Agenda 04/14/2009 Item #16B 8
Agenda Item No. 1688
April 14, 2009
Page 1 of 23
EXECUTIVE SUMMARY
Recommendation to approve the purchase of 5 acres of unimproved property which is required
for the construction of a stonnwater retention and treatment pond for Phase II of the Vanderbilt
Beach Road Extension Project. Project No. 60168, Phase II (Fiscal Impact: $150,950.00).
OBJECIlVE: To obtain the Board of COWlty Commissioners' approval to purchase unimproved
property which is required for the construction of a stormwater retention and treatment pond associated
with Phase II of the Vanderbilt Beach Road Extension project. (Project 60168)
CONSIDERATIONS: The subject property (the East and West halves of Tract 87, Unit 18, Golden
Gate Estates) contains a total of 5 unimproved acres and is located on 10th Avenue NE. It is required
for the construction of a stormwater retention and treatment pond associated with Phase II of the
Vanderbilt Beach Road Extension project. Using the most recent sales data from the real estate market
the Division of Transportation's Review Appraiser, Hany Henderson, SRA, prepared an appraisal of
the property estimating its current market value at $120,000 ($24,000 per acre.)
On December 4, 2008, Collier COWlty Transportation Division invited the owners, Edward R. and
Deborah C. Nichols, to discuss the sale of the subject property to the County. On December 10, 2008,
the owners replied that they would sell the subject property to the County for its assessed value of
$250,000 (equivalent to $50,000 per acre.) As negotiations continued, on or about March 2, 2009, the
owners agreed to convey the property to the County for a total of$150,000 (equaling $30,000 per
acre).
The proposed agreement price is 125% of appraised value. While not authorized by gift and purchase
resolution to acquire Vanderbilt Beach Road Extension - Phase II right-of-way, the standard delegation
of purchasing authority for all of our projects is 125% of appraised value or $50,000 over appraised
value, whichever is less. The within recommendation is consistent with the purchasing authority
commonly delegated for right-of-way acquisition.
Staff is recommending that the Board of County Commissioners purchase the subject property from
the Nichols for $150,000 and believes the following are compelling reasons to do so:
The owners are cooperating with staff so there are no attorney or expert fees.
This is not a distress sale. The owners can afford to wait for the market to improve.
It is not likely that the market value is going to decrease any further at this point; and while most
experts believe it could take between 5 and 7 years for the market to fully reboWld, if the COWlty waits
that long to purchase these pond sites, we are likely going to be paying as much or more for the subject
property as the Nichols are seeking today.
Finally, the Nichols would like to sell the property; and if sold to someone else, it is possible that the
new owners would build on it as the entire 5 acres is uplands property. Vacant property large enough
in size to accommodate a stormwater retention and treatment pond is relatively scarce in the subject
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Agenda Item No. 16B8
April 14, 2009
Page 2 of 23
area. In fact, the Nichols property must be assembled with another unimproved property located
immediately to the east of their property in order for the County to be able to construct a pond of the
size required to store and treat the volume of stormwater discharge from the roadway in this part of
Basin 5.
FISCAL IMPACT: The fiscal impact is in the amount of $150,950.00 and includes the $150,000.00
negotiated purchase price; title insurance in the approximate amount of $900.00; and recording fees
not to exceed $50. Source of Funds are Gas Taxes and Impact Fees.
GROWTH MANAGEMENT IMPACT: This project is consistent with the Long Range
Transportation Plan and the Collier County Growth Management Plan.
LEGAL CONSIDERATION: The attached Agreement has been approved as to form and legal
sufficiency.
RECOMMENDA nON: That the Board of County Commissioners of Collier County:
1. Approve the attached Purchase Agreement and authorize its Chairman to execute same on behalf of
the Board;
2. Accept the conveyance of Parcels POND5D1 and POND5D2 (the East and West halves of Tract
87, Golden Gate Estates Unit No. 18) 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 L Sweet, Property Acquisition Specialist, TECM
Attachment: Purchase Agreement
Page] of2
Agenda Item No. 16B8
April 14, 2009
Page 3 of 23
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number:
Item Summary:
16B8
Meeting Date:
RecommendatIOn to approve the purchase of 5 acres of unimproved property which is
required far the construction of a stormwater retention and treatment pond for Phase II of the
Vanderbilt Beach Road Extension Project. ($150,950)
4/141200990000 AM
Prepared By
Michelle Sweet
Property Acquisition Specialist
Date
Transportation Division
Transportation Engineering &
Construction Manageme
1/22120092002029 PM
Approved By
Debbie Armstrong
Property Acquisition Specialist
Date
Transportation Services
TECM-ROW
1/23/200910:49 AM
Approved By
Gary Putaansuu
Principal Project Manager
Transportation Engineering and
Construction
Date
Transportation Services
1/231200911020 AM
Approved By
Lisa Taylor
ManagementlBudget Analyst
Date
Transportation Services
Transportation Administration
11231200911035 AM
Approved By
Kevin Hendricks
Right Of Way Acquisition Manager
Date
Transportation Services
TECM-ROW
1/26120091053 PM
Approved By
Jeff Klatzkow
County Attorney
Date
County Attorney
County Attorney Office
1/26/20095020 PM
Approved By
Robert N. Zachary
Assistant County Attorney
Date
County Attorney
County Attorney Office
3/26/2009 2041 PM
Approved By
Najeh Ahmad
Director
Date
Transportation Services
Transportation Engineering &
Construction Management
3/30120094043 PM
Approved By
Therese Stanley
Grants Coordinator
Date
Transportation
Transportation Administration
3/31/2009 9:42 AM
Approved By
Norm E. Feder, AICP
Transportation Division Administrator
Date
Transportation Services
Transportation Services Admin.
3f31f2009 1:24 PM
Page 20f2
Agenda Item No. 16B8
April 14, 2009
Page 4 of 23
Approved By
Pat Lehnhard
Executive Secretary
Date
Transportation Services
Transportation Services Admin
4/1/2009 1 ;20 PM
Approved By
OMS Coordinator
OMS Coordinator
Date
County Manager's Office
Office of Management & Budget
411120094;06 PM
A pproved By
Susan Usher
Senior ManagemenUBudget Analyst
Date
County Manager's Office
Office of Management & Budget
41212009 12;58 PM
Approved 8)'
Leo E. Ochs, Jr.
Board of County
Commissioners
Deputy County Manager
Date
County Manager's Office
4/2/20095;56 PM
Agenda Item No. 16B8
April 14, 2009
Page 5 of 23
Property of Edward R. and Deborah C. Nichols
Folio Number: 37496320008 and 37496320105
Name: NICHOLS, EDWARD R~& DEBORAH C
Street# & Name: NO SITE ADDRESS
Legal Descriptiou: GOLDEN GATE EST UNIT 18 W 165FT OF TR 87 and E I65FT OF TR 87
LAND APPRAISAL REPORT
A~enda Item No. 16B8
iFilBNo. icholswl P~1114, 2009
Page 6 of 23
fll'i'Nn Nrcl10lsW
Borrower CNmer NiCho's ----- Ccr_s~Tract 112.02 Map Reterence S34-T48-R27 --
Prope+1yMdress NIS 10th Avenue NE - .-.~._---- .--,_._---
CII,' NlIDles County Collier Slate FL Zip Code 34120
legal0Ewiplion.Golden Gale Estates Unit 18 W 165ft of Tracl87 .._-_._._--_._--~_.
