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Agenda 05/12/2009 Item #16B 1 Agenda Item No. 16B 1 May 12, 2009 Page 1 of 94 EXECUTIVE SUMMARY Recommendation to approve an Easement Agreement for a ten foot (10') slope easement which is required for the Collier Boulevard Project. Project No. 68056, Parcel No. 172 (Fiscal Impact: $2,335.00). OBJECTIVE: To obtain the Board of County Commissioners' approval of an Agreement that conveys a ten foot (l0') slope easement to the County, which is required for the Collier Boulevard Project (Project No. 68056). CONSIDERATIONS: Collier County is seeking to obtain a 10 foot wide slope easement across 1,501 square feet ofa property which is owned by Fredis Trujillo and Mayra Trujillo. The 2.38 acre parent tract parcel is unimproved with frontage on Weber Boulevard South and the rear of the property facing the canal that nms along the east side of Collier Boulevard. The legal description of the casement is attached to the Easement Agreement as Exhibit "A." The slope easement is required in order to eonstmet a stOlTI1water detention area along the east side of the canal. (See the location map with the proposed improvement overlay.) On or about October 28, 2008, the County received an appraisal for the requircd property in the amount of $J ,400. On or about December 16,2008, Collier County made an offer to purchase the required property for the sum of $1 ,400. After not hearing from the property owncr, the County forwarded a follow up letter asking the owner to call the County to discuss the offer. Subsequently, Mr. Tmjillo entered into negotiations with the County and both pariies ultimately agreed to the purchase price of $2, 150. Staffrecomrnends that the Board of County Commissioners purchase the subject propeliy from Mr. Trujillo for $2,150 as he is cooperating with staff so there are no attomey or expert witness fees, together with the fact that it would avoid the usual costs to the County associated with taking properi]' through condemnation (filing fees, service of process on all interested pariies, an appraisal update, and the time of the staff of the County Attorney's Office). FISCAL IMPACT: The fiscal impact is $2,335 and includes the $2,150 negotiated purchase price and title insurance and recording fees not to exceed 5;]85. Sourcc of Funds are Gas Taxes and Impact Fees. GROWTH MANAGEMENT IMPACT: This project is consistent with the Long Range Transportation Plan and the Collier County Growth Management Plan. LEGAL CONSIDERATION: This item is legally sufficient for Board action, is not quasi-judicial and as such, ex-parte disclosure is not rcquired. This item requires only a m~ority vote. RNZ RECOMMENDA nON: That the Boar-d of County Commissioners of Collier County, Florida: P,genda Item f"o. 16B 1 May 12, 2009 Page 2 of 94 1. Approve the attached Easement Agrcement and authorize the Chairman to execute same on behalf of the Board; 2. Accept the conveyance of Parcel l72SE (Slope Easement) and authorize staff to record same in the public records of Collier County, Florida; 3. Anthorize 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 perfonnance in accordance with the terms and conditions of the Agreement; and 5. Approve any and all budget amendments, which may be required to cany out the collective will of the Board. Prepared by: Michelle L. Sweet, Property Acquisition Specialist, TECM Attachment: Easement Agreement with Exhibit "A" Page 1 of 2 Agenda Item No. 16B1 May 12, 2009 Page 3 of 94 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS Item Number: Item Summary: 1681 Meeting Date: Recommendation to approve an Easement ,A.greement for a ten foot (10) slope easement which is required for the Collier Boulevard Project Project No. 68056, Parcel No. 172 (Fiscal Impact $2335.00) 5/121200990000 AM Prepar{'d By Michelle Sweet Property Acquisition Specialist Date Transportation Division Transportation Engineering & Construction Manageme 4/17/200910:47:31 AM Approved By Debbie Armstrong Property Acquisition Specialist Date Transportation Services TEeM.ROW 4/171200911 :33 AM Approved By County Attorney County Attorney County A ttorney Office Date Jeff Klatzkow 4/17120091 :33 PM Appro\'l'd By Norm E. Feder, AICP Transportation Division Administrator Date Transportation Services Transportation Services Admin. 4f20f2009 7:28 AM Appruved B)' Marlene Messam Senior Project Manager Date Transportation Services Transp:.rtation Engineering & Construction Management 412012009 8:30 Ar~ Approved Hy Najeh Ahmad Director Date Transportation Services Transportation Engineering & Construction Management 4/22f2009 8:06 AM Appro\'t"d B)' Usa Taylor Management/Budget Analyst Date Transportation Services Transportation Administration 4f24/2Q09 9:53 AM Appro\'ed BJ Robert N. Zachary County Attorney Assistant County Attorney County Attorney Office Date 4124'200912:19 PM Approved BJ Therese Stanley Grants Coordinator Date Transportation Transportation Administration 4130/20099:03 AM Approved By Pat Lehnhard Executive Secretary Date Transportation Services Transportation Services Admin 4130/200910:32 AM Apprond B)! file://C:\AgendaTest\Export\129-May%20 12.%202009\ l6.%20CONSENT%20AGENDA \ 16... 5/6/2009 Page 2of2 ,A,genda item No. 1681 May 12, 2009 Page 4 of 94 OMS Coordinator OMS Coordinator Date County Manager's Office Offlce of Management & Budget 4/30f2009 3:33 PM Appro\'l'd Ry Susan Usher Senior rl1anagement/Budget Analyst Date County Manager's Office Office of Management & Budget 4/30/20096:49 PM .\ppron'd B~" Leo E. Ochs, Jr. Board of County Commissioners Deputy County Manager Date County Manager's Office 5/1/20096:32 PM file://C:IAgendaTestIExportl I 29-Mav%20 12. %2020091 l6,%20CONSENT%20AGENDA 116,.. 5/6/2009 ,'\apnda Item No 1681 ~ May 12, 2009 Page 5 of 94 Project: 68056 - Collier Boulevard Parcel: 172SE Folio: 37994920007 EASEMENT AGREEMENT THIS EASEMENT AGREEMENT (hereinafter referred to as the "Agreement") is made and entered into on this _ day of 2009, by and between FREDIS J. TRUJILLO AND MA YRA TRUJILLO, husband and wife. whose mailin9 address is 4300 SW 148th Terrace, Miramar, Florida 33027-3319 (hereinafter referred to as "Owner"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose mailing address is 3301 Tamiami Trail East, Naples, Florida 34112 (hereinafter referred to as "Purchaser"). WHEREAS, Purchaser requires a perpetual, non.exclusive slope easement for the purpose of construction and maintenance of an earthen fill slope over, under, upon and across the lands described in Exhibit "A", which is attached hereto and made a part of this Agreement (hereinafter referred to as the "Easement"): and WHEREAS, Owner desires to convey the Easement to Purchaser for the stated purposes, on the terms and conditions set forth herein; and WHEREAS, Purchaser has agreed to compensate Owner for conveyance of the Easement: NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars ($10.00). and other good and valuable consideration, the receipt and sufficiency of which is hereby mutually acknowledged, it is agreed by and between the parties as follows: 1. All of the above RECITALS are true and correct and are hereby expressly incorporated herein by reference as if set forth fully below, and all Exhibits referenced herein are made a part of this Agreement. 2. Owner shall convey the Easement to Purchaser for the sum of: $2,150,00 subject to the apportionment and distribution of proceeds pursuant to Paragraph 9 of this A9reement (said transaction hereinafter referred to as the "Closing"). Said payment to Owner, payable by County Warrant, shall be full compensation for the Easement conveyed, including all landscapin9, trees, shrubs, improvements, and fixtures located thereon, and shall be in full and final settlement of any damages resulting to Owner's remaining lands, costs to cure, including but not limited to the cost to relocate the existing irrigation system and other improvements, and the cost to cut and cap irrigation lines extending into the Easement, and to remove all sprinkler valves and related electrical wiring, and all other damages in connection with conveyance of said Easement to Purchaser, including all attorneys' fees, expert witness fees and costs as provided for in Chapter 73, Florida Statutes. 3. Prior to Closing. Owner shall obtain from the holders of any liens, exceptions and/or qualifications encumbering the Easement, the execution of such instruments which will remove, release or subordinate such encumbrances from the Easement upon their recording in the public records of Collier County, Florida. At or prior to Ciosing, Agenda Item No, 1681 Iday 12, 2009 Page 6 of 94 Owner shall provide Purchaser with a copy of any existing prior title insurance policies. Owner shall cause to be delivered to Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form (hereinafter referred to as "Closing Documents") on or before the date of Closin9: (a) Easement; (b) Closing Statement; (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 Purchaser, Purchaser's counsel and/or title company. 4. Both Owner and Purchaser agree that time is of the essence. Therefore, Closing shall occur within ninety (90) days from Ihe date of execution of this Agreement by the Purchaser; provided. however, that Purchaser shall have the unilateral right to extend the term of this Agreement pending receipt of such instruments, properly executed, which either remove or release any and all such liens, encumbrances or qualifications affecting Purchaser's enjoyment of the Easement. At Closing, payment shall be made to Owner in that amount shown on the Closing Statement as "Net Cash to Seller," and Owner shall deliver the Closing Documents to Purchaser in a form acceptable to Purchaser. 5. Owner agrees to relocate any existing irrigation system located on the Easement including irrigation lines, electrical wiring and sprinkler valves, etc., prior to the construction of the project without any further notification from Purchaser. Owner assumes full responsibility for the relocation of the irrigation system on the remainder property and its performance after relocation. Owner holds County harmless for any and all possinle damage to the irrigation system in the event owner fails to relocate the irrigation system prior to construction of the project. If Owner elects to retain improvements and/or landscaping ("Improvements") located on the Easement, the Owner is responsible for their retrieval prior to the construction of the project without any further notification from Purchaser. Owner acknowledges that Purchaser has compensated Owner for the value of the Improvements and yet Purchaser is willing to permit Owner to salvage the Improvements as long as their retrieval is performed before construction and without interruption or Inconvenience to the County's contractor. All Improvements not removed from the Property prior to commencement of construction of the project shall be deemed abandoned by Owner. This provision shall survive Closing and is not deemed satisfied by conveyance of title. 6 Owner and Purchaser agree to do all things which may be required to give effect to this Agreement immediately as such requirement is made known to them or they are requested to do so, whichever is the earlier. 7. Owner agrees, represents and warrants the following: (a) Owner has full right, power and authority to own and operate the property underlying the Easement, to enter into and to execute this Agreement, to execute. deliver and perform its obligations under this Agreement and the instruments executed in connection herewith, to undertake all actions and to perform all tasks required of Owner hereunder and to consummate the transaction contemplated hereby. Agenda Item No. 1681 May 12. 2009 Page 7 of 94 (b) Purchaser's acceptance of the Easement shall not be deemed to be full performance and discharge of every agreement and obligalion on the part of Owner to be performed pursuant to the provisions of this Agreement. (c) No party or person other than Purchaser has any ri9ht or option to acquire the Easement or any portion thereof. (d) Until the date fixed for Closing, so long as this Agreement remains in force and effect, Owner shall not encumber or convey any portion of the property underlying the Easement or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Easement, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement, which consent may be withheld by Purchaser for any reason whatsoever. (e) There are no maintenance, construction, advertising, management, leasing, employment, service or other contracts affecting the Easement. (I) Owner has no knowledge that there are any suits, actions or arbitration, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affect the Easement or which adversely affect Owner's ability to perform hereunder; nor is there any other charge or expense upon or related to the Easement which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. (g) Purchaser is enterin9 into this A9reement 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 A9reement up to and including the date of Closing. Therefore, Owner agrees not to enter into any contracts or agreements pertaining to or affectin9 the property underlying the Easement and not to do any act or omit to perform any act which would adversely affect the physical condition of the property underlying the Easement or its intended use by Purchaser. (h) The property underlYing the Easement, and all uses of the said property, have been and presently are in compliance with all Federal, State and Local environmental laws: that no hazardous substances have been generated, stored, treated or transferred on the property underlying the Easement except as specifically disclosed to the Purchaser; that the Owner has no knowledge of any spill or environmental law violation on the property contiguous to or in the vicinity of the Easement to be sold to the Purchaser, that the Owner has not received notice and otherwise has no knowledge of: a) any spill on the property underlying the Easement; b) any existing or threatened environmental lien against the property underlying the Easement; or c) any lawsuit, proceeding or investigation regarding the generation, storage, treatment, spill or transfer of hazardous substances on the property underlying the Easement. This provision shall survive Closing and is not deemed satisfied by conveyance of title. 8. Owner shall indemnify, defend, save and hold harmless the Purchaser a9ainst and from, and reimburse the Purchaser with respect to, any and all damages, claims, liabilities, laws, costs and expenses (including without limitation reasonable paralegal and attorney fees and expenses whether in court, out of court, in bankruptcy or administrative proceedings or on appeal), penalties or fines incurred by or asserted against the Purchaser by reason or arising out of the breach of any of Owner's representations under paragraph 7(h). This provision shall survive Closing and is not deemed satisfied by conveyance of title. A:Jer1c!2 Item hlo 1581 ~,"l,"y 12 2009 Page 8 of 94 9. Purchaser shall pay all fees to record any curative instruments required to clear title, all Easement recording fees, and any and all costs and/or fees associated with securing and recording a Release or Subordination of any mortgage, lien or other encumbrance recorded a9ainst the property underlying the Easement; provided, however that any apportionment and distribution of the full compensation amount in Para9raph 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, subordination or satisfaction, shall be the responsibility of the Owner, and shall be deducted on the Closrng Statement from the compensation payable to the Owner per Paragraph 2. In accordance with the provisions of Section 201,01, Florida Statutes, related to the exemptions against payment of documentary stamp taxes by Purchaser, Owner shall further pay all documentary stamp taxes required on the instrument(s) of transfer, unless the Easement is acquired under threat of condemnation. 10 This Agreement and the terms and provisions hereof shall be effective as of the date this A9reement is executed by both parties and shall Inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustees, and/or assignees, whenever the context so requires or admits. 11. If the Owner holds the property underlying the Easement In the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Owner shall make a written public disclosure, according to Chapter 286. Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the property underlying the Easement before the Easement held in such capacity is conveyed to Purchaser. (If the corporation is registered With the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from fhe provIsions of Chapter 286, Florida Statutes.) 12. Conveyance of the Easement. or any Interest in the property underlYing the Easement, by Owner is contingent upon no other provisions, conditions, or premises other than those so stated herein; and thiS written A9reement, including all exhibits attached hereto, shall constitute the entire Agreement and understanding of the parties, and there are no other prior or contemporaneous written or oral agreements, undertakings, promises, warranties, or covenants not contained herein, No modification, amendment or cancellation of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Owner and Purchaser 13. Should any part of this Agreement be found to be Invalid, then such Invalid part shall be severed from the Agreement, and the remaining provisions of this Agreement shall remain In full force and effect and not be affected by such invalidity 14. This Agreement is governed and construed In accordance with the laws of the State of Florida. IN WITNESS WHEREOF. the parties hereto have executed thiS Agreement on the date first above written. AS TO PURCHASER: DATED: ATTEST DWIGHT E. BROCK, Clerk BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA Deputy Clerk BY'~__..____.. DONNA FIALA, Chairman II AS TO OWNER: , I -----~~ ~<,~' FREDIS J.. <.:: Slg~at re) - '0' If~VJ/~ c,t fllLl.t..O Name (pri:~~~ ype) /' ,7 .~- :ef Witness (Signal ]() ( \ Agenda Item No. 1681 May 12, 2009 Page 9 of 94 ~ '-') ~(~ ~) c'2 t- .. ,<.//-"" ,,//IUW';;'--"" -./~C~,;/'<"LC-c:~ MAYRA TRUJillO - itness ( ignat re) ----r;J;.;';f rfJai..lO?c' Name (Print or'type) / ~n:-s:~~lg-ca~ r.~- / ~--- ) v)l? ;;al'-c7t- Name (Print or Type) Approved asJo.form and Ipn~tifficienc-( (""'. / / .( j(' ~---.,~. '----.\ ) / Assistant County Attorney Last Revised: 10/2/0e f ~ -- . ~ ~ i.---~~ ~ , ~ ! ~ . , ~ T?ACT i 50 , , g , ~ ~ ~ , , , l f ~ ~ , , 2 ~ , ~ I , _____1 I I CANAL - ~T - - - - T ~XHIBIT fit / I /~/[ /39:/~~/ ' _ _ =-1 --J Page-Lof I ~. \ I I 1 '" '-' '\... PROPOSED SLOPE ~.":l,y ""' -- - " t- " ! r ,r f'"ORTH lSO' Or i TRACT 1 49 I I I I I I THE SOUTH 150 FEU 1RACT 149 GOLOEN GATE ESTATES UNrT 27 PLAT BOOK 7, PAGE 17 i OF oj ~ I g;s' ~ -;);0 C ~:2 :t lI1~'~ D~I ~ ~Vl Vl . ~ ~ ~g g ~~:g 1'"1......--. ~. - ~ ~ ~ I ~ I I i .______1 PLAT BOUNDARY --r---- \ Agerdi'lltem r~o 1GB1 /.'.,1') "" Page 10 of 9 n.~CT 1 48 I I I I I \ I I 1 I I . I :-1-- - - PERPETUAL NON.EXCLUSIVl: SLOPE EASEMENT . WEBER BLVD 11 (AS MAll'ITAlNm g: I RIGHT OF WAY) " i I ~I. OR = OFFIClA.L Rt::CORQS (BOOK/PAGE) E::Z2l PROPCS:;:O SLOPE EASEMENT LEGAL JES8Rl?TlON FOR PARCEL 172SE A "ORnDt, 0; ,p..;sr ~48. ~;OL:J::t~ C;,\IT ESTATES, UI~1i 27 AS R~::;:JRDED !N "'LAT BOOK 7, P~.GE 17 OF THE PUBliC RECORDS OF' COLLIER c.JLJ:m. "lORIDf\, I.Tl~iG ilJ S~CT'0N '4. -:OWNSHIP 49 30'0;";", ~NGE 26 EAST, CO~L:ER COUNTY, FLJRIDA Bi;:ING MORE PAR71CU:';"RlY DESCRlEE::D AS rC:...LO',','S. THE EAST 10 F'~IT OF THE W::ST 70 FEET OF THE SOUTH 150 FEET OF SAJD TRA.:T 149, 80NTAltJING ',.501 SOUARE 'eET. MOPE OR IEO:o.. 40 ;60 , "lIJj~,,~ 0< '"'0'" r~.?R')!" ~L~...:;;R>-T,CA qr..f,l'~. Ij~. ~~~1 ~,~,~,;c ;"J...: ~(I') ( ',:~ V;,L'C W'T"~orT ,..,,:; ::.~:~''''~ f,,",'J;\JR1~ .~ED E"'SO:'::W ~-::>:.. Cf ~ ,,-G"'''''' ~,~'~,:;:f'c~ ~RG,f:-':~;';>"''- ~~."',-,'Y[m "';~ >1""P,1(. " SKETCH & DESCRIPTION ONLY I NOT A BOUNDARY SURVEY SCALE: I._BO' FOR; COLLIER COUNTY GO\iERNI,~ENT BOARD OF COW.')Y COMMISSIOI..;::RS co~? tOl~;~ED SKETCH &. DESCRIPTroN OF: PROPOSED SLOPE EASE~ PARCEL 172SE COLLIER COUNTY. FLORIDA '''''..? .[n-.. '.-"'1-." .'cl' ",- I .~~ "._,..1",_. ,,'-\ ..;;..:.;" vo.'~,,\.-.., 1",,,..0.-.,, "...".,,;;. -5::)j:'[.:':<J~ ;:,~":::' "'.~.'-'.:5 ',4 ~S ~'6 ,,~.~.~:;. I DATE I~":'-,':""",',J' 8-23-07 ':: :1 L - "''', DlXTA"C(~ CONSULTING C:rll~ .JL"""'f..L.....~&~ 6E)~ ',',1j"", i'~,~ [m....., S'.I:'& 200 ,(. I I'ar'.', fi~"-'a~.'Oll '.', Phon.: '~~,,: 5~!-c!;lS fAX: :Z..'S; ~~?oG?a L;';/h: Cj~~ ..'~\;"~'., I . '~:" Agenda Item No. 16B1 May 12, 2009 Page 11 of 94 LOCATION MAP SHOWING COLLIER BOULEVARD, WHITE BOULEVARD, THE CR-951 CANAL, THE PROPOSED STORMWATER DETENTION AREA (BLUE) AND THE PROPOSED SLOPE EASEMENT (BOLD RED) ~ 7" .. ~ -:/''' , .' -, h ! . I >\ ~ '\ ~ 11-: \0-1 rl, "t L I Ii, \.1111 i I I I I' I, .... j I j I I II I I I , II I .." I ill i III 1 c; IE ':1 .." I" ~" -; I ~I ~ 'I- i ll.J I, t a~ ( f..ill [-'" It" ~I I , ~ ,i. J ., I' t ..,' -f' . .-: I r I I ~ ~ '",t" r. , , , t ~ if ~ A~ :V.', r ~ ~'t"(T~~' ',' _ _':,:":-" ,.... '.~.' ...- - - ',- ....~--, .. .- ....~. ..~~ _I'P.'.',. N.'.;.... ...:._........ ~,'......._-__.__."". Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Summary Appraisal Repo rt Number 07-06-01 (Parcel No. 172 SE) Project: Widening of Collier Boulevard (CR 951) County Project No. 68056 Parcel No. 172 SE ,l1.genda Item No. 1681 May 12, 2009 Page 12 of 94 Parent Tract: 2.376 Acre Vacant Tract. Improvements: None. Location: The Parent Tract is Located on the West Side of Weber Boulevard S. Approximately 300 Feet North of White Boulevard in Colller County, Naples, Florida. Owners: Fredis J. and Mayra Trujillo Date of Valuation: October 16, 2008. (Date of the Most Recent Inspection) For Harry Henderson, SRA, Review Appraiser Transportation Right-Of-Way Group 2885 South Horseshoe Drive Naples, Florida 34104 October 2008 Prepared By: Wilcox Appraisal SelVices, Inc. 1633 S E 41st Street Cape Coral, Florida 33904-7470 239-542-2311 Fax 239.542-4995 Email: awiicoxmaisra@comcast.net .11111111111, Appraisal Institute" f',,)i':~\il)nnl.' j'rrwidlll.t:: ft,'ul t-:.\It/Ir ,"'"I"li",,~ WilcDx Appraisal Serv;r;es, Inc. is commirred to the highest degree or professionalism with all of our appraisers being designated members of the Appraisal Institute. Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Agenda Item No. 16B 1 May 12, 2009 Page 13 of 94 Wilcox Appraisal Services, Inc. .1111111111i, Appraisal Institute'" 1''''lfio".im",/~ l'fYwit!ilIK Iifl/I Eslalr S()!U1jum October 28, 2008 Wilcox Appraisal Services, Inc. is committed to the highest degree of professionalism with all of our appraisers being designated members of rhe Appraisal Institute. Harry Henderson, SRA, Review Appraiser Transportation Right-of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Re: Summary Appraisal Report Num ber: 07-06-0t (Parcel No. 172 SE). Project: Widening of Collier Boulevard (CR 951). Parcel No.: 172 SE. Parent Tract: 2.376 Acre Vacant Tract. Improvements: None. Location: The parent tract is located on the west side of Weber Boulevard S. approximately 300 feet north of White Boulevard in Collier County, Naples, Florida. Owners: Fredis J. and Mayra Trujillo Date of Value: October 16, 2008 (Date of Most Recent Inspection). Dear Mr. Henderson: Pursuant to your request, an inspection and valuation analysis has been completed of the above referenced property for the purpose of estimating the market value of the property rights and improvements (if any) which are proposed to be acquired, together with all diminution in value to the remainder land and improvements (if any) which can be attributed to the proposed use of, or activity upon, the proposed perpetual, non-exclusive, slope easement (Parcel No. 172 SE). The Appraisal Standards Board of the Appraisal Foundation adopted the "2008-2009 Uniform Standards of Professional Appraisal Practice" (USPAP) on June 8, 2007. The 2008-2009 standards became effective January 1, 2008 through December 31, 2009. In compliance with Standards Rule 2-2(b), the appraiser is communicating to the reader a "Summary Appraisal Report", one of the three reporting options all owed under Standards Rule 2-2. To estimate the compensation due the property owner, the appraiser has estimated the "as is' market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, October 16, 2008, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property. such as market conditions or trends; or about the integrity of data used in an anal ysis 1633 S.E. 41"' Street. Cape Coral. Florida 33904-7470 239-542-2311 . Fax 239-542-4995. Email awilcoxmaisra@comcast.net Agenda Item No. 16B 1 May 12, 2009 Page 14 of 94 Page No.2 October 28, 2008 Harry Henderson, SRA, Review Appraiser Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. The parent tract of this appraisal assignment is an unimproved tract of land located on the west side of Weber Boulevard S. approximately 300 feet north of White Boulevard in Collier County, Naples, Florida. The parent tract owners of record are listed on the 2008 Collier County Tax Roll as Fredis J. and Mayra Trujillo The property is identified as Folio No. 37994920007 and STRAP. No. 334600 149 14B 14 in the Collier County Property Appraiser's Office. The parent tract contains 2.376 acres of gross land area and is rectangular in shape. Specifically, the parent tract has an eastern property line along Weber Boulevard S. that measures 150 feet; with a depth there from along the southern and northern property lines that measure 690 feet; and a western property line along the 951 Drainage Canal t hat measures 150 feet. The parent tract benefits from 150 feet of frontage along the westerly right-of-way of Weber Boulevard S. Weber Boulevard S. is a collector, undivided, two lane, paved roadway. In addition, the parent tract benefits from exposure along the easterly right-of-way of Collier Boulevard (CR 951), but has no direct access. Direct access to Collier Boulevard (CR 951) is prevented by the 951 Drainage Canal, which is located between the parent tract and Collier Boulevard (CR 951). Collier Boulevard (CR 951) is an arterial, median divided, four lane, paved roadway. Finally. the westerly 60 feet of the parent tract is encumbered by the recorded platted road right-of-way for 39th Street S.W. that is currently unimproved. The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. The parent tract is a level tract that is covered with natural vegetation. The parent tract is situated within an area designated Flood Zone X in the Federal Emergency Management Flood Rate Maps, Community Panel Number 12021C0425G, and dated November 17, 2005. Flood Zone X identifies areas located within the 500-year flood plain. Flood hazard insurance is not required. Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil type that includes No. 18, Riviera Fine Sand, Limestone Substratum. It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract, are general in nature, and mayor may not apply specifically to the soil group(s) located on the parent tract. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and/or wildlife species. It is important for the reader to be advised that no environm ental studies of the parent tract have been provided to the appraiser. The parent tract is designated Estates Designation on the Collier County Future land Use Map, within the Residential Estates Sub-district, and is further regulated by the Golden Gate Area Master Plan. Furthermore, the parent tract is zoned E, Estates District, according to the Collier County land Development Code. As previously stated, the westerly 60 feet of the parent tract is encumbered by the recorded platted road right-of-way for 391h Street S.W that is currently unimproved. The appraiser is not Wilcox Appraisal Services, Inc, Agenda Item No. 16B 1 May 12. 2009 Page 15 of 94 Page No.3 October 28, 2008 Harry Henderson. SRA, Review Appraiser Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been pr ovided any title information. Based on the analysis of the legally permissible, physically possible, financially feasible and maximally productive uses of the parent tract, the highest and best use "as though vacant" is estimated to be potential single-family residential development. Parcel No. 172 SE is a perpetual, non-exclusive, slope easement that consists of a strip taking along the easterly right-of-way of 39'h Street S.W. that is currently unimproved. Parcel No. 172 SE contains 1,501 square feet (0.034 acres) of gross land area and is rectangular in shape. Specifically, the Parcel No. 172 SE has a western property line along the recorded platted road right-of-way for 39th Street S.W (unimproved) that measures 150 feet; with a depth there from along the southern and northern property lines that measure 10 feel; and an eastern property line that measures 150 feet. No significant improvements are located within the proposed perpetual, non-exclusive. slope easement. The proposed perpetual, non-exclusive, slope easement will be utilized to connect the elevation of the remainder property to a proposed storm water detention pond to be constructed within the existing recorded platted road right-of-way for 39'h Street S.W that is currently unimproved. The remainder property shall contain 2.376 acres of gross land area and is still rectangular in shape and the same size and shape as before the taking, since the proposed property rights to be acquired involve a perpetual, non-exclusive, slope easement. However. the remainder property will be encum bered by an additional slope perpetual easement located along the easterly right-of-way of 39" Street S.W. that is currently unimproved. The remainder property's overall access, availability to utilities. topography, land use designation, and zoning are unchanged The highest and best use of the remainder property "as vacant" is estimated to remain the same as before the taking, potential single-family residential development. Finally, the remainder property is not considered to be damaged due to the taking of the proposed perpetual, non-exclusive, slope easem en!. The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-exclusive, slope easement (Parcel No. 172 SE). Market Value is defined as "the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale. the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are ty pically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable tim e is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and Wilcox Appraisal SeNices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 16 of 94 Page No.4 October 28, 2008 Harry Henderson, 8RA, Review Appraiser Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale". Source: Uniform Standards of Professional Aooraisal Practice 2003 Edition. The Appraisal Foundation, Washington, D.C., Glossary, Page 224. This letter of transm ittal precedes the full narrative appraisal report, further describing the property and containing the reasoning and most pertinent data leading to the final value estimates. Your attention is directed to the "General Assumptions", "General Limiting Conditions", and "Certificate of Appraisal", which are considered usual for this type of assignment and have been inc luded in the addendum of this report. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation, asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which mayor may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser becom e aware of such during the inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test for such substance or conditions. If the presence of such substances. such as asbestos, urea, formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibi lity is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. Furthermore, the appraiser is not an expert in the determination of jurisdictional wetlands or non-jurisdictional uplands. By reason of my investigation and analysis, data contained in this report. and my experience in the real estate appraisal business, it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of or activity upon the proposed perpetual, non-exclusive, slope easement (Parcel No. 172 8E), as of October 16, 2008, is: Value of the Property Rights Taken: $1,400 Value of the Improvements Taken: 0 Severance Damages: 0 Net Cost to Cure: ~ TOTAL AMOUNT DUE OWNER: $1,400 Respectfully submitted, WILCOX APPRAISAL SERVICES, INC. <.Q9._-u)~ R. Alan Wilcox, MAl, SRA State-Certified General Real Estate Appraiser RZ 306 Wilcox Appraisal SeNices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 17 of 94 Prepared for and proper1y of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 1 Table of Contents TABLE OF CONTENTS,.................................................................................................1 CERTIFICA TION............................................................................................................. 3 SUMMARY OF SALIENT FACTS AND CONCLUSIONS .............................................. 5 INTRODUCTION AND DEFINITION OF THE APPRAISAL PROBLEM ......................11 /DENT/FICA TION OF THE INTENDED USER(S) ...................................................................12 /DENT/FICA TlON OF THE REAL ESTATE ............................................................................12 /DENTlFICA TION OF THE PROPERTY RIGHTS TO BE VALUED........................................ 13 INTENDED USE OR FUNCTION OF THE APPRAISAL......................................................... 13 DEFINITION OF THE VALUE EST/MA TE(S)......,.................................................,.................14 DA TE OF THE VALUE ESTlMA TE(S) .................................................................................... 14 DESCRIPTION OF THE SCOPE OF THE APPRAISAL .........................................................15 HYPOTHETICAL CONDITIONS ............................................................................................. 15 OTHER LIMITING CONDITIONS ..........................................,.............,...................................16 PHOTOGRAPHS OF THE PARENT TRACT ...............................................................17 VALUA nON ANALYSIS OF THE PARENT TRACT ...................................................23 OWNER OF RECORD ............................................................................................................24 LEGAL DESCRIPTION OF THE PARENT TRACT................................................................. 24 REAL ESTATE ASSESSMENTS AND AD VALOREM TAXES.............................................. 24 SALES AND MARKETING HISTORY OF THE PARENT TRACT ..........................................24 FLORIDA STA TE AND COLLIER COUNTY MAP ............................................................................. 25 LOCAL AREA MAP ..........................."..........,.......,..,....,...........,.. .............................................. 25 LOCAL AREA MAP ...............,.........,........................................................... ..... .......................... 26 MARKET AREA DA TA ...............,............."....,..,....................................................................26 MARKET AREA DA T A ...........................................................................................................27 AERIAL AND SITE LOCATION MAP............................,..,....................................,............,............30 SITE DA T A,... .,........ .........."'............,,.............................,............,..,..............,........................ 30 SITE DA T A... ......... ......... ....,........... .......................................................... ..... .......................... 31 COLLIER COUNTY FUTURE LAND USE DESIGNA T/ON..................................................... 33 ZONING CLAS SIFICA TlON.......... ..........................................................................................35 IMPROVEMENT DA TA ,................................................,...................,..................................... 37 HIGHEST AND BEST USE ....,............,..............,....,................................."............................38 THE APPRAISAL PROCESS ....................................................................................... 42 THE SALES COMPARISON APPROACH TO VALUE ................................................ 44 INTROD UCT/ON ......................... ......, ......... .....,....,...........,...................... ..................,............ 44 PRINCIPLES OF THE SALES COMPARISON APPROACH TO VALUE...............................45 PRESENTA TION OF THE MARKET DA TA............................................................................46 LAND SALES MAP ........,.....,...... .."..".................,'..............,'..............,....................,........,........47 RECONCILIATION OF THE VALUE INDICATIONS .................................................... 55 ESTIMATION OF REASONABLE EXPOSURE TIME:................................................. 57 Wilcox Appraisal SeNices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 18 of 94 Prepared for and property of Collier County Board of CommisSioners Reliance upon the appraisal for oTher uses is not warranted. Page 2 DESCRIPTIONS AND VALUATION ANALYSES OF THE PROPOSED PARTIAL ACQUISITION AREA AND THE REMAINDER PROPERTy........................................ 58 PARTIAL ACQUISITION AREA MAP ..""."" ... ...".................. ...... ... "..".."...................... ............... 59 PROJECT DESCRIPTION AND /DENTlFICA TlON OF THE PROPOSED PARTIAL ACQUISITION AREA ...........,.."...,...,.."...........,.........,.....,..,..........................""..............,......59 PROJECT DESCRIPTION AND IDENTlFICA TlON OF THE PROPOSED PARTIAL ACQUISITION AREA .,......,................................ ............................"..........................,............ 60 VALUA TION ANAL YSIS OF THE PROPOSED PARTIAL ACQUISITION AREA .................. 60 VALUA TION ANAL YSIS OF THE REMAINDER PROPERTY "AS SEVERED" ....................61 SEVERANCE DAMAGES TO THE REMAINDER PROPERTy.............................................. 62 COST TO CURE ANAL YSIS..............................",..................................................................62 SPECIAL BENEFITS ....................".. .,...........................,...... .............,............,..........,............62 SUMMARY AND CONCLUSION AND THE TOTAL COMPENSATION ESTIMATE.............. 63 ADDEN DUM ... .... ... ...... ...., ..... '" ." ...., .... ........ .... ............., ......... ...... ....... ........................ 64 ASSUMPTIONS AND LIMITING CONDITIONS ....................,....."..............................."........,........... 65 QUAL/FICA TlONS OF THE APPRAISER, R. ALAN WILCOX, MAl, SRA ........................................... 67 SITE TO Do BUSINESS ,...,..............,...........,...............".............................,..........,..................,.69 LAND SALES MAP AND LAND SALES ..........."..................................."....................................... 72 Wilcox Appraisal SeNices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 19 of 94 Prepared for and property of Collier Counly Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 3 Certification I certify that, to the best of my knowledge and belief: . The statements of fact contained in this report are true and correct. . The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. . I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties invol ved. . I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment and my engagement in this assignment was not contingent upon developing or reporting predeterm ined results. . My compensation for completing this assignment is not contingent upon the developing or reporting of a predeterm ined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event di rectly related to the intended use of this appraisal. . The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. . The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. . The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. . As of the date of this report, R. Alan Wilcox, MAl, SRA, has completed the requirements under the continuing educati on program of the Appraisal Institute. . As of the date of this report. R. Alan Wilcox, MAl, SRA, State-Certified General Real Estate Appraiser, License No. RZ 306, has completed the requirements under the continuing education program of the State of Florida for state-certified appraisals. . I, R. Alan Wilcox, MAl, SRA, have made a personal inspection of the parent tract and sales com parables that are contained in thi s report. . No one provided significant professional assistance other than the person signing this report, unless otherwise indicated within the report. . This report was prepared for and is the property of the Collier County Board of Commissioners and the reliance upon this appraisal for other uses is not warranted. Wilcox Appraisal Services, Inc. Agenda Item No. 16B1 May 12, 2009 Page 20 of 94 Prepared lor and prooerty of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 4 . Acceptance and utilization of this appraisal report. or any portion thereof, constitutes acknowledgement and acceptance of all General Assumptions and Special Conditions contained herein, To estimate the compensation due the property owner. the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, October 16, 2008, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis, Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an anal ysis. By reason of my investigation and analysis, data contained in this report, and my experience in the real estate appraisal business, it is my opinion that the amount due the property owner, as a result of the loss of real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of or activity upon the proposed perpetual, non-exclusive, slope easement (Parcel No, 172 SE), as of October 16, 2008, is: Value of the Property Rights Taken: Value of the Improvements Taken: Severance Damages: Net Cost to Cure: TOTAL AMOUNT DUE OWNER: $1 ,400 o o ~ $1,400 Respectfully submitted, WILCOX APPRAISAL SERVICES, INC. ~. Q9-.r u}~ R. Alan Wilcox, MAl, SRA State-Certified General Real Estate Appraiser RZ 306 Wilcox Appraisal SeNices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 21 of 94 Prepared for and proper1y of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Page 5 Summary of Salient Facts and Conclusions A. Appraisal Problem: 1. Types of Value (s): Market Value. 2. Property Rights: Undivided Fee Simple Interest 3. Intended Use of Appraisal Report: The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-exclusive, slope easement (Parcel No. 172 SE). 4. Date of Value: October 16. 2008 (Date of Most Recent Inspection). 5. Scope of Analysis: Summary Appraisal Report. 6. Owners of Record: Fredis J. and Mayra Trujillo. B. Site Data. Before the TakinQ: 1. Location: The parent tract is located on the west side of Weber Boulevard S. approximately 300 feet north of White Boulevard in Collier County, Naples, Florida. 2. Size & Shape: The parent tract contains 2.376 acres of gross land area and is rectangular in shape. Specifically, the parent tract has an eastern property line along Weber Boulevard S. that measures 150 feet; with a depth there from along the southern and northern property lines that measure 690 feet; and a western property line along the 951 Drainage Canal that measures 150 feet 3. Roadway Frontage: The parent tract benefits from 150 feet of frontage along the westerly right-of-way of Weber Boulevard S. Weber Boulevard S. is a collector, undivided, two lane, paved roadway. Wilcox Appraisal SeNices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 22 of 94 Prepared for and property 0' Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 6 In addition, the parent tract benefits from exposure along the easterly right-of-way of Collier Boulevard (CR 951), but has no direct access. Direct access to Collier Boulevard (CR 951) is prevented by the 951 Drainage Canal, which is located between the parent tract and Collier Boulevard (CR 951). Collier Boulevard (CR 951) is an arterial, median divided, four lane, paved roadway. Finally, the westerly 60 feet of the parent tract is encumbered by the recorded platted road right-of-way for 391h Street S.W. that is currently unimproved. 4. Utilities: The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. 5. Topography: The parent tract is a level tract and is situated within an area designated Flood Zone X in the Federal Emergency Management Flood Rate Maps, Community Panel Number 12021C0425G, and dated November 17, 2005. Flood Zone X identifies areas located within the 500-year flood plain. Flood hazard insurance is not required. 