Agenda 05/11/2021 Item #16A12 (Purchase Agreement Project #60168)05/11/2021
EXECUTIVE SUMMARY
Recommendation to approve an Agreement for the purchase of land (Parcel 330FEE) and
easements (Parcels 330TDRE1 & 330TDRE2) required for the Vanderbilt Beach Road Extension
(Project No. 60168).
OBJECTIVE: To acquire the right-of-way and easements needed for the construction of the Vanderbilt
Beach Road Extension Project (the Project).
CONSIDERATIONS: Collier County is seeking to purchase Parcel 330FEE, a fee simple interest and
Parcels 330TDRE1 & 330TDRE2, two temporary driveway restoration easements, needed for
construction of the Project. The improved parent tract is located on the east side of Massey Street and
north of Vanderbilt Beach Road and is owned by Michael R. Stevens 2016 Annuity Trust dated 6/14/16.
Parcel 330FEE is 11,807 square feet in extent, Parcel 330TDRE1 is 972 square feet, and Parcel
330TDRE2 is 1,190 square feet. All three parcels are rectangular in shape. The attached appraisal report
prepared by R & W Enterprises, Inc., dated November 16, 2020, estimates the full compensation amount
for the three parcels to be $87,200. The attached agreement reflects a negotiated compensation amount
of $115,933.33 inclusive of statutory attorney and expert fees and costs. 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 330FEE,
330TDRE1 & 330TDRE2 are condemned.
FISCAL IMPACT: Funds in the amount of $116,033.33 will be required, being the negotiated
compensation amount inclusive of statutory attorney fees, expert fees and costs, 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 330FEE, 330TDRE1 & 330TDRE2 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
16.A.12
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05/11/2021
Board.
Prepared By: Vivian Rodriguez, Property Acquisition Specialist, Right-of-Way Acquisition,
Transportation Engineering Division.
ATTACHMENT(S)
1. Location Map (PDF)
2. [Linked] Appraisal Report (PDF)
3. Purchase Agreement (PDF)
16.A.12
Packet Pg. 408
05/11/2021
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.12
Doc ID: 15247
Item Summary: Recommendation to approve an Agreement for the purchase of land (Parcel
330FEE) and easements (Parcels 330TDRE1 & 330TDRE2) required for the Vanderbilt Beach Road
Extension (Project No. 60168).
Meeting Date: 05/11/2021
Prepared by:
Title: – Transportation Engineering
Name: Vivian Rodriguez
03/29/2021 8:05 AM
Submitted by:
Title: Division Director - Transportation Eng – Transportation Engineering
Name: Jay Ahmad
03/29/2021 8:05 AM
Approved By:
Review:
Transportation Engineering Robert Bosch Additional Reviewer Completed 03/30/2021 1:14 PM
Growth Management Department Jeanne Marcella Additional Reviewer Completed 03/30/2021 1:32 PM
Transportation Engineering Jay Ahmad Additional Reviewer Completed 03/31/2021 8:20 AM
Transportation Engineering Mario Puente Additional Reviewer Completed 04/01/2021 3:31 PM
Road Maintenance Albert English Additional Reviewer Completed 04/05/2021 2:28 PM
Growth Management Department Lisa Taylor Additional Reviewer Completed 04/08/2021 6:40 AM
Growth Management Operations Support Christopher Johnson Additional Reviewer Completed 04/09/2021 8:12 AM
Growth Management Department Gene Shue Additional Reviewer Completed 04/12/2021 2:14 PM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 04/14/2021 10:29 AM
Growth Management Department Thaddeus Cohen Department Head Review Completed 04/14/2021 1:16 PM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 04/14/2021 1:20 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 04/15/2021 3:02 PM
Office of Management and Budget Susan Usher Additional Reviewer Completed 04/18/2021 3:32 PM
County Manager's Office Sean Callahan Level 4 County Manager Review Completed 05/03/2021 8:17 AM
Board of County Commissioners Geoffrey Willig Meeting Pending 05/11/2021 9:00 AM
16.A.12
Packet Pg. 409
VANDERBILT BEACH ROAD EXTENSION PROJECT 60168‐330FEE/330TDRE 1 & 330TDRE2 LOCATION MAP PARCEL 330TDRE2 PARCEL 330FEE PARCEL 330TDRE1 / 16.A.12.aPacket Pg. 410Attachment: Location Map (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)
Dan K. Richardson, PhD, MAI, AI-GRS
R & W ENTERPRISES, INC.
Appraisal and Planning Consultants
2186 Coffee Pot Blvd. NE, St. Petersburg, FL 33704-4650
TEL (727) 822-5612 FAX (727) 822-4763
_____________________________________________________________________________________________________________________
_
RIGHT OF WAY
VALUE ANALYSIS REPORT
PARCEL 330 FEE/330 TDRE1&2
1160 Massey Street
Naples, FL 34120
Ownership
Michael R. Stevens 2016 Trust
COLLIER COUNTY TRANSPORTATION DIVISION
Project Name:
Vanderbilt Beach Road Extension
Project Number:
60168
County: Collier
Prepared For
Growth Management Division (GMD)
Transportation Engineering/ROW Office
2885 S. Horseshoe Drive
Naples, FL 34104
Prepared By
Dan K. Richardson, PhD, MAI, AI-GRS
R & W ENTERPRISES, INC.
2186 Coffee Pot Blvd. NE
St. Petersburg, FL 33704-4650
Dan K. Richardson, PhD, MAI, AI-GRS
R & W ENTERPRISES, INC.
Appraisal and Planning Consultants
2186 Coffee Pot Blvd. NE, St. Petersburg, FL 33704-4650
TEL (727) 822-5612 FAX (727) 822-4763
______________________________________________________________________________________________________________________
November 16, 2020
Mr. Harry Henderson, SRA
Review Appraiser
Collier County Growth Management Division
Transportation Engineering/ROW Office
2885 South Horseshoe Drive
Naples, Florida 34104
Re: Parcel : 330 FEE/330TDRE1&2
Project Number : 60168
Project Name : Vanderbilt Beach Road Ext.
