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Agenda 07/27/2010 Item #16A27Agenda Item No. 16A27 July 27, 2010 Page 1 of 16 EXECUTIVE SUMMARY Recommendation to approve the purchase of a road right- of -wav, drainage and utility easement (Parcel No. 240RDUE) required for the expansion of Golden Gate Boulevard from two lanes to four lanes between Wilson Boulevard and Desoto Boulevard. (Project No. 60040.) Estimated fiscal impact: $5,450. OBJECTIVE: To obtain the approval of the Board of County Commissioners for the purchase of a road right -of -way, drainage and utility easement required for the expansion of Golden Gate Boulevard from two lanes to four lanes between Wilson Boulevard and DeSoto Boulevard. CONSIDERATIONS: The subject easement parcel is located on the south side of Golden Gate Boulevard (Unit 48, Golden Gate Estates) and comprises 7,095 square feet of an improved 2.58 acre parent tract, owned by Jose and Yngrid Richetti. The Growth Management Division's Review Appraiser, Harry Henderson, SRA, has prepared the attached appraisal of the subject parcel and has estimated its current market value to be $2,850. This amount includes improvements of $1,140 located within the area of the parcel and is based on most recent comparative sales data, which indicate a unit value of $10,500 per acre. The current / 2009 assessed value of the parent tract is $25,000 per acre and, based on this value, the value of the subject parcel is $5,215 inclusive of improvements. On June 8, 2010, Growth Management staff mailed a letter to the owners inviting them to call to discuss the sale of the required easement to the County. Mr. Riehetti responded within a few days and requested information on current land values and inquired what the County was willing to pay. Through continued negotiations and after staff provided him with information on current market values and the current / 2009 assessed values, he stated that he and his wife were willing to sell the subject parcel to County for $5,000 (based on the current / 2009 assessed value). The attached easement agreement for this amount was prepared by staff and has been executed by the owners. Staff is recommending that the Board of County Commissioners purchase the required easement from the Richettis for the purchase price of $5,1100 and believes there are compelling reasons to do so. First, this is not a distress sale. The property owners can afford to wait for the market to improve. There are no attorney fees and Mr. and Mrs. Richetti are cooperating with staff. If we delay this acquisition for several years until construction is imminent and are forced to take the easement through condemnation, the cost of doing so would far exceed the owners' current asking price. Furthermore, if we delay 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 parcel than what the owners are seeking today. Finally, 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 are being taxed by the government. The easement agreement was negotiated at the 2009 assessed value prior to the publishing of the Agenda Item No. 16A27 July 27, 2010 Page 2 of 16 new 2010 values. The easement agreement was negotiated at the current / 2009 assessed value prior to the publishing of the preliminary 2010 assessed values on July 15`h. FISCAL IMPACT: Funds in the amount of $5,450 will be paid from road impact fees. This amount includes title work and recording costs estimated at $450. GROWTH MANAGEMENT IMPACT: This project is consistent with the Long Range Transportation Plan and the Collier County Growth Management Plan. LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney's Office and is legally sufficient for Board approval. RNZ RECOMMENDATION: Based on the above considerations, Growth Management staff is recommending that the Board of County Commissioners of Collier County: 1. Approve the attached easement agreement and authorize its Chairman to execute swine on behalf of the Board; 2. Accept the conveyance of Parcel No. 240RDUE to Collier County and authorize the County Manager, or his designee, to record the easement instrument in the public records of Collier County, Florida; 3. Authorize the payment