Agenda 10/26/2010 Item #16A 7Agenda Item No. 16A7
October 26, 2010
Page 1 of 14
EXECUTIVE SUMMARY
Recommendation to approve an easement agreement for the purchase of a road right -of-
way, drainage and utility easement (Parcel 1344RDUE) required for the Vanderbilt Beach
Road Extension Project. (Project No. 60168 - Phase U.) Estimated Fiscal Impact: $6,575.
OBJECTIVE: To obtain Board approval for the purchase of a road right -of -way, drainage and
utility easement (Parcel 1344RDUE) required for Phase II of the Vanderbilt Beach Road
Extension Project.
CONSIDERATIONS: Collier County is seeking to acquire this 18,000 square foot easement
parcel over the north 100 feet of a 2.73 acre unimproved parent tract owned by Minnesota Real
Estate Foundation. The owners have agreed to sell this easement to County for $6,125, being
full compensation as estimated by the Growth Management Division's Review Appraiser, Harry
Henderson, SRA. This acquisition of right -of -way is considered to be an "opportunity buy" at
current market value.
NOTE: The attached agreement contains a provision whereby the closing date may be extended
at the unilateral discretion of the County, and notice of the extension may be issued to the
property owner / seller by the County Manager or his designee.
FISCAL IMPACT: Funds in the amount of $6,575 will be paid from road impact fees. This
amount includes title work and recording costs estimated at $450.
GROWTH MANAGEMENT IMPACT: This recommendation 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: That the Board of County Commissioners of Collier County:
1. Approve the attached easement agreement and authorize its Chairman to execute same on
behalf of the Board;
2. Accept the conveyance of Parcel No. 1344RDUE 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 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: Robert Bosch, Right -of -Way Coordinator, Transportation Engineering
Attachments: (1) Easement Agreement with Exhibit "A "; (2) Location Map; (3) Appraisal
Report dated September 16, 2010.
Agenda Item No. 16A7
October 26, 2010
Page 2 of 14
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number: 16A7
Item Summary: Recommendation to approve an easement agreement for the purchase of a road right -of-
way, drainage and utility easement (Parcel 1344RDUE) required for the Vanderbilt Beach
Road Extension Project. (Project No. 60168 - Phase ll.) Estimated Fiscal Impact: $6,575.
Meeting Date: 10/26/2010 9:00:00 AM
Prepared By
Robert Bosch
Right Of Way Coordinator
Date
Transportation Engineering 8<
Transportation Division
Construction Management
10/112010 10:51:08 AM
Approved By
Gary Putaansuu
Project Manager, Principal
Date
Transportation Engineering &
Transportation Division
Construction Management
10/112010 11:29 AM
Approved By
Nick Casalanguida
Director - Transportation Planning
Date
Transportation Division
Transportation Planning
10/4/2010 8:23 AM
Approved By
Robert N. Zachary
Assistant County Attorney
Date
County Attorney
County Attorney
10/5/2010 3:43 PM
Approved By
Jeff Klatzkow
County Attorney
Date
10/5/2010 3 :49 PM
Approved By
Kevin Hendricks
Manager - Right of Way
Date
Transportation Engineering &
Transportation Division
Construction Management
10/6/2010 4:54 PM
Approved By
Norm E. Feder, AICP
Administrator - Transportation
Date
Transportation Division
Transportation Administration
10/812010 1:50 PM
Approved By
Lisa Taylor
Management/Budget Analyst
Date
Transportation Division
Transportation Administration
10/11/2010 7:37 AM
Approved By
Najeh Ahmad
Director - Transportation Engineering
Date
Agenda Item No. 16A7
October 26, 2010
Page 3 of 14
Transportation Engineering &
Transportation Division
Construction Management
10/12/2010 10:22 AM
Approved By
Natah Betancur
Administrative Assistant
Date
Transportation Division
Transportation Road Maintenance
10/12/2010 12:03 PM
Approved By
OMB Coordinator
Date
County Manager's Office
Office of Management & Budget
10/1412010 12:10 PM
Approved By
Susan Usher
Management/Budget Analyst, Senior
Date
Office of Management &
Budget
Office of Management & Budget
10/17/2010 9:22 PM
Approved By
Leo E. Ochs, Jr.