County : Collier
Dear Mr. Henderson:
Pursuant to Purchase Order No. 4500205078 received September 3, 2020, I am submitting a Value
Analysis for the right-of-way parcels to be acquired identified above. This report has been prepared
without the benefit of discovery and the appraiser reserves the right to amend the value conclusion in
light of any new information developed during negotiation or discovery.
The undersigned hereby certifies he has no past, present, nor contemplated future interest in this
property being valued for this County Road project. It is further certified that neither the employment
to make this Value Analysis nor the compensation thereof, is contingent upon the value reported.
This cover letter must remain attached to this Value Analysis, which contains 54 pages including
related exhibits and addenda, in order for the value opinion set forth to be valid.
The scope of appraisal services includes the land & affected improvements valuation of an improved
residential parent tract. Recent residential land sales were researched for this Value Analysis. The
intended user is Collier County GMD/Transportation Engineering/ROW Office and the intended use is
to provide a “good faith” estimate of full compensation for the contemplated condemnation action.
Therefore, as a result of my investigation into those matters that affect market value, I have formed
the opinion that the Market Value of the subject property, as of September 25, 2020, was:
PARCEL 330 FEE
EIGHTY-FOUR THOUSAND THREE HUNDRED DOLLARS
($84,300)
PARCEL 330 TDRE1&2
TWO THOUSAND NINE HUNDRED DOLLARS
($2,900)
Respectfully Submitted,
Dan K. Richardson, PhD, MAI, AI-GRS
Cert Gen RZ735 (Florida)
3
COLLIER COUNTY, FLORIDA
CERTIFICATE OF VALUATION
Parcel No.: 330 FEE
Road: Vanderbilt Beach Rd Ext
Job No.: 60168
I hereby certify:
That I have personally inspected the property herein valued and that I have afforded the
property owner the opportunity to accompany me at the time of inspection, I have also
made a personal field inspection of the comparable sales relied upon in making said
Value Analysis, the subject and comparable sales relied upon in making said Value
Analysis were as represented by the aerial photographs contained in said Value Analysis.
To the best of my knowledge and belief, the statements contained in the Value Analysis
herein are true and the information upon which the opinion expressed therein is correct;
subject to limiting conditions therein.
I understand that such Value Analysis is to be used in connection with the acquisition
of property for the construction of right-of-way and related facilities by Collier
County.
My Value Analysis has been made in conformity with the appropriate State laws,
regulations, policies and procedures applicable for the valuation of right-of-way for
such purposes; and to the best of my knowledge no portion of the property value entered
on this certificate consists of items that are non-compensable under established law of
the State of Florida.
Neither my employment nor my compensation for making this Value Analysis and report is
in any way contingent upon the values reported herein.
I have no direct or indirect present or contemplated future interest in such property or
in any benefit from the acquisition of such property valued. I have not performed
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.
I have not revealed the findings and results of such Value Analysis to anyone other than
the proper officials of Collier County, Florida and I will not do so until so authorized
by Collier County officials, or until I am required by due process of law, or until I am
released from this obligation by having publicly testified as to such findings.
My opinion of the market value for the part taken and damages, if any, of the property
valued as of the 25th day of September , 2020, is $84,300_ based upon my independent
Value Analysis and the exercise of my professional judgment.
Market value should be allocated as follows:
LAND $ 29,900
IMPROVEMENTS $ 41,700
DAMAGES AND/OR
COST TO CURE $ 12,700
TOTAL $ 84,300
November 16, 2020 _________________________________
DATE Dan K. Richardson, PhD, MAI, AI-GRS
Cert Gen #RZ735
4
COLLIER COUNTY, FLORIDA
CERTIFICATE OF VALUATION
Parcel No.: 330 TDRE1&2
Road: Vanderbilt Beach Rd Ext
Job No.: 60168
I hereby certify:
That I have personally inspected the property herein valued and that I have afforded the
property owner the opportunity to accompany me at the time of inspection, I have also
made a personal field inspection of the comparable sales relied upon in making said
Value Analysis, the subject and comparable sales relied upon in making said Value
Analysis were as represented by the aerial photographs contained in said Value Analysis.
To the best of my knowledge and belief, the statements contained in the Value Analysis
herein are true and the information upon which the opinion expressed therein is correct;
subject to limiting conditions therein.
I understand that such Value Analysis is to be used in connection with the acquisition
of property for the construction of right-of-way and related facilities by Collier
County.
My Value Analysis has been made in conformity with the appropriate State laws,
regulations, policies and procedures applicable for the valuation of right-of-way for
such purposes; and to the best of my knowledge no portion of the property value entered
on this certificate consists of items that are non-compensable under established law of
the State of Florida.
Neither my employment nor my compensation for making this Value Analysis and report is
in any way contingent upon the values reported herein.
I have no direct or indirect present or contemplated future interest in such property or
in any benefit from the acquisition of such property valued. I have not performed
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.
I have not revealed the findings and results of such Value Analysis to anyone other than
the proper officials of Collier County, Florida and I will not do so until so authorized
by Collier County officials, or until I am required by due process of law, or until I am
released from this obligation by having publicly testified as to such findings.
My opinion of the market value for the part taken and damages, if any, of the property
valued as of the 25th day of September , 2020, is $2,900_ based upon my independent
Value Analysis and the exercise of my professional judgment.
Market value should be allocated as follows:
LAND $ 2,200
IMPROVEMENTS $ -0-
DAMAGES AND/OR
COST TO CURE $ 700
TOTAL $ 2,900
November 16, 2020 _________________________________
DATE Dan K. Richardson, PhD, MAI, AI-GRS
Cert Gen #RZ735
5
SUPPLEMENT TO CERTIFICATE OF THE REPORT
Job No: 60168
Project: Vanderbilt Beach Road Extension ROW Project
Parcel: 330 FEE/330 TDRE1&2
I, certify that, to the best of my knowledge and belief:
The statements of fact contained in this report, upon which the
analysis, opinions, and conclusions expressed herein are based,
are true and correct.