of all costs and expenses necessary to close the transaction; 4. Authorize the County Manager, or his designee, to take the necessary measures to ensure the County's performance in accordance with the tenns and conditions of the agreement; and 5. Approve any and all budget amendments which may he required to carry out the collective will of the Board. Prepared by: Robert Bosch, Right -of -Way Coordinator, 'Transportation Engineering Attachments: (1) Easement Agreement with Exhibit "A"; (2) Location Map; (3) Appraisal Report (4) 2009 Final Tax Roll Agenda Item No. 16A27 July 27, 2010 Page 3 of 16 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS Item Number: 16A27 Item Summary: Recommendation to approve the purchase of a road right -of -way, drainage and utility easement (Parcel No 240RDUE) required for the expansion of Golden Gate Boulevard from two lanes to four lanes between Wilson Boulevard and DeSoto Boulevard. (Project No 60040.) Estimated fiscal impact $5,450. Meeting Date: 7/27/2010 9.00 00 AM Prepared By Robert Bosch Right Of Way Coordinator Date Transportation Engineering & Transportation Division Construction Management 7112,12010 12:16:59 PM Approved By Gary Putaansuu Project Manager, Principal Date Transportation Engineering & Transportation Division Construction Management '/1212010 1:09 PM Approved By Kevin Hendricks Manager - Right of Way Date _.. Transportation Engineering & Transportation Division Construction Management 7112,2010 1:09 PM Approved By Lisa Taylor ManagementiBudget Analyst Date Transportation Division Transportation Administration 7/12i20101'.48 PM Approved By Robert N. Zachary Assistant County Attorney Date County Attorney County Attorney 'I i2,2010 2:32 PM Approved By Jeff Kiatzkow County Attorney Date 7112;2010 3:45 PM Approved By Nick Casalanguida Darector - Transportation Planning Date Transportation Division Transportation Planning 711 212010 4:31 PM Approved By Norm E. Feder, AICP Admm,i,T!atcr -7 ranseortaiion Date 7ran5n3rtatlOn Division , ransocrtation Admn!s ?ration ?l; 3'2010 L29 PM Approved By NajehAhmad Director - Transportation Engineering Date P,genda Item No. 16A27 July 27, 2010 Page 4 of 16 Transportation Engineering & Transportation Division 7I 1311.010 1.35 PM Construction Management Approved By Natali Betancur Administrative Assistant Date Transportation Division Transportation Road rAlaintenance 7/141211 0 c25 AM Approved By OMB Coordinator Date County Manager's Office Office of Management & Budget 7114i201010:16 AM Approved By Susan Usher Management/Budget Analyst, Senior Date Office of Management & Office of Management & Budget 711612010 7:46 PM Budget Approved By Mark lsackson ManagemenUBadget Analyst, Senior Date Office of Management & Office of Management& Budge[ 71117/2010 112:06 PM Budget PROJECT: Golden Gate Blvd. No. 60040 PARCEL No(s): 240RDUE FOLIO No(s): 39210320101 Agenda item No. 16A27 July 27, 2010 Page 5 of 16 ROAD RIGHT -OF -WAY, DRAINAGE AND UTILITY EASEMENT AGREEMENT THIS ROAD RIGHT -OF -WAY, DRAINAGE AND UTILITY EASEMENT AGREEMENT (hereinafter referred to as the "Agreement ") is made and entered into on this day of 2010, by and between JOSE A. RICHETTI AND YNGRID RICHETTI, husband and wife, whose mailing address is 1530 Golden Gate Boulevard E., Naples, FL 34120 -3612, (hereinafter referred to as "Owner"), and COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing address is 3301 Tamiami Trail East, Naples, Florida 34112 (hereinafter referred to as "Purchaser "), WHEREAS, Purchaser requires a perpetual, non - exclusive road right -of -way, drainage and utility easement over, under, upon and across the lands described in Exhibit "A ", which is attached hereto and made a part of this Agreement (hereinafter referred to as the "Easement "); and WHEREAS, Owner desires to convey the Easement to 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: 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. Owner shall convey the Easement to Purchaser for the sum of: $5,000.00 subject to the apportionment and distribution of proceeds pursuant to Paragraph 9 of this Agreement (said transaction hereinafter referred to as the "Closing "). Said payment to Owner, payable by County Warrant or funds wire transfer, shall be full compensation for the Easement conveyed, including 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. 