County Manager
Date
County Managers Office
County Managers Office
10/18/2010 11:10 AM
Agenda Item No. 16A7
October 26, 2010
Page 4 of, 14
PROJECT: Vanderbilt Beach Road Extn. #60168
PARCEL No(s): 1344RDUE
FOLIO No(s): 40573240001
EASEMENT AGREEMENT
THIS EASEMENT AGREEMENT (hereinafter referred to as the "Agreement") is
made and entered into on this day of , 2010, by and between
MINNESOTA REAL ESTATE FOUNDATION, a Minnesota Non -Profit Corporation, whose
mailing address is 101 S. 7"' Avenue #100, St. Cloud, MN 56301, (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 "County").
WHEREAS, County requires over, under, upon and across the lands described in
Exhibit "A ", which is attached hereto and made a part of this Agreement (hereinafter
referred to as the "Easement "); and
WHEREAS, Owner desires to convey the Easement to County for the stated
purposes, on the terms and conditions set forth herein; and
WHEREAS, County has agreed to compensate Owner for conveyance of the
Easement.
NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars
($10.00), and other good and valuable consideration, the receipt and sufficiency of which
is hereby mutually acknowledged, it is agreed by and between the parties as follows:
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 County for the sum of:
$6,125.00
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 County, 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 County with a copy of any existing prior title insurance policies.
Owner shall cause to be delivered to County 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) Easement;
(b) Closing Statement;
Agenda Item No. 16A7
paq&t2ber 26, 2010
Page 5 of; 14
(c) Grantor's Non - Foreign, Taxpayer Identification and "Gap" Affidavit;
(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 County, County's
counsel and /or title company.
4. Both Owner and County agree that time is of the essence. Therefore, Closing shall
occur within ninety (90) days from the date of execution of this Agreement by the
County; provided, however, that County 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 County's enjoyment of the Easement. Such right to extend may be
exercised by the County Manager or his designee for an additional term not
exceeding ninety (90) days without further Board action. All additional extensions
must be Board approved. At Closing, payment shall be made to Owner in that
amount shown on the Closing Statement as "Net Cash to the Seller," and Owner
shall deliver the Closing Documents to County in a form acceptable to County.
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 County. 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 County. Owner acknowledges that
County has compensated Owner for the value of the Improvements and yet County
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 County agree to do all things which may be required to give effect to this
Agreement immediately as such requirement is made known to them or they are
requested to do so, whichever is the earlier.
7. Owner agrees, represents and warrants the following:
(a) Owner has full right, power and authority to own and operate the property
underlying the Easement, to enter into and to execute this Agreement, to
execute, deliver and perform its obligations under this Agreement and the
instruments executed in connection herewith, to undertake all actions and to
perform all tasks required of Owner hereunder and to consummate the
transaction contemplated hereby.
(b) County's acceptance of the Easement shall not be deemed to be full
performance and discharge of every agreement and obligation on the part of
Owner to be performed pursuant to the provisions of this Agreement. .
(c) No party or person other than County has any right or option to acquire the
Easement or any portion thereof.
Agenda Item No. 16A7
pQL;tgber 26, 2Cj10
Page 6 ofI14
(d) Until the date fixed for Closing, so long as this Agreement remains in force
and effect, Owner shall not encumber or convey any portion of the property
underlying the Easement or any rights therein, nor enter into any agreements
granting any person or entity any rights with respect to the Easement,
without first obtaining the written consent of County to such conveyance,
encumbrance, or agreement, which consent may be withheld by County for
any reason whatsoever.
(e) There 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 County in writing prior to the
effective date of this Agreement.
(g) County is entering into this Agreement based upon Owner's representations
stated in this Agreement and on the understanding that Owner will not cause
the physical condition of the property underlying the Easement to change
from its existing state on the effective date of this Agreement up to and
including the date of Closing. Therefore, Owner agrees not to enter into any
contracts or agreements pertaining to or affecting the property underlying the
Easement and not to do any act or omit to perform any act which would
adversely affect the physical condition of the property underlying the
Easement or its intended use by County.
(h) The property underlying the Easement, and all uses of the said property,
have been and presently are in compliance with all Federal, State and Local
environmental laws; that no hazardous substances have been generated,
stored, treated or transferred on the property underlying the Easement
except as specifically disclosed to the County; that the Owner has no
knowledge of any spill or environmental law violation on the property
contiguous to or in the vicinity of the Easement to be sold to the County, that
the Owner has not received notice and otherwise has no knowledge of. a)
any spill on the property underlying the Easement; b) any existing or
threatened environmental lien against the property underlying the Easement;
or c) any lawsuit, proceeding or investigation regarding the generation,
storage, treatment, spill or transfer of hazardous substances on the property
underlying the Easement. This provision shall survive Closing and is not
deemed satisfied by conveyance of title.
