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Agenda 04/13/2021 Item #16A18 (Vanderbilt Beach Extension Land Purchase)16.A.18 04/13/2021 EXECUTIVE SUMMARY Recommendation to approve an Agreement for the purchase of land (Parcels 127FEE and 128FEE) required for the Vanderbilt Beach Road Extension [Project No. 601681. OBJECTIVE: To acquire the right-of-way needed for the construction of the Vanderbilt Beach Road Extension Project (the Project). CONSIDERATIONS: Collier County is seeking to purchase contiguous Parcels 127FEE and 128FEE, fee simple interests, needed for construction of the Project. Both parcels, owned by Alejandria 25, LLC, are located south of Vanderbilt Beach Road on the west side of 29' Street NW. Parcel 127FEE consists of 0.47 acres and is triangular in shape. Parcel 128FEE is a canal -front property of approximately 3.90 acres. The attached appraisal report, prepared by RKL Appraisal and Consulting, PLC, dated August 4, 2020, estimates the full compensation amount for Parcels 127FEE and 128FEE together to be $319,200. This amount includes severance damages to the remainder of the parent tract of Parcel 127FEE. The attached agreement reflects a negotiated compensation amount of $400,000. If these parcels are not acquired by negotiation, they will have to be condemned. Significant risk factors accrue to the County in condemnation actions, including exposure to exorbitant damages claims and liability for payment of attorney and expert witness fees and costs. Staff accordingly recommends that the Board of County Commissioners (the Board) approve the agreement as a better result is not expected if Parcels 127FEE and 128FEE are condemned. FISCAL IMPACT: Funds in the amount of $400,100 will be required, being the negotiated compensation amount of $400,000 and miscellaneous closing and recording fees not to exceed $100. The primary funding source for the acquisition of right-of-way is impact fees. Should impact fees not be sufficient within a particular project, the secondary funding source will be gas taxes. No maintenance costs are anticipated until such time as the Project is constructed. GROWTH MANAGEMENT IMPACT: This recommendation is consistent with the Long -Range Transportation Plan and the Collier County Growth Management Plan. LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a majority vote for Board approval. - JAB RECOMMENDATION: Approve the attached agreement and authorize the Chairman to execute same on behalf of the Board; Accept the conveyance of Parcels 127FEE and 128FEE and authorize the County Manager, or his designee, to record the conveyance instrument in the public records of Collier County, Florida; Authorize the payment of all costs and expenses that Collier County is required to pay under the terms of the purchase agreement to close the transaction; Authorize the County Manager or his designee to take the necessary measures to ensure the County's performance in accordance with the terms and conditions of the purchase agreement; and Authorize any, and all, budget amendments that may be required to carry out the collective will of the Board. Prepared By: Karen Dancsec, Property Acquisition Specialist, Right -of -Way Acquisition, Transportation Engineering Division. Packet Pg. 737 04/13/2021 ATTACHMENT(S) 1. Purchase Agreement (PDF) 2. Location Map (PDF) 3. [Linked] 60168 - Appraisal 127FEE, 128FEE (PDF) Packet Pg. 738 16.A.18 04/13/2021 COLLIER COUNTY Board of County Commissioners Item Number: 16.A.18 Doe ID: 15205 Item Summary: Recommendation to approve an Agreement for the purchase of land (Parcels 127FEE and 128FEE) required for the Vanderbilt Beach Road Extension [Project No. 60168]. Meeting Date: 04/13/2021 Prepared by: Title: Property Acquisition Specialist — Transportation Engineering Name: Karen Dancsec 03/09/2021 8:06 AM Submitted by: Title: Division Director - Transportation Eng — Transportation Engineering Name: Jay Ahmad 03/09/2021 8:06 AM Approved By: Review: Growth Management Department Jeanne Marcella Level 1 Reviewer Transportation Engineering Marlene Messam Additional Reviewer Growth Management Department Lisa Taylor Additional Reviewer Transportation Engineering Mario Puente Additional Reviewer Transportation Engineering Robert Bosch Additional Reviewer Road Maintenance Albert English Additional Reviewer Transportation Engineering Jay Ahmad Additional Reviewer Growth Management Department Gene Shue Additional Reviewer Growth Management Operations Support Christopher Johnson Growth Management Department Thaddeus Cohen Department Head Review County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Office of Management and Budget Laura Zautcke Additional Reviewer Office of Management and Budget Susan Usher Additional Reviewer County Manager's Office Dan Rodriguez Level 4 County Manager Review Board of County Commissioners MaryJo Brock Meeting Pending Completed 03/09/2021 8:39 AM Completed 03/09/2021 11:55 AM Completed 03/09/2021 2:52 PM Completed 03/09/2021 3:05 PM Completed 03/09/2021 4:38 PM Completed 03/10/2021 10:18 AM Completed 03/12/2021 8:34 AM Completed 03/12/2021 10:20 AM Additional Reviewer Completed Completed 03/16/2021 10:02 AM Completed 03/24/2021 1:37 PM Completed 03/24/2021 1:41 PM Completed 03/25/2021 9:57 AM Completed 03/27/2021 7:01 PM Completed 03/29/2021 3:49 PM Completed 03/30/2021 10:18 AM 04/13/2021 9:00 AM Packet Pg. 739 16.A.18.a PROJECT: 60168 Vanderbilt Beach Road Ext PARCEL: 127FEE and 128FEE FOLIO: a portion of 36862880005, all of 36862880102. PURCHASE AGREEMENT ®r" PURCHASE AGREEMENT is made and entered into on this O q day of f � , 2021, by and between ALEJANVRIA 2.5, LLC,, a Florida limited' liability, company, whose mailing, address is 350 S_ Miami:: Avenue; Suite A, Miarni, Florida, 33130, (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing, address is 3299 Tamiarnf Trail East" clo the Office of the County Attorney, Suite 800, Naples: FL 3.4112 (hereinafW referred to as "Purchase ). WHEREAS, Purchaser desires to purchase Seller's property, as described on attached "Exhibit A7 which is incorporated herein by reference, Wither with all structures: and improvements thereon (hereinafter referred to as "the Property"); and WHEREAS, Seller has agreed to sell, and Purchaser has agreed to purchase_ the - Property subject to the terms and conditions, that follow. NOW THEREFORE, in consideration of these premises,, the sum of Ten Dollars ($10.00), and other good and valuable consideration, the receipt and sufficiency al which is hereby mutually acknowledged, it; is agreed by and between the parties as follows: AGREEMENT In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall, purchase from Seller the Property. 2. PURCHASE PRICE The purchase price (the "Purchase Price") for the Property shall- be FOUR HUNDRED THOUSAND AND 001100 DOLLARS ($400 oo0.00) (U.S. Cunency) payable at time of closing. The Purchase Price, subject to the apportionment and distribution of proceeds pursuant to Paragraph 3D of this agreement, shalt be full compensation for the Property conveyed,, including all structures,, improvements, fixtures, landscaping, trees,. and shrubs, located thereon, and shall be in full and final settlement of all claims against, the Purchaser, including all attorneys' fees,, expert witness fees and costs as provided for in Chapter 73, Florida Statutes. None of this Purchase Price is attributed to any personal Property.. Packet Pg. 740 16.A.18.a 3. CLOSING AND MARKETABLE TITLE A_ TIME IS OF THE, ESSENCE.. Therefore, the Closing (the "CLOSING DATE", "DATE OF CLOSING, or "CLOSING!). of the transaction. shall be held on or before one hundred twenty (120) days following execution of this Agreement by the Purchaser or within thirty, (30) days of receipt by purchaser of all fully executed dosing documents and documents necessary to convey marketable fide free of any liens, encumbrances, exceptions, or qualifications, whichever is later, unless extended by mutual written agreement of the parties hereto. The Closing shall be held at Collier County Growth Management Department, Transportation Engineering Division, 2885 Horseshoe Drive South,, Naples, Florida 34404. Purchaser shall be entitled to possession at the time of Closing, unless otherwise provided herein. B. Seller shall obtain from the holders of any liens, exceptions andlor qualifications encumbering the Properly the execution of such instruments which will remorse, release or subordinate such encumbrances from; the Property, upon their recording in the public records of Collier County, Florida._ Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined! according to applicable title standards adopted by the Florida Bar and in accordance with law. Within ten (10) days of the Effective Date of this Agreement, Seller shall provide Purchaser with a, copy of any existing title insurance policy and survey, Three. (3) weeks before the Closing, the Seller shall cause to. be delivered to the Purchaser any documents necessary, toconvey marketable tithe and the following documents and instruments duly executedand acknowledged, ih recordable form: 1. General Warranty Deed in favor of Purchaser conveying title to the Property, free and dear of all liens, and encumbrances other.- than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions or conditions of record. 2. Combined Purchaser -Seller closing statement. 3. A "Grantor's Non -Foreign, Taxpayer Identification $ "Gap" AffidaW as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter in order to insure the "gap" and issue the policy contemplated: by the title insurance commitment.. 4. A W"9 Form,, "Request for Taxpayer Identification and Certification" as required by the: Internal Revenue Service- 5. Such evidence, of authority and capacity of Seller and! its representatives to execute and deliver this Agreement. f. All other documents required to consummate this transaction, as reasonably determined by Purchaser's counsel and/or title company: Packet Pg. 741 16.A.18.a C. At the time of Closing, the Purchaser; or its assignee, shall cause to be delivered to the Seller a County Warrant in an amount equal to Net, Crash to Seller on the Closing Statement. No funds shall be disbursed to Seller until there is verification that there has been no adverse change: to the state of the title to the Property since the date of the last title commitment, referenced, in Paragraph 5_ "Title Defects" below, and the title company is irrevocably committed to issue the Owner's title policy to the Purchaser in accordance with the commitment. D. Purchaser shall pay all) fees to, record any curative instruments re. uin- to clear title, and all Warranty Deed recording: fees. In addition, Purchaser may elect to pay reasonable processing fees required:- by mortgagees in connection with the execution and delivery of a Release or Satisfaction of any mortgage; lien or other encumbrance recorded against the Property; provided, however, that any apportionment and distribution of the full compensation amount in Paragraph 2 which may be required) by any mortgagee, lien --holder or other encumbrance -holder as payoff, paydown, or for the protection of its security interest, or, as consideration due to any diminution in the value of its property right, shall) be the responsibility of the Seller, and shalt be deducted on the Closing Statement from the compensation payable to the. Seller per Paragraph 2. County shall have sole discretion as to what constitutes "reasonable processing, fees.' E. There shall be deducted from the proceeds of sale all prior year ad valorem taxes, and assessments levied against the parent tract property which remain unpaid as of the date. of Closing,. 