Agenda 11/13/2018 Item #16A1911/13/2018
EXECUTIVE SUMMARY
Recommendation to approve a Purchase Agreement for the acquisition of land (Parcel 345FEE)
necessary for the construction of intersection safety improvements at Corkscrew Road (CR 850)
and Wildcat Drive. (Transportation Intersection Safety and Capacity Improvement Program,
Project No. 60016). Estimated fiscal impact: $68,370.
OBJECTIVE: To acquire a fee simple parcel for the construction of safety improvements on Corkscrew
Road (CR 850) at its intersection with Wildcat Drive by increasing the curve radius.
CONSIDERATIONS: Presently there is an almost 90-degree curve on Corkscrew Road at its
intersection with Wildcat Drive and there have been several vehicle accidents in this location. A parcel of
land (“Parcel 345FEE”) is required from the southeast corner of the intersection so that the radius of this
curve can be increased, along with related safety improvements. Parcel 345FEE is irregularly shaped
and approximately 706.42 feet long and mostly 331.22 feet wide (39,116.88 square feet or 0.898 acres
more or less). The parcel is owned by Mr. Hugh E. Starnes and Mrs. Judy Ann Starnes. The
accompanying appraisal dated October 13, 2017 by Julian L H Stokes, Sr., MAI, of ARC Realty
Advisors, Inc., estimates the current market value of Parcel 345FEE to be $14,792.
The property owners claimed that the acquisition of this parcel would cause severance damages to the
remainder and required payment of $101,900 as full compensation. Their claim included the cost of a
substantial landscape buffer as a partial cure. The attached purchase agreement reflects an amicably
negotiated settlement amount of $68,270. This amount includes all attorney and expert fees, which the
County is legally obliged to pay. If this parcel is not acquired by negotiation, it will have to be
condemned and the County will be liable for payment of, not only its own expert fees and costs, but also
the owners' additional experts’ fees and costs, which will exceed the difference between the appraised
value and the negotiated compensation amount. Accordingly, staff recommends that the Board of County
Commissioners (the “Board”) approve the accompanying agreement for the purchase of Parcel 345FEE.
FISCAL IMPACT: The fiscal impact associated with this item is estimated to be $68,370 (settlement
amount of $68,270 and recording fee of $100). Source of funding is gas taxes. Additional incremental
maintenance costs for these intersection improvements are estimated to be less than $1,000 per year,
which includes the additional mowing, garbage removal, maintenance of pavement markings and
stormwater pipes/structures. New roadway construction has a maintenance curve of approximately five to
seven years before any incremental costs are required for repairs.
LEGAL CONSIDERATIONS: This item is approved for form and legality and requires a majority
vote for Board action. - JAB
GROWTH MANAGEMENT IMPACT: As part of the County’s proposed Five-Year Transportation
Work Program, the Transportation Intersection Safety and Capacity Improvement Program is an integral
part of Collier County’s Growth Management Plan.
RECOMMENDATION: That the Board of County Commissioners performs the following:
Approves the accompanying Purchase Agreement and authorize the Board’s Chairman to execute
same on behalf of the Board;
Accepts the conveyance of Parcel 345FEE and authorize the County Manager, or his designee, to
record the conveyance instrument in the public records of Collier County, Florida;
Authorizes the payment of all costs and expenses that Collier County is required to pay under the
16.A.19
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11/13/2018
terms of the Purchase Agreement to close the transaction;
Authorizes the County Manager, or his designee, to take the necessary measures to ensure the
County’s performance in accordance with the terms and conditions of the Purchase Agreement; and
Authorizes any and all budget amendments required to carry out the collective will of the Board.
Prepared by: Sonja Stephenson, Property Acquisition Specialist, Transportation Engineering Division,
Growth Management Department
ATTACHMENT(S)
1. Purchase Agreement (PDF)
2. Location Map (PDF)
3. [Linked] Appraisal Report (PDF)
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11/13/2018
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.19
Doc ID: 6937
Item Summary: Recommendation to approve a Purchase Agreement for the ac quisition of land
(Parcel 345FEE) necessary for the construction of intersection safety improvements at Corkscrew Road
(CR 850) and Wildcat Drive. (Transportation Intersection Safety and Capacity Improvement Program,
Project No. 60016). Estimated fiscal impact: $68,370.
Meeting Date: 11/13/2018
Prepared by:
Title: Property Acquisition Specialist – Transportation Engineering
Name: Sonja Stephenson
10/08/2018 10:53 AM
Submitted by:
Title: Division Director - Transportation Eng – Transportation Engineering
Name: Jay Ahmad
10/08/2018 10:53 AM
Approved By:
Review:
Growth Management Department Gene Shue Additional Reviewer Completed 10/08/2018 1:55 PM
Capital Project Planning, Impact Fees, and Program Management Rookmin Nauth Additional Reviewer Completed 10/08/2018 2:03 PM
Growth Management Operations Support Christopher Johnson Additional Reviewer Completed 10/08/2018 3:00 PM
Transportation Engineering Robert Bosch Additional Reviewer Completed 10/09/2018 9:40 AM
Transportation Engineering Jay Ahmad Additional Reviewer Completed 10/09/2018 9:42 AM
Road Maintenance Travis Gossard Additional Reviewer Completed 10/09/2018 10:13 AM
Transportation Engineering Mark McCleary Additional Reviewer Completed 10/09/2018 10:55 AM
Growth Management Department Anthony Khawaja Additional Reviewer Completed 10/09/2018 11:35 AM
Growth Management Department Diane Lynch Level 1 Reviewer Completed 10/10/2018 1:29 PM
Growth Management Department James C French Deputy Department Head Review Skipped 10/10/2018 5:33 PM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 10/11/2018 9:09 AM
Growth Management Department Thaddeus Cohen Department Head Review Completed 10/12/2018 11:08 AM
County Attorney's Office Emily Pepin CAO Preview Completed 10/12/2018 11:42 AM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 10/12/2018 1:54 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 10/12/2018 2:55 PM
Office of Management and Budget Susan Usher Additional Reviewer Completed 10/12/2018 4:34 PM
16.A.19
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11/13/2018
County Manager's Office Nick Casalanguida Level 4 County Manager Review Completed 11/04/2018 2:25 PM
Board of County Commissioners MaryJo Brock Meeting Pending 11/13/2018 9:00 AM
16.A.19
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16.A.19.a
Packet Pg. 760 Attachment: Purchase Agreement (6937 : 60016 - Parcel 345FEE)
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Packet Pg. 761 Attachment: Purchase Agreement (6937 : 60016 - Parcel 345FEE)
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Packet Pg. 762 Attachment: Purchase Agreement (6937 : 60016 - Parcel 345FEE)
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Packet Pg. 763 Attachment: Purchase Agreement (6937 : 60016 - Parcel 345FEE)
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Packet Pg. 764 Attachment: Purchase Agreement (6937 : 60016 - Parcel 345FEE)
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Packet Pg. 765 Attachment: Purchase Agreement (6937 : 60016 - Parcel 345FEE)
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Packet Pg. 766 Attachment: Purchase Agreement (6937 : 60016 - Parcel 345FEE)
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Packet Pg. 767 Attachment: Purchase Agreement (6937 : 60016 - Parcel 345FEE)
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Packet Pg. 768 Attachment: Purchase Agreement (6937 : 60016 - Parcel 345FEE)
LOCATION MAP
Transportation Intersection Safety and Capacity
Improvement Program, Project No. 60016
PARCEL 345FEE
(Not to scale)
PARCEL 345FEE
CORKSCREW RD
WILDCAT DRIVE CORKSCREW RD /
16.A.19.b
Packet Pg. 769 Attachment: Location Map (6937 : 60016 - Parcel 345FEE)
ARC Realty Advisors, Inc.
Appraisal of Real Property
Parcel 354-FEE, Corkscrew Road Improvements
Land and Affected Improvements Property
3450 Corkscrew Road and 3435 Whidden Loop Road
Immokalee, Collier County, Florida 34143
Prepared For:
Collier County Board of County Commissioners
Collier County Transportation Engineering Division
Right-Of-Way Acquisition
2885 South Horseshoe Drive
Naples, FL 34104
Effective Date of the Appraisal:
October 13, 2017
Report Format:
Appraisal Report – Standard Format
File Number: ARC - 170032
Parcel 354-FEE, Corkscrew Road Improvements
3450 Corkscrew Road and 3435 Whidden Loop Road
Immokalee, Florida
2950 Tamiami Trail N., Suite 200 T 239-250-1421
Naples, FL 34103 www.arcra.com
October 15, 2017
Collier County Board of County Commissioners
C/O
Harry Henderson, SRA
Review Appraiser
Collier County Transportation Engineering Division
2885 South Horseshoe Drive
Naples, FL 34104
SUBJECT: Market Value Appraisal
Parcel 354-FEE, Corkscrew Road Improvements
3450 Corkscrew Road and 3435 Whidden Loop Road
Immokalee, Collier County, Florida 34143
ARCRA File No. ARC - 170032
Dear Mr. Henderson:
ARC Realty Advisors, Inc. is pleased to submit the accompanying appraisal of the referenced property.
The purpose of the appraisal is to develop an opinion of the of the compensation due the fee simple
ownership in the real property that is will be acquired for purposes of expanding the existing corner radii
on Corkscrew Road at the northwest corner of the subject parent tract. The intended use is for property
acquisition purposes.
The appraisal is intended to conform to the Uniform Standards of Professional Appraisal Practice
(USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the
Appraisal Institute, applicable state appraisal regulations.
If you have any questions or comments, please contact the undersigned. Thank you for the opportunity
to be of service.
Respectfully submitted,
ARC Realty Advisors, Inc.
Julian L H Stokes, Sr., MAI
FL Cert Gen RZ490
Table of Contents
Certification .......................................................................................................................... 1
Summary of Salient Facts and Conclusions ........................................................................ 1
General Information – Parent Tract .................................................................................... 2
Identification of Subject....................................................................................................................... 2
Sale History ............................................................................................................................................ 2
Purpose of the Appraisal ..................................................................................................................... 2
Definition of Market Value ................................................................................................................. 2
Definition of Property Rights Appraised .......................................................................................... 3
Intended Use and User ........................................................................................................................ 3
Applicable Requirements ..................................................................................................................... 3
Report Format ....................................................................................................................................... 3
Prior Services ......................................................................................................................................... 4
Scope of Work ....................................................................................................................................... 4
Valuation Methodology ................................................................................................................. 4
Research and Analysis .................................................................................................................... 4
Inspection ......................................................................................................................................... 4
Economic Analysis ............................................................................................................... 5
Collier County Area Analysis .............................................................................................................. 5
Area Map .......................................................................................................................................... 5
Population ........................................................................................................................................ 5
Employment .................................................................................................................................... 6
Employment Sectors ...................................................................................................................... 6
Major Employers ............................................................................................................................ 8
Gross Domestic Product ............................................................................................................... 8
Household Income ......................................................................................................................... 9
Education and Age ....................................................................................................................... 10
Conclusion ..................................................................................................................................... 11
Surrounding Area Analysis ................................................................................................................ 12
Location .......................................................................................................................................... 12
Access and Linkages ..................................................................................................................... 12
Demand Generators ..................................................................................................................... 12
Demographics ............................................................................................................................... 13
Land Use ........................................................................................................................................ 13
Outlook and Conclusions ............................................................................................................ 13
Property Analysis.................................................................................................................. 16
Land Description and Analysis ......................................................................................................... 16
Easements, Encroachments and Restrictions .......................................................................... 17
Conclusion of Land Analysis ...................................................................................................... 17
Improvements Description and Analysis ........................................................................................ 18
Improvements Analysis................................................................................................................ 19
Conclusion of Improvements Analysis ..................................................................................... 19
Real Estate Taxes ................................................................................................................................ 27
Highest and Best Use ......................................................................................................................... 28
Process ............................................................................................................................................ 28
As If Vacant ................................................................................................................................... 28
As Improved .................................................................................................................................. 29
Table of Contents
Most Probable Buyer .................................................................................................................... 29
Valuation .............................................................................................................................. 30
Valuation Methodology ..................................................................................................................... 30
Land Valuation .................................................................................................................................... 31
Land Value Conclusion ................................................................................................................ 38
Cost Approach .................................................................................................................................... 39
Reconciliation and Conclusion of Value – Parent Parcel Before Take ...................................... 41
Exposure and Marketing Times ................................................................................................. 41
Valuation of The Part Taken ............................................................................................................ 42
Valuation of Destroyed Fencing and Gate ............................................................................... 44
Remainder As Part of the Whole ............................................................................................... 44
Damages To The Remainder ...................................................................................................... 45
Benefits and/or Cost to Cure Analysis ..................................................................................... 45
Amount Due Owner .......................................................................................................................... 46
Assumptions and Limiting Conditions ............................................................................................ 47
Appraiser Qualifications ...................................................................................................... 51
Comparable Data ................................................................................................................. 52
Engagement Letter .............................................................................................................. 53
Addenda
Addendum A – Appraiser Qualifications
Addendum B – Comparable Sales Profiles
Addendum C – Order of Taking
Parcel 354-FEE, Corkscrew Road Improvements
Certification
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions,
and is my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report and no personal interest with
respect to the parties involved.
