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Agenda 01/22/2019 Item #11A
01/22/2019 EXECUTIVE SUMMARY Recommendation to provide further direction on pursuing A-Category properties from the Conservation Collier ninth acquisition cycle. OBJECTIVE: To obtain direction on making offers to property owners and pursue acquisition of A - Category properties in the ninth acquisition cycle for the Conservation Collier Program. CONSIDERATION: On April 24th, 2018, the Conservation Collier ninth-cycle proposed Active Acquisition List (AAL) was presented to the Board of County Commissioners (Board). At that time, a decision was made by the Board for staff to pursue the Gore and Hack properties and return to the Board in July 2018 for a decision on the remainder of the AAL. Staff has completed the process of acquiring the Gore property. On July 10, 2018, the remainder of the properties on the proposed AAL were presented to the Board, which approved an additional seven (7) projects and determined a priority order for acquisition (see attached July 10, 2018 Board-approved AAL). Staff was directed to bring back more information for the additional seven (7) projects and return to the BCC with the findings. The table below shows the appraised values, expended due diligence costs, and any (still) estimated closing costs for these properties: Several properties warrant efforts to make sure the Board is aware of specific issues. These include: Hack Property On April 24, 2018, Agenda Item 11B, the Board approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC) recommended Cycle 9 - Active Acquisition List (AAL), with changes, and directed staff to actively pursue acquisition of the Gore and Hack properties under the Conservation Collier Program. Offers were made to property owners, and the Hack offer was declined. The Sellers’ property contains approximately 28.46 acres located adjacent to the Royal Harbor community and the City of Naples/Unincorporated County boundary and consist of a Conservation Easement on the southern parcel. In accordance with the approved Conservation Collier Purchasing Policy, the purchase price of $260,000 was based upon an appraisal prepared by an independent, state-certified, general real estate appraiser. The cost to obtain appraisals was $2,300. However, at the November 13, 2018, Agenda Item 10A, the 11.A Packet Pg. 211 01/22/2019 Board requested that a second appraisal be completed by an independent, state-certified, general real estate appraiser. The cost of the second appraisal is $2,450. Based on the average of the two appraisals, the purchase price of $270,000, will be offered. Hack property history This mangrove area is part of the original Sandpiper Bay Club condominium project under Site Development Plan (SDP) 86-013. The SDP shows that the development stayed outside of the wetland jurisdictional area. The wetland mangrove area was not turned over to the Condominium association as is traditionally done. Subsequently, the developer did not pay taxes on the wetland mangrove portion of the Sandpiper Bay Club project. In March 2001 the two properties were sold in a tax sale f or approximately $1000 each to Hack Living Trust (OR Book 2793 PG 38 & 43). In 2003 the property owner applied to sell the properties to Conservation Collier, at which time it was decided not to purchase the property. Notable information related to this property is: - The entire property consists solely of mangroves and water - There is no existing access or parking area. Further, mangroves are generally not accessible without building a boardwalk. Staff has estimated a boardwalk to cost upwards of $1 million for mitigation, permits, and construction. Costs were estimated using the Gordon River Greenway costs as a guide. Depending on width, the cost would be between $510,000 and $900,000 (ICSR report, pg. 17). - Since this property was originally used for the density for the Sandpiper Bay Club Condominiums, 6 units of density remain. See SDP attached. Barron Collier Partnership LLLP - Sanitation/Bethune The Sanitation property contains the 16-acre closed Eustis Avenue Landfill. This has always been a County Landfill, so the County has always had some measure of liability, but if acquired, the County will have all the liability. This is an unlined landfill that was closed in 1992 and was released from Long Term Care by the Florida Department of Environmental Protection (FDEP) in 2012. Staff ordered a Phase 1 Environmental Site Assessment (ESA). The consultant has advised, after discussions with FDEP, that if no development of the site or disturbance of the landfill is planned, there is no need to retest groundwater. However, one CCLAAC member who has experience in chemical waste management has repeatedly expressed concerns relating to the possible presence of asbestos in the landfill. His concern was expressed again at the 12/3/18 CCLAAC meeting and echoed by another member. The consultant found three (3) Recognized Environmental Conditions (REC): localized household debris dumping on the edges, debris in the slough and a questionable 8,600-gallon above-ground-storage tank and smaller (1,500-gallon) transfer tank on Immokalee Water and Sewer property but was told it was used by a farmer to store and transfer molasses for cattle. The consultant did not recommend further groundwater testing unless hazardous substances were found during removal of debris. It is also worthwhile noting that Immokalee Water and Sewer District, when contacted about the potential purchase early in the review, advised they might ask for help maintaining the lime rock Sanitation Road, that they do have concerns regarding the security of wells and ponds on the adjacent parcel, and that in that regard, they would not want the public to have access to Sanitation Road. 11.A Packet Pg. 212 01/22/2019 Half Circle L Ranch Providing public access to the portions offered will require: - Access Easement - The owners will provide a public easement at no charge to the County but would ask that the County assist with annual road grading. An easement can be developed prior to purchase. - New 20’ wide lime rock road construction of approx. 1.5 miles - $115,350 - Annual maintenance by the County of approx. 4.5 miles of lime rock roads - $15,000 - Parking area - construction for a 10-vehicle lime rock parking area - $25,000 A ballpark estimate to provide access would be approximately $180,350 and $15,000/year thereafter if the road maintenance/grading was done in-house and $45,000/year if done by a private vendor. Owners are also requesting the County fence the access road at an estimated cost of $153,760. Barron Collier Partnership LLLC - Big Hammock Area 1 This parcel contains an inactive oil well. Staff ordered a Phase I ESA to determine if there are any pollution concerns. The Phase I ESA found three (3) recognized environmental conditions (RECs): the cattle pen, a staging area, and ag fields, but did not consider the oil well a concern. Further soil and groundwater testing was recommended at a cost of $21,100. Barron Collier Partnership LLLC - Big Hammock Area 2 This area is part of SSA #13 and has had credits removed. No environmental testing was done, as this area is a marsh and has not been used in the past for anything other than cattle forage in dry season. The appraisals were significantly higher than estimated, with an average value for both parcels of $4,184,000. The approximate area offered is also listed with Fayranches.com for $6,900,000. The CREW Trust is willing to partner for these acquisitions, offering $10,000 towards the purchase price of Area 1 and $5,000 towards the purchase of Area 2 (CREW Trust partnership offer letter attached). 11.A Packet Pg. 213 01/22/2019 ADVISORY COMMITTEE RECOMMENDATIONS: On April 9th, 2018, the CCLAAC met in a public meeting and selected qualified acquisition proposals for Board consideration. These included (in some cases portions of) all but one (1) of the offered ten (10) properties. These nine (9) properties totaled 3,620.58 acres and were projected to cost $12,519,606. FISCAL IMPACT: On April 24, 2018, the Board authorized the acquisition of two (2) of the recommended properties, Hack and Gore, utilizing $1,000,000 from Conservation Collier maintenance reserves and asked staff to bring the list back in July. On July 10, 2018 (Agenda Item #11D), the remainder of the AAL as recommended by CCLAAC was approved by the Board and given priority designations. Before that action the Board discussed, and a majority supported at that time, the use of existing Conservation Collier Fund (174) maintenance reserves which currently total $30,873,200 to purchase any approved A-category properties. The additional recommended A-category properties (beyond Gore) discussed in this report total 3423.25 acres, and, along with the 168-acre Gore property, represent an 87% increase over current holdings. The total estimated cost for land acquisition in cycle 9, including Gore, was estimated to be $12,454,776. Appraised values came in at $18,105,500. The Gore property was acquired in November with costs of $720,000 for acquisition and another $15,500 for closing costs. To date, the expended costs for appraisals and environmental assessments for the remaining eight properties are approximately $75,300. If all eight (8) properties are purchased, the closing costs are estimated to be $69,200. The cost of the land would be $17,385,500 if purchased at the appraised value. In addition, maintenance reserves would also be used to fund initial exotic removal of newly acquired properties which could total as much as $2,890,000 (excluding Gore as initial management funds are already budgeted in FY19), with an additional estimated maintenance cost of $653,000 annually (including Gore). Further, the additional property acquisitions would require additional recurring personnel costs of up to three (3) additional staff. The reduction of perpetual maintenance reserves connected with just the cycle 9 acquisitions, including the Gore acquisition, would total $18,265,400. Also, previously discussed by the Board was the replenishment of any expended maintenance reserves which would occur upon a successful referendum reinstating the program or in the alternative, should a referendum be unsuccessful, through a one-time increase in the general fund millage rate. The millage rate necessary to raise $18,265,400 based upon today’s taxable value is approximately .2107 per $1,000 of taxable value. If all parcels discussed in this report are acquired and reserves not restored, and no other funding or level of service accommodations are provided, remaining reserves could be reduced to zero (0) in as little as fifteen (15) years. The prudent fiscally conservative strategy from OMB's perspective remains preserving maintenance 11.A Packet Pg. 214 01/22/2019 dollars until the Conservation Collier program is officially restarted either through referendum or action of the Board establishing a dedicated funding source. To execute the proposed acquisitions, based on Board direction, Budget Amendments moving monies from Conservation Collier Maintenance Fund (174) reserves to Conservation Collier Acquisition Fund (172) will be required. Initial exotic removal costs will be requested in the FY20 and FY21 Budgets. GROWTH MANAGEMENT IMPACT: Fee-simple acquisition of conservation lands is consistent with and supports Policy 1.3.1(e) in the Conservation and Coastal Management Element of the Collier County Growth Management Plan. LEGAL CONSIDERATIONS: The Conservation Collier Ordinance (No. 2002-63, as amended), in Section 11, provides a legal framework for the development of the Active Acquisition List. Recommendation to acquire A-List properties on the Active Acquisition List falls within this legal framework. -JAB RECOMMENDATION: For the Board of County Commissioners to provide further direction regarding the acquisition of those properties listed within the A-category. Prepared By: Summer Araque, Principal Environmental Specialist, Parks and Recreation Division ATTACHMENT(S) 1. BCC Approved Cycle 9 updated 1-8-19 (PDF) 2. CREW_Trust_support_Barron_Collier_Partnership parcels.October_2018 (PDF) 3. (linked) SDP - Sandpiper Bay Club SDP 86-013 (PDF) 4. (linked) Appraisals (PDF) 5. Appraisal - Berman (PDF) 6. (linked) Initial Screening Criteria Reports (ICSR) (PDF) 7. Property Summaries (PDF) 8. (linked) Hack-1st appraisal report (PDF) 9. (linked) Hack property summary, appraisals & ICSR (PDF) 10. (linked) Map A-List properties (PDF) 11.A Packet Pg. 215 01/22/2019 COLLIER COUNTY Board of County Commissioners Item Number: 11.A Doc ID: 7133 Item Summary: Recommendation to provide further direction on pursuing A-Category properties from the Conservation Collier ninth acquisition cycle. (Barry Williams, Director, Parks and Recreation Division) Meeting Date: 01/22/2019 Prepared by: Title: Operations Analyst – Parks & Recreation Name: Matthew Catoe 01/10/2019 1:26 PM Submitted by: Title: Division Director - Parks & Recreation – Parks & Recreation Name: Barry Williams 01/10/2019 1:26 PM Approved By: Review: Parks & Recreation Ilonka Washburn Additional Reviewer Completed 01/11/2019 7:39 AM Parks & Recreation Barry Williams Additional Reviewer Completed 01/11/2019 8:58 AM Public Services Department Kimberley Grant Level 1 Reviewer Completed 01/11/2019 3:51 PM Public Services Department Todd Henry Level 1 Division Reviewer Completed 01/14/2019 7:52 AM Parks & Recreation Summer BrownAraque Additional Reviewer Completed 01/14/2019 11:07 AM County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 01/14/2019 11:22 AM Public Services Department Steve Carnell Level 2 Division Administrator Review Completed 01/15/2019 3:32 PM County Attorney's Office Michael Cox CAO Preview Skipped 01/15/2019 3:59 PM Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 01/15/2019 4:11 PM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 01/15/2019 4:27 PM Budget and Management Office Ed Finn Additional Reviewer Completed 01/16/2019 1:43 PM County Manager's Office Leo E. Ochs Level 4 County Manager Review Completed 01/16/2019 1:57 PM Board of County Commissioners MaryJo Brock Meeting Pending 01/22/2019 9:00 AM 11.A Packet Pg. 216 BCC Cycle 9 Approved July 10, 2018Active Acquisition ListUpdated 1-14-2019 with Appraisals and Current StatusSize (ac)Estimated Value Appraised ValueProposed List CategoryPriority Designation for "A" Category PropertiesStatus28.46 $108,000 $270,000 A1BCC voted 1-8-19 not to pursue at this time168.87 $811,170 $720,000 A 2Purchased November 201828.70 $631,400 $860,000 A 3400.65 $1,117,100 $4,800,000 A 42.34 $16,146 $18,500 A 537.16 $2,266,760 $1,580,000 A 61,920.00 $5,760,000 $5,857,000 A 7235.00 $545,200 $1,975,000 A 8799.40 $1,199,000 $2,025,000 A 93,620.58 $12,454,776 $18,105,50098.00 $813,670An/a - financed by donations*77.40 $967,500An/a - financed by donations*175.40 $1,781,1703,795.98 $16,017,1161,450.00 $4,350,000 B77.99 $4,212,000 B1,527.99 $8,562,0006.70 $52,930 C6.70 $52,930Robert H. Gore EstateHalf Circle L Ranch - 1,920 AcresBarron Collier Partnership LLLC - Area IBarron Collier Partnership LLLC - Area IIProperty Name Green & Green Investments Inc.Hack Living TrustI-75 Berman TrustSD Corp/Cypress Landings II - Parcels 2 & 3Scheduled to be discussed by BCC 1-22-2019A-LIST TOTALBarron Collier Partnership LLLCNGGE Unit 53 Multi-parcel Project (remaining)A-LIST SUBTOTALCycle 8 & Multi‐parcel Projects totalWinchester Head Multi-parcel Project (remaining)I-75 - MayrC-LIST SUBTOTAL B-LIST SUBTOTAL Half Circle L Ranch - 3,370 AcresSD Corp/Cypress Landings II - Parcel 1Updated after 1-8-2019 BCC meeting 11.A.1Packet Pg. 217Attachment: BCC Approved Cycle 9 updated 1-8-19 (7133 : Conservation Collier Ninth Acquisition Cycle) 11.A.2 Packet Pg. 218 Attachment: CREW_Trust_support_Barron_Collier_Partnership parcels.October_2018 (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 1 of 16 APPRAISAL OF REAL PROPERTY N150' Tr 76 Desoto Blvd S Naples, FL 34120 N150' of Tract 76, Golden Gate Estates Unit 91, Plat Book 5, Page 30. Collier County Facilities Mgmt. 3335 Tamiami Trail E, Ste 101 Naples, FL 34112 09/27/2018 Lawrence G LaCroix, SRA ‚» fi¿•›¿· ˝‚–» †‰ 2335 TAMIAMI TRAIL N., SUITE 201 NAPLES, FL 34103 (239) 435-1111 Larry@asinaples.com Form GA2NV - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE LOCATED AT FOR AS OF BY 11.A.5 Packet Pg. 219 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 2 of 16 38730R.F. Berman Rev Tr of 2012 N150' Tr 76 Desoto Blvd S Naples Collier FL 34120 Collier County Facilities Mgmt. Cover Page .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Table of Contents .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... GP Land .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Additional Comparables 4-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... General Text Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... GP Land Certifications Addendum .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Plat Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Subject Photos .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photos 1-3 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Comparable Photos 4-6 .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Aerial Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Location Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... County Map .................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 1 2 3 5 6 8 10 11 12 13 14 15 16 Form TOCP3X5 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Owner Client File No. Property Address City County State Zip Code TABLE OF CONTENTS 11.A.5 Packet Pg. 220 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Appraisal Report Internal Order No. 38730 Page # 3 of 16THE APPRAISAL SHOPPE, INC. (239)435-1111 PO#4500189239 38730LAND APPRAISAL REPORT N150' Tr 76 Desoto Blvd S Naples FL 34120 Collier N150' of Tract 76, Golden Gate Estates Unit 91, Plat Book 5, Page 30. 41506800006 2017 156.22 unknown Golden Gate Estates 34940 12021-0104.13 R.F. Berman Rev Tr of 2012 N/A Platted Subdivision 0 Vacant site to provide an opinion of the market value of the subject property as defined herein in order to assist the Client named below in establishing the market value for a potential purchase by Collier County. Collier County Board of County Commissioners Collier County Facilities Mgmt.3335 Tamiami Trail E, Ste 101, Naples, FL 34112 Lawrence G LaCroix, SRA 2335 Tamiami Trail N, Suite 201, Naples, FL 34103 One-Unit Housing 125 600 250 0 40 20 83 0 0 2 Other 15 Golden Gate Estates is a sprawling rural subdivision, see full Neighborhood Comments on addendum as well as additional comments in this section. The subject is located in a sparsely developed fringe area. Future development will be limited due to wetlands issues and purchase of unimproved sites by Collier County. See additional wetlands comments in Addenda. Supply and demand appear to be in balance, and most well priced properties will be sold in a reasonable amount of time. Indicated exposure time for the subject is 6-12 months. 150' X 680'2.34 ac Acres E Estate, 2.25 acres minimum site area Single Family Residential, Single Family w/Guest House, Outbuildings. n/a Single Family home or combinations above. vacant building site vacant building site "Highest and Best Use" of the subject site would be to construct a good quality single family home consistent with competing properties in the neighborhood, conditioned upon surviving a wetlands determination with remaining buildable land. See full Highest & Best Use comments in Addenda. FP&L Private Tanks Well Required Septic Required None Unknown Unknown standard asphalt none none none none 150' generally flat average rectangular may be subject to flooding woods/subdivision AH 12021C0445H 05/16/2012 The subject is a typical acreage site in the Golden Gate Estates subdivision. Site has not been cleared nor filled and will need a wetlands determination to verify that there is buildable area available. See additional comments in Addenda. Form GPLND - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:SUBJECTProperty Address:City:State:Zip Code: County:Legal Description: Assessor's Parcel #:Tax Year:R.E. Taxes: $Special Assessments: $ Market Area Name:Map Reference:Census Tract: Current Owner of Record:Borrower (if applicable): Project Type (if applicable):PUD De Minimis PUD Other (describe)HOA: $per year per month Are there any existing improvements to the property?No Yes If Yes, indicate current occupancy:Owner Tenant Vacant Not habitable If Yes, give a brief description:ASSIGNENTThe purpose of this appraisal is to develop an opinion of:Market Value (as defined), or other type of value (describe) This report reflects the following value (if not Current, see comments):Current (the Inspection Date is the Effective Date)Retrospective Prospective Property Rights Appraised:Fee Simple Leasehold Leased Fee Other (describe) Intended Use: Intended User(s) (by name or type): Client:Address: Appraiser:Address:ARKETAREADESCRIPTIONCharacteristics Location:Urban Suburban Rural Built up:Over 75%25-75%Under 25% Growth rate:Rapid Stable Slow Property values:Increasing Stable Declining Demand/supply:Shortage In Balance Over Supply Marketing time:Under 3 Mos.3-6 Mos.Over 6 Mos. PredominantOccupancy Owner Tenant Vacant (0-5%) Vacant (>5%) PRICE $(000) Low High Pred AGE (yrs) Present Land Use One-Unit % 2-4 Unit % Multi-Unit % Comm'l % % % Change in Land Use Not Likely Likely *In Process * * To: Factors Affecting Marketability Good Average Fair Poor N/AItem Employment Stability Convenience to Employment Convenience to Shopping Convenience to Schools Adequacy of Public Transportation Recreational Facilities Item Good Average Fair Poor N/A Adequacy of Utilities Property Compatibility Protection from Detrimental Conditions Police and Fire Protection General Appearance of Properties Appeal to Market Market Area Comments:SITEDESCRIPTIONDimensions:Site Area: Zoning Classification:Description: Do present improvements comply with existing zoning requirements?Yes No No Improvements Uses allowed under current zoning: Are CC&Rs applicable?Yes No Unknown Have the documents been reviewed?Yes No Ground Rent (if applicable)$/ Comments: Highest & Best Use as improved:Present use, or Other use (explain) Actual Use as of Effective Date:Use as appraised in this report: Summary of Highest & Best Use: Utilities Public Other Provider/Description Off-site Improvements Type Public Private Electricity Gas Water Sanitary Sewer Storm Sewer Telephone Multimedia Street Width Surface Curb/Gutter Sidewalk Street Lights Alley Frontage Topography Size Shape Drainage View Other site elements:Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe) FEMA Spec'l Flood Hazard Area Yes No FEMA Flood Zone FEMA Map #FEMA Map Date Site Comments: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 11.A.5 Packet Pg. 221 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 4 of 16 PO#4500189239 38730LAND APPRAISAL REPORT Southwest Florida MLS/Public Records There were no closed sales of the subject property within the last three years and no current listing of the subject property was found in the local Southwest Florida MLS. N150' Tr 76 Desoto Blvd S Naples, FL 34120 Acre plats/inspection N/A Fee Simple Golden Gate U-91 2.34(in Acres) View woods/subd. Improvements vacant site 4385 30th Ave SE Naples, FL 34120 1.14 miles N 18,500 8,149.78 SWFLMLS#217004334;DOM 527 Collier County OR 5543-2558 cash 7/18 CD 0 Fee Simple Golden Gate U-91 2.27 0 woods/subd. vacant site Net % Gross %18,500 4220 20th Ave SE Naples, FL 34120 2.35 miles N 19,000 8,370.04 SWFLMLS#216056814;DOM 450 Collier County OR 5461-582 cash 12/17 CD 0 Fee Simple Golden Gate U-85 0 2.27 0 woods/subd. vacant site Net % Gross %19,000 4241 36th Ave SE Naples, FL 34120 0.58 miles NW 15,000 5,494.51 SWFLMLS#217005659;DOM 252 Collier County OR 5461-405 cash 12/17 CD 0 Fee Simple Golden Gate U-91 2.73 0 woods/subd. vacant site Net % Gross %15,000Adjusted Sale Price (in $) +(-) $ Adjust +(-) $ Adjust +(-) $ Adjust All of the comparable sales were located in the area surrounding the subject and were selected based on the apparent similarity in terms of wetlands potential. Comp #1 was very similar to the subject in terms of size. Comp #1 has similar topographical features and the adjacent site was identified as having wetlands potential and was given the most weight in the final conclusion of value. Comp #2 appears to have similar potential for wetlands issues and was also similar in size. Comp #3 has defined wetlands in the DEP report, so it was given slightly less weight since this disclosure prior to contract would likely have impacted marketability. *See Supplemental Comps #4&5. Golden Gate Estates none nearby. 18,500 or $7,905.98 per Acre Market Data Analysis (Direct Sales Comparison Approach) is the only applicable approach in the valuation of a single vacant residential building site. Cost Approach and Income Approach were not applicable, see Addendum. See Attached Statement of Limiting Conditions and Appraiser's Certifications. 18,500 09/27/2018 16 Scope of Work Limiting cond./Certifications Narrative Addendum Location Map(s)Flood Addendum Additional Sales Photo Addenda Parcel Map Hypothetical Conditions Extraordinary Assumptions Collier County Facilities Mgmt. 3335 Tamiami Trail E, Ste 101, Naples, FL 34112 Lawrence G LaCroix, SRA The Appraisal Shoppe, Inc. (239) 435-1111 x2 (239) 435-1095 Larry@asinaples.com 10/05/2018 CERT RES RD1112 FL 11/30/2018 09/27/2018 Form GPLND - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:TRANSFERHISTORYMy research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal. Data Source(s): 1st Prior Subject Sale/Transfer Date: Price: Source(s): 2nd Prior Subject Sale/Transfer Date: Price: Source(s): Analysis of sale/transfer history and/or any current agreement of sale/listing:SALESCOPARISONAPPROACHFEATURE SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address Proximity to Subject Sale Price $$$$ Price/$$$$ Data Source(s) Verification Source(s) VALUE ADJUSTMENT DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site Area Net Adjustment (Total, in $)+++$ $ –––$ $ $ $ Summary of Sales Comparison Approach PUDPROJECT INFORMATION FOR PUDs (if applicable)The Subject is part of a Planned Unit Development. Legal Name of Project: Describe common elements and recreational facilities:RECONCILIATIONIndicated Value by: Sales Comparison Approach $ Final Reconciliation This appraisal is made ''as is'', or subject to the following conditions: This report is also subject to other Hypothetical Conditions and/or Extraordinary Assumptions as specified in the attached addenda. Based upon an inspection of the subject property,defined Scope of Work,Statement of Assumptions and Limiting Conditions,and Appraiser’s Certifications, my (our)Opinion of the Market Value (or other specified value type),as defined herein,of the real property that is the subject of this report is: $, as of:,which is the effective date of this appraisal. If indicated above,this Opinion of Value is subject to Hypothetical Conditions and/or Extraordinary Assumptions included in this report.See attached addenda.ATTACH.A true and complete copy of this report contains pages,including exhibits which are considered an integral part of the report.This appraisal report may not be properly understood without reference to the information contained in the complete report,which contains the following attached exhibits:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Did Inspect Did Not Inspect (Desktop) Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory orCo-Appraiser Name: Company: Phone:Fax: E-Mail: Date of Report (Signature): License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Did Inspect Did Not Inspect Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 11.A.5 Packet Pg. 222 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 5 of 16 PO#4500189239 38730ADDITIONAL COMPARABLE SALES N150' Tr 76 Desoto Blvd S Naples, FL 34120 Acre plats/inspection N/A Fee Simple Golden Gate U-91 2.34(in Acres) View woods/subd. Improvements vacant site 3230 Desoto Blvd S Naples, FL 34120 0.78 miles N 15,000 13,157.89 SWFLMLS#218030865;DOM 85 Collier County OR 5544-3996 cash 8/18 CD 0 Fee Simple Golden Gate U-91 1.14 +5,000 woods/subd. vacant site 5,000 Net 33.3 % Gross 33.3 %20,000 4440 36th Ave SE Naples, FL 34120 0.34 miles NW 24,999 9,157.14 SWFLMLS#218001568;DOM1117 Collier County Records no concess. *Listing -10%-2,500 Fee Simple Golden Gate U-91 2.73 0 woods/subd. vacant site -2,500 Net 10.0 % Gross 10.0 %22,499 Net % Gross %Adjusted Sale Price (in $) +(-) $ Adjust +(-) $ Adjust +(-) $ Adjust Comp #4 was a smaller parcel, but was a very recent sale located nearby on Desoto Boulevard, and this site also appears to have similar wetlands potential. Comp #5 was a current listing which has been on the market for over 3 years without a sale, therefore an estimated 10% was deducted to account for anticipated negotiations down from the asking price. This site was slightly larger than the subject, but was located close by and appears to have similar wetlands potential. 4 5 6 Form GPLND.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.:SALESCOPARISONAPPROACHFEATURE SUBJECT PROPERTY COMPARABLE NO.COMPARABLE NO.COMPARABLE NO. Address Proximity to Subject Sale Price $$$$ Price/$$$$ Data Source(s) Verification Source(s) VALUE ADJUSTMENT DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION Sales or Financing Concessions Date of Sale/Time Rights Appraised Location Site Area Net Adjustment (Total, in $)+++$ $ –––$ $ $ $ Summary of Sales Comparison Approach Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 11.A.5 Packet Pg. 223 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) » GOLDEN GATE ESTATES NEIGHBORHOOD COMMENTS CONTINUED: Golden Gate Estates is a sprawling rural subdivision of acreage home sites covering approximately 173 square miles of land area. The subdivision begins 3-4 miles east of Naples and extends 20 or more miles inland to the northeast and southeast of Naples. The area known as "Golden Gate" consists of a central core of standard subdivision-type lots (Golden Gate City) surrounded by a very large acreage "estate" area known as Golden Gate Estates. There are two small commercial hubs in Golden Gate Estates, one located at the intersection of Wilson Boulevard and Golden Gate Boulevard, and another at Immokalee Road and Randall Blvd. There are also a number of small strip commercial centers and supermarkets located in Golden Gate City, and additional supermarkets and shopping within driving distance, but most employment and some services must still be sought in Naples. The rural description of the neighborhood refers mainly to the "country" setting of the long, wooded streets and the character of the subdivision which is primarily 1 to 5 acre home sites. Employment and services are within easy driving distance from many of the "closer-in" units of Golden Gate Estates, but much less convenient to the fringe areas along the eastern edge of Golden Gate Estates. The use of wells and septic systems is not unusual in Golden Gate Estates and this does not adversely affect marketability. [2018] » WETLANDS DETERMINATION WARNING Before a building permit can be issued and a site can be improved in Golden Gate Estates, a professional wetlands determination must be performed. It has been documented in recent years that many sites in the Golden Gate Estates subdivision can be adversely affected by a professional determination if it is found that there ARE areas defined or designated as "wetland" areas within the site boundaries. The Appraiser signing this report is not an expert in the field of environmental and wetland determination matters and is not qualified to make a professional judgment as to whether or not the subject property may contain such wetland areas. The formal determination that the subject site does in fact contain defined wetland area may add additional restrictions to the use of the property, and in the most severe instances may even affect the ability to construct a single family home on a particular site. Any current property owners, as well as potential purchasers of vacant land or improved property in Golden Gate Estates and the surrounding rural areas, could be affected if their particular site is determined to contain any defined wetland areas by an expert in wetlands determination. Based on the North Golden Gate Estates - Informal Wetland Determinations through March 2016 map created by GMD Operations/Digital Plan Review & Application Support, dated 3/15/2016, it appears that the subject site has a high likelihood of containing a substantial amount of wetlands area, however the client is cautioned that only a full DEP wetland evaluation can confirm this. » PREVIOUS APPRAISAL SERVICES: I have performed no 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. Internal Order No. 38730 Page # 6 of 16 Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 38730 R.F. Berman Rev Tr of 2012 N150' Tr 76 Desoto Blvd S Naples Collier FL 34120 Collier County Facilities Mgmt. Owner Client Property Address City County State Zip Code File No. 11.A.5 Packet Pg. 224 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) » HIGHEST AND BEST USE ANALYSIS (Golden Gate Estates Land): The four tests of highest and best use are: (1) legally permissible (2) physically possible (3) financially feasible and (4) most profitable. The first two tests are interchangeable in order and, in many circumstances, the last two are combined. Steps Three and Four (financially feasible/most profitable) cannot be determined until the first two steps are analyzed. Legally Permissible: Current zoning is E (Estate) which allows only single family development on sites that are deemed buildable after a wetlands evaluation. If permits are issued, a future residence on the subject site will have been legally permitted, and therefore it can be assumed that it will have met the zoning requirements at the time of permitting. Physically Possible: The subject site is similar in size to the competing sites nearby, so based on the existing homes in the neighborhood, the potential of future subject improvements and the utilization of the site which would be considered typical for similar sites in the subject neighborhood is possible. Since mitigation is a possible option, even if the site is determined to be partially wetlands, the test of physically possible can potentially be met. Financially Feasible: Any future improvements to the subject site could be assumed to fall within the overall range of quality and finishes typical in those competing homes in the subject neighborhood. Therefore a proposed single family residence commensurate with the competing homes nearby which would represent neither an underimprovement, nor an overimprovement for the neighborhood, would likely be considered financially feasible. In the event that the subject site is restricted substantially by a formal wetlands determination, then any additional development costs or mitigation costs would need to be factored into the evaluation to determine if a new home would be financially feasible. Most Profitable: As discussed above, a future residence that is typical of the competing newer homes in the subject neighborhood would be considered a reasonable improvement for the subject site, and therefore fall within the range of possible profitable improvements to the subject site. In the event that the site is determined to contain wetlands, then any additional mitigation and development costs would need to be weighed to decide if a home could be constructed at a reasonable cost. In conclusion, the subject site, with a new single family home similar to the competing homes nearby would be considered to be the Highest and Best Use of the subject site, conditioned upon the site passing a formal wetlands determination. In the event that the subject site were to be rendered unbuildable, then the Highest and Best Use would revert to green space. [2018] Internal Order No. 38730 Page # 7 of 16 Supplemental Addendum Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 38730 R.F. Berman Rev Tr of 2012 N150' Tr 76 Desoto Blvd S Naples Collier FL 34120 Collier County Facilities Mgmt. Owner Client Property Address City County State Zip Code File No. 11.A.5 Packet Pg. 225 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 8 of 16 PO#4500189239 38730Assumptions, Limiting Conditions & Scope of Work N150' Tr 76 Desoto Blvd S Naples FL 34120 Collier County Facilities Mgmt.3335 Tamiami Trail E, Ste 101, Naples, FL 34112 Lawrence G LaCroix, SRA 2335 Tamiami Trail N, Suite 201, Naples, FL 34103 STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS - The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. - The appraiser may have provided a plat and/or parcel map in the appraisal report to assist the reader in visualizing the lot size, shape, and/or orientation. The appraiser has not made a survey of the subject property. - If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. - The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. - The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. - The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. - The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. - The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. Possession of this report or any copy thereof does not carry with it the right of publication. - Forecasts of effective demand for the highest and best use or the best fitting and most appropriate use were based on the best available data concerning the market and are subject to conditions of economic uncertainty about the future. The SCOPE OF WORK is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. - Data in the appraisal may be collected by the appraiser from a variety of sources including, but not limited to: public records, MLS services, or other identified sources, as well as inspection of the subject property and neighborhood. The original source of the market comparables used in the report is shown in the Data Source section of the market grid along with the source of confirmation, if confirmation is available. The original source of the data is presented first. The sources utilized for data within this report are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. - Unless noted elsewhere in the appraisal report, the primary appraiser signing the report has made an on-site inspection of the subject lot. If the subject property or development is proposed or under construction, site description, project specifications, brochures, or subdivision docs supplied to appraiser may have been used to ascertain property details. - The Reproduction Cost is not applicable in the valuation of a single vacant building site and was not included in the appraisal for that reason. - Vacant single family homesites are not typically held for rental and therefore the Income Approach is not considered to be meaningful in the valuation of a residential homesite and therefore the Income Approach was not used. - Legal description of the subject property was supplied by client or determined from public records, or both, and is assumed to be accurate. No additional verification of legal description was made by appraiser. - This appraisal was performed at the request of, and for the express use of, the Client indicated on page one. Reliance by others shall be limited to the intended use of the original client as stated on page one and any other use of this appraisal shall be deemed an unauthorized use. (asi 3/2007) (asi 9/2013) Form GPLNDAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 11.A.5 Packet Pg. 226 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 9 of 16 PO#4500189239 38730Certifications & Definitions N150' Tr 76 Desoto Blvd S Naples FL 34120 Collier County Facilities Mgmt.3335 Tamiami Trail E, Ste 101, Naples, FL 34112 Lawrence G LaCroix, SRA 2335 Tamiami Trail N, Suite 201, Naples, FL 34103 APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. - The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - 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. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. - I did not base, either partially or completely, my analysis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. - Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. ADDITIONAL CERTIFICATIONS FOR LAWRENCE G. LaCROIX, SRA: - I certify that, to the best of my knowledge & belief, the reported analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. - The Client is advised that Lawrence G. LaCroix, SRA, is also subject to the requirements of the Appraisal Institute and this appraisal report is subject to review by duly authorized representatives of the Appraisal Institute if requested. - As of the date of this report, Lawrence G. LaCroix, SRA, has completed the requirements under the continuing education program of the Appraisal Institute. ELECTRONIC SIGNATURE STATEMENT: If this appraisal has been transmitted electronically or via PDF file, the Appraiser acknowledges as follows: - The software utilized by Appraiser to generate the appraisal protects the appraisal integrity and signature security by means of a digital security feature with password for each appraiser signing the report. If this report has been transmitted as a PDF file, Adobe's Distiller software(or equivalent), with password security enabled, has been utilized to create an encrypted pdf-formatted appraisal. This software secures data from editing by means of a password that remains in the sole control of the transmitting appraiser. - For any appraisal delivered electronically, the Appraiser is only responsible for the integrity and authenticity of data and signatures if the appraisal has been delivered directly to the client from the Appraiser. The Appraiser cannot be held responsible for any breach of data security or failure of the data integrity if the file has been passed on to a third party once it has left the Appraiser's control. Such third party clients are advised to confirm that they have received a true & correct copy of original appraisal. DEFINITION OF MARKET VALUE *: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. *This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. (9/2013) Collier County Facilities Mgmt. 3335 Tamiami Trail E, Ste 101, Naples, FL 34112 Lawrence G LaCroix, SRA The Appraisal Shoppe, Inc. (239) 435-1111 x2 (239) 435-1095 Larry@asinaples.com 10/05/2018 CERT RES RD1112 FL 11/30/2018 09/27/2018 Form GPLNDAD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE File No.: Property Address:City:State:Zip Code: Client:Address: Appraiser:Address:SIGNATURESClient Contact:Client Name: E-Mail:Address: APPRAISER Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Did Inspect Did Not Inspect (Desktop) Date of Inspection: SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) Supervisory or Co-Appraiser Name: Company: Phone:Fax: E-Mail: Date Report Signed: License or Certification #:State: Designation: Expiration Date of License or Certification: Inspection of Subject:Did Inspect Did Not Inspect Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. 3/2007 11.A.5 Packet Pg. 227 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 10 of 16 Plat Map Form SCNLGL - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE 11.A.5 Packet Pg. 228 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 11 of 16 Form PIC3X5.SR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Subject Photo Page R.F. Berman Rev Tr of 2012 N150' Tr 76 Desoto Blvd S Naples Collier FL 34120 Collier County Facilities Mgmt. Subject Aerial View Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age N150' Tr 76 Desoto Blvd S Golden Gate U-91 2.34 Subject Street Subject Street Owner Client Property Address City County State Zip Code 11.A.5 Packet Pg. 229 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 12 of 16 Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page R.F. Berman Rev Tr of 2012 N150' Tr 76 Desoto Blvd S Naples Collier FL 34120 Collier County Facilities Mgmt. Comparable 1 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 4385 30th Ave SE 1.14 miles N 18,500 Golden Gate U-91 2.27 Comparable 2 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 4220 20th Ave SE 2.35 miles N 19,000 Golden Gate U-85 2.27 Comparable 3 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 4241 36th Ave SE 0.58 miles NW 15,000 Golden Gate U-91 2.73 Owner Client Property Address City County State Zip Code 11.A.5 Packet Pg. 230 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 13 of 16 Form PIC3X5.CR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Comparable Photo Page R.F. Berman Rev Tr of 2012 N150' Tr 76 Desoto Blvd S Naples Collier FL 34120 Collier County Facilities Mgmt. Comparable 4 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 3230 Desoto Blvd S 0.78 miles N 15,000 Golden Gate U-91 1.14 Comparable 5 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 4440 36th Ave SE 0.34 miles NW 24,999 Golden Gate U-91 2.73 Comparable 6 Prox. to Subject Sale Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Owner Client Property Address City County State Zip Code 11.A.5 Packet Pg. 231 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 14 of 16 Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Aerial Map R.F. Berman Rev Tr of 2012 N150' Tr 76 Desoto Blvd S Naples Collier FL 34120 Collier County Facilities Mgmt. Owner Client Property Address City County State Zip Code 11.A.5 Packet Pg. 232 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 15 of 16 Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE Location Map R.F. Berman Rev Tr of 2012 N150' Tr 76 Desoto Blvd S Naples Collier FL 34120 Collier County Facilities Mgmt. Owner Client Property Address City County State Zip Code 11.A.5 Packet Pg. 233 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Internal Order No. 38730 Page # 16 of 16 Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE County Map R.F. Berman Rev Tr of 2012 N150' Tr 76 Desoto Blvd S Naples Collier FL 34120 Collier County Facilities Mgmt. Owner Client Property Address City County State Zip Code 11.A.5 Packet Pg. 234 Attachment: Appraisal - Berman (7133 : Conservation Collier Ninth Acquisition Cycle) Board of County Commissioners Conservation Collier Property Summary Barron Collier Partnership LLLP – Big Hammock Area I Cycle 9 April 24, 2018 Updated 4/13/18 CLAAC Recommendation: A List – Priority #8 Parcel Name: Barron Collier Partnership LLLP Target Protection Area: RLSA Acreage: 235 Total Assessed Value: $425,585 Total Estimated Market Value: $545,200 This is a Cycle 8 Board “A” ranked property Highlights: • Location: Area I is located adjacent to and south of the Pepper Ranch Preserve in Immokalee, Florida • How many of the 6 Initial Screening Criteria were met – 6 out of 6. Native Habitat, Human Social Values, Water Resource Values, Significant Biological Values, Enhance Current environmental lands, Within Another Agency Acquisition Boundary (High priority in Florida Forever CREW Project). • Habitat: 7 native plant communities present – 5 directly observed. Exotics 10-24%. • Listed Plants: Bromeliads and native orchids • Listed Wildlife: Florida panther, Florida sandhill crane, Little blue heron, Roseate spoonbill, woodstork observed/documented. Habitat for more including Snail kite, Osprey and Audubon’s crested caracara. • Water Resource Values: Recharge of surficial aquifer, protection of wetland species habitat, buffers Corkscrew Marsh from development and non-point-source pollution. • Connectivity: Directly connected to 60,000 acres of CREW lands and through Camp Keais Strand to Florida Panther NWR, Big Cypress National Preserve, Everglades National Park, and more of the millions of acres of conserved lands in eastern and southern Collier. • Other Division Interest? None known • Access: Access through Pepper Ranch Preserve – unpaved road. • Management Issues / Estimated Costs: Initial Exotic Removal estimated at $192,700 and ongoing annual estimated at $655,500. Owner has offered to remove exotics at cost. • Partnership Opportunities: Florida Forever currently has no funding until 2019 and title policies prevent partnership. • Zoning/Overlays – AG-MHO-RLSAO – no SSA over this property. • Surrounding land uses: Rural, farming, ranching, conservation • All criteria Score – 253 out of 400. 11.A.7 Packet Pg. 235 Attachment: Property Summaries (7133 : Conservation Collier Ninth Acquisition Cycle) Board of County Commissioners Conservation Collier Property Summary Barron Collier Partnership LLLP – Big Hammock Area II Cycle 9 April 24, 2018 Updated 4/13/18 CCLAAC Recommendation: A List – Priority #9 Parcel Name: Barron Collier Partnership LLLP Target Protection Area: RLSA Acreage: 799.4 Total Assessed Value: $1,447,713 Total Estimated Market Value: $1,854,608 This is a Cycle 8 Board “A” ranked property Highlights: • Location: Area II is located south of the Pepper Ranch Preserve in Immokalee, Florida – connects through Area I. • How many of the 6 Initial Screening Criteria were met – 6 out of 6. Native Habitat, Human Social Values, Water Resource Values, Significant Biological Values, Enhance Current environmental lands, Within Another Agency Acquisition Boundary (High priority in Florida Forever CREW Project). • Habitat: 8 native plant communities present – 4 directly observed. Exotics 15%. • Listed Plants: Bromeliads and native orchids • Listed Wildlife: Florida panther, Florida sandhill crane, Little blue heron, Roseate spoonbill, woodstork observed/documented. Habitat for more including Snail kite, Osprey and Audubon’s crested caracara. • Water Resource Values: Recharge of surficial aquifer, protection of wetland species habitat, buffers Corkscrew Marsh from development and non-point-source pollution. • Connectivity: Directly connected to 60,000 acres of CREW lands and through Camp Keais Strand to Florida Panther NWR, Big Cypress National Preserve, Everglades National Park, and more of the millions of acres of conserved lands in eastern and southern Collier. • Other Division Interest? None known • Access: Access through Pepper Ranch Preserve and Area I – unpaved road and trail. • Management Issues / Estimated Costs: Initial Exotic Removal estimated at $655,508 and ongoing annual estimated at $135,100. Owner wants to restore per SSA and remove credits, subject to negotiation upon qualified offer. • Partnership Opportunities: Florida Forever currently has no funding until 2019 and title policies prevent partnership. • Zoning/Overlays – AG-MHO-RLSAO–SSA#13. Area II also has • Surrounding land uses: Rural, farming, ranching, conservation • All criteria Score – 197 out of 400. Lower score due to presence of SSA overlay. 11.A.7 Packet Pg. 236 Attachment: Property Summaries (7133 : Conservation Collier Ninth Acquisition Cycle) Board of County Commissioners Conservation Collier Property Summary Barron Collier Partnership LLLP – Sanitation and Bethune Properties Cycle 9 4/24/18 Updated 4/13/18 CCLAAC Recommendation – A List – Priority #3 Parcel Name: Barron Collier Partnership LLLP Target Protection Area: Urban Acreage: 2 parcels offered as package Total Assessed Value: Parcel a. - $689,475 Total Est. Market Value: Parcel a. - $737,100 Parcel a. - 289.5acres Parcel b. – 833,100 Parcel b. - $380,000 Parcel b. – 111.08 acres Highlights: • Location: Located within the boundaries of the town of Immokalee on the southwest side west of the Casino along Bethune Road and Sanitation Road. • How many of the 6 Initial Screening Criteria were met: 5 out of 6 criteria met – Native habitat, Human Social Values, Water resource Values, Significant Biological Values, Enhance Current Environmental Lands. • Habitat: 7 distinct native habitats mapped – 6 directly observed. A priority native plant community is present – tropical hardwood hammock. • Listed Plants: Bromeliads, Florida royal palm, Satin leaf, red stopper, hand fern • Listed Wildlife: Osprey observed, potential habitat for alligator, snail kite, little blue heron, American kestrel, Florida bonneted bat, wood stork, Everglades mink, Florida Panther, eastern indigo snake. Known wood stork colonies are close; properties are within foraging area. Within FWC primary panther habitat. • Water Resource Values: Properties approx. half wetland and half upland, includes Immokalee slough. Wetland dependent wildlife (birds, apple snails, crawfish) and plants noted. Likely is taking flood waters from surrounding developed residential lands. Surficial aquifer recharge area. • Connectivity: Connects westward through Immokalee slough with Pepper Ranch and 60,000 acres CREW lands and SSA lands. Landscape connection east to Okaloacoochee Slough & other major conservation lands. • Other Division interest? Utilities may want to partner for 100-acre refuse collection site. • Access: There is access from public paved Immokalee Road, Bethune Road and South 5th St. • Management Issues / Estimated Costs: The site contains a 16-acre old County landfill – the Eustis landfill. This was closed in 2012 and site samples show it met permit requirements. The landfill site was leased originally, with the County holding liability. Initial exotics control est. at $328,000 plus parking $25,000, fencing/gates $88,400, Trails $1,240 & signs $4,000. Total initial est. $446,640. Ongoing est. maint. $68,525. These are worst case scenarios. • Partnership Opportunities: None known • Zoning/Overlays: Parcel a. – A-MHO-RLSAO (No SSA); Parcel b. Estates • Surrounding land uses: Residential single family, multi-family, PUD, and Utility (Immokalee Water and Sewer District offices, wells and spray fields. • All Criteria Score: 280 out of 400. 11.A.7 Packet Pg. 237 Attachment: Property Summaries (7133 : Conservation Collier Ninth Acquisition Cycle) Board of County Commissioners Conservation Collier Property Summary Green & Green Property Cycle 9 April 24, 2108 Updated 3/2/18 CCLAAC Recommendation: A-List – Priority #2 Parcel Name: Green & Green Investments Target Protection Area: Urban Acreage: 28.7 Total Assessed Value: $574,000 Total Estimated Market Value: $631,400 Highlights: • Location: Located adjacent to CR 951 south of US 41, adjacent to Rookery Bay lands and Conservation Collier Shell Island Preserve • How many of the 6 Initial Screening Criteria were met: Met 6 out of 6 Initial Screening Criteria – Native habitat, human social values, biodiversity, connectivity, within another agency boundary (Rookery Bay NERR). • Habitat - Fresh and saltwater marsh, mangrove swamp. Contains ordinance preferred habitats – great for bird species. • Listed Plants: None observed • Listed Wildlife: Wood storks, little blue heron, tricolored heron, little blue heron, American alligator. Potential listed species include Florida panther. • Water Resource Values: Entirely wetlands, depressional and tidal soils, moderate surficial aquifer recharge. • Connectivity: Surrounded by Rookery Bay National Estuarine Research Reserve and adjacent to Shell Island Preserve. • Other Division Interest? None known • Access: Electrical utility easement on west side, potential for limited educational access via easement, CR 951 access not envisioned but possible. No trails, would require a boardwalk to access. • Management Issues / Estimated Costs: Minimal exotics. Est. cost for initial management - $11,200 (exotics, signs). Annual est. cost - $1,500. • Partnership Opportunities: Possibly a management partnership with Rookery Bay NERR to include prescribed fire. • Zoning/Overlays: Agricultural – no overlays. • Surrounding land uses: Conservation and residential across 951 (Marco Shores/Fiddler’s Creek) • All Criteria Score: 276 out of 400. 11.A.7 Packet Pg. 238 Attachment: Property Summaries (7133 : Conservation Collier Ninth Acquisition Cycle) Board of County Commissioners Conservation Collier Property Summary Half Circle L Ranch Cycle 9 April 24, 2018 Updated 4/13/18 CCLAAC Recommendation: A List – Priority #7 Parcel Name: Half Circle L Ranch Target Protection Area: RLSAO Habitat and Flowway Stewardship areas Acreage: 3,370 acres offered (portions of 6 sections of land), Owners are willing to reduce offering to 3 sections of land or 1,920 acres. Total Assessed Value: 3,370 acres - $5,709,410; 1,920 acres - $3,251,000 Total Estimated Market Value: 3,370 acres - $10,110,000; 1,920 acres - $5,760,000 Highlights: • Location: Located approx. 8 miles east of Immokalee, north of CR 846. Part of the Okaloacoochee Slough. • How many of the 6 Initial Screening Criteria were met: 6 out of 6 criteria were met significantly. This property is within the boundaries of the Florida Forever 2018 Priority List – Project #8. • Habitat: 16 separate plant communities are mapped, 6 were directly observed. This property is primarily slough wetlands with some uplands in a mosaic pattern, mostly freshwater marsh. • Listed Plants: No listed plant species were observed, but some areas were inaccessible due to water. • Listed Wildlife: Many wetland dependent bird species observed. Sandhill crane, roseate spoonbill, Audubon’s crested caracara, wood stork observed. Panther telemetry shows presence. A bird rookery was mapped on the site in 2008. Other potential listed species include Florida bonneted bat, Everglades mink, little blue heron, Everglades snail kite. • Water Resource Values: The property is wetlands and provides for moderate Surficial Aquifer System recharge. This is a major slough and provides potential for overland filtration downstream for the Fakahatchee Strand and Big Cypress National Preserve. • Connectivity: There is a direct connection to the Okaloacoochee Slough State Forest, inner Island Wildlife Management Area and private conservation in Hendry County. Also, there is a direct connection to significant surrounding SSA lands. • Other Division Interest? None known • Access: Access is through Thorp Road, a private Road, and remainder of owner’s lands. Owner is agreeable to providing access. • Management Issues / Estimated Costs: Initial exotics removal estimated at $2,763,400 with another $25,000 for parking, $5000 for access trails, and $5,000 for signs. Ongoing annual costs estimated at $569,500 annually. These are maximum costs. • Partnership Opportunities: State of Florida (Florida Forever) if they allowed for shared title, which they do not. Collier would have to pay half, get no title, lease back and manage the land. • Zoning/Overlays: A-MHO-RLSAO-ACST/ST. Additionally, this property is currently included in the Eastern Lands HCP. Owners are willing to remove it. • Surrounding land uses: Rural, ranching, farming, conservation • All Criteria Score: 198 out of 400. High ecological and management score but lower overall primarily because you can’t see it from a roadway and it is not particularly vulnerable to development. 11.A.7 Packet Pg. 239 Attachment: Property Summaries (7133 : Conservation Collier Ninth Acquisition Cycle) Board of County Commissioners Conservation Collier Property Summary I-75 Project – Berman Trust Cycle 9 April 24, 2018 Updated 4/13/18 CCLAAC Recommendation: A List – Priority #5 Parcel Name: Richard F. Berman Revocable Living Trust Target Protection Area: NGGE Acreage: 2.34 Total Assessed Value: $20,534 Total Estimated Market Value: $16,146 This is a Cycle 8 Board “B” ranked property Highlights: • Location: NGGE Unit 91, along Desoto Blvd. at 38th Ave SE. • How many of the 6 Initial Screening Criteria were met? 5 out of 6 criteria were minimally met but this is limited in effect if acquired without the Gore project. • Habitat: Mixed wetland hardwoods • Listed Plants: Bromeliad, giant sword fern • Listed Wildlife: FWC panther telemetry shows panther use. Potential listed species - Florida bonneted bats • Water Resource Values: Moderate to high Surficial Aquifer System recharge. Likely accepts floodwaters. Has karst topography, a wetland indicator. • Connectivity: Connected across Desoto Blvd with the Gore parcels. • Other Division Interest? None known. • Access: Access is from Desoto Blvd., a paved public road. • Management Issues / Estimated Costs: Initial exotics removal estimated at $1,900, with $400 annual cost for maintenance. • Partnership Opportunities: None known. • Zoning/Overlays: Zoning is Estates – no overlays. • Surrounding land uses: Residential Estates single family • All Criteria Score: 223 out of 400. 11.A.7 Packet Pg. 240 Attachment: Property Summaries (7133 : Conservation Collier Ninth Acquisition Cycle) Board of County Commissioners Conservation Collier Property Summary SD Corp of Naples, Inc./Cypress Landings II of Naples LLC, Revised 4/2/18 Cycle 9 April 24, 2018 1 – Updated 4/13/18 CCLAAC Recommendation: Parcels 2 & 3 - A List – Priority #6; Parcel 1 - B List Parcel Name: SD Corp of Naples, Inc./Cypress Landings II of Naples LLC Acreage: 115.15 acres - 3 parcels offered as a package: Target Protection Area: Urban Parcel 1 - 77.99 acres Total Assessed Value: $2,793,072 Parcel 2 - 7.16 acres Total Estimated Market Value: $6,479,000 Parcel 3 - 30 acres Parcel 1 – 77.99 ac - $4,212,000 - $54,000/ac Parcel 2 – 7.16 ac - $436,760 - $61,000/ac Parcel 3 – 30 ac - $1, 830,000 - $61,000/ac Highlights: • Location: The parcels are in the Urban area, north of Rattlesnake Hammock Road between Santa Barbara Blvd and CR 951 (Collier Blvd.). • How many of the 6 Initial Screening Criteria were met: 5 out of 6 criteria were met, some to a greater degree than others. These properties re not within another agency’s acquisition boundary. • Habitat: Remnants of at least 6 native habitats remain, though severely impacted by exotics. Wetlands are in better shape than mesic areas. Parcel 1 is invaded by exotics as much as 85%. Other areas at least 25%. There are 2 known archeological sites. • Listed Plants: Bromeliads, Florida royal palm, Simpson’s stopper, marsh fern butterfly orchid, bird’s nest fern. • Listed Wildlife: Little blue heron. Non- listed species seen include red bellied woodpecker, red-tailed hawk, killdeer, banded water snake, numerous birds. • Water Resource Values: The parcels are 82% wetlands and contribute moderately to recharge of the Surficial Aquifer System. The Lely Area Stormwater Improvement Project (LASIP) improvements regulate water locally to prevent flooding and drying out. • Connectivity: Connected directly with the Serenity Park at NE corner, where a connective trail is possible but requires a small bridge over the canal. • Other Division Interest? The surrounding LASIP easement encompassing 10.9 acres was acquired by the County in 2016 to construct storm water improvements to the Wing South/Sandy Lane Interconnect segment of the LASIP (see map inset). It was acquired following an Order of Taking and Board approved negotiated settlement of $1,200,000. The settlement was due to 11.A.7 Packet Pg. 241 Attachment: Property Summaries (7133 : Conservation Collier Ninth Acquisition Cycle) Board of County Commissioners Conservation Collier Property Summary SD Corp of Naples, Inc./Cypress Landings II of Naples LLC, Revised 4/2/18 Cycle 9 April 24, 2018 2 – Updated 4/13/18 the critical nature of the LASIP project and because a better result was not anticipated at trial. If the Board elects to go forward with acquisition, the easement will be considered in the appraisal since it limits the use of the property in those areas to drainage. No other interest is known. • Access: Paved public road access via Whitaker Rd. Adkins Ave., Polly Ave. and Everett St. Trails exist and could be reestablished, would require parking. • Management Issues / Estimated Costs: Initial exotic control (including all parcels) estimated at $382,000 with parking ($25,000), Trails creation ($1,200) and signs ($3,000) Total= $411,215. Annual recurring maintenance estimated at $13,700. For just parcels 2 & 3, Initial exotics costs are estimated at $123,950, with ongoing costs estimated at $4,255. • Partnership Opportunities: Capital Project/Impact fee partnership for access across LASIP canal to join Serenity Park to this property by trail. • Zoning/Overlays: Parcel 1 is zoned PUD (Shadowood) and parcels 2 and 3 are zoned Agricultural. A Special Treatment (ST) overlay exists over approx. 17 acres. One (1) acre from parcel 1 and 16 acres from parcel 3. • Surrounding land uses: PUD Planned Unit Development), Agriculture, RSF (Residential Single Family) at 3 and 5 units per acre. • All Criteria Score: 249 out of 400. LASIP Easement 11.A.7 Packet Pg. 242 Attachment: Property Summaries (7133 : Conservation Collier Ninth Acquisition Cycle) AF 36116B E� N P.O.C. N89°54`9"E 263.28`_ P0.B.-, 1-4701 NAPLES SANDPIPER A CONDOMINIUM PHASES I, II, AND III BAY, CLUB CURVE DATA RADIUS CENTRAL ANGLE ARC CHORD CHORD BE ARING JURISDICTIONAL CONTROL C1 229.59' 13 041'09" G101 G102 G103 G104 G105 G106 G201 G202 G203 G204 G205 G206 G301 G302 6303 G304 0305 G306 BAY, CLUB CURVE DATA RADIUS CENTRAL ANGLE ARC CHORD CHORD BE ARING ao 04 t9 -11 000 000 �Nto 000 � eq 000 cv M 000 DIMENSIONS OF JURISDICTIONAL CONTROL C1 229.59' 13 041'09" 54.84 54.71' S 37° 41'51 "E S330 40'26"E 50.59' B --C C2 80.00' 390 51"10" 55.64' 54.53' S 30° 41'58"E C -D S 28° 44'29"E C3 248.21' 13° 55'33" 60.33' 60.18' S 17° 45'01 "£ _ 40.40' EE -FF C4 80,00 220 33'19" 31.49' 31.29' S0° 28'12"W 000 "' 41.44' C5 138.84 22° 33'28" 54.66' 54.31' SO* 28"1 2*W M J J � S 54° C6 86.00' 123° 42'25" 185.68' 161.66' 350' 06'07"E S50° o 30.86' C7 271.08' 100 38'10" 50.32' 50.25' N739 21'54"E 25.66' JJ -KK S80051'41"E C8 271.08 80 48'50" 41.70' 41.66' N830 05'24"E 0 C) 58.93' K -L C9 271.08 10 46'01" 8.36' 8.36' N88' 22'52"E -- v J S 12° BB C10 18.00 780 23"15" 24.63' 22.75' S 50" 59'30"E 16'11"W 54.68' NN -00 C11 30.57 420 51'32" 22.87' 22.34' S230 5556"E 00 -PP 0 o '``" i:' (AAn-C13 O -P C12 22.00 112°5654" 43.37' 36.68' N78° 09'29"E GM S 290 01'1 6"E 34.22' QQ-RR 59.02 77° 5553" 80.28' 74.23' N50* 17'47"E 39.44' RR -SS S47' 13'33"E 41.38' R -S C14 102.00 770 56'02" 138.74' 128.29' N500 17'43"E S -T S23° 10'40"W 27.04' TT-UU C15 102.00 67° 30'58" 120.19' 113.36' N550 30'30"E UU-VV S890 08'27"E 31.25' U -V 5530 C16 102.00 10° 2523" 18.56' 18.53' N 16° 3221 "E N71 ° 03'13"7- 30.86' WW -XX N 180 22'1 8wW C17 21.99 87°55'25" 33.75' 30.53' S22' 15'05"E N50° 33'09"E 23.74' X -Y S 560 14'1 4"E C18 272.00 6° 51'53" 32.59' 32.57' N 14° 45'38"E 31'55"E 38.58' ZZ -AA' N00" 23'37"E 115.97' C19 362.00 106 56'04" 69.08' 68.98' N5" 51'39"E In o o � AA -BB N650 24'06"E 8.77' C20 32.00 30' 31'47" 17.05' 16.85' S750 58'48"E -' C64 33.39' 410 09'09" 23.98' 23.47' N450 55"1 3"W C65 47.00' 770 58'29" 63.96' 59.14' N500 17'43"E C66 98.00' 620 57'08" 107.67' 102.34' S 800 2938"E J�J ao 04 t9 -11 000 000 �Nto 000 � eq 000 cv M 000 DIMENSIONS OF JURISDICTIONAL CONTROL LINE A -B S05° 27'51 "W 40.19' BB -CC S330 40'26"E 50.59' B --C S 19° 16'23"E 112.89' CC -DD S 270 38'09"E 44.06' C -D S 28° 44'29"E 98.27' DD -E E S 220 06'56"E 44.55' D -E S 28° 05'38"E 40.40' EE -FF N70o 07'56"E 35.77' E -F S 250 58'321+ 25.38' FF -GG N79° 27'50"E 41.44' F -G S240 4237"E 22.76' GG -HH N65° 03'39"E 48.91' G -H S 54° 33'31 °E 34.56' HH -II N510 29'17"E 30.09' H-1 S50° 18'28"W 30.86' ( 1-11 S88 -51'34"E 50.03' i -J SOO* 17'16"W 25.66' JJ -KK S80051'41"E 34.46' J -K S25" 02'30"E 31.13' KK -LL N240 12'51 "E 58.93' K -L S46* 5524"E 37.64' LL -MM S26* 31'51"E 22.74' L -M S 12° 56'40"E 59.06' MM -NN N890 20'58"E 30.43' M -N 5040 16'11"W 54.68' NN -00 S44° 15'40"E 59.16' N-0 S67°00'00"W 19.42' 00 -PP S350 30'350E 41.51' O -P S 190 14'39"W 66.48' PP-QQ S07° 27'35"W 36.26' P -Q S 290 01'1 6"E 34.22' QQ-RR S46* 59'23"W 25.56' Q -R S080 25'25"W 39.44' RR -SS S47' 13'33"E 41.38' R -S S55° 04'10"W 64.75' SS -TT N390 02'48"E 87.18 S -T S23° 10'40"W 27.04' TT-UU N450 47'33"E 44.74' T -U N85' 52'51"E 38.60' UU-VV S890 08'27"E 31.25' U -V 5530 53'01"E 37.59' VV -WW N480 19'35"E 126.43' V -W N71 ° 03'13"7- 30.86' WW -XX N 180 22'1 8wW 27.99' W -X N100 17'55"W 39.38' XX -YY N50° 33'09"E 23.74' X -Y S 560 14'1 4"E 117.21' YY -ZZ N00° 09'24"E 371.30' Y -Z N290 31'55"E 38.58' ZZ -AA' N00" 23'37"E 115.97' Z -AA N110 40'01"W 102.98' AA' -88' N44° 12'22"E 35.30' AA -BB N650 24'06"E 8.77' LE GAL DESCRIPTION NAPLES SANDPIPER BAY CLUB A CONDOMINIUM PHASES I, ii, AND ill A descriptior of the Sandpiper Bay Club of Naples, lying in and being a part of Section 11, Township 50 South, Range 25 East, Coiller County, Florida, more particularly described as follows; Commence ct the Northwest corner of the Southwest quarter of the Southwest quarter of the aforesaid Section 11, said comer being at the intersection of the centeriines of Sandpiper Street and Marlin Drive; thence nun N89° 54'09'E along the tenterline of said Mariln Drive for 263.28 feet; thence run S05°27'51'W for 40.19 feet to a point on the Southerly right of way line of said Marlin Drive for the POINT OF BEGINNING; thence continue along the last described course for 53.02 feet; thence run S 19° 16'22'E for 119.81 feet thence run S20° 52'44"E for 152.11 feet; thence run S090 06'21 "E for 88.49 feet; thence run S25° 47'36"E for 117.92 feet thence run S20° 47'12"W for 293.02 feet; thence run S 74 ° 16'42'E for 106.39 feet; thence run S82° 12'0"5"E for 130.93 feet; thence run N76° 54'35"E for 80.97 feet; thence run N76° 54'35'E for 214.29 feet; thence run S47' 13'35'E for 193.75 feet; thence run N50° 13'19"E for 324.55 feet; thence run N00'01'19"E for 513.61 feet to the Southerly right of way line of Marlin Drive; thence run S 89° 54'09'W for 961.55 feet along said right of way to the Point of Beginning. 1-1, NOTE= All improvements shown ore proposed, unless otherwise indicated. f S5027' 53"W 49.37' S19016' 23"E 112.81' MARLIN Q V ^ �0 IN r- . Z. P PGG o� O co t m 0\ 5Q PGES �5 /9 9 SA i O S28044' 29"E 98.27' S28005' 38"E 40.40' S25058' 321W 25.38' S24042 37"E 2 2.76' S540 33' 31"E 34.56 S50018 28"W 30.86' SO° 17' 16"W 25.66' S'5° 02' 30"E 33.13' S46055' 24"E 37.64' S12056' 40"E 5 9.06' 35' SETBACK N44012'22"E 35.30' NO°23'37"E _ 115.97' MANGROVES S CR f.EN PORCH LIVING ROOM DINING R DOM T BEDROOM KITCHE N (- 27.2" TYPICAL APARTMENT FLOOR PLAN NATURAL PINE a PALMETTO % WOODS I \ I PARKING 8 ROADWAY RiG. GND. O _ - - - N0009' 24"E �� V/ / �� _ - - 3 71.3u FILL < FILL STEM -WALL" FOUNDATION TYPICAL PROJECT SECTION 1- S N Q S4°IR' 11"W CW i� 8 SPACE 1- wLd 54.68' Q zco cr__ Q S 67°:.)Oi c,,w -- 1 l 1 R O 19.42' co ~w i j, NOTES: 00 -cry I J i �� s�q ) r 1. TOTAL PROJECT LAND AREA - 40.0 AC. S19 14 39"Wco Q 6 6.48' \\ �\ / PPG c� I _ U s s 2. TOTAL DEVELOPMENT AREA 13.93 AC. co ~ Y z / a \\ �- 2` s4 % 3. ZONING = RMF - 6 240 UNITS ALLOWED co I / Cis, / _ N50° 33 ' 091E 23.74' 4. NUMBER OF UNITS SHOWN = 234 a 52 534.221' 16"E / / SPPG�� - NI8° 22' 18"W o O �0 \\ - WE N. SPACESe� m� . 27.99' 5. TYPICAL LIVING UNIT AREA - S. F. a 40 M\ 58 395445 W m 6. PARKING REQUIREMENTS 2 SPACES/ UNIT co / - N° 11/2 SPACES /UNIT PAVED = 351 SPACES N48°19 (- Q 35 E it S55004' 10"W Q / B��G' 126.43' 64.75 �� I ) co 1/2 SPACE/ UNIT RESERVED = 117 SPACES Lj YLli'co � S23° 10', 40"W _ X N F RE � Q r 27.03 ` ° 'E l °S35°30 351E TOTAL PARKING SHOWN 468 SPACES O O 0 S w 0 } O N65 03' . 9 S 34.46' 41 E / N 85° 52' X51"E ��-/ 4b.91' 41.51' o ' PKG. SPACES e 38.60 -� ° " S89008' 27"E 7. 25 PERCENT OF THE REQUIRED PARKING AREA SHALL L \ N41.44' 50 E L_S88051' 341E ! 31.25' -' Q S53°53' 01 E _ _-% \ o 50.03' S7°29 38"W „ O 37.59 - - N7o 07 56' E 36.26' _ _ N45047 X33 E BE RESERVED IN GREEN LANDSCAPED AREA tr d N 71 03' 1311E ) 35.77' N5!°29 17"E 44.74 S56°14' 4"E \ S22°06' 56"E 30.09' S46°59 23"'W N 30.86' 117.21 ` i -}4.55' N24° 12' 51"E 25.55 8. THE AREA OF THE RESERVED PARKING 6.09% OF N10017' 55"W._ N29°31' 55,"E S27°38' 09"E 58.93' �� N39°02 48"E 39-38' 38.53' \ S26031 51 E J ' 4 4.0 6 -- --- 87.18 Nil° 40' 01"E 22.74' THE TOTAL GREEN AREA. 102.98' -_--� S330.40' ?g"E N89020' 58"E ! S47013' 33"E N65°24' 06"E 50.60' 30.43, 41.38' 8.77' S440 15'40 .1 E 59.16' DER JURISDICTION LINE 7 SITE LAYOUT DETAILS FOR - pi R,& nFvFi nPMFNT r.ORP_ w Q U Q z 3 U) z D o C) Y Y a z a z a z J [Y _c _a CJ (n d' cn Cfl n S5027' 53"W 49.37' S19016' 23"E 112.81' MARLIN Q V ^ �0 IN r- . Z. P PGG o� O co t m 0\ 5Q PGES �5 /9 9 SA i O S28044' 29"E 98.27' S28005' 38"E 40.40' S25058' 321W 25.38' S24042 37"E 2 2.76' S540 33' 31"E 34.56 S50018 28"W 30.86' SO° 17' 16"W 25.66' S'5° 02' 30"E 33.13' S46055' 24"E 37.64' S12056' 40"E 5 9.06' 35' SETBACK N44012'22"E 35.30' NO°23'37"E _ 115.97' MANGROVES S CR f.EN PORCH LIVING ROOM DINING R DOM T BEDROOM KITCHE N (- 27.2" TYPICAL APARTMENT FLOOR PLAN NATURAL PINE a PALMETTO % WOODS I \ I PARKING 8 ROADWAY RiG. GND. O _ - - - N0009' 24"E �� V/ / �� _ - - 3 71.3u FILL < FILL STEM -WALL" FOUNDATION TYPICAL PROJECT SECTION 1- S N Q S4°IR' 11"W CW i� 8 SPACE 1- wLd 54.68' Q zco cr__ Q S 67°:.)Oi c,,w -- 1 l 1 R O 19.42' co ~w i j, NOTES: 00 -cry I J i �� s�q ) r 1. TOTAL PROJECT LAND AREA - 40.0 AC. S19 14 39"Wco Q 6 6.48' \\ �\ / PPG c� I _ U s s 2. TOTAL DEVELOPMENT AREA 13.93 AC. co ~ Y z / a \\ �- 2` s4 % 3. ZONING = RMF - 6 240 UNITS ALLOWED co I / Cis, / _ N50° 33 ' 091E 23.74' 4. NUMBER OF UNITS SHOWN = 234 a 52 534.221' 16"E / / SPPG�� - NI8° 22' 18"W o O �0 \\ - WE N. SPACESe� m� . 27.99' 5. TYPICAL LIVING UNIT AREA - S. F. a 40 M\ 58 395445 W m 6. PARKING REQUIREMENTS 2 SPACES/ UNIT co / - N° 11/2 SPACES /UNIT PAVED = 351 SPACES N48°19 (- Q 35 E it S55004' 10"W Q / B��G' 126.43' 64.75 �� I ) co 1/2 SPACE/ UNIT RESERVED = 117 SPACES Lj YLli'co � S23° 10', 40"W _ X N F RE � Q r 27.03 ` ° 'E l °S35°30 351E TOTAL PARKING SHOWN 468 SPACES O O 0 S w 0 } O N65 03' . 9 S 34.46' 41 E / N 85° 52' X51"E ��-/ 4b.91' 41.51' o ' PKG. SPACES e 38.60 -� ° " S89008' 27"E 7. 25 PERCENT OF THE REQUIRED PARKING AREA SHALL L \ N41.44' 50 E L_S88051' 341E ! 31.25' -' Q S53°53' 01 E _ _-% \ o 50.03' S7°29 38"W „ O 37.59 - - N7o 07 56' E 36.26' _ _ N45047 X33 E BE RESERVED IN GREEN LANDSCAPED AREA tr d N 71 03' 1311E ) 35.77' N5!°29 17"E 44.74 S56°14' 4"E \ S22°06' 56"E 30.09' S46°59 23"'W N 30.86' 117.21 ` i -}4.55' N24° 12' 51"E 25.55 8. THE AREA OF THE RESERVED PARKING 6.09% OF N10017' 55"W._ N29°31' 55,"E S27°38' 09"E 58.93' �� N39°02 48"E 39-38' 38.53' \ S26031 51 E J ' 4 4.0 6 -- --- 87.18 Nil° 40' 01"E 22.74' THE TOTAL GREEN AREA. 102.98' -_--� S330.40' ?g"E N89020' 58"E ! S47013' 33"E N65°24' 06"E 50.60' 30.43, 41.38' 8.77' S440 15'40 .1 E 59.16' DER JURISDICTION LINE 7 SITE LAYOUT DETAILS FOR - pi R,& nFvFi nPMFNT r.ORP_ r. u 0 EDGE OF EXISTING D=CK --7 .r t SIDE VIEW OF NEW HANDICAP RAMP TOOLED EDGE 8' CONCRETE SIDE WALLS. SMOOTH FINISH ALUMINUM BOTH SIDES OF RAMP, VIEW NOTEi ALL RAIL SHALL BE WHITE ALUMINUM IN ACCORDANCE W/ SBC, (SPACE BETWEEN PICKETS SHALL NOT EXCEED 4', VERTICALS SHALL BE RECESSED IN 3' DRILL HOLES & PRESSURE GROUTED, ALL CONNECTIONS SHALL BE CONCEALED, EXISTING STAIR & SIDEWALK FLOOR PLAN SCALE 1/4'=1'-0' ~SECTION THRU RAMP SCALE 3/4'=1'-0` �jo Tc FfEaro-o-� a% 3 W z U h fL v N o eC �o� U CfV i L Q > o 3M �, v d 0 X d f MATCH EXISTING SIDEWALK LEVELO A4 d Li u SLOPES SHALL NOT EXCEED 1#12 f,�l�rjNc V O OD OD Q QJ L L.ap m d E as cu —� � j C tU d Z Li IL ApHROYED IW)Utr�)(ANILAI _ 6IIAIYbt �'- NOTE, CONTRACTOR SHk.L VERIFY ALL MEASUREMENTS & ANG IFS BEFORE PROCEEDING 4 VIE BY; RE,VI OWNS WITH THE WORK, PROVIDE SHOP DRAWINGS OF RAILINGS & REBARS FOR OWNER'S APPROVAL, +rr� .