4. IRRIGATION SYSTEM AND MISCELLANEOUS iMPROVEMIEN;TS A. Seller agrees to relocate any existing irrigation system (if any) located; on the Property including any irrigation lines, electrical wiring and sprinkier valves, etc., prior to the construction of the project without any further notification from Purchaser. Seller assumes full responsibility for the relocation of the irrigation system, (if any) on - the remainder property and its peftrTnance after relocation. Seller holds Purchaser harmless for any and all possible damage to the irrigation system in the event owner fails to relocate the irrigation system prior to construction of the project. B. if Seller elects to retain any improvements and/or landscaping ("improvements') located on, the Property, the Seller is responsible for their retrieval prior to the construction of the project without any further notification from Purchaser_ Seller acknowledges that Purchaser has compensated Seller for the value of the improvements located on the Property, andi yet Purchaser is willing to permit Seller to salvage said improvements as Icing: as their retrieval is perfomTedi before construction and without interruption or inconvenienoe to Purchaser's contractor. AIi Improvements not removed from the Property prior to construction of the project. commences shall be deemed abandoned by Seller. This provision shallsurvive Closing and isnot deemed) satisfied by conveyance of title. 3 hi Packet Pg. 742 5. TITLE DEFECTS Upon execution of this Agreement by both parties or at, such other time as spectfied, within this, Section, Purchaser and/or Seller, as the case may be„ shall perform the following, within the times stated, which shall be conditions preceden, tv to the Closing: A. Within forty-five (45) clays after the Effective Date hereof-, Purchaser shag, obtain as evidence of title an ALTA Commitment for a Title Insurance Policy with Florida Modifications covering the Property, together with hard copies of, ails exceptions shown thereon. Purchaser shall have thirty (30). days, following receipt of the title insurance commitment, to� notify Seger in writing of any objection to tie other than liens evidencing monetary obligations, if any, which obligations shalt be paid at closing. If the title comm, itinent contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice, of its intention to waive the applicable contingencies or to terminate this Agreement. B. Upon notification of Purchasers objection to title, Seller shall have thirty (30) days to remedy any defects in, order to convey good and marketable tittle, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its. sole expense, shall use its best efforts to make such title good, and maricetable. 10 the event Seller is unable to cure said objections within said timeperiod, rchaser, riod, Pu. - -, by providing written notice to Seller within seven (7) days after expiration of said, thirty (30) day period, may accept title as it then is, waiving, any objection, or may terminate the Agreement. 6, TERMINATION AND REMEDIES A. If Seller shall have failed to perform, any of the covenants, and promises contained heroin, which, are to be performed by Seller,, within: fifteen (15), days -ys of written notification of such failure, Purchaser may, at its option, temilriate, this Agreement by giving written notice, of termination to Seller. Purchaser shall have the right to seek and enforce all rights, and; remedies available at law or in equity, to a contract vendee, including the right to seek specific performance of this Agreement- B. If the Purchaser has not terminated this Agreement pursuant to; any of the provisions authorizing such termination, and Purchaser fails to close the transaction contemplated hereby or otherwise fails to perform any of the terms, covenants and conditions of this Agreement as required on. the part of Purchaser to be performed, Provided Seller is not in default,, then- as Seller"s solo, remedy, Seller shall have the right to: terminate and, cancel this Agreement by giving written notice thereof to Purchaser, whereupon $500 shall be paid to: Seger as liquidated damages, which shall be Seller's sole and exclusive remedy, and neither party shall have any further, liability, or obligation to the oftw. Notmi-thstandingi anything to, the contrary herein contained, the Purchaser shall have the, right to terminate this agreement without cause, in which event the liquidated damages provisions of this Section 1.8 shall equally apply, and! Seller's sole remedy shall bea claim for- payment, of $500 as 4 I Packet Pg. 743 1 16.A.18.a liquidated damages. The parties acknowledge and agree. that Seder's actual damages in the event of Purchaser's default or termination without cause are uncertain in amount and difficult to ascertain, and that said amount of liquidated damages was reasonably determined by mutual agreement between the parties, and, said sum was not intended to be a penalty in nature.. C. The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each: of the parties and take into account the: peculiar risks and expenses of each of the parties. 7. SELLER'S AND PURCHASERS REPRESENTATIONS AND WARRANTIES A. Seller has full right and authority to enter into and to execute- this Agreement and to undertake all actions and to performi all tasks required of each hem, ader, Seller is not presently the subject of a pending, threatened: or oorttemplaWdi bankruptcy proceeding. B.. Seller has full right, power, and authority to own. and operate the Property, and to execute, deliver, and perform, its obligations under this Agreement and the instruments executed in connection. herewith, and! to consummate the transactipn contemplated hereby. All necessary authorizations and approvals have been. obtained authorizing Seller and Purchaser to execute and consummate the: transaction contemplated hereby. Prior to Closing, and upon the request of Purchaser or the Title Company, certified, copies of such approvals shall be delivered to Purchaser or the Title Company.. C. The warranties set forth in this paragraph, are true on the Effective Date of, this Agreement and as of the date of Closing. Purchaser's _acceptance. of a dleed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the. Seller to be performed pursuant to the provisions of this Agreement; D. Seller and Purchaser agree to do all things which maybe: 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. E. Seller represents that it has no knowledge of any actions, suits, claims., proceedings, litigation or investigations pending or threatened against. Seller, at law„ equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relalate to this agreement or any other property that could, if, continued, adversely affect Seller's ability to sell the Property to Purcbaw according to the terms of this Agreement. F. No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. Packet Pg. 744 16.A.18.a G. Until the date fixed: for Closing or as long as; this Agreemervt remains in, force and effect, Seller shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or enfity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such: conveyance, encumbrance, or agreement which consent may be withheld by P-urchaserfor any reason whatsoever. H. Seller represents that Seller has no knowledge that any pollutants are or have been discharged from the Property,. directly or indirectly into any body of water. Seiler represents the Property, has not been used for the production, handling, storage, transportation, manufacture: or disposal of Hazardous Materials as defined Herein:, or any other activity that would have toxic results„ and no such Hazardous Materials are currently used in connection with the operation of the Property, and there is no proceeding or inquiry by any authority with respect thereto; Seller represents that Seller has no knowledge that there is. ground water contamination on the Property or potential of ground. water contamination from neighboring properties. Seller represents no storage tanks for gasoline or any other HazaTdlous Materials are or were located) on the Property at any, time during or prior to Seller's ownership thereof Seller represents none of the Property has been rased as a sanitary landfill_ I. Seller has no knowledge that the Property,, and/or that Sellers operations concerning the Property, are in violation of any applicable Federal, State or local statute,, law or regulation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulaation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes_ or regulation with which Seller has not complied. J. There are no unrecorded restrictions,; easements or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and! there are no maintenance, construction, advertising,, management, leasing, employment, service or other contracts affecting the: Property.. K. Seller- acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated herein and, on the understanding, that Seller will notr cause the zoning or physicalcondition of the Property to change: from its existing state on the effective date of this Agreement up to and including the date of Closing. Therefore, Seller agrees not to enter into any contracts. or agreements pertaining to or affecting the Property and not to do any act or omit: to perform any act which would change the zoning or physical condition of the Property or the; governmental ordinances or laws governing! same. Seller, also agrees to notify, Purchaser promptly of any change in the facts contained in the foregoing, representations and of any, notice or proposed change in the zoning,, or any, other action or notice, that may be proposed or prom, ulgated by any third parties or any governmental authorities, having jurisdiction of the development of the property, which may restrict or change any other condition of the Property. Packet Pg. 745 L. Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from all costs (including attorneys fees) asserted against- the Purchaser by reason or arising out of the breach of" any of Owner's representations under Paragraph 7. This provision shall survive Closing, and is not doM, ed SaWedl by conveyance of title. 8. ENTI RE A. This Agreement and' the exhibits attached hereto contain the entire agreement between the parties, and there- are no, promises, representations, warranties or covenants by or between the parties not included: in this Agreement. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both, Purchaser and SeMer, B. No waiver of any provision of this Agreement shall be, eftective, unless it is in writing signed by the party, against whom it is asserted, and, any waiver of any provision of this Agreement shall be applicable on-11y, to the specific instance to which it, is related and shall not be deemed to be a continuing or future, waiver as to such provision or a waiver as to any other provision. C. This Agreement is governed and construed in accordance with the laws of the State of Florida. D_ 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. E. The Effective Date of this Agreement will be the date of execution of this Agreement by the last signing party. 9. PUBLIC DISCLOSURE. If the Seller holds the Property in the, form of a partnership limited' partn , limit r erShip, corporation, trust or any form of' representative capacity whatsoever for others, Seller shalt make a written public disclosure, according to, s., 28fi23, Fla. Stat, under, oath, subject to the penalties prescribed for perjury, of the name and address of every Person having, a beneficial interest, in the, Property before Property held in such capa-cly is conveyed to Collier County. (If the corporation is registered with, the Federal Securities Exchange Commission or registered, pursuant to, Chapter 5,17, Florida, StatAes, whose stock is for sale to the: general, public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes-) I Packet Pg. 746 1 IN WITNESS WHEREOF, the parties, hereto have executedi this, Agreement on the, date first above: written. AS TO PURCHASER: DATED, ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court & Comptroller BY: Deputy Clerk AS TO SELLER: DATED: AA WITNESSES. (Signaiturg c— (Printecl' Name) (Sigriature) MICHMIZ L. SWEUF (Printed Name) Approved as to form, and legality: CUR3 Jennifer A. Belpedio Assistant County Attorney BOARD OF COUNTYCOMMISSIONERS ' COLLIER : COUNTY, FLORIDA BY: PENNY TAYLOR, Chairperson ALEJANDRIA 25,, LLC, a Florida limited liability company <:Pp" . 1-5 I Packet Pg. 747 1 16.A.18.a EtmE VANDERBILT BEACH ROAD. 4$6 43� cc :ZLLCI OR =4M-1 TRACT 48, FA3f � fi SmUsl Ka MM CE PA93 PAOPOMm TRACT 40PMM M FEE ►�. ` WMWI E 5OL11Y M Ft � Qt Rb7Bt3.O0` ALSMRIR1 2S' LLC AL-87.1 6�dt38"54' OR =30/3/ OS'32"M1 6 D S�1R" — C11+8R.22'' :2>•FIB!c04'30iM _ CH-97.lff Mf1R'Zi'SD'M. 90.t3` N SOYL swim FEET FEE PROPOSED, FEE SOM PLAT 6OQK' �: PKI 93 w E OR OFFM K Rr-1115 (100R/PA00 PROFOSEQ FEE SPOPLE P.Atl= DMAM RQAQMW E► 9 M M QMCM TO III PERPERIA S USE OF THE PMU3 X PER FLAT BOOK' 4. PAGE 91 LEGAL OESCRM =W- A PORTNIN OF TRACT 40+ GCLOENi GAGE EMMM U Wr 4 AS M PLAT MM 4. PAGE OX OF THE P1OM RMOMS OF COLTER CO AM.. RA A.. 