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 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 of Closing: (a) Road right -of -way, drainage and utility easement; (b) Closing Statement; Agenda item No. 16A27 Page duly 27. 2010 (c) Grantor's Non - Foreign, Taxpayer Identification and "Gap" Affidavit; Page 6 of 16 (d) W -9 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. 5. 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 to the irrigation system in the event owner fails to relocate the irrigation system prior to construction of the project. If Owner elects to retain improvements and /or landscaping ( "Improvements ") located on the Easement, 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 Easement prior to commencement of construction of the project shall be deemed abandoned by Owner. This provision shall survive Closing and is not deemed satisfied by conveyance of title. 6. Owner and 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. (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, Agenda Item No. 16A27 Page July 27, 2010 without first obtaining the written consent of Purchaser to such conveyance Page 7 of 16 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. (f) Owner has no knowledge that there are any suits, actions or arbitration, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affect the Easement or which adversely affect Owner's ability to perform hereunder; nor is there any other charge or expense upon or related to the Easement which has not been disclosed to 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 adversely 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 vicinity of the Easement to be sold to the Purchaser, that the Owner has not received notice and otherwise has no knowledge of: a) any spill on the property 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, and all Easement instrument 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 underlying the Easement; provided, however, that any apportionment and distribution of the full compensation amount in Paragraph 2 which may be required by any mortgagee, lien- holder or other encumbrance - holder for the protection of its security interest, or as consideration due to any diminution in the value of its property right, shall be the responsibility of the Owner, and shall be deducted on the Closing Statement from the compensation payable to the Owner per Paragraph 2, 10. There shall be deducted from the proceeds of sale all prior year ad valorem taxes and assessments levied against the parent tract property which remain unpaid as of the date of Closing. Agendaltem No, 16A27 Page 4uly 27, 2010 Page 8 of 16 11. This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustees, and /or assignees, whenever the context so requires or admits. 12. If the Owner holds the property underlying the Easement in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Owner shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, subject to the penalties prescribed for perjury, of the name and address of every person having a beneficial interest in the property underlying the Easement before the Easement held in such capacity is conveyed to 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.) 13. Conveyance of the Easement, or any interest in the property underlying the Easement, by Owner is contingent upon no other provisions, conditions, or premises other than those so stated herein; and this written Agreement, including all exhibits attached hereto, shall constitute the entire Agreement and understanding of the parties, and there are no other prior or contemporaneous written or oral agreements, undertakings, promises, warranties, or covenants not contained herein. No modification, amendment or cancellation of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Owner and Purchaser. 14. Should any part of this Agreement be found to be invalid, then such invalid part shall be severed from the Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and not be affected by such invalidity. 