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.
This report has been made in conformity with and is subject to
the requirements of the Uniform Standards of Professional
Appraisal Practice. The report is also subject to an in
conformance with the Code of Professional Ethics and Standards
of Professional Appraisal Practice of the Appraisal Institute.
The use of this report is subject to the requirements of the
Appraisal Institute and to the Real Estate Appraisal Board
relating to the review by its duly authorized representatives.
This requirement may be waived in the case of condemnation
reports, and then they will only be released to the property
officials, and/or until I am released from this obligation by
having publicly testified as to such findings.
As of the date of this report, I, Dan K. Richardson, PhD, MAI,
AI-GRS have completed the requirements of the continuing
education program of the Appraisal Institute.
As of the date of this report, I have been certified by the
State of Florida Real Estate Appraisal Board as a Certified
General Real Estate Appraiser (#RZ735).
Certified By:
Dan K. Richardson, PhD, MAI, AI-GRS
Cert Gen #RZ735
November 16, 2020
6
VALUE ANALYSIS
____________________________________________________________________________
OWNER’S NAME
Michael R. Stevens 2016 Trust
Parcel Number: 330 FEE/330 TDRE1&2
Project Name: Vanderbilt Bch Ext
Project Number: 60168
County: County
Based on comparable sales, which are attached, the following values have been established
Parcel
#
Net Take
Area
Land
Improvements
Remarks
Total
330
FEE
0.271
Acres;
11,807
SF
0.271 Ac @
$110,000/Ac
= $29,816;
FEE valued at
100% of fee
simple
$29,900
Mailbox/Sign $ 2,350
Paver Drive- $26,280
Irrigation - $ 1,800
PVC Fence - $ 3,338
RCN Total - $33,768
5% Depreciation =
$32,080+
landscape
$ 9,620
$41,700
Say,$ 41,700 (R)
$41,700
330
TDRE
1&2
0.072
Acres;
2,162 SF
Land Rent
0.072 Ac @
$11,000/Yr
=$792/Yr
PV - 3-Year Term
5% discount rate
$2,156.81
Say, $2,200
$ 2,200
Severance
Damages
$ -0-
330
FEE
Minor
Cure
Mailbox, sign,
fence, irrigation &
landscaped buffer =
$29,337 Gross Cost
LESS Items Paid
in Take $16,735
Net Cost $12,602
Say, $12,700
$12,700
330
TDRE
1&2
Minor
Cure
Paver driveway
upgrade = $25,521
LESS Items Paid
in Take $24,966
Net Cost $ 605
Say, $ 700
$ 700
Total = $87,200
11/16/2020
SIGNATURE OF PERSON PREPARING ANALYSIS DATE
TYPED NAME: Dan K. Richardson,PhD,MAI,AI-GRS
Cert Gen #RZ735
Scope of the Value Analysis
The scope of this value analysis involves the research, verification, and analysis of market data for use
in valuing the parent tract, take area, remainder for the purpose of acquiring ROW by the intended
user. Reporting in the format of a Value Analysis is intended to be a concise summary of the market
data, analysis, and conclusions in support of full compensation for the intended user’s ROW
acquisition.
7
Definition of Market Value
“’Market Value’ as used in eminent domain statute, ordinarily means amount which would be paid for
property on assessing date to willing seller not compelled to sell, by willing purchaser, not compelled
to purchase, taking into consideration all uses to which property is adapted and might reasonably be
applied.”
Property Rights (Interest) Valued
Fee Simple Estate – “Absolute ownership unencumbered by any other interest or estate, subject only
to the limitations imposed by government actions of taxation, eminent domain, police power, and
escheat.” Dictionary of Real Estate Appraisal, Sixth Edition (Appraisal Institute).
Identity of the Parent Tract
The parent tract as described herein is titled to Michael R. Stevens 2016 Trust. The subject parent
tract is described as the west half of the north half of the north half of the NW1/4 of the SW1/4 of
Section 36, Township 48 South, Range 26 East as recorded in the official records of Collier County,
Florida. It contains 5.0+ acres. The site is an off-corner lot on the east side of Massey Street and
north of Vanderbilt Beach Road. It is improved with a single-family residence, setback 277 LF from
the existing Massey Street ROW. The 2-story 3,956 SF residence was built in 2018 and includes an
attached 3-car garage, swimming pool/spa, and tile decks. There are paver driveways along both the
north and south sides of the parent tract as well as an asphalt circular drive in the front yard of the
north-facing residence. Site improvements include a well & septic systems, a frontage fence with
double masonry column entry features, decorative double automated gates, extensive mulched
landscaping and embankment feature, shade trees, and ground cover. Collier County identifies the
parent tract with tax ID#00209161203 and it has an address of 1160 Massey Street, Naples, FL
34120.
Regional and Neighborhood Description
The intended user is familiar with the region and neighborhood in which the subject property is
located and; therefore, a description of the area was not required as the market data utilized within this
Value Analysis was confined to the area of the subject property.
Zoning:
The subject parent tract is zoned A – Rural Agricultural District by Collier County. The purpose and
intent of the rural agricultural district is to provide lands for agricultural, pastoral, and rural land uses.
The A district corresponds to and implements the Agricultural/Rural land uses designation on the
future land use map. The A-Rural Agricultural development regulations permit single-family
residences on a minimum 5.0-acre lot; 165-foot minimum lot width; 50-foot front, 30- foot rear, and
20-foot or 10% of lot width side yard setbacks. The subject property is a legally conforming use on a
conforming 5.0-acre lot.
8
Assessed Value
Assessment and property tax information is provided in the addenda (see Pages 63-65).
History of the Property
Last transfer of title occurred more than three years ago on March 20, 2017 (OR 5376-2492).