8. Owner shall indemnify, defend, save and hold harmless the County against and from,
and reimburse the County with respect to, any and all damages, claims, liabilities,
laws, costs and expenses (including without limitation reasonable paralegal and
attorney fees and expenses whether in court, out of court, in bankruptcy or
administrative proceedings or on appeal), penalties or fines incurred by or asserted
against the County by reason or arising out of the breach of any of Owner's
representations under paragraph 7(h). This provision shall survive Closing and is not
deemed satisfied by conveyance of title.
9. County shall pay all fees to record any curative instruments required to clear title, and
all Easement instrument recording fees. In addition, County may elect to pay
reasonable processing fees required by 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
Agenda Item No. 16A7
pQCtgber 26, 2 16
Page 7 of 114
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. Furthermore, in accordance with the exemptions provided for in
Section 201.01, Florida Statutes, concerning payment of documentary stamp taxes
by County, Owner shall pay all documentary stamp taxes required on the
instrument(s) of transfer.
11. This Agreement and the terms and provisions hereof shall be effective as of the date
this Agreement is executed by both parties and shall inure to the benefit of and be
binding upon the parties hereto and their respective heirs, executors, personal
representatives, successors, successor trustees, and /or assignees, whenever the
context so requires or admits.
12. If the Owner holds the property underlying the Easement in the form of a partnership,
limited partnership, corporation, trust or any form of representative capacity
whatsoever for others, Owner shall make a written public disclosure, according to
Chapter 286, Florida Statutes, under oath, subject to the penalties prescribed for
perjury, of the name and address of every person having a beneficial interest in the
property underlying the Easement before the Easement held in such capacity is
conveyed to County. (If the corporation is registered with the Federal Securities
Exchange Commission or registered pursuant to Chapter 517, Florida Statutes,
whose stock is for sale to the general public, it is hereby exempt from the provisions
of Chapter 286, Florida Statutes.)
13. Conveyance of the Easement, or any interest in the property underlying the
Easement, by Owner is contingent upon no other provisions, conditions, or premises
other than those so stated herein; and this written Agreement, including all exhibits
attached hereto, shall constitute the entire Agreement and understanding of the
parties, and there are no other prior or contemporaneous written or oral agreements,
undertakings, promises, warranties, or covenants not contained herein. No
modification, amendment or cancellation of this Agreement shall be of any force or
effect unless made in writing and executed and dated by both Owner and County.
14. Should any part of this Agreement be found to be invalid, then such invalid part shall
be severed from the Agreement, and the remaining provisions of this Agreement
shall remain in full force and effect and not be affected by such invalidity.
15. This Agreement is governed and construed in accordance with the laws of the State
of Florida.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first above written.
AS TO COUNTY:
DATED:
ATTEST:
DWIGHT E. BROCK, Clerk
Deputy Clerk
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY; FLORIDA
BY:
FRED W. COYLE, Chairman
AS TO OWNER:
DATED: `I - // 's�% /d
Name (Print or Type)
.c jk_"�
Witness (Signature)
Name (Print or Type)
Witness (Signature)
it
wloarA C.,tf l,�ioti
Name (Print or Type)
Approved as to form and
legal sufficiency:
Assistant ounty Attorney
Last Revised: 7/21/10
i
e
Agenda Item No. 16A7
paqS19ber 26, 2010
Page 8 of 14
Minnesota Real Estate Foundation,
a Minnes to No €a C tian
BY: °
Stt ven R1 ul, President
Minnesota Real Estate Foundation
a Minnesota Non - Profit Corporation
BY
David erschay, Secretary
a Item No. 16A7
ctober 26-, 2010
JG'aae 9 ofi 14
48.0 1 4E71. K0..8 1 489 470E 471 47.2. 4h 1 474
VANDERBILT BEACH ROAD
PROPOSED
PARCEL 1344 RDUE
18,000 S0, FT. lev
EAST 180' OF
TRACT 47
1 BO'
TRACT 47
GOLDEN GATE ESTATES
TRACT 34 UNIT 75 TRACT 50
PLAT BOOK PAGE 11
HERNANDEZ, VIVIAN
OR 4353/3566
10TH AVENUE N.E.