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MORE OR'LESS- BEANNGS ARE, BABED, ON STAN RAW R*��ttttt:rrtr'` COORolAfAX5. FLpMBA EAST 2'AFIE. • h JUN 11 2t1n `s - *of,ti . SKEM at DEiCRI T M ONLY 110T A ROUNPART SURVEY smom r"w FOIk COLLNi COMP GME MMIM 9OM0 OF 0MMrlf C01400SP4M"��Y �opa�a�r ff • �! ..Dams ROAD EXTXNNM o.r� sAi or PRolow- la � 9I�L6' S="M PAltCO.coL�DA am � �. nrMAa+pr ENGINEERING W W LL CO N_ W W LL ti N w m O O O O LCt O N O rr C N i Ot Q 0) N R t i 7 a C N t 0 Q 1 Packet Pg. 748 I -VW 41 Ogg" NIDERSILT BEACH, ROAD A 1, FJK' N, I TPIWT 44 QQLM ,,SJE IW)M, TMA=' 17 UW a PAK ow 4 PAW 941 ow OF MW 0 Ass"m 25, me. OF V*CT 48 SOSTI. SMW- FEET Em 04STW OWaMr DOMM PER PLAT MK 4. PACE 93 FEE PAWOM FEE MMKE A==M; w I ORE=OFMCAL RECORDS,RECORDS,(BOOK/PMO ; PWOSIED FEE SRMU PAMM + s LRAL DEWOPTM OWMEL 128 FOO A PORTION OF IIV= 4% COUM WE t3TAVO, UW IL AS RUMMM f0l PVW OW 4., FW- S& OF TW- PUNW RMORM (W CUM CMW. I. TOMOW 44 SOUK 26, Elf CMAW RAFUD& me MGM=&=A=16 M-M FAUDM SEGNNIW AT TW MORMW QGW4M OF $W TAR" IHEWX I1. W53-44V—, MOO YK WORTM LME OF SM TRACT 4& FOR "US: FIM DIEMM S.W'al*Wr, ALOM'(W oar UK OF SAID INoa 41L FOR 2 O ?Mr.' THEMM SAWW2"- MA MC IM woM, Un OF TW 90p".,js5 SM, or $W. TWT 4& FOR @MIS FMI TIERCE " (U2W24V- &OM 1W %Wr UW OF SW MCr 44, MR 2M.52 FM Tono POW OF OWWW OF THE PARCEL DESCRM HEREft WffA"M I89,730 SQUARE FEET. MM OR UM 2 1 WARNM ARE SASM ON STATE FUM OPQRPWTM RAW MT MC -M- - ROW im 17 zon MT A. emaw" mma 11-Aw FM MUM =MY WVMWWM MVW OF WJW COMOSWGM VANDMWX =hCR MM VMWSW Dr9cRunwif or. PROPOSED ra Sam= ACqUMnM PAR= an Fu ODUM COURM FLONJDA u LU LU LL co 04 LU LU LL I- N to T- Q (D LO 40 04 Le) a 0) E Im W. Packet Pg. 749 16.A.18.b PARCEL 128FEE 3.9 acres m� Location Map Parcel 127FEE and 128FEE 0 P G � w • PARCEL 127FEE 0.47 ayes k L... N :�.■� W Ea. bm w w a_ 00 N T w w U- ti N w m O O T O O LO O N c 0 0 J C CD t C� r Q Packet Pg. 750 RKL APPRAISAL AND CON SU L i I S G REAL ESTATE APPRAISAL REPORT VANDERBILT BEACH ROAD EXTENSION Vacant Residential Land 29th Street NW Naples, Collier County, Florida, 34120 PREPARED FOR: Mr. Harry Henderson, SRA Review Appraiser Collier County Transportation Right -Of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Client File: 127 and 128 FEE EFFECTIVE DATE OF THE APPRAISAL: July 2, 2020 DATE OF THE REPORT: August 4, 2020 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2020-131 (Parcel No. 127 FEE and 128 FEE) ACHE L M. 2L1CCH I, MAI, CC1M C. 10WRY, MAI. CPA ours C. BoaBITT, MAI 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com RKL APPRAISAL AND CONSULTING August 4, 2020 Mr. Harry Henderson, SRA Collier County Transportation Right -Of -Way Group 2885 South Horseshoe Drive Naples, Florida 34104 Re: Real Estate Appraisal Vanderbilt Beach Road Extension 29th Street NW, Naples, Collier County, Florida, 34120 Client File: 127 and 128 FEE RKL File Number: 2020-131 (Parcel No. 127 FEE and 128 FEE) Dear Mr. Henderson: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. The intended users for the assignment are Collier County Transportation Right -Of -Way Group. The intended use of the appraisal is 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 Fee Simple Acquisition area. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The parent tract consists of two adjacent vacant residential parcels of land containing 2.51 and 3.90 acres with a total area of 6.41 acres, or 279,049 square feet. kCH.ELM. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 300 LOWRY, MAI. CPA Naples, FL 34119-8908 Phone: 239-596-0800 ❑UIS C. BOBB ITT, MAI www.rklac.com 1 Mr. Harry Henderson, SRA Collier County Transportation Right -Of -Way Group August 4, 2020 Page 2 Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), 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 Fee Simple Acquisition (Parcel No. 127 and 128 FEE), as of July 2, 2020, is: SUMMARY OF TOTAL COMPENSATION Value of Property Rights Taken: $296,200 Value of Improvements Taken: $0 Severance Damages: $23,000 Net Cost to Cure: $0 TOTAL AMOUNT DUE OWNER: $319,200 Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC (;aj v1' ��" - Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0800 Ext. 203 kCH.E L M. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 300 LOWRY, MAI. CPA Naples, FL 34119-8908 Phone: 239-596-0800 ❑UIS C. BOBB ITT, MAI www.rklac.com 1 VANDERBILT BEACH ROAD EXTENSION TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions................................................................... 1 IntroductionInformation..................................................................................................... 7 SubjectIdentification...................................................................................................... 7 Current Ownership and Property History....................................................................... 7 AppraisalScope.............................................................................................................. 7 Client, Intended User, and Intended Use........................................................................ 8 Definition of Market Value............................................................................................. 8 Definition of Property Rights Appraised........................................................................ 8 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 8 Scopeof Work................................................................................................................ 9 MarketArea Analysis................................................................................................... 11 Property Description and Analysis................................................................................... 14 Site Analysis - Parent Tract.......................................................................................... 14 Real Estate Taxes and Assessments.............................................................................. 22 Highestand Best Use.................................................................................................... 23 ValuationMethodology.................................................................................................... 25 AnalysesApplied.......................................................................................................... 26 Valuation Analysis of Parent Tract................................................................................... 27 Sales Comparison Approach......................................................................................... 27 Valuation Analysis of Part Taken and Remainder Property ............................................. 34 Description of Part Taken............................................................................................. 34 Value Analysis Proposed Property Rights and Improvements Taken .......................... 38 Valuation Analysis of Remainder Property As Severed ................................................... 39 Description of Remainder Property as Severed............................................................ 39 Value Analysis Remainder Property As Severed......................................................... 39 Severance Damages to the Remainder Property........................................................... 41 Costto Cure Analysis................................................................................................... 41 Special Benefits Analysis............................................................................................. 41 Summary and Conclusion............................................................................................. 42 Certification...................................................................................................................... 44 Assumptions and Limiting Conditions............................................................................. 46 Addenda Appraiser Qualifications........... Property Information ................ Comparable Data ...................... P Addendum A Addendum B Addendum C VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Vanderbilt Beach Road Extension 29th Street NW, Naples, Collier County, Florida, 34120 Owner: Alejandria 25, LLC Intended Use: The intended use is 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 Fee Simple Acquisition area. Intended User(s): Collier County Transportation Right -Of -Way Group PARENT TRACT BEFORE THE TAKING Current Use: Single-family residential Legal Description: Golden Gate Estates Unit 6, South 165 feet of Tract 48 (36862880005) and Golden Gate Estates Unit 6, Tract 48, less the South 165 feet (36862880102) Tax Identification: 36862880005 (127 FEE Parent Tract) and 36862880102 (128 FEE Parent Tract) Land Area: 127 Fee Parent Tract: 2.5094; 109,311 square feet 128 Fee Parent Tract: 3.8966; 169,738 square feet Total: 6.40608 acres; 279,049 square feet Shape: The sites are rectangular. Flood Zone: Zone AH Zoning: E - Estates Improvements: None Highest and Best Use As Vacant Single-family residential development As Improved The highest and best use is as currently improved. VALUE INDICATIONS BEFORE THE TAKING Total Land Value: $449,300 Improvements: $ 0 Total Market Value of Parent Tracts: $449,300 Effective Date(s) July 2, 2020 Property Rights Fee Simple Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date Page 1 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS indicated. No analyses or opinions contained in this appraisal should be construed as predictions offuture market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 2 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PART TAKEN Identification: 127 and 128 FEE Intended Use of the Proposed The intended use of the proposed acquisition area is for Acquisition: expansion and extension of Vanderbilt Beach Road. Description: All of tax folio parcel #36862880102 and a triangular section at the northeast corner of tax folio parcel #36862880005. Land Area: 127 Fee: 0.46788 acres; 20,381 square feet 128 Fee: 3.8966 acres; 169,738 square feet Total: 4.36453 acres; 190,119 square feet Shape: Triangular (127 Fee) and Rectangular (128 Fee) Approximate Dimensions: 20,381 (127 Fee) and 169,738 (128 Fee) Proposed Improvements Taken: The part taken is heavily wooded with natural vegetation. There are no site improvements taken. VALUE INDICATIONS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN Property Rights Taken: $296,200 Improvements Taken: $0 Total: $296,200 Effective Date(s) July 2, 2020 VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE Market Value of the Parent Tract, Before the Taking: $449,300 Less Market Value of the Proposed Part Taken: $296,200 Total Market Value of the Remainder Property, As Part of the Whole: $153,100 Effective Date(s) July 2, 2020 Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 3 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS REMAINDER PROPERTY, AFTER THE TAKING Land Area: 127 Fee: 2.04155 acres; 88,930 square feet 128 Fee: 0 acres; 0 square feet Shape: Trapezoid MOL Improvements: None Existing Easements and The remainder parcel will be encumbered by a 30-foot Encumbrances: wide right-of-way easement along the eastern property line bordering the property's frontage to 29th Street NW. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value after the taking. However, a current title report was not provided for the purpose of this appraisal. Proposed Acquisition: A Fee Simple Acquisition of 190,119 square feet consisting of all of tax folio parcel #36862880102 and a triangular section at the northeast corner of tax folio parcel #36862880005. Highest and Best Use As Vacant Single-family residential development As Improved N/A VALUE INDICATIONS REMAINDER PROPERTY, AFTER THE TAKING Land Value: $130,100 Improvement Value: $0 Total Market Value of Reminder Property: $130,100 Effective Date(s) July 2, 2020 Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 4 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Severance Damages to the Remainder Property Value of the Whole $449,300 Less Value of the Part Taken $296,200 Value of the Remainder Property as Part of the Whole $153,100 Value of the Remainder Property as Severed $130,100 Difference (Severance Damages) $23,000 Rounded: $23,000 Net Cost to Cure: $0 Special Benefits: $0 Parcel No. 127 and 128 FEE Fee Value per % of Indicated Value Indicated Rounded Acre Fee per Acre Acres Value Value Total Value Parent Tract Before the Taking Land - (127 Fee Parent Tract) $75,000 100% $75,000 2.50943 $188,207 $188,200 Land - (128 Fee Parent Tract) $67,000 100% $67,000 3.89665 $261,075 $261,100 Improvements $0 Total $449,300 Proposed Part Taken Fee Simple Land Taken- 127 Fee $75,000 100% $75,000 0.46788 $35,091 $35,100 Fee Simple Land Taken- 128 Fee $67,000 100% $67,000 3.89665 $261,075 $261,100 hnprovements Taken $0 Total $296,200 Remainder Property, as Part of the Whole 127 Fee Remainder $153,100 128 Fee Remainer $0 Total $153,100 Remainder Property Land Area -127Fee 2.04155 $130,135 $130,100 Improvements $0 Total $130,100 Damages $23,000 Special Benefits $0 Net Damages $23,000 Summary of Total ComDensation Fee Simple Land Taken- 127 Fee $75,000 100% $75,000 0.46788 $35,091 $35,100 Fee Simple Land Taken- 128 Fee $67,000 100% $67,000 3.89665 $261,075 $261,100 Value ofhnprovements Taken $0 Total $296,200 Net Damages $23,000 Net Cost to Cure $0 Total Amount Due Owner $319,200 Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date Page 5 VANDERBILT BEACH ROAD EXTENSION SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS indicated. No analyses or opinions contained in this appraisal should be construed as predictions offuture market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions ma affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 6 VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Vanderbilt Beach Road Extension 29th Street NW, Naples, Collier County, Florida, 34120 Legal Description: Golden Gate Estates Unit 6, South 165 feet of Tract 48 (36862880005) and Golden Gate Estates Unit 6, Tract 48, less the South 165 feet (36862880102) Tax Identification: 36862880005 (127 FEE Parent Tract) and 36862880102 (128 FEE Parent Tract) The parent tract consists of two adjacent vacant residential parcels of land containing 2.51 and 3.90 acres with a total area of 6.41 acres, or 279,049 square feet. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is Alejandria 25, LLC. Sale History According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): The subject is not currently listed for sale, or under contract. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy, nor is it listed for sale. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • the client and any other intended users; • the intended use of the appraiser's opinions and conclusions; • the type and definition of value; • the effective date of the appraiser's opinions and conclusions; • subject of the assignment and its relevant characteristics • assignment conditions • the expectations of parties who are regularly intended users for similar assignments; and Page 7 VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION • what an appraiser's peer's actions would be in performing the same or a similar assignment. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Transportation Right - Of -Way Group. The intended use is 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 Fee Simple Acquisition area. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) as: The most probable price that 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: ■ Buyer and seller are typically motivated; ■ Both parties are well informed or well advised, and acting in what they consider their best interests; ■ A reasonable time is allowed for exposure in the open market; ■ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ■ 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: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. The effective date of the subject Page 8 VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION appraisal is July 2, 2020. The date of inspection was July 2, 2020. The date of the report is August 4, 2020. SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the parent tract before and after the proposed acquisition. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: An on -site inspection was made and photographs were taken. Market Area and Analysis of A complete analysis of market conditions has been made. Market Conditions: The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant and as improved highest and best use analysis for the subject has been made. Physically possible, legally permissible and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: A cost approach was not applied as the subject tract is analyzed as vacant land. However, the Cost Approach is utilized to estimate the contributory depreciated value of the site improvements (if any) taken. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 9 VANDERBILT BEACH ROAD EXTENSION INTRODUCTION INFORMATION Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 10 VANDERBILT BEACH ROAD EXTENSION MARKET AREA ANALYSIS MARKET AREA ANALYSIS Boundaries The subject is located in the north central part of Collier County in the northwestern portion of the Collier County Rural Estates Planning Community. This surrounding area is generally delineated as follows: North Immokalee and Oil Well Roads South Interstate 75 (Alligator Alley) East Two miles east of Desoto Blvd. West Generally County Road 951 The subject is located in Golden Gate Estates which consists of single family homes on acreage parcels. It is located east of the area known as Weber Woods. This area largely consists of the portion of Golden Gate Estates accessed from Weber Boulevard which consists of property bounded by Collier Boulevard (West), Vanderbilt Beach Road (North), White Boulevard (South), and Cypress Canal (East). Market Area Access and Linkages Primary access to the area is provided by Interstate 75 (I-75), a major arterial that runs east to Fort Lauderdale and north through Tampa, Florida; I-75 terminates to the north at the US/Canadian Border in Sault Ste. Marie, Michigan. Further access to the area from Interstate75 is by: • State Road 29 (I-75 exit 80) at Miles City. • County Highway 846 (Immokalee Road, I-75 exit 111). • Golden Gate Boulevard Overall, vehicular access is average. The subject property is accessed from Vanderbilt Beach Road just west of Collier Boulevard. Weber Boulevard North runs from Vanderbilt Beach Road to White Boulevard and provides access to 7th Avenue NW. Collier Boulevard extends from Immokalee Road to the north to Marco Island to the south. Access to Weber Boulevard is also provided by Golden Gate Boulevard West. Golden Gate Boulevard West intersects with Collier Boulevard between Vanderbilt Beach Road and Pine Ridge Road. Golden Gate Boulevard West becomes Golden Gate Boulevard East, east of the Wilson Boulevard N. Wilson Boulevard N and Everglades Boulevard N provide access to Immokalee Road from the market area. Desoto Boulevard N provides access to Randall Blvd and Oil Well Rd, both of which connect to Immokalee Road. The Southwest Florida International Airport (RSW) is located about 25+/- miles from the market area; travel time is about 35 to 45 minutes, depending on traffic conditions. The Page 11 VANDERBILT BEACH ROAD EXTENSION MARKET AREA ANALYSIS Naples Municipal Airport (APF) is approximately 15+/- miles and 30 to 40 minutes southwest. Downtown Naples is approximately 20+/- miles from the market area and 30 to 40 minutes southwest. Demographics / Demand Generators We have utilized STDB Online, an industry respected site analysis and demographic data provider, to analyze the subject's market area demand generators. For the purposes of defining the market area, we utilize the boundaries of Collier Boulevard, Immokalee Road, Desoto Boulevard North, and Interstate 75. As shown, population and households are projected to grow by an average annual rate of approximately 1.6% per year through 2025. The average household income in the market area of $92,642 is less than the overall Collier County average of $108,633. *esri- Demographic and Estates Area: 88.47 square miles Income Profile Prepared by Esri Summary Census 2010 2020 2025 Population 27,040 32,722 35,345 Households 8,956 11,137 12,052 Families 7,226 8,886 9,601 Average Household Size 3.00 2.93 2.92 Owrer Occupied Housing Units 7,515 9,406 10,225 Renter Occupied Housing Units 1,441 1,731 1,827 Median Age 39.0 41.3 41.2 Trends: 2020-2025 Annual Rate Area state National Population 1.55% 1.33% 0.720h Households 1.59% 1.27% 0.72% Families 1.56% 1.23% 0.64% Owner HHs 1.68% 1.22% 0.72% Median Household Income 1.67% 1.51% 1.60% 2020 2025 Households by Income Number Percent Number Percent ¢$15,000 412 3.7% 373 3.11% $15,000 - $24,999 590 5.3% 549 4.6% $25,000 - $34,999 663 6.0% 613 5.1% $35,000 - $49,999 1,319 11.8% 1,252 10.4% $50,000 - $74,999 2,560 23.0% 2,543 21.1% $75,000 - $99,999 1,943 17.4% 2,061 17.1% $100,000 - $149,999 2,001 11 2,471 20.5% $150,000 - $199,999 1,083 9.7% 1,460 12.1% $200,000+ 566 5.1% 730 6.1% Median Household Income $75,222 $81,725 Average Household Income $92,642 $104,093 Per Capita Income $31,550 $35,520 Outlook and Conclusions As with the overall Collier County market, the long term economic outlook for Rural Estates is positive. Total population is projected to increase slightly over the next five years and begin a more normalized pattern thereafter. The residential, agricultural and commercial markets have been improving and prior to the coronavirus outbreak the overall real estate market was projected to continue to increase at a stabilized rate through 2020. The trajectory of the Southwest Florida economy and its real estate sector will Page 12 VANDERBILT BEACH ROAD EXTENSION depend on how widely the virus spreads, and how long containment policies like social distancing need to be maintained. Based on other areas of the world that have experienced the pandemic and have since trended positively in seeing a reduced number of new cases, there is optimism the current market disruption could be short-term. Market Area Map z a 451 F401 w-1 1P W GoWen Gate 811141 W Golden Late Blvd W widen Gate 6ivd W Map data (D2024 Page 13 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS - PARENT TRACT The following description is based on our property inspection, public records, and a sketch and description of the proposed roadway easement prepared by RWA Engineering. Land Summary - Parent Tract Before Taking Parcel ID Gross Land Area Gross Land Area (Acres) (Sq Ft) 36862880005 (127 FEE Parent Tract) 2.5094 109,311 36862880102 (128 FEE Parent Tract) 3.8966 169,738 Totals 6.4061 279,049 SITE Location: The parent tract is located on the west side of 29th Street NW, north of Golden Gate Boulevard W in Collier County, Naples, Florida. Current Use of the Property: Single-family residential Shape: The sites are rectangular. Road Frontage/Access: The subject property has average access with frontage as follows: • 29th Street NW: Tax Parcel Folio 36862880005: 165 feet Tax Parcel Folio 36862880102: 254 feet • Vanderbilt Beach Road: Tax Parcel Folio 36862880005: 0 feet Tax Parcel Folio 36862880102: 662 feet The parcels have an average depth of approximately 662 feet. Tax parcel folio #36862880102 is located at the terminus of 29th Street NW. There is a drainage canal running parallel to Vanderbilt Beach Road. There is no access to Vanderbilt Beach Road from 29th Street NW as there is no bridge over the canal. Visibility: Average Topography: The subject parent tract is heavily wooded with natural vegetation. It has level topography and no known areas of wetlands. Soil Conditions: We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: FP&L Sewer: None, private septic required for single-family home Water: None, private well required for single-family home Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Page 14 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Improvements: • Street Lighting: There is currently no street lighting. Street lighting is proposed along Vanderbilt Beach Road. • Sidewalks: There are sidewalks along Vanderbilt Beach Road. • Curbs and Gutters: There are currently no curbs or gutters. Curbs and gutters are proposed along Vanderbilt Beach Road. • Curb Cuts: The subject is vacant land with no existing driveway. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in FEMA flood zone AH, which is classified as a flood hazard area. FEMA Map Number: 12021 C 0410H FEMA Map Date: May 16, 2012 The subject is partially located in a flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: We were not provided with an environmental assessment report for the purpose of this appraisal. Environmental issues are beyond our scope of expertise; therefore, we assume the property is not adversely affected by environmental hazards. Encumbrance / Easements: The parent tract (tax parcel folio #36862880102) is encumbered by a 30-foot wide right-of-way easement along the eastern property line bordering the property's frontage to 29th Street NW and an 80-foot wide road drainage easement along the northern property line bordering the property's frontage to Vanderbilt Beach Road. The parent tract (tax parcel folio #36862880005) is encumbered by a 30- foot wide right-of-way easement along the eastern property line bordering the property's frontage to 29th Street NW. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. Site Comments: The site has average and typical utility. ZONING Zoning Code E Zoning Authority Collier County Zoning Description Estates; The purpose and intent of the estates district (E) 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 E 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 E district. Permitted Uses Includes single-family dwellings, family care facilities (subject to section 5.05.04), essential services (as set forth in section 2.01.03), and schools, public, including educational plants. Current Use Legally Conforming The subject is legal and conforming use. Page 15 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Minimum Lot Area (SF) 2.25 acres Minimum Floor Area (SF) 1,000 Minimum Street Frontage (Feet) 150 Front and Rear Set Back Distance (Feet) 75 Side Yard Distance (Feet) 30 feet; 37.5 feet for corner lots along longest side Maximum Density/FAR One dwelling units per 2.25 acres Maximum Building Height (Feet) 30 Zoning Comments We were not supplied with a survey indicating building setbacks and have assumed that the improvements conform to current building codes. Future Land Use Desienation Estates Desicnation - Residential Estates Subdistrict Aerial - Parent Tract V-dabih Bosch RD 127 Parent Tract .•` .ems' �r ?+� � +� ounly Proycrty Apyrara•Hrr...: r. .t.l't. r•, 128 Parent Tract 4 �x K-A r Page 16 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Plat Map - Parent Tract Approximate boundary lines of parent tract shown in blue. Page 17 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Photographs m 29th Street NW - Northerly (Photo Taken on Jul 2, 2020 29th Street NW - Southerly (Photo Taken on July 2, 2020) IM Page 18 VANDERBILT BEACH ROAD EXTENSION SITE ANALYSIS - PARENT TRACT Site Photographs 1 Canal/Vanderbilt Beach Road - Easterly Canal/Vanderbilt Beach Road - Westerly (Photo Taken on July 2, 2020) Page 19 IA W4 -ILI mr sir'+.� "- �.o-• . . AdO kr r�� VANDERBILT BEACH ROAD EXTENSION REAL ESTATE TAXES AND ASSESSMENTS REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. In 2008, Florida voters amended the Constitution to give non -homestead property owners some protection against increases in their annual property tax assessments. As amended, the Florida Constitution now prohibits the assessment of certain non -homestead property from increasing by more than 10% per year. The 10% cap applies to most types of commercial property, including non -homestead residential property (i.e. apartments and other rental property) and nonresidential property (i.e. commercial property and vacant land). The cap was set to expire on January 1, 2019; however, in November 2018 Florida voters amended the Constitution to make the cap permanent. The protection of the 10% cap is lost when there is a change of ownership or control. The Florida Department of Revenue issued an extension for property taxes due to COVID-19. All property taxes paid by April 15, 2020 were considered on time. The property tax identification number and assessed value of the property for tax year 2019 are as follows: ASSESSED VALUES - PARENT TRACT Tax Identification Number 36862880005 (127 FEE Parent Tract) Land Assessed Value $123,750 Building Assessed Value $0 Save our Homes/Homestead, et al. -$22,412 Total Assessed Value $101,338 Tax Identification Number 36862880102 (128 FEE Parent Tract) Land Assessed Value $132,265 Building Assessed Value $0 Save our Homes/Homestead, et al. $0 Total Assessed Value $132,265 Totals Total Land Assessed Value $256,015 Total Building Assessed Value $0 Save our Homes/Homestead, et al. - 22 412 Total Assessment $233,603 Rates, Taxes, More Tax Rate 1.19% Ad Valorem Tax Amount $2,775 Special Assessment Amount $0 Special Assessment Comments None Total Tax Liability $2,775 Property Tax Comments The 2018 and 2019 taxes have been paid. The assessment for the subject underlying land (127 Fee Parent Tract and 128 Fee Parent Tract) is currently $49,314 and $33,943 per acre respectively prior to exemptions. Based on our valuation analysis, the subject's assessment appears low. Page 22 VANDERBILT BEACH ROAD EXTENSION HIGHEST AND BEST USE HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 ■ Physically possible for the land to accommodate the size and shape of the ideal improvement. ■ Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. ■ Financially feasible to generate sufficient income to support the use. ■ Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As If Vacant Physically Possible The parent tract consists of two adjacent parcels. Tax parcel folio #36862880005 (127 FEE Parent Tract) consists of 2.50944 acres or 109,311 square feet with 165 feet of frontage along 29th Street NW. Tax parcel folio #36862880102 (128 FEE Parent Tract) consists of 3.8966 acres or 169,738 square feet with 254 feet of frontage along 29th Street NW and 662 feet along Vanderbilt Beach Road. There is a drainage canal running parallel to Vanderbilt Beach Road. There is no access to Vanderbilt Beach Road from 29th Street NW as there is no bridge over the canal. The parent tract (tax parcel folio #36862880102) is encumbered by a 30-foot wide right- of-way easement along the eastern property line bordering the property's frontage to 29th Street NW and an 80-foot wide road drainage easement along the northern property line bordering the property's frontage to Vanderbilt Beach Road. The parent tract (tax parcel folio #36862880005) is encumbered by a 30-foot wide right-of-way easement along the eastern property line bordering the property's frontage to 29th Street NW. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value before the taking. However, a current title report was not provided for the purpose of this appraisal. The physical characteristics of the subject tract should reasonably accommodate any use that is not restricted by its size. The subject's utilities are typical and adequate for the market area. The sites are rectangular. The site is located in a FEMA flood zone AH area per FEMA Flood Map Number: 12021 C 0410H, dated May 16, 2012, which is classified as a flood hazard area. I The Dictionary of Real Estate Appraisal 6th ed. (Chicago: Appraisal Institute, 2015) Page 23 VANDERBILT BEACH ROAD EXTENSION HIGHEST AND BEST USE There are no known physical reasons that would unusually restrict development. The site is considered to have a functional utility suitable for a variety of uses. Legally Permissible The subject site is zoned Estates (E), which permits uses that include single-family dwellings, family care facilities (subject to section 5.05.04), essential services (as set forth in section 2.01.03), and schools, public, including educational plants. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only single-family uses are given further consideration in determining the highest and best use of the site, as if vacant. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. From 2006 through early/mid 2011 the Southwest Florida real estate market had been in those stages of the real estate cycle best described by The Appraisal of Real Estate, 14`h Edition as decline and recession. The residential market has stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Aside from some signs of an upcoming decline, characterized by positive but falling demand, the overall real estate market was projected to continue to increase at a stabilized rate through 2020 prior to the coronavirus outbreak. The trajectory of the Southwest Florida economy and its real estate sector will depend on how widely the virus spreads, and how long containment policies like social distancing need to be maintained. Based on other areas of the world that have experienced the pandemic and have since trended positively in seeing a reduced number of new cases, there is optimism the current market disruption could be short-term. On this basis, barring unforeseen changes in the market, if developed with a well - designed residential product that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Single- family residential development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, single-family residential development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size, class, and location of the property, the most probable buyer is an owner -user. Page 24 VANDERBILT BEACH ROAD EXTENSION VALUATION METHODOLOGY VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor's perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. Page 25 VANDERBILT BEACH ROAD EXTENSION VALUATION METHODOLOGY ANALYSES APPLIED A cost analysis was considered and was not developed because the subject tract is analyzed as vacant land. However, the Cost Approach is utilized to estimate the contributory depreciated value of the site improvements (if any) taken. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. Page 26 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH VALUATION ANALYSIS OF PARENT TRACT SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Page 27 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH Comp Address Date Price City Acres Price Per Acre Comments Subject 29th Street NW 7/2/2020 Naples 6.406 1 SWC 3rd Ave SW and Weber Blvd S 5/26/2020 S400,000 Heavily treed parcel located at the SWC of 3rd Ave SW and Weber Blvd S. in Weber Woods. Listed in 2/20 for $450,000. Naples 5.000 $80,000 2 35I03rd Ave SW 10/29/2019 $230,000 Heavily treed parcel located along south side of 3rd Ave SW in Weber Woods. Listed in 8/19 for $249,900. Naples 2.500 $92,000 3 265 29th St NW 5/26/2020 $225,875 Single-family home (built 1982) was demolished with—eption of the concrete slab and 18x40 plastic pool. Electric, septic, well, and irrigation are in place. A 1,500 SF building (1996) with steel beams and roll down garage doors and a separate storage Naples 2.500 $90,350 shed. Seller had custom architectural plans available to build on the current slab. Listed for $329,900 in 7/ 18 and reduced multiple times. Most recent reduction to $250,000 in 12119. 