15. This Agreement is governed and construed in accordance with the laws of the State of Florida. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written. AS TO PURCHASER: DATED: ATTEST: BOARD OF COUNTY COMMISSIONERS DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA BY: Deputy Clerk FRED W. COYLE, Chairman AS TO OWNER: [DDAA¢Tt[JEl/D: Dl- oq-1o(e Witness (Signature) �AT'..F I�RPrsr�CaN(, Name (Pri Type) Witness`(Signature) osl,kr OoSC4 Name (Print or Type) r r JO A. RICHETTI i d{ L. Y. a LIL�[30G�sP�. Witness (Signature) Dlff14/e )4KAL771&A)6 Name (Print or Type) Witn (Signature) QoQfikT BQ4C.tf Name (Print or Type) Approved as to form and legal sufficiency: Assistant County Attorney Last R.med 5 /18/10 Agenda Item No. 16A27 Page 5u1' 27, 2010 Page 9 of 16 GOLDEN GATE BOULEVARD (CR 876) Y 122+00 �23r00 1 124.00 ITt +00 3 +- k 4S III --Ll 11 If TRACT 97 PROPOSED ROADWAY EASEMENT PARCEL 240 ROUE P5 SR. Fl. TRACT 134 GOLDEN GATE ESTATES UNIT 48 PLAT BOOK 5 PAGE 78 EAST 165 OF TRACT 134 DIFABIO & DFABIG �� RICHETTI OR 3781/]90 OR 3783/858 Agenda Item No. 16427 July 27, �le 16 of 16 126 +00 EXHIBIT Page of TRACT 135 — N V! F S I SO rT SQUARE FE-7 TEEM - ROW OR OFFICIAL RECOROS :HOOK /PAGE) PROPOSED ROADWAY, DRAINAGE AND U-ILHY rASEMENT (ROVE) FES U 12010 E %ISTING ROADWAY EASEMFNT DEDICATCp TO THE PERPETUA, 'JSE OF THE PUBLIC PER PICT BOOK 5. PAGE 78 LEGAL DESCRIPTION FOR PARCEL 240 ROUE A P.^.RTION OF TRACT 134. GCLDEO GATE ESTATES, -NIT 4P. AS RTCCRDED IN PLAT BOOK 5, PACE 78 OF T'•iF PUBLIC RECORDS OF CCLVER COUNTY, FLORIDA. .YING IN SEC'.:aN 2, TOWNSHIP 49 SOUTH, RANGE 27 FAST, CCLLIER COUNTY, FLORIDA, BFING MORE PARTICI:LARLY DESCRIEEIJ AS FO!' -OAS. THE SOUTH 43 ­EE' OF THE NCP H yL LET - THE EAST X65 FEET OF CAP, TRACT 1 A. CONTAIN NG 709t SQUARE TET, M R, OR LEST. 0 40 80 lec s'''a raareslonu suamw a eAaam SKETCH & DESCRIPTION ONLY Is cw.rPic w m""TI°r �j�f�e0. voi tm NOT A BOUNDARY SURVEY SCME' 1. -e0' wa Ma.em TMs onxsw v nms {ism neossm scu or FOR. COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMSSIONERS A0 L..w amisrmm cTaoas`s` sueYivOa w9 uwam. GOLDEN GATE BOULEVARD VC `A ���w�Wdim SKETCH & DESCRIPTION OF: PROPOSED ROADWAY EASEMENT 1�'US.Emy j� PARCEL 240 RDUE N..� PeMA 94101 COLLIER COUNTY, FLORIDA vwor lne�snans sAx. tzxl serae+e LOW, Bess JJ2 NUMBER RF VISIE1 SECTION TOWN$H IP r2PN GE SCALE )P "I BRAWN R" F'LE NAME SHEE1 SID7.00 0 I OOG1 REV 0, 2 4g 27 I" = 80' D=C 2009 S.Dl. SK 240 t OF 1 lit v 'A& 0 14, AC owl' iW 7 jx LAND APPRAISAL REPORT Main pie No A e I . 16A27 File No Parcel 240ETI& 27, 2616 2of16 Borrower Owner. Richettl Census Tract 112.02 Map Reference I - T49 -R27 y Property Address 1530 Golden Gate Blvd City Naples __ _ County Collier _ _ State FL Zip Code 34120 Legal Description Golden Gate Estates Unit 48 E 165ft of Tract 134 Sale Price S NIA_ Date of Sale N /A- Loan Term N /A_ yrs Property Rights Appraised '" Fee Leasehold _, De Minimis PUT) _ Actual Real Estate Taxes 5 3.23329 (yr) Lean charges to be paid by seller S N/A _Other sales concessions N/A _ Leride4Chart Collier County Gov/Transportation Division Address 2885 Sonar Pc oa3hoe Drive Naples FL 34104 Occupant owner Appraiser Harry Henderson SFbl Instructions to Appraiser Estimate Market Value Parent TracVPart ial Take Folio #39210320101 subject is improved with a spermle-farl home'. valuation of land and affected improvements only. Location i Urban Suburban Rural Good Avg. Fair Poor _ Built Up Over '51, F,. 25 %to75'b . Under 25% Employment StauiliN Growth Rate _ Fully Des Rapid Steady Slow Convenience to Employment ❑ _ — Progeny Values increasing ❑Declining Convenience to Shopping _Stable Demand'Supply Shortage . In Balance ?, Oversupply Convenience to Schools g ❑ Marketing Time [ Under 3 Mos. ❑ 4 6 Mos. ❑ Over Mos. Adequacy of Public Transportation I �' ) ❑ Present Lord Use 60 %1Family %2- 4Family %Apts %Congo 5% Commercial Rec2atjeral Facilities _ Industrial 35% Vacant % _ Adequacy of Ullllties _ _ _ - -___ Change In Present Fred Use Not Likely ;i Likely ( ") L Taking Place ('j Property Compatibility Si ❑ (')From vacant In single - family Projection