SO. FT. = SQUARE FEET
RDUE = ROADWAY, DRAINAGE AND UTILITY EASEMENT
N/A = NOT AVAILABLE N
OR = OFFICIAL RECORDS (BOOK /PAGE)
PROPOSED ROADWAY, DRAINAGE AND UTILITY EASEMENT w E
S
LEGAL DESCRIPTION FOR PARCEL 1344 RDUE
A PORTION OF TRACT 47, GOLDEN GATE ESTATES UNIT 75, AS RECORDED IN PLAT BOOK 5, PAGE
11. OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, LYING IN SECTION 31, TOWNSHIP 45
SOUTH, RANGE 28 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
THE NORTH 100 FEET OF THE EAST 180 FEET OF SAID TRACT 47.
CONTAINING 18,000 SQUARE FEET, MORE OR LESS,
0 00 180
240. W
SKETCH & DESCRIPTION ONLY
� A. , r wq alwcran
F�oww rtOCSrtAnDe TE NO. 5301
NOT A BOUNDARY SURVEY0
SCALE: 1'120'
�� s v Y
FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS
�°'FLohAUD
HEP xvEYOk ED SED SEAL OF
FMHOUT7ER sO
VANDERBILT BEACH ROAD EXTENSIONN
%A
SKETCH & DESCRIPTION OF: PROPOSED ROADWAY, DRAINAGE &
TTT( /uruu \v wnee�ors
PARCEL 1344 RDUE UTILITY EASEMENT
i'. T TA i &Cwj jaa�yp5�
COLLIER COUNTY, FLORIDA
5510 WBOW Prk D11w, 5u5e 2m
NWImPo 54100
Phmc W51507.0W5 FAX MM W-0575
U3 NO.: MM
JOB NUMBER REVISION SECTION
TOWNSHIP
RANGE SCALE
DATE
DRAWN BY
FILE NAME
SHEET
060119.01.00 0001 1 31
483
1 28E I 1" = 120'
9 -15 -08
R.M.J.
SK1344RDUE
1 OF 1
Agenda Item No. 16A7
October 26, 2010
Page 10 of 14
LOCATION MAP
PARCEL 13"RDUE (VANDERBILT BEACH RD. PROJECT NO. 60168
LAND APPRAISAL REPORT
Main File o. 16A7
File No ParceT`103 ff 26, 2010
1 of 14
Borrower Owner: Minnesota Real Estate Foundation Census Tract 104.12 Map Reference S31- T48 -R2
Property Address NIS 10th Avenue NE
City Naples County Collier State FL Zip Code 34120
Legal Description Golden Gate Estates Unit 75 E 75ft of E 180ft of Tract 47 OR 992 PG 410
Sale Price $ N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised ® Fee ❑ Leasehold ❑ De Minimis PU
Actual Real Estate Taxes $ 843.05 (yr) Loan charges to be paid by seller $ NIA Other sales concessions N/A
Lender /Client Collier County Gov/Transportation Division Address 2885 South Horseshoe Drive Naples FL 34104
Occupant vacant Appraiser Ham Henderson, SRA Instructions to Appraiser Estimate Market Value Parent Tract/Partial Take
Folio #40573240001
Location Urban Z Suburban El Rural Good Avg. Fair Poor
Built Up ❑ Over 75% ® 25% to 75% ❑ Under 25% Employment Stability ❑ ❑ ® ❑
Growth Rate ❑ Fully Dev. ❑ Rapid ❑ Steady ® Slow Convenience to Employment ❑ ® ❑ ❑
Property Values ❑ increasing ® Stable ❑ Declining Convenience to Shopping ❑ ® ❑ ❑
Demand/Supply ❑ Shortage ® In Balance ❑ Oversupply Convenience to Schools ❑ ® ❑ ❑
Marketing Time ❑ Under 3 Mos. ❑ 4 -6 Mos. ® Over 6 Mos. Adequacy of Public Transportation ❑ ® ❑ ❑
Present Land Use 55% 1 Family _% 2 -4 Family _% Apts. _% Condo_% Commercial Recreational Facilities ❑ ® ❑ ❑
% Industrial 45% Vacant _% Adequacy of Utilities 11 ® El ❑
Change in Present Land Use Not Likely ® Likely ( ") ❑ Taking Place ( ") Property Compatibility ❑ ® ❑ ❑
(•) From vacant To single -family Protection from Detrimental Conditions ❑ ® ❑ ❑
Predominant Occupancy ® Owner ❑ Tenant % Vacant Police and Fire Protection ❑ ® ❑ ❑
Single Family Price Range $ 65,000 to $ 240,000 Predominant Value $ 120,000 General Appearance of Properties ❑ ® ❑ ❑
Singl Family Age 1 yrs. to 30 yrs. Predominant Age 10 yrs. Appeal to Market ❑ ® ❑ ❑
Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise): See attached addenda.