4. We 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.
5. I have no bias with respect to the property that is the subject of this report or to the parties involved with this
assignment.
6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.
7. My compensation for completing this assignment is not contingent upon the development or reporting of a
predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the
attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this
appraisal.
8. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the
Uniform Standards of Professional Appraisal Practice as well as applicable state appraisal regulations.
9. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with
the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.
10. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized
representatives.
11. Julian L H Stokes, Sr., MAI, made a personal inspection of the property that is the subject of this report.
12. No one provided significant real property appraisal assistance to the person(s) signing this certification.
13. I have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of
USPAP.
14. As of the date of this report, Julian L H Stokes, Sr., MAI has completed the continuing education program for
Designated Members of the Appraisal Institute.
Parcel 354-FEE, Corkscrew Road Improvements
Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions,
and limiting conditions expressed in the report, my opinion of the compensation due the property owner is
as follows:
Julian L H Stokes, Sr., MAI
FL Cert Gen RZ490
Valuation
Land Value
6
Apr 14 to Apr 17
$4,381 - $13,000
$7,097 - $15,399
$10,000
Number of Sales
Range of Sale Dates
Range of Price per Acre (Unadjusted)
Range of Price per Acre (Adjusted)
Concluded Land Value per Acre
Market Value - Parent Tract Land $350,000
Depreciated Value of Improvements $122,000
Value of Parent Tract (Land and Improvements) "Before Take" $472,000
Value of Part Taken (land, fencing, and gate)$14,792
Value of Remainder "Before Severance"$457,208
Severance Damages $0
Value of Remainder "After Severance"$457,208
Cost To Cure $0
Amount Due Owner $14,792
Summary of Salient Facts and Conclusions 1
Parcel 354-FEE, Corkscrew Road Improvements
Summary of Salient Facts and Conclusions
Part One
Property Name
Address
Property Type
Owner of Record
Tax ID
Legal Description
Land Area 34.93 acres; 1,521,551 SF
Land Area (Usable)34.93 acres; 1,521,551 SF
Number of Square Foot of Rentable Areas 0
Gross Building Area 3,131 SF
Year Built 1947/1958 (Walker) and 1946 (East Home)
Zoning Designation
Highest and Best Use - As if Vacant
Highest and Best Use - As Improved
Exposure Time; Marketing Period 12 to 18 months; 12 to 18 months
Effective Date of the Appraisal October 13, 2017
Date of the Report October 16, 2017
Property Interest Appraised
Valuation
Land Value
Number of Sales 6
Range of Sale Dates Apr 14 to Apr 17
Range of Price per Acre (Unadjusted)$4,381 - $13,000
Range of Price per Acre (Adjusted)$7,097 - $15,399
Concluded Land Value per Acre $10,000
Market Value - Parent Tract Land $350,000
Depreciated Value of Improvements $122,000
Value of Parent Tract (Land and Improvements) "Before Take" $472,000
Value of Part Taken (land, fencing, and gate)$14,792
Value of Remainder "Before Severance"$457,208
Severance Damages $0
Value of Remainder "After Severance"$457,208
Cost To Cure $0
Amount Due Owner $14,792
Hugh E. and Judy Ann Starnes
00051120007 and 00051960005
See Warranty Deed, OR 1404, Page 67 (Addenda)
Parcel 354-FEE, Corkscrew Road Improvements
3450 Corkscrew Road and 3435 Whidden Loop Road
Immokalee, Collier County, Florida 34143
Land and Affected Improvements - Residential
The values reported above are subject to the definitions, assumptions, and limiting conditions set forth in the accompanying report of which this summary is a part. No party
other than Collier County Transportation Engineering Division and Collier County Transportation Engineering Division, Right-Of-Way Acquisition may use or rely on the
information, opinions, and conclusions contained in the report. It is assumed that the users of the report have read the entire report, including all of the definitions,
assumptions, and limiting conditions contained therein.
A-MHO and RLSAO, Zoned Agricultural with Mobile Home
Agricultural and residential
Fee Simple
Continued residential and agricultural
Extraordinary Assumptions and Hypothetical Conditions
1.None
1.None
The value conclusions are based on the following hypothetical conditions that may affect the assignment results. A
hypothetical condition is a condition contrary to known fact on the effective date of the appraisal but is supposed for the
purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions that may affect the assignment results. An
extraordinary assumption is uncertain information accepted as fact. If the assumption is found to be false as of the effective
date of the appraisal, we reserve the right to modify our value conclusions.
General Information – Parent Tract 2
Parcel 354-FEE, Corkscrew Road Improvements
General Information – Parent Tract
Identification of Subject
The parent tract is an improved parcel of land containing approximately 35 cares of land and two (2)
residences. Other improvements include a couple of wooden sheds and a pole barn. Two (2) other sheds
were pretty much destroyed during Hurricane Irma (10/10/ 2017). One of the residences, commonly
referred to as the Anne Walker home is in poor condition. The Walker home is on concrete pilings and is
wood frame construction with a metal roof. This residence is in need of considerable rehab. The original
structure is in fair condition and is air conditioned. There was an addition to the main residence but the
year is not noted in the records. The addition is in poor condition and is not air conditioned. The second
residence (east) is a CBS home with a metal roof. This residence is currently being renovated. This property
has several new up to code windows and new demising walls. The east residence has a two (2) bay attached
garage with new doors. There is a cistern at the rear of the property. Due to condition and state of remodel
both home are considered uninhabitable at the present time.
Property Identification
Property Name Parcel 354-FEE, Corkscrew Road Improvements
Address 3450 Corkscrew Road and 3435 Whidden Loop Road
Immokalee, Florida 34143
Tax ID 00051120007 and 00051960005
Owner of Record Hugh E. and Judy Ann Starnes
Sale History
The most recent closed sale of the subject is summarized as follows:
Sale Date December 16, 1988
Seller First National Bank of Wauchula
Buyer Hugh E. and Judy Ann Starnes
Sale Price $165,000
Recording Instrument Number 1404-67
Expenditures Since Purchase Unknow
To the best of my knowledge, no sale or transfer of ownership has taken place within a three-year period
prior to the effective appraisal date. The property is not subject to an agreement of sale or an option to buy,
nor is it listed for sale, as of the effective appraisal date.
Purpose of the Appraisal
The purpose of the appraisal is to develop an opinion of the of the compensation due the fee simple
ownership in the real property that is will be acquired for purposes of expanding the existing corner radii
on Corkscrew Road at the northwest corner of the subject parent tract. The date of the report is October
13, 2017 . The appraisal is valid only as of the stated effective date or dates.
Definition of Market Value
Market value is defined as:
General Information – Parent Tract 3
Parcel 354-FEE, Corkscrew Road Improvements
“The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a
sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
Buyer and seller are typically motivated;
Both parties are well informed or well advised, and acting in what they consider their own best
interests;
A reasonable time is allowed for exposure in the open market;
Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable
thereto; and
The price represents the normal consideration for the property sold unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale.”
Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015)
Definition of Property Rights Appraised
Fee simple estate is defined as, “Absolute ownership unencumbered by any other interest or estate, subject
only to the limitations imposed by the governmental powers of taxation, eminent domain, police power,
and escheat.”
Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015)
Intended Use and User
The intended use of the appraisal is for property acquisition purposes. The client is Collier County Board of
County Commissioners. The intended users are Collier County Board of County Commissioners and
Collier County Transportation Engineering Division, Right-Of-Way Acquisition..
Applicable Requirements
This appraisal is intended to conform to the requirements of the following:
Uniform Standards of Professional Appraisal Practice (USPAP);
Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal
Institute;
Applicable state appraisal regulations;
Report Format
This report is prepared under the Appraisal Report option of Standards Rule 2-2(a) of USPAP. As USPAP
gives appraisers the flexibility to vary the level of information in an Appraisal Report depending on the
intended use and intended users of the appraisal, we adhere to the Integra Realty Resources internal
standards for an Appraisal Report – Standard Format. This format summarizes the information analyzed,
the appraisal methods employed, and the reasoning that supports the analyses, opinions, and conclusions.
General Information – Parent Tract 4
Parcel 354-FEE, Corkscrew Road Improvements
Prior Services
USPAP requires appraisers to disclose to the client any other services they have provided in connection
with the subject property in the prior three years, including valuation, consulting, property management,
brokerage, or any other services. We 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.
Scope of Work
To determine the appropriate scope of work for the assignment, we considered the intended use of the
appraisal, the needs of the user, the complexity of the property, and other pertinent factors. Our concluded
scope of work is described below.
Valuation Methodology
Appraisers usually consider the use of three approaches to value when developing a market value opinion
for real property. These are the cost approach, sales comparison approach, and income capitalization
approach. Use of the approaches in this assignment is summarized as follows:
Approaches to Value
Approach Applicability to Subject Use in Assignment
Cost Approach Applicable Utilized
Sales Comparison Approach Not Applicable Not Utilized
Income Capitalization Approach Not Applicable Not Utilized
Research and Analysis
The type and extent of our research and analysis is detailed in individual sections of the report. This
includes the steps we took to verify comparable sales, which are disclosed in the comparable sale profile
sheets in the addenda to the report. Although we make an effort to confirm the arms-length nature of each
sale with a party to the transaction, it is sometimes necessary to rely on secondary verification from sources
deemed reliable.
Inspection
Julian L H Stokes, Sr., MAI, conducted an inspection of the property on August 23rd and October 13, 2017.
An interior inspection of both residences was made during the August 23rd property inspection. I inspected
the properties on October 13th.
Collier County Area Analysis 5
Parcel 354-FEE, Corkscrew Road Improvements
Economic Analysis
Collier County Area Analysis
Collier County is located in southwestern Florida approximately 188 miles south of Tampa. It is 1,998
square miles in size and has a population density of 179 persons per square mile. Collier County is part of
the Naples-Immokalee-Marco Island, FL Metropolitan Statistical Area, hereinafter called the Naples MSA,
as defined by the U.S. Office of Management and Budget.
Area Map
Population
Collier County has an estimated 2016 population of 357,278, which represents an average annual 1.8%
increase over the 2010 census of 321,520. Collier County added an average of 5,960 residents per year over
the 2010-2016 period, and its annual growth rate exceeded the State of Florida rate of 1.3%.
Looking forward, Collier County's population is projected to increase at a 1.5% annual rate from 2016-
2021, equivalent to the addition of an average of 5,350 residents per year. Collier County's growth rate is
expected to exceed that of Florida, which is projected to be 1.2%.
Subject
Collier County Area Analysis 6
Parcel 354-FEE, Corkscrew Road Improvements
Employment
Total employment in Collier County is currently estimated at 137,819 jobs. Between year-end 2004 and the
present, employment rose by 8,162 jobs, equivalent to a 6.3% increase over the entire period. There were
gains in employment in seven out of the past ten years despite the national economic downturn and slow
recovery. Collier County's rate of employment growth over the last decade surpassed that of Florida, which
experienced an increase in employment of 3.7% or 285,844 jobs over this period.
A comparison of unemployment rates is another way of gauging an area’s economic health. Over the past
decade, the Collier County unemployment rate has been slightly higher than that of Florida, with an average
unemployment rate of 7.0% in comparison to a 6.9% rate for Florida. A higher unemployment rate is a
negative indicator.