6. Predominant Soils: Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil type that includes No. 18, Riviera Fine Sand, Limestone Substratum. It is important to bring to the reader's attention that the information reported above related to the predominant soil group( s) on or near the parent tract, are general in nature, and mayor may not apply specifically to the soil group(s) located on the parent tract. 7. Exotic Vegetation and Wildlife: Current county, state, and federal regulations have considered certain areas jurisdictional based upon vegetation classifications and/or wildlife species. The appraiser is not an expert at vegetation groups or wildlife identification and has not been provided a report prepared by such an expert. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas Wilcox Appraisal Services, Inc. Agenda Item No. 16B1 May 12, 2009 Page 23 of 94 Prepared for and propen.y of Collier Count)' Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 7 being considered to be jurisdictional based upon vegetation classifications andlor wildlife species, Furthermore, the appraiser has assumed a reasonable quantity of non. jurisdictional uplands exist on the parent tract suitable for the development of the property in accordance to the estimated highest and best use. 8. Environmental Liabilities: The parent tract is assumed to be unaffected by environmental liabilities. However, the reader is advised that no environmental studies of the parent tract have been provided to the appraiser. 9. Easements & Restrictive Covenants: As previously stated, the westerly 60 feet of the parent tract is encumbered by the recorded platted road right-of-way for 39th Street S.W. that is currently unimproved. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. 10. Land Use and Zoning: The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub- district. and is further regulated by the Golden Gate Area Master Plan. Furthermore, the parent tract is zoned E, Estates District, according to the Collier County Land Development Code. C. Improvement Data. Before the TakinQ: The parent tract is vacant land. D. HiQhest and Best Use. Befo re the TakinQ: 1. As Though Vacant: The highest and best use "as though vacant" is estimated to be potential single-family residential development. 2. As Improved: NA. Wilcox Appraisal SeIVices, Inc. Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 16B 1 May 12, 2009 Page 24 of 94 Page 8 E. Market Value Estimate, Before the TakinQ: 1. Land Value:.. ............ .....................................................................$190,100 2, Improvements: ............................... ................ .......................................... 0 Total Market Value of the Parent Tract: ,....... .................,......... .,.............$190,100 F. Reasonable Exposure Time: Six to twenty-four months. G. Intended Use of the Proposed ACQuisition Area and A Description of the Proposed Property RiQhts and Improvements Taken: 1. Intended Use of the Proposed Acquisition: 2. Proposed Property Rights Taken: 3. Proposed Improvements Taken: The proposed perpetual, non-exclusive, slope easement will be utilized to connect the elevation of the remainder property to a proposed storm water detention pond to be constructed within the existing recorded platted road right-of-way for 39th Street S.W that is currently unimproved, Parcel No. 172 SE is a perpetual, non-exclusive, slope easement that consists of a strip taking along the easterly right-of-way of 39'h Street S,w. that is currently unimproved. Parcel No. 172 SE contains 1.501 square feet (0.034 acres) of gross land area and is rectangular in shape. Specifically. the Parcel No. 172 SE has a western property line along the recorded platted road right-of-way for 39'h Street S.W (unimproved) that measures 150 feet; with a depth there from along the southern and northern property lines that measure 10 feet; and an eastern property line that measures 150 feet. No significant improvements are located within the proposed perpetual, non-exclusive, slope easement. H. Market Value of the Proposed Property Riahts and Improvements Taken: Property Rights Taken: ..... Improvements Taken: ............ Total: .............,......................... .. ...... ........,...... ., .............. .... ..... ................ $1 ,400 .,.,........., ..,....,...............,....,........".....~ .....,.,..,.........,',.....~~ Wilcox Appraisal Services, Inc. Agenda Item No. 16B1 May 12, 2009 Page 25 of 94 Prepared for and property 01 Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 9 I. Market Value of the Remainder P ropertv. As Part of the Whole: 1. Market Value of the Parent Tract, Before the Taking: .......................................... $190,100 2. less Market Value of the Proposed Part Taken: ................................................. $ 1.400 Total Market Value of the Remainder Property, As Part of the Whole: ...................... $188,700 J. Description of the Remainder Property, After the Takinq: 1. Site Data, Remainder Property: The remainder property shall contain 2.376 acres of gross land area and is still rectangula r in shape and the same size and shape as before the taking, since the proposed property rights to be acquired involve a perpetual, non- exclusive, slope easement. However, the remainder property will be encumbered by an additional slope perpetual easement located along the easterly right-of-way of 391h Street S.W. that is currently unimproved. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. 2. Improvement Data, Remainder Property: The remainder property is vacanlland. 3. Highest and Best Use, Remainder Property: a. As Though Vacant: The highest and best use of the remainder property "as though vacant" is estimated to remain the same as before the taking, to be potential single-family residential development. b. As Improved: NA. K. Market Value of the Remainder Property. After the Takina: 1. land Value: ............................................................ 2. Improvement Value: ............................................... .................... ............. ...... $188,700 ......................................... 0 Total Market Value of the Remainder Property:............ ........................................ $188,700 Wilcox Appraisal SeNices, Inc. Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 16B1 May 12, 2009 Page 26 of 94 Page 10 L. Severance Damaqes: M. Cost to Cure: N. Special Benefits: The remainder property is not considered to be damaged due 10 lhe taking of lhe proposed perpetual, non-exclusive, slope easement None, None. O. Summary of the Just Compensation Estimate: Value of the Property Rights Taken: Value of the Improvements Taken: Severance Damages: Net Cost to Cure: TOTAL AMOUNT DUE OWNER: P. Extraordinary Assumptions: Q. Hvpothetical Conditions: R. Appraiser: $1,400 o o ~ $1,400 None, To estimate the compensation due lhe property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, October 16, 2008, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed, A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis, Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis, R. Alan Wilcox, MAl, SRA; State-Certified General Real E state Appraiser, RZ 306. Wilcox Appraisal Services, Inc. Agenda Item No. 1681 May 12. 2009 Page 27 of 94 Prepared for and propert~ of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted. Page 11 Introduction and Definition of the Appraisal Problem The first slep of the valuation process is the development of a clear statement of the appraisal problem. This sets the limits of the appraisal and eliminates any ambiguity about the nature of the assignment. The statement of the appraisal problem includes: Identification of the Intended Us er(s): Identification of the Real Estate; Identification of the Property Rights to be Valued; Intended Use or Function of the Appraisal; Definition of Value; Date of the Value Estimate; Description of the Scope of the Appraisal; Hypothetical Conditions; and Other Lim iting Conditions. Wilcox Appraisal SeNices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 28 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warran~ed Page 12 IDENTIFICATION OF THE INTENDED USER(S) This appraisal is made for the exclusive use of Harry Henderson, SRA, Review Appraiser, Transportation Right-of-Way Group, 2885 South Horseshoe Drive, Naples, Florida 34104; and its use by others is strictly prohibited. This narrative report is made subject to the Assumptions and Limiting Conditions as listed in the Addendum to this report. IDENTIFICATION OF THE REAL ESTATE The parent tract of this appraisal assignment is an unimproved tract of land located on the west side of Weber Boulevard S. approximately 300 feet north of White Boulevard in Collier County, Naples, Florida. The parent tract owners of record are listed on the 2008 Collier County Tax Roll as Fredis J. and Mayra Trujillo The property Is identified as Folio No. 37994920007 and STRAP. No. 334600 149 14B 14 in the Collier County Property Appraiser's Office. The parent tract contains 2.376 acres of gross land area and is rectangular in shape. Specifically, the parent tract has an eastern property line along Weber Boulevard S. that measures 150 feet; with a depth there from along the southern and northern property lines that measure 690 feet; and a western property line along the 951 Drainage Canal t hat measures 150 feet. The parent tract benefits from 150 feet of frontage along the westerly right-of-way of Weber Boulevard S. Weber Boulevard S. is a collector, undivided, two lane, paved roadway. In addition, the parent tract benefits from exposure along the easterly right-of-way of Collier Boulevard (CR 951), but has no direct access. Direct access to Collier Boulevard (CR 951) is prevented by the 951 Drainage Canal, which is located between the parent tract and Collier Boulevard (CR 951). Collier Boulevard (CR 951) is an arterial, median divided, four lane, paved roadway. Finally, the westerly 60 feet of the parent tract is encumbered by the recorded platted road right-of-way for 39'h Street S.W. that is currently unimproved. The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. The parent tract is a level tract that is covered with natural vegetation. The parent tract is situated within an area designated Flood Zone X in the Federal Emergency Management Flood Rate Maps, Community Panel Number 12021C0425G, and dated November 17, 2005. Flood Zone X Identifies areas located within the 500-year flood plain. Flood hazard insurance is not required. Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil type that includes No. 18, Riviera Fine Sand. Limestone Substratum. It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract, are general in nature, and mayor may not apply specifically to the soil group(s) located on the parent tract. The parent tract is presumed to be unencum be red by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetation classifications and/or wildlife species. It is important for the reader to be advised that no environmental studies of the parent tract have been provided to the appraiser. Wilcox Appraisal SeNices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 29 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 13 The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub-district, and is further regulated by the Golden Gate Area Master Plan. Furthermore, the parent tract is zoned E, Estates District, according to the Collier County Land Development Code. As previously stated, the westerly 60 feet of the parent tract is encumbered by the recorded platted road right-of-way for 39th Street S.W. that is currently unimproved. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been pr ovided any title information. Based on the analysis of the legally permissible, physically possible, financially feaslbie and maximaily productive uses of the parent tract, the highest and best use "as though vacant" is estimated to be potential sing ie-family residential development. IDENTIFICATION OF THE PROPERTY RIGHTS TO BE VALUED The valuation of real property includes both the physical real estate and the rights that one or more individuals or legal entities may hold or contemplate holding in the ownership or use of the land and improvements. An appraiser may estimate the value of a fee simple estate or a partial interest created by the severance or division of ownership rights. Special attention must be given to any limitations on ownershi p rights such as easements, encroachments, liens, or leases. Financing must also be considered because fee simple estates, leasehold estates, and leased fee estates can all be mortgaged. The specific rights to be valued in the probable or actual financing involved must be ascertained at the start of the assignment because the complexity of these rights and terms will determine the procedures, skills, and time required to complete the assignment. In this particular appraisal assignment, the appraiser has been requested by the client to estimate the "as is" market value of the undivided fee sim pie interest in the parent tract before and after the proposed acquisition. Fee simple ownershi p is an absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain, escheat, police power and taxation. Eminent domain is the right of the sovereign government to take private property for public use upon the payment of just compensation. Escheat is the right to have titular ownership of a property returned to the state if the owner dies and leaves no will and no known or ascertainable heirs. Police power is the right to regulate property so that the public safety, health, morals, and general welfare are protected. Examples of this power are zoning ordinances, building codes, air and land traffic regulations, and sanitary reguiations. Taxation is the right to take money from owners of valuable goods, products, and rights. In addition to government restrictions on property, legal private agreements may also impose limitations. One type is a restriction inserted in a deed. Other private restricti ons include certain easements, rights of way, and party wall agreements. The proposed property rights to be acquired involve a proposed perpetual, non-exclusive, slope easement. INTENDED USE OR FUNCTION OF THE APPRAISAL The intended use of an appraisal (formerly known as the Function of the Appraisal), is the manner in which a client employs the information contained in an appraisal report. Because an Wilcox Appraisal SeNices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 30 of 94 Prepared for and property 0' Collier County Board of Commissioners Reliance upon the appraisal for other uses IS not warranted Page 14 appraisal provides the basis for a decision regarding real property, the nature of the decision affects the character of the assignment in the appraisal report. For example, a value estimate may be needed to determine the price at which to buy or sell a property, the amount of a loan, a basis for taxation, terms of a lease, value of real property assets and financial statements, or a basis for just compensation and eminent domain proceedings. The intended use of the appraisal is understood to be for use as a basis of value for determining full compensation to the property owner for the loss of the real estate resulting from the property rights and improvements (if any) which are proposed to be acquired, including all diminution in value to the remainder land and improvements (if any) which can be attributed to the use of, or activity upon, the proposed perpetual, non-exclusive, slope easement (Parcel No. 172 SE). DEFINITION OF THE VALUE ESTIMATE(S) The purpose of any valuation process is to estimate the value of a real property interest. Therefore. the specified type of value and the interests involved must be clearly defined. Types of appraised value include market value, fair value, use value, going concern value, investment value, assessed value, and ins urable value. As previously noted in the letter of transmittal, the type of value to be estimated in this particular appraisal assignment has been identified as the market value of the undivided fee simple interest in the parent tract bef ore and after the taking. Market Value is defined as "the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are ty pically motivated; 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale". Source: Uniform Standards of Professional Aooraisal Practice. 2003 Edition. The Appraisal Foundation, Washington, D.C., Glossary, Page 224. DATE OF THE VALUE ESTlMATE(S) The date of a value estimate must be specified because the forces that influence real property value are constantly changing. Although conditions observed at the time of the appraisal may persist for a considerable time after that date, an estimate of value is considered valid only for the exact date specified. Market value is generally seen as a reflection of market participant's perceptions of future economic conditions and the perceptions are based on market evidence at a specific point in time. Value influences reflect economic conditions at a particular time and sudden changes in business and real estate markets can dramatically influence value. Wilcox Appraisal SelVices, Inc, Agenda Item No. 16B 1 May 12, 2009 Page 31 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal lor other uses is not warranted Page 15 As previously identified, the appraiser is estimating the market value of the undivided fee simple interest in the parent tract before and after the taking. The effective date of the appraisal is October 16, 2008 (Date of the Most Recent Inspection), R. Alan Wilcox, MAl, SRA, inspected the parent tract. DESCRIPTION OF THE SCOPE OF THE APPRAISAL The scope of the appraisal refers to the extent of the process in which data are collected, confirmed, and reported. The scope is described to protect third parties whose reliance on an appraisal report may be affected by this information. An appraiser determines the extent of the work and of the report based on the significance of the appraisal problem. The appraiser is responsible for describing the scope of the appraisal in the report. Standards Rule 2-2(b)(vii), USPAP-2008-2009, requires the appraiser to "summarize the scope of work used to develop the appraisal". In this regard, pertinent to the extend to which the parent tract and the remainder property have been identified and inspected, the type of market data researched, and the type and extent of the analysis applied, the reader is advised to refer to the appropr iate portion of this report. . Data Collection: The data utilized in this assignment was collected through a thorough search of the public records of Collier County, Florida, interviews of local real estate brokers and property owners, and information obtained from this firm's appraisal office. Furthermore, Patricia A. Wilcox, SRA, assisted in the collection of market data. . Data Confirmation: The appraiser signing this report has independently confirmed the market data that has been utilized in the development of the value estimates reported herein. Furthermore, the appraiser signing this report has also physically inspected this data. . Data Reporting: The data utilized in this report has been presented in a data sheet format for the reader's review. Additional information has been retained in the permanent files of the appraiser and is availabl e upon request by the client. HYPOTHETICAL CONDITIONS To estimate the compensation due the property owner, the appraiser has estimated the "as is" market value of the undivided fee simple interest in the parent tract before and after the proposed acquisition. Accordingly, as of the date of value, October 16, 2008, the appraiser has utilized the hypothetical condition assuming the proposed acquisition and the proposed roadway improvements have been completed. A hypothetical condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the parent tract; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. A hypothetical condition may be used in an assignment only if: . Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; . Use of the hypothetical condition results in a credible analysis; and Wilcox Appraisal SeNices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 32 of 94 Prepared for and proper1y 01 Collier Counly Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 16 . The appraiser complies with the disclosure requirements set forth in USPAP for hypotheticai conditions. OTHER LIMITING CONDITIONS Statements of limiting conditions are included in a report for the appraiser's protection, and to inform and protect the client and other users of the report. For a complete copy of the typical Assumptions and Limiting Conditions, which govern the appraisal process, please refer to the Addendum section of this report, Wilcox Appraisal SetVices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 33 of 94 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal fOf ottler uses is not warranted Page 17 I Photographs of the Parent Tract Wilcox Appraisal Services, Inc. Agenda Item No. 16B 1 May 12. 2009 Page 34 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is nal warranted Page 18 Parcel No. 172 SE Taken On: October 6, 2008 // / / .' I II , ! View looking northwesterly across Weber Boulevard S, showing the parent tract located on the west side of Weber Boulevard S. between White Boulevard and ih Avenue SW. in Naples, Collier County, Florida View looking southwesterly across Weber Boulevard S. showing the parent tract located on the west side of Weber Boulevard S between White Boulevard and itl Avenue SW. Wilcox Appraisal SelVices, Inc. J\genda Item No. 1681 May 12. 2009 Page 35 of 94 Prepared for and property 01 Collier County Board 01 Commissioners Reliance upon lhe appraisal for other uses is no! warranted Page 19 Parcel No. 172 SE Taken On: October 6, 2008 View looking northerly along Weber Boulevard S. showing the parent tract located on the west side of Weber Boulevard S between White Boulevard and ih Avenue S W. View looking southerly along Weber Boulevard S. shOWIng the parent tract located on the west side of Weber Boulevard S between White Boulevard and J'h Avenue SW. Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 36 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 20 Parcel No. 172 SE Taken On: October 6, 2008 View looking northeasterly across Collier Boulevard (CR 951) showing the parent tract located on the east side of Collier Boulevard (CR 951) between While Boulevard and 71.t1 Avenue S.W. View looking southeasterly across Collier Boulevard (CR 951) showing the parent tract located on the east side of Collier Boulevard (CR 951) between White Boulevard and 7th Avenue S.W Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 37 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other lJses is not warranted Page 21 Parcel No. 172 SE Taken On: October 6, 2008 View looking northerly along Collier Boulevard (CR 951) showing the parent tract located on the east side of Collier Boulevard (CR 951) between White Boulevard and in Avenue S.W. View looking southerly along Collier Boulevard {CR 951} showing the parent tract located on the east side of Collier Boulevard (CR 951) betvleen White Boulevard and ih Avenue S.W. Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 38 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Page 22 Parcel No. 172 SE Taken On: October 6, 2008 View looking northerly showing the CR-951 Drainage Canal located adjacent the westerly property of the parent tract and between the parent tract and Collier Boulevard (CR 951). Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 39 of 94 Prepared for and property of Collier County Board or Commissioners Reliance upon the appraisal lor other uses is not warranted Page 23 Valuation Analysis of the Parent Tract Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12. 2009 Page 40 of 94 Prepared for and property of Collier County Soard of Commissioners Reliance upon the appraisal for other uses is not warranted. Page 24 OWNER OF RECORD The parent tract owners of record are listed on the 2008 Collier County Tax Roll as Fredis J. and Mayra Trujillo whose mailing address is 4300 S.w. 148th Terrace, Miramar, Florida 33027. LEGAL DESCRIPTION OF THE PARENT TRACT The following legal descripti on is provided: The South 150 feet of Tract 149, Golden Gate Estates, Unit 27, according to the plat thereof recorded in Plat Book 7, Page 17, Public Records of Collier County, Florida. Source: Collier County Property Appraiser's Office. REAL ESTATE ASSESSMENTS AND AD VALOREM TAXES The parent tract is assessed on the preliminary 2008 Collier County Tax Rolls as an unimproved property with a total market value of $195,160, allocated $195,160 to the value of the land and $0 to the value of the improvements. The property has total exemptions of $0, resulting in a preliminary 2008 taxable value of $195,160. The 2007 taxes for the parent tract totaled $2,401.98, exclusive of any early payment discounts or late payment penalties. The property is identified as Folio No. 37994920007 and STRAP. No. 334600 149 14B14 in the Collier County Property Appraiser's Office. SALES AND MARKETING HISTORY OF THE PARENT TRACT There has been no arm's length transactions involving the parent tract within three years of the date of value (October 16, 2008). Furthermore, the appraiser is not aware of any current listings or valid pending offers involving the parent tract. Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 41 of 94 Prepare{! for and property 01 Collier County Board of Commissioners Reliance upon lh~ appraisal lor other uses is not warranted Page 25 Florida State and Collier County Map \ ::: \ '"'' ::~~ '<.',~:'.:'-i. ..".~;\> (..,. "~'" -" ~,' '" .';;>'- \~ C ....... ':::/,\ " ,,~.. "" ..;-~ ~'~. .. " '., ... ...... ., ~";'~ '*" -. \"1< ..... oU.. I ..,.,. I ....~ I .,..---r...........,.... .... ~;\7 . ,L,) ,: I :::: .!.~.:..\l:)...~..::f:.i, .-1. " 0J F. ":i'.~:... r: -....,.---' , ;--, I I -."._~ \ \ . '-<: '" '- "i ~ .i .' :i J , -, .~. " / "--" Colli.,.,.. County FlorId. '-----', -.--- "' ~ -I ,. "I d :1 _ft /" ...j- .. .. . ,: :~. ";' . .," ';", i I .I '''-" .,-',- ..... .,'--',-." .-[ 'h.h." ~; , i "" ./ '-S:'.,.:.' ;-.- --(.:, 'i o . , , "' " h_ ,I ~i "j i ~ ~- J ..~.. !......: ~ .0 _, I _....'.. Wilcox Appraisal SelVices, Inc. .i\genda Item No, 1661 May 12, 2009 Page 42 of 94 Prepared fo' a,~d proper1y o! Collier Co:.mly Board 0' Commissioners Reliance upon the appraisaifor other uses IS not warranted Page 26 Local Area Map '0 .:s:; '" " ~ \'3r:!C':t;dt S~d=r. f::d It? ~ ~. a c h~;'y '''"';;-''-;0 Dr it .g ~,J ~ H "j 0 ;; a. 1:l.-';'1 ~",:,:), r 71h _II_I'€' t"",,/ ~ 1: '" \'<fn~erl"l! S-~ach 0, ,~ 'lI ~ ~ '" " <' ~ 7Th L.Jt, UN ~ 'J, f'i ~ T " ~11> A'I" kJV' ~ ~ ~ ~ -, 5lh Ave N)\/ ~ ~ .' ft. ""- z ("r"l \!\'("ctj t'r 3rd Ave NW ~rd ;:','f'e N\'\..' -~ ~ rr. [:e ~~ , .:-: ~, ,..=, Mc,t-CJ?an~ ;:;:I'Jg!' Dr , 1.1 Ave Sw , c' 1s1 A\'E' h:\'~' ~ Colder. ':.,,:~ ::1'.'';: 'IN ~ 1st ;,.v<:, SN T ~'lk V,h)ed [II 1st Ave f\IW 1(17 5th Ave SW -;,,' i.,to;. ::;',', c 1 ." E'er, ~~\.e 51!\.' I:li ,,, , ~ " ~ ~ '"" if' " ::: -" '" ".j-\ '" CD ~ Paimetlo Woods Dr '"" Tamorind Ridge Dr ~".l A.~" SW I. 7111 Ave SW g~1 '.:D f." _. ".-_"",,'J !;"t!l Ridge Rd ,.r lDth A'Ie GW Sr~;rT'(l'e [It SlIr. P:n.., Ridge Fie c"t,-"ct 'e! '" f '.'.'~d!(: Ekr<j !L' tn " ; 12th Aw SW 11:" :J '" ~ 1 ~ :r. A-i':' ~,;\N -'3th Ave S\lV 1:;::1, J~'.'f! Svv 14th Ave SW 15~r 1,'1," ~:vv 1511, :~.V!, S'/V Grr,f'fl BL'o '-31 ",ar, 81..-Ll Core",!'. !3:,d ';lh PI 8\\' ,7th ,..V~ r;,,\/v' ': edJr '1"" ~rl 17th )~vr.J ";.:\lV 1"111 :'V~ S'N Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 43 of 94 Prepared for ami property 01 Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 27 MARKET AREA DATA Definition of Concept: A market area is an area that usually has distinguishing characteristics. A market area may be a section of a community or an entire community. One subdivision may be one market area, while another market area may be comprised of all or parts of two or more subdivisions. In large towns and cities, the market area usually consists of a portion of the larger urban area, whereas the entire community may constitute the market area in small towns and cities. Market area occupants usually have an observable commonality of interests. Obviously, no grouping of inhabitants, buildings, or business enterprises can possess identical features or attributes; therefore, a market area is relatively uniform. That is, a market area exhibits a greater degree of commonality than the larger area. Market Area Delineation: A market area's boundaries may be the physical area that exerts relevant influences on a subject property's value. The boundaries may coincide with changes in prevailing land use, occupant characteristics, or physical characteristics, such as structures, street patterns, terrain, vegetation, and lot sizes. Because changes in natural or physical features often coincide with the change from one market area to another, features such as transportation arteries (highways, major streets, railroads). bodies of water (rivers, lakes, streams), and changes in elevation (hills, mountains, cliffs, valleys) often constitute market area boundaries. The primary market area is defined geographically as the area in which a competitive property would have a similar market area identification and general location appeal. The primary market area, for purposes of this appraisal assignment, consists of those residential properties zoned (E), Estates District, according to the Collier County Land Development Code located along or near Collier Boulevard (CR 951) between Vanderbilt Beach Road (CR 862) to the north and Green Boulevard to the south in Collier County, Florida. The secondary market area is defined economically to include those areas where a similarly zoned property would be considered by the same basic profile of prospective purchasers as generally competitive with the parent tract. The secondary market area, for purposes of this appraisal assignment, is defined as those residential properties zoned (E), Estates District, located in peripheralloc ations to the primary market area described above. Stalles of a Market Area's Life Cvcle: A market area's life cycle usually consists of the following stages: 1. Growth - a period during which the market area gains public favor and acceptance. 2. Stability - a period of equilibrium without marked gains or losses. 3. Decline - a period of diminishing demand. 4. Revitalization - a period of renewal, modernization, and increasing dem and. Although the stages describe a market area's evolution in a general way, they should not be overemphasized as providing guidelines to market area trends. Many market areas are stable for very long periods of time, and decline is not necessarily imminent in all older market areas. Unless caused by the advent of some specific external influence, for example, a new highway that changes traffic patterns, decline may be at a barely perceptible rate and is subject to interruption by changing use or revival of demand. Therefore, there is no definite life expectancy for a market area. Moreover, the stages are not always sequential. At any time in Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 44 of 94 Prepared for and property 01 Collier COl,inty Board of Commissioners Reliance upon the appraisal for other uses is 'lot warranted Page 28 the cycle, major changes can occur which interrupt the order to the cycle's stages. For example, a market area that is in a stage of growth may decline precipitously rather than stabilize. The primary market area is considered to be in the growth stage of its life cycle, as evidenced by the steady absorption of available vacant land, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the primary market area. However, subsequent to January 2006, residential market values throughout southwest Florida including the primary market area have significantly declined. Also, during this timeframe the number of residential listings has increased dramatically and the number of sales has also decreased. Furthermore. the number of bank foreclosed residential properties has als 0 dramatically increased. General Primarv Market Description: The Golden Gate Estates area began development in the early 1960's. Based on the Collier County tax rolls, there are approximately 31,000 platted tracts of land located within the Golden Gate Estates area typically ranging in size from 1.14 acres to over 5 acres. Tracts smaller than 2.25 acres are considered to be legally non- conforming tracts. The Golden Gate Estates area is composed of two separate sub-markets, the Urban Estates area. which lies west of Collier Boulevard (CR 951), and the Rural Estates area, which lies east of Collier Boulevard (CR 951). Commercial development has occurred at the intersections of Collier Boulevard (CR 951) with Vanderbilt Beach Road (CR 862) and Pine Ridge Road (CR 896), and along the western side of Collier Boulevard (CR 951) between Green Boulevard and Golden Gate Park way (CR 886). The primary roadways that provide the main access to the immediately described primary market area include: . Collier Boulevard (CR 951); . Vanderbilt Beach Road (CR 862); . Golden Gate Boulevard; . Pine Ridge Road (CR 896); and . Golden Gate Parkway (CR 886). Available utilities within the primary market area include public water, center sewers, telephone, electrical service and emergency services. In those areas without public water and central sewers, water must be typically provided by private well and wastewater must be typically disposed of by a private septic tank and drain field combination. Furthermore, the appraiser has included in the addendum of this report the following market analysis reports prepared by the appraiser via the "S ite To Do Business" web site: 1. Site Details Report.; and 2. Executive Summary Report. Trends and Conclusions: In conclusion, recognizing the above favorable locational factors and the current growth stage of the primary market area as evidenced by the steady absorption of available vacant land, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the immediate market area, it is the appraiser's opinion, that the primary market area should expect, continued Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B1 May 12. 2009 Page 45 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Page 29 economic development into the foreseeable future. However, the immediate economic development of the primary market area wili be limited until the current residential downturn is concluded. Wilcox Appraisal Services, Inc. Agenda Item No, 16B1 May 12, 2009 Page 46 of 94 Prepared ror and property of Collier County Board of Commissioners Reliance upon the appraisal for olner uses is not warranted Page 30 Aerial and Site Location Map l , :ill .1 @ """. ...." ~ /, j" / I / .(< '" I ,,, /~ ""'-~,""" !,u1 . I' . ! i : " ; I , I 1; (j) @ (j) I & Cl) ~./ ~!.oo!,'ooll/ --='7~::1'! .'@ ~: i / ~ ~/ "(:!.,,..." : . I / ~ao 331'1 .' ~f.i, !ilii.-;i"'~ ,,, 'I ,., I II / i I' r'" ~ - ,~, /~ [, "',,, ~q " <'l; ,_'~I I _I I! J l!), <'g!ll!) \~I~ ~~ ~/iiT''''T.'-''''':; ~ I //i jl...! i @!; S "~I ' , , <C I I , ~:_j;li;~l, :--: - ,', ~~-:---~: __u N ~~ ~ ~ " .~------- ..wtiLTF r ' ' , , I 1 I ! ! ' Rl\/IL- I ' Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 47 of 94 Prepared for ana property of Collier County Board of Commissioners Reliance upon the appraisa! for other uses is not warranted Page 31 SITE DATA Location: The parent tract is located on the west side of Weber Boulevard S. approximately 300 feet north of White Boulevard in Collier County, Naples, Florida. Size and ShaDe: The parent tract contains 2.376 acres of gross land area and is rectangular in shape. Specifically, the parent tract has an eastern property line along Weber Boulevard S. that measures 150 feet; with a depth there from along the southern and northern property lines that measure 690 feet, and a western property line along the 951 Drainage Canal t hat measures 150 feet, Roadwav Frontaae: The parent tract benefits from 150 feet of frontage along the westerly right-of-way of Weber Boulevard S. Weber Boulevard S. is a collector, undivided, two lane, paved roadway. In addition, the parent tract benefits from exposure along the easterly right-of- way of Collier Boulevard (CR 951), but has no direct access. Direct access to Collier Boulevard (CR 951) is prevented by the 951 Drainage Canal, which is located between the parent tract and Collier Boulevard (CR 951). Collier Boulevard (CR 951) is an arterial, median divided, four lane, paved roadway. Finally, the westerly 60 feet of the parent tract is encumbered by the recorded platted road right-of-way for 39'h Street S.W. that is currently unimproved. Available Utilities: The available utilities to the parent tract include telephone, electrical service and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. Exotic Veaetation and Wildlife: Current county, state, and federal regulations have considered certain areas jurisdictional based upon vegetation classifications and/or wildlife species. The appraiser is not an expert at vegetation groups or wildlife identification and has not been provided a report prepared by such an expert. The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetat ion classifications and/or wildiife species. Environmental liabilities: Unless otherwise stated above or elsewhere in this report, the existence of hazardous substances, including, without limitation, asbestos, polychlorinated biphenyls, petroleum ieakage, or agricultural chemicals, which mayor may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the property inspection. The appraiser is not qualified to test such substance or conditions. If the presence of such substances, such as asbestos, urea, formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The parent tract is assumed to be unaffected by environmental liabilities. However, the reader is adv ised that no environm ental studies of the parent tract have been provided to the appraiser. Elevation and Toooaraohv: The parent tract is a level tract and is situated within an area designated Flood Zone X in the Federal Emergency Management Flood Rate Maps, Community Panel Number 12021C0425G, and dated November 17, 2005. Flood Zone X identifies areas located within the 500-year flood plain. Flood hazard insurance is not required. Wilcox Appraisal SelVices, Inc. Prepared for and properly of Collier County Board of Commissioners Reliance upon the appraisal for olner uses is not warranted. Agenda Item No. 16B1 May 12, 2009 Page 48 of 94 Page 32 Predominant Soil Classification/sl: Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predominant soil type that includes No. 18, Riviera Fine Sand, Limestone Substratum. It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract, are general in nature, and mayor may not apply specifically to the soil group(s) located on the par ent tract. Easements and Restrictive Covenants: As previously stated, the westerly 60 feet of the parent tract is encumbered by the recorded platted road right-of-way for 39th Street S.W. that is currently unimproved. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 49 of 94 Prepared for and property of Collier County Soard of Commissioners Reliance upon the appraisal lor other uses is not warranted Page 33 COLLIER COUNTY FUTURE LAND USE DESIGNATION The parent tract is designated Estates Designation on the Collier County Future land Use Map, within the Residential Estates Sub-district, and is further regulated by the Golden Gate Area Master Plan. The geographic framework for growth in Collier County is established by the Future land Use Element. As such, the Element is central to planning for: protection and management of natural resources; public facilities; coastal and rural development; and, housing and community character and design. The Element is also important to the County's system of land development regulations and to private prop erty rights. The purpose of the Future land Use Element is to guide decision-making by Collier County on regulatory, financial and programmatic matters pertaining to land use. Most directly, this Element controls the location, type, intensity and timing of new or revised uses of land. The land use strategy in this Element is closely coordinated with a strategy for provision of public facilities as found in the Capital Improvements and Public Facility Elements of the Comprehensive Plan, and with the strategies to protect and conserve natural resources as found in the Conservation and Coastal Management Element. The Golden Gate Area was previously subject to the regulations outlined in the County's Growth Management Plan. However, in 1991, the unique characteristics of the area resulted in adoption of a separate Master Plan for Golden Gate. This Master Plan became a separate Element of the County's Growth Management Plan and supersedes Objective 1, Policy 1.1, and Policy 1.3 of the County-Wide Future land Use Element. All other Goals, Objectives, and Policies contained in the Future land Use Element and all other Elements are applicable. In addition, the Golden Gate Area Future land Use Map will be used instead of the County-Wide Future land Use Map. The Estates Designation is characterized by low-density semi-rural residential lots with limited opportunities for other land uses. Typical lots are 2.25 acres in size. However, there are some legal non-conforming lots as small as 1.14 acres. Intensifying residential density shall not be permitted. The Estates Designation also accommodates future non-residential uses including: . Conditional uses and essential services as defined in the land Developm ent Code; . Parks, open space and recreational uses; . Group Housi ng shall be permitted subject to the definitions and regulati ons as outlined in the Collier County land Development Code (Ordinance 91-102, adopted October 30, 1991 and consistent with locational requirements in Florida Statutes (Chapter 419.01 F.S.). . Schools and school facilities in the Estates Designation north of 1-75, and where feasible and mutually acceptable, co-locate schools with other public facilities, such as parks, libraries and com munity centers to the extent possible. . Group Housing includes the following type facilities: o Family Care Facility, if occupied by not more than six (6) persons shall be permitted in residential areas; o Group Care Facility; o Care Units; Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 50 of 94 Prepared for and property of Collier COI.lnty Boan:! of Commissioners. Page 34 Reliance upon the appraisal for other lJses is nol warranted. o Adult Congregate Livi ng Facilities; and o Nursing Homes. All of the above uses shall be consistent with all of the Goals, Objectives and Policies of the Golden Gate Area M aster Plan. Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 51 of 94 Prepared for and property of Collier County Board of CommissIoners Reliance upon the appraisal for other uses is not warranted Page 35 ZONING CLASSIFICATION The parent tract is zoned (E), Estates District, according to the Collier County Land Development Code. The purpose and intent of the Estates District is to provide lands for low- density residential development in a semi-rural to rural environment, with limited agricultural activities. In addition to low-density residential development with limited agricultural activities, the Estates District is also designed to accommodate as conditional uses, development that provides services for and is compatible with the low-density residential, semi-rural and rural character of the Estates District. The Estates District corresponds to and implements the estates land use designation on the future land use map of the Collier County growth management plan, although in limited instances, it may occur outside of the estates land use designation. The maximum density permissible in the Estates District shall be consistent with and not exceed the density permissible or permitted under the Estates District of the future land use element of the growth management plan or as provided under the Golden Gate Master Plan. Permitted uses under this zoning classification are as follows: . Single-family dwelling; and . Family care facilities, subject to section 2.6.26. . Essential services, as set forth in section 2.6.9.1. Uses accessory to permitted uses are as follows: . Uses and structures that are accessory and incidental to uses permitted as of right in the Estates District; . Field crops raised for the consumption by persons residing on the prem ises; . Keeping of fowl or poultry, not to exceed 25 in total number subject to specific conditions; . Keeping of horses and livestock (except for hogs), not to exceed two such animals for each acre and subject to specific conditions; . One guesthouse, subject to secti on 2.6.14; . Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or preliminary subdivision plat. These facilities may include but are not limited to golf course, clubhouse, community center building and tennis facilities, parks, playgrounds and playfields; and . Excavation and related processi ng and production that are subject to specific conditions. Conditional uses in the Estates District that are subject to the standards and procedures established in division 2.74 are as follows: . Churches and other places of worship; . Social and fraternal organizations; . Child care centers and adul t day care centers; . Schools, public and private; and . Group care facilities (category I); care units, nursing homes, assisted living facilities, and continuing care retirement communities; all subject to section 2.6.26. . Category II group care facilities and care units, subject to section 2.6.26 only when tenancy of the person or persons under care would not: o Constitute a direct threat to the health or saf ety of other individuals; Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 52 of 94 Prepared for and proper1y 01 Collier County Board of Commissioners Reliance upon the appraisal for other uses is nol warranted Page 36 o Result in substantial physical damage to the property of others; or o Result in the housing of individuals who are engaged in the current, illegal use of or addiction to a controlled substance. . Extraction or earthmining, and related processing and production not incidental to the development of the property subject to the following criteria; o The site area shall not exceed 20 acres. . Essential services, as set forth in section 1.6.9.2. The following dimensional standards apply to all permitted, accessory, and conditional uses in the Estates Oi strict Minimum Lot Size: Minimum Yard Requirements: Front yard, feet Side yard, feet Rear yard. feet Minimum Yard Requirements for nonconforming lots of record: Front yard, feet: One full depth setback for corner lots along the shorter lot line along the street. Setback along longer lot line may be reduced by up to 50 percent. See definition of yard, front for lots that do not conform to a minimum lot width or area requirements. 10% of lot width with max. Two and one-fourth (2 1/4) Acres 75 30 75 Side yards. feet: Rear yard, feet Minimum Lot Width, feet: Minimum Floor Area: Maximum Height: Maximum density: Minimum off-street parking: Landscapi ng: Signs: of 30 75 150 1,000 SF 30 One dwelling unit per 2 11, acres As required in division 2.3 As required in division 2.4 As required in division 2.5 Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 53 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraIsal for other uses is not warranted. Page 37 IMPROVEMENT DATA The parent tract is vacant land. Wilcox Appraisal SelVices, Inc. J\genda Item No. 1661 May 12, 2009 Page 54 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal lor other uses is not warranted Page 38 HIGHEST AND BEST USE Highest and best use is defined in The Dictionary of Real Estate Appraisal, Third Edition as published by the Appraisal Institute: The reasonably probabie and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. Implied within these definitions is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual property owners. Also implied is that the determ ination of highest and best use results from the appraiser's judgment and analytical skill. ie.. that the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice. the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value) another appropriate term to reflect highest and best use would be most probable. HiClhest and Best Use Analysis "As ThoUClh Vacant": This part of the highest and best use analysis assumes that a parcel of land is vacant or that it can be made vacant through the demolition of any improvements. The question to be answered in this part of the highest and best use analysis is: if the land is (or was) vacant, what use should be made of it? That is, what type of building or other improvement (if any) should be constructed on the land? The purpose of estimating the highest and best use for land or a site is to identify the use that causes the land to have value. This identification also helps to identify comparable properties. For highest and best use of land as though vacant, a use must meet four criteria. The four criteria are (1) legally permissible. (2) physically possible (3) financially feasible, and (4) maximally productive. The following analysis is presented: 1. Legally Permissible Uses: The most significant elements to be considered in regards to those uses which are legally permissible for the parent tract include, but are not necessarily limited to the following: o The parent tract is designated Estates Designation on the Collier County Future Land Use Map, within the Residential Estates Sub-district, and is further regulated by the Golden Gate Area Master Plan. o The parent tract is zoned E, Estates District, according to the Collier County Land Developm ent Code. o As previously stated, the westerly 60 feet of the parent tract is encumbered by the recorded platted road right-of-way for 39th Street S.W that is currently unimproved. The appraiser is not aware of any other easements or restrictive covenants which might adversely affect the market value and development of the parent tract before the taking. However, the reader is advised that the appraiser has not been provided any title information. o The parent tract is presumed to be unencumbered by current county, state, and federal regulations related to certain areas being considered to be jurisdictional based upon vegetati on classifications andlor wildlife species. Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 55 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 39 2. Phvsicallv Possible Uses: The most significant facts related to the parent tract in regards to those uses which are physically possible include, but are not necessarily limited to the following: . The parent tract is located on the west side of Weber Boulevard S. approximately 300 feet north of White Boulevard in Coli ier County, Naples, Florida . The parent tract contains 2.376 acres of gross land area and is rectangular in shape. Specifically, the parent tract has an eastern property line along Weber Boulevard S. that measures 150 feet; with a depth there from along the southern and northern property lines that measure 690 feet; and a western property line along the 951 Drainage Canal t hat measures 150 feet. . The parent tract benefits from 150 feet of frontage along the westerly right-of-way of Weber Boulevard S. Weber Boulevard S. is a collector, undivided, two lane, paved roadway. In addition, the parent tract benefits from exposure along the easterly right-of-way of Collier Boulevard (CR 951), but has no direct access. Direct access to Collier Boulevard (CR 951) is prevented by the 951 Drainage Canal, which is located between the parent tract and Collier Boulevard (CR 951). Collier Boulevard (CR 951) is an arterial, median divided, four lane, paved roadway. Finally, the westerly 60 feet of the parent tract is encumbered by the recorded platted road right- of-way for 39th Street S.W. that is currently unimproved. . The available utilities to the parent tract include telephone, electrical seNice and emergency services. Drinking water would be typically provided by a private well. Wastewater would be typically disposed of by a private septic tank and drain field combination. . The parent tract is a level tract and is situated within an area designated Flood Zone X in the Federal Emergency Management Flood Rate Maps, Community Panel Number 12021C0425G, and dated November 17, 2005. Flood Zone X identifies areas located within the 500-year flood plain. Flood hazard insurance is not required. . Based on the appraiser's review of the United States Department of Agriculture's Soil Survey of Collier County, Florida, the parent tract is located in an area with predom inant soil type that includes No. 18, Riviera Fine Sand, Limestone Substratum. It is important to bring to the reader's attention that the information reported above related to the predominant soil group(s) on or near the parent tract, are general in nature, and mayor may not apply specifically to the soil group(s) located on the parent tract. . The appraiser has assumed a reasonable quantity of non-jurisdictional uplands exist on the parent tract suitable for the development of the property in accordance to the estimated highest and best use. . The parent tract is as sumed to be unaffected by environmental liabilities. 3. Financiallv Feasible Uses: Having determined the uses that are physically possible and legally permissible, the appraiser must further analyze these uses to determine those that are likely to produce some income, or return, greater than the combined income needed to satisfy operating expenses, financial expenses and capital amortization. All uses that are expected to produce a posit ive return are regarded as financially feasible. The most important data related to those uses that are financially feasible for the parent tract include, but are not necessarily limited to the following: . The primary market area. for purposes of this appraisal assignment, consists of those residential properties zoned (E), Estates District, according to the Collier Wilcox Appraisal SelVices, Inc. ;'I.genda Item No. 16B1 May 12, 2009 Page 56 of 94 Prepared for and property 01 Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 40 County Land Development Code located along or near Collier Boulevard (CR 951) between Vanderbilt Beach Road (CR 862) to the north and Green Boulevard to the south in Collier County, Florida. . The secondary market area is defined as those residential properties zoned (E), Estates District, located in peripheralloc ations to the prim ary market area. . The primary market area is considered to be in the growth stage of its life cycle, as evidenced by the steady absorption of available vacant land, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the primary market area. However, subsequent to January 2006, residential market values throughout southwest Florida including the primary market area have significantly declined. Also, during this timeframe the number of residential listings has increased dramatically and the number of sales has also decreased. Furthermore, the number of bank foreclosed residential properties has also dramatically increased. . The Golden Gate Estates area began development in the early 1960's. Based on Ihe Collier County tax rolls, there are approximately 31,000 platted tracts of land located within the Golden Gate Estates area typically ranging in size from 1.14 acres to over 5 acres. Tracts smaller than 2.25 acres are considered to be legally non- conforming tracts. . The Golden Gate Estates area is composed of two separate sub-markets, the Urban Estates area, which lies west of Collier Boulevard (CR 951), and the Rural Estates area, which lies east of Collier Boulevard (CR 951). . Commercial development has occurred at the intersections of Collier Boulevard (CR 951) with Vanderbilt Beach Road (CR 862) and Pine Ridge Road (CR 896), and along the western side of Collier Boulevard (CR 951) between Green Boulevard and Golden Gate Parkway (CR 886). . The primary roadways that provide the main access to the immediately described primary market area include: o Collier Boulevard (CR 951); o Vanderbilt Beach Road (CR 862); o Golden Gate Boulevard; o Pine Ridge Road (CR 896); and o Golden Gate Parkway (CR 886). . Available utilities within the primary market area include public water, center sewers, telephone, electrical service and emergency services. In those areas without public water and central sewers, water must be typically provided by private well and wastewater must be typically disposed of by a private septic tank and drain field com bination. . It is the appraiser's opinion that the primary market area should expect continued economic development into the foreseeable future. However, the immediate economic development of the primary market area will be limited until the current residential downturn is concluded. 4. Maximallv Productive: Among the financially feasible uses, the use that provides the highest rate of return, or value (given a constant rate of return), is the highest and best use. In summary, the parent tract is legally, physically and financially capable of supporting potential single-family residential development. Due to the fact that these uses for the parent tract are limited to potential single-family residential development. as opposed to a set of multiple options, the maximally productive use is the same use. Accordingly, it Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B1 May 12. 2009 Page 57 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal fOr other uses is not warranted. Page 41 is the appraisers' opinion that the highest and best use of the parent tract "as though vacant" is estimated to be potential single-family residential development. Wilcox Appraisal Setvices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 58 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal lor o~her uses Is nol warranted Page 42 The Appraisal Process There are three standard appr oaches to property valuation: 1. Cost Approach 2. Sales Comparison Approach 3. Income Capitalizatio n Approach The Cost Approach requires the estimation of the reproduction cost new of the subject improvements on current market price ievels for labor and materials. The second component is the estimate of accrued depreciation, or diminished utility, which is computed and subtracted from the reproduction cost new to obtain an estimate of the depreciated reproduction costs of the subject improvements. Finally, the land value, as obtained from a market comparison approach, is added to obtain a value of the property as a whole. The underlying premise in the Cost Approach is the theory of substitution, which states that an informed purchaser would pay no more for a property than would be required to substitute of equal utility. This approach is most applicable when the improvements are new and represent the highest and best use of the subject, as though vacant. Conversely, when the improvements are old and adequate land sales are not available. the Cost Approach tends to lose credence. The Sales Comparison Approach, or Direct Comparison Approach, utilizes the past actions of buyers and sellers for a similar class of property in a simulation model to project the most probable selling price. This approach is also based upon the theory of substitution as well as the concept of anticipation and contribution. This approach is most applicable when there has been a sufficient amount of market transactions of similar properties to ascertain patterns of behavior of the market participants. This valuation can only be as accurate as the quality of information permits. If the comparative properties are quite dissimilar to the parent tract and large adjustments are required, then this approach loses credibility. The Income Approach is the valuation process which measures value as a function of the present worth of the property's net income capacity. This approach is based upon the concept of anticipation, contribution, and increasing and decreasing returns. This approach requires market oriented income and expense data as well as current mortgage and equity rates (income and yield). This approach is generally considered most reliable in the valuation of commercial properties. as it best represents investor's and lender's expectations and actions in the market. Each of the above three approaches will usually indicate different values. After all of the factors of the three approaches have been carefully weighted, the indications of value are correlated to arrive at a final estimate of value. Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 59 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Page 43 Identification of the ADDlicable Valuation Procedure/51: It is the appraiser's opinion that the Market Approach to Value (Sales Comparison Approach to Value) is the only applicable approach for this valuation assignment. The Sales Comparison Approach to Value is considered applicable since an adequate number of similar unimproved sales have recently occurred within the market area that may be utilized by the appraiser in predicting typical buyer and seller behavior. The market data within the Sales Comparison Approach to Value is considered sufficient and adequate to provide a reliable value conclusion. The Cost Approach to Value and the Income Capitalization Approach to Value are not considered applicable for this appraisal assignment due to the fact that the parent tract is vacant land. Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 60 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for olher uses is not warranted Page 44 The Sales Comparison Approach to Value INTRODUCTION In the Sales Comparison Approach, market value is estimated by comparing the parent tract to similar properties that have been sold recently or for which offers to purchase have been made. A major premise of the Sales Comparison Approach is that the market value of a property is directly related to the prices of comparable, competitive properties. A comparative analysis in the Sales Comparison Approach focuses on differences in legal, physical, locational, and economic characteristics of similar properties and the parent tract. Differences in the real property rights conveyed, the dates of sale, the motivations of buyers and sellers, and the financing arrangements for each sales transaction can also account for variations in prices. The Sales Comparison Approach is applicable to all types of real property interest when there are sufficient, recent, and reliable transactions to indicate value patterns in the market. For property types that are bought and sold regularly, the Sales Comparison Approach often provides a reliable indication of market value. When data is available, this is the most direct and systematic approach to value. When the number of market transactions is insufficient, the applicability of the Sales Comparison Approach may be limited. For example. the Sales Comparison Approach is rarely applied to a special purpose property because few similar properties may be sold in a given market. To value such properties, the Cost or Income Capitalization Approach may be more appropriate and reliable. Nevertheless, data on sales and offers for similar properties may establish broad limits for the value of the property being appraised. When economic conditions are changing rapidly, the usefulness of the Sales Comparison Approach may be limited. For example, changes in income tax laws and zoning regulations, the availability in cost of financing, or the supply of similar properties may cause the sale prices of comparable properties with similar uses to be unreliable indicators of the value of the parent tract. If economic changes occur abruptly, an appraiser may have difficulty finding a reliable market basis on which to make adjustments for these changes. Rapid inflation or deflation can also jeopardize the reliability of an appraiser's adjustments and limit the usefulness of the Sales Comparison Approach. To apply the Sales Comparison Approach, an appraiser follows a systematic procedure: A. Research the market to obtain information on sales transactions, listings, and offerings to purchase properties similar to the parent tract. B. Verify the information by confirming that the data obtained are factually accurate and that the transactions reflect arm's length market considerations. C. Select relevant units of comparison (e.g., dollars per acre, per square foot, or per income multiplier) and develop a comparative analysis for each unit. D. Compare the parent tract and comparable sale properties using the elements of comparison and adjust the sale price of each comparable appropriately or eliminate the property as a comparable. Wilcox Appraisal SelVices, Inc. Agenda Item No. 1681 May 12. 2009 Page 61 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 45 E. Reconcile the various value indications produced from the analysis of comparables into a single value indication or a range of values. An imprecise market may indicate a range of values. PRINCIPLES OF THE SALES COMPARISON APPROACH TO VALUE The application of the Sales Comparison Approach is based on, and consistent with, the operation of value influences and appraisal princi pies. The following appraisal principles are generally considered most relevant to the Sales Comparison Approach: A. SUDDlv and Demand: Property prices are determined by the market and they result from negotiations between buyers and sellers. Buyers constitute market demand and the properties offered for sale constitute the supply. If the demand for a particular type of property is high, prices tend to increase; if demand is low, prices tend to decline. Shifts in the supply of improved properties frequently lag behind shifts in demand because supply is created by time-consuming construction, while demand can change rapidly. B. Substitution: As applied in the Sales Comparison Approach, the principle of substitution holds that the value of a property tends to be set by the price that would be paid to acquire a substitute property of similar utility and desirability. This principle implies that the reliability of the Sales Comparison Approach is diminished if substitute properties are not available in the market. C. Balance: The forces of supply and demand tend toward equilibrium, or balance, in the market. but absolute equilibrium is almost never attained. The balance between supply and demand continually changes. Due to shifts in population, purchasing power, and consumer tastes and preferences. demand varies greatly over time. The construction of new buildings and the demolition of old ones cause supply to val)' as well. Another aspect of this principle is that the relationship between land and improvements and the relationship between a property and its environment must both be in balance for a property to reflect its actual market value. If, for example, a property has too much land in relation to its improvements or too many expensive amenities for its location, an imbalance is created. Appraisers must watch for imbalances in the market and within properties because they can cause the market to impute different prices to otherwise comparable properties. D. Externalities: Positive and negative external forces affect all types of property. A period of economic development or economic depression can often influence property values. An appraiser analyzes the market area of a parent tract to identity all significant external influences. To a great extent, these external forces are reflected in the adjustments made for property location. Two properties with identical physical characteristics may have quite different market values if one of the properties has less attractive surroundings. Factors such as the condition and lighting of streets, the convenience of transportation faciiities, the adequacy of police protection, and the proximity to shopping and restaurant facilities val)' with location. They must be considered by the appraiser to determine if they have a positive or negative effect on the value of the property being appraised. Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B1 May 12. 2009 Page 62 of 94 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted Page 46 PRESENTATION OF THE MARKET DATA The appraiser has reviewed economic data related to a number of sales and listings of comparable unimproved properties located within the primary and secondary market areas. Based on this research, the appraiser has assembled six competitive unimproved sales zoned E, Estates District, transacted between February 2008 and July 2008 as being most comparable to the parent tract. The data sheets for each of the sales used to estimate the value of the parent tract are presented in the addendum of this report. Wilcox Appraisal SelVices, Inc. Prepared for and property of Collier County Board 01 Commissioners Reliance upon the appraisal for other U5es is nol warranlee! Agenda Item No. 16B1 May 12, 2009 Page 63 of 94 Page 47 ~iEngh'Sh Oay,,:, Ln ill' .1{ <Ii '" ill. \: , ~ ~ .. ii. ~ ((l'~ .". :5 0- ro .. Iii c l' ~' Land Sales Map 862 V<in art,ill Beach Rd )> Cherr, Sale 6 Dr 7th Ave NW a- ~ ~ Hickory Wood Or 5th .Ave NW D- Coraf Wood Dr Teak Wood Dr 3rdIS""'le 3]J\I1/ 1S~ Ave NW " g, Beach Rd ~ Vander bill " " ':l ,." w '!! 7th.A.ve f\!W 'Y "- "- < 'Oi t~ ~ '" ~ ~ ~ '" 951 6th Ave I<W "- 'Y 'Y z ~ ~ ~ '" '" :;: o r:J S"'c~~rno"'~ Llr P;rie rlaJg& Hci eg6 Pi~la Rid,lft Rd IS",I'O 41 {f) l\1th A.vr> ';:,\-,,/ ~ 11:h A.\/E' SVV u ~ 21h.Ave SW ffi . ~o~ 14th Ave SW Blvd 'Cedar Tree Ln _We~tpo1 III Sea 13f;;;S5 Ln (,rJSS !..n 1st .A.ve SIN MOIh(Jgary Ridge Or 3ICA,ve SW Palmetto Woods Dr l~!lle S Ith .t',\'e SVII Tamar?nd Rldql(l: If - 7th ,A.ve SIN 'C . .3''' 1:-J1h AVE< S\lV 13th A'8 SW 151M Ave SW lith CD Ave SVIf c '" en '" 191h A.ve SW . "" ,~ '" ro 21s1 AVe'S\l1/ 'i' 'i' 23ru rs;';~-zrW ~ ~ Brantley Blvd 25th Ave SW Sale Da te of Adj. Price No. Street Sale Size Per Acre 1 1st Ave. N.W. 2/5/2008 2.27 $52,134 2 25th Ave. S.W 5/19/2008 1.14 $58,627 3 1st Ave. N.W. 5/23/2008 2.73 $82,985 4 11th Ave. S.w. 6/6/2008 25 $105,760 5 Tamarind Ridge Dr. 6/25/2008 25 $111,520 6 Cherry Wood Dr. 7/29/2008 1.17 $74,637 " . '" " Green Bt',d 15th Ave SW G"ee'-l Divd rn . '" o'~ ~ ,~ H~~. <U (!l .,~,_ Q;!~ 0' ~. ~ [ 23rd AV8 iNl! 241h Ave SW &EIi "Golden Gfl1~ Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 64 of 94 Prepared lor and property 01 Collier County Board of Commissioners. Reliance upon the appraisal lor other uses is nol warranted Page 48 APPLICATION OF THE MARKET DATA As previously stated, the appraiser has selected six competitive unimproved sales zoned E, Estates District, transacted between February 2008 and July 2008 as being most comparable to the parent tract. All sales have been compared to the parent tract and adjusted for significant differences. Buyers, sellers, and active real estate agents have reported that competitive unimproved properties within the market area are typically purchased based on a price per acre of gross land area unit of value. Furthermore, the appraiser has applied the proper sequence of adjustments including the following order: property rights conveyed; financing; conditions of sale (motivation); market conditions (time); and other significant locational and physical characteristics. The sales comparison grid is presented on the following page: Wilcox Appraisal SelVices, Inc. Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 16B1 May 12, 2009 Page 65 of 94 Page 49 Sales Comparison Grid - Unimproved Land Sales: Element of Comparison Date of ValuefSale Highest and Best Use location Size (Gross Acres) Road Frontage Land Use Designation Zoning Utilities Sales Price Sales Price (Per Gross Acre) Transaction Adiustments Property Rights Conveyed Financing Conditions of Sale (Motivation) Market Conditions (Time) Adjustad Price Adjusted Price (Per Gross Acre) Additional Adiustments L.ocatlon Size (Gross Acres) Road Frontage land Use/Zoning Utilities Net Percentage Adjustment Adjusted Price (Per Gross Acre) Element of Comparison Date of ValuefSale Highest and Best Use L.ocation Size (Gross Acres) Road Frontage Land Use Designation Zoning Utilities Sales Price Sales Price (Per Gross Acre) Transaction Adiustments Property Rights Conveyed Financing Conditions of Sale (Motivation) Market Conditions (Time) Adjusted Price Adjusted Price (Per Gross Acre) Additional Adiustments Location Size (Gross Acres) Road Frontage Land UsefZoning Utilities Net Percentage Adjustment Adjusted Price (Per Gross Acre) Sublect Oct.200B Residential West side of Weber Blvd. 2.376 Weber Blvd. Estates Estates E, T NA NA Sale !:!2....1 Feb-200B Residential North side of 1 st Ave, NW 2.273 1st Ave NW Estates Estates E. T $128,000 $56,313 ", Sale Sale !i!hl No.3 May-200B May-2008 Residential Residential North side of North side of 25th Ave. SW 1 s! Ave. NW 1.136 2.727 25th Ave. SW 1 st Ave. NW Estates Estates Estates Estates E, T E, T $69.900 $237,650 $61,532 $87.147 ~~~~,.m $0 $0 $0 $0 $0 $0 ($3,300) ($11,350) S66,600 5226,300 $52,134 $5B,627 $82,985 :7:"~':'~f:r~1t~:ilf:;:.r*J~~!1,t:w:J:f;!~i,~,~~. . Ka.. i:l'&I!:..,>>" t-'lI<".c ~ ~.Oit\. ~ ~ trJ.'t<:. ~:; ~ t.1ti- ill 0.00% 000% 0 00% 0.00% 000% 000% 0.00% 0,00% 000% 000% O,Ooclc 0,00% 0.00% O,Ooc/o 0.00% 000':.'0 0,00% 0_00% $52,134 $5B,627 $82,985 ~ No.4 Jun-200B Residential North side of 11th Ave. SW 2500 11th Ave SW Estates Estates E,T $275,000 $110,000 Sale ~ Subiect Oct-200B Residential West side of Weber Blvd. 2.376 Weber Blvd Estates Estates E, T NA NA .t!.Q.2 NO.6 Jun.200B Jul-200B Residential Residential South side of South side of Tamarind Ridge Dr. Cherry Wood Dr. 2.500 1.171 Tamarind Ridge Dr. Cherry Wood Dr. Estates Estates Estates Estates E. T E, T $290,000 590,000 $116.000 $76,857 ':~~~"l'~~~'P__~ '...,c-5!Ej;~illltH~",.,';o"",.~m,,~ $0 $0 $0 $0 $0 $0 IS".200) (52600) S27B,800 S87.400 $105,760 $111,520 $74,637 - :~i:r~~i$~fj~,~~j~~!,~:?:i~~1:1t:rtii;~~~ - .:nu~~~' ~:iUG' 'J!ie"i_ 'tit, t:E.. ~~ 0,00% 000% 000% 0.00% 0.00% 0,00% 0.00% 0 00% 0.00% 0.00% 0.00% 0.00% 0.00% 000% 0.00% 000'/0 000% 000% $105,760 $111,520 $74,637 '''''"~:Jil,.j h.-~~~~t. Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 66 of 94 Prepared for and proper1y or Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 50 Explanation of Adjustments: The following explanations of adjustments are presented: . Adjustments for Property Riqhts Conveyed. Financinq and Conditions of Sale (Motivation). and Conditions of Sale (Motivation): All sales utilized in direct comparison to the parent tract conveyed property rights involving a fee simple estate and involved market financing or were all cash to seller transactions. Furthermore, all sales were verified to be typically motivated arm's length transactions. Accordingly, no adjustments were made for these three elements of comparison. . Adjustments for Marketinq Conditions (Time): The date of sale identifies the market conditions under which the comparable sale occurred. Changes in market conditions can be caused by infiation, deflation, changes in supply and demand, and other factors. Although the adjustment for market conditions is sometimes referred to as a "time adjustment", the passing of time is not the cause of the adjustment, but rather, the market conditions that mayor may not have changed over the time period analyzed. Changes in market conditions are usually measured as a percentage of a previous price. An analysis of a resale of the sale property, or two (2) paired sales considered very similar, can provide an indication of the rate of price change. It should be remembered that the purpose of the market conditions adjustment is to adjust all sales from the date of sale to the date of value. The six closed sales utilized in direct comparison to the parent tract are recent sales that sold between February 2008 and July 2008. Therefore, the appraiser is concerned with any market condition changes between the oldest sale (February 2008) and the date of value (October 16, 2008). As previously reported in the market area analysis, the primary market area is considered to be in the growth stage of its life cycle, as evidenced by the steady absorption of available vacant land, the planned improvements to the area's infrastructure and the continued development of residential and commercial properties within the primary market area. However, subsequent to January 2006, residential market values throughout southwest Florida including the primary market area have significantly declined. Also, during this timeframe the number of residential listings has increased dramatically and the number of sales has also decreased. Furthermore, the number of bank foreclosed residential properties has also dramatically increased. The appraiser has utilized, as most appropriate, a negative 12.0% annual adjustment or a negative 1.0% per month adjustment to the previously adjusted sales prices for market conditions (time) for the time frame between the oldest sale (February 2008) and the date of appraisal (October 16, 2008). It should be understood that this market conditions adjustment (time) is made to the "adjusted" sales prices (after adjustments for property rights conveyed, financing and conditions of sale (motivation), if any. The time adjustment grid is provided on the following page: Wilcox Appraisal SelVices, Inc. Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No. 16B1 May 12, 2009 Page 67 of 94 Page 51 Time Adjustment Grid: Date of Sale Date of Value No. of Months Oiff. (X) Time Adj. Per Mo. Time Adj. Factor Sales Price (+/-) Adjustments: Adjusted Sales Price (+) Time Adj. Factor Indicated Adj. Sales Price Rounded Indicated Time Adjustment Oate of Sale Date of Value No. of Months Diff. (X) Time Adj. Per Mo. Time Adj. Factor Sales Price (+/-) Adjustments: Adjusted Sales Price (+) Time Adj. Factor Indicated Adj. Sales Price Rounded Indicated Time Adjustment Sale Sale Sale No.1 No.2 No.3 Feb-2008 May-2008 May-2008 Oct-2008 Oct-2008 Oct-2008 8 5 5 100% 1.00% 1.00% 0.080 0.050 0.050 $128,000 $69,900 $237,650 $0 $0 $0 $128,000 $69,900 $237,650 1.080 1.050 1.050 $118,519 $66,571 $226,333 $118,500 $66,600 $226,300 -$9,500 -$3,300 -$11,350 Sale Sale Sale NO.4 NO.5 NO.6 Jun-2008 Jun-2008 Jul-2008 Oct-2008 Oct-2008 Oct-2008 4 4 3 1.00% 1.00% 1.00% 0.040 0.040 0.030 $275,000 $290,000 $90,000 $0 $0 $0 $275,000 $290,000 $90.000 1.040 1.040 1.030 $264,423 $278,846 ,87,379 $264,400 $278,800 ,87,400 -$10,600 -$11,200 -$2,600 . Adiustments for Location: All sales are competitive vacant residential sites located in the primary market area. Minor locational differences will be considered by the appraiser in the final reconciliation. Accordingly, no adjustments were made for this element of comparison. . Adiustments for Size: All sales range in size from 1.136 gross acres to 2.727 gross acres, as compared to the parent tract's size of 2.376 gross acres. Minor size differences will be also considered by the appraiser in the final reconciliation. Accordingly, no adjustments were made for this element of comparison. . Adiustments for Road Frontalle: The parent tract is located along the west side of Weber Boulevard S., a collector, undivided, two lane, paved roadway. All sales are located along similar traveled roadways. Accordingly, no adjustments were made for this element of comparison. . Adiustments for Land Use/Zoninll and Utilities: All sales have similar land use designations, zoning classifications and available utilities. Accordingly, no adjustments were made for this element of comparisons. Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B 1 May 12. 2009 Page 68 of 94 Prepared for and property of Collier County 90ard of CommisSioners Reliance upon the appraisal for other uses is not warranted Page 52 Discussion of Sales: . Unimproved Land Sale No. 1 contains 2.273 acres of gross land area and is a February 2008 transaction. Unimproved Land Sale NO.1 is located on the north side of 1" Avenue N.W. approximately 0.45 mile east of Weber Boulevard N. Unimproved Land Sale No. 1 benefits from frontage along the northerly right-of-way of 1" Avenue N.W. Available utilities to the sale property include telephone and electrical service. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 1 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No.1 is encumbered by a 3D-foot wide road right-of-way easement along the southern property line (for 1" Avenue N.W.). Verification of this sale indicated that at the time of sale, the property was vacant land. Unimproved Land Sale NO.1 provided an indicated adjusted value of $52,134 per acre of gross land area. . Unimproved Land Sale No. 2 contains 1.136 acres of gross land area and is a May 2008 transaction. Unimproved Land Sale No. 2 is located on the north side of 25th Avenue SW. approximately 0.15 mile east of 39th Street S.W. Unimproved Land Sale No. 2 benefits from frontage along the northerly right-of-way of 25'h Avenue N.W. Available utilities to the sale property include telephone and electrical service. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 2 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale NO.2 is encumbered by a 3D-foot wide road right-of-way easement along the southern property line (for 25th Avenue N.W.). Verification of this sale indicated that at the time of sale, the property was vacant land. Unimproved Land Sale NO.2 provided an indicated adjusted value of $58,627 per acre of gross land area. . Unimproved Land Sale No.3 contains 2.727 acres of gross land area and is a May 2008 transaction. Unimproved Land Sale No. 3 is located on the north side of 1" Avenue N.W. approximately 0.85 mile west of Collier Boulevard (CR 951). Unimproved Land Sale No. 3 benefits from frontage along the northerly right-of-way of 1" Avenue N.W. Available utilities to the sale property include telephone and electrical service. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale NO.3 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale NO.3 is encumbered by a 3D-foot wide road right-of-way easement along the southern property line (for 1 ,\ Avenue N.W.). Verification of this sale indicated that at the time of sale, the property was vacant land. Unimproved Land Sale NO.3 provided an indicated adjusted value of $82,985 per acre of gross land area. . Unimproved Land Sale No.4 contains 2.500 acres of gross land area and is a June 2008 transaction. Unimproved Land Sale NO.4 is located on the north side of 11'h Avenue S.W. approximately 0.25 mile west of Collier Boulevard (CR 951). Unimproved Land Sale NO.4 benefits from frontage along the northerly right-of-way of 11\h Avenue S. W. Available utilities to the sale property include telephone and electrical service. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale NO.4 has a future land use designation of Estates and is zoned Estates by Collier County, Unimproved Sale NO.4 is encumbered by a 3D-foot wide road right-of-way easement along the southern Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 69 of 94 Prepared for and property 01 Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 53 property line (for 11'" Avenue S.W.). Verification of this sale indicated that at the time of sale, the property was vacant land. Unimproved Land Sale NO.4 provided an indicated adjusted value of $105,760 per acre of gross land area. . Unimproved Land Sale No.5 contains 2.500 acres of gross land area and is a June 2008 transaction. Unimproved Land Sale NO.5 is located on the south side of Tamarind Ridge Drive approximately 0.70 mile east of Logan Boulevard N. Unimproved Land Sale NO.5 benefits from frontage along the southerly right-of-way of Tamarind Ridge Drive. Available utilities to the sale property include telephone and electrical service. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 5 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale No, 5 is encumbered by a 30-foot wide road right-of-way easement along the northern property line (for Tamarind Ridge Drive). Verification of this sale indicated that at the time of sale, the property was vacant land. Unimproved Land Sale No. 5 provided an indicated adjusted value of $111,520 per acre of gross land area. . Unimproved Land Sale No.6 contains 1.171 acres of gross land area and is a July 2008 transaction. Unimproved Land Sale NO.6 is located on the south side of Cherry Wood Drive. approximately 0.25 mile east of Logan Boulevard N. Unimproved Land Sale NO.6 benefits from frontage along the southerly right-of-way of Cherry Wood Drive. Available utilities to the sale property include telephone and electrical service. Drinking water is typically provided by private well. Wastewater is typically disposed of by a private septic tank and drain field combination. Sale No. 6 has a future land use designation of Estates and is zoned Estates by Collier County. Unimproved Sale NO.6 is encumbered by a 30-foot wide road right-of-way easement along the northern property line (for Cherry Wood Drive). Verification of this sale indicated that at the time of sale, the property was vacant land. Unimproved Land Sale No. 6 provided an indicated adjusted value of $74,637 per acre of gross land area. Reconciliation of the Market Value Land Estimate: In summary, the appraiser has selected six competitive unimproved sales zoned E, Estates District. transacted between February 2008 and July 2008 for direct comparison to the parent tract and which will provide the database for the application of the Sales Comparison Approach. The indicated adjusted sales prices associated with these six sales range from a low of $52,134 per gross acre for Sale No. 1 to a high of $111,520 per gross acre for Sale NO.5. The arithmetical mean from this database was $80,944 per gross area with an arithmetical median of $78,811 per gross acre. All six sales conveyed property rights involving a fee simple estate and involved market financing or were all cash to seller transactions. Also, all sales utilized in direct comparison to the parent tract were verified to be arm's length transactions. In addition, it was the appraiser's opinion, that a negative 12.0% annual adjustment or a negative 1.0% per month adjustment was appropriate for a market conditions (time) adjustment for the time frame between the sale date and the date of appraisal (October 16, 2008). All sales are considered to have the same highest and best use "as vacant" (potential single- family residential development), and are all located in the primary market area. All sales range Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 70 of 94 Prepared for arld property of Collier County Board 01 Commissioners Reliance upon the appraisal for other uses is nof warranted Page 54 in size from 1.136 gross acres to 2.727 gross acres, as compared to the parent tract's size of 2.376 gross acres. Furthermore, all sales have a similar land use designation, zoning classification and availabil ity of utilities. All sales are located along sim ilar traveled roadways. In addition, the appraiser has inspected and verified a number of the most reasonably listed competitive vacant properties currently available in the local multiple listing service. The following comparison grid for these listings is presented: Comparison Grid - Unimproved land Listinas: Element of Comparison Highest and Best Use Location Size (Gross Acres) Road Frontage Land Use Designation Zoning Utilities Bank Owned Listing Price Listing Price (Per Gross Acre) Subject Residential Wesl side of Weber Blvd 2376 Weber Blvd Estates Estates E,T NA NA NA Ustina No.1 Residential North side of 15th Ave. SW 2500 15th Ave. SW Estates Estates E, T Yes $130,000 $52,000 Listina No.5 Residential South side of 13th Ave. SW 1.136 13th Ave SW Estates Estates E,T No $94,900 $83,539 Listina No.2 Residential East side of Logan Blvd, S. 2.342 Logan Blvd. S. Estates Estates E, T Yes $142,500 $60,845 Listinc ~ Residential North side of Dogwood Way 1.136 Dogwood Way Estates Estates E,T Yes $81,000 $71,303 Listina !iQ...! Residential North side of 3rd Ave, SW 2.273 3rd Ave. SW Estates Estates E,T No $164,983 $72,584 In conclusion, the final estimate of value, after reviewing each of the six comparable sales utilized in direct comparison to the parent tract, is $80,000 per gross acre, which results in the following estimate of value: Market Value of the Parent Tract Land: Rounded to, Say (2.376 Gross Acres) x ($80,000 Per Gross Acre) $190,100 = $190,080 = Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 71 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for ether uses Is not warranted Page 55 I Reconciliation of the Value Indications In summary, the appraiser has obtained the following value indications from the valuation approaches presented earlier in the appraisal report as follows: The Cost Approach to Value: N/A The Sales Comparison Approach to Value: $190,100 N/A The Income Capitalization Approach to Value: Reconciliation is the analysis of alternative conclusions to arrive at a value estimate. Reconciliation is required because different value indications result from the use of more than one valuation approach and within the application of a single approach. Furthermore, the final value estimate should not be derived simply by applying technical and quantitative procedures; rather, it should involve the exercise of judgment. The value conclusion reached should be consistent with market thinking and the quantity of data used should correspond to the amount of data the market considers relevant to the problem. An appraiser shall produce a meaningful, defensible value estimate by considering three criteria: appropriateness, accuracy, and quantity of evidence. Appropriateness relates to the use of certain approaches and specific assignments. All data, calculations, estimates, and adjustments are examined for accuracy. The quantity of evidence is analyzed to determ ine if the conclusion reached is sufficiently supported in the market. Market data reflects past phenomena, but an appraiser must rely on data to estimate future benefits and the present value of these benefits. Nevertheless, the data available should not dictate the range of future possibilities under considerati on. It was the appraiser's opinion that the Market Approach to Value or the Sales Comparison Approach to Value was the only applicable approach for this valuation assignment. The Sales Comparison Approach to Value was considered applicable since an adequate number of sales of similar unimproved acreage properties have recently occurred within the market area that were utilized by the appraiser in predicting typical buyer and seller behavior. In summary, the appraiser has selected six competitive unimproved sales zoned E, Estates District, transacted between February 2008 and July 2008 for direct comparison to the parent tract and which provided the database for the application of the Sales Comparison Approach. The market data within the Sales Comparison Approach to Value was considered sufficient and adequate to provide a reliable value conclusion. Based on this market analysis, the market value of the parent tract was estimated to have a unit value of $80,000 per gross acre, resulting in a total indicated market value of $190,100, rounded, (2.376 acres x $80,000 per gross acre). The Cost Approach to Value and the Income Capitalization Approach to Value are not considered applicable for this appraisal assignment due to the fact that the parent tract is vacant land. Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12. 2009 Page 72 of 94 Prepared for and property 01 Collier County Board of Commissioners Reliance upon lhe appraisal fO( other uses is not warranted. Page 56 In conclusion, it is the appraiser's OpiniOn, that the market value of the parent tract, as of October 16, 2008, is $190,100, allocated $190,100 to the land value and $0 to the improvements. Wilcox Appraisal SelVices, Inc. Prepared for and proper1y of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranteo Agenda Item No. 16B 1 May 12. 2009 Page 73 of 94 Page 57 Estimation of Reasonable Exposure Time: In this portion of the analysis, the appraiser will provide the reader with a narrative overview relating to the estimate of the reasonable exposure time or normal marketing period for the parent tract. Exposure time is always presumed to precede the effective date of the appraisal. Exposure time may be defined as follows: the estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. The appraiser has estimated a reasonable exposure time for the parent tract to be six to twenty-four months, based on the appraiser's research of market activity and available listings and interviews with numerous market participants. Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 74 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is nol warranted. Page 58 Descriptions and Valuation Analyses of the Proposed Partial Acquisition Area and the Remainder Property Wilcox Appraisal SelVices, Inc. Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Agenda Item No_ 1681 May 12, 2009 Page 75 of 94 Page 59 Partial Acquisition Area Map . ,.----------. , :,~ --~T .r~ .:QTolG'fnlD' _.-l__=..!._ ------T-----:--; 1 __ __I -.-----1 I -- ~ . ,1\, ,,~< -1.,- I '- t:,,~f~~'!;J'~~"~".t U;,Cl If.f' I 1 liE '.;;~:l}TIi ~~:J 0.::0 Qj. IT''.ll::r l."~ ;;O~.r..:!, li,"lf (:rIATI':-S ,.11,11' :n r< '.1 ~",:r 7. ~,.~r; I' T:1E l-l:;f':f I I':;Q 01 TP'_,:;r It.1I )hJ.r,ll..11 -:--.-z.___ -I hit . ; Ii I. ~~'; [~'I~ ,t ~ ::1 . .1 . , i rv.r ~~OH...lrr )..-....--1 I - ...1 11 ::~I';I il~;.~ ., I _ ____ ~ '1.111 c- .lIT) I ,;:,( 1Jr-"~i. rU'.:I'u~:;:~~ --~ t:/~ ~"=~~"J ",:rr t.'x~.~' i ~ . I \ I ~1~::~,~Ct.J.:~: : E,"..:r',It;NI ,': ,.JEfii-'2:T\.J;..l SL.A" L!:1.... r~r:?PT'I"" f:~ ~.''-CtL 17.'1';::: ~;~~~~~~.';'~i:~'~" I;"-:W:'I L~'~.~Wl:::. L,~~ t7.\< ~J>:<1";[II~"' ,. . . ...'n."l........'!'..V ~,. ,.,~~.."-~ ~~u.~~.?'.-'." .... U._'H' <I) ;;;.Il"~ ''''''IX ~":. ~"\'n~~~g~~. ';:1:'il-f~~J"~~i U" '''~ c~~r ,n NO" (1'" ".~ ,,~'" '~'F; ~ 11 [ loUJIlt ,:>:; lOry Z' ,.., 1l.'::'I' \..~ :::::>-<T",,,~,, '-'=~l .~lW'r ""01 ~1'l",_~, Mil - .." I " ,/ /, I , ':o<V'".1:t lC".:"I~'''N[l'l. ~~I ...A/i.1/\--.I.J....- II"T. l,n\NC.o.t~ .'JOt_.rY' fO','", "_;~. .., ~.~:r.t.~~;::;;.yv--:rt:r" 'n .'U< ,r. '''~ "-.J"""~l, I!f:'R tt 0 '1f" ((woo.., I". ~. .~.. .<"",,,, '.~""r::.>trii~ . ~~::l/;; :C'~::~r.a~ .n Pl'T.:~=atr. - ~. ~,~ '~~!'-P\1J.' ~~;~:~.~ ~ :!',.]t.;ll. r2~~ .. . L_ .....)~.r.....?\. ~~~., ~ClLL!1l :)~U''''''''. n:Otr.'- ....n.......'........... " ..,......_..1. -n W^ .~ .,...~J...."'''''"'''''\ltO.~.C< ~,~:,,,7:''..-~,1 '~:.~;~' '.0..,., "~';f" c;,."~ "~~.~..~n. "" ".",,:..:.._ .r---a;: ,~ :c. ," ~~, I~. .,..,,- < I ,'7 "~l"'r I . ~~l, Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B1 May 12. 2009 Page 76 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranled Page 60 PROJECT DESCRIPTION AND IDENTIFICATION OF THE PROPOSED PARTIAL ACQUISITION AREA Proiect Description: The proposed perpetual, non-exc lusive, slope easement will be utilized to connect the elevation of the remainder property to a proposed storm water detention pond to be constructed within the existing recorded platted road right-of-way for 39th Street S.W that is currently unimproved. Description of the Proposed Acquisition Area: Parcel No. 172 SE is a perpetual, non- exclusive. slope easement that consists of a strip taking along the easterly right-of-way of 39th Street S.W. that is currently unimproved. Parcel No. 172 SE contains 1,501 square feet (0.034 acres) of gross land area and is rectangular in shape. Specifically, the Parcel No. 172 SE has a western property line along the recorded platted road right-of-way for 39th Street S.W (unimproved) that measures 150 feet; with a depth there from along the southern and northern property lines that measure 10 feet; and an eastern property line that measures 150 feet. No significant improvements are located within the proposed perpetual, non-exclusive, slope easement. LeQal DescriDtion of the Partial Acquisition Area: The legal description of the proposed perpetual easem ent acquisition area is as follows: A portion of Tract 149, Golden Gate Estates, Unit 27 as recorded in Plat Book 7, Page 17 of the Public Records of Collier County, Florida, lying in Sections 11 and 14, Township 49 South, Range 26 East, Collier County, Florida being more particularly described as foltows: The East 10 Feet of the West 70 feet of the South 150 feet of said Tract 149, containing 1,501 square feet. more or less. Source: RWA Consulting, Inc., Naples, Florida. VALUATION ANALYSIS OF THE PROPOSED PARTIAL ACQUISITION AREA Value of the Property RiQhts Taken: The appraiser has previously estimated the market value of the fee simple interest of the parent tract to have a unit value of $80,000 per gross acre. This value estimate was obtained through the application of the Sales Comparison Approach to Value. Since the part taken is to be valued as part of the whole, this value will serve as a basis of value for the valuation of the property rights taken. As previously stated, Parcel No. 172 SE is a proposed perpetual, non-exclusive, slope easement. Since the proposed takings are an easement versus a fee simple taking, the bundle of rights taken is something less than 100%. The proposed perpetual, non-exclusive, slope easement will not preclude most practical uses of this area by the owner. Collier County from time to time in the future may need to perform necessary maintenance activities. However. any improvements taken or di sturbed during these necessary maintenance activities will be replaced or restored in a like or better condition. Accordingly, the appraiser has estimated Parcel No. 172 SE will include 50% of the fee simple value resulting in an estimated overall unit value of $40,000 per gross acre (0.50 x $80,000). Therefore. the value of the property rights taken is estimated as follows: Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B 1 May 12, 2009 Page 77 of 94 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted Page 61 Market Value of the of the Property Rights Taken: (0.034 Gross Acres) x ($40,000 Per Acre) Rounded up to, Say = $1,360 $1,400 = Value of the Improvements Taken: As previously stated, no significant improvements are located within Parcel No. 172 SE. Summary of the Property Riahts and Improvements Taken: The following is the appraiser's summary of the value of the property rights and improvements taken from the parent tract: 1. Property Rights Taken: ........ .................. ............................................$1,400 2. Improvements Taken: ... .... ................... ......................... .............~ Market Value of the Part Taken: ... $1,400 Valuation of the Remainder Property. as Part of the Whole: The following sets forth the arithmetic analysis of the valuation of the remainder property, as part of the whole (before value less value of part taken): 1. Market Value of the Parent Tract, Before the Taking: .......... ..................... $190,100 2. Less Market Value of the Part Taken:. ................................ ............................... $ 1.400 Total Market Value of the Remainder Property, As Part of the Whole:.. .......... $188,700 VALUATION ANALYSIS OF THE REMAINDER PROPERTY "AS SEVERED" The remainder property shall contain 2.376 acres of gross land area and is still rectangular in shape and the same size and shape as before the taking, since the proposed property rights to be acquired involve a perpetual, non-exclusive, slope easement. However, the remainder property will be encumbered by an additional slope perpetual easement located along the easterly right-of-way of 39th Street S.W. that is currently unimproved. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. The highest and best use of the remainder property "as vacant" is estimated to remain the same as before the taking, potential single-family residential development. Finally, the remainder property is not considered to be damaged due to the taking of the proposed perpetual, non-exclusive, slope easement. Most competitive Golden Gate Estates properties are encumbered by 30 to 50 foot wide road right-of-way easements along the property's adjacent roadway frontages. Prior to the taking, the westerly 60 feet of the parent tract is encumbered by the recorded platted road right-of-way for 39'h Street S.W. that is currently unimproved. As stated above. after the taking, the remainder property will be encumbered by an additional slope perpetual easement located along the easterly right-of-way of 39th Street S.W. (unimproved). Although the appraiser has recognized that most buyers. sellers, and active real estate agents have reported that competitive unimproved Golden Gate Estate properties within the market area are typically purchased based on a price per acre of gross land area unit of value, the appraiser has also recognized the proposed additional easement area precludes almost all practical uses by the owner. Therefore, the appraiser has esti mated Parcel No. 172 S E will take Wilcox Appraisal SelVices, Inc. i"genda Item No. 1661 May 12, 2009 Page 78 of 94 Prepared for and property 01 Collier County Board of Comm.ssioners Reliance upon the appraisal for other uses is not warranted. Page 62 50% of the fee simple value. Accordingly, the appraiser has estimated the residual value to proposed additional easement area to be 50% of the fee simple value resulting in an estimated unit vaiue of $40,000 per acre (0.50 x $80,000) for this portion of the property. The appraiser has previously estimated the market value of the undivided fee simple interest in the parent tract to have unit value of $80,000 per gross acre. The remainder land area exclusive of the additional encumbered area taking, containing 2.342 acres (2.376 - 0.034), is estimated to have the same unit value, as before the taking. Based on the aforementioned data and analysis, the following sets forth the appraiser's estimate of the remainder property as follows: Market Value of the of the Remainder Property: Land Area Exclusive of the Additional Encumbered Area Taken: (2.342 Gross Acres) x ($80,000 Per Ac re) Rounded dow n to, Say = $187,360 = $187,300 = $ 1,360 = $ 1.400 = $188,700 Additional Encumbered Area Taken: (0.034 Gross Acres) x ($40,000 Per Acre) Rounded to, Say Total SEVERANCE DAMAGES TO THE REMAINDER PROPERTY Technically, severance damages are calculated as the negative difference between the value of the remainder property, as part of the whole, and the value of the remainder property, as severed. When the value of the remainder property, as severed, is less than the value of the remainder property, as part of the whole, the difference is the actual measurement of the damages to the remainder property. When the value of the remainder property, as severed, is greater than the value of the remainder property, as part of the whole, the difference is not damage but is cons idered a benefit. The appraiser has estimated the remainder property, as part of the whole, to be $188,700, which represents the value of the whole ($190,100), less the value of the part taken ($1,400). The appraiser has also estimated the market value of the remainder property as severed to be $188,700 Therefore, these value estimates indicate no severance damages, COST TO CURE ANALYSIS Based on the analysis of the remainder property, it is the appraiser's opinion. that there is no net cost to cure. SPECIAL BENEFITS Based on the analysis of the remainder property, it is the appraiser's opinion, that there are no special benefits. Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 79 of 94 Prepared for and property of Collier County Board of Commissioners, Reliance upon the appraisal for other uses is not warranled Page 63 SUMMARY AND CONCLUSION AND THE TOTAL COMPENSATION ESTIMATE Accordingly, based on all the aforementioned data and analysis, the following summarizes the appraiser estimates of the total just compensation estimate: Summary of Values for Parcel No. 172 SE: Proposed Additional Easement Acquisition: 1 Befo:e Property: A land B_ Improvements Taken: C Total E!!.! Indicated Indicated ~ Value :&...2! Y!l.Y! Quantitv ~ Value (Per AcJ Fee(Pe~ (Acres1 Indicated Rounded Total $80,QOO 100 00% S80,OOO 2376 $190,080 $190,100 $0 $190,100 $80,000 5000% $40,000 0034 $1,360 $1,400 $0 51,400 $188,100 2 Proposed Part to be Acquired: A Additional Encumbered Land Taken: B. Improvements Taken: C Total: 3 Remainder as Part of the vvnole: 4 Remainder Property A land 1 Land Area (Exclusive of Additional Encumbered Land Taken}" 2 Additional Encumbered land Taken. Totals 8. Improvements Taken' C Total $80,000 100 00% $80,000 5000% $80,000 $40,000 2342 0034 2376 $187,360 $1,360 $188,720 $187,300 $1.400 $188,700 $0 $188,700 5 Damages (Total): $0 6. Special Benefits: $0 7 Damages (Net): $0 Summary of Total Comoensation: 1 Proposed Part to be Acqwed A Additional Encumbered land Taken: B Improvements Taken: C Total' 2 Damages (Net) 3 Cost to Cure, Net TOTAL COMPENSATION: *Rounded down $80,000 5000% $40,000 0.034 $1,360 $1,400 $0 $1,400 $0 $0 $1.400 Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 80 of 94 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is not warranted Page 64 I Addendum Wilcox Appraisal Setvices, Inc. Agenda Item No. 1661 May 12, 2009 Page 81 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranlee! Page 65 Assumptions and Limiting Conditions The Market Value estimate of the property or properties appraised herein is subject to certain assumptions and limiting conditions. Specifically they are: 1. Any legal descriptions furnished are assumed to be correct. 2. No responsibility is assumed for matters legal in character, nor is any opinion rendered herein as to title, which is assumed to be good and merchantable. It is assumed that the property is under responsible ownership and management on the appraisal date. 3. It is assumed that surveys and/or plats furnished to, or acquired by, the appraiser and used in the making of this report are correct. The appraiser has not made a land surveyor caused one to be made, and therefore, assumes no responsibility for their accuracy. 4. Certain data used in compiling this report was furnished the appraiser from sources which they consider reliable, however, they do not guarantee the correctness of such data, although as far as is reasonably possible. the data has been checked and is believed to be correct. 5. The soil of the area under apprais ement appears to be firm and solid, unless otherwise stated. Subsidence in the area is unknown or uncommon but the appraiser does not warrant against this condition of occurrence. 6. Subsurface rights (minerals and oil) were not considered in making this report uniess otherwise stated. 7. The tracts that according to survey, map or plat, indicate riparian rights and/or littoral rights are assumed to go with the property unless easements or deeds of record were found by the appraiser to the contr ary. 8. Possession of this report, or copy thereof, does not carry with it the right of publication or reproduction, nor may it be used by any but the applicant without prior written consent of the applicant and the appraiser. and in any event only in its entirety. 9. The appraiser by reason of this report is not required to give testimony in court with reference to the property herein appraised, nor is the appraiser obligated to appear before any governmental body, board or agent unless arrangements have been previously made therefore. 10. A careful inspection was made of any and all buildings involved in this appraisal report and damage, if any, by structural failure, termites, dry rot, wet rot or other infestations was reported as a matter of information by the appraiser, but no guarantee as to the amount or degree of damages, if any, is given herein. 11. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. Wilcox Appraisal SelVices, Inc. Agenda Item ~Jo. 1661 May 12, 2009 Page 82 of 94 Prepared for and property of Collier County Board of Commissioners. Reliance upon the appraisal for other uses is nol warranted. Page 66 12. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser, or firms with which they are connected, or any reference to the Appraisal Institute. or to the MAl designation. 13. Unless specifically stated in the report, the appraiser did not determine the fiood plain status of the property appraised. If such data is available, it is recommended it be obtained prior to any development that might be contemplated. 14. Inspection of the parent tract revealed no obvious environmental hazards. The existence of potentially hazardous materials used in the construction or maintenance of the building, such as the presence of urea formaldehyde foam insulation, and/or existence of toxic waste, which mayor may not be present on the property, has not been considered. The appraiser is not qualified to detect such substances and reserves the right to amend or alter this report and the value conclusions tendered herein should an Environmental Risk Audit (or other similar study) be conducted on the parent tract at a later date. 15. This appraisal was prepared by the appraiser who signed this report for the exclusive use of the client. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibil ity and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on thi s report. Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B1 May 12, 2009 Page 83 of 94 Prepared for and propeny of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 67 Qualifications of the Appraiser, R. Alan Wilcox, MAl, SRA OVERVIEW R. Alan Wilcox has over 24 years of appraisal experience in the state of Florida specializing in eminent domain and litigation assignments. Mr. Wilcox has worked for both the condemnor and the property owner with experience in a variety of appraisal problems concerning commercial, industrial, residential, and special use properties. Mr. Wilcox has expertise in providing the client with strong market research for a reliable factual foundation to support the valuation opinion com bined with effective communications including report writing, trial exhibits and expert testimony. PROFESSIONAL MEMBERSHIPS . MAl and SRA Designations, Appraisal Institute, Certificate No. 9613 . Member. Appraisal Institute, Leadership Development & Nominating Committee, 2005- Present . Member, Appraisal Institute, Regional Ethics and Counsel ing Panel, 1993-P resent . Member, Real Estate Investment Society, Present . Member, National Board of Directors, Appraisal Institute, Region X. Chair, 2004 . Member, National Board of Directors, Appraisal Institute, 2001-2003 . Director, Association of Eminent Domain Professionals, 2000-2001 . President, West Cost Florida Chapter of the Appraisal Institute, 2001 . Regional Representative. West Coast Florida Chapter of Appraisal Institute, 1994-2001 . Vice President, West Cost Florida Chapter of the Appraisal Institute, 2000 . Secretary, West Cost Florida Chapter of the Appraisal Institute, 1999 . Treasurer, West Cost Florida Chapter of the Appraisal Institute, 1998 . Member, Region X, Appraisal Institute, National General Appraisal Board Guidance Subcommittee, 1996-1998 . Director, West Coast Florida Chapter of Appraisal Institute, 1993-1996 . Chairperson, MAl Admissions Committee, West Coast Florida Chapter of the Appraisal Institute, 1997 . Chairperson, MAl, Candidate Guidance, West Coast Florida Chapter of the Appraisal Institute, 1993-1996 AWARDS . Outstanding and Dedicated Service Award, West Coast Florida Chapter of Appraisal Institute, 1996 STATE CERTIFICATION/LICENSES . State-Certified General Real E state Appraiser, RZ 306 (Florida) . Real Estate Brokers License, BK 326544 (Florida) Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 84 of 94 Prepared for and proper1y 01 Collier County Board of Commissioners Reliance upon the appraisal for other uses IS not warranted Page 68 Qualifications of the Appraiser, R. Alan Wilcox, MAl, SRA- Continued EDUCATIONAL BACKGROUND . Bachelor of Science Degree, West Virginia University, Morgantown, West Virginia, 1971 o Graduated with High Honors (No. One in Graduating Class) o Gamma Sigma Delta National Honor Soci ety of Agriculture o Xi Sigma Pi National Honor Society of Forestry o Senior Recogniti on Certificate (No. One in Graduating Class) o College Bowl Participant o Senior Scholarship Award of Merit . Master of Science Degree, University of Washington, Seattle. Washington, 1976 . Post Graduate, 20 quarter hours, University of South Florida, Fort Myers, Florida, 1980- 1983 . Post Graduate, 9 semester hours, Nova University, Fort Lauderdale, Florida, 1982 REAL ESTATE APPRAISAL COURSES AND SEMINARS COMPLETED R. Alan Wilcox, MAl, SRA, has completed the specialized appraisal educational requirements for obtaining the MAl, SRA, designation and the continuing education program of the Appraisal Institute, as well as the continuing education requirements for State Certification. Furthermore, R. Alan Wilcox, MAl, SRA has made special efforts to exceed the req uired minimum educational requirements and to attend the highest quality of appraisal educational offerings, including courses and seminars sponsored by the Appraisal Institute, American Law Institute & American Bar Association (All-ABA), Continuing Legal Education (CLE) Institute, and the Association of Eminent Domain Professionals. EXPERIENCE . President/Owner, Wilcox Appraisal Services, Inc., Cape Coral, FL, August 1993 to Present . Associate Appraiser, Hanson Real Estate Advisors, Inc., Fort Myers, FL, February 1990 to Septem ber 1998 . Expert Witness for the Florida Real E state Appraisal Board, July 1998 . Associate Appraiser, Horizon Appraisal Services, Inc., Fort Myers, FL, June 1986 to February 1990 . Associate Appraiser, First Appraisal Services, Fort Myers, FL, March 1986 to June 1986 . Associate Appraiser, Richard L. Futral & Associates, Cape Coral, FL, July 1985 to March 1986 . Associate Appraiser, Calhoun & Associates, Fort Myers, FL, June 1984 to July 1985 Wilcox Appraisal Setvices, Inc. Agenda Item No. 1661 May 12. 2009 Page 85 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted. Page 69 Site to Do Business WIClening of Collier Blvd. Pirle Ridge Rd & Collier Blvd Naples. Fl 34117 Site Map Prepared by Wilcox Appraisal Services, Inc. October 28. 2008 LCltitude: 26,212399 Longitude: -81.687509 ! ~" J ~ 12 12 ,<".,; q.,.....t1;:<<'6/, :.'~ ' ..1....'l" 1i (,:,'. .~ ~ """'~''''''I<'' .~.,.,."~..,. "'''''''.'''.!'~'' 5 , . fl:,r.:J '~ il , (l0Jl"~~('"'' "".,'" ,.-.".~ ,.,'~ l1'\-~ f ,..." . ~ I~~ '''''''''-'owl', /~~ j ., ,\ , ..,'~", R'0'1" Rd l!. CAill"" r:,.,U \ ' " / v.-...."~<. l~....._t;;::". ,,~ 1\ - n."'" "..'"'..... 10m, i , ~',.. ",,,,,..'1;. '.' .r?,~,., , i , d "'I."l'!',,,; .. ~i; i '. .; ) , ! , ".,~~., 1 r.."IJ"~ ; , :11 \ cf;""'~II; .1 ~ ..,,) , .....-... "~'~~ r".",,[-, ~ Florida Ol'WTUR! 1I_...__,......."""'~...,..".,O"U_,O......_""'1l.UI.i..::,,.'..'l.ow~.eo1;~~I>l "_1M! Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12. 2009 Page 86 of 94 Prepared for and propeny of Collier County Board of Commissioners Reliance upon the appraisal for OHler uses is not warranted Page 70 Executive Summary Prepared by Wilcox Appraisal Services. Inc. Wlchtnfng 01 Colllo." Blvd. SlleTvpe: Rodlus Pine Ridge Rd & Colllar Blvd ~pl,",FL3.1117 Radius; 1.0m'" Pine Ridge Ad.& CollI<< Blvd NtIplfl,FLJ4117 Radius: 3.0 mil. Plnr Rldg" FId &. CollI<< Blvd N:lpln,Fl34111 Radlul,5,Omlle 2008 f'opulilllon T~ti11 Pcp,,"lI1::m ~.\olc PO:JUI~1JO" Ft'rn~IC POPLlI<l.ilcn l\lcdlllr,AQC 2008lncofTllt f,\edia,,'iH:oc:omc. PCIC"iD'~lln::;.omc .o.vcr'lqc>-irllr:C01Ylc , "'" 40,,,:3 E/.U62 50 1"'0 " l.~ <IS 6"~ t, ?9'.~, 4~_9-'.~ 504". 379 '35>6 ," ~i8 50; S6~ 016 :)67,639 ';!,27 ~J4 o~472 iiJ5,S20 S85Ji12 $5;961 WJ.&26 617 1:)708 3),703 30? ? ~" ,,;:) 837", ~ 05-, 8~, 77.3" C2e"', 605<'. If; 7'0 2;(;', 20C/"o E5" of, c:~:., 196'" fOG" ';;,',72 77,48.3 692 J.::?9ti5 59.410 iY3-< 4fjS':J 6Jj,1162 ::'(142 ~5.850 10~, 121 f< 5~'< 557", e Ol<~ , ',~ " :!G','" so~ , ~.,.; ='3':, :3-22". zooa Hou~r>holds fa:';L; H0L/,('hollls' ;l.ve'~qe HOUSClO'd S:lC 1990-2X.oAn~u;,; RMi:' 2'OOB"Cus.l,.,g Own(>'O;:C\ll:lcjH.)u.""Q1.)n,ts H('''I~' O;(<I[''''id H~l'S~'g Un,!! 'vi,,:,-,~' "'~LJ""~ U~'I> I"opulntion 1%'J F~~~lfjl>o" 2'OOOPt>pLJI-'I';(}" :"XJ.3 P."p"li"'~" :'Q':; ":H!"lnll~n :99-~-,-20'.~ An~,,,.. "'"Ie ;'XIJ2Qr>!:lf\n~,L1W '<.,1<' .~iX)5'~ 13 A~"U~I ;;~II) II Ih(' .;K-~:JI,('{j "",'~~I ~'\O~ It'(' CU"';:'l1 yel1' w('pvl;'I':'l'J'~ ee.eli2 1'1 ~':::IQ-~. II',' CCn5U~ COLin' ,r l.'a' rT,~'~{" ~'e;; was 59,41(; rl1r 'ate v( r"~nrw ~"C.::k- "',lO"J w~.:;" rwc,'n' dn""';"~1 TIT '''''('-V''''' P'('I"CI>:'" lor :1", POP<JI~lon In 1,,1' (I",,.uVI ~rr''''~ U4 ',-'~, rep,c:-,cnllrlQ 2 CT,,'f\O~ 01 :; ;-;: ~'("C"!li ,,,,nil'll!',' I'"", ,:008 10 20:3 Cl;rre"i,y, 111\' WlJU",I';;-" I[ 4\:1,8 oe'~:>1 r,,~I~ ~r:~ 50 4 Ple";'''1l1 '"",<<l(, H"""'....t,olds 'J'JQ ~O'J~CI1;),15 ?(IC') HO"f_{!"~d~ ;'y,.31"r:>",-,<"!lc!j" 20' J HC\'sr:~)Cl;~~ 1YdG '-'000"'nrWlI P,'I,C 20iJ0-';>(J(J~Anr,,,,,! Ri'le }(J!)fJ.'::'O 13 .l,n';IJ"L ;~Il'~ 3J ~5 6j7 'i8' e:;7' , ::or.; ,?y"" 6,':;,;0 IO,F;,S lJ.?I:'fl I~ '93 5 0~,C, } 8~:' ;.:.e." 9,759 21.777 3.3,7Q) 4Q,:::'23 8 J5~. 5 44"~ 35". Tr,c ~:>,,~{'~,ol~ c,:,>,mi I~ l"l~ m;"'''~'1 ,Hea , ,,~.~! "~9cd I,:,,,, :1.777 ,n .:.XoJ to 3:l.7CJ L~ 1"("' ;;,J"cm Y':;l'. !j {;~,,~;;(' o!~. .4.1 P<',ucni ~nn~.,t11\- The j"'l:'-y"M f"Oj(I~!l"" cl h[),,:.cI.Cld~ I', ~O.,l;J :, ,;I"".,~(' wi C 5 pt'IC("'1 """~i,lIy ham ItlC ~""';"lI ;'(Hr IGIOI A..e'''\ic "ouSCho!d slte'~ C'~."':rl'\, <' (,3 ~r"'~,I'cd 1.0", i:: '" 1"1{', ,{'''' :?:J(JJ. T:,<, ",il"~"C'1 ()I t,Hn,l"o~ In II~C cu'renl \'C',lr I~ ::'4,~eJ ,r It.{' 'n~"',C' ,'I,e? HGUI;j"ll :ulr"""~ G.::: 5 re/ec'" 01 \h~ 41 903 r."'__'~"l;) ,.'''1:. ,n l~( '~~,'~I '"e~ ~IC (>>.nc, c(.cu~"-'d. 200 ",,'CCM!. 'ent"" OC.C"D'Pr:j, d,,,j 19 {j PU,_1'~1 ~-ll ViK/II1l in ;.'000 II'>(>IC W("C 25.791 1lO":;lI1Q u'\;l~ ~2(' j)C(C('n: O"T1L!' OC:uP>Cll,;'2;! vr.r(;"f"~ {,,~ler (;XJp'M :,nd l:it! p('fcc-nl V~~;jn\ Tho ",t!! Qr Ct-dIlIlC ,,1 no",>m'J \;r"l~ SlnC(' 2000 ,~(; 00 fJ€,ccnl MVJ'drl 110m'..' "'.ve .-n Illc "''''~,"III'''a I~ ~3S7 120, [.Q'!1p,""d l{,) ~ m~>d.~n !>:.mt ""'''(" 01 $19:?2'>5 for Ihe \J 5 Ln bye y~"I'-'. '11("(:1[[1,,". h~""'e V/I:"("~ f'ICIC'Ctc<! 10 :r.~n~" try 0::::' .x: ''Cot'nl ~n"uilll~ to .'b3G2.3(:'{) ~Iorll 2~OO lC' I~[- ndlN'; 'Ie.", moo.un r<O<TlC v~I,>t' ~r"m')C'd~' 1 I 92 pcrcc,n ;Jr!lw~lly ""...""~.- liS l>...",uC<"""'~"",,, "<)-'eM,,... d 1'-><..........,."" I.......''''' ~s,~''''''...\o .........,.,"""n,). E~1l1~""'''''''f .DI"'l.......,....... .....",.__,_ CKllWlUlm Qn.d--.._.""....."""""'__Ano'"tO...'....O_..~.,....IIlDO-a;l.JZ1. ,~- "-...., Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 87 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon tr'le appraisal for other uses is nol warranted Page 71 Executive Summary Prepared by Wilcox Appraisal Services, Inc. WldNlI"9 0'1 CallJer Blvd.. Slip Tvpe: R;tdlul Modlan Htlu$fIhold Ineomll 1990 Moo;..n HH Inccmt;; 20()(lME:!<J,i\n HH Income 2008 r..oo,,,n HH Incomv 201JMt,,(hl'll1 HHlncome 1990-2CJ{iQAnrl)(l1 R;'le ;:000 2008 Arm""r rl~l() 200'3-20 13 An~uer Fi,~lc PIn. RldQ1l Ad &. Collier BI...d Nnplfl., Fl. 34111 R;.diulIi: Ulmn. PinG Ridge Ad & Colll<< BIIId Na.plea.. FL Jot117 R.'tchul: 3.0mile Piov Ridge Rd & Colli. Blvd NlIpt_, A.. 34117 A.ndlu.. S.OmU. s.3545S $58591 S7e.501 $%.5.."6 515". J 5r'~ 1 906~, :.35Ja2 $50,214 :,0.:,016 $73.11)9 J 550~ 299"', Z71"0 $35.718 550.936 S67.639 ~.27' J61u. J5~. J 48"~ Per CllpitllIneomg 1990 PN C"DIIl< Income :WOOPerC/,p'l,:. Income 20013ger(;f!rdil1nCQrl'e- 20~3 P~r Coprlii In:;(')m~ 1900-2000 AI)~'J..I ?<lte ;;000 2000 Ar<n,...1 f,,,lf' ;::OO82013A"rLl'li R;,lt' $.14309 ~"'Or;97 $27,534 5325213 J ~5'.. J8T'. 339". S1JR-19 S21.1&3 5.:'^!l,4i2 :07,022 ~ ::-O.~ ~ Oil-", 4670." $15.387 $.25.224 535.520 $45.429 S07"'. 4 24"-~ 5 Q.4"~ Avftr"{ln Hau...."old In\:olT111 19'90 A"':H;jO~ ~()"SGhQ;C: I'K?"l(" 21X',(lA"N:l';)?f'OLlSI't'c(rllnf.Clmc 200sAve'iloe HH i"corr.;; 20'JA".cr1'.gcHH h':OlllC 19!}J,;>(JC() A~~Uiir R"It' 20002002- AM"",,I F<.,~ll 2001\,20~JAmi",,1 k."e !ir40548 ~,63 !i9(j $.&5,30.? $100':1)4 ~ 6'. J&2"., 33,)'. S,39,7()7 ~"'4~ 'Ef!:l.9P.1 ~, 12,3~5 4 9r'-~ <\ ~?' ~ -154'.) $4Z,821 ~.161 $93.626 $.1106,242 476"1. 392<'. 478". HO\,l&eholdsby InC<lmtl C,,"~nt nle<Jliln I1Gu'$('t1Q!d 'N';OOW IS SC7Jj39 ,n UK' ffi..,\.,CI ",ei,. Climpr.r~c 10 S5J. t~ 10' ,,!ll! S r>""sc>I<,>lo;;. Men'iln hO'~:;ehold lI'l~ome IS ~rCJ[l';:fe\) lOn~:..ee1 ~''''' I" h~(' r-i..~ ,~7~CfJ. mr,tMnt"_",scl'wi{J 'f'lCD(\\( "W'S SSQ,936, cOfl-'P>V(-t1ICl SJ5,i'B ,n ',=,9Q Cu,'~nl ""Ct,10C ho;J:;.t::hood W.:::P1C ':0 ;;;P3,'2~ '" tnl" m;jt~~l ;lfC.~. ~om[)"rc1ltl $lJ.12~ !O' all U 5 hOu5Nl011. ;"vc~tQC htx;"ChOI(l 'TlComo 'I, prOJCc.K\i 10 Iw. -:'118 242 'I' 11'1(: VCil'S lit 2G::;~, flY[.'><1\le hlJu5ehoo In~OnlC""ilS 565.151. oomp~'lli! io$-'l2 fJ21 '" 1.'190 Cune~1 v." cnPllil 'n~,(1mt:' I~, '>J5 $2fJ In :h~ m;H>ei ;]tN! C(l.mr.ve<t te thl:' 1I 5 PI" C"p>~j Im::Orlle 01 5.21 !j 16 The por CJlP'1Jl 'OCOrll!' '5 or:.'lcctt'1 1:J be S4S~2'9 In Ip,C Wii'3 Ir,200[' llw pr.'r C<tp,u, ,nC'lJ'l,~ W~~ S25 224, CO"'P~'c<! to ~15,J!3? ,,, '9-90 Popul"Uon by Employment Tol~IB"s"'('=" TOlrtlc"'rb'CC50 ,.. '''' ..,80 10,034 "" 22.972 C...",.....'ly. 9<; 7 DC';;O'l~1 01 Ino c,,';i,;;n 1;;1;..,: lor:::l' If1lhf' l~lt'nl''''~,J "'HHkOt IHe/l 's -cmpIO)~1:l ~t\d 4 J p~rc~'nl 'HC' "nernplc>yr:-:J, If) oo"'pil,,~n. 9:0 ~ oc-'c~nl OllhQ uS c,~.I'<ln I!lbor to<cc 15 o"T1~C'fM, ilnd 6_6 perconl Me ul'lCmploycd In h.c \-,ears \1)(> r,lle 01 cm,:i:l)'rnt'f1l ,n [tlC m~r1<(ll ilt'Ci! wjti be !?(, ~ p()r~e(1~ of Ir.c ovrl'J" lauor loreI.' (1M unemploymenl ",.,I! be J; p€''Cenl The percenla\IC 01 'hI: U 5 c...,I'Ql1latiOI fo'cc lhtH ....11 ~{' om~lo/e:lln rl~C y<::flr:; ,~; 93,g ;rerr.enl, anrJ 6 1 !lc:xnl ',',rl 1:(' U!1Cn,plC'f!.'d Ir:?OOO 6'36 pc'cenl 01 ihc pnp\Jlr,lio~ ""JCll 16 ~c~rs or olck;r In V'le mlt'......l ~,(>" r-;"'JO::'~)l'iIL-";; '" t'lC 11\1;0' (('rCt:.', lln~. D 0 per(;,<~1 ""'~{' It I 111.;0 A,,,,'~ F",e.;:;. 11'l me c,,'I(;nt vr:?,L lilt' or..r.up(II'C"II' d,..I"Dullon::;1 me emplo','l'r1 POIl'II~I,('m I!' . 55 S percenlln wtulQ CCl:Ol' )00$ (~mp;jf('(f (0 60 Z perCe.,1 01 U S omp1OVlTIon\) . 210 pcu:enl 'n ~""'7l;' 100S :-:mnPlift'l:l 10 to 5 percc,,1 of U 5 emploVf11lmll . 23 5 ~)('fcerll "ll~ue COlili' Job!> l::emparlYJ lo2J J pCr,,cnl or U S cmpk:ynl~nl) I,., 2000_ 789 C'l!lccrll Dllhc maricl iHe,; ~p;J~IiOI'l drove 1l:(J!'lC 10 wOIl< <lnd 4 2 pt>rccnl wor\..C!d 01 nome Ti'I<! UV<,'llQe ;!iNelljmC! to wOlk lfI 2000 Wi'S 24 3 tl'lInulC,j. 'n lho mdrrwt RIC!I c,,;)mp,,'W tv t.h(1 t.: S ~"cr~\lC ol .15.5 m"'uIC!> Populallonby Edvca!ion In 2008, Ihr. "~\JOl""nlf ;ltlll'nf11~1 of lh(> poPClIRI10rl,,~ 25 \'CI"~ 0' oId0' In Ihe ma'~ct Me:' l'iH~ ~isl"OOlcd as ~;~ws: . 1.14 r'~'1ct.'11111<Hj 1101 e!;rnE!d il hlf/h sdlo:J-l !lipl::>fr.d 116.4 l~,ecnl.n tI'l' L.' S} . .JQ 6 pe.cenl wer~ ~Igh .0100: Qr",j,J~\{l$ o"~. (;>9(; j}er~t>nl ill lroe L 5) . :. 9 DC'rCC'nl hac Cvrl'lpJNeO Elf'l A:;.$O?dlr;> ocg,QC \.7 <: DcrCi)nlln the U S I 184 pCH::CI1I ~,It1 H 8ache~r's 11c\l'cc i \1 0 perccnl,~ If\I:' US l . lQ J pe,oof',! ""d t'Utt>eo II M~;;\e(~P~li"..e>tln.ll:DOCl.()rifle ~r(le 1'.9 7 pfl'Cl'nl'~ tile iJ S : rIo<lP<>O, us.__u..u,*Cono.. :ooooc.......,(p_...._........."" ESIIlt..-_,",,,,,, >(IDlI_:wl) f""l........t<o<i 19l1ac-.....~... ",",,""""_11,. _tsRI O".._od..._..M....p"'....~_...."""lyotO...'..._~.,___,'="..,,""""_~n. lU'UJtDr>> r_rtll2 Wilcox Appraisal SelVices, Inc. P'epared for and property 01 Collier County Board of Commiss,oners Reliance upon the appraisal for other uses is no1 waTanled Agenda Item No. 1661 May 12, 2009 Page 88 of 94 Page 72 Land Sales Map and Land Sales ~:\English Oaks Ln w 1...1" 862 Vanderbilt Beach Rd ~ Cherr~~Or 7th A"e NW '" '" "' w J> a- ~ ::n Hickor:-- Wood Dr 5th Ave NW <: 0.. Coral VVood [lr "'Ii 3rd~, W ~ ~ 1st Ave f\M' "' 5' ro ~ . "- ~ ~~ b ,0- 'J):.107 Teak Wood Dr 1st Ave S\lV " ~ , ~.F , MahC'lgany ==iidge [lr 3rd /we SW F"lr"ptto Woods Dr IGole51lh Ave SW 1,,'1'1':1'1"1: Rldg~ r 7th Ave SIN ~~ ", ~>i':i1m(,rl" Dr Pine RidGe Rd "896 f.'irl>< Ridge Rd ISOl~e 41 ~ e/J 10th Ave SW 11 11th Ave SW '1lJ! ~ un-, Ave SVV cB 13th Av-e SW ',4th ......w S'J\! c Jf) 1-:,!h ''"we SVI/ 'J:e<'n 8hid ':~rl;'t'l! [ll.,c :;Ie"r, Eli::! '~['d,H 'Tr..e Ln r~:' ~ ;;::- ~J',/E~t~'01 L r, OJ ;.!;B :: J l--<'", ..' (jj .- :'&~ :r1- ~ ;':~ f , ?A!h Ave ::"3':J A,e SVV S\V DllG GOlrtCJiG.lHI Se3 Gf:tSS Ln St3r Gras, In ,.,,, ..,.,......". " g, Beach Rd ~' Vanderbill ili ~ ~ CD 7thA,ve NW 5' a. '" < ~ ~ ~ U; ~ !!i !!i !!i 951 5ti-] Ave rJW '" ~ z z z "l !!i !!i :< :i' :E 3rd ;;'ve Nt5~!UJ z z Z a :<":i' ~ 1s1 Ave NW ~ ::::-iolden Gale Blvd aJ 1st .A,lie SW '< ~ 3rd f.we SVI/ 5th ,Ave SW 'IV ~ ~ ~ C!' w - a. '" !!! !!i !!i ~ UJ Ul :E " 7Ih,~\t('. "~:b;~"c~".'~; ~ !!! 'f! <~ " ~ "' ~ :;- 0' !!! ~ ~ '" '" U) U) ~ '" :E " !!i !!! Ul Ul " " Whrle Blvd 13thA:'l8 SVV .,Sth '';''8 SW 17th .'~ve SW CD E m 19th Ave SW en . ':J CJ "'- ;;; :!1s1 Ave SW S' '" 23rd!SCliezrW ; 25th Aye S'.V Brantley Blvd Sale Street Date of Size Adi. Price No. Sale Per Acre 1 1 st Ave. N.W. 2/5/2008 227 $52,134 2 25th Ave. S. W. 5/19/2008 1.14 $58,627 3 1 st Ave. N.W. 5/2312008 2.73 $82,985 4 11th Ave. S.w. 6/612008 2.5 $105,760 5 Tamarind Ridge Dr. 6125/2008 2.5 $111,520 6 Cherry Wooo Dr. 7/29/2008 1.17 $74,637 Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12. 2009 Page 89 of 94 Prepared for and property 0' Collier Counly Board of Commissioners Reliance upon the appraisal lor other uses is n01 warranted Page 73 Land Sale No.1 SALES OAT A Recording Data Grantor Grantee Sales Date - Price Financing Conditions of Sale Sales History Legal Description Collier County. OR Book 4328, Page 0482 John F. Parish and Sara L. Parish Donald H McBee, Trustee February 5, 2008 - $128,000 Cash to seller transaction Typical market The sale property has not sold in the past three years. The West 150 feet of Tract 74, Golden Gate Estates, Unit No.3, as recorded in Plat Book 4, Page 77, Collier County, Florida PROPERTY DATA Property Type - Use Highest and Best Use Location Residential - Vacant Land Single-family residential development The north side of 1 s! Avenue N. W. approximately 0.45 mile east of Weber Boulevard N. ls1 Avenue N,W. Part of 36714360000 - Part of 32620074 04B02 Estates - Estates 2273 Acres - 150' X 660' Telephone, Electric, Well, Septic 3D-foot wide road right-of-way easement along the southern property line (for 15t Avenue N.W.) Roadway Frontage Folio No. - STRAP No. Land Use Designation - Zoning Size - Dimensions (Gross) Utilities Easements UNIT OF COMPARISON Sales Price Per Gross Acre: $56,313 per gross acre VERIFICATION DATA R Alan Wilcox, MAl. SRA, verified this sale on October 22, 2008 with Ruth Huff, listing agent representative, 239-596-1504. COMMENTS Verification indicated the sale property was vacant land at the time of sale. Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12. 2009 Page 90 of 94 Prepared for and property 0' Collier County Board of Commissioners Reliance UpOI'! the appraisal for other uses is not warranted Page 74 Land Sale No.2 , )1"..',: ~. ,~ ';' ^i, ::: ;1," . ~l._ ~.~4~, SALES DATA Recording Data Grantor Grantee Sales Date - Price Financing Conditions of Sale Sales History Legal Description Collier County, OR Book 4363, Page 0656 Jose Sanchez and Gloria Frisneda Donald Alden and Suzanne Alden May 19, 2008 - $69,900 Cash to seller transaction Typical market The sale property has not sold in the past three years The East 75 feet of the East 150 feet atTract 128. Golden Gate Estates, Unit No. 28, as recorded in Plat Book 7. Pages 19 and 20, Collier County, Florida PROPERTY DATA Property Type - Use Highest and Best Use Location Residential - Vacant Land Single-family residential development The north side of 25th Avenue S.W. approximately 015 mile east of 39lh Street S.W 25th Avenue S.W 38052720009 - 334900 128 14826 Estates - Estates 1 136 Acres - 75' X 660' Telephone, Electric Well, Septic 3D-foot wide road righl-of-way easement along the southern property line (for 25th Avenue S.W.) Roadway Frontage Folio No. - STRAP No. Land Use Designation - Zoning Size - Dimensions (Gross) Utilities Easements UNIT OF COMPARISON Sales Price Per Gross Acre: $61,532 per gross acre VERIFICATION DATA R. Alan Wilcox, MAl, SRA, verified this sale on October 23, 2008 with Donald Alden, grantee, 239-352-2178, COMMENTS Verification indicated the sale property was vacant land at the time of sale. Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 91 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon 1M appraisal for other uses is n01 warranted Page 75 Land Sale No.3 SALES DATA Recording Data Grantor Grantee Sales Date - Price Financing Conditions of Sale Sales History Legal Description Collier County, OR Book 4364, Page 3947 Mark Colgan and Susan Colgan Waterways Joint Venture IV May 23,2008 - $237,650 Cash to seller transaction Typical market The sale property has not sold in the past three years. The East 150 feet of Tract 2, Golden Gate Estates, Unit No.2, as recorded in Plat Book 4, Pages 75 and 76, Collier County, Florida PROPERTY DATA Property Type - Use Highest and Best Use Location Roadway Frontage Folio No. - STRAP No. Land Use Designation - Zoning Size - Dimensions (Gross) Utilities Easements Residential - Vacant Land Single-family residential development The north side of 1st Avenue N W_ approximately 0 85 mile west of Collier Boulevard (CR 951) 1st Avenue N.W, 36660082005 - 325900 2 24B03 Estates - Estates 2.727 Acres - 180' X 660' Telephone, Electric, Well, Septic 3D-foot wide road right-of-way easement along the southern property line (for 1 st Avenue N W) UNIT OF COMPARISON Sales Price Per Gross Acre: $87,147 per gross acre R. Alan WIlcox, MAl, SRA, verified this sale on October 21, 20DB with Sue Colgan, selling agent, 239-272-8226 and Tony Gentile, grantee representative, 239-352-6610. VERIFICATION OA T A COMMENTS Verification indicated the sale property was vacant land at the time of sale. Wilcox Appraisal SelVices, Inc. Agenda Item No. 16B 1 May 12. 2009 Page 92 of 94 Prepared for and property of Collier County Board of Commissioners Reliance upon the appraisal for other uses is not warranted Page 76 Land Sale No.4 !{1i!!B ~. '.. .....' -- , .. '. .: ~ .;1 "f " . .~f ~ ~ , .,;,~ ~~ -"- ~.:, .\~ " .~ \~;J :i.: '".~ '. , ~ " .~ ':::' (~~~: J . hl'~~ ~.~ ,. SALES DATA Recording Data Grantor Grantee Sales Date - Price Financing Conditions of Sale Sales History Legal Description Collier County, OR Book 4368. Page 3720 Erwin B. Friedrich Robert W. Altemus and Tatiana C Lewicki June 6, 2008 - $275,000 Cash to seller transaction Typical market The sale property has not sold in the past three years. The East 165 feet of Tract 92, Golden Gate Estates, Unit No. 26, as recorded in Plat Book 7, Pages 15 and 16. Collier County, Florida PROPERTY DATA Property Type - Use Highest and Best Use Location Residential - Vacant Land Single-family residential development The north side of 11th Avenue S,W. approximately 0.25 mile west of Collier Boulevard (CR 951) 11lh Avenue S.W. 37928520004 - 334300 92 04B15 Estates - Estates 2.50 Acres - 165' X 660' Telephone, Electric, Well, Septic 30-foot wide road right-of-way easement along the southern property line (for 11th Avenue S.W.) Roadway Frontage Folio No. - STRAP No. Land Use Designation - Zoning Size - Dimensions (Gross) Utilities Easements UNIT OF COMPARISON Sales Price Per Gross Acre: $110,000 per gross acre VERIFICATION OATA R. Alan Wilcox, MAl, SRA, verified this sale on October 21. 2008 with Robert W Altemus, grantee, 305-232-7226 COMMENTS Verification indicated the sale property was vacant land at the time of sale Wilcox Appraisal SelVices, Inc. Agenda Item No. 1661 May 12, 2009 Page 93 of 94 Prepared for and property of Collier Counly Board of Commissioners, Reliance upon the appraisal for other uses is not warranted Page 77 Land Sale No.5 SALES DATA Recording Data Grantor Grantee Sales Date - Price Financing Conditions of Sale Sales History legal Description Collier County, OR Book 4373, Page 2985 Christopher A Braun and Mary R. Braun Douglas R Shipp and Margaret M Shipp June 25, 2008 - $290,000 Cash to seller transaction Typical market The sale property has not sold In the past three years. The East one~half of Tract 99, Golden Gate Estates, Unit No 32, as recorded in Plat Book 7, Pages 21 and 22, Collier County, Florida PROPERTY DATA Property Type - Use Highest and Best Use Location Residential - Vacant land Single-family residential development The south side of Tamarind Ridge Drive approximately 0.70 mile east of Logan Boulevard N. Tamarind Ridge Drive 38286740004 - 336700 9914809 Estates - Estates 250 Acres - 165' X 660' Telephone, Electric, Well, Septic 3D-foot wide road right-of-way easement along the northern property line (for Tamarind Ridge Drive.) Roadway Frontage Folio No. - STRAP No. Land Use Designation - Zoning Size - Dimensions (Gross) Utilities Easements UNIT OF COMPARISON Sales Price Per Gross Acre' $116,000 per gross acre VERIFICATION OATA R Alan Wilcox, MAl, SRA. verified this sale on October 14, 2008 with Christopher A Braun, grantee and listing agent, 239-261-2244 and with Heather Dameron, selling agent, 239-948-1782. COMMENTS Verification indicated the sale property was vacant land at the time of sale Wilcox Appraisal Services, Inc. Agenda Item No. 1661 May 12, 2009 Page 94 of 94 Prepared for and property o~ Collier Counlv Board of Commissioners Reliance upon the appraisal for other uses is nof warranted Page 78 Land Sale No.6 SALES DATA Recording Data Grantor G ra ntee Sales Date - Price Financing Conditions of Sale Sales History Legal Description Collier County, OR Book 4382, Page 2360 Ellen Boose Christopher N, Davies and Ruth C Davies July 29, 2008 - $90,000 Cash to seller transaction Typical market The sale property has not sold in the past three years. The East 75 feet of the West 180 feet of Tract 59, Golden Gate Estates, Unit No. 95, as recorded in Plat Book 9, Page 45, Collier County, Florida PROPERTY DATA Properly Type - Use Highest and Best Use Location Residential - Vacant Land Single-family residential development The south side of Cherry Wood Drive. approximately 0.25 mile east of Logan Boulevard N Cherry Wood Drive 41825280006 - 355900 59 24804 Estates - Estates 1.171 Acres - 75' X 660' Telephone, Electric, Well, Septic 3D-foot wide road right-of-way easement along the northern property line (for Cherry Wood Drive) Roadway Frontage Folio No. - STRAP No. Land Use Designation - Zoning Size - Dimensions (Gross) Utilities Easements UNIT OF COMPARISON Sales Price Per Gross Acre: $76.857 per gross acre VERIFICATION DATA R Alan Wilcox, MAl, SRA, verified thiS sale on October 23, 2008 with Ellen Boose, grantor, 239-597-3067. COMMENTS Verification indicated the sale property was vacant land at the time of sale. Wilcox Appraisal SelVic:es, Inc.