Agenda 12/12/2017 Item #11F12/12/2017
EXECUTIVE SUMMARY
Recommendation to approve an Agreement for Sale and Purchase and Lease Agreement with CG
II, LLC for the purchase and lease of property to accommodate the future Collier County Sports
Complex, not to exceed $12,142,537.50.
OBJECTIVE: To secure sufficient land, through the acquisition of 61+/- acres and lease with option to
buy of 5.5+/- acres, to facilitate the construction of the first phase of the future Sports Complex.
CONSIDERATIONS: On June 13, 2017, under Agenda Item 11A, the Board approved the
recommended funding allocation and project delivery plan and directed the County Manager or his
designee to execute the plan as submitted or as amended by the collective will of the Board.
In advance of developing the purchase agreement, two independent real estate appraisals were obtained
from State-certified real estate appraisers (T.A. Tippett, Inc. and RKL Appraisal and Consulting). The
values were $14,200,000 and $14,190,00, respectively. The average of the two appraisals is $14,195,000.
CG II, LLC, has agreed to sell the property for $12,000,000 in cash and the delta in value shall be in the
form of a constructive donation. Copies of the appraisals are attached for reference.
The terms of the agreement provide additional flexibility for two and one-half acres of land which may be
added or subtracted for a value of $200,000 per acre. Exercising the option to increase the acreage would
require future Board approval. Additionally, the seller and staff discovered approximately two acres of
land located west of the Collier County 305 site and east of the land being purchased. In good faith, the
seller has agreed to provide one additional acre to the County at no additional cost.
The land acquisition contract also includes an additional 5.5+/- acre site for lease with an option to buy at
the same per acre price. This is a three-year triple net lease which requires the County to pay all costs
associated with this property, which includes, but not limited to ad valorem real estate taxes, any
assessments for operations and maintenance cost by the City Gate CDD and/or the City Gate Master
Property Owner’s Association, at an annual rental rate of $1.00 with an upside annual limit of fees of
$50,000. This parcel is identified for overflow parking and the terms of the lease option require that the
County commit to buy this parcel within one-year of Closing on the acquisition of the 61+/- acre parcel or
revert the land back to the seller at the end of the lease period. Staff will report back to the Board prior to
the expiration of the one-year option period if it is the County’s intent to exercise the option.
The remaining terms in the contract are consistent with the presentation made to the Board and include
the following:
Seller shall plat the property and provide the buyer with approved construction plans for the lake
area, roadway extension, and clearing permit prior to closing.
The County will build the road extension, dig the lake, and share in the value of the excavated dirt
with the seller.
The County will pay one half of the planning and engineering services fees to rezone and permit
the preliminary site-civil work.
The seller shall complete the rezoning process prior to closing.
The seller will update the development agreement access restriction for the Collier County 305
site prior to closing.
The County and the Seller will jointly plan and share in the enjoyment of the lake tract and share
maintenance responsibilities.
The County will ultimately provide a water management system on the Collier County 305 site
12/12/2017
that manages all the water quantity for the sports complex and 38.5 acres of water quantity for the
seller.
The documents have been reviewed and approved by counsel for both parties. The closing is anticipated
to take place on or before February 23, 2018.
FISCAL IMPACT: The total cost of acquisition should not exceed $12,142,537.50 including;
$12,000,000 for the land purchase; and $30,875 for title commitment, title policy, recording fees and
associated closing costs; $14,162.50 to CG II, LLC for reimbursed Application Fees as set forth in
Exhibit E; $82,500.00 to Davidson Engineering as services and costs to date for the PUDA, DOA, NOPC,
ERP Modification and Developer Agreement Amendment; and $15,000.00 to Davidson Engineering for
estimated balance of services and costs for the PUDA, DOA, NOPC, ERP Modification and Developer
Agreement Amendment. *As set forth in the Agreement, within 30 days of the date of the Agreement,
CG II will present an interim accounting to the County and each month thereafter. The final amounts will
be provided at least 5 days prior to the Closing.
The plan of finance, discussed previously with the Board, for purchasing the city gate property continues
to be a $12,000,000 draw of commercial paper through the Florida Local Government Finance
Commission with repayment of principal and interest monthly through a General Fund appropriation.
Commercial paper is a variable interest rate product. The current six-month average all in interest rate is
2.06%. The draw timing will coincide with closing on the property. Like the County’s prior use of short
term commercial paper, this commercial paper note will be paid off at the earliest and most economical
time most likely through a future planned general governmental special obligation revenue bond or bank
note. Use of the General Fund as a repayment source for the property acquisition as well as a continuing
source of funding to maintain the constructed sports complex facility recognizes that the facility will be
available and used by Collier County residents throughout the year. Other incidentals connected with the
acquisition will be funded through existing FY2018 General Fund appropriations.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, is approved as to
form and legality, and requires majority vote for approval. -JAK
GROWTH MANAGEMENT IMPACT: This project meets current Growth Management Plan
standards to ensure the adequacy and availability of viable public facilities.
RECOMMENDATION: That the Board of County Commissioners:
1. approve the attached Agreement for Sale and Purchase and accept the Warranty Deed once it
is received and approved by the County Attorney’s Office;
2. authorize the Chairman to execute the Agreement for Sale and Purchase, the Lease Agreement
and any and all other County Attorney’s Office approved documents related to this purchase;
3. authorize staff to prepare related payment packages and/or requisitions;
4. direct the County Manager or his designee to proceed to acquire the Property, to follow all
appropriate closing procedures, and to record the Deed, and any and all necessary documents
to obtain clear title to the Property, in the Public records of Collier County, Florida; and
5. authorize any necessary budget amendment which may be required to carry out the collective
will of the Board.
Prepared by: Toni A. Mott, Manager, Facilities Management Division
Nick Casalanguida, Deputy County Manager
12/12/2017
ATTACHMENT(S)
1. Agreement for Sale and Purchase w-Exhibits (PDF)
2. Land Lease Agreement (PDF)
3. [linked]Tippett Appraisal (PDF)
4. [linked]RKL Appraisal (PDF)
12/12/2017
COLLIER COUNTY
Board of County Commissioners
Item Number: 11.F
Doc ID: 4276
Item Summary: ***This item to be heard at 11:00 a.m.*** Recommendation to approve an
Agreement for Sale and Purchase and Lease Agreement with CG II, LLC for the purchase and lease of
property to accommodate the future Collier County Sports Complex, not to exceed $12,142,537.50. (Nick
Casalanguida, Deputy County Manager)
Meeting Date: 12/12/2017
Prepared by:
Title: Planner – Solid and Hazardous Waste
Name: Sue Zimmerman
11/22/2017 2:09 PM
Submitted by:
Title: Division Director - Solid Waste – Solid and Hazardous Waste
Name: Dan Rodriguez
11/22/2017 2:09 PM
Approved By:
Review:
Facilities Management Toni Mott Additional Reviewer Completed 11/28/2017 11:20 AM
Facilities Management Dennis Linguidi Additional Reviewer Completed 11/28/2017 2:09 PM
Solid and Hazardous Waste Dan Rodriguez Additional Reviewer Completed 11/29/2017 12:17 PM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 11/29/2017 1:46 PM
Budget and Management Office Mark Isackson Additional Reviewer Completed 12/04/2017 10:22 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 12/04/2017 4:20 PM
County Manager's Office Nick Casalanguida Level 4 County Manager Review Completed 12/05/2017 2:50 PM
Board of County Commissioners MaryJo Brock Meeting Pending 12/12/2017 9:00 AM
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered into by and between CG II, LLC, a Florida
limited liability company, (hereinafter referred to as "Seller"), whose mailing address is
121 S. Main Street, Suite 500, Akron, OH 44308 and Collier County, a political
subdivision of the State of Florida, (hereinafter referred to as "Purchaser"), whose mailing
address is 3335 Tamiami Trail East, Naples, FL 34112.
RECITALS
WHEREAS, Seller is the owner of that certain real property (hereinafter referred to as
"Parcel A"), located in Collier County, State of Florida, and being ± 61 acres and more
particularly described in Exhibit "A", attached hereto and made a part hereof by reference;
and
WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred
to as "Parcel B"), located in Collier County, State of Florida, and being ±5.5 acres and
more particularly described in Exhibit "B", attached hereto and made a part hereof by
reference; and
WHEREAS, Seller represents and warrants and Purchaser acknowledges that real
property is affected by Ordinance No. 88-93, the City Gate Commerce Park Planned Unit
Development, as amended (the "City Gate PUD") and (2) Development Order 88-02, as
amended (the "DRI Development Order"), which approved a Development of Regional
Impact ("DRI") known as Citygate Commerce Park Development Order; and
WHEREAS, Seller has applied for approval of Plans and Plat ("PPL") (PL20170002331)
to plat Parcel A as platted Lots 5, 6 and 7, respectively ("Platted Lots"), and to plat Parcel
B as Lot 8, as part of the Plat of City Gate Commerce Center, Phase Three ("Plat"); and
WHEREAS, Purchaser is desirous of purchasing Parcel A, subject to the conditions and
other agreements hereinafter set forth, and Seller is agreeable to such sale and to such
conditions and agreements; and
WHEREAS, Purchaser is desirous of leasing and optioning Parcel B, subject to the
conditions and other agreements hereinafter set forth, and Seller is agreeable to such
lease and to such option, conditions and agreements; and
WHEREAS, Purchaser desires to develop the Parcel A for national/regional caliber sports
complex, with multipurpose playing fields, a "championship" amateur stadium, and a
fieldhouse/event center and to improve Parcel B as grass parking ("Purchaser's Intended
Use"); and
WHEREAS, City Gate PUD zoning lists recreational use as a "permitted use" within the
PUD property, including Parcel A. Notwithstanding, to assure appropriate zoning, Seller
has, for the benefit of both Seller and Purchaser, made application for and is diligently
processing an amendment of the City Gate PUD ("PUDA") (PL20170002330), which, inter
alia, will clearly confirm and determine that the Purchaser's Intended Use is allowed, show
Parcel A in the PUD Master Plan, and clarify developments standards for Purchaser's
Intended Use; and
WHEREAS, for the benefit of both the Seller and Purchaser, Seller has made application
to the County and the SWFRPC to amend, inter alia, the City Gate DRI Development
Order ("NOPC/DOA") (ADA -09-1987-052 and PL20170002634), including the DRI
Master Plan consistent with the Developer Agreement, recorded in Official Record Book
4517, Pages 640-704, as amended, First Amendment to Developer Agreement recorded
in Official Record 5168, Pages 3989 of the Public Records of Collier County, Florida and
this Agreement; and
WHEREAS, for the benefit of both the Seller and Purchaser, Seller has made application
to the South Florida Water Management District to modify the Environmental Resource
Permit (No. 11-01863-P) ("ERP Modification") issued to the City Gate PUD project; and
WHEREAS, the specific terms, conditions and details regarding the permitting,
construction and operation of the storm water management system for the City Gate
PUD and the Sports Complex Properties were integral to the final determination of
the Purchase Price of the Sports Complex Property and the lease terms, including
the option price, of the Leased Parcel; and
WHEREAS, to have an economical and proximate source of fill material and to extend
its planned multi-purpose pathway/track into the Lake / Recreational Tract, the County
will dig, excavate, mine, extract, and remove from the master lake such materials, as
permitted, and use the excavated materials on the Sports Complex Properties; and
WHEREAS, to obtain more favorable terms and to have a second entrance to the Sports
Complex Properties for optimum traffic volume and to loop the water and sewer facilities
for best use, Purchaser will construct the extension of City Gate Boulevard South; and
WHEREAS, the parties acknowledge the previously issued Determination of Vested
Rights for City Gate PUD / DRI ("Vested Rights Determination") and the parties agree
that nothing herein shall diminish the Vested Rights Determination or create additional
developer commitments, conditions or obligations; and
WHEREAS, the parties agree and intend for the Purchaser to receive the rights and
benefits of the Vested Rights Determination with the transfer of title of Sports Complex
Properties; and
WHEREAS, for reference purposes in this Agreement, Parcel A or Platted Lots shall be
referred to as the Sports Complex Property, Parcel B shall be referred tows the Lease
Property, and collectively the Sports Complex Property and Leased Property shall be
referred to as the Sports Complex Properties.
NOW, THEREFORE, and for and in consideration of the premises and the respective
undertakings of the parties hereinafter set forth and the sum of Ten Dollars ($10.00), the
receipt and sufficiency of which is hereby acknowledged, it is agreed as follows:
I. All of the above RECITALS are true and correct and are hereby expressly
incorporated herein by reference as if set forth fully below.
II. AGREEMENT
1.01 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 Sports Complex Property, described in Exhibit "A
1.02 Seller shall lease to Purchaser and Purchaser shall lease from Seller the
Lease Property, described in Exhibit "B" for grass parking. The cost shall be One
Dollar ($1.00) per year, triple net, with the Purchaser being responsible for
improving the property as grass parking. The term shall be for three (3) years,
commencing at the time of closing. During the first lease year, the Purchaser will
have the right to exercise an option to purchase the property described in Exhibit
"B" for TWO HUNDRED THOUSAND DOLLARS $200,000.00 (U.S. Currency) per
acre, with sixty (60) days from the date of exercise to close. At the termination of
the lease, Seller will reimburse Purchaser for improvements placed on the property
by Purchaser. A Lease Agreement between the parties providing the agreed
specific terms and conditions is attached hereto as Exhibit "C".
II. PAYMENT OF TOTAL PURCHASE PRICE
2.01 The total purchase price for the Sports Complex Property shall be its fair
market value on the date of closing, as set forth herein (the "Total Purchase Price").
The Total Purchase Price will consist in part of cash paid, at closing, by Purchaser
to Seller and the balance in the form of a constructive donation, made at closing,
by Seller to Purchaser.
2.02 The cash portion of the Total Purchase Price for the Sports Complex
Property will be TWELVE MILLION DOLLARS ($12,000,000.00) (U.S. Currency),
subject only to the prorations and adjustments as otherwise provided in this
Agreement, payable by Purchaser to Seller at time of closing in three (3) separate
simultaneous closings, prorated by acreage, of the platted lots comprising the
Sports Complex Property.
2.03 Seller and Purchaser have agreed and acknowledge that the fair market
value of the Sports Complex Property, the amount of constructive donation and
documentation of the donation are as set forth in Exhibit "D" attached hereto and
incorporated by reference herein. The Purchaser shall execute all documents
reasonably requested by Seller to effectuate the donation. The constructive
donation referenced herein is conditioned upon and shall be solely evidenced and
consummated by Purchaser's purchase of Parcel A as provided for herein, and
Seller shall be under no obligation to make any other donation to Purchaser,
regardless of form.
III. CLOSING
3.01 The Closing (The "Closing Date', "Date of Closing", or "Closing") of the
transaction shall be held on or before February 23, 2018, unless extended by
mutual written agreement of the parties hereto. The Closing shall be held at the
Collier County Attorney's Office, Administration Building, 3335 Tamiami Trail East,
Naples, Florida. The procedure to be followed by the parties in connection with
the Closing shall be as follows:
3.011 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. At the Closing, the Seller shall cause to be delivered to the Purchaser the
items specified herein and the following documents and instruments duly
executed and acknowledged, in recordable form:
3.0111 Warranty Deed in favor of Purchaser conveying title to the
Lots comprising the Sports Complex Property, free and clear of all liens
and encumbrances other than:
(a) The lien for current taxes and assessments;
(b) Such other easements, restrictions or conditions of record
as set forth herein; and
(c) Zoning.
3.0112 A Combined Purchaser -Seller closing statement, as well as
closing statements for each lot.
3.0113 A "Gap," Tax Proration, Owner's and Non -Foreign Affidavit,"
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.
3.0114 A W-9 Form, "Request for Taxpayer Identification and
Certification" as required by the Internal Revenue Service.
3.012 At the Closing, the Purchaser, or its assignee, shall cause to be
delivered to the Seller the following:
3.0121 A wire transfer in an amount equal to the Cash Portion,
subject to adjustment for prorations as set forth herein and as stated on
the closing statement. No funds shall be disbursed to Seller until the
Title Company verifies that the state of the title to the Lots comprising
the Sports Complex Property has not changed adversely since the date
of the last endorsement to the commitment, referenced in Section 4.011
thereto, and the Title Company is irrevocably committed to pay the Cash
Portion to Seller and to issue the Owner's title policy to Purchaser in
accordance with the commitment immediately after the recording of the
deed.
3.0122 Funds payable to the Seller representing the cash payment
due at Closing in accordance with Article III hereof, shall be subject to
adjustment for prorations as hereinafter set forth.
3.02 At Closing, Seller and Purchaser shall pay as follows:
3.021 Each party shall be responsible for payment of its own attorney's fees
3.022 Seller shall pay all documentary stamp taxes due relating to the
recording of the Warranty Deed, in accordance with Chapter 201.01, Florida
Statutes, and the cost of recording any instruments necessary to clear Seller's
title to the Lots comprising the Property. The cost of the Owner's Form B Title
Policy, issued pursuant to the Commitment provided for in Section 4.011 below,
shall be paid by Purchaser. The cost of the title commitment shall also be paid
by Purchaser.
3.023 Purchaser shall pay for the cost of recording the Warranty Deed and
reimbursement of the agreed amount of application fees and ''/z of the other
related costs, including, but not limited to engineering and planning services,
advanced by Seller for the PUDA, NOPC/DOA, DCA, PPL and ERP
Modification as set forth in Exhibit "E" attached hereto and incorporated herein.
3.024 Seller shall pay all real property taxes accrued with respect to the Sports
Complex Property through the Closing Date in accordance with Florida Statute
196.295. Real property taxes shall be calculated based on the prior year's
assessment and millage rates on the parent tract but applied only to the amount
of land in the Property.
3.03 The Seller's and Purchaser's obligation to Close ("Closing Conditions") shall be
conditioned upon:
3.031 Purchaser obtaining Bond Validation for the contemplated Sports
Complex;
3.032 Board of County Commissioners' approval of and recording of the Plat;
3.033 Board of County Commissioners' approval of the PUDA;
3.034 Board of County Commissioners' and SWFRPC approval of the
NOPC/DOA;
3.035 Board of County Commissioners' approval of the DCA Amendment;
3.036 SFWMD approval of the ERP Modification;
3.037 Fully completed IRS Form 8283 in accordance with paragraph 2.03 and
Exhibit "D" hereto;
3.038 Seller and Purchaser agree that Closing shall be completed within five
(5) days of the satisfaction of the above Closing Conditions.
IV. REQUIREMENTS AND CONDITIONS
4.01 Upon execution of this Agreement by both parties or at such other time as
specified within this Article, Purchaser and/or Seller, as the case may be, shall
perform the following within the times stated, which shall be conditions precedent
to the Closing;
4.011 Within forty-five (45) days after the date hereof, Purchaser shall obtain
as evidence of title an ALTA Commitment for an Owner's Title Insurance Policy
(ALTA Form B-1970) covering the Property, together with hard copies of all
exceptions shown thereon. Purchaser shall have thirty (30) days, following
receipt of the title insurance commitment, to notify Seller in writing of any
objection to title other than liens evidencing monetary obligations, if any, which
obligations shall be paid at closing. If the title commitment contains exceptions
that make the title unmarketable, Purchaser shall deliver to the Seller written
notice of its intention to waive the applicable contingencies or to terminate this
Agreement. Those matters affecting title to the Property which are set forth on
Exhibit "F" attached hereto and made a part hereof are approved by Purchaser
(hereinafter referred to as "Approved Exceptions").
4.012 If Purchaser shall fail to advise the Seller in writing of any such
objections in Seller's title in the manner herein required by this Agreement, the
title shall be deemed acceptable. Upon notification of Purchaser's objection to
title, Seller shall have thirty (30) days to remedy any defects in order to convey
good and marketable title, except for liens or monetary obligations which will
be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to
make such title good and marketable. In the event Seller is unable to cure said
objections within said time period, Purchaser, by providing written notice to
Seller within seven (7) days after expiration of said thirty (30) day period, may
accept title as it then is, waiving any objection; or Purchaser may terminate the
Agreement. A failure by Purchaser to give such written notice of termination
within the time period provided herein shall be deemed an election by
Purchaser to accept the exceptions to title as shown in the title commitment.
4.013 Within thirty (30) days of the execution of the Agreement, the Seller, at
its expense, shall cause to be delivered to the Purchaser, an ALTA survey of
the Sports Complex Property, current within thirty (30) days (showing the
Sports Complex Property is subject to a Plat to be recorded), reflecting
boundaries, improvements, including any underground and easements, but
without topographical or tree locations. If Purchaser desires to have
topographical information or trees located on the survey, Purchaser shall notify
Seller of same within fifteen (15) days after the Effective Date, and Purchaser
shall pay, upon surveyor's invoice, any additional costs for such. At the time of
Closing, the ALTA Survey will be updated to provide a total acreage for each
Platted Lot and the Sports Complex Property, the Purchase Price and Cash
Portion will be adjusted based upon Two Hundred Thousand Dollars
($200,000.00) per acres for any change from 61.00 acres to the Property's
determined acreage. Purchaser shall have the option, at its own expense, to
obtain its own subsequent survey of the Property prepared by a surveyor
licensed by the State of Florida. Seller agrees to furnish any existing surveys
of the Property, if any, to Purchaser within thirty (30) days of execution of this
Agreement.
V. APPRAISAL
5.01 Purchaser has obtained the required appraisal(s) in order to determine the
value of the Property pursuant to the requirements of Florida Statutes 125.355.
VI. INSPECTION PERIOD
6.01 Purchaser shall have sixty (60) days from the date of this Agreement
("Inspection Period") to determine through appropriate investigation that:
1. Soil tests and engineering studies indicate that the Properties can be
developed without any abnormal demucking, soil stabilization or foundations.
2. There are no abnormal drainage or environmental requirements to the
development of the Properties.
3. The Properties are in compliance with all applicable State and Federal
environmental laws and the Properties are free from any pollution or
contamination.
4. The Properties can be utilized for Purchaser's Intended Use.
6.02 If Purchaser is not satisfied, for any reason whatsoever, with the results of
any investigation, Purchaser shall deliver to Seller prior to the expiration of the
Inspection Period, written notice of its intention to waive the applicable
contingencies, or to terminate this Agreement. If Purchaser fails to notify the Seller
in writing of its specific objections as provided herein within the Inspection Period,
it shall be deemed that the Purchaser is satisfied with the results of its
investigations and the contingencies of this Article VI shall be deemed waived. In
the event Purchaser elects to terminate this Agreement because of the right of
inspection, Purchaser shall deliver to Seller copies of all engineering reports and
environmental and soil testing results commissioned by Purchaser.
6.03 Purchaser and its agents, employees, and servants shall, at their own risk
and expense, have the right to go upon the Properties for the purpose of surveying
and conducting site analyses, soil borings, and all other necessary investigation.
Purchaser shall, in performing such tests, use due care and shall indemnify Seller
on account of any loss or damages occasioned thereby and against any claim
made against Seller as a result of Purchaser's entry. Seller shall be notified by
Purchaser no less than twenty-four (24) hours prior to said inspection of the
Properties.
6.04 This Agreement and the Exhibits thereto substantially set forth the terms
and conditions representative of this transaction. However, during or as a result
of due diligence, there may be minor modifications required, including modifying
the closing date. It is acknowledged that non -substantive changes or modifications
can be made upon the review and approval from the County Attorney's Office and
the County Manager and acknowledged in writing by the parties. Any substantive
changes to the terms and conditions of this transaction, as determined by the
County Attorney's Office, will require further Board of County Commissioners'
approval.
VII. INSPECTION
7.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Properties at any time prior to the Closing.
VIII. POSSESSION
8.01 Purchaser shall be entitled to full possession of the Sports Complex Properties
at Closing.
IX. THIS SECTION INTENTIONALY LEFT BLANK
X. TERMINATION AND REMEDIES
10.01 If Seller fails to perform any of the covenants and/or agreements contained
herein which are to be performed by Seller, within ten (10) days of written
notification of such failure, Purchaser may, at its option, terminate this Agreement
by giving written notice of termination to Seller. Purchaser shall have the right to
seek and enforce all rights and remedies available at law or in equity to a contract
vendee, including the right to seek specific performance of this Agreement.
10.02 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 sole remedy,
Seller shall have the right to terminate and cancel this Agreement by giving written
notice thereof to Purchaser, and neither party shall have any further liability or
obligation to the other except as set for in paragraph 13.01 (Real Estate Brokers)
hereof.
10.03 Should any litigation or other action be commenced between the parties
concerning the real property or this Agreement, the party prevailing in such
litigation or other action shall be entitled, in addition to such relief as may be
granted, to a reasonable sum for its attorney's fees, paralegal charges, and all fees
and costs for appellate proceedings in such litigation or other action; which sum
may be determined by the court or in a separate action brought for that purpose.
10.04 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.
XI. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES
11.01 Seller and Purchaser represent and warrant the following:
11.011 Seller and Purchaser have full right and authority to enter into and to
execute this Agreement and to undertake all actions and to perform all tasks
required of each hereunder. Seller is not presently the subject of a pending,
threatened or contemplated bankruptcy proceeding.
11.012 Seller has full right, power, and authority to own and operate the
Properties, and to execute, deliver, and perform its obligations under this
Agreement and the instruments executed in connection herewith, and to
consummate the transaction contemplated hereby. All necessary authorizations
and approvals have been obtained authorizing Seller and Purchaser to execute
and consummate the transaction contemplated hereby. At Closing, certified
copies of such approvals shall be delivered to Purchaser and/or Seller, if
necessary.
11.013 Seller discloses and Purchaser acknowledges that the Properties may
be effected by the City Gate Community Development District ("City Gate CDD"),
Declaration of Covenants, Conditions, Restrictions and Easements City Gate
Commerce Park Master Property Owners Association ("POA") and the
Developer Agreement.
11.131 Notice of Establishment of City Gate Community Development
District recorded in O.R. Book 4521, Page 1453, Public Records of
Collier County, Florida; and
11.132 Declaration of Covenants, Conditions, Restrictions and Easements
of City Gate Commerce Park and the Articles of Incorporation of
City Gate Commerce Park Master Property Owners Association,
Inc., as recorded in Plat Book 3525, Page 2931 et seq., Public
Records of Collier County, Florida, as amended; and
11.133 Developer Agreement, recorded in Official Record Book 4517,
Pages 640-704, as amended by the First Amendment to Developer
Agreement recorded in Official Record 5168, Pages 3989 of the
Public Records of Collier County, Florida and this Agreement.
11.134 Seller represents and warrants that there is nothing set forth in the
documents that in any way will diminish, hinder, or frustrate
Purchaser's intended use of the Sports Complex Properties.
11.014 The warranties set forth in this Article shall be true on the date of this
Agreement and as of the date of Closing. Purchaser's acceptance of a deed to
the said Sports Complex 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.
11.015 Seller represents that it has no knowledge of any actions, suits, claims,
proceedings, litigation, or investigations pending or threatened against Seller, at
law, equity, or in arbitration before or by any federal, state, municipal, or other
governmental instrumentality that relate to this agreement or any other property
that could, if continued, adversely affect Seller's ability to sell or lease the Sports
Complex Properties to Purchaser according to the terms of this Agreement.
11.016 No party or person other than Purchaser has any right or option to
acquire the Properties or any portion thereof.
11.017 Until the date fixed for Closing, so long as this Agreement remains in
force and effect, Seller shall not encumber or convey any portion of the Sports
Complex Properties or any rights therein, nor enter into any agreements granting
any person or entity any rights with respect to the Sports Complex Properties or
any part thereof, without first obtaining the written consent of Purchaser to such
conveyance, encumbrance, or agreement which consent may be withheld by
Purchaser for any reason whatsoever.
11.018 Seller represents that there are no incinerators, septic tanks or cesspools
on the Properties; all waste, if any, is discharged into a public sanitary sewer
system; Seller represents that it has no knowledge that any pollutants are or
have been discharged from the Sports Complex Properties, directly or indirectly
into any body of water. Seller represents the Sports Complex Properties has
not been used for the production, handling, storage, transportation,
manufacture, or disposal of hazardous or toxic substances or wastes, as such
terms are defined in applicable laws and regulations, or any other activity that
would have toxic results, and no such hazardous or toxic substances are
currently used in connection with the operation of the Sports Complex
Properties, and there is no proceeding or inquiry by any authority with respect
thereto. Seller represents that it has no knowledge that there is ground water
contamination on the Sports Complex Properties or potential of ground water
contamination from neighboring properties. Seller represents no storage tanks
for gasoline or any other substances are or were located on the Sports Complex
Properties at any time during or prior to Seller's ownership thereof. Seller
represents none of the Sports Complex Properties has been used as a sanitary
landfill.