Recent data shows that Collier County has a 4.9% unemployment rate, which is the same as the rate for
Florida.
Employment Sectors
The composition of the Collier County job market is depicted in the following chart, along with that of
Florida. Total employment for both areas is broken down by major employment sector, and the sectors are
ranked from largest to smallest based on the percentage of Collier County jobs in each category.
Collier County Area Analysis 7
Parcel 354-FEE, Corkscrew Road Improvements
Collier County has greater concentrations than Florida in the following employment sectors:
1. Leisure and Hospitality, representing 19.4% of Collier County payroll employment compared to
13.7% for Florida as a whole. This sector includes employment in hotels, restaurants, recreation
facilities, and arts and cultural institutions.
2. Construction, representing 9.3% of Collier County payroll employment compared to 5.1% for
Florida as a whole. This sector includes construction of buildings, roads, and utility systems.
3. Other Services, representing 4.4% of Collier County payroll employment compared to 3.2% for
Florida as a whole. This sector includes establishments that do not fall within other defined
categories, such as private households, churches, and laundry and dry cleaning establishments.
4. Natural Resources & Mining, representing 4.1% of Collier County payroll employment compared
to 1.2% for Florida as a whole. Agriculture, mining, quarrying, and oil and gas extraction are
included in this sector.
Collier County is underrepresented in the following sectors:
1. Trade; Transportation; and Utilities, representing 19.7% of Collier County payroll employment
compared to 21.3% for Florida as a whole. This sector includes jobs in retail trade, wholesale trade,
trucking, warehousing, and electric, gas, and water utilities.
Employment Sectors - 2014
19.7%
19.4%
14.0%
10.1%
9.8%
9.3%
5.4%
4.4%
4.1%
2.5%
1.0%
21.3%
13.7%
14.6%
15.1%
13.2%
5.1%
6.5%
3.2%
1.2%
4.2%
1.7%
0% 5% 10% 15% 20% 25%
Trade; Transportation; and Utilities
Leisure and Hospitality
Education and Health Services
Professional and Business Services
Government
Construction
Financial Activities
Other Services
Natural Resources & Mining
Manufacturing
Information
Collier County Florida
Source: Bureau of Labor Statistics and Economy.com
Collier County Area Analysis 8
Parcel 354-FEE, Corkscrew Road Improvements
2. Education and Health Services, representing 14.0% of Collier County payroll employment
compared to 14.6% for Florida as a whole. This sector includes employment in public and private
schools, colleges, hospitals, and social service agencies.
3. Professional and Business Services, representing 10.1% of Collier County payroll employment
compared to 15.1% for Florida as a whole. This sector includes legal, accounting, and engineering
firms, as well as management of holding companies.
4. Government, representing 9.8% of Collier County payroll employment compared to 13.2% for
Florida as a whole. This sector includes employment in local, state, and federal government
agencies.
Major Employers
Major employers in Collier County are shown in the following table.
Gross Domestic Product
Gross Domestic Product (GDP) is a measure of economic activity based on the total value of goods and
services produced in a defined geographic area. Although GDP figures are not available at the county level,
data reported for the Naples MSA is considered meaningful when compared to the nation overall, as Collier
County is part of the MSA and subject to its influence.
Economic growth, as measured by annual changes in GDP, has been considerably lower in the Naples
MSA than the United States overall during the past eight years. The Naples MSA has declined at a 0.8%
average annual rate while the United States has grown at a 0.8% rate. As the national economy improves,
the Naples MSA has recently performed better than the United States. GDP for the Naples MSA rose by
5.6% in 2014 while the United States GDP rose by 2.2%.
The Naples MSA has a per capita GDP of $41,361, which is 16% less than the United States GDP of
$49,110. This means that Naples MSA industries and employers are adding relatively less value to the
economy than their counterparts in the United States overall.
Collier County Area Analysis 9
Parcel 354-FEE, Corkscrew Road Improvements
Household Income
Collier County is more affluent than Florida. Median household income for Collier County is $57,692,
which is 20.4% greater than the corresponding figure for Florida.
The following chart shows the distribution of households across twelve income levels. Collier County has a
greater concentration of households in the higher income levels than Florida. Specifically, 38% of Collier
County households are at the $75,000 or greater levels in household income as compared to 30% of Florida
households. A lesser concentration of households is apparent in the lower income levels, as 30% of Collier
County households are below the $35,000 level in household income versus 37% of Florida households.
Collier County Area Analysis 10
Parcel 354-FEE, Corkscrew Road Improvements
Education and Age
Residents of Collier County have a higher level of educational attainment than those of Florida. An
estimated 32% of Collier County residents are college graduates with four-year degrees, versus 27% of
Florida residents. People in Collier County are older than their Florida counterparts. The median age for
Collier County is 49 years, while the median age for Florida is 42 years.
Household Income Distribution - 2016
13.5%
12.0%
11.6%
15.1%
18.0%
10.9%
7.0%
3.9%
3.7%
1.5%
1.9%
0.8%
9.3%
9.6%
10.7%
14.9%
17.8%
11.0%
7.9%
4.9%
4.6%
2.3%
4.0%
3.0%
0.0% 5.0% 10.0% 15.0% 20.0%
Less than $15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 - 499,999
$500,000 and more
Collier County Florida
Source: The Nielsen Company
Collier County Area Analysis 11
Parcel 354-FEE, Corkscrew Road Improvements
Conclusion
The Collier County market is considered to be in the expansion growth of the real estate cycle. This is
defined by The Dictionary of Real Estate Appraisal 6th Ed. as “A stage in a neighborhood’s life cycle in
which the neighborhood gains public favor and acceptance, and development takes place.” Southwest
Florida’s economy demonstrates a slight increase in growth, with seasonally-adjusted regional taxable sales
up 9% in September 2016 compared to September 2015. Seasonally-adjusted tourist tax revenues increased
6% in Collier County in October 2016, Lee County increased 2% and Charlotte County increased 6% from
October 2015. Passenger activity for the three Southwest Florida airports was 5% higher in October 2016
than October 2015. In addition, the area continues to experience job growth. Lee County’s seasonally-
adjusted unemployment rate held steady at 4.7% in November 2016. Collier County’s unemployment rate
rose to 5.1% in November 2016, up from 4.9% in October 2016. The seasonally-adjusted unemployment
rate in Charlotte County was 5.5% in November 2016, a slight increase from 5.4% in October 2016. These
trends are likely to continue in the near term due to a growing population base and increasing job
opportunities.
Surrounding Area Analysis 12
Parcel 354-FEE, Corkscrew Road Improvements
Surrounding Area Analysis
Location
The subject is located within the northwest part of Collier County near at the Collier and Lee County line.
The subject is located about 15 miles east of Interstate-75 via Corkscrew Road (County Road 850) and 15
miles northwest of Immokalee on SR 29, SR 82, and Corkscrew Rd. This area has long been considered
isolated from coastal Collier and Lee County both in location and demographics. The area’s development
is based on its agriculture resources.
The major pattern of growth is along Corkscrew Road moving easterly from I-75 in Lee County. The
primary uses in the subject’s area are rural housing and agricultural farming. Except for the major road, i.e.
Corkscrew Rd., SR 82, and SR 29, most roads in this area are dirt and gravel. These roads tend to be rough
and do not appear to be maintained by either Collier or Lee County.
Immokalee is the leading producer of winter vegetables in the United States. However, as the economics
of agriculture changed, the social problems associated with low wages, an unskilled labor force, and a
transient multicultural population grew. One of the results has been a lack of reinvestment into the area.
The economy of rural Southwest Florida has been and continues to be based primarily on agriculture,
which has not kept pace with job growth throughout the state of Florida. Rural Florida continues to have
lower earned income, higher unemployment, lower property values, and fewer opportunities for
employment. Regionally, the major economic contributors are retirement, tourism construction, agriculture
and the environment. Although tourism has a major impact on the region urban economy, the Immokalee
Community has yet to reap the benefits from the industry.
A map identifying the location of the subject is below.
Access and Linkages
The major arterial roadways are Corkscrew Road (CR 850), State Road 82, and State Road 29. Each of the
roads are two-lane arterials. Immokalee has vegetable and fruit packing houses and the State Farmers
Market.
The Southwest Florida International Airport (RSW) is located about 30 miles from the subject; travel time
is about 50-60 minutes, depending on traffic conditions. Southwest Florida International Airport (RSW)
was certified for operation in May 1983 and consistently has outpaced all projections for its growth. The
airport now serves more than 5 million passengers annually. It ranks among the 60 busiest airports in the
nation and well above the national average for both historic and projected growth.
Demand Generators
The subject area’s development is based on its agriculture resources, which makes Immokalee the leading
producer of winter vegetables in the United States. This is considered the largest demand generator for the
subject. Another demand generator for the subject would its location in proximity to the Florida Gulf
Coast University, a large employer within Lee County area.
Surrounding Area Analysis 13
Parcel 354-FEE, Corkscrew Road Improvements
Demographics
A demographic profile of the surrounding area, including population, households, and income data, is
presented in the following table.
As shown above, the current population within a 5-mile radius of the subject is 2,655, and the average
household size is 2.3. Population in the area has grown since the 2010 census, and this trend is projected to
continue over the next five years. Compared to Collier County overall, the population within a 5-mile
radius is projected to grow at a faster rate.
Median household income is $40,022, which is lower than the household income for Collier County.
Residents within a 5-mile radius have a considerably lower level of educational attainment than those of
Collier County, while median owner-occupied home values are higher.
Land Use
In the immediate vicinity of the subject, land uses are primarily agricultural with supporting residential and
conservation uses. The Immokalee area as a whole is generally rural in character.
Outlook and Conclusions
Over the last two (2) years, both the Lee and Collier County Markets have been in the stage of the real
estate cycle best described as “expansion”. Expansion follows the recovery period of the real estate market
cycle and is best characterized as a period where there is sustained growth in demand and increased
construction. In the immediate area, development has been limited to rural housing, cattle, and farming.
Over the next couple of years, property values are expected to remain stable. As the market continues to
recover, we expect market conditions to improve and property values to begin a low to moderate upward
trend.
Surrounding Area Analysis 14
Parcel 354-FEE, Corkscrew Road Improvements
Area Map
Subject
15
Parcel 354-FEE, Corkscrew Road Improvements
Surrounding Area Map
Subject
Land Description and Analysis 16
Parcel 354-FEE, Corkscrew Road Improvements
Property Analysis
Land Description and Analysis
Land Description
Land Area 34.93 acres; 1,521,551 SF
Source of Land Area Collier County Property Appraiser and Clerk of the Courts Official Records
Primary Street Frontage Corkscrew Road, West Boundary - 1,651 feet
Shape Irregular
Corner Yes
Topography Generally level and at street grade
Drainage Typical to area. No problems reported or observed
Environmental Hazards None reported or observed
Ground Stability No problems reported or observed
Flood Area Panel Number 12021C0105H
Date May 16, 2012
Zone X and AH
Description X (An area determined to be outside of a Special Flood Hazard Area) and
AH (An area inumdated by 1---year flooding (usually an area of ponding, for
which BFE's have been determined; flood depths range from 1 to 3 feet)
Insurance Required?Yes, as it applies to those improvements within Zone AH
Zoning; Other Regulations
Zoning Jurisdiction Collier County
Zoning Designation A-MHO and RLSAO
Description Zoned Agricultural with Mobile Home and Rural Lands Stewardship Area
Legally Conforming?Appears to be legally conforming
Zoning Change Likely?Possible in future
Permitted Uses Single-family dwelling and agricultural activities
Other Land Use Regulations Zoned Agricultural with Mobile Home and Rural Lands Stewardship Area
Utilities
Service Provider
Water Well and treatment system
Sewer Septic System, tank and drain field
Electricity Municipal
Natural Gas None
Local Phone Multiple providers
Land Description and Analysis 17
Parcel 354-FEE, Corkscrew Road Improvements
Easements, Encroachments and Restrictions
Based upon a review of the deed, there do not appear to be any easements, encroachments, or restrictions
that would adversely affect value. My valuation assumes no adverse impacts from easements,
encroachments, or restrictions, and further assumes that the subject has clear and marketable title.
Conclusion of Land Analysis
Overall, the physical characteristics of the site it is well suitable for those uses most typical to the area, i.e.
rural housing and agricultural farming.