4 29th St NW 6/12/2020 $164,000 Heavily treed parcel located along east side of 29th St NW. Listed for $178,000 on 1/23/20. Collier County ERP Wetlands Determination letter dated 4/30/14 concludes the parcel does not compromise wetlands and will not require and ERP for development. Naples 2.500 $65,600 5 l lth Ave SW 3/13/2020 $87,000 Heavily treed parcel located along north side of 1Ith Ave SW. Listed for $100,000 on 10/29/19. Naples 1.136 $76,558 Comparables Map ..7n�iM1jlilli F14;.:.b flit C rY-+n tSatc •IL1 13Yf n • • • N1 a p data Q2020 Page 28 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 29 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Vanderbilt Beach Road SWC 3rd Ave SW and 3510 3rd Ave SW 265 29th St NW 29th St llth Ave SW Extension Weber Blvd Address 29th Street NW SWC 3rd Ave SW and 3510 3rd Ave SW 265 29th St NW 29th St NW I Ith Ave SW Weber Blvd S City Naples Naples Naples Naples Naples Naples Date 7/2/2020 5/26/2020 10/29/2019 5/26/2020 6/12/2020 3/13/2020 Price $400,000 $230,000 $225,875 $164,000 $87,000 Acres 6.41 5.00 2.50 2.50 2.50 1.14 Acre Unit Price $80,000 $92,000 $90,350 $65,600 $76,558 Trans action Adjustments Property Rights Fee Simple Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.09/6 Fee Simple 0.01/. Fee Simple 0.0% Financing Cash to seller 0.00/, Cash to seller 0.0% Conventional 0.00/, Cash to seller 0.00% Cash to seller 0.0% Conditions of Sale Arms Length 0.00/, Ands Length 0.0% Arm's Length 0.0% Ands Length 0.00/, Arm's Length 0.0% Adjusted Acre Unit Price $80,000 $92,000 $90,350 $65,600 $76,558 Market Trends Through 7/2/2020 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Adjusted Acre Unit Price $80,000 $92,000 $90,350 $65,600 $76,558 Location Weber Woods Weber Woods Weber Woods Golden Gate Estates Golden Crate Estates Golden Crate Estates %Adjustment -101/. -10% 0% 0°/ -10% $ Adjustment 2.51 and 3.90 48,000 5.00 -$9,200 2.50 $0 2.50 $0 2.50 -$7,656 1.14 Acres Frontage / Depth 165 x662 ; 254 x 662 330 x 660 165 x660 165 x 660 165 x660 75 x 660 %Adjustment 00/ 0% 01/ 01/ 5% $ Adjustment I None Known $0 None Known $0 None Known $0 Shed/Well/Septic $0 Uplands $3,828 None Known Topography / Wetlands %Adjustment 0^/ 0^/ -221/. 01/. 01/. $ Adjustment E- Estates $0 E-Estates $0 E- Estates -$20,000 E- Estates $0 E- Estates $0 E- Estates Zoning Type %Adjustment 00/ 0o/ 01/. 01% 01/ $Adjustment $0 $0 $0 $0 $0 Adjusted Acre Unit Price $72,000 $82,800 $70350 $65,600 $72,730 Net Adjustments -10.01/. -10.0% -22.1% 0.0% -5.011. Gross Adjustments 10.0% 10.w/ 22.1% 0.0% 15.0% Page 30 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm's length transactions; therefore, no adjustments for conditions of sale are required. Economic Trends This appraisal was performed following public awareness that COVID-19 was affecting residents in the United States. At the time of the appraisal, COVID-19 was beginning to have widespread health and economic impacts. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value. As discussed, aside from some signs of an upcoming decline, characterized by positive but falling demand, the overall real estate market was projected to continue to increase at a stabilized rate through 2020 prior to the coronavirus outbreak. The trajectory of the Southwest Florida economy and its real estate sector will depend on how widely the virus spreads, and how long containment policies like social distancing need to be maintained. Based on other areas of the world that have experienced the pandemic and have since trended positively in seeing a reduced number of new cases, there is optimism the current market disruption could be short-term. According to the May 2020 Market Report released by the Naples Area Board of Realtors (NABOR), overall closed sales decreased 49.6% in May 2020 compared to closed sales in May 2019. Year-to-date closed sales are down 8.5% from 2019 year-to-date sales. Inventory decreased as well, May 2020 inventory decreased by 27.2% as compared to May 2019. However, the May report also confirms home values remain stable with the year-to-date median closed price of $347,750 up 2.3% from the 2019 year-to-date median price of $340,000. The May 2020 median price of $333,000 declined 6.1% from the May 2019 median price of $354,450. The following table summarizes single family metrics within the subject's East Naples market area. East Naples is defined by NABOR as Zip Codes 34114, 34117, 34120, 34137 which consists generally of properties east of Collier Boulevard. Page 31 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH East Naples 34114, 34117, 34120, 34137 Single Family May Year -to -Date NKBM ,qWe..edrdrt.r>�. New Listings 190 200 + 5.3% 1,064 1,030 - 3.2E Closed Sales 177 109 - 38.4% 695 697 + 0.3E Days on Market Until Sale 110 97 - 11.8E 101 93 - 7.9E Median Closed Price' $355,000 5360,000 + 1.4% $340,000 $348,000 +2.4% Average Closed Price' $4C3,402 $442,878 + 9.8°% $415,732 $417,997 + 0.5% Percent of Current List Price Received' 97.2E 97.3E + 0.1 % 96.8E 97.3% + 0.5°h Inventory of Homes for Sale 972 660 - 32.1 % — — Months Supply of Inventory 7.7 4.7 - 39.0% — — — Does not account for sale concessions andlor downpayment assistance. I Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size. As shown, the number of new listings is down 3.2% year-to-date while the number of closed sales is essentially flat year-to-date. The median closed price increased by 2.4% year-to-date and the average sales price increased by 0.5%. However, it is noted this is unadjusted raw data and does not relate directly to the subject. The sales all occurred within the last nine months. Based on the preceding analysis and considering underlying land will have a similar trend as single-family homes, a market conditions adjustment is not applied. Location The subject and Comparables 3 and 4 are all located along 29th Street NW which is east of the Cypress Canal and accessed from Golden Gate Boulevard West. Comparables 1 and 2 are located within the area known as Weber Woods and accessed from Weber Boulevard. Comparable 5 is located west of the Cypress Canal and south of White Boulevard. It is just south of Weber Woods and is accessed from 39th Street SW. Comparables 1, 2, and 5 are all considered superior to the subject location. Size / Configuration For this analysis, the comparables range in size from 1.14 to 5.00 acres in size. They range from 75' x 660' to 330' x 660'. The subject parent tract consists of two adjacent parcels consisting of 2.51 (165' x 662') and 3.89 acres (254' x 662'). The 3.90 acre parcel is encumbered by an 80 foot wide drainage easement/canal along the northern border indicating a usable area of approximately 2.65 acres or 174' x 662'. Comparable 1 is larger than the subject parent tract and can legally be subdivided into two separate parcels. Comparables 2, 3, and 4 are similar to the subject parent tract. Comparable 5 is a legally non -conforming lot with only 75 feet of frontage and is significantly smaller than the subject parent tract. Comparable 5 is considered inferior to the subject and adjusted upward appropriately. Page 32 VANDERBILT BEACH ROAD EXTENSION SALES COMPARISON APPROACH Topography / Wetlands For this analysis, the subject and the comparables are considered to be uplands with no wetland areas. Comparable 3 included a 1,500 square foot shed (1996), well and septic. It is adjusted downward to account for the estimated contributory value of the improvements. Zoning All of the comparables are relatively similar in terms of zoning type; therefore, no adjustments are required. Sales Comparison Approach Conclusion — Land Valuation Lastly, I consider the 128 Fee Parent Tract is encumbered by a 80-foot wide drainage easement along the northern property line bordering the property's frontage to Vanderbilt Beach Road. The entirety of the drainage easement is located within the part taken. Based on the preceding analysis, I arrive at my final overall reconciled per acre value of $75,000 for the parent tract associated with Parcel 127 Fee and $67,000 for the parent tract associated with Parcel 128 Fee. Land Value Ranges & Reconciled Values Number of Comparables: 5 Unadjusted Adjusted % a Low: $65,600 $65,600 0.00% High: $92,000 $82,800 -10.00% Average: $80,902 $72,696 -10.14% 127 Fee Parent 128 Fee Parent Tract Tract Reconciled Value/Unit Value: $75,000 $67,000 Subject Size: 2.50943 3.89665 Indicated Value: $188,207 $261,075 Reconciled Final Value: $188,200 $261,100 Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local retail market it is our opinion that the probable marketing and exposure time for the parent tract is 6 months to 12 months. Page 33 VANDERBILT BEACH ROAD EXTENSION DESCRrPTION OF PART TAKEN VALUATION ANALYSIS OF PART TAKEN AND REMAINDER PROPERTY DESCRIPTION OF PART TAKEN Parcel No. 127 and 128 FEE is a Fee Simple Acquisition for the expansion and extension of Vanderbilt Beach Road from Collier Boulevard to 16th Street NE. Plans include the widening of Vanderbilt Beach Road from two lanes to a six -lane divided road with a planted median and extension of the existing roadway to 16th Street NE. Proposed improvements include minor improvements to existing intersecting streets including Weber Boulevard, Massey Street and Douglas Street. New roadway intersections at Wilson Boulevard, 8th Street NE and 16th Street NE are also proposed. Additionally, a new traffic signal at the Vanderbilt Beach Road/Wilson Boulevard intersection and the relocation of the Cypress Canal from 29th Street NW to 15th Street NW is planned. The part taken consists of all of tax folio parcel #36862880102 and a triangular section at the northeast corner of tax folio parcel #36862880005. Land Area: 127 Fee: 0.46788 acres; 20,381 square feet 128 Fee: 3.8966 acres; 169,738 square feet Total: 4.36453 acres; 190,119 square feet Shape: Triangular (127 Fee) and Rectangular (128 Fee) Approximate Dimensions: 20,381 (127 Fee) and 169,738 (128 Fee) Easement and Encumbrances: The 30-wide drainage easement along the northern property line is located entirely within the part taken. Proposed Improvements Taken: The part taken is heavily wooded with natural vegetation. There are no site improvements taken. Page 34 VANDERBMT BEACH ROAD ExnNsioN DESCRrPTION OF PART TAKEN Aerial - Part Taken A c. ON, V-, 1 r y. Approximate boundary lines of 128 Fee part taken shown in green and the approximately boundary lines of 127 Fee part taken is shown in blue. Page 35 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF PART TAKEN Sketch and Legal Description of Proposed Part Taken - 127 Fee EKDE VANDERBILT BEACH ROAD ALEJMIDRIA 25 LLC ~~� OR 5234/399 �' ------ F� 503 TRACT 48 EAST LINE • Q' hi GOLDEN GATE ESTATES OF TRACT 48 UNIT 6 I Ln NORTH LINE SOUTH 165' PLAT BOOK 4 PAGE 93 PROPOSED PARCEL 127 FEE 30'j� TRACT 48 'NB9'30'29E 592.10' 20'381 �' Ff.I(I) N � - } �1&Y45'37_W U �- S00'21'50"E 420.00, AL=88.22' 61, a7' R=7613.00' ALEJIIIDRR 25 LLC AL=87.72' _ , a=O'39'50" OR 5234/399 R=7987.00' POINT OF �B=N84'05'32"W A=O'37'45" BEGINNING CH-88.22' CB=N84'04'30'W CH=87J2' NOD'21'50"W II} 96.13' "J I I I N SO.FT. SQUARE FEET EXDE EXISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 93 FEE PROPOSED FEE SIMPLE ACQUISITION W E OR OFFICIAL RECORDS (BOOK/PAGE) PROPOSED FEE SIMPLE PARCEL ®EXISTING ROADWAY EASEMENT DEDICATED TO THE PERPETUAL S USE OF THE PUBLIC PER PLAT BOOK 4, PAGE 93. LEGAL DESCRIPTION (PAR 127 FEE) A PORTION CIF TRACT 48, GOLDEN GATE ESTATES UNIT 6, AS RECORDED IN PLAT BOOK 4, PAGE 93, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORTA, LYING IN SECTION 1, TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA. BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID TRACT 48; THENCE 14.00-21'50'W., ALONG THE EAST UNE OF SAID TRACT 48, FOR 96.13 FEET TO A POINT ON A CURVE AND THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL; THENCE WESTERLY 87.72 FEET ALONG THE ARC OF A NON -TANGENTIAL CURVE TO THE RIGHT HAVING A RADIUS OF 7,987.00 FEET THROUGH A CENTRAL ANGLE OF 00'37'45" AND BEING SUBTENDED BY A CHORD WHICH BEARS N.8CO4.'3O'W. FOR 87.72 FEET; THENCE N.8X4,5'37W., FOR 420.00 FEET TO A POINT OF CURVATURE; THENCE WESTERLY 88.22 FEET ALONG THE ARC OF A TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 7.613.00 FEET THROUGH A CENTRAL ANGLE OF 00'39'50" AND BEING SUBTENDED BY A CHORD WHICH BEARS N_84'05'32•W. FOR 88.22 FEET TO A POINT ON THE NORTH LINE OF THE SOUTH 155 FEET OF SAID TRACT 48; THENCE N.89'30'29"E., ALONG SAID NORTH LINE, FOR 592.10 FEET TO THE EAST LINE OF SAID TRACT 48; THENCE S.00'21'50'E.. ALONG SAID EAST LINE, FOR 68.87 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED HEREIN; CONTAINING 20.3BT SQUARE FEET OR 0.47 ACRES, MORE OR LESS. {{1111lII! BEARINGS ARE BASED ON STATE PLANE COORDINATES, FLORIDA EAST ZONE. {{1 "' "v i fic TE - ROW af�•.,w„� - Q'. •' 3t,N 1 1 2020 - CID. S3or ;co �f .... , anc! Sub D OD 100 240 .