Highest and Best Use:
As Vacant, Single Family Residential
Valuation of Subject Land/Analysis of Land Sales (i.e., Comps):
Five recent land sales were selected as comparable to the subject parent tract and analyzed to estimate
its market value. Using sale price per acre, these comparable sales had an unadjusted range of
$80,000 to $199,755 per acre. The comparable land sales are located on the western fringe of Golden
Gate Estates along the Collier Blvd. corridor in the subject’s neighborhood. They varied in size from
5.00 acres to 38.10 acres and provided indications of market value for similar sized residential sites in
the subject neighborhood. All the comparable sales were vacant at the time of sale and included
level/wooded terrain and were zoned the similar to the subject parent tract. Summaries of each
comparable may be found in the addenda of this report.
Comp 17 (Sold 9/17/2020): Larger sized tract containing 37.22+ acres located approximately
1½ miles northeast of the subject on the southwest side of Immokalee Road and Richards Street. Its
terrain was level/wooded and water and sewer utilities were available for development. This larger
sized land sale had the same residential highest and best use as the subject property albeit could
support more units. Some physical characteristics, such as size and wooded terrain, are inferior to the
smaller, cleared subject site. However, this land sale’s location and access to utilities were so
superior to the subject parent tract, its sale price of $124,127/acre warranted a net negative 30%
adjustment in comparison indicating a value of $86,889/acre for the subject parent tract.
Comp 18 (5/26/2020): Similar sized lot containing 5.00+ acres located approximately two
miles southwest of the subject at the southwest corner of Weber Blvd. SW and 3rd Avenue SW. Its
terrain was level/wooded and well/septic utilities were necessary for development. This similar sized
land sale had the same single-family residential highest and best use as the subject property. Except
for the extensive woodland which warranted an upward 5% adjustment, the physical characteristics of
this land sale were similar to the subject parent tract. Its sale price of $80,000/acre warranted a
modest 5% upward adjustment in comparison indicating a value of $84,000/acre for the parent tract.
Comp 16 (8/16/2019): Smaller sized tract containing 2.07+ acres located less than ½ mile
east of the subject at the northwest corner of Sherman Avenue and Douglas Street. Its terrain was
level/wooded and well/septic utilities were necessary for development. This smaller sized land sale
had the same single-family residential highest and best use as the subject property. Its superior
smaller size offset its inferior woodland while its other physical characteristics were similar to the
subject parent tract. Therefore, its sale price of $100,483/acre indicated a value for the parent tract.
9
Comp 19 (Sold 8/6/2019): Larger sized tract containing 38.10+ acres located approximately
one mile northwest of the subject on the west side of Collier Blvd north of Lighthouse Road. Its
terrain was level/wooded and water and sewer utilities were available for development. This larger
sized land sale had the same single-family residential highest and best use as the subject property albeit
could support more units. Some physical characteristics, such as larger size and wooded terrain, are
inferior to the smaller, cleared subject site. However, this land sale’s location and access to utilities
were so superior to the subject parent tract, its sale price of $196,850/acre warranted a net negative
30% adjustment in comparison indicating a value of $137,795/acre for the subject parent tract.
Comp 21 (Sold 3/22/2019): Larger sized tract containing 37.55+ acres located approximately
one mile northwest of the subject on the west side of Collier Blvd south of Tree Farm Road. Its
terrain was level/wooded and water and sewer utilities were available for development. This larger
sized land sale had the same single-family residential highest and best use as the subject property albeit
could support more units. Some physical characteristics, such as larger size and wooded terrain, are
inferior to the smaller, cleared subject site. However, this land sale’s location and access to utilities
were so superior to the subject parent tract, its sale price of $199,755/acre warranted a net negative
30% adjustment in comparison indicating a value of $139,828/acre for the subject parent tract.
All five comparable land sales were recent and warranted no adjustments for changes in market
conditions. While they were all located within no more than two miles from the subject property,
several three of five are larger vacant properties on superior major thoroughfares with access to public
infrastructure unavailable to the subject property. Their physical characteristics were sufficiently
superior compared to those of the subject parent tract as to warrant significant adjustment. The two
remaining smaller land sales (i.e., Comps #16 and #18) were sufficiently similar to the subject
property as to warranted minimal or no adjustments. All five comparable land sales and their
respective adjustments are shown in the Comparable Land Sales Grid on the following page.
Reconciliation – Value of the Parent Tract:
The comparable land sales, once adjusted for differences relative to the subject parent tract, indicated
a range in value from $84,000/acre to $139,828/acre with an average value indication of
$109,799/acre. Based on the preceding analysis, a value of $110,000/acre is reconciled with the
slightly more weight placed on the most recent land sales. Therefore, the value of the parent tract as
of the date of value was estimated at $550,000 (5.0 ac x $110,000/ac). The contributory value (i.e.,
$41,700) of the affected site improvements added to the land value of the parent tract equals
$591,700.
10
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Effect of the Take:
As a result of the 35-foot deep take across its frontage along Massey Street, the subject parent
tract will lose 0.271 acres, or 11,807 square feet, of land. The take area represents 5.4% of
the parent tract and includes significant site improvements.
Total Value of the FEE (Fee Simple) Taking:
Land (0.271 ac x $110,000/ac) $ 29,816
Say, $ 29,900
Site Improvements:
Decorative Mailbox (1 Ea @ $1800/Ea) $ 1,800
Paver Drive(876 SF x $30.00/SF) $ 26,280
Metal Sign & Post (1 ea x $550/Ea) $ 550
Irrigation (Lump Sum) $ 1,800
PVC/Vinyl Fence (267 LF x $12.50/LF) $ 3,338
Subtotal RCN: $ 33,768
Less Depreciation (5%) ($ 1,688)
Subtotal Site Improvement Value: $ 32,080
Pine, Cypress & Palms (12 Ea @ $265/Ea) $ 3,180
Olive Trees (6 Each @ $265/Each) $ 1,590
Crotons (28 Each @ $25/Each) $ 700
Shrubs (44 Each @ $50/Each) $ 2,200
Bushes & Flowers (35 Each @ $30/Each) $ 1,050
Mulch Grd Cover (2,000 SF @ $0.45/SF) $ 900
Contributory Value of Site Improvements: $ 41,700 $ 41,700 (R)
Value of the FEE Simple Taking: $ 71,600
Valuation of Temporary Driveway Restoration Easements (TDRE1&2)
Just compensation is estimated only for the combined 0.072-acre temporary construction
easement (TDRE) taking area. TDRE1 is located in the southwest corner of the remainder and
contains 0.022 acres, or 972 SF, of land with paver driveway, shrubs, and mulch ground
cover. TDRE2 is located in the northwest corner of the remainder and contains 0.027 acres, or
1,190 SF, of land including two concrete columns with lights, paver driveway, and mulched
landscaping. Since a temporary construction easement permits the property owner to still use
the area to one degree or another, it most often affects some, but not all the bundle of rights
for a set period of time (from the date of value in the appraisal through 3 years). The property
owner retains ownership of the remainder land and surviving improvements.