Improvements Description and Analysis 18
Parcel 354-FEE, Corkscrew Road Improvements
Improvements Description and Analysis
The parent tract is an improved parcel of land containing approximately 35 cares of land and two (2)
residences. Other improvements include a couple of wooden sheds and a pole barn. Two (2) other sheds
were pretty much destroyed during Hurricane Irma (10/10/ 2017). One of the residences, commonly
referred to as the Anne Walker home is in poor condition. The Walker home is on concrete pilings and is
wood frame construction with a metal roof. This residence is in need of considerable rehab. The original
structure is in fair condition and is air conditioned. There was an addition to the main residence but the
year is not noted in the records. The addition is in poor condition and is not air conditioned. The second
residence (east) is a CBS home with a metal roof. This residence is currently being renovated. This property
has several new up to code windows and new demising walls. The east residence has a two (2) bay attached
garage with new doors. There is a cistern at the rear of the property. Due to condition and state of remodel
both home are considered uninhabitable at the present time.
Improvements Description
Anne Walker Home 2nd Home (East)
Name of Property Anne Walker Home - PID 00051120007 Adjacent Home - PID 000519600005
General Property Type Residence and Ag Land Residence and Ag Land
Property Sub Type Residential and Ag Land Residence and Ag Land
Occupancy Type Single tenant or owner Single tenant or owner
Percent Leased 0%0%
Number of Tenants 0 0
Tenant Size Range (SF)1,860 1,271
Number of Buildings 1 1
Stories 1 1
Construction Class D C
Construction Type Wood frame CBS
Construction Quality Average Average
Condition Fair Fair
Gross Building Area (SF)1,860 1,271
Rentable Area (SF)1,860 1,271
Percent HVAC 60%0%
Land Area (Acre)24.31 10.62
Floor Area Ratio (RA/Land SF)76.51 119.68
Floor Area Ratio (GBA/Land SF)76.51 119.68
Building Area Source CCPA, On-site Measurement CCPA, On-site Measurement
Year Built 1947 1946
Year Renovated Currently being renovated Currently being renovated
Actual Age (Yrs.)70 71
Estimated Effective Age (Yrs.)50 35
Estimated Economic Life (Yrs.)60 60
Remaining Economic Life (Yrs.)10 25
Number of Parking Spaces 4 2
Source of Parking Count On-site On-site
Parking Type Open, grass Garage, attached
Parking Spaces/1,000 SF GBA 2.15 1.57
Improvements Description and Analysis 19
Parcel 354-FEE, Corkscrew Road Improvements
Construction Details
Foundation Concrete piers Concrete slab
Structural Frame Wood frame Concrete block
Exterior Walls Wood siding Block
Roof Galvalum Metal Galvalum Metal
Clear Height in Feet 14 12
HVAC Central None
Fireplace Yes yes
Improvements Analysis
Quality and Condition
The quality and condition of the subject is fair. The Walker home is in generally in poor repair and
considered uninhabitable. The main residence has a central HVAC split system and the interior is in better
condition that that area that appears to have been added at some point after the original construction. This
area is not air conditioned. The kitchen is located in the addition area and there are no appliances. The
flooring is uneven. The exterior of the home is in need to paint and there are several areas showing
decaying wood.
The second home, located to the east of the Walker home, is currently being remodeled. This home is CBS
construction and is in much better condition as compared to the Walker home. The home appears to have
been painted within the last several years. The roofing appears new. Most of the windows have been
replaced and appear to be to code. The floors are concrete and the demising interior walls are partially in
place as are the ceilings. The most recent photographs were taken looking through the windows. There
does not appear to be an HVAC unit in place at the present time. This residence has a 2-car garage with
new doors.
Conclusion of Improvements Analysis
In comparison to other competitive properties in the region, the subject improvements are rated as follows:
Improvements Ratings
Visibility/Exposure Above Average
Design and Appearance Average
Age/Condition Below Average
Landscaping Average
Overall, the quality, condition, and functional utility of the improvements differ between residences. The
Walker home is in poor repair and according to the owner will be remodeled and brought to code at some
point in the future. The East home is currently being remodeled.
Improvements Description and Analysis 20
Parcel 354-FEE, Corkscrew Road Improvements
Walker Home - Front
(Photo Taken on October 13, 2017)
Walker Home – West Side
(Photo Taken on October 13, 2017)
Walker Home – West Side, Addition
(Photo Taken on October 13, 2017)
Walker Home – Porch and East Side
(Photo Taken on October 13, 2017)
Walker Home - Rear
(Photo Taken on October 13, 2017)
Walker Home – Living Room
(Photo Taken on October 13, 2017)
Improvements Description and Analysis 21
Parcel 354-FEE, Corkscrew Road Improvements
Walker Home – Living Room and Fireplace
(Photo Taken on October 13, 2017)
Walker Home - Bedroom
(Photo Taken on October 13, 2017)
Walker Home - Bathroom
(Photo Taken on October 13, 2017)
Walker Home - Kitchen
(Photo Taken on October 13, 2017)
Walker Home – Front Addition Area
(Photo Taken on October 13, 2017)
Walker Home – Rear Addition Area
(Photo Taken on October 13, 2017)
Improvements Description and Analysis 22
Parcel 354-FEE, Corkscrew Road Improvements
East Home - Front
(Photo Taken on October 13, 2017)
East Home - Front
(Photo Taken on October 13, 2017)
East Home – East Side
(Photo Taken on October 13, 2017)
East Home - Rear
(Photo Taken on October 13, 2017)
East Home – West Side
(Photo Taken on October 13, 2017)
East Home – Interior
(Photo Taken on October 13, 2017)
Improvements Description and Analysis 23
Parcel 354-FEE, Corkscrew Road Improvements
East Home – Interior
(Photo Taken on October 13, 2017)
East Home – Interior
(Photo Taken on October 13, 2017)
East Home – Interior
(Photo Taken on October 13, 2017)
Pole Barn – Off Whidden Loop Rd.
(Photo Taken on October 13, 2017)
Former Shed – East Side of Walker Home
(Photo Taken on October 13, 2017)
Former Shed – East Side of Walker Home
(Photo Taken on October 13, 2017)
Improvements Description and Analysis 24
Parcel 354-FEE, Corkscrew Road Improvements
Walker Home – Gate On Corkscrew Road
(Photo Taken on October 13, 2017)
View West Along Corkscrew Rd From Whidden
(Photo Taken on October 13, 2017)
View North Along Corkscrew Road
(Photo Taken on October 13, 2017)
View West From Front Along Corkscrew Rd
(Photo Taken on October 13, 2017)
View Form Gate Across Corkscrew
(Photo Taken on October 13, 2017)
View From Corkscrew Road
(Photo Taken on October 13, 2017)
Improvements Description and Analysis 25
Parcel 354-FEE, Corkscrew Road Improvements
Sketch – Walker Home
Improvements Description and Analysis 26
Parcel 354-FEE, Corkscrew Road Improvements
Sketch – East Home
Real Estate Taxes 27
Parcel 354-FEE, Corkscrew Road Improvements
Real Estate Taxes
Real estate taxes and assessments for the current tax year are shown in the following table.
Taxes and Assessments - 2017
Assessed Value Taxes and Assessments
Tax ID Land Improvements Total Tax Rate
Ad Valorem
Taxes
Exemptions
(Agricultural)Total
00051120007 $163,920 $150,290 $314,210 1.352720%$4,250 -$1,950 $2,300
Highest and Best Use 28
Parcel 354-FEE, Corkscrew Road Improvements
Highest and Best Use
Process
Before a property can be valued, an opinion of highest and best use must be developed for the subject site,
both as if vacant, and as improved or proposed. By definition, the highest and best use must be:
Physically possible.
Legally permissible under the zoning regulations and other restrictions that apply to the site.
Financially feasible.
Maximally productive, i.e., capable of producing the highest value from among the permissible,
possible, and financially feasible uses.
As If Vacant
Physically Possible
The physical characteristics of the site do not appear to impose any unusual restrictions on use or
development. Overall, the physical characteristics of the site result in functional utility suitable for a variety
of uses.
Legally Permissible
The site is zoned A-MHO and RLSAO, Zoned Agricultural with Mobile Home and Rural Lands
Stewardship Area Overlay. Future Land Use is Agricultural and Rural Designation within the Rural Lands
Stewardship Area Overlays. Residential is an allowed use. The (MHO) district is intended to apply to those
agricultural areas where a mixture of housing types is found to be appropriate within the district. It is
intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural
district and only when the requirements and procedures of this section are met. . Permitted uses include
single-family dwelling and agricultural activities. To our knowledge, there are no legal restrictions such as
easements or deed restrictions that would effectively limit the use of the property. Given prevailing land use
patterns in the area, only agricultural and residential is given further consideration in determining highest
and best use of the site, as though vacant.
Financially Feasible
Based on our analysis of the market, there is currently adequate demand for agricultural and residential in
the subject’s area. Although the number of new rural homes is low this is not uncommon in these outlying
agricultural areas. Regardless, a newly built new home or homes on the site and agricultural farming would
have a value commensurate with its cost. Therefore, agricultural and residential is considered to be
financially feasible.
Maximally Productive
There does not appear to be any reasonably probable use of the site that would generate a higher residual
land value than agricultural and residential. Accordingly, it is our opinion that agricultural and residential,
developed to the normal market density level permitted by zoning, is the maximally productive use of the
property.
Conclusion
Development of the site for agricultural and residential is the only use that meets the four tests of highest
and best use. Therefore, it is concluded to be the highest and best use of the property as if vacant.
Highest and Best Use 29
Parcel 354-FEE, Corkscrew Road Improvements
As Improved
The subject site is improved with two (2) residences, a pole barn, and a couple of sheds. The property is
fenced and has three (3) gates. The property appears to have been utilized primarily for cattle grazing in the
past. These uses are consistent with the highest and best use of the site as if it were vacant.
The existing improvements are vacant. The Walker home is in poor repair and in need of significant
updating. The East home is being renovated. The acreage is fenced and has several points of entry. The
property appears to have ben utilized for cattle grazing and possibly some farming in the past. These types
of uses are typical to this rural area of Lee and Collier Counties.
Based on our analysis, there does not appear to be any alternative use that could reasonably be expected to
provide a higher present value than the current use. Although the Walker home is in need of significant
repairs the main residence appears to be structurally sound. Thus, there is value attributable to the home.
The East home is being renovated. The remaining acreage is fenced and can be utilized for cattle or
farming. These uses represent the H&BU, as if vacant. For these reasons, continued residential and
agricultural is concluded to be maximally productive and the highest and best use of the property as
improved.
Most Probable Buyer
Taking into account the size and characteristics of the property the likely buyer would be an owner-user.
Valuation Methodology 30
Parcel 354-FEE, Corkscrew Road Improvements
Valuation
Valuation Methodology
Appraisers usually consider three approaches to estimating the market value of real property. These are the
cost approach, sales comparison approach and the income capitalization approach.
The cost approach assumes that the informed purchaser would pay no more than the cost of producing a
substitute property with the same utility. This approach is particularly applicable when the improvements
being appraised are relatively new and represent the highest and best use of the land or when the property
has unique or specialized improvements for which there is little or no sales data from comparable
properties.
The sales comparison approach assumes that an informed purchaser would pay no more for a property
than the cost of acquiring another existing property with the same utility. This approach is especially
appropriate when an active market provides sufficient reliable data. The sales comparison approach is less
reliable in an inactive market or when estimating the value of properties for which no directly comparable
sales data is available. The sales comparison approach is often relied upon for owner-user properties.
The income capitalization approach reflects the market’s perception of a relationship between a
property’s potential income and its market value. This approach converts the anticipated net income from
ownership of a property into a value indication through capitalization. The primary methods are direct
capitalization and discounted cash flow analysis, with one or both methods applied, as appropriate. This
approach is widely used in appraising income-producing properties.
Reconciliation of the various indications into a conclusion of value is based on an evaluation of the quantity
and quality of available data in each approach and the applicability of each approach to the property type.