@. '`�` - 2 cNGINEER DATE 3 SDPI-2001-AR-911 SANDPIPER BAY CLUB DATE] 1/8/01 SDP -86-13, PROJECT #2001050050 DATE: 5/24/01 COMM* 1002 FRED REISCHL _SHEET # 1 of 2 Integra Realty Resources Southwest Florida Appraisal of Real Property Conservation Collier - Immokalee Vacant Land 1060 Sanitation Rd. Immokalee, Collier County, Florida 34142 Client Reference: PO #4500189400 Prepared For: Collier County Facilities Management/Real Property Effective Date of the Appraisal: October 2, 2018 Report Format: Appraisal Report – Standard Format IRR - Southwest Florida File Number: 152-2018-0217 Conservation Collier - Immokalee 1060 Sanitation Rd. Immokalee, Florida Integra Realty Resources In Miami In Orlando In Naples/Sarasota Miami Orlando Southwest Florida Dadeland Centre 9155 South Dadeland Blvd. Suite 1208 The Magnolia Building 326 N. Magnolia Ave. Horseshoe Professional Park 2770 Horseshoe Drive S. Suite 3 Miami, FL 33156 Orlando, FL 32801 Naples, FL 34104 www.irr.com (305) 670-0001 (407) 843-3377 (239)-643-6888 October 25, 2018 Roosevelt Leonard Real Estate Appraiser Collier County Facilities Management/Real Property 3335 Tamiami Trail E, Suite 101 Naples, FL 34112-5749 SUBJECT: Market Value Appraisal Conservation Collier - Immokalee 1060 Sanitation Rd. Immokalee, Collier County, Florida 34142 Client Reference: PO #4500189400 IRR - Southwest Florida File No. 152-2018-0217 Dear Mr. Leonard: Integra Realty Resources – Southwest Florida is pleased to submit the accompanying appraisal of the referenced property. The purpose of the appraisal is to develop an opinion of the market value of the fee simple interest in the property. The client for the assignment is Collier County Facilities Management/Real Property, and the intended use is for portfolio valuation purposes. The subject is a parcel of vacant land containing an area of 400.58 acres or 17,449,265 square feet. Of this, 384.65 acres or 16,755,354 square feet are developable lands and 15.93 acres or 693,911 square feet are a former landfill and are considered un-useable. The property is zoned A - Rural Agricultural District; E - Estates District, The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. The purpose and intent of the estates district (E) is to provide lands for low density residential development in a semi-rural to rural environment, with limited agricultural activities., which permits a - Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife Roosevelt Leonard Collier County Facilities Management/Real Property October 25, 2018 Page 2 resources of the County, are permissible as conditional uses in the A district.; In addition to low density residential development with limited agricultural activities, the E district is also designed to accommodate as conditional uses , development that provides services for and is compatible with the low density residential, semi-rural and rural character of the E district. The appraisal is intended to conform with 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, and the appraisal guidelines of Collier County Facilities Management/Real Property. The appraisal is also prepared in accordance with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). To report the assignment results, we use 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. Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, our opinion of value is as follows: Value Conclusion Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value Fee Simple October 2, 2018 $5,000,000 Extraordinary Assumptions and Hypothetical Conditions 1.It has been reported that the landfill area has been under a monitoring program and no contamination has been reported. This report assumes no environmental concerns are present on the site or adjacent areas. 1.None; N/A. 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. It has been reported that the landfill area has been under a monitoring program and no contamination has been reported. This report assumes no environmental concerns are present on the site or adjacent areas. Roosevelt Leonard Collier County Facilities Management/Real Property October 25, 2018 Page 3 If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully submitted, INTEGRA REALTY RESOURCES - SOUTHWEST FLORIDA Carlton J. Lloyd, MAI Senior Managing Director-Naples FL State-Certified General RE Appraiser RZ#2618 Telephone: 239-643-6888 Ext. 410 Email: clloyd@irr.com Julian L.H. Stokes II, MAI Associate Director FL State-Certified General RE Appraiser RZ#3537 Telephone: 239-643-6888 Ext. 432 Email: jlstokes@irr.com Table of Contents Conservation Collier - Immokalee Summary of Salient Facts and Conclusions 1 Quality Assurance 2 General Information 3 Identification of Subject 3 Sale History 3 Purpose of the Appraisal 4 Definition of Market Value 4 Definition of As Is Market Value 4 Definition of Property Rights Appraised 4 Intended Use and User 5 Applicable Requirements 5 Report Format 5 Prior Services 5 Scope of Work 5 Economic Analysis 7 Collier County Area Analysis 7 Surrounding Area Analysis 15 Property Analysis 19 Land Description and Analysis 19 Real Estate Taxes 28 Highest and Best Use 29 Valuation 31 Valuation Methodology 31 Sales Comparison Approach 32 Analysis and Adjustment of Sales 36 Land Value Conclusion 39 Reconciliation and Conclusion of Value 40 Exposure Time 40 Marketing Period 40 Certification 41 Assumptions and Limiting Conditions 43 Addenda A. Appraiser Qualifications B. Property Information C. Comparable Data D. Engagement Letter Summary of Salient Facts and Conclusions 1 Conservation Collier - Immokalee Summary of Salient Facts and Conclusions Property Name Address Property Type Owner of Record Tax ID Legal Description Land Area (Gross)400.58 acres; 17,449,265 SF Land Area (Usable)384.65 acres; 16,755,354 SF Zoning Designation Highest and Best Use Exposure Time; Marketing Period 6 to 12 months; 6 to 12 months Effective Date of the Appraisal October 2, 2018 Date of the Report October 25, 2018 Property Interest Appraised Sales Comparison Approach Number of Sales 5 Range of Sale Dates Jan 15 to Nov 17 Range of Prices per Usable Acre (Unadjusted)$10,279 - $15,752 Market Value Conclusion $5,000,000 ($12,999/Usable Acre) Barron Collier Prtnrship LLLP 00132960005 See addenda Conservation Collier - Immokalee 1060 Sanitation Rd. Immokalee, Collier County, Florida 34142 Land - Specialty 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 Facilities Management/Real Property 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 - Rural Agricultural District; E - Estates District, The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. The purpose and intent of the estates district (E) is to provide lands for low density residential development in a semi-rural to rural environment, with limited agricultural activities. Agricultural, low density residential, and/or conservation uses Fee Simple Extraordinary Assumptions and Hypothetical Conditions 1.It has been reported that the landfill area has been under a monitoring program and no contamination has been reported. This report assumes no environmental concerns are present on the site or adjacent areas. 1.None; N/A. 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. Quality Assurance 2 Conservation Collier - Immokalee Quality Assurance Delivering superior value is a top priority at IRR and we place a premium on feedback from our valued clients. By learning more about your experience with IRR, we will be better able to serve your needs – to enhance our products, service offerings, and client communications. Attached is a short survey applicable to this appraisal report and the service that you received. Please take a few minutes to share your experience of IRR with us. Your feedback will be reviewed by our Quality Control team. If you desire a follow-up telephone call, please provide your contact information and a member of our Quality Control team will contact you. Access the online survey here: quality.irr.com. Thank you in advance for assisting us with this important endeavor. Please feel free to contact your Local Office using the contact information provided within the letter of transmittal or our Quality Control team at quality@irr.com, with any questions or suggestions you may have. General Information 3 Conservation Collier - Immokalee General Information Identification of Subject The subject is a parcel of vacant land containing an area of 400.58 acres or 17,449,265 square feet. Of this, 384.65 acres or 16,755,354 square feet are developable lands and 15.93 acres or 693,911 square feet are a former landfill and are considered un-useable. The property is zoned A - Rural Agricultural District; E - Estates District, The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. The purpose and intent of the estates district (E) is to provide lands for low density residential development in a semi-rural to rural environment, with limited agricultural activities., which permits a - Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district.; In addition to low density residential development with limited agricultural activities, the E district is also designed to accommodate as conditional uses , development that provides services for and is compatible with the low density residential, semi-rural and rural character of the E district. A legal description of the property is in the addenda. Property Identification Property Name Conservation Collier - Immokalee Address 1060 Sanitation Rd. Immokalee, Florida 34142 Tax ID 00132960005 Owner of Record Barron Collier Prtnrship LLLP Legal Description See addenda Census Tract Number 112.04 Sale History The most recent closed sale of the subject is summarized as follows: Sale Date October 12, 1998 Seller Marguerite R. Collier, Lamar Gable and Barron Collier III, as Trustees of the Marguerite R. Collier Irrevocable Land Trust; Harold S. Lynton, Katherin G. Sproul and Juliet C. Sproul, as Trustees for Juliet C. Sproul under the Will of Barron Collier, Jr.; Barron Collier III, Lamar Gable, Frances G. Villere, Phyllis G. Doane, Donna G. Keller Buyer Barron Collier Investments, Ltd. Sale Price $14,417,500 Recording Instrument Number Deed Book 2493, Page 2779 of the Collier County public records General Information 4 Conservation Collier - Immokalee To the best of our knowledge, no sale or transfer of ownership has taken place within a three-year period prior to the effective appraisal date. To the best of our knowledge, 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 market value of the fee simple interest in the property as of the effective date of the appraisal, October 2, 2018. The date of the report is October 25, 2018. The appraisal is valid only as of the stated effective date or dates. Definition of Market Value Market value is defined as: “The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • 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: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[g]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472) Definition of As Is Market Value As is market value is defined as, “The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date.” (Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015); also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77471) 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.” General Information 5 Conservation Collier - Immokalee 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 portfolio valuation purposes. The client and intended user is Collier County Facilities Management/Real Property. The appraisal is not intended for any other use or user. No party or parties other than Collier County Facilities Management/Real Property may use or rely on the information, opinions, and conclusions contained in this report. 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; • Appraisal requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), revised June 7, 1994; • Interagency Appraisal and Evaluation Guidelines issued December 10, 2010; • Appraisal guidelines of Collier County Facilities Management/Real Property. 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. 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. General Information 6 Conservation Collier - Immokalee 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 Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized We use only the sales comparison approach in developing an opinion of value for the subject. This approach is applicable to the subject because there is an active market for similar properties, and sufficient sales data is available for analysis. The cost approach is not applicable because there are no improvements that contribute value to the property, and the income approach is not applicable because the subject is not likely to generate rental income in its current state. 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 Carlton J. Lloyd, MAI, conducted an on-site inspection of the property on October 2, 2018. Julian L.H. Stokes II, MAI, conducted an on-site inspection on October 2, 2018. Collier County Area Analysis 7 Conservation Collier - Immokalee Economic Analysis Collier County Area Analysis Collier County is located in southwestern Florida approximately 166 miles south of Tampa. It is 1,998 square miles in size and has a population density of 187 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. Population Collier County has an estimated 2018 population of 374,242, which represents an average annual 1.9% increase over the 2010 census of 321,520. Collier County added an average of 6,590 residents per year over the 2010-2018 period, and its annual growth rate exceeded the State of Florida rate of 1.5%. Looking forward, Collier County's population is projected to increase at a 1.5% annual rate from 2018- 2023, equivalent to the addition of an average of 5,948 residents per year. Collier County's growth rate is expected to exceed that of Florida, which is projected to be 1.3%. Population Compound Ann. % Chng 2010 Census 2018 Estimate 2023 Projection 2010 - 2018 2018 - 2023 Collier County 321,520 374,242 403,981 1.9%1.5% Florida 18,801,310 21,107,181 22,528,389 1.5%1.3% Source: Environics Analytics Population Trends Employment Total employment in Collier County is currently estimated at 128,342 jobs. Between year-end 2007 and the present, employment declined by 5,835 jobs, equivalent to a 4.3% loss over the entire period. There were declines in employment in three out of the past ten years, influenced in part by the national economic downturn and slow recovery. Although many areas suffered declines in employment over the last decade, Collier County underperformed Florida, which experienced an increase in employment of 3.6% or 291,370 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 7.3% in comparison to a 7.1% rate for Florida. A higher unemployment rate is a negative indicator. Recent data shows that the Collier County unemployment rate is 3.1% in comparison to a 3.9% rate for Florida, a positive sign for Collier County economy but one that must be tempered by the fact that Collier County has underperformed Florida in the rate of job growth over the past two years. Collier County Area Analysis 8 Conservation Collier - Immokalee Employment Trends Total Employment (Year End)Unemployment Rate (Ann. Avg.) Year Collier County % Change Florida % Change Collier County Florida 2007 134,177 8,014,408 4.5%4.0% 2008 125,633 -6.4%7,585,913 -5.3%7.1%6.3% 2009 117,585 -6.4%7,209,010 -5.0%11.1%10.4% 2010 119,457 1.6%7,260,875 0.7%11.6%11.0% 2011 122,960 2.9%7,368,030 1.5%10.2%10.0% 2012 125,704 2.2%7,538,166 2.3%8.4%8.5% 2013 131,115 4.3%7,741,539 2.7%7.1%7.2% 2014 137,819 5.1%8,012,496 3.5%6.0%6.3% 2015 143,261 3.9%8,314,343 3.8%5.2%5.5% 2016 150,204 4.8%8,542,086 2.7%4.8%4.8% 2017*128,342 -14.6%8,305,778 -2.8%4.1%4.2% Overall Change 2007-2017 -5,835 -4.3%291,370 3.6% Avg Unemp. Rate 2007-2017 7.3%7.1% Unemployment Rate - April 2018 3.1%3.9% Source: Bureau of Labor Statistics and Economy.com. Employment figures are from the Quarterly Census of Employment and Wages (QCEW). Unemployment rates are from the Current Population Survey (CPS). The figures are not seasonally adjusted. *Total employment data is as of September 2017; unemployment rate data reflects the average of 12 months of 2017. 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 9 Conservation Collier - Immokalee Employment Sectors - 2017 19.1% 17.9% 15.6% 11.4% 10.6% 10.0% 6.1% 3.9% 2.8% 1.5% 1.0% 20.4% 13.8% 15.0% 15.6% 12.9% 5.8% 6.7% 3.2% 4.3% 0.7% 1.6% 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 Manufacturing Natural Resources & Mining Information Collier County Florida Source: Bureau of Labor Statistics and Economy.com Collier County has greater concentrations than Florida in the following employment sectors: 1. Leisure and Hospitality, representing 17.9% of Collier County payroll employment compared to 13.8% for Florida as a whole. This sector includes employment in hotels, restaurants, recreation facilities, and arts and cultural institutions. 2. Education and Health Services, representing 15.6% of Collier County payroll employment compared to 15.0% for Florida as a whole. This sector includes employment in public and private schools, colleges, hospitals, and social service agencies. 3. Construction, representing 10.0% of Collier County payroll employment compared to 5.8% for Florida as a whole. This sector includes construction of buildings, roads, and utility systems. 4. Other Services, representing 3.9% 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. Collier County is underrepresented in the following sectors: 1. Trade; Transportation; and Utilities, representing 19.1% of Collier County payroll employment compared to 20.4% for Florida as a whole. This sector includes jobs in retail trade, wholesale trade, trucking, warehousing, and electric, gas, and water utilities. Collier County Area Analysis 10 Conservation Collier - Immokalee 2. Professional and Business Services, representing 11.4% of Collier County payroll employment compared to 15.6% for Florida as a whole. This sector includes legal, accounting, and engineering firms, as well as management of holding companies. 3. Government, representing 10.6% of Collier County payroll employment compared to 12.9% for Florida as a whole. This sector includes employment in local, state, and federal government agencies. 4. Financial Activities, representing 6.1% of Collier County payroll employment compared to 6.7% for Florida as a whole. Banking, insurance, and investment firms are included in this sector, as are real estate owners, managers, and brokers. Major Employers Major employers in Collier County are shown in the following table. Name Number of Employees 1 Collier County Public Schools 7,041 2 NCH Naples Hospital 7,000 3 Publix Supermarkets 6,968 4 Walmart Supercenter 3,792 5 USPS 1,992 6 Home Depot 1,920 7 Collier County Administration 1,600 8 Arthrex 1,400 9 Lowe's Home Improvement 1,100 10 Ritz Carlton 1,100 Major Employers - Collier County Source: SWFL Economic Development Alliance 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 somewhat higher in the Naples MSA than the United States overall during the past eight years. The Naples MSA has grown at a 2.6% average annual rate while the United States has grown at a 1.9% rate. As the national economy improves, the Naples MSA has recently underperformed the United States. GDP for the Naples MSA rose by 1.1% in 2016 while the United States GDP rose by 1.5%. The Naples MSA has a per capita GDP of $41,292, which is 19% less than the United States GDP of $50,708. This means that Naples MSA industries and employers are adding relatively less value to the economy than their counterparts in the United States overall. Collier County Area Analysis 11 Conservation Collier - Immokalee Gross Domestic Product Year ($ Mil) Naples MSA % Change ($ Mil) United States % Change 2009 12,583 14,320,114 2010 12,765 1.4%14,628,165 2.2% 2011 12,692 -0.6%14,833,679 1.4% 2012 12,925 1.8%15,126,281 2.0% 2013 13,051 1.0%15,348,034 1.5% 2014 13,974 7.1%15,717,536 2.4% 2015 14,913 6.7%16,148,378 2.7% 2016 15,077 1.1%16,385,170 1.5% Compound % Chg (2009-2016)2.6%1.9% GDP Per Capita 2016 $41,292 $50,708 Source: Bureau of Economic Analysis and Economy.com; data released September 2016. The release of state and local GDP data has a longer lag time than national data. The data represents inflation-adjusted "real" GDP stated in 2009 dollars. Household Income Collier County is more affluent than Florida. Median household income for Collier County is $67,626, which is 27.3% greater than the corresponding figure for Florida. Median Collier County $67,626 Florida $53,114 Comparison of Collier County to Florida + 27.3% Source: Environics Analytics Median Household Income - 2018 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, 45% of Collier County households are at the $75,000 or greater levels in household income as compared to 35% of Florida households. A lesser concentration of households is apparent in the lower income levels, as 23% of Collier County households are below the $35,000 level in household income versus 33% of Florida households. Collier County Area Analysis 12 Conservation Collier - Immokalee Household Income Distribution - 2018 11.6% 10.7% 10.6% 14.4% 18.0% 11.6% 7.9% 4.9% 4.6% 2.2% 2.3% 1.1% 6.7% 7.9% 8.5% 13.2% 18.6% 12.6% 8.9% 6.0% 6.3% 3.3% 4.6% 3.4% 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: Environics Analytics Education and Age Residents of Collier County have a higher level of educational attainment than those of Florida. An estimated 35% of Collier County residents are college graduates with four-year degrees, versus 28% of Florida residents. People in Collier County are older than their Florida counterparts. The median age for Collier County is 50 years, while the median age for Florida is 42 years. Education & Age - 2018 Source: Environics Analytics 10% 20% 30% 40% 50% 60% 70% 80% Collier County Florida 35% 28% Percent College Graduate 10 15 20 25 30 35 40 45 50 Collier County Florida 50 42 Median Age Collier County Area Analysis 13 Conservation Collier - Immokalee 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 January 2018 compared to January 2017. Seasonally-adjusted tourist tax revenues increased 19% in Collier County in February 2018 compared to February 2017, Lee County increased 11% and Charlotte County increased 4%. Passenger activity for the three airports increased 12% in February 2018 from February 2017 and increased 9% from January 2018. In addition, the area continues to experience a slight increase in job growth. Lee County’s seasonally-adjusted unemployment rate dropped to 3.6% in March 2018, a decrease of 0.6 points from March 2017. Collier County’s unemployment rate was 3.8% in March 2018, down from 4.4% in March 2017. The seasonally-adjusted unemployment rate in Charlotte County declined to 4.1% in March 2018, down from 4.8% in March 2017. These trends are likely to continue in the near-term due to a growing population base and increasing job opportunities. Collier County Area Analysis 14 Conservation Collier - Immokalee Area Map Surrounding Area Analysis 15 Conservation Collier - Immokalee Surrounding Area Analysis Location The subject is located along Sanitation Road, South 5th Street and Bethune Road within the Immokalee area of Collier County. Immokalee is located about 30 miles east of Interstate-75 via Immokalee Road (County Road 846). Immokalee has long been considered isolated from coastal Collier County both in location and demographics. Immokalee’s development is based on its agriculture resources, which makes Immokalee 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. Access and Linkages The major arterial roadways are State Road 29, Immokalee Road and New Market Road (SR 29A). State Road 29 is a two-lane arterial that widens to four lanes through the small downtown area. The four-lane segment is called Main Street and is the focus of redevelopment and economic revitalization. It is the only segment with on-street parking and sidewalks on both sides. The two lane segments of State Road 29 north and east of Main Street are two lanes with no sidewalks. New Market Road is a two-lane arterial with 100 feet of right-of-way and no sidewalks, paved shoulders, or turn lanes. The remaining right-of-way and truck parking is limestone. Vegetable and fruit packinghouses and the State Farmers Market are located along this street. Trucks are encouraged to use this street as a bypass road to avoid the downtown area and to pick up goods for transport. The roadway is in poor condition and maintenance costs are high due to damage by trucks dragging limestone on roadway. Although many people walk or bicycle to work in this area, pathway facilities are unavailable. Immokalee Road intersects with SR 29 at the beginning of Main Street. North Main Street, it narrows to two lanes and has a sidewalk on the west side only. Public transportation is provided by Collier Area Transit (CAT), which provides access to the subject’s neighborhood via the Pink Route 8 (Immokalee Circulator) and the Blue Route 5 (Immokalee Shuttle). The local market perceives public transportation as fair compared to other market areas in the region. However, the primary mode of transportation in this area is the automobile. The Southwest Florida International Airport (RSW) is located about 30 miles from the 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. Surrounding Area Analysis 16 Conservation Collier - Immokalee Demand Generators Immokalee’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 Seminole Casino Immokalee, a large employer within the Immokalee area. Demographics A demographic profile of the surrounding area, including population, households, and income data, is presented in the following table. Surrounding Area Demographics 2018 Estimates 1-Mile Radius 3-Mile Radius 5-Mile Radius Collier County Florida Population 2010 1,652 21,771 24,871 321,520 18,801,310 Population 2018 1,839 24,421 28,131 374,242 21,107,181 Population 2023 1,964 26,134 30,152 403,981 22,528,389 Compound % Change 2010-2018 1.3%1.4%1.6%1.9%1.5% Compound % Change 2018-2023 1.3%1.4%1.4%1.5%1.3% Households 2010 335 5,256 5,968 133,179 7,420,802 Households 2018 394 6,020 6,879 155,811 8,314,234 Households 2023 432 6,495 7,426 168,550 8,876,878 Compound % Change 2010-2018 2.0%1.7%1.8%2.0%1.4% Compound % Change 2018-2023 1.9%1.5%1.5%1.6%1.3% Median Household Income 2018 $31,078 $32,814 $34,829 $67,626 $53,114 Average Household Size 3.4 3.9 3.9 2.4 2.5 College Graduate %2%5%6%35%28% Median Age 32 30 29 50 42 Owner Occupied %44%36%41%72%67% Renter Occupied %56%64%59%28%33% Median Owner Occupied Housing Value $97,107 $89,566 $104,438 $347,499 $195,073 Median Year Structure Built 1984 1994 1995 1994 1987 Avg. Travel Time to Work in Min.37 37 37 27 29 Source: Environics Analytics As shown above, the current population within a 3-mile radius of the subject is 24,421, and the average household size is 3.9. 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 3-mile radius is projected to grow at a slower rate. Median household income is $32,814, which is lower than the household income for Collier County. Residents within a 3-mile radius have a considerably lower level of educational attainment than those of Collier County, while median owner occupied home values are considerably lower. Land Use In the immediate vicinity of the subject, land uses are primarily residential and agricultural, with supporting industrial and commercial uses located along the major arterials. However, the Immokalee area as a whole is generally rural in character. Surrounding Area Analysis 17 Conservation Collier - Immokalee Outlook and Conclusions Over the last two (2) years, the Collier County Market has 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. While the Collier County market is in an expansion, the Immokalee area is more mature / stable in character. In the immediate area, development has been limited to build to suits for national tenants or end users. 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 18 Conservation Collier - Immokalee Surrounding Area Map Land Description and Analysis 19 Conservation Collier - Immokalee Property Analysis Land Description and Analysis Land Description Land Area (Gross)400.58 acres; 17,449,265 SF Land Area (Usable)384.65 acres; 16,755,354 SF Land Area (Un-Usable)15.93 acres; 693,911 SF Source of Land Area Public Records Primary Street Frontage Sanitation Road - varies feet Secondary Street Frontage South 5th Street - varies feet Shape Irregular Corner No Rail Access No Topography Generally level and at street grade Drainage No problems reported or observed Environmental Hazards None reported or observed Ground Stability No problems reported or observed Flood Area Panel Number 12021C0145H Date May 16, 2012 Zone AE Description Within 100-year floodplain Insurance Required?Yes Zoning; Other Regulations Zoning Jurisdiction Collier County Zoning Designation A - Rural Agricultural District; E - Estates District Description The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. The purpose and intent of the estates district (E) is to provide lands for low density residential development in a semi-rural to rural environment, with limited agricultural activities. Legally Conforming?Appears to be legally conforming Zoning Change Likely?No Permitted Uses A - Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district.; In addition to low density residential development with limited agricultural activities, the E district is also designed to accommodate as conditional uses , development that provides services for and is compatible with the low density residential, semi-rural and rural character of the E district. Minimum Lot Area A - 217,800 square feet; E - 98,010 square feet Minimum Lot Width (Feet)A - 165; E - 150 Minimum Setbacks (Feet)A - Front - 50; Side - 30; Rear - 50; E - Front - 75; Side - 30; Rear - 75 Maximum Building Height A - 35 feet; E - 30 feet Maximum Site Coverage A - None; E - None Maximum Floor Area Ratio A - None; E - None Rent Control No Other Land Use Regulations Future Land Use - Low Residential Subdistrict, Wetlands Connected to Lake Trafford/Camp Keais Strand System, We are not experts in the interpretation of zoning ordinances. An appropriately qualified land use attorney should be engaged if a determination of compliance with zoning is required. Landfill Area Please note that the subject consists of approximately 15.93 acres of a historical landfill that has since been sodded over. This area is considered un-useable area. It has been reported that the landfill area has been under a monitoring program and no contamination has been reported. This report assumes no environmental concerns are present on the site or adjacent areas. Land Description and Analysis 20 Conservation Collier - Immokalee Easements, Encroachments and Restrictions We were not provided a current title report to review. We are not aware of any easements, encroachments, or restrictions that would adversely affect value. Our 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 and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by zoning. We are not aware of any other particular restrictions on development. Land Description and Analysis 21 Conservation Collier - Immokalee On Site On Site On Site On Site On Site On Site Land Description and Analysis 22 Conservation Collier - Immokalee On Site Bethune Rd/S 5th St Intersection Land Description and Analysis 23 Conservation Collier - Immokalee Aerial Map – 1060 Sanitation Road Land Description and Analysis 24 Conservation Collier - Immokalee Aerial Map Land Description and Analysis 25 Conservation Collier - Immokalee Exhibit Land Description and Analysis 26 Conservation Collier - Immokalee Flood Map Land Description and Analysis 27 Conservation Collier - Immokalee Zoning Map Real Estate Taxes 28 Conservation Collier - Immokalee Real Estate Taxes Real estate tax assessments are administered by Collier County and are estimated by jurisdiction on a countywide basis. Real estate taxes in this state and this jurisdiction represent ad valorem taxes, meaning a tax applied in proportion to value. The real estate taxes for an individual property may be determined by dividing the assessed value by 1,000 and then multiplying the estimate by a composite rate. The composite rate is based on a consistent tax rate throughout the state in addition to one or more local taxing district rates. The assessed values are based upon the current conversion assessment of the Collier County Property Appraiser’s market value. State law requires that all real property be re-valued each year. The millage rate is generally finalized in October of each year, and tax bills are generally received in late October or early November. The gross taxes are due by March 31st of the following year. If the taxes are paid prior to November 30th, the State of Florida allows a 4% discount for early payment. The discount then becomes 3% if paid by December 31st, 2% if paid by January 31st, and 1% if paid by February 28th. After March 31st, the taxes are subject to late penalties and interest. 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 Taxable Total Tax Rate Ad Valorem Taxes Direct Assessments Total 00132960005 $689,475 $689,475 $689,475 1.487440%$10,256 $0 $10,256 00133240009 $833,100 $504,026 $689,475 1.487440%$9,183 $0 $9,183 $1,522,575 $1,193,501 $1,378,950 $19,438 $0 $19,438 Based on the concluded market value of the subject, the assessed value appears low. Highest and Best Use 29 Conservation Collier - Immokalee 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 vacant, and as improved. 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 Vacant Physically Possible The physical characteristics of the site do not appear to impose any unusual restrictions on development. Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses. Legally Permissible The site is zoned A - Rural Agricultural District; E - Estates District, The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. The purpose and intent of the estates district (E) is to provide lands for low density residential development in a semi-rural to rural environment, with limited agricultural activities.. Permitted uses include a - Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district.; In addition to low density residential development with limited agricultural activities, the E district is also designed to accommodate as conditional uses , development that provides services for and is compatible with the low density residential, semi-rural and rural character of the E district.. 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, low density residential, and/or conservation uses 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, low density residential, and/or conservation uses in the subject’s area. It appears that a newly developed agricultural, low density residential, and/or conservation uses on the site would have a value commensurate with its cost. Therefore, agricultural, low density residential, and/or conservation uses is considered to be financially feasible. Highest and Best Use 30 Conservation Collier - Immokalee 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, low density residential, and/or conservation uses. Accordingly, it is our opinion that agricultural, low density residential, and/or conservation uses, 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, low density residential, and/or conservation uses 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 vacant. As Improved No improvements are situated on the subject. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Taking into account the functional utility of the site and area development trends, the probable buyer is a speculator or investor (hunting/conservation purposes). Valuation Methodology 31 Conservation Collier - Immokalee 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 Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized Sales Comparison Approach 32 Conservation Collier - Immokalee Sales Comparison Approach 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. This approach develops an indication of value by researching, verifying, and analyzing sales of similar properties. Our sales research focused on transactions within the following parameters: • Location: Collier and Lee Counties; • Size: 100 to 5,000 acres; • Use: Agricultural use; • Transaction Date: January 2015 to present. For this analysis, we use price per useable 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. Sales Comparison Approach 33 Conservation Collier - Immokalee Summary of Comparable Land Sales No.Name/Address Sale Date; Status Sale Price SF; Acres Zoning $/SF Land $/Acre 1 Gargiulo Land Trust Jan-15 $9,765,000 27,004,151 $0.36 $15,752 17311 Immokalee Rd. Closed 619.93 Immokalee Collier County FL 2 RLF Corkscrew Holdings Grove Oct-15 $15,007,956 63,597,600 $0.24 $10,279 19500 Corkscrew Rd. Closed 1,460.00 Estero Lee County FL 3 Corkscrew Farms Oct-15 $20,000,000 59,285,160 $0.34 $14,695 16871-18901 Corkscrew Road Closed 1,361.00 Estero Lee County FL 4 Boran & Brown Acreage May-16 $38,479,500 110,985,653 $0.35 $15,103 16004 Immokalee Rd. Closed 2,547.88 Naples Collier County FL 5 Edison Farms Nov-17 $42,435,000 170,839,271 $0.25 $10,820 East of I75 between Corkscrew and Bonita Beach Roads Closed 3,921.93 Bonita Springs Lee County FL Subject 17,449,265 Conservation Collier - Immokalee 400.58 Immokalee, FL Comments: The Trust for Public Land purchased 619.93 acres of land near the Bird Rookery Swamp for $9,765,000. The trust then immediately resold the former agricultural property to the state of Florida for the same price. The Gargiulo Land Trust (GLT) property is comprised of two parcels. The property is in the Florida Forever project boundary, is an essential remaining parcel for the SFWMD Corkscrew Regional Ecosystem Watershed and is primary Panther habitat. The subject is designated as being in the Collier County Rural Fringe Mixed Use overlay with 298.50 designated as sending lands and 330.43 acres designated as receiving lands. The property cold be developed as a residential community with 289-housing units. Comments: This property consists of 1,460 acres of orange groves. The property was purchased by RLF Corkscrew in 2010 as part of a larger 2,100 acres tract. The 2010 purchase appeared to be part of a bankruptcy filing. RLF Corkscrew subsequently sold off 640 acres of land for row crops on 2013 for $7,500 per acre. The current transaction includes only the remaining 1,460 acres of groves. Comments: This is the sale of the Place at Corkscrew Farms, which is being developed by Cameratta Companies. The property is located in the Lee County Density Reduction And Groundwater Resource (DRGR) area which limits development. Cameratta put the property under contract and applied for a comprehensive plan amendment to allow up to 1325 residential units. The amendment was approved with the developer required to set aside significant preserve areas and restore historic flow ways to improve drainage throughout the DRGR. This transaction is significant as it is one of the first properties within the DRGR to successfully achieve a comprehensive plan amendment to allow residential development. Nick Cameratta of Cameratta Companies confirmed the sale price at $20,000,000 or $14,695 per acre. Mr Cameratta indicated that he felt that with the comprehensive plan amendment in place the property was worth between $40,000 and $50,000 per developable unit. FLU: Density Reduction/ Groundwater Resource and Wetlands. Comments: 27th/Pico Boulevard Limited Partnership acquired the 2,548-acre tract in May 2016 from State Road 846 Land Trust Agreement, whose co-trustees are Michael J. Boran and Ronald L. Brown, for $38,479,500. There was an active earth mine, sod farm, and cattle grazing operation in place at the time of the sale. The buyer was looking to acquire through a long- term hold a position to possibly take advantage of North Naples’ growth. The earth mine is comprised of approximately 553 acres that can be mined to a depth of no more than 45 feet. An additional 528 acres (mined to a depth of no more than 45 feet) has the potential to be mined. The remaining 1,994.88 acres consists of agricultural land. The site can be developed with up to 4,500 dwelling units. FLU: Urban Residential Subdistrict Comments: Lee County purchased nearly 3,922 acres from Investors Warranty of America, LLC on November 30, 2017. The price was $42,435,000, or about $10,820 per acre. The property was originally offered for $49,000,000. The site contains more than 3,500 acres of wetlands. The purchase was part of Lee County's 20/20 conservation program. Randy Thibaut and Justin Thibaut of Land Solutions, Inc. represented the seller. Current zoning allows for 255 homes on the site although Randy Thibaut told county commissioners that 3,000 to 5,000 homes could eventually be developed Agricultural A - Rural Agricultural District; E - Estates District Agricultural Agricultural with Mobile-home Overlay Agricultural Agricultural Sales Comparison Approach 34 Conservation Collier - Immokalee Comparable Land Sales Map Sales Comparison Approach 35 Conservation Collier - Immokalee Sale 1 Gargiulo Land Trust Sale 2 RLF Corkscrew Holdings Grove Sale 3 Corkscrew Farms Sale 4 Boran & Brown Acreage Sale 5 Sales Comparison Approach 36 Conservation Collier - Immokalee Analysis and Adjustment of Sales 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 adjustments have been applied. Real Property Rights Fee simple, leased fee, leasehold, partial interest, etc. No adjustments have been applied. Financing Terms Seller financing, or assumption of existing financing, at non-market terms. No adjustments have been applied. Conditions of Sale Extraordinary motivation of buyer or seller, assemblage, forced sale. No adjustments have been applied. Market Conditions Changes in the economic environment over time that affect the appreciation and depreciation of real estate. No adjustments have been applied. Location Market or submarket area influences on sale price; surrounding land use influences. No adjustments have been applied. Access/Exposure Convenience to transportation facilities; ease of site access; visibility; traffic counts. No adjustments have been applied. Size Inverse relationship that often exists between parcel size and unit value. Sales 2, 3, 4, and 5 are larger than the subject and are considered inferior; an upward adjustment has been applied. Shape and Topography Primary physical factors that affect the utility of a site for its highest and best use. No adjustments have been applied. Zoning Government regulations that affect the types and intensities of uses allowable on a site. No adjustments have been applied. Entitlements The specific level of governmental approvals attained pertaining to development of a site. No adjustments have been applied. Sales Comparison Approach 37 Conservation Collier - Immokalee Adjustment Factor Accounts For Comments Uplands to Wetlands Area The ratio of uplands to wetlands land area. The subject parent tract has an uplands area of about 100%. Sales 3, 4, and 5 have significantly lower %’s of uplands area and are considered inferior; upward adjustments have been applied. Current Use The specific use of the property at the current time. Sale 2 is used for productive citrus operations until development is warranted and Sale 4 is used as an active mine operation until development is warranted, which generates significant income. Sales 2 and 4 are superior and have been adjusted downward. Sales Comparison Approach 38 Conservation Collier - Immokalee 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 Name Conservation Collier - Immokalee Gargiulo Land Trust RLF Corkscrew Holdings Grove Corkscrew Farms Boran & Brown Acreage Edison Farms Address 1060 Sanitation Rd. 17311 Immokalee Rd. 19500 Corkscrew Rd. 16871-18901 Corkscrew Road 16004 Immokalee Rd. East of I75 between Corkscrew and Bonita Beach Roads City Immokalee Immokalee Estero Estero Naples Bonita Springs County Collier Collier Lee Lee Collier Lee State Florida FL FL FL FL FL Sale Date Jan-15 Oct-15 Oct-15 May-16 Nov-17 Sale Status Closed Closed Closed Closed Closed Sale Price $9,765,000 $15,007,956 $20,000,000 $38,479,500 $42,435,000 Square Feet 17,449,265 27,004,151 63,597,600 59,285,160 110,985,653 170,839,271 Acres 400.58 619.93 1,460.00 1,361.00 2,547.88 3,921.93 Zoning Code A - Rural Agricultural District; E - Estates District A-MHO (RFMUO- NRPA-SENDING) AG-2 AG A-MHO AG-2 Database ID 1366454 1239628 1239626 1356883 1907226 $15,752 $10,279 $14,695 $15,103 $10,820 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 ––––– None known None known None known None known None known ––––– Market Conditions 10/2/2018 Jan-15 Oct-15 Oct-15 May-16 Nov-17 Annual % Adjustment 0%––––– $15,752 $10,279 $14,695 $15,103 $10,820 ––––– ––––– –5%5%10%15% ––––– ––––– ––––– ––10%10%15% –-10%–-20%– Net $ Adjustment $0 -$514 $2,204 $0 $3,246 Net % Adjustment 0%-5%15%0%30% Final Adjusted Price $15,752 $9,765 $16,899 $15,103 $14,066 Overall Adjustment 0%-5%15%0%30% Average Indicated Value Location Shape and Topography Ratio of Usable Land Current Use Range of Adjusted Prices Access/Exposure Size Price per Acre Property Rights Financing Terms Conditions of Sale Cumulative Adjusted Price % Adjustment % Adjustment % Adjustment Zoning Entitlements $9,765 - $16,899 $14,317 $13,000 Sales Comparison Approach 39 Conservation Collier - Immokalee Land Value Conclusion No one sale stands out as most comparable. Given the subjects split zoning and development potential we feel a value below the average is appropriate. We arrive at a value conclusion as follows: Land Value Conclusion Indicated Value per Acre $13,000 Subject Acres 384.65 Indicated Value $5,000,450 Rounded $5,000,000 Reconciliation and Conclusion of Value 40 Conservation Collier - Immokalee Reconciliation and Conclusion of Value As discussed previously, we 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, our value opinion follows: Value Conclusion Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value Fee Simple October 2, 2018 $5,000,000 Extraordinary Assumptions and Hypothetical Conditions 1.It has been reported that the landfill area has been under a monitoring program and no contamination has been reported. This report assumes no environmental concerns are present on the site or adjacent areas. 1.None; N/A. 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. Exposure Time Exposure time is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Based on the concluded market value stated previously, it is our opinion that the probable exposure time is 6 to 12 months. Marketing Period Marketing time is an estimate of the amount of time it might take to sell a property at the concluded market value immediately following the effective date of value. We estimate the subject’s marketing period at 6 to 12 months. Certification 41 Conservation Collier - Immokalee Certification We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We 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. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. Our 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. Carlton J. Lloyd, MAI, made a personal inspection of the property that is the subject of this report. Julian L.H. Stokes II, MAI, has personally inspected the subject. 12. No one provided significant real property appraisal assistance to the persons signing this certification. 13. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Certification 42 Conservation Collier - Immokalee 14. As of the date of this report, Carlton J. Lloyd, MAI and Julian L.H. Stokes II, MAI have completed the continuing education program for Designated Members of the Appraisal Institute. Carlton J. Lloyd, MAI State-Certified General RE Appraiser FL Certificate # RZ#2618 Julian L.H. Stokes II, MAI State-Certified General RE Appraiser FL Certificate # RZ#3537 Assumptions and Limiting Conditions 43 Conservation Collier - Immokalee 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 our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal Assumptions and Limiting Conditions 44 Conservation Collier - Immokalee covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical, electrical, structural and other engineering and environmental matters. 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; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The values found herein are 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 Assumptions and Limiting Conditions 45 Conservation Collier - Immokalee conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of the property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. We 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 cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property. Integra Realty Resources – Southwest Florida, Integra Realty Resources, Inc., Integra Strategic Ventures, Inc. and/or any of their respective officers, owners, managers, directors, agents, subcontractors or employees (the “Integra 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 we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The 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. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non- existent or minimal. 22. Integra Realty Resources – Southwest Florida is not a building or environmental inspector. Integra Southwest Florida 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. Integra Realty Resources – Southwest Florida, an independently owned and operated company, has prepared the appraisal for the specific intended use stated elsewhere in the Assumptions and Limiting Conditions 46 Conservation Collier - Immokalee report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report or any other work product related to the engagement (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. 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 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 Integra 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 we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of this property. 26. 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 our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. 27. The appraisal is also subject to the following: Extraordinary Assumptions and Hypothetical Conditions 1.It has been reported that the landfill area has been under a monitoring program and no contamination has been reported. This report assumes no environmental concerns are present on the site or adjacent areas. 1.None; N/A. 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. Addenda Conservation Collier - Immokalee Addendum A Appraiser Qualifications Carlton J. Lloyd, MAI Southwest Florida Integra Realty Resources irr.com T 239.643.6888 F 239.643.6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Experience Senior Managing Director of Integra Realty Resources Southwest Florida Actively engaged in real estate valuation since 1995. Territories include Collier, Lee, Charlotte, Sarasota, Manatee, Broward, Palm Beach, Miami-Dade, Monroe, Desoto and Hendry Counties. Experienced in Residential Developments (PUDs & Condominiums), Multifamily apartments, Low Income Housing, (LIHTC), office buildings, restaurants, commercial retail centers, industrial warehouse properties, self storage, hotels, net leased properties and subdivisions. Specialty experience includes marina, golf courses and country clubs, and orange groves. Clients include, but are not limited to: federally insured lenders, developers, investors, law firms, mortgage banking firms, local, state, and federal agencies, and individuals. Valuations have been performed for condemnation purposes, estates, financing, equity participation and due diligence and litigation support. Valuations and market studies have been done on proposed, partially completed, renovated and existing structures. Professional Activities & Affiliations Appraisal Institute, Member (MAI) Appraisal Institute, Member (#406018), August 2008 Member: Urban Land Institute, January 2018 Licenses Florida, State Certified General RE Appraiser, RZ#2618, Expires November 2020 North Carolina, State Certified RE Appraiser, A8192, Expires June 2019 Education Carlton graduated with a Bachelor Of Arts Degree from the State University of N.Y. at Albany in 1989. Recent real estate courses include : Appraising Automobile Dealerships Sept 1, 2018 Managing Unusual Appraisal & Litigation Assignments 06/12/2018 Online Business Practices and Ethics 06/08/2018 7-Hour National USPAP Update Course 04/12/2018 Online Real Estate Finance Statistics and Valuation Modeling 06/15-07/15/2016 Reviewing Residential Appraisals and Using Fannie Mae Form 2000 06/01-07/01/2016 Residential Sales Comparison and Income Approach 08/15-09/29/2014 Feasibility, Market Value, Investment Timing: Option Value 08/15-09/14/2012 Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets 02/29-03/01/2012 The Appraiser as an Expert Witness: Preparation & Testimony 06/04-05/2009 Condemnation Appraising: Principles & Applications 05/06-08/2009 Online Small Hotel/Motel Valuation 11/01-12/01/2008 Online Analyzing Distressed Real Estate 10/15-11/14/2008 Online Condominiums, Co-ops and PUDs 10/15-11/14/2008 Online Appraising From Blueprints and Specifications 09/15-10/15/2006 clloyd@irr.com - 239.687.5801 Carlton J. Lloyd, MAI Southwest Florida Integra Realty Resources irr.com T 239.643.6888 F 239.643.6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Education (Cont'd) Online Analyzing Operating Expenses 08/15-09/14/2006 Online Small Hotel/Motel Valuation 08/15-09/14/2006 Report Writing and Valuation Analysis 07/11-17/2004 Advanced Applications 03/08-13/2004 Highest & Best Use and Market Analysis 10/06-11/2003 Advanced Sales Comparison & Cost Approaches 10/28-11/02/2002 Advanced Income Capitalization 02/07-13/2002 General Applications 03/19-25/2001 Standards of Professional Practice, Part B 08/30/2000 Standards of Professional Practice, Part A (USPAP) 08/28-29/2000 Basic Income Capitalization 08/15-21/1999 Qualified Before Courts & Administrative Bodies Qualified as an expert witness in U.S. Federal Bankruptcy Court, US District Court-Tampa, Collier County Circuit Court, Lee County Circuit Court and the Tax Appeals Board of Lee County Case History: IEC Rentals Bankruptcy US Bankruptcy Court, Middle District of Florida Case 9:15-bk-2491-FMD Howard Fertilizer & Chemical Company, Inc., A Florida Corporation V. Gulf Citrus Caretaking, Inc., in the Circuit Court Of The Ninth Judicial Circuit In And For Orange County, Florida Case No. 2009-CA-034084-O US. Bank National Association v. Salo & Barnes, Inc., et al. Circuit Court of the Twentieth Judicial Circuit In and For Lee County, Florida, Civil Division Case No. 10-CA-057019 Fedako, Catherine A. adv. Cassidy, John R. In The Circuit Court Of The Twelfth Judicial Circuit In And For Sarasota County, Florida Case No. 2012-DR-8138 PPDG, LLC V J. Dean, Templeton Case No. 2:13-cv-768-FtM-29UAM Gregory Montwill, v. Bank of America, N. A., United States District Court Case No. 13-02965-SDM-TGW, Ongoing Six Mile Preserve LLC v. Kenneth M. Wilkinson, as Property Appraiser, Property Tax Appeal Case No. 13-CA-000704 September 2014 First Berkshire Properties, LLC, v. Kenneth M. Wilkinson, as Property Appraiser, Property Tax Appeal Case No. 13-CA-000702 September 2014 Encore Bank v Implant, General & Cosmetic Dentistry Bankruptcy Case (8:12-bk-18834-MGW) June 2013 Bank Of America/Merrill Lynch V D'Agostino Bankruptcy Case (9:12-bk-06762 ) January 2013 Rookery Bay Business Park, LLC Bankruptcy Case (12-38298-LMI) May 2013 RP Bonita V Acaia, Pending Arbitration Hearing (Settled August 2013) Lake Lincoln, LLC V Manatee County Case 2012-CA3483 (ongoing) UPS Capital V Surety Title Corp, Collier County (09-4938 CA) Deficiency Hearing Synovous Bank V Belaj, Collier County (11-1460-CA) February 2012 Deficiency Hearing Bank of Naples v Palmyra Club Investors Collier County (09-7986-CA) August 2011 Deficiency Hearing BB&T Vs. Naples Plastering Collier County (10-2881-CA) Deficiency Hearing August 2011 BB&T Vs Rialto Holdings Lee County Deficiency Hearing February 2011 RBC Vs R&D Collier, Collier County Deficiency Hearing May 2011 Fiddlers Creek Bankruptcy Hearing Federal Bankruptcy Court Case 8:10-bk-03846-KRM clloyd@irr.com - 239.687.5801 Carlton J. Lloyd, MAI Southwest Florida Integra Realty Resources irr.com T 239.643.6888 F 239.643.6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Qualified Before Courts & Administrative Bodies (Cont'd) Multiple dates 2011 Moody River Estates, Lee County 20th Circuit Court Case 07-CA-88197. August 2010 BB&T vs Lee Wetherington Homes . Lee County 20th Circuit Court Case 07-CA-88197.June 2010 Eight Peaks Capital Vs Bald Eagle Group LLC Federal Bankruptcy Court Case 08-8902CA-01 April 2010 Bank Of Florida vs Bradford Square Collier County Uniform Case Number 112009CA0025920001XX April 2010 clloyd@irr.com - 239.687.5801 Mr. Julian L. Stokes, II, MAI Southwest Florida Integra Realty Resources irr.com T 239-643-6888 F 239-643-6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Experience Real Estate Analyst Julian has actively been engaged in real estate valuation and consulting since 2005. Territories include Collier, Lee, Charlotte, Sarasota, Manatee, Desoto and Hendry Counties. Experienced in valuations involving community/neighborhood shopping centers, power centers, office buildings - CBD and suburban, warehouse/distribution, multi-family, condomium projects, hotels and motels, vacant land and special purpose properties. Clients include, but are not limited to federally insured lenders, developers, investors, lasw firms, mortgage banking firms, local and federal agencies, and individuals. Valuations have been performed for estates, financing, equity participation and litigation support. Valuations have been done on proposed and existing structures. Professional Activities & Affiliations Appraisal Institute, Member (MAI) Appraisal Institue Licenses Florida, Real Estate Broker, Florida, State Certified General RE Appraiser, RZ#3537, Expires November 2020 Education University of North Florida - 2005 Bachelor of Science - Finances direction of Real Estate Uninversity of Denver - 2007 Masters of Science - Real Estate and Construction Management Successfully completed the registered trainee appraiser course requirementss accepted by the Appraisal Institute. Successfully completed numerous real estate and valuation courses and seminars sponsored by the Appraisal Institute, accredited universities and other state recognized schools. jlstokes@irr.com - 239-687-5802 x432 About IRR Integra Realty Resources, Inc. (IRR) provides world-class commercial real estate valuation, counseling, and advisory services. Routinely ranked among leading property valuation and consulting firms, we are now the largest independent firm in our industry in the United States, with local offices coast to coast and in the Caribbean. IRR offices are led by MAI-designated Senior Managing Directors, industry leaders who have over 25 years, on average, of commercial real estate experience in their local markets. This experience, coupled with our understanding of how national trends affect the local markets, empowers our clients with the unique knowledge, access, and historical perspective they need to make the most informe d decisions. Many of the nation's top financial institutions, developers, corporations, law firms, and government agencies rely on our professional real estate opinions to best understand the value, use, and feasibility of real estate in their market. Local Expertise...Nationally! irr.com Addenda Conservation Collier - Immokalee Addendum B Property Information Pay in U.S. Funds Drawn on a U.S. Bank To: Collier County Tax Collector 3291 E. Tamiami Trail Naples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information $VVHVVHGValue 'LVWULFW Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code Please Retain this portion for your records ExemptionV Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 654,529 654,529 654,529 654,529 654,529 654,529 654,529 654,529 654,529 654,529654,529 $9,890.40 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 654,529 SCHOOL BOARD - STATE LAW 654,529 SCHOOL BOARD - LOCAL BOARD 654,529 COLLIER COUNTY LIGHTING 654,529 UNINCORP GEN - MSTD 654,529 IMMOKALEE BEAUTIFICATION MSTU 654,529 WATER MANAGEMENT FUND-SOUTH 0.0940 654,529 BIG CYPRESS BASIN 0.1429 654,529 COLLIER MOSQUITO CONTROL 0.1459 654,529 1.0000 654,529 0.7161 0.1880 2.2480 3.2320 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 190 190 $9,890.40 2,454.48 15.1107 Paid By 654,529 Receipt # 00132960005 00132960005 IMMOKALEE FIRE 3.7500 654,529 9 47 29 W1/2, LESS R/W, LESS OR 251 PG 60-61, OR 431 PG 59-60 LESS OR 2117 PG 1738 9 47 29 W1/2, LESS R/W, LESS OR 251 PG 60-61, OR 431 PG 59-60 LESS OR 2117 PG 1738 2015-62592-09-20151130 0 0 0 11/30/2015 If Paid By If Paid By 0 Nov 30, 2015 Nov 30, 2015 0 0 0 0 2,333.07 0 19.18 0 2015 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2015 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 2,115.44 9,494.78 9,494.78 1,471.38 123.05 468.71 654.53 0 95.50 93.53 61.53 $9,494.78 Office Hours Office Hours Main Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054 Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986 Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172 Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011 Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , please call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE to the new owner or return to sender. Please mail or bring bottom portion of this Notice with your remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1 st, penalties are determined by date received. All payments made on or after April 1 st must be in the form of cash, cashieU·s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To: Collier County Tax Collector 3291 E. Tamiami Trail Naples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information $VVHVVHGValue 'LVWULFW Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code Please Retain this portion for your records ExemptionV Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 689,386 689,386 689,386 689,386 689,386 689,386 689,386 689,386 689,386 689,386689,386 $10,291.17 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 689,386 SCHOOL BOARD - STATE LAW 689,386 SCHOOL BOARD - LOCAL BOARD 689,386 COLLIER COUNTY LIGHTING 689,386 UNINCORP GEN - MSTD 689,386 IMMOKALEE BEAUTIFICATION MSTU 689,386 WATER MANAGEMENT FUND-SOUTH 0.0878 689,386 BIG CYPRESS BASIN 0.1336 689,386 COLLIER MOSQUITO CONTROL 0.1359 689,386 1.0000 689,386 0.8069 0.1750 2.2480 2.9970 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 190 190 $10,291.17 2,585.20 14.9280 Paid By 689,386 Receipt # 00132960005 00132960005 IMMOKALEE FIRE 3.7500 689,386 9 47 29 W1/2, LESS R/W, LESS OR 251 PG 60-61, OR 431 PG 59-60 LESS OR 2117 PG 1738 9 47 29 W1/2, LESS R/W, LESS OR 251 PG 60-61, OR 431 PG 59-60 LESS OR 2117 PG 1738 2016-63240-09-20161129 0 0 0 11/29/2016 If Paid By If Paid By 0 Nov 30, 2016 Nov 30, 2016 0 0 0 0 2,457.32 0 20.20 0 2016 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2016 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 2,066.09 9,879.52 9,879.52 1,549.74 120.64 556.27 689.39 0 93.69 92.10 60.53 $9,879.52 Office Hours Office Hours Main Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054 Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986 Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172 Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011 Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , please call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE to the new owner or return to sender. Please mail or bring bottom portion of this Notice with your remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1 st, penalties are determined by date received. All payments made on or after April 1 st must be in the form of cash, cashieU·s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To: Collier County Tax Collector 3291 E. Tamiami Trail Naples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information $VVHVVHGValue 'LVWULFW Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code Please Retain this portion for your records ExemptionV Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray BARRON COLLIER PRTNRSHP LLLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER PRTNRSHP LLLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 689,475 689,475 689,475 689,475 689,475 689,475 689,475 689,475 689,475 689,475689,475 $10,255.52 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 689,475 SCHOOL BOARD - STATE LAW 689,475 SCHOOL BOARD - LOCAL BOARD 689,475 COLLIER COUNTY LIGHTING 689,475 UNINCORP GEN - MSTD 689,475 IMMOKALEE BEAUTIFICATION MSTU 689,475 WATER MANAGEMENT FUND-SOUTH 0.1832 689,475 BIG CYPRESS BASIN 0.1270 689,475 COLLIER MOSQUITO CONTROL 0.1275 689,475 1.0000 689,475 0.8069 0.1640 2.2280 2.8940 0.0293 3.5645 11/30/2017 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 190 190 $10,255.52 2,585.53 14.8744 Paid By 689,475 Receipt # 00132960005 00132960005 IMMOKALEE FIRE 3.7500 Effective Date 689,475 9 47 29 W1/2, LESS R/W, LESS OR 251 PG 60-61, OR 431 PG 59-60 LESS OR 2117 PG 1738 9 47 29 W1/2, LESS R/W, LESS OR 251 PG 60-61, OR 431 PG 59-60 LESS OR 2117 PG 1738 2017-69435-09-20171201 0 0 0 12/01/2017 If Paid By If Paid By 0 Nov 30, 2017 Nov 30, 2017 0 0 0 0 2,457.63 0 20.20 0 2017 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2017 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 1,995.34 9,845.30 9,845.30 1,536.15 113.07 556.34 689.48 0 87.91 87.56 126.31 $9,845.30 Office Hours Office Hours Main Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054 Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986 Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172 Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011 Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , please call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE to the new owner or return to sender. Please mail or bring bottom portion of this Notice with your remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1 st, penalties are determined by date received. All payments made on or after April 1 st must be in the form of cash, cashieU·s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To: Collier County Tax Collector 3291 E. Tamiami Trail Naples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information $VVHVVHGValue 'LVWULFW Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code Please Retain this portion for your records ExemptionV Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 416,550 416,550 416,550 416,550 416,550 416,550 416,550 416,550 416,550 416,550416,550 $6,294.34 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 416,550 SCHOOL BOARD - STATE LAW 416,550 SCHOOL BOARD - LOCAL BOARD 416,550 COLLIER COUNTY LIGHTING 416,550 UNINCORP GEN - MSTD 416,550 IMMOKALEE BEAUTIFICATION MSTU 416,550 WATER MANAGEMENT FUND-SOUTH 0.0940 416,550 BIG CYPRESS BASIN 0.1429 416,550 COLLIER MOSQUITO CONTROL 0.1459 416,550 1.0000 416,550 0.7161 0.1880 2.2480 3.2320 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 148 148 $6,294.34 1,562.05 15.1107 Paid By 416,550 Receipt # 00133240009 00133240009 IMMOKALEE FIRE 3.7500 416,550 9 47 29 S1/2 OF S1/2 OF NE1/4, NW1/4 OF SW1/4 OF NE1/4, E1/2 OF SE1/4, LESS THE FOLL, R/W, E 464.86F Continued (See Tax Roll) 9 47 29 S1/2 OF S1/2 OF NE1/4, NW1/4 OF SW1/4 OF NE1/4, E1/2 OF SE1/4, LESS THE FOLL, R/W, E 464.86F Continued (See Tax Roll) 2015-62591-09-20151130 0 0 0 11/30/2015 If Paid By If Paid By 0 Nov 30, 2015 Nov 30, 2015 0 0 0 0 1,484.79 0 12.20 0 2015 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2015 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 1,346.29 6,042.57 6,042.57 936.40 78.31 298.29 416.55 0 60.77 59.53 39.16 $6,042.57 Office Hours Office Hours Main Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054 Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986 Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172 Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011 Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , please call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE to the new owner or return to sender. Please mail or bring bottom portion of this Notice with your remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1 st, penalties are determined by date received. All payments made on or after April 1 st must be in the form of cash, cashieU·s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To: Collier County Tax Collector 3291 E. Tamiami Trail Naples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information $VVHVVHGValue 'LVWULFW Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code Please Retain this portion for your records ExemptionV Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 458,205 458,205 458,205 458,205 458,205 458,205 499,860 499,860 458,205 458,205458,205 $7,058.59 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 458,205 SCHOOL BOARD - STATE LAW 458,205 SCHOOL BOARD - LOCAL BOARD 499,860 COLLIER COUNTY LIGHTING 499,860 UNINCORP GEN - MSTD 458,205 IMMOKALEE BEAUTIFICATION MSTU 458,205 WATER MANAGEMENT FUND-SOUTH 0.0878 458,205 BIG CYPRESS BASIN 0.1336 458,205 COLLIER MOSQUITO CONTROL 0.1359 458,205 1.0000 458,205 0.8069 0.1750 2.2480 2.9970 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 148 148 $7,058.59 1,718.27 14.9280 Paid By 458,205 Receipt # 00133240009 00133240009 IMMOKALEE FIRE 3.7500 458,205 9 47 29 S1/2 OF S1/2 OF NE1/4, NW1/4 OF SW1/4 OF NE1/4, E1/2 OF SE1/4, LESS THE FOLL, R/W, E 464.86F Continued (See Tax Roll) 9 47 29 S1/2 OF S1/2 OF NE1/4, NW1/4 OF SW1/4 OF NE1/4, E1/2 OF SE1/4, LESS THE FOLL, R/W, E 464.86F Continued (See Tax Roll) 2016-63241-09-20161129 0 0 0 11/29/2016 If Paid By If Paid By 0 Nov 30, 2016 Nov 30, 2016 0 0 0 0 1,633.27 0 13.43 0 2016 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2016 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 1,498.08 6,776.25 6,776.25 1,123.69 80.19 369.73 458.21 0 62.27 61.22 40.23 $6,776.25 Office Hours Office Hours Main Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054 Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986 Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172 Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011 Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , please call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE to the new owner or return to sender. Please mail or bring bottom portion of this Notice with your remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1 st, penalties are determined by date received. All payments made on or after April 1 st must be in the form of cash, cashieU·s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To: Collier County Tax Collector 3291 E. Tamiami Trail Naples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information $VVHVVHGValue 'LVWULFW Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code Please Retain this portion for your records ExemptionV Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray BARRON COLLIER P'SHIP LLLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER P'SHIP LLLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 504,026 504,026 504,026 504,026 504,026 504,026 833,100 833,100 504,026 504,026504,026 $9,182.61 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 504,026 SCHOOL BOARD - STATE LAW 504,026 SCHOOL BOARD - LOCAL BOARD 833,100 COLLIER COUNTY LIGHTING 833,100 UNINCORP GEN - MSTD 504,026 IMMOKALEE BEAUTIFICATION MSTU 504,026 WATER MANAGEMENT FUND-SOUTH 0.1832 504,026 BIG CYPRESS BASIN 0.1270 504,026 COLLIER MOSQUITO CONTROL 0.1275 504,026 1.0000 504,026 0.8069 0.1640 2.2280 2.8940 0.0293 3.5645 11/30/2017 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 148 148 $9,182.61 1,890.10 14.8744 Paid By 504,026 Receipt # 00133240009 00133240009 IMMOKALEE FIRE 3.7500 Effective Date 504,026 9 47 29 S1/2 OF S1/2 OF NE1/4, NW1/4 OF SW1/4 OF NE1/4, E1/2 OF SE1/4, LESS THE FOLL, R/W, E 464.86F Continued (See Tax Roll) 9 47 29 S1/2 OF S1/2 OF NE1/4, NW1/4 OF SW1/4 OF NE1/4, E1/2 OF SE1/4, LESS THE FOLL, R/W, E 464.86F Continued (See Tax Roll) 2017-69436-09-20171201 0 0 0 12/01/2017 If Paid By If Paid By 0 Nov 30, 2017 Nov 30, 2017 0 0 0 0 1,796.60 0 14.77 0 2017 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2017 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 2,410.99 8,815.31 8,815.31 1,856.15 82.66 406.70 504.03 0 64.26 64.01 92.34 $8,815.31 Office Hours Office Hours Main Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054 Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986 Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172 Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011 Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , please call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE to the new owner or return to sender. Please mail or bring bottom portion of this Notice with your remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1 st, penalties are determined by date received. All payments made on or after April 1 st must be in the form of cash, cashieU·s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Addenda Conservation Collier - Immokalee Addendum C Comparable Data Land Sale Profile Sale No. 1 Location & Property Identification Gargiulo Land Trust Property Name: Sub-Property Type: Specialty, Undeveloped Agricultural 17311 Immokalee Rd. Address: Immokalee, FL 34142 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: IRR Event ID: 1366454 Sale Information $9,765,000 Sale Price: $9,765,000 Effective Sale Price: 01/28/2015 Sale Date: Sale Status: Closed $/Acre(Gross): $15,752 $/Land SF(Gross): $0.36 Grantor/Seller: Jeffrey D. Gargiulo Grantee/Buyer: The Trust for Public Land Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Warranty Deed Recording No.: 5116-1395 Confirmation Source: Collier County Goverment - Public Filings Verification Type: Confirmed-Other Improvement and Site Data MSA: Naples-Immokalee-Marco Island, FL 00113400005, 00020920003 Legal/Tax/Parcel ID: 619.93 Acres(Gross): 27,004,150 Land-SF(Gross): Zoning Code: A-MHO (RFMUO-NRPA-SENDING) Source of Land Info.: Broker Comments The Trust for Public Land purchased 619.93 acres of land near the Bird Rookery Swamp for $9,765,000. The trust then immediately resold the former agricultural property to the state of Florida for the same price. The Gargiulo Land Trust (GLT) property is comprised of two parcels. The property is in the Florida Forever project boundary, is an essential remaining parcel for the SFWMD Corkscrew Regional Ecosystem Watershed and is primary Panther habitat. The subject is designated as being in the Collier County Rural Fringe Mixed Use overlay with 298.50 designated as sending lands and 330.43 acres designated as receiving lands. The property cold be developed as a residential community with 289-housing units. Gargiulo Land Trust Special Purpose Sale Profile Sale No. 2 Location & Property Identification RLF Corkscrew Holdings Grove Property Name: Sub-Property Type: Agricultural, Permanent Crops 19500 Corkscrew Rd. Address: Estero, FL 33928 City/State/Zip: Lee County: Rural Market Orientation: 4 MOL miles east of interestion of Corkscrew Rd. and Alico Rd. South side of Corksrew Rd. Property Location: IRR Event ID: 1239628 Sale Information $15,007,956 Sale Price: $15,007,956 Effective Sale Price: 10/06/2015 Sale Date: Sale Status: Closed $/SF GBA: $6253.32 $/SF NRA: $10422.19 Grantor/Seller: RLF Corksrew Holdings Grantee/Buyer: Pan Terra Holdings Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Deed Recording No.: 2015000221551 