Loading...
Agenda 05/25/2010 Item #16B 3 Agenda Item No. 1683 May 25, 2010 Page 1 of 16 EXECUTIVE SUMMARY Recommendation to approve the purchase of a Perpetual, Non-exclusive, Road Right-of-Way, Drainage and Utility Easement (Parcel 467RDUE) containing 8,250 square feet, which is required for the four-Ianing of Golden Gate Boulevard between Wilson Boulevard and DeSoto Boulevard. Project No. 60040 (Fiscal Impact: $5,705.00). OBJECTIVE: To obtain the approval of the Board of County Commissioners to purchase a road right-of- way, drainage and utility easement required for the four-laning of Golden Gate Boulevard between Wilson Boulevard and DeSoto Boulevard. CONSIDERATIONS: The required easement is needed along the southern property line of Tract 18, Golden Gate Estates, Unit 78, and contains a total of 8,250 square feet or 0.189 acres. Using the most recent, comparative sales data, the Division of Transportation's Review Appraiser, Harry Henderson, SRA, prepared an appraisal of the easement area of the property estimating its current market value at $2,079.00 ($11,000.00 per acre). The assessed value of the needed easement area is $4,725.00 ($25,000 per acre). On January 20, 2010, Collier County Transportation Division invited the owner, The Estate of Frank Daly, Deceased, to discuss the sale of the required easement to the County. Tlrrough negotiations with the Estate's attorney, the Estate's representative has agreed to sell the required easement to Collier County for the purchase price of$4,725.00 (the exact assessed value). Staff is recommending that the Board of County Commissioners purchase the required easement area from The Estate of Frank Daly, Deceased for the purchase price of $4,725.00, and believes the following are compelling reasons to do so: This is not a distress sale, The property owner can afford to hold out and wait for the market to improve. If we should delay this acquisition for several years until construction is imminent, and be forced to take the easement through condemnation, the cost of doing so would far exceed the owner's asking price. In addition, the owner and its counsel are cooperating with staff so there are no expert fees. Moreover, the owner's attorney's fces are kept to a minimum. Our current practice is to pay an owner's attorney a flat fee of $500 for assisting the owner with the closing. By agreeing to pay the attorney a flat fee, we are able to keep from paying hourly attorneys fees. Furthermore, if we should forestall this purchase and the market begins to rebound, in three to five years we are likely going to be paying as much or more for the subject property than the owner is seeking today. It is a common expectation of property owners upon the sale of their property to the government, to be paid at least the value upon which they were taxed by the government. FISCAL IMPACT: The fiscal impact is in the amount of$5,705.00 and includes the $4,725.00 negotiated purchase price; attorney's fees in the amount of $500.00; a title search fee and a title insurance premium totaling approximately $450.00; and recording fees not to exceed $30.00. Source of funds are transportation impact fees. Agenda Item No. 1683 May 25, 2010 Page 2 of 16 GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this Executive Summary. LEGAL CONSIDERATIONS: This item is legally sufficient for Board action. RNZ RECOMMENDATION: That the Board of County Commissioners of Collier County, Florida: I. Approve the attached Easement Agreement and authorize its Chairman to execute same on behalf of the Board; 2. Accept the conveyance of Parcel 467RDUE (8,250 square feet along the southerly property line of Tract 18, Golden Gate Estates, Unit 78) and authorize the County Manager or his designee to record same in the public records of Collier County, Florida; 3. Authorize the payment of all costs and expenses necessary to close the transaction; 4. Authorize the County Manager or his designee to take the necessary measures to ensure the County's performance in accordance with the terms and conditions of the Agreement; and 5. Approve any and all budget amendments which may be required to carry out the collective will of the Board. Prepared by: Michelle 1. Sweet, Property Acquisition Specialist, Transportation Engineering & Construction Management Attachments: (I) Easement Agreement; (2) Location Map; (3) Appraisal Item Number: Item Summary: Meeting Date: Agenda Item No. 1683 May 25,2010 Page 3 of 16 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS 16B3 Recommendation to approve the purchase of a Perpetual, Non-exclusive, Road Right-of- Way, Drainage and Utility Easement (Parcel 467RDUE) containing 8,250 square feet, which is required for the four-Ianing of Golden Gate Boulevard between Wilson Boulevard and DeSoto Boulevard. Project No. 60040 (Fiscal Impact: $5,705). 