The methodology employed in this assignment is summarized as follows:
Approaches to Value
Approach Applicability to Subject Use in Assignment
Cost Approach Applicable Utilized
Sales Comparison Approach Not Applicable Not Utilized
Income Capitalization Approach Not Applicable Not Utilized
Land Valuation 31
Parcel 354-FEE, Corkscrew Road Improvements
Land Valuation
To develop an opinion of the subject’s land value, as if vacant and available to be developed to its highest
and best use, we utilize the sales comparison approach. Our search for comparable sales focused on
transactions within the following parameters:
Location: Northwestern Collier County and eastern Lee County within 5 to 10 miles from the
subject property.
Size: Preferably 20 to 50 acres, however, I found it necessary to expand the acreage to 200.
Use: Vacant agriculturally zoned land
Transaction Date: 2015 to 2017, I found it necessary to expand my search to include 2014
After an extensive search within these parameters, six (6) sales were found that were deemed satisfactory
for use in valuing the subject land, as vacant. The two (2) larger acreage tracts were utilized due to their
frontage along Corkscrew Road and SR 82. The remainder of the sales were located off these main
corridors and had varying degrees of accessibility.
For this analysis, I use price per acre as the appropriate unit of comparison because market participants
typically compare sale prices and property values on this basis. The most relevant sales are summarized in
the following table.
Land Valuation 32
Parcel 354-FEE, Corkscrew Road Improvements
Summary of Comparable Land Sales
No.Name/Address
Sale
Date;
Status Sale Price
SF;
Acres Zoning
$/SF
Land $/Acre
1 Misty Morning Four Apr-14 $145,000 1,385,208 $0.10 $4,560
18760 Misty Morning Ln. Closed 31.80
Fort Myers
Lee County
FL
Tax ID: Lengthy metes & bounds; PID's 13-46-27-000-00016.0000, 13-46-27-000-00017.0000, and 13-46-27-000-00018.0000
Grantor: dwight & Ann Rockers
Grantee: Misty Morning Four, LLC
2 Wildcat Dr Acreage Parcel Jun-14 $130,555 1,298,088 $0.10 $4,381
17131 Wildcat Dr. Closed 29.80
Fort Myers
Lee County
FL
Tax ID: Lengthy Metes & Bounds, Folio 10435704
Grantor: Jeffrey E. Zink
Grantee: Timpothy and Lori Cook
3 Bondou Acres Jan-16 $100,000 872,942 $0.11 $4,990
17550 Grand Chenier Rd. Closed 20.04
Ft Myers
Lee County
FL
Tax ID: Lengthy Metes & Bounds; Folio 10435718
Grantor: Brightlite Homes, LLC
Grantee: Bondou Acres, LLC
4 Bovine Breeze Dec-16 $1,350,000 8,712,000 $0.15 $6,750
21230 Corkscrew Rd. Closed 200.00
Estero
Lee County
FL
Tax ID: Lengthy M&B; Folio(s) 10435854, 10531526, 10435850
Grantor: Regwin, Schmidt Landing, & Schmidt Downs, LLC
Grantee: Bovine Breeze LLC
5 Simon Lazy D Farm
Property
Apr-17 $260,000 871,200 $0.30 $13,000
20701 Lazy D Farm Rd. Closed 20.00
Exteror
Lee County
FL
Tax ID: S 1/2 of NE 1/4 of SE 1/4 Sec. 28, Twn. 46, Rgn. 27, Lee Co. FL, with easements
Grantor: Richard F and Christine M Schulter
Grantee: Simon Pablo Esteban
6 CCW82 Farm Mar-17 $1,500,000 8,712,000 $0.17 $7,500
3440 SR 82 Closed 200.00
Immokalee
Collier County
FL
Tax ID: Lengthy metes & bounds, PID 00063440005 and 00063520006
Grantor: SR 82 Land Holdings, LLC
Grantee: CCW82, LLC
Subject 1,521,551
Parcel 354-FEE, Corkscrew
Road Improvements
34.93
Immokalee, FL
Agriculture
Agricultural/Mobile Home/Rural Stewardship
Overlay
Agricultural/Mobile Home/Rural Stewardship
Overlay
Agricultural
Agricultural
Agricultural
Agricultural
Land Valuation 33
Parcel 354-FEE, Corkscrew Road Improvements
Comparable Land Sales Map
Sale - 1
Sale - 2
Sale - 3
Sale - 4
Sale - 5
Sale - 6
Subject
Land Valuation 34
Parcel 354-FEE, Corkscrew Road Improvements
Land Sale 1
Misty Morning Four
Land Sale 2
Wildcat Dr Acreage Parcel
Land Sale 3
Bondou Acres
Land Sale 4
Bovine Breeze
Land Sale 5
Simon Lazy D Farm Property
Land Sale 6
CCW82 Farm
Land Valuation 35
Parcel 354-FEE, Corkscrew Road Improvements
The sales are compared to the subject and adjusted to account for material differences that affect value.
Adjustments are considered for the following factors, in the sequence shown below.
Adjustment Factor Accounts For Comments
Effective Sale Price Atypical economics of a transaction,
such as demolition cost or
expenditures by buyer at time of
purchase.
No adjustment necessary
Real Property Rights Fee simple, leased fee, leasehold,
partial interest, etc.
All sales were fee simple transactions
Financing Terms Seller financing, or assumption of
existing financing, at non-market
terms.
Financing was via cash or at
competitive conventional rate
Conditions of Sale Extraordinary motivation of buyer or
seller, assemblage, forced sale.
No adjustment necessary
Market Conditions Changes in the economic
environment over time that affect the
appreciation and depreciation of real
estate.
I have utilized an upward adjustment
of 6% annually to account for market
improvement since 2014
Location Market or submarket area influences
on sale price; surrounding land use
influences.
Sales 4 and 5 are located closer to
development activity on Corkscrew
Rd and are adjusted upward 10%
each.
Access/Exposure Convenience to transportation
facilities; ease of site access; visibility;
traffic counts.
Sales 1, 2, and 3 are located on dirt
roads that are poorly maintained. This
makes for a rough ride. These
properties are also located off of
Corkscrew Rd in what are considered
more remote locations as compared
to the subject. Sale 5 is located south
of Corkscrew Rd but access is paved.
Size Inverse relationship that often exists
between parcel size and unit value.
Although not evident by paired sales
analysis I have adjusted Sales 4 and 6
for being larger acreage sites.
Improvements Primary physical factors that affect
the utility of a site for its highest and
best use.
All of the sales were fenced with
access gates. Sale 4 had an air strip
and an 8,000 SF hangar which was
valued at approximately $142,000 or
$710 per acre (10%).
Land Valuation 36
Parcel 354-FEE, Corkscrew Road Improvements
Adjustment Factor Accounts For Comments
Zoning and Land Use Land use regulations that affect the
development potential of a site for its
highest and best use.
The subject and the sales are zoned
for agricultural use. Each of the sales,
with the exception of Sale 6, is located
in Lee County with FLU designations
of DRGR (Density Reduction
Groundwater Resource) with density
of 1 Unit per 10 Acres. The subject
and Sale 6 are located in Collier FLU
areas designated as Ag/Rural with
density of 1 Unit per 5 Acres. I have
adjusted the Lee sales upward 15%
(DRGR Only) to 25% (DRGR and
DRGR Conservation) accounting for
the subject’s higher density rating.
Land Valuation 37
Parcel 354-FEE, Corkscrew Road Improvements
The following table summarizes the adjustments we make to each sale.
Land Sales Adjustment Grid
Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5 Comparable 6
Name Parcel 354-FEE,
Corkscrew Road
Improvements
Misty Morning Four Wildcat Dr Acreage Parcel Bondou Acres Bovine Breeze Simon Lazy D Farm
Property
CCW82 Farm
Address 3450 Corkscrew
Road and 3435
Whidden Road
18760 Misty Morning Ln. 17131 Wildcat Dr. 17550 Grand Chenier Rd. 21230 Corkscrew Rd. 20701 Lazy D Farm Rd. 3440 SR 82
City Immokalee Fort Myers Fort Myers Ft Myers Estero Exteror Immokalee
County Collier Lee Lee Lee Lee Lee Collier
State Florida FL FL FL FL FL FL
Sale Date Apr-14 Jun-14 Jan-16 Dec-16 Apr-17 Mar-17
Sale Status Closed Closed Closed Closed Closed Closed
Sale Price $145,000 $130,555 $100,000 $1,350,000 $260,000 $1,500,000
Square Feet 1,521,551 1,385,208 1,298,088 872,942 8,712,000 871,200 8,712,000
Acres 34.93 31.80 29.80 20.04 200.00 20.00 200.00
Zoning Code A-MHO and
RLSAO
AG-2, DRGR and DRGR
Conservation
AG-2, DRGR AG-2, DRGR AG-2, DRGR, and DRGR
Conservation
AG-2, DRGR A-MHO/RLSA
$4,560 $4,381 $4,990 $6,750 $13,000 $7,500
Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
– – – – – –
Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller
– – – – – –
Market, Arm's Length Market, Arm's Length Market, Arm's Length Market, Arm's Length Market, Arm's Length Market, Arm's
– – – – – –
Market Conditions 10/13/2017 Apr-14 Jun-14 Jan-16 Dec-16 Apr-17 Mar-17
Annual % Adjustment 6% 21% 20% 10% 5% 3% 3%
$5,517 $5,257 $5,489 $7,088 $13,390 $7,725
– – – -10% -10% –
Rural Rural Rural Rural, Superior Rural, Superior Rural
$ Adjustment $0 $0 $0 -$709 -$1,339 $0
Adjusted Price $5,517 $5,257 $5,489 $6,379 $12,051 $7,725
20% 20% 20% – 10% –
Dirt, Inferior Dirt, Inferior Dirt, Inferior Paved Paved, Inferior Paved
$ Adjustment $1,103 $1,051 $1,098 $0 $1,339 $0
Adjusted Price $6,621 $6,309 $6,587 $6,379 $13,390 $7,725
– – – 10% – 10%
$ Adjustment $0 $0 $0 $709 $0 $773
Adjusted Price $6,621 $6,309 $6,587 $7,088 $13,390 $8,498
– – – 10% – -10%
Fenced Fenced Fenced Fenced, Residence, Hangar Fenced Fenced, 4 wells,
$ Adjustment $0 $0 $0 $709 $0 -$773
Adjusted Price $6,621 $6,309 $6,587 $7,796 $13,390 $7,725
25% 15% 15% 25% 15% –
AG-2, SRGR Acres 20.60 29.80 20.04 199.00 20.00 200.00
DRGR Coservation Acres 11.20 0.00 0.00 81.00 0.00 0.00
$ Adjustment $1,379 $789 $823 $1,772 $2,009 $0
Adjusted Price $8,000 $7,097 $7,410 $9,568 $15,399 $7,725
Net $ Adjustment $2,483 $1,840 $1,921 $2,481 $2,009 $0
Net % Adjustment 45%35%35%35%15%0%
Final Adjusted Price $8,000 $7,097 $7,410 $9,568 $15,399 $7,725
Overall Adjustment 75%62%49%42%18%3%
Average
Indicated Value
Location
Rural
Zoning and Land Use
Range of Adjusted Prices
Access/Exposure
Size
Price per Acre
Property Rights
Financing Terms
Conditions of Sale
Cumulative Adjusted Price
% Adjustment
% Adjustment
% Adjustment
Paved - Good
Fenced
Improvements
$7,097 - $15,399
$9,200
$10,000
Land Valuation 38
Parcel 354-FEE, Corkscrew Road Improvements
Land Value Conclusion
Prior to adjustment, the sales reflect a range of $4,381 - $13,000 per acre. After adjustment, the range is
$7,097 - $15,399 per acre, with an average of $9,200 per acre. I am of the opinion the land value is as
follows:
Land Value Conclusion
Indicated Value per Acre $10,000
Subject Acres 34.93
Indicated Value $349,300
Rounded $350,000
Cost Approach 39
Parcel 354-FEE, Corkscrew Road Improvements
Cost Approach
The steps taken to apply the cost approach are:
Develop an opinion of the value of the land as though vacant and available to be developed to its
highest and best use, as of the effective date of the appraisal;
Estimate the replacement cost new of the existing improvements using Marshall Valuation Service;
Estimate depreciation from all causes and deduct this estimate from replacement cost new to arrive
at depreciated replacement cost of the improvements; and
Add land value to the depreciated replacement cost of the improvements to arrive at a market
value indication for the property overall.