Dimensions 180 x 660 =
Zoning classification Estates (2.25 acre conforming lot size min.)
Highest and best use ❑ Present use M Other s ec eventual single-family
Public Other (Describe) OFF SITE IMPROVEMENTS
Elec. Zj Street Access ® Public ❑ Private
Gas ❑ Surface Macadam
Water ❑ Maintenance ® Public ❑ Private
San. Sewer ❑ ❑ Storm Sewer ❑ Curb/Gutter
❑ Underground Elect. & Tel. n Sidewalk Fj Street Lights
Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or
No adverse conditions observed. Typical roadway and /or parameter utility
2.73 Sq. Ft. or Acres L Comer Lot
Present Improvements ® do ❑A do not conform to zoning regulations
development
Topo Level
Size Compatible with area
Shape Rectangular
View Neighborhood
Drainage Appears to be adequate
Is the property located in a HUD Identified Special Flood Hazard Area? ® No ❑ Yes
other adverse conditions): Zone D Comm #120067CO250G d 11/17/05
easements exist on the site; these are common in the area and do
not impact value.
The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar
adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior
to or more favorable than the subject property, a minus ( -) adjustment is made thus reducing the indicated value of subject; 0 a significant item in the comparable is interior to or less
favorable than the subject property, a plus ( +) adjustment is made thus increasing the indicated value of the subject.
ITEM I SUBJECT PROPERTY
COMPARABLE NO.1
COMPARABLE NO.2
COMPARABLE NO.3
Address NIS 10th Avenue NE
Na les FL 34120
NIS of 22nd Avenue NE
Naples, FL 34120
S/S of 16th Avenue NE
Naples, FL 34120
S/S of 22nd Avenue NE
Naples, FL 34120
Proximity to Subject
6.03 miles N
2.44 miles W
1.22 miles NW
Saks Rice
N /A.
_.
9 158 /ac-
,.' �i:
9 B00lac
;'._ .. , . =.
9 692 /ac
Price Gross
25 000
24 000
22,000
Data Source
MLS #209033284
MLS #209033815
MLS #210013582
Date of Sale and
DESCRIPTION
DESCRIPTION 1+(-)$ Adjust.
DESCRIPTION 1+(- Ad us
DESCRIPTION +(-)S Adjust.
Time Adjustment
NIA
3/10
7110
5/10
Location
GGE
Similar
Similar
Similar
SbNiew
2.73 acres
2.73 acres in $ /ac
2.50 acres in $ /ac
2.27 acres in $ /ac
Topography
Level /natural
Level/natural
Level /natural
LeveVnatural
Zoninp
Estates
Estates
Estates
Estates
Land Only
Sales or financing
Concessions
N/A
Cash or Equiv.
Cash or Equiv.
Cash or Equiv.
Net Adm. otal
+
+ $
+
Indicated Value
of Subject!
$ 9 158
' $ 9,600'
$ 9,692
Comments on Market Data: See attached addenda.
Comments and Conditions of Appraisal: Subject and comps are compared on a $ /acre unit price basis. Parent tract Land Value: 2.73 acres x
$9 500 /acre = $25,935. See attached Limiting Conditions.
Final Reconciliation: Taking parcel: .413 acres x $9,500 - $3,924. Damages: $2,201 Total Compensation: $6 125
See damage analysis in addendum
1 ESTIMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF 9/16 20 10 to be $ 6,125
Harry Henderson, SRA ❑ Did ❑ Did Not Physically Inspect Property
Appraisers Review Appraiser 'd applicable
IYZKI Collier County Government
Form LND — "WinTOTAL" appraisal software by a la mode, Inc. —1- 800 - ALAMODE
unnlemental Addendum
Main File No. ParceL134l,Pa�,o 16A7
File No. Parcel 1344u dtOctober 26, 2010
ray Borrower/Client owner: Minnesota Real Estate Foundation
12 of 14
Property Address N/S 10th Avenue NE
City Naples COUnty Collier State FL Zip Code 34120
Lender Collier County Govfrrans ortation Division
" Land : Neighborhood Market Factors
The subject is located in an outlying - residential section 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 semi -rural setting. Essential services are within a 35 minute drive into greater Naples. The subject street runs
west off of Everglades Boulevard. Maintenance levels in the area are 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. Prices in the subject area
have been generally stable during 2010; this comes after several years of dramtic price declines. Marketing times remain
extended for most properties. The sales cited are relatively recent transactions.