Verification Type: Secondary Verification Improvement and Site Data MSA: Cape Coral-Fort Myers, FL Metropolitan Statistical Area lenghty M&B; PID 29-46-27-00-00001.0000, 31-46-27-00-00001.1000, 32-46-27-00-00001.1000, 30-46-27-00-00001.0000 Legal/Tax/Parcel ID: GBA-SF: 2,400 NRA-SF: 1,440 1,460.00/1,460.00 Acres(Usable/Gross): 63,597,600/63,597,600 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Year Built: 1984 Property Class: C M&S Class: S Improvements Cond.: Average Construction Desc.: metal, 1,440 SF Enclosed barn with 960 SF attached cover. No. of Buildings/Stories: 1/1 Multi-Tenant/Condo.: No/No Frontage Feet: 7750 Frontage Desc.: Corkscrew Rd. Traffic Count: Low Zoning Code: AG-2 Zoning Desc.: Agricultural Flood Plain: Yes RLF Corkscrew Holdings Grove Special Purpose Sale Profile Sale No. 2 Improvement and Site Data (Cont'd) Utilities: Electricity, Water Well Irrigation, Telephone, CableTV Source of Land Info.: Public Records Comments This property consists of 1,460 acres of orange groves. The property was purchased by RLF Corkscrew in 2010 as part of a larger 2,100 acres tract. The 2010 purchase appeared to be part of a bankruptcy filing. RLF Corkscrew subsequently sold off 640 acres of land for row crops on 2013 for $7,500 per acre. The current transaction includes only the remaining 1,460 acres of groves. Since the sale the purchaser has sought to rezone the property for up to 1460 residential units for a project to be know as Veranda, This property is a producing Orange Grove located within the Lee County DRGR immediately south of the proposed The Place at Corkscrew Farms residential subdivision. RLF Corkscrew Holdings Grove Land Sale Profile Sale No. 3 Location & Property Identification Corkscrew Farms Property Name: Sub-Property Type: Residential, Residential Subdivision 16871-18901 Corkscrew Road Address: Estero, FL 33928 City/State/Zip: Lee County: Submarket: Estero Suburban Market Orientation: IRR Event ID: 1239626 Sale Information $20,000,000 Sale Price: $20,000,000 Effective Sale Price: 10/25/2015 Sale Date: Sale Status: Closed Eff. Price/Unit: $15,094 /Approved Lot $/Acre(Gross): $14,695 $/Land SF(Gross): $0.34 $/Acre(Usable): $41,152 $/Land SF(Usable): $0.94 $15,094 /Unit $/Unit: Grantor/Seller: Resource Conservation Holdings Grantee/Buyer: The PLace At Corkscrew LLC Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Deed Recording No.: 20150002358626 Verified By: Carlton J. Lloyd, MAI Verification Date: 11/07/2015 Confirmation Source: Nick Cameratta (239-425-8662) Verification Type: Confirmed-Buyer Sale Analysis Current Use at T.O.S.: Agricultural Proposed Use Change: Yes Proposed Use Desc.: Residential Entitlement @ T.O.S.: Yes Entitlement Status.: Residential entitlements gained at the purchasers cost prior to closing. Improvement and Site Data MSA: Cape Coral-Fort Myers, FL 486.00/1,361.00 Acres(Usable/Gross): 21,170,160/59,285,160 Land-SF(Usable/Gross): Usable/Gross Ratio: 0.36 No. of Units (Potential): 1325 No. of Units/Unit Type: 1325/Approved Lots Topography: Level Density-Unit/Gross Acre: 0.97 Density-Unit/Usable Acre: 2.73 Zoning Code: AG Zoning Desc.: Agricultural Flood Plain: No Flood Zone Designation: X Comm. Panel No.: 12071C0625F Date: 08/28/2008 Source of Land Info.: Owner Comments This is the sale of the Place at Corkscrew Farms, which is Corkscrew Farms Land Sale Profile Sale No. 3 Comments (Cont'd) being developed by Cameratta Companies. The property is located in the Lee County Density Reduction And Groundwater Resource (DRGR) area which limits development. Cameratta put the property under contract and applied for a comprehensive plan amendment to allow up to 1325 residential units. The amendment was approved with the developer required to set aside significant preserve areas and restore historic flow ways to improve drainage throughout the DRGR. This transaction is significant as it is one of the first properties within the DRGR to successfully achieve a comprehensive plan amendment to allow residential development. Nick Cameratta of Cameratta Companies confirmed the sale price at $20,000,000 or $14,695 per acre. Mr Cameratta indicated that he felt that with the comprehensive plan amendment in place the property was worth between $40,000 and $50,000 per developable unit. FLU: Density Reduction/ Groundwater Resource and Wetlands. Corkscrew Farms Land Sale Profile Sale No. 4 Location & Property Identification Boran & Brown Acreage Property Name: Sub-Property Type: Specialty, Undeveloped Agricultural 16004 Immokalee Rd. Address: Naples, FL 34120 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: East side of Immokalee Rd north of Orange Tree Property Location: IRR Event ID: 1356883 Sale Information $38,479,500 Sale Price: $38,479,500 Effective Sale Price: 05/12/2016 Sale Date: Sale Status: Closed Eff. Price/Unit: $8,551 /Approved Lot $/Acre(Gross): $15,103 $/Land SF(Gross): $0.35 $/Acre(Usable): $42,755 $/Land SF(Usable): $0.98 Grantor/Seller: Michael Boran and Ronald Brown Grantee/Buyer: 27th Pico Boulevard Limited Partnership Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Closing Statement Recording No.: 5273-1278 Verification Type: Secondary Verification Improvement and Site Data MSA: Naples-Marco Island, FL Metropolitan Statistical Area 00209240001, 00209200009, 00113520008, 00113480009 Legal/Tax/Parcel ID: 900.00/2,547.88 Acres(Usable/Gross): 39,204,000/110,985,652 Land-SF(Usable/Gross): Usable/Gross Ratio: 0.35 No. of Units/Unit Type: 4500/Approved Lots Corner Lot: No Density-Unit/Gross Acre: 1.77 Density-Unit/Usable Acre: 5.00 Zoning Code: A-MHO Zoning Desc.: Agricultural with Mobile-home Overlay No Easements: Environmental Issues: No Flood Plain: No Source of Land Info.: Public Records Comments 27th/Pico Boulevard Limited Partnership acquired the 2,548-acre tract in May 2016 from State Road 846 Land Trust Agreement, whose co-trustees are Michael J. Boran and Ronald L. Brown, for $38,479,500. There was an active earth mine, sod farm, and cattle grazing operation in place at the time of the sale. The buyer was looking to acquire through a long-term hold a position to possibly take advantage of North Naples’ growth. The earth mine is comprised of approximately 553 acres Boran & Brown Acreage Land Sale Profile Sale No. 4 Comments (Cont'd) that can be mined to a depth of no more than 45 feet. An additional 528 acres (mined to a depth of no more than 45 feet) has the potential to be mined. The remaining 1,994.88 acres consists of agricultural land. The site can be developed with up to 4,500 dwelling units. FLU: Urban Residential Subdistrict Boran & Brown Acreage Land Sale Profile Sale No. 5 Location & Property Identification Edison Farms Property Name: Sub-Property Type: Residential East of I75 between Corkscrew and Bonita Beach Roads Address: Bonita Springs, FL 34135 City/State/Zip: Lee County: Submarket: Bonita Springs Rural Market Orientation: IRR Event ID: 1907226 Sale Information $42,435,000 Sale Price: $42,435,000 Effective Sale Price: 11/30/2017 Sale Date: Listing Price: $49,000,000 Sale Status: Closed $/Acre(Gross): $10,820 $/Land SF(Gross): $0.25 Grantor/Seller: Investors Warranty of America, LLC Grantee/Buyer: Lee County Property Rights: Fee Simple Document Type: Warranty Deed Recording No.: 2017000251345 Verification Type: Secondary Verification Improvement and Site Data 01-47-25-00-00001.0000, 02-47-25-00-00002.0000, 02-47-25-00-00002.0010, 05-47-26-00-00001.0000, 06-47-26-00-00001.0000, 07-47-26-00-00001.0000, 08-47-26-00-00001.0000, 12-47-25-00-00001.0000 Legal/Tax/Parcel ID: 3,921.93 Acres(Gross): 170,839,270 Land-SF(Gross): Zoning Code: AG-2 Zoning Desc.: Agricultural Source of Land Info.: Public Records Comments Lee County purchased nearly 3,922 acres from Investors Warranty of America, LLC on November 30, 2017. The price was $42,435,000, or about $10,820 per acre. The property was originally offered for $49,000,000. The site contains more than 3,500 acres of wetlands. The purchase was part of Lee County's 20/20 conservation program. Randy Thibaut and Justin Thibaut of Land Solutions, Inc. represented the seller. Current zoning allows for 255 homes on the site although Randy Thibaut told county commissioners that 3,000 to 5,000 homes could eventually be developed Edison Farms Addenda Conservation Collier - Immokalee Addendum D Engagement Letter Collier County Board ofCounly Commissioners Procurement SeNices Division Phone: 239-252-8407Fa\. 239-732-OU4 Tax Exemptr 85-801 5966531 C-1 Collier County Board of County Commissioners Attn: Accounts Payable 3299 Tamiami Trl E Ste 700 Naples FL 34112-5749 OR email to: bc.apcierk@collierclerk.com Vendor r lo5217 FLORIDA PROPERTY ADVISORS LLCINTECRA REALTY RESOURCES 2770 HORSESHOE DRlVE S NAPLES FL 34104 Please de::ver to: NORTH COLLIER REG10NAL PARK COLLIER COUNTY PARKS ADMINISTRAT10N 15000 LIVINGSTON RD NAPLES FL 34109 Purchaso O.dor number mu.t appaar on all rglated colrospondence, shlpplng papela and invoicB: Purchase order PO Number 45001 89400 0at009′122018 CorlactPerson Con30rVatlon Coll Delvery Date: 09′30/2018 Terms of Payment Net 30 Days 施 terar Descrlp●●aOrder`ン ソ ●●lt prce per υ "lr ″●,varue 00010 3O Appraisal 3,250 EA 1 00 325000 172-178986-631600‐appraisals Ba「「on cO∥ie「400 58 acres 2 parcels Total net value ercl. tax USD 3,25000 VENDOR Te]ms and Conditions The VENDOR agrees to comply with all Purchase Order Terms and Conditions as outlined on lhe Collier County Procurement Services Division site: http://purchasing.colliergov.neuPurchasing%20Polic1/Forms/Allltems.aspx, including delivery and payment terms. Further the VENDOR agrees toi 1. Provide goods and services outlined in lhis Purchase Order with the prices, terms, detivery method and specifi cations listed above.2. Notiry depadment lmmediately iforder tulfllmenl cannol occur as specifred.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 ot County Commissioners by: Dtr-!-V Ct*4 Edward F. Coyman Jr, Director, procurement Services Division Plnted 00 122013 o`300:05 172173986631610 AN APPRAISAL OF THE 400.65-ACRE VACANT PROPERTY LOCATED WITHIN THE SOUTHWEST PORTION OF THE IMMOKALEE URBAN AREA IN COLLIER COUNTY, FLORIDA FILE #18-78260 NAME AND ADDRESS OF PROPERTY OWNER BARRON COLLIER PARTNERSHIP, LLLP 2600 GOLDEN GATE PARKWAY, #200, NAPLES, FL 34105 PREPARED FOR COLLIER COUNTY FACILITIES MANAGEMENT / REAL PROPERTY DEPARTMENT AS OF OCTOBER 2, 2018 BY STEPHEN D. SHAW, MAI, AI-GRS CALLAWAY & PRICE, INC. Callaway & Price, Inc. Real Estate Appraisers and Consultants Licensed Real Estate Brokers www.callawayandprice.com SOUTH FLORIDA 1410 Park Lane South Suite 1 Jupiter, FL 33458 Phone (561 )686-0333 Fax (561) 686-3705 Michael R. Slade, MAI, SRA, CRE Cert Gen RZ116 m.slade@callawayandprice.com Stephen D. Shaw, MAI, AI-GRS Cert Gen RZ1192 s.shaw@callawayandprice.com Robert A. Callaway, MRICS Cert Gen RZ2461 r.callaway@callawayandprice.com TREASURE COAST 1803 South 25th Street Suite 1 Fort Pierce, FL 34947 Phone (772) 464-8607 Fax (772) 461-0809 Stuart Phone (772) 287-3330 Fax (772) 461-0809 Stephen G. Neill, Jr., MAI Cert Gen RZ2480 s.neill@callawayandprice.com SPACE COAST 1120 Palmetto Avenue Suite 1 Melbourne, FL 32901 Phone (321) 726-0970 Fax (321) 726-0384 Curtis L. Phillips, MAI Cert Gen RZ2085 c.phillips@callawayandprice.com CENTRAL FLORIDA 2816 E. Robinson Street Orlando, FL 32803 Phone (321) 726-0970 Fax (321) 726-0384 Curtis L. Phillips, MAI Cert Gen RZ2085 c.phillips@callawayandprice.com Please respond to the South Florida office E-Mail: s.shaw@callawayandprice.com October 25, 2018 Roosevelt Leonard, R/W-AC Sr. Review Appraiser Collier County Facilities Management / Real Property 3335 Tamiami Trail E, Ste. 101 Naples, FL 34112 Dear Mr. Leonard: We have made an investigation and analysis of the 400.65-acre vacant property located within the southwest portion of the Immokalee Urban Area, in unincorporated Collier, Florida. The Subject Property will be further described both narratively and legally within the following Appraisal Report. The purpose of this investigation and analysis was to provide our opinion of the Market Value of the Fee Simple Estate of the Subject Property as of October 2, 2018. This report has been prepared for our client, Collier County Facilities Management / Real Property Department. The intended use was to assist the client in internal decision making. The scope of work performed is specific to the needs of the intended user and the intended use. No other use is intended, and the scope of work may not be appropriate for other uses. The scope of work performed included a complete analysis of the Subject Property. A detailed scope of work description can be found in the body of this report. Roosevelt Leonard, R/W-AC Sr. Review Appraiser Collier County Facilities Management / Real Property October 25, 2018 Page two Based upon the scope of the assignment, our investigation and analysis of the information contained within this report, as well as our general knowledge of real estate valuation procedures and market conditions, it is our opinion that the Market Value of the Fee Simple Estate of the Subject Property as of October 2, 2018 was: $4,600,000 A description of the property appraised, together with an explanation of the valuation procedures utilized, is contained in the body of the attached report. For your convenience, an Executive Summary follows this letter. Your attention is directed to the Limiting Conditions and underlying assumptions upon which the value conclusion is contingent. Respectfully submitted, CALLAWAY & PRICE, INC. Stephen D. Shaw, MAI, AI-GRS Cert Gen RZ1192 Joe M. Merritt, Associate Appraiser Cert Gen RZ672 SDS/JMM/js/18-78260-revised Attachments Executive Summary PROPERTY TYPE : Agricultural/Low-Density Residential land. LOCATION : The Subject Property consists of two legal parcels located within the southwest portion of the Immokalee Urban Area, in unincorporated Collier County, Florida. Parcel A has a property address of 1060 Sanitation Road, Immokalee, FL 34142. Parcel B, which is located on South 5th Street, has not been assigned a property address. DATE OF VALUATION : October 2, 2018 DATE OF REPORT : October 25, 2018 revised PROPERTY DESCRIPTION: LAND : 400.65 Acres. Parcel A contains 289.57 acres and Parcel B contains 111.08 acres. Note that there is a 16 acre former dump site located on Parcel A. For all practical purposes, this portion of the property is unusable and the effective site size of Parcel A is 273.57, with the total site having 384.65 effective acres. BUILDING IMPROVEMENTS : None. ZONING : A-MHO-RLSAO, Agricultural, Mobile Home Overlay and Rural Land Stewardship Overlay, by Collier County (Parcel A 289.57 acres) and E, Estates, (Parcel B 111.08 acres) by Collier County. FUTURE LAND USE PLAN : Urban Residential Subdistrict, by Collier County. HIGHEST AND BEST USE : For agricultural/conservation and/or future low-density residential use. MARKET VALUE OF THE FEE SIMPLE ESTATE OF THE SUBJECT PROPERTY AS OF OCTOBER 1, 2018 : $4,600,000 Allocated as follows: Parcel A (289.57 Acres) $3,150,000 Parcel B (111.08 Acres) $1,450,000 Total $4,600,000 Table of Contents Page No. CERTIFICATION ............................................................................................ 1 GENERAL ASSUMPTIONS ............................................................................... 3 LIMITING CONDITIONS ................................................................................. 4 DEFINITION OF THE APPRAISAL PROBLEM ..................................................... 11 Purpose, Date of Value, and Interest Appraised ............................................ 11 Intended Use and User of Appraisal ............................................................ 11 Market Value ........................................................................................... 11 Legal Description ..................................................................................... 12 Fee Simple Estate .................................................................................... 12 Exposure Time ........................................................................................ 12 Marketing Time ....................................................................................... 13 SCOPE OF WORK ........................................................................................ 14 NEIGHBORHOOD DATA ................................................................................ 15 PROPERTY DATA ......................................................................................... 18 Location ................................................................................................. 18 Zoning (Parcel A) ..................................................................................... 18 Zoning (Parcel B) ..................................................................................... 19 Land-Use Plan ......................................................................................... 19 Easements and Deed Restrictions ............................................................... 19 Site Size, Shape and Access ...................................................................... 19 Utilities .................................................................................................. 20 Topography ............................................................................................ 21 Census Tract ........................................................................................... 21 Flood Hazard Zone ................................................................................... 22 Assessed Value and Taxes ........................................................................ 22 Property History ...................................................................................... 22 Land Improvements ................................................................................. 22 HIGHEST AND BEST USE ............................................................................. 23 Conclusion .............................................................................................. 23 LAND VALUE ANALYSIS ............................................................................... 26 Sales Comparison Approach ...................................................................... 26 Discussion of Land Sales .......................................................................... 27 Conclusion – Land Value Analysis ............................................................... 39 ADDENDA Engagement Letter Qualifications: Stephen D. Shaw, MAI, AI-GRS Joe M. Merritt, Associate Appraiser Certification 1 CERTIFICATION We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest with respect to the parties involved. 4. We have not performed services as an appraiser regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. The analyses, opinions, and conclusion were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) and The Interagency Appraisal and Evaluation Guidelines, December 10, 2010. 9. Stephen D. Shaw, MAI, AI-GRS has made a personal inspection of the property that is the subject of this report. 10. No one provided significant real property appraisal assistance to the persons signing this certification. 11. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. Certification 2 12. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 13. The reported analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 14. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 15. As of the date of this report, Stephen D. Shaw, MAI, AI-GRS has completed the continuing education program for Designated Members of the Appraisal Institute. Stephen D. Shaw, MAI, AI-GRS Cert Gen RZ1192 Joe M. Merritt, Associate Appraiser Cert Gen RZ672 General Assumptions and Limiting Conditions 3 GENERAL ASSUMPTIONS 1. Unless otherwise stated, the value appearing in this appraisal represents the opinion of the Market Value or the Value Defined AS OF THE DATE SPECIFIED. Market Value of real estate is affected by national and local economic conditions and consequently will vary with future changes in such conditions. 2. The value opinion in this appraisal report is gross, without consideration given to any encumbrance, restriction or question of title, unless specifically defined. 3. It is assumed that the title to the premises is good; that the legal description is correct; that the improvements are entirely and correctly located on the property described and that there are no encroachments on this property, but no investigation or survey has been made. 4. No responsibility is assumed for matters legal in nature, nor is any opinion of title rendered. No right to expert testimony is included, unless other arrangements have been completed. In the performance of our investigation and analysis leading to the conclusions reached herein, the statements of others were relied on. No liability is assumed for the correctness of these statements; and, in any event, the appraiser’s total liability for this report is limited to the actual fee charged. 5. No rights to expert witness testimony, pre-trial or other conferences, depositions, or related services are included with this appraisal. If as a result of this appraisal process Callaway and Price, Inc., or any of its principals, its appraisal consultants or experts are requested or required to provide any litigation services, such shall be subject to the provisions of the engagement letter or, if not specified therein, subject to the reasonable availabilty of Callaway and Price, Inc. and/or said principals or appraisers at the time and shall further be subject to the party or parties requesting or requiring such services paying the then applicable professional fees and expenses of Callaway and Price, Inc. either in accordance with the engagement letter or arrangements at the time, as the case may be. 6. Any material error in any of the data relied upon herein could have an impact on the conclusions reported. We reserve the right to amend conclusions reported if made aware of such error. Accordingly, the client-addressee should carefully review all assumptions, data, relevant calculations, and conclusion within 30 days of delivery of this reported and should immediately notify us of any questions or errors. 7. The market value reported herein assumes that all taxes and assessments have been paid and assumes a fee simple interest unless otherwise reported. The body of the report will define the interest appraised if it differs. General Assumptions and Limiting Conditions 4 8. Neither all nor any part of the contents of this report (especially any conclusions, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or any of its designations) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior written consent and approval. 9. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or less valuable. The appraiser assumes no responsibility for such conditions or the engineering which might be required to discover these factors. 10. Our opinion of value was based on the assumption of competent marketing and management regarding the property. If there is no competent marketing and management, then the market value opinion herein may not apply. LIMITING CONDITIONS 1. No hypothetical conditions are part of this appraisal assignment. 2. No extraordinary assumptions are part of this assignment. 3. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation stachybotrys chartarum (mold), asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, was not called to the attention of, nor did the appraisers become aware of such during their inspection. The appraisers have no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraisers, however, are not qualified to test for such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such proximity thereto that would cause a loss in value. We are unaware of very wet conditions that may have existed for days or weeks which are required to grow mold. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. General Assumptions and Limiting Conditions 5 4. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. The appraisers have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since the appraisers have no direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered. 5. As of the appraisal date, a survey or legal description of the Subject Property was not available. This appraisal was based on the Subject Property containing a land area of 400.65 acres as indicated by the Collier County Property Appraiser and information provided by our Client. If it is subsequently determined that the Subject Property differs significantly in size from 400.65 acres, the Market Value estimate reported herein may be subject to revision. Subject Photos 6 Aerial Views of Subject Subject Photos 7 Subject Photos 8 SOUTHWEST VIEW ALONG SANITATION ROAD FROM THE NORTHERN BOUNDARY OF SUBJECT PARCEL A NORTHEAST VIEW OF LANDFILL SITE ON SUBJECT PARCEL A Subject Photos 9 SOUTH VIEW OF SUBJECT PARCEL B ALONG SOUTH 5TH STREET WEST VIEW OF SUBJECT PARCEL B TYPICAL WETLAND AREA Subject Photos 10 VIEW OF SUBJECT PARCEL B TYPICAL UPLAND AREA WEST VIEW OF SUBJECT PARCEL B ALONG BETHUNE AVENUE Definition of the Appraisal Problem 11 DEFINITION OF THE APPRAISAL PROBLEM Purpose, Date of Value, and Interest Appraised The purpose of this investigation and analysis was to provide our opinion of the Market Value of the Fee Simple Estate of the Subject Property as of October 2, 2018. Intended Use and User of Appraisal This report has been prepared for our client, Collier County Facilities Management / Real Property Department. The intended use was to assist the client in internal decision making. The scope of work performed is specific to the needs of the intended user and the intended use. No other use is intended, and the scope of work may not be appropriate for other uses. Market Value "As defined in the Agencies’ appraisal regulations, 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 are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated; b. Both parties are well informed or well advised, and acting in what they consider their own best interests; c. A reasonable time is allowed for exposure in the open market; d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. 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: The Interagency Appraisal and Evaluation Guidelines, Federal Register, Volume 75, No. 237, December 10, 2010, Pgs. 61-62. Definition of the Appraisal Problem 12 Legal Description The Subject Property consists of 400.65 acres (Parcel A 289.57 acres and Parcel B 111.08 acres) located in unincorporated Collier County. As of the appraisal date, there was no survey and/or legal description of the Subject Property (See Limiting Condition 5). The Subject Property consists folio numbers 00132960005 (Parcel A) and 001334009 (Parcel B). Fee Simple Estate The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute, defines Fee Simple Estate on page 90 as follows: "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." Exposure Time The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute, defines Exposure Time on page 83 as follows: 1. “The time a property remains on the market.” 2. “The estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market.” There is a requirement under Standard Two to report exposure time according to the latest USPAP publication. “Exposure Time” is different for various types of property under different market conditions. We have reviewed the exposure time on the sales contained in the Sales Comparison Approach in this appraisal. Based on that data and the current market, it is our opinion that the Subject Property would have had an exposure time of approximately 18 months or less. Definition of the Appraisal Problem 13 Marketing Time The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute, defines Marketing Time on page 140 as follows: “An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal.” “Advisory Opinion 7 of the Appraisal Standards Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, “Reasonable Exposure Time in Real Property and Personal Property Market Value Opinions” address the determination of reasonable exposure and marketing time.” As in most markets, properties that are priced competitively and marketed professionally will sell before others which are not. Based on this, the Subject should have a marketing time of 18 months or less, provided adequate financing is available, the property is listed for sale at market value and is marketed by a competent brokerage firm. Scope of Work 14 SCOPE OF WORK According to the 14th Edition of The Appraisal of Real Estate, page 38, “Scope of work encompasses all aspects of the valuation process, including which approaches to value will be used; how much data is to be gathered, from what sources, from which geographic area, and over what time period; the extent of the data verification process; and the extent of property inspection, if any. The scope of work decision is appropriate when it allows the appraiser to arrive at credible assignment results and is consistent with the expectations of similar clients and the work that would be performed by the appraiser’s peers in a similar situation.” The first step in the appraisal process is the identification of the appraisal problem which included the purpose and date of value, determining the interest being appraised, intended use and user of the appraisal, and identifying the real estate (legal description). This step also determines if the appraisal were subject to any extraordinary assumptions or hypothetical conditions. The next step involved the inspection of the Subject Property on October 2, 2018 by Stephen D. Shaw, MAI, AI-GRS. The inspection allowed us to understand the physical components of the Subject Property. In addition to the inspection of the Subject Property, we also began the data-collection process and, subsequently, an analysis of the factors that affect the market value of the Subject Property, including property data analysis. We gather and review information from the Collier County Property Appraiser’s Office, the Collier County Planning and Zoning Department, our Client, the Subject Property owner, and interviews with brokers and other market participants to understand and describe the Subject Property and its surroundings. The third step in the process was to determine the Highest and Best Use of the Subject Property. Through the Highest and Best Use analysis, we determined the issues that have an effect on the final opinion of value. To determine the Highest and Best Use, we relied on information obtained from the data-collection process. The fourth step was the application of the appropriate approach for the valuation of the Subject Property. No approaches were specifically omitted from this appraisal either by the client or the appraiser. The Subject Property consists of two parcels containing a total of 400.65 acres of vacant land located within the Immokalee Urban Area of unincorporated Collier County. Parcel A, which contains 289.57 acres, is zoned A-MHO-RLSAO Agricultural, Mobile Home Overlay and Rural Land Stewardship Overlay. Parcel B, which contains 111.08 acres, is zoned E, Estates. While these factors will be considered in our analysis, we will value the Subject Property as agricultural type land with the potential possibility of future low-density residential use. The applicable valuation procedure for estimating the Market Value of vacant land is the Sales Comparison Approach using the most recent sales of vacant properties similar to the Subject. Neighborhood Data 15 NEIGHBORHOOD DATA The relationship of the Subject Property with surrounding properties forms the basis of neighborhood analysis. The Appraisal of Real Estate, 14th Edition on page 165 states: “The boundaries of market areas, neighborhoods, and districts identify the areas that influence a subject property’s value. These boundaries may coincide with observable changes in land use or demographic characteristics. Physical features such as structure types, street patterns, terrain, vegetation, and lot sizes help to identify land use districts. Transportation arteries (highways, major streets, and railroads), bodies of water (rivers, lakes, and streams), and changing elevation (hills, mountains, cliffs, and valleys) can also be significant boundaries.” The Subject neighborhood is considered to include the area of Collier County bounded on the north by State Road 82, on the south by Oil Well Road (CR 858), on the east by State Road 29, and on the west by the Collier County/Lee County line and Immokalee Road (CR 846). Surrounding the Subject Property are the following land uses: North: Agricultural and conservation lands South: Vacant agriculturally zoned lands / pasture lands East: Residential, urban (Immokalee) and agricultural lands West: Conservation lands (Corkscrew marsh and swamp) Neighborhood Map Neighborhood Data 16 State Road 29 is the primary north/south artery through the Subject area and provides access along the neighborhood’s eastern boundary. It also provides access to the southern portion of Collier County (Everglades City) and runs north into Hendry and Glades Counties. Primary east/west access in the Subject area is gained from Oil Well Road (CR 858), Immokalee Road (CR 846) and State Road 82. Lake Trafford Road is a secondary east/west roadway within the Immokalee Urban Area that provides access to the Pepper Ranch Preserve and Lake Trafford. Commercial development in the neighborhood is primarily concentrated along State Road 29 in the Immokalee Urban Area and consists of some restaurant chains, gas stations, and other small office and retail uses. There is a small airport, which mainly services agricultural and small private planes, located on State Road 846 near the southern end of Immokalee just east of State Road 29. Residential development consists primarily of single-family housing in the areas surrounding the Immokalee Urban Area. There are also some 5-acre lots with ranch style houses surrounding the northern end of Lake Trafford. As noted, the areas surrounding the Subject Property are predominantly undeveloped. The northern adjacent property is owned by Collier County and is known as the Pepper Ranch Preserve. The property northwest of the Subject Property, which is called Corkscrew Swamp, is owned by the South Florida Water Management District and is part of the Save Our Rivers Ecosystem Restoration Project. Lake Trafford dominates the area to the south of the Subject and borders the eastern portion of the Subject site. The most significant part of the Subject neighborhood is the Town of Ave Maria. It is located on Oil Well Road, just west of Camp Keais Road, in the southeastern portion of the neighborhood and will eventually cover nearly 5,000 acres. It opened during the summer of 2007 and it is the first modern town to be built in conjunction with a major University. It was designed to be a true hometown offering a full range of housing, recreational, retail, cultural and educational opportunities. The Ave Maria University is the first major Catholic university built in the United States in more than 40 years. It will ultimately offer not only a full curriculum of traditional liberal arts, sciences and engineering programs, but also a comprehensive graduate program offering master's and doctoral degrees to an estimated 5,000 students. The accompanying town will provide single- and multi-family housing in a wide range of styles and prices, along with commercial and office facilities to accommodate the businesses and organizations needed to support this major academic institution. The first phase is now is now open to more than 600 students, with all necessary campus and town facilities. Pulte Homes is the primary homebuilder for Ave Maria, offering homes from Pulte, Del Webb and DiVosta in five neighborhoods and across a wide variety of community type and price. Neighborhood Data 17 Recent Trends There has been resurgence in agricultural land values over the last 3 years. Value increases ranging from 10% to 20% have been witnessed in the neighborhood area. This has been in large part due to the increase in sites being purchased for row crop farming. Several sites that at one time were utilized for citrus have been purchased, the citrus removed and the sites leveled and prepped for row crop farming. Some buyers are planting corn, silage, or small vegetables. While some property owners have given up on citrus and opted to sell their land for alternative uses, others have continued to invest money into maintaining their groves for the time being and are still showing good production numbers. Citrus owners are in hope that eventually some of the experimental research will help solve issues affecting citrus such as greening and canker. There has also been market activity involving conservation properties purchased for mitigation credits by residential developers in Western Collier County. The residential influence on the Subject neighborhood with regard to ranchette development has been virtually non-existent over the last three years. Conclusion The Subject neighborhood is rather remote. It is accessed by State Road 29 off I- 75/Alligator Alley or by Immokalee Road/County Road 846. Demand for real estate appears to be stable, and there are some new projects under construction. Established low income residential development is located within and surrounding the neighborhood in this small remote area of eastern Collier County. The area is primarily agricultural based and the primary residents are farm workers with low income levels. Based on the continued growth of Collier County and the County’s push to revitalize the neighborhood and