The following tables summarize our valuation by the cost approach.
Replacement Cost Estimate
Building Improvements
Bldg Name MVS Building Type MVS Class Quality Quantity Unit Unit Cost Cost New
Anne Walker Home One-story - Frame Stemwall D Average 1,860 SF $80.09 $148,967
2nd Home (East) One-story - Concrete Slab C Average 1,271 SF $90.25 $114,708
Subtotal - Replacement Cost New $263,675
Plus: Indirect Cost 10% $26,368
Subtotal $290,043
Plus: Entrepreneurial Profit 0% $0
Total Replacement Cost New $290,043
Site Improvements
Item Quality Quantity Unit Unit Cost Cost New
Pole Barn and Sheds Fair 1,000 Square Feet $14.25 $14,250
Fencing Average 5,000 Lineal Feet $4.28 $21,400
Gates Average 2 Per Gate $1,425.00 $2,850
Subtotal - Replacement Cost New $38,500
Plus: Indirect Cost 10% $3,850
Subtotal $42,350
Plus: Entrepreneurial Profit 0% $0
Total Replacement Cost New $42,350
Overall Property
Building Improvements $263,675
Site Improvements $38,500
Subtotal - Replacement Cost New $302,175
Plus: Indirect Cost 10% $30,218
Subtotal $332,393
Plus: Entrepreneurial Profit 0% $0
$332,393
Source: Marshall Valuation Service except for Indirect Costs and Entrepreneurial Profit, which are appraiser's estimates.
Total Replacement Cost New
Cost Approach 40
Parcel 354-FEE, Corkscrew Road Improvements
Estimate of Depreciation
Building Improvements
Replacement Cost New $290,043
Less: Deferred Maintenance $0
Remaining Cost $290,043
Age-Life Depreciation 72.5% -$210,158
Additional Functional Obsolescence 0% $0
External Obsolescence 0% $0
Total Depreciation -$210,158
Depreciated Replacement Cost $79,885
Site Improvements
Replacement Cost New $42,350
Less: Deferred Maintenance $0
Remaining Cost $42,350
Age-Life Depreciation 0.0% $0
Additional Functional Obsolescence 0% $0
External Obsolescence 0% $0
Total Depreciation $0
Depreciated Replacement Cost $42,350
Overall Property
Replacement Cost New $332,393
Deferred Maintenance $0
Remaining Cost $332,393
Age-Life Depreciation -$210,158
Additional Functional Obsolescence $0
External Obsolescence $0
Total Depreciation -$210,158
Depreciated Replacement Cost $122,235
Rounded:$122,000
Value Indication by Cost Approach
Depreciated Replacement Cost $122,000
Land Value $350,000
Indicated Property Value $472,000
Rounded $472,000
Reconciliation and Conclusion of Value – Parent Parcel Before Take 41
Parcel 354-FEE, Corkscrew Road Improvements
Reconciliation and Conclusion of Value – Parent Parcel Before Take
As discussed previously, I use only the sales comparison approach in developing an opinion of value for the
subject. The cost and income approaches are not applicable, and are not used.
Based on the preceding valuation analysis and subject to the definitions, assumptions, and limiting
conditions expressed in the report, my value opinion follows:
Summary of Value Indications
Market Value - Before
Taking
Market Value - After
Taking Compensation
Cost Approach $472,000 Not Used Not Used
Sales Comparison Approach Not Used Not Used Not Used
Income Capitalization Approach Not Used Not Used Not Used
Reconciled $472,000
Exposure and Marketing Times
My estimates of exposure and marketing times are 18 to 24 months.
Valuation of The Part Taken 42
Parcel 354-FEE, Corkscrew Road Improvements
Valuation of The Part Taken
The taking does not affect the H&BU of the property or its current improved uses. I have previously
estimated the market value of the vacant land to be $10,000 per acre. The Project Parcel, 354FFE, is a fee
simple right-of-way taking related to improving the curve radii and alignment of Corkscrew Road. The area
of taking is located at the NW corner of the property and contains and contains 0.898 acres of land, MOL.
Reference is made to the following sketch.
Valuation of The Part Taken 43
Parcel 354-FEE, Corkscrew Road Improvements
Valuation of The Part Taken 44
Parcel 354-FEE, Corkscrew Road Improvements
The area within the take is determined to be 0.898 acres MOL. Therefore, the land value of the part to be
taken is:
Land Value of Part Taken Parcel 354FFE
Value of Part Taken: $10,000 X 0.898 Acres = $8,980
Valuation of Destroyed Fencing and Gate
In addition to the land taken there will be fencing and a gate within the area of taking. Approximately 1,025
lineal feet of fencing will be destroyed in the taking area. I have estimated the fencing based on a cost of
$4.28 per lineal foot or $4,387 The cost associated with the loss of the gate is $1,425.
Improvements Taken - Parcel 354FFE
Value of Fencing Taken: 1,025 LF X $4.28 = $4,387
Value of Gate Taken: 1 Gate X $1,425 = $1,425
Total – Improvements Taken = $5,812
Remainder As Part of the Whole
The market value of the remaining property as part of the whole is identified as the mathematical difference
between the market value of the property before the taking less the value of the part to be taken. Therefore,
the market value estimate of the remaining property before severance is summarized as follows:
Value of Remainder – AS Part of Whole
Value of Parent Parcel: = $ 472,000
(-) Value of Land Taken: = ($ 8,980)
(-) Damages (Fencing & Gate): = ($ 5,812)
Value of Remainder As Part of Whole : = $ 457,208
Valuation of The Part Taken 45
Parcel 354-FEE, Corkscrew Road Improvements
Damages To The Remainder
After the taking the I have determined that there will be no damages to the remainder property.
Consideration is given to the possible impacts associated with the realignment and expansion of the curve
radii. Now the curve is far more radical and requires traffic to slow to 10 MPH at the turn. After
completion of the road improvements the speed limit will be increased. I suspect traffic will be increase
from 25 MPH to 35 MPH. My immediate thought was would the increase in road speeds impact the safety
of the subject’s ingress and egress. After due consideration I’m not of the opinion this would have any
measurable impact on the subject property.
Road noise is also a consideration. Now traffic noise is at a level where a normal conversation must wait
until an accelerating or decelerating truck passes before continuing. Farming vehicles and trucks are the
main culprits. And there are a significant number of farm vehicles traveling on Corkscrew Road. Traffic
moving both southwesterly or northeasterly most often downshifts and utilizes diesel exhaust breaks when
approaching the turn accelerating out of the turn. This will be softened somewhat with the new road
alignment but I suspect there will still be considerable noise caused by both deceleration and acceleration of
vehicular traffic. As before, I am mot of the opinion that the realignment will have any measurable impact
on the subject property,
Value of Remainder – After Severance
Value of Remainder “Before Severance”: = $ 457,208
Less: Severance Damages: = $ -0-
Less: Value of Remainder “After Severance” = $457,208
Benefits and/or Cost to Cure Analysis
There are no benefits or cost to cure associated with the impacts of the partial acquisition
Amount Due Owner 46
Parcel 354-FEE, Corkscrew Road Improvements
Amount Due Owner
In summary, the amount due the owner as a result of the acquisition and the uses and activities occurring
therein, may be summarized as follows:
Value of the Property Taken (Fee Simple): $ 14,792
Severance Damages: $ -0-
Net Benefits and/or Cost To Cure: $ -0-
AMOUNT DUE OWNER: $ 14,792
Assumptions and Limiting Conditions 47
Parcel 354-FEE, Corkscrew Road Improvements
Assumptions and Limiting Conditions
This appraisal and any other work product related to this engagement are limited by the following standard
assumptions, except as otherwise noted in the report:
1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and
restrictions. The property is under responsible ownership and competent management and is
available for its highest and best use.
2. There are no existing judgments or pending or threatened litigation that could affect the value of
the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements that would
render the property more or less valuable. Furthermore, there is no asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct
relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning, and other
federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is given for its
accuracy.
This appraisal and any other work product related to this engagement are subject to the following limiting
conditions, except as otherwise noted in the report:
1. An appraisal is inherently subjective and represents my opinion as to the value of the property
appraised.
2. The conclusions stated in my appraisal apply only as of the effective date of the appraisal, and no
representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including, without limitation,
the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction with this appraisal,
and I reserve the right to revise or rescind any of the value opinions based upon any subsequent
environmental impact studies. If any environmental impact statement is required by law, the
appraisal assumes that such statement will be favorable and will be approved by the appropriate
regulatory bodies.
5. Unless otherwise agreed to in writing, I am not required to give testimony, respond to any
subpoena or attend any court, governmental or other hearing with reference to the property
without compensation relative to such additional employment.
6. I 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 scaled accurately for size. The appraisal covers the
property as described in this report, and the areas and dimensions set forth are assumed to be
correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and I have
assumed that the property is not subject to surface entry for the exploration or removal of such
materials, unless otherwise noted in my appraisal.
Assumptions and Limiting Conditions 48
Parcel 354-FEE, Corkscrew Road Improvements
8. I 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. Such considerations may also include determinations
of compliance with zoning and other federal, state, and local laws, regulations and codes.
9. The distribution of the total valuation in the report between land and improvements applies only
under the reported highest and best use of the property. The allocations of value for land and
improvements must not be used in conjunction with any other appraisal and are invalid if so used.
The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be
utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the
identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through
advertising media, public relations media, news media or any other means of communication
(including without limitation prospectuses, private offering memoranda and other offering material
provided to prospective investors) without the prior written consent of the persons signing the
report.
11. Information, estimates and opinions contained in the report and 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. Unless otherwise stated in the report, 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 values stated in the appraisal; I have
assumed that no extreme fluctuations in economic cycles will occur.
16. The values 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.
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 my analysis will vary
from my estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. I have not made a
specific survey or analysis of the property to determine whether the physical aspects of the
improvements meet the ADA accessibility guidelines. I claim no expertise in ADA issues, and
render no opinion regarding compliance of the subject with ADA regulations. Inasmuch as
compliance matches each owner’s financial ability with the cost to cure the non-conforming
physical characteristics of a property, a specific study of both the owner’s financial ability and the
Assumptions and Limiting Conditions 49
Parcel 354-FEE, Corkscrew Road Improvements
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 my 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 my 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. ARC Realty Advisors, Inc. ARC Realty
Advisors, Inc., and/or any of their respective officers, owners, managers, directors, agents,
subcontractors or employees (the “ARC Parties”), 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 I am not experts in the field of environmental
conditions, the appraisal report cannot be considered as an environmental assessment of the
subject property.
21. The persons 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.
I am 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. ARC Realty Advisors, Inc. is not a building or environmental inspector. ARC 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.
23. The appraisal report and value conclusions for an appraisal assume the satisfactory completion of
construction, repairs or alterations in a workmanlike manner.
24. It is expressly acknowledged that in any action which may be brought against any of the ARC
Parties, arising out of, relating to, or in any way pertaining to this engagement, the appraisal
reports, and/or any other related work product, the ARC Parties shall not be responsible or liable
for any incidental or consequential damages or losses, unless the appraisal was fraudulent or
prepared with intentional misconduct. It is further acknowledged that the collective liability of the
ARC Parties in any such action shall not exceed the fees paid for the preparation of the appraisal
report unless the appraisal was fraudulent or prepared with intentional misconduct. Finally, it is
acknowledged that the fees charged herein are in reliance upon the foregoing limitations of liability.
25. ARC Realty Advisors, Inc., an independently owned and operated company, has prepared the
appraisal for the specific intended use stated elsewhere in 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 I provide
my prior written consent. I expressly reserve the unrestricted right to withhold my consent to your
disclosure of the appraisal report or any other work product related to the engagement (or any part
thereof including, without limitation, conclusions of value and my identity), to any third parties.
Stated again for clarification, unless my prior written consent is obtained, no third party may rely
on the appraisal report (even if their reliance was foreseeable).
26. The conclusions of this report are estimates based on known current trends and reasonably
foreseeable future occurrences. These estimates are based partly on property information, data
Assumptions and Limiting Conditions 50
Parcel 354-FEE, Corkscrew Road Improvements
obtained in public records, interviews, existing trends, buyer-seller decision criteria in the current
market, and research conducted by third parties, and such data are not always completely reliable.