12
In this case, the compensation for the combined TDRE1&2 is based on an annual ground lease
rent calculated as a ratio to the fee simple value based on the parent tract land value. The
TDRE’s take areas surrounding the driveway and the eastern part of Massey Street are for the
limited purpose of reconstructing and harmonizing the grade of the reestablished driveway with
Massey Street.
Valuation of the TDRE’s relied upon the ratio of temporary easement-to-fee simple value to
reflect an acceptable rental rate for the subject residential site. Based the typical residential
land capitalization rate, a 10% rate is applied to the fee simple value of the TDRE Parcel 330
in order to estimate its gross rental value as follows:
Parcel 330 TDRE1&2
Land Value:
Fee Simple Value Easement
Market Value Ratio Market Value
0.072 Acre Land
x$110,000 ($/Acre)
$ 7,920 10% $ 792 Annual rent
x 3 Years
$2,376 Gross Rent for 3 Years
If a lump sum payment for the 3-year term is received in advance, a present value for the 3
years of land rent payments must be calculated using a discount rate. In Valuation, Quarter 2,
2020 published by the Appraisal Institute, the discount rate for Apartments, which is the only
residential use in the PwC survey ranged from 5.25” to 10.00%. Alternatively, a discount rate
can be estimated using a built-up method by combining inflation as measured by CPI, prime
rate, and a liquidity-risk-management factor. As of the date of value, the annual CPI was
1.4% through 3rd Quarter, 2020, the prime rate was 3.25%, and a conservative risk factor
would add another 1.0% for a total built-up discount rate of 5.65. Based on the published
survey and the built-up method, a 5.0% discount rate was reconciled for this TDRE valuation.
Using a HP 12C the key steps for property discounting of the lease payments to a lump sum
are as follows:
CHS Monthly payment (PMT), 5% i, 3 n, 0 FV, solve PV
Utilizing this methodology for Parcel 330 TDRE1&2, the $2,376 gross rent would be
discounted to a lump sum present value of $2,156.81, say, $2,200.
Site improvements affected by the TDRE1&2 involve pavement, concrete columns with lights,
landscaping, and ground cover which will be restored by the road contractor.
13
Value of the Parcel 330 TDRE1&2 Taking
Land $ 2,200
Improvements $ -0-
Total $ 2,200
Value of Remainder as a Part of the Whole Property:
Value of Parent Tract: $ 591,700
Value of FEE Part Acquired: $ 71,600
Value of Remainder, as a Part of Whole: $ 520,100
Valuation of the Remainder:
The Remainder Parcel 330FEE contains 4.729 acres of land after the fee simple acquisition of a
0.271-acre strip take. It’s size and configuration continue to support its residential highest and
best use, as vacant. The remainder is buffered by extensive landscaping and adjoining
residential properties and continues to support the same residential highest and best use as in
the Before Condition.
Relying upon the land sales used to value the parent tract, most of which included existing
permanent road/drainage/utility easements, the remainder was valued as follows:
Valuation of the Remainder:
Remainder (4.729 acres x $110,000/ac) $520,190
Remainder Value: $520,100
Damage Analysis:
The front yard amenity, while reduced in depth from 277 feet down to 242 feet, remains
desirable and marketable in its market as well as in excess of the 50-foot front setback
established in the A-RFMUO zoning district. The remainder’s Massey Street frontage
warrants a minor cure to restore the entry features, fencing, and extensive landscaping present
in the Before Condition. With implementation of a minor cure to restore the entry features,
fencing, and landscaping along the frontage, there no severance damages in the remainder as
supported by the following calculations:
Value of Parent Tract: $ 591,700
Value of the Fee Simple Taking: $ 71,600
Value of Remainder, as a Part of Whole: $ 520,100
Value of Remainder after Acquisition: $ 520,100
Severance Damages: $ -0-
14
Minor Cost to Cure Damages:
The gross cost to cure for Parcel 330 FEE to reestablish the sign post, mailbox, irrigation and
electrical, fence and is estimated as follows:
Decorative Mailbox (1 Ea @ $2,000/Ea) $ 2,000
Metal Sign & Post (1 Ea @ $640.00/Ea) $ 640
Irrigation & Electrical (Lump Sum) $ 2,500
PVC/Vinyl Fence(267 SF @ $14.50/SF) $ 3,872
Landscape Buffer (271 LF @ $75/LF) $20,325
Gross Cost to Cure: $29,337
LESS Items Paid in Taking ( 95% of RCN = contributory value):
Decorative Mailbox $ 1,710
Metal Sign & Post $ 523
Irrigation $ 1,710
PVC/Vinyl Fence (267 LF @ $11.88/LF) $ 3,172
Landscaping Paid In Taking: $ 9,620
Items Paid in Taking: ($16,735)
Net Cost to Cure: $12,602
Say, $12,700
The gross cure costs are $29,337 to re-establish the sign post, mailbox, fence and irrigation &
electrical. To calculate the net cost to cure, payment for the corresponding site improvements
paid in the take in the amount of $16,735 must be deducted from the gross cost to cure. Thus,
the net cost to cure is $12,602 ($29,337 - $16,735); say, $12,700.