diversify the economy of the neighborhood, the demand for real estate in the neighborhood should remain stable in the foreseeable future. Property Data 18 PROPERTY DATA Location The Subject Property consists of two parcels located within the southwest portion of the Immokalee Urban Area, in unincorporated Collier County, Florida. Parcel A has a property address of 1060 Sanitation Road, Immokalee, FL 34142. Parcel B, which is located on South 5th Street, has not been assigned a property address. Subject Property Location Map Zoning (Parcel A) The western 289.57 acres of the Subject Property (Parcel A) is zoned A-MHO-RLSAO, Agricultural, Mobile Home Overlay and Rural Land Stewardship Area Overlay, by Collier County. The Agricultural zoning category allows a wide variety of agricultural uses such as farms, row crops, and citrus groves, as well as low density residential uses at a maximum of 1 dwelling unit per 5 acres. There are also a variety of conditional uses allowed under the Agricultural zoning district such as excavation, churches, nursing homes and zoos. The Mobile Home Overlay allows mobile homes to be one of the residential uses on the Subject Property. Property Data 19 The Rural Lands Stewardship Area (RLSA) program was established under the Future Land Use Element (FLUE) of the Growth Management Plan (GMP). Its objective is the creation of an incentive-based land use overlay system based on the principles of rural land stewardship found in Florida Statutes, Section 163.3177(11), including environmental preservation, agricultural preservation and smart growth development. Zoning (Parcel B) The eastern 111.08 acres of the Subject Property (Parcel B) is zoned E, Estates, by Collier County. The purpose and intent of the estates district (E) is to provide lands for low density residential development in a semi-rural to rural environment, with limited agricultural activities. Permitted uses under the Estates zoning category include single-family dwellings, family care facilities, essential services and educational plants, as an essential service. The maximum residential density permissible must be consistent with and not exceed the density permissible or permitted under the estates district of the future land use element of the Collier County GMP as provided under the Golden Gate Master Plan. According to that document, “The Estates Land Use Designation encompasses lands which are already subdivided into semi-rural residential parcels (2.25 acres as an average) essentially consisting of the Golden Gate Estates Subdivision. The area is identified as having potential for population growth far removed from supportive services and facilities. Expansion of the area shall be discouraged.” There are also a variety of conditional uses allowed under the Estates district such as churches, social and fraternal organizations, child care centers and adult day care centers, private schools, group care facilities, extraction or earth mining, essential services, ancillary plants and public schools. Land-Use Plan Both of the Subject Parcels are designated Urban Residential Subdistrict, which is consistent with the current zoning designations. Easements and Deed Restrictions We were not provided with a title search or a survey of the Subject Property. Based on our on-site inspection and review of the public records, there are no obvious atypical easements or adverse deed restrictions. Site Size, Shape and Access The Subject Property consists of two parcels totaling 400.65 acres. Parcel A has an irregular shape and contains 289.57 acres and Parcel B is also irregular in shape and contains 111.08 acres. Note that there is a 16 acre former dump site located on Parcel A. For all practical purposes, this portion of the property is unusable and the effective site size of Parcel A is 273.57, with the total site having 384.65 effective acres. Property Data 20 Access to Parcel A is provided by Sanitation Road, which is a narrow asphalt-paved road that through the site in a southwest direction from the northern boundary. Sanitation Road connects with West Eustis Avenue which is approximately 750 feet north of Parcel A. Parcel B consists of three non-contiguous tracts separated by South 5th Street and Bethune Road, both of which provide asphalt-paved access. The access to Parcel B is superior to that of Parcel A. Subject Property Utilities Public utilities available to the Subject Property include electricity by FPL and telephone service by AT&T. Public water and sewer service is available from the Immokalee Water and Sewer District. Property Data 21 Topography The majority of the Subject Property has never been cleared. As shown on the following map, both Subject Parcels consist mostly of native pine flatwoods, mixed wetland hardwood and freshwater marshes. There is a 16-acre cleared portion located in the southwestern portion of Parcel A northwest of Sanitation Road that was previously used as a land fill. This area is significantly above the grade of the adjacent lands. It is chain link fenced and not useable for agricultural or conservation purposes. Census Tract The Subject Property lies within Collier County Census Tract 0112.04. Property Data 22 Flood Hazard Zone The majority of the Subject Property lies within Flood Zones "AE" and “AH” according to the Flood Insurance Rate Map (Panel Number 12021C0145H) prepared for the National Flood Insurance Program of the U.S. Department of Housing and Urban Development (HUD). Flood Zone "AE" indicates special flood hazard areas inundated by 100-year flood; base flood elevations determined. Flood Zone "AH" indicates areas inundated by 100-year flooding (usually areas of ponding), for which base flood elevations have been determined; with flood depths from 1 to 3 feet. The 16-acre landfill site located in Parcel A is designated Flood Zone “X”, which is an area that is determined to be outside the 100- and 500-year floodplains. Assessed Value and Taxes The 2017 assessed value and taxes for the Subject Property were as follows. According to the Collier County Tax Collector Web Site, the 2017 taxes were paid on November 30, 2017 in the amount of $18,660.61, which included a 4% early- payment discount. There are no delinquent taxes indicated from previous years. Property History It should be noted that this office has not performed a title search, nor has a title search been provided. According to the Collier Public Records, the Subject Property has been under the ownership of Barron Collier Partnership, LLLP for more than three years. Ownership was transferred from Barron Collier Investments, Ltd. to Barron Collier Partnership, LLLP on January 1, 2014 as indicated by the Certificate of Merger recorded in Collier County Official Records Book 4998, Page 865. To our knowledge the Subject Property was not listed for sale or under contract as of the appraisal date. Land Improvements The Subject property is vacant with no building improvements. Taxable 2017 Folio Numbers Acres Land Improvements Total Value Taxes 00132960005 289.57 $684,261 $0 $684,261 $688,748 $10,255.52 00133240009 111.08 $833,100 $0 $833,100 $833,100 $9,182.61 Total 400.65 $1,517,361 $0 $1,517,361 $1,521,848 $19,438.13 2017 Market Value Highest and Best Use 23 HIGHEST AND BEST USE The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute defines Highest and Best Use on page 109 as follows: 1. “The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity." 2. “The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset’s existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS)” 3. “The highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions).” To estimate the Highest and Best Use of the Subject, we have considered those uses which are legally permissible, physically possible, financially feasible, and maximally productive. Consideration was given to individual features of the land such as size, shape, location, access to roadways, and the availability of utilities. Consideration was also given to the surrounding land uses and the demand for property in the current real estate market. Conclusion It is our opinion that the Highest and Best Use of the Subject Property is for agricultural and/or future low-density residential use. The reasons for this conclusion are as follows: Legally Permissible The Parcel A portion of the Subject Property is zoned A-MHO-RLSAO, Agricultural, Mobile Home Overlay and Rural Land Stewardship Area Overlay, by Collier County. The Agricultural, zoning category allows a wide variety of agricultural uses such as farms, row crops, and citrus groves, as well as mobile homes and low density residential uses at a maximum of 1 dwelling unit per 5 acres. There are also a variety of conditional uses allowed under the Agricultural zoning district such as excavation, churches, nursing homes and zoos. Highest and Best Use 24 The Rural Lands Stewardship Area (RLSA) program was established under the Future Land Use Element (FLUE) of the Growth Management Plan (GMP). Its objective is the creation of an incentive-based land use overlay system based on the principles of rural land stewardship found in Florida Statutes, Section 163.3177(11), including environmental preservation, agricultural preservation and smart growth development. In a Collier County Rural Lands Stewardship Area Overlay there are 8 layers of land use rights. They include (1) residential land uses, (2) general conditional uses, (3) earth mining and processing uses, (4) recreational uses, (5) agriculture group 1 (row crop, livestock, dairy), (6) agricultural support uses, (7) agriculture group 2 (unimproved pasture, hunting and recreational), and (8) conservation, restoration and natural resources. The Parcel B portion of the Subject Property is zoned E, Estates, which allows a wide variety of agricultural uses and low-density residential development. Collier County does not indicate a specific maximum density. However, the average density within the portions of Collier County designated Estates is 2.25 dwelling units per acre. Physically Possible The Subject Property contains a total of 400.65 acres, the majority of which has never been cleared. Both Subject Parcels consist mostly of native pine flatwoods, mixed wetland hardwood and freshwater marshes. There is a 16- acre cleared portion located in the southwestern portion of Parcel A northwest of Sanitation Road that was previously used as a land fill. This area is significantly above the grade of the adjacent lands. It is chain link fenced and not useable for agricultural or conservation purposes. Parcel A currently has adequate access for agricultural use. The access would have to be improved for future low-density residential use. Parcel B has good access via asphalt- paved streets making future low-density residential development more physically possible. Financially Feasible The market has been recently active for agricultural properties in the general vicinity of the Subject Property and values appear to be stable. As shown in the following Land Value Analysis, this recent sales activity involved properties purchased for a combination of agricultural, with possible future residential uses. In our opinion, the Subject parcels could have the potential for low-density residential use if there becomes a demand for this property type in the future. However, demand in the immediate area of the Subject does not appear to warrant residential development at this time. Highest and Best Use 25 Maximally Productive In case of the Subject Property, it is our opinion that agricultural type use and/or future low-density residential use would be the most maximally productive and the Highest and Best Use of the site. The most likely purchaser of the Subject Property would be an investor or an owner-user. Land Value Analysis 26 LAND VALUE ANALYSIS According to the 14th Edition of The Appraisal of Real Estate on page 44, the valuation of land begins by identifying the real estate and property rights valued, any encumbrances, use restrictions, and the land’s physical characteristics. An appraiser can use several techniques to obtain an indication of land value: Sales Comparison Extraction Allocation Subdivision Development Land Residual Ground Rent Capitalization Usually the most reliable way to estimate land value is by sales comparison. When few sales are available, however, or when the value indications produced through sales comparison need additional support, procedures like extraction or allocation may be applied. In the case of the Subject Property the only approach used was the Sales Comparison Approach. Sales Comparison Approach In order to estimate the Market Value of the Subject Property by the Sales Comparison Approach, a search was made for recent sales of vacant property with characteristics similar to the Subject. Our search was concentrated on vacant agricultural properties located in the general vicinity of the Subject Property. The comparables were analyzed and compared to the Subject Property on a price per acre basis, which is the unit of comparison most widely recognized by participants in this market. All of the comparables were considered with regard to property rights transferred, financing, conditions of sale, time or market conditions, location, access, size and site quality. The large acreage tracts included in our analysis, were agricultural type sites that had future residential development potential. With the location of the Subject Property, being within the Immokalee Urban Area, it may have some future low- density residential development potential. This would most likely occur first on Parcel B, which currently has asphalt-paved street access. While Parcel A and Parcel B have some differing locational and zoning characteristics, both have future residential development potential. While we will provide one analysis, for both parcels, our conclusions for each parcel will vary given their inherent differences. Land Value Analysis 27 Discussion of Land Sales Our search revealed three sales and one current listing that were considered to be suitable for direct comparison to Subject parcels. As shown below, the comparable sales (1-4) indicated non-adjusted values ranging from $2,007 to $7,622 per acre of land area with the current listing (5) indicated an unadjusted value of $12,652 per acre. Sale Number Subject 1 2 3 4 Record ID Number 9600 9824 9823 N/A ORBK/PG 5374/645 2015000221551 5116/1395 Listing Effective Sale Price $1,500,000 $15,007,956 $9,765,000 $500,000 Size - Acres 384.65 196.80 1,460.00 619.93 39.52 Effective Size Price Per Acre $7,622 $10,279 $15,752 $12,652 Location Southwest Portion of the Immokalee Urban Area South side of SR 82, 1 mile west of SR 29 South side of Corkscrew Road, just west of Happy Dale Lane West side of Immokolee Road just north of 47th Avenue NE Northeast corner of Lake Trafford Road and Pepper Road County Collier Collier Lee Collier Collier Date of Sale Mar-17 Oct-15 Jan-15 Oct-18 Date of Value Oct-18 Zoning A-MHO-RLSAO & E A-MHO-RLSAO AG-2 A-MHO A-MHO Future Land Use Urban Residential Agricultural/ Rural DRGR Agriculture Urban Residential Conditions of Sale Adj.0% 0% 0% -10% Market Condition Adj.5% 10% 10% 0% Adjusted Price Acre $8,003 $11,307 $17,327 $11,387 Physical Adjustments Location 10% 0% -10% 0% Access 0% 0% 0% 0% Size 0% 5% 0% -10% Site Quality -5% -5% 0% 0% Zoning/Land Use 10% 0% 0% 0% Total Physical Adjustment 15% 0% -10% -10% Adjusted Price Per Acre $9,204 $11,307 $15,594 $10,248 Low $9,204 High $15,594 Average $11,588 Land Sales 400.65 acres in Immokolee Urban Area Callaway & Price, Inc. #18-78260 Land Value Analysis 28 Land Value Analysis 29 Land Sale No. 1 Property Identification Record ID 9600 Property Type Agricultural, Vacant Land Address 3440 State Road 82, Immokalee, Collier County, Florida 34142 Location South side of State Road 82, 1 mile west of State Road 29 Tax ID 00063440005 & 00063520006 Legal Lengthy Sale Data Grantor SR 82 Land Holdings LLC Grantee CCW82 LLC Sale Date March 15, 2017 Deed Book/Page 5374/645 Property Rights Fee Simple Conditions of Sale Arm's length Financing Cash to seller Verification Confirmed by Joe Merritt Sale Price $1,500,000 Land Data Zoning A-MHO-RLSAO, Agricultural Shape Irregular Land Value Analysis 30 Land Sale No. 1 (Cont.) Land Use Agricultural/Rural Land Size Information Gross Land Size 196.800 Acres or 8,572,608 SF Front Footage State Road 82; Indicators Sale Price/Gross Acre $7,622 Sale Price/Gross SF $0.17 Remarks This property was purchased by the adjacent owner to the east for investment purposes. The site has a sandy soil type and was previously a citrus grove that was partially converted for row crops. The buyer's adjacent properties to the east are fallow. Land Value Analysis 31 Land Sale No. 2 Area outlined in blue not part of property Property Identification Record ID 9824 Property Type Agricultural, Row Crop Address 19500 Corkscrew Road, Unincorporated, Lee County, Florida Location South side of Corkscrew Road, just west of Happy Dale Lane Tax ID 29-46-27-00-00001.0000, Multiple Legal Lengthy Sale Data Grantor RLF Corkscrew Holdings Grantee Pan Terra Holdings Sale Date October 06, 2015 Deed Book/Page 2015000221551 Property Rights Fee Simple Conditions of Sale Arm's length Financing Cash to seller Verification Confirmed by Steve Shaw Sale Price $15,007,956 Cash Equivalent $15,007,956 Land Data Zoning AG-2, Agriculture Land Use DRGR Land Value Analysis 32 Land Sale No. 2 (Cont.) Land Size Information Gross Land Size 1,460 Acres or 63,597,600 SF Indicators Sale Price/Gross Acre $10,279 Sale Price/Gross SF $0.24 Remarks Site was an active orange grove at the time of its sale. Purchaser intended to rezone the property for residential development. Also includes parcels 31-46-27-00- 00001.1000, 32-46-27-00-00001.1000 & 30-46-27-00-00001.0000 Land Value Analysis 33 Land Sale No. 3 Property Identification Record ID 9823 Property Type Agricultural, Vacant Land Property Name Gargiulo Land Trust Address Unincorporated, Collier County, Florida Location West side of Immokolee Road, just north of 47th Avenue, NE Tax ID 00113400005 & 00020920003 Legal Lengthy Sale Data Grantor Jeffery D. Gargiulo, Trustee Grantee The Trust for Public Land Sale Date January 28, 2015 Deed Book/Page 5116-1395 Property Rights Fee Simple Conditions of Sale Arm's length Financing Cash to seller Verification Confirmed by Steve Shaw Sale Price $9,765,000 Cash Equivalent $9,765,000 Land Value Analysis 34 Land Sale No. 3 (Cont.) Land Data Zoning A-MHO, Agriculture Land Use Agricultural Land Size Information Gross Land Size 619.930 Acres or 27,004,151 SF Indicators Sale Price/Gross Acre $15,752 Sale Price/Gross SF $0.36 Remarks The Trust for Public Land immediately resold this parcel to the State of Florida for same price. The property was in the Florida Forever project area and was considered essential for the SFWMD Corkscrew Regional Ecosystem Watershed. The site included 298.5 acres designated sending lands and 330.43 acres of receiving lands. The property had potential to be developed with up to 289 residential units or 1 unit per 2.15 gross acres. Land Value Analysis 35 Land Listing No. 4 Land Value Analysis 36 Land Listing No. 4 (Cont.) Land Value Analysis 37 Property Rights Transferred All of the comparable sales in this analysis involved ownership transfer on a Fee Simple Estate basis, with the buyers receiving full property rights. We are also unaware of any adverse deed restrictions or any other property rights limitations which would have affected the sales. Therefore, no adjustments were necessary for property rights transferred. Terms of Financing The transaction price of one property may differ from that of a similar property due to atypical financing arrangements. In a case where favorable financing is established, a cash equivalency adjustment is often necessary. However, all of the comparable sales analyzed herein involved either market financing terms or cash to the Grantor. Therefore, no terms of financing adjustments were made, nor any cash equivalency performed. Conditions of Sale Adjustments for conditions of sale usually reflect the motivations of the buyer and seller at the time of conveyance. Within the confirmation process, detailed attention was made to ensure the conditions of each sale. All of the comparable sales were arm's length transactions and they required no conditions of sale adjustments. Listing 4, which had been on the market for almost 14 months as of the appraisal date, received a downward conditions of sale adjustment based on the fact that a property typically sells for less than the listing price. Time or Changes in Market Conditions Market conditions generally change over time and may be caused by inflation, deflation, fluctuations in supply and demand, or other factors. The comparable sales occurred from January 2015 to March 2017 with the listing being current as of the appraisal date. The available market data indicates that values for this property type have increased gradually during this time period. Therefore, Sales 1, 2 and 3 received upward adjustments to varying degrees for time or changes in market conditions. Location The Subject Property is considered to have a good general location for agricultural type use with a possibility of future low-density residential use. All of the comparable sales have generally remote locations. Sale 1 is located furthest north of the Subject in an area which is primarily agricultural in nature with no surrounding development to speak of. We have adjusted this sale upward for its inferior location. Sale 3 was located west of the Subject and was in the path of expanding development with some new large projects just further west. It was adjusted downward for its superior Land Value Analysis 38 location. Sale 2 and Listing 4 were considered generally similar in location and were not adjusted. Access The Subject Property has adequate access for agricultural and potential future residential use. All the sales are are located on asphalt paved roads and were generally similar in terms of access and no adjustments were required. Size The Subject Property consists of two parcels totaling 400.65 acres. Parcel A has an irregular shape and contains 289.57 acres and Parcel B is also irregular in shape and contains 111.08 acres. Note that there is a 16 acre former dump site located on Parcel A. For all practical purposes, this portion of the property is unusable and the effective site size of Parcel A is 273.57, with the total site having 384.65 effective acres. The comparable sale properties range in size from 196.80 to 1,460 gross acres with the current listing being significantly smaller at 39.52 acres. It is typical in real estate for a small property to sell at a higher price per acre than a large property when all other characteristics are equal. Therefore Listing 5, which contains 39.52 acres received a downward size adjustment based on this reasoning. Sale 2 at 1,460 gross acres is significantly larger than the Subject and an upward size adjustment was made based on the same reasoning. Site Quality The Subject Property is considered to have an average site quality with a combination of native uplands and some wetland marshes. Sales 1 and 2 were largely cleared parcels that were used for farming purposes were considered to be superior to the Subject as to overall site quality and downward adjustments were applied for this factor. Sale 3 and Listing 4 were still heavily wooded and similar to the Subject as to overall site quality and no adjustment was necessary. Zoning/Land Use The western 289.57 acres of the Subject Property (Parcel A) is zoned A-MHO-RLSAO, Agricultural, Mobile Home Overlay and Rural Land Stewardship Area Overlay, by Collier County. The Agricultural zoning category allows a wide variety of agricultural uses such as farms, row crops, and citrus groves, as well as low density residential uses at a maximum of 1 dwelling unit per 5 acres. The eastern 111.08 acres of the Subject Property (Parcel B) is zoned E, Estates, by Collier County. The purpose and intent of the estates district (E) is to provide lands for low density residential development in a semi-rural to rural environment, with limited agricultural activities. Permitted uses under the Estates zoning category Land Value Analysis 39 include single-family dwellings, family care facilities, essential services and educational plants, as an essential service. The maximum residential density permissible must be consistent with and not exceed the density permissible or permitted under the estates district of the future land use element of the Collier County GMP as provided under the Golden Gate Master Plan. According to that document, “The Estates Land Use Designation encompasses lands which are already subdivided into semi-rural residential parcels (2.25 acres as an average) essentially consisting of the Golden Gate Estates Subdivision. Sale 1 has a similar zoning to Parcel A of the Subject of A-MHO-RLSAO. It is also located in a more remote area wherein residential development is unlikely. Considering this, as well as the fact that a Parcel B of the Subject has Estates zoning, we have adjusted this sale upward for this inferior characteristic. While Sales 2 and 3 had agricultural related zonings, their locations made them better candidates for residential development which was similar to the Subject. They were not adjusted. Listing 4 has a similar underlying land use (Urban Residential) and was not adjusted for this factor. Conclusion – Land Value Analysis A shown on the preceding chart, the comparables indicated adjusted values ranging from $9,204 to $15,594 per acre with an average of $11,588 per gross acre. All of the comparable sales used in our analysis were considered to provide a reasonable range of value indications for the Subject Property. The large acreage tracts included in our analysis, were agricultural type sites that had future residential development potential. With the location of the Subject Property, being within the Immokalee Urban Area, it may have some future low- density residential development potential. This would most likely occur first on Parcel B, which currently has asphalt-paved street access and has Estates zoning. For this reason, it is our opinion that the conclusion for each parcel should vary given their inherent differences. Therefore, it is our opinion that Subject Parcel A had a Market Value of approximately $11,500 per acre, while Parcel B has a Market Value of $13,000 per acre as of October 2, 2018. This indicates a Market Value for the Subject as of October 2, 2018 of $4,600,000 calculated as follows: Parcel A 273.57 Acres X $11,500 Per Acre = $3,146,055 or $3,150,000 (Rd) Parcel B 111.08 Acres X $13,000 Per Acre = $1,444,040 or $1,450,000 (Rd) Total $4,600,000 ADDENDA ENGAGEMENT LETTER QUALIFICATIONS Qualifications – Stephen D. Shaw, MAI, AI-GRS Professional Designations\Licenses\Certifications Member, Appraisal Institute, MAI Designation #10461 Member, Appraisal Institute, AI-GRS State-certified general real estate appraiser RZ1192 Florida State Licensed Real Estate Salesman 0495422 Professional Experience Principal, Callaway & Price, Inc., since January 1999 Senior Appraisal Consultant, Callaway & Price, Inc., since July 1997 – December 1998 Appraisal Consultant, Callaway & Price, Inc., since April 1994 Associate Appraiser, Pinel & Carpenter, Inc., Orlando, April 1992 - March 1994 Appraiser/Researcher, Callaway & Price, Inc., September 1987 - March 1992 Special Magistrate Palm Beach County 1996-2012 Special Magistrate, Martin County, 2009 Qualified as an Expert Witness Palm Beach County, Florida Martin County, Florida Broward County, Florida Sarasota County, Florida Education Bachelor of Science Degree, Business Administration, Major in Real Estate and Finance, University of Florida Appraisal Institute: Course 101 - An Introduction to Appraising Real Property, 1992 Course 201 - Principles of Income Producing Properties, 1991 Course 2-1 - Case Studies in Real Estate Valuation, 1992 Course 540 - Report Writing and Valuation Analysis, 1993 Course 2-3 - Standards of Professional Practice Parts A & B, 1991 Review Theory - General Numerous seminars sponsored by the Appraisal Institute Appraising\Consulting Expertise Acreage Medical Office Sites ACLFs Surgery Centers Apartment Complexes Self-Storage Facilities Automotive Service Facilities Office Buildings Bowling Alleys Office/Warehouses Commercial Buildings Retail Buildings Condominium Projects Restaurants Eminent Domain Special Purpose Properties Golf Courses Shopping Centers Hospitals Vacant Commercial Land Hotels Vacant Industrial Land Marinas Vacant Multifamily Pods Medical Office Buildings Vacant Residential Land Medical Office Condominiums Vacant Single-Family Subdivisions Medical Campus Sites Warehouses Qualifications – Stephen D. Shaw, MAI, AI-GRS Organizations and Affiliations Appraisal Institute: Experience Review Committee Ethics & Counseling Committee South Florida Chapter Board of Directors Business Development Board Palm Beach County, Member Qualifications – Joe M. Merritt Professional Designations\Licenses\Certifications State-certified general real estate appraiser RZ672 Professional Experience Staff Appraiser, First Federal Savings & Loan Association of Delray Beach, 1977-1982 Associate Appraiser, Callaway & Price, Inc., since September 1982 Qualified As An Expert Witness Circuit Court of Palm Beach County, Florida Education Florida Real Estate Commission, Course 1, 1977 Appraisal Institute: Course 101 - An Introduction to Appraising Real Property, 1978 Course 201 - Principles of Income Property Appraising, 1978 Narrative Report Writing Seminar & R-2 Examination, 1978 Course 1A-1 - Real Estate Appraisal Principles, 1987 Course 1A-2 - Basic Valuation Procedures, 1987 USPAP Core Law for Appraisers, 1994 Appraisal Review, 1994 Numerous Continuing Education Courses and Seminars by: Appraisal Institute Gold Coast Professional Schools Bert Rodgers Schools McKissock Appraisal School South Florida Water Management District Appraising\Consulting Expertise Agricultural Land Marinas Automobile Dealerships Office Buildings Civic Sites Regional Malls Commercial Buildings Retail Buildings Condominium Projects Self Storage Facilities Eminent Domain Shopping Centers Environmentally Sensitive Lands Sovereignty Submerged Land Gas Stations/Convenience Stores Special Purpose Properties Golf Courses Commercial Land Market/Feasibility Studies Industrial Land Warehouses Residential Land JONATHAN ZACHEM, SECRETARYRICK SCOTT, GOVERNORSTATE OF FLORIDADEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATIONFLORIDA REAL ESTATE APPRAISAL BDTHE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THEPROVISIONS OF CHAPTER 475, FLORIDA STATUTESMERRITT, JOE MDo not alter this document in any form.509 CHAPEL HILL BLVDLICENSE NUMBER: RZ672EXPIRATION DATE: NOVEMBER 30, 2020This is your license. It is unlawful for anyone other than the licensee to use this document.BOYNTON BEACH FL 33435Always verify licenses online at MyFloridaLicense.com Integra Realty Resources Southwest Florida Appraisal of Real Property Barron Collier Partnership LLLP Big Hammock Area I & II Vacant Land Various Addresses Immokalee, Collier County, Florida 34142 Client Reference: PO #4500189351 Prepared For: Collier County Board of County Commissioners Effective Date of the Appraisal: October 2, 2018 Report Format: Appraisal Report – Standard Format IRR ‐ Southwest Florida File Number: 152‐2018‐0218 Barron Collier Partnership LLLP Big Hammock Area I & II Various Addresses Immokalee, Florida Integra Realty Resources In Miami In Orlando In Naples/Sarasota Miami Orlando Southwest Florida Dadeland Centre 9155 South Dadeland Blvd. Suite 1208 The Magnolia Building 326 N. Magnolia Ave. Horseshoe Professional Park 2770 Horseshoe Drive S. Suite 3 Miami, FL 33156 Orlando, FL 32801 Naples, FL 34104 www.irr.com (305) 670‐0001 (407) 843‐3377 (239)‐643‐6888 October 17, 2018 Roosevelt Leonard Real Estate Appraiser Collier County Board of County Commissioners 3299 Tamiami Trail E Naples, FL 34112‐5749 SUBJECT: Market Value Appraisal Barron Collier Partnership LLLP Big Hammock Area I & II Various Addresses Immokalee, Collier County, Florida 34142 Client Reference: PO #4500189351 IRR ‐ Southwest Florida File No. 152‐2018‐0218 Dear Mr. Leonard: Integra Realty Resources – Southwest Florida is pleased to submit the accompanying appraisal of the referenced property. The purpose of the appraisal is to develop an opinion of the market value of the fee simple interest in the property. The client for the assignment is Collier County Board of County Commissioners, and the intended use is for portfolio valuation purposes. The subject is a parcel of vacant land containing a total area of 1,034.40 acres or 45,058,464 square feet. The property is zoned A‐MHO‐RLSAO; Rural Agricultural District ‐ Mobile Home Overlay within the Rural Lands Stewardship Area Overlay. The subject is separated into two parcels. Parcel I consists of 235 acres of upland that is not within the Stewardship Sending Area (SSA). Parcel II consists of 799.4 acres of wetlands/conservation land that is within the SSA. We note that as of the date of this report all SSA rights have been stripped from this area. The appraisal is intended to conform with 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, and the appraisal Roosevelt Leonard Collier County Board of County Commissioners October 17, 2018 Page 2 guidelines of Collier County Board of County Commissioners. The appraisal is also prepared in accordance with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). To report the assignment results, we use 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. Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, our opinion of value is as follows: Value Conclusions Parcel Interest Appraised Date of Value Value Conclusion BCP LLLP Big Hammock Area I Fee Simple October 2, 2018 $2,700,000 BCP LLLP Big Hammock Area II Fee Simple October 2, 2018 $1,200,000 Total $3,900,000 Rounded $3,900,000 Extraordinary Assumptions and Hypothetical Conditions 1. None; N/A. 1. None; N/A. 