5/25/20109:00:00 AM Date Prepared By Michelle Sweet Transportation Division Property Acquisition Specialist Transportation Engineering & Construction Management S/6/2010 11:38:28AM Date Approved By Debbie Armstrong Transportation Division Project Manager Transportation Engineering & Construction Management S/7/2010 2:07 PM Date Approved By Gary Putaansuu Transportation Division Project Manager, Principal Transportation Engineering & Construction Management S/7/2010 2:19 PM Date Approved By Norm E. Feder, AICP Transportation Division Administrator ~ Transportation Transportation Administration SI1112010 11:39AM Date Approved By Kevin Hendricks Transportation Division Manager - Right of Way Transportation Engineering & Construction Management 5111/2010 11:S1 AM Date Approved By Najeh Ahmad Transportation Division Director. Transportation Engineering Transportation Engineering & Construction Management SI1112010 11:57 AM Date Approved By Robert N. Zachary County Attorney Assistant County Attorney County Attorney 5112120102:43 PM Date Approved By Natali Betancur Transportation Division Administrative Assistant Transportation Road Maintenance 5/131201012:15 PM Agenda Item No 1683 May 25, 2010 Page 4 of 16 Approved By OMS Coordinator Date County Manager's Office Office of Management & Budget S/13/2010 1 :49 PM Approved By Jeff Klatzkow County Attorney Date 5/17/201010:14 AM Approved By Susan Usher ManagemenUBudget Analyst, Senior Date Office of Management & Budget Office of Management & Budget 5/17/201011:27 AM Approved By Leo E. Ochs, Jr. County Manager Date County Managers Office County Managers Office 5/17/20105:36 PM Agenda Item No. 16B3 May 25, 2010 Page 5 of 16 PROJECT: PARCEL No: FOLIO No: 60040 Golden Gate Boulevard 467RDUE 40741040004 EASEMENT AGREEMENT THIS EASEMENT AGREEMENT (hereinafter referred to as the "Agreement") is made and entered into on this _ day of , 2010, by and between TRACY L. PAlENIK, PERSONAL REPRESENTATIVE OF THE ESTATE OF FRANK DALY, DECEASED, whosemailingaddressis16837MohicanDrive.lockport.ll 60441-4389, (hereinafter referred to as "Owne~'), and COlliER COUNTY, a political subdivision of the State of Florida, whose mailing address is 3301 Tamiami Trail East, Naples, Florida 34112 (hereinafter referred to as "Purchase~'). WHEREAS, Purchaser requires a Perpetual, Non-Exclusive Right-of-Way, Drainage and Utility Easement over, under, upon and across the lands described in Exhibit "A", which is attached hereto and made a part of this Agreement (hereinafter referred to as the "Easement"): and WHEREAS, Owner desires to convey the Easement to Purchaser for the stated purposes, on the terms and conditions set forth herein; and WHEREAS, Purchaser has agreed to compensate Owner for conveyance of the Easement. NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby mutually acknowledged, it is agreed by and between the parties as follows: 1. All of the above RECITALS are true and correct and are hereby expressly incorporated herein by reference as if set forth fully below, and all Exhibits referenced herein are made a part of this Agreement. 2. Owner shall convey the Easement to Purchaser for the sum of: $4,725.00 subject to the apportionment and distnbution of proceeds pursuant to Paragraph 9 of this Agreement (said transaction hereinafter referred to as the "Closing"). In addition, the Purchaser shall pay Seller's attorney's fees to Bella Y. Patel, P.A. in the sum of $500.00. Said payment to Owner, payable by County Warrant, shall be full compensation for the Easement conveyed, including all landscaping, trees, shrubs, improvements, and fixtures located thereon, and shall be in full and final settlement of any damages resulting to Owner's remaining lands, costs to cure, including but not limited to the cost to relocate the existing irrigation system and other improvements, and the cost to cut and cap irrigation lines extending into the Easement, and to remove all sprinkler valves and related electrical wiring, and all other damages in connection with conveyance of said Easement to Purchaser, including all attorneys' fees. expert witness fees and costs as provided for in Chapter 73, Florida Statutes. 