Item Detrimental Conditions ❑ Predominant Occupancy Owner lenarel Vacam Police and FIB Protection ❑ — Single Farnlly Price Range S. 80,000_ _ to S340.000 _ Predominant Value 5 150,000 General Appearance of Properties X [ _ X. Single Family Age 1 yrs. to 30 yrs- Predominant Age _,_ 10 vrs. Appeal to Market view noise) See attached addenda. _ Comments including these Factors. favorable or umavorable, structure marketability is g. public parks schools Dimensions 165 x 680 = 2.58 Sq. Ft. of Acres Comer , at Zoning classification Estates (2 25 acre cenformina lot size min.) Present Improvements [ an _I do not conform to toning regulations Highest and best use Present use I '_Other (spec %y) Public Other (Describe) 1 OFF SITE IMPROVEMENTS ITope Level Flea �`1 _ _ _ Street Access [k, Public Private Size_ Cam -per ble with area Gas __. Surface Macadam_ _ _- .. Shape Recta ntrular _ _ Water I Maintenance PC Public Private (View Neighborhood San. Sewer i Form Sewer Curb /Gutter 'Drainage Appears to be adequate Underground Elect & Tel l _I Sidewalk _ Some Lights Isthe property located Ina HUDldenflfkd SpecialFMod Hazard Area? '.'JNo[ Iles Comments (favorable or unfavorable included any apparent adverse cannabis encroachments or other adverse conhidons) . Zone D .Comm #120067CO250G, old 11 117105 No adverse conditions observed. _7 Star roadway and /orparameter utility easements exist on the site'. these are common in the area and do _ - not meant value.The counsel has recited three recent sales of posters most similar and recall to subject and has considered these in the market reopen The resonance includes a dollar adjustment loading market reaction to those items of signlficam variation between the subject and comparable properties li a significant them in the mmpamble progeny is superior to of more beenrabla than the subject property a minus I-I aduatment Is nor thus mNlous the forces value of subject) If a significant Item in the comparable is interior Ip of Tess favorable than the subject property, a plus (1) adjustment Is made thus increasing toe indicated value of ire subject. ITEM SUBJECT PROPERTY COMPARABLE NO 1 _ —_ __ ___COMPARABLE NO. 2_____ _. COMPARABLE N0.3 _,_._ Address 1530 Golden Gate Bind E S/S of 24th Avenue NE W /S of 12th Street SE S/S of and Avenue NE No Fes. FL 34120 Na les. FL 34.120_ Naples FL 34120 _ Naples, FL 34120 Prevent to Sub set 0.49 miles N �10p88 1 94 miles W 1.82 miles SW _ $ 1L8941ac Gales Price $ NIA /ac - §_ 14252/ac Price Gross _ S _ _ -� $ 11.500 MLS #209035064 E 16 300 MLS#20701 555 _ T_._ B._ 27.000 Data Source MLS #209024974 _ - DFG_CR PIIDN +I- 1$Adjust.. - — Dale of Sale and _ _ DESCRIPTION __ 7FSCRIPTION y iS Atl nst DFS R,'TIDN .I- Atlyust Time Adjustment N/A 210 104 12/08 - Location 1 ! Sim Far GGE Sundae Similar SiteNiew 258 acres !1 14 sues m $lac 1 59 acres m $lac 227 acres in $lac TapograPpV Zonis_ Level /na_tural Estates Le el natural _ _ Estates Lc ellnatural - Estates _ Levellnatural Estates _ "_ _ - Sales or Financing N/A rsf of Equiv. Cash or Equiv. Cash or Equiv. Concessions _ Net Atli. flotali.__ ' _- S _ _. _ =_S _ Indicated V2Ne i5 ofSudiecl r 10.088 10.252 $ 11.894 Comments on Market Data'. SBe eftached addenda Comments and Con @pens of Acerb Sal SubTCCt and camp : are compered on a $iacre unit price basis. Parent tract Land Value. 2.58 acres x $10.500/acra— $27.000 iroundedl___ See eftached Limiting Conddions— Final Reconciliation. Takinq Parcel. .163 acres x$ 10500 = §1710 Site improvements/Minor Cure E1140 Total Com ensatio S2S2 850 — - -- I ESTIMATE THE MARKET VEtUE, AS DEFINED, OF SUBJECT PROPERTY AS OF MdV 26 20 10 to be S _ 2 85 Harry Henderson SR _ __ _ _ _.. Did Did Not Physically Inspect Properly Appraisers) Review Appraiser if agpacantej OFkI Cagier County Government Form LNO —"Ainl apora6al stu was by a to mode. me — 1 -800 ALAMODE Main File Nora v 40A01 e _ 16A27 Supplemental Addendum File No Pame12a0RD E July 27, 2010 Borrower /Client Owner: Richebt 13 Of 16 Property Atltlress 7530 Golden Gate Blvd E. Ci Na les County Collier State FL Zip COde 34120 Lentler Collier County Gov /Transportation Division • Land : Neighborhood Market Factors The subject