11.019 Seller has no knowledge that the Sports Complex Properties and Seller's
operations concerning the Sports Complex Properties 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 regulation or requiring or calling attention to the
need for any work, repairs, construction, alterations, or installation on or in
connection with the Sports Complex Properties in order to comply with any laws,
ordinances, codes, or regulation with which Seller has not complied.
11.020 Other than the pending PUDA and NOPC/DOA, there are no unrecorded
restrictions, easements, or rights of way (other than existing zoning regulations)
that restrict or affect the use of the Properties, and there are no maintenance,
construction, advertising, management, leasing, employment, service, or other
contracts affecting the Sports Complex Properties.
11.021 Seller has no knowledge that there are any suits, actions or arbitration,
bond issuances or proposals therefore, proposals for public improvement
assessments, pay -back agreements, paving agreements, road expansion or
improvement agreements, utility moratoriums, use moratoriums, improvement
moratoriums, administrative or other proceedings or governmental
investigations or requirements, formal or informal, existing or pending or
threatened which affects the Properties or which adversely affects Seller's ability
to perform hereunder; nor is there any other charge or expense upon or related
to the Sports Complex Properties which has not been disclosed to Purchaser in
writing prior to the effective date of this Agreement.
11.022 Other than the pending PUDA and NOPC/DOA, Seller acknowledges
and agrees that Purchaser is entering into this Agreement based upon Seller's
representations stated above and on the understanding that Seller will not cause
the zoning or physical condition of the Sports Complex Properties 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 Sports Complex Properties and not to
do any act or omit to perform any act which would change the zoning or physical
condition of the Properties 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 promulgated
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 Sports Complex Properties.
11.023 At the Closing, Seller shall deliver to Purchaser a statement (hereinafter
called the "Closing Representative Statement") reasserting the foregoing
representations as of the Date of Closing, which provisions shall survive the
Closing.
11.024 Seller represents, warrants and agrees to indemnify, reimburse, defend
and hold Purchaser harmless from any and all costs (including attorney's fees)
asserted against, imposed on or incurred by Purchaser, directly or indirectly,
pursuant to or in connection with the application of any federal, state, local or
common law relating to pollution or protection of the environment which shall be
in accordance with, but not limited to, the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, et
seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the
Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including any
amendments or successor in function to these acts. This provision and the rights
of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by
conveyance of title.
11.025 Any loss and/or damage to the Properties between the date of this
Agreement and the date of Closing shall be Seller's sole risk and expense.
XII. NOTICES
12.01 Any notice, request, demand, instruction or other communication to be
given to either party hereunder shall be in writing, sent by registered, or certified
mail, return receipt requested, postage prepaid, addressed as follows:
If to Purchaser: Real Property Management
3335 Tamiami Trail East -Suite 101
Naples, Florida 34112
With a copy to: Jeffrey A. Klatzkow
County Attorney
Office of the County Attorney
Administration Building
3335 Tamiami Trail East
Naples, Florida 34112
If to Seller: Roger B. Rice, Esq.
9010 Strada Stell Court, Suite 207
Naples, Florida 34109
With a copy to: John S. Steinhauer, Esq.
121 South Main Street, Suite 555
Akron, Ohio 44308
12.02 The addressees and addresses for the purpose of this Article may be
changed by either party by giving written notice of such change to the other party
in the manner provided herein. For the purpose of changing such addresses or
addressees only, unless and until such written notice is received, the last
addressee and respective address stated herein shall be deemed to continue in
effect for all purposes.
XIII. REAL ESTATE BROKERS
13.01 Any and all brokerage commissions or fees shall be the sole responsibility
of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from
and against any claim or liability for commission or fees to any broker or any other
person or party claiming to have been engaged by Seller as a real estate broker,
salesman or representative, in connection with this Agreement. Seller agrees to
pay any and all commissions or fees at closing pursuant to the terms of a separate
agreement, if any.
XIV. MISCELLANEOUS
14.01 This Agreement may be executed in any manner of counterparts which
together shall constitute the agreement of the parties.
14.02 This Agreement and the terms and provisions hereof shall be effective as
of the date this Agreement is executed by both parties and shall inure to the benefit
of and be binding upon the parties hereto and their respective heirs, executors,
personal representatives, successors, successor trustee, and assignees whenever
the context so requires or admits.
14.03 Any amendment to this Agreement shall not bind any of the parties hereof
unless such amendment is in writing and executed and dated by Purchaser and
Seller. Any amendment to this Agreement shall be binding upon Purchaser and
Seller as soon as it has been executed by both parties.
14.04 Captions and section headings contained in this Agreement are for
convenience and reference only; in no way do they define, describe, extend, or limit
the scope or intent of this Agreement or any provisions hereof.
14.05 All terms and words used in this Agreement, regardless of the number and
gender in which used, shall be deemed to include any other gender or number as
the context or the use thereof may require.
14.06 No waiver of any provision of this Agreement shall be effective unless it is
in writing signed by the party against whom it is asserted, and any waiver of any
provision of this Agreement shall be applicable only to the specific instance to which
it is related and shall not be deemed to be a continuing or future waiver as to such
provision or a waiver as to any other provision.
14.07 If any date specified in this Agreement falls on a Saturday, Sunday, or legal
holiday, then the date to which such reference is made shall be extended to the next
succeeding business day.
14.08 Seller is aware of and understands that the "offer" to purchase represented
by this Agreement is subject to acceptance and approval by the Board of County
Commissioners of Collier County, Florida.
14.09 If the Seller holds the Property in the form of a partnership, limited
partnership, corporation, trust or any form of representative capacity whatsoever for
others, Seller shall make a written public disclosure, according to Chapter 286,
Florida Statutes, under oath, of the name and address of every person having a
beneficial interest in the Property before Property held in such capacity is conveyed
to Collier County. (If the corporation is registered with the Federal Securities
Exchange Commission or registered pursuant to Chapter 517, Florida Statutes,
whose stock is for sale to the general public, it is hereby exempt from the provisions
of Chapter 286, Florida Statutes.)
14.10 If Seller chooses to treat one or more of the lot transactions as a tax-
deferred exchange under I.R.C. Section 1031, the Purchaser shall cooperate in
accomplishing the exchange, and consents to the assignment of this Contract to a
qualified exchange intermediary for that purpose, provided there is no additional
cost or delay in closing and the exchanger is not released from liability under this
Contract.
14.11 This Agreement is governed and construed in accordance with the laws of
the State of Florida.
XV. MISCELLANEOUS — SURVIVE CLOSING
The following miscellaneous provisions and rights of Purchaser and Seller,
hereunder, shall survive Closing and are not deemed satisfied by conveyance of
title.
15.01 Seller and Purchaser agree that the entire Sports Complex Properties are
a base footprint and may vary by plus or minus ("+ or ") 2.5 acres. For a period of
one (1) year after closing, Purchaser may, based on its final design plans, request
an adjustment no greater than plus or minus ("+ or ") 2.5 acres. Purchaser will be
responsible for all costs of modifying the Plat or Re -Plat and will receive a
commensurate refund for any reduction in land or shall pay the commensurate price
for any additional land.
15.02 If Purchaser has not exercised its option and acquired the Lease Property,
then before approval of a Site Development Plan for the Sports Complex Properties,
Seller and Purchaser will enter into a Reciprocal Driveway Easement for shared
access and egress between the Sports Complex Property and Lease Property,
which shall be substantially similar to Exhibit "G" attached hereto and incorporated
herein.
15.03 Purchaser's site development plan approval for the Sports Complex
Property will either result in the requirement of the construction of a right turn lane
in conjunction with any driveway access on City Gate Boulevard North or be
conditioned upon the reservation of land to facilitate the future construction of a right
turn lane. With the site development improvements on the Sports Complex
Properties, Purchaser agrees to construct such right turn lane. Purchaser/Lessee
consents to any reservation of or dedication of a portion of the Lease Property for a
right turn lane.
15.04 The Plans and Plat (PPL) of City Gate Commerce Center, Phase Three, will
include the construction plans of the extension of City Gate Boulevard South, and
associated utility infrastructure, to the Sports Complex Property, which will be
reviewed by Collier County Growth Management Division. See, typical section of
City Gate Boulevard South extension as Exhibit "H". Purchaser will be responsible
to extend City Gate Boulevard South, roadway, and utility infrastructure. Purchaser
agrees to bid and award a contract as soon as practicable. Purchaser agrees
that construction will begin as soon as practicable following Closing.
15.05 Essential to this Agreement, are the covenants herein regarding the
arrangements, implementation, and construction of a Storm Water Management
System as set forth herein. The City Gate project was issued an Environmental
Resource Permit (No. 11-01863-P) (ERP) from the South Florida Water
Management District. Seller has submitted for a modification of said permit for the
construction and operation of a master lake and the extension of City Gate
Boulevard South to the Sports Complex Property and for conceptual water
management on Sports Complex Property and on ±38.5 acres, which +38.5 acres
are depicted on Exhibit "I" attached hereto and incorporated herein. The specific
terms, conditions and details regarding the permitting, construction and operation of
the surface water management system are set forth in Exhibit "J", which include the
excavation of City Gate PUD master lake and the use of the excavated materials.
Specifically, the County agrees to immediately provide for 100% of the water
"quality" on the Sports Complex Properties and the County covenants that 100%
of the detention requirements ("quantity") [estimated to be a 9+ acre lake for Sports
Complex Properties & Area to Drain Off -Site] will be met offsite, on the adjacent
County owned property. Since offsite detention cannot take place until the adjacent
County land is appropriately permitted, the City Gate PUD master lake will
temporarily serve as the quantity (storage) portion for the Sports Complex
Properties, however, the County understands that such use is strictly limited, that
any holdover will cause undue burden on City Gate vacant land and will use its
best efforts to accomplish the goals of the Exhibit "J" permanent surface water
management system, including the offsite lake/detention.
15.06 Nothing herein shall hinder Seller's application under Collier County
Ordinance 2010-20 to establish a mechanism to create a dedicated source of
revenue to fund economic development and to advance economic development
initiatives in zones, known as "Innovation Zones", within the balance of City
Gate PUD.
15.07 Seller and Purchaser agree to enter into a Boundary Line Agreement
establishing the common boundary between the City Gate PUD and the County
owned land to the east, as set forth in Exhibit "U.
15.08 Should any litigation or other action be commenced between the parties
concerning the Sports Complex Properties or this Agreement, the party prevailing in
such litigation or other action shall be entitled, in addition to such relief as may be
granted, to a reasonable sum for its attorney's fees, paralegal charges and all fees
and costs for appellate proceedings in such litigation or other action; which sum may
be determined by the court or in a separate action brought for that purpose.
XVI. ENTIRE AGREEMENT: This Agreement and the exhibits attached hereto contain
the entire agreement between the parties, and no promise, representation,
warranty, or covenant not included in this Agreement or any such referenced
agreements has been or is being relied upon by either party. No modification or
amendment of this Agreement shall be of any force or effect unless made in writing
and executed and dated by both Purchaser and Seller. Time is of the essence of
this Agreement.
IN WITNESS WHEREOF, the parties hereto have signed below.
Dated Project/Acquisition Approved by
BCC:
AS TO PURCHASER:
DATED:
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
BY:
Deputy Clerk Penny Taylor, Chairman
AS TO SELLER:
DATED:
WITNESSES:
CG II, LLC, a Florida limited liability
company
(Signature)
BY:
(Printed Name) Joseph R. Weber, Vice President
(Signature)
(Printed Name)
Approved as to form and
legality:
Jeffrey A. Klatzkow
Collier County Attorney
Exhibit "A" - Parcel A or Sports Complex Property
Exhibit "B" - Parcel B or Lease Property
Exhibit "C" - Land Lease
Exhibit "D" - Fair Market Value and Constructive Donation
Exhibit "E" - Apportion - Fees and Consultant
Exhibit "F" - Approved Exceptions
Exhibit "G" - Reciprocal Driveway Easement
Exhibit "H" - Typical Section of City Gate Boulevard South extension
Exhibit "I" — Location of ±38.5 Acres
Exhibit "J" — Permit, Construct and Operate -Surface Water Management System
Exhibit "K" -- Boundary Line Agreement
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DESCRIPTION
A PORTION OF SECTION 35, TOWNSHIP 49 SOUTH, RANGE 26
EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
COMMENCE AT THE WEST QUARTER CORNER OF SECTION 35,
a TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLLIER COUNTY
a FLORIDA; THENCE NORTH 89.00'01" EAST ALONG THE SOUTH
LINE OF THE NORTH 1/2 OF SAID SECTION 35, A DISTANCE OF
3728.95 FEET TO THE POINT OF BEGINNING; THENCE NORTH
NOT A SURVEY
00'45'38" WEST DEPARTING SAID SOUTH LINE, A DISTANCE OF
HEREBY CERTIFY, TO THE BEST of MY KNOWLEDGE
1103.12 FEET; THENCE NORTH 89'13'00" EAST, A DISTANCE OF
AND BELIEF, THAT THE LEGAL DESCRIPTION AND
411.68 FEET; THENCE NORTH 00'47'00" WEST, A DISTANCE OF
ATTACHED SKETCH WERE PREPARED IN ACCORDANCE
Ll 465.81 FEET; THENCE NORTH 89'13'01" EAST, A DISTANCE OF
WITH THE APPLICABLE PROVISIONS OF CHAPTER
w 506.60 FEET; THENCE NORTH 00'46'59" WEST, A DISTANCE OF
5J-17.05, FLORIDA ADMINISTRATIVE CODE, PURSUANT
S� 633.97 FEET; THENCE NORTH 89'13'01" EAST, A DISTANCE OF
TO CHAPTER 472, FLORIDA STATUTES.
646.71 FEET TO AN INTERSECTION OF THE EAST LINE OF SAID
W SECTION 35; THENCE SOUTH 00'30'14" EAST ALONG THE SAID
EAST LINE, A DISTANCE OF 2194.13 FEET TO THE SOUTHEAST
BARRY E SYREN (FOR THE FIRM L.B. 642)
CORNER OF THE SAID NORTH 1/2; THENCE SOUTH 86'27'31"
PROFESSIONAL SURVEYOR AND MAPPER
WEST ALONG THE SOUTH LINE OF THE NORTH 1/2 OF SAID
FLORIDA CERTIFICATE NO. 5365
SECTION 35, A DISTANCE OF 66.98 FEET; THENCE SOUTH
89'00'01" WEST ALONG THE SAID SOUTH LINE, A DISTANCE OF
DATE SIGNED: _----------- —
1487.52 FEET TO THE POINT OF BEGINNING.
NOT VALID WITHOUT THE SIGNATURE AND ORIGINAL
RAISED SEAL OF A FLORIDA LICENSED SURVEYOR
o PARCEL CONTAINS 61.00 ACRES, MORE OR LESS
AND MAPPER.
JOHNSON ENGINEERING, INC.
2350 STANFORD COURT
•
SKETCH AND DESCRIPTION
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PHONES (2J9)
ENGINEERINGFAY9, 434-9320
E.B. #642 & L.B. #642
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(INTENDED DISPLAY SCALE: 1"=300')
POINT OF
COMMENCEMENT:
WEST 114 CORNER
OF SECTION 35
3451 N89°00'01"E
E
DESCRIPTION -
A PORTION OF SECTION 35, TOWNSHIP 49 SOUTH, RANGE 26
EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
COMMENCE AT THE WEST QUARTER CORNER OF SECTION 35,
TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLLIER COUNTY
FLORIDA; THENCE NORTH B9'00'01" EAST ALONG THE SOUTH
LINE OF THE NORTH 1/2 OF SAID SECTION 35, A DISTANCE
OF 3728.95 FEET; THENCE NORTH (0'46'38" WEST DEPARTING
SAID SOUTH LINE, A DISTANCE OF 1103.12 FEET; THENCE
NORTH 89'13'00" EAST, A DISTANCE OF 411.68 FEET; THENCE
NORTH 00'47'00" WEST, A DISTANCE OF 465.81 FEET; THENCE
NORTH 89'13'01" EAST, A DISTANCE OF 122.10 FEET TO THE
POINT OF BEGINNING; THENCE NORTH 00'46'59" WEST, A
DISTANCE OF 633.97 FEET; THENCE NORTH 89'13'01" EAST, A
DISTANCE OF 384.50 FEET; THENCE SOUTH 00'46'59" EAST, A
DISTANCE OF 633.97 FEET; THENCE SOUTH 89613'01" WEST, A
DISTANCE OF 384.50 FEET TO THE POINT OF BEGINNING.
PARCEL CONTAINS 5.59 ACRES, MORE OR LESS
NOT A SURVEY
VING
'HEREBY CERTIFY, TO THE BEST OF MY KNOWLEDGE
AND BELIEF, THAT THE LEGAL DESCRIPTION AND
ATTACHED SKETCH WERE PREPARED IN ACCORDANCE
WITH THE APPLICADLE PROVISIONS OF CHAPTER
5J-17.05, FLORIDA ADMINISTRATIVE CODE, PURSUANT
TO CHAPTER 472, FLORIDA STATUTES.
BARRY E. SYREN (FOR THE FIRM L.B. 642)
PROFESSIONAL SURVEYOR AND MAPPER
FLORIDA CERTIFICATE NO. 5365
DATE SIGNED:
NOT VALID WITHOUT THE SIGNATURE AND ORIGINAL
RAISED SEAL OF A FLORIDA LICENSED SURVEYOR
• as
JOHNSON ENGINEERING, INC.
2350 STANFORD COURT
SKETCH AND DESCRIPTION
NAPLES, FLORIDA 34112
ENGINEERING
- -
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642 G L.B. #642
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11/2017
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Exhibit C
Land Lease Agreement
THIS AGREEMENT, made and entered into this day of 2017, by
CG II, LLC, a Florida limited liability company, hereinafter called the LESSOR, whose address
is 'and COLLIER COUNTY, a
political subdivision of the State of Florida, its successors and assigns (hereinafter referred to
as "LESSEE",
WITNESSETH:
IN CONSIDERATION OF the execution of this Agreement and performance of the
promises hereinafter set forth, LESSOR hereby leases unto LESSEE the following property:
See, Exhibit "A" attached hereto and incorporated by reference herein
ALL upon the following terms and consideration
I. TERM OF LEASE, BASE RENT & ADDITIONAL RENT
The lease term shall be three years, beginning , 2018 and ending , 2021.
The BASE ANNUAL RENT is $1.00 to be paid to LESSOR in THREE ANNUAL
PAYMENTS of $1.00, due on or before the I" day of April. The first payment is required
on or before April 1st, 2018.
ADDITIONAL RENT, during the term of the lease, will include ad valorem real estate
taxes and any assessments for operations and maintenance cost by the City Gate CDD or
the City Gate Master Property Owner's Association assessed against or levied upon the
LEASED PREMISES not to exceed Fifty Thousand ($50,000) Dollars annually, which is
due within thirty days of the LESSOR's invoicing for the same.
II USE OF LEASED PREMISES.
The LESSEE intends to use the LEASED PREMISES as a "grass parking area." LESSOR
specifically permits LESSEE, at LESSEE's costs, to make any improvements necessary to obtain
approval as a grass parking area. LESSEE covenants that the "grass parking area" shall comply
with all applicable county and/or municipal ordinances. LESSEE shall repair any damage to the
LEASED PREMISES resulting from the maintenance or removal of said grass parking area.
Further, LESSOR agrees that LESSEE shall be permitted to place, erect or install signs on the
LEASED PREMISES. Any sign shall comply with all applicable county and/or municipal
ordinances. All such signs shall be maintained in a good and safe condition and appearance by
LESSEE at its own expense. LESSEE shall repair any damage to the LEASED PREMISES
resulting from the erection, maintenance, or removal of said signs.
III OBLIGATIONS OF LESSOR
A. To permit LESSEE quietly to hold, possess, and enjoy the LEASED PREMISES
during the term of this AGREEMENT, so long as LESSEE is NOT in default
hereinunder.
B. To pay, prior to delinquency, all real property taxes, and any assessments assessed
against or levied upon the LEASED PREMISES.
IV. OBLIGATION OF LESSEE
A. To make all lease payments when due and payable, together with sales tax if
applicable.
B. To keep the LEASED PREMISES in a neat and clean condition at all times.
C. LESSEE will not create nor permit to be created nor remain as a result of any action
of work done or contracted for by LESSEE, any lien, encumbrance or charge levied
on account of any imposition or any mechanic's, laborer's or materialman's lien
which might be or become a lien, encumbrance or charge upon the LEASED
PREMISES. Any mechanic's, laborer's, or materialman's lien shall be discharged
in accordance with the following: If any mechanic's, laborer's, or materialman's
lien shall at any time be filed against the LEASED PREMISES of as a result of any
action or work done on behalf of or contracted for by LESSEE, LESSEE, within
fifteen (15) days after notice of the filing thereof, shall cause it to be discharged of
record by payment, deposit, bond, order of a court of competent jurisdiction, or
otherwise.
D. To pay the cost of water/sewer, gas, electricity, fuel, light, heat, power, telephone,
cable TV, and all other utilities furnished to the LEASED PREMISES or used by
LESSEE in connection therewith.
E. To carry at its own expense Comprehensive General Public Liability and Property
Damage insurance with combined single limits of not less than $500,000.00 with
insurance companies authorized to do business in Florida, insuring LESSOR and
LESSEE against any liability arising out of the ownership, use, occupancy or
maintenance of the LEASED PREMISES and all areas appurtenant thereto.
LESSEE may provide this insurance under a blanket policy provided said insurance
shall have a LESSOR'S protective liability endorsement attached thereto.
F. To the extent authorized by law, to indemnify and hold harmless LESSOR against
and from any and all claims arising from LESSEE'S use of the LEASED
PREMISES or from the conduct of its business or from any activity, work or other
things done, permitted or suffered by LESSEE in or about the LEASED
PREMISES and shall further indemnify and hold harmless LESSOR against and
from any and all claims arising from any breach or Default in the performance of
any obligation on TENANT'S part to be performed under the terms of this LEASE
or arising from any act or negligence of the TENANT or any officer, agent,
employee, guest, or invitee of TENANT and from all costs, attorney's fees, whether
at trial or on appeal and liabilities incurred in or about the defense of any such claim
or any action or proceeding brought thereon.
G. To the extent authorized by law, to indemnify and hold LESSOR harmless from
any and all claims by, or liability to, any third parties for personal injury and
property damages suffered as a result of LESSEE's employees or contractors in
connection with the use of the LEASED PREMISES.
H. To comply with all governmental regulations concerning the use of the LEASED
PREMISES; and NOT to permit or suffer any illegal, immoral, or improper act to
occur on the LEASED PREMISES; and NOT to make or permit to be made any
disturbance, noise, or annoyance whatsoever which would be detrimental to the
peace, quiet, and comfort of other persons in the vicinity of the LEASED
PREMISES.
I. To surrender possession of the LEASED PREMISES at the termination of this
Agreement in comparable condition as of this date, having removed any
manufactured homes or improvements placed thereon by LESSEE.
V. OTHER PROVISIONS
A. During the first lease year, the LESSEE will have the right to exercise an option to
purchase the property described in Exhibit "A" for TWO HUNDRED
THOUSAND DOLLARS ($200,000.00) (U.S. Currency) per acre. If exercised,
the sale shall close within sixty (60) days from the date of exercise, with time not
of the essence.
B. If not terminated by the Closing of the option above, LESSOR will reimburse
LESSEE for improvements placed on the property by LESSEE.
C. This Agreement may not be changed, modified, or terminated, except by an
instrument executed by the parties hereto.
D. If any term of this Agreement or the application thereof to any person or
circumstances shall be declared invalid and unenforceable by a court of competent
jurisdiction, the remainder of this Agreement, or the application of such term or
provision to persons or circumstances other than those as to which it is held invalid
or unenforceable, such term or provision shall be modified to the minimum extent
necessary to make it or its application valid and enforceable, and the validity of all
other provisions of this Agreement and all other applications of any such term or
provision shall not be affected thereby, and each term and provision of this
Agreement shall be valid and be enforced to the fullest extent permitted by law.
E. This Agreement shall be construed and enforced in accordance with the laws of the
State of Florida, exclusive of choice of law rules, and this Agreement shall not be
construed more strictly against one party than against the other merely by virtue of
the fact that it may have been prepared by counsel for one of the parties, it being
recognized that both LESSEE and LESSOR have contributed substantially and
materially to the negotiation and preparation of this Agreement.
F. LESSEE may assign this Agreement to any entity substantially owned or controlled
by LESSEE.
G. Words of any gender used in this Agreement shall be held and construed to include
any other gender and words in the singular shall be held to include the plural, and
vice versa, unless the context requires otherwise. The words "herein", "hereof',
"hereunder" and other similar compounds of the word "here" when used in this
Agreement shall refer to the entire Agreement, and not to any particular provision
or section. If the last day of any time period stated herein shall fall on a Saturday,
Sunday, legal or banking holiday, then the duration of such time period shall be
extended so that it shall end on the next succeeding day which is not a Saturday,
Sunday, legal or banking holiday. The term "business day" shall mean any day other
than a Saturday, Sunday, legal or banking holiday.
H. The parties represent and warrant that they have not utilized the services of any real
estate broker in this transaction.
IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto
as of the day and year set forth below.
LESSEE: LESSOR:
Date:
Exhibit "D"
"CONSTRUCTIVE DONATION"
Forty -Five (45) days prior to Closing, Seller will, at its cost,
obtain an appraisal of the Sport Complex Property, by a Florida
licensed commercial real estate appraiser, which shall
determine the fair market value for the constructive donation
("FMV Appraisal"). This FMV Appraisal will be in accordance
with generally accepted appraisal standards. It also will meet
the relevant requirements of Regulations section 1.170A -
13(c)(3) and Notice 2006-96. This appraisal will be made by a
qualified appraiser, as set forth in the instructions for IRS Form
8283, defined in applicable codes, and the appraiser will be
competent to complete Part III of Form 8283. Within 15
business days of Seller providing Purchaser with a Form 8283,
fully completed but for the Donee Acknowledgment, Purchaser
shall complete and sign the Donee Acknowledgement portion of
the form, and return the now fully executed,form to Seller.
November 16, 2017 Version
Exhibit "E"
Apportion — Fees and Consultant
ration Fees
Waste (Extension of CGBN per DCA) Paid
by City Gate
Amount to Reir
Paid at
NOPC
Regional
1'UUA UUA
$ 22,200.00 $17,170.00. $ 2,500.00 $
$ (9,545.00) $ (9,475.00)
$ 12,655.00 $ 7,695.00 $ 2,500.00 $
$(12,655.00) $ (7,695.00) $ (2,500.00) $
ERP
iification PPL
7,875.00. $ 34,000.00
7,875.00 $ 34,000.00
(7,875.00) $ -
At Closing, Purchaser will reimburse Seller for application fees in the agreed amounts:
PUDA
$ 6,327.50
DOA
$ 3,847.50
NOPC
$ -
ERP Mod.
$ 3,937.50
PPL
$17,000.00
At Closing, Purchaser will also reimburse Seller for engineering and planning services/
costs for the PUDA, DOA, NOPC, PPL, ERP Modification and Developer Agreement
Amendment at 1/2 of time and materials at the rates contained in the Davidson
Engineering Inc.'s current continuing services contract with Collier County. Within 30
days of date of this Agreement, Seller shall cause an interim accounting to the Purchaser
and each month thereafter. The final amounts will be provided at least 5 days prior to the
Closing.
NOTE: Payments by the County's Solid Waste, for the extension of City Gate Blvd. North, are noted only for the
calculation and are not part of this Agreement.
Exhibit "F"
Approved Exceptions
1. The lien of all taxes for the year 2018 and thereafter, which are not yet due
and payable. *
2. All matters contained on the City Gate Commerce Center, Phase Three Plat
as recorded in Plat Book , Page , of the Public Records of Collier
County, Florida (hereinafter "Plat").
3. Oil, gas and mineral reservations as set forth in deed by Barron Collier, Jr.,
et al recorded in Deed Book 30, Page 91.
4. Oil, gas and mineral reservations reserved by Brace Corporation as set forth
in deed by Brace Corporation recorded in Deed Book 33, Page 434.
5. Declaration of Covenants, Conditions, Restrictions and Easements of City
Gate Commerce Park and the Articles of Incorporation of City Gate Commerce
Park Master Property Owners Association, Inc., as recorded in Plat Book 3525,
Page 2931 et seq., Public Records of Collier County, Florida; as amended,
6. Subject property lies within the boundaries of City Gate Community
Development District and may be subject to the levying of Special Assessments
thereof. Notice of Establishment of City Gate Community Development District
recorded in O.R. Book 4521, Page 1453, Public Records of Collier County, Florida.