The indicated unit prices range from $9,158 /acre to $9,692 /acre; given the comparison criteria discussed, a unit price of
$9,500 /acre is selected as reasonable for the underlying unit/price value for the subject lands. The value of the taking area is
therefore: .413 acre take x $9,500 /acre = $3,924
Damage: The proposed taking (for the construction of the VBR extension) parcel 1134RDUE is a 100ft strip taking along the
rear property line; it has an area of 18,000 sf or .413 acres and will be used for the construction of a new roadway. The
remainder site size will be 2.317 acres. Upon construction of the VBR extension the subject site will have a divided arterial
roadway along its rear property line where none exists today. As such, this is considered to cause a "change in location" for the
subject site (which will still have its roadway access off of 10th Avenue NE and will have sufficient lot depth for residential
buffering). This change in location is judged to represent a 10% damage to the remainder lands. Damages are therefore
calculated as follows:
$9,500 /acre x 10% damage factor x 2.317 acre remainder = $2,201 damage
Total Compensation for Acquisition of Parcel 1134RDUE: $6,125
Form TADD — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE
IMain File o. 16A7
October 26, 2010
Page 13 of 14
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 in this
definition is the consummation of a sale as of a specified date and the passing of tide from seller to buyer under conditions whereby: (1) buyer and seller are
typically motivated; (2) both parties are wall 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.S. 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.
*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 result 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 institutional lender that is not already Involved in the
property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession
but the dollar amount of arry adjustment should approximate the market's reaction to the financing or concessions based on the
appraiser's judgement.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification 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 either the property being 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 title. The property is appraised on the basis of 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 visualizing the property and understanding the appraiser's determination 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 she 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 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
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 hidden or unapparent conditions 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 conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The
appraiser will not be responsible for any such conditions that do exist or for any engineering or testing 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
environmental assessment of the property.
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 believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other
parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of 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 pdor written consent before the lender /client specified in the appraisal report can distribute the appraisal report
(including conclusions about the property value, the appraiser's identity 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; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality
of the United States or any state or the District of Columbia; except that the lender /client may distribute the property description section of the report only to data
collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also
be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Forth 10048 6-93
Collier County Govemment
Form ACR — I&TOTAL, appraisal software by a la mode, Inc. — 1- 800•ALAMODE
Wain File o. 16A7
October 26, 2010
Page 14 of 14
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. 1 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
variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce
the adjusted sales price of the comparable and, if a significant hem 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 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 knowledge, that all statements and information in to
appraisal report are true and correct.
3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to to contingent
and limiting conditions specified in this form.
4. 1 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 partially or completely, my analysis and/or the estimate of market value in the appraisal report
on the race, color, religion, sex, handicap, familial status, or national origin of ether 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, and nether 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 report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate,
the attainment of a speck result, or the occurrence of a subsequent event in order to receive my compensation and /or employment for performing the appraisal. I
did not base the appraisal report 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 exception of to departure provision of 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 report, unless I have otherwise stated in the
reconciliation section.
B. I 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 further 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 the effect of the adverse conditions 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 performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and
disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that ary individual so named is qualified to perform
the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take
no responsibility for h.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:
I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser,
agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: N/S 10th Avenue NE, Naples, FL 34120
APPRAISER: SUPERVISORY APPRAISER (only if required):
Signature:
Signature:
Name: Harry Henderson, SRA
Name:
Date Signed: 9/16/10
Date Signed:
State Certification #: RD3475
State Certification #:
or State License #:
or State License #:
State: FL
State:
Expiration Date of Certification or License: 11/30/10
Expiration Date of Unification or
❑ Did ❑ Did Not Inspect Property
Freddie Mac Form 439 6 -93 Page 2 of 2 Fannie Mae Form 1004B 6 -93
Form ACR — "WinTOTAL" appraisal software by a la mode, inc. — 1.800- ALAMODE