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. Roosevelt Leonard Collier County Board of County Commissioners October 17, 2018 Page 3 If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully submitted, INTEGRA REALTY RESOURCES ‐ SOUTHWEST FLORIDA Carlton J. Lloyd, MAI Senior Managing Director‐Naples FL State‐Certified General RE Appraiser RZ#2618 Telephone: 239‐643‐6888 Ext. 410 Email: clloyd@irr.com Julian L.H. Stokes II, MAI Associate Director FL State‐Certified General RE Appraiser RZ#3537 Telephone: 239‐643‐6888 Ext. 432 Email: jlstokes@irr.com Table of Contents Barron Collier Partnership LLLP Big Hammock Area I & II Summary of Salient Facts and Conclusions 1 Quality Assurance 2 General Information 3 Identification of Subject 3 Sale History 3 Pending Transactions 4 Purpose of the Appraisal 4 Definition of Market Value 4 Definition of As Is Market Value 5 Definition of Property Rights Appraised 5 Intended Use and User 5 Applicable Requirements 5 Report Format 5 Prior Services 6 Scope of Work 6 Economic Analysis 7 Collier County Area Analysis 7 Surrounding Area Analysis 15 Property Analysis 19 Land Description and Analysis 19 Real Estate Taxes 30 Highest and Best Use 31 Valuation 33 Valuation Methodology 33 Sales Comparison Approach 34 BCP LLLP Big Hammock Area I (235.00 Acres) 34 BCP LLLP Big Hammock Area II (799.40 Acres) 42 Summary of Land Values 48 Reconciliation and Conclusion of Value 49 Exposure Time 49 Marketing Period 49 Certification 50 Assumptions and Limiting Conditions 51 Addenda A. Appraiser Qualifications B. Property Information C. Comparable Data D. Land Sales BCP LLLP Big Hammock Area I Land Sales ‐ BCP LLLP Big Hammock Area II E. Engagement Letter Summary of Salient Facts and Conclusions 1 Barron Collier Partnership LLLP Big Hammock Area I & II Summary of Salient Facts and Conclusions Property Name Address Property Type Owner of Record Tax ID Legal Description Land Area ‐ Total 1,034.40 acres; 45,058,464 SF BCP LLLP Big Hammock Area I 235.00 acres; 10,236,600 SF BCP LLLP Big Hammock Area II 799.40 acres; 34,821,864 SF Zoning Designation Highest and Best Use Exposure Time; Marketing Period 12 to 18 months; 12 to 18 months Date of the Report October 17, 2018 Value Conclusions BCP LLLP Big Hammock Area I ‐ $2,700,000 ($11,489/Acre) BCP LLLP Big Hammock Area II ‐ $1,200,000 ($1,501/Acre) Total $3,900,000 ($3,770/Acre) A‐MHO‐RLSAO‐SSA#13 (Wetlands ‐ 799.4 acres) and no SSA (Uplands ‐ 235 acres) ‐ Rural Agricultural District ‐ Mobile Home Overlay ‐ Rural Lands Stewardship Area Overlay ‐ Stewardship Sending Area, The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agri cultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses 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 Board of County Commissioners 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 repor t, including all of the definitions, assumptions, and limiting conditions contained therein. Agricultural and/or conservation use Barron Collier Partnership LLLP 00113840005, Portion of 00113760004 and Portion of 00113880007 See addenda Barron Collier Partnership LLLP Big Hammock Area I & II Various Addresses Immokalee, Collier County, Florida 34142 Land ‐ Specialty Extraordinary Assumptions and Hypothetical Conditions 1. None; N/A. 1. None; N/A. The value conclusions are based on the following hypothetical c onditions 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. Quality Assurance 2 Barron Collier Partnership LLLP Big Hammock Area I & II Quality Assurance Delivering superior value is a top priority at IRR and we place a premium on feedback from our valued clients. By learning more about your experience with IRR, we will be better able to serve your needs – to enhance our products, service offerings, and client communications. Attached is a short survey applicable to this appraisal report and the service that you received. Please take a few minutes to share your experience of IRR with us. Your feedback will be reviewed by our Quality Control team. If you desire a follow‐up telephone call, please provide your contact information and a member of our Quality Control team will contact you. Access the online survey here: quality.irr.com. Thank you in advance for assisting us with this important endeavor. Please feel free to contact your Local Office using the contact information provided within the letter of transmittal or our Quality Control team at quality@irr.com, with any questions or suggestions you may have. General Information 3 Barron Collier Partnership LLLP Big Hammock Area I & II General Information Identification of Subject The subject is a parcel of vacant land containing a total area of 1,034.40 acres or 45,058,464 square feet. The property is zoned A‐MHO‐RLSAO; Rural Agricultural District ‐ Mobile Home Overlay within the Rural Lands Stewardship Area Overlay. The subject is separated into two parcels. Parcel I consists of 235 acres of upland that is not within the Stewardship Sending Area (SSA). Parcel II consists of 799.4 acres of wetlands/conservation land that is within the SSA. We note that as of the date of this report all SSA rights have been stripped from this area. A legal description of the property is in the addenda. Property Identification Property Name Barron Collier Partnership LLLP Big Hammock Area I & II Address Various Addresses Immokalee, Florida 34142 Tax ID 00113840005, Portion of 00113760004 and Portion of 00113880007 Owner of Record Barron Collier Partnership LLLP Legal Description See addenda Census Tract Number 112.04 Sale History The most recent closed sale of the subject is summarized as follows: Sale Date October 12, 1998 Seller Marguerite R. Collier, Lamar Gable and Barron Collier III, as Trustees of the Marguerite R. Collier Irrevocable Land Trust; Harold S. Lynton, Katherin G. Sproul and Juliet C. Sproul, as Trustees for Juliet C. Sproul under the Will of Barron Collier, Jr.; Barron Collier III, Lamar Gable, Frances G. Villere, Phyllis G. Doane, Donna G. Keller Buyer Barron Collier Investments, Ltd. Sale Price $14,417,500 Recording Instrument Number Deed Book 2493, Page 2779 of the Col lier County public records To the best of our knowledge, no sale or transfer of ownership has taken place within a three‐year period prior to the effective appraisal date. General Information 4 Barron Collier Partnership LLLP Big Hammock Area I & II Pending Transactions The property is listed for sale as of the effective appraisal date. Information about the listing is summarized as follows: Listing Date Within last month Current Asking Price $6,900,000 Comments The properyt is listed Investments Properties Corporati on (local brokerage firm) and Fay Ranches Inc (national brokerage firm) The listing price/expected sale price differs from our market value conclusion by 51%, which can be attributed to the property being marketed as a hunting camp. Purpose of the Appraisal The purpose of the appraisal is to develop an opinion of the market value of the fee simple interest in the property as of the effective date of the appraisal, October 2, 2018. The date of the report is October 17, 2018. The appraisal is valid only as of the stated effective date or dates. Definition of Market Value Market value is defined as: “The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 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: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[g]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472) General Information 5 Barron Collier Partnership LLLP Big Hammock Area I & II Definition of As Is Market Value As is market value is defined as, “The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date.” (Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015); also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77471) 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 portfolio valuation purposes. The client and intended user is Collier County Board of County Commissioners. The appraisal is not intended for any other use or user. No party or parties other than Collier County Board of County Commissioners may use or rely on the information, opinions, and conclusions contained in this report. 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; Appraisal requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), revised June 7, 1994; Interagency Appraisal and Evaluation Guidelines issued December 10, 2010; Appraisal guidelines of Collier County Board of County Commissioners. 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 6 Barron Collier Partnership LLLP Big Hammock Area I & II 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 Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized We use only the sales comparison approach in developing an opinion of value for the subject. This approach is applicable to the subject because there is an active market for similar properties, and sufficient sales data is available for analysis. The cost approach is not applicable because there are no improvements that contribute value to the property, and the income approach is not applicable because the subject is not likely to generate rental income in its current state. 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 Carlton J. Lloyd, MAI, conducted an on‐site inspection of the property on October 2, 2018. Julian L.H. Stokes II, MAI, conducted an on‐site inspection on October 2, 2018. Collier County Area Analysis 7 Barron Collier Partnership LLLP Big Hammock Area I & II Economic Analysis Collier County Area Analysis Collier County is located in southwestern Florida approximately 166 miles south of Tampa. It is 1,998 square miles in size and has a population density of 187 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. Population Collier County has an estimated 2018 population of 374,242, which represents an average annual 1.9% increase over the 2010 census of 321,520. Collier County added an average of 6,590 residents per year over the 2010‐2018 period, and its annual growth rate exceeded the State of Florida rate of 1.5%. Looking forward, Collier County's population is projected to increase at a 1.5% annual rate from 2018‐ 2023, equivalent to the addition of an average of 5,948 residents per year. Collier County's growth rate is expected to exceed that of Florida, which is projected to be 1.3%. Population Compound Ann. % Chng 2010 Census 2018 Estimate 2023 Projection 2010 ‐ 2018 2018 ‐ 2023 Collier County 321,520 374,242 403,981 1.9% 1.5% Florida 18,801,310 21,107,181 22,528,389 1.5% 1.3% Source: Environics Analytics Population Trends Employment Total employment in Collier County is currently estimated at 128,342 jobs. Between year‐end 2007 and the present, employment declined by 5,835 jobs, equivalent to a 4.3% loss over the entire period. There were declines in employment in three out of the past ten years, influenced in part by the national economic downturn and slow recovery. Although many areas suffered declines in employment over the last decade, Collier County underperformed Florida, which experienced an increase in employment of 3.6% or 291,370 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 7.3% in comparison to a 7.1% rate for Florida. A higher unemployment rate is a negative indicator. Recent data shows that the Collier County unemployment rate is 3.1% in comparison to a 3.9% rate for Florida, a positive sign for Collier County economy but one that must be tempered by the fact that Collier County has underperformed Florida in the rate of job growth over the past two years. Collier County Area Analysis 8 Barron Collier Partnership LLLP Big Hammock Area I & II Employment Trends Total Employment (Year End)Unemployment Rate (Ann. Avg.) Year Collier County % Change Florida % Change Collier County Florida 2007 134,177 8,014,408 4.5%4.0% 2008 125,633 ‐6.4% 7,585,913 ‐5.3% 7.1%6.3% 2009 117,585 ‐6.4% 7,209,010 ‐5.0% 11.1% 10.4% 2010 119,457 1.6% 7,260,875 0.7% 11.6% 11.0% 2011 122,960 2.9% 7,368,030 1.5% 10.2% 10.0% 2012 125,704 2.2% 7,538,166 2.3% 8.4%8.5% 2013 131,115 4.3% 7,741,539 2.7% 7.1%7.2% 2014 137,819 5.1% 8,012,496 3.5% 6.0%6.3% 2015 143,261 3.9% 8,314,343 3.8% 5.2%5.5% 2016 150,204 4.8% 8,542,086 2.7% 4.8%4.8% 2017*128,342 ‐14.6% 8,305,778 ‐2.8% 4.1%4.2% Overall Change 2007‐2017 ‐5,835 ‐4.3% 291,370 3.6% Avg Unemp. Rate 2007‐2017 7.3%7.1% Unemployment Rate ‐ April 2018 3.1%3.9% Source: Bureau of Labor Statistics and Economy.com. Employment figures are from the Quarterly Census of Employment and Wages (QCEW). Unemployment rates are from the Current Population Survey (CPS). The figures are not seasonally adjusted. *Total employment data is as of September 2017; unemployment rate data reflects the average of 12 months of 2017. 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 9 Barron Collier Partnership LLLP Big Hammock Area I & II Employment Sectors ‐ 2017 19.1% 17.9% 15.6% 11.4% 10.6% 10.0% 6.1% 3.9% 2.8% 1.5% 1.0% 20.4% 13.8% 15.0% 15.6% 12.9% 5.8% 6.7% 3.2% 4.3% 0.7% 1.6% 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 Manufacturing Natural Resources & Mining Information Collier County Florida Source: Bureau of Labor Statistics and Economy.com Collier County has greater concentrations than Florida in the following employment sectors: 1. Leisure and Hospitality, representing 17.9% of Collier County payroll employment compared to 13.8% for Florida as a whole. This sector includes employment in hotels, restaurants, recreation facilities, and arts and cultural institutions. 2. Education and Health Services, representing 15.6% of Collier County payroll employment compared to 15.0% for Florida as a whole. This sector includes employment in public and private schools, colleges, hospitals, and social service agencies. 3. Construction, representing 10.0% of Collier County payroll employment compared to 5.8% for Florida as a whole. This sector includes construction of buildings, roads, and utility systems. 4. Other Services, representing 3.9% 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. Collier County is underrepresented in the following sectors: 1. Trade; Transportation; and Utilities, representing 19.1% of Collier County payroll employment compared to 20.4% for Florida as a whole. This sector includes jobs in retail trade, wholesale trade, trucking, warehousing, and electric, gas, and water utilities. Collier County Area Analysis 10 Barron Collier Partnership LLLP Big Hammock Area I & II 2. Professional and Business Services, representing 11.4% of Collier County payroll employment compared to 15.6% for Florida as a whole. This sector includes legal, accounting, and engineering firms, as well as management of holding companies. 3. Government, representing 10.6% of Collier County payroll employment compared to 12.9% for Florida as a whole. This sector includes employment in local, state, and federal government agencies. 4. Financial Activities, representing 6.1% of Collier County payroll employment compared to 6.7% for Florida as a whole. Banking, insurance, and investment firms are included in this sector, as are real estate owners, managers, and brokers. Major Employers Major employers in Collier County are shown in the following table. Name Number of Employees 1 Collier County Public Schools 7,041 2 NCH Naples Hospital 7,000 3 Publix Supermarkets 6,968 4 Walmart Supercenter 3,792 5USPS 1,992 6Home Depot 1,920 7 Collier County Administration 1,600 8 Arthrex 1,400 9 Lowe's Home Improvement 1,100 10 Ritz Carlton 1,100 Major Employers ‐ Collier County Source: SWFL Economic Development Alliance 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 somewhat higher in the Naples MSA than the United States overall during the past eight years. The Naples MSA has grown at a 2.6% average annual rate while the United States has grown at a 1.9% rate. As the national economy improves, the Naples MSA has recently underperformed the United States. GDP for the Naples MSA rose by 1.1% in 2016 while the United States GDP rose by 1.5%. The Naples MSA has a per capita GDP of $41,292, which is 19% less than the United States GDP of $50,708. This means that Naples MSA industries and employers are adding relatively less value to the economy than their counterparts in the United States overall. Collier County Area Analysis 11 Barron Collier Partnership LLLP Big Hammock Area I & II Gross Domestic Product Year ($ Mil) Naples MSA % Change ($ Mil) United States % Change 2009 12,583 14,320,114 2010 12,765 1.4% 14,628,165 2.2% 2011 12,692 ‐0.6% 14,833,679 1.4% 2012 12,925 1.8% 15,126,281 2.0% 2013 13,051 1.0% 15,348,034 1.5% 2014 13,974 7.1% 15,717,536 2.4% 2015 14,913 6.7% 16,148,378 2.7% 2016 15,077 1.1% 16,385,170 1.5% Compound % Chg (2009‐2016) 2.6% 1.9% GDP Per Capita 2016 $41,292 $50,708 Source: Bureau of Economic Analysis and Economy.com; data relea sed September 2016. The release of state and local GDP data has a longer lag time than national data. The data represe nts inflation‐adjusted "real" GDP stated in 2009 dollars. Household Income Collier County is more affluent than Florida. Median household income for Collier County is $67,626, which is 27.3% greater than the corresponding figure for Florida. Median Collier County $67,626 Florida $53,114 Comparison of Collier County to Florida + 27.3% Source: Environics Analytics Median Household Income ‐ 2018 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, 45% of Collier County households are at the $75,000 or greater levels in household income as compared to 35% of Florida households. A lesser concentration of households is apparent in the lower income levels, as 23% of Collier County households are below the $35,000 level in household income versus 33% of Florida households. Collier County Area Analysis 12 Barron Collier Partnership LLLP Big Hammock Area I & II Household Income Distribution ‐ 2018 11.6% 10.7% 10.6% 14.4% 18.0% 11.6% 7.9% 4.9% 4.6% 2.2% 2.3% 1.1% 6.7% 7.9% 8.5% 13.2% 18.6% 12.6% 8.9% 6.0% 6.3% 3.3% 4.6% 3.4% 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: Environics Analytics Education and Age Residents of Collier County have a higher level of educational attainment than those of Florida. An estimated 35% of Collier County residents are college graduates with four‐year degrees, versus 28% of Florida residents. People in Collier County are older than their Florida counterparts. The median age for Collier County is 50 years, while the median age for Florida is 42 years. Education & Age ‐ 2018 Source: Environics Analytics 10% 20% 30% 40% 50% 60% 70% 80% Collier County Florida 35% 28% Percent CollegeGraduate 10 15 20 25 30 35 40 45 50 Collier County Florida 50 42 Median Age Collier County Area Analysis 13 Barron Collier Partnership LLLP Big Hammock Area I & II 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 January 2018 compared to January 2017. Seasonally‐adjusted tourist tax revenues increased 19% in Collier County in February 2018 compared to February 2017, Lee County increased 11% and Charlotte County increased 4%. Passenger activity for the three airports increased 12% in February 2018 from February 2017 and increased 9% from January 2018. In addition, the area continues to experience a slight increase in job growth. Lee County’s seasonally‐adjusted unemployment rate dropped to 3.6% in March 2018, a decrease of 0.6 points from March 2017. Collier County’s unemployment rate was 3.8% in March 2018, down from 4.4% in March 2017. The seasonally‐adjusted unemployment rate in Charlotte County declined to 4.1% in March 2018, down from 4.8% in March 2017. These trends are likely to continue in the near‐term due to a growing population base and increasing job opportunities. Collier County Area Analysis 14 Barron Collier Partnership LLLP Big Hammock Area I & II Area Map Surrounding Area Analysis 15 Barron Collier Partnership LLLP Big Hammock Area I & II Surrounding Area Analysis Location The subject is located south of Trafford Oaks Road and southwest of Lake Trafford within the rural part of the Immokalee area of Collier County. Immokalee is located about 30 miles east of Interstate‐ 75 via Immokalee Road (County Road 846). Immokalee has long been considered isolated from coastal Collier County both in location and demographics. Immokalee’s development is based on its agriculture resources, which makes Immokalee 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. Access and Linkages The major arterial roadways are State Road 29, Immokalee Road and New Market Road (SR 29A). State Road 29 is a two‐lane arterial that widens to four lanes through the small downtown area. The four‐lane segment is called Main Street and is the focus of redevelopment and economic revitalization. It is the only segment with on‐street parking and sidewalks on both sides. The two lane segments of State Road 29 north and east of Main Street are two lanes with no sidewalks. New Market Road is a two‐lane arterial with 100 feet of right‐of‐way and no sidewalks, paved shoulders, or turn lanes. The remaining right‐of‐way and truck parking is limestone. Vegetable and fruit packinghouses and the State Farmers Market are located along this street. Trucks are encouraged to use this street as a bypass road to avoid the downtown area and to pick up goods for transport. The roadway is in poor condition and maintenance costs are high due to damage by trucks dragging limestone on roadway. Although many people walk or bicycle to work in this area, pathway facilities are unavailable. Immokalee Road intersects with SR 29 at the beginning of Main Street. North Main Street, it narrows to two lanes and has a sidewalk on the west side only. Public transportation is provided by Collier Area Transit (CAT), which provides access to the subject’s neighborhood via the Pink Route 8 (Immokalee Circulator) and the Blue Route 5 (Immokalee Shuttle). The local market perceives public transportation as fair compared to other market areas in the region. However, the primary mode of transportation in this area is the automobile. The Southwest Florida International Airport (RSW) is located about 30 miles from the 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. Surrounding Area Analysis 16 Barron Collier Partnership LLLP Big Hammock Area I & II Demand Generators Immokalee’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 Seminole Casino Immokalee, a large employer within the Immokalee area. Demographics A demographic profile of the surrounding area, including population, households, and income data, is presented in the following table. Surrounding Area Demographics 2018 Estimates 3‐Mile Radius 5‐Mile Radius 7‐Mile Radius Collier County Florida Population 2010 158 9,680 25,033 321,520 18,801,310 Population 2018 206 11,651 28,854 374,242 21,107,181 Population 2023 230 12,747 31,105 403,981 22,528,389 Compound % Change 2010‐2018 3.4%2.3%1.8%1.9%1.5% Compound % Change 2018‐2023 2.2%1.8%1.5%1.5%1.3% Households 2010 39 2,331 6,192 133,179 7,420,802 Households 2018 50 2,864 7,332 155,811 8,314,234 Households 2023 55 3,149 7,972 168,550 8,876,878 Compound % Change 2010‐2018 3.2%2.6%2.1%2.0%1.4% Compound % Change 2018‐2023 1.9%1.9%1.7%1.6%1.3% Median Household Income 2018 $48,166 $40,125 $39,876 $67,626 $53,114 Average Household Size 4.1 4.0 3.8 2.4 2.5 College Graduate %15%9%8%35%28% Median Age 2928305042 Owner Occupied %58%50%48%72%67% Renter Occupied %42%50%52%28%33% Median Owner Occupied Housing Value $168,176 $118,317 $123,817 $347,499 $195,073 Median Year Structure Built 20042001199819941987 Avg. Travel Time to Work in Min.36 36 37 27 29 Source: Environics Analytics As shown above, the current population within a 5‐mile radius of the subject is 11,651, and the average household size is 4.0. 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 $40,125, 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 considerably lower. Land Use In the immediate vicinity of the subject, land uses are primarily residential and agricultural, with supporting industrial and commercial uses located along the major arterials. However, the Immokalee area as a whole is generally rural in character. Surrounding Area Analysis 17 Barron Collier Partnership LLLP Big Hammock Area I & II Outlook and Conclusions Over the last two (2) years, the Collier County Market has 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. While the Collier County market is in an expansion, the Immokalee area is more mature / stable in character. In the immediate area, development has been limited to build to suits for national tenants or end users. 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 18 Barron Collier Partnership LLLP Big Hammock Area I & II Surrounding Area Map Subject Land Description and Analysis 19 Barron Collier Partnership LLLP Big Hammock Area I & II Property Analysis Land Description and Analysis Land Description Land Area 1,034.40 acres; 45,058,464 SF Source of Land Area Owner Primary Street Frontage Various Addresses ‐ varies feet Shape Irregular Corner No Rail Access No Topography Generally level and at street grade Drainage No problems reported or observed Environmental Hazards None reported or observed Ground Stability No problems reported or observed Flood Area Panel Number 12021C0120H Date May 16, 2012 Zone AE Description Within 100‐year floodplain Insurance Required?Yes Zoning; Other Regulations Zoning Jurisdiction Collier County Zoning Designation A‐MHO‐RLSAO‐SSA#13 (Wetlands ‐ 799.4 acres) a nd no SSA (Uplands ‐ 235 acres) ‐ Rural Agricultural District ‐ Mobile Home Overlay ‐ Rural Lands Stewardship Area Overlay ‐ Stewardship Sending Area Description The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and r ural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses Legally Conforming?Appears to be legally conforming Zoning Change Likely?No Permitted Uses Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district Minimum Lot Area 217,800 square feet Minimum Lot Width (Feet) 165 Minimum Setbacks (Feet) Front ‐ 50; Side ‐ 30; Rear ‐ 50 Maximum Building Height 35 feet Maximum Site Coverage None Maximum Floor Area Ratio None Rent Control No Other Land Use Regulations Future Land Use ‐ Low Residential Subdistrict, Wetlands Connected to Lake Trafford/Camp Keais Strand System, Environmentally Sensitive Areas Per Aerials and Soil Data We are not experts in the interpretation of zoning ordinances. An appropriately qualified land use attorney should be engaged if a determination of compliance with zoning is required. Access Please note that the subject is only accessible via an easement across the Pepper Ranch property via dirt roads and various gates. Land Description and Analysis 20 Barron Collier Partnership LLLP Big Hammock Area I & II Easements, Encroachments and Restrictions We were not provided a current title report to review. We are not aware of any easements, encroachments, or restrictions that would adversely affect value. Our valuation assumes no adverse impacts from easements, encroachments, or restrictions, and further assumes that the subject has clear and marketable title. As previously mentioned, the subject benefits from an access easement across the Pepper Ranch Property. Conclusion of Land Analysis Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by zoning. We are not aware of any other particular restrictions on development. Land Description and Analysis 21 Barron Collier Partnership LLLP Big Hammock Area I & II On Site On Site On Site On Site On Site On Site Land Description and Analysis 22 Barron Collier Partnership LLLP Big Hammock Area I & II On Site On Site Land Description and Analysis 23 Barron Collier Partnership LLLP Big Hammock Area I & II Subject Land Description and Analysis 24 Barron Collier Partnership LLLP Big Hammock Area I & II Aerial Map ‐ 00113840005 Land Description and Analysis 25 Barron Collier Partnership LLLP Big Hammock Area I & II Aerial Map ‐ 00113760004 Land Description and Analysis 26 Barron Collier Partnership LLLP Big Hammock Area I & II Aerial Map ‐ 00113880007 Land Description and Analysis 27 Barron Collier Partnership LLLP Big Hammock Area I & II Exhibit Land Description and Analysis 28 Barron Collier Partnership LLLP Big Hammock Area I & II Flood Map Land Description and Analysis 29 Barron Collier Partnership LLLP Big Hammock Area I & II Zoning Map Real Estate Taxes 30 Barron Collier Partnership LLLP Big Hammock Area I & II Real Estate Taxes Real estate tax assessments are administered by Collier County and are estimated by jurisdiction on a countywide basis. Real estate taxes in this state and this jurisdiction represent ad valorem taxes, meaning a tax applied in proportion to value. The real estate taxes for an individual property may be determined by dividing the assessed value by 1,000 and then multiplying the estimate by a composite rate. The composite rate is based on a consistent tax rate throughout the state in addition to one or more local taxing district rates. The assessed values are based upon the current conversion assessment of the Collier County Property Appraiser’s market value. State law requires that all real property be re‐valued each year. The millage rate is generally finalized in October of each year, and tax bills are generally received in late October or early November. The gross taxes are due by March 31st of the following year. If the taxes are paid prior to November 30th, the State of Florida allows a 4% discount for early payment. The discount then becomes 3% if paid by December 31st, 2% if paid by January 31st, and 1% if paid by February 28th. After March 31st, the taxes are subject to late penalties and interest. 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 Exemption Total Tax Rate Ad Valorem Taxes Direct Assessments Total 00113840005 $1,315,000 ‐$1,242,930 $72,070 1.327720% $957 $0 $957 Portion of 00113760004 $751,000 ‐$709,185 $41,815 1.327720% $555 $0 $555 Portion of 00113880007 $856,365 ‐$808,294 $48,071 1.327720% $638 $0 $638 $2,922,365 ‐$2,760,409 $161,956 $2,150 $0 $2,150 Highest and Best Use 31 Barron Collier Partnership LLLP Big Hammock Area I & II 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 vacant, and as improved. 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 Vacant Physically Possible The physical characteristics of the site do not appear to impose any unusual restrictions on development. Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses. Legally Permissible The site is zoned A‐MHO‐RLSAO‐SSA#13 (Wetlands ‐ 799.4 acres) and no SSA (Uplands ‐ 235 acres) ‐ Rural Agricultural District ‐ Mobile Home Overlay ‐ Rural Lands Stewardship Area Overlay ‐ Stewardship Sending Area, The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Permitted uses include uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. 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/or conservation use 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/or conservation use in the subject’s area. It appears that a newly developed agricultural and/or conservation use on the site would have a value commensurate with its cost. Therefore, agricultural and/or conservation use 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/or conservation use. Accordingly, it is our opinion that agricultural and/or conservation use, developed to the normal market density level permitted by zoning, is the maximally productive use of the property. Highest and Best Use 32 Barron Collier Partnership LLLP Big Hammock Area I & II Conclusion Development of the site for agricultural and/or conservation use 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 vacant. As Improved No improvements are situated on the subject. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Taking into account the functional utility of the site and area development trends, the probable buyer is a speculator or investor (hunting/conservation purposes). Valuation Methodology 33 Barron Collier Partnership LLLP Big Hammock Area I & II 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 Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized Sales Comparison Approach 34 Barron Collier Partnership LLLP Big Hammock Area I & II Sales Comparison Approach 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. This approach develops an indication of value by researching, verifying, and analyzing sales of similar properties. As discussed previously, the property is divided for valuation purposes as follows: Land Parcels Name SF Acres Unit of Comparison BCP LLLP Big Hammock Area 10,236,600 235.00 Total Acres BCP LLLP Big Hammock Area 34,821,864 799.40 Total Acres Total 45,058,464 1,034.40 BCP LLLP Big Hammock Area I (235.00 Acres) To apply the sales comparison approach to the BCP LLLP Big Hammock Area I portion, we searched for sale transactions within the following parameters: Location: Collier and Lee Counties; Size: 100 to 5,000 acres; Use: Agricultural use; Transaction Date: January 2015 to present. For this analysis, we 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. Sales Comparison Approach 35 Barron Collier Partnership LLLP Big Hammock Area I & II Summary of Comparable Land Sales ‐ BCP LLLP Big Hammock Area I No. Name/Address Sale Date; Status Sale Price SF; Acres Zoning $/SF Land $/Acre 1 Gargiulo Land Trust Jan‐15 $9,765,000 27,004,151 $0.36 $15,752 17311 Immokalee Rd. Closed 619.93 Immokalee Collier County FL 2 RLF Corkscrew Holdings Grove Oct‐15 $15,007,956 63,597,600 $0.24 $10,279 19500 Corkscrew Rd. Closed 1,460.00 Estero Lee County FL 3 Corkscrew Farms Oct‐15 $20,000,000 59,285,160 $0.34 $14,695 16871‐18901 Corkscrew Road Closed 1,361.00 Estero Lee County FL 4 Boran & Brown Acreage May‐16 $38,479,500 110,985,653 $0.35 $15,103 16004 Immokalee Rd. Closed 2,547.88 Naples Collier County FL 5 Edison Farms Nov‐17 $42,435,000 170,839,271 $0.25 $10,820 East of I75 between Corkscrew and Bonita Beach Roads Closed 3,921.93 Bonita Springs Lee County FL Subject 10,236,600 Barron Collier Partnership LLLP Big Hammock Area I & II 235.00 Immokalee, FL Agricultural Agricultural with Mobile‐home Overlay Agricultural Agricultural A‐MHO‐RLSAO (Uplands ‐ 235 acres) Comments: The Trust for Public Land purchased 619.93 acres of land near the Bird Rookery Swamp for $9,765,000. The trust then immediately resold the former agricultural property to the state of Florida for the same price. The Gargiulo Land Trust (GLT) property is comprised of two parcels. The property is in the Florida Forever project boundary, is an essential remaining parcel for the SFWMD Corkscrew Regional Ecosystem Watershed and is primary Panther habitat. The subject is designated as being in the Collier County Rural Fringe Mixed Use overlay with 298.50 designated as sending lands and 330.43 acres designated as receiving lands. The property cold be developed as a residential community with 289‐housing units. Comments: This property consists of 1,460 acres of orange groves. The property was purchased by RLF Corkscrew in 2010 as part of a larger 2,100 acres tract. The 2010 purchase appeared to be part of a bankruptcy filing. RLF Corkscrew subsequently sold off 640 acres of land for row crops on 2013 for $7,500 per acre. The current transaction includes only the remaining 1,460 acres of groves. Comments: This is the sale of the Place at Corkscrew Farms, which is being developed by Cameratta Companies. The property is located in the Lee County Density Reduction And Groundwater Resource (DRGR) area which limits development. Cameratta put the property under contract and applied for a comprehensive plan amendment to allow up to 1325 residential units. The amendment was approved with the developer required to set aside significant preserve areas and restore historic flow ways to improve drainage throughout the DRGR. This transaction is significant as it is one of the first properties within the DRGR to successfully achieve a comprehensive plan amendment to allow residential development. Nick Cameratta of Cameratta Companies confirmed the sale price at $20,000,000 or $14,695 per acre. Mr Cameratta indicated that he felt that with the comprehensive plan amendment in place the property was worth between $40,000 and $50,000 per developable unit. FLU: Density Reduction/ Groundwater Resource and Wetlands. Comments: 27th/Pico Boulevard Limited Partnership acquired the 2,548‐acre tract in May 2016 from State Road 846 Land Trust Agreement, whose co‐trustees are Michael J. Boran and Ronald L. Brown, for $38,479,500. There was an active earth mine, sod farm, and cattle grazing operation in place at the time of the sale. The buyer was looking to acquire through a long‐term hold a position to possibly take advantage of North Naples’ growth. The earth mine is comprised of approximately 553 acres that can be mined to a depth of no more than 45 feet. An additional 528 acres (mined to a depth of no more than 45 feet) has the potential to be mined. The remaining 1,994.88 acres consists of agricultural land. The site can be developed with up to 4,500 dwelling units. FLU: Urban Residential Subdistrict Comments: Lee County purchased nearly 3,922 acres from Investors Warranty of America, LLC on November 30, 2017. The price was $42,435,000, or about $10,820 per acre. The property was originally offered for $49,000,000. The site contains more than 3,500 acres of wetlands. The purchase was part of Lee County's 20/20 conservation program. Randy Thibaut and Justin Thibaut of Land Solutions, Inc. represented the seller. Current zoning allows for 255 homes on the site although Randy Thibaut told county commissioners that 3,000 to 5,000 homes could eventually be developed Agricultural Sales Comparison Approach 36 Barron Collier Partnership LLLP Big Hammock Area I & II Comparable Land Sales Map – BCP LLLP Big Hammock Area I Sales Comparison Approach 37 Barron Collier Partnership LLLP Big Hammock Area I & II Sale 1 Gargiulo Land Trust Sale 2 RLF Corkscrew Holdings Grove Sale 3 Corkscrew Farms Sale 4 Boran & Brown Acreage Sale 5 Edison Farms Sales Comparison Approach 38 Barron Collier Partnership LLLP Big Hammock Area I & II Analysis and Adjustment of Sales 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 adjustments have been applied. Real Property Rights Fee simple, leased fee, leasehold, partial interest, etc. No adjustments have been applied. Financing Terms Seller financing, or assumption of existing financing, at non‐market terms. No adjustments have been applied. Conditions of Sale Extraordinary motivation of buyer or seller, assemblage, forced sale. No adjustments have been applied. Market Conditions Changes in the economic environment over time that affect the appreciation and depreciation of real estate. No adjustments have been applied. Location Market or submarket area influences on sale price; surrounding land use influences. No adjustments have been applied. Access/Exposure Convenience to transportation facilities; ease of site access; visibility; traffic counts. Access to the subject entrance requires substantial drive‐time through non‐typical thoroughfares, which is inclusive of the Pepper Ranch easement. Each of the sales have access or nearby access from standard thoroughfares and are considered superior; downward adjustments have been applied. Size Inverse relationship that often exists between parcel size and unit value. Sales 2, 3, 4, and 5 are larger than the subject and are considered inferior; an upward adjustment has been applied. Shape and Topography Primary physical factors that affect the utility of a site for its highest and best use. No adjustments have been applied. Sales Comparison Approach 39 Barron Collier Partnership LLLP Big Hammock Area I & II Adjustment Factor Accounts For Comments Zoning Government regulations that affect the types and intensities of uses allowable on a site. No adjustments have been applied. Entitlements The specific level of governmental approvals attained pertaining to development of a site. No adjustments have been applied. Ratio of Usable Land Percentage of usable versus non‐ usable land The subject parent tract has a developable area of about 100%. Sales 3, 4, and 5 have significantly lower %’s of developable area and are considered inferior; upward adjustments have been applied. Current Use Current income producing uses which add to value Sale 2 is used for productive citrus operations until development is warranted and Sale 4 is used as an active mine operation until development is warranted, which generates significant income. Sales 2 and 4 are superior and have been adjusted downward. Sales Comparison Approach 40 Barron Collier Partnership LLLP Big Hammock Area I & II The following table summarizes the adjustments we make to each sale. Land Sales Adjustment Grid ‐ BCP LLLP Big Hammock Area I Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5 Name Barron Collier Partnership LLLP Big Hammock Area I & II Gargiulo Land Trust RLF Corkscrew Holdings Grove Corkscrew Farms Boran & Brown Acreage Edison Farms Address Various Addresses 17311 Immokalee Rd. 19500 Corkscrew Rd. 16871‐18901 Corkscrew Road 16004 Immokalee Rd. East of I75 between Corkscrew and Bonita Beach Roads City Immokalee Immokalee Estero Estero Naples Bonita Springs County Collier Collier Lee Lee Collier Lee State Florida FL FL FL FL FL Sale Date Jan‐15 Oct‐15 Oct‐15 May‐16 Nov‐17 Sale Status Closed Closed Closed Closed Closed Sale Price $9,765,000 $15,007,956 $20,000,000 $38,479,500 $42,435,000 Square Feet 10,236,600 27,004,151 63,597,600 59,285,160 110,985,653 170,839,271 Acres 235.00 619.93 1,460.00 1,361.00 2,547.88 3,921.93 Zoning Code A‐MHO‐RLSAO (Uplands ‐ 235 acres) A‐MHO (RFMUO‐NRPA‐ SENDING) AG‐2 AG A‐MHO