The ARC Parties are not responsible for these and other future occurrences that could not have
reasonably been foreseen on the effective date of this assignment. Furthermore, it is inevitable that
some assumptions will not materialize and that unanticipated events may occur that will likely
affect actual performance. While I am of the opinion that my findings are reasonable based on
current market conditions, I do not represent that these estimates will actually be achieved, as they
are subject to considerable risk and uncertainty. Moreover, I assume competent and effective
management and marketing for the duration of the projected holding period of this property.
27. All prospective value opinions 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 my 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.
28. The appraisal is also subject to the following:
Addenda
Parcel 354-FEE, Corkscrew Road Improvements
Addendum A
Appraiser Qualifications
ARC Realty Advisors, Inc.
2950 Tamiami Trail N.
Suite 201
Naples, FL 34103 Experience
Mr. Stokes has actively counseled and advised clients on the valuation, sale, leasing, management,
and development of commercial and residential real estate assets throughout Southwest Florida
since 1975. Mr. Stokes served as the Managing Director/principal of Kushman Stokes
Armalavage, Inc. from 1977-1989, Senior Managing Director/owner of Appraisal Research
Corp. from 1990-2000 and Integra Realty Resources - SWF from 2000-2010. In 2010 Mr. Stokes
left private practice to join the Collier County Property Appraiser as Director of Special Projects
and Chief Deputy from 2010-2013. In May of 2013 Mr. Stokes returned to private practice with
ARC Realty Advisors, Inc., Naples, FL.
Mr. Stokes’ unique professional perspective is a blend of his educational background which
includes formal training in urban land economics, macro and micro economics, real estate
finance, real estate feasibility, construction, and land development. His market experience in
sales, leasing, management, and valuation disciplines combine to bring practical real world
answers to complex real estate assignments. He has been actively involved as a consultant and/or
member of a consultant team on various major development and land use projects for
institutional and private clients over the past 30+ years.
Mr. Stokes has specialized in consulting, valuation, and review assignments for financial,
insurance, and private clients on a wide array of complex issues related to finance, insurance
valuation, reserve studies, estate and condemnation matters, family law, title defects, air rights,
partial and fractional interests, contract disputes, and mediation/arbitration disputes.
Julian L. H. Stokes, Sr., MAI, CRE, CCIM
D 239.301.3444, ARC
F 239.301.3428
M 239.250.1421
jstokes@arcra.com
Qualified and accepted as an expert before the Federal Bankruptcy Court (Middle and Southern
Districts of Florida); Circuit Court Twentieth District State of Florida; Lee and Collier County Ad
Valorem Value Adjustment Boards.
Qualified Before Courts & Administrative Bodies
University of Florida, Gainesville, Florida 1972-1975
Degree: Bachelor of Science in Business Administration, Real Estate and Urban Land Economics
Education
Professional Activities & Affiliations
Member: University of Florida Advisory Board for the Bergstrom Center for Real Estate Studies,
Warrington College of Business Administration (1998-present)
Guest Lecturer: Alfred A. Ring Distinguished Speaker Series – University of Florida CRES (2003)
President: Southwest Florida Chapter of the Appraisal Institute (2004)
Member: University of Florida Alumni Association
Member: National Association of Assessing Officers
Appraisal Institute (MAI)
Commercial Investment Institute, NAR (CCIM)
National Association of Realtors (REALTOR)
Licenses
Florida, State-Certified General Real Estate Appraiser, RZ0490
Florida, Real Estate Broker BK221937 (Inactive)
Addenda
Parcel 354-FEE, Corkscrew Road Improvements
Addendum B
Comparable Data
Land Sale Profile Sale No. 1
Location & Property Identification
Misty Morning FourProperty Name:
Sub-Property Type:Specialty, Undeveloped
Agricultural
18760 Misty Morning Ln.Address:
Fort Myers, FL 33913City/State/Zip:
LeeCounty:
Submarket:South Fort Myers/San Carlos
RuralMarket Orientation:
West side of Misty Morning
Lane, 3/4 mile west of
Corkscrew Rd (as crow
flies), South of Katydid Lane
Property Location:
Sale Information
$145,000Sale Price:
$145,000Effective Sale Price:
04/17/2014Sale Date:
Recording Date:04/24/2014
Sale Status:Closed
$/Acre(Gross): $4,560
$/Land SF(Gross): $0.10
$/Acre(Usable):$4,560
$/Land SF(Usable): $0.10
Grantor/Seller:dwight & Ann Rockers
Grantee/Buyer:Misty Morning Four, LLC
Assets Sold:Real estate only
Property Rights:Fee Simple
% of Interest Conveyed:100.00
Financing:Cash to seller - buyer
obtained financing
Terms of Sale:Conventional mortgage,
$116,250.
Document Type:Warranty Deed
Recording No.:Instr. #2014000084682
Verified By:Julian Stokes, MAI, CCIM
Verification Date:10/11/2017
Confirmation Source:Grantee, Mr. Aust
Verification Type:Confirmed-Buyer
Sale Analysis
Current Use at T.O.S.: Vacant - undeveloped, front
portion previously farmed,
rear heavilly treed with
man made lakes
Former Use:Same
Proposed Use Change: No
Improvement and Site Data
MSA:Ft Myers/Cape Coral
Lengthy metes & bounds;
PID's
13-46-27-000-00016.0000,
13-46-27-000-00017.0000,
and
13-46-27-000-00018.0000
Legal/Tax/Parcel ID:
31.80/31.80Acres(Usable/Gross):
1,385,208/1,385,208Land-SF(Usable/Gross):
Usable/Gross Ratio:1.00
Shape: Rectangular
Topography:Other
Vegetation:Trees and grasses
Corner Lot:No
Frontage Feet: 900
Misty Morning Four
Land Sale Profile Sale No. 1
Improvement and Site Data (Cont'd)
Frontage Desc.:2 land dirt road
Frontage Type:2 way, 1 lane each way
Traffic Control at Entry:None
Traffic Flow:Low
AccessibilityRating:Average
Visibility Rating:Average
Zoning Code: AG-2
Zoning Desc.:Agricultural
Environmental Desc.: Front portion of property
has been farmed, rear
portion is heavily treed
with irregular man made
lakes dug in the past.
Flood Plain: Yes
Flood Zone: An area that is determined
to be outside the 100 a
Flood Area(SF):1,385,208
Flood Zone Designation:X
Comm. Panel No.:125124-12071C0650F
Date:08/24/2008
Utilities:Electricity, Water Well
Irrigation, Water Well
Potable, Telephone
Utilities Desc.:Electric and Telephone to
site, well water for
irrigation, potable if treated
and purified, septic tank
and drain field system
required.
Source of Land Info.:Public Records
Misty Morning Four
Land Sale Profile Sale No. 2
Location & Property Identification
Wildcat Dr Acreage ParcelProperty Name:
Sub-Property Type:Specialty, Undeveloped
Agricultural
17131 Wildcat Dr.Address:
Fort Myers, FL 33913City/State/Zip:
LeeCounty:
Submarket:South Fort Myers/San Carlos
RuralMarket Orientation:
North side of Wildcat Drive
approximately 1.65 miles
NW of Corkscrew Road (as
the crow flies).
Property Location:
Sale Information
$130,555Sale Price:
$130,555Effective Sale Price:
06/02/2014Sale Date:
Recording Date:06/11/2014
Sale Status:Closed
$/Acre(Gross): $4,381
$/Land SF(Gross): $0.10
$/Acre(Usable):$4,381
$/Land SF(Usable): $0.10
Grantor/Seller:Jeffrey E. Zink
Grantee/Buyer:Timpothy and Lori Cook
Assets Sold:Real estate only
Property Rights:Fee Simple
% of Interest Conveyed:100.00
Financing:All cash
Terms of Sale:No mortgage associated
with this sale transaction
Document Type:Warranty Deed
Recording No.:Instr. #2014000122421
Verified By:Julian Stokes, MAI, CCIM
Verification Date:10/11/2017
Confirmation Source:Lee PA and Clerk
Verification Type:Confirmed-Other
Improvement and Site Data
MSA:Cape Coral-Fort Myers, FL
Lengthy Metes & Bounds,
Folio 10435704
Legal/Tax/Parcel ID:
29.80/29.80Acres(Usable/Gross):
1,298,088/1,298,088Land-SF(Usable/Gross):
Usable/Gross Ratio:1.00
Shape: Rectangular
Topography:Level
Vegetation:Trees and grasses
Corner Lot:Yes
Frontage Feet: 2307
Frontage Desc.:Wildcat Dr. - 1,315' along
E/W Wildcat and 992' al
Frontage Type:2 way, 1 lane each way
Traffic Control at Entry:None
Traffic Flow:Low
AccessibilityRating:Average
Visibility Rating:Average
Zoning Code: AG-2
Zoning Desc.:Agricultural
Flood Plain: Yes
Flood Zone: Located in an area that is
determined to be outsid
Flood Zone Designation:X
Wildcat Dr Acreage Parcel
Land Sale Profile Sale No. 2
Improvement and Site Data (Cont'd)
Comm. Panel No.:125124-12071C0650F
Date:08/28/2008
Utilities:Electricity, Telephone
Utilities Desc.:Electricity and telephone to
site. Sewer will be septic
and drain field system and
water will be well.
Source of Land Info.:Public Records
Wildcat Dr Acreage Parcel
Land Sale Profile Sale No. 3
Location & Property Identification
Bondou AcresProperty Name:
Sub-Property Type:Specialty, Undeveloped
Agricultural
17550 Grand Chenier Rd.Address:
Ft Myers, FL 33913City/State/Zip:
LeeCounty:
Submarket:South Fort Myers/San Carlos
RuralMarket Orientation:
West side of Grand Chenier
Rd approximately 1.17 miles
NW of Corkscrew Rd
Property Location:
Sale Information
$100,000Sale Price:
$100,000Effective Sale Price:
01/29/2016Sale Date:
Recording Date:02/01/2016
Contract Date:11/19/2015
Sale Status:Closed
$/Acre(Gross): $4,990
$/Land SF(Gross): $0.11
$/Acre(Usable):$4,990
$/Land SF(Usable): $0.11
Grantor/Seller:Brightlite Homes, LLC
Grantee/Buyer:Bondou Acres, LLC
Assets Sold:Real estate only
Property Rights:Fee Simple
% of Interest Conveyed:100.00
Financing:Cash to seller - buyer
obtained financing
Terms of Sale:Financing from Florida
Federal Land Bank
Associates, FLCA. Mortgage
included several other
properties owned by
Bondou Acres.
Document Type:Warranty Deed
Recording No.:Instr. #2016000021816
Verified By:Julian Stokes, MAI, CCIM
Verification Date:10/11/2017
Confirmation Source:Nydia Centeiro, Prodigy FL
Verification Type:Confirmed-Seller Broker
Sale Analysis
Current Use at T.O.S.: vacant pasture and woods
Improvement and Site Data
MSA:Cape Coral - Ft Myers
Lengthy Metes & Bounds;
Folio 10435718
Legal/Tax/Parcel ID:
20.04/20.04Acres(Usable/Gross):
872,942/872,942Land-SF(Usable/Gross):
Usable/Gross Ratio:1.00
Shape: Rectangular
Topography:Level
Vegetation:Trees and grasses
Corner Lot:No
Frontage Feet: 824
Frontage Desc.:small dirt road off of
Wildcat Drive.
Frontage Type:2 way, 1 lane each way
Traffic Control at Entry:None
Traffic Flow:Low
AccessibilityRating:Average
Bondou Acres
Land Sale Profile Sale No. 3
Improvement and Site Data (Cont'd)
Visibility Rating:Average
Zoning Code: AG-2
Zoning Desc.:Agricultural
Flood Plain: Yes
Flood Zone: An area that is determined
to be outside the 100 a
Flood Area(SF):872,942
Flood Zone Designation:X
Comm. Panel No.:125124-12071C0650F
Date:08/28/2008
Utilities:Electricity, Telephone
Utilities Desc.:Electric and telephone to
site. Sewer will be via
septic and drain field
system and water by well.
Source of Land Info.:Public Records
Comments
Brightlite Homes purchased the property out of
foreclosure via a Certificate of Title dated November 9,
2015. Indicated acquisition price was $65,800. According
to the sales agent, Nudia Centeio, Brightlite acquired the
property at auction. The property was listed shortly
thereafter and sold to an adjacent land owner. This sale
was verified to be an arm's length sales transaction.