The gross cost to cure for Parcel 330 TDRE1&2 to upgrade the contractor’s typical concrete
driveway to the existing brick pavers is estimated as follows:
Restore Paver Driveway in TDRE1&2
[1,086 SF x ($30/SF – Conc $6.50/SF)] $ 25,521
LESS Items Paid in Taking ( 95% of RCN = contributory value):
Paver Driveway (876 SF x $28.50/SF) ($ 24,966)
Net Cost to Cure: $ 605
Say, $ 700
15
Summary of Values:
Part Taken:
Parcel 330 (FEE simple)
Land: $ 29,900
Improvements: $ 41,700
Total $ 71,600
Parcel 330 (TDRE1&2)
Land: $ 2,200
Improvements: $ -0-
Total $ 2,200
Partial Acquisition:
1. Before Property $ 591,700
2. Part Acquired (RDUE) ($ 71,600)
3. Remainder as Part of the Whole [1]-[2] $ 520,100
4. Remainder (Appraised, Uncured) $ 520,100
5. Damages (Total, Uncured) [3]-[4] $ - 0 -
6. Special Benefits $ - 0 -
7. Damages, Net [5]-[6] $ - 0 –
Summary of Total Compensation
Part Taken (FEE) $ 71,600
Part Taken (TDRE) $ 2,200
Damages, Incurable [7] $ -0-
Cost To Cure, Net, or Minor $ 13,400
TOTAL COMPENSATION $ 87,200
16
ADDENDA
17
PARCEL 330 FEE – TAKE AREA SKETCH
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PARCEL 330 TDRE1 – TAKE AREA SKETCH
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PARCEL 330 TDRE2 – TAKE AREA SKETCH
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PARENT TRACT WITH TAKE AREAS AERIAL
Parcel 330
SITE PLAN
21
SUBJECT PARENT TRACT AERIAL
Parcel 330
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BUILDING SKETCH
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SUBJECT PHOTOGRAPHS
#1 View South Along Massey Street - Subject at Left
Photographed September 25, 2020 by Dan K. Richardson
#2 View of North and West Elevation of Residence
Photographed September 25, 2020 by Dan K. Richardson
24
SUBJECT PHOTOGRAPHS
#3 View from Massey Street at Southwest Corner
Photographed September 25, 2020 by Dan K. Richardson
#4 View from Massey Street at the Northwest Corner
Photographed September 25, 2020 by Dan K. Richardson
25
SUBJECT PHOTOGRAPHS
#5 View South at Parcel 330 FEE Take Area along Massey Street
Photographed September 25, 2020 by Dan K. Richardson
#6 View North at 330 TDRE2 Take Area along Massey Street
Photographed September 25, 2020 by Dan K. Richardson
26
SUBJECT PHOTOGRAPHS
#7 View North at Parcel 330 FEE Take Area along Massey Street
Photographed September 25, 2020 by Dan K. Richardson
#8 View East across Massey Street at Parcel 330 TDRE1 Take
Photographed September 25, 2020 by Dan K. Richardson
27
COMPARABLE LAND SALES MAP
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VACANT LAND SALE #17
VLS-17
O/R Book and Page : Collier County, 5818-3162
Grantor : RJH II, LLC
a Florida limited liability company
Grantee : Pulte Home Company, LLC
a Michigan limited liability company
Date of Transaction : September 17, 2020
Date of Inspection : September 25, 2020
Parcel Size : 37.22 Acres
Sales Price : $4,620,000
Unit Price : $124,127 per Acre
Type of Instrument : Special Warranty Deed
Location : Southwest Corner of Immokalee Road and Richards Street
Collier County, Florida.
Zoning : A-RFMUO
Collier County
Present Use : Vacant
Highest and Best Use : Residential
Condition of Transaction : Arm's length transaction
Financing : Cash to Seller
Encumbrances : 30-foot roadway easement along Richards Street frontage
Improvements : Vacant at time of sale
Utilities : Electricity, telephone service, water and sewer were
available to the site.
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VACANT LAND SALE #17
VLS-17
Verification Information :
With : Michael O’Mara, Realtor
Date : November 12, 2020
By : Dan K. Richardson
Cash Equivalency : Not Applicable
Motivation : Develop RPUD of 77 SFR
Comments:
This is a corner parcel located on a major thoroughfare, Immokalee Road and Richards Street. The site is heavily
wooded and includes approximately 60% wetland and/or environmentally sensitive areas. A proposed 77-unit
planned development was approved July 21, 2020 by Collier County. The proposed residential project is based
on a base density of 0.2 dwelling units per acre with credits for preservation and transfer of development rights
(TDR). The approved master development plan identifies 9.63 acres of preserve, 3.86 acres of ponds, and 4.80
acres of open space leaving roughly 18.93 acres for horizontal and vertical development.
Tax ID #00190560007
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VACANT LAND SALE #17
VLS-17 Property Sketch
Aerial Photograph
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VACANT LAND SALE #18
VLS-18
O/R Book and Page : Collier County, 5767-1595
Grantor : David Tobias
a married man
Grantee : New Era Building, Inc.
a Florida corporation
Date of Transaction : May 26, 2020
Date of Inspection : September 25, 2020
Parcel Size : 5.00 Acres
Sales Price : $400,000
Unit Price : $80,000 per Acre
Type of Instrument : Warranty Deed
Location : Southwest Corner of Wilson Blvd and 3rd Avenue SW
Collier County, Florida.
Zoning E-Estates
Collier County
Present Use : Vacant
Highest and Best Use : Residential
Condition of Transaction : Arm's length transaction
Financing : Cash to Seller
Encumbrances : roadway easements along both frontages
Improvements : Vacant at time of sale
Utilities : Electricity and telephone service were available to the site
and private well and septic systems are required.
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VACANT LAND SALE #18
VLS-18
Verification Information :
With : Brandon Romero, Realtor
Date : November 11, 2020
By : Dan K. Richardson
Cash Equivalency : Not Applicable
Motivation : Future Home Site
Comments:
The site has a 30-foot wide roadway easement on its northern boundary and a second easement along its eastern
boundary for Wilson Blvd. The site is heavily wooded and is isolated from Collier Blvd. by a drainage canal
along its western boundary. The property was originally listed in February, 2020 for $450,000.