7. Right of Way Occupancy Permit Notice from South Florida Water
Management District (SFWMD) recorded in O.R. Book 4508, Page 2648, Public
Records of Collier County, Florida.
8. SFWMD Notice of Environmental Resource or Surface Water Management
Permit recorded in O.R. Book 4506, Page 3447, and SFWMD Notice of
Environmental Resource or Surface Water Management Permit recorded in O.R.
Book 4265, Page 2818, Public Records of Collier County, Florida.
9. Easement (5' x 40') in favor of Florida Power & Light Company, contained
in instrument recorded April 18, 2000, O.R. Book 2664, Page 3228, Public Records
of Collier County, Florida.
10. Boundary Agreement as provided in the Agreement for Sale & Purchase.
* Paragraph 1 above will be deleted at closing, as it does not apply to the Purchaser.
RECIPROCAL DRIVEWAY EASEMENT
THIS EASEMENT, made and entered unto this day of 2017,
by CG II, LLC, a Florida limited liability company, whose mailing address is 9010 Strada Stell
Court, Suite 207, Naples, Florida 34109 (hereinafter "CG II" or "City Gate") and COLLIER
COUNTY, a political subdivision of the State of Florida, whose mailing address is whose
mailing address is 3301 Tamiami Trail East, Naples, Florida 34112 (hereinafter "County");
WHEREAS, City Gate is the owner of the land more particularly described as Lot
according to the Plat of City Gate Commerce Center, Phase Three, as recorded in Plat Book
Page _ et seq., of the Public Records of Collier County, Florida.
WHEREAS, County is the owner of the land more particularly described as Lot _ (Sports
Complex Property) according to the Plat of City Gate Commerce Center, Phase Three, as
recorded in Plat Book _, Page _ et seq., of the Public Records of Collier County, Florida.
WHEREAS, the parcels are contiguous, adjoin, and have a common boundary line.
WHEREAS, the parcels abut City Gate Boulevard North, which is a four -lane divided
roadway, with a 15.5 -foot median, and the minimum spacing of median openings in effect
dictates shared median openings and driveway entrances for left tum egress/access points.
WHEREAS, the location of driveway openings, median openings and left turn egress/access
points must substantially conform to Exhibit I and S of the 2009 City Gate Developer Agreement
(Official Records Book 4517, Page 640 et seq.), as amended, and this Easement is consistent
with such.
WHEREAS, the Parties have agreed to share the use of the driveway opening ( feet of
the south of City Gate Blvd. North right-of-way), median opening and left turn egress/access
point in consideration and exchange for the parties granting each other a reciprocal easement
along the aforementioned common boundary line.
mitigate
Whenever used herein the terms "Grantor" and "Grantee" include all the parties to this instrument
and their respective heirs, legal representatives, successors and assigns.
WITNESSETH:
That for in consideration of the sum of TEN DOLLARS ($10.00) and other good, adequate, and
valuable consideration in hand paid by the County to the CG II, the adequacy and receipt of
which are hereby acknowledged, CG II LLC does hereby grant, bargain, sell and convey unto the
County a perpetual, non-exclusive driveway easement for vehicle access ("Easement") over,
across, and with respect to, the real property located in Collier County, Florida described in
Exhibit "1" attached hereto and incorporated herein by reference and hereinafter referred to as
the "Easement Parcel L"
That for in consideration of the sum of TEN DOLLARS ($10.00) and other good, adequate, and
valuable consideration in hand paid by CG H to the County, the adequacy and receipt of which
are hereby acknowledged, the County does hereby grant, bargain, sell, and convey unto the CG
11, a perpetual, non-exclusive driveway easement for vehicle access ("Easement") over, across,
and with respect to, the real property located in Collier County, Florida described in Exhibit "2"
attached hereto and incorporated herein by reference and hereinafter referred to as the "Easement
Parcel 2."
These reciprocal easements are given for driveway purposes of ingress and egress, by
vehicular traffic, over, across, and with respect to, the Easement Parcel 1 and Easement Parcel 2.
For purposes of this Agreement, "driveway purposes" means use for and by moving vehicular
traffic for any purpose connected with the use of either property. No parking shall be permitted
on either Easement Parcel.
This Easement shall at no time be obstructed by any object which would prohibit access, ingress or
egress, to and from any lands owned, controlled or used by either Grantee or in any manner, interfere
with the purposes of this Easement.
County shall have the right, but not the obligation, to improve the Easement Parcel 2 in order to
insure the full enjoyment of the rights granted and conveyed by this Easement. Once constructed,
the County agrees to maintain both portions of the Easement.
All terms, conditions, and provisions of this Easement shall run with the land and shall inure
to the benefit of and be binding upon the parties hereto and their respective successors and assigns.
TO HAVE AND TO HOLD this Easement, together with all and singular the
appurtenances thereunto belonging or in anywise incident or appertaining, to the use,
benefit and behoof of the Grantee, its successors and assigns forever.
Grantors hereby covenant that it is lawfully seized of the granted Easement Parcel in fee
simple; that it has good and lawful authority to convey this Easement; and that it hereby fully
warrants and defends the title to the Easement hereby conveyed against the lawful claims of
all persons whomsoever.
IN WITNESS WHEREOF this Reciprocal Driveway Access and Maintenance Easement has
been executed by each Grantor whose seal is affixed hereto, the day and year first above
written.
ATTEST:
DWIGHT E. BROCK, Clerk
(OFFICIAL SEAL)
Signed, sealed and delivered
In the presence of
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
CG II, LLC
, Chairman
2
Witness (Signature)
(Print or Type)
Witness (Signature)
Name:
(Print or Type)
STATE OF OHIO
COUNTY OF SUMMIT
a Florida limited liability Company
Joseph Weber, Vice President
159 S Main Street, Suite 500
Akron, Ohio 44308
The foregoing Easement was acknowledged before me this day of
2017, by Joseph R. Weber, Vice President, on behalf of CG II, LLC, a Florida limited
liability company, who is personally known to me of who has produced
(Affix notarial seal)
Signature of Notary Public
Print Name of Notary Public
NOTARY PUBLIC
Serial/Commission # (if any):
My Commission Expires:
91
10.00' 1 60.00' RIGHT OF WAY WIDTH 1 10.00'
1.00'
3" TYPE S-1 (2 COURSES)
ASPHALT PAVEMENT
8.00' 14.00' 14.00'
m
LIMEROCK BASE LBR 46'// �� i/ / v/..'"; ` / /i`✓ / "���/ /� �. // W/30" MIN COVER
..OR.,6",CON RETE GOT. V / ,./. /.V`��� 40 OFF R.O.W. LIP
�/� % 10 LIMQ20CK BASE
12" C900 CL 200 DR18 PRIMED LBR 100 12 STABILIZED
PVC WATERMAIN W/30' NOTE: SUBGRADE EBB 40
MIN. COVER 4.0' OFF
R.O.W. LINE ALL SLOPES SHALL BE B" SDR25 PVC GRAVITY
SODDED, ALL OTHER SEWER 48" MIN. COVER
DISTURBED AREAS WILL
BE HYDRO SEEDED.
R.O.W. PAVEMENT SECTION - CITY GATE BLVD. SOUTH
NOTE:
6' CONCRETE WITH NO LIMEROCK BASE MAY BE SUBSTITUTED FOR 4" CONCRETE WITH 4" LIMEROCK BASE FOR SIDEWALKS
CITY GATE COMMERCE PARK 59w�ir�noo �u� sG��®e
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LIMEROCK BASE LBR 46'// �� i/ / v/..'"; ` / /i`✓ / "���/ /� �. // W/30" MIN COVER
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�/� % 10 LIMQ20CK BASE
12" C900 CL 200 DR18 PRIMED LBR 100 12 STABILIZED
PVC WATERMAIN W/30' NOTE: SUBGRADE EBB 40
MIN. COVER 4.0' OFF
R.O.W. LINE ALL SLOPES SHALL BE B" SDR25 PVC GRAVITY
SODDED, ALL OTHER SEWER 48" MIN. COVER
DISTURBED AREAS WILL
BE HYDRO SEEDED.
R.O.W. PAVEMENT SECTION - CITY GATE BLVD. SOUTH
NOTE:
6' CONCRETE WITH NO LIMEROCK BASE MAY BE SUBSTITUTED FOR 4" CONCRETE WITH 4" LIMEROCK BASE FOR SIDEWALKS
CITY GATE COMMERCE PARK 59w�ir�noo �u� sG��®e
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EXHIBIT J
ADDENDUM TO
AGREEMENT FOR SALE AND PURCHASE:
DESIGN / CONSTRUCTION / OPERATION
OF
SURFACE WATER MANAGEMENT SYSTEM
THIS ADDENDUM is to the AGREEMENT FOR SALE AND PURCHASE
(hereinafter referred to as the "Purchase Agreement") entered into between CG II, LLC,
joined by CITYGATE DEVELOPMENT, LLC and 850 NWN, LLC (hereinafter
collectively referred to as either "Seller" or "City Gate"), and COLLIER COUNTY, a
political subdivision of the State of Florida, its successors and assigns (hereinafter
referred to as "Buyer" or "County"), relating to the following described real property:
61.00 -Acre Tract "Sports Complex Property"
±5.5 -Acre Tract "Leased Parcel' or "Temporary Parking"
Combined "Sports Complex Properties"
13.80 -Acre Tract "Lake / Recreational Tract"
±38.50 -Acres "±38.50 -Acres" or "Area to Drain Off -Site"
See Exhibit "Al" a sketch and identification of the real property described above.
RECITALS
WHEREAS, essential to the Purchase Agreement, are the covenants regarding
the permitting, construction, implementation and operation of the City Gate PUD
Storm Water Management System and the integration of the real properties above into
that system; and
WHEREAS, the specific terms, conditions and details regarding the permitting,
construction and operation of the Storm Water Management System set forth herein
were integral to the final determination of the Purchase Price of the Sports Complex
Property and the lease terms, including the option price, of the Leased Parcel; and
WHEREAS, the City Gate project was issued an Environmental Resource Permit
(No. 11-01863-P) (ERP) from the South Florida Water Management County and City
Gate has submitted for a modification of said permit for the construction and operation
of a 10.26 -acre master lake and the extension of City Gate Boulevard South to the
Sports Complex Property and for conceptual water management on Sports Complex
Properties; and
WHEREAS, the County will immediately provide for 100% of the water "quality"
on the Sports Complex Properties; and
WHEREAS, the County covenants that 100% of the detention requirements
("quantity") [estimated to be a 9+ acre lake for Sports Complex Properties & Area to Drain
Off -Site] will be met offsite, on the adjacent County owned property and County agrees to
be solely responsible for the storm water infrastructure design/sizing, construction and
reconstruction of said infrastructure, onsite and offsite, for the detention offsite; and
WHEREAS, since offsite detention cannot take place until the adjacent County land
is appropriately permitted, the City Gate PUD master lake will temporarily serve as the
quantity (storage) portion for the Sports Complex Properties. The Sports Complex
Properties may use but not exceed 50% of the master lake's detention storage; and
WHEREAS, the transitional storm water management, which provides a bridge for
the County, and then conversion to a final system, provides the most cost and time
efficient storm water management system for the Sports Complex Properties; and
WHEREAS, it is in the best interest of the County to dig, excavate, mine, extract, and
remove from the master lake such materials, as permitted, and use the excavated
materials on the Sports Complex Properties; and
WHEREAS, County and City Gate will jointly plan and share in the enjoyment of the
lake tract and share maintenance responsibilities; and
WHEREAS, County and City Gate both benefit from the timely conversion of the
transitional storm water management into the contemplated final system and agree that
the intention is to complete the storm water management system as soon as practicable;
and
NOW THEREFORE, it is hereby mutually acknowledged, and it is agreed by and
between the parties as follows:
I. RECITALS: All of the above Recitals are true and correct and are hereby expressly
incorporated herein by reference as if set forth fully below.
II. LAKE / RECREATIONAL TRACT
1) Basic Design: Before Closing, City Gate will have processed a modification of its
Environmental Resource Permit (No. 11-01863-P) (ERP) from the SFWMD, which
will include a basic Lake design and construction level detail, and a Plat of Phase
Three, which will plat the Lake/ Recreational Tract.
2) Design Adjustments:
i) As soon as practicable, City Gate and County will jointly design alterations in
the shape and location of the Lake and/or for recreational uses on the
Lake/Recreational Tract. Any altered Lake design must provide for storm water
management equal to or superior to the original permitted Lake.
ii) City Gate reserves the right to designate the exact location of and type of bank
hardening. If City Gate requests that the County's contractor construct a
concrete bank hardening (i.e. a retaining wall), the cost of such will be deducted
from City Gate's Compensation, which is defined below. City Gate agrees to be
responsible for any costs of such concrete bank hardening that exceeds City
Gate's Compensation.
iii) County may, at its sole expense, incorporate a multi-purpose pathway, up to 12
feet wide, on top of the Lake berm.
iv) The design and location of the Lake and the multi-purpose pathway, including
any boardwalk/bridge, must be compatible with other lake front properties in
the City Gate PUD.
v) County will process at its sole expense all necessary applications for permit
modifications and permits for the operations contemplated by this Addendum.
County shall pay for all engineering studies and surveys necessary to obtain
such permit modifications. City Gate will cooperate by executing such
applications as may be required by governmental authorities to obtain such
permits.
vi) If the County's Lake design alteration requires the additional land to the Lake /
Recreational Tract, then the County shall pay for such additional land and it
shall count toward the maximum adjustment of 2.5 acres.
a) County Award Contract: County agrees to bid and award a contract to excavate
the lake excavation project as soon as practicable.
4) Commencement & Completion: Excavation will begin as soon as practical after
award of a contract and completion of the Lake excavation and improvements as soon
as practicable.
5) Excavation Operations. City Gate will temporarily (18 months commencing at
closing) lease to County the right to enter into and upon the Lake / Recreation Tract
during the term of this Agreement. County will dig, excavate, mine, extract, and
remove from the Lake / Recreation Tract such shell, sand, limestone rock, topsoil, and
fill (herein sometimes referred to as the "Material"), as permitted in ERP.
s) Use of Excavated Materials. County intends to use the Material on the Sports
Complex Properties or stockpile Material thereon. The County agrees that, prior to
the cessation of its operation, all excavated Material not incorporated into the Lake /
Recreational facilities will be moved to the Sports Complex Properties.
7) Lake/Recreational Tract Land Not Excavated. Lands within the Lake/Recreational
Tract not excavated shall meet the following standards:
i) Native Vegetation: To the maximum extent possible, but no less than 1 acre,
existing native vegetation will be retained in the area between the boundary of
the Lake / Recreational tract and the closest toe of slope of the Lake berm;
excluding any buildings, patios or public areas located therein.
ii) Topography: The land shall be free of holes, gullies, and washouts to permit safe
recreational uses and maintenance equipment; including stormwater
management measures.
iii) Stability: The land shall have settled and firmed to the extent that will support
recreational uses and maintenance equipment and such that people will be able
to walk on the surface of the land.
iv) Sod and Vegetation: All disturbed areas shall be promptly replanted, seeded or
sodded in accordance with permits.
8) Slopes and Lake Depth: All slopes and lake depth shall be in accordance with the
ERP permit.
s) Lake Berm and Swales: County may incorporate a multi-purpose pathway, up to 12
feet wide, on the top of the lake berm.
lo) All costs of compliance with permitting of the operations contemplated by this
Agreement shall be borne by COUNTY.
11) Access. COUNTY shall establish one or more access driveway(s) to the
Lake/Recreational Areas from the project road ways, at points identified on Exhibit
A2, and may establish one or more paths for exclusive use of haul trucks to the Sports
Complex Properties. City Gate shall have a right of approval, in its sole discretion,
over the location of such access driveways.
12) Compensation. As compensation for the right to incorporate the multi-purpose track
into the Lake / Recreation Area and the right to the excavate materials removed from
the Lake / Recreation Tract, COUNTY agrees to pay City Gate compensation
calculated as follows:
i) Excavated Materials Used on the Sports Complex Properties ("Truck Measured")
x Actual Cost of Material to be Delivered to Sports Complex Properties from
Operating Mine; Less Lake Excavation Costs and Less Costs to make material
usable = disparity. Compensation = %2 of the disparity. County retains %2 of
disparity as savings.
ii) Definitions:
(1) Excavated Materials Used on the Sports Complex Properties shall be "Truck
Measured" quantity;
(2) Actual Unit Cost of Material to be Delivered from Operating Mine shall also
be "Truck Measured". Before Closing, County and City Gate shall each obtain
proposals for material hauled to the site from an operating mine, which
proposals shall be updated within 60 days of the start of excavation. If not
more that 15% dissimilar, the average of the two updated proposals will be
used as the Actual Unit Cost of Material. If more that 15% dissimilar, a third
proposal will be obtained by the ERP engineer and the average of the two
closest updated proposals will be used as the Actual Unit Cost of Material;
(3) Lake Excavation Costs assume typical customary excavation methods are
employed, including but not limited to blasting. Lake Excavation Costs include
constructing a lake berm, final grading, seeding/sodding and littoral plantings;
and
(4) Costs to make material usable includes crushing and screening, but is limited
to the extent necessary to make it usable.
iii) The County shall keep a master record of the time and amount of each load and
at the end of each day a summary will be made and will be provided to City Gate.
The quantities of material removed from the Lake / Recreation Tract will be
totaled each calendar month and summaries will be delivered to City Gate and
the compensation therefore will be paid by the County to City gate on or before
the 15th day of the following month. City Gate and its authorized agents may,
from time to time, enter upon the premises to inspect the same and to measure
the quantity of material being extracted therefrom, and shall also have the right
to audit and inspect County's Contractors accounts and records used in calculating
the compensation paid to City gate hereunder.
13) Lake will include lake aerators.
14) Operation & Maintenance: The County and City Gate will share Long -Term
Operation and Maintenance of the Lake / Recreational Tract.
III. CITY GATE BLVD. SOUTH
1) Permit: Before Closing, Seller will have processed the Plans and Plat (PPL) of City
Gate Commerce Center, Phase Three, which include the construction plans of the
extension of City Gate Boulevard South, and its associated storm water management.
2) Design Adjustments: Any design changes must be approved by both Seller and
Purchaser.
3) Construction of City Gate Blvd. South
i) Includes its associated storm water management.
ii) Completion storm water management improvements as soon as practicable.
4) Operation & Maintenance: Long Term Maintenance by CDD or POA
IV. SPORTS COMPLEX PROPERTIES
1) General• Purchaser covenants that it will design construct and operate the
Sports Complex Properties.
2) Design•
i) No more than 50% is impervious. For this Agreement, the parties concur that
artificial turf fields are considered pervious;
ii) 100% of water quality standards are met onsite;
iii) For water retention and detention:
(1) For thirty-six (36) months following Closing, Purchaser may temporarily use
the Lake;
(2) If Seller has not provided written notice to Purchaser that it has a bona fide
need for the Lake volume, or material portion thereof, being used by Purchaser,
the Purchaser may continue to use the Lake for twelve (12) additional months,
but not more than a total of forty-eight (48) months following Closing.
(3) If Seller has provided Purchaser with written notice that it has a bona fide
need for the Lake volume, or material portion thereof, being used by Purchaser,
the Purchaser may continue to use the Lake for two (2) years thereafter, but
not more than a total of forty-eight (48) months following Closing, but not less
than thirty-six (36) months following Closing or more than forty-eight (48)
months following Closing.
3) Permit and Construction:
i) Purchaser shall be responsible for all permitting and construction costs of the ERP
6
11-21-17
storm water management system on the Sports Complex Properties, regardless of
whether the construction is exclusively for the Sports Park Properties' system.
ii) If Purchaser has not obtained the necessary permits to construct the storm water
retention and detention system for the Sports Complex Properties offsite on
adjacent County owned property, then Purchaser agrees to construct the water
retention and detention system required on the Resource Recovery Business
Park.
4) Operation & Maintenance: The operation and Maintenance of the Surface Water
Management System on the Sport Complex Properties shall be the sole responsibility
of Purchaser.
V. 38.50 ACRES
1) Design:
i) Seller will design water retention and detention based on 70% impervious.
ii) 100% of water quality standards are met onsite;
iii) For permanent water retention and detention, after thirty-six months, 100% of
storm water retention and detention requirements (quantity) must be met offsite
on County owned land to the east;
iv) The design, permitting and construction of the permanent offsite water
management system for the 38.5 acres shall be concurrent and joint with the
offsite water management system for the Sports Complex Properties.
2) Permit and Construction:
i) Seller will be responsible all permitting of onsite surface water management
system.
ii) Purchaser shall be responsible all permitting and construction costs of the offsite
surface water management system.
(1) Purchaser shall have thirty-six (36) months following Closing to permit and
construct the offsite surface water management system;
(2) If Seller has not provided written notice to Purchaser that it has a bona fide
need for water retention and detention for lot(s) in the 38.50 area, the
Purchaser may continue to use the Lake for twelve (12) additional months, but
not more than a total of forty-eight (48) months following Closing.
(3) If Seller has provided Purchaser with written notice that it has a bona fide
need for water retention and detention for a lot(s) in the 38.50 area, the
Purchaser may continue to use the Lake for two (2) years thereafter, but not
less than thirty-six (36) months following Closing or more than forty-eight (48)
months following Closing.
3) Operation & Maintenance: The Operation and Maintenance of the Surface Water
7
11-21-17
Management System quality onsite shall be the Seller and quantity offsite shall be
the sole responsibility of County.
VI. General Terms:
1) TIME IS OF THE ESSENCE: The design, permitting and construction of the permanent
offsite water management system for the 38.5 acres shall be concurrent and joint with
the Sports Complex Properties. If forty-two months (42) months after Closing,
Purchaser has not substantially begun construction of a water management system on
the adjacent County owned property or on the Resource Recovery Business Park, then
County will construct lake onsite, at a location designated by City Gate. The County
agrees to be solely responsible for all costs of designing, permitting and constructing the
lake and associated storm water infrastructure. County will also lease the land for the
lake at a monthly rate of 1.5% of the fair market value of the land, until such time as the
offsite surface water system is build, obviating the need for the onsite lake, but no less
than one year. Within six (6) months of the termination of the lease, County shall, at its
sole costs, return the leased land to its condition prior to excavation.
2) The County shall pay for all costs of recording the conveyance instrument in the Public
Records of Collier County, Florida. All other costs associated with this transaction
including but not limited to transfer, documentary and intangible taxes, and recording
costs for any curative instruments shall be borne and paid by City Gate. City Gate shall
be responsible for paying any costs and/or fees associated with the securing and recording
of all Subordination, Consent & Joinder of Easement instruments relative to all
mortgage(s) recorded against the Property from the mortgagee(s). The cost of a title
commitment, if any, shall be paid by County and/or County.
3) This Agreement and the terms and provisions hereof shall be effective as of the date this
Agreement is executed by both parties and shall inure to the benefit of and be binding
upon the parties hereto and their respective heirs, executors, personal representatives,
successors, successor trustees, and/or assignees, whenever the context so requires or
admits.
4) Conveyance of the Property by City Gate is contingent upon the provisions, conditions, or
premises so stated above and in the written Agreement, including all exhibits attached
hereto, shall constitute the entire Agreement and understanding of the parties, and
there are no other prior or contemporaneous written or oral agreements, undertakings,
promises, warranties, or covenants not contained herein.
5) This Agreement is governed and construed in accordance with the laws of the State of
Florida.
IN WITNESS WHEREOF, the parties hereto have signed this Addendum below.
Dated Project/Acquisition Approved by
BCC:
AS TO PURCHASER:
DATED:
ATTEST:
DWIGHT E. BROCK, Clerk
Deputy Clerk
AS TO SELLER:
DATED:
WITNESSES:
(Signature)
(Printed Name)
(Signature)
(Printed Name)
Approved as to form and
legality:
Jeffrey A. Klatzkow
Collier County Attorney
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
VA
Penny Taylor, Chairman
CG II, LLC, a Florida limited liability company
BY:
Joseph R. Weber, Vice President
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DA�I�D50�1
BOUNDARY LINE AGREEMENT
This Agreement, made the day of , 2018, between CG H, LLC, a
Florida limited liability company, (hereinafter referred to as "CG II, LLC"), whose mailing address is
121 S. Main Street, Suite 500, Akron, OH 44308 and Collier County, a political subdivision of the State
of Florida, (hereinafter referred to as "County"), whose mailing address is 3335 Tamiami Trail East,
Naples, FL 34112.
WHEREAS, the City Gate is the owner in fee simple of certain real property generally known as the
eastern portion of the North �/2 of Section 35, Township 49 South, Rage 26 East and as more particularly
described on Schedule A attached hereto and made part hereof (hereinafter "Parcel A"); and
WHEREAS, the County the owner in fee simple of certain real property generally known as the West �/2
of Section 36, Township 49 South, Rage 26 East and as more particularly described on Schedule B
attached hereto and made part hereof (hereinafter "Parcel B"); and
WHEREAS, Parcel A adjoins Parcel B; and
WHEREAS, the parties desire to fix and definitely establish the boundary line between the two parcels
mentioned above respectively owned by them without dispute; and
NOW, THEREFORE, in consideration of the mutual promises and conveyances herein contained, and
other good and valuable consideration, the receipt of which is hereby mutually acknowledged, the
parties hereto for themselves and their heirs, legal representatives, successors and assigns, covenant and
agree as follows:
That the common boundary line between the parcels shall be deemed the along the Section Line,
established by the original survey, and the common boundary is established as being described as
follows:
A LINE COMMENCING AT THE NE CORNER OF SECTION 35, TOWNSHIP 49
SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, SAID CORNER BEING
COMMON WITH NW CORNER OF SECTION 36, TOWNSHIP 49 SOUTH, RANGE
26 EAST; THENCE S00°30'14"E 2669.36' TO THE EAST 2/4 CORNER OF SECTION
35, TOWNSHIP 49 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, SAID
CORNER BEING COMMON WITH WEST r/4 CORNER OF SECTION 36,
TOWNSHIP 49 SOUTH, RANGE 26 EAST.
And the CG II, LLC does hereby remise, release and quitclaim unto the County, its successors and
assigns, all of its right, title and interest in and to any land lying to the east of the said boundary line so
established, and the County does hereby remise, release and quitclaim unto CG II, LLC, its successors
and assigns, all of its right, title and interest in and to any land lying to the west of the said boundary line
so established, and
IT IS MUTUALLY AGREED AND COVENANTED that this agreement shall run with the land and
inure to the benefit of and be binding upon the parties hereto and their respective heirs, legal
representatives, successors and assigns. 0 PY141RIT
In WITNESS WHEREOF, we have hereunto set our hands and seals on the date first above mentioned.
INSERT SCHEDULE A
INSERT SCHEDULE B
INSERT EXHIBIT 1
Land Lease Agreement
THIS AGREEMENT, made and entered into this day of __________, 2017, by
CG II, LLC, a Florida limited liability company, hereinafter called the LESSOR, whose address
is _____________________________________________, and COLLIER COUNTY, a
political subdivision of the State of Florida, its successors and assigns (hereinafter referred to
as “LESSEE”, .
WITNESSETH:
IN CONSIDERATION OF the execution of this Agreement and performance of the
promises hereinafter set forth, LESSOR hereby leases unto LESSEE the following property:
See, Exhibit “A” attached hereto and incorporated by reference herein
ALL upon the following terms and consideration
I. TERM OF LEASE, BASE RENT & ADDITIONAL RENT
The lease term shall be three years, beginning _______, 2018 and ending _______, 2021.
The BASE ANNUAL RENT is $1.00 to be paid to LESSOR in THREE ANNUAL
PAYMENTS of $1.00, due on or before the 1st day of April. The first payment is required
on or before April 1st, 2018.
ADDITIONAL RENT, during the term of the lease, will include ad valorem real estate
taxes and any assessments for operations and maintenance cost by the City Gate CDD or
the City Gate Master Property Owner’s Association assessed against or levied upon the
LEASED PREMISES not to exceed Fifty Thousand ($50,000) Dollars annually, which is
due within thirty days of the LESSOR’s invoicing for the same.
II USE OF LEASED PREMISES.
The LESSEE intends to use the LEASED PREMISES as a “grass parking area.” LESSOR
specifically permits LESSEE, at LESSEE’s costs, to make any improvements necessary to obtain
approval as a grass parking area. LESSEE covenants that the “grass parking area” shall comply
with all applicable county and/or municipal ordinances. LESSEE shall repair any damage to the
LEASED PREMISES resulting from the maintenance or removal of said grass parking area.
Further, LESSOR agrees that LESSEE shall be permitted to place, erect or install signs on the
LEASED PREMISES. Any sign shall comply with all applicable county and/or municipal
ordinances. All such signs shall be maintained in a good and safe condition and appearance by
LESSEE at its own expense. LESSEE shall repair any damage to the LEASED PREMISES
resulting from the erection, maintenance, or removal of said signs.