3. Prior to Closing, Owner shall obtain from the holders of any liens, exceptions and/or qualifications encumbering the Easement, the execution of such instruments which will remove, release or subordinate such encumbrances from the Easement upon their recording in the public records of Collier County, Florida. At or prior to Closing, Owner shall provide Purchaser with a copy of any existing prior title insurance Agenda Item No. 1663 May 25.2010 Page 6 of 16 policies. Owner shall cause to be delivered to Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form (hereinafter referred to as "Closing Documents") on or before the date at Closing: (a) Right-at-Way, Drainage and Utility Easement: (b) Closing Statement; (c) Grantor's Non-Foreign, Taxpayer Identification and "Gap" Affidavit; (d) W-g Form; and (e) Such evidence of authority and capacity of Owner and its representatives to execute and deliver this agreement and all other documents required to consummate this transaction, as reasonably determined by Purchaser, Purchaser's counsel and/or title company. 4. Both Owner and Purchaser agree that time is of the essence. Therefore, Closing shall occur within ninety (90) days from the date of execution of this Agreement by the Purchaser; provided, however, that Purchaser shall have the unilateral right to extend the term of this Agreement pending receipt of such instruments, properly executed, which either remove or release any and all such liens, encumbrances or qualifications affecting Purchaser's enjoyment of the Easement At Closing, payment shall be made to Owner In that amount shown on the Closing Statement as "Net Cash to Seller," and Owner shall deliver the Closing Documents to Purchaser in a form acceptable to Purchaser. Owner agrees to relocate any existing irrigation system located on the Easement including irrigation lines, electrical wiring and sprinkler valves, etc., prior to the construction of the project without any further notification from Purchaser. Owner assumes full responsibility for the relocation of the irrigation system on the remainder property and its performance after relocation. Owner holds County harmless for any and all possible damage te the irrigation system in the event owner fails to re!ocate the irrigation system prior to construction of the project If Owner elects to retain improvements and/or landscaping ("Improvements") located on the Easement, the Owner is responsible for their retrieval prior to the construction of the project without any further notification from Purchaser. Owner acknowledges that Purchaser has compensated Owner for the value of the Improvements and yet Purchaser is willing to permit Owner to salvage the Improvements as long as their retrieval is performed before construction and without interruption or inconvenience to the County's contractor_ All Improvements not removed from the Property prior to commencement of construction of the project shall be deemed abandoned by Owner. This provision shaH survive Closing and is not deemed satisfied by conveyance of title. 6. Owner and Purchaser agree to do all things which may be required to give effect to this Agreement immediately as such requirement is made known to them or they are requested to do so, whichever is the earlier. 7. Owner agrees, represents and warrants the following: {a) Owner has full right, power and authority to own and operate the property underlying the Easement, to enter into and to execute this Agreement, to execute, deliver and perform its obligations under this Agreement and the instruments executed in connection herewith, to undertake all actions and to perform all tasks required of Owner hereunder and to consummate the transaction contemplated hereby. Agenda Item No. 16B3 May 25, 2010 Page 7 of 16 (b) Purchaser's acceptance of the Easement shall not be deemed to be full performance and discharge of every agreement and obligation on the part of Owner to be performed pursuant to the provisions of this Agreement. (c) No party or person other than Purchaser has any right or option to acquire the Easement or any portion thereof. (d) Until the date fixed for Closing, so long as this Agreement remains in force and effect, Owner shall not encumber or convey any portion of the property underlying the Easement or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Easement, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement, which consent may be withheld by Purchaser for any reason whatsoever. (e) There are no maintenance, construction, advertising, management. leasing, employment, service or other contracts affecting the Easement. (I) Owner has no knowledge that there are any suits. actions or arbitration, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affect the Easement or which adversely affect Owner's ability to perform hereunder; nor is there any other charge or expense upon or related to the Easement which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. (g) Purchaser is entering into this Agreement based upon Owner's representations stated in this Agreement and on the understanding that Owner will not cause the physical condition of the property underlying the Easement to change from its existing state on the effective date of this Agreement up to and including the date of Closing. Therefore, Owner agrees not to enter into any contracts or agreements pertaining to or affecting the property underlying the Easement and not to do any act or omit to perform any act which would adversety affect the physical condition of the property underlying the Easement or its intended use by Purchaser. (h) The property underlying the Easement, and all uses of the said property, have been and presently are in compliance with all Federal, State and Local environmental laws; that no hazardous substances have been generated, stored, treated or transferred on the property underlying the Easement except as specifically disclosed to the Purchaser; that the Owner has no knowledge of any spill or environmental law violation on the property contiguous to or in the vicinjty of the Easement to be sold to the Purchaser, that the Owner has not received notice and othervvise has no knowledge of: a) any spill on the property underlying the Easement: b) any existing or threatened environmental lien against the property underlying the Easement: or c) any lawsuit, proceeding or investigation regarding the generation, storage, treatment. spill or transfer of hazardous substances on the property underlying the Easement. This provision shall survive Closing and is not deemed satisfied by conveyance of title. 8. Owner shall indemnify, defend, save and hold harmless the Purchaser against and from, and reimburse the Purchaser with respect to, any and all damages, claims, liabilities, laws, costs and expenses (including without limitation reasonable paralegal and attorney fees and expenses whether in court, out of court, in bankruptcy or administrative proceedings or on appeal), penalties or fines incurred by or asserted against the Purchaser by reason or arising out of the breach of any of Owner's representations under paragraph 7(h). This provision shall survive Closing and is not deemed satisfied by conveyance of title. 9. Purchaser shall pay all fees to record any curative instruments required to clear title, all Easement recording fees, and any and all costs and/or fees associated with securing and recording a Release or Subordination of any mort9age, lien or other encumbrance recorded against the property underlying the Easement; provided, Agenda Item No. 1663 May 25, 2010 Page 8 of 16 however, that any apportionment and distribution of the full compensation amount in Paragraph 2 which may be required by any mortgagee, lien-holder or other encumbrance-holder for the protection of its security interest, or as consideration due to any diminution in the value of its property right, shall be the responsibility of the Owner, and shall be deducted on the Closing Statement from the compensation payable to the Owner per Paragraph 2. In accordance with the provisions of Section 201.01, Florida Statutes, related to the exemptions against payment of documentary stamp taxes by Purchaser, Owner shall further pay all documentary stamp taxes required on the instrument(s) of transfer, unless the Easement is acquired under threat of condemnation. 10. This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustees, and/or assignees, whenever the context so requires or admits. 11. If the Owner holds the property underlying the Easement in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Owner shall make a written public disclosure, according to Chapter 286, FlOrida Statutes, under oath, of the name and address of every person having a beneficial interest in the property underlying the Easement before the Easement held in such capacity is conveyed to Purchaser. (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.) 12. Conveyance of the Easement, or any interest in the property underlying the Easement, by Owner is contingent upon no other provisions, conditions, or premises other than those so stated herein; and this written Agreement, including arl exhibits attached hereto, shall constitute the entire Agreement and understanding of the parties, and there are no other prior or contemporaneous written or oral agreements, undertakings, promises, warranties, or covenants not contained herein. No modification, amendment c:. cancellation of this Agreement shaH be of any force or effect unless made in writing and executed and dated by both Owner and Purchaser. 13. Should any part of this Agreement be found to be invalid, then such invalid part shall be severed from the Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and not be affected by such invalidity. 14. This Agreement is governed and construed In accordance with the laws of the State of Florida. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written, AS TO PURCHASER: DATED: ATTEST: DWIGHT E. BROCK, Clerk BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA BY Deputy Clerk FRED W COYLE, Chairman AS TO OWNER: DATED: 3131} Ib . (-' --rt-fv1Yl A5 :r; fJ AiXN It.. Name (Print or Type) Approved as to form and legal sufficiency: LaS1 ReVl$ea: 2r91Q9 Agenda Item No. 16B3 May 25,2010 Page 9 of 16 ESTATE OF FRANK DALY, DECEASED By~l-l1~ TRACY L. PALENIK, Personal Representative r---------- I I Agenda Item No. 16B3 May 25. 2010 Page 10 of 16 EXHIBIT /~ Page-L:: af--L- w~L, '~' . DAtr[ST ORIJ51j12C7 :-J>\L\ (Sj t!R ml)i~"tJl TRACT 1 TRACT 1 B GOLDEN GATE ESTATES UNIT 78 PlAT seOK :5 PACE 16 TRACT 19 GOLDEN GATE ESTATES UNIT 78 PLAT BOOK 5 P,t,G( 16 PROPOSED ROADWAY EASEMENT PARCEL 467 ROUE ~I.~~() so. " 18'I~OO _ ~."Otl __~tIO -'--T-~-I I . 11[[0110:; ([;:,:.!:JI\;f'A;;l) LEGAL DESCRIPTION FOR PARCEL 467 RDUE A PORTION OF TRACT 18, GOLDEN GArE [STAlES, UNIT 78 AS RECORDED IN PLAT BOOK 5. PAGE 16 or THS PUBLIC RECORDS or COLLIER COUNTY, FLORIDA, lYING IN SECTION 5, TOWNSHIP 49 SOUTH, RANGE 28 EAST, COLLIER COUNTY, FLORIDA. BEING MORE. PARTICULARLY DESCRIBED A.S FOLLOWS THE NORTH 25 FEET OF THE SO\J";'H 75 FEET OF SAID TRACT 18. CONTANING 8.250 SOuARE r:CT. WORF.: O~ l.ESS, SKETCH & DESCRIPTION ONLY NOT A BOUNDARY SURVEY :3CAU:. l.~ 100' FOR: COLLIER COUNT" COVERNMENT aOl\fm or COWHY COMUISSrO"l!:RS ,j{{gt(,y,.., "m" I ~o~~~~ :~,~;~~~~~:~~;,~:~'~::':~~{~~:"~;~>SD su_ P' GOLDEN GATE BOULEVARD SKETCH & DESCRIPTION Of': PROPOSED HOADlI'AY EASEMENT PARCEL 467 RDUE COLLIER CDUNTY, FLORIDA RJ~.l~~~~q ....~, T.L ..a..~&M'fT*II GGIC_P.",OrIve.Sulr.l!OO N,plo&.Flofld.;J.noo f'l\"...., 1Z.l9] ~~f.l}~1S FAll:(13P) 5111-05111 19No.'6~ Fill NAMl SHEET UN785K457 1 OF 1 JOE! N\JM8[R )::Ja2T7JO,OO 0007 Agenda Item No. 16B3 May 25, 2010 Page 11 of 16 lOCATION MAP 60040-467RDU E Estate of Frank Daly Golden Gate Estates Unit 78, Tract 18 LAND APPRAISAL REPORT IM';"FileN,p~~~Q'mlf'I~\r'~o. 16B3 File No. Parcel46Z 25, 2010 CensusTracl~MapReference S5-T49-R28 2 of 16 Borrower Owner: Dalv Est. Property Address N/S Golden Gale Blvd E. ._ City Naples County~~_ legal Description Golden Gate Estates Unil78 Tracl18 Sale PriceS N/A Dale of Sale N/A~ loanTerm~_ yrs Property Rights Appraised Actual Real Eslale Taxes $ 1,499.82 (yr) Loanchargeslobepaidbyseller$~OIhersalesconcessions LenderlCHerrt Collier County GovfTransDortation Division Address 2885 South Horseshoe Drive, Na les Fl34104 Occupalll vacanlland Appraiserl:!.~ry Hendersonc.~ Instructions to Appraiser Estimate Market Value/Partial Take Folio #40741040004 Location Suburban Rural BuiR Up 25% to 75% LJ Under 25% Growth Rate FullyDev X Slow Property Values lX Declining Demand/Supply ;; in Balance ~8: O~ersupply Marketing Time 0 Under 3 Mos. I.~ 4-6 Mos 0.J O~er 6 Mos Present Land Use .2Q.% 1 Family _% 2-4 Family _% AplS. _% Condo_% Commercial % Industrial 50% Vacant % Changfl in Present Land Use o NOlLikely -[gJUkely(*) o Taking Ptace(*) (*) From vacant To sinQle-familv [SJ Owner 0 Tenam % Vacarrt $~ to$ 300000 PredominarrtValue$ 135,000 ----Lyrs,to~yrs, PredominarrtAge~yrs. Slate FL Zip Code 34120 Fee CLeasehold ODeMinimisPUD Predominant Occupancy Single Famity Price Range Single Family Age EmpioymemSlabilily Con~eniencetoEmploymem Con~enience to Shopping Convenience 10 Schools Adequacy ot Public Transportation RecreationaiFacilities Adequacy of lllilities Property Compatibility Protection from Detrimental Conditions PoiiceandFireProtection General Appearance of Propertles Appeal to Market Good A~g, Fair Poor DDiZlD ::::JiZlDD C:>.JDD ~.J:>.JCD 0[8]00 DiZlDD 0[8]00 DiZlDD DiZlDD D:8JDD DiZlCD 0[8]00 Comments including those factors, fa~orable or ullfa~orable, affecting marketability (e.g pUblic parks, schools, ~iew, noise):See attached addenda. Dimensions 330 x 680 5.15 Sq. Ft or Acres Corner Lot Zoning class~ication Estates 12.25 acre con/orminQ 101 size min.) Present Impro~emerrts IN: do [AJ do not corrtorm to zoning regulations Highest and best use D Preserrt use .LJ.Qther s ecif eventual sin le-famil develo ment 2 home sites Bec P~ijC Other (Describe) I Street AC:S SITE 5~r:~b~i~Mf,jS Pri~ate i~~o ~::I alible with area Gas 0 ~~-ISurface Macadam -----..,-c---' :IShap;-R-eclanoular Water 0 i Mai_ntenance l2:J P,~~!ic _J Pri~ate View Nei hborhood San, Sewer 0 ,~ [ Storm Sewer i _~ Curb/GulterDrainage ears 10 be ade uale ,] Underground Elec!. & Tel.i_D Sidew,!!~___ ~J_~lree!!!9.~ .Is the f1roperty located in a HUO ldentl1ied Special Flood Hazard Area? ~ NoD Yes Comments ~avorableor unfavorable iIlcluding any apparent adverse easements, encroachments, or other ad~erse condtlions) Zone D, Comm#120067C0250G. dtd 11/17/05 No adverse conditions observed. T ical roadway and/or parameter Ulili~~~ments exist on the site; these are common in the area and do not im act value. The undersigned has reciled I!1ree recent adjustment reflecting markllt reaction to 10,622/ac 29,000 + - Must. in $/ac SaJesorFinancing Concessions Ne1Ad. alai lfldicatedValue of Subject Comments on Market Data: 10,622 Comments and Conditions of Appraisal: ~~omps are~ared on a5/acr~unil price: basis. A unil price of $11 ,ODD/acre is selected as most reasonable for Ihe subiectlracl. __._~___~__________ See attached Limitin Conditions. Final Reconciliation: The subiecl ROW parcel is a 25ft-wide strip r_unnin alan the sub'ecl's GGB fronta e; Ihe lotal area of the takin arcel is .19 acres, At a unit! rice of $11 ODD/acre the estimated iand value of Ihe subect lakin is: .19 acres x $11.000/acre = $2 090 I unMATE THE MARkET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF Eebrurarv 10 20~ to be $ 2,090 artiallake Harry Henderson, 8RA Appraisers ~2~ Re~iew Appraiser (ii applicable) Oil! o Did Not Physically Inspect Property pplemental Addendum IM,;o"I,No Pl'!i~~ImlEllri\'l'ir1~o. 1663 Fil, No. Pa,ce' 467RDUE May 25, 2010 13 of 16 Borrower/Client Owner: Os Est. Pro e Address N/S Golden Gate Blvd E. C' Na les Gou Collier Lender Collier Count GovlTrans ortalion Division State Fl Zip Code 34120 . Land: Neiahborhood Market Factors The subject is located in the central part of unincorporated Collier County in the Golden Gate Estates area. Golden Gate Estates is a sprawling pre-platted subdivision consisting of acreage~type single-family homesites (1.14 to 5 acres typically) in a semj.rural setting. Essential services are within a 35 minute drive. Golden Gate Boulevard is an east.west running thorofare linking the eastern Estates area to Collier Boulevard (with greater Naples beyond). Maintenance levels in the area are average. . Land: Market Data The subject and camps are compared on a unit/price ($/acre) basis. This method eliminates the need for direct size adjustments. The sales cited are all Estates zoned lands located in the general vicinity of the subject. The overall real estate market has been in decline since late 2005 and remains exceptionally weak.; the Estates market has been especially soft due to a severe supply-demand imbalance in this area. The safes cited are relatively recent transactions; no time adjustments have been applied in order to give property owner's every benefit of the doubt. The indicated unit prices range from $10,622/acre to $12,828/acre: given the comparison criteria discussed, a unit price of $11,OOO/acre is selected as reasonable for the subject lands. The ProDosed Take Parcel 467RDUE is a 25ft.wide strip taking running along the front of the subject site on Golden Gate Blvd. This ROW interest will be in the form of a permanent easement which will widen an existing ROW easement over the subject property for the existing GGB. The proposed new easement area will contain 8,250 sf or .19 acres. Form TADD - "WinTOTAL" appraisal software by a la mode, inc. -l.aOO-ALAMODE Location Map 1M,;" File No. Pj!i~If,7,~Fllri!!l'i rlllo 1683 May 25, 2010 14 of 16 Borrower/Client Owner: DB Est. Pro Address N/S Golden Gate Blvd E. C. Na les Courrtv Collier Lender Collier Count GovrTrans ortalion Division State Fl Zip Code 34120 411\ AveNE'-' 35tnIwe.NE }1!i 33rdA~NE' 315tA'Jt.NE.... 29th A~e NE--_. ~~. 2"lth Aile NE NE 22n~~NE"" 20lhAve"NE 16lt1I\~NE ~ ~ ~ ~ ~ ~ '" ~ ~ I ~ J . ~ . Ideo G4t~ Blvd tv ii- ~ ~ ~ ~ ~ ~ ~ ~ ::i iteBlud ~ _ ~ ~ - - ~ ~ ~ ~ ~. ~ ~ - ~ !!' ~ '" ~ ~ ~ ~: : ;; ; ; ..~, _ 61h Ave SE ~ ~-~ ~ i [umparahrp # ~ lUl 16th Av~nu[' NW 3 97 llulps NW ~ ~i ~ ~ ii- ~ ii- '" ~ '!J ~ ~ '" > ~ ~ ~ ~ ~ VI FraoqipMlilive lotI\A~5E: t j .- ~ @2010~j''''<OfttOlJ'~OoaN'~lEQ,'"~!.Fl'",''I><.I"< form MAP.LOC - ''WinTOTAL'' appraisal software by a la mode, inc. -1-BOO-AlAMODE IMain File No P~~~lij)l!'llr&Mlijo. 1683 May 25, 2010 Page 15 of 16 DEFINITION OF MARKET VALUE: The most probable price which a properly should bring in a campetitive and open market under all conditions rflquisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this delinition is the consummation of a sale as of a speciiied date and the passing of title from sellerla buyer under conditions whereby: (1) buyer and seller are typically motivalfld; (2) balh parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment \s made in terms of cash in U,S, dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sokl unaffected by special or creative financing or sales concessions* granted by anyone associated WITh the sale. * Adjustments to the comparables must be made for special or creative financing or sales concessions, No adjustments are necessary for those costs which are normally paid by sellers as a resurr of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institLllional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical doliar for dollar cost of the financing or concession but the dollar amoulll of any adjuslment shoukl approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the follOWing conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect erther the property being appraised or the title to it. The appraiser assumes that the lrtle is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis 01 it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualilingthe property and understandingth e appraiser's detelTl1ination of its size 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes noguarantees,expressorimplied,regardingthisdetermination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substaoces, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in pertorming the appraisal. Unless otherwise statoo in the appraisal report, the appraiser has no knowledge of any hidden or unapparelll condrtions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such condiUons and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsib~ for any such conditions that do exist Of lor any engineering or lesting that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards. the appraisal report must not be considered as an environmentaJassessmentoftheproperty. 7, The appraiser obtained the information, estimates. and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and beHeves them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were fumished by other parties. 8. The appraiser wi~ not disclose the contents 01 the appraisal report except as provided for in the Uniform Standards 01 Professional Appraisal Practice. 9 The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report ~ncluding conclusions about the property value, the appraiser's identITy and professional designations, and re1erences to any professional appraisal organizations or the filTl1 with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer: consun:ants: professional appraisal organizations; any state or federally approved financial instilulion; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except Ihat the lender/clientmay distribute the property description section of the report only to data collection or reporting service(s) wtthout having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must aiso be obtained before the appraisal can be conveyed by anyone to the public through advertising, publiC reiations, news, sales, or other media. Freddie Mac Form 4396.93 Page10f2 Fannie Mae Fonn 1004B 6-93 Collier Counly Government Fonn ACR - 'WinTOTAL' appraisal software by a ia mode, inc. - 1-S0Q-ALAMQOE 1M", File No. P~~&,7,~)if11 F.!!I', r~o. 1683 May 25, 2010 Page 16 of 16 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1, I have researched the subje<:t market area and have selected a mirlimum of three recent sales of properlies most similar and proximate 10 the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items 01 significant variation. n a signfficant item in a comparable property is superior to, or more favorable tI1an, the Subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inleriorto. or !ess favorable lhan Ihe subject property, I have made a posmve adjustment to increase the adjusted sales price of the comparable. 2. I t1ave taken into consideration the factors that have an impact on value in my development of th€ estimate of market value in the appraisal report I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my kl1OwJedge, that all statemellts alld illformation in the appraisal report are true and correct 3. I slated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, alld conclusions, which are subject Ollly to the contingent and limiling condilions specified in this form. 4. I have no present or prospective interest in the property that is the Subject to this report and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partial~ or completely, my analysis and/or the estimate of market value in tile appraisal report on lI1e race, color, religion, sex, handicap, familial status, or nationai origin of e~herfhe prospective owners or occupants of the Subject property or of the present owners or occupants of the properties in the vicinity of the subject property 5. I have no present or contemplated future interest in the subject property, and neilher my current or future employment nor my compensation for periormlng this appraisal is contingent on the appraised value of the property, 6. I was not required to report a predetermined value or direction in value that favors the cause of lhe client or any related party, the amount of the vaiue estimate. the attainment of a specific resuR, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did nof base lte appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loa n 7. I perfOrmed ttris appraisal in conformity wilh the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, wilh the exception of the departure provision ollhose Standards, which does not apply. I acknowledge that an estimate of a reasonable time lor exposure in !he open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliatioosection B. I have personaliy inspected the irrterior and exterior areas and the exterior of all properties listed as comparables in the appraisal report I further certify lhat I have noted any apparent or known adverse Subject improvements, on the subject site, or on any site within the immediate vicinity of the Subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence 10 support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property 9. I personally prepared all conclusions and opinions about the real estate that were set torth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the periormance of lhe appraisal or the preparation of lhe appraisal report, i have named such individual(s) and disck:Jsed t~specrtic tasks perioffiled by them in the reconciliation section of this appraisal report I that any individual so named is Qualified to periorm the tasks. I have not alJlttorized anyone to make a change to any item in the report; therefore. it an change is made to the appraisal report, I will lake I'lO responsibility for It SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that I directly supervise fhe appraiser who prepared th€ appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certrtications numbered 4 Ihrough 7 above, and am taking full responsibility lor the appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: NIB Golden Gale Blvd E., Naples, FL 34120 APPRAISER: SUPERVISORY APPRAISER (only if required): Signature:___"_~___ ~Slgnature:~ Name: Harry Henderson, 8RA Name' Date Signed: Februarv 10 2010 Dale Signed: Stale Certification #: .RD3475~~______ State Certification # orStaleLlcense#__ _______ or State License#' State: FL State: Expiration DateofCertrtication or License: 11/30/10 _..___~ Expiration Date of Certification or License:____ Did Did Not Inspect Property Freddie Mac Form 4396-93 Page20f2 FannieMaeForm1004B6-93 Form ACR - "WinTOTAL" appraisal software by a la mode, inc. -1-800.ALAMODE