Tax ID #36760480002
37
VACANT LAND SALE #18
VLS-18 Property Sketch
Aerial Photograph
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VACANT LAND SALE #16
VLS-16
O/R Book and Page : Collier County, 5665-0891
Grantor : Good Enough Farm, LLC
a Florida limited liability company
Grantee : Stevens Family Ventures, LP
a Florida limited partnership
Date of Transaction : August 16, 2019
Date of Inspection : September 25, 2020
Parcel Size : 2.07 Acres
Sales Price : $208,000
Unit Price : $100,483 per Acre
Type of Instrument : Warranty Deed
Location : 2821 Sherman Avenue
Northwest Corner of Douglas Street and Sherman Avenue
Collier County, Florida.
Zoning : A-RFMUO: Agricultural
Collier County
Present Use : Vacant
Highest and Best Use : Residential
Condition of Transaction : Arm's length transaction
Financing : Cash to Seller
Encumbrances : None apparent on deed or plat
Improvements : Vacant at time of sale
Utilities : Electricity, telephone service, private well and septic were
available to the site.
41
VACANT LAND SALE #16
VLS-16
Verification Information :
With : Ray Gonzalez, Realtor
Date : October 19, 2020
By : Dan K. Richardson
Cash Equivalency : Not Applicable
Motivation : Future home site
Comments:
This sale property is located just west of The Golf Club of the Everglades. This is a corner parcel located at the
northwest corner of Douglas Street and Sherman Avenue approximately one-quarter mile north of Vanderbilt
Beach Road. This property was listed for $235,000 in April, 2019 and sold in about four months.
Tax ID #00208560009
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VACANT LAND SALE #16
VLS-16 Property Sketch
Aerial Photograph
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VACANT LAND SALE #19
VLS-19
O/R Book and Page : Collier County, 5660-2378
Grantor : Ali R. Ghahramani, M.D. Investment Limited Partnership
a Florida limited partnership
Grantee : D.R. Horton, Inc.
a Delaware Corporation
Date of Transaction : August 6, 2019
Date of Inspection : September 25, 2020
Parcel Size : 38.10 Acres
Sales Price : $7,500,000
Unit Price : $196,850 per Acre
Type of Instrument : Special Warranty Deed
Location : West side of Collier Blvd. north of Lighthouse Road
Collier County, Florida.
Zoning : A-RFMUD
Collier County
Present Use : Vacant
Highest and Best Use : Residential
Condition of Transaction : Arm's length transaction
Financing : Cash to Seller
Encumbrances : None known
Improvements : Vacant at time of sale
Utilities : Electricity, telephone service, public water and sewer were
available to the site.
46
VACANT LAND SALE #19
VLS-19
Verification Information :
With : James Ratz, Representative of Grantee
Date : October 19, 2020
By : Dan K. Richardson
Cash Equivalency : Not Applicable
Motivation : Develop residential subdivision
Comments:
This was a reportedly an arms-length transaction without the assistance of a real estate agent. This vacant, but
heavily wooded, tract with frontage on Collier Blvd. was zoned Agricultural. Plans for the site were approved
on April 24, 2018 by Collier County for the development of Rushton Pointe RPUD. The RPUD is being
developed with townhomes marketed around a $300,000 price point. The RPUD master plan, besides requiring a
right turn and deceleration lane on Collier Blvd, designated 2.81 acres for preserve toward the rear of the site,
10.21 acres of ponds, 5.12 acres of right-of-way, and 1.30 acres for landscape buffers leaving 18.66 acres of
residential area.
Tax ID #00194200004 and 00194600002
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VACANT LAND SALE #19
VLS-19 Property Sketch
Aerial Photograph
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VACANT LAND SALE #21
VLS-21
O/R Book and Page : Collier County, 5610-2532
Grantor : Naples Jewish Community Fund, Inc.
a dissolved not-for-profit Florida corporation
Grantee : DRP FL 1, LLC
a Delaware limited liability company
Date of Transaction : March 22, 2019
Date of Inspection : September 25, 2020
Parcel Size : 37.546 Acres
Sales Price : $7,500,000
Unit Price : $199,755 per Acre
Type of Instrument : Special Warranty Deed
Location : 14600 – 14720 Collier Blvd.
East side of Collier Blvd south of Tree Farm Road
Collier County, Florida.
Zoning : A - Agricultural
Collier County
Present Use : Vacant
Highest and Best Use : Residential
Condition of Transaction : Arm's length transaction
Financing : Cash to Seller
Encumbrances : None apparent on deed or plat
Improvements : Vacant at time of sale
Utilities : Electricity, telephone service, public water and sewer were
available to the site.
53
VACANT LAND SALE #21
VLS-21
Verification Information :
With : Andrew J. Saluan, Realtor
Date : October 27, 2020
By : Dan K. Richardson
Cash Equivalency : Not Applicable
Motivation : Subdivision Development
Comments:
This sale property is located just south of Tree Farm Road on the east side of Collier Blvd. At the time of
contract, on August 16, 2017, this tract of vacant land was zoned Agricultural with an Urban Residential Future
Land Use designation within a Special Treatment Overlay Zone W-4. The contract was contingent on the buyers
successfully rezoning this property to RPUD to permit a maximum of 148 single family, two family, and multi-
family residences on the site. The proposed RPUD was approved by Collier County in July, 2018 and a final plat
was approved in October, 2018. The site is being developed by Toll Brothers as Abaco Pointe with attached villa
homes with price points below $300,000. This property was listed for $9,500,000 and marketed in anticipation of
a rezoning to Planned Unit Development.
Tax ID #00206600000; #00204840008; #00206760005; #00205800005; #00206640002
54
VACANT LAND SALE #21
VLS-21 Property Sketch
Aerial Photograph
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ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal report has been made with the following' general conditions:
1. That the term Market Value, as used in this report, is defined as "the
most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller
each acting prudently and knowledgeably, and assuming the price is not
affected by undue stimulus."