• 'r''r+�II f +, (C .0w, A �,��ppp PX9F651RML 5 1�. SKETCH & DESCRIPTION ONLY NOT A BOUNDARY SURVEY SCM& 1"-low FWRPM rar,�sri TOTa ;Elnn n W. 1 S"No DKM. FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS M� M W MCw • WARD, PL5 VANDERBILT BEACH ROAD EXTENSION SKETCH *— WSCRIPTION OF: PROPOSED FEE SIMPLE JRss o xeuw rFbrm 3 su'r.2ac NapWc. FKD yI1p9 PARCEL 127 FEE ACQUISMUN Ph— 199919 LBW69AX Iza91597-os�x COLDER CO�nDRIDA ENGINEERING 060119.06.00 1 1 1 01 1 4os 1 26F 1 1" - 120' 1 OF 1 Page 36 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF PART TAKEN Sketch and Legal Description of Proposed Part Taken - 128 Fee POINT OF NORTH UNL OF BEGINNING TRACT 4B N89'53'44' 62,49' E]fC1C �— VANDERBILT BEACH ROAD - PROPOSED FARM 128 FEE - .a 169,738 SO. Fr. N N r_] z ALEiAN" 25 LLC N OR 5234/399 EXISTING ROADWAY 30' EASEMENT PH 4, PG 93 S8T30'29-W 662.15' NORTH LINE TRACT 48 SOUTH 165' GOLDEN GATE ESTATES — TRACT 48 TRACT 17 UNIT 6 PLAT BOOK 4 PAGE 93 F— WEST LINE EAST LINE W OF TRACT 48 ALCJANDRIA 25 LLC OF TRACT 48 OR 5234/3" N I I SOFT. SQUARE FEET EXDE EXISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 93 FEE PROPOSED FEE SIMPLE ACQUISITION W E OR OFFICIAL RECORDS (BOOK/PAGE) PROPOSED FEE SIMPLE PARCEL S LEGAL DESCRIPTION (PARCEL 12B FEE) A PORTION OF TRACT 48. GOLDEN GATE ESTATES UNIT 5, AS RECORDED IN PLAT BOOK 4, PAGE 93, OF THE PUBLIC RECORDS OF CULLIER COUNTY, FLORIDA. LYING IN SECTION 1, TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA. BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID TRACT 48; THENCE N.89'53'44•E., ALONG THE NORTH LINE OF SAID TRACT 48, FOR 662.49 FEET: THENCE S.00'21'50'E.. ALONG THE EAST LINE OF SAID TRACT 48, FOR 254.04 FEET; THENCE S.89'30'29'W„ ALONG THE NORTH LINE OF THE SOUTH 165 FEET OF SAID TRACT 48, FOR 662.15 FEET: THENCE N.W26'24W., ALONG THE WEST LINE OF SAID TRACT 48. FOR 258.52 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED HEREIN: CONTAINING 169.738 SQUARE FEET, MORE OR LESS. ,,�9999IlrF,, BEARINGS ARE BASED ON STATE PLANE COORDINATES, FLORIDA EAST ZONE �,n\G1(1ae! :.,.�ettrficare t �ao� �•' TE - ROW -^ 5307 - jUL 17 2020 Lof ��- rQf•-... �aCa d 5m ` I SKETCH & DESCRIPTION ONLY a i u c ruXOo. a�io+'9N NOT A BOUNDARY SURVEY SAALM. I--Lw°"�' FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS Mwrirmun n •—D.fws� VANDERBILT BEACH ROAD EICTENSION SKETCH & DESCRIPTION OF: PROPOSED FEE SIDLE "w 689E W9a.P. NN . S.u.200 N.PI- FI— M,N PARCEL 128 FEE ACQUISITION Ph— f239I597-0M76 FAX 123915V] 5] I.--La Ne,: 6g52 COLLIER COUNTY. FLORIDA ENGINEERING JOB NUMBER REyI$IDN SECTION TOWNSHIP RANGE SCALE DATE DRAWN 9Y FILE NAME SHEET 060119.06.00 2 01 495 26E 1" = 12D' 7 15 20 DAM SK126FEE 1 DF 1 Page 37 VANDERBILT BEACH ROAD EXTENSION VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN VALUE ANALYSIS PROPOSED PROPERTY RIGHTS AND IMPROVEMENTS TAKEN The market value of the fee simple interest of the parent tract was previously estimated via the Sales Comparison Approach to have a unit value of $75,000 per gross acre for the parent tract associated with Parcel 127 Fee and $67,000 per gross acre for the parent tract associated with Parcel 128 Fee. The part taken is valued as part of the whole; therefore, this value will serve as a basis of value for the valuation of the property rights taken. As previously stated, Parcel No. 127 and 128 FEE is a Fee Simple Acquisition for the expansion and extension of Vanderbilt Beach Road from Collier Boulevard to 16th Street NE. Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) An adjustment for the Drainage Easement was considered within the parent tract valuation for the 128 Fee Parent Tract. Therefore, Parcel No. 127 and 128 FEE includes 100% of the fee simple value resulting in an estimated overall unit value. Value of Improvements Taken The part taken is heavily wooded with natural vegetation. There are no site improvements taken. The concluded value of the Land and Property Rights Taken as well as the Improvements Taken is shown in the following table. Value Indications Proposed Property Rights and hnprovements Taken Fee Value per % of Indicated Value Indicated Rounded Acres Total Value Acre Fee per Acre Value Value Proposed Part Taken Fee Simple Land Taken- 127 Fee $75,000 100% $75,000 0.46788 $35,091 $35,100 Fee Simple Land Taken- 128 Fee $67,000 100% $67,000 3.89665 $261,075 $261,100 Improvements Taken $0 Total $296,200 The valuation of the remainder property, as part of the whole is shown in the following table. VALUE INDICATIONS REMAINDER PROPERTY, AS PART OF THE WHOLE 127 Fee 128 Fee Market Value of the Parent Tract, Before the Taking: $188,200 $261,100 Less Market Value of the Proposed Part Taken: $35,100 $261,100 Total Market Value of the Remainder Property, $153,100 $0 As Part of the Whole: Effective Date(s) July 2, 2020 July 2, 2020 Page 38 VANDERBILT BEACH ROAD EXTENSION DESCRIPTION OF REMAINDER PROPERTY AS SEVERED VALUATION ANALYSIS OF REMAINDER PROPERTY AS SEVERED DESCRIPTION OF REMAINDER PROPERTY AS SEVERED The parent tract associated with Parcel 127 Fee consists of 2.5094 acres or 109,311 square feet. The parent tract associated with Parcel 128 Fee consists of 3.8966 acres or 169,738 square feet. Parcel 128 Fee is a complete take with no remainder. The remainder parent tract associated with Parcel 127 Fee will consist of 2.04155 acres or 88,930 square feet. The remainder property's overall access, availability to utilities, topography, land use designation, and zoning are unchanged. The remainder parent tract associated with Parcel 127 Fee will have a legally non -conforming lot size (2.04 acres vs. required 2.25 acres min.) in the after condition. REMAINDER PROPERTY, AFTER THE TAKING Land Area: Total: 2.04155 acres; 88,930 square feet Shape: Trapezoid MOL Road Frontage/Access: The remainder property has average access with frontage as follows: • 29th Street NW: 96 feet The site has an average depth of approximately 165 feet. It is not a corner lot. Improvements: None Existing/Proposed Easements and The remainder parcel will be encumbered by a 30-foot Encumbrances: wide right-of-way easement along the eastern property line bordering the property's frontage to 29th Street NW. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value after the taking. However, a current title report was not provided for the purpose of this appraisal. Proposed Acquisition: A Fee Simple Acquisition of 190,119 square feet consisting of all of tax folio parcel #36862880102 and a triangular section at the northeast corner of tax folio parcel #36862880005. Highest and Best Use As Vacant Single-family residential development As Improved N/A VALUE ANALYSIS REMAINDER PROPERTY As SEVERED After the taking, there will be a fee simple acquisition of 190,119 square feet consisting of all of tax folio parcel #36862880102 and a triangular section at the northeast corner of tax folio parcel #36862880005. Therefore, Parcel No. 127 and 128 FEE includes 100% of the fee simple value with no residual value to the remainder property. Taking parcel 128 Fee consumes the entirety of its parent tract (identified as tax parcel folio # 36862880102). Taking parcel 127 Fee is a partial acquisition from its 2.5094 acre parent tract (identified as tax parcel folio #36862880005) resulting in remainder parent tract lands of 2.04155 acres. Most competitive residential parcels in the subject area of Page 39 VANDERBILT BEACH ROAD EXTENSION VALUE ANALYSIS REMAINDER PROPERTY As SEVERED the Golden Gate Estates plat have lot sizes which exceed the Estates zoning minimum of 2.25 acres. While lot sizes in the Golden Gate Estates market area below minimum size requirements are not uncommon (and typically remain buildable) the appraiser recognizes that a minor narrowing of the pool of potential buyers may result; this factor is considered accordingly. Value of Remainder Land The remainder land will be damaged after the taking due to the new divided roadway adjacent to the remainder parent tract along with a remainder tract lot size below the 2.25 acre minimum. Parcel 128 Fee is a complete take with no remainder. The northern border of Parcel 127 Fee Parent Tract is located approximately 270 feet from Vanderbilt Beach Road before the taking. It will be located approximately 145 feet after the taking and continue to be buffered by the relocated approximately 30 foot wide canal. The amount of overall obsolescence is estimated based on an analysis of similar properties as well as discussions with market participants. The overall obsolescence is applied to the value of the remainder parent tract associated with Parcel 127 Fee as shown in the following table. Value of Remainder Land Value of Remainder Land before External Obsolescence $153,100 Overall Obsolescence Adjustment 15.0% $22,965 Value of Remainder Land $130,135 Rounded $130,100 Page 40 VANDERBILT BEACH ROAD EXTENSION SEVERANCE DAMAGES TO THE REMAINDER PROPERTY SEVERANCE DAMAGES TO THE REMAINDER PROPERTY 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 considered a benefit. Severance damages are calculated in the following table. Severance Damages to the Remainder Property Value of the Whole $449,300 Less Value of the Part Taken $296,200 Value of the Remainder Property as Part of the Whole $153,100 Value of the Remainder Property as Severed $130,100 Difference (Severance Damages) $23,000 Rounded: $23,000 COST TO CURE ANALYSIS Based on the analysis of the remainder property, there is no net cost to cure. SPECIAL BENEFITS ANALYSIS Based on the analysis of the remainder property, there are no special benefits. Page 41 VANDERBILT BEACH ROAD EXTENSION SUMMARY AND CONCLUSION SUMMARY AND CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of July 2, 2020, subject to the Limiting Conditions and Assumptions of this appraisal. Parcel No. 127 and 128 FEE Fee Value per % of Indicated Value Indicated Rounded Acre Fee perAcre Acres Value Value Total Value Parent Tract Before the Taking Land - (127 Fee Parent Tract) $75,000 100% $75,000 2.50943 $188,207 $188,200 Land -(128Fee Parent Tract) $67,000 100% $67,000 3.89665 $261,075 $261,100 Improvements $0 Total $449,300 Proposed Part Taken Fee Simple Land Taken- 127 Fee $75,000 100% $75,000 0.46788 $35,091 $35,100 Fee Simple Land Taken- 128 Fee $67,000 100% $67,000 3.89665 $261,075 $261,100 Improvements Taken $0 Total $296,200 Remainder Property, as Part of the Whole 127 Fee Remainder $153,100 128 Fee Rerminer $0 Total $153,100 Remainder Property Land Area- 127 Fee 2.04155 $130,135 $130,100 Improvements $0 Total $1309100 Damages $23,000 Special Benefits $0 Net Damages $23,000 Summary of Total Compensation Fee Simple Land Taken- 127 Fee $75,000 100% $75,000 0.46788 $35,091 $35,100 Fee Simple Land Taken- 128 Fee $67,000 100% $67,000 3.89665 $261,075 $261,100 Value ofImprovements Taken $0 Total $296,200 Net Damages $23,000 Net Cost to Cure $0 Total Amount Due Owner $319,200 Significant Factor The world, including the United States, is in the midst of health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). Health issues have led to substantially lower economic activity and uncertainty which has greatly increased the probability of recession. The depth and length of any economic ramifications from the COVID 19 pandemic are unclear at this time. The effects of COVID-19 on the real estate market in the area of the subject property were not yet measurable based on reliable data. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). Page 42 VANDERBILT BEACH ROAD EXTENSION SUMMARY AND CONCLUSION The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: It is a hypothetical condition the proposed acquisition and the proposed roadway improvements have been completed as of the effective date of the appraisal. Extraordinary Assumptions: None. Page 43 VANDERBILT BEACH ROAD EXTENSION CERTIFICATION CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined 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 directly related to the intended use of this appraisal. 7. 