SaIePrice$~_ [}~leofSaIB~__ loanTcrm~YTS Ploper1yRlghlsAppralsed ~..;J fee L Leasehold i_: De Minimis PUD
Actual Real Estate Taxes $_~ 44299 (yr) Loarchargestot'epaidttYSel'er$ NIA OUl€r ,alr.s concessions N.lA
Lender/Client Collier County GovlTranSDortallon OiVISIOI' Adoress 2885 South Horseshoe Drive. Na tes FL 341(111
Occupanlvacanl Appralser_t.!ar!Y..!ienoerson SRA Instructions \0 AppralscrEsllmale Mar'Kel VallJe
FoliO t;37496:J200QB
tllcallUn -- um~n ,:_SullLJrllan c I Rural Good Ava Fair Ptlor
lluiHUp Over 75% r'::J 25%t075% L:Unoer25% EmploymenlSlabiirty [J t>J [oJ C
GrowlhAate C=,FullyOev CJ Rapid L$ Steady ~jSlow C(lnvenle.~c~ 1(1 tmll~ymertt :':1 ,
r.~ ~ =-;
PHltlertvValues jlncloasinq S~atllt .-<Uochnlnp Con~eniffiC~ IOSM1J!liFlg ,
[zj ,
O(lll1anr1iS~lIplf - : ShQT1a~e C:irlflalance [S10versupplV Convenience to Schools ~ L: t:1
fJLuk.clingTHT\[) ": Under 3Mos [J t-6Mos. [2) Over 5Mos Adequacy 01 Public Transpor:ation " ~ ~ [J
LJ
PrescnllandUse ....2.2.% 1 Family _% 2-4 Family _%Apts _%Condo - %Commcrcial RecraationalFaciiilies ::J 181 [] 0
- _%I'dustrial~%Vacant -' AdequacYOllJtmlies [] 181 [J
-
Ch<lnge InPrcsenl LanoUse DNolLikely IZ Likel, I') Cj Taking Place(') pmpartyCompatlbiily - , 18 (J _J
{oJ From vBcanL-~__ To sincle-famllv Prot~cliOJl frol1llJetnme-f1iiil COnllillllll~ r'l ~. -',
Predomi1antOccupancy l8J Owner Tenan! % Vacant Police and Fire Prolec~on ::J 181 ~- 0
SlnglcFami~ Price Raoge $ 110000 tJS500COO Predomi113nlValue$ 200000 G~eralAppoaranceGtProperties 'J c;;;: 0
SiTlgleFamllyl\ge ~yrsto~y'S, Preoomil'lllflt Ag~ 10yrs Appeal to Marxct 0 ,"I' 0
'"
CommcntslnclLlding those lactors, lavorable or unlavorable, ai!ecllOQ marketability (e_g public parks, schools, view, flOlso!'Tne subloct IS located In In/"; cenlral p-art ot
~9rated Coll,or County I" the Golch;.n Gale E"I.lles urea, Goklen G.'!.!.eJ::_~~!.~~.~_~.I~w1ln9.,pre:Qla1\8d 5ubdiv.5tq~_con~'~
acreane-I\J~e slnole-famlly homesites (1_14 \0 5 acres tvpcally) In a ser~l.rur<l1 sclUno Essenllal services rHO WIthin B 35 mln..lle OrlVO Into
orO"110r Naoles, Mainlenance Icvols I'lli'm area ;,lre m~SI'v jjvt'raoe
DIIreMI!lnS 165x660 -- - 2,50 SqftorAcres CcII1C!lll\
IOTllnIJCilS51!H:auofl Estates 1'2.25 <Icr!:! COl1tor'm'nQ iot ~;]le !1'drlI-- Prescnllmprovemenls Zoo donolconlormtczoningrcgulati:ms
Highest i1nd be3l use , jPresentJse ,(~J Q~Ie,~,.r.~p_ei::.Ilj'1'fW/!!rlIUnr slr;QI&-f<mllIYEJ.~y!"i~P.!1.!,~~lL_.._~
-.-
Omcr (O~SC:\t'D) GFF SITE IMPROVEMENTS Illp~ L!!:ye:
Elu~ ------~ Streel Acce~s ZPJblic lJ Private Sil.C CO'Tll:Jt!llbie ",,",IIl_nrB_A
G~" -- Surface Macadam ~halltHeClfll1oula'
Wale! well M~imcnance '~'Public [j Private VI~W Na\ural
San Sewer ~- ~~p.!f._'__m_'_ [J Slorm Sewer - . Curll/Guner (lr~rna\l('..e.ppo:nrs lobe aOlKIUjllO
[j Undergrcund Elec! & Tel :_.0 Sidew~____L-':_~lIeet liQ~L .191he property located in a HUO Identified S~cIB'flood IlBlllrd Area? [Zj No LJ Vet
Com-:".cnl!; ~avor;Jble OJ ~nla~or!ble i1cl~dln~ any .pparenl ad~e"e eascmenls_ en(;loac,ments,~' Olh' ad1ersc {;OndIIIU~sl ~g~e D Comm#120067250G dId 11/H105 ,---
No adverse condltlons observed TYQ!!:al.!oa~~[ILand lJeflme~l,ll!.I~Y,8i!?1l!.C..~I_!i,~~~.~!<!~l)L~____,__~~_~~ ---
-- -
file ur,def~,~ned has rWlrld II1'ce recent S<l'es Of properties mas! srmlla aM prr>>:rmale 10 !i~OIW a~d OJ, {;01Sldf'ed tTlne In !he rnal~el anaiY5i, 1~ Oe5crlPllOn InCludes a dOllar
adrtJstmenl rellcchnO maJ1<.el r1'a~rion to fhOSe iifm, 01 SIQniflCani ..!nal'on Derween tile sJllle.:l and (;ompor2Ple WOOfiftes Ir ii s'gMlciinl ,tern I~ me comparable property Ii Superior
to PI mm~ la~o,able Ihan the SUPIECI property. d mrnu, (,) aOIJ,trrrent IS rna:lc inus redocllI~ the Inu,c.aWu v_IUt 01 subj~"1 ,I ,s~Il'kanllle1l11'1 Nt' oomparJ,Me is ,nlcllu, IU 0< ,eso
favorable than !he subiect property_ ~ ~Ius (+) adlustrne~1 is made Ihus increaStflQ the indlcaleo vailJC of the sublec1
Irs-_M _L.l.L1MCT I'RQ~t~JY (;O~!~~A81um 1 - .--- CDr..lI'l\R.'<BUND 2 ~- _~DMPAAAlIll ND :,
Mdress NIS 10m Avenut! NE s.~S 47tl1 Avenuo NE 4285 33raAvenue NE N/S 4181 Avenue NW
Na"les FL 34120 NU"ll~S, FL 34120 Nnolcs, Fl34'20 Nanle5 Fl34120
PrO,lm'! 10 SII~ ael 5.33 miles NE 5.57 '11I1I)S NE 4.23 mill'S N
Sill'.!$Pflce NlA 1$ 21930Joc S 24,172lac H- 2.l,930.'~~
PllceGrcs, .is :!5.000 ...__H 36,500 I 25,000.
Ih-l1L.SOll-'rr. --- -- MLSII.~080(j7D31 ---r:;:-;:!~^Ql~ ,~<1~.$JI20~02_293? -" __u_..^_ .. MLS#207027015
Dale 01 Salt: and OESCFlIPTlON OESSRlrTIDli Df5CfJIPTIDN '-u=j$ An ~5l DfSCRIPTI[)N I +r- )~ A!Jius!
!~_~IIl3~~_ -- .I.f~_______"___.__ u_ ~Q.B_ -----,------.-- _':"~.9}T1-'~1!1~ !'!lR!L__~______~~I~~ 5J!.Q.~__.__-,,--~
location GGE Slmliar .S.!~.l!!~..r:___, _ Similar , , _.__
I01Vrow 2.50 acres 1.14ncres ",SlilC , ,51 ~(:res '" ", 1_14 aC'es m$fac
~~~l~ LeV91/natural levellnatural , L~veLln;lIur<l1 ,b~'y81Inalura!
lcnmr' E'itillel' 'E~l<il;;----------------- Eslales _Eslates
Sal~:l or nn3nc;n~ -~-----~..- ..-..-. ---
NJA Ca!;l1o' Equ'v, CfJshC" Equv C;;Jshor EqUlV,
Cor;"c~slullS .
---- -,,_.__._-"---~~~- "-_._----_._--~-~ ", n~__
1:!~tMdlmaD_"" .. '- S - _J ;
1.-----.- ------- l ---
lrltllcal~r, \'~III~ I
VISlilli'-'CI Is 2 ~ .9:! [i '$ 2.1,72 21,930
CDI1111'f.'!1ts on M~rKC1 D.'ilw )\11 sales_ jrwo!Vl' GGE..!iJ!1~t~L!~_8\a(j In Ih!UJel1qL?L\'~r,:;rl'!.Y.21Inc S~jlllcc.l T~l(o .s.?IeS,<-lre compared on a S!acre ullit Pile!:!
~SIS neqfltlnq lh"" need jor srze gClluSlme'1IS Tho 'Jf)oe' en,1 DI HU'l once rAnoE' IS qlvelllTlosl wel(Jn1 In con51deratloll or the llllnl.. trad!!d nature
EH~~_Jllar~gl ,a.UruEiJ.I!,1~__~2A.looq 1~.~~I_I:!C!i:!.t! 8~)ne_ll_op:iI~..!-:!:~_ ur:llJ9_f.~e_W~~_!CJ,r~~hg 101(.0__ "'!_t1a
Comments ilnd Condilwns 01 Appraisal 2.50 aCrF.l5 )( $24 DDWacrtl '" SSQ,OUf! iroundp.9)
~-"--_. --" '"_.,-,,~----.-~---"----------,- . .--------- ------------,.,--,. ._--,,---~--,-,-_..__.