2. That the date of value to which the opinions expressed in this report
apply is set forth in the letter of transmittal. The appraiser assumes no
responsibility for economic or physical factors occurring at some later date
that may affect the opinions herein stated.
3. That no opinion is intended to be expressed for legal matters or that
would require specialized investigation or knowledge beyond that ordinarily
employed by real estate appraisers, although such matters may be discussed in
the report.
4. That no opinion as to title is rendered. Data on ownership and the
legal description were obtained nom sources generally considered reliable.
Title to the subject property is assumed merchantable and the property free
and clear of all liens and encumbrances, except for mortgages in good
standing. Ownership and management arc assumed to be in competent and
responsible hands.
5. The Appraiser has not received an engineering survey for all properties
nor commissioned one to be prepared. Except as specifically stated, data
relative to size and area were taken from sources considered reliable, and no
encroachment of real property improvements is assumed to exist.
6. That maps, plats, and exhibits included herein are for illustration
only, and as an aid in visualizing matters discussed within the report. They
should not be considered as surveys or relied upon for any other purpose.
7. That no opinion is expressed as to the value of subsurface oil, gas, or
mineral rights and that the property is not subject to surface entry for the
exploration or removal of such materials except as expressly stated.
8. It is assumed that there is full compliance with all applicable
federal, state, and local environmental regulations and laws unless
noncompliance is stated, defined, and considered in the appraisal report.
9. It is assumed that all applicable zoning and use regulations and
restrictions have been complied with, unless a nonconformity has been stated,
defined, and considered in the body of this report.
10. It is assumed that all required licenses, consents, or other
legislative or administrative authorities from my local, state or national
governmental or private entity or organization have been or can be obtained
or renewed for any use on which the value estimate contained in this report
is based.
68
11. It is assumed that the utilization of the land and improvements is
within the boundaries or property lines of the properties described and that
there is no encroachment or trespass unless noted within the report.
12. That because no title report was made available to the appraiser, the
appraiser assumes no responsibility for such items of record not disclosed by
normal investigation.
13. The signatory herein shall not be required to give testimony or attend
court or be at any governmental hearing with reference to the said properties
unless prior arrangements have been made with the Client.
14. Possession of this report, or a copy thereof, does not carry with it
the right of publication. It may not be used for any purpose by any person
other than the party to whom it is addressed without the written consent of
the appraiser, and in any event, only with property written qualification and
only in its entirety.
15. The distribution, if any, of the total valuation in this report between
land and improvements applies only under the stated program of utilization.
The separate allocations for land and buildings must not be used in
conjunction with any other appraisal and arc invalid if so used.
16. Neither all nor any part of the contents of this report shall be
conveyed to any person or entity, other than the appraisers or firm's client,
through advertising, solicitation materials, public relations, news, sales,
or other media without the written consent and approval of the authors,
particularly as to valuation conclusions, the identity of the appraiser or
firm with which the appraiser is connected, or any reference to "The
Appraisal Institute" or the "MAI" or "SRA” designation. Further, the
appraiser or firm assumes no obligation, liability, or accountability to any
third party. If this report is placed in the hands of anyone but the client,
client shall make such party aware of al1 the assumptions and limiting
conditions of this assignment.
17. Acceptance of and/or use of this appraisal report constitutes
acceptance of the foregoing general conditions and limiting conditions.
18. Site dimensions and building size were obtained from the county public
tax appraiser's records, surveys provided and our own field measurements.
Differences, if any, will be noted in the report. We rely on the Property
Appraiser's records unless otherwise noted.
19. Unless otherwise stated in this report, the existence of hazardous
substances including without limitation asbestos, polychlorinated biphenyls,
petroleum leakage, or agricultural chemicals, which mayor may not be present
on the properties nor other environmental conditions were not called to the
attention of nor did the appraiser become aware of such during the
appraiser's inspection. The Appraiser has no knowledge of the existence of
such materials on or in the property unless otherwise stated. The Appraiser,
however, is not qualified to test such, substances or conditions. lithe
presence of such substances, such as asbestos, UREA formaldehyde foam
insulation, radon, or other hazardous substance or environmental conditions,
may affect the value of the property, the value estimated is predicated on
69
the assumption that there is no such condition on or in the property or in
such proximity thereto that it would cause a loss in value. No
responsibility is assumed for any such conditions, nor for any expertise or
engineering knowledge required to discover them.
20. It is our understanding that the function of this report is not for use
in conjunction with a syndication of the real property. This report cannot be
used for these purposes and, therefore, any use of this report relating to
syndication activities is strictly prohibited and unauthorized.
21. The Americans with Disabilities Act (ADA) became effective January 26,
1992. I have not made a specific compliance survey to determine whether or it
is in conformity with the various detailed requirements of the ADA. It is
possible that a compliance survey of the property, together with a detailed
analysis of the requirements of the ADA, could reveal that the property is
not in compliance with one or more of the requirements of the act. If so,
this fact could have a negative effect upon the value of the property. Since
I have no direct evidence relating to this issue, I did not consider possible
non-compliance with the requirements of ADA in estimating the value of the
properties.
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Packet Pg. 411 Attachment: Purchase Agreement (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)
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Packet Pg. 412 Attachment: Purchase Agreement (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)
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Packet Pg. 413 Attachment: Purchase Agreement (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)
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Packet Pg. 414 Attachment: Purchase Agreement (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)
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Packet Pg. 415 Attachment: Purchase Agreement (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)
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Packet Pg. 416 Attachment: Purchase Agreement (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)
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Packet Pg. 417 Attachment: Purchase Agreement (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)
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Packet Pg. 418 Attachment: Purchase Agreement (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)
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Packet Pg. 419 Attachment: Purchase Agreement (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)
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Packet Pg. 420 Attachment: Purchase Agreement (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)
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Packet Pg. 421 Attachment: Purchase Agreement (15247 : 60168-330FEE/TDRE1 & 2 Vanderbilt Beach Road Extension)