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 & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 44 VANDERBILT BEACH ROAD EXTENSION CERTIFICATION 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0800 Ext. 203 Page 45 VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 46 VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 47 VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non -conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non -accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 48 VANDERBILT BEACH ROAD EXTENSION ASSUMPTIONS AND LIMITING CONDITIONS 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third parry may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 49 VANDERBILT BEACH ROAD EXTENSION ADDENDA - APPRAISER QUALIFICATIONS ADDENDA &KL VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS &KL VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS APPRAISAL AND CONSULTING RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our over 80-years of combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. ACC EL M. ZUCCH I, MAI, CCIM 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 C. LOWRY, MAI. CPA Phone: 239-596-0800 OUIS C. BOBBITT, MAI www.rklac.com 1 VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 — Present) President of D&R Realty Group, Inc. Naples, FL (2009 — Present) Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida Naples, FL (2003 — 2009) Research Associate, Integra Realty Resources — Southwest Florida Naples, FL (2002-2003) PROFESSIONAL Member: Appraisal Institute — MAI Certificate Number 451177 ACTIVITIES: President: Appraisal Institute Florida Gulf Coast Chapter (2020) Vice President: Appraisal Institute Florida Gulf Coast Chapter (2019) Secretary / Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 / 2018) Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2020) Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 & 2016) LDAC Attendee: Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) Member: CCIM Institute - CCIM Designation Pin Number 21042 Member: Naples Area Board of REALTORS Licensed: Florida State Certified General Real Estate Appraiser License No. RZ 2984 Licensed: Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County EDUCATION: Bachelor of Arts Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Honor Society, Key Club, Phi Eta Sigma Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office -buildings, industrial warehouse/distribution, multi -family and single family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. ° &KL VANDERBILT BEACH ROAD EXTENSION ADDENDUM A - APPRAISER QUALIFICATIONS RICK SCOTT, GOVERNOR JONATHAN ZACHEM, SECRETARY dbpr WE STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES ZUCCHI, RACHEL 4500 EXECUTIVE DRIVE F�a SUITE 300 NAPLES FL 34119 LICENSE NUMBER: RZ2984_� EXPIRATION DATE: NOVEMBER 30, 2020 Always verify licenses online at MyFloridaLicensexom Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Ejw q *RU VANDERBILT BEACH ROAD EXTENSION ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION EXDE VANDERBILT BEACH ROAD 496 ��- --_ 97 �g` 500 ALEJANDRIA 25 LLC OR 5234/399 AL=88.22' R=7613.00' A=O'39'50" N84'05'32"W CH=88.22' SQ.FT. SQUARE FEET TRACT 48 GOLDEN GATE ESTATES NORTH LINE UNIT 6 SOUTH 165' PLAT BOOK 4 PAGE 93 TRACT 48 i Zz -4 _ 5021 W EAST LINE ry OF TRACT 48 PROPOSED -, 30' j S PARCEL 127 FEE +, N89'30'29"E 592.1020,381 SQ. FT. N 83'45'37"ty 420.00, ALEJANDRIA 25 LLC OR 5234/399 AL=87.72' R=7987.00' A=O'37'45" CB=N84'04'30"W CH=87.72' / POINT OF CDMMENCEMEN EXDE EXISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 93 FEE PROPOSED FEE SIMPLE ACQUISITION OR OFFICIAL RECORDS (BOOK/PAGE) F__1 PROPOSED FEE SIMPLE PARCEL EXISTING ROADWAY EASEMENT DEDICATED TO THE PERPETUAL USE OF THE PUBLIC PER PLAT BOOK 4, PAGE 93. 503 S00'21 '50"E 68.87' POINT 0 l SEGINNINGI N00'21'50"W 96.13' N W E S LEGAL DESCRIPTION (PAR �FEE) A PORTION OF TRACT 48, GOLDEN GATE ESTATES UNIT 6, AS RECORDED IN PLAT BOOK 4, PAGE 93, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, LYING IN SECTION 1, TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID TRACT 48; THENCE N.00'21'50"W., ALONG THE EAST LINE OF SAID TRACT 48, FOR 96.13 FEET TO A POINT ON A CURVE AND THE POINT OF BEGINNING OF THE HEREIN DESCRIBED PARCEL; THENCE WESTERLY 87.72 FEET ALONG THE ARC OF A NON -TANGENTIAL CURVE TO THE RIGHT HAVING A RADIUS OF 7.987.00 FEET THROUGH A CENTRAL ANGLE OF 00'37'45" AND BEING SUBTENDED BY A CHORD WHICH BEARS N.84'04'30"W. FOR 87.72 FEET; THENCE N.83'45'37"W., FOR 420.00 FEET TO A POINT OF CURVATURE; THENCE WESTERLY 88.22 FEET ALONG THE ARC OF A TANGENTIAL CURVE TO THE LEFT HAVING A RADIUS OF 7.613.00 FEET THROUGH A CENTRAL ANGLE OF 00'39'50" AND BEING SUBTENDED BY A CHORD WHICH BEARS N.84'05'32"W. FOR 88.22 FEET TO A POINT ON THE NORTH LINE OF THE SOUTH 165 FEET OF SAID TRACT 48; THENCE N.89'30'29"E., ALONG SAID NORTH LINE, FOR 592.10 FEET TO THE EAST LINE OF SAID TRACT 48; THENCE S.00'21'50"E., ALONG SAID EAST LINE, FOR 68.87 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED HEREIN; CONTAINING 20,381 SQUARE FEET OR 0.47 ACRES, MORE OR LESS. BEARINGS ARE BASED ON STATE PLANE COORDINATES, FLORIDA EAST ZONE. JUN 11 2020 0 60 120 SKETCH & DESCRIPTION ONLY NOT A BOUNDARY SURVEY SCALE: 1"=120' FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS VANDERBILT BEACH ROAD EXTENSION SKETCH ik DESCRIPTION OF: PROPOSED FEE SIMPLE PARCEL,127 FEE ACQUISITION COLLIER COUNTY, FLORIDA V 240 ,%ti%11111*01 �%% �,Ghael q ••,� • o• - _ CD r ` N1a '4.. wF7a►�a'• o` •;�4and 5u'�0 MODHAEL A. PROFESSIONALS 5111NEYDR FLORIDA REGISTRATION CERTIFICATE NO. 530I SIGNING DATE: THE SEAL APPEARING ON THIS DOCUMENT WAS AUTHORIZED BY MICHAEL A WARD, PLS ENGINEERING 6610 Willow Park Drive, Suite 200 Naples, Florida 34109 Phone: (239) 597-0575 FAX: (239) 597-0578 LB No.: 6952 JOB NUMBER I 0601 9.06.00 REVISION I SEC0T10N I TOWNSHIP I RANGE I 1 „ SCALE120' I 5/5/20 I DR DAM I (SK127�FEE 1 OF SHEET POINT OF NORTH LINE OF BEGINNING TRACT 48 N89'53'44"E 662.49' EXDE 494 495 N 496 497 VANDERBILT BEACH ROAD o u7 In - ---- 50 N N PROPOSED w PARCEL 128 FEE a 169,738 SO. Fr. co O z . ALEJANDRIA 25 LLC O399 OR 5234 / EXISTING ROADWAY 30' EASEMENT PB 4, PG 93 S89'30'29"W 662.15 NORTH LINE TRACT 48 SOUTH 165' GOLDEN GATE ESTATES — — — - TRACT 48 TRACT 17 UNIT 6 PLAT BOOK 4 PAGE 93 WEST LINE PLAT LINE � OF TRACT 48 ALE)ANDRIA 25 LLC OF TRACT 48 OR 5234/399 � -- C) CV I N I SQ.FT. SQUARE FEET EXDE EXISTING DRAINAGE EASEMENT PER PLAT BOOK 4, PAGE 93 FEE PROPOSED FEE SIMPLE ACQUISITION W E OR OFFICIAL RECORDS (BOOK/PAGE) PROPOSED FEE SIMPLE PARCEL S LEGAL DESCRIPTION (PARCEL 128 FEE) A PORTION OF TRACT 48, GOLDEN GATE ESTATES UNIT 6, AS RECORDED IN PLAT BOOK 4, PAGE 93, OF THE PUBLIC RECORDS OF COLLIER COUNTY, FLORIDA, LYING IN SECTION 1, TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID TRACT 48; THENCE N.89'53'44"E., ALONG THE NORTH LINE OF SAID TRACT 48, FOR 662.49 FEET; THENCE S.00'21.50"E., ALONG THE EAST LINE OF SAID TRACT 48, FOR 254.04 FEET; THENCE S.89'30'29"W., ALONG THE NORTH LINE OF THE SOUTH 165 FEET OF SAID TRACT 48, FOR 662.15 FEET; THENCE N.00'26'24"W., ALONG THE WEST LINE OF SAID TRACT 48, FOR 258.52 FEET TO THE POINT OF BEGINNING OF THE PARCEL DESCRIBED HEREIN; CONTAINING 169,738 SQUARE FEET, MORE OR LESS. BEARINGS ARE BASED ON STATE PLANE COORDINATES, FLORIDA EAST ZONE. 0 80 120 240 SKETCH & DESCRIPTION ONLY - NOT A BOUNDARY SURVEY SCALE: 1"=120' FOR: COLLIER COUNTY GOVERNMENT BOARD OF COUNTY COMMISSIONERS VANDERBILT BEACH ROAD EXTENSION SKETCH & DESCRIPTION OF: PROPOSED FEE SIMPLE PARCEL 128 FEE ACQUISITION COLLIER COUNTY, FLORIDA ++"I111l IE'f'I %hae 1 * .•• cat '•.�'�Q O 5301 :m ' �'s� r e of Fioc'aa'• 0 I UCand �ffrlpr�+16 9Y: A WARD, NAL LAN, SURVEYOR It]A REGf5TR14n NO, 5301 SIGNING DATE: THE SEAL APPF� 9 DOCUMENT WAS AUTHDRI2m er IC A WARD. PLS ENGINEERING 6610 Willow Park Drive. Suite 200 Naples, Florida 34109 Phone: (239) 597-0575 FAX: (239) 597-0578 LB No.:6952 JOB NUMBER REVISION SECTION TOWNSHIP I RANGE SCALE DATE I DRAWN BY FILE NAME SHEET 060119.06.00 2 01 49S 26E 1" = 120' 7 15 20 1 DAM I SK128FEE 1 1 OF 1 VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA &KL VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA Transaction ID 5358 Date 5/26/2020 Address SWC 3rd Ave SW and Price $400,000 Weber Blvd S City Naples Price per Acre $80,000 State Florida Financing Cash to seller Tax ID 36760480002 Property Rights Fee Simple Grantor David Tobias Days on Market 2-3 Months Grantee New Era Building, Inc Verification Source Brandon Romero; MVP Realty Associates LLC Legal Description All of Tract 10, Golden Crate Estates, Unit No. 4 Site Acres 5.00 Topography Wooded Land SF 217,800 Zoning Type E - Estates Road Frontage 330 Environmental Issues Noneknown Depth 660 Shape Rectangular Encumbrance or 30' wide road ROW Easement along northerly/easterly property line, 3rd Ave Easement SW/Weber Blvd Comments Heavily treed parcel located at the SWC of 3rd Ave SW and Weber Blvd S. in Weber Woods. Listed in 2/20 for$450,000. VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA i ransaction ID 5357 Date 10/29/2019 Address 3510 3rd Ave SW Price $230,000 City Naples Price per Acre $92,000 State Florida Financing Cash to seller Tax ID 36764800002 Property Rights Fee Simple Grantor KMI Poperties Days on Market 2-3 Months Grantee New Era Building, Inc Verification Source Brandon Romero; MVP Realty Associates LLC Legal Description E 1/2 of Tract 84, Golden Gate Estates, Unit No. 4 Site Acres 2.5 Topography Wooded Land SF 108,900 Zoning Type E - Estates Road Frontage 165 Environmental Issues Noneknown Depth 660 Shape Rectangular Encumbrance or 30' wide road ROW Easement along northerly property line, 3rd Ave SW Easement Comments Heavily treed parcel located along south side of 3rd Ave SW in Weber Woods. Listed in 8/19 for $249,900. ` &KL H`t'�aC VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA 1 1 A113 QG LILU 11 ID 5356 Date 5/26/2020 Address 265 29th St NW Price $225,875 City Naples Price per Acre $90,350 State Florida Financing Conventional Tax ID 36862280003 Property Rights Fee Simple Grantor Timothy R and Teresa M. Days on Market 20 Months Hoover Grantee Portal Glass Florida, LLC Verification Source Traci Noteboom; Downing Frye Realty Legal Description S 1/2 of Tract 38, Golden Gate Estates, Unit No. 6 Site Acres 2.5 Topography Wooded Land SF 108,900 Zoning Type E - Estates Road Rrontage 165 Environmental Is sues None known Depth 660 Shape Rectangular Encumbrance or 30' wide road ROW Easement along eastern property line, 29th St NW Easement Comments Single-family home (built 1982) was demolished with exception of the concrete slab and 18x40 plastic pool. Electric, septic, well, and irrigation are in place. A 1,500 SF building (1996) with steel beams and roll down garage doors and a separate storage shed. Seller had custom architectural plans available to build on the current slab. Listed for $329,900 in 7/18 and reduced multiple times. Most recent reduction to $250,000 in 12/ 19. ` &KL H`t'�aC VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA Transaction ID 5362 Date 6/12/2020 Address 29th St NW Price $164,000 City Naples Price per Acre $65,600 State Florida Financing Cash to seller Tax ID 36863760108 Property Rights Fee Simple Grantor WS Naples, LLC Days on Market 3-4 Months Grantee Steven J. Buck and Verification Source Crary Butler; Downinf Frye Shawna M. Buck Realty Inc Legal Description S 1/2 of Tract 61, Golden Gate Estates, Unit No. 6 Site Acres 2.5 Topography Wooded Land SF 108,900 Zoning Type E - Estates Road Rrontage 165 13wironmentalIssues Noneknown Depth 660 Shape Rectangular Encumbrance or 30' wide road ROW Easement along western property line, 29th St NW Easement Comments Heavily treed parcel located along east side of 29th St NW. Listed for $178,000 on 1/23/20. Collier County ERP Wetlands Determination letter dated 4/30/14 concludes the parcel does not compromise wetlands and will not require and ERP for development. ` &KL VANDERBILT BEACH ROAD EXTENSION ADDENDUM C - COMPARABLE DATA i ransaction ID 5361 Date 3/13/2020 Address llth Ave SW Price $87,000 City Naples Price per Acre $76,558 State Florida Financing Cash to seller Tax ID 37981240004 Property Rights Fee Simple Grantor Benjamin and Grasiela Days on Market 3-4 Months Ramirez Grantee Salvatore Mangiapane Verification Source Efrain Arce; LA Estates Realty, Inc Legal Description W 75' of the W 150' of Tract 19, Golden Crate Estates, Unit No. 27 Site Acres 1.1 Topography Wooded Land SF 49,500 Zoning Type E - Estates Road Frontage 75 En-Aronmental Issues Noneknown Depth 660 Shape Rectangular Encumbrance or 30' wide road ROW Easement along southerly property line, I Ith Ave SW Easement Comments Heavily treed parcel located along north side of I1th Ave SW. Listed for $100,000 on 10/29/19. ° &KL H`t'�aC