is located in the central part of unincorporated Collier County in the Golden Gate Estates area on Golden Gate Boulevard, Golden Gate Estates is a sprawling pre - platted subdivision consisting of acreage -type single - family homesites (1.14 to 5 acres typically) in a semi -rural setting. Essential services are within a 30 minute drive into greater Naples to the west. Maintenance levels in the area are generally average. • Land : Market Data The subject and comps 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 sales cited are relatively recent transactions; no time adjustments have been applied in order to give property owner's every benefit of the doubt. The indicated unit prices range from $10,088 /acre to $11,894/acre; given the comparison criteria discussed, a unit price of $10500 /acre Is selected as reasonable for the underlying unit /price value for the parent tract lands. Parcel 240RDUE The subject parcel is a 43 ft -wide ROW strip located on the north side of the parent tract along Golden Gate Boulevard. The size of the taking parcel is 7,095 at or .163 acres. At the appraised unit /price of $10,500 /acre the subject parcel has a direct land value of $1,710. The taking parcel also includes various site improvements. Items within the take area include a portion of driveway as well as minor landscaping. The contributory value of these items is estimated to be $1,140. In the Post -take condition, the subject property will have sufficient front yard area (distance from new ROW line to front of dwelling) for continued /undiminished residential utility of the property. No measurable damages to the remainder will result from this taking. The Total Appraised Compensation associated with the taking of parcel 240RDUE is estimated to be: $2,850 (rounded) Form TADD — "WInTOTAL appraisal software by a Is made. inc. -1 -80D ALAMODF (Main FilelJb Rar el P40RDLE Pac #J 16427 y r July 27, 2010 Psge 14 of 16 DEFINITION OF MARKET VALUE: 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, knowledgeably and assuming the price is not affected by undue stimulus. Implicit m this definition Is the consummation of a sale as of a specified date and the passing of title from seller it buyer under containers; whereby (1) buyer anc seller are typically motivated. (2) oath 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 is made in terms of cash In U . dollars or in terms of financial arrangements comparable thereto. and (5) the price represents the normal consideration for the prapetly sold unaffected by special or creative financing or sales concessions' granted by anyone associated with the sale Adjustments to the cdmparables must be made 10' special or creative financing or sales concessions. No adjustments are necessary for those casts which are council paid ny sellers ns a resun of tradition or law In a market area these casts are readily Identifiable since the seller pays these costs In virtually, all sales transactions. Specia' or creative financing adjustments can be made to the comparable comedy by comparisons to financing terms offered by a third party mspartional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar lot dollar cost of the financing or concession but the dollar amount of any approach Should approximate the markets reaction to the financing or concessions based OR the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's codification that appears In the appraisal repod is subject to the following conditions, 1. The appraiser will not be responsible for matters of a legal nature that affect either the pmpetly comp appraised or the title to it The appraiser assumes that the title is good and marketable and. therefore. will not render any opinions about the tile. The property Is appraised an the basis of it being under responsible ownership. 