AG‐2 Database ID 1366454 1239628 1239626 1356883 1907226 $15,752 $10,279 $14,695 $15,103 $10,820 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 ––––– None known None known None known None known None known ––––– Market Conditions 10/2/2018 Jan‐15 Oct‐15 Oct‐15 May‐16 Nov‐17 Annual % Adjustment0%––––– $15,752 $10,279 $14,695 $15,103 $10,820 ––––– ‐25%‐25%‐25%‐25%‐25% –5%5%10%15% ––––– ––––– ––––– ––10%10%15% –‐10%–‐20%– Net $ Adjustment ‐$3,938 ‐$3,084 ‐$1,470 ‐$3,776 $541 Net % Adjustment ‐25%‐30%‐10%‐25%5% Final Adjusted Price $11,814 $7,196 $13,226 $11,327 $11,361 Overall Adjustment ‐25%‐30%‐10%‐25%5% Average Indicated Value $7,196 ‐ $13,226 $10,985 $11,500 Zoning Entitlements Access/Exposure Size Price per Acre Property Rights Financing Terms Conditions of Sale Cumulative Adjusted Price % Adjustment % Adjustment % Adjustment Location Shape and Topography Ratio of Usable Land Current Use Range of Adjusted Prices Sales Comparison Approach 41 Barron Collier Partnership LLLP Big Hammock Area I & II Land Value Conclusion – BCP LLLP Big Hammock Area I We give greatest weight to sale 1, 4, and 5 as they are most similar in location, zoning, and/or size, and arrive at a value conclusion as follows: Land Value Conclusion Indicated Value per Acre $11,500 Subject Acres 235.00 Indicated Value $2,702,500 Rounded $2,700,000 Sales Comparison Approach 42 Barron Collier Partnership LLLP Big Hammock Area I & II BCP LLLP Big Hammock Area II (799.40 Acres) To apply the sales comparison approach to the BCP LLLP Big Hammock Area II portion, we searched for sale transactions within the following parameters: Location: Collier, Lee, and Hendry Counties; Size: 75 to 2,750 acres; Use: Conservation uses; Transaction Date: July 2016 to present. For this analysis, we use price per acre as the appropriate unit of comparison. The most relevant sales are summarized in the following table. Summary of Comparable Land Sales ‐ BCP LLLP Big Hammock Area II No. Name/Address Sale Date; Status Effective Sale Price SF; Acres Zoning $/SF Land $/Acre 1 PA Ranch Property Jul‐16 $2,787,000 112,453,189 $0.02 $1,080 26740 Roberts Ranch Rd. Closed 2,581.57 Clewiston Hendry County FL 2 Eden of the Everglades Nov‐17 $365,000 8,899,744 $0.04 $1,787 No Site Address Closed 204.31 Everglades City Collier County FL 3 Miromar Lakes Conservation Easement Lands Nov‐17 $710,000 13,939,200 $0.05 $2,219 Not Accessible Closed 320.00 Immokalee Collier County FL 4 Environmental Protection Land Jan‐18 $190,000 3,419,024 $0.06 $2,421 No Site Address Closed 78.49 Naples Collier County FL 5 25370 Rock Lake Rd Mar‐18 $1,017,000 27,882,320 $0.04 $1,589 Clewiston Closed 640.09 Hendry County FL 6 Panther Tracts LLC Mar‐18 $670,100 23,703,610 $0.03 $1,231 Doctors Jammock and Mc Clure Rd. Closed 544.16 Immokalee Hendry County FL Subject 34,821,864 Barron Collier Partnership LLLP Big Hammock Area I & II 799.40 Immokalee, FL A‐MHO‐RLSAO‐SSA#13 (Wetlands ‐ 799.4 acres) Comments: Panther Tracts, LLC purchased three parcels of agricultural zoned land in March of 2018. The price was $670,100. The property consists of about 544 acres located along Doctors Hammock Road and McClure Road in the Immokalee area of Hendry County. Agricultural Comments: P.A. Ranch Property, LLC purchased four parcels of A‐2 zoned land in July of 2016. The price was $2,787,000. The property consists of about 2,582 acres located along Roberts Ranch Road, County Road 846, and Smith Ranch Road in the Clewiston area of Hendry County. A‐ACSC/ST Comments: Eden of the Everglades, Inc. purchased three parcels of A‐ACSC/ST zoned land in November of 2017. The price was $365,000. The property consists of about 204 acres located west of Highway 29 and south of Tamiami Trail in the Everglades City area of Collier County. Agricultural Comments: Miromar Lakes South Community Development District purchased one parcel of agricultural zoned land in November of 2017. The price was $710,000. The property consists of about 320 acres located east of State Road 29 North in the Immokalee area of Collier County. A‐ACSC/ST Comments: Board of Trustees of the Internal Improvement Trust Fund of the State of Florida purchased one parcel of A‐ACSC/ST zoned land in November of 2017. The price was $190,000. The property consists of about 78 acres located west of Highway 29 and south of Interstate 75 in the Naples area of Collier County. A‐2 Comments: Hickx LLC purchased one parcel of A‐2 zoned land in March of 2018. The price was $1,017,000. The property consists of about 640 acres located towards the southern end of Rock Lake Road in the Clewiston area of Hendry County. Agricultural Sales Comparison Approach 43 Barron Collier Partnership LLLP Big Hammock Area I & II Comparable Land Sales Map – BCP LLLP Big Hammock Area II Sales Comparison Approach 44 Barron Collier Partnership LLLP Big Hammock Area I & II Sale 1 PA Ranch Property Sale 2 Eden of the Everglades Sale 3 Miromar Lakes Conservation Easement Lands Sale 4 Environmental Protection Land Sale 5 25370 Rock Lake Rd Sale 6 Panther Tracts LLC Sales Comparison Approach 45 Barron Collier Partnership LLLP Big Hammock Area I & II Analysis and Adjustment of Sales 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 adjustments have been applied. Real Property Rights Fee simple, leased fee, leasehold, partial interest, etc. No adjustments have been applied. Financing Terms Seller financing, or assumption of existing financing, at non‐market terms. No adjustments have been applied. Conditions of Sale Extraordinary motivation of buyer or seller, assemblage, forced sale. No adjustments have been applied. Market Conditions Changes in the economic environment over time that affect the appreciation and depreciation of real estate. No adjustments have been applied. Location Market or submarket area influences on sale price; surrounding land use influences. No adjustments have been applied. Access/Exposure Convenience to transportation facilities; ease of site access; visibility; traffic counts. Access to the subject entrance requires substantial drive‐time through non‐typical thoroughfares, which is inclusive of the Pepper Ranch easement. Each of the sales have access or nearby access from standard thoroughfares and are considered superior; downward adjustments have been applied. Size Inverse relationship that often exists between parcel size and unit value. Sale 1 is larger than the subject and is considered inferior; an upward adjustment has been applied. Sale 4 is smaller than the subject and is considered superior; a downward adjustment has been applied. Sales Comparison Approach 46 Barron Collier Partnership LLLP Big Hammock Area I & II Adjustment Factor Accounts For Comments Shape and Topography Primary physical factors that affect the utility of a site for its highest and best use. No adjustments have been applied. Zoning Government regulations that affect the types and intensities of uses allowable on a site. No adjustments have been applied. Entitlements The specific level of governmental approvals attained pertaining to development of a site. No adjustments have been applied. The following table summarizes the adjustments we make to each sale. Land Sales Adjustment Grid ‐ BCP LLLP Big Hammock Area II Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5 Comparable 6 Name Barron Collier Partnership LLLP Big Hammock Area I & II PA Ranch Property Eden of the Everglades Miromar Lakes Conservation Easement Lands Environmental Protection Land 25370 Rock Lake Rd Panther Tracts LLC Address Various Addresses 26740 Roberts Ranch Rd. No Site Address Not Accessible No Site Address 25370 Rock Lake Rd. Doctors Jammock and Mc Clure Rd. City Immokalee Clewiston Everglades City Immokalee Naples Clewiston Immokalee County Collier Hendry Collier Collier Collier Hendry Hendry State Florida FL FL FL FL FL FL Sale Date Jul‐16 Nov‐17 Nov‐17 Jan‐18 Mar‐18 Mar‐18 Sale Status Closed Closed Closed Closed Closed Closed Effective Sale Price $2,787,000 $365,000 $710,000 $190,000 $1,017,000 $670,100 Square Feet 34,821,864 112,453,189 8,899,744 13,939,200 3,419,024 27,882,320 23,703,610 Acres 799.40 2,581.57 204.31 320.00 78.49 640.09 544.16 Zoning Code A‐MHO‐RLSAO‐ SSA#13 (Wetlands ‐ 799.4 acres) A‐2 A‐ACSC/ST AG A‐ACSC/ST A‐2 A‐1 Database ID 2137246 2137200 2137239 2137231 2137222 2137263 $1,080 $1,787 $2,219 $2,421 $1,589 $1,231 Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple –––––– Cash to seller Seller financing Cash to seller Cash to seller Cash to seller Cash to seller –––––– None known None known None known None known None known None known –––––– Market Conditions 10/2/2018 Jul‐16 Nov‐17 Nov‐17 Jan‐18 Mar‐18 Mar‐18 Annual % Adjustment0%–––––– $1,080 $1,787 $2,219 $2,421 $1,589 $1,231 –––––– ‐25%‐25%‐25%‐25%‐25%‐25% 5%––‐10%–– –––––– –––––– –––––– Net $ Adjustment ‐$216 ‐$447 ‐$555 ‐$847 ‐$397 ‐$308 Net % Adjustment ‐20%‐25%‐25%‐35%‐25%‐25% Final Adjusted Price $864 $1,340 $1,664 $1,573 $1,192 $924 Overall Adjustment ‐20%‐25%‐25%‐35%‐25%‐25% Average Indicated Value Range of Adjusted Prices $864 ‐ $1,664 $1,259 $1,500 Entitlements Size Shape and Topography Zoning Access/Exposure Price per Acre Property Rights % Adjustment Financing Terms % Adjustment Conditions of Sale % Adjustment Cumulative Adjusted Price Location Sales Comparison Approach 47 Barron Collier Partnership LLLP Big Hammock Area I & II Land Value Conclusion – BCP LLLP Big Hammock Area II Given the subject’s location and frontage along Lake Trafford, we have concluded to the higher end of the range. We arrive at a value conclusion as follows: Land Value Conclusion Indicated Value per Acre $1,500 Subject Acres 799.40 Indicated Value $1,199,100 Rounded $1,200,000 Sales Comparison Approach 48 Barron Collier Partnership LLLP Big Hammock Area I & II Summary of Land Values Based on this analysis, the individual values are combined into a final value as follows: Summary of Land Values Parcel Total Acres Indicated Value per Acre Indicated Value Rounded BCP LLLP Big Hammock Area I 235.00 $11,500 $2,702,500 $2,700,000 BCP LLLP Big Hammock Area II 799.40 $1,500 $1,199,100 $1,200,000 Total 1,034.40 $3,772 $3,901,600 $3,900,000 Reconciliation and Conclusion of Value 49 Barron Collier Partnership LLLP Big Hammock Area I & II Reconciliation and Conclusion of Value As discussed previously, we 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, our value opinion follows: Value Conclusions Parcel Interest Appraised Date of Value Value Conclusion BCP LLLP Big Hammock Area I Fee Simple October 2, 2018 $2,700,000 BCP LLLP Big Hammock Area II Fee Simple October 2, 2018 $1,200,000 Total $3,900,000 Rounded $3,900,000 Extraordinary Assumptions and Hypothetical Conditions 1. None; N/A. 1. None; N/A. 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 extraordinar y 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. Exposure Time Exposure time is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Based on the concluded market values stated previously, it is our opinion that the probable exposure time is 12 to 18 months. Marketing Period Marketing time is an estimate of the amount of time it might take to sell a property at the concluded market value immediately following the effective date of value. We estimate the subject’s marketing period at 12 to 18 months. Certification 50 Barron Collier Partnership LLLP Big Hammock Area I & II Certification We certify that, to the best of our knowledge and belief: 1.The statements of fact contained in this report are true and correct. 2.The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3.We 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.We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6.Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7.Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8.Our 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.Carlton J. Lloyd, MAI, made a personal inspection of the property that is the subject of this report. Julian L.H. Stokes II, MAI, has personally inspected the subject. 12.No one provided significant real property appraisal assistance to the persons signing this certification. 13.We 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, Carlton J. Lloyd, MAI and Julian L.H. Stokes II, MAI have completed the continuing education program for Designated Members of the Appraisal Institute. Carlton J. Lloyd, MAI State‐Certified General RE Appraiser FL Certificate # RZ#2618 Julian L.H. Stokes II, MAI State‐Certified General RE Appraiser FL Certificate # RZ#3537 Assumptions and Limiting Conditions 51 Barron Collier Partnership LLLP Big Hammock Area I & II 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 our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal Assumptions and Limiting Conditions 52 Barron Collier Partnership LLLP Big Hammock Area I & II covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical, electrical, structural and other engineering and environmental matters. 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; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The values found herein are 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 Assumptions and Limiting Conditions 53 Barron Collier Partnership LLLP Big Hammock Area I & II conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of the property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. We 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 cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property. Integra Realty Resources – Southwest Florida, Integra Realty Resources, Inc., Integra Strategic Ventures, Inc. and/or any of their respective officers, owners, managers, directors, agents, subcontractors or employees (the “Integra 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 we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The 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. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non‐ existent or minimal. 22. Integra Realty Resources – Southwest Florida is not a building or environmental inspector. Integra Southwest Florida 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. Integra Realty Resources – Southwest Florida, an independently owned and operated company, has prepared the appraisal for the specific intended use stated elsewhere in the Assumptions and Limiting Conditions 54 Barron Collier Partnership LLLP Big Hammock Area I & II report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report or any other work product related to the engagement (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. 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 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 Integra 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 we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of this property. 26. 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 our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. 27. The appraisal is also subject to the following: Extraordinary Assumptions and Hypothetical Conditions 1. None; N/A. 1. None; N/A. 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 extraordinar y 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. Addenda Barron Collier Partnership LLLP Big Hammock Area I & II Addendum A Appraiser Qualifications Carlton J. Lloyd, MAI Southwest Florida Integra Realty Resources irr.com T 239.643.6888 F 239.643.6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Experience Senior Managing Director of Integra Realty Resources Southwest Florida Naples and Sarasota, Florida Actively engaged in real estate valuation since 1995. Territories include Collier, Lee, Charlotte, Sarasota, Manatee, Desoto and Hendry Counties. Experienced in residential (single and multi family), office buildings, restaurants, commercial retail centers, industrial warehouse properties, and subdivisions. Specialty experience includes self storage facilities, condominium conversions, golf courses and country clubs. Clients include, but are not limited to: federally insured lenders, developers, investors, law firms, mortgage banking firms, local, state, and federal agencies, and individuals. Valuations have been performed for condemnation purposes, estates, financing, equity participation and due diligence and litigation support. Valuations and market studies have been done on proposed, partially completed, renovated and existing structures. Professional Activities & Affiliations Appraisal Institute, Member (MAI) Appraisal Institute, Member (#406018), August 2008 Member: International Right of Way Association, October 2009 Licenses Florida, State Certified General Real Estate Appraiser, RZ2618, Expires November 2018 Education Carlton graduated with a Bachelor Of Arts Degree from the State University of N.Y. at Albany in 1989. Recent real estate courses include :Appraisal AI Course 700 GRE: The Appraiser as an Expert Witness, AI Course 715GRE Condemnation Appraising: Principles and Applications, AI Course: Analyzing Distressed Real Estate, AI Course Small Hotel/Motel Valuation, AI Course Condominiums, Co-Ops and PUDS, Florida State Law Update, Florida Supervisor and Trainee Roles & Rules, 7Hour USPAP Update, Business Practices and Ethics. clloyd@irr.com - 239.687.5801 x Carlton J. Lloyd, MAI Southwest Florida Integra Realty Resources irr.com T 239.643.6888 F 239.643.6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Qualified Before Courts & Administrative Bodies Qualified as an expert witness in U.S. Federal Bankruptcy Court, US District Court-Tampa, Collier County Circuit Court, Lee County Circuit Court and the Tax Appeals Board of Lee County Case History: Howard Fertilizer & Chemical Company, Inc., A Florida Corporation V. Gulf Citrus Caretaking, Inc., in the Circuit Court Of The Ninth Judicial Circuit In And For Orange County, Florida Case No. 2009-CA-034084-O US. Bank National Association v. Salo & Barnes, Inc., et al. Circuit Court of the Twentieth Judicial Circuit In and For Lee County, Florida, Civil Division Case No. 10-CA-057019 Fedako, Catherine A. adv. Cassidy, John R. In The Circuit Court Of The Twelfth Judicial Circuit In And For Sarasota County, Florida Case No. 2012-DR-8138 PPDG, LLC V J. Dean, Templeton Case No. 2:13-cv-768-FtM-29UAM Gregory Montwill, v. Bank of America, N. A., United States District Court Case No. 13-02965-SDM-TGW, Ongoing Six Mile Preserve LLC v. Kenneth M. Wilkinson, as Property Appraiser, Property Tax Appeal Case No. 13-CA-000704 September 2014 First Berkshire Properties, LLC, v. Kenneth M. Wilkinson, as Property Appraiser, Property Tax Appeal Case No. 13-CA-000702 September 2014 Encore Bank v Implant, General & Cosmetic Dentistry Bankruptcy Case (8:12-bk-18834-MGW) June 2013 Bank Of America/Merrill Lynch V D'Agostino Bankruptcy Case (9:12-bk-06762 ) January 2013 Rookery Bay Business Park, LLC Bankruptcy Case (12-38298-LMI) May 2013 RP Bonita V Acaia, Pending Arbitration Hearing (Settled August 2013) Lake Lincoln, LLC V Manatee County Case 2012-CA3483 (ongoing) UPS Capital V Surety Title Corp, Collier County (09-4938 CA) Deficiency Hearing Synovous Bank V Belaj, Collier County (11-1460-CA) February 2012 Deficiency Hearing Bank of Naples v Palmyra Club Investors Collier County (09-7986-CA) August 2011 Deficiency Hearing BB&T Vs. Naples Plastering Collier County (10-2881-CA) Deficiency Hearing August 2011 BB&T Vs Rialto Holdings Lee County Deficiency Hearing February 2011 RBC Vs R&D Collier, Collier County Deficiency Hearing May 2011 Fiddlers Creek Bankruptcy Hearing Federal Bankruptcy Court Case 8:10-bk-03846-KRM Multiple dates 2011 Moody River Estates, Lee County 20th Circuit Court Case 07-CA-88197. August 2010 BB&T vs Lee Wetherington Homes . Lee County 20th Circuit Court Case 07-CA-88197.June 2010 Eight Peaks Capital Vs Bald Eagle Group LLC Federal Bankruptcy Court Case 08-8902CA-01 April 2010 Bank Of Florida vs Bradford Square Collier County Uniform Case Number 112009CA0025920001XX April 2010 clloyd@irr.com - 239.687.5801 x Integra Realty Resources Southwest Florida 2770 Horseshoe Dr, Suite 3 Naples, FL 34104 T:239-643-6888 F:239-643-6871 irr.com Mr. Julian L. Stokes, II, MAI Experience Real Estate Analyst Julian has actively been engaged in real estate valuation and consulting since 2005. Territories include Collier, Lee, Charlotte, Sarasota, Manatee, Desoto and Hendry Counties. Experienced in valuations involving community/neighborhood shopping centers, power centers, office buildings - CBD and suburban, warehouse/distribution, multi-family, condominium projects, hotels and motels, vacant land and special purpose properties. Clients include, but are not limited to federally insured lenders, developers, investors, laws firms, mortgage banking firms, local and federal agencies, and individuals. Valuations have been performed for estates, financing, equity participation and litigation support. Valuations have been done on proposed and existing structures. Professional Activities & Affiliations Appraisal Institute, Member (MAI) Appraisal Institute Licenses Florida, Florida State-Certified General Real Estate Appraiser, RZ3537, Expires November 2018 Florida, Real Estate Broker, Education University of North Florida - 2005 Bachelor of Science - Finances direction of Real Estate University of Denver - 2007Masters of Science - Real Estate and Construction Management Successfully completed the registered trainee appraiser course requirements accepted by the Appraisal Institute. Successfully completed numerous real estate and valuation courses and seminars sponsored by the Appraisal Institute, accredited universities and other state recognized schools. jlstokes@irr.com - 239-687-5802 x432 About IRR Integra Realty Resources, Inc. (IRR) provides world-class commercial real estate valuation, counseling, and advisory services. Routinely ranked among leading property valuation and consulting firms, we are now the largest independent firm in our industry in the United States, with local offices coast to coast and in the Caribbean. IRR offices are led by MAI-designated Senior Managing Directors, industry leaders who have over 25 years, on average, of commercial real estate experience in their local markets. This experience, coupled with our understanding of how national trends affect the local markets, empowers our clients with the unique knowledge, access, and historical perspective they need to make the most informed decisions. Many of the nation's top financial institutions, developers, corporations, law firms, and government agencies rely on our professional real estate opinions to best understand the value, use, and feasibility of real estate in their market. Local Expertise...Nationally! irr.com Addenda Barron Collier Partnership LLLP Big Hammock Area I & II Addendum B Property Information Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code PleaseRetainthisportionfor yourrecords Exemptions Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray AGRICULT BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 1,315,000 1,315,000 1,315,000 1,315,000 1,315,000 1,315,000 1,315,000 1,315,0001,315,000 $966.56 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 71,445 SCHOOL BOARD - STATE LAW 71,445 SCHOOL BOARD - LOCAL BOARD 71,445 UNINCORP GEN - MSTD 71,445 WATER MANAGEMENT FUND-SOUTH FL 71,445 BIG CYPRESS BASIN 71,445 BCF/NORTH COLLIER FIRE CONTROL 71,445 71,4453.4500 0.1429 0.1459 0.7161 2.2480 3.2320 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 34 34 $966.5613.5287 Paid By Receipt # 00113840005 00113840005 4 47 28 ALL 4 47 28 ALL 2015-62622-09-20151130 1,243,555 1,243,555 1,243,555 11/30/2015 If Paid By If Paid By 1,243,555 Nov 30, 2015 Nov 30, 2015 1,243,555 1,243,555 1,243,555 1,243,555 254.67 2.09 2015 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2015 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 230.91 $927.90 $927.90 160.61 51.16 10.42 10.21 246.49 $927.90 Office Hours Office HoursMain Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , p lease call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE t o the new owner or return to sender. Please mail or bring bottom portion of this Notice with y our remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1st, penalties are determined by date received. All payments made on or after April 1st must be in the form of cash, cashier’s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code PleaseRetainthisportionfor yourrecords Exemptions Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray AGRICULT BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 1,315,000 1,315,000 1,315,000 1,315,000 1,315,000 1,315,000 1,315,000 1,315,0001,315,000 $1,005.32 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 75,220 SCHOOL BOARD - STATE LAW 75,220 SCHOOL BOARD - LOCAL BOARD 75,220 UNINCORP GEN - MSTD 75,220 WATER MANAGEMENT FUND-SOUTH FL 75,220 BIG CYPRESS BASIN 75,220 BCF/NORTH COLLIER FIRE CONTROL 75,220 75,2203.4500 0.1336 0.1359 0.8069 2.2480 2.9970 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 34 34 $1,005.3213.3652 Paid By Receipt # 00113840005 00113840005 4 47 28 ALL 4 47 28 ALL 2016-63210-09-20161129 1,239,780 1,239,780 1,239,780 11/29/2016 If Paid By If Paid By 1,239,780 Nov 30, 2016 Nov 30, 2016 1,239,780 1,239,780 1,239,780 1,239,780 268.12 2.20 2016 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2016 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 225.43 $965.11 $965.11 169.09 60.70 10.22 10.05 259.51 $965.11 Office Hours Office HoursMain Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , p lease call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE t o the new owner or return to sender. Please mail or bring bottom portion of this Notice with y our remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1st, penalties are determined by date received. All payments made on or after April 1st must be in the form of cash, cashier’s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code PleaseRetainthisportionfor yourrecords Exemptions Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray AGRICULT BARRON COLLIER P'SHIP LLLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER P'SHIP LLLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 1,315,000 1,315,000 1,315,000 1,315,000 1,315,000 1,315,000 1,315,000 1,315,0001,315,000 $956.88 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 72,070 SCHOOL BOARD - STATE LAW 72,070 SCHOOL BOARD - LOCAL BOARD 72,070 UNINCORP GEN - MSTD 72,070 WATER MANAGEMENT FUND-SOUTH FL 72,070 BIG CYPRESS BASIN 72,070 BCF/NORTH COLLIER FIRE CONTROL 72,070 72,0703.5000 0.1270 0.1275 0.8069 2.2280 2.8940 0.0293 3.5645 11/30/2017 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 34 34 $956.8813.2772 Paid By Receipt # 00113840005 00113840005 Effective Date 4 47 28 ALL 4 47 28 ALL 2017-69405-09-20171201 1,242,930 1,242,930 1,242,930 12/01/2017 If Paid By If Paid By 1,242,930 Nov 30, 2017 Nov 30, 2017 1,242,930 1,242,930 1,242,930 1,242,930 256.89 2.11 2017 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2017 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 208.57 $918.60 $918.60 160.57 58.15 9.19 9.15 252.25 $918.60 Office Hours Office HoursMain Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , p lease call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE t o the new owner or return to sender. Please mail or bring bottom portion of this Notice with y our remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1st, penalties are determined by date received. All payments made on or after April 1st must be in the form of cash, cashier’s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code PleaseRetainthisportionfor yourrecords Exemptions Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray AGRICULT BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 856,365 856,365 856,365 856,365 856,365 856,365 856,365 856,365856,365 $639.54 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 47,272 SCHOOL BOARD - STATE LAW 47,272 SCHOOL BOARD - LOCAL BOARD 47,272 UNINCORP GEN - MSTD 47,272 WATER MANAGEMENT FUND-SOUTH FL 47,272 BIG CYPRESS BASIN 47,272 BCF/NORTH COLLIER FIRE CONTROL 47,272 47,2723.4500 0.1429 0.1459 0.7161 2.2480 3.2320 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 34 34 $639.5413.5287 Paid By Receipt # 00113880007 00113880007 5 47 28 N 1/2, SE 1/4, NE 1/4 OF SW 1/4, E 1/2 OF SE 1/4 OF SW 1/4, NW 1/4 OF SW 1/4 LESS S 300 FT 5 47 28 N 1/2, SE 1/4, NE 1/4 OF SW 1/4, E 1/2 OF SE 1/4 OF SW 1/4, NW 1/4 OF SW 1/4 LESS S 300 FT 2015-62621-09-20151130 809,093 809,093 809,093 11/30/2015 If Paid By If Paid By 809,093 Nov 30, 2015 Nov 30, 2015 809,093 809,093 809,093 809,093 168.50 1.39 2015 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2015 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 152.78 $613.96 $613.96 106.27 33.85 6.90 6.76 163.09 $613.96 Office Hours Office HoursMain Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , p lease call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE t o the new owner or return to sender. Please mail or bring bottom portion of this Notice with y our remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1st, penalties are determined by date received. All payments made on or after April 1st must be in the form of cash, cashier’s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code PleaseRetainthisportionfor yourrecords Exemptions Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray AGRICULT BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 856,365 856,365 856,365 856,365 856,365 856,365 856,365 856,365856,365 $669.94 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 50,126 SCHOOL BOARD - STATE LAW 50,126 SCHOOL BOARD - LOCAL BOARD 50,126 UNINCORP GEN - MSTD 50,126 WATER MANAGEMENT FUND-SOUTH FL 50,126 BIG CYPRESS BASIN 50,126 BCF/NORTH COLLIER FIRE CONTROL 50,126 50,1263.4500 0.1336 0.1359 0.8069 2.2480 2.9970 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 34 34 $669.9413.3652 Paid By Receipt # 00113880007 00113880007 5 47 28 N 1/2, SE 1/4, NE 1/4 OF SW 1/4, E 1/2 OF SE 1/4 OF SW 1/4, NW 1/4 OF SW 1/4 LESS S 300 FT 5 47 28 N 1/2, SE 1/4, NE 1/4 OF SW 1/4, E 1/2 OF SE 1/4 OF SW 1/4, NW 1/4 OF SW 1/4 LESS S 300 FT 2016-63211-09-20161129 806,239 806,239 806,239 11/29/2016 If Paid By If Paid By 806,239 Nov 30, 2016 Nov 30, 2016 806,239 806,239 806,239 806,239 178.67 1.47 2016 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2016 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 150.23 $643.14 $643.14 112.68 40.45 6.81 6.70 172.93 $643.14 Office Hours Office HoursMain Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , p lease call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE t o the new owner or return to sender. Please mail or bring bottom portion of this Notice with y our remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1st, penalties are determined by date received. All payments made on or after April 1st must be in the form of cash, cashier’s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code PleaseRetainthisportionfor yourrecords Exemptions Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray AGRICULT BARRON COLLIER P'SHIP LLLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER P'SHIP LLLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 856,365 856,365 856,365 856,365 856,365 856,365 856,365 856,365856,365 $638.26 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 48,071 SCHOOL BOARD - STATE LAW 48,071 SCHOOL BOARD - LOCAL BOARD 48,071 UNINCORP GEN - MSTD 48,071 WATER MANAGEMENT FUND-SOUTH FL 48,071 BIG CYPRESS BASIN 48,071 BCF/NORTH COLLIER FIRE CONTROL 48,071 48,0713.5000 0.1270 0.1275 0.8069 2.2280 2.8940 0.0293 3.5645 11/30/2017 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 34 34 $638.2613.2772 Paid By Receipt # 00113880007 00113880007 Effective Date 5 47 28 N 1/2, SE 1/4, NE 1/4 OF SW 1/4, E 1/2 OF SE 1/4 OF SW 1/4, NW 1/4 OF SW 1/4 LESS S 300 FT 5 47 28 N 1/2, SE 1/4, NE 1/4 OF SW 1/4, E 1/2 OF SE 1/4 OF SW 1/4, NW 1/4 OF SW 1/4 LESS S 300 FT 2017-69406-09-20171201 808,294 808,294 808,294 12/01/2017 If Paid By If Paid By 808,294 Nov 30, 2017 Nov 30, 2017 808,294 808,294 808,294 808,294 171.35 1.41 2017 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2017 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 139.12 $612.73 $612.73 107.10 38.79 6.13 6.11 168.25 $612.73 Office Hours Office HoursMain Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , p lease call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE t o the new owner or return to sender. Please mail or bring bottom portion of this Notice with y our remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1st, penalties are determined by date received. All payments made on or after April 1st must be in the form of cash, cashier’s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code PleaseRetainthisportionfor yourrecords Exemptions Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray AGRICULT BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 751,000 751,000 751,000 751,000 751,000 751,000 751,000 751,000751,000 $565.71 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 41,815 SCHOOL BOARD - STATE LAW 41,815 SCHOOL BOARD - LOCAL BOARD 41,815 UNINCORP GEN - MSTD 41,815 WATER MANAGEMENT FUND-SOUTH FL 41,815 BIG CYPRESS BASIN 41,815 BCF/NORTH COLLIER FIRE CONTROL 41,815 41,8153.4500 0.1429 0.1459 0.7161 2.2480 3.2320 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 34 34 $565.7113.5287 Paid By Receipt # 00113760004 00113760004 3 47 28 ALL 400 AC OR 970 PG 459 3 47 28 ALL 400 AC OR 970 PG 459 2015-62623-09-20151130 709,185 709,185 709,185 11/30/2015 If Paid By If Paid By 709,185 Nov 30, 2015 Nov 30, 2015 709,185 709,185 709,185 709,185 149.05 1.23 2015 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2015 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 135.15 $543.08 $543.08 94.00 29.94 6.10 5.98 144.26 $543.08 Office Hours Office HoursMain Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , p lease call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE t o the new owner or return to sender. Please mail or bring bottom portion of this Notice with y our remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1st, penalties are determined by date received. All payments made on or after April 1st must be in the form of cash, cashier’s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code PleaseRetainthisportionfor yourrecords Exemptions Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray AGRICULT BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER PARTNERSHIP LLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 751,000 751,000 751,000 751,000 751,000 751,000 751,000 751,000751,000 $595.69 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 44,570 SCHOOL BOARD - STATE LAW 44,570 SCHOOL BOARD - LOCAL BOARD 44,570 UNINCORP GEN - MSTD 44,570 WATER MANAGEMENT FUND-SOUTH FL 44,570 BIG CYPRESS BASIN 44,570 BCF/NORTH COLLIER FIRE CONTROL 44,570 44,5703.4500 0.1336 0.1359 0.8069 2.2480 2.9970 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 34 34 $595.6913.3652 Paid By Receipt # 00113760004 00113760004 3 47 28 ALL 400 AC OR 970 PG 459 3 47 28 ALL 400 AC OR 970 PG 459 2016-63209-09-20161129 706,430 706,430 706,430 11/29/2016 If Paid By If Paid By 706,430 Nov 30, 2016 Nov 30, 2016 706,430 706,430 706,430 706,430 158.87 1.31 2016 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2016 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 133.58 $571.86 $571.86 100.19 35.96 6.06 5.95 153.77 $571.86 Office Hours Office HoursMain Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , p lease call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE t o the new owner or return to sender. Please mail or bring bottom portion of this Notice with y our remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1st, penalties are determined by date received. All payments made on or after April 1st must be in the form of cash, cashier’s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code PleaseRetainthisportionfor yourrecords Exemptions Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray AGRICULT BARRON COLLIER P'SHIP LLLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 BARRON COLLIER P'SHIP LLLP 2600 GOLDEN GATE PKWY # 200 NAPLES, FL 34105-3227 751,000 751,000 751,000 751,000 751,000 751,000 751,000 751,000751,000 $555.18 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 41,815 SCHOOL BOARD - STATE LAW 41,815 SCHOOL BOARD - LOCAL BOARD 41,815 UNINCORP GEN - MSTD 41,815 WATER MANAGEMENT FUND-SOUTH FL 41,815 BIG CYPRESS BASIN 41,815 BCF/NORTH COLLIER FIRE CONTROL 41,815 41,8153.5000 0.1270 0.1275 0.8069 2.2280 2.8940 0.0293 3.5645 11/30/2017 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 34 34 $555.1813.2772 Paid By Receipt # 00113760004 00113760004 Effective Date 3 47 28 ALL 400 AC OR 970 PG 459 3 47 28 ALL 400 AC OR 970 PG 459 2017-69404-09-20171201 709,185 709,185 709,185 12/01/2017 If Paid By If Paid By 709,185 Nov 30, 2017 Nov 30, 2017 709,185 709,185 709,185 709,185 149.05 1.23 2017 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2017 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 121.01 $532.97 $532.97 93.16 33.74 5.33 5.31 146.35 $532.97 Office Hours Office HoursMain Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. Any errors on this Notice , p lease call the Property Appraiser (239) 252-8141. If you have sold any of the REAL ESTATE property assessed to you, PLEASE FORWARD THIS NOTICE t o the new owner or return to sender. Please mail or bring bottom portion of this Notice with y our remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1st, penalties are determined by date received. All payments made on or after April 1st must be in the form of cash, cashier’s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Addenda Barron Collier Partnership LLLP Big Hammock Area I & II Addendum C Comparable Data Addenda Barron Collier Partