zoning or 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, Seller 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 change the zoning or physical condition of the Property or the governmental ordinances or laws governing same. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any governmental authorities having Jurisdiction of the development of the property which may restrict or change any other condition of the Property. L. Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, at seq., ( "CERCLA" or "Superfund "), which was amended and upgraded by the Superfund Amendment and Reauthorization Act of 1986 ( "SARA "), including any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance of title. 9. NOTICES Any notice, request, demand, instruction or other communication to be given to either party hereunder shall be In writing sent by facsimile with automated confirmation of receipt, or registered or certified mall, return receipt requested, postage prepaid or personal delivery addressed as follows: If to Purchaser: Transportation Engineering & Construction Management Kevin Hendricks, ROW Acquisition Manager 2885 South Horseshoe Drive Naples, Florida 34104 Page No. 6 Telephone 239 - 252 -8192 Fax 239- 530 -6643 With a copy to: Office of the County Attorney 3301 Tamiami Trail East Naples, Florida 34112 Telephone 239 - 774 -8400 Fax 239- 774 -0225 If to Seller. Telephone: Agenda Item No. 10C January 26, 2[10 Page 11 of 32 With a copy to: Brian P. Patchen, Esquire The Law Office of Brian P. Patchen 1000 Brickell Avenue, Suite 1112 Miami, FL 33131 -3014 The addressees, addresses and numbers for the purpose of this Section may be changed by either party by giving written notice of such change to the other party in the manner provided herein. For the purpose of changing such addressees, addresses and numbers only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. Notice shall be deemed given in compliance with this Section upon receipt of automated fax confirmation or upon on the fifth day after the certified or registered mail has been postmarked, or physical receipt by hand delivery. 10. REAL ESTATE BROKERS Any and all brokerage commissions or fees shall be the sole responsibility of the Seller and shall be paid at Closing. Seller shall indemnify Purchaser from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been a procuring clause or engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. 11. MISCELLANEOUS A. This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. B. This Agreement and the terms and provisions hereof shall be effective as of the Effective Date and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. C. Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. D. Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend or limit the scope or intent of this Agreement or any provisions hereof. E. All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. F. No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any Page No. 7 Agenda Item No. January 26, 2 Page 12 of provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. G. If any date specified in this Agreement falls on a Saturday, Sunday or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. H. If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to s. 286.23, Fla. Stat., under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Colller 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.) I. This Agreement is governed and construed in accordance with the laws of the State of Florida. J. The Effective Date of this Agreement will be the date of execution of this Agreement by the last signing party. K. This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and there are no promises, representations, warranties or covenants by or between the parties not included in this Agreement. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. L. TIME IS OF THE ESSENCE to this Agreement. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written. AS TO PURCHASER: DATED: ATTEST: DWIGHT E. BROCK, Clerk Deputy Clerk AS TO SELLER: BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA BY: Chairman MARS INVESTMENTS LLC, a Florida Limited Liability ompany BY: 4 Pdnfed Nam Pdmed Tld Page No. 8 01 Approved as to form and legal sufficiency: A� 77.1J� S+WurnT. u:ICas Assistant County Attorney lsat Revised: 0218108 Agenda Item No. January 26, 2 Page 13 of MARS INVESTMENTS LLC, a Florida Limited Liabijty Come BY: �ll'q��j/�y�,/`u� Printed Name: ?. I EL Printed nee: /lni/tf7 /7 CYl1 *A Page No. 9 Agenda Item No. 10C January 26, 2010 Page 14 of 132 EXHIBIT A (1 OF 2) LEGAL DESCRIPTION OF FORMER GAS STATION PROPERTY AT NE CORNER OF COLLIER BOULEVARD AND TAMIAMI TRAIL INTERSECTION PARCELI A PORTION OF SECTION 3w TOWNSHIP 51 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGIN AT THE MOST SOUTHERN CORNER OF TRACT 3F OF "FREEDOM SQUARE" AS RECORDED IN PLAT BOOK 22 AT PAGES 56, 57 AND 58 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE NORTH 35.40' 39' EAST, ALONG THE BOUNDARY OF SAID TRACT 3F FOR 219.95 FEET; THENCE SOUTH 54°20'24" EAST, ALONG THE BOUNDARY OF SAID TRACT 3F, FOR 194.98 FEET TO THE WESTERLY RIGHT- OF-WAY LINE OF ISLE OF CAPRI ROAD; THENCE SOUTH 35° 40'39" WEST ALONG SAID RIGHT-OF-WAY LINE, FOR 186.63 FEET; THENCE SOUTH 76.40'28 "WEST FOR 44.16 FEET TO THE NORTHERLY RIGHT -OF- WAY LINE OF TAMIAMI TRAIL (US HIGHWAY #41); THENCE NORTH 54'20'24' WEST, ALONG SAID RIGHT- OF-WAY LINE, FOR 165.01 FEET TO THE POINT OF BEGINNING. CONTAINING 42,404 SQUARE FEET MORE OR LESS. PARCEL 2 ALL THAT PART OF TRACT 3F ACCORDING TO THE PLAT OF "FREEDOM SQUARE" AS RECORDED IN PLAT BOOK 22, PAGES 56,57 AND 58 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE MOST SOUTHERLY CORNER OF SAID TRACT 3F: THENCE ALONG THE BOUNDARY OF SAID TRACT 3F THE FOLLOWING TWO DESCRIBED COURSES: NORTH W20'24* WEST, 46.00 FEET NORTH 35 °4039' EAST, 269.95 FEET THENCE LEAVING SAID BOUNDARY LINE, SOUTH 54°20'24' EAST, 239.98 FEET TO A POINT ON THE BOUNDARY THREE DESCRIBED COURSES: SOUTH 35'40'39' WEST, 50 FEET NORTH 54'2D'24' WEST, 194.96 FEET SOUTH 35 °40'39' WEST, 219.95 FEET TO THE POINT OF BEGINNING. SAID ADDITIONAL PARCEL CONTAINING 21,897 SQUARE FEET MORE OR LESS. Agenda Item No. 10C January 26, 2010 Page 15 of 132 (2 OF 2) SKETCH OF LEGAL DESCRIPTION Agenda Item No. 10C Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Summary Appraisal Report. Number 09- 07 -01. Subject Property: 64,301 Square Foot Commercial Tract. Improvements: An Abandoned Gas /Convenience Store Structure and Associated Site Improvements. Location: The Subject Property is Located at Northwest Corner of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951), Naples, Florida. Owner: Mar Investments, LLC. Date of Valuation: August 11, 2009. (Date of Most Recent Inspection). For Harry Henderson, SRA, Review Appraiser Transportation Right -Of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 August 2009 Prepared By: Wilcox Appraisal Services, Inc. 1633 S.E. 41st Street Cape Coral, Florida 33904 -7470 239 -542 -2311 Fax: 239 -542 -4995 Email: awilcoxmaisra @comcast.net rj��lAppraisal ll��lit Institute"" PrR/rosionals P"dhslr Real Estate Solutions Wilcox Appraisal services, Inc. Is committed to the highest degree of professionalism with all of our appreisers being designated members of the Appraisal Institute. 7 1 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Wilcox Appraisal Services, Inc. August 14, 2009 Harry Henderson, SRA, Review Appraiser Transportation Right -of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Agenda Item No. 10C January 26, 2010 Page 17 of 132 .���IAppraisal ll��h, Institute'" rnqftrmab "s Real P.uau solaria„ Wilcox Appraisal Services, Inc. is committed to the highest degree of professionalism with all of our appraisers being designated members of the Appraisal Institute. Re: Summary Appraisal Report Number: 09- 07 -01. Subject Property: 64,301 Square Foot Commercial Tract. Improvements: An Abandoned Gas /Convenience Store Structure and Associated Site Improvements. Location: The subject property is located at the northwest corner of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951), Naples, Florida. Owner: Mar Investments, LLC. Date of Value: August 11, 2009 (Date of Most Recent Inspection). Dear Mr. Henderson: Pursuant to your request, an inspection and analysis has been made of the above referenced subject property which is legally described in the attached appraisal report for the purpose of estimating the market value of the undivided fee simple interest in the land and improvements, as of August 11, 2009 (Date of Most Recent Inspection). The Appraisal Standards Board of the Appraisal Foundation adopted the "2008 -2009 Uniform Standards of Professional Appraisal Practice" (USPAP) on June 8, 2007. The 2008 -2009 standards became effective January 1, 2008 through December 31, 2009. In compliance with Standards Rule 2 -2(b), the appraiser is communicating to the reader a "Summary Appraisal Report", one of the three reporting options allowed under Standards Rule 2 -2. The subject property of this appraisal assignment is an improved commercial tract of land located at the northwest corner of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951), Naples, Florida. The subject property owner of record is listed on the 2009 Collier County Tax Roll -as Mar Investments, LLC. The property is identified as Folio Nos. 00724680007 and 34520003003 in the Collier County Property Appraiser's Office. The subject property contains a total of 64,301 square feet of gross land area and is irregular in shape. Specifically, the subject property has a southwest property line along Tamiami Trail East (U.S. 41) that measures 211.01 feet (exclusive of the corner clip); a southeast property line along Collier Boulevard (CR 951) that measures 236.63 feet (exclusive of the corner clip); a southern property line (the corner clip) that measures 44.16 feet; a northwest property line that measures 269.95 feet; and a northeast property line that measures 239.98 feet. The subject property benefits from favorable direct vehicular access and visibility to two arterial roadways. Specifically, the subject property benefits from direct vehicular access and 211.01 feet of frontage along the northeasterly right -of -way of Tamiami Trail East (U.S. 41) (exclusive of 1633 S.E. 41 °t Street • Cape Coral • Florida 33904 -7470 239 - 5424311 • Fax 239.542 -4995 • awilcoxmaisra @comcast.net Page No. 2 August 14, 2009 Harry Henderson, SRA, Review Appraiser Agenda Item No. 10C January 26, 2010 Prepared for and property of ColPefg.% Ay'f 132 Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. the corner clip), and from direct vehicular access and 236.63 feet of frontage along the northwesterly right -of -way of Collier Boulevard (CR 951) (exclusive of the corner clip). Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) are both median divided, multi -lane, arterial roadways, with significant Average Daily Traffic (ADT) counts. The first quarter 2009 ADT count for Tamiami Trail East (U.S. 41) west of Collier Boulevard (CR 951) was 38,260 vehicles, for Tamiami Trail East (U.S. 41) east of Collier Boulevard (CR 951) was 15,751 vehicles, for Collier Boulevard (CR 951) north of Tamiami Trail East (U.S. 41) was 23,513 vehicles, and for Collier Boulevard (CR 951) south of Tamiami Trail East (U.S. 41) was 39,588 vehicles. The subject property benefits from full public utilities including public water, central sewers, telephone, electrical service and emergency services. The subject property is a level tract similar in elevation to surrounding properties and is mostly cleared. The subject property is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and /or wildlife species. Furthermore, the appraiser has assumed a reasonable quantity of non - jurisdictional uplands exist on the subject property suitable for the development of the property in accordance to the estimated highest and best use. Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the subject property is located in an area with predominant soil types that include No. 2, Holopaw Fine Sand, Limestone Substratum; and No. 14, Pineda Fine Sand, Limestone Substratum; It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the subject property, are general in nature, and may or may not apply specifically to the soil group(s) located on the subject property. In addition, the subject property is assumed to be unaffected by environmental liabilities. However, it is important for the reader to be advised that the subject property has been previously utilized as a gas /convenience store facility including the storage, sale, transfer, and distribution of motor vehicle fuel, petroleum products or derivatives containing hydrocarbons, and that such fuel, products or derivatives or other related hazardous materials may have been spilled, leaked, or otherwise discharged onto or into the property causing contamination to the soil or groundwater on or under the property. No environmental studies of the subject property have been provided to the appraiser. The appraiser has reviewed the most recent publicly recorded deed of the subject property. The subject property was purchased by the current owner, Mar Investments, LLC, from ExxonMobil Oil Corporation on September 29, 2006 for $1,500,000 via Special Warranty Deed as recorded in Official Record Book 4117, Page 1702, in the Public Records of Collier County, Florida. This Special Warranty Deed contains a number of provisions including deed restrictions and a covenant against residential use, engineering controls, grantor reservation of access, and other special provisions. The subject property may not be used for a period of ten (10) years from the date of the deed for the storage and sale of gasoline, diesel, other motor fuels, lubricants or other petroleum products, or as a convenience store or mini -mart. Furthermore, the subject property may not be used for a period of fifty (50) years from the date of the deed for residential use or purpose, nor as a hospital, nursing home facility, child care facility, playground /recreational area, school or any similar use which is intended to house anyone or, educate or provide care for children, the elderly, or the infirm, or for agricultural uses, nor shall any portion of the subject property be used for or in connection with the construction or Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Page No. 3 Prepared for and property of CoIP&q%ARWf 132 August 14, 2009 Board of Commissioners. Reliance upon the Harry Henderson, SRA, Review Appraiser appraisal for other uses is not warranted. installation of basements or any water wells for drinking, food processing or irrigation purposes. A copy of this Special Warranty Deed is included in the addendum of this report. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the subject property. However, the reader is advised that the appraiser has not been provided any title information. The subject property is designated Urban Designation, within the Urban- Commercial District and within the Mixed Use Activity Center Subdistrict No. 18 on the Collier County Future Land Use Map. Furthermore, the subject property is zoned C -4, General Commercial District, according to the Collier County Land Development Code. The subject property is improved with an abandoned gas /convenience store structure and associated site improvements. The gas /convenience store structure is a masonry structure containing a total of 1,575 square feet of gross enclosed building area that was built in 1978. The structure is no longer being utilized, is boarded up, and in fair condition. Significant site improvements include eight large light poles, two small entrance light poles, and asphalt/concrete paving. The subject property improvements are not considered to have any contributory value and should be demolished when the property is developed to its highest and best use "as though vacant ". Based on the analysis of the legally permissible, physically possible, financially feasible and maximally productive uses of the subject property, the highest and best use of the subject property "as though vacant" is estimated to be potential commercial development subject to the deed restrictions and a covenant against residential use, engineering controls, grantor' reservation of access, and other special provisions as specified in the Special Warranty Deed as recorded in Official Record Book 4117, Page 1702, in the Public Records of Collier County, Florida. Furthermore, the highest and best use of the subject property "as improved" is estimated to be the demolition of the abandoned gas /convenience store structure and associated site improvements in order to develop the subject property to its highest and best use "as though vacant ". The intended use of the appraisal is understood to be for use as a basis of value for determining the potential purchase price and acquisition of the subject property by Collier County. Market Value is defined as "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: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. 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 ". Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Page No. 4 Prepared for and property of CoIP&9,PoaRWf 132 August 14, 2009 Board of Commissioners. Reliance upon the Harry Henderson, SRA, Review Appraiser appraisal for other uses is not warranted. Source: Uniform Standards of Professional Appraisal Practice, 2003 Edition, The Appraisal Foundation, Washington, D.C., Glossary, Page 224. This letter of transmittal precedes the full narrative appraisal report, further describing the property and containing the reasoning and most pertinent data leading to the final value estimates. Your attention is directed to the "General Assumptions ", "General Limiting Conditions ", and "Certificate of Appraisal', which are considered usual for this type of assignment and have been included in the addendum of this report. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test for such substance or conditions. If the presence of such substances, such as asbestos, urea, formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. Furthermore, the appraiser is not an expert in the determination of jurisdictional wetlands or non - jurisdictional uplands. By reason of my investigation and analysis, data contained in this report, and my experience in the real estate appraisal business, it is my opinion that the market value of the subject property, as of August 11, 2009, is: ONE MILLION NINE HUNDRED NINE THOUSAND DOLLARS .......... ................($1,909,000.00) Respectfully submitted, WILCOX APPRAISAL SERVICES, INC. R. Alan Wilcox, MAI, SRA State- Certified General Real Estate Appraiser RZ 306 Wilcox Appraisal Services, Inc: Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses Is not warranted. Table of Contents Agenda Item No. 10C January 26, 2010 Pa6v§6 4f 132 PAGE TABLE CONTENTS .......................................................................... ..............................1 CERTIFICATION.............................................................................. ............................... 3 SUMMARY OF SALIENT FACTS AND CONCLUSIONS ............... ............................... 5 INTRODUCTION AND DEFINITION OF THE APPRAISAL PROBLEM ......................10 Identification of the Intended User ........................................................... .............................11 Identification of the Real Estate ............................................................... .............................11 Identification of the Property Rights to be Valued .................................... .............................13 Intended Use or Function of the Appraisal ............................................... .............................13 Definition of the Value Estimate( s) ........................................................... .............................14 Date of Value Estimate(s) ........................................................................ .............................14 Description of the Scope of the Appraisal ................................................ .............................14 Other Limiting Conditions ......................................................................... .............................15 PHOTOGRAPHS OF THE SUBJECT PROPERTY ......................... .............................16 VALUATION ANALYSIS OF THE SUBJECT PROPERTY ........... ............................... 25 Ownerof Record ...................................................................................... .............................26 Legal Description of the Subject Property .............................................. ............................... 26 Real Estate Assessments and Ad Valorem Taxes ................................... .............................26 Sales and Marketing History of the Subject Property ............................. ............................... 27 Florida Area and Collier County Maps ................................................... ............................... 28 LocalArea Map ........................................................................................ .............................29 MarketArea Data .................................................................................... .............................30 SiteLocation Map .................................................................................... .............................33 AerialMap ................................................................................................ .............................34 SiteData ................................................................................................. .............................35 Collier County Future Land Use Designation and Zoning Classification .. .............................37 ImprovementData .................................................................................... .............................38 Highestand Best Use ............................................................................ ............................... 39 TheAppraisal Process: ......................................................................................................... 43 The Sales Comparison Approach to Value .............................................. .............................45 CommercialLand Sales Map ................................................................... .............................48 Reconciliation of the Value Indications .................................................. ............................... 54 Estimation of Reasonable Exposure Time ............................................... .............................56 Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PaBp§@ 2f 132 Reliance upon the appraisal for other uses is not warranted. Table of Contents - continued PAGE ADDENDUM.................................................................................. ............................... 57 Assumptions and Limiting Conditions ...................................................... .............................58 Qualificationsof the Appraiser ................................................................. .............................60 SubjectProperty Deed .......................................................................... ............................... 62 Site To Do Business Site Details Report ................................................ ............................... 75 Site To Do Business Executive Summary Report .................................... .............................76 CommercialLand Sales Map ................................................................... .............................78 Unimproved Commercial Land Sales Data Sheets .................................. .............................79 Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Pape& of 132 Reliance upon the appraisal for other uses is not warranted. Certification I certify that, to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. • I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved. • I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment and my engagement in this assignment was not contingent upon developing or reporting predetermined results. • My compensation for completing this assignment is not contingent upon the developing 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. • The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. • The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • As of the date of this report, R. Alan Wilcox, MAI, SRA, has completed the requirements under the continuing education program of the Appraisal Institute. • As of the date of this report, R. Alan Wilcox, MAI, SRA, State - Certified General Real Estate Appraiser, License No. RZ 306, has completed the requirements under the continuing education program of the State of Florida for state - certified appraisals. • I, R. Alan Wilcox, MAI, SRA, have made a personal inspection of the subject property and sales comparables that are contained in this report. • No one provided significant professional assistance other than the person signing this report, unless otherwise indicated within the report. • This report was prepared for and is the property of the Collier County Board of Commissioners and the reliance upon this appraisal for other uses is not warranted. Wilcox Appraisal SetWces, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Pa@a§d 4f 132 Reliance upon the appraisal for other uses is not warranted. Acceptance and utilization of this appraisal report, or any portion thereof, constitutes acknowledgement and acceptance of all General Assumptions and Special Conditions contained herein. By reason of my investigation and analysis, data contained in this report, and my experience in the real estate appraisal business, it is my opinion that the market value of the subject property, as of August 11, 2009, is: ONE MILLION NINE HUNDRED NINE THOUSAND DOLLARS .......... ................($1,909,000.00) Respectfully submitted, WILCOX APPRAISAL SERVICES, INC. R. Alan Wilcox, MAI, SRA State - Certified General Real Estate Appraiser RZ 306 Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Pa@0o 5f 132 Reliance upon the appraisal for other uses is not warranted. Summary of Salient Facts and Conclusions A. Appraisal Problem: 1. Types of Value (s): 2. Property Rights: 3. Intended Use of Appraisal Report: 4. Date of Value: 5. Scope of Analysis: 6. Owner of Record: B. Site Data: Market Value. Undivided Fee Simple Interest. The intended use of the appraisal is understood to be for use as a basis of value for determining the potential purchase price and acquisition of the subject property by Collier County. August 11, 2009 (Date of Most Recent Inspection). Summary Appraisal Report. Mar Investments, LLC. 1. Location: The subject property is located at the northwest comer of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951), Naples, Florida. 2. Size & Shape: The subject property contains a total of 64,301 square feet of gross land area and is irregular in shape. Specifically, the subject property has a southwest property line along Tamiami Trail East (U.S. 41) that measures 211.01 feet (exclusive of the corner clip); a southeast property line along Collier Boulevard (CR 951) that measures 236.63 feet (exclusive of the corner clip); a southern property line (the comer clip) that measures 44.16 feet; a northwest property line that measures 269.95 feet; and a northeast property line that measures 239.98 feet. 3. Vehicular Access & Visibility: The subject property benefits from favorable direct vehicular access and visibility to two arterial roadways. Specifically, the subject property benefits from direct vehicular access and 211.01 feet of frontage along the northeasterly right -of -way of Tamiami Trail East (U.S. 41) (exclusive of the corner clip), and from direct vehicular access and 236.63 feet of Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Paw§6 of 132 Reliance upon the appraisal for other uses is not warranted. 4. Utilities: frontage along the northwesterly right -of -way of Collier Boulevard (CR 951) (exclusive of the comer clip). Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) are both median divided, multi -lane, arterial roadways, with significant Average Daily Traffic (ADT) counts. The first quarter 2009 ADT count for Tamiami Trail East (U.S. 41) west of Collier Boulevard (CR 951) was 38,260 vehicles, for Tamiami Trail East (U.S. 41) east of Collier Boulevard (CR 951) was 15,751 vehicles, for Collier Boulevard (CR 951) north of Tamiami Trail East (U.S. 41) was 23,513 vehicles, and for Collier Boulevard (CR 951) south of Tamiami Trail East (U.S. 41) was 39,588 vehicles. The subject property benefits from full public utilities including public water, central sewers, telephone, electrical service and emergency services. 5. Topography: The subject property is a level tract similar in elevation to surrounding properties and is mostly cleared. 6. Exotic Vegetation and Wildlife: 7. Environmental Liabilities: Current county, state, and federal regulations have considered certain areas jurisdictional based upon vegetation classifications and /or wildlife species. The appraiser is not an expert at vegetation groups or wildlife identification and has not been provided a report prepared by such an expert. The subject property is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and /or wildlife species. In addition, the subject property is assumed to be unaffected by environmental liabilities. However, it is important for the reader to be advised that the subject property has been previously utilized as a gas /convenience store facility including the storage, sale, transfer, and distribution of motor vehicle fuel, petroleum products or derivatives containing hydrocarbons, and that such fuel, products or derivatives or other related hazardous materials may have been spilled, leaked, or otherwise discharged onto or into the property causing Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Pa@p& pf 132 Reliance upon the appraisal for other uses Is not warranted. 8. Easements & Restrictive Covenants: contamination to the soil or groundwater on or under the property. No environmental studies of the subject property have been provided to the appraiser. The appraiser has reviewed the most recent publicly recorded deed of the subject property. The subject property was purchased by the current owner, Mar Investments, LLC, from ExxonMobil Oil Corporation on September 29, 2006 for $1,500,000 via Special Warranty Deed as recorded in Official Record Book 4117, Page 1702, in the Public Records of Collier County, Florida. This Special Warranty Deed contains a number of provisions including deed restrictions and a covenant against residential use, engineering controls, grantor reservation of access, and other special provisions. The subject property may not be used for a period of ten (10) years from the date of the deed for the storage and sale of gasoline, diesel, other motor fuels, lubricants or other petroleum products, or as a convenience store or mini - mart. Furthermore, the subject property may not be used for a period of fifty (50) years from the date of the deed for residential use or purpose, nor as a hospital, nursing home facility, child care facility, playground /recreational area, school or any similar use which is intended to house anyone or, educate or provide care for children, the elderly, or the infirm, or for agricultural uses, nor shall any portion of the subject property be used for or in connection with the construction or installation of basements or any water wells for drinking, food processing or irrigation purposes. A copy of this Special Warranty Deed is included in the addendum of this report. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the subject property. However, the reader is advised that the appraiser has not been provided any title information. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Paw@i fff 132 Reliance upon the appraisal for other uses is not warranted. 9. Land Use and Zoning: The subject property is designated Urban Designation, within the Urban - Commercial District and within the Mixed Use Activity Center Subdistrict No. 18 on the Collier County Future Land Use Map. Furthermore, the subject property is zoned C -4, General Commercial District, according to the Collier County Land Development Code. C. Improvement Data: The subject property is improved with an abandoned gas /convenience store structure and associated site improvements. The gas /convenience store structure is a masonry structure containing a total of 1,575 square feet of gross enclosed building area that was built in 1978. The structure is no longer being utilized, is boarded up, and in fair condition. Significant site improvements include eight large light poles, two small entrance light poles, and asphalt/concrete paving. The subject property improvements are not considered to have any contributory value and should be demolished when the property is developed to its highest and best use "as though vacant'. D. Highest and Best Use: 1. As Though Vacant: Based on the analysis of the legally permissible, physically possible, financially feasible and maximally productive uses of the subject property, the highest and best use of the subject property "as though vacant' is estimated to be potential commercial development subject to the deed restrictions and a covenant against residential use, engineering controls, grantor' reservation of access, and other special provisions as specified in the Special Warranty Deed as recorded in Official Record Book 4117, Page 1702, in the Public Records of Collier County, Florida. 2. As Improved: The highest and best use of the subject property "as improved" is estimated to be the demolition of the abandoned gas /convenience store structure and associated site improvements in order to develop the subject property to its highest and best use "as though vacant'. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Paps§j gf 132 Reliance upon the appraisal for other uses is not warranted. E. Market Value Indications: 1. Cost Approach to Value: ................................................................................................ NA 2. Sales Comparison Approach to Value: ............................................................. $1,909,000 3. Income Capitalization Approach to Value: ..................................................................... NA F. Final Market Value Estimate: 1. Land Value: ...................................................................... 2. Improvement Value: ......................................................... 3. Total Value: ...................................................................... 4. Minus Estimated Demolition Costs: ................................. 5. Final Market Value: .......................................................... G. Special Assumptions: H. Reasonable Exposure Time: I. Appraiser: None. ............................... $1,929,000 . .......I ....................... 0 ............................... $1,929,000 .. .............................($ 20,000) ............................... $1,909,000 Six to thirty -six months. R. Alan Wilcox, MAI, SRA; State - Certified General Real Estate Appraiser, RZ 306. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PP41g30101 132 Reliance upon the appraisal for other uses is not warranted. Introduction and Definition of the Appraisal Problem The first step of the valuation process is the development of a clear statement of the appraisal problem. This sets the limits of the appraisal and eliminates any ambiguity about the nature of the assignment. The statement of the appraisal problem includes: • Identification of the Intended User(s); • Identification of the Real Estate; • Identification of the Property Rights to be Valued; • Intended Use or Function of the Appraisal; • Definition of Value; • Date of the Value Estimate; • Description of the Scope of the Appraisal; and • Other Limiting Conditions. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. 1`11896114f 132 Reliance upon the appraisal for other uses is not warranted. IDENTIFICATION OF THE INTENDED USER(S) This appraisal is made for the exclusive use of Harry Henderson, SRA, Review Appraiser, Transportation Right -of -Way Group, 2885 South Horseshoe Drive, Naples, Florida 34104; and its use by others is strictly prohibited. This narrative report is made subject to the Assumptions and Limiting Conditions as listed in the Addendum to this report. IDENTIFICATION OF THE REAL ESTATE The subject property of this appraisal assignment is an improved commercial tract of land located at the northwest corner of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951), Naples, Florida. The subject property owner of record is listed on the 2009 Collier County Tax Roll as Mar Investments, LLC. The property is identified as Folio Nos. 00724680007 and 34520003003 in the Collier County Property Appraiser's Office. The subject property contains a total of 64,301 square feet of gross land area and is irregular in shape. Specifically, the subject property has a southwest property line along Tamiami Trail East (U.S. 41) that measures 211.01 feet (exclusive of the corner clip); a southeast property line along Collier Boulevard (CR 951) that measures 236.63 feet (exclusive of the corner clip); a southern property line (the corner clip) that measures 44.16 feet; a northwest property line that measures 269.95 feet; and a northeast property line that measures 239.98 feet. The subject property benefits from favorable direct vehicular access and visibility to two arterial roadways. Specifically, the subject property benefits from direct vehicular access and 211.01 feet of frontage along the northeasterly right -of -way of Tamiami Trail East (U.S. 41) (exclusive of the corner clip), and from direct vehicular access and 236.63 feet of frontage along the northwesterly right -of -way of Collier Boulevard (CR 951) (exclusive of the corner clip). Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) are both median divided, multi -lane, arterial roadways, with significant Average Daily Traffic (ADT) counts. The first quarter 2009 ADT count for Tamiami Trail East (U.S. 41) west of Collier Boulevard (CR 951) was 38,260 vehicles, for Tamiami Trail East (U.S. 41) east of Collier Boulevard (CR 951) was 15,751 vehicles, for Collier Boulevard (CR 951) north of Tamiami Trail East (U.S. 41) was 23,513 vehicles, and for Collier Boulevard (CR 951) south of Tamiami Trail East (U.S. 41) was 39,588 vehicles. The subject property benefits from full public utilities including public water, central sewers, telephone, electrical service and emergency services. The subject property is a level tract similar in elevation to surrounding properties and is mostly cleared. The subject property is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and /or wildlife species. Furthermore, the appraiser has assumed a reasonable quantity of non - jurisdictional uplands exist on the subject property suitable for the development of the property in accordance to the estimated highest and best use. Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the subject property is located in an area with predominant soil types that include No. 2, Holopaw Fine Sand, Limestone Substratum; and No. 14, Pineda Fine Sand, Limestone Substratum; It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the subject property, are general in nature, and may or may not apply specifically to the soil group(s) located on the subject property. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. tP419621 Qt 132 Reliance upon the appraisal for other uses is not warranted. In addition, the subject property is assumed to be unaffected by environmental liabilities. However, it is important for the reader to be advised that the subject property has been previously utilized as a gas /convenience store facility including the storage, sale, transfer, and distribution of motor vehicle fuel, petroleum products or derivatives containing hydrocarbons, and that such fuel, products or derivatives or other related hazardous materials may have been spilled, leaked, or otherwise discharged onto or into the property causing contamination to the soil or groundwater on or under the property. No environmental studies of the subject property have been provided to the appraiser. The appraiser has reviewed the most recent publicly recorded deed of the subject property. The subject property was purchased by the current owner, Mar Investments, LLC, from ExxonMobil Oil Corporation on September 29, 2006 for $1,500,000 via Special Warranty Deed as recorded in Official Record Book 4117, Page 1702, in the Public Records of Collier County, Florida. This Special Warranty Deed contains a number of provisions including deed restrictions and a covenant against residential use, engineering controls, grantor' reservation of access, and other special provisions. The subject property may not be used for a period of ten (10) years from the date of the deed for the storage and sale of gasoline, diesel, other motor fuels, lubricants or other petroleum products, or as a convenience store or mini -mart. Furthermore, the subject property may not be used for a period of fifty (50) years from the date of the deed for residential use or purpose, nor as a hospital, nursing home facility, child care facility, playground /recreational area, school or any similar use which is intended to house anyone or, educate or provide care for children, the elderly, or the infirm, or for agricultural uses, nor shall any portion of the subject property be used for or in connection with the construction or installation of basements or any water wells for drinking, food processing or irrigation purposes. A copy of this Special Warranty Deed is included in the addendum of this report. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the subject property. However, the reader is advised that the appraiser has not been provided any title information. The subject property is designated Urban Designation, within the Urban - Commercial District and within the Mixed Use Activity Center Subdistrict No. 18 on the Collier County Future Land Use Map. Furthermore, the subject property is zoned C -4, General Commercial District, according to the Collier County Land Development Code. The subject property is improved with an abandoned gas /convenience store structure and associated site improvements. The gas /convenience store structure is a masonry structure containing a total of 1,575 square feet of gross enclosed building area that was built in 1978. The structure is no longer being utilized, is boarded up, and in fair condition. Significant site improvements include eight large light poles, two small entrance light poles, and asphalt/concrete paving. The subject property improvements are not considered to have any contributory value and should be demolished when the property is developed to its highest and best use "as though vacant ". Based on the analysis of the legally permissible, physically possible, financially feasible and maximally productive uses of the subject property, the highest and best use of the subject property "as though vacant" is estimated to be potential commercial development subject to the deed restrictions and a covenant against residential use, engineering controls, grantor' reservation of access, and other special provisions as specified in the Special Warranty Deed as recorded in Official Record Book 4117, Page 1702, in the Public Records of Collier County, Florida. Furthermore, the highest and best use of the subject property "as improved" is Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. iPag331 Of 132 Reliance upon the appraisal for other uses is not warranted. estimated to be the demolition of the abandoned gas /convenience store structure and associated site improvements in order to develop the subject property to its highest and best use "as though vacant'. IDENTIFICATION OF THE PROPERTY RIGHTS TO BE VALUED The valuation of real property includes both the physical real estate and the rights that one or more individuals or legal entities may hold or contemplate holding in the ownership or use of the land and improvements. An appraiser may estimate the value of a fee simple estate or a partial interest created by the severance or division of ownership rights. Special attention must be given to any limitations on ownership rights such as easements, encroachments, liens, or leases. Financing must also be considered because fee simple estates, leasehold estates, and leased fee estates can all be mortgaged. The specific rights to be valued in the probable or actual financing involved must be ascertained at the start of the assignment because the complexity of these rights and terms will determine the procedures, skills, and time required to complete the assignment. In this particular appraisal assignment, the appraiser has been requested by the client to estimate the "as is" market value of the undivided fee simple interest in the subject property. Fee simple ownership is an absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain, escheat, police power and taxation. Eminent domain is the right of the sovereign government to take private property for public use upon the payment of just compensation. Escheat is the right to have titular ownership of a property returned to the state if the owner dies and leaves no will and no known or ascertainable heirs. Police power is the right to regulate property so that the public safety, health, morals, and general welfare are protected. Examples of this power are zoning ordinances, building codes, air and land traffic regulations, and sanitary regulations. Taxation is the right to take money from owners of valuable goods, products, and rights. In addition to government restrictions on property, legal private agreements may also impose limitations. One type is a restriction inserted in a deed. Other private restrictions include certain easements, rights of way, and party wall agreements. INTENDED USE OR FUNCTION OF THE APPRAISAL The intended use of an appraisal (formerly known as the Function of the Appraisal), is the manner in which a client employs the information contained in an appraisal report. Because an appraisal provides the basis for a decision regarding real property, the nature of the decision affects the character of the assignment in the appraisal report. For example, a value estimate may be needed to determine the price at which to buy or sell a property, the amount of a loan, a basis for taxation, terms of a lease, value of real property assets and financial statements, or a basis forjust compensation and eminent domain proceedings. The intended use of the appraisal is understood to be for use as a basis of value for determining the potential purchase price and acquisition of the subject property by Collier County. DEFINITION OF THE VALUE ESTIMATE(S) The purpose of any valuation process is to estimate the value of a real property interest. Therefore, the specified type of value and the interests involved must be clearly defined. Types Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. 9Rg9a414f 132 Reliance upon the appraisal for other uses Is not warranted. of appraised value include market value, fair value, use value, going concern value, investment value, assessed value, and insurable value. As previously noted in the letter of transmittal, the type of value to be estimated in this particular appraisal assignment has been identified as the market value of the undivided fee simple interest in the subject property. Market Value is defined as "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: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. 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: Uniform Standards of Professional Appraisal Practice 2003 Edition. The Appraisal Foundation, Washington, D.C., Glossary, Page 224. DATE OF THE VALUE ESTIMATE(S) The date of a value estimate must be specified because the forces that influence real property value are constantly changing. Although conditions observed at the time of the appraisal may persist for a considerable time after that date, an estimate of value is considered valid only for the exact date specified. Market value is generally seen as a reflection of market participant's perceptions of future economic conditions and the perceptions are based on market evidence at a specific point in time. Value influences reflect economic conditions at a particular time and sudden changes in business and real estate markets can dramatically influence value. As previously identified, the appraiser is estimating the market value of the undivided fee simple interest in the subject property. The effective date of the appraisal is August 11, 2009 (Date of Most Recent Inspection). R. Alan Wilcox, MAI, SRA, inspected the subject property. DESCRIPTION OF THE SCOPE OF THE APPRAISAL The scope of the appraisal refers to the extent of the process in which data are collected, confirmed, and reported. The scope is described to protect third parties whose reliance on an appraisal report may be affected by this information. An appraiser determines the extent of the work and of the report based on the significance of the appraisal problem. The appraiser is responsible for describing the scope of the appraisal in the report. Standards Rule 2- 2(b)(vii), USPAP- 2008 -2009, requires the appraiser to "summarize the scope of work used to develop the appraisal". In this regard, pertinent to the extend to which the — subject property and the remainder property have been identified and inspected, the type of Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 10C January 26, 2010 FPa9395I` 132 market data researched, and the type and extent of the analysis applied, the reader is advised to refer to the appropriate portion of this report. Data Collection: The data utilized in this assignment was collected through a thorough search of the public records of Collier County, Florida, interviews of local real estate brokers and property owners, and information obtained from this firm's appraisal office. Furthermore, Patricia A. Wilcox, SRA, assisted in the collection of market data. • Data Confirmation: The appraiser signing this report has independently confirmed the market data that has been utilized in the development of the value estimates reported herein. Furthermore, the appraiser signing this report has also physically inspected this data. • Data Reporting: The data utilized in this report has been presented in a data sheet format for the reader's review. Additional information has been retained in the permanent files of the appraiser and is available upon request by the client. OTHER LIMITING CONDITIONS Statements of limiting conditions are included in a report for the appraiser's protection, and to inform and protect the client and other users of the report. For a complete copy of the typical Assumptions and Limiting Conditions, which govern the appraisal process, please refer to the Addendum section of this report. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FPQga616f 132 Reliance upon the appraisal for other uses is not warranted. of the Su Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PP8g671 mf 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Photographs Taken On: August 11, 2009 View looking northwesterly across the intersection of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) showing the subject property located at the northwest comer of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) in Naples, Florida. View looking northeasterly across Tamiami Trail East (U.S. 41) showing the subject property located at the northwest comer of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951). Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FAGg6181 Of 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Photographs Taken On: August 11, 2009 View looking southwesterly across Collier Boulevard (CR 951) showing the subject property located at the northwest comer of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951). View looking northwesterly across the intersection of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) and along Tamiami Trail East (U.S. 41) showing the subject property located at the northwest comer of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951). _ - -- Wilcox Appraisal SeMces, Inc. 7 t a T 77 N. e r }yam View looking northwesterly across the intersection of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) and along Tamiami Trail East (U.S. 41) showing the subject property located at the northwest comer of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951). _ - -- Wilcox Appraisal SeMces, Inc. Agenda Item No. 1OC January 26, 2010 Prepared for and property of Collier County Board of Commissioners , FPG§69j 9f 132 Reliance upon the appraisal for other uses Is not warranted' Subject Property Photographs Taken On: August 11, 2009 View looking southeasterly along Collier Boulevard (CR 951) showing the subject property located at the northwest comer of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951). View looking northeasterly across the intersection of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) and along Collier Boulevard (CR 951) showing the subject property located at the northwest comer of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951). Wilcox Appraisal Services, Inc. Agenda Item No. 1OC January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FP4kQd (20f 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Photographs Taken On: August 11, 2009 View looking southwesterly along Collier Boulevard (CR 951) showing the subject property located at the northwest comer of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951). View looking southwesterly from near the north corner of the subject property showing the drainage swale that runs along the northwesterly boundary of the subject property. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PP0gd124f 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Photographs Taken On: August 11, 2009 View looking southeasterly from near the north comer of the subject property showing the drainage swale that runs along the northeasterly boundary of the subject property. View looking northeasterly from near the east corner of the subject property and the frontage of Tamiami Trail East (U.S. 41) showing the front portion of the abandoned gas /convenience store structure and a portion of the asphalt/concrete paving. Wilcox Appraisal Services, Inc, iw e� r p v MIN A iw e� r Agenda Item No. 1OC January 26, 2010 Prepared for and property of Collier County Board of Commissionere. Fftgd�1131` 132 Reliance upon the appraisal for other uses is not warranted. ' Subject Property Photographs Taken On: August 11, 2009 View looking southwesterly from near the east corner of the subject property and the frontage of Collier Boulevard (CR 951) showing the rear portion of the abandoned gas /convenience store structure. View looking northwesterly showing two of the eight tall electric light poles located on the subject property. Wilcox Appraisal Services, Inc. Agenda Item No. 1OC January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FPQgd1?4f 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Photographs Taken On: August 11, 2009 View looking southwesterly showing one of the two short electric light poles located on the subject property. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FFog6261' 132 Reliance upon the appraisal for other uses is not warranted. Valuation Analysis of the Subject property WIcoxAppraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FP096@8I 132 Reliance upon the appraisal for other uses is not warranted. OWNER OF RECORD The subject property owner of record is listed on the 2009 Collier County Tax Roll as Mar Investments, LLC whose mailing address is 14810 Griffin Road, Davie, Florida 33331. LEGAL DESCRIPTION OF THE SUBJECT PROPERTY The following legal description is provided: PARCELI A PORTION OF SECTION 3, TOWNSHIP 51 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGIN AT THE MOST SOUTHERN CORNER OF TRACT 3F OF "FREEDOM SQUARE" AS RECORDED IN PLAT BOOK 22 AT PAGES 56,57 AND 58 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE NORTH 35040'39" EAST, ALONG THE BOUNDARY OF SAID TRACT 3F FOR 219.95 FEET; THENCE SOUTH 54 "20'24" EAST, ALONG THE BOUNDARY OF SAID TRACT 3F, FOR 194.98 FEET TO THE WESTERLY RIGHT -OF -WAY LINE OF ISLE OF CAPRI ROAD; THENCE SOUTH 35" 40'39" WEST ALONG SAID RIGHT -OF -WAY LINE, FOR 186.63 FEET; THENCE SOUTH 76 °40'28" WEST FOR 44.16 FEET TO THE NORTHERLY RIGHT -OF- WAY LINE OF TAMIAMI TRAIL (US HIGHWAY #41); THENCE NORTH 54 "20'24" WEST, ALONG SAID RIGHT -OF -WAY LINE, FOR 166.01 FEET TO THE POINT OF BEGINNING. CONTAINING 42,404 SQUARE FEET MORE OR LESS. PARCEL2 ALL THAT PART OF TRACT 3F ACCORDING TO THE PLAT OF "FREEDOM SQUARE" AS RECORDED IN PLAT BOOK 22, PAGES 56,57 AND 58 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE MOST SOUTHERLY CORNER OF SAID TRACT 3F; THENCE ALONG THE BOUNDARY OF SAID TRACT 3F THE FOLLOWING TWO DESCRIBED COURSES: NORTH 54 "20' 24" WEST, 45.00 FEET NORTH 35 040'39" EAST, 269.95 FEET THENCE LEAVING SAID BOUNDARY LINE, SOUTH 54°20'24" EAST, 239.98 FEET TO A POINT ON THE BOUNDARY THREE DESCRIBED COURSES: SOUTH 35 °40'39" WEST, 50 FEET NORTH 54 °20'24" WEST, 194.98 FEET SOUTH 35 °40'39" WEST, 219.95 FEET TO THE POINT OF BEGINNING. SAID ADDITIONAL PARCEL CONTAINING 21,897 SQUARE FEET MORE OR LESS. Source: Harry Henderson, SRA, Review Appraiser, Transportation Right -of -Way Group, Collier County. REAL ESTATE ASSESSMENTS AND AD VALOREM TAXES The subject property is assessed on the preliminary 2009 Collier County Tax Rolls as an improved property with a total market value of $1,086,692, allocated $1,031,244 to the value of the land and $55,448 to the value of the improvements. The property has total exemptions of $0, resulting in a taxable value of $1,086,692. The 2008 taxes for the subject property totaled $14,141.29 exclusive of any early payment discounts or late payment penalties. The subject property owner of record is listed on the 2009 Collier County Tax Roll as Mar Investments, LLC. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. P1018g6727f 132 Reliance upon the appraisal for other uses is not warranted. The property is identified as Folio Nos. 00724680007 and 34520003003 in the Collier County Property Appraiser's Office. SALES AND MARKETING HISTORY OF THE SUBJECT PROPERTY The appraiser has reviewed the most recent publicly recorded deed of the subject property. The subject property was purchased by the current owner, Mar Investments, LLC, from ExxonMobil Oil Corporation on September 29, 2006 for $1,500,000 via Special Warranty Deed as recorded in Official Record Book 4117, Page 1702, in the Public Records of Collier County, Florida. This Special Warranty Deed contains a number of provisions including deed restrictions and a covenant against residential use, engineering controls, grantor reservation of access, and other special provisions. The subject property may not be used for a period of ten (10) years from the date of the deed for the storage and sale of gasoline, diesel, other motor fuels, lubricants or other petroleum products, or as a convenience store or mini -mart. Furthermore, the subject property may not be used for a period of fifty (50) years from the date of the deed for residential use or purpose, nor as a hospital, nursing home facility, child care facility, playground /recreational area, school or any similar use which is intended to house anyone or, educate or provide care for children, the elderly, or the infirm, or for agricultural uses, nor shall any portion of the subject property be used for or in connection with the construction or installation of basements or any water wells for drinking, food processing or irrigation purposes. A copy of this Special Warranty Deed is included in the addendum of this report. There has been no other arm's length transactions involving the subject property within three years of the date of value (August 11, 2009). The subject property was previously listed for sale by Dan O'Berski, Associate, CB Richard Ellis, Fort Myers, Florida, 239 - 293 -4544, for $2,256,408 or $35.09 per square foot of gross land area. Furthermore, the appraiser is not aware of any current listings or valid pending offers involving the subject property. Wilcox Appraisal Services, Inc, Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PRQgBiQ26f 132 Reliance upon the appraisal for other uses is not warranted. Florida State and Collier County Maps �yY C v O cJ li kbµ( { y r Ylij ♦+ p Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FPpg8T0f 132 Reliance upon the appraisal for other uses is not warranted. Local Area Map tt � 4.. � � � q ssa � L 9 I q,�rdMKmvS'b DRCaNOrdlbrarer br lk irWRn Subject Yo � WiIcoxAppraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FQ0g630f 132 Reliance upon the appraisal for other uses is not warranted. MARKET AREA DATA Definition of Concept: A market area is an area that usually has distinguishing characteristics. A market area may be a section of a community or an entire community. One subdivision may be one market area, while another market area may be comprised of all or parts of two or more subdivisions. In large towns and cities, the market area usually consists of a portion of the larger urban area, whereas the entire community may constitute the market area in small towns and cities. Market area occupants usually have an observable commonality of interests. Obviously, no grouping of inhabitants, buildings, or business enterprises can possess identical features or attributes; therefore, a market area is relatively uniform. That is, a market area exhibits a greater degree of commonality than the larger area. Market Area Delineation: A market area's boundaries may be the physical area that exerts relevant influences on a subject property's value. The boundaries may coincide with changes in prevailing land use, occupant characteristics, or physical characteristics, such as structures, street patterns, terrain, vegetation, and lot sizes. Because changes in natural or physical features often coincide with the change from one market area to another, features such as transportation arteries (highways, major streets, railroads), bodies of water (rivers, lakes, streams), and changes in elevation (hills, mountains, cliffs, valleys) often constitute market area boundaries. The primary market area is defined geographically as the area in which a competitive property would have a similar market area identification and general location appeal. The primary market area, for purposes of this appraisal assignment, consists of those unimproved commercial out - parcel type properties located within or adjacent commercial shopping centers in Naples, Collier County, Florida. The secondary market area is defined economically to include those areas where a similarly zoned property would be considered by the same basic profile of prospective purchasers as generally competitive with the Subject Property. The secondary market area, for purposes of this appraisal assignment, is defined as those unimproved commercial out -parcel type properties located within or adjacent commercial shopping centers, located in peripheral locations to the primary market area described above. Stages of a Market Area's Life Cycle: A market area's life cycle usually consists of the following stages: 1. Growth -a period during which the market area gains public favor and acceptance. 2. Stability - a period of equilibrium without marked gains or losses. 3. Decline - a period of diminishing demand. 4. Revitalization - a period of renewal, modernization, and increasing demand. Although the stages describe a market area's evolution in a general way, they should not be overemphasized as providing guidelines to market area trends. Many market areas are stable for very long periods of time, and decline is not necessarily imminent in all older market areas. Unless caused by the advent of some specific external influence, for example, a new highway that changes traffic patterns, decline may be at a barely perceptible rate and is subject to _. interruption by changing use or revival of demand. - Therefore, there is no definite life expectancy for a market area. Moreover, the stages are not always sequential. At any time in Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. IPp96'34f 132 Reliance upon the appraisal for other uses is not warranted. the cycle, major changes can occur which interrupt the order to the cycle's stages. For example, a market area that is in a stage of growth may decline precipitously rather than stabilize. The primary market area is considered to be in the growth stage of its life cycle, as evidenced by the continued absorption of available vacant commercial sites, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the market area. Real estate values in Collier County market area experienced tremendous appreciation in 2004 and 2005, due to rapid growth and an over active speculative market. However, in 2006 to present, residential market values throughout southwest Florida, including the primary market area, have significantly declined. Also, the number of bank foreclosed residential properties has also dramatically increased. Furthermore, since January 2006, most market participants interviewed have indicated that commercial market land values have stabilized up to the beginning of 2008 and subsequently have declined. Immediate Market Description: As previously stated, the subject property is located at the northwest corner of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951), Naples, Florida. Both Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) are heavily travelled arterial roadways. Although the subject property is not an out - parcel to a shopping center with benefiting access easements and drainage easements, the subject property is located adjacent to the Freedom Square shopping center, anchored by K -Mart, Publix and Bealls Outlet. The other comers of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) intersection are improved with a CVS Pharmacy, a Walgreens, and a Circle K/Shell gas /convenience facility. Out - parcel uses of the Freedom Square shopping center located immediately northwest of the subject property along the northeast side of Tamiami Trail East (U.S. 41) include a SunTrust branch bank, a Burger King, a Bank of America Branch Bank, a Carrabba's Italian Grill, a Region branch bank, and a McDonalds. Located in the southwest quadrant of the Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) intersection is the Shops at Eagle Creek shopping center anchored by Staples and a proposed Lowes. Out - parcel uses of the Shops at Eagle Creek shopping center located along the southwest side of Tamiami Trail East (U.S. 41) include a Walgreens, a 7 -11, a Wachovia branch bank and a Fifth Third branch bank. Finally, a Super Wal -Mart Center is located just south of the intersection of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) on the east side of Collier Boulevard (CR 951). In addition, the appraiser has included in the addendum of this report the following market analysis reports prepared by the appraiser via the "Site To Do Business" web site: 1. Site Details Report.; and 2. Executive Summary Report Wilcox Appraisal Services, Inc. Agenda Item No. IOC January 26, 2010 Prepared for and property of Collier County Board of Commissioners. F oilii f 132 Reliance upon the appraisal for other uses is not warm nted. Trends and Conclusions: In conclusion, recognizing the above favorable locational factors and the current growth stage of the primary market area as evidenced by the continued absorption of available vacant land, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the immediate market area, it is the appraiser's opinion, that the primary market area should expect, continued economic development into the foreseeable future. However, the immediate economic development of the primary market area will be limited until the current residential downturn is concluded. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FPoIg6�13f 132 Reliance upon the appraisal for other uses Is not warranted. F671 Site Location Map FREE ©OOMSQUARE PB 22 I'G 56 -58 i <v ryym 1 GA TRACT Y ,� G) ` LELY RESOR1 E 1 PB 16 PG 87 -99 TRACT 16 Wilcox Appraisal Services, Inc. L 9 ao i 11�10 i ao \ 12 RP O \ Pop N \ •\ MERCIAL CENTER REP TLOT PB 35 PG 85 �ei� •\ e /i ap V \ ' CAPRI COMMERCIAL CENTER O 5 I \ \ ,(y PB 31 fG5233 eye g M \ Wilcox Appraisal Services, Inc. L 9 ao i 11�10 i ao 1-7-; -�: Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. SITE DATA Agenda Item No. 10C January 26, 2010 Ratig6`88f 132 Location: The subject property is located at the northwest corner of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951), Naples, Florida. Size and Shape: The subject property contains a total of 64,301 square feet of gross land area and is irregular in shape. Specifically, the subject property has a southwest property line along Tamiami Trail East (U.S. 41) that measures 211.01 feet (exclusive of the corner clip); a southeast property line along Collier Boulevard (CR 951) that measures 236.63 feet (exclusive of the corner clip); a southern property line (the corner clip) that measures 44.16 feet; a northwest property line that measures 269.95 feet; and a northeast property line that measures 239.98 feet. Vehicular Access and Visibility: The subject property benefits from favorable direct vehicular access and visibility to two arterial roadways. Specifically, the subject property benefits from direct vehicular access and 211.01 feet of frontage along the northeasterly right -of -way of Tamiami Trail East (U.S. 41) (exclusive of the corner clip), and from direct vehicular access and 236.63 feet of frontage along the northwesterly right -of -way of Collier Boulevard (CR 951) (exclusive of the corner clip). Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) are both median divided, multi -lane, arterial roadways, with significant Average Daily Traffic (ADT) counts. The first quarter 2009 ADT count for Tamiami Trail East (U.S. 41) west of Collier Boulevard (CR 951) was 38,260 vehicles, for Tamiami Trail East (U.S. 41) east of Collier Boulevard (CR 951) was 15,751 vehicles, for Collier Boulevard (CR 951) north of Tamiami Trail East (U.S. 41) was 23,513 vehicles, and for Collier Boulevard (CR 951) south of Tamiami Trail East (U.S. 41) was 39,588 vehicles. Available Utilities: The subject property benefits from full public utilities including public water, central sewers, telephone, electrical service and emergency services. Exotic Vegetation and Wildlife: Current county, state, and federal regulations have considered certain areas jurisdictional based upon vegetation classifications and /or wildlife species. The appraiser is not an expert at vegetation groups or wildlife identification and has not been provided a report prepared by such an expert. The subject property is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and /or wildlife species. Environmental Liabilities: The subject property is assumed to be unaffected by environmental liabilities. However, it is important for the reader to be advised that the subject property has been previously utilized as a gas /convenience store facility including the storage, sale, transfer, and distribution of motor vehicle fuel, petroleum products or derivatives containing hydrocarbons, and that such fuel, products or derivatives or other related hazardous materials may have been spilled, leaked, or otherwise discharged onto or into the property causing contamination to the soil or groundwater on or under the property. No environmental studies of the subject property have been provided to the appraiser. Unless otherwise stated above or elsewhere in this report, the existence of hazardous substances, including, without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the property inspection. The appraiser is not qualified to test such Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PP996 (8et 132 Reliance upon the appraisal for other uses Is not warranted. substance or conditions. If the presence of such substances, such as asbestos, urea, formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The subject property is assumed to be unaffected by environmental liabilities. However, the reader is advised that no environmental studies of the subject property have been provided to the appraiser. Elevation and Topography: The subject property is a level tract similar in elevation to surrounding properties and is mostly cleared. Easements and Restrictive Covenants: The appraiser has reviewed the most recent publicly recorded deed of the subject property. The subject property was purchased by the current owner, Mar Investments, LLC, from ExxonMobil Oil Corporation on September 29, 2006 for $1,500,000 via Special Warranty Deed as recorded in Official Record Book 4117, Page 1702, in the Public Records of Collier County, Florida. This Special Warranty Deed contains a number of provisions including deed restrictions and a covenant against residential use, engineering controls, grantor reservation of access, and other special provisions. The subject property may not be used for a period of ten (10) years from the date of the deed for the storage and sale of gasoline, diesel, other motor fuels, lubricants or other petroleum products, or as a convenience store or mini -mart. Furthermore, the subject property may not be used for a period of fifty (50) years from the date of the deed for residential use or purpose, nor as a hospital, nursing home facility, child care facility, playground /recreational area, school or any similar use which is intended to house anyone or, educate or provide care for children, the elderly, or the infirm, or for agricultural uses, nor shall any portion of the subject property be used for or in connection with the construction or installation of basements or any water wells for drinking, food processing or irrigation purposes. A copy of this Special Warranty Deed is included in the addendum of this report. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the subject property. However, the reader is advised that the appraiser has not been provided any title information. Wilcox Appraisal Services, Inc. Prepared for and property of Collier County Board of Commissioncrs, Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 10C January 26, 2010 FPeg6B7f 132 COLLIER COUNTY FUTURE LAND USE DESIGNATION AND ZONING CLASSIFICATION The subject property is designated Urban Designation, within the Urban - Commercial District and within the Mixed Use Activity Center Subdistrict No. 18 on the Collier County Future Land Use Map. Mixed Use Activity Centers have been designated on the Future Land Use Map Series identified in the Future Land Use Element with their locations based on intersections of major roads and on spacing criteria. When this Plan was originally adopted in 1989, there were 21 Activity Centers. There are now 19 Activity Centers. The Mixed Use Activity Center concept is designed to concentrate almost all new commercial zoning in locations where traffic impacts can readily be accommodated, to avoid strip and disorganized patterns of commercial development, and to create focal points within the community. Mixed Use Activity Centers are intended to be mixed -use in character. Further, they are generally intended to be developed at a human - scale, to be pedestrian- oriented, and to be interconnected with abutting projects — whether commercial or residential. Street, pedestrian pathway and bike lane interconnections with abutting properties, where possible and practicable, are encouraged. Allowable land uses in Mixed Use Activity Centers include the full array of commercial uses, residential uses, institutional uses, hotel /motel uses at a maximum density of 26 units per acre, community facilities, and other land uses as generally allowed in the Urban designation. Furthermore, the subject property is zoned C-4, General Commercial District, according to the Collier County Land Development Code. The C -4, General Commercial District, is intended to provide for those types of land uses that attract large segments of the population at the same time by virtue of scale, coupled with the type of activity. The purpose and intent of the C -4 district is to provide the opportunity for the most diverse types of commercial activities delivering goods and services, including entertainment and recreational attractions, at a larger scale than the C -1 through C -3 districts. As such, all of the uses permitted in the C -1 through C -3 districts are also permitted in the C -4 district. Activity centers are suitable locations for the uses permitted by the C -4 district because most activity centers are locate at the intersection of arterial roads. Therefore the uses in the C -4 district can most be sustained by the transportation network of major roads. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FR8g6 %8t 132 Reliance upon the appraisal for other uses is not warranted. IMPROVEMENT DATA The subject property is improved with an abandoned gas /convenience store structure and associated site improvements. The gas /convenience store structure is a masonry structure containing a total of 1,575 square feet of gross enclosed building area that was built in 1978. The structure is no longer being utilized, is boarded up, and in fair condition. Significant site improvements include eight large light poles, two small entrance light poles, and asphalticoncrete paving. The subject property improvements are not considered to have any contributory value and should be demolished when the property is developed to its highest and best use "as though vacant'. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PP096%9f 132 Reliance upon the appraisal for other uses Is not warranted. HIGHEST AND BEST USE Highest and best use is defined in The Dictionary of Real Estate Appraisal, Third Edition as published by the Appraisal Institute: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. Implied within these definitions is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual property owners. Also implied is that the determination of highest and best use results from the appraiser's judgment and analytical skill, i.e., that the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value) another appropriate term to reflect highest and best use would be most probable. Highest and Best Use Analysis "As Though Vacant": This part of the highest and best use analysis assumes that a parcel of land is vacant or that it can be made vacant through the demolition of any improvements. The question to be answered in this part of the highest and best use analysis is: if the land is (or was) vacant, what use should be made of it? That is, what type of building or other improvement (if any) should be constructed on the land? The purpose of estimating the highest and best use for land or a site is to identify the use that causes the land to have value. This identification also helps to identify comparable properties. For highest and best use of land as though vacant, a use must meet four criteria. The four criteria are (1) legally permissible, (2) physically possible (3) financially feasible, and (4) maximally productive. The following analysis is presented: Legally Permissible Uses: The most significant elements to be considered in regards to those uses which are legally permissible for the subject property include, but are not necessarily limited to the following: The subject property is designated Urban Designation, within the Urban - Commercial District and within the Mixed Use Activity Center Subdistrict No. 18 on the Collier County Future Land Use Map. Furthermore, the subject property is zoned C -4, General Commercial District, according to the Collier County Land Development Code. The appraiser has reviewed the most recent publicly recorded deed of the subject property. The subject property was purchased by the current owner, Mar Investments, LLC, from ExxonMobil Oil Corporation on September 29, 2006 for $1,500,000 via Special Warranty Deed as recorded in Official Record Book 4117, Page 1702, in the Public Records of Collier County, Florida. This Special Warranty Deed contains a number of provisions including deed restrictions and a covenant against residential use, engineering controls, grantor reservation of access, and other special provisions. The subject property may not be used for a period of ten (10) years from the date of the deed for the storage and sale of gasoline, diesel, other motor fuels, lubricants or other petroleum products, or as a convenience store or mini -mart. Furthermore, the subject property may not be used for a period of fifty (50) years from the date of the deed for residential use or purpose, nor as a hospital, Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. M2960101' 132 Reliance upon the appraisal for other uses is not warranted. nursing home facility, child care facility, playground /recreational area, school or any similar use which is intended to house anyone or, educate or provide care for children, the elderly, or the infirm, or for agricultural uses, nor shall any portion of the subject property be used for or in connection with the construction or installation of basements or any water wells for drinking, food processing or irrigation purposes. A copy of this Special Warranty Deed is included in the addendum of this report. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the subject property. However, the reader is advised that the appraiser has not been provided any title information. Current county, state, and federal regulations have considered certain areas jurisdictional based upon vegetation classifications and /or wildlife species. The appraiser is not an expert at vegetation groups or wildlife identification and has not been provided a report prepared by such an expert. The subject property is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and /or wildlife species. 2. Physically Possible Uses: The most significant facts related to the subject property in regards to those uses which are physically possible include, but are not necessarily limited to the following: • The subject property is located at the northwest corner of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951), Naples, Florida. • The subject property contains a total of 64,301 square feet of gross land area and is irregular in shape. Specifically, the subject property has a southwest property line along Tamiami Trail East (U.S. 41) that measures 211.01 feet (exclusive of the comer clip); a southeast property line along Collier Boulevard (CR 951) that measures 236.63 feet (exclusive of the corner clip); a southern property line (the corner clip) that measures 44.16 feet; a northwest property line that measures 269.95 feet; and a northeast property line that measures 239.98 feet. • The subject property benefits from favorable direct vehicular access and visibility to two arterial roadways. Specifically, the subject property benefits from direct vehicular access and 211.01 feet of frontage along the northeasterly right -of -way of Tamiami Trail East (U.S. 41) (exclusive of the corner clip), and from direct vehicular access and 236.63 feet of frontage along the northwesterly right -of -way of Collier Boulevard (CR 951) (exclusive of the comer clip). Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) are both median divided, multi -lane, arterial roadways, with significant Average Daily Traffic (ADT) counts. The first quarter 2009 ADT count for Tamiami Trail East (U.S. 41) west of Collier Boulevard (CR 951) was 38,260 vehicles, for Tamiami Trail East (U.S. 41) east of Collier Boulevard (CR 951) was 15,751 vehicles, for Collier Boulevard (CR 951) north of Tamiami Trail East (U.S. 41) was 23,513 vehicles, and for Collier Boulevard (CR 951) south of Tamiami Trail East (U.S. 41) was 39,588 vehicles. • The subject property benefits from full public utilities including public water, central sewers, telephone, electrical service and emergency services. • The subject property is a level tract similar in elevation to surrounding properties and is mostly cleared. • The subject property is assumed to be unaffected by environmental liabilities. However, it is important for the reader to be advised that the subject property has Wilcox Appraisal SeMces, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PP996144f 132 Reliance upon the appraisal for other uses Is not warranted. been previously utilized as a gas /convenience store facility including the storage, sale, transfer, and distribution of motor vehicle fuel, petroleum products or derivatives containing hydrocarbons, and that such fuel, products or derivatives or other related hazardous materials may have been spilled, leaked, or otherwise discharged onto or into the property causing contamination to the soil or groundwater on or under the property. No environmental studies of the subject property have been provided to the appraiser. 3. Financially Feasible Uses: Having determined the uses that are physically possible and legally permissible, the appraiser must further analyze these uses to determine those that are likely to produce some income, or return, greater than the combined income needed to satisfy operating expenses, financial expenses and capital amortization. All uses that are expected to produce a positive return are regarded as financially feasible. The most important data related to those uses that are financially feasible for the subject property include, but are not necessarily limited to the following: • The primary market area, for purposes of this appraisal assignment, consists of those unimproved commercial out - parcel type properties located within or adjacent commercial shopping centers in Naples, Collier County, Florida. • The secondary market area, for purposes of this appraisal assignment, is defined as those unimproved commercial out - parcel type properties located within or adjacent commercial shopping centers, located in peripheral locations to the primary market area described above. • The primary market area is considered to be in the growth stage of its life cycle, as evidenced by the continued absorption of available vacant commercial sites, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the market area. • Real estate values in Collier County market area experienced tremendous appreciation in 2004 and 2005, due to rapid growth and an over active speculative market. However, in 2006 to present, residential market values throughout southwest Florida, including the primary market area, have significantly declined. Also, the number of bank foreclosed residential properties has also dramatically increased. Furthermore, since January 2006, most market participants interviewed have indicated that commercial market land values have stabilized up to the beginning of 2008 and subsequently have declined. • Although the subject property is not an out - parcel to a shopping center with benefiting access easements and drainage easements, the subject property is located adjacent to the Freedom Square shopping center, anchored by K -Mart, Publix and Bealls Outlet. The other corners of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) intersection are improved with a CVS Pharmacy, a Walgreens, and a Circle K/Shell gas /convenience facility. • Out - parcel uses of the Freedom Square shopping center located immediately northwest of the subject property along the northeast side of Tamiami Trail East (U.S. 41) include a SunTrust branch bank, a Burger King, a Bank of America Branch Bank, a Carrabba's Italian Grill, a Region branch bank, and a McDonalds. Located in the southwest quadrant of the Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) intersection is the Shops at Eagle Creek shopping center anchored by Staples and a proposed Lowes. Out - parcel uses of the Shops at Eagle Creek shopping center located along the southwest side of Tamiami Trail East (U.S. 41) include a Walgreens, a 7 -11, a Wachovia branch bank and a Fifth Third branch Wilcox Appraisal Services, inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. F t §62W 132 Reliance upon the appraisal for other uses Is not warranted. bank. Finally, a Super Wal -Mart Center is located just south of the intersection of Tamiami Trail East (U.S. 41) and Collier Boulevard (CR 951) on the east side of Collier Boulevard (CR 951). It is the appraiser's opinion that the primary market area should expect continued economic development into the foreseeable future. However, the immediate economic development of the primary market area will be limited until the current residential downturn is concluded. 4. Maximally Productive: Among the financially feasible uses, the use that provides the highest rate of return, or value (given a constant rate of return), is the highest and best use. In conclusion, based on the analysis of the legally permissible, physically possible, financially feasible and maximally productive uses of the subject property, the highest and best use of the subject property "as though vacant' is estimated to be potential commercial development subject to the deed restrictions and a covenant against residential use, engineering controls, grantor reservation of access, and other special provisions as specified in the Special Warranty Deed as recorded in Official Record Book 4117, Page 1702, in the Public Records of Collier County, Florida. Analysis "As Improved ": The subject property is improved with an abandoned gas /convenience store structure and associated site improvements. The gas /convenience store structure is a masonry structure containing a total of 1,575 square feet of gross enclosed building area that was built in 1978. The structure is no longer being utilized, is boarded up, and in fair condition. Significant site improvements include eight large light poles, two small entrance light poles, and asphalt/concrete paving. The subject property improvements are not considered to have any contributory value and should be demolished when the property is developed to its highest and best use "as though vacant'. Accordingly, the highest and best use of the subject property "as improved" is estimated to be the demolition of the abandoned gas /convenience store structure and associated site improvements in order to develop the subject property to its highest and best use "as though vacant'. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissloners. 1`101096343f 132 Reliance upon the appraisal for other uses is not warranted. W The Appraisal Process There are three standard approaches to property valuation: 1. Cost Approach 2. Sales Comparison Approach 3. Income Capitalization Approach The Cost Approach requires the estimation of the reproduction cost new of the subject improvements on current market price levels for labor and materials. The second component is the estimate of accrued depreciation, or diminished utility, which is computed and subtracted from the reproduction cost new to obtain an estimate of the depreciated reproduction costs of the subject improvements. Finally, the land value, as obtained from a market comparison approach, is added to obtain a value of the property as a whole. The underlying premise in the Cost Approach is the theory of substitution, which states that an informed purchaser would pay no more for a property than would be required to substitute of equal utility. This approach is most applicable when the improvements are new and represent the highest and best use of the subject, as though vacant. Conversely, when the improvements are old and adequate land sales are not available, the Cost Approach tends to lose credence. The Sales Comparison Approach, or Direct Comparison Approach, utilizes the past actions of buyers and sellers for a similar class of property in a simulation model to project the most probable selling price. This approach is also based upon the theory of substitution as well as the concept of anticipation and contribution. This approach is most applicable when there has been a sufficient amount of market transactions of similar properties to ascertain patterns of behavior of the market participants. This valuation can only be as accurate as the quality of information permits. If the comparative properties are quite dissimilar to the subject property and large adjustments are required, then this approach loses credibility. The Income Approach is the valuation process which measures value as a function of the present worth of the property's net income capacity. This approach is based upon the concept of anticipation, contribution, and increasing and decreasing returns. This approach requires market oriented income and expense data as well as current mortgage and equity rates (income and yield). This approach is generally considered most reliable in the valuation of commercial properties, as it best represents investors and lenders expectations and actions in the market. Each of the above three approaches will usually indicate different values. After all of the factors of the three approaches have been carefully weighted, the indications of value are correlated to arrive at a final estimate of value. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Fpggiii4W 132 Reliance upon the appraisal for other uses is not warranted. Identification of the Applicable Valuation Procedure(s): It is the appraiser's opinion that the Market Approach to Value (Sales Comparison Approach to Value) is the only applicable approach for this valuation assignment. The Sales Comparison Approach to Value is considered applicable since an adequate number of similar unimproved sales have recently occurred within the market area that may be utilized by the appraiser in predicting typical buyer and seller behavior. The market data within the Sales Comparison Approach to Value is considered sufficient and adequate to provide a reliable value conclusion. The Cost Approach to Value and the Income Capitalization Approach to Value are not considered applicable for this appraisal assignment due to the fact that the subject property is being valued as if vacant land. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. iRpg64gf 132 Reliance upon the appraisal for other uses is not warranted. The Sales Comparison Approach to Value PART ONE: INTRODUCTION In the Sales Comparison Approach, market value is estimated by comparing the subject property to similar properties that have been sold recently or for which offers to purchase have been made. A major premise of the Sales Comparison Approach is that the market value of a property is directly related to the prices of comparable, competitive properties. A comparative analysis in the Sales Comparison Approach focuses on differences in legal, physical, locational, and economic characteristics of similar properties and the subject property. Differences in the real property rights conveyed, the dates of sale, the motivations of buyers and sellers, and the financing arrangements for each sales transaction can also account for variations in prices. The Sales Comparison Approach is applicable to all types of real property interest when there are sufficient, recent, and reliable transactions to indicate value patterns in the market. For property types that are bought and sold regularly, the Sales Comparison Approach often provides a reliable indication of market value. When data is available, this is the most direct and systematic approach to value. When the number of market transactions is insufficient, the applicability of the Sales Comparison Approach may be limited. For example, the Sales Comparison Approach is rarely applied to a special purpose property because few similar properties may be sold in a given market. To value such properties, the Cost or Income Capitalization Approach may be more appropriate and reliable. Nevertheless, data on sales and offers for similar properties may establish broad limits for the value of the property being appraised. When economic conditions are changing rapidly, the usefulness of the Sales Comparison Approach may be limited. For example, changes in income tax laws and zoning regulations, the availability in cost of financing, or the supply of similar properties may cause the sale prices of comparable properties with similar uses to be unreliable indicators of the value of the subject property. If economic changes occur abruptly, an appraiser may have difficulty finding a reliable market basis on which to make adjustments for these changes. Rapid inflation or deflation can also jeopardize the reliability of an appraiser's adjustments and limit the usefulness of the Sales Comparison Approach. To apply the Sales Comparison Approach, an appraiser follows a systematic procedure A. Research the market to obtain information on sales transactions, listings, and offerings to purchase properties similar to the subject property. B. Verify the information by confirming that the data obtained are factually accurate and that the transactions reflect arm's length market considerations. C. Select relevant units of comparison (e.g., dollars per acre, per square foot, or per income multiplier) and develop a comparative analysis for each unit. D. Compare the subject property and comparable sale properties using the elements of comparison and adjust the sale price of each comparable appropriately or eliminate the property as a comparable. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FPpg6e18t 132 Reliance upon the appraisal for other uses is not warranted. E. Reconcile the various value indications produced from the analysis of cwmparables into a single value indication or a range of values. An imprecise market may indicate a range of values. PART TWO: PRINCIPLES OF THE SALES COMPARISON APPROACH TO VALUE The application of the Sales Comparison Approach is based on, and consistent with, the operation of value influences and appraisal principles. The following appraisal principles are generally considered most relevant to the Sales Comparison Approach: A. Supply and Demand: Property prices are determined by the market and they result from negotiations between buyers and sellers. Buyers constitute market demand and the properties offered for sale constitute the supply. If the demand for a particular type of property is high, prices tend to increase; if demand is low, prices tend to decline. Shifts in the supply of improved properties frequently lag behind shifts in demand because supply is created by time - consuming construction, while demand can change rapidly. B. Substitution: As applied in the Sales Comparison Approach, the principle of substitution holds that the value of a property tends to be set by the price that would be paid to acquire a substitute property of similar utility and desirability. This principle implies that the reliability of the Sales Comparison Approach is diminished if substitute properties are not available in the market. C. Balance: The forces of supply and demand tend toward equilibrium, or balance, in the market, but absolute equilibrium is almost never attained. The balance between supply and demand continually changes. Due to shifts in population, purchasing power, and consumer tastes and preferences, demand varies greatly over time. The construction of new buildings and the demolition of old ones cause supply to vary as well. Another aspect of this principle is that the relationship between land and improvements and the relationship between a property and its environment must both be in balance for a property to reflect its actual market value. If, for example, a property has too much land in relation to its improvements or too many expensive amenities for its location, an imbalance is created. Appraisers must watch for imbalances in the market and within properties because they can cause the market to impute different prices to otherwise comparable properties. D. Externalities: Positive and negative external forces affect all types of property. A period of economic development or economic depression can often influence property values. An appraiser analyzes the market area of a subject property to identity all significant external influences. To a great extent, these external forces are reflected in the adjustments made for property location. Two properties with identical physical characteristics may have quite different market values if one of the properties has less attractive surroundings. Factors such as the condition and lighting of streets, the convenience of transportation facilities, the adequacy of police protection, and the proximity to shopping and restaurant facilities vary with location. They must be considered by the appraiser to determine if they have a positive or negative effect on the value of the property being appraised. WiIcoxAppraisal, SeMces, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FPQ967r 7f 132 Reliance upon the appraisal for other uses is not warranted. PART THREE: PRESENTATION OF THE MARKET DATA The appraiser has reviewed economic data related to a number of sales and listings of comparable unimproved properties located within the primary and secondary market areas. Based on this research, the appraiser has selected six closed commercial land sales transacted between June 2007 and March 2009 as being most comparable to the subject property. The data sheets for each of the sales used to estimate the value of the subject property are presented in the addendum of this report. Wilcox Appraisal S&Wces, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Fpeg6etef 132 Reliance upon the appraisal for other uses is not warranted. Commercial Land Sales Map Sale Date of Sizje e No. Commercial Center Sale SF 1 Shoppes at Hammock Cove June -2007' 72,31 2 _ Mission Hills Shopping Centeri July -20071 38,76' City Gate Commerce Centerl August -20071 75,794 Town Center) _ March -2008 44,645 1 Heritage Bay CommonsI November - 2008` 4� 3,997 6 i Heritage Bay Commons, March -2009' 82,320 Wilcox Appraisal Services,. Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FAegS9W 132 Reliance upon the appraisal for other uses is not warranted. PART FOUR: APPLICATION OF THE MARKET DATA As previously stated, the appraiser has selected six closed commercial land sales transacted between June 2007 and March 2009 as being most comparable to the subject property. All sales have been compared to the subject property and adjusted for significant differences. Buyers, sellers, and active real estate agents have reported that competitive unimproved commercial properties within the market area are typically purchased based on a price per square foot of gross land area unit of value. Furthermore, the appraiser has applied the proper sequence of adjustments including the following order: property rights conveyed; financing; conditions of sale (motivation); market conditions (time). The following sales comparison grid is presented: Sales ComDarlson Grid - Unimnroved Commercial an a es• sale Sale Sale Element of Comparison Sublet: No. 1 No. 2 No. 3 Date of Value /Sale Aug4l)09 Jun -2007 Jul -2007 Aug -2007 Commercial Center Freedom Square Shoppes @ Hammock Cove Mission Hills City Gate Commerce Ctr. Highest and Beat Use Commerce] Commercial Commercial Commercial Location NWC of SWC of NWC of East side of Collier Blvd Tamiami Tr, Collier Blvd. Collier Blvd. & E. Tamlaml Tn. & Thomasson Dr. & Vanderbilt Bch. Rd. Size (BE) 64,301 72,310 38,768 75,794 Road Frontage Collier Blvd Tamlaml Tr. Vanderbilt Bch. Rd. Collier Blvd. E. Tamiaml Tr. Buckstone Dr, White Lake Blvd. Land Use Designation Mixed Use Activity Ce. Mixed Use Activity Cit. Vanderbilt Bch. /Collier Blvd. Commercial Interstate Use Activity Ch. Zoning C-4 MPUD PUD PUD Utilities Full Full Full Full Sales Price NA $1,880,050 $965,000 $1,515,880 Sales Price (Per SF) NA $26.00 $24.89 $20.00 Transaction Adjustments Property Rights Conveyed so $0 $0 Financing $0 $0 $0 Conditions of Sale (Motivation) $0 $0 $0 Market Conditions (Time) $0 $0 $0 Adjusted Pdce $1,880,050 $985,000 $1,515,880 Adjusted Price (Per SF) $26.00 $24.89 $20.00 sale §Ale Sale Element of Comparison Subec[ No.4 No.5 No.6 Date of Value /Sale Aug -2009 Mar -2008 Nov -2008 Mar -2009 Commercial Center Freedom Square Naples Towne Centre Heritage Bay Commons Heritage Bey Commons Highest and Best Use Commercial Commercial Commercial Commercial Location NWC of NE side of NEC of NEC of Collier Blvd Tamlami Tr. Immakalee Rd. Immokalee Rd. & E. Tamlaml Td. & Collier Blvd. & Collier Blvd. Size (SF) 64,301 44,646 43,996 82,328 Road Frontage Collier Blvd Tamiami Tr. E. Immokalee Rd. Immokalee Rd. E. Tamlaml Tr. Collier Blvd. Land Use Designation Mixed Use AcflVity Ctr. Urban Mixed Use Mixed Use Activity Cir. Mixed Use Activity Ctr. Zoning C4 C -3 _ PUD PUD Utllltiea Full Full Full Full Sales Price NA $1,350,000 $1,366,759 $2,552,199 Sales Price (Per SF) NA $30.24 $31.07 $31.00 Transaction Adjustments Property Rights Conveyed $0 ED $0 Financing $0 $0 $0 Conditions of Sale (Motivation) $0 $0 $0 Market Conditions (rime) $0 $0 $0 Adjusted Price $1,350,000 $1,366,759 $2,552,199 Adjusted Price (Per SF) $30.24 $31.07 $31.00 Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PP99e1tSpf 132 Reliance upon the appraisal for other uses is not warranted. Explanation ofAdjttsfirtertis: The following explanations of adjustments are presented: • VIUUUILV r (Motivation), and Conditions t of Sale (Motivation): All sales utilized in direct comparison to the subject property conveyed property rights involving a fee simple estate and involved market financing or were all cash to seller transactions. Furthermore, all sales were verified to be typically motivated arm's length transactions. Accordingly, no adjustments were made for these three elements of comparison. • Adiustments for Marketing Conditions (Time): The date of sale identifies the market conditions under which the comparable sale occurred. Changes in market conditions can be caused by inflation, deflation, changes in supply and demand, and other factors. Although the adjustment for market conditions is sometimes referred to as a "time adjustment ", the passing of time is not the cause of the adjustment, but rather, the market conditions that may or may not have changed over the time period analyzed. Changes in market conditions are usually measured as a percentage of a previous price. An analysis of a resale of the sale property, or two (2) paired sales considered very similar, can provide an indication of the rate of price change. It should be remembered that the purpose of the market conditions adjustment is to adjust all sales from the date of sale to the date of value. The six closed commercial sales transacted between June 2007 and March 2009. Therefore, the appraiser is concerned with any market condition changes between the oldest sale (June 2007) and the date of value (August 11, 2009). Most market participants interviewed have indicated that commercial land values were predominantly stable in 2007. However, subsequent to the beginning of 2008, commercial land values throughout the primary market began to decline, and the number of sales dramatically decreased. This commercial market decline followed the residential downturn that began in the beginning of 2006. The appraiser has not made a specific adjustment for market conditions (time). However, the appraiser has considered declining commercial land values subsequent to the beginning of 2008 in the final reconciliation of the land value estimate. Discussion of Commercial Unimproved Land Sales: • Unimproved Land Sale No. 1 contains 72,310 square feet of gross land area and is a June 2007 transaction. Unimproved Land Sale No. 1, an out - parcel within the Shoppes at Hammock Cove, a neighborhood shopping center, is located on the southwest side of Tamiami Trail East (U.S. 41) near the western terminus of Rattlesnake Hammock Road. Unimproved Land Sale No. 1 has road frontage along the southwest side of Tamiami Trail East (U.S. 41). Available utilities include public water, central sewers, telephone and electrical service. Unimproved Land Sale No. 1 has a future land use designation of Mixed Use Activity Center Subdistrict and is zoned MPUD, Mixed Use Planned Unit Development (Sabal Bay MPUD), by Collier County. Verification of this sale indicated that at the time of sale, the property was unimproved. Unimproved Land Sale No. 1 is — an out - parcel of a neighborhood shopping center that is anchored by a Publix grocery Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. F PG§d*54f 132 Reliance upon the appraisal for other uses is not warranted. store. Unimproved Land Sale No. 1 has been subsequently improved with a branch bank facility. Unimproved Land Sale No. 1 provided an indicated sales price of $26.00 per square foot of gross land area. Unimproved Land Sale No. 2 contains 38,768 square feet of gross land area and is a July 2007 transaction. Unimproved Land Sale No. 2, an out - parcel within the Mission Hills neighborhood shopping center, is located at the northwest quadrant of intersection of Collier Boulevard (CR 951) and Vanderbilt Beach Road (CR 862). Unimproved Land Sale No. 2 has road frontage along the north side of Vanderbilt Beach Road and the east side of Buckstone Drive. Available utilities include public water, central sewers, telephone and electrical service. Unimproved Land Sale No. 2 has a future land use designation of Vanderbilt Beach /Collier Boulevard Commercial Subdistrict and is zoned PUD, Planned Unit Development (Mission Hills PUD), by Collier County. Verification of this sale indicated that at the time of sale, the property was unimproved. Unimproved Land Sale No. 2 is an out - parcel of a neighborhood shopping center that is anchored by a Sweetbay grocery store. Unimproved Land Sale No. 2 has been subsequently improved with a Tuffy Auto Service Center. Unimproved Land Sale No. 2 provided an indicated sales price of $24.89 per square foot of gross land area. Unimproved Land Sale No. 3 contains 75,794 square feet of gross land area and is an August 2007 transaction. Unimproved Land Sale No. 3, an out - parcel within the City Gate Commerce Center, is located on the east side of Collier Boulevard (CR 951) and the west side of White Lake just south of Utilities Drive. Unimproved Land Sale No. 3 has road frontage along the east side of Collier Boulevard (CR 951), and the west side of White Lake Boulevard. Available utilities include public water, central sewers, telephone and electrical service. Unimproved Land Sale No. 3 has a future land use designation of Interchange Activity Center Subdistrict and is zoned PUD, Planned Unit Development (Citygate PUD), by Collier County. Verification of this sale indicated that at the time of sale, the property was unimproved. Unimproved Land Sale No. 3 was assembled with the adjacent corner tract previously purchased by the grantee. Unimproved Land Sale No. 3 provided an indicated sales price of $20.00 per square foot of gross land area. Unimproved Land Sale No. 4 contains 44,646 square feet of gross land area and is a March 2008 transaction. Unimproved Land Sale No. 4, an out - parcel within the Naples Towne Centre neighborhood shopping center, is located on the northeast side of Tamiami Trail East (U.S. 41), between Palm Drive and Lakewood Boulevard. Unimproved Land Sale No. 4 has road frontage along the northeast side of Tamiami Trail East (U.S. 41). Available utilities include public water, central sewers, telephone and electrical service. Unimproved Land Sale No. 4 has a future land use designation of Urban Mixed Use and is zoned C -3, Commercial Intermediate District, by Collier County. Verification of this sale indicated that at the time of sale, the property was unimproved. The sale property is an out - parcel of a neighborhood shopping center that is anchored by a Bealls department store, a Save a Lot Food Store, and a Goodwill store. The sale property has been subsequently improved with a Pollo Tropical Chicken on the Grill restaurant. Unimproved Land Sale No. 4 provided an indicated sales price of $30.24 per square foot of gross land area. Unimproved Land Sale No. 5 contains 43,996 square feet of gross land area and is a November 2008 transaction. Unimproved Land Sale No. 5, an out - parcel within the Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PPGVJZ2f 132 Reliance upon the appraisal for other uses is not warranted. Heritage Bay Commons commercial center, located at the northeast corner of Collier Boulevard (CR 951) and Immokalee Road (CR 846). Unimproved Land Sale No. 5 has road frontage along the north side of Immokalee Road (CR 846). Available utilities include public water, central sewers, telephone and electrical service. Unimproved Land Sale No. 5 has a future land use designation of Mixed Use Activity Center Subdistrict and is zoned PUD, Planned Unit Development [Heritage Bay DRI], by Collier County. Verification of this sale indicated that at the time of sale, the property was unimproved. The sale property is an out - parcel of a retail shopping center that is proposed for a maximum of 32,000 square feet. The sale property is proposed for a branch bank facility. The sale property was under contract for approximately a year and a half before closing. Unimproved Land Sale No. 5 provided an indicated sales price of $31.07 per square foot of gross land area. Unimproved Land Sale No. 6 contains 82,328 square feet of gross land area and is a March 2009 transaction. Unimproved Land Sale No. 6, an out - parcel within the Heritage Bay Commons commercial center, located at the northeast corner of Collier Boulevard (CR 951) and Immokalee Road (CR 846). Unimproved Land Sale No. 6 has road frontage along the north side of Immokalee Road (CR 846) and the east side of Collier Boulevard (CR 951). Available utilities include public water, central sewers, telephone and electrical service. Unimproved Land Sale No. 6 has a future land use designation of Mixed Use Activity Center Subdistrict and is zoned PUD, Planned Unit Development [Heritage Bay DRI], by Collier County. Verification of this sale indicated that at the time of sale, the property was unimproved. The sale property is an out - parcel of a retail shopping center that is proposed for a maximum of 32,000 square feet. The sale property is proposed for a CVS drugstore. The sale property was under contract for approximately a year and a half before closing. Unimproved Land Sale No. 6 provided an indicated sales price of $31.00 per square foot of gross land area. Reconciliation of the Mattcet Value Land Estimate: In summary, the appraiser has selected six closed commercial land sales transacted between June 2007 and March 2009 as being most comparable to the subject property and which will provide the database for the application of the Sales Comparison Approach. The indicated adjusted sales prices associated with these six closed commercial land sales range from a low of $20.00 per square foot for Sale No. 3 to a high of $31.07 per square foot for Sale No. 5. The arithmetical mean from this database was $27.20 per square foot, and the median was $28.12 per square foot. All sales have been compared to the subject property and adjusted for significant differences. All six sales conveyed property rights involving a fee simple estate and involved market financing or were all cash to seller transactions. Also, all sales utilized in direct comparison to the subject property were verified to be arm's length transactions. The appraiser has not made a specific adjustment for market conditions (time). However, the appraiser has considered declining commercial land values subsequent to the beginning of 2008 in the final reconciliation of the land value estimate. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. f1111ag07-1(jf 132 Reliance upon the appraisal for other uses is not warranted. Although the subject property is not an out - parcel to a shopping center with benefiting access easements and drainage easements, the subject property is located adjacent to the Freedom Square shopping center, anchored by K -Mart, Publix and Bealls Outlet. Furthermore, the subject property benefits from favorable direct vehicular access and visibility to two arterial roadways with significant Average Daily Traffic (ADT) counts. In conclusion, the final estimate of value, after reviewing each of the six closed commercial land sales transacted between June 2007 and March 2009 as being most comparable to the subject property, is $30.00 per square foot, which results in the following estimate of value: Market Value of the Subject Property: (64,301 Square Feet) x ($30.00 Per Square Foot) Rounded to, Say $1,929,030 $1,929,000* *Thus far the appraiser has estimated the market value of the subject property before deducting the cost of demolition of the abandoned gas /convenience store structure and associated site improvement. Estimation of Demolition Costs: The appraiser has reviewed cost estimates from the Marshall Swift Manual and has consulted with local contractors pertinent to the cost estimates for the demolition of the subject property improvements. Based on this research and the appraiser's experience, the appraiser has estimated the demolition costs to be $20,000. Summary of the Market Value of the Subject Property: Based on the aforementioned market data and analysis, the following summarizes the estimated market value of the subject property: Market Value of the Subject Property: Market Value of the Subject Property Land Minus the Estimated Demolition Costs Total Wilcox Appraisal Services, Inc. $1,929,000 ( 20,000) $1,909,000 Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. 1pagal1W 132 Reliance upon the appraisal for other uses is not warranted. Reconciliation of the Value Indications In summary, the appraiser has obtained the following value indications from the valuation approaches presented earlier in the appraisal report as follows: The Cost Approach to Value: N/A The Sales Comparison Approach to Value: 1,929,000 The Income Capitalization Approach to Value: N/A Reconciliation is the analysis of alternative conclusions to arrive at a value estimate. Reconciliation is required because different value indications result from the use of more than one valuation approach and within the application of a single approach. Furthermore, the final value estimate should not be derived simply by applying technical and quantitative procedures; rather, it should involve the exercise of judgment. The value conclusion reached should be consistent with market thinking and the quantity of data used should correspond to the amount of data the market considers relevant to the problem. An appraiser shall produce a meaningful, defensible value estimate by considering three criteria: appropriateness, accuracy, and quantity of evidence. Appropriateness relates to the use of certain approaches and specific assignments. All data, calculations, estimates, and adjustments are examined for accuracy. The quantity of evidence is analyzed to determine if the conclusion reached is sufficiently supported in the market. Market data reflects past phenomena, but an appraiser must rely on data to estimate future benefits and the present value of these benefits. Nevertheless, the data available should not dictate the range of future possibilities under consideration. It was the appraiser's opinion that the Market Approach to Value (Sales Comparison Approach to Value) was the only applicable approach for this valuation assignment. The Sales Comparison Approach to Value was considered applicable since an adequate number of similar unimproved sales have recently occurred within the market area that may be utilized by the appraiser in predicting typical buyer and seller behavior. The market data within the Sales Comparison Approach to Value was considered sufficient and adequate to provide a reliable value conclusion. In summay, the appraiser has selected six closed commercial land sales transacted between June 2007 and March 2009 as being most comparable to the subject property and which provided the database for the application of the Sales Comparison Approach. The market data within the Sales Comparison Approach to Value was considered sufficient and adequate to provide a reliable value conclusion. Based on this market analysis, the market value of the subject property was estimated to have a unit value of $30.00 per square foot, resulting in a total indicated market value of $1,929,000, rounded (64,301 square feet x $30.00 per square foot). The Cost Approach to Value and the Income Capitalization Approach to Value were not considered applicable for this appraisal assignment due to the fact that the subject property is being valued as if vacant land. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PROSi l' 132 Reliance upon the appraisal for other uses is not warranted. In conclusion, it is the appraiser's opinion, that the market value of the subject property, as of August 11, 2009, is $1,909,000, allocated $1,929,000 to the land value and $0 to the improvements, minus ($20,000) to estimated demolition cost of the improvements. MICOX Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PPegialE56f 132 Reliance upon the appraisal for other uses is not warranted. Estimation of Reasonable Exposure Time: In this portion of the analysis, the appraiser will provide the reader with a narrative overview relating to the estimate of the reasonable exposure time or normal marketing period for the subject property. Exposure time is always presumed to precede the effective date of the appraisal. Exposure time may be defined as follows: the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. The appraiser has estimated a reasonable exposure time for the subject property to be six to thirty -six months, based on the appraiser's research of market activity and available listings and interviews with numerous market participants. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. I`Pfdgil 132 Reliance upon the appraisal for other uses is not warranted. Addendum Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. I$09J$8f 132 Reliance upon the appraisal for other uses is not warranted. Assumptions and Limiting Conditions The Market Value estimate of the property or properties appraised herein is subject to certain assumptions and limiting conditions. Specifically they are: Any legal descriptions furnished are assumed to be correct. 2. No responsibility is assumed for matters legal in character, nor is any opinion rendered herein as to title, which is assumed to be good and merchantable. It is assumed that the property is under responsible ownership and management on the appraisal date. 3. It is assumed that surveys and /or plats furnished to, or acquired by, the appraiser and used in the making of this report are correct. The appraiser has not made a land survey or caused one to be made, and therefore, assumes no responsibility for their accuracy. 4. Certain data used in compiling this report was furnished the appraiser from sources which they consider reliable, however, they do not guarantee the correctness of such data, although as far as is reasonably possible, the data has been checked and is believed to be correct. 5. The soil of the area under appraisement appears to be firm and solid, unless otherwise stated. Subsidence in the area is unknown or uncommon but the appraiser does not warrant against this condition of occurrence. 6. Subsurface rights (minerals and oil) were not considered in making this report unless otherwise stated. 7. The tracts that according to survey, map or plat, indicate riparian rights and /or littoral rights are assumed to go with the property unless easements or deeds of record were found by the appraiser to the contrary. 8. Possession of this report, or copy thereof, does not carry with it the right of publication or reproduction, nor may it be used by any but the applicant without prior written consent of the applicant and the appraiser, and in any event only in its entirety. 9. The appraiser by reason of this report is not required to give testimony in court with reference to the property herein appraised, nor is the appraiser obligated to appear before any governmental body, board or agent unless arrangements have been previously made therefore. 10. A careful inspection was made of any and all buildings involved in this appraisal report and damage, if any, by structural failure, termites, dry rot, wet rot or other infestations was reported as a matter of information by the appraiser, but no guarantee as to the amount or degree of damages, if any, is given herein. 11. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PPag6a$®f 132 Reliance upon the appraisal for other uses is not warranted. Assumptions and Limiting Conditions - Continued 12. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser, or firms with which they are connected, or any reference to the Appraisal Institute, or to the MAI designation. 13. Unless specifically stated in the report, the appraiser did not determine the flood plain status of the property appraised. If such data is available, it is recommended it be obtained prior to any development that might be contemplated. 14. Inspection of the subject property revealed no obvious environmental hazards. The existence of potentially hazardous materials used in the construction or maintenance of the building, such as the presence of urea formaldehyde foam insulation, and /or existence of toxic waste, which may or may not be present on the property, has not been considered. The appraiser is not qualified to detect such substances and reserves the right to amend or alter this report and the value conclusions tendered herein should an Environmental Risk Audit (or other similar study) be conducted on the subject property at a later date. 15. This appraisal was prepared by the appraiser who signed this report for the exclusive use of the client. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third parry as a result of reliance on or decisions made or actions taken based on this report. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Ifig6t60f 132 Reliance upon the appraisal for other uses Is not warranted. Qualifications of the Appraiser, R. Alan Wilcox, MAI, SRA OVERVIEW R. Alan Wilcox has over 25 years of appraisal experience in the state of Florida specializing in eminent domain and litigation assignments. Mr. Wilcox has worked for both the condemnor and the property owner with experience in a variety of appraisal problems concerning commercial, industrial, residential, and special use properties. Mr. Wilcox has expertise in providing the client with strong market research for a reliable factual foundation to support the valuation opinion combined with effective communications including report writing, trial exhibits and expert testimony. PROFESSIONAL MEMBERSHIPS • MAI and SRA Designations, Appraisal Institute, Certificate No. 9613 • Member, Appraisal Institute, Regional Ethics and Counseling Panel, 1993 - Present • Member, Real Estate Investment Society, Present • Member, Appraisal Institute, Leadership Development & Nominating Committee, 2005- 2008 • Member, National Board of Directors, Appraisal Institute, Region X, Chair, 2004 • Member, National Board of Directors, Appraisal Institute, 2001 -2003 • Director, Association of Eminent Domain Professionals, 2000 -2001 • President, West Cost Florida Chapter of the Appraisal Institute, 2001 • Regional Representative, West Coast Florida Chapter of Appraisal Institute, 1994 -2001 • Vice President, West Cost Florida Chapter of the Appraisal Institute, 2000 • Secretary, West Cost Florida Chapter of the Appraisal Institute, 1999 • Treasurer, West Cost Florida Chapter of the Appraisal Institute, 1998 • Member, Region X, Appraisal Institute, National General Appraisal Board Guidance Subcommittee, 1996 -1998 • Director, West Coast Florida Chapter of Appraisal Institute, 1993 -1996 • Chairperson, MAI Admissions Committee, West Coast Florida Chapter of the Appraisal Institute, 1997 • Chairperson, MAI, Candidate Guidance, West Coast Florida Chapter of the Appraisal Institute, 1993 -1996 AWARDS Outstanding and Dedicated Service Award, West Coast Florida Chapter of Appraisal Institute, 1996 STATE CERTIFICATION /LICENSES • State - Certified General Real Estate Appraiser, RZ 306 (Florida) • Real Estate Brokers License, BK 326544 (Florida) Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FPSg@ 13jf 132 Reliance upon the appraisal for other uses is not warranted. Qualifications of the Appraiser, R. Alan Wilcox, MAI, SRA - Continued EDUCATIONAL BACKGROUND • Bachelor of Science Degree, West Virginia University, Morgantown, West Virginia, 1971 • Graduated with High Honors (No. One in Graduating Class) • Gamma Sigma Delta National Honor Society of Agriculture • Xi Sigma Pi National Honor Society of Forestry • Senior Recognition Certificate (No. One in Graduating Class) • College Bowl Participant • Senior Scholarship Award of Merit • Master of Science Degree, University of Washington, Seattle, Washington, 1976 • Post Graduate, 20 quarter hours, University of South Florida, Fort Myers, Florida, 1980- 1983 • Post Graduate, 9 semester hours, Nova University, Fort Lauderdale, Florida, 1982 REAL ESTATE APPRAISAL COURSES AND SEMINARS COMPLETED R. Alan Wilcox, MAI, SRA, has completed the specialized appraisal educational requirements for obtaining the MAI, SRA, designation and the continuing education program of the Appraisal Institute, as well as the continuing education requirements for State Certification. Furthermore, R. Alan Wilcox, MAI, SRA has made special efforts to exceed the required minimum educational requirements and to attend the highest quality of appraisal educational offerings, including courses and seminars sponsored by the Appraisal Institute, American Law Institute & American Bar Association (ALI -ABA), Continuing Legal Education (CLE) Institute, and the Association of Eminent Domain Professionals. EXPERIENCE • President/Owner, Wilcox Appraisal Services, Inc., Cape Coral, FL, August 1993 to Present • Associate Appraiser, Hanson Real Estate Advisors, Inc., Fort Myers, FL, February 1990 to September 1998 • Expert Witness for the Florida Real Estate Appraisal Board, July 1998 • Associate Appraiser, Horizon Appraisal Services, Inc., Fort Myers, FL, June 1986 to February 1990 • Associate Appraiser, First Appraisal Services, Fort Myers, FL, March 1986 to June 1986 • Associate Appraiser, Richard L. Futral & Associates, Cape Coral, FL, July 1985 to March 1986 • Associate Appraiser, Calhoun & Associates, Fort Myers, FL, June 1984 to July 1985 Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FP99642f 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Deed -SPACE ABOVE THIS LINE FOR RECORDER'S USE - SPECIAL WARRANTY DEED STATE OF FLORIDA COUNTY OF COLLIER THAT ExxonMob11 O'1 Co'r o Oil Corpora0on having1an ) c ("Grantor")for and in co did ra f s Dollars and No Cants INVESTMENTS, LLC., a a limited liability Road, Davie, Florida, I ') the n does hereby GRANT, BAR ,?, ELL, and C further provisions of this Dee *p,t1Y rain t the City of Naples, County of in Exhibit "A' attached hereto and Inc BY THESE PRESENTS: on,lformedy known as Mobil a rfa ,Virginia 22037 -0001, Mi lio3 P e Hundred Thousand t'h old by MAR 91of , an address of Gruen hereby acknowle dged ntee, subject to the fa nd (the 'Property") in Ding more particulady, described for all purposes. 1. This conveyance is made by Grantor and accepted by Grantee subject to Grantor's right to re -enter as described herein and all existing leases, easements, encumbrances, rights -of -way, covenants, conditions and/or restrictions, all the foregoing whether of record or not, reservations and exceptions of record, including all building and zoning ordinances, laws, regulations and restrictions by municipal or other governmental authority applicable to the Property and all matters apparent from an inspection of the Property, or which a current, accurate survey of the Property would disclose (including but not limited to encroachments, overlaps or boundary tine disputes), collectively the "Permitted Encumbrances ". 2. GRANTEE ACKNOWLEDGES THAT THE PROPERTY HAS BEEN USED AS AN AUTOMOBILE SERVICE STATION FOR THE STORAGE, SALE, TRANSFER, AND DISTRIBUTION OF MOTOR VEHICLE FUEL, PETROLEUM PRODUCTS OR DERIVATIVES CONTAINING HYDROCARBONS, AND THAT SUCH FUEL, PRODUCTS OR DERIVATIVES OR OTHER RELATED HAZARDOUS Wilcox Appraisal Services, Inc. 3912749 OR: 4117 PG: 1702 ncololD 10 012ICIAL 1110110 Of ML01 CODItf, 26 10/0511006 at 01:30H DOW I. 1111 CLtlt C0t1 1500000100 \� This insoument prepared by: UCM 111,41 40C -.70. 105110.00 D. R Fullerton, Esc. EomnMob001 Corporation iota: I0P11S311ID1I 2x25 Wows Road CLIOI 11TU 111VICIS IN Faldn, VA 22077.0001 lilt 0111 0010001/1 0210 RECORD AND RETURN TO: C6 rot, Cs" -ills All_! Aii 01i r flit K.a ra &m,lka LIII L( )s r srL 33t" ttI um I1L11D0 n 33151 -SPACE ABOVE THIS LINE FOR RECORDER'S USE - SPECIAL WARRANTY DEED STATE OF FLORIDA COUNTY OF COLLIER THAT ExxonMob11 O'1 Co'r o Oil Corpora0on having1an ) c ("Grantor")for and in co did ra f s Dollars and No Cants INVESTMENTS, LLC., a a limited liability Road, Davie, Florida, I ') the n does hereby GRANT, BAR ,?, ELL, and C further provisions of this Dee *p,t1Y rain t the City of Naples, County of in Exhibit "A' attached hereto and Inc BY THESE PRESENTS: on,lformedy known as Mobil a rfa ,Virginia 22037 -0001, Mi lio3 P e Hundred Thousand t'h old by MAR 91of , an address of Gruen hereby acknowle dged ntee, subject to the fa nd (the 'Property") in Ding more particulady, described for all purposes. 1. This conveyance is made by Grantor and accepted by Grantee subject to Grantor's right to re -enter as described herein and all existing leases, easements, encumbrances, rights -of -way, covenants, conditions and/or restrictions, all the foregoing whether of record or not, reservations and exceptions of record, including all building and zoning ordinances, laws, regulations and restrictions by municipal or other governmental authority applicable to the Property and all matters apparent from an inspection of the Property, or which a current, accurate survey of the Property would disclose (including but not limited to encroachments, overlaps or boundary tine disputes), collectively the "Permitted Encumbrances ". 2. GRANTEE ACKNOWLEDGES THAT THE PROPERTY HAS BEEN USED AS AN AUTOMOBILE SERVICE STATION FOR THE STORAGE, SALE, TRANSFER, AND DISTRIBUTION OF MOTOR VEHICLE FUEL, PETROLEUM PRODUCTS OR DERIVATIVES CONTAINING HYDROCARBONS, AND THAT SUCH FUEL, PRODUCTS OR DERIVATIVES OR OTHER RELATED HAZARDOUS Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. IP996$3f 132 Reliance upon the appraisal for other uses Is not warranted. Subject Property Deed (Continued) OR: 4117 PG: 1103 MATERIALS MAY HAVE BEEN SPILLED, LEAKED, OR OTHERWISE DISCHARGED ONTO OR INTO THE PROPERTY CAUSING CONTAMINATION TO THE SOIL OR GROUNDWATER ON OR UNDER THE PROPERTY, GRANTEE ASSUMES ALL RISK OF THE ENVIRONMENTAL CONDITION OF THE PROPERTY, INCLUDING WITHOUT LIMITATION, THE CONDITION OF THE TANKS AND LINES, THE PRESENCE OR EXISTENCE OF HAZARDOUS MATERIALS ON, IN, UNDER OR ABOUT THE PROPERTY OR THE MIGRATION OF ANY HAZARDOUS MATERIALS ONTO OR FROM THE PROPERTY. 3. Deed Restriction and Covenant Against Residential Use. a. This conveyance is made by Grantor and accepted by Grantee subject to the following restrictions and the covenant and agreement by Grantee an its behalf and that of the Grantes- Related Parties that neither the Property herein conveyed nor any part thereof separately or in conjunction with other property, shall at any time within a period of ten (10) years from the date of this Deed be used for the storage and sale of gasoline, diesel, other motor fuels, lubricants or other petroleum products, or as a convenience store or mini -mart from the date of this deed forward (collectively, the "Competitive Use Restrictions "). b. This conveyance is el jyy �*I -And accepted by Grantee subject to the folowing restrictions and n dagree�f`�ry Grantee on its behalf and that of the Grantee - Related Pa. neither the Pm ii#jj herein conveyed nor any part thereof separately or in u ionwith other propertytishali,at any time within a period of fifty (50) years be us d to en purpo`st3 nnnppor as a hospital, nursing home facility, child care fad Is rea onal a chool or any similar use which is intended to h as r o r for ctdldran, the elderly, or the infirm, or for ag ul us s 1 n r any portion thereof be used for or in connectio in i basements or any water wells for drinking, food k ing or irrigation os$s other purposes; that this covenant shall survive d ryi of this Deal; the t and agreement shall rim with the land herein oo that a simil variant shall be inserted in any other deed or lease . or ment coma ' emising the Property herein conveyed or any part thereof Use Restrictions")- Except as expressly set forth above, the S A ons shall continue in full force and effect for a period of fifty (50) years from a ate of this Deed; provided, however, if and to the extent that any of the reservations or covenants herein would otherwise be unlawful or void for violation of (a) the rule against perpetuities, (b) the rule restricting restraints on after ation, or (c) any other applicable statue or common law rule analogous thereto or otherwise imposing limitations upon the time for which such covenants may be. valid, then the provisions concerned shall continue and endure only unfit the expiration of a period of twenty-one (21) years after the death of the last to survive the class of persons consisting of all of the lawful descendants of former U.S. President George H. W. Bush, living as of the date of this Deed. C. The foregoing Competitive Use Restrictions and the Sensitive Use Restrictions are collectively referred to as the "Deed Restrictions". d. This conveyance is made by Grantor and accepted by Grantee subject to the following covenant and agreement by Grantee on its behalf and that of the Grantee - Related Parties that if at the date of this Deed the applicable "as of right" zoning use of the Property does not include any residential use, that Grantee, nor any Grantee- Related Party, will no at any time hereafter seek to or cause any application to be made Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Mvg6 ,64f 132 Rellance upon the appraisal for other uses is not warranted. Subject Property Deed (ContinuecO OR: 4117 PG: 1704 to the relevant local governing authorities to amend the zoning of the Property to a use which includes any residential use whether on an "as of right" basis or on any other basis whatsoever, nor seek to take advantage of any nonconforming user rights or exceptions to use including special use permits (collectively, the "Covenant Against Residential Use "). a. AD of the covenants and agreements of Grantee set forth in the Deed Restrictions and the Covenant Against Residential Use "be coven" running with the Land and binding upon the Property. Each of the foregoing covenants and agreements of Grantee shall survive delivery and recordation of this Deed and shall be specifically enforceable against Grantee and the Grantee - Related Parties and any subsequent owner, user or occupier of the Property from time to time. If Grantee, are Grantee- Related Parties or any owner user or occupier of the Property breaches any of the provisions of the foregoing Deed Restrictions or the Covenant Against Residential Use, in addition to Grantor's right to specifically enforce such provisions, Grantor shall have all rights and remedies available at law or in equity. 4. Ern ineerina Controls. a. Grantee agree d l� dkes that the conveyance of the Property is subject to the tall, fit; a��ay,n��d that these covenants were a material inducement to G sale of the Prop #" s part of the consideration of Grantor's sale of the P to Grantee, Grantee agrees that in developing the Property, Grantee shall, its t d ad t appd use all engineering and related technical assists((rrce vailable and-Mandar to the Indtstry to protect the health and safety of persons a of rantea's development of the Property Grantee may to ❑ r t o i g controls W prevent the migration of vapors i H erials Into any buildings, underground utilities o water rote Ml det nds, including without limitation, vapor installs terns, vapor b sumps and stone pond liners. At a minimum, Gra roes that, at its d expense, It will construct any buildings and develop rP erty in accord@ the following requirements, which are collectively referred - I o� "• (1) Grantee agrees a buildings constructed on the Property shall be constructed slab on grade and shall have no living, working, storage or parking areas below grade. Notwithstanding the foregoing, below grade utilities and foundations are permitted, provided that Grantee protects them from vapor or liquid intrusion by installing an appropriate vapor ventilation system and vaportliquid barrier. (2) Grantee agrees that it will never use the Property for the purpose of obtaining from beneath the surface of the Property any water for any reason whatsoever from any ground water table or similar water basin accessed tram the Property. (3) Grantee agrees that any existing bore -water or groundwater wells located on the Property used for the purposes of obtaining water from beneath the surface of the Property, wig be capped, disabled, and sealed in accordance with all applicable Environmental Laws and industry standards and will not be re- opened and used at any time and must remain capped, disabled and sealed Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. F 496%3f 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Deed (Continued) OR: 4117 PG: 1705 (4) Grantee agrees that if, at any time, the Property is used for below grade activities other than simple storage with no residential use that Grantee will tnstaft at its cost into any below ground areas of the development an appropriate vapor ventilation system. Such vapor ventilation system shall be installed by a licensed contractor experienced in the installation of such systems. In addition, Grantee shall operate and maintain the vapor ventilation system to ensure that the system extracts appropriate levels of vapors so all applicable indoor air quality standards are met. In addition, Grantee shall annually test the air quality and the system to ensure the system is adequately extracting the appropriate levels of vapor: to meet applicable indoor air quality standards. Such installation shaft be performed in accordance with all applicable laws and in accordance with the highest industry standards to protect human health and safety.. (5) Grantee agrees that l at any time after the date of this Deed, a new building foundation is installed on the Property ('New Foundation') that prior to commencing any construction related to the New Foundation Grantee, at its sole cost, shall install an impervious liner under the New Foundation to act as an effective vapor barrier. Grantee shall not be required to retrofit or install an impervious liner under the existing building foundation supporting t_ ire existing building on the Property as of the date of this Deed ('Existing Fow INM'tvoI ve& ver, f after Closing, the Existing Foundation is demolished arrd,.f�l t oundatronts'� led to replace it, then Grantee will be responsible for Ins ri% effective vap under the new foundation. Such liner shag be installed a licensed contractor riBroad in the installation of such liners. In addition, ran I maiirtain liner th it remains as an effective barrier. The Purer shat be f e a t at th a d quality and be resistant to hydrocarbons and shall a n �ber oath ground level. Such installation shag be periprrn n a n al II bia laws and in accordance with the highest indus St9 t an ,lf safety. (6) G; agrees that d, at tt a se or development of the Property involves any c see such as g , recreation areas or open space areas, Grantee, at i cost and exile , "s g excavate and remove all impacted soil to depth or o l such areas to the maximum extent to prated human health acknowledged that the foregoing requirement shag not be deemed to permit any Sensitive Use, which is otherwise prohibited by this Agreement. The term 'impacted" means any visual staining, detectable vapors (odor) or concentrations above the analytical method .detection limit present in the soil. Not impacted soil is soil where no background concentrations exceed standard and remediation is not required by local regulations. b. Grantee's agreement to install the Engineering Controls is a material inducement to Grantor in the sale of the Property to Grantee. c. Grantee's agreement to install any of the Engineering Controls shall be specifically enforceable against the Grantee and applicable Grantee - Related Parties. If Grantee, or any applicable Grantee - Related Party breaches these provisions regarding Engineering Controls Grantor shag have the right to enforce every remedy, either public or private, available at law and in equity against the Grantee and the applicable Grantee- Related Parties, including but not limited to injunctive relief and spec performance. All remedies provided herein, including without limitation, those at law or in equity, shall Wilcox Appraisal SeMces, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. l "Ptig61356f 132 Reliance upon the appraisal for other uses Is not warranted. Subject Property Deed (Continued) OR: 4117 PG: 1706 be cumulative and not exclusive. Any purchaser or successor owner of the Property shall take Utie to the Property subject to the terms of these. Engineering Controls. d. All of the covenants and agreements of Grantee set forth herein regarding the Engineering Controls shall be covenants running with the land and binding upon the Property, Grantee and the Grantee-Related Parties, as applicable and that Grantee agrees that Grantee shall not complete any sale, transfer or assignment of its interest in the Property or any part thereof or enter into any lease, license or right to occupy or use the Property or any part thereof without first obtaining from the purchaser, transferee, assignee, lessee, licensee, occupier or any other person or entity having the right to use the Property, the obligation to procure these Engineering Controls from arty, subsequent purchase, transferee, assignee, lessee, occupier or any other perm or entity having the right to use the Property and these Engineering Controls shag be Inserted in any other deed or lease or other instrument conveying or demising the Property or any part thereof. 5, Grantor's Reservation of Access. a. This conveyance is L_ IF Grantor and accepted by Grantee subject to the lotlowing reservati G(�nE, ess to the Property alter Closing. Grantor reserves the right of Closing, and Grantor on behalf of i1seg and the Grantee -Rel art(es grants to �dtoT\access to the Property after Closing, at no cost to Gra (or, �Crantor, Grantor's a loyees, agents, contractors and successors and assign for th` �se-of- iaspecli Property and confirming Grantee's and the appli bl to a ' p nee wilt the terms and conditions of the Dead an a s t d the purchase and sale agreement between G n d r a th sing and the delivery of this Dead, including o, ' ' i m th the Deed Restriction, the Covenant Against a entitil Use, the E as ng Is, and/or conducting investigation and reined' perattons pursuan remediation obligations, If any, under this Deed. wgi not be liab ee or the Grantee- Related Parties and Grantee hereb v� ja on Its own A d on behalf of the Grantee - Related Parties all Claims _ lion or any other Claims whatsoever resulting from such ckA (including, without limitation, lost business opportunity or income, reasonable attorneys' fees, court costs and settlement of datms) except that Grantor shall be liable to Grantee for actual damages (but not consequential or incidental or speculative damages) arising directly from the gross negligence or willful misconduct of Grantor on the Property. b. Grantor's reservation of access shall: tie covenants running with the land and binding upon the Property, .Grantee and applicable Grantee - Related Parties and any lessee, licensee, occupier, user or subsequent owner or transferee of the Property. Any transferee, assignee, or successor owner,, lessee, licensee, occupier or user of the Property shall take title to the Property subject to Grantors reservation of access. The rights and benefits of this reservation of access inure to the benefit of Grantor, its Affiliates, successors and assigns. c. Grantee agrees that Grantor's reservation of access set forth in this Deed shall be a covenant that runs with the land herein conveyed and that Grantee agrees that Grantee shall not complete any sale, transfer or assignment of its interest in the Property or any part thereof or enter into any lease, license or right to occupy or use Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FPpg$ -6rdf 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Deed (Continued) OR: 4117 PG: 1707 the Property or any part thereof without first obtaining from the purchaser, transferee, assignee, lessee, licensee, occupier or any other person or entity having the right to use the Property, the obligation to procure Grantors reservation of access from any subsequent purchase, transferee, assignee, lessee, occupier or any other person or entity having the right to use the Property and Grantors reservation of access shall be inserted in any other deed or lease or other Instrument conveying or demising the Property herein conveyed or any part thereof. 6. Environmental. Grantor has caused to be conducted an environmental site assessment CAssesament ") to attempt to determine the existence, if any, of Hazardous Materials associated with Grantors operation of a service station on the Property in the soil, water, or groundwater on andfor under the Property caused by the activities of Grantor. The written reports) setting forth the results of such assessment has been provided to Grantee. The written report(s) setting forth the results of the Assessment will be used by Grantor to prepare and fie reports, where applicable, with the appropriate federal, state or local governmental authority having and exercising jurisdiction over the matter or its designee (rite "Governmental Authorityl. Grantor shall remediate such Hazardous Materials ff., (1) such Hazardous Materials result from the activities of Grantor before the date of till amt (ii) if the amount of such Hazardous Materials is required for be remedi jmm pntal Authority pursuant to laws in effect as of the date of this D$ n "j. As used herein, the term "Baseline Condition" shall tell level of such H�o�its Materials established In the vniden report(s) setting for . e results of the Assessrnent�`as such levels are reduced by Grantors remediation f d,Co etfb(t, if any. If following the date of this Deed, any Govemmen I Ath re s i or remediation of Covered Conte of such tests. Sas6iinl n 3� } ' le reasonably indicated by the a. Grant6k `shall be solely po I sib r investigation andfor remedial ion of (and an is or expenses tad ny Hazardous Materials deposited, released or cn on or into the r and after the date of this Deed or migrating onto or in the party after t this Deed. If, after the date of this Dead but before 0 rybr7 remediation of the Covered Contamination, a deposit, release or y Hazardous Materials required to be reported by applicable Environmental Laws occurs on the Property, Grantee shall promptly notify Grantor and the Governmental Authority and provide Grantor a copy of any discharge report, notice of discharge or violation or similar notification issued to Grantee or required of Grantee to be completed or filed with respect to same. Grantee shall pay to Grantor is pro rats share of Grantors increased cost of remediation attributable to such deposit, release or discharge. b. Grantee hereby assigns to Grantor any and all right, claim or Interest, which the Grantee or the Property may have to payment or reimbursement by any third party or any Governmental Authority in connection with remediation of the Covered Contamination. c. Grantor reserves the exclusive right to negotiate with any third party or Governmental Authority regarding any investigation or remedial work by Grantor pursuant to this Deed or which a third party or Governmental Authority may require. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FF141g6$8f 132 Reliance upon the appraisal for other uses Is not warranted. Subject Property Deed (Continued) OR: 4117 PG: 1708 d. During the period in which Grantor Is performing remedialon or monitoring activities on the Properly, Grantor and Grantee will provide to each other copies of all reports, correspondence, notices and communications sent to or received from any Governmental Authority regarding the environmental condition of the Property and any remediation of the Property. e. Grantor's remediation responsibilities shag inure to the benefit of the Grantee and the lending institution holding the first mortgage to finance Grantee's purchase of the Property, but not to subsequent purchasers, assigns, or successors of Grantee or its lender. f. Grantor reserves the right of access to the Property, at no cost to Grantor, for Grantor, Grantor's employees, agents, and contractors for the purpose of conducting Investigation and remediation operations. Grantor shall, to the extent practicable consistent with sound remediation practices, undertake such investigation and remediation actions in a manner that will not unreasonably disrupt any operations on the Property. Grantor will not be liable to Grantee or the Grantee - Related Parties for business disruption or any direct or consequential damage, injury, or loss whatsoever resulting from such access remediaflon-,hQwevei, Grantor will not prevent Grantee or its tenants from using the Property un t(r. ntion results from oomp" with a requirement of any govemme , I be responsible for any cost or expense of relocating, repai n(} replacing Gra ` r vestigation and remediation equipment damaged by Gee IE b its contractors, vi as or employees and shall reimburse Grantor for s 7. In consid re the Property to Grantee, and the obligation of ra r to a at tl mination as described above, Grantee agree , d e&- Related Parties, as applicable, to accept the (fin a ce of the Pro in its It condition and to make no claim regarding the a ental condition . On and after the Closing Date Grantee, on beha ail and the Gran d Parties, shall be solely responsible for the investi tips d/or remedial If nd any costs or expenses related to) any Hazardous Ma 1 perty or deposited, released or discharged on or into the P o or into the Property except for Grantor's obligations to remediate Cove Contamination, if any, set forth above. Grantee for itself and the Grantee-Related Parties releases and forever discharges Grantor and the Grantor - Related Parties of and from any and all, and all manner of, Claims and Losses of any kind or of any nature whatsoever, including without limitation any claim made under any Environmental Law including without limitation CERCLA and RCRA and /or any registration requirements including compliance testing, any Claims asserted by any third party or Governmental Authority, known and unknown, foreseen and unforeseen, and the consequences thereof, which heretofore have been, and which hereafter may be sustained by Grantee or the GrantwRelated Parties, whether herein named or referred to or not arising out of, related to or connected with the environmental condition of the Property and the Improvements and the equipment on the Property, including without limitation, any contamination from Hazardous Materials or the presence or the existence of Hazardous Materials on, in, under or about the Property, or the migration of any Hazardous Materials onto or from the Property. Grantee expressly declares and agrees: (t) the foregoing release covers and includes all Claims and Losses several or otherwise, past, present or future, which can or may ever be asserted by any person or entity, or otherwise as the result of the environmental condition of the Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissions. - FFIagilif0f 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Deed (Continued) OR; 4117 PG; 1709 Property and the improvements and the equipment on the Property, including any contamination from Hazardous Materials or the presence or existence of Hazardous Materials onto, in, under or about the Property or the migration of any Hazardous Materials on or from the Property, (il) the foregoing release covers and Includes any and all future Claims and Losses not now known to any of the parties hereto but which may later develop or be discovered, including the effects or consequences thereof and including all Claims and Losses therefore, and (III) Grantee on behalf if itself and the Grantee - Related Parties indemnities and holds harmless the said parties released hereby, against Claims and Losses from any and every claim or demand of every kind and character, including claims or demands for contribution, which may be asserted by Grantee or the Grantee - Related Parties by reason of any Claims or Losses or effects or consequences thereof. The forgoing release does not release Grantor from its obligation to remediate Covered Contamination, if any, pursuant to this Deed.. 6. Assumption and Release. In addition, on and attar the Closing Date, Grantee shall be solely responsible for, and on behalf of itself and the Grardee- Related Parties shall indemnity, protect, defend (with counsel acceptable to Grantor) and hold each of the Grantor- Indemnified Parties harmless from and against, any and all Claims and Losses of any kind or of any nature whomsoever, known and unknown, foreseen and unforeseen, which may at any U bRr porn, incurred by or asserted or awarded against the Grentor%Fnde s'An from or by reason of or in relation to the environmental Zii on of the Prop» luding without limitation, the presence or existence of q� timination of Haze Wilt riels on, in, under or about the Property or the miqtatiezerdoystMate Into or from the Property, except for Grantor's obligations to re Cove ad Co migation, if any, set forth in this Deed. 9. Indemni .rt tl {ble for, and defend (with counsel acceptable to tor) and in damn ire for r�a,.1 the Grantor-Indemnified Parties from and agal Claims or L tP °5° a property damage and personal injury in any way ` out of the pre too or asbestos containing material located in or on the asserted by party or public authority after the date of this Deed. Furth the Grantee - Rotated Parties, as applicable, does hereby reles I Ita nd forever discharge Grantor and the Grantor Indemnified Parties, from any an all claims, demands, liabilities (including fines and civil penalties) or Muses of action at law or in equity (including, without limitation, any causes of action under the Rules) for injury (including death), destruction, loss or damage of any kind or character to the person or property of Grantee and Its employees, agents, servants, and representatives, arising out of or in relation to any presence of asbestos or asbestos containing material located in, or on the Properly. 10. Covenants running with the Land: The conditions, covenants and other provisions set out in this Deed shall be covenants running with the land and shall be binding upon and (except as expressly provided otherwise) shall inure to the benefit of the parties, their subsidiaries, affiliates, legal representatives, heirs, successors and assigns, as applicable. 11. Pro -ration of Taxes. Ad valorem taxes and special assessments, 9 any, against the Property for the year in which the Effective Date occurs will be pro-rated between Grantor and Grantee as of the Effective Date,. and Grantee hereby assumes and agrees to pay same. Wilcox Appraisal Services, Inc, Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PPQg @Q0f 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Deed (Continued) OR: 4117 PG: 1710 12. Donn i n . The following definitions are used in this Deed: a. Environmental Laws (or individually, an Environmental Lew). The tern Environmental Laws or individually, an Environmental Law means any and all federal, state and local laws, statutes, regulations, ordinances, codes, rules and other governmental restrictions or requirements relating to health, industrial hygiene, environmental or ecological conditions or Hazardous Materials including, without limitation, the Comprehensive Environmental Response, Compensation and Liability AcL 42 U.S.C. Section 9601 at seq., as amended CCERCLA"); the Resource Conservation and Recovery Act as amended, 42 U.S.C. Section 6901 at seq.( "RCRA"); the Toxic Substance Control Act, as amended, 15 U.S.C. Section 2601 at seq.; the Clean Air Act as amended, 42 U.S.C. Section 1857 at seq.; the Federal Water Pollution Control Ad, as amended, 33 U.S.C. Section 1251 at seq.: the Federal Hazardous Materials Transportation Act, 49 U.S.C. Section 1801 at seq.; and the laws, rules, regulations and ordinances of the U. S. Environmental Protection Agency, the County and State in which the Property is located and of all other agencies, boards, commissions and other governmental bodies and officers having jurisdiction over the Property or the use or operation thereof. b. Hazardous s- r'neterq substances, materials, and , including b materials and wastes 111106�e n the United St: Hazardous Materials T lo RIOin Agancy as hazardous u s M Par such substances, m applicable Environme all I cl d , substance which is (i) designs--- as a "H us Substance" pal Water M U.S.c. 251, et Section 307 of the Cie er Act (33 U.S. "hazardous waste" pursu Itty(:I ion 101 of Response, Compensation a \a 9601).s dous Materials means those ITIted to, those substances, rp%ment of Transportation to environmental Protection ifrd amendments thereto, or coi re regulated under any anon, any material, waste or dy lifurinated biphenyis, (Iv) action 331 of the Clean ) or listed pursuant to 71), or (v) defined as a prehersive Environmental Sec 9601, at. sea. (42 U.S.C. c. Affiliate(s), The term Affiliate(s) means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person. For purposes of this definition, the term "control" (including the terms "crnurolled by' and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of any Person, whether through the ownership of voting securities or by contract or otherwise "Persons" means an individual, partnership (whether general or limited), limited liability, company, corporation, trust, estate, unincorporated association, nominee, joint venture or other entity. d. Claims (or individually a Claim). The term Claims (or individually a. Claim) means each and every action, right, loss, cost, claim, obligation, damage, liability, demand, payment, fine, penalty, cause of action at law or in equity, defense, proceeding, injury. judgment (including expert witness fees and attomeys' fees awarded as part of a Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PFISSiR V4f 132 Reliance upon the appraisal for other uses Is not warranted. Subject Property Deed (Continued) 4R: 4111 PG: 1111 judgment), lien, cost or expense, Including, but not limited to, attorneys' fees and other litigation expenses. e. Grantee - Related Parties. The tens Grantee - Related Parties means Grantee, its parent, subsidiaries, Affiliates, and their respective owners, officers, employees, agents, representatives, contractors, invitees; servants, successors or assigns, its heirs and representatives and any lessee, licensee, occupier, user or subsequent owner of the Property. f. Losses. The term Losses means any and all Claims, including without limitation losses or claims arising from business disruption, lost business opportunity or income, reasonable attorneys' fees, court costs and the costs of investigation and settlement of Claims. g. Rules. The term Rules means the Occupational Safety and Health Administration Department of Labor, Rules relating to or regarding asbestos including 29 CFR Parts 1910 and particularly including Part 1926, 59 Fed. Reg. 40964 et. seq. (1994) as same may be amended. h. Grantor -Ir means Grantor, its parent, shareholders, members, p; representatives, contrectocs, I. Gri parent, subsidiaries, agents, representativ, tf'w" tne�erm Grantor - indemnified Parties 1 41pt s, and their respective owners, directors, ofric ,,f ants, servants, employees, rties means Grantor, its rs, officers, employees, assigns. TO HAVE AND TO tj the Property, t or w th t `purlenances, estate, tMe and interest thereto, un ntee, Grantee's its and assigns, forever, subject to the provisions and in fieu of all plies, express or implied, Grantor does hereby bind successors gns, to warrant and forever defend the title to the Prope �.. n successors, helm and assigns, against every person whomsoeve or to claim the same or any part thereof, by, through or under Grantor, but not otherwise. IN WITNESS WHEREOF, Grantor has signed this deed this Z'i' day of — � A*0_ , 2006, but EFFECTIVE as of this Ze� day of Sspjyt� . 2006, (`Effective Date *). 10 Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. ffmg ®72f 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Deed (Continued) GRANTOR: WITNESS: ay: Name: Title: ' or` ` tL Date: OR: 4117 PG: 1712 EXXONMOBIL OIL CORPORATION, a New York corporation er: N P-�3 Tlae: Real Eetele Spa st and Apnt and A 11"fact Date: % - Zvi - 0& t/ c-- Pdm Name CTk. if-, cf6 Lai COMMONWEALTH COUNTY OF Before me the under l 'eared D.J. Fisher to me wall known and krawn t In to be a Real pe cialis Agent and Attorney -in- Fact of the aforesaid cb n, and he did g nd before me that he executed said instrument if of and in the na corporation as such Real Estate Specialist and Agent 91' mey4n -Fad p 6tt that certain Power of Attorney dated February 12, 2 4'e ry 27, 2004 at Florida; R 3509, Page 3020 —Inst. #3351053 in the a County of Collier, r that he is duly authorized by said corporation to execute said instrument and that said instrument is the free act and deed of said corporation. He being . personalty known to me and did not take an oath. IN WITNESS WIJEREOF, 1 have hereunto set my hand and affixed my official seal, thisthe24 dayof AUGuS-r— _,20014. 4,z o Print Nam c .vs TAaS Notary Public, Commonwealth of Virginia My Commission Expires: 3 -75119 i GRANTEE: Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FA0I9473f 132 Reliance upon the appraisal for other uses is not warranted. Subject Property Deed (Continued) STATE OF COUNTY OF On execute the same under the I he/she examded the same in so bound thereby. OR; 4117 PG; 1713 GRANTEE: MAR INVESTMENTS, LLC. A Florida limited liebltlly company l 6y IC �.1e's3 Name: Z n. F a. l ; e -' Title: Its MemberMlanager ' r WITNESSES: I personally came did depose and say 31; limited liability company that he/she was autlmrizad to ments of the company, and that liability company intending It to be IN WITNgSS WHEREOF, I have hereunto set rgy hand and afPoced my official seal, this thOi Vay of < e n 1c r�// . 200k Print Name: T A y¢ i M dr r"ic- Notary Public, State of t= t -e c . Al ��aUA WRK s.nr, My Commission Expires: 3 l ^y I D l2 Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. M996, 4f 132 Reliance upon the appraisal for other uses Is not warranted. Subject Property Deed (Continued) * ** OR: 4117 PG: 1714 * ** Exhibit "A" Property Legal Description A PORTION OF SECTION 3, TOWNSHIP 51 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGIN AT THE MOST SOUTHERN CORNER OF TRACT 3F OF "FREEDOM SQUARE" AS RECORDED IN PLAT BOOK 22 AT PAGES 56,$7 AND 58 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE NORTH 35 DEGREES 40 MINUTES 39 SECONDS EAST, ALONG THE BOUNDARY OF SAID TRACT 3F FOR 219.95 FEET; THENCE SOUTH 54 DEGREES 20 MINUTES 24 SECONDS EAST, ALONG THE BOUNDARY OF SAID TRACT 3F, FOR 194.98 FEET TO THE WESTERLY RIGHT-OF - LINE OF ISLE OF CAPRI ROAD; THENCE SOUTH 35 DEGRE ONDS WEST ALONG SAID RIGHT -OF -WAY LINE, FOR fa, UTH 76 DEGREES 40 MINUTES 28 SECONDS OR 44.16 FEET NORTHERLY RIGHT - OF -WAY LINE OF TA?4 LU S IBG WA #411 THENCE N 54 DEGREES 20 MINUTES 24, SE t' DNDS ST "SALON RIGHT -OF -WAY LINE, FOR 166.01 FE T AID MOBIL SITE 02- IPB CONTAINING 42404 r. PARCEL 2 C f ALL THAT PART OF T F ACCORDING T OF "FREEDOM SQUARE" AS RECORDED T BOOK 22, 6,57 AND 56 OF THE PUBLIC RECORDS OF COL R A AND BEING MORE PARTICULARLY DESCRIBED A INNING AT THE MOST SOUTHERLY CORNER OF SAID TRACT 317; THENCE ALONG THE BOUNDARY OF SAID TRACT 3F THE FOLLOWING TWO DESCRIBED COURSES: NORTH 54 DEGREES 20 MINUTES 24 SECONDS WEST, 45.00 FEET NORTH 35 DEGREES 40 MINUTES 39 SECONDS EASE, 269.95 FEET THENCE LEAVING SAID BOUNDARY LINE, SOUTH 54 DEGREES 20 MINUTES 24 SECONDS EAST, 239.98 FEET TO A POINT ON THE BOUNDARY THREE DESCRIBED COURSES: SOUTH 35 DEGREES 40 MINUTES 39 SECONDS WEST, 50 FEET NORTH 54 DEGREES 20 MINUTES 24 SECONDS WEST, 194.98 FEET SOUTH 35 DEGREES 40 MINUTES 39 SECONDS WEST, 219.95 FEET TO THE OINT OF BEGINNING. SAID ADDITIONAL PARCEL CONTAINING 21,897 SQUARE FEET. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FPagte96f 132 Reliance upon the appraisal for other uses is not warranted. SubjW Properly Site to Do Business Site Details Report Prepared by VyAI= Appralsal Services, Inc. l.adape. 25.06313: This alb Is c tsd in: city, County: Coalef Slate: Florida Census Tr= 12021010003 ZIP: 34113 Census Block Group: 120210100031 NW"M PrvOwsM,Tdd wNlnW lmnf4wMO A.*. O . ow.Y.. M14,tg1 Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. FROV676f 132 Reliance upon the appraisal for other uses is not warranted. Site to Do Business Executive Summary Prepared by Wilcox Appraisal Servim, Inc. Subject Prop" Subject Property Subject Pmpw* Siq hype' FBtg Rirm• 1.0 mils Ring: 3.0 mile Rhos: 5.0 mils 2006 Pgxft on Tole) Population 3,310 22,757 42,708 Male population 5015% 51.7% 492% Female Population 495% 48.3% 502% Median Age 602 45.0 53.8 am Income Medan HH Inman $42,731 646,632 150,367 Per Caphs hoo" $29.492 125.184 $30,135 Average HHfrooms 162,053 1651850 $70.348 2000 Households Total Households 1.664 8,842 17:798 Average Household Size 1.96 2.54 2.36 19902000 Amml Rate 4.71% 524% 5.WA 2006 Housing ovaor Occupied Housing Units 45.3% 45.8% 51.5% Renter Occupied Housing Units 10.7% 14.3% 12.6% Vacant Housing Units ",G% 39.9°16 35,91A Population 1990 Population 1.491 8.731 18,308 2000 Popaation 223f 14,668 28,850 2008 Population 3.310 22,757 42,709 2013 Populakwt 4.509 29.720 53,361 1990 -M Annual fiats 4.11% 5.37% 5.01% 20004008 Annual Rake 4.9% 5.4716 444% 200&20t3Annua1 Rak 6.38% 5.48% 4.55% In the idem8ied rocket area, the maem year population is 42,709. In 2000, the Census count in the market area eras 29,860. The raw of change noo 2000 wad 4.44 percent annually, The Bveyear projection for the population in tM market area is 63,361, representing a charge of 4.55pamantannually from 2008 k 2013. CurrcMay, the population Is 49.8 percent male and 50.2 percent mmeia Households 1990 Households 745 3.306 7.446 2000 Households 1.180 5.510 12546 2008 Households 1.664 8,842 17,798 2013 Households 2,VS 11,909 22.393 1990,2000 Annual Rare 4.71% 524% 5.36% 20002008 Annual Rate 4.25% 5.9% 4.20% 2008,2013 Annual Rate 6.44% 6.14% 41% The household count in nix market area has charged Nan 12,546 In 2000 to 17,798 In the current year, a change of 4.33 pendent Mnua0y. The five-year erojecoon of bousehpds is 22,393, a change of 4.7 percent annually from the current year Cost Avenge household size is wriendy 235, omrgered o 2.33 In the year 2000 The number of mrilies in the wrmntyeor is 11,6881n so manketsnp. Housing Cumontiy 51.5 percent of the 27,759 housing units In me market area an o occupied; 12.6 percent mnler occupied; and 35.9 percent are vacent In 2000, them were 18,233 Musing units - 53.3 percent owner occupied, 14.9 percent raw occupied and 31.8 prara vawm. The raja of change In Musing units since 2000 is 5.23 m mm. Median Mmevalue in the nrarket wea is 1221.75$ compared to a median home value of 1192.2x5 For the U.S. In eve years, median home value Is projected m mange by 026 pemmht annually to $224,856. Fran 2000 C she wrnm year mean home value Bonged by 10.97 Percent annually. rww.: us. eu.., :aarca.:..z000e.:,ruaPep++a:.ea rgwra. earnrw�e ,:uamoe:,mm+arteahswr.rhm lomcr.:. mavemmawarsrm prODmra o,MO,IMM,OpMb Mtlh,eFillM,aYf1,eN iris OlYln.eNS aaffi4911�mkN e, ahmtl0.Y[.]9s wYIPV nq�laa Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collor County Board of Commissioners. FPQg ®777f 132 Reliance upon the appraisal for other uses is not warranted. Site to Do Business Executive Summary Prepared by Wilcox Appraisal Services, Inc. Parcep0e low," subleet Property . Sublact Property Subject Properly site Time: Rbm Ring: 1.0 tulle IBM: 3.0 fail* Ring: $.a mil* Median Holleehoh) ift m $37,452 1990.2000 Annual Rate 5.84% 4.95% 4.88% 1990Maeen HHlntvsme $23,716 $27,160 $?9,777 2000 Median HH Income $33,066 $37,440 $40.210 2006 Median HH Income $42731 $46,632 $50,367 2013 Mahan HH Income $55162$ $59.362 $62644 1990 -20M Annual Rey 3.36% 3.26% 3.09% 2000.2008 Areaml Rao 3.16% 2.7% 2.77% 2006 -2013 Amaral Rate 5.38% 4.94% 4.46% Parcep0e low," 199D Per Capita Income $14,802 $13,436 $15,885 2000 Per Capita ncome $26,112 $21,776 $2$,569 2008 PerCapits moome $29.492 $15,184 $30,135 2013 PerCaolla moom $37,693 532275 $37,452 1990.2000 Annual Rate 5.84% 4.95% 4.88% 2000 -20108 Annual Rate 1,49% 1.78% 2.01% 2008.2013Anmel Rate 5.03% 5.09°% 4.44% Average Housebold Income 1990 Average Household Income $91,856 $35,947 $37,279 2000 Average Household Income 650,684 $56,314 $57,308 2006 Average HH income $62,053 565,849 $76346 2013 Average HH income $79,837 $82,2.14 $661982 199D-2= Annual Ray 4.75% 4.59% 4.391% 2=2x18 Annual Rate 2.48% 1.91% 2,674 2008-2013 Amaral Read 5.171. 4.54% 4.34% Households by moome Currant msdien household moms is $50.367 In the (111111W am, compared to $53.154 for all U.S. houcehokls Milian household Income is protected to be $82,844 in five yeamin 200D, Median household !moms was 540,210. corn" to $9,777 0 1990. Current average household income I$ 570,348 in due market area, compared to $73,126 br 810 U.S. households. Average household booma Is prOlOOted NO be $86.982 in five yaws In 2000, average household income was $57". compared to $37,279 In 1990. Current per capita income is $30,135 In the market amt, compered o me U.S. per capita income of $27.916. The per capita Income is projected o be $37,452 in five yam In 2000, the per capita income was $25,569, canpamd b $15,fi85 in 1990. tbpulauon by Employment Total Businesses 218 637 1,281 Total Empbyase 2,170 5,440 91885 Currently, 93.7 percent of me elvilian labor force in the identified market amt is employed and 6.3 percent are unemployed. In comparison, 93.4 percent of me U.S. civilian labor brca is employed, and 6.6 percent are unempoyOd. In five yeem foe rate of empoymerm in it* market ems MA be 94.6 percent Of the civilian labor to". find a firm)" Ilt'AN be 5.4 Percent. The percentage of the U.S. civilian labor force that will be employed in five year ns is 939 pewrif,find 6.1 percent will be unemployed. In 2000, 47.8 percent of the population aged 16 years a older In the market area participated in Ste labor orce,.and 0.1 percent "min the Armed Forces. In ere cunemyear ate Opc11pa8ortal distribution of the employed populat0n is • 48.2 percent in while cotlar)Obs (comparedo 602 percent of U.S. ampoyomnl) • 25.4 percent In SBmice jobs(oompared (018:5 pacem of U.S. W"Qymeng • 26.4 pemant b due oolbrjobs (oom aced to 23.3 percent of U.S. employment) In 2000, 76:7 percent of the market area population drove eta% to work, and 2.6 percent worked at home. The average travel firms to work In 2000 was 23.4 minuresInthe madmtama, tampered o ere U.S. average of 25.5 minutes. Populstbn by P.ducauon In MM. the educational attainment of the 1loatlafon aged 25 years or older in the market area was distributed as follows: • 22.4 percent had net earned a high school diploma (16.4 percent In Ine U.S.) • 31.5 Percent were high eLmopl graduates Only (210.6 percent in fie U.S.) • 5.0 percent had compered an Associate degree 17.2 percent In a* U.S.) • 12.9 percent hetla aechebrs degree (1].0 pereamIntla U.S.) • 8.5 percent had earned a Mastefs?'mles"MUDOclomm Degmo (9.7 percaa In the U.S.) eay.w: ua.s.�uararO.w.moo�.m.arwuacm. sea .wra.ewm,w,wvam.mamxesacewuwv.a rwocsnsarumiecoomwsvn @ooe0m a,M.,.,v,erorr.ron pswaneu.n, wet,. ynowae- ebe,er>swgatapYW >mmN:.9RS enxaov Pa 202 Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Fli 132 Reliance upon the appraisal for other uses is not warranted. Commercial Land Sales Map and Land Sales Grid Sale'' Date of Size Price No. Commercial Center Sale SF ` Per SF 1 2 _Shoppes at Hammock Cove Mission Hills Shopping Center June -20071 July -2007 72,310 38,768 $26.00 $24.89 3 4 City Gate Commerce Centeri Town Center— August -2007° March -2008 75,794 44,646 $20.00_' $30.24 5 6 Heritage Bay Commons ; Heritage Bay Commons November -2008 March -2009 43,996 82,328 $31.07 $31.00 Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners: Fp8g8T1 f 132 Reliance upon the appraisal for other uses is not warranted. Commercial Land Sale No. 1 SALES DATA Recording Data Collier County, OR Book 4244, Page 0542. Grantor Collier Land Development, Inc. Grantee Bank of America, N.A. Sales Date - Price June 7, 2007 - $$1,880,050. Financing Cash to seller transaction. Conditions of Sale Typical market. Sales History There are not other arm's length sales of the sale property in the past three years. Legal Description Tract G, Sabal Bay Commercial Plat - Phase Three, according to the Plat hereof as Zoning recorded in Plat Book 46, Page 32, Public Records of Collier County, Florida. PROPERTY DATA Property Type - Use Commercial - Vacant land. Highest and Best Use Commercial development. Location The sale property, an out - parcel within the Shoppes at Hammock Cove, a neighborhood shopping center, is located on the southwest side of Tamiami Trail East (U.S. 41) near the western terminus of Rattlesnake Hammock Road. Roadway Frontage Tamiami Trail East (U.S. 41). Folio No. - STRAP No. 71750002028 - 610120 G 15A24. Land Use Designation Mixed Use Activity Center Subdistrict (Collier County). Zoning MPUD, Mixed Use Planned Unit Development [Saba) Bay MPUD], (Collier County). Size (Gross) 1.66 Gross Acres (72,310 Gross Square Feet). Utilities Public Water, Central Sewers, Telephone and Electrical Service. UNIT OF COMPARISON Sales Price Per Square Foot: $26.00 per square foot. VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on November 29, 2007 with Robert Breder, listing agent, 239 - 261 -4455. COMMENTS Verification of this sale indicated that at the time of sale, the property was unimproved. The sale property is an out -parcel of a neighborhood shopping center that is anchored by a Publix grocery store. The sale property has been subsequently . improved with a branch bank facility. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. Paeada%of 132 Reliance upon the appraisal for other uses is not warranted. Commercial Land Sale No. 2 SALES DATA Recording Data Collier County, OR Book 4264, Page 3398. Grantor RGD Mission Hills, LLC. Grantee 3A, LLC. Sales Date - Price July 31, 2007 - $965,000. Financing Cash to seller transaction. Conditions of Sale Typical market. Sales History The sale property previously sold for $405,000 in September, 2006. Legal Description Tract 5 of Mission Hills Shopping Center, according to the plat thereof as recorded in Zoning Plat Book 41, Pages 26 through 29, of the Public Records of Collier County, Florida. PROPERTY DATA Property Type - Use Commercial - Vacant land. Highest and Best Use Commercial development. Location The sale property, an out - parcel within the Mission Hills neighborhood shopping center, is located at the northwest quadrant of intersection of Collier Boulevard (CR 951) and Vanderbilt Beach Road (CR 862). Roadway Frontage Vanderbilt Beach Road (CR 862) and the east side of Buckstone Drive. Folio No. - STRAP No. 60204200361 - 488700 5 13834. Land Use Designation Vanderbilt Beach /Collier Boulevard Commercial Subdistrict (Collier County). Zoning PUD, Planned Unit Development [Mission Hills PUD], (Collier County). Size (Gross) 0.89 Gross Acres (38,768 Gross Square Feet). Utilities Public Water, Central Sewers, Telephone and Electrical Service. UNIT OF COMPARISON Sales Price Per Square Foot: $24.89 per square foot VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on November 29, 2007 with Joann Rice, grantor representative, 239 - 253 -0216. COMMENTS Verification of this sale indicated that at the time of sale, the property was unimproved. The sale property is an out - parcel of a neighborhood shopping center that is anchored by a Sweetbay grocery store. The sale property has been subsequently improved with a Tuffy Auto Service Center. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. - _ Peftdii'g4f 132 Reliance upon the appraisal for other uses is not warranted. Commercial Land Sale No. 3 SALES DATA Recording Data Collier County, OR Book 4270, Page 1462. Grantor Citygate Development, LLC. Grantee RAI Restaurants, Inc. Sales Date - Price August 10, 2007 - $1,515,880. Financing Cash to seller transaction. Conditions of Sale Typical market. Sales History There are not other arm's length sales of the sale property in the past three years. Legal Description Lot 8 as described in the Plat of City Gate Commerce Center, Phase One, as Zoning recorded in Plat Book 41, Page 6 and 7, of the Public Records of Collier County, Size (Gross) Florida. PROPERTY DATA Property Type - Use Commercial - Vacant land. Highest and Best Use Commercial development. Location The sale property, an out - parcel within the City Gate Commerce Center, is located on the east side of Collier Boulevard (CR 951) and the west side of White Lake just south of Utilities Drive. Roadway Frontage Collier Boulevard (CR 951), and the west side of White Lake Boulevard. Folio No. - STRAP No. 26095000222 - 219300 84835. Land Use Designation Interchange Activity Center Subdistrict (Collier County). Zoning PUD, Planned Unit Development [ Citygate PUD], (Collier County). Size (Gross) 1.74 Gross Acres (75,794 Gross Square Feet). Utilities Public Water, Central Sewers, Telephone and Electrical Service, UNIT OF COMPARISON Sales Price Per Square Foot: $20.00 per square foot. VERIFICATION DATA R. Alan Wilcox, MAI, verified this sale on November 29, 2007 with Ron Rice, listing agent, 239 -261 -2244. COMMENTS Verification of this sale indicated that at the time of sale, the property was unimproved. The sale property was assembled with the adjacent corner .tract previously purchased by the grantee. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PaRad®782f 132 Reliance upon the appraisal for other uses is not warranted. Commercial Land Sale No. 4 SALES DATA Recording Data Collier County, OR Book 4343, Page 0705. Grantor Guy Francasso and David Stevens. Grantee Kelvin Florida, LLC. Sales Date - Price March 24, 2008 - $1,350,000. Financing Cash to seller transaction. Conditions of Sale Typical market. Sales History The sale property previously sold for $850,000 in December, 2006. Legal Description Lengthy legal - Warranty Deed. PROPERTY DATA Property Type - Use Commercial - Vacant land. Highest and Best Use Commercial development. The sale property, an out - parcel within the Naples Towne Centre neighborhood Location shopping center, is located on the northeast side of Tamiami Trail East (U.S. 41), between Palm Drive and Lakewood Boulevard. Roadway Frontage Tamiami Trail East (U.S. 41). Folio No. - STRAP No. 00393560008 - 502513 031.0055A13. Land Use Designation Urban Mixed Use (Collier County). Zoning C -3, Commercial Intermediate District (Collier County). Size (Gross) 1.02 Gross Acres (44,646 Gross Square Feet). Utilities Public Water, Central Sewers, Telephone and Electrical Service. UNIT OF COMPARISON Sales Price Per Square Foot: $30.24 per square foot. VERIFICATION DATA R. Alan Wilcox, MAI, SRA, verified this sale on April 21, 2009 with Laura MacGuire, Assistant to David Stevens, grantor representative, 239- 261 - 3400x160. COMMENTS Verification of this sale indicated that at the time of sale, the property was unimproved. The sale property is an out -parcel of a neighborhood shopping center that is anchored by a Bealls department store, a Save a Lot Food Store, and a Goodwill store. The sale property has been subsequently improved with a Polio Tropical Chicken on the Grill restaurant. WiIcoxAppraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PaRAd6:8121if 132 Reliance upon the appraisal for other uses is not warranted. Commercial Land Sale No. 5 SALES DATA Recording Data Grantor Grantee Sales Date - Price Financing Conditions of Sale Sales History Legal Description PROPERTY DATA Property Type - Use Highest and Best Use Location Roadway Frontage Folio No. - STRAP No. Land Use Designation Zoning Size (Gross) Utilities Collier County, OR Book 4409, Page 1848. Cameron Partners, LLC. Fifth Third Bank. November 20, 2008 - $1,366,759. Cash to seller transaction. Typical market. There are not other arm's length sales of the sale property in the past three years. Tract 3, Cameron Commons Unit One, as recorded in Plat Book 49, Pages 43 and 45, Collier County, Florida. Commercial - Vacant land. Commercial development. The sale property, an out - parcel within the Heritage Bay Commons commercial center, located at the northeast corner of Collier Boulevard (CR 951) and Immokalee Road (CR 846). Immokalee Road (CR 846). 25118010064 - 206300 3 13B23. Mixed Use Activity Center Subdistrict (Collier County). PUD, Planned Unit Development [Heritage Bay DRI], (Collier County). 1.01 Gross Acres (43,996 Gross Square Feet). Public Water, Central Sewers, Telephone and Electrical Service. UNIT OF COMPARISON Sales Price Per Square Foot: $31.07 per square foot VERIFICATION DATA R. Alan Wilcox, MAI, SRA, verified this sale on April 20, 2009 with Anne Doher, listing agent, 239- 253 -0216. COMMENTS Verification of this sale indicated that at the time of sale, the property was unimproved. The sale property is an out - parcel of a retail shopping center that is proposed for a maximum of 32,000 square feet. The sale property is proposed for a branch bank facility. The sale property was under contract for approximately a year and a half before closing. Wilcox Appraisal Services, Inc. Agenda Item No. 10C January 26, 2010 Prepared for and property of Collier County Board of Commissioners. PaRil f 132 Reliance upon the appraisal for other uses is not warranted. Commercial Land Sale No. 6 SALES DATA - Recording Data Collier County, OR Book 4439, Page 2524. Grantor Cameron Partners, LLC. Grantee CVS 75479 FL, LLC. Sales Date - Price March 27, 2009 - $2,552,199. Financing Cash to seller transaction. Conditions of Sale Typical market. Sales History There are not other arm's length sales of the sale property in the past three years. Legal Description Tract 2, Cameron Commons Unit One, as recorded in Plat Book 49, Pages 43 and 45, Collier County, Florida. PROPERTY DATA Property Type - Use Commercial - Vacant land. Highest and Best Use Commercial development. The sale property, an out - parcel within the Heritage Bay Commons commercial Location center, located at the northeast corner of Collier Boulevard (CR 951) and Immokalee Road (CR 846). Roadway Frontage Immokalee Road (CR 846) and Collier Boulevard (CR 951). Folio No. - STRAP No. 25118010048 - 206300 2 13823. Land Use Designation Mixed Use Activity Center Subdistrict (Collier County). Zoning PUD, Planned Unit Development [Heritage Bay DRI], (Collier County). Size (Gross) 1.89 Gross Acres (82,328 Gross Square Feet). Utilities Public Water, Central Sewers, Telephone and Electrical Service. UNIT OF COMPARISON Sales Price Per Square Foot: $31.00 per square foot. VERIFICATION DATA R. Alan Wilcox, MAI, SRA, verified this sale on April 20, 2009 with Anne Doher, listing agent, 239- 253 -0216. COMMENTS Verification of this sale indicated that at the time of sale, the property was unimproved. The sale property is an out - parcel of a retail shopping center that is proposed for a maximum of 32,000 square feet. The sale property is proposed for a . CVS drugstore. The sale property was under contract for approximately a year and a half before closing. Wilcox Appraisal Services, Inc. moo Oo O N Pq H N W M Pl V O tY N >z N a r1y O K u u° v o m d' V S. a� V GZi C'n, ° o My� A N ti m v e q N A � R V 6 O ° ° F e� m F oG U Agenda Item No. 10C January 26, 2010 Page 105 of 132 DEVELOPER` AGREEMENT US 41 DEVELOPERS' CONSORTIUM HI THIS DEVELOPER AGREEMENT (hereinafter referred to as the "Agreement ") is made and entered into this 10 day of April, 2009, to be effective as of the date upon which this Agreement is approved by the Board of County Commissioners of Collier County (the "Effective Date "), by and among KITE EAGLE CREEK II, LLC, an Indiana limited liability company, KRG EAGLE CREEK iv, LLC, an Indiana limited liability company, KRG 951 & 41, LLC, an Indiana limited liability company, ABC LIQuoRs, INC., a Florida corporation, REALTYNET REAL ESTATE, LLC, a Florida limited liability company, and HABITAT FOR HUMANITY OF COLLIER COUNTY, INC., a Florida non- profit corporation (each a "Developer" and, collectively, the "Consortium Developers" or the "Consortium "), and COLLIER COUNTY, FLORIDA, a political subdivision of the State of Florida (hereinafter referred to as "County"). All capitalized terms not defined herein shall have the same meaning as set forth in Ordinance No. 2001 -13, the Collier County Consolidated Impact Fee Ordinance, as amended. WHEREAS, the Consortium projects (each a "Development" an Exhibit "A" and by legal descripti� Florida; and �� �e WHEREAS, LDC S t o County Commissioners, any pp Collier County pursuant to acceptable to the Board of i development order and/or a agreement shall be to bind the agreement and the certificate of facilities are available to serve the development occur on the public fa RECITALS: cee or control portions of the development ments "), identified graphically in :4'Ba'nRrqt2\in unincorporated Collier County, 0 `U n approval by the Board of I e t bl development agreement with f § §1 3. 2 63.3242 or other agreement Co ssI n Ion with the approval of a of public facih ad q e effect of the development pursuant to th conditions of the development facility adequac er to insure that adequate public urrent with when the impacts of the WHEREAS, the Consortium Developers all wish to enter into this Agreement as they are presently unable to move forward with these Developments due to concurrency constraints at and around the intersection of CR Route 951 and SR Route 41; and WHEREAS, the County is willing to enter into this Agreement in order to help fund and accelerate the design, permitting, construction and right -of -way acquisition necessary for the at grade improvement at the intersection of US41 and SR -CR951 that would also be the footprint for the ultimate grade separated improvement; and WHEREAS, it is the intent of this Agreement to grant to each Developer vested concurrency sti rights with respect to the Development owned or controlled by it, in exchange for certain " ~ commitments set forth below by the Consortium Developers to help the County fund all costs associated with the design, permitting, land acquisition and construction for the at grade intersection improvements at the intersection of CR Route 951 and SR Route 41, as generally depicted on the Project Overview Map attached as Exhibit "C" (the "Road Project" or "Proposed Plan"); and -1- Agenda Item No. 10C January 26, 2010 Page 106 of 132 WHEREAS, the Transportation Administrator of the County has recommended to the Board of County Commissioners that the Road Project is in conformity with the contemplated improvements and additions to the County's transportation network and is consistent with the County's transportation concurrency requirements; and WHEREAS, after reasoned consideration by the Board of County Commissioners, the Board fords and reaffirms that: a. The Proposed Plan is in conformity with the contemplated improvements and additions to the County's transportation system; b. The Proposed Plan, viewed in conjunction with other existing or other proposed plans, including those from other developers, will not adversely impact the cash flow or liquidity of the County's road impact fee trust accounts in such a way as to frustrate or interfere with other planned or ongoing growth- necessitated capital improvements and additions to the County's transportation system; and C. The Proposed Plan is consistent with both the public interest and with the .� comprehensive plan, the Lon -- nation Plan and complies with the .` �' requirements of the Collier C Fee Ordinance. Gtr dam'', NOW, THEREFORE, ee consideration exchanged amo gst p the parties agree as follows: CD 1. All of the a � CITALS are incorporated herein by reference\'set forth fully 1 and other good and valuable covenants contained herein, i� t and are hereby expressly 2. The County agrees t 41? ro d reevaluation, design, permit, acquire right -of -way and construct the at grade r Yjlij ntersection of US41 and SR -CR951 that would also be the footprint for the ultimate gra eparated improvement as shown on Exhibit "C" (the "Road Project") with Consortium Developers committed advanced impact fee funds of $8,253,058.75 and FDOT committed funds of $8,357,718. It is understood by all parties that this Project is subject to FDOT funding and approval, and requires an acceptance of the reevaluated PD&E, all permitting approvals, and the inclusion of this Project into the County's five -year plan. Construction is expected to begin summer of 2013. If FDOT funding or approval is not received, the County, in its sole right and discretion, is entitled to scale back or otherwise amend the Road Project. 3. The County will install Intelligent Traffic Management Systems (ITMS) signalization of the following traffic signals with the Project. a. SR951/US -41 b. SR951/Walmart c. SR951/Manatee Road -2- Agenda Item No. 10C January 26, 2010 Page 107 of 132 4. Habitat will provide each homesite in its Regal Acres Developments with an annual CAT pass for a five year period prior to the certificate of occupancy of each homesite. 5. KRG Eagle Creek II, LLC and KRG 951 & 41, LLC shall provide all employees working more than twenty hours per week at the Developments with an annual CAT pass for a five year period after the issuance of each certificate of occupancy and prior to opening. 6. Within one hundred twenty (120) days of request by the County, KRG 951 & 41 LLC shall convey to the County a right -of -way parcel in fee simple, free and clear of all liens and encumbrances, by statutory warranty deed(s) approved by the County Attorney, suitable for recording. KRG 951 & 41 LLC shall pay all costs to County associated with this conveyance, including recording fees. The right -of -way dedication along SR -951 shall be the minimum amount needed for the construction and widening approaching the intersection of SR -951 and US-41 per Stanley Consultants Exhibit "C ". KRG 951 & 41 LLC agree to provide at their sole cost and expense any temporary construction and slope easements necessary to facilitate the construction. The width of the right way dedication shall not exceed 15 ft. KRG 951 & 41 LLC shall be responsible at their sole cost and expense for the removal of any improvements made by KRG 951 & N 41 LLC within the parcel prior to dedication. 7. Not later than five b \ the Effective Date, the Consortium CD Developers shall pay to the Count sum of The County will use these funds to proceed with a PD &E update, e ' ' and right of way ac sin n for the Project. 8. As set forth in it e ` ' esto a Sch ul "), the Consortium Developers shall pay County an additio $5 I pact Fees towards the Project. o Impact Fees must be paid in c r c li o ty Consolidated Impact Fee Ordinance, however, each D del t y to the County its Anticipated Road Impact Fee Amount (or pplicable portion eo n than the dates set forth in the Milestone Schedule. If Road Fees are incre n ount to be paid shall be based on the then current road impact e. Each Develo payment for Road Impact Fees shall be credited against the Antici Impact F t. If Road Impact Fees are reduced or eliminated entirely, no credit will icipated Road Impact Fee Amount for such reduction. Nothing contained herein estone Schedule shall prohibit a Developer from paying its Anticipated Road Impact Fee Amount or portions thereof earlier than the dates set forth in the Milestone Schedule or prohibit a Developer from receiving certificates of occupancy, site development plan approvals, plat approvals or building permits in connection with such early payment. 9. As security for each Developer's payment of its Anticipated Road Impact Fee Amount, each Developer (other than Developers making the initial payment contemplated in Section 7 above) hereby submits to the County a payment bond, letter of credit or other payment security, each of which is acceptable to and hereby approved by the County in the amount of its Anticipated Road Impact Fee Amount totaling $5,253,058.75 no later than five business days following the effective date of this Agreement. Upon payment of the Anticipated Road Impact Fee Amount by a Developer, that Developer's letter of credit payment bond or other payment security shall be returned to the Developer. 10. If the Consortium Developers fail to submit payment bonds; letters of credit, or other approved payment security totaling in the aggregate $5,253,058.75 by the close of business of the -3- Agenda Item No. 10C January 26, 2010 Page 108 of 132 fifth business day following the effective date of this Agreement, the County shall terminate this Agreement, in which event, the $3,000,000 cash payment and any other cash payment made by a Developer shall be returned within thirty (30) days by the County to the Developer that paid the same, the payment bonds, letters of credit and other payment security (if applicable) that were submitted by the Consortium Developers shall be released within thirty (30) days by the County, this Agreement shall be null and void, and the parties shall be relieved from any and all further obligations hereunder which do not survive termination of this Agreement. 11. This is a form of "Pay and Go" Agreement. The County will be utilizing all of the $8,253,058.75 to help fund the Road Project, which Project is being done at the Consortium Developers' request. Upon commencement of the Road Project, the $8,253,058.75 shall become nonrefundable, and thereafter in no event will the County be responsible for returning any part of the $8,253,058.75, including but not limited to any Developer's failure or inability to utilize all or a portion of their Impact Fee Credits. Following each Developer's submittal of cash payment, the payment bond, letter of credit, or other approved payment security for its Anticipated Road Impact Fee Amount, as applicable, (1) each Developer shall receive Road Impact Fee Credits for the Total N Anticipated Road Impact Fee Amount as set forth in Exhibit "D ". A sample copy of the Impact Fee Lin Ledger, utilized by the County to administer Road Impact Fee Credits for each Developer is attached as Exhibit "E "; and (2) each Developer rs �o— Certificates of Adequate Public Facilities a( "Certificates ") from the County cly ' fully vest each of the respective Consortium Developers with the o roadway cap connection with their respective Developments as set forth in th stone Schedule; and ( eac Developer's Development shall v� be entitled to obtain certificat of c cy, open pi approvals, plat approvals and building permits for its Dev op r o p icable) subject to the normal o permitting and review proc ss. e o owever, will not relieve the respective Developers from es cue o li i to to pact fees for their respective Developments. The credit o in ent use shall run with each of the respective Developments and s reduced by the e ' o each Road Impact Fee due for each Building Permit issued the *1 the respectiv e e nt project is either completed or the credits are exhausted or othe longer available, been assigned by operation of or pursuant to an assignment agreern g reduction in the Road Impact Fees shall be calculated based on the amounts t Fees in effect at the time the Building Permit is issued. The credits set forth herein s applied solely to Road Impact Fees, and shall not offset, diminish or reduce any other charges, fees or other Impact Fees for which the respective Developer, its successors and assigns are responsible in connection with the development of the respective Developer's Development. It is expressly understood that the Impact Fee Credits will be utilized in the order in which the Building Permits are reviewed by the Impact Fee Administration, irrespective of whether Developer assigns all or part of its respective Development. The County will apply all road impact fees paid for any portion of a Development whether paid by the respective Developer or another developer towards the Anticipated Road Impact Fee Amount. 12. If a Developer fails to pay its Anticipated Road Impact Fee Amount (or a portion thereof) as required herein and such failure continues for a period of thirty (30) days after written notice of such failure from the County, the County, as its sole remedy hereunder shall have the right to draw upon such defaulting Developer's letter of credit or exercise the County's rights under the payment bond or other payment security submitted by such defaulting Developer in order to fund such Developer's Anticipated Road Impact Fee Amount (or the applicable portion thereof then due and payable by the Developer). In no event shall a default by one of the Consortium Developers of 8E Page 109 of 132 its obligations under this Agreement cause the other Consortium Developers to be in default of this Agreement. Leeal Matters 13. This Agreement shall not be constructed or characterized as a development agreement under the Florida Local Government Development Agreement Act. 14. The burdens of this Agreement shall be binding upon, and the benefits of this Agreement shall inure to, all successors in interest to the parties to this Agreement. Upon giving written notice to the County, each of the Developers may assign all or part of the Road Impact Fee Credits to which they are entitled utilizing the County's then current form of assignment, to successor owners of all of part of the Developments, or as otherwise provided for in the Collier County Consolidated Impact Fee Ordinance. A Consortium Developer may transfer or assign all or a portion of the approved density or square footage to another project on the same roadway that directly impacts the intersection of US41 with SR -CR951 as shown on Exhibit "C ", whether owned by that Consortium Developer or owned by another developer. 15. Developer acknowledges of this Agreement to address any permit, condition, tens or restriction shall r:any licant or owner or its successors or assigns, of the necessity of comp law, o rule or regulation governing said permitting requirements, conditi strictions. 16. In the event sl which are applicable to and this Agreement, then in such comply with such laws, in a n execution of this Agreement, compliance with the terms of or revoked as is necessary to 17. Except as _ rovided herein, v t shall only be amended by mutual written consent o the p reto or by their su s interest. All notices and other communications required or permr under shall ting and shall be sent by Certified Mail, return receipt requested, orb a zed overnight delivery service, and addressed to the parties at the addresses c edule I to this Agreement, or such other address of which a party hereto shall give notice. Notice shall be deemed to have been given on the next successive business day to the date of the courier, if sent by nationally recognized overnight delivery service, or if delivered by Certified Mail, upon actual receipt. 