2. The appraiser has provided a sketch In the appraisal report to snow approximate dimensions of the Improvements and the sketch Is Included only to assist the reader at the report In visualizing the property and understanding the appraiser's determination at Its sae 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency far enter 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 no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear In court because he or she mace an appraisal of the property In ouestion. unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cast approach at its highest and best use and the improvements at their contributory value. These separate valuators of the land and improvements must not be used In conjunction with any other appraisal and are invalid IT may are so used 6. The appraiser has noted In the appraisal report any adverse conditions such as needed repairs, depreciation foe presence of hazardous wastes, tout substances, etc) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any ridden or inapparent conditions at the property or adverse environmental conditions (including the presence of hazardous wastes toxic substances, she) that would make the property more or less valuable, and has assumed that there are no sucF connents and makes no guarantees or warranties express cur Implied regarding the condition of me property The appraiser will not be responsible far any such conditions that do exist or for any engineering Or feeling that might be recurred to discover whether such conditions ex15t. Because the appraiser is eon an expert In the Told of environmental dIDards the appraisal recall must not be considered as ad P.nv;ronmenta assessment df me property. 7. The appraiser obtained me imbrmati(m estimates and caimans that were expressed m me appraisal report from Sources that he. or sine consirl to be fellable and believes them to be true and correct The appraiser does not assume responsibility for the accuracy of such Items that were furnished by other ponies. 8. The appraiser will not disclose the remains of ins appraisal teedd except as movided for in me 'Jni'orm Standards of Professional Appraisal Practice. 9. The appraiser has based his or ter appraisal m)or'. and valuation conclusion for 'rap apmaisai that is Sipco to satiscacidry completion, repairs , or alterations on the assumption that completion of the improvements will oo perinrmdd in a worxmanftke manner 10. The appraiser must provide his or her one, wren consent estate the proof clmnt specified in the appraisal report can distribute the appraisal report oncludmg conclusions abom the property value, the appraisers identify and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or Its successors and assigns, the mortgage insurer, consultants: maes5lonal appraisal Organizations any state 01 federally approved hnanoial Insilahpn: Or any department agency. or Idatrtlftieetallty of the UMed Sates or any state or the District a` Columbia except then The dra relon' may cistriteute the property description section of the adopt only to data cellecbon or remaining servicetsl without laving to obtain the appraisers prier written consent The appraisers written consent and approval mus' also be obtained before to appraisal can be conveyed by anyone to the public 1hrdugri aovardong . public mletions, news, sales, or other media Freddie Mac Form 4395 93 Page 1 b' p Fannie Mae Forth 1004B 693 Collier County Government Form ACR — 'INmT(i appraisal software by a la mode. me — '- 806ALAMODE Main File No R rile No e124[IROITe r_ ev. 16A27 Ally 27, 2010 Page 15 of 16 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to 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 of significant wisdom If a significant Item in a comparable property is superior to, or more favorable than, the subject property, I have made a replays adjustment to reduce the adjusted sales price of the comparable and. If a significant item in a comparable property is inferior to. or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the eshmater 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 knowledge, that all statements and information In the appraisal report are true and correct. 3. 1 stated in the appraisal report only my awn personal, unbiased and professional analysis, opinions, and conclusions. which are subject only to the contingent and limiting condttiors specified in this farm. 4. 