- --_.-- ---- ----~,-~.,,---'''-,,--------,--_.. --- - ------------ --------- ---------
Rnal R~concllia~Orl 2_~_{: AI1acf!ed LI'."'!i!l...f19,.C;Q~'!2.Q...n.,~________._. .,----- -------... ,,- -_._~_._-"---- ---
-
I ESTIMATE THE MAflKET VALUE, ASDEfINEb, OF SbBJECT PJlOPERfY AS OF December 10, 200B lobeS 60.000
J::!.?i..'1:.!je,noofson, SRA --- LJ Did [iOidNolPhysicallylnspeclProperty
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A~enda Item No. 16B8
IFileNo IcholsWJ p~, 14,2009
Page 7 of 23
ZlIl Code 34120
Mapp,'OTnt:
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A~enda Item No. 16B8
'flIeN, "",,,wl 'A\;ltII14, 2009
Page 8 of 23
DEFINITION OF MARKET VALUE: The most probable price which a proper1y should Mng in a competi~ve and open market under a~ CGnQ'ltions
re<1uisile to a tair sale, the buyer and seller, each acting prudemiy xoowledgeably and asswmirl\l the price Is not aftectccl by urnlue stmulu$ Impllci1 in tilis
delinitlon is the consummation 01 a sale as of a specilied date and tile passing 01 llIIe Irom seller 10 ouyer under conditions whereby: (1) bllver and seller are
typicaUy moti~ated; (2) boltl parties are well irIlormed or well adVIsee!, and each "cling Ir, what he considers his own tlest imerest: (3) a rea~onable hfTlf: is allowed
lor exposure in II'( open market; (4) payment is made in terms 01 cash in 1J S dollars or in 1erms 01 linanela1 arrangements comparable therelo; and (5) the price
repr~sents !he normal comlderalio~ for the ~roperty saki crill fleeted by speCial or creative linanclnQ 01 sales concessions' crallled by anyone associated with
Ulesale
. AtljUstMeo!S Ie lh€ comparab~s must be made to< slltclal or creative lmancmg or sales concessions No aOlustrrtnts are necessary
lor ttlose costs which are I'(Jrmally paid by seli~rs as a resu~ 01 Iradition or laW In a market area: these costs are readily ioentifiable
since the seller pays these costs in virtually all sales lransacllons Special or creative financing adjustments can be miiae to the
comparable property by comparisons to Imancll1jJ terms olfered by a Ihird oarty institutiotlal lender Ihat is not already invol~ed In the
~roperty or transaclion. Artj adjUstrrent stxlulo nol lie calculilled on a meChanical (Iohar for dollar cost 01 the linilncing OT concession
but the doilar amounl of any adlustmen1 should a~proximate the markets reaction 10 lhe linancing or cor,c€ssions based 011 Ihe
anpraiser'sJuogement
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND UMITlNG CONDITIONS: The aopralser's certilicauon lhal appears in troe a~praisal report is subject to the following
conditions'
1 Thf appraiscr wili nO! be responsible 1m mahers 01 a legat nalure lhat aNee? either the property bernQ appraised or the titr 10 it The appraiser assumes that
the litle is good and markelable and, therefore, will not render any opinions al>o~1 the ti~B, The pro~erty IS a~aised on the basis of it being under responsible
owncrshi~
2 The appfalser has wovlded 0 skelch in the applalsal report 10 show approx:male dimensions 01 the Improvements and lr'1e s\(etch is inClutled only te assist
the leader o~ tile report in vis ualizing tllf: prooerty and urderstanding the appraiser's determination 01 its size.
3. The appraiser has examined the available flood maps tha1 are provided bj' the Federal Emergency Management AgencY (or olhe' data sources) and has noted
in Ihe appr;ti.al r~pnrt whether Ihe subject sit~ is located in an Iden@cd Special Flood Hazarll Area. Because \he appraiser is not a surveyor, he or she I'IIakes
noguarantees,e~essorimphed,regardjnglhisdetcrmln.ltion
4, 11C ap~ralser wlli not give lesMlOny or appear In court because he or she made an appraisa~ ot tile property in QlJesllDn, uniess specific arrangemelll. to cia
so have bee.' madeveforehand
5, The ap~rai.er has eslimalecl the value of the lan~ in lhe cost approach a1 i:s highest and besl use and the Improvements al tMir conlribulmy ~alue 1hese
separale voluatlons 01 the land and improvements musl flat lle used in conjunctIOn with any o\ller appraisal and are inV<llid it nley are so used
6 1lTe appraiser has noted in tile appraisal repolt anj' advwse conditi:lflS (such as, needed repairs, deprc"iallon 100 presence of hazardous wl'Sles. toxic
subs1ances, etc.) observed dunng the inspection 01 the SUbject property or that he or she llecame aware or during the nOflT'al research involved in performing
1110 appraisal Unless otherwise stateD in too apllrnisal report, lhe appraiser tlas no kr'(Jwledge of any hidden or unapparent ccmdifions ot lh€ property or
ad~erse eTWironmenlili conditions linctuding :f1e presence of haZilrdous wastes toxic substances, €te) ttlat would ma~e the properly more or less valugble, and
~as assumed tha: there are 110 SUCh condi~ans and makes no gUoranlces or warranties. express or implied, regarding The condition of tit: properTY Tile
appraiser Will not oe res~onsilll€ lor any sucl1 conditions Ilia! do exisl or for any engineering or Wsllrlg thai mighT De required to discover wttether slIch
conditions exisl 8eGluse 1he appraiser is 001 an expert 111 the liekl of eMin;mmental hazards thE aporaisai report must rol oe C[ln..~idered as an
cnvironmelTlolasscssmenl 01 the Drc~erty
7 lhc appraiser cntained lh€ 'nlOfl!1i!lTOn estlmltes, and opinions !tlat were expressed 'n the appralsai report Irom ,>purces Ihat he or she conslClers to lie
reliable arld believes them 10 be true and conecl Tile appraiser does not assume responsibility for the aCCtltaey of suer i1ems that were lurnished by Diner
parties
1he ap;lraiser will not disclose ItIC contents 01 the appraisal report excep: as prOVided tor in the Unitorm Standards 01 Prolessionat Appraisal Practice.
9 The appraiser has based his or her appraisal report and valuaUon co~clllsion for all appraisal lhol is subjecl 10 saUsI_clory completion, repairs, or
altefl'!tions on the assumption th31 completion Of the improvements will lie pertormed m a workmanliKe manner
10 Tr.e apDfaiser must provide his or her prior written consent Iletore lhe tender/clienl specHied in the appraisai re~ort can distribute the appraisal report
~l1clllding conclusions ab{}lJ\ lhe ~rollllrty vaiJe, till appraiser's identiTy and pr01esSional designations, alld relerences to any prolessional aporaisal
organizalions or !he llrm with which ti"f appraiser is associated) 10 anyone otller than the oorrower: the mortgagee or lIs SlICcessors and assigns; tre morgage
insurer: coosut1ants: professional appraisal organo:a~or.s; any slale or teoerarr~ approved financial rnstitution: Of any department agency, or instrumentality
of the united States 0; any stat~ or the Dislriclcf Columbia: except Ihal tre lendWc!ier,\ may distribute Ihe prooerty description section 01 the report onty Ie data
cofiectlon or raportinQ service(s) w~hou\ having to obtoin lhe appraiser's prior wrrtten consent. The appraiser's wntten consenl and approval must also
be atJtalOcd Ilefore till; appraisal c~n lJe wnvtyC{1 IJ~ ~nyone III tne public through ~ov~rtlsing, pubiic reialioTlS. news, sales, 0' otner media
fre-rJdic MacFmm 4396.93
Page10f2
Fannie Mae Form l00~B 6.93
CoUier COl.lnty Government
r-o'm ACR -"WinTOTAL" arpraisal sottware tJya la rllodr.. inc - 1.80G-ALAMDDE
A~enda Item No. 1688
IRleNa -r.holswl ~I 14, 2009
Page 9 of 23
APPRAISER'S CERTIFICATION: The Appraiser cert~ies and agrees that'
, _ I have researched the sl/tlject martet area and have selectee! a minimum at three recen! sales at properties most similar and proximate 10 tile subject property
for consideration in the sales comparison 31lalysls and have made aaollar adjuWnent when appropriate 10 re/leel the martm reaclion 10 those "ems 01 significant
varialion, r a signilicanl item in a comoarable property is superior to, or more ravorable lnan, the subrect property, ! have made a negative adjustm6illla reduce
the ad)USled saies price 01 the cotT'{Jarable and, II a siQnllicanl item In a comparable properly is inferior 10, or less lavorable !him the subject property, I have made
a posllive adjustmenl 10 incle3se IhE adiusted sales price 01 lhecompar able,
2 I have taken il'\l:o consideraUon lhe faclors thaI have an impac: on value in my developroont of the estimate 01 market value in the appraisal report I have no!