18. Each Developer shall execute this Agreement prior to it being submitted for approval by the Board of County Commissioners. This Agreement shall be recorded by the County in the Official Records of Collier County, Florida, within fourteen (14) days after the Effective Date. Developers shall pay all costs of recording this Agreement. The County shall provide a copy of the recorded document to the Developers upon request. 19. In the event of any dispute under this Agreement, the parties shall attempt to resolve such dispute first by means of the County's then - current Alternative Dispute Resolution Procedure, if any. Following the conclusion of such procedure, if any, either party may file an action for injunctive relief in the Circuit Court of Collier County to enforce the terms of this Agreement, and remedy being cumulative with any and all other remedies available to the parties for the enforcement of the Agreement. -5- OR: 'tY'I agrr12 8f'JO 20. This Agreement constitutes the entire agreement between the County and the parties with respect to the activities noted herein, and supersedes and takes the place of any and all previous agreements entered into between the parties hereto relating to the transactions contemplated herein. All prior representations, undertakings, and agreements by or between the parties hereto with respect to the subject matter of this Agreement are merged into, and expressed in, this Agreement, and any and all prior representations, undertakings, and agreements by and between such parties with respect thereto hereby are canceled. 21. The individuals signing this Agreement on behalf of each party represents and warrants that he or she has the full power and authority to execute this Agreement for the party upon whose behalf he or she is executing same and that upon such execution, such party shall be fully bound by each and every provision of this Agreement. 22. Nothing contained herein shall be deemed or construed to create between or among any of the parties any joint venture or partnership nor otherwise grant to one another the right, authority or power to bind any other party hereto to any agreement whatsoever. 23. This Agreement may be executed in separate counterparts, each of which when so executed shall be an original, but all of r shall constitute but one and the same instrument. IN WITNESS WHEREO , Q arties hereto have c ed 's Agreement to be executed by their appropriate officials, as of e Pr e Melt Attest: n DWIGHT E. BROCK, Clerk r By: t l l�l %)c II 0. _C f1AatM'� abe3 wed as to form, and Jeffrey County 'Y COMMISSIONERS FLORIDA REMAINING SIGNATURE PAGES TO FOLLOW OR; 444122, Z29c January 26, 2010 Page 111 of 132 SIGNATURE PAGE TO AMENDED DEVELOPER CONTRIBUTION AGREEMENT US 41 DEVELOPERS CONSORTIUM III WITNESSES: KITE EAGLE CREEK II, LLC, an Indiana limited ' i ' company By: Signature �I M. 1- roe.)IJ. z d Name -G ignatu e/� (' �b L2(1 G . Sat( Printed Name STATE OF MV ) COUNTY OF 111WIN t' )? ame. ,� �[Lw�.� _itle: (7C of Kite Realty Group Trust, the General Partner of Kite Realty Group, L.P., the Managing Member of KITE EAGLE CREEK Before a Notary P in and for sai 1611 1L AdGawpn , t � +- Trust, the General Partner of Kit u CREEK 11, LLC, an Indiana limited ' 00 foregoing instrument as such officer for an on e a f Witness my hand and Notarial Seal this Notary Pvbk. State of 5 My Commission Expires: ; .o I(a 10,1A - 7-;Zoo G State, personally appeared of Kite Realty Group t anaging Member of KITE EAGLE o acknowledged the execution of the of said limited liability company. of (printed name) Notary Public County of Residence: -7- 2009. OR: 4&44aPr,h, 459QG January 26, 2010 Page 112 of 132 SIGNATURE PAGE TO AMENDED DEVELOPER CONTRIBUTION AGREEMENT US 41 DEVELOPERS CONSORTIUM III WITNESSES: KRG En E CREEK IV, LLC, an Indiana _ limited ' bil' y company By: G- Signature Printed Name Title: S &-j" of Kite Realty Group Trust, the General Partner of Kite Realty Group, L.P., the Vgnaturl Managing Member of KRG EAGLE CREEK S, llo Name STATE OF COUNTY OF Before, a Notary P i and for 7flnm�i5 K: n , Trust, the General Partner of Kit u CREEK IV, LLC, an Indiana limited i} foregoing instrument as such officer for an on Witness my hand and Notarial Seal this n e ,1. o2ooq —i� State, personally appeared of Kite Realty Group P✓anaging Member of KRG EAGLE a o acknowledged the execution of the f of said limited liability company. day of i�f 2009. FELICIA Jill tgnamre) Nnta,, Public, Stec of Indiana Merlon County Cc snon 111690616 •/1 �_ tVVw6 My LolrnMbaiOn Expires IV June 17, 2016 (printed name) Notary Public My Commission Expires: County of Residence: L cm n AI& � WE OR; TTR$ 3 t SIGNATURE PAGE TO AMENDED DEVELOPER CONTRIBUTION AGREEMENT US 41 DEVELOPERS CONSORTIUM III WITNESSES: KRG 95M 41, LLC, an Indiana limited �J liabili co pany By: Signaturey P#Ifttpd Name 4 itle: of Kite Realty Group Trust, the General Partner of Kite Realty Group, L.P., the Si atur M=a &g Member of KRG 951 & 41, Dated: STATE OF COUNTY OF )W ' I 1A ..{ Before, a Notary PubW and for said Co t}t- nd State, personally appeared 1 . w('nyh , the r ti Kite Realty Group Trust, the General Partner of Kite Realty G$ ng Member of KRG 951 & 41, LLC, an Indiana limited liability company, w o owledged the execution of the foregoing instrument as such officer for and on behalf of said limited liability company. Witness my hand and Notarial Seal this z? day of kal "009. of Indiana My Commission Expires: . n 1(0 U(s ature) aril et a 6� 6n (printed name) Notary Public County of Residence: h1oikoq OR;AAto.� Page 114 of 132 SIGNATURE PAGE TO AMENDED DEVELOPER CONTRIBUTION AGREEMENT US 41 DEVELOPERS CONSORTIUM WITNESSES: Printed Name �i I r Printed Name STATE OF COUNTY OF hRw.,ci ABC LtQuoes, INC., a Florida corporation B3t Name: 0444% Title: �P re5;ac f CCO Dated: 7 Z Before, a Notary Pub�`�` for said .>, y and State, personally appeared C"RI J CBM112, ZE , the sr 4 of ABC LtQuotes, INC., a Florida corporation, who acknowledge the foregoing instrument as such officer for and on behalf of said limited liability company. ^ - Witness my hand and Notarial Seal this 2. day of i� 2009. NDWYPubk ,)73 (signature) 'y tt706do�s —� rinted name) Notary Public My Commission Expires: 68/Oi z% 010 I I County of Residence: la 05t6etk� �e�:o.s Si e Printed Name �i I r Printed Name STATE OF COUNTY OF hRw.,ci ABC LtQuoes, INC., a Florida corporation B3t Name: 0444% Title: �P re5;ac f CCO Dated: 7 Z Before, a Notary Pub�`�` for said .>, y and State, personally appeared C"RI J CBM112, ZE , the sr 4 of ABC LtQuotes, INC., a Florida corporation, who acknowledge the foregoing instrument as such officer for and on behalf of said limited liability company. ^ - Witness my hand and Notarial Seal this 2. day of i� 2009. NDWYPubk ,)73 (signature) 'y tt706do�s —� rinted name) Notary Public My Commission Expires: 68/Oi z% 010 I I County of Residence: la 05t6etk� �e�:o.s OR: 444 %1,1UZ -2'0 0 Page 115 of 132 SIGNATURE PAGE TO AMENDED DEVELOPER CONTRIBUTION AGREEMENT US 41 DEVELOPERS CONSORTIUM III REALTYNET REAL ESTATE, LLC, a Florida limited liability company STATE OF COUNTY OF Dated: ���Tg Before, a Notary Pub" d for said C `� 1d State, personally appeared they of REALTYNET REAL ESTATE, LLC, a Florida limited lia ' o acknowledged the execution of the foregoing instrument as such officer for and on a of said limited liability company. Witness my hand and Notarial Seal this _ day of 2009 (signature) �, _ �In�d►ll (printed name) Notary Public My Commission Expires: County of Residence: -11- Agenda Item No. 10C January 26, 2010 Page 116 of 132 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT 9..9.�ri. ���9...9�..N�..9...y. � jNN .- an...9...vaS��a..Yj<..TV.�., ♦)..: - <..V.�•T. -9. 9. -9 y -•] .9 .9. State of California 1 County of �'- L. 1 �_�,� O g 2vi before me, /c ome n Mere ineon ma m ma o iT , personally appeared Document Date: Signer(s) Other Than Named Above: Capacity(fes) Claimed by Signer(s) who proved to me on the basis of satisfactory evidence to be the personM whose name(p) is/am subscribed to the within instrument and acknowledged to me that he/skekday executed the same in hiallw4heir authorized capacity(iea), and that by hisillw0beir signature(s) on the instrument the person(k or the entity upon behalf of is Dl;iI rson(s) acted, executed the instrument. I certify u�YTLT Y ha PERJURY under the laws of the State of` to that the foregoing paragraph is ;rue and corre law, it may prove Ole (o�pA `r,n` relying on the document and reattachment o r t ther document. Number of Pages: Signer's Name: Signer's Name: ❑ Individual MARY L. ORTEGA ❑ Corporate Officer — Title(s): Commission # 1706730 ❑ Partner — ❑ Limited ❑ General a - Notary Public - California ❑ Attorney in Fact Santa Barbara County N MVCcnm.e Dies Dec 17.201 c.7 ❑ Guardia or ❑ Other. _ _ ❑ Other:_ v Lt' ^C Pl�e Notary Sew Mare + 1 O Through the information below is n d and could prevent traudu f Description of Attached ocume C (o Title or Type of Document: -Z Document Date: Signer(s) Other Than Named Above: Capacity(fes) Claimed by Signer(s) who proved to me on the basis of satisfactory evidence to be the personM whose name(p) is/am subscribed to the within instrument and acknowledged to me that he/skekday executed the same in hiallw4heir authorized capacity(iea), and that by hisillw0beir signature(s) on the instrument the person(k or the entity upon behalf of is Dl;iI rson(s) acted, executed the instrument. I certify u�YTLT Y ha PERJURY under the laws of the State of` to that the foregoing paragraph is ;rue and corre law, it may prove Ole (o�pA `r,n` relying on the document and reattachment o r t ther document. Number of Pages: Signer's Name: Signer's Name: ❑ Individual ❑ Individual ❑ Corporate Officer — Title(s): ❑ Corporate O' ❑ Partner — ❑ Limited ❑ General G Partner — ❑ ❑ Attorney in Fact ❑ Attorney in F ❑ Top of thu mb he{e Trustee ❑Trustee ❑ Guardian or Conservator ❑ Guardia or ❑ Other. _ _ ❑ Other:_ Signer Is Title(s): ❑ General Conservator Is Representing: RIG HTTI {U1.18Plvlu' or'10 1 0200]NStbnm Ndsry Aaadaeon•B350a Sdo AVe..P.0 eoc 2102•ChebMwm, Qa 913132002•vnvw.Netla{a8btarya8 M X5 7 Raa iCAW- Fce14800d7 68827 _1(p_ a.c-) M N a rr 0 SIGNATURE PAGE TO AMENDED DEVELOPER CONTRIBUTION AGREEMENT US 41 DEVELOPERS CONSORTIUM III WITNESSES: i ,�,rstgnature /ZLkl Printed Name >�5e �bAr Printed Name STATE OF COUNTY OF Agenda Item No. 10C January 26, 2010 Page 117 of 132 HABITAT FOR HUMANITY OF COLLIER COUNTY, INC., a Florida Non -Profit Corporation By: l G Name: Samuel J. Durso MD. Title: President Dated: '-q 1$16C1 R COtj Before, a Notary Pubh %limi d Count nally appeared Samuel J. Durso, MD., the President of HUMANIT`Y� LIER COUNTY, INC., a Florida Non -Profit Corporation , who °@9'i the for instrument as such officer for and on behalf of sai Witness my hand and Notarial Seal this 9 day of 2009. �Lojj I,% ? *Comm.(��.�4,% Nr29,2010 %oI 5 No. Dos��yyy,.�� s lVOC�Iu C/ c /fi t --°WO � D -`NO•• °,te�w �.� (printed name) r �''',�,'F or•c; �,�r` Notary Public My Commission Expires: CC3 -2V ?C) ((j County of Residence: -12- Kite Eagle Creek II, LLC c/o Kite Realty Group Attn: Eric Strickland 30 South Meridian, Suite 1100 Indianapolis, IN 46204 KRG 951 & 41, LLC c/o Kite Realty Group Attn: Eric Strickland �0 30 South Meridian, Suite 1100 M Indianapolis, IN 46204 .r, N H abitat for Humanity of Collier Attn: Samuel J. Durso 1145 Tamiami Trail East Naples, FL 34113 RealtyNet Real Estate, LLC Attn: Cory Maile 1083 North Collier Blvd., #334 Marco Island, FL 34145 Agenda Item No. 10C January 26, 2010 Page 118 of 132 SCHEDULEI Notice Addresses With a Copy to: Kite Realty Group Attn: Robert G. Solloway, Esq. 30 South Meridian, Suite 1100 Indianapolis, IN 46204 With a Copy to: Kite Realty Group Attn: Robert G. Solloway, Esq. 30 South Meridian, Suite 1100 Indianapolis, IN 46204 o: Kite Realty Group rt G. Solloway, Esq. 30 So ridian , Suite 1100 Indiana lis, 46204 D I 13- KRG Eagle Creek IV, LLC w c c/o Kite Realty Group ,�. A Attn: Eric Strickland 30 South Meridian, Suite 11(r�- Indianapolis, IN 46204 P4 ABC Liquors, Inc. Attn: Tom Hartmann P.O. Box 593688 Orlando, FL 32859 H abitat for Humanity of Collier Attn: Samuel J. Durso 1145 Tamiami Trail East Naples, FL 34113 RealtyNet Real Estate, LLC Attn: Cory Maile 1083 North Collier Blvd., #334 Marco Island, FL 34145 Agenda Item No. 10C January 26, 2010 Page 118 of 132 SCHEDULEI Notice Addresses With a Copy to: Kite Realty Group Attn: Robert G. Solloway, Esq. 30 South Meridian, Suite 1100 Indianapolis, IN 46204 With a Copy to: Kite Realty Group Attn: Robert G. Solloway, Esq. 30 South Meridian, Suite 1100 Indianapolis, IN 46204 o: Kite Realty Group rt G. Solloway, Esq. 30 So ridian , Suite 1100 Indiana lis, 46204 D I 13- ! • • v • . I `..11 n l - f 1 '3, - �. ���i /•.era � � p . • `�S V r '. � 1 -��_ -� `fir ��� �� ^tW _ ! re�v -_ . . � � ' •� is 7 — • �Z i. ..(�� dwilp It . mb Xa a. } / q aka y -' l:�V,` • j >o 11 .i Agenda Item No. 10C Exhibit "B" January Page 120 of 1032 A PARCEL OF LAND LOCATED IN SECTION 3, TOWNSHIP 51 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: Leaal Description for Kite Eagle Creek II LLC A PARCEL OF LAND LOCATED IN SECTION 3, TOWNSHIP 51 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA,_ IN PART BEING LOTS -3 AND 4- OF CAPRI COMMERCIAL CENTER AS RECORDED IN PLAT BOOK 31, PAGES 52 AND 53 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, AND IN PART BEING PORTIONS OF TRACTS M -1 AND M -2 OF CRYSTAL LAKE TERRACES AT EAGLE BEGIN AT THE NORTHEAST CORNER OF TRACT "O.S. -3" OF TRAIL RIDGE, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 44 AT PAGES 71 THROUGH 77 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE RUN NORTH 89 055'57" WEST, ALONG THE NORTH LINE OF SAID TRACT "O.S. -3 ", FOR A DISTANCE OF 867.07 FEET TO THE NORTHWEST CORNER OF LANDS DESCRIBED IN OFFICIAL RECORD BOOK 3620 AT PAGES 2872 THROUGH 2876 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA: THENCE RUN SOUTH 04 009'46" WEST, ALONG THE WEST LINE OF. SAID LANDS FOR A DISTANCE OF 163.91 FEET; THENCE RUN SOUTH 02 028'03" WEST, ALONG SAID LANDS FOR A DISTANCE OF 36.59 FEET TO THE °D NORTHERLYMOSTWESTERLY CO CT "C„ OF SAID TRAIL RIDGE; THENCE RUN SOUTH 02 °30' E WESTERLY LINE OF SAID TRACT •'C ", FOR A DISTA 00.09 FE CE RUN NORTH 90 000'00" o�. WEST, ALONG THE NO Y LINE OF SAID CT "C ", FOR A DISTANCE OF tr 100.09 FEET TO A POI -OF A LINE OF STATE ROAD #951 (RIGHT -OF -WAY V 0 030'29" EAST, ALONG SAID EAST RIGHT -0 - F 40.20 FEET, THENCE ra RUN NORTH 04 012'0 , F -WAY LINE, FOR A CD DISTANCE OF 640.8 042'14" EAST FOR A DISTANCE OF 264.66 ; THENCE RU 0 042'49" WEST FOR A DISTANCE OF 320.41 THENCE RU 5039'44" EAST FOR A DISTANCE OF 200.00 FE POINT ON UTHERLY RIGHT -OF -WAY LINE OF STATE ROAD No. .00 FOOT RIGHT -OF -WAY); THENCE RUN SOUTH 54 020'16" AID SOUTHERLY RIGHT -OF -WAY LINE, FOR A DISTANCE OF 1,927.32 FEET; THENCE RUN SOUTH 35039'44" WEST FOR A DISTANCE OF 400,00 FEET TO A POINT ON THE NORTHERLY LINE OF TRAIL RIDGE ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 44 AT PAGES 71 THROUGH 77 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE RUN NORTH 54 020'16" WEST, ALONG THE NORTHERLY LINE OF SAID TRAIL RIDGE, FOR A DISTANCE OF 855.70 FEET TO THE POINT OF BEGINNING OF THE PARCEL OF LAND HEREIN DESCRIBED, CONTAINING 24.575 ACRES, MORE OR LESS Leaal Description for Kite Eagle Creek II LLC A PARCEL OF LAND LOCATED IN SECTION 3, TOWNSHIP 51 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA,_ IN PART BEING LOTS -3 AND 4- OF CAPRI COMMERCIAL CENTER AS RECORDED IN PLAT BOOK 31, PAGES 52 AND 53 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, AND IN PART BEING PORTIONS OF TRACTS M -1 AND M -2 OF CRYSTAL LAKE TERRACES AT EAGLE Exhibit "B" Agenda Item No. 10C January 26, 2010 Page 121 of 132 CREEK AS RECORDED IN PLAT BOOK 16, PAGES 30 AND 31 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE ON THE SOUTHWESTERLY RIGHT- OF-WAY LINE OF U.S. HIGHWAY NO. 41 AT THE NORTHWESTERLY CORNER OF "CAPRI COMMERCIAL CENTER" AS RECORDED IN PLAT BOOK 31, PAGES 52 AND 53 AND THE NORTHWESTERLY CORNER OF "LOT 2 CAPRI COMMERCIAL CENTER REPLAT' AS RECORDED IN PLAT BOOK 35, PAGE 85 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA FOR A POINT OF BEGINNING. FROM SAID POINT RUN SOUTH 35 039'28" WEST ALONG THE WESTERLY LINE OF SAID "CAPRI COMMERCIAL CENTER" AND "LOT 2 CAPRI COMMERCIAL CENTER REPLAT", A DISTANCE OF 272.94 FEET TO THE SOUTHWESTERLY CORNER OF SAID "LOT 2 CAPRI COMMERCIAL CENTER REPLAT'; THENCE RUN SOUTH 54 020'32" EAST ALONG THE SOUTHERLY LINE OF SAID "LOT 2 CAPRI COMMERCIAL CENTER REPLAT', A DISTANCE OF 171.00 FEET TO THE SOUTHEASTERLY CORNER OF Cm SAID "LOT 2 CAPRI COMMERC EPLAT"; THENCE RUN NORTH N 35 039'28" EAST ALONG Z OF SAID "LOT 2 CAPRI COMMERCIAL CENTER A DI ST F 23.00 FEET TO AN w INTERSECTION WITH ERLY LINE L T 1 OF SAID "CAPRI COMMERCIAL CENTER ; E R 54 0' " EAST ALONG SAID SOUTHERLY LINE, A 6 SOUTHEAST CORNER OF SAID LOT 1; THE CE N 0 9' " A ONG THE EAST LINE rx OF SAID LOT 1, A DI 1 F ET; N UN NORTH 31 038'24" o EAST ALONG SAID NE, A A 43.40 FEET TO AN INTERSECTION WITH EST LINE OF F "CAPRI COMMERCIAL CENTER "; THENCE RU 04 013'24" G SAID WEST LINE, A DISTANCE OF 300.05 FE INTERSE ITH THE SOUTH LINE OF SAID "CAPRI COMMERCIAL N SOUTH 87 029'51" EAST ALONG SAID SOUTH LINE, A DI .19 FEET TO AN INTERSECTION WITH THE WESTERLY RIGHT -OF -WAY LINE OF STATE ROAD NO. 951, COLLIER BOULEVARD, AS DESCRIBED IN THE ORDER OF TAKING AS RECORDED IN OFFICIAL RECORDS BOOK 2630, PAGE 2773 OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE RUN SOUTH 04 010'08" WEST ALONG SAID WESTERLY RIGHT- OF-WAY LINE, A DISTANCE OF 136.65 TO THE NORTH LINE OF THE PROPERTY DESCRIBED IN OFFICIAL RECORDS BOOK 2699, PAGE 792; THENCE RUN NORTH 85 002'55" WEST ALONG SAID NORTH LINE, A DISTANCE OF 226.52 FEET TO AN INTERSECTION WITH THE BOUNDARY LINE OF THE PROPERTY AS DESCRIBED IN OFFICIAL RECORDS BOOK 3344, PAGE 260 OF SAID PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA; THENCE RUN SOUTH 04 05705" WEST ALONG SAID BOUNDARY LINE AND THE WEST LINE OF SAID PROPERTY DESCRIBED IN OFFICIAL RECORDS BOOK 2699, PAGE 792, A DISTANCE OF 78.24 FEET; THENCE RUN SOUTH 35 039'28" WEST ALONG SAID BOUNDARY LINE OF THE PROPERTY AS DESCRIBED IN OFFICIAL RECORDS BOOK 3344, PAGE 260 AND SAID WEST LINE OF THE PROPERTY DESCRIBED IN OFFICIAL RECORDS BOOK 2699, PAGE 792, A DISTANCE OF 33.43 FEET; THENCE RUN SOUTH 54 020'32" EAST ALONG SAID BOUNDARY LINE OF THE Exhibit "B" Agenda Item No. 10C January 26, 2010 Page 122 of 132 PROPERTY AS DESCRIBED IN OFFICIAL RECORDS BOOK 3344, PAGE 260 AND THE SOUTHWESTERLY LINE OF SAID PROPERTY DESCRIBED IN OFFICIAL RECORDS BOOK 2699, PAGE 792, A DISTANCE OF 175.20 FEET TO THE POINT OF CURVATURE OF A CURVE OF SAID BOUNDARY LINE OF THE PROPERTY AS DESCRIBED IN OFFICIAL RECORDS BOOK 3344, PAGE 260 AND SAID SOUTHWESTERLY LINE OF THE PROPERTY DESCRIBED IN OFFICIAL RECORDS BOOK 2699, PAGE 792, SAID CURVE BEING CONCAVE NORTHEASTERLY AND HAVING A RADIUS OF 50.00 FEET, A CENTRAL ANGLE OF 33 010'23" AND A CHORD BEARING AND DISTANCE OF SOUTH 70 055'44" EAST, 28.55 FEET, RESPECTIVELY; THENCE RUN EASTERLY ALONG SAID CURVE, AN ARC DISTANCE OF 28.95 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE RUN SOUTH 87 030'55" EAST ALONG SAID BOUNDARY LINE OF THE PROPERTY AS DESCRIBED IN OFFICIAL RECORDS BOOK 3344, PAGE 260 AND THE SOUTHERLY LINE OF SAID PROPERTY DESCRIBED IN OFFICIAL RECORDS o BOOK 2699, PAGE 792, AND ALONG THE SOUTH LINE OF THE PROPERTY DESCRIBED BY THE ORDER OF TAKING RECORDED IN OFFICIAL RECORDS c1/ BOOK 2605, PAGE 3232 OF U > ECORDS OF COLLIER COUNTY, w FLORIDA, A DISTANCE OF INT OF CURVATURE OF A CURVE OF SAID BOU E OF TH RTY AS DESCRIBED IN �w OFFICIAL RECORDS K 44 PAGE 260 AND AI PROPERTY DESCRIBED BY THE ORDER OF N C OFF IA RECORDS BOOK 2605, PAGE 3232, SAID CU E Y ND HAVING A RADIUS CD OF 50.00 FEET, A CE: F 1 9' 11 A HORD BEARING AND DISTANCE OF NOR .32 E PECTIVELY; THENCE RUN EASTERLY AL. ON UR , A D CE OF 11.34 FEET TO AN INTERSECTION WITH WESTERLY RI -0 - LINE OF STATE ROAD 951, COLLIER BOULEVA ENCE RUN S '05" WEST ALONG SAID WESTERLY RIGHT -0F -WA ND SAID BO LINE OF THE PROPERTY AS DESCRIBED IN OFFICIA CCU r , PAGE 260, A DISTANCE OF 75.88 FEET TO A POINT ON G CONCAVE SOUTHERLY AND HAVING A RADIUS OF 100.00 FEET, A CENTRAL ANGLE OF 22 008'22" AND A CHORD BEARING AND DISTANCE OF NORTH 65 010'10" WEST, 38.40 FEET, RESPECTIVELY; THENCE LEAVING SAID WESTERLY RIGHT -OF -WAY LINE RUN WESTERLY ALONG SAID CURVE AND SAID BOUNDARY LINE OF THE PROPERTY AS DESCRIBED IN OFFICIAL RECORDS BOOK 3344, PAGE 260, AN ARC DISTANCE OF 38.64 FEET TO THE POINT OF REVERSE CURVATURE OF A CURVE BEING CONCAVE NORTHERLY AND HAVING A RADIUS OF 62.00 FEET, A CENTRAL ANGLE OF 21 053'50" AND A CHORD BEARING AND DISTANCE OF NORTH 65 °17'26" WEST, 23.55 FEET, RESPECTIVELY; THENCE RUN WESTERLY ALONG SAID CURVE AND SAID BOUNDARY LINE OF THE PROPERTY AS DESCRIBED IN OFFICIAL RECORDS BOOK 3344, PAGE 260, AN ARC DISTANCE OF 23.70 FEET TO THE POINT OF TANGENCY OF SAID CURVE; THENCE RUN NORTH 54 020'32" WEST ALONG SAID BOUNDARY LINE OF THE PROPERTY AS DESCRIBED IN OFFICIAL RECORDS BOOK 3344, PAGE 260, A DISTANCE OF 236.49 FEET; THENCE RUN SOUTH 02 029'06" WEST ALONG SAID BOUNDARY LINE OF THE PROPERTY AS DESCRIBED IN OFFICIAL RECORDS BOOK 3344, PAGE 260, A DISTANCE OF 174.68 FEET TO THE NORTHEASTERLY CORNER OF -N-, N w v� �r Exhibit "B" Agenda Item No. 10C January 26, 2010 Page 123 of 132 CRYSTAL LAKE TERRACES AT EAGLE E CREEK REPEAT' AS RECORDED IN PLAT -- BOOK 28, PAGES 72 THROUGH 74 OF SAID PUBLIC RECORDS COUNTY, FLORIDA; THENCE RUN NORTH 54 020'32" WEST BOUNDARY LINE OF THE PROPERTY AS DESCRIBED IN BOOK 3344, PAGE 260 AND THE NORTHEASTERLY LINE LAKE TERRACES AT EAGLE CREEK REPLAT', A DISTANC THENCE RUN NORTH 35 039'28" EAST, A DISTANCE OF 1 RUN NORTH 80 000'15" EAST, A DISTANCE OF 63.72 FEET; 35 039'28" EAST, A DISTANCE OF 260.11 FEET; THENCE R EAST, A DISTANCE OF 33.46 FEET; THENCE RUN NORT DISTANCE OF 360.81 FEET, THENCE RUN SOUTH 54 015'11 OF 26.69 FEET, THENCE RUN NORTH 35 044'42" EAST, A FEET TO AN INTERSECTION WITH SAID SOUTHWESTERLY OF U.S. HIGHWAY NO. 41; THENCE RUN SOUTH 54 020'3: SOUTHWESTERLY RIGHT -OF -WAY LINE, A DISTANCE OF SAID POINT OF BEGINNING. CONTAINING 646,291 LESS. OF COLLIER ALONG SAID OFFICIAL RECORDS OF SAID "CRYSTAL E OF 1052.44 FEET; 00.00 FEET, THENCE THENCE RUN NORTH JN SOUTH 54 020'32" 1 35 03928" EAST, A {" EAST, A DISTANCE DISTANCE OF 34.06 RIGHT- OF-WAY LINE " EAST ALONG SAID 374.76 FEET TO THE OF LAND, MORE OR BEING A PART OF TH SECtlo 3,., OWNSHIP 51 SOUTH, RANGE 26 EAST, CO U , FL A. ` PS AT EAGLE CREEK PAD #5 DESCRIPTION ALL THAT PART OF SAID N 3, BEING PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCI A OST CORNER OF THE PLAT OF THE SHOPS AT EAGLE CRE , ACCORDING TO PLAT BOOK 25, PAGES 44 THROUGH 45, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA. THENCE ALONG THE SOUTHWESTERLY RIGHT -OF -WAY LINE OF TAMIAMI TRAIL (U.S. 41) SOUTH 5402032" EAST 185.50 FEET TO THE POINT OF BEGINNING; THENCE CONTINUE ALONG SAID RIGHT -OF -WAY LINE SOUTH 5402032" EAST 193.09 FEET; THENCE LEAVING SAID LINE SOUTH 3503928" WEST 123.00 FEET; THENCE NORTH 5402032" WEST 193.09 FEET; THENCE NORTH 3503928" EAST 123.00 FEET TO THE POINT OF BEGINNING. CONTAINING 0.55 ACRES MORE OR LESS, BEING 23,749 SQUARE FEET MORE OR LESS. SUBJECT TO EASEMENTS AND RESTRICTIONS OF RECORD. BEARINGS ARE BASED ON THE EASTERLY LINE OF SAID PLAT OF THE SHOPS AT EAGLE CREEK, UNIT ONE, BEING SOUTH 5402032" EAST. Agenda Item No. 10C Exhibit "B" J Page r124 of 10302 Legal Description for RealtyNet Real Estate LLC PIN number 00726724107 3 51 26 COMM AT NE CNR TR M -1, N87DEG W 248.62FT, NO2DEG E 271.35FT, NO2DEG E 35.84FT, S54DEG E 236.49FT, ELY 23.70FT, ALG ARC OF CURVE 2 TT OF REVERSE CURVE, ELY 38.64FT, SO4DEG W 154.42FT TO POB. Legal Descriptions for Habitat for Humanity of Collier County Parcel 1: Commencing at the Southeast corner of Section 12, Township 51 South, Range 26 East, Collier County Florida, thence along the East line of said Section 12, North 00 °11'20" East 2743.15 feet to the East 1/4 comer of said Section 12; � thence continue along said East 1", i 12, North 00 027'50" East 894.35 N feet; thence North 89 05655" a Place of Beginning; thence a North 89 05655" West, 47 t; thence 034'06" East, 490.97 feet; thence South 89056'55" a 474.64 feet; thence u 0 'S0" West, 490.97 Cr feet to the Place of nn' gig in the uthw t of the Northeast 1/4 of Section 12, Township 1 2 I' Co my Florida. c� o AND Parcel 2; H Commencing at the So ` st corner of Se 1 2, nship 51 South, Range 26 East, Collier County, a, thence alon line of said Section 12, North 00011'20" East, 27 t to the E ^� orner of said Section 12; thence continue along said s¢, 12, on a bearing of North 00 027'50" East, 894.35 feet to a ce run North 89056'55" West for 918.53 feet to a set iron pin with survey cap #LS 4273 which is the Point of Beginning; thence run North 89 05655" West for 443.98 feet to the West line of the Southeast 1/4 of the Northeast' /4 of said Section 12 which is marked by a set iron pin with. Survey Cap #LS 4273; thence along said West line run North 00 034'06" East for 490.98 feet to the North line of the southeast 1/4 of the Northeast 1/4 of said Section 12 which is marked by a iron pipe with Survey Cap #LS 4273; thence along said North line run South 89 056'55" East, 443.00 feet to a set iron pin with Survey Cap #LS 4273; thence South 00026'50" West for 490.08 feet to the Point of Beginning; being in the Southeast 1/4 of the Northeast 1/4 of Section 12, Township 51 South, Range 26 East Collier County Florida. AND Parcel 3: TOGETHER WITH A Non - exclusive access easement for the benefit of Parcel 1 over and across the Southerly thirty (30) feet of the following described properly: Exhibit "B" Agenda Item No. 10C January 26, 2010 Page 125 of 132 Commencing at the Southeast corner of Section 12, Township 51 south Range 26 East, Collier Count, Florida; thence along the East line of said Section 12, North 00 011'20" East, 2743.15 fee to the East 1/4 corner of said Section 12; thence continue along said East line of Section12, North 00027'50" East, 894.35 feet for a Place of Beginning; thence North 89056'55" West, 443.00 feet; thence North 00034'06" East, 490.97 feet; thence South 89056'55" East, 443.00 feet to the East line of sais Section 12; thence along said East line of Section 12 South 00027'50" West 490.97 feet to the Place of Beginning; Being in the Southeast quarter of the Northeast quarter of Section 12, Township 51 South, Range 26 East, Collier County, Florida. AND Mr The West 1/2 of the East 1/2 of the East 1/2 of the Northwest '/4 of the Northeast 1/4 of Section 12, Township 51, South, Range 26 East excepting the North 30 feet thereof, which is reserved for road purposes, and The East 1/2 of the East 1/2 of the East 1/2 of the Northwest 1/4 o e st 1/4 of Section 12, Township 51, South, Range 26 East, excep ' t thereof, which is reserved for road purposes, of the Pubi' s of Collier Florida. 0 PROPERTY DESCR QUARTER OF SEC COUNTY FLORIDA, THE NORTH WEST 26 EAST,COLLIER AS FOLLOWS. COMMENCE AT THE KI *AW:O T v F THE NORTHWEST QUARTER OF SECTION Q� UTH, RANGE 26 EAST, COLLIER COUNTY FLORID N 89 DEGREES 23' 53" W. ALONG THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 3, FOR A DISTANCE OF 324.27 FEET TO A POINT ON THE EASTERLY RIGHT OF WAY LINE OF COUNTY ROAD 951 (C.R.. 951); THENCE RUN S 35 DEGREES 40'08" W, ALONG SAID EASTERLY RIGHT OF WAY LINE, FOR A DISTANCE OF 887.72 FEET TO THE POINT OF BEGINNING OF THE PARCEL OF LAND HEREIN DESCRIBED; THENCE RUN S 54 DEGREES 20'16" E FOR A DISTANCE OF 439 .95FEET; THENCE RUN S35 DEGREES 3944 "W FOR A DISTANCE OF 190.00 FEET; THENCE RUN N 54 DEGREES 20'16" W FOR A DISTANCE OF 151.29 FEET THENCE RUN N 02 DEGREES 12'01" E FOR A DISTANCE OF 24.75 FEET; THENCE RUN N 54 DEGREES 33'42" W FOR A DISTANCE OF 201.10 FEET; THENCE RUN N 35 DEGREES 40'36 "E FOR A DISTANCE OF 18.22 FEET; THENCE RUN N 54 DEGREES 19'24" W FOR A DISTANCE OF 73.95 FEET TO A POINT ON SAID EASTERLY RIGHT OF WAY LINE OF COUNTY ROAD 951; THENCE RUN N 35 DEGREES 40'08" E, ALONG SAID EASTERLY RIGHT OF WAY FOR A DISTANCE OF 148.39 FEET TO THE POINT OF BEGINNING OF THE PARCEL OF LAND DESCRIBED HEREIN. i er - ��S T a :J w I � � � 0 | � � � ! ! | ! � k Agenda #mNo. ,3 /? - / . ■ | | | . M. | h \ } h || | | it f; || | ! ƒ ■ � . ., ■ 4 , . . . . . . \ � < !�£ cTR \0 f� j8 / § § \� ■ ! � \ || ` §! �� f � !! |■/ ` | . . §| 2 ! !! \ |||| -••| � | �,��.! a| | Agenda #mNo. ,3 /? - / . ■ | M. h \ } } ■ \ . . . . . . \ � < � \0 | \ � � ! | � | | '• � ■ | �. �§ �, �• �• 4c 4c w N C7 F1. c7' c7� W 4< 4c Agenda Item No. 10C EXHIBIT E January Page 128 of 1032 DEVELOPER CONTRIBUTION AGREEMENT ROAD IMPACT FEE LEDGER Beginning Balance A { s 1 v,r ry tt a;t R pxi a "` ak f yp ✓L�.e � 4 ' fi•t r1# Y � � �� yy erp •� tpf �t ♦ ,y .'� I q'r.' `ice t y •p Ir t�" s w f 54, pl 1 _ � .r q 7 I ^. w� J d M I � � 1 a n�py l- I e� ms`13G .. t 1 i a < {{ } sve c Ir aw � 41 Y3 r r rn / e p f 'm _ 71" IF wl a c, a ./ i\ .t »3 . \� f l/2 , > . �ƒ �\ - � } . \,���� §�����. \t \� \(