III OBLIGATIONS OF LESSOR
A. To permit LESSEE quietly to hold, possess, and enjoy the LEASED PREMISES
during the term of this AGREEMENT, so long as LESSEE is NOT in default
hereinunder.
B. To pay, prior to delinquency, all real property taxes, and any assessments assessed
against or levied upon the LEASED PREMISES.
IV. OBLIGATION OF LESSEE
A. To make all lease payments when due and payable, together with sales tax if
applicable.
B. To keep the LEASED PREMISES in a neat and clean condition at all times.
C. LESSEE will not create nor permit to be created nor remain as a result of any action
of work done or contracted for by LESSEE, any lien, encumbrance or charge levied
on account of any imposition or any mechanic's, laborer's or materialman's lien
which might be or become a lien, encumbrance or charge upon the LEASED
PREMISES. Any mechanic's, laborer's, or materialman's lien shall be discharged
in accordance with the following: If any mechanic's, laborer's, or materialman's
lien shall at any time be filed against the LEASED PREMISES of as a result of any
action or work done on behalf of or contracted for by LESSEE, LESSEE, within
fifteen (15) days after notice of the filing thereof, shall cause it to be discharged of
record by payment, deposit, bond, order of a court of competent jurisdiction, or
otherwise.
D. To pay the cost of water/sewer, gas, electricity, fuel, light, heat, power, telephone,
cable TV, and all other utilities furnished to the LEASED PREMISES or used by
LESSEE in connection therewith.
E. To carry at its own expense Comprehensive General Public Liability and Propert y
Damage insurance with combined single limits of not less than $500,000.00 with
insurance companies authorized to do business in Florida, insuring LESSOR and
LESSEE against any liability arising out of the ownership, use, occupancy or
maintenance of the LEASED PREMISES and all areas appurtenant thereto.
LESSEE may provide this insurance under a blanket policy provided said insurance
shall have a LESSOR'S protective liability endorsement attached thereto.
F. To the extent authorized by law, to indemnify and hold harmless LESSOR against
and from any and all claims arising from LESSEE'S use of the LEASED
PREMISES or from the conduct of its business or from any activity, work or other
things done, permitted or suffered by LESSEE in or about the LEASED
PREMISES and shall further indemnify and hold harmless LESSOR against and
from any and all claims arising from any breach or Default in the performance of
any obligation on TENANT'S part to be performed under the terms of this LEASE
or arising from any act or negligence of the TENANT or any officer, agent,
employee, guest, or invitee of TENANT and from all costs, attorney's fees, whether
at trial or on appeal and liabilities incurred in or about the defense of any such claim
or any action or proceeding brought thereon.
G. To the extent authorized by law, to indemnify and hold LESSOR harmless from
any and all claims by, or liability to, any third parties for personal injury and
property damages suffered as a result of LESSEE’s employees or contractors in
connection with the use of the LEASED PREMISES.
H. To comply with all governmental regulations concerning the use of the LEASED
PREMISES; and NOT to permit or suffer any illegal, immoral, or improper act to
occur on the LEASED PREMISES; and NOT to make or permit to be made any
disturbance, noise, or annoyance whatsoever which would be detrimental to the
peace, quiet, and comfort of other persons in the vicinity of the LEASED
PREMISES.
I. To surrender possession of the LEASED PREMISES at the termination of this
Agreement in comparable condition as of this date, having removed any
manufactured homes or improvements placed thereon by LESSEE.
V. OTHER PROVISIONS
A. During the first lease year, the LESSEE will have the right to exercise an option to
purchase the property described in Exhibit “A” for TWO HUNDRED
THOUSAND DOLLARS ($200,000.00) (U.S. Currency) per acre. If exercised,
the sale shall close within sixty (60) days from the date of exercise, with time not
of the essence.
B. If not terminated by the Closing of the option a bove, LESSOR will reimburse
LESSEE for improvements placed on the property by LESSEE.
C. This Agreement may not be changed, modified, or terminated, except by an
instrument executed by the parties hereto.
D. If any term of this Agreement or the application thereof to any person or
circumstances shall be declared invalid and unenforceable by a court of competent
jurisdiction, the remainder of this Agreement, or the application of such term or
provision to persons or circumstances other than those as to which it is held invalid
or unenforceable, such term or provision shall be modified to the minimum extent
necessary to make it or its application valid and enforceable, and the validity of all
other provisions of this Agreement and all other applications of any such term or
provision shall not be affected thereby, and each term and provision of this
Agreement shall be valid and be enforced to the fullest extent permitted by law.
E. This Agreement shall be construed and enforced in accordance with the laws of the
State of Florida, exclusive of choice of law rules, and this Agreement shall not be
construed more strictly against one party than against the other merely by virtue of
the fact that it may have been prepared by counsel for one of the parties, it being
recognized that both LESSEE and LESSOR have contributed substantially and
materially to the negotiation and preparation of this Agreement.
F. LESSEE may assign this Agreement to any entity substantially owned or controlled
by LESSEE.
G. Words of any gender used in this Agreement shall be held and construed to include
any other gender and words in the singular shall be held to include the plural, and
vice versa, unless the context requires otherwise. The words "herein", "hereof",
"hereunder" and other similar compounds of the word "here" when used in this
Agreement shall refer to the entire Agreement, and not to any particular provision
or section. If the last day of any time period stated herein shall fall on a Saturday,
Sunday, legal or banking holiday, then the duration of such time period shall be
extended so that it shall end on the next succeeding day which is not a Saturday,
Sunday, legal or banking holiday. The term "business day" shall mean any day other
than a Saturday, Sunday, legal or banking holiday.
H. The parties represent and warrant that they have not utilized the services of any real
estate broker in this transaction.
IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto
as of the day and year set forth below.
LESSEE:
DATED:________________
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
BY:
, Deputy Clerk Penny Taylor, Chairman
LESSOR:
DATED:__________________
WITNESSES:
_________________________________ CG II, LLC, a Florida limited liability company
(Signature)
_________________________________ BY:_______________________________
(Printed Name) Joseph R. Weber, Vice President
_________________________________
(Signature)
_________________________________
(Printed Name)
Approved as to form and
legality:
___
Jeffrey A. Klatzkow
Collier County Attorney
Americans with Disabilities Act (ADA)
ADA
ADA
Surrounding Area Map
Site
Analyses Applied
Unit of Comparison
Land Comparables
Analysis Grid
Comparable Sale Adjustments
Sales Compa ison Approach Conclusion
Market Value Conclusion
Professional Qualifications of
Thomas A. Tippett, MAI
Rr,lL Esurn ArrRars^rr, Rrponr
AMATEUR SPoRTS Corrpr,nx
Industrial Land
Proposed City Gate Boulevard North
Naples, Collier County, Florida, 34120
PREPARED FoR:
Mr. Roosevelt Leonard
Real Property Management
Collier County
3335 Tamiami Trail East, Suite l0l
Naples, FL 341 l2
Client File: Purchase Order Number: 4500179592
EFFECTTVE DATE oF THE APPRAISAL:
August 7,2017
DATE oF THE REPoRT:
September l, 2017
REPoRTFoRMAT:
Appraisal Report
PREPARED BY:
RKL Appraisal and Consulting, PLC
RKL File Number; 2017 -157
4500 Executive Drive. Suite 300
Naples, FL 34119-8908
Phone: 239-595-0800
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Amateur Sports Complex
Proposed City Gate Boulevard North
Naples, Florida
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September l, 2017
Mr. Roosevelt Leonard
Collier County
3335 Tamiami Trail East, Suite l0l
Naples, FL 341 12
Re: Real Estate Appraisal
Amateur Sports Complex
Proposed City Gate Boulevard North, Naples,
Collier County, Florida, 34120
Client File: Purchase Order Number: 4500179592
RKL File Number: 2017 -157
Dear Mr. Leonard:
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 subject property. The intended users for
the assignment are Collier County, and the intended use of the appraisal is for land
acquisition due diligence for Collier County, Florida. 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 b€st 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, and the appraisal guidelines of
Collier County. The appraisal also conforms with the appraisal regulations issued in
connection with the Financial Institutions Reform, Recovery and Enforcement Act
(FIRREA).
The subject is a vacant industrial parcel totaling an area of 60.35 acres, or 2,628,846
square feet. The valuation involves three separate tracts comprising the 60.35 acres
including Lot Five at 20.1I acres, Lot Six at 20 acres and Lot Seven at 20.24 acres. The
lots are located in City Gate Commerce Park, a mixed use, non-residential, commercial,
industrial, oIfice and related services business park at over 287.187 acres. The subject
lots are proposed for development as an amateur sports complex to be operated by Collier
County.
4500 Executive Drive, Suite 300
Naples, FL 341l9-E90E
Phonc: 239-596-0800
www.rklac.com路iIIm
Mr. Roosevelt Leonard
Collier County
September l, 2017
Prge 2
Based on the appraisal described in the accompanying report,
Conditions and Assumptions, Extraordinary Assumptions and
(ifany), we have made the following value conclusion(s):
subject to the Limiting
Hypothetical Conditions
VALUE CoNcLUsroNs
Apprrisrl Prcmisc
Mark€l Value, Lot Five, As Is
Market Value, Lot Six, As Is
Market Value, Lot Seven, As Is
Interest Appreised Dete ofValue
Fee Simple
Fee Simple
Fee Simple
August 7,2017
August 7,2017
August 7,2017
V●1●e Collcl●sioll
S4,930,000
S4,600,000
S4,660,000
The value conclusion(s) are subject to the following h)?othetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Respectfully submitted,
RKL APPRAISAL AND CoNSULTING, PLC
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Flo市 da State‐Certined Ccneral Real Estate Appraittr RZ″2365
klo″7@rklaC COm;Phonc 239‐596・ 08∞瞭202
Rachel M Zucchi,MAI,CCIM
Florida Stalcで erti“ed Ceneral Rc」Eme Appraiser RZ″2984
rzucch@rklaC COm:Phone 239‐596‐08∞E●203
Hypothetical
Conditions:
Nonc.
Extraordinary
Assumptions:
It is an extraordinary assumption that all requisitc govemmental approvals are
authorized and grunted to the developer for the Preliminary Plat including Lots Five,
Six and Seven. All plats will be approved by any and all govemmental agencies, in
accordance with the plans and specifications provided, and completed in a
workmanlikc manner in compliancc with all govemmental rcgulations and
requirements, in thc time frame provided by the developer.
It is an extraordinary assumption that Citygate Developmcrt LLC, t50 NWN LLC and
CG Il LLC (collcctively referred to as devcloper) and Collier County will comply with
and complete recitals 2 through 5 as outlincd in the First Amendmcnt to Dcveloper
Agrccment dated June 23.2015. This includes but is not limited to the installation and
extension of City Gate Blvd. North to accEss Lots Five, Six and Scvcn, thc cxtcnsion
of all public utilities to these sites and the completion ofoff-sile water rctcntion to th€
bcnefit of t ls Fiyc, Six and Seven on other CG Il, LLC lands.
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4500 Executive Drive, Suite 300
Naples, FL 341l9-E90E
Phone: 239-596-0E00
www.rklac.com
AMAI.I]I IR SPoRTS CoMPI-F]x TABLE oF CoNTENTS
TABLE oF CoNTENTS
Summary of Important Facts and Conclusions....................... ................. I
Introduction lnformation........
Subject Identifi cation..,)
Appraisal Scope ......... 3
Client, Intended User, and Intended Use...... ............3
Definition of Market Va1ue.................. ..................... 3
Definition of Property Rights Appraised .................. 4
Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 4
Scope of Work
Economic Analysis
.................. 4
..................6
Market Area Analysis ................21
Site Analysis
Real Estate Taxes and Assessments....... .................37
Highest and Best Use
Valuation Methodology
Analyses Applied
Sales Comparison Approach........
38
4t
42
43
Reconciliation
Final Valuc Conclusion¨… … ¨¨¨¨… …… ¨ ¨¨
Certification
Assumptions and Limiting Conditions.........
Addenda
Appraiser Qualifications................ ...............Addendum A
Property lnformation ....... Addendum B
Comparable Data .............. Addendum C
Letter ofAuthorization.................. ..............Addendum D
AMA,I.EUR SPoRIs CoMPLEX SUMMARY oI, IMPoRTANT FACTS AND CONCLUSIoNS
Suuvrany op ImpontaNr Facrs.a.un Coxct usloNs
GENERAL
Subject: Amateur Sports Complex
Proposed City Gate Boulevard North, Naples,
Collier County, Florida, 34120
Ovmer: CG II, LLC
Legal Description: Lengthy legal - See Subject ldentification
Tax Identification: 60.35 acres ofFolio 00298160008
Intended Use: The intended use is for land acquisition due diligence for Collier
County, Florida.
Intended User(s): Collier County
PRoPERTY
Land Area:
Flood Zone:
Zoning:
Highest and Best Use
As Vacant
Lot Five: 20.1 I acres; 875,992 square feet
Lot Six: 20.00 acres; 871,200 square feet
Lot Seven: 20.24 acres: 881.654 square feet
Total: 60.35 acres;2,628,846 square feet
Zone AH
City Gate Commerce Park DRI/PUD
Future quasi industrial, industrial and recreational development
Exposure Time 12 months
Marketing Period 12 monlhs
VALUE INDICATIoNS
Value Range ofComparables: $184,667 to $280,595 per acre
Reconciled Value(s): Lot F!ve; As Is Lot Six; As Is Lot Seven; As Is
Value Conclusion(s) $4,930,000 $4,600,000 $4,660,000
Effective Date(s) August 7, 2017 August 7, 2017 August 7, 2017
Property Rights Fee Simple Fee Simple Fee Simple
Page I
AMATEI]R SPoRTS CoMPLEx SUMMARY oF IMP0RTANT FACTS AND CoNcLUsloNs
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:None.
Extraordinary Assumptions:It is an extraordinary assumption that all requisite govemmenlal
approvals are authorized and granted 10 the developer for the
Preliminary Plat including Lots Five, Six and Seven. All plats
will be approved by any and all govemmental agencies. in
accordance with the plans and specifications provided, and
completed in a workmanlike manner in compliance with all
governmental regulations and requirements, in the time frame
provided by the developer.
It is an extraordinary assumption that Citygate Development
LLC. 850 NWN LLC and CG ll LLC (collectively referred to as
developer) and Collier Counf will comply with and complete
recitals 2 through 5 as outlined in the First Amendment to
Developer Agreement dated June 23,2015. This includes but is
not limiled to the installation and extension of City Gate Blvd.
North to access Lots Five, Six and Seven, the extension of all
public utilities to these sites and the completion of off-site water
retention to the benefit of Lots Five, Six and Seven on other CG
II. LLC lands.
Page 2
AMATEUR SPoRTS COMPLEX INTRoDUCTIoN INFoRMATtoN
INTR0DUCTIoN INFoRMATIoN
SUBJECT IDENTIFICATIoN
Subject:
Legel Description:
Tax ldentification:
Amateur Sports Complex
Proposed City Gate Boulevard North, Naples,
Collier County, Florida, 34120
Lengthy legal - See below
60.35 acres of Folio 00298160008
The subject is a vacant industrial parcel totaling an area of 60.35 acres, or 2,628,846
square feet. The valuation involves three separate tracts comprising the 60.35 acres
including Lot Five at 20.1I acres, Lot Six at 20 acres and Lot Seven at 20.24 acres. The
lots are located in City Gate Commerce Park, a mixed use, non-residential, commercial,
industrial, office and related services business park at over 287.187 acres. The subject
Iots are proposed for development as an amateur sports complex to be operated by Collier
County.
Legal Description
A PORTION OF A PARCEL DESCRIEED IN O.R. 8oox 3335 PAGE 252' AI{D BEII{G A POTNON Of SECNO'{ 35,
TO${SHIP /T9 SOUTH, RAXGE 25 EA5T OF THE PUBUC RECORDS OF COIUER COUNTY. TLfiDA AND BEII{G
MORE PANNCUIARLY DESCRIBED AS FOUOU,S:
COMMENCII{G ATTHE NOTTHEAST @RI{ER OF SECNON 35, TOWI{SHIP 'I9 SOUTH, nA ff 26 EASI,
CO]IIER COUNTY, FLORIDTI IHEI{CE RUN SOUTH 0d55'aa' WEST Alol{c THE EAST UtlE Of SAID SECITON
35 A DSmXCt Or 42S.44 rEET TO rHE POINI OF EEGIN]{II.G; THE]aCE @Nm UE ALOIIG SAID EASr [I E
SOUTH Od55'4A' WEST 2198.35 FEET TO IHE SOUI}IEASI CORNEN OT THE ONf,H OiIE.}IA|'I OF SECTON
35; THE CE RU SOUTH &r"(D'01' WtSr AlOllG THE SOUIH Ul{E Of IHE irOIrH O E{A!r Or SECTTON
15/t3-39 FEEI; THENCE tfAVtt{G SA|O SOUrH UNE t{OrrH 00|3/r'4:t' WESI llo321' FEEI; THEiaCE NORTH
89'13'Ol' EAST 453.35 rEET; IHEI{CE
'{OnTH
Oe46'59F WES' a55.m rEET; THENCE
'.OXTH
89.13b1. EASTgb-6o FEET; THE|{CE NORIH 0c4559'WEST 625.@ FEET; IHENCI ORTH 8953'm' EASI 120.91 rEET;
THENCE I{ORTH d4659' WEST 1O-@ FEET; THEI{CE i{ORTH 8913'01' EAST 514.30 fEET TO THE pO[{T Of
OEGINNII'G.
coirIAtiflflG 6035 ACRES i/KIRE OR 1I5S
Cunnrxr OwnERsHrp AND PRopERTy HrsroRy
Owner
The owner ofthe property is CG II, LLC.
Sele History
According to public records, the subject has not sold in the last three years.
Current Listing/Contract(s):
Per representatives of Collier County (Grantee) and CG II, LLC (Grantor), the property is
under contract for a reported $12,000,000 plus other potential consideration. The sales
contract was not made available to these appraisers and we cannot indcpendently confirm
the terms and conditions ofany potential sale.
Page 2
ANIATEUR SPORTS COMPLEX INTRODUCTION INFORMATION
As shown in the following appraisal, the pending purchase price is low but not
unreasonable with other valuable consideration.
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.
Appnc.rsA.L 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:
o the client and any other intended users;
o the intended use of the appraiser's opinions and conclusions;
o the type and definition of value;
o the effective date of the appraiser's opinions and conclusions;
o subject of the assignment and its relevant characteristics
o assignment conditions
o the expectations of parties who are regularly intended users for similar
assignments; and
o what an appraiser's peer's actions would be in performing the same or a similar
assignment.
ClrrNr,INrnNoro Usrn, AND INTENDED UsE
The client and the intended user of the appraisal are Collier County. The intended use is
for land acquisition due diligence for Collier County, Florida. The appraisal is not
intended for any other use or user.
DrrrxrrroN 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;
Page 3
AMATEUR SPoRTS C0MPI,EX INI RoDrial r()N INfoRMATI0N
r Payment is made in terms of cash in United States dollars or in temrs 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 PRoPf,RTY 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 govemmental powers of
taxation, eminent domain, police power, and escheat." (Source: Iie Dictionary of Real
Estate Appraisal,6th ed. (Chicago: Appraisal Institute, 2015)
PURPoSE oF APPRAISAL, PR0PERTY RIGHTS APPRAISED, AND DATES
The purpose of the appraisal is to estimate the market value ofthe fee simple interest in
the subject property. The effective date of the subject appraisal is August 7, 2017 . The
date of inspection was August 7, 2017 . The date of the report is September I ,2017 .
Scopo onWonx
The problem to be solved is to estimate the market value ofthe fee simple interest in the
subject property.
ScoPE oF WoRK
Report Type:
Property Identifi cation:
Inspection:
Market Area and Analysis
Market Conditions:
Highest and Best Use Analysis:
Valuation Analvses
Cost Approach:
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.
The subject has been identified by the legal description and
the assessors' parcel number.
A complete on site inspection was made and photographs
were taken.
of A complete analysis of market conditions has been made.
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.
A complete as vacant 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.
A cost approach was not applied as there are no
improvements that contribute value lo the propero/.
Page 4
AMATET]R SPoRTS CoMPLEX INtRoDUCTIoN INFoRMAIION
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.
An income approach was not applied as the subject is not
likely to generate rental income as vacant land.
None.
It is an extraordinary assumption that all requisite
govemmental approvals are authorized and granted to the
developer for the Preliminary Plat including Lots Five, Six
and Seven. All plats will be approved by any and all
govemmental agencies, in accordance with the plans and
specifications provided, and completed in a workmanlike
manner in compliance with all govemmental regulations
and requirements, in the time frame provided by the
developer.
It is an extraordinary assumption that Citygale
Development LLC, 850 NWN LLC and CG II LLC
(collectively referred to as developer) and Collier County
will comply with and complete recitals 2 through 5 as
outlined in the First Amendment to Developer Agreement
dated June 23,20'15. This includes but is not limited to the
installation and extension of City Cate Blvd. North to
access Lots Five, Six and Seven, the extension of all public
utilities to these sites and the completion of off-site water
retention to the benefit of Lots Five. Six and Seven on other
CG Il, LLC lands.
Income Approach:
Hypothetical Conditions:
Extraordinary Assumptions :
Comments
The individual sections of the report detail the additional research, confirmation, and
analysis of relevant data.
Page 5
AMATETJR SPoRTS CoMPI-EX NATtoNAL EcoNoMrc ANALYSTS
ECoNoMICANALYSIS
N.n rroxal EcoNoMIC ANALYSIS
The Federal Reserve Open Market Committee (FOMC) recently released statements
suggesting that the labor market has continued to strengthen and that economic activity
has continued to expand at a moderate pace. According to the June t4,2017 Press
Release the Committee currently expects that, with gradual adjustments in the stance of
monetary policy, economic activity will expand at a moderate pace and labor market
conditions will strengthen somewhat further. Job gains have moderated but have been
solid, on average, since the beginning of the year, and the unemployment rate has
declined. Household spending has picked up in recent months, and business fixed
investment has continued to expand. On a l2-month basis, inflation has declined recently
and, like the measure excluding food and energy prices, is running somewhat below 2Yo.
Market-based measures of inflation compensation remain low; survey-based measures of
longer-term inflation expectations are Iittle changed, on balance.
In view of realized and expected labor market conditions and inflation, the Commiftee
decided to raise the target range for the federal funds rate from l%o to I .25"/o. The stance
of monetary policy remains accommodative, thereby supporting some further
strengthening in labor market conditions and a sustained retum to 2o/o inflation.
The June 2017 increase is the second increase in 2017 after only one increase in 2016
(December). The Fed predicts one more increase in 2017 for a total of three increases, an
increase from the two rate hikes it previously predicted in September 2016. Mortgage
rates increased more than 75 basis points between November and December 2016;
however, this rate of increase is not expected to continue into 2017. According to a recent
survey by The Mortgage Reports of six leading authoritative sources (lncluding Fannie
Mae and Freddie Mac); 2017 mortgage rates for 30-year fixed rate mortgages are
projected to be in the 4.0o/o to 4.25%o range. Fannie Mae is projecting mortgage rates to
remain low in2017 (3.6%to 3.7%) and 2018 (3.7%o to 3.8%). Freddie Mac had predicted
4.502 interest rates in 2017, but revised them downward to 3.7%o after the Brexit vote.
According to Freddie Mac's Primary Mortgage Market Survey (PMMS), the average
conventional 30-year fixed rate mortgage started January 2017 at 4.32Yo, which is already
above Fannie Mae and Freddie Mac predictions. Rates then declined in late January and
most recently hovered in the low 4s throughout May until dropping to 2017 lows of
3.95% at month's end. The average rate in 2016 was 3.65%.
Lawrence Yun, NAR chief economist projects homes sales to increase slightly (2%) in
2017 and again by 4Yo in 2018 with prices expected to rise by 4%o in 2017 . He points to
housing demand fueled by job gains, rising household formation. and more millennials
entering their prime homebuying years. Corel-ogic chief economist, Frank Nothaft,
expects mortgage rates to rise and home prices to moderate in 2017. ',We anticipate that a
stronger economy will translate into higher mortgage rates." said Nothaft. ,'Meanwhile,
we expect moderation in 2017 for rent and home price groMh, but it will still be higher
than inflation (due to) tight inventory in the housing market.,' He said home purchase
Page 6
AMATEUR SPoRTS CoMPLEX NAT10NAL EcoNOMIC ANALYSIS
originations should rise 5.7o/o in 2017, and credit risk for home loans is substantially
lower than l0- l 5 years ago.
Mr. Yun expects commercial real estate activity to remain on an upward trajectory, but
with more uncertainty given the likelihood of rising interest rates in 2017. He predicts
prices in smaller markets to continue to increase due to strong tenant demand and
declining supply. "As job creation continues, commercial real estate and vacancy rates
will be stable across the country." However, he also expects Class A assets in larger
markets to likely have a slight decline in prices as investors may have a cautious
approach due to the slow growth economic environment, instability overseas and the
probability of interest rate increases.
Overall, Mr. Yun predicts a boost to the economy in the first half of 2017 due to a
combination of tax cuts and govemment spending in the form of infrastructure and
national defense spending by the Trump administration. He also expects inflation will
likely increase from faster GDP growth leading to modestly higher interest rates.
Changes to Dodd-Frank financial regulation is also expected in some form. Local and
community banks, which have traditionally been the funding source for construction and
land development loans, will benefit from less regulatory burdens.
The following table details the economic forecasts of Federal Reserve Board members
and Federal Reserve Bank presidents.
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Page 7
6Er l.d b Uar-d.la lla Ei.U. i. itr.r yfl
AMATF.I IR SPoRTS CoMPLtx FLoRIDA EcoNoMrc ANALYSIS
FLoRIDA ECONOMIC ANALYSE
According to the U.S. Census Bureau Florida's population grew by 1.8% in 2016 the third
highest rate in the country behind Utah and Nevada which were both at about 2.0%.
Florida gained the second-most number of people in 2016, an additional 367,000
residents, second to Texas which gained 433,000 residents. Florida has a population of
20.6 million as of July 2016. The Bureau of Economic and Business Research at the
University of Florida projects the state's population, which surpassed 20 million in mid
2015, to rise to 24 million by 2030.
Looking forward, Florida continues to draw a significant number of Baby Boomers.
According to the U.S. Census Bureau, Florida had the highest percentage of its
population age 65 and older in 2015 (19.4%) followed by Maine (18.8%). Florida was the
sixth best state for early retirement according to the December 2016 SmartAsset report.
Researchers ranked states based on factors such as real estate, personal income and sales
tax rates, average housing costs, the nonhousing cost of living, access to health care and
availability of leisure activities.
Florida lost approximately ll% of the entire job base during the Great Recession;
however, employment is increasing. According to the Florida Department of Economic
Opportunity, Florida's seasonally adjusted unemployment rate was 4.9Yo in November
2016 only slightly higher than the national rate of 4.7yo. The Bureau of Economic and
Business Research at the University of Florida reported 8,634,086 total employees in
Florida in 2015. Employment is projected to increase to over 9.7 million by 2023.
According to the December 2016 Florida Forecast prepared by the Institute for Economic
Competitiveness at the University of Central Florida, the unemployment rates in Florida
will stay in the low to mid 4o/o range through 2019. According to the Bureau of Labor
Statistics, the monthly seasonally adjusted Florida unemployment rate ranged from 4.7,'/o
to 5.1%, in 2016.
Page 8
AMAIEL,R SPoRTS COMPLEX FLoTDA EcoNoMC ANALYSTS
Trbh l. Annual 3unmary ol Oi UnlvaGtly d Cantial Flo.ldr Fo'tcrlt lb. Florlda
2012 2013 2014 2015 2016 20172011 2019
Fc|!o.lr.IEEGa.t)
FUd. (*Crr \tr qo)
U.S. (*Ct !t {o}
Fc!!o,E Er? lEt. 209t)
Fbda(tatr)t {o}
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Ep. rElt (B1. 200S1)
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u.s. (xcfi rcr ago,
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GSP(B|. 2(tr&l)
Gcll \er To)
BrfbyoEr
Laa Fo,or
FL UErWtuEi Rab (!a)
U.S.Ut@Rab(*)
………・・P
'909 0531 9G16 940907 68 56 45
12 52 44 33
7u10 7093
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Ю 2 8504
●● 51 52 34
‐02 37 40 22
6737
“
5 7●77 7660
‐17 47 46 30
‐14 35 35 25
7973 0366 崚 0 -9
43 40 56 53
7466 7650 7090 0153
23 26 11 32
9900 10521 11231
50 62 60
49 56 60
0091 9272 9710
●6 43 47
27 38 40
7923 0244 0619
34 40 45
24 34 38
9079 10497 11,2,
62 6● 60
0463 0793 9126
31 3, '0
The following cha(, prepared by Fishkind and Associates, shows the historical and
projected growth in population and employment for the State of Florida. Fishkind
projects the unemployment rate will stabilize in the 4.4%o to 4.5yo range in 2017 and
201 8.
1暉 関曖囀 :0“474 19906 m a271が ●143845 21四 ,71 2:St2綱264% 2●●● 311105 螂
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Page 9
AMATEUR SP0RTS CoMPLEX CoLLTER CorrNTY AREA ANALYSTS
Colurn CoUNTY AREA ANALYSs
Collier County has long been an attractive place to retire and it continues to be an area
that experiences a great deal of seasonal population increases. According to the Collier
County Comprehensive Planning Department, Collier County's population increases up
to 257o between November and April due to seasonal residents and short-term
agricultural workers in the Immokalee area. The population increase creates a high
degree of seasonality within the retail, service, and hospitality sectors of Collier County's
economy.
Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami,
Sarasota, and West Palm Beach as shown in the following table.
Oistan.. to Othcr Majo, Mar*.ts
Mctro Arca
Fort Ⅳvers 44 Jacksonv∥le 378
Fort Lauderdale 107 TaHahassee 435
Mami 128 Atlanta 616
Sarasota 120 New York l,311
West Palm Beach l" Dallas ■325
Tampa 169 Chicag。 ■335
0Hando 238
Population
Historical and proiected pOpulation trcnds for Chariottc,Collicr,and Lce Counties are
shown in the fo1lowing graph.
CharL Al:CcDaStal Counties Popuation■990 to 2040
HIstor!c and Prol(X■Od Popu:at:on
Charl●tte,Co∥lo『,and L∞Countlos
1200
′´7′
′
厩
回 屹 12040L
旺上ζЩ ず
臥
Sourca: Otfraa of [collomlc and oamolaaphb naraach.
Page l0
AMATEUR SPoRTS CoMPLEX CoLLIER CoTJNTY AREA ANALYSIS
Population projections for Charlotte, Collier, and Lee Counties are shown in the
following table. As shown, total population is projected to increase in all three Southwest
Florida counties with the greatest growth projected in Lee County.
Southwest Florida Population Projections
2015 2W PercentCountv' Population Projection Change
Charlotte County
Collier County
Lee County
Total
173′357
3■,203
685,683
■2日 し243
1鳴 000
48■000
1,σ 4000
■7■000
1496
3嘉
5務
4596
Source: EsRl and Office of Economic and Demographic Research
The following table shows population projections by Fishkind & Associates, Inc. As
shown, the average annual overall population growth projection is 2.7% through 2018.
Colli.r Ecotro..sl
Popuhtion
PoFrbtirn Change
PoF&tim % Change
Sourcl Fも nⅢ&A,soc崚 ●Inc M町 "16
Employment
The local economy is largely dependent on the real estate market. The national recession
and depressed real estate market caused a decline in overall employment consisting
mainly of construction related jobs. The economy is recovering and the residential market
is stabilizing after several years ofan expansion period, with sustained growth in demand
and increasing construction. All factors are increasing the demand for employment. The
following table shows Collier County employment by major industry division for the 3Q
of 2016.
2012 2013 2014 2015
332,515 339●37 348■55 3S,,305
4コ ワ3 7β 睦 8,318 8,∞
1% 21% 26% 26●/.
201` 201,
367,880 37■760
10,75 ,3m
30・/● 270/●
Ovenil Avenge
Pm●C●On
9,887
270/.
Page I I
ANIATEUR SPORTS COMPLEX COLLIER COtlN]γ AREA ANALYSIS
Florida Employment and }Yages
Total All Industries
Senrce-Providing
Trade, Transportation, and Utilities
Leisure and Hospitality
Education and Heahh Services
Relail Trade
Goods-Producing
Accommodation and Food Services
Heahh Care and Social Assistance
Professional and Business Services
Construction
Admmistrative and Waste Services
Financial Activities
Ans, Entertairxnent, and Recreation
Other Services, Except Public Administration
Public Administration
Professional and Technical Services
Finance and Insurance
Manufacturmg
130,552 134621 135,849
110,183 113,891 114,741
26204 26204 26β 67
25,917 25“66 25,660
22p72 26β 53 %,847
20,556 20.568 20,587
20,369 20,730 21,108
18,521 18,478 18β 21
18465 18452 18,658
15,196 15p78 15,149
14,761 15p15 15,036
9,33 9238 9,327
7`91 7,623 7,637
7β 96 7,188 7,339
5,880 5,801 5,980
5`96 5,卸 5,598
5439 5430 5420
3,86 3,980 3,956
33鉄 3.767 3.808
133●74 Sll.311
112,38 Sl1232
26258 S10,151
25,748 S6,953
25,091 S12,136
20,570 S7_975
20,736 Sll,737
18“O S5,811
18,525 S12,720
15,141 S14,079
14p37 Sll,665
9299 S10270
7,650 S19,527
7,308 S9,833
5,887 $8“95“6 S14434
5430 S18“23,974 S26.636
3.780 S14209
Sl,511,928,338
S1268,558,736
S266,552,353
S179,012,110
S304,490,183
S164p39,775
S243.369601
S107,158,630
S235,629,249
S213,174,846
S174241.718
$95,504,597
S149,387,956
S71,853,480
S49,737,742
S81,496483
S101β 28,567
S105,851,943
S53,707,114
* Source : Florida Department of Economic Opportumty, 3Q 20 1 6
The following table shows employment projections through 2023 by the Department of
Economic Opponunity. As shown, the construction industry has the largest projected
growth rate at 44.4% followed by professional and business services at 22.3Yo and
education and health services at22.lyo.
Collier County lndustry Employment Projections 201 5-2023
Employment 2015¨2023 Change
lndustry 2015 2023 Total Percent
Total, Al lndustries
Agriculture, Forestry, Fishing and Hunting
Mining
Construction
Manufucturing
Trade, Transportation, and Utilities
lnformation
Financial Actirities
Probssional and Business Senices
Education and Health Senices
Leisure and Hospitality
Other Senices (Except Go\,emment)
Goremment
153,351
4,248
31
13,495
3,391
26,502
1,526
7,649
15,370
19,142
25,841
6,999
13,106
180,483
4,068
36
19,489
3,758
29,979
1,547
8,539
18,803
23,380
29,865
7,871
14,849
27,132
-1805
5,994
367
3,477
21
890
3,433
4,238
4,024
872
1,743
17.7
4.2
16.1
44.4
108
13.1
1.4
11.6
22.3
22.1
15.6
12.5
13.3
Collier County unemployment peaked in August 2010 at 13.|yo, and has been generally
declining since. The rate in 2016 ranged from a low of 4.1Yo in April and May of 2016 to
a high of 5.5yo in August and September 2016. The preliminary reported unemployment
rate in March 2017 was 4.0o/o, the lowest March rate since March 2007 of 3.\Yo.
The annual Collier County rate peaked in 2010 at 1l.6oh and declined steadily since. The
2016 annual rate was 4-8%.
Page 12
AMA,T.EUR SruRTs CoMPLEX CoLLIER CoUNTY AREA ANALYSIS
l-oc.l Altr Un mploym.nt str0tilcr
Scrr.cr Id: I^NrC[12 0210000000 0 03
llot Seasonally Adjustcd
lrc.r Coll,icr County, EI'
ArCa tIrG: Coultir! and cquivalcnts
Statc/nGgnqr/Dlvlrloor Flolj.da
l&arur.a: uncrDlo!'lEDi raEC
01r07 0't/08 01m9 01/10 01t11 0'l't2 01/13 01 /,t 1 01t15 01t,t6 01t17
Month
As of March 2017, the unemployment rate for the State of Florida was 4.3%o, down from
a peak of I L5% in January and August 2010. On a national level, the unemployment rate
in March 2017 was 4.5oh, Collier County currently has a similar rate to both the state and
national levels.
The local economy is largely dependent on the real estate market. The residential market
is stabilizing after several years ofan expansion period and the commercial market is in
the initial stages of expansion. The following table from the U.S. Department of Labor
shows Naples/Immokalee/Jtlarco Island employment from 2007 through March 201 7. As
shown, there were significant declines in construction employment due mainly to the
downtum in the real estate market. Goods producing employment also decreased
significantly. The construction sector has increased substantially since 2012 (ll.7o/o in
2013; 15.2% in20141. 12.4% in 2015; and 103% in 2016). Goods producing employment
also increased with an I I .6% increase in 2013, 14.1% in 2014, 10.4o/o in 2015, and 10.0%
in 2016. However, both sectors are still below pre-recession employment levels.
The service producing and leisure and hospitality sectors have exceed pre-recession
levels; however, growth rates have leveled off in 2017 year to date, with the leisure and
hospitality sector losing employment in 2017 year to date. Overall total non-farm
employment also exceeds pre-recession levels. Total employment increased 5.4yo in
2014,4.8o/o in 2015 and 4.6%in2016.
Page 13
A"A
VヽJ
AMATEUR SPORTS COMPLEX COLLIER COtINTY AREA ANALYSIS
Nap!es‐immoka:ee―Maに 0:S:and
SeⅣice‐ % Goods % Minin3 Loggin&& % Leisure and % Al:Empi●yees, %
Vear providing Change Producing Change Const. Change Hospita∥ty Change Tota:Nonfarrn Change
2∞7 107′000 12% 22′蜘 158% 1%700 -17.6% 23,300 5% 13Qα Ю -22%
2003 1011∞ ‐27% 17′佃 -2400/0 14400 -269% 22800 -2.1% 121′500 -65%
2009 93300 ‐5.6% 13′OCXl -253% lQ400 -278% 2■000 ‐79% 111,300 -84%
2010 9Q7∞ 1.4% 11′5∞ 115% 9′100 -125% 2■300 14% 111,200 -01%
2011 103′500 3.8% 11′5CX1 0.00/. 9′000 11% 22,600 61% 114900 3.3%
2012 101α Ю 3 00/0 12′lCX1 52% 9,佃 44% 2■鰤 44% 118,700 33%
2013 10%7∞ 29% 13′5∞ 116% lQ500 11 7% 24400 34% 123′3∞ 39%
2014 114500 44% 15,4CX1 14 1% 12,100 152% 2■5C10 45% 129′900 54%
2015 11%lα 〕 400/0 17,OCX1 10 4% 13,600 124% 265C10 39% 136,1(Ю 48%
2016 123′囲 38% 137CX1 10 00/0 15,000 103% 2乙 200 26% 142,3∞ 46%
2017摯 12Q4D 00°/o 19,aX1 93% 15,600 86% 23500 ‐34% 146′ⅨЮ ll%
*Through Mar. 2017; percentage increase in comparison lo Mar. 2016 YTD
Source: U.S. Depaft ment of Labor
The following projection by Fishkind & Associates, Inc. shows average annual projected
growth of 4.lYo through 2018.
Collier f,conocast
Overall Average
PrOieCtiOll
5,617
4.10/0
Employment
Employment Change
Emplo5anent %o Change
Unemphlmrent Rate
2012 2013 2014
118,395 122,838 128,844
3,005 4μ 3 6,006
260/0 380/0 49%
85% 710/0 59%
2015
133,126
4282
33%
52%
2016
139463
6,337
48%
47%
2017 2018
144,832 149,977
5,369 5,145
380/0 360/0
45% 50%
According to Moody's Analytics, Florida has five of the top l0 metro areas projected to
add the most jobs through 2018. The Cape Coral-Fort Myers metro area is ranked No. I
with anticipated job growth of 3.9o/o in 2017 compared to 1.4Yo for the national average.
Much of the expected gains are centered around hospitality and real estate jobs. Cape
Coral has had the second highest rate of net migration in the country over the past five
years as retirees and job seekers head south. Naples-lmmokalee-Marco Island is ranked
No.4 in the nation with projected growth of 3.6%o.
Collier County and the entire Southwest Florida Region is substantially dependent on the
real estate and construction sectors. Therefore, the area has been and should be more
susceptible to cyclical fluctuations that have occurred in other areas dominated by a
single industry. The top employers in Collier, Lee and Charlotte County as reported by
the Southwest Florida Economic Development Alliance are shown in the following table.
Page 14
AMATET.TR SPoRTS C0MPLEX COLLIER COUN,AREA ANALYSISm123456709
10
11
12
13
14
15
16
17
10
19
20
21
22
23
24
10脚0
10,600
7,041
■000
OatFr,-|rt.
Lce Mcmorld Heehfi System
Lc€ Colfiy Sdt6l Dt nct
Colllcr Cqrty Pt.lbltc sctroola
NCtl i{rpb l{orpldr
Plrbllt Sup€r MdItrE
ehefutte &gNqt l i,Hbal Cnmer
Walrnsat &rporcanfJ
l{hlr.Dlrls
Pilrn Anornslivo
clnlhflc cdr y school orfilcr
tHtd S:trtEs Poot l Sewloa
Hom. Dqpot
USglgsr
Oty of CeF Col.l
Cldco'r Fm lrr.
Oolhtr Courty Admaniltrruoo
Ls. Co(lrly Shrrlff! Of0oe
Ardrrr, lnc.
St Jorcph Pniened tledtfuare lnc
Flnld. Guf Coed f,llvtrlity
l-ovra'a }lorr lrrprovcm:rt
EE Carlton - l{sphi
2015 Employm.nt Phon Numb.t
o960 〈941)3772242
3950 (941)6399131
3刀 2 (23912740533
3340 (239)5426464
2656 (941)63,1155
(239)3436150
(239)3378301
(2391377411X11
(239)43●5000
(941)255‐7435
(239)5-38
(23912785201
(863)9603121
(239)5740401
(239b2776200
(2392528999
(239)4771a19
(230)5916101
4941)625‐4122
(239)4339255
(239)5983300
(23)3901900
(239)261‐1032
2,140
1,992
1,920
1726
1,654
1メ Ы00
1メ Ы00
1,585
1′∞
1■00
1,253 4239)591「1∞01,100
1,1∞
SalhOrt cl●bat LLC―噺 ●fMichad B3k0 1,1∞
Countり Club of Naplec lnc l,o50
25 Terqet _ ■00 (239b401・ 8060
Development
GroMh continues to shift east with Ave Maria becoming the top-selling single-family
residential community in Collier County. The Immokalee Road corridor between Naples
and Ave Maria is projected to see thousands of new homes developed in the next few
years.
New housing supply is up while demand is falling and builders are offering incentives to
spur sales. In November, the Naples area median price decreased 5o/o from $31 8,000 last
Page I 5
AMAt F.l IR SP()RTs C()MPt.t-x COLLIER CCT,NTY AREA ANALYSIS
year to $303,000. This was the first decrease in 2016. Demand is the highest for the more
affordable priced product. There were approximately 13,000 residential permits pulled in
2015 for Lee, Collier, and Charlotte counties and I1,200 in 2016. By comparison, there
were approximately 44,000 permits pulled in the three county area in the peak, 2005.
Fishkind & Associates, Inc. projects approximately 15,800 residential permits will be
pulled in Lee, Collier, and Charlotte counties in 2017. The decline in residential permits
in 2016 is partly due to the decrease in new apartments following abnormally high
activity in 2015. However, the first quarter 2017 permits were surprisingly high, with all
three counties recording the highest level ofnew housing permits issued since 2006.
According to Collier County Planning Commission Chairman, Mark Strain, at least 32
residential developments containing 4,100+ lots were approved in the Naples area in
2016. Mr. Strain also reported 76 new commercial developments approved in 2016 and
l3 senior living facilities in the planning stages.
An additional sign of improving market conditions and positive outlook for the forseeable
future is the retum of high-rise residential construction for the first time since 2008.
Construction of a 2O-story, 120-unit tower, the first of five residential high-rises planned
for Kalea Bay located on Vanderbilt Drive, north of Wiggins Pass Road in North Naples
is scheduled to be completed by the fall of 2017. Aqua II at Pelican Isle on Vanderbilt
Drive, an I l-story, 32-unit tower, was completed in May 2017. The units range from
3,900 to just under 4,200 square feet and are priced from $1.995 to over $2.545 million.
Only seven units were unsold at completion. Construction commenced in July on
Mystique, a 20-story, 72-unit tower in Pelican Bay. Units will range from 4,003 to 5,280
square feet and are priced from over $3 million to over $7 million.
In its lst Quarter 2017 report, the Office of Federal Housing Enterprise Oversight
(OFHEO) found that the Naples-lmmokalee-Marco Island MSA had a 5.88% increase in
home prices over the trailing 12 months, and a 63%o increase over the past five-years.
Homes prices in the state of Florida increased 9.l3Yo over the past year (lQ20l6 -
lQ20l7) which was seventh in the nation.
The residential market is stabilizing after several years of an expansion period of the real
estate market cycle and the commercial market is showing signs of the initial stages of
expansion. A large portion of the new development has consisted of assisted living and
memory care facilites. Some of the largest projects permifted in Collier County over the
past l8 months include The Arlington continuing care community, Beach House Assisted
Living & Memory Care, and Discovery Village assisted living center. Additionally a new
86,000+ square foot Mercedes-Benz dealership located along Tamiami Trail North (US
4l) near the LeelCollier County opened in late 2016.
Construction of Collier County's first long-term care hospital (the Landmark Hospital)
was completed in August 2015 at the southeast quadrant of Creekside Boulevard and
Goodlette-Frank Road, across from the NCH North Collier Hospital. The 86,676 square
foot, three-story, 50-bed, $25 million hospital will serve patients with complex medical
issues needing hospitalization for at least 25 days. Typical diagnoses include stroke,
respiratory failure, post-surgical complications and complex wound care. Barron Collier
Companies, completed a 35,000 square foot retail center in front of the hospital along
Page 16
AMAlEUR SPORTS COMPLEX C0LLIER CoITNTY AREA ANALYSIS
Immokalee Road. A two-story, 53,000 square foot Bayshore Memory Care Naples
assistedJiving facility was completed in the August 2015 adjacent to the retail center.
Construction of NCH Healthcare Northeast was completed in November 2015 at the
northeast quadrant of Immokalee Road and Collier Boulevard. The freestanding
emergency room will be staffed and equipped to handle any medical emergency. The $24
million two-story building has l9 private patient care rooms and will employ 75 full-time
employees. There is a small rehabilitation center on the ground floor with a separate
entrance from the emergency room and the second floor has physician offices.
Construction spending is important to the region's employment and economy. The
following chart illustrates projected construction starts (pertaining to both residential and
commercial real estate) through 2018 for Collier County. As shown, residential and
commercial construction is projected to stablize in 2017 and 2018.
Colllcr EcoDocrst
20t2 2013 2014 20ts I 2015 2ot7 20tt
Toral Housirg starts tA57 l9E7 2J',1 32.R | $6 4,734 5J09
Cormrcrcial Construction (SF) 339,ffi 609J30 512.890 1344.787 | l5EE936 1,y79345 I,U4)2E
Soutce Frsh&ird & Assocr.tcs, lnc May 2016
Income
Personal income is a significant factor in determining the real estate demand in a given
market. The following table shows Collier County households by income from the
CCIM Site to do Business. Overall, Collier County has an average household income of
$92,651 and a per capita income of $38,834.
ll.--.l-tt|rc
<trt@
trtooo - t2a.990
t5,rroo - t3a.999
a3tooo - 99.999
tsoroo - tr.999
t7t0@ - 410.999
f1@,0@ - lla9,9te
,rso,(m - Jr99,999
a2@,ooo+
l.rtl| HcrdroS IrErrI
Ar.g. 1ro(,t.arold In dtr
…
…82.“1 ●=“13.024 919t
,6.=“ =0“
20.797 13‐
れ 6●5 10“
10.ア
“
123日 ●
れ ●●1 13“
"喘■944 52%
13.658 09ヽ
観 ¨
|●2′651
鶴 醸
…
…12.787 7“
13.329 7螂
15‐1 ●喘
19.559 ,1‐
30."B ふ ¨
24.072 ■4‐
綺
““
8工^10.211 60日 ●
16.4tD Oあ
16zO"
0104.l157
043.‐
Conclusion
From 2006 through early/mid 201I the Southwest Florida real estate market had bcen in
those stages of the real estate cycle best described by The Appraisal of Real Estate, l4'h
Etlition as decline and recession. Since early/mid 201I to date, the commercial market
has been in the recovery stage which is characterized by increasing demand and
decreasing vacancy and is showing signs of the initial stages of expansion. The
residential market is stabilizing after several years ofan expansion period, with sustained
growth in demand and increasing construction. According to the Office of Federal
Page I 7
AMA FEt∫R SPORIS COMPLLX COLLIER COUNTY AREA ANALYSiS
Housing Enterprise Oversight (OFHEO) the Naples-lmmokalee-Marco Island MSA,
began seeing sustained positive quarterly increases in the house price index (HPI) in mid
2012. ln its I st Quarter 2017 report, the Office of Federal Housing Enterprise Oversight
(OFHEO) found that the Naples-lmmokalee-Marco Island MSA had a 5.88% increase in
home prices over the trailing 12 months. and a 637o increase over the past five-years.
Homes prices in the state of Florida increased 9.13%o over the past year (lQ20l6 -
I Q2017) which was seventh in the nation.
The commercial market lags the residential market and after several years of limited to no
new construction, commercial construction has commenced again in Southwest Florida.
Built-to-suit, medical office, self-storage facilities, and retail buildings were constructed
in 2016 and 2017 year to date. Overall, the commercial market has been relatively stable
since mid 20ll with significant improvements in 2014 and 2015 as distressed bank
owned sales reduced to a generally negligible level, vacancies continued to decline, and
rental rates continued to increase. In general, commercial property values are returning to
a more stabilized rate of increase. We project property values will continue to increase at
a stabilized rate through 2017.
The area was heavily dependent on the construction sector, which saw dramatic decreases
in employment in 2007 through 2010; however, with increasing levels ofnew residential
development construction employment has increased by ll.7o/o, 15.2%o, l2.4Yo, and
10.3% in 2013, 2014, 2015 and 2016 respectively. Overall, Collier County
unemployment decreased in March 2017 to 4.0%. the lowest March rate since March
2007 of 3.0o/o.
The following table from Fishkind & Associates, Inc. shows historical and projected
demographic and real estate statistics for Collier County. As shown, population and
employment are projected to continue to increase through 2018. New residential and
commercial construction is projected to stablize in 2017 and 2018.
Page 18
AMATEUR SPORTS COMPLEX CoLLIER CoUNTY AREA ANALYSIS
Co::ier
ECONOCAST"Щ 515
473
110.椰
0瞑6
71734
35
1457
12'4
243
690
401.643
●
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3,77
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107438
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●
●
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300537
7,α2
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1,∞71442
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475370
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487187
7.770
336 知
1402
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螂 404
1●76000
47●
2Qf ale
P―ChOe
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cap u l…
賤
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――Cb。呵"…
PnCe
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0メ 厠● ●コ73075 74.121
●9 52
2001 3,73
2●
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2066
017 ●10
●0 11,7
鏡 Ⅲ Ⅲ 104
●0'O Qα 知501,20
“
19521凛 1″
““
,11 ●
"2737●も ■騒Ю
●ll,■ 003613
57●
“112‐ 1.3“.7●772國 れ512109004 7317,3=ハ 00,9m12760 30,154
11472 1呟 020
0 202'ハ
| ●
37“● 37.“0
“
.鰤10.675 0●|| ■2"
100403 1“凛 140.mO"7 ●37● 5,1457427 74.い る藤47 45 ●04a" `.7● 5,a"
1,“ 2,100 2,743
2012 2.“に 2■"1004 2400 31匈
4761● 6o2127 Ⅲ.730
●298 ●16● 6.101
621.¨ "107 542“
2004 3.023 4,い
●157, 4●●16 颯 715
0.1●5 5001 5‐
暉 .“ つ
“
540 372166
¨ 750 4271頭 030 107●静 1.4‐
凛 ,0'2 "′
“
″.11702245 114,11 107●″
114.瞑 諄 142711 132m42710 53214 40“
124.142 150晰 ,40013
2"019 2971“0 27"
0 0 0
警 F…
田
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cr●et…
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田l―
The long term economic outlook for Collier County is positive. The area lures people
from all over the country for tourism as well as retirement, with the beaches and weather
considered major demand drivers. According to Moody's Analytics, the Cape Coral-Fort
Myers metro area is ranked No. I with anticipated job growth of 3.9% in 2017 compared
lo l.4o/o for the national average. Cape Coral has had the second highest rate of net
migration in the country over the past five years as retirees and job seekers head south.
NaplesJmmokalee-Marco Island is ranked No. 4 in the nation with projected growth of
3.60/o. The Fort Myers-Cape Coral market was ranked No. 2 by Trulia in the top l0 real
estate markets poised for growth in 2017.
The projected growth in population and employment provide an economic base that
supports demand for real estate in the subject neighborhood and for the subject property.
These conditions have resulted in increasing property values and should stimulate
continued increases within the foreseeable future.
FiSHK:ND
=1 1 ■|Page 19
AMATEUR SPORTS COMPLEX COLLIER COtJNTY AREA ANALYSIS
:イ 「|San Ca・ lo`1lo子 ス
L steぃ
i lof′61P":her Natronal
Wlldliた Refuge
Cor,r,rpn Counry AnBa M.tp
hs iEt
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Slrt? For"st
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〇0Page 20
●|´_
AN{ATEUR SPoRTS CoMPLEX ル広 RINET AREA ANALYSIS
MARKET AREA ANALYSIS
Boundaries
The subject is located in the west central pan of Collier County in the southwest comer of
the Rural Estates Planning Community at the intersection with the Golden Gate Planning
Community, the Royal Fakapalm Planning Community and the South Naples Planning
Community. The four planning communities meet at the I-75/CR95l interchange located
at mile l0l ofl-75. This surrounding area is generally delineated as follows:
Green Blvd.
Rattlesnake Hammock Road
A line extending approximately one mile east ofCounty Road 951
North / south line extending along I-75 and County Bam Road
A map identifying the location ofthe property follows this section.
Access and Linkages
Primary access to the area is provided by Interstate 75 (l-7 5), a major a(erial 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. Access to the subject from the I-
75 Interchange l0l is provided by Collier Boulevard (aka Isle of Capri Road and County
Road 951) to Utility Drive to White Lake Boulevard (formerly Land Fill Rd); travel time
from the major arterial to the subject is about 5 minutes. Overall, vehicular access is
average since White Lake Boulevard is mostly just two lanes.
Secondary access is provided by US-41, also known as Tamiami Trail, which connects
Miami, Florida with Tampa and continues north to Copper Harbor, Michigan on Lake
Superior. Collier Boulevard, Utility Drive, and White Lake Boulevard again provide the
final link with travel time being anywhere from l5 to 45 minutes, depending on traffic.
An additional access route opened recently with the completion ofthe interchange at I-75
and Golden Gate Parkway. Golden Gate Parkway ends at Collier Boulevard
approximately I .3 miles north of Utility Drive.
Public transportation is provided by Collier Area Transit's (CAT). The local market
perceives public transportation as fair compared to other areas in the region. However,
the primary mode of transportation in this area is the automobile.
The Southwest Florida International Airport (RSW) is located about 30 miles from the
property; travel time is about 45 minutes to two hours, depending on traffic conditions.
The Naples Municipal Airport (APF) is approximately 7 miles and l5 to 45 minutes west
and the Marco Island Airport (MKY) is approximately 15 miles and 20 minutes to an
hour south of the subject. The Naples CBD, the economic and cultural center of the
region, is approximately l0 miles from the property.
Norlh
South
East
VVest
Page 21
AMATEIIR SPoRTS C()MPl-Ex MARKET AREA ANALYSIS
Demographics
The chart below summarizes the demographics for the area in a 2 mile radius.
Qesri otY Gaaa, ao.n
lbg: 2 mrb r.dt6
rrrr{a tldr.h.ld Sr4
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135,0@ -
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tt00,60 - ,ra9.999
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Demand Generators v. Supply
Demand in the area has historically come primarily from the building industry in the
development of residential and commercial properties. From 2006 through early/mid
201I the Southwest Florida real estate market had been in those stages of the real estate
cycle best described by The Appraisal of Real Estate, l4th Edition as decline and
recession. Since early/mid 201 I to date, the commercial market has been in the recovery
stage which is characterized by increasing demand and decreasing vacancy. Most
recently, the residential market appears to be entering the next real estate cycle, an
expansion period, with sustained growth in demand and increasing construction.
According to the Office of Federal Housing Enterprise Oversight (OFHEO) the Naples-
Marco Island MSA, began seeing sustained positive quarterly increases in the house price
index (HPI) in mid 2012.