kJIllWllllly w~hted any slgrJIlcant Intormation Irom the appralsa! report and I believe, to the best of my knowledge. thai a~ statements and inlormalion in the
aopraisal report are Iflle an~ cOHeet
3 I staled in \he appraisal reporl of1ly my own~sonal.unbiaSe<l.andpfOfessionalanalysis.opinions.andconclusions. which are subjecl only to ltteconlingem
and limllingcondillonsspecltledIn tnlstorm
4 I have no present or pfOspective inlereslln lhe property thai is the sub/Cctl0 this report, and I have no present or prospective personalilllcreSl or bias with
respect 10 the oarticiJjaflls in the transaction. I did not base, e~her partially o~ comple1e1y, my analysiS arn1lor Ihe estimate ot market vatue in the appraisal rellort
tl~ Ire race, color. religion. sex, lIandicap. familial ~latus. Of natlonalorl9in 01 ailher lhe prospe~live owners Of occupants Of lilt' subject property or oj the presenl
QWllersOf occuoanlsotthepro~ertlesinlhev'cillrty oilheSUblectpropert'y
5 I nave no presenl or COnlemplate<l future interest in ltle subject property. ~lJ{J neither my current or 1uture employmel11 nor my compensation 1m performing !his
appraisat is C(lnUngentun lhe appraised valUe ul the property
6. I was not required to report a ~reOelermined value or direction in vatue lIJat lavors the cause 1.11 !he client or any relaled party, the amount of tht; 'Iaille estimate,
the allalnmeni of a S;lccrfic result, or the occurrence of a subsequent event In order to receive my compensabon and/or employment lor per/orming the appraisal
did not base the appraisal report on a requested minimum ~ajuatirJn, a specific valuauon, or the need to approve a specific mortgage 1000
7. j performeG this appraisal in coflformity with the UnltClfm Slandards of Professional Appraisai Pra~tice lhat were adopted aml promulgaled by the Appraisal
S:andardsBoard 01 The Appraisal Foondatlon and Ihat were in place as oflheeffectivedaleottl'lsawaisal,withtheexcepfioooftnedefUlrtureprOVlsion 01 those
Slandards. Which does not apply. lacknowleoge that an estimate 01 a reasonable ttrre lor e:qlOSUfC In !he o~ market is a condilion in the delinWon at market value
and the estimate I developed is consistent with the marketing ume note<! in !he neighborhood section of this report, unlp.ss I t1iIve otIlerwlse sllItlld in ll1e
recOflClIialionsectlon.
8 I nave personalty inspected the inllJiOI aooexterior mas ot the subleCI property and lhe exterior lit all propooies listed as comparabl~'S In 100 appraisal report
I further certlfy \naIl have nuted any apparent or imown aoverse conditions in Ire sull)ect lr1'ijlfOvemenls. on the subject site, or on any srte Wilt1in the immediate
vicinily 01 the sublect pmplJly 01 which i am aware and have made IldJustments for tI'lese adverse COndltOns in my aMlysis 01 the property value 10 lhe e.l1ent trlat
I had mar~et evidence to ouppO!t thml. I have also commentet! about the etlect 01 the adVerse conditions Olr the marketability 01 fhe SUDJCt\ property
9 t personally prepared ail conclusions and opinions aboullhe real estate lhat were sellortl1 in Ine appraisal report II I relied on signilicanl profesSional
assistance 1rom any individual or individuals in too performance of !he appraisal or the preparation 01 tIie appraisal report. I have named such Indivrdual(s) and
~isclosoo Ihe specific task5 perlormed by them in !he reconciliation section 01 this appraisal report. t certify that any Individual so named is quanrled 10 oortorm
the tas~.s. I have nol authOrized anyone 10 make a change to ~ny 11Bf11 in the report; therelore, If an unauthorized change is made to the appraisal reflllrt, I will lake
no respor.sibilily tor it
SUPERVISORY APPRAISER'S CERTIFICATION: 11 a supervisory appraisef signed 1M appraisal report, he or she certifies and agrees that:
I direcW supervise the appraiser who prepared the appraisal report. have revlewe<l the appraisal report, agree with lhe statements and conclusions ollle appraiser,
aqreeto llebollnl! bylhe appraiser's certifications numbered 4 thrOUQh 7 above, and am laking fell responslbllit}l tor IIle appraisal alldthe appraisal report
ADDRESS OF PROPERTY APPRAISED: ~J\jIS 1Ott, Aventre NE Nan1e.s, F13A.120
APPRAISER:
SUPERVISORY APPRAISER (only If required):
Signalure
Name:
Dale Signed: __~_.___
StateClll1ilica1ior.#
or State License iI
Slale:
ExplrallOnOateofCertlhcaliOl'lor License:__._
Signature:
Name: ..t.!P.m:..Henderson, SRA
Dale Signed January? 2009
Slate Ger1lticatlon#: RD3475
or Slate LiceI'lse #:
S131e' FL
EX~llfatlQn Date ofCenilicalion or license: 11/30110
DOil!
D Oi~N01lnspeclProperty
FrelldieMacform4396-93
Page20t2
Fannie Mae Form 10{l4B 6-93
fo'm ACR - 'WlnTOTAl' appraisal software by a la mode, inc. -j.80Q-AtAMOOE
LAND APPRAISAL REPORT
IFiI~~~f~~Plfli',',fr~o. 16B8
FileNo Nichols E April 14, 2009
o of23
State FL
Zip Code 34120
Map Reference S34-T48-R27 c1':::1t:>
Borrower Owner: Nichols
Property Address N/S 1 Olh Avenue NE
City Naples County Collier
Legal Descrlption Golden Gate Estates Unil18 E 165ft of Tract 87 ___
SalePrice$NfA DateofSaleN/A LoanTerm~yrs Property Rights Appraised [gjFee []leasef1old DOeMinimisPU
Aclusl Real Estate Taxes $ 1,442.99 (yr) Loan charges to be paid byseller$~Othersales concessions NfA
LeMer/Client Collier County Govrrransportation Division Address 2885 South Horseshoe Drive. Nanles FL 34104
Occupant vacant Appraiser Harry Henderson SRA Instructions to AppraiserEslimate Market Value
Folio #37496320105
Location
Built Up
Growth Rate
Property Values
Demand/Supply
MarkelingTime
Present Land Use
Census Tract 112.02
,-JUroan
CJ Dver75%
o FuliyDev o Rapid
o Increasing
LShortage
CUnder3Mos
~% 1 Family _% 2.4 FamHy
%!nduslrial 35%Vacant
Change in Present Land Use L'NotUkely
(')From vacant
[gj Owner C-! Tenant
$ 110000 _ 10 $ 500.000
New yrs, 10---.lQ. yrs.
bRura,
r~Under25%
-
, ,Slow
G: DeClining
~Oversupply
lSJ Over6Mos
% CondO % Commercial
EmploymentSttltlilrty
ConvenJencetoEmployment
Convenience 10 Shopping
Convenience to Schools
AdeQuacy of Pubtic Transportalion
RecrealionalFacilities
AdeQuacyofLllilrties
PropertyCompafitlilrty
Protec1ionlrom Detrimental Conditions
Police and Fire Protection
General Appearance of Properties
Ap~alloMarket
Predominant Occupancy
Single Family Price Range
Single Family Age
~SUburban
l8J 25% to 75%
3J Steady
CStable
[J In Balance
~4.6Mos.
_%Apts_
%
-[2JLikeIY{') ~:TakingPlace(*)
To sinqle.family
~%Vacant
Prwominant Value $ 200 ogg_
Predominant Age. 10 yrs
GoodAvg.FairPoor
D~DD
D~CC
1-' ~ ~ ==
= lK 0 .J
ClKOD
DCSJCD
[J[giOD
D~DD
DZDD
DB ,::::J 0
DZlnD
Di"'iDU
Comments Including those factors, favorable or unfavorable. affecting marketabilrty {e.g, publiC parks, schools, view. naisej:The subect is located in the central nart of
unincoroorated Collier County in the Golden Gate Estates area. Golden Gate Estates is a snrawlino nre-nlatted subdivision consistinn of
acreaoe-tvoe sinale-familv homesites 11.14 to 5 acres tVDicallv\ in a semi-rural selti~Esseritial services are w~hin a 35 minute drive into
oreater NaDles. Maintenance levels in the area are mostlv averaoe
Dimensions 165x660 - _..~SQ,f1.0rAcres LJ Comer Lot
Zoning classification Estates (2.25 acre conforminQ iot size min.) Present Improvements' [gJ do 0 do not conform ta zoning regulations
Highest and beslllSe U Present use 1*1 Other (specify) 'eventual sinQle.family development
Public Other (Describe) i OFF SITE IMPROVEMENTS :Topo Level
~ IStr'.etAccess LS: Public [] Private!Slze Compatiblewitha~ea
[J Surface_Ma<<adam IShape!3ectanoular
o well Maintenance ~ Public ~ Pnvate iVlew Natural
o septic ! 0 Storm Sewer ~ curtllGUlter i Drainage AnDears 10 be ade uate
o Underground Elect. & Tel,I._C_fu.~~_al~ n Stre~hJL .lIS the property located In II HUO~n\lfied Special Flood Hazard Alt!a? :8JNoLJVes
Comments ~avorable or unfavorable Including any apparent adverse easements, encroachmertts, or other adverse conditions) Zone D. Comm#120067 250G dId 11/17/05
No adverse conditions observed. TvnicaJ roadwav and nerimeter utilltv easmenls are extant
The undersigned has recijed three recent sales of properties mosl similar and proximate to subiect and nas considered Ihese in the market analySIS, The descriDt~n includes a dollar
adjustment reflecting mar1l:et reaction to those items ol significanl variation between the subiect and comparable properties. ~ a significant item in lI1e comparable property is superi()(
to or more favora~e than the subject property, a minus (.J adjustment IS made thus reduclllg lt1e indicated value of subiect; ~ a significanlltem in the comparable is inferior to or less
lavorablethan1l1esubjeclpraperty,a plus (+) adjustment is made thus increasingfhe indicated value 01 the sublect.