1 have no present or prospective interest in the property that is the subject to this edged, and I have no present m prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value jn the appraisal report on the race, color, religion, sex, handicap, familial status. or national origin of either the 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. 1 have no present or contemplated future interest in the subject property neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property . 6. 1 was not required to repon a predetermined value or direction in value that favors the cause at the client or any related parry, the amount of the value esbmate, the attainment of a specific Itself, or Ne occurrence of a Subsequent event in order to receive my compensaion and /or employment for performing the appraisal. I did not base the appessal resell on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal In conformity with 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, with the exceeded of the departure provision at those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the 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 reach, unless I have otherwise stated In the reconciliation section. 8. 1 have personally Inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report . I lunher certify that I have noted any apparent or known adverse conditions in the 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 to support them. I have also commented about de effect of the adverse condr ions on the marketability of the subject property. 9. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report . If I relied on significant professional assistance from any individual or individuals in the pedormance of the appraisal or the prepamdon of the appraisal roped. I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report . I certify that any individual so named is qualified to perform the tasks. I have net authorized anyone to make a change to any item in the report: therefore , it an unauthorised change is made to the appraisal report. I will take no responsibility for it SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal raped he or she certifies and agrees that - I directly supervise the appraiser who prepared the appraisal report , have reviewed the appraisal repon, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's cenificatiens numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal repon. ADDRESS OF PROPERTY APPRAISED: 1530 Golden Gate Blvd E. Naples_FL 34120 APPRAISER: SUPERVISORY APPRAISER (only it required): Signature- 5igna jum. Name. Harry Henderson. SEA Name'. Date Signed: May 28 2010 Date Signed: State Certification ey RD3475 State Certification #' or State License #. or State License ##. State. FL State: Expiration Date of Certification or License. 11/30/10 Expiration Date of Certification or License. Freddie Mac Form 4396 -93 _. Did Did Not Inspect Property Form ACR — "WinTOTAL' appraisal Software by a is made, inc. —1- 800- ALAMODE Fannie Mae Form Details P,genda Itea )1�7 uI Page 16 of 16 Property Record P Y I. Sketches I Trim Notices I Current Ownership Parcel No.1 39210320101 Property Address 1530 GOLDEN GATE BLVD E 3OLDEN GATE ESl E 165FT OF TR 134 Section Township Range ® Map No. Strap No. 11 49 27 2.58 1 11 4C11 341800 134 14011 Sub No. 341800 GOLDEN GATE EST UNIT 48 -� Ja Millaoe Area "!I ilia ae Total School ✓A Use Code SINGLE FAMILY RESIDENTIAL 87 6.4101 11.6491 5.239 'See Instructions for Calculations 2009 Final Tax Roll Latest Sales History (Subject to Change) If all Values shown below equal 0 this parcel was created after the Final Tax Roll ---�� Land Value I 64,500.00 Date I Book - Page I Amount ( +) Improved Value $ 237,112.00 04 / 2005 3763 - 858 $ 324,500.00 ( =) Just Value $ 301,612.00 ( -) SOH Exempt Value & Other Exemptions $ 0.00 (_) Assessed Value $ 301,612.00 (-) Homestead and other Exempt Value $ 50,000.00 (_) Taxahle Value $ 251,612.00 (_) School Taxable Value (Used for School Taxes) $ 276,612.00 SOH = "Save Our Homes" exempt value due to cap on assessment increases. The Information is Updated Weekly. 4o IZDu)� US ?r v q S�fr-a. Fr. 04 ©. (6 3 ac c . (o,S-d" 2 Z-00-- 4- http:// wvaw. collierappraiser .com /RecordDctail. asp? Map— No &FolioID- 0000039210320101 6/8/2010