Submarket Analysis
The property is located within the mixed use development known as City Gate
Commerce Center. City Gate contains 287 acres zoned for commercial, light industry,
office, warehouse and distribution uses. Commercial uses in phase I are located on the
westem edge of the property abutting Collier Boulevard/County Road 951 and include
Page 22
and Income Profile
P_―d by日
AMATEUR SPoRTS CoMPLEX MARKET AREA ANALYSIS
two hotels, an additional hotel under construction, self storage, gas station and car wash.
Phase 2 with light industrial and mixed use development includes 26+ acres for Collier
County Utilities and offices of the South Florida Water Management District. A future
60-acre amateur sports complex is proposed for Phase 3 lands. Tentative plans call for a
3,000-seat covered stadium that's TV camera ready for toumaments, at least eight
outdoor artificial turf fields for football, lacrosse, rugby and soccer, as well as eight
baseball/soft ball diamonds.
White Lake Corporate Park on Shaw Boulevard is on the north side of I-75 just east of
CR 951. This is one of just a few industrial areas along with City Gate in Naples. The
other areas include Naples Production Industrial Park, which is defined as the Golden
Gate Canal to the north, Livingston Road to the east, Radio Road to the south, and
Airport-Pulling Road to the west. The J&C/Trade Center lndustrial Park is generally
located in the northwest quadrant of the intersection of Pine Ridge Road and Airport
Road.; North Collier Business Park, which is located on the east side of Old US 4l north
of Tamiami Trail; and Tollgate Industrial Park, which is located just south of I-75 on the
east side of Collier Boulevard.
White Lake Corporate Park, a 144.40-acre, 5l-lot, mixed commercial and industrial park
has lot sizes ranging from 0.30 to 18.85 acres. The parks 46 industrial and 5 commercial
lots were developed and placed on the market in August 1998. As ofthe effective date of
this report, all ofthe industrial lots have been sold plus numerous re-sales. During this
time period sales in other parks, now mostly sold out, continued. It must be noted,
though, that because White Lake Corporate Park is in a Rural Industrial area, some ofthe
retail-based commercial uses allowed in other industrial areas are not allowed; this
applies to the subject as well.
Land use are varied around City Gate Commerce Park. There is White Lake Corporate
Park, I-75 right of way and Toll Gate Commercial Plaza to the south. Collier County land
fill and agricultural uses are located to the east and Collier Blvd Mixed Use Center &
Golden Gate Commerce Park to the west with typical ages of building improvements
averaging less than ten-years.
Outlook and Conclusions
The Naples area industrial market had ground to a virtual halt because home starts and
population fuel industrial demand in the Naples area as the majority of industrial users
are involved in the building industry. The residential market has entered the next real
estate cycle, an expansion period, with sustained growth in demand and increasing
construction. The industrial market appears to have stabilized and, the long term outlook
is positive because there is a limited amount of land set available for industrial
development. With the growing economy, this fixed supply will inevitably put upward
pressure on all phases ofthe industrial market.
Page 23
AMATEUR SPoRTS Couplgx MARKET AREA ANALYSIS
Market Area Map
Pine Ridge Rd
w
|´ | 1 1 :
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6ofi C lub
Page24
6rae{l Blvrl
Gold€n
Gatc
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d
!t
6!
I ill l:1, lir.
.; r:.it1...
. ,',it i:;' ,ii
ダ
AMATEUR SPORTS COMPLEX INDUSTRIAL MARKET ANALYSIS
INDUSTRIAL MARKET ANALYSIS
The subject property is located within the CoStar defined Outlying Collier County
Industrial submarket area in Collier County, Florida. The following table shows the
Total lndustrial Market Statistics throughout the area. The Outlying Collier County
submarket has a 0.6% vacancy rate and an average rental rate of $9.99 per square foot
gross. Vacancy levels are lower than the 1.7Y" Southwest Florida average and rent levels
are higher than the $7.69 per square foot overall Southwest Florida Market average,
Total Industrial Submarket Statistics i山 熾 Y●ar 2017
ごnH_
…
| い
…
F:―
ー
Co」
1393418 1425=
3邸 2326 1108o5
1112,8[ 27800
10126893 珈 357
33●3136 57931
17292 0
03387 0
125:356 178[2
9963 0
101∞6 0
“
906 o
1323498 0
4938125 33751
2500327 11175
,3965a16 197038
138637 ol●―,∫19
378
119
1364
[|
10
70
162
13011
13:721
9753
:39037
723C6
103230
!3126
1196
37“)322●3000…:¨0●000●0螂00O
R ll*trL. C.t""
As shown in the following table, industrial vacancies in the Collier County market have
declined over the past four years and are currently less than I .0%. Rental rates were in a
decline until bottoming out around the end of 2012. They have been steadily increasing
since then and are currcntly $t0.37 per square foot gross.
ム),719 1o32 1 3 rJJG 819
201619 1030 13083:54
201G● 102ぶ 13o56388
2016 2q l【,28 13056388
2016:q 1026 13026338
2015 4q ,026 13026338
20133q 1021 129611∞`2015 21 l o23 ,2●5203'
2015 1q ,023 [2952037
2011 19 1o23 12952037
a)!13て 1 l o2'3 129520117
20112■ 1023 129520372014 19 1o23 12952037
2013 1■ l o22 12 935r)37
:3ヽ . 22278
25ヽ 26961
27ヽ 182264
36■ 11373
37) ●●55[l
11ヽ 38211
45% 17130
4'%
35ヽ 1,11:
37ヽ 8「791
I fX)260 ,1021
126655 s974
1(5321 5952
135321 s913
15326, s909
153231 S898
216[∞ s860
191157 ,857
149181 3830
11321 S865
0 3826
173017
168229
329950
336011
172911
479230
531711
530531
188775
6039[1
133117
177858
270660
66261
8057
17∞08●23222201 ア45520,2:α l l
Surroundillg lndustrial Submarket
Page 25
l! a!r!a lnEnory YTD l{.r ym |trt,
, ll1lr Td, xM Dhd sF 1.{.t sF vr L Ahrdrrkm tr.tktrr.. cmr st
巨¨
ヽュp姜 、
AMATEUR SЮ RTS COMPLEX INDUSTPJAL MARKET ANALYSIS
The following graph shows vacancy and rental rates for industrial space within a 2 mile
radius of the subject. The data developed from CoStar includes a survey of 431,694
square feet of rentable area. As shown, the rental rates decreased in late 2015 but have
increased through 2017. The current average rental rate is $10.77lsf gross. There is
I04,E60 square feet under construction with availability rnte of 22.6yo. Current vacancy
rates have generally declined during this time period and are cunently 0.070.
V●
“
ncv3 RmL:R‐●
30%31100
31050
S1000
5900
5850
5800
- Vrcancy Rais
-
R€nlrlRate
25%
20%
15%
10%
5%
Page 26
AMA TLUR SPoRTS CoMPLEX SH E ANALYSIS
PROPERTY DESCRIPTION AND ANALYSIS
Srro Aulr,ysrs
The following description is based on our property inspection and public records.
Additionally, we have been supplied with a survey of the total 60.35 acre tract from
Collier County GroMh Management Department, Road Maintenance Division. Finally,
Josh Fruth with Davidson Engineering has provided these appraisers with a preliminary
development plan for Tracts Five, Six and Seven. These three tracts comprise the 60.35
acre parent tract. The preliminary plat erroneously identifies the tracts at a total of 60.37
acres. As instructed by Mr. Fruth, in the following analysis we have reduced Tracts Five
and Seven by .01 acre each.
Land Summary
Parcel ID Gross Land Area
(Acres)
Gross Land Area
(Sq Fo
Parl of 00298160008 6035 2,628,846
IIld市 idual Land Tracts
Lot F市c
Lot Sk
Lot Seでn 20]1
2000
2024
875,992
871,200
881,654
2,628.846Totab6035
Location:
Current Use ofthe Property:
Shape:
Road Frontage/Access:
Visibility:
Topography:
Soil Conditions:
The subject is located on the southeast comer of the City Gate
Commerce Park. It will be located south ofthe proposed extension of
City Gate Boulevard North.
Vacant with heaYy vegetation
The site is inegularly shaped
The subject parent property has average access with frontage as
follows:
o Proposed extension of City Gate Blvd. North (a four laned
parkway with landscaped median): 635 feeto The preliminary plat does not identiry the individual boundaries
of Tracts Five, Six and Seven.
They are not considered corner lots.
Average
The subject has level topography at grade and no krown areas of
wetlands.
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 adequale to support development.
Page 27
AMATEUR SPORTS COMPLEX SITE ANALYSIS
Utilities:Electricity: Proposed FP&L
Sewer: Proposed Collier County Utilities
Water: Proposed Collier County Utilities
Underground Utilities: The site is not serviced by underground
utilities
Adequacy: The subject's utilities are typical and adequate for the
market area.
. Street Lighting: There is proposed street lighting along proposed
City Gate Blvd. North
. Sidewalks: There are proposed sidewalks along proposed City
Gate Blvd. North
. Curbs and Gutters: There are proposed concrete curbs and
gutters along proposed City Gate Blvd. North. Curb Cuts: Each individual tract can have a proposed curb cut
along City Gate Blvd. North. Additionally, future access will be
available to Tracts Six and Seven from the proposed extension of
City Gate Boulevard South.
o Landscaping: The subject has heavy vegetation.
The subject is located in an area mapped by the Federal Emergency
Maragement Agency (FEMA). The subject is located in FEMA
flood zone AH, which is classified as a flood hazard area.
FEMA Map Number: 12021C 0416 H
FEMA Map Date: May 16,2012
The subject is located in an AH flood zone. The appraiser is not an
expert in this matter and is reporting dala from FEMA maps.
We were nol 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.
A current title report was not provided for the purpose of this
appraisal. We are not aware of any easement, restrictions, or
encumbrances that would adversely affect value. Therefore, our
valuation assumes the subject has a clear and marketable title with
no adverse easement, restrictions, or encumbrances.
The subject is comprised of three proposed tracts. Lot Five is 20.1 I
acres, Lot Six is 20.0 acres and Lot Seven is 20.24 acres. A detailed
plat of these tracts was not made available to these appraisers. We
assume that all plans will comply with govemmental agencies and
Site Improvements:
Flood Zone:
Environmental Issues:
Encumbrance / Easements:
Site Comments:
rvill allow for maximum ofeach tract.
Page 28
AMATEUR SPORTS CoMPLEX SITE ANALYSIS
ZoNrNc
Zoning Code
ZoningAuthority
Zoning Description
Permitted Uses
Actual Density of Use
Current Use Legally Conforming
ZoningChange Likely
Minimum Lot Area (SF)
Minimum Floor Area (SF)
Minimum Street Frontage (Feet)
Front Set Back Distance (Feet)
Rear Set Back Distance (Feet)
Side Yard Distance (Feet)
Parking Requirement
Maximum Building Height (Feet)
Zoning Comments
Future Land Use Designation Industrial District
City Gate Commerce Park DRI/PUD
Collier County
City Gate Commerce Park was established via
Ordinance 88-93.
The PUD/DRI provides for 2,926,000 square feet of
buildings plus a gas station and 250 hotel units. The
2,926,000 square feet is comprised of 836,000 square
feet of office, 56,000 square feet of retail, 34,000
square feet of restaurants, 80,000 square feet of public,
utilitarian, recreational and educational uses and
1,920,000 square feet of light industrial space.
Vacant land
The subject is legal and conforming use.
A zoning change is unlikely.
West of FPL easement: 1 acre; East of FPL easement: 2
acres
1,000 square feet with gasoline service stations exempt.
West of FPL easement: 150 feet; East of FPL
easement: 200 feet
West of FPL easement: 25 feet; East of FPL easement:
50 feet
West of FPL easement: 25 feet; East of FPL easement:
50 feet
West of FPL easement: 25 feet; East of FPL easement:
25 feet
Off-street parking and loading spaces shall be provided
in accord with the standards of the Collier County
Zoning Ordinance in effect at the time of the building
permit application.
Hotels, motels and office buildings: 5 stories, except
that such uses which are closer than 350 feet to the
Golden Gate Canal may not exceed 3 stories. All other
uses: 3 stories.
We were not supplied with a formal survey of Lots
Five, Six and Seven. The following appraisal is
developed under the assumption that these three tracts
could be fully developed to meet the zoning standards
of the PUD.
The subject tracts are located east of the FP&L easement and
industrial and recreational lands.
are generally defined as
Page29
AMATEUR SPORTS COMPLEX SlrE ANALYSIS
First Amendment to Developer Agreement
An amendment to the developer agreement was made on June 23, 2015 between Citygate
Development LLC, 850 NWN LLC and CG II LLC (collectively referred to as developer)
and Collier County. The following recitals were set forth.
2. County, irs sok cosr and cxpcrsc, will dcsigl pcrmir, provide CEI, consBuct
ard oticrwl3r roftld City Gst! Boubysrd Nonh from thc curent teminus to the €csElrl
proDcrty lina of thc City Gltc DRUPUD md thc rEstcm p(qpcny lim ofdE Count/s rqirccrlr
prcpcrty, with thc typical rcction as 4provcd in dtrhod Exhibit l. Dcvcbpff will lssit lhe
County widr obtaining dl ncrcssrfy penniE by providing th? Counq a County's rcqucst with dl
.vrilablc support docummtatioa. Furthcr, in o.dsr to ldd the acccrs point !o rhc cxistifg PtlD or
the DRI Developrnent Ordcr, counly uill bc rc+oflsible to fun4 prccass ld obain all
ncccssary devclopme od€rs to include, but nor ltnhcd !0, my PUD, DRI DcveloPttretll dcr,
South Flodda Managerncnt Di$dct, DcFrtocnt of Etllllrcnmcntsl hotccrior (DEP) or tny othcr
agcrrcics changts, as rccdc4 lo rdd rhis trrcss point. This rcod will be uscd !o soccs3 lh€
Rcsouttc REogsry P8k and up ro fofiy scrts of essrtrtirl r€wiees io thc rorthc portion of tlra
ndjaccnt 3o5 ac]E p{tcl o*flcd by collicr County, The m.d wiu bc gstld until nccdcd by ah€
County sl thc e$t€m cnd on thc County's 6idc of thc prope.ty line' trld no ldditlor[l rfslfic will
bc alloned lo ulc thc City Grtc Noft Boulcvad ufiil the connedion b madc to tht Wilson
Boulcvard‐Bcn6●ld Rond Ext●nsion A will bc pmvidcd in front of the
gatc.
3. Dcvclopcr shall fic &dj.cena propertY. Th.
Courty will havc shrct Boulevard Noith !o that
conduit νn∥bc ill鮨 llcd at . Thc County's design lnd
coost uction of $c conduit for odlcr future
udlilies snd irigstioo.pla(in8 lhe adjoc€nr
proFny. Upon compleiion County shsll mahirin
cxctpt lighting rndCily Gsle Boulevad
landxaping u,tich sttlll be tha foEgoinS, 6.
County r+ill mow thc firsr w!!k of hly, Oc{obc(
,enuiry, April) until rhc lrnd will wo* with City Ortc to
consider tcmporary traf fi c calm in g-'
4. Develop€r wiu d.dicdc ahc and arcillary watcr manrgrmeot netdcd
ftr thc rced vir phl d no cost !o tt. Couniy and for Do impsd f€! c.cditt. onc€ lhc aPprovrd
design fr this right-of-uay area hu becn complacd, snd in ordcr to .vldcncc this dedicatiott,
rhe D?vdopcr rnd county will cmperate in thc prcportkrn ard processing ofr pltl for the right'
of-uly coEidor, irrluding ancillry rpatrEr mlnagcotcfli (ttninase), sidcwalt/pahwry:. End
County Watsr-Sc$tr Districr (CUEr) rad prtlic utilidc (PUES). Should dte C,ourty wurt to
mo\re fonrrBd witi construclion of thE right of.*sy uca prior to thc complatlon of $€
afscnrq*ioned planing prlcass, Dcvclopa will gllnl t€tllporary ca{rstuc-tion etscmenb to thc
Comty for wod( wiahin the dedi.:at d arEis and within an rynd upoo arca ouside as ncodcd for
oocstruction. Th€ County shall rtphac any damagcd o. nrmovcd impaov€mcnB or v€grtdion
within thc Egr€od upon rr€a outsidc of thc dcdicsEd arca5,
5. Upon m.lting its aommihEnts h dlis Amcodmcnt, all of City G0t will be
dr., cd ycsled for transFnation concurtlrcy. sitc sDcass impmvco€rls to thr individual hts
will bc $e rtrporsibllity of City GaE or thcir cnd u5ets. DewloFcr will conainue ro b€
rcsponsible for DRI monltdlng snd complirnca.
The fbllowing analysis assumes the installation and extension of city Gate Blvd. North to
access Lots Five, Six and seven, the extension of all public utilities to these sites and the
completion of off-site water retention to the benefit ofLots Five. Six and Seven on other
CG II. LLC lands.
W
Page 30
AMATEUR SPORTS COMPLEX SlTE ANALYSIS
Zoning Map
11!II′
′
′
」
t`
Page 3'l
AMATEUR SPoRTS CoMPLEX S,1■ANALYSIS
Page 32
Aerial
AMAIEUR SPORTS COMPLEX SITE ANALYSIS
Flood Map
Page 33
AMATEUR SPORTS COMPLEX SiTE ANALYSiS
Tax Map - Folio 00298160008
Page 34
i t
r気 ‐
1塁 二
Al・ IATEUR SPORTS COMPLEX SITE ANALYSIS
Parent Tract-60.35 Acres
帥 urt OF―●l135.T19■R]に~面
=6角 Mふ b￢諄甍伍・1~ ‐‐~‐
NOT PU喘 lTED PROPOSED FurunC
RIGIIT OF WAV12091
■89・ 13'01・ に
SE ∞R"ER OFTHE
NORTH%OF
SEC 154926
PROPOSED SPORTS COMPLEX
PARCEL
(60.35 ACR[S+ノ ‐}……PBCEl
●
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‐tS・ r'
″Hnt tAκ E CORPORATE PAltκ
Page 35
1000Nき ヽ.59・W
π [D
:|,LLC
6 PG.2524
H町 OF
R26[
5X4●FPL―MENT
154339
PREPARED eY
AMATEUR Sx)RIs CoMPLEX SITE ANALYSIS
Development Tracts - Lots Five, Six and Seven
に0'FOtR
●5●AC)
tOT THRCE
(1●6●AC,
Page 36
AMATET]R SPoRls CoMPLEX REAL ESTATE TAXES AND ASSESSMENTS
REAL ESTATE TAXES AND ASSESSMENTS
The real estate tax assessment of the subject is administered by Collier County. The
subject tracts are located within all of Folio 00298160008, a 153.01 acre tract. The
following details the valuation ofthis whole folio. The property tax identification number
and assessed value ofthe property for tax year 2017 Preliminary are as follows:
ASSESSED VALUES
Tax Identification Number 00298160008
Land Assessed Value $7,530,740
Building Assessed Value $0
l0oZ Assessment Cap $0
Total Assessed Value $7,530,740
Totals
Total Land Assessed Value $7,530,740
Total Building Assessed Value $0
l0%o Assessment Cap $A
Total Assessment $7,530,740
Total Assessment per Land Acre $49,217
Rates, Taxes, More
Tax Rate 1.146040/o
Ad Valorem Tax Amount $86,305
Special Assessment Amount $0
Special Assessment Comments None
Total Tax Liability $86,305
Property Tax Comments The 2015 and 2016 taxes have been paid.
The tax assessment for the entire 153.01 acre parcel is currently $49,217 per acre. Based
on our valuation analysis and considering the much larger size of the folio, the subject's
assessment appears reasonable.
Page 37
AMATEUR SPoR't s CoMPLEX HIGHEST AND BESI 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. I
. 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 Vacant
Physically Possible
The subject parent tract is 60.35 acres or 2,628,846 square feet with 635 feet of frontage
along the proposed extension of City Gate Blvd. North (a proposed four laned parkway
with landscaped median). The three individual subject tracts range from 20.0 (Lot Six) to
20.1 I (Lot Five) to 20.24 acres (Lot Seven). 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 site is irregularly
shaped
The site is located in a FEMA flood zone AH area per FEMA Floor Map Number:
l202lc 0416 H, dated May 16, 2012, which is classified as a flood hazard area.
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 City Gate Commerce Park DRI/PUD, a mixed use, non-
residential, commercial, industrial, office and related services business park over 287.1 87
acres. The PUD/DRI provides for 2,926,000 square feet of buildings plus a gas station
and 250 hotel units. The 2,926,000 square feet is comprised of g36,000 square feet of
office, 56,000 square feet of retail, 34,000 square feet of restaurants, 80,000 square feet
of public, utilitarian, recreational and educational uses and I ,920,000 square feit of light
industrial space.
I The Dictionary of Reol Estate Appraisal6th ed. (Chicago: Appraisal Institute, 2015)
Page 38
AMATEUR SPoRTS CoMPLEX HIGHES,I.AND BEsT UST
The subject tracts are located east of the FP&L easement and are generally defined as
industrial and recreational lands. Recognizing the principle of conformity, we consider
the prevailing land use pattems in the area. Therefore, only business park uses, including
industrial, quasi industrial and recreational uses, are given further consideration in
determining the highest and best use ofthe site, as ifvacant.
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 ofoperating expenses, financial costs, and capital amortization.
From 2006 through early/mid 201I the Southwest Florida real estate market had been in
those stages of the real estate cycle best described by The Appraisal of Real Estate, I4'h
Edition as decline and recession. Since early/mid 201I to date, the commercial market
has been in the recovery stage which is characterized by increasing demand and
decreasing vacancy and is showing signs of the initial stages of expansion. The
residential market is stabilizing after several years of an expansion period, with sustained
growth in demand and increasing construction.
The commercial market lags the residential market and after several years of limited to no
new construction, commercial construction has commenced again in Southwest Florida.
Overall, the commercial market has been relatively stable since mid 201 I with significant
improvements in 2014 and 2015 as distressed bank owned sales reduced to a generally
negligible level, vacancies continued to decline, and rental rates continued to increase. In
general, commercial property values are returning to a more stabilized rate of increase.
We project property values will continue to increase at a stabilized rate through 2017.
Given current market conditions it is reasonable to expect that new commercial
development will largely consist of build-to-suit and special use or properties with
significant pre-leasing until we have a sustained improved finance and demand market.
On this basis, barring unforeseen changes in the market, a well-designed business park
product, including industrial, quasi industrial and recreational uses, that is appropriately
marketed and priced, should be received favorably by the market in 2019 or 2020.
Maximally Productive
The maximally productive land use yields the highest value of the possible uses. Future
quasi industrial, industrial and recreational development is the only use that meets the
tests ofphysically possible, legally permissible. and financially feasible. Therefore, future
quasi industrial, industrial and recreationaI development is concluded to be the maximally
productive and highest and best use ofthe site.
Highest and Best Use as Improved
The following analysis assumes the installation and extension of city Gate Blvd. North to
access Lots Five, Six and Seven, the extension of all public utilities to these sites and the
completion of off-site water retention to the benefit ofLots Five. Six and Seven on other
CG II, LLC lands.
Page 39
AMATF,UR SPoRTS CoMPLEX HIGHEST AND BEST USE
No other improvements are situated on the site. Therefore, a highest and best analysis as
improved is not applicable.
Most Probable Buyer
Consider the size, class, and location of the property, the most probable buyer is a local
or regional developer.
Page 40
AMAlEUR SPORlS COMPIEX VALUAl10N｀4ElHODOLOGY
Var-uarroN METHoDoLoGY
Three basic approaches may be used to arrive at an estimate ofmarket value. They are:
l. 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. lt 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 ofa property and its market value.
Final Reconciliation
The appraisal process concludes with the Final Reconciliation ofthe 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 4l
AMATEUR SPoRTS coMPLEx VALUATIoN METHoDoLoGY
ANALYSES APPLIED
A cost analysis was considered and was not developed because there are no
improvements that contribute value to the property.
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 42
AMATEUR SPoRTS CoMPLEX SALES CoMPARISoN APPRoACII
SuBs CouplRrsoN 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
ofthe Sales Comparison Approach.
o The market in which the subject property competes is investigated; comparable
sales, contracts for sale and current offerings are reviewed.
o The most pertinent data is further analyzed and the quality of the transaction is
determined.
o The most meaningful unit ofvalue for the subject property is determined.o Each comparable sale is analyzed and where appropriate, adjusted to equate with
the subject property.
o The value indication ofeach comparable sale is analyzed and the data reconciled
for a final indication ofvalue via the Sales Comparison Approach.
Land Comparables
We 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.
There are limited sized comparables available in the subject marketplace for full analysis.
Accordingly, we have increased the comparable search area to include similar large
industrial tracts from Manatee to Collier County on the west coast ofFlorida.
Page 43
AMATEUR SpoRrs CoMPLEx SALES C0MPARISoN APPROACH
Comp Address Daae Price
City Acres Pricc/Acre Coments
Naples 20αヽ2025
12682 Tade Way Drive & 12800Tmde
CenterWay
Bonita Springs
νH/2017
2475
$7,006,318 The subject is an esting busmess park The sfte mcludes relail hnds al 5. 3 acres or
259,745 square feer and business parVmdustrial hnds at 18.7E2 acres or 8l 8,1 5l
$2g3, I 4l square feet. The buyer mtends to develop the industrial lands wth mdustrial flex type
develop@nt. They wre indetemmate uhether they ivould develop the retail lands or
sell them off. The retarl hnds are directly adjacent to a Publixanchored cenler, Bonita
Gande Crossing.
15583 Tannam Tnrl East
Naples
4/28/2017 $975,000 Per Mr. Basilq the propefty ws not listed for sale and ihe buyer initiated contact. Mr.
Basrli supplied access via a secondary easerent across his land to lhe soulh Pa( of
$131,562 the properly is aned industrialand approximtev the oodhem ,y3 is Dned
Agricuhuol The buyer tnnsfened the property to another ent4", Hollingshead Lnd
LI-C. on 5/l 5/201 ? Per Mr Bas ik. the property ull be used for a concrete planl
28280 Old 4l Road
Bonna Spnngs
771ν m17 $4,15q000 Lsled at $4,125,(rc0 Property ws a fomr lun$er yard with inproved buildings.
hoperty willbe mstly mad with footprints of sore buildings enployed. Phase I will
$467.658 include 39,000 s f of flex space offered as s mll condominium st, ding at $180 ps f
Phase 2 will include I6,Em sf. hopen).. wil be developed as old Florida style with a
gafuanizEd wllsystemand rough cut cedar. Developmnt loan through Midwst One
Eank 8t $5,283,139
250Whitfield Ar enue
SaEsota
lt/ilnn $2,%2,080 LbtedirJune2016at$a96208o TheUS30landWhilfiebAvenueissign.liad.Mr
Her$ree noted that the due diligence phase ws nearconpletion but that ii my be
16.00 $lg5,l30 e{endedductoentry.ccessissu.s Thercstemponionofthcpropertyinchrdeda
135,0m sflght industrial building construaed in 197E. The l6acres mrketed is ercess
land with the sare folio number. Mr Hembree noted th.t the contDcted price ms
within 5% oflist price.
2083 Univesity Parkwy
Samsota
7/2772017 $4,000,000
$t@,7'72
Property had been listed for over ten yeaF. The sunounding m*et area is light
industrial(south and west)and resid€nrial(north) The prcpeny ws mrketed fora
wide variety ofuses mcludmg business park, industrial, retail and miEd use. The
buyerat theircost reaned the property for Dltifamily developrent (330 units) during
thecontnctperiod.Thelotllsalespricewsfor$4Mintotslover25.5846acres This
included another lot mpped into the sale. The property had previously been used as
a junkyard and had rinor environmnhlksues with tmce eleEnts of a6enic. The list
and sales price reflects the ongmal aning and mtketed uses.