Bondou Acres
Land Sale Profile Sale No. 4
Location & Property Identification
Bovine BreezeProperty Name:
Sub-Property Type:Specialty, Undeveloped
Agricultural
21230 Corkscrew Rd.Address:
Estero, FL 33928City/State/Zip:
LeeCounty:
Submarket:Estero
RuralMarket Orientation:
South side of Corkscrew
Road approximately 11
miles east of I-75
Property Location:
Sale Information
$1,350,000Sale Price:
$1,350,000Effective Sale Price:
12/21/2016Sale Date:
Recording Date:12/29/2017
Sale Status:Closed
$/SF GBA:$450.00
$/SF NRA:$540.00
Eff. Price/Unit:$1,350,000 /Unit
$/Acre(Gross): $6,750
$/Land SF(Gross): $0.15
$/Acre(Usable):$6,750
$/Land SF(Usable): $0.15
$/Land SF(Potential): $450.00
Grantor/Seller:Regwin, Schmidt Landing, &
Schmidt Downs, LLC
Grantee/Buyer:Bovine Breeze LLC
Assets Sold:Real estate only
Property Rights:Fee Simple
% of Interest Conveyed:100.00
Financing:Cash to seller
Terms of Sale:Dows not appear to be
financing involved in
transaction.
Document Type:Warranty Deed
Recording No.:2016000273094
Verified By:Julian Stokes, MAI, CCIM
Verification Date:10/16/2017
Confirmation Source: Todd Holman, Woodyard &
Associates
Verification Type:Confirmed-Seller Broker
Improvement and Site Data
MSA:Cape Coral - Ft Myers
Lengthy M&B; Folio(s)
10435854, 10531526,
10435850
Legal/Tax/Parcel ID:
GBA-SF: 3,000
NRA-SF: 2,500
200.00/200.00Acres(Usable/Gross):
8,712,000/8,712,000Land-SF(Usable/Gross):
Usable/Gross Ratio:1.00
Year Built: 1985
Property Class: C
M&S Class: D
Construction Quality: Average
Improvements Cond.:Fair
Exterior Walls:Wood siding
Construction Desc.: Average quality
construction, home in fair
condition
No. of Buildings/Stories:2/2
Multi-Tenant/Condo.:No/No
Bovine Breeze
Land Sale Profile Sale No. 4
Improvement and Site Data (Cont'd)
Shape: Irregular
Topography:Level
Vegetation:Trees and grasses
Corner Lot:No
Frontage Feet: 2651
Frontage Desc.:Corkscrew Road
Frontage Type:2 way, 1 lane each way
Traffic Control at Entry:None
Traffic Flow:Moderate
AccessibilityRating:Average
Visibility Rating:Above average
Density-Unit/Gross Acre: 0.01
Density-Unit/Usable Acre: 0.01
Zoning Code: AG-2
Zoning Desc.:Agricultural
Environmental Issues: Yes
Environmental Desc.: Typical areas of depression
Flood Plain: Yes
Flood Zone: Area deemed to be outside
of the 100 and 500 year
Flood Area(SF):8,712,000
Flood Zone Designation:X
Comm. Panel No.:125124-12071C0650F
Date:08/28/2008
Utilities:Electricity, Water Well
Irrigation, Water Well
Potable, Sewer, Telephone,
CableTV
Utilities Desc.:Electric and Telephone,
Sewer, well, Water
Source of Land Info.:Public Records
Comments
2013 this property was part of foreclosure lis pendens by
FL Comm. Bank against a portfolio of properties. 9/2015 FL
Comm. Bank modified released lis pendens on this
property and refinanced as a single collateral parcel,
mortgage amount of $1,460,000. Property listed for sale in
2015/2016 by Woodyard & Associates. Listing appears to
have expired in late 2016.
Large acreage parcel with FAA approved air field, air
plane hangar and fueling station.
Bovine Breeze
Land Sale Profile Sale No. 5
Location & Property Identification
Simon Lazy D Farm PropertyProperty Name:
Sub-Property Type:Specialty, Undeveloped
Agricultural
20701 Lazy D Farm Rd.Address:
Exteror, FL 33928City/State/Zip:
LeeCounty:
Submarket:Estero
RuralMarket Orientation:
Eastern Rural Lands - Lee
County - South of Corkscrew
Rd and east of Lazy D Farm
Rd
Property Location:
Sale Information
$260,000Sale Price:
$260,000Effective Sale Price:
04/27/2017Sale Date:
Recording Date:05/09/2017
Sale Status:Closed
$/Acre(Gross): $13,000
$/Land SF(Gross): $0.30
$/Acre(Usable):$13,000
$/Land SF(Usable): $0.30
Grantor/Seller:Richard F and Christine M
Schulter
Grantee/Buyer:Simon Pablo Esteban
Assets Sold:Real estate only
Property Rights:Fee Simple
% of Interest Conveyed:100.00
Financing:All cash
Terms of Sale:No recorded mortgage -
cash to seller
Document Type:Warranty Deed
Recording No.:Instr 2017000100087
Verified By:Julian Stokes, MAI, CCIM
Verification Date:10/11/2017
Confirmation Source:Grantee, Mr. Esteban
Verification Type:Confirmed-Buyer
Sale Analysis
Current Use at T.O.S.: Vacant, undeveloped
Former Use:Same
Proposed Use Change: No
Improvement and Site Data
MSA:Ft Myers/Cape Coral
S 1/2 of NE 1/4 of SE 1/4 Sec.
28, Twn. 46, Rgn. 27, Lee Co.
FL, with easements
Legal/Tax/Parcel ID:
20.00/20.00Acres(Usable/Gross):
871,200/871,200Land-SF(Usable/Gross):
Usable/Gross Ratio:1.00
Shape: Rectangular
Topography:Level
Vegetation:Grass and shrubs
Corner Lot:No
Frontage Feet: 660
Frontage Desc.:Paved, asphalt - 2 land
Frontage Type:2 way, 1 lane each way
Traffic Control at Entry:None
Traffic Flow:Low
AccessibilityRating:Average
Visibility Rating:Average
Simon Lazy D Farm Property
Land Sale Profile Sale No. 5
Improvement and Site Data (Cont'd)
Zoning Code: A-2
Zoning Desc.:Agriculture
Flood Plain: Yes
Flood Zone: Zone X - Area in out of flood
hazard area determin
Flood Area(SF):871,200
Flood Zone Designation:X
Comm. Panel No.:125124-12071C0650F
Date:08/28/2008
Utilities:Electricity, Telephone
Utilities Desc.:Electric, telephone to site,
septic and drain field
system and well (not
on-site)
Source of Land Info.:Public Records
Simon Lazy D Farm Property
Land Sale Profile Sale No. 6
Location & Property Identification
CCW82 FarmProperty Name:
Sub-Property Type:Specialty, Undeveloped
Agricultural
3440 SR 82Address:
Immokalee, FL 34142City/State/Zip:
CollierCounty:
Submarket:Outlying Collier
County/Wagon Wheel
RuralMarket Orientation:
North Collier County, north
of the town of Immokalee,
1.75 miles NW of SR 29 and
4 miles SE of Corkscrew Rd
Property Location:
Sale Information
$1,500,000Sale Price:
$1,500,000Effective Sale Price:
Recording Date:03/21/2017
Contract Date:10/12/2017
Listing Price:$1,900,000
Listing Date:10/15/2015
Sale Status:Closed
$/SF GBA:$468.75
$/Acre(Gross): $7,500
$/Land SF(Gross): $0.17
$/Acre(Usable):$7,500
$/Land SF(Usable): $0.17
$/Land SF(Potential): $468.75
Grantor/Seller:SR 82 Land Holdings, LLC
Grantee/Buyer:CCW82, LLC
Assets Sold:Real estate only
Property Rights:Fee Simple
% of Interest Conveyed:100.00
Exposure Time:18 (months)
Financing:All cash
Terms of Sale:No financing, this appears
to have been an all cash
transaction
Document Type:Warranty Deed
Recording No.:Instr. #5380965; 5374-645
Verified By:Julian Stokes, MAI, CCIM
Verification Date:10/12/2017
Confirmation Source:Mr. Cullen Wlaker
Verification Type:Confirmed-Buyer
Sale Analysis
Current Use at T.O.S.: Farm, Tree and Vegetable
Improvement and Site Data
MSA:Naples-Marco Islane
Lengthy metes & bounds,
PID 00063440005 and
00063520006
Legal/Tax/Parcel ID:
GBA-SF: 3,200
200.00/200.00Acres(Usable/Gross):
8,712,000/8,712,000Land-SF(Usable/Gross):
Usable/Gross Ratio:1.00
Shape: Irregular
Topography:Level
Vegetation:Minimal
Corner Lot:Yes
Frontage Feet: 2150
CCW82 Farm
Land Sale Profile Sale No. 6
Improvement and Site Data (Cont'd)
Frontage Desc.:SR 82 and Lamar Rd
Frontage Type:2 way, 1 lane each way
Traffic Control at Entry:None
Traffic Flow:Moderate
AccessibilityRating:Average
Visibility Rating:Above average
Zoning Code: A-MHO/RLSA
Zoning Desc.:Agricultural/Mobile
Home/Rural Stewardship
Overlay
Flood Plain: Yes
Flood Zone: Area inundated by 100 year
flooding
Flood Area(SF):8,712,000
Flood Zone Designation:AH
Comm. Panel No.:120067-12021C0130H
Date:05/16/2012
Utilities:Electricity, Water Well
Irrigation, Telephone
Utilities Desc.:Agricultural wells, electric,
sewer will have to be by
septic and drain field
system,
Source of Land Info.:Public Records
Comments
This is an active farm of Sylvester Palms and vegetable
row crops.
Active farm land consisting of approximately 85 acres of 4'
to 6' palms (Sylvester), 50 acres active row vegetables,
and approximately 65 acres of non-active farmland.
Parcel is bounded by SR 82 on the north and Lamar Rd
(3,229') on the west. There are 2 access points are off of
SR 82.
CCW82 Farm
Addendum C
Engagement Letter
Purchase Order number must appear on all related
correspondence, shipping papers and invoices:
Printed 08/10/2017 @ 13:56:14 Page 1 of 1313-163673-631650-60016.24
Collier County Board of County Commissioners
Procurement Services Division
Phone: 239-252-8407
Fax: 239-732-0844
Tax Exempt: 85-8015966531C-1
Collier County Board of County Commissioners
Attn: Accounts Payable
3299 Tamiami Trl E Ste 700
Naples FL 34112-5749
OR email to: bccapclerk@collierclerk.com
Send all Invoices to:
VENDOR Terms and Conditions
The VENDOR agrees to comply with all Purchase Order Terms and Conditions as outlined on the Collier County Procurement Services Division site:
http://purchasing.colliergov.net/Purchasing%20Policy/Forms/AllItems.aspx, including delivery and payment terms. Further the VENDOR agrees to:
1. Provide goods and services outlined in this Purchase Order with the prices, terms, delivery method and
specifications listed above.
2. Notify department Immediately if order fulfillment cannot occur as specified.
3. Send all invoices to:
Collier County Board of County Commissioners
Attn: Accounts Payable
3299 Tamiami Trl E Ste 700
Naples FL 34112-5749
OR email to: bccapclerk@collierclerk.com
The Purchase Order is authorized under direction of Collier County Board of County Commissioners by:
Edward F. Coyman Jr, Director, Procurement Services Division
125123Vendor #
ARC REALTY ADVISORS INC
4795 ENTERPRISE AVE
NAPLES FL 34104
Purchase order
4500179810PO Number 08/10/2017Date
TECM AdminContact Person
GROWTH MANAGEMENT DIVISION C&M
IN HOUSE DESIGN
2885 S HORSESHOE DR
NAPLES FL 34104
Please deliver to:
Delivery Date: 09/30/2017
Net 30 DaysTerms of Payment
Item Material Description Order Qty Unit Price Per Unit Net Value
00010 Corkscrew Rd Appraisal -Parcel 354FEE 2,500 EA 1.00 2,500.00
2,500.00USDTotal net value excl. tax