ITEM SUBJECT PROPERlY COMPARABLE NO.1 COMPARABLE NO, 2
Address N/S 10th Avenue NE S/S 47th Avenue NE 4285 33rd Avenue NE
Naoles. FL 34120 Naoles FL 34120 Na"'ies, FL 34120
ProKimilv to Subiect 5,33 miles NE 5.57 miles NE
Sales Price $ N/A 1$ 21930/ac . . $ 24172/ac
Price Gross S It 25,000 $ 36500
Data Source MLS#208007531
Dale of Sale and DESCRIPTION DESCRIPTION
Time Adjustmetlt N/A ~/08
Location GGE Similar
SitelView 2.50 acres 1,14acres
Tononranhv Level/natural Level/natural
Zoninn Estates Estates
Elec.
Gas
Waler
San. Sewer
--
COMPARABLE NO, 3
NIS 41 st Avenue NW
NaDies FL 34120
4.23 miles N
,. I!> 21930/ac
$ 25,000
-r.;: - SAdiust.
Nominal
MLS#208022937
DESCRIPTION
6/0_8 _
Similar
151acres
Level/natural
Estates
MLS#207027015
1+ -\SAdiust DESCRIPTION
Nominal 9/08
Similar
1,14 acres
Level/natural
Estates
in$/ac
in$/ac
+ -1$ Adiust
Nominal
in$/ac
Sales or Financing N/A Cash or Equiv Cash or Equiv Cash or Equlv
Concessions
NetAd'./Total>""." .'+ '-:$ + 1- _ '$ I + jl. ;'t
IndicateOV.lu, vii. I,"...;,')) I .. . " ../. 1:,.,,;1
ofSubfect'"!:/:';,::,.,.,, "I <I, 21.930'/..'1, 24.172"'" '.1, 21.930
Comments on Markel Oata: All sales involve GGE lands located in the Qeneral vicinity of the subiect. The sales are compared on a $/acre unit Drice
basis ne...atin... the need for size ad'ustments. The u......er end of the "'rice ranne is niven most weioht in consideration of the thinlv traded nature
of this market at this time. $24000 is selected as the applicable uniUprlce ($/ac\ for the take area
Comments and Conditions of Awaisal: 2.50 acres x $24 OOO/acre =' $60 000 (rounded)
--
Final Recanciliation: See Attached Limltinq Conditions
I EsnMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF
December 10,
2008 looe$ 60.000
Harry Henderson, SRA
Appraiser(s
~2KI
I.] Did
[] Did NotPhysicailylnspectProper1y
Review Appraiser {rt applicablel
Collier County Government
Form LND - "WinTOTAL' appraisal software by a ia mode, inc. - i.800.ALAMoDE
Location Map
IFiI~~fll'l~fllr~!\',fl~o. 16B8
April 14, 2009
11 of 23
Borrower Client Owner: Nichols
Pro Address NIS 10th Avenue NE
Cil Na les CoU Collier
Lender Collier Count GovfTrans ortalion Division
State FL
Zi ClKle 34120
MapPO'ln't:
==f~40
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r
I
I,
~
I'
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r,
,I
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II
'.' "'1.1" HkleoL~
.. .. .. C'-oIfClub
~1r.,..."I~Y Inn MU Sl,lijes Golf Re~Qrt
1:
l"~
~--.ll Forest Glen
GolfCouree
!NaPles Nn1i()nal Golf Club
>t>200e'M;"...6lIc. oII2007NI~JI;Q..rtlIl.rlt"~IU,....
~,;.
'.
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~t
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Scale
I
Form MAP.LOe ~ 'WinTOTAl' appraisal software by a la mode, inc. -1-800-ALAMODE
Ifil~~~fl\'l~Plflil\flYo. 16B8
- April 14, 2009
Page 12 of 23
DEFINITION OF MARKET VALUE: Th€ most probable price which a property shoutrlllTin{l in a competi~ve and open market under all condmons
requisite to a fair sale, the buyer and seller, each actinQ prudentiy, knowledgeably and assuming the pnce Is not aUected by undue stimulus, Implicit in this
definition is the consummation of a sale as 01 a speCifiM dale and the passing of title lrom seller to tlUyer under conditions whereby: (1) buyer and seller are
typically motivated; (2) boltl parties are wellirlformed 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 consioeration for the property soid uMftecled by special or creative financing or sales concessions" granted by anyone aSSOCiated wijh
the sale
. Adlustments to the comparables must be made for special or creative Imancing or sales concessions No adjustmerrts are necessary
for those costs which are normally paid by sellers as a resu~ of tradition or law In a market area; these costs are readily identifiable
since the selier pays these costs in virtually all sales transactions Scecial or creafive financing adjustments can be made to the
comparable property by comparisons to financing terms offered by a third party Insfitutional lender that is not already involved in the
property or transaction Any adjustment should not be calculafed on a mechanical dollar for do~ar cosf of the financing or concession
but the dollar amount of any adlustment should approximate the markefs reaction to th€ financing or concessions based on the
appraiser'sjudgemenl.
STATEMENT OF LIMITING CONOITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certHicatian that appears in the appraisal report is sublect to the following
conditions:
1. The appraiser will not be responsible for matters 01 a legal nature that affect either the property being appraised or the title to it The appraiser assumes that
the@eisgoodandmarketableand, therefore, wilinotrenderanyopinionsaboutthe@e. The prppertyis appraised on the basis of it being under responsible
ownership.
(. The appraiser has provided a sketch in the appmisal 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 rts size
3. The appraiser has examineU 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 identijied Special Flood Hazard Area Because the appraiser is not a sUf'leyor, he or she makes
noguarantees,expressorimplied,regardingthisdetermination
4. The appraiser will not give testimony 0; appear In court because he or sl1e made an appraisal of the property in Question, unless specnic 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 colltlibutory ~alue. These
separate vaiuations 01 the !and and improvements mllSt not be used in conjunction with any other appraisal and are invaiid 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.) obsef'led during the inspection of the sublect 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 condifion oj the property. The
appraiser will not be responsible lor any such condmons that do exist or tor any engineering or tesling that might be required to discover whether such
conditions exist. Because the appraiser is not an expert in lhe field of environmental hazards, the appraisal report musl not be considered as an
environmemal 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
reliabfe and believes them 10 be true and correct. The appraiser does not assume responSibility far the accuracy of such items that were furnished by other
parties.
8. The appraiser will not disclose the contents 01 the appraisal report excepl as provided for in the Uniform Standards of Professional Appraisal Practice.
9 The appraiser has based his or her appraisal report and valuation conclusion lor an appraisal that is subject to satisfactory completion, repairs, or
a~eralions on the assumption that completion of the improvements will be performed in a workmanlike manner
10_ Tile appraiser must provide his or ner prior written consent before the lender/client specified in the appraisal report can dislrtbute the appraisal report
(including conclusions about the property value, 1I1e appraiser's identity and prolessional designatiOns, and references to any professiemal appraisal
organizations or fhe firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage
insurer; consu~ants; professional appraisal organizations; any state or tederally approved financiai institution; or any department, agency, or instrumentality
01 the Un~ed States or any state or the District of Columbia; exceplthatthe lender/client may distribute the property description section ot 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 1I1e public through advertising, publiC relations, news, sales, or othe' media.
Freddie Mac Form 4396-93
Page10f2
Fannie Mae Form 1004B6-93
CollierCourrtyGovernmen1
Form ACR - "WinTOTAL" appraisai software by a ia mode, inc. -j.800"AlAMOOE
IFil14:M'F~1lllrll\'.rliJo. 16B8
April 14, 2009
Page 13 of 23
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 10 the subject property
for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate 10 reflect 1M market reaction to those items 01 significant
variation. n a significant Item in a comparable property is superior to, or more favorable than, the subject property, I han made a negative adjustment to reduce
theadlusted sales pnce01 lt1e comparable and. jla signlflcantitemina comparable property Is imeriorta, or less favorable lhanthe subjeclproperty, I have made
a posihve adjustment to irn:reasethe adjuslell sales price of the comparable.
2. I have taken into consideration the factors that have an impact on value in my development of the estimate 01 market value in the appraisal report I have not
knowingly withheld any significant information from the appraisal repon and I oelieve, to the best of my knowledge, that a~ sfatements and irIformation in the
appraisal report are true and correct.
3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions,which are subject only to the contingent
andlimitingcond~ionsspecijiedinthisiorm.
4. I have no present or prospective interest in the property that is the subjec ttothis report, and I have no present or prospective personal inferestorbl aswlth
respect to the participants inlhe transaction. I did not base, either partially or completely, my analysis and/orttte estimate of market value in the appraisal report
on the race, color, religion, sex, handicap, familial status, or national origin of either the prospecti~e owners or occupants of the subject property or of the present
owners or occupants 01 the properties in the vicinity of the subject property
5. I ha~e no present or contemplated future irrterest in the subject property, and neither my current or flJtUre empioyment nor my compensation for pertorming this
appraisal is contingent on the appraised value of fhe property
6. I was not required to report a predetermined ~alue or direction in vaiue that favors the cause of the client or any related party, the amount of the vaiue estimate,
the attainment of a specific resut!, or the occurreoce 01 a subsequent e~ent in order to receive my compensation andJor employment for performing the appraisal. I
did not base the appraisal report on a requested minimum valuation, a specific ~aluation, or Ihe need to approve a speCific mortgage loan. I
7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promuigated by the Appraisal
Standards Board oi The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception oj the departure provision 01 those
Standards, which does not apply. I acknowledge thaI an estimate of a reasonable time jor exposure in the open market is a condition in the definITion of markel vam
and the estimate i developed is consistent with the marketing time noled in the neighbOrhood section of this report, unless I have otherwise stated in the
reconcilialionsection.
8. I have personally inspected the interior and exterior areas of the suojec1property 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
~icinity of the subject property oj which I am aware and have made adjustments for these adverse conditions in my analysis oj the property value to the extent that
I had market evidence to support fhem, I have also commented about the effect oj 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 forth in the appraisal report. if I relied on significant professional
assistance from any Individual at individuals in the pertormance 01 the appraisal 01 the preparation oj the appraisal repor\, I have named such individual(s} am
disclosed the specifiC tasks performed by them in the reconciiiation section oj this appraisal report. I certify that any individual so named is qualified to perform
the tasks. I have not authorized anyone to make a change to any Item in the report; therelore, il an unauthorized change is made to the appraisal report, I will take
no responsibility for i1.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:
I dlreclly supervise the appraiser who prepared the appraisal repor\, have reviewed the appraisal repor\, agree wllh the sta1ements and conclusions 01 the appraiser,
agree to oe bound by the appraiser's certifications numbered 4 through 7 a bove,andamtakingfuliresponsibiiltylortheappraisalandtheappraisalreport.
ADDRESS OF PROPERTY APPRAISED: N/S 10th Avenue NE Naoles FL 34120
APPRAISER: SUPERVISORY APPRAISER (only If required):
Signature
Name
Date Signed'
StateCertification#'
or State license #'
Stale:
Expiration Date of Certilication orUcense:
Signature:
Name: Harry Henderson, SRA
Date Signed' January 7 2009
State Ceriification #. RD3475
or State Lice!lse #:
State: Fl
Expiration Date oiCertification or License: 11/30/10
o Did
[] DidNollnspectProperty
Freddie Mac Form 4396-93
Page20f2
Fannie Mae Form 1004B6-93
Form ACR - "WinTQTAL" appraisal software by a la mode, inc. -1-S00-ALAMODE
Agenda Item No. 16B8
April 14, 2009
Page 14 of 23
PROJECT:
PARCEL:
FOLIO NO.:
60168 Vanderbilt Beach Road Extension - Phase 2
POND5D1 and POND5D2
37496320008 AND 37496320105
PURCHASE AGREEMENT
(for Stormwater Retention Pond Sites)
THIS PURCHASE AGREEMENT is made and entered into on this day of
, 2009, by and between EDWARD R. NICHOLS and DEBORAH
C. NICHOLS, husband and wife, whose mailing address is 1475 Osprey Avenue,
Naples, Florida 34102-3448, (hereinafter referred to as "Selle('), 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, Seller owns that certain property more particularly described as:
TRACT 87, GOLDEN GATE ESTATES, UNIT 18, ACCORDING TO THE PLAT
THEREOF, RECORDED IN PLAT BOOK 7, PAGES 7 AND 8, OF THE PUBLIC
RECORDS OF COLLIER COUNTY, FLORIDA,
together with all structures and improvements, (hereinafter referred to as .Property");
and
WHEREAS, Purchaser requires the Property for stormwater retention purposes
as part of the Vanderbilt Beach Road Extension Project; and
WHEREAS, Seller has agreed to sell end Purchaser has agreed to buy the
Property subject to the terms and conditions that follow.
NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars
($1000), 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. AGREEMENT
In consideration of the purchase price and upon the terms and conditions hereinafter
set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the
Property, described hereinabove.
2. PURCHASE PRICE
The purchase price (the "Purchase Price") for the Property shall be $150,000.00 (U.S.
Currency) payable at time of closing. The Purchase Price, subject to the apportionment
and distribution of proceeds pursuant to Paragraph 3D of this Agreement, shall be full
compensation for the Property conveyed, including all landscaping, trees, shrubs,
improvements, and fixtures located thereon, and shall be in full and final settlement of
any and all claims against the Purchaser, including all attorneys' fees, expert witness
fees and costs as provided for in Chapter 73, Florida Statutes. None of this Purchase
Price is attributed to any personal property.
Agenda Item No. 16B8
April 14,2009
Page 15 of 23
3. CLOSING
A TIME IS OF THE ESSENCE. Therefore, the Closing (THE "CLOSING
DATE", "DATE OF CLOSING", OR "CLOSING") of the transaction shall be held on
or before one hundred twenty (120) days following execution of this Agreement by
the Purchaser unless extended by mutual written agreement of the parties hereto.
The Closing shall be held at the Collier County Attomey's Office, Administration
Building, 3301 Tamiami Trail East, Naples, Florida. Purchaser shall be entitled to
possession as of Closing, unless otherwise provided herein.
B. Seller shall convey a marketable title free of any liens, encumbrances,
exceptions, or qualifications. Marketable tille shall be determined according to
applicable title standards adopted by the Florida Bar and in accordance with law.
At or prior to Closing, Seller shall provide Purchaser with a copy of any existing
prior title insurance policies. At or before the Closing, the Seller shall cause to
be delivered to the Purchaser the items specified herein and the following
documents and instruments duly executed and acknowledged, in recordable form:
1. General Warranty Deed in favor of Purchaser conveying title to the
Property, free and clear of all liens and encumbrances other than:
(a) The lien for current taxes and assessments.
(b) Such other easements, restrictions or conditions of record.
2. Combined Purchaser-Seller closing statement.
3. A "Grantor's Non-Foreign, Taxpayer Identification & "Gap" Affidavit" as
required by Section 1445 of the Intemal Revenue Code and as required
by the title insurance underwriter in order to insure the "gap" and issue
the policy contemplated by the title insurance commitment.
4. A W-9 Form, "Request for Taxpayer Identification and Certification" as
required by the Internal Revenue Service.
5. Such evidence of authority and capacity of Seller and its representatives
to execute and deliver this Agreement and all other documents required
to consummate this transaction, as reasonably determined by Purchaser's
counsel and/or title company.
C. At the Closing, the Purchaser, or its assignee, shall cause to be delivered to
the Seller the following:
1. A negotiable instrument in an amount equal to Net Cash to Seller on the
Closing Statement. No funds shall be disbursed to Seller until the Title
Company verifies that the state of the title to the Property has not
changed adversely since the date of the last endorsement to the
commitment, referenced in Section 6 "Requirements and Conditions for
Closing" below, and the Title Company is irrevocably committed to pay
the Purchase Price to Seller and to issue the Owner's title policy to
Purchaser in accordance with the commitment immediately after the
recording of the deed.
2. Funds payable to the Seller representing the Purchase Price shall be
subject to adjustments and pro-rations as hereinafter set forth.
D. Purchaser shall pay all fees to record any curative instruments required to
clear title, all Warranty Deed recording fees, and any and all costs and/or fees
associated with securing and recording a Release of any mortgage, lien or other
encumbrance recorded against the Property; provided, however, that any
Page NO.2
Agenda Item No. 16B8
April 14, 2009
Page 16 of 23
apportionment and distribution of the full compensation amount in Section 2 which
may be required by any mortgagee, lien-holder or other encumbrance-holder for
the protection of its security interest or as consideration for the execution of any
release or satisfaction, shell be the responsibility of the Seller, and shall be
deducted on the Closing Statement from the compensation payable to the Seller
per Section 2.
E. Seller, at its sole cost and expense, shall pay at Closing all documentary
stamp taxes due upon the recording of the General Warranty Deed, in accordance
with Chapter 201, Florida Statutes, unless the Property is acquired under threat of
condemnation. The cost of a Title Commitment shall be paid by Purchaser along
with the cost of an Owne~s Form B Title Policy, issued pursuant to the
Commitment provided for in Section 6, 'Requirements and Conditions' (beiow).
F. Real Property taxes shall be prorated based on the current yea~s tax and
paid by Seller. If Closing occurs at a date upon which the current yea~s millage is
not fixed, taxes will be prorated based upon the prior yea~s millage.
4. INSPECTIONS
A Insoeclion Penod. Purchaser shall have 60 days from the Effective Date
(Inspection Period) to determine through eppropriate investigation and inspection
that the Property is in compliance with all applicable State and Federal
environmental laws and free of any Hazardous Materials. Upon reasonable
notice, Seller will provide Purchaser, and its agents, with access to the Property
for purposes of surveying, soil borings, site inspection and analysis.
B. Election and Resoonse. If Purchaser is not satisfied, for any reason, with the
results of this investigation, Purchaser may elect to terminate this Agreement,
without penalty, by giving written notice of its intent to terminate prior to expiration
of the Inspection Period. Purchaser may elect to suspend its Notice of
Termination if Seller notifies Purchaser in wrrting within ten (10) days thereafter
that Seller agrees to promptly carry out, at its sole expense, all further
investigations and remediation of the Property as necessary to make the Property
acceptable to Purchaser (hereinafter "Remedial Action") within a time period
acceptable to Purchaser. As a condition precedent for suspension of the Notice
of Termination, the parties shall agree to the specific term of such suspension and
what will render the Property acceptable to Purchaser.
C. "Hazardous Materials" means any substance: (1) the presence of which
requires investigation, remediation, or is, or becomes regulated under any federal.
state, or local law, regulation, order or policy; or (2) which is or becomes defined
as a hazardous substance, pollutant or contaminant under federal, state or local
law or regulation; or (3) which is toxic, explosive, corrosive, fiammable, infectious,
radioactive, carcinogenic, mutagenic or otherwise hazardous, or threatens the
health or safety of persons on or about the Property, and is being regulated by
any governmental authority in the state of Florida.
D. If Purchaser does not have the Property inspected, or fails to do so within the
Inspection Period, or fails to notify Seller of its intent to terminate, Purchaser shall
be deemed to have accepted the Property in the condition it existed on the
Effective Dele.
5. RISK OF LOSS
Seller shall maintain the Property in the condition existing on the Effective Date until
Closing or date of Purchaser's possession, whichever is later, except for any Remedial
Action agreed to by Seller under Section 4B above. Any future loss and/or damage to
the Property between the Effective Date and the Closing or date of Purchase~s
possession, whichever is earlier, shall be at Seller's sole risk and expense.
Page No. 3
Agenda Item No. 16B8
April 14, 2009
Page 17 of 23
6. REQUIREMENTS AND CONDITIONS FOR CLOSING
Upon execution of this Agreement by both parties or at such other time as specified
within this Section, Purchaser and/or Seller, as the case may be, shall perform the
following within the times stated, which shall be conditions precedent to the Closing:
A. Within fifteen (15) days after the date hereof, Purchaser shall obtain as
evidence of title an AL TA Commitment for an Owners Title Insurance Policy
(AL TA Form B-1970) covering the Property, together with hard copies of all
exceptions shown thereon. Purchaser shall have thirty (30) days, following receipt
of the title insurance commitment, to notify Seller in writing of any objection to title
other than liens evidencing monetary obligations, if any, which obligations shall be
paid at closing. If the title commitment contains exceptions that make the title
unmarketable, Purchaser shall deliver to the Seller written notice of its intention to
waive the applicable contingencies or to terminate this Agreement.
B. If Purchaser shall fail to advise the Seller in wrrting of any such objections In
Seller's title in the manner herein required by this Agreement, the title shall be
deemed acceptable. Upon notification of Purchasers objection to trtle, Seller shall
have thirty (30) days to remedy any defects in order to convey good and
marketable title, except for liens or monetary obligations which will be satisfied at
Closing. Seller, at its sole expense, shall use its best efforts to make such title
good and marketable. In the event Seller is unable to cure said objections within
said time period, Purchaser, by providing written notice to Seller within seven (7)
days after expiration of said thirty (30) day period, may accept title as it then is,
waiVing any objection, or may terminate the Agreement.
C. Seller agrees to furnish any existing surveys of the Property in Seller's
possession to Purchaser within 10 (ten) days of the Effective Date of this
Agreement. Purchaser shall have the option, at its own expense, to obtain a
current survey of the Property prepared by a surveyor licensed by the State of
Florida. No adjustments to the Purchase Price shall be made based upon any
change to the total acreage referenced in Exhibit" A" / this Agreement, unless the
difference in acreage revealed by survey exceeds 5% of the overall acreage. If
the survey provided by Seller or obtained by Purchaser, as certified by a
registered Florida surveyor, shows: (a) an encroachment onto the property; or (b)
that an improvement iocated on the Property projects onto lands of others, or (c)
lack of legal access to a public roadway, the Purchaser shall notify the Seller in
writing, within sixty (60) days from the Effective Date of this Agreement, of such
encroachment, projection, or lack of legal access, and Seller shall have the option
of curing said encroachment or projection, or obtaining legal access to the
Property from a public roadway. Should Seller elect not to or be unable to remove
the encroachment, projection, or prOVide legal access to the property within sixty
(60) days, Purchaser may accept the Property as it then is, waiving any objection
to the encroachment, or projection, or lack of legal access, or Purchaser may
terminate the Agreement, by providing written notice to Seller within seven (7)
days after expiration of said sixty (60) day period. A failure by Purchaser to give
such written notice of termination within the time period provided herein shall be
deemed an election by Purchaser to accept the Property with the encroachment,
or projection, or lack of legal access.
7. TERMINATION AND REMEDIES
A. If Seller shall have failed to perform any of the covenants and promises
contained herein, which are to be performed by Seller, within fifteen (15) days of
written notification of such failure, Purchaser may, at its option, terminate this
Agreement by giving written notice of termination to Seller. Purchaser shall have
the right to seek and enforce all rights and remedies available at law or in equity
to a contract vendee, including the right to seek specific performance of this
Agreement.
Page NO.4
Agenda Item No. 16B8
April 14, 2009
Page 18 of 23
B. If the Purchaser has not terminated this Agreement pursuant to any of the
provisions authorizing such termination, and Purchaser fails to ctose the
transaction contemplated hereby or otherwise fails to perform any of the terms,
covenants and conditions of this Agreement as required on the part of Purchaser
to be performed, provided Seller is not in default, then as Seller's sole remedy,
Seller shall have the right to terminate and cancel this Agreement by giving written
notice thereof to Purchaser which shall be Seller's sole and exclusive remedy, and
neither party shall have any further liability or obligation to the other except as set
forth in Section 10, Real Estate Brokers, hereof.
C. The parties acknowledge that the remedies described herein and in the other
provisions of this Agreement provide mutually satisfactory and sufficient remedies
to each of the parties, and take into account the peculiar risks and expenses of
each of the parties.
8. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES
Seller intends for Purchaser to rely on the representations contained in this Section in
entering into this Agreement and warrants the following:
A. Seller has full right and authority to enter into and to execute this Agreement
and to undertake all actions and to perform all tasks required of each hereunder.
Seller is not presently the subject of a pendin9, threatened or contemplated
bankruptcy proceeding.
B. Seller has full right, power, and authority to own and operate the Property,
and to execute, deliver, and perform its obligations under this Agreement and the
instruments executed in connection herewith, and to consummate the transaction
contemplated hereby. All necessary authorizations and approvals have been
obtained authorizing Seller and Purchaser to execute and consummate the
transaction contemplated hereby. At Closing, certified copies of such approvals
shall be delivered to Purchaser and/or Seller, if requested.
C. The warranties set forth in this Article are true on the Effective Date of this
Agreement and as of the date of Closing. Purchaser's acceptance of a deed to
the said Property shall not be deemed to be full performance and discharge of
every agreement and obligation on the part of the Seller to be performed pursuant
to the provisions of this Agreement
D. Seller and Purchaser agree to do all things which may be required to give
effect to this Agreement immediately as such requirement is made known to them
or they are requested to do so, whichever is the eartier.
E. Seller represents that it has no knowledge of any actions, SUitS, claims,
proceedings, litigation or investigations pending or threatened against Seller, at
law, equity or in arbitration before or by any federal, state, municipal or other
governmental instrumentality that relate to this agreement or any other property
that could, If continued, adversely affect Seller's ability to sell the Properly to
Purchaser according to the terms of this Agreement
F. No party or person other than Purchaser has any right or option to acquire
the Properly or any portion thereof.
G. Until the date fixed for Closing or as long as this Agreement remains in force
and effect, Seller shall not encumber or convey any portion of the Property or any
rights therein, nor enter into any agreements granting any person or entity any
rights with respect to the Property or any part thereof, without first obtaining the
Page No.5
Agenda Item No. 16B8
April 14, 2009
Page 19 of 23
written consent of Purchaser to such conveyance, encumbrance, or agreement
which consent may be withheld by Purchaser for any reason whatsoever.
H. Seller represents that they have (it has) no knowledge that any pollutants are
or have been discharged from the Property, directly or indirectly into any body of
water. Seller represents the Property has not been used for the production,
handling, storage, transportation, manufacture or disposal of Hazardous Materials
as defined herein, or any other activity that would have toxic results, and no such
Hazardous Materials are currently used in connection with the operation of the
Property, and there is no proceeding or inquiry by any authority with respect
thereto. Seller represents that they have (it has) no knowledge that there is
ground water contamination on the Property or potential of ground water
contamination from neighboring properties. Seller represents no storage tanks for
gasoline or any other Hazardous Materials are or were located on the Property at
any time during or prior to Seller's ownership thereof. Seller represents none of
the Property has been used as a sanitary landfill.
I. Seller has no knowledge that the Property, and/or that Seller's operations
conceming the Property. are in violation of any applicable Federal. State or local
statute, law or regulation, or of any notice from any govemmental body has been
served upon Seller claimll1g any violation of any law, ordinance, code or
regulation or requiring or calling attention to the need for any work, repairs,
construction, allerations or installation on or in connection with the Property in
order to comply with any laws, ordinances, codes or regulation with which Seller
has not complied.
J. There ara no unrecorded restrictions, easements or rights of way (other than
existing zoning regulations) that restrict or affect the use of the Property, and there
are no maintenance, construction, advertising, management, leasing, employment,
service or other contracts affecting the Property.
K. Seller has no knowledge that there are any suits, actions or arbitration, bond
issuances or proposals therefore, proposals for public improvement assessments,
pay-back agreements, paving agreements, road expansion or improvement
agreements. utility moratoriums, use moratoriums, improvement moratoriums,
administrative or other proceedings or govemmental investigations or
requirements, formal or informal, existing or pending or threatened which affects
the Property or which adversely affects Seller's ability to perform hereunder; nor is
there any other charge or expense upon or related to the Property which has not
been disclosed to Purchaser in writing prior to the Effective Date of this
Agreement.
L. Seller acknowledges and agrees that Purchaser is entering into this
Agreement based upon Seller's representations stated herein and on the
understanding that Seller will not cause the zoning or physical condition of the
Property to change from its existing state on the effective date of this Agreement
up to and including the date of Closing. Therefore, Seller agrees not to enter into
any contracts or agreements pertaining to or affecting the Property and not to do
any act or omit to perform any act which would change the zoning or physical
condition of the Property or the govemmental ordinances or laws governing same.
Seller also agrees to notify Purchaser promptly of any change in the facts
contained in the foregoing representations and of any notice or proposed change
in the zoning, or any other action or notice, that may be proposed or promulgated
by any third parties or any govemmental authordies having jurisdiction of the
development of the property which may restrict or change any other condition of
the Property.
M. Seller represents, warrants and agrees to indemnify, reimburse, defend and
hold Purcheser harmless from any and all costs (including altomey's fees)
Page No.6
Agenda Item No. 16B8
April 14, 2009
Page 20 of 23
asserted against, imposed on or incurred by Purchaser, directly or indirectly,
pursuant to or in connection with the application of any federal, state, local or
common law relating to pollution or protection of the environment which shall be in
accordance with, but not limited to, the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, et seq.,
("CERCLA" or "Superfund"), which was amended and upgraded by the Superfund
Amendment and Reauthorization Act of 1986 ("SARA"), including any
amendments or successor in function to these acts. This provision and the rights
of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by
conveyance of title.
9. NOTICES
Any notice, request, demand, instruction or other communication to be given to either
party hereunder shall be in writing sent by facsimile with automated confirmation of
receipt, or registered or certified mail, return receipt requested, postage prepaid or
personal delivery addressed as follows:
If to Purchaser:
With a copy to:
If to Seller:
With a copy to:
Transportation Engineering & Construction Management
AItn: Kevin Hendricks
Right-of-Way Acquisition Manager
2885 South Horseshoe Drive
Naples, Florida 34104
Telephone 239-252-8192
Fax 239-530-6643
County Attorney
Office of the County Attorney
Harmon Turner Building
3301 Tamiami Trail East
Naples, Florida 34112
Telephone 239-774-8400
Fax 239-774-0225
Edward R and Deborah C. Nichols
1475 Osprey Avenue
Naples, FL 34102-3448
Telephone:
Fax
The addressees, addresses and numbers for the purpose of this Section may be
changed by either party by giving written notice of such change to the other party in the
manner provided herein. For the purpose of Changing such addressees, addresses
and numbers only, unless and until such written notice is received, the last addressee
and respective address stated herein shall be deemed to continue in effect for all
purposes. Notice shall be deemed given in compliance with this Section upon receipt
of automated fax confirmation or upon on the fifth day after the certified or registered
mail has been postmarked, or physical receipt by hand delivery.
10. REAL ESTATE BROKERS
Any and all brokerage commiSSIons or fees shall be the sole responsibility of the Seller
and shall be paid at Closing. Seller shall indemnify Purchaser from and against any
Page NO.7
Agenda Item No. 16B8
April 14, 2009
Page 21 of 23
aim or liability for commission or fees to any broker or any other person or party
claiming to have been a procuring clause or engaged by Seller as a real estate broker,
salesman or representative, in connection with this Agreement.
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Page No.8
Agenda Item No. 1688
April 14, 2009
Page 22 of 23
11. MISCELLANEOUS
A. This Agreement may be executed in any manner of counterparts which
together shall constitute the agreement of the parties.
B. This Agreement and the terms and provisions hereof shall be effective as of
the Effective Date and shall inure to the benefit of and be binding upon the parties
hereto and their respective heirs, executors, personal representatives,
successors, successor trustee, and assignees whenever the context so requires
or admits.
C. Any amendment to this Agreement shall not bind any of the parties hereof
unless such amendment is in writing and executed and dated by Purchaser and
Seller. Any amendment to this Agreement shall be binding upon Purchaser and
Seller as soon as it has been executed by both parties.
D. Captions and section headings contained in this Agreement are for
convenience and reference only; in no way do they define, describe, extend or
limit the scope or intent of this Agreement or any provisions hereof.
E. AI,I terms and words used in this Agreement, regardless of the number and
gender in which used, shall be deemed to include any other gender or number as
the context or the use thereof may require.
F. No waiver of any proVision of this Agreement shall be effective unless it IS in
writing signed by the party against whom it is asserted, and any waiver of any
provision of this Agreement shall be applicable only to the specific instance to
which it is related and shall not be deemed to be a continuing or future waiver as
to such provision or a waiver as to any other provision.
G. If any date specified in this Agreement falls on a Saturday, Sunday or legal
holiday, then the date to which such reference is made shall be extended to the
next succeeding business day.
H If the Seller holds the Property in the form of a partnership, limited
partnership, corporation, trust or any form of representative capaCity whatsoever
for others, Seller shall make a written public disclosure, according to s. 286.23,
Fie. Stat., under oath, of the name end address of every person having a
beneficial interest in the Property before Property hetd in such capacity is
conveyed to Collier 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.)
1. This Agreement is governed and construed in accordance with the laws of
the State of Florida.
J. The Effective Date of this Agreement will be the date of execution of this
Agreement by the last signing party.
K. This Agreement and the exhibits attached hereto contain the entire
agreement between the parties, and there are no promises, representations,
warranties or covenants by or between the parties not included in this Agreement.
No modification or amendment of this Agreement shall be of any force or effect
unless made in writing and executed and dated by both Purchaser and Seller.
L TIME IS OF THE ESSENCE to this Agreement.
Page No.9
Agenda Item No. 16B8
April 14, 2009
Page 23 of 23
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
DONNA FIALA, Chairman
AS TO SELLER:
t:ZJ~/r/~
EDWARD R NICHOLS
4d~n?1-eJ~
(Printe Name)
tY-.- c- d
DEBORAH C. NICHOLS
Approved as to form and
legal sufficiency:
c-t "I, )\ [Jo
Assistant County Attorney
Page No. 10