Page 4435
AMATEUR SPORTS COMPLEX SALES COMPARISON APPROACH
Comparables Map
Local Comparables Map
ぽ
□
Page 45
Seb「ln90
ワ
, llap data c2017 Goo91●、lllECl
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AMATET]R SPoRTS CoMPLEX SALEs CoMPARISoN APPRoACH
Analysis Grid
The above sales have been analyzed and compared with the subject property. We 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 ofSale Circumstances that atypically motivate the buyer or seller, such
as l03l 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; sunounding
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 46
I I I I I I : : : l l l I I I I I I I
Auereun SPoRTS C0MPLEX SALES COMPARISON APPROACH
Land Analysis Grid Comp I Comp 2 Comp 3 Comp 4 Comp 5
AtrBteur Sports Southlinks Connnns of
Clnplex Bonita
Proposed City Cate 12682 Trade Way Dnve &
Boulevard North 12800 Trade Center Wav
15583 Tanthii Trail East Causenav Conllllerce Park 2250ヽ Vhiflcld Avcnuc Manasara
Address
City
Date
Price
Acres
Acre Unit Pnce
15583 Tamam Tral Eぃt
Naplcs
″2ν 2017
$975,000
730
S133,562
2828001d41 Road
Bonlta Sp●ngs
7/1ν 2017
$4,150,000
887
S467658
2250 Whrtfield Avenue 2083 University Pa*vay
Naplcs
8/7/2017
20(X●2024
Bollita Spings
8/11/2017
S7,006,318
2475
S283,141
Sarasota
Pcnding salc
S2,962,080
16 1Xl
S185,130
Sarasota
7272017
S4,KX10,∞02488
Slω ,772
Transaction Adiustments
Property Rights
Financ jng
Condrtions of Sale
Fee Srrple Fee sinple
Conventional
Amls length
00% Fcc smplc
000/O Cash salc
O蓼 ■、 Anlls lcngth
00% Fcc sunpt
00% Convcntional
00% Amls lcngth
0 000 Fee smplc
0000 N/A
00% Amls length
000/O FccsⅢL 00%
03′、 Dcvclopnlent loan Oざ ′、
‐50% Anrs lcngth 00%
Adjusted Acre Unit Price S283,141 S133,562 S467`58 S175,874 S160,772
Subsequent Trcnds Endhg ツ72017 006 0,■、00■、0000 00%0000
{djusied Acre Unit Price S283,141 S133,562 $467,658 $175,874 S160772
Location
%AdlustnEnt
S Adlustnlcnt
Naples Bonita Springs
U/o
Naples
5004
Bonita Springs
-5o/o
Sarasota
20o/o
Sarasola
25%
20KX1 20 2
$0
2475
09る
S66,781
730
‐15%
‐S23,383
887
‐15%
S35,175
16∞
000
S40,193
2488
蓼′、
Acres
%o Adjustment
S Attust¨ntl $0
Streets
Offsite Retention
-l5Yo
‐S20,034
Hcavy Vcgctatlon
Unkllo、ャn
15070
‐S70,149
Buldlng/1npact Fees
OfFstte Retention
‐150/.
s0
Cleared and Filled
Offsite Retention
'lU/o
$0
Heavy Vegetation
None
luhIHeavy Vegetation
Offsite Retention
% Ad_ins
S Adjustmnt
Shape
7o Adjustment
‐S42,471
1rr6gular
O%
S20,034
Rcctangular
‐5%
‐S70,149
Trapcmid
‐500
‐Sl■587
Rcctangular
‐5%
S16.077
1negular
ざ′、
Inegular
$ AdjustrEnt
Zoning
70 Ad_iustrEnt
$ Adjustment
$0 -$6.678 -$23.383 -S8,7s4 S0
City Cate DRyPtlD Bemwood MPD/CPD I - Industrial and A - Industrial HM - Heavy Manufacturing LM - Light Manufacturing
Agricultural and Planned Conrrprcial
DevelopnEnt
‐5%2000 000 0020 銘
‐S14,157 S26,712
{.djustedAcre lhit Price S226,513 S220,77 S280,595 S184,667 S217,042
Net Adjustments
Gross Adiustments
‐200%
200%
65'′、
10509る
4000。
40S′、
5094
35,′、
35"`
35000
Page 47
AMAlEtlR SPORTS COMPLEX SALES CoMPAR|SoN APPRoACII
Comparable Land Sale Adjustments
Property Rights
All of the comparables transferred in fee simple interest; therefore, no adjustment for
property rights is required. Comparable 4, a pending sale, will transfer in fee simple
interest.
Financing
All of the comparable sales had market orientated financing or were cash transactions;
therefore, no adjustment for financing is required. Financing details regarding Pending
Sale 4 were not disclosed.
Conditions of Sale
All ofthe comparable sales were arm's length transactions; therefore, no adjustment for
conditions of sale is required. Comparable 4 is a pending sale. Through discussions with
the listing broker, it was determined that the contract price was within 5% of the list
price. Applying a conservative approach, Comparable 4 is adjusted a full 5% downward
for negotiations.
Economic Trends
The following graph developed from CoStar shows industrial land sales between 5 and
50 acres since January 2015. Due to the limited number of sales, the survey included the
CoStar Tampa/St. Petersburg and Southwest Florida markets. Certain outliers were
excluded.
Aver●Oe S●:●Prtc●Por Acr●
5500,000
54∞,∞0S300,000
S200,000
2015
01
201502 2015 2015 2016 201603 04 ol o2 2016 2017 2017 201704 01 o2 03
Page 48
S100,000
AMATEITR SPoRTS CoMPLEX SALEs CoMPARTSoN APPRoACH
The data set included 27 sales and 3 listing. The trend indicates a rise in pricing over the
period.
All the sales occurred or are occurring in 2017, no timing adjustment was employed.
Location
The following table summarizes the population growth and average household income
within a two mile radius and the Costar industrial market areas statistics within a two
mile radius. CoStar reports industrial rents at gross rates.
bca●omi Adl、inle nt_Site to Do Busittss(2 Mue Radllls)
Comp I Comp 2 Comp 3 Comp 1 Comp 5
2017 Populstion
2022 Populetion
7. ChrDge
Avg Hous€hold Income
Tr8ffc Count
3,126
4793
5333●/●
$79666
US 41
1mrect
Less ulan 5K
S65“ $97485
couた 『Bl.d BonL Bcach
IIldrect indrcct
33,75 9,900
$65348
21659
23362
786%
$61,390
Unヽcrs●
Drect
32 1XD
Costar lndustrisl Analysis (2 mile radius)
Totrl Industrisl SF
Averrg€ R€ntrl Rstes
Averrge Vacancy Rate
431.694
$1077
0゛ ■、
42,750
N/A
Nん ヽ
143009
$1243
32%
12`「η 315
S669
28%
8038,86
$625
6゛ ′、
Source: STDB Onlme and Costar
Comparables I and 3 are located in the nearby Bonita Springs marketplace. Comparable
2 is located in the outlying Naples marketplace of Royal Fakapalm. Comparables 4 and 5
are located in the Sarasota marketplace in southem Manatee County.
Subject has similar population totals as Comparable l. Comparables 3, 4 and 5 are larger
while Comparable 2 is rural with a small trade population. Generally, the subject's
household incomes are similar to the Sarasota comparables while Comparables I through
3 are superior.
Comparables I and 2 have indirect access/frontage, like subject. Collier Blvd. does have
superior traffic counts to both. Comparables 3 through 5 have direct frontage.
Comparable 3 on Old 4l has inferior traffic counts to Collier Blvd. while the Sarasota
comparables are similar. Like subject, Comparable I is within close vicinity of an I-75
interchange.
Generally, subject, Comparable I and 3 have superior industrial rents. Comparable 2 is
positioned in such a small, rural market that statistics were not available. Generally, the
Sarasota markets are substantially larger but this appears to depress rents. Their market
rents are substantially inferior.
Page 49
AMATEUR SPORTS CoMPLEX SAIES CoMPARtSoN APPRoACH
All comparables were evaluated and adjusted for accordingly.
Size
For this analysis, we have employed the transactions from the Economic Trcnds analysis.
All comparables are analyzed and adjusted for accordingly.
I n frastructu re
The following analysis assumes the extension and completion of City Gate Blvd. North,
the extension ofall public utilities to each site and the completion of off-site retention to
the benefit ofthe subject tracts. We also consider that subject includes heavy vegetation.
Comparable I has installed roadways on the perimeter of the property. installed utilities
to the site and off-site retention. It is cleared but not filled. Comparable 2 includes heavy
vegetation, no utilities or road to site and no indication of off-site retention. The seller of
the property is providing access via easement through his property to the south.
Comparable 3 is employing the steel skeleton of former buildings, is cleared and filled
and has off-site retention. Additionally, there are impact fees on the old structures to
mitigate the required demolition to the existing structures. Comparable 4 is cleared and
filled with off-site retention. Comparable 5 has heavy vegetation like subject. It will
require on-site retention.
All comparables were adjusted accordingly
SizeAnalysis
$500,000
$450,000
$400,000
$350,000
i s300-000
f $25o,ooo
Ai szoo,ooo
$150,000
$100,000
t50,000
$0
r) -o^- '
Page 50
AN換 TEUR SPORTS COMPLEX S,q.Ips CoupaPJSoN APPRoACH
Shape
The subject lots are irregularly shaped. We have adjusted minimally for shape and will
adjust more in reconciliation for the irregularity of Lots Six and Seven. Comparables I
and 5 are irregular in shape also with no adjustment required.
Zoning
Comparables 3 through 5 are relatively similar in terms of zoning; therefore, no
adjustments are required. We have analyzed Comparable 5 based upon zoning at time of
contract and do not consider the seller paid to up zone the property for apartment use.
The contract was based on the current zoning at the time per the listing broker.
Comparable I includes nearly 6 acres of retail lands adjacent to a Publix anchored center.
Comparable 2 is over 213'o zoned agricultural.
Sales Comparison Approach Conclusion
All of the value indications have been considered, and in the final analysis, comparables
I and 3, have been given more weight in arriving at our final reconciled per acre value of
$230,000.
Land Value Ranges & Reconciled Values
Number of Comparables:Unadjusted Adiusted %Δ
Low: s133,562
High:$467.658
Ave rage: s246,052
S184,667
S280,595
S225,839
38.26%
‐40.000/O
‐822%
Lct F市e Lot Six Lot Seven
Re conciled Value/[-Init Value :
Subject Size (Acres):
Indicated Yalue:
Reconciled Final Value :
S245,000
20.11
S4,926,950
S4,930,000
S230,000
2000
S4,600,lX10
S4,`00,000
S230,000
2024
$4,655,200
S4.660,000
Page 51
AMATEUR SPORTS COMPLじX RECONCILlATION
Rrcoxcrr,rnrroN
The process of reconciliation involves the analysis of each approach to value. The
quantity and quality of data applied the significance of each approach as it relates to
market behavior and defensibility of each approach are considered and weighed. Finally,
each is considered separately and comparatively with each other. As discussed
previously, we use only the sales comparison approach in developing an opinion ofvalue
for the subject. The cost and income approaches are not applicable, and are not used.
FrNAL VALUE CoNcr-usloN
Based on the data and analyses developed in this appraisal. we have reconciled to the
following value conclusion(s), as ofAugust 7, 2017, subject to the Limiting Conditions
and Assumptions of this appraisal.
VALt'E CONCLUS10NS
Appraisal Premise lnterest Appraised Date ofValue Value Collclusioll
Market Value,Lot Fivc,As ls Fec Simple August 7,2017 $4,930,000
Market Value,Lot Six,As ls Fee Simple August 7,2017 $4,600,000
ヽ4arket Value,Lot Sevcn,As ls Fee Simple August 7,2017 S4,660,000
The value conclusion(s) are subject to the following hypothetical conditions and extraordinary
conditions. These conditions may affect the assignment results.
Hypothetical Conditions:None.
Extraordinary Assumptions:It is an extraordinary assumption that all requisite governmental
approvals are authorized and granted to the developer for the
Preliminary Plat including Lots Five, Six and Seven. All plats
will be approved by any and all governmenlal agencies. in
accordance with the plans and specifications provided, and
completed in a workmanlike manner in compliance with all
governmental regulations and requirements, in the time frame
provided by the developer.
It is an extraordinary assumption that Citygate Development
LLC, 850 NWN LLC and CG Il LLC (collectively referred to as
developer) and Collier County will comply with and complete
recitals 2 through 5 as outlined in the First Amendment to
Developer Agreement dated June 23, 2015. This includes but is
not limited to the installation and extension of City Gate Blvd.
North to access Lots Five, Six and Seven, the extension of all
public utilities to these sites and the completion of off-site water
retention to the benefit of Lots Five. Six and Seven on other CG
II, LLC lands.
Page 52
AMATEt'R SPORTS COMPLEX FINAL VALTJE CONCLUSION
Exposure and Marketing Times
Exposure time is always presumed to precede the effective date ofthe appraisal and is the
length of time the subject property would have been exposed for sale in the market had it
sold on the ef'fective 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 market it is our opinion that the probable marketing and
exposure time for the property is l2 months.
Page 53
AMAl.F]UR SPoRTS CoMPI,Hx CERTIFIcATT()N
CrRrrprcarroN
We certi$, that, to the best of our krowledge and belief:
l. The statements offact 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 our personal. unbiased professional
analyses, opinions and conclusions.
3. We have no present or prospective interest in the property that is the subject ofthis
report, and have no personal interest with respect to the parties involved.
4. We have no bias with respect to the property that is the subject ofthis 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 ofthe client, the amount ofthe value opinion, the attainment ofa
stipulated result, or the occurrence of a subsequent event directly related to the
intended use ofthis appraisal.
7. The reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the requirements ofthe Code ofProfessional
Ethics & Standards ofProfessional Appraisal Practice ofthe 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 ofthe Appraisal Institute
relating to review by its duly authorized representatives.
10. K. C. Lowry, MAl, CPA has made an inspection of the subject property. Rachel M.
Zucchi, MAI, CCIM has not made an inspection ofthe subject property.
I l. 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 54
AMATETJR SPORTS CoMPLEX CERTIFiCAT:ON
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 ofpublic assistance income, handicap, or an unsupported conclusion that
homogeneity ofsuch characteristics is necessary to maximize value.
15. K. C. Lowry, MAI, CPA and Rachel M. Zucchi, MAI, CCIM have 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, K. C. Lowry, MAI, CPA and Rachel M. Zucchi, MAI.
CCIM have completed the continuing education program for Designated Members
of the Appraisal Institute.
御 洲・シ↓
K.C Lowり ,MAI,CPA Rachel M.Zucchi,MAl,CCIM
Florida SlateCertirled ceneral Real Estate Appraiser RZ“2355 F10rida Slateて ertifled Ceneral Real Estate Appraiser RZ″2984
klo,″,@rklaC COm:Phonc 239‐59●081XI E●202 rzucchicrklac com:Phone 239‐596‐081XI Ext 203
Page 55
AMATEUR SPoRTS CoMPLtrx AssuMpl toNs AND LrMrrNG CoNDrl]oNs
AssulrprroNs aNn LrvrrrrNc CoNorrroNs
This appraisal is based on the following assumptions, except as otherwise noted in the
report.
L The title is marketable and free and clear of all liens, encumbrances,
encroachments, eas€ments 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 ofthe property.
3. There are no hidden or undisclosed conditions ofthe land or ofthe 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 ofthe 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 fumished 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.
l. 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 Intemal 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. lf 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, govemmental 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 56
AMATtrUR SPoRTS CoMPLtrx AssI]MPTIoNS AND LIMITlNG CoNDITIoNS
7.
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.
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 ofsuch materials, unless otherwise noted in our appraisal.
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.
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.
I I . 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.9Page 57
AMAI EUR SPORTS COMPLEX ASSUMPTIoNS AND LIMITING CoNDIl.IoNs
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. RKI 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 58
AMA] rrllr{ SPoRrs COMPLI.X ASsuMPT10NS AND LIMITINC CONDIT10NS
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 party 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 59
AMAlEt'R SPORTS COMPLEX ADDLNDA - AppRArsrrR QUAr-rrilcA]loNs
AonoNpa
Q照
Avareun Sponrs Couplex ADDENDUM A - APPRAISER QUALIFICATIoNS
AnnENDUM A
AppnarsER QualrFrcATroNS
憔
AMATEUR SPoRTS CoMPLEX ADDENDUM A - APPRAISER QUALIFICATIoNS
RKL Appraisal and Consulting, PLC
Coruplxv Pnorrr,n:
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 70-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
Partner / Managing Director
rzucchi@rklac.com
K.C. Lowry, MAI, CPA
Partner
klowry@rklac.com
Louis C. Bobbitt, MAI
Senior Partner
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, business/industry and
government, life insurance companies and pension fund advisors, and mortgage bankers.
4500 Executive Drive, Suite 300
Naples, Florida 341l9
Phone: 239-596-0800; Fax: 239-596-0801
www.rklac.com
AMATEUR SPORTS COIr,IpIex ADDENDUM A - APPRAISER QUALIFICATIoNS
“
OFESS10M二 2じ 41刀 願
“
■10∬θF
KENNETH C.LOWRY,MAI,CPA
REAL ESTATE
EXPERIENCE:
RKL APPRAISAL AND CoNSI.ILTTNG, PLC
Naples, Florida
Partner (2009 - Present)
INrrcn,t RraIry RESoURCES - SotnHwBsT FLoRIDA - NAPLES
Naples, Florida
Senior Real Estate Analyst (1996 - 2009)
Srnvsx GRevBs AssocrATEs
Greenwood, Indiana
Fee Appraiser (1994 - 1996)
AVL APPRAISAL SERVICES, INC.
Greenwood, Indiana
Appraiser/Vice President (1991 - 1996)
AMERICAN CoMMtrNrry DnvuopurNT CoRpoRA,TroN
Indianapolis, Indiana
Controller (1990 - 1991)
M.rnsuR Dsvrl-orn{rNT, INC.
Indianapolis, Indiana
Senior Accountant (1988 - 1990)
PROFESSIONAL
ACTIVITIES:
Member:
Licensed:
Licensed:
Appraisal Institute - MAI Certificate No. 1250 I
Florida State Certified General Real Estate Appraiser
License No. RZ 2355
Indiana State - Certified Public Accountant #CPO8800355
EDUCATION:Bachelor of Science- l98l ; Indiana University-Bloomington; School of Business;
Accounting Major.
Successfully completed numerous real estate and business valuation courses and
seminars sponsored by the Appraisal Institute, Institute of Business Appraisers,
accredited universities and others.
BUSINESS FOCUS:Actively engaged in real estate valuation and consulting since the early 1990's.
Practice is focused on community/neighborhood shopping centers, power centers,
office buildings, warehouse/distribution, multi-family, condominium projects, hotels
and motels, vacant land and special purpose properties. Specialized services include
appraisals, business valuations, market feasibility studies, and litigation support in
connection with real estate transactions. Clients served include banks and hnancial
institutions, developers and investors, law firms, business/industry and government,
and mortgage bankers. Valuations have been performed for condemnation purposes,
estate, financing, and due diligence suppoft.
Q鷺
AMATEUR SPORTS CoMPLEX ADDENDUM A - APPRAISER QUALIFICATIONS
R,CК SCOπ GOVERNOR KEN tANON SECRETARY
STATE OF FLORIDA
◆K
AMATEUR Sponrs Couplrx ADDENDUM A - Appnersrn QueLtrtcetroNs
PRO朗 鰤囲 二21//力
「
КИ■10tt OF
Rachel M.Zucchi,MAI,(〕CIM
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)
PROFESS10NAL
ACTIVITIES:
Member:
Secretary:
Member:
Member:
Member:
Licensed:
Appraisal lnstitute一 NIAI Certiflcate Number 451177
Appraisal lnstitute Florida GulfCoast Chapter(2017)
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. (20 I 6, 20 1 7 )
CCIM Institute - CCIM Designation Pin Number 21042
Naples Area Board of REALTORS
The American Real Estate Society (ARES)
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
EDUCAT10N: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 lnstitute and others.
BUSINESS FOCUS:Actively engaged in real estate valuation and consulting since 2003. Practice is focused on
community/neighborhood shopping centers, power centers, office-buildings,
warehouse/distribution, multi-family and single family subdivisions, condominium
developments, hotels/motels, vacant land and special purpose properties. Specialized
services include appraisals, market feasibility studies, and litigation support in connection
with real estate transactions. Clients served include banks and furancial institutions,
developers and investors, law firms, business/industry and government, and mortgage
bankers. Valuations have been performed for condemnation purposes, estate, financing, and
due diligence support.
Q巫
AMA] rrl,R SpoRTs CoMpr-rrx At)l)ENt)uM A - AppRAtsl,R QuAr-TFICA' oNs
RiCК SCOTT COVERNOR KEN LACON SECRETARY
Zじ CCH, RACHEL4500 EXECuTIVESulTE∞0NAPLES
STATE OF FLORlDA
◆照
整
SSUED ll′092016 DiSpLAV AS REOulRED BY lバW SCO● t1311090001422
AT,4.ATEUR SPORTS C0MPLEX ADDENDUM B - PRoPERTY INFoRMATIoN
ADDENDUPI B
PROPERTY INFORpIATION
Q照
Parrel No.
Name / Address
Co∥ier County prope∥γ AppraiserProperty Sumlnary
00298160003 Site Adr 3721 VVHITI LAKE BLVa NAPLES,FL 34117
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121 S MAIN ST STE 500
City AKRON stat●OH Zip“308-1426
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use cOde 0 40‐VACANT:NDuSTR:AL
Ltest Saies History
(Not al'Sales are listed due to con“dentiality)
…
0・ CalCuiations
Sch∞: Other Toいl
5.122 6.3384 11.4604
2017 Preiiminary Tax Ro∥
(Subled to chan9oDate BooLPage Amount hnd Va:ue
07ノ 09′03 3336‐2524 58.2
03/09/94 1921‐1908
03/01ノ 85 1150‐767 S3,4
03/01ノ 85 1150‐764
07ノ 01/80 875‐1945
$7.530,740
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37.530,740
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This Speclal Warranw Dtt mde価 s9th dBy ofJ●Ly,m3-RLha∥K hnmas―r-5)
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wiihin thc rmnins lct forth in tb con*innio of tc rnc of tlqidr, mr ir it mtignus to or r put of
hormlerd prlplrty. Plopctty ir v.crDt *rcr3e3319 Bq Ch3j Ddvq Nrpb, FL 3al 12.
Togethcr wi& rll rh crnrntr, hrGdiurloo d rpprrara kao bclqiry or in ulmirc mcrrrintog.
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OR: 3336 PG: 2525
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OR: 3336 PC: 2526
EXHIBIT“A"
LECAL DESCRIPT:ON:
闘馴酬躙剛獣i柵 騨辮識馴馴翻織用風撚")Fl,o16。い面記爾耐 続 ・ふ漸iま 尚濠鶴5ギTHE R:GHT,HAV:NG A RADiuS(
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EXHBIT“A"(cont。)OF THE NORTH EAST ONE・ QUARTER OF SAID SECT10N 35:THENCE RUN N.09°1301・ E。・ALONG
THE NORTH ttNE OF THE NORTH EAST ONE‐QUARTER OF SA:D SECT10N 35。日ORA D:STANCE
OF2,599。31 FEET TO THE NORTHEAST CORNttR OF THE NORTH ONE‐LFOF SND SECT10N
35:THEttCE RUN S.∞°55`BW.・ ALONe THE mST LINE OF THE NORTH ON8■lALF OF SA:D
SECT:0鉗 35,FOR A DiSTANCE OF2,073,79「ヒLI TO THE SOJFHEAST 00RNER OF THE NORTH
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NORTH ONEOHALF OF SA:D SEC■ON 35・ FOR A DiSTANCE OF 3,略 .70ト ヒLl TO THE POIN「OF
E囲 ョgun」JШ NEゝ1
THiS PROPERTY SUBJECT TO EASEMENTS,RESERVAT:ONS OR RESTRCT:ONS OF RECORD。
BEARINGS SHOWN HEREON REFER
SECTЮ N 35,TOWNSH:P49
N。80°00り 1・ E.
日NE OFTHE NORTH ONE・ HALF OF
00uttER COUNTYOFLOR:DA AS BEING
o卜 基′ヽヨノ上比 よ⊥∫封
澄＼ く棟ゴ /Q
INSTR 5■42■15 0R 5■68 PC 3989 RECORDED 6/29/20■5 4:06 PH PACES 9DWIGHT E. BROCK, CLERK OF THE CIRCu工 T CouRT, COLL工 ER COuNTY FLORIDAREC S78.00
ΠRST AMENDMENr TO DEVELOPER AGREEMENT
City Gate
F。選聖翌噸 乳鳥蹴躙脚 胤器よ:躍 :酬 蜃ミ 論
CG II,LLC,Florida∥mited liabil■y∞mpanies ocreinaner collect市 ely referred to as the
“Developer'),with an address at 159 South Mah Street,Sute 500,Akron,Ohio 44308,and
Collに r County,a political subdi宙 sion of thc Statc of Florida(herCinancr rcfcrcd to as
“County")
RECITALS:
WHEREAS,on Dccelnber 13,1988,the Board of County Commissioners of Collicr
County(BCC)adOpted both Developmcnt of Regional lmpact Dcvclopment Order No.88‐2,
which has been subsequently amended pfened to as the "DRI Development
Order"), and Ordinance No. 88-93,fiom "A-2" - Agriculture to
``PUEl''一 Planned Unl
Park(■e``PUD'')and
as City Gate Commerce
WHEREAS, the Agreement dated
Dccember l,2009,which is pages 640 through 704 in
the Ofrlcial Rccords ofCo
WHEREAS,at its Developer Agreement the
paid the road impact feesBoard of County
then due, and directed that a Adequacy be issued for the
land uses authorized in the
WHEREAS,Dcvclopers County that they continue to have
fulI ownership or control with respect to all
subject ofthis Agreement; and
ofthe land within thc PllD which arc■eWHEREAS, that it is found and determined that there is no PUD tsansportation condition
or Transpofiation Conditions for the buildout that has not been satisfied, or would not be
satisfied by Developer's compliance with its obligations under this Amendment; and
WHEREAS, the pafiies wish to amend the Developer Agreement as set forth below.
WITNESSETH:
NOw, THEREFORE, in considemtion of Ten Dollars ($10.00) and other good and
valuable consideration exchanged amongst the parties, and in consideration of the covenants
contained herein, the parties agree as follows:
l. AII of the above RECITALS arc true and correct and are hereby expressly
inmrporated herein by reference as ifset forth fully below.
OR 5■68 PC 3990
2. County, at its sole cost alld expense, will design, permit, provide CEI, construct
and otherwise extend City Gate Boulevard North from the current terminus to the eastem
property line ofthe City Gate DRyPUD and the westem property line ofthe County's adjacent
property, with the typical section as approved in attached Exhibit 1. Developer will assist the
County with obtaining all necessary permits by providing the County at County's r€quest with all
available support documentation. Further, in older to add the access point to the existing PUD or
the DRI Development Order, County will be rcsponsible to fund, process and obtain all
necessary development orde$ to include, but not limited to, any PUD, DRI Developmenl Order,
South Florida Management District, D€partment ofEnYironmental Prot€ction (DEP) or any other
agencies changes, as needed, to add this access point. This road will be used to access the
Resource Recovery Park and up to forty acres ofessential services in the northem portion of the
adjacent 305 aue parcel owned by Collier County. The road will be gated until needed by the
County at the eastern end on the County's side ofthe property line, and no additional traflic will
be allowed to use th€ City Gate North Boulevard until the connection is made to the Wilson
Boulevard-Benfield Road Extension. A will be provided in front of the
gate.
Developer shall the adjacent prcperty. The
County will have street Boulevard Norlh so that
conduit、vill bc installcd at . The County's design and
construction of the conduit for other future
utilities and irrigation.platting the adjacent
property. Upon completion County shall maintain
, except lighting andCity Gate Boulevard
landscaping which shall be the foregoing, the
County will mow the first week of July, October,
January, April) until th€ land will work with City Gate io
consider temporary traffic calmingi
4. Developer will dedicate the and ancillary water management needed
for the road via plat at no cost to the County and for no impact fee credits. Once the approved
design for this right-of-way area has been completed, and in order to evidence this dedication,
the Developer and County will cooperate in the pr€paration and processing ofa plat for the right-
of-way corridor, including ancillary water management (drainage), sidewalk/pathways, and
county water-sewer District (ctlEs) and public utilities (PUEs). Should the county want to
move forward with construction of the right-of-way area prior to the completion of the
aforcmentioned platting proc€ss, Developer will grant temporsry construction easements to the
county for workwithin the dedicated areas and within an agreed upon area outside as needed for
construction. The Courty shall rcplace any damaged or removed improv€ments or vegetation
within the agreed upon area outside ofthe dedicated artas.
5. Upon meeting its commitm€nts in this Amendmen! all of City Gate will be
deemed vested flr transportation concurency. Site access improvemenls to the individual lots
will be the responsibiliiy of City Gate or their end users. Developer will continue to be
responsible for DRI monitoring and compliance.
str€et lights when
is platted. The
2'\--___----^.iV/E crR!;
Page 2 of5
OR 5■68 PG 399■
6. The County shall not refuse to issue any development permits for any uses or
intensities of use authorized by the DRI Development Order/PUD within the Development on
the grounds that the access points on Collier Boulevard (CR-951), as reconfigured by the
County, cannot safely or operationally accommodate the traffic from such authorized use.
7. The application of Paragraphs ll h and 1l i of the Developer Agneement shall
extend to any and all future lots with frontage on City Gate Blvd. North.
8. The parties will work together in good faith should further changes to the
Agreement be required to effectuate the intent of this Amendment. Except as modified herein,
the remaining terms of the Agreement remain in full force and effect. This Amendment does not
diminish the Vested Rights Determination previously issued by the County.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their appropriate officials, as above written.
COMMISSIONERS
REMAINDER OF PAGEINlENTIONALLY LEFT BLANK
REMAINING SIGNATURE PAGES TO FOLLOW
Page 3 of5
Je価 詭yA.County Attomey
OR 5■68 PG 3992
AS TO DEVELOttR:
Citygate Development, LLC
A Florida Limited Liability Company
3y:
hinted Name
STATEoF Ch 16
COUNTY OF
The foregoin g instrument
by Joseph R Weber, as
company, who is
identincation
or JtLnL .zors,
a Flttda lmited hab∥ity
as
lSco
850 NWN,LLC
A FIorida Limited Liabili,Company
By:
Signature
冴
ヽ
′kメ Mι ιそ・/Printed Name
Page 4 of5
クッルほ/Printed Natne
OR 5168 PC 3993
STATE oF Oh io
coul{TYoF sumrnlt
The foregoing instrument was
by Joseph R.Wcbcr,asヽ /ice President of 850 NWTヾ ,LLC,a
who is personally known to me or has produced
5 anyor-llLnl3,zors,
Florida lunhcd liability company,
as idcntiflcation
Notary Public 、 、
躍臨 ω
｀もしtさ A■11メ ´ヽυaメ υばwン 、
Liability Company
President
んの`“`and
the presence
θわお
Printed Nalne
Signature
|で
PHntcd Namc
STATE OF
COUNTYOF SttrYIml七
The b∝gdDg hstmment w¨acknowLdgcd bcお “meths ご「 day。1」ν月に ,2015,
by Joseph R Weber,as Vice president of CG II,LLC,a FloHda limited liability company,who
is personally known to me or has produced as identification.
獣R脚 ヽl及 権A.レ だこO
MyCommヽ Jon Exメ rcs 中
…
Page 5 of5
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TEMPORARY RIGHT-OF―WAY
EASEMENl「, ±2,449 SF
PROPERTY LINE
SOUTHERLY
LINE OF
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om
NORTH
OR 5■68 PC 3996
十
'十 OR 5■68 PG 3997 ■
'■
AMATEUR Sl'ORIS COMPLEX ADDENDUM C‐CoMPARABLE DAlA
AonnNounr C
COMPARABLE DATA
憔
Propertv Identifi crtion
Record II)
Property Type
Property Nsme
Address
Locrtion
Trx ID
Latitude Nl
Longitude Nl
MSA
Market Type
Sele Dete
Grantor
Grantee
Sale Date
Deed Book/Page
Property Rights
Conditions of Sale
Financing
Sale History
Yerilication
Lalld Sale No.1
758
Commercial,Business park
Southlinb COmmOns ofBonita
12682 Trade Way DHve`屹 12800 Trade Center Way,Bonita
Springs,Lee County,FIo」da 34135
Southcast quadrant ofTradc Ccnter Drive and Huntcrs Ridgc
Blvd
06‐48‐26‐B2‐U25731235,06‐48‐26‐B2‐0150C.0090&06‐48-
26‐B2‐0150C0080
26°19'4539"N
81°44'3736''W
Fort Myers―Capc cOral
Suburban
Bemwood,LLC
Shadi ofNaples,Inc(52%)and SOuthlinks Associates,LLC
(48%)
August ll,2017
1nstr 2017000175396
Fee simple
Anllゝ length
S3590M Conventional
None in last 3 years
Ed Wacker νv/McGarvcy Development Company;(239)738‐
7868,August 02,2017;Other sourccs:Appraisal,Conf1111lcd by
KC Lou7
S7,006,318Sale Price
ビL」
|、 ■
Land Sale No. I (Cont.)
Cash Equivalent $7,006,318
Land Data
Zoning Bemwood MPD/CPD, Commercial and Industrial
Topography Level at grade
Utilities All public
Shape Irregular
Landscaping Light vegetation and cleared
Flood Info Zone X per FIRM 12071C 0678 F
Land Size Information
Gross Land Size 24.745 Acres or 1,077,896 SF
Front Footage 1,225 ft Trade Center Drive; 881 ft Hunters Ridge Blvd. ; 632 ft
Trade Way Drive;
Indicators
Sale Price/Gross Acre $283,140
Sale Price/Gross SF $6.50
Remarks
The subject is an existing business park. The site includes retail Iands at 5.963 acres or 259,7 45
square feet and business park/industrial lands at 18.782 acres or 818,151 square feet. The buyer
intends to develop the industrial lands with industrial flex type development. They were
indeterminate whether they would develop the retail lands or sell them off. The retail lands are
directly adjacent to a Publix anchored center, Bonita Grande Crossing.
Land Sale No 2
757
Industrial, Acreage
15583 Tamiami Trail East
15583 Tamiami Trail East, Naples, Collier County, Florida
341t4
On Auto Village Road approximately 2,600 feet north ofthe
intersection with Tamiami TrailfuS 4l
00763600006
26'2'3.07"N
8l'38'26.57"W
Naples
Suburban
Basik Development, LLC
Smyma Ready Mix Concrete, LLC
April28,2017
Insh.539836l
Fee simple
Arm's length
Cash sale
None in last 3 years
Keith Basik w/ Basik Developmenr; (239) 2724643, A\gtrst 31,
2017; Other sources: CoStar and public records, Confirmed by
KC Lowry
$975,000
$97s,000
Propertv Identifi crtion
Record ID
Prop€rty Type
Property Neme
Address
Location
Tax ID
Letitude N1
Longitude Nl
MSA
Merket Type
Sale Data
Grentor
Grantee
Sale Date
Deed Book/Page
Property Rights
Conditions of Sale
Financing
Sale History
Verification
Sale Price
Cash Equivalent
Land Data
Zoning
Topography
Utilities
Dimensions
Shape
Flood Info
Depth
Land Size Information
Gross Land Size
Front Footage
Indicators
Sale Price/Gross Acre
Sale Price/Gross SF
Land Sale No.2 (Cont.)
I - Industrial and A - Agricultural
Level
All public to south
969' x329' x969' x329'
Rectangular
Zone AE per FIRM 12021C 0620 H
969
7.300 Acres or 317,988 SF
Intemal roads;
$ 133,562
$3.07
Remarks
Per Mr. Basik, the property was not listed for sale and the buyer initiated contact. Mr. Basik
supplied access via a secondary easement across his land to the south. Part ofthe property is
zoned industrial and approximately the northem2l3 is zoned Agricultural. The buyer transferred
the property to another entity, Hollingshead Land LLC, on 511512017. Per Mr. Basik, the
property will be used for a concrete plant.
Land Sale No.3
739
Industrial, Acreage
Causeway Commerce Park
28280 Old 4l Road , Bonita Springs, Lee County, Florida
34135
West side of Old 4l Road at the intersection with Greyhound
Track Road
02-48-25-B l -00006.0000
26't 9'39.78"N
81"46'57.19',W
Fort Myers-Cape Coral
Suburban
Causeway Lumber Company, lnc. t
Causeway Commerce Park, LLC
luly 12,2017
Instr.20'17000153443
Fee simple
Arm's length
Conventional
None in last 3 years
Steve Hovland (buyer) w/ Hovland RealBstate; (239) 594-7777,
luly 27,2017; Other sources: CoStar and public records,
Confirmed by KC Lowry
$4,150,000
$4,150,000
Propertv Identilication
Record ID
Property Type
Property N{me
Address
Location
Tar ID
Lrtitnde N1
Longitude N1
MSA
Merket Type
Salc Data
Grantor
Grante€
Sale Date
Deed Book/Page
Property Rights
Conditions of Sale
Financing
Sale History
Verilication
Sale Price
Cash Equivalent
Land Sale No. 3 (Cont.)
Land Data
Zoning Industrial, Industrial
Topography Level at grade
Utilities At site
Shape Trapezoid
Flood Info Zone X per FIRM 12071C 0658 F & 0659 F
Depth 570
Land Size Information
Gross Land Size 8.874 Acres or 386,537 SF
Front Footage 721 ftTotal Frontage: 721 ft Old 4l Road;
Indicators
Sale Price/Gross Acre $467,676
Sale Price/Gross SF $10.74
Sale Price/Front Foot $5,756
Remarks
Listed at $4,125,000. Property was a former lumber yard with improved buildings. Property will
be mostly razed with footprints of some buildings employed. Phase I will include 39,000 sfof
flex space offered as small condominiums starting at $180 psf. Phase 2 will include 16,800 sf.
Property wil be developed as old Florida style with a galvanized wall system and rough cut cedar.
Development loan through Midwest One Bank al $5,283,l39.
Pronertv Identifi crtion
Record ID
Property Type
Prop€rty Neme
Address
Ircatioo
Tax ID
Latitude Nl
Longitude N1
MSA
Merket Type
Sale Data
Grintor
Grantee
Closing Date
Prop€rty Rights
Cooditions of Sale
Financing
Sale History
Verilication
Pending Land Sele No. 4
754
Industrial, Acreage
2250 Whitfield Avenue
2250 Whitfield Avenue, Sarasot4 Sarasota County, Florida
34243
Southwest comer of Whitfield Avenue and US 301N.
Washinglon Blvd.
Part of 1975910009
27.24's8.77"N
82.32',2.53"W
Sarasota-Bradenton
Suburban
Labinal, LLC
Declined to disclose
November 01, 2017
Fee simple
Arm's length
Declined to disclose
$4,150,000 for 36.29 acres in 412014
Joe Hembree, CCIM Hembree & Associates; (941)951-1776,
August 31, 2017; Other sources: Costar, Loopnet, marketing
brochure and public records, Confirmed by KC Lowry
$2,962,080 List price
$2,962,080
$148,104 Negotiations less than 5%
$2,813,976
Contract Price
Cash Equivelent
Downward Adjustment
Adjusted Price
*rs
Pending Land Sale No. 4 (Cont.)
Land Data
Zoning HM - Heavy Manufacturing, Industrial
Topography Level at grade
Utilities All public
Dimensions Approximately 1,250' x 558'
Shape Rectangular
Landscaping Light vegetation
Flood Info Zone X per FIRM l208lc 0316E
Depth 558
Land Size Information
Gross Land Size 16.000 Acres or 696,960 SF
Front Footage 1,808 ft Total Frontage:.1,250 ft US 301;558 ft Whitfield
Avenue:
Indicators
Sale Price/Gross Acre $ 185,130
Sale Price/Gross SF $4.25
Sale Price/Front Foot $ 1.638
Remarks
Listed in June 2016 at $2,962,080. The US 301 and Whitfield Avenue is signalized. Mr.
Hembree noted thal the due diligence phase was near completion but that it may be extended due
to enlry access issues. The westem portion ofthe property included a 135,000 sflight industrial
building constructed in 1978. The l6 acres marketed is excess land with the same folio number.
Mr. Hembree noted that the contracted price was within 5% of list price.
Prop€rtv Identilication
Record ID
Property Type
Property Neme
Address
I,ocetion
Tax ID
L.titude Nl
Longitude Nl
MSA
Merket Type
Sele Data
Grantor
Grantee
Sale Date
Deed Book/Page
Property Rights
Conditions of Sale
Financing
Sale History
Verification
Land Sale No.5
756
Commercial, Acreage
Manasara
2083 University Parkway, Sarasot4 Manatee County, Florida
34243
North side of University Parkway approximately 800 feet east
of the intersection with US 301N. Washington Blvd.
203200008, 203 5 I 00003 and 2035200001
27"23'.25 .23"N
82'3 t'41. t 3"W
Sarasota-Bradenton
Suburban
Manasara Corp.
The Oasis at University Apartments, LLC
July 27,2017
lnstr.201741073216
Fee simple
Arm's length
$34.5 M development loan
None in last 3 years
Worth Fien MWorthington Property Group, Inc. ; (941) 92'l-
2212, August 31,2017; Other sources: Costar, Loopnet, MLS,
marketing brochure and public records, Confirmed by KC
Lowry
$4,000,000
$4,000,000
Sale Price
Cash Equivalent
Land Sale No. 5 (Cont.)
Land Data
Zoning LM - Light Manufacturing and Planned Commercial
Development , Commercial and Industrial
Topography Level at grade
Utilities All public
Shape Irregular
Landscaping Heavy vegetation
Flood Info Zone X per FIRM l21l5C 0044 F
Land Size Information
Gross Land Size 24.880 Acres or 1,083,773 SF
Front Footage 200 ft University Parkway; 100 ft Tennessee Street;
Indicators
Sale Price/Gross Acre 5160,772
Sale Price/Gross SF $3.69
Remarks
Property had been listed for over ten years. The surrounding market area is light industrial (south
and west) and residential (north). The property was marketed for a wide variety of uses including
business park, industrial, retail and mixed use. The buyer at their cost rezoned the property for
mullifamily development (330 units) during the contract period. The total sales price was for $4M
in total over 25.5846 acres. This included another lot wrapped into the sale. The proper! had
previously been used as a junkyard and had minor environmental issues with trace elements of
arsenic. The list and sales price reflects the original zoning and marketed uses.
AMATEUR SpoRTS CoMpLEx ADDENDUM D - LETTER oF AUTHoRIZATIoN
AnnBNnuvI D
LnrrrR or AurnoRrzATroN
Vendor#123970
RKL Appraisa!a COnsulting PLC
4500 Executive Drive,Ste 300
Naples′FL 34119
Purchase Order Number:4500179592
Date: Juiv 31′2017
Contact Person: Roosevelt Leonard
Congratu lations, you are being awarded the appraisal assignment for the Amateur
Sports Complex project.
This is your notice to proceed. We will be setting up a coordination meeting with
the property owner and will advise you of the date and time.
A copy of the Purchase Order and the legal descriptions and sketches for the two
(2) parcels are attached for your reference.
The appralsal report ls due on or before 9lLl2OL7.l need 4 copies of the appraisal
report sent to Facilities Management 3335 TamiamiTrail E Ste 101 Naples, FL34lt2
C/O Roosevelt Leonard. The appraisal reports can be hand delivered to the same
address on or before 9lU2Ot7.
Thank you,
Roosevelt Leonard, R/W-AC
Sr. Review Appraiser
Real Property Management
3335 Tamiami Trail East Ste. l0l
Naples. FL34ll2
Ph:239 252-2621
NOTiCE TO PROCEED
SKttCH AND DESCRlPT10N
PROPOSED SPORIS COMPLEX
A PORT●N OFA,ハ RC【t OSCR19〔●lN O R B00К 3330,AGF 2524 AIID B=1"Gハ PORT10N OF'CIに 用 35
,OWNSHl,49 SOuTH.RAN6121 1AW OFTR〔puBLiで RCCoROS OF COtt,[R COuFIY,F10R10A All●DEING
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WHITF tAKI CORPORAII I“κ
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101“ENS10NS ARE"F日 訂
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「
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PROPOSED SPORTS 00MPLEX
PARCEL
{60 35 ACRES+ノ ‐)(5“A●6●´,.さ △
呻
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徹 機 踊 l『設」ぶ鏃 肝“"‐
DESCRIPT10NPARKING PARCEL
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■OWNSHIp●,SOuTH.●ANGt 26 EAsT Of TH【,υ Btに RICOROS OF COtt:[R COUNry,FtORI●ハ^"OB["GMOR〔PAR￢Cuい Rtv o15CRI●=D ASFOし OVtS
COMMEII●IIC AT TH["ORTHEAST CORItFR OF S【cT ON 3,TOWNSH!149SOu"′RANGF 26〔嵐
COIttER COuNTv.F10R,DAテ TH〔NC[RUN SOu,H●●・,548・ WE"A1011G TH〔
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=3.01・
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BE6:N腱 |“G,VIIEIICt SOuTH∞
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CONTハ 1～ING 5 54 ACRCS MOR[ORteS
NOT PtAπ ED
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i04∞
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O R 3336 PC 2524
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Not to Sc●1●
____P,出畷 掛絆踏讐 ⊆―‐'C CORNER OFTH[NOR"%Clr
SiC 35■9‐26PREPARE●3V:
WHF【tAXt CORI10RA了 [PARk
TH,StS NOT A SURVEY
GEIIERAI N●VeS:
1●IM●NS10NS´RElN FEET ttD OECn“tS THEREOF2 BttWOS ARC ANMEOANO BASE0 0N THE"OFrrH LINE
OF S■O SECIION s3 0E:NO●OR“●0￢3●1・ EAST
3 LCC●MDOR・ 0「CAL RCCOR●BOflКPOB・
'0い「
●F●ECINNII●POC・ POjNT∝COmcNCEMENT
￢OMAS,″OE●SON,PS"
FLORI●ハSuRVFvo●6 MAPPER LS■〕
“COILIER∞uNTY SuRVeYOR
PROPOSED SPORTS COMPLEX
PARCEL
(60 35 ACRES+/・)PA目
“
■1,34組 6●/}
384m
COLLIER COUNTY
Growth Management Departlnent
Road Manlenance Dl,slon
288,S"心 H●I●3Ⅲ Onν `N"1●n∞an 341“
PhOm 23,2525810F‐23'2,2'023
cOlmer cOunty 8oar6 of County Commlssioners
P「ocurement Servlces D～ision
Phone:239‐252‐3407
F8ス : 23■732‐0344
T3X Exemp1 8,3015966531C‐1Cotter cOunty Boatt of County Corlmissioners
Ath:Accounts Payable3299T輛 ami TrI E Ste 700
Naples FL 34112‐5749
0R ema"to bcapderk@COl!brc:erk oom
Vendor■123970
RKL APPRAISAL a CONSuLTING PLC
4500 EXECtlTprE DR,STE 300
NAPLES FL 34119
P:ease de!iver to:REAL PROPERTY MANAGEMENT
3335 TAM:AM:TRA:LE,STE 101
NAPLES FL 34112‐5256
Purchasr Order numbor must eppoar on rf related
correspcrdence, rhlpplng pepere and lnvolcee:
Purchalo oJ●『:●0助 007 4500179592 00・ 07r31r2017
Cttl●dヽ ′●い Counり Manager
T●lepho71e 239‐252・ 8383 Fax 239‐2524010
DeliveryDate; 09/3012017
Terrns of Paymenl Net 30 Days
Desc中●●●0確 rO″ ‐Ja″rOl va"e
REAI. ESTATE APPRAISAT SERVICES
001-103010€31a00 - apgatsal lor 85 acrs parcel city gate
Prcject funalour Sporls Part
aoDreissl ouotes suecrEd
2,000 EA l.o0 2`000.00
TObh“V3tu0 0Xd tax Us0 20oO.00
磁淵8]選 蹴酬訛螂鵠雛蹴認鞘鵠酬躙蹴眺認騰柵朧臨:躍 :,
l PrOvide Ooods and serv10es ouoined in th:sP●1由 a80 0rder ttth the麟 ,|●ms,de“very me60d andspealollons llsted abovel 営:諸 鼎鴇冨l肝
m“buy・ Ordげ 仙剛med“nnd o―ぉspe個.cOnier cotnty Board oF County Commに JmersA麟 :Acooonts Payable
3299 Tamlami Trl E Sto 7∞
Neples FL 34112‐5749
0R erna∥loi boopclerk@∞:lbderk,corn
The purchase orderお aut}電 面■Od under di¨。「COllier County Board OF County COmmis●Oners by:
Dtj:Z * ,O ,or*F. Coymen Jr, Director, proqrrement Servicss DMslon
P,nted o870,″017o l■2540 ∞1‐1030106314∞餞90 1 0fl
Land Lease Agreement
THIS AGREEMENT, made and entered into this day of __________, 2017, by
CG II, LLC, a Florida limited liability company, hereinafter called the LESSOR, whose address
is _____________________________________________, and COLLIER COUNTY, a
political subdivision of the State of Florida, its successors and assigns (hereinafter referred to
as “LESSEE”, .
WITNESSETH:
IN CONSIDERATION OF the execution of this Agreement and performance of the
promises hereinafter set forth, LESSOR hereby leases unto LESSEE the following property:
See, Exhibit “A” attached hereto and incorporated by reference herein
ALL upon the following terms and consideration
I. TERM OF LEASE, BASE RENT & ADDITIONAL RENT
The lease term shall be three years, beginning _______, 2018 and ending _______, 2021.
The BASE ANNUAL RENT is $1.00 to be paid to LESSOR in THREE ANNUAL
PAYMENTS of $1.00, due on or before the 1st day of April. The first payment is required
on or before April 1st, 2018.
ADDITIONAL RENT, during the term of the lease, will include ad valorem real estate
taxes and any assessments for operations and maintenance cost by the City Gate CDD or
the City Gate Master Property Owner’s Association assessed against or levied upon the
LEASED PREMISES not to exceed Fifty Thousand ($50,000) Dollars annually, which is
due within thirty days of the LESSOR’s invoicing for the same.
II USE OF LEASED PREMISES.
The LESSEE intends to use the LEASED PREMISES as a “grass parking area.” LESSOR
specifically permits LESSEE, at LESSEE’s costs, to make any improvements necessary to obtain
approval as a grass parking area. LESSEE covenants that the “grass parking area” shall comply
with all applicable county and/or municipal ordinances. LESSEE shall repair any damage to the
LEASED PREMISES resulting from the maintenance or removal of said grass parking area.
Further, LESSOR agrees that LESSEE shall be permitted to place, erect or install signs on the
LEASED PREMISES. Any sign shall comply with all applicable county and/or municipal
ordinances. All such signs shall be maintained in a good and safe condition and appearance by
LESSEE at its own expense. LESSEE shall repair any damage to the LEASED PREMISES
resulting from the erection, maintenance, or removal of said signs.
III OBLIGATIONS OF LESSOR
A. To permit LESSEE quietly to hold, possess, and enjoy the LEASED PREMISES
during the term of this AGREEMENT, so long as LESSEE is NOT in default
hereinunder.
B. To pay, prior to delinquency, all real property taxes, and any assessments assessed
against or levied upon the LEASED PREMISES.
IV. OBLIGATION OF LESSEE
A. To make all lease payments when due and payable, together with sales tax if
applicable.
B. To keep the LEASED PREMISES in a neat and clean condition at all times.
C. LESSEE will not create nor permit to be created nor remain as a result of any action
of work done or contracted for by LESSEE, any lien, encumbrance or charge levied
on account of any imposition or any mechanic's, laborer's or materialman's lien
which might be or become a lien, encumbrance or charge upon the LEASED
PREMISES. Any mechanic's, laborer's, or materialman's lien shall be discharged
in accordance with the following: If any mechanic's, laborer's, or materialman's
lien shall at any time be filed against the LEASED PREMISES of as a result of any
action or work done on behalf of or contracted for by LESSEE, LESSEE, within
fifteen (15) days after notice of the filing thereof, shall cause it to be discharged of
record by payment, deposit, bond, order of a court of competent jurisdiction, or
otherwise.
D. To pay the cost of water/sewer, gas, electricity, fuel, light, heat, power, telephone,
cable TV, and all other utilities furnished to the LEASED PREMISES or used by
LESSEE in connection therewith.
E. To carry at its own expense Comprehensive General Public Liability and Propert y
Damage insurance with combined single limits of not less than $500,000.00 with
insurance companies authorized to do business in Florida, insuring LESSOR and
LESSEE against any liability arising out of the ownership, use, occupancy or
maintenance of the LEASED PREMISES and all areas appurtenant thereto.
LESSEE may provide this insurance under a blanket policy provided said insurance
shall have a LESSOR'S protective liability endorsement attached thereto.
F. To the extent authorized by law, to indemnify and hold harmless LESSOR against
and from any and all claims arising from LESSEE'S use of the LEASED
PREMISES or from the conduct of its business or from any activity, work or other
things done, permitted or suffered by LESSEE in or about the LEASED
PREMISES and shall further indemnify and hold harmless LESSOR against and
from any and all claims arising from any breach or Default in the performance of
any obligation on TENANT'S part to be performed under the terms of this LEASE
or arising from any act or negligence of the TENANT or any officer, agent,
employee, guest, or invitee of TENANT and from all costs, attorney's fees, whether
at trial or on appeal and liabilities incurred in or about the defense of any such claim
or any action or proceeding brought thereon.
G. To the extent authorized by law, to indemnify and hold LESSOR harmless from
any and all claims by, or liability to, any third parties for personal injury and
property damages suffered as a result of LESSEE’s employees or contractors in
connection with the use of the LEASED PREMISES.
H. To comply with all governmental regulations concerning the use of the LEASED
PREMISES; and NOT to permit or suffer any illegal, immoral, or improper act to
occur on the LEASED PREMISES; and NOT to make or permit to be made any
disturbance, noise, or annoyance whatsoever which would be detrimental to the
peace, quiet, and comfort of other persons in the vicinity of the LEASED
PREMISES.
I. To surrender possession of the LEASED PREMISES at the termination of this
Agreement in comparable condition as of this date, having removed any
manufactured homes or improvements placed thereon by LESSEE.
V. OTHER PROVISIONS
A. During the first lease year, the LESSEE will have the right to exercise an option to
purchase the property described in Exhibit “A” for TWO HUNDRED
THOUSAND DOLLARS ($200,000.00) (U.S. Currency) per acre. If exercised,
the sale shall close within sixty (60) days from the date of exercise, with time not
of the essence.
B. If not terminated by the Closing of the option a bove, LESSOR will reimburse
LESSEE for improvements placed on the property by LESSEE.
C. This Agreement may not be changed, modified, or terminated, except by an
instrument executed by the parties hereto.
D. If any term of this Agreement or the application thereof to any person or
circumstances shall be declared invalid and unenforceable by a court of competent
jurisdiction, the remainder of this Agreement, or the application of such term or
provision to persons or circumstances other than those as to which it is held invalid
or unenforceable, such term or provision shall be modified to the minimum extent
necessary to make it or its application valid and enforceable, and the validity of all
other provisions of this Agreement and all other applications of any such term or
provision shall not be affected thereby, and each term and provision of this
Agreement shall be valid and be enforced to the fullest extent permitted by law.
E. This Agreement shall be construed and enforced in accordance with the laws of the
State of Florida, exclusive of choice of law rules, and this Agreement shall not be
construed more strictly against one party than against the other merely by virtue of
the fact that it may have been prepared by counsel for one of the parties, it being
recognized that both LESSEE and LESSOR have contributed substantially and
materially to the negotiation and preparation of this Agreement.
F. LESSEE may assign this Agreement to any entity substantially owned or controlled
by LESSEE.
G. Words of any gender used in this Agreement shall be held and construed to include
any other gender and words in the singular shall be held to include the plural, and
vice versa, unless the context requires otherwise. The words "herein", "hereof",
"hereunder" and other similar compounds of the word "here" when used in this
Agreement shall refer to the entire Agreement, and not to any particular provision
or section. If the last day of any time period stated herein shall fall on a Saturday,
Sunday, legal or banking holiday, then the duration of such time period shall be
extended so that it shall end on the next succeeding day which is not a Saturday,
Sunday, legal or banking holiday. The term "business day" shall mean any day other
than a Saturday, Sunday, legal or banking holiday.
H. The parties represent and warrant that they have not utilized the services of any real
estate broker in this transaction.
IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto
as of the day and year set forth below.
LESSEE:
DATED:________________
ATTEST: BOARD OF COUNTY COMMISSIONERS
DWIGHT E. BROCK, Clerk COLLIER COUNTY, FLORIDA
BY:
, Deputy Clerk Penny Taylor, Chairman
LESSOR:
DATED:__________________
WITNESSES:
_________________________________ CG II, LLC, a Florida limited liability company
(Signature)
_________________________________ BY:_______________________________
(Printed Name) Joseph R. Weber, Vice President
_________________________________
(Signature)
_________________________________
(Printed Name)
Approved as to form and
legality:
___
Jeffrey A. Klatzkow
Collier County Attorney
Americans with Disabilities Act (ADA)
ADA
ADA
Surrounding Area Map
Site
Analyses Applied
Unit of Comparison
Land Comparables
Analysis Grid
Comparable Sale Adjustments
Sales Compa ison Approach Conclusion
Market Value Conclusion
Professional Qualifications of
Thomas A. Tippett, MAI
Americans with Disabilities Act (ADA)
ADA
ADA
Surrounding Area Map
Site
Analyses Applied
Unit of Comparison
Land Comparables
Analysis Grid
Comparable Sale Adjustments
Sales Compa ison Approach Conclusion
Market Value Conclusion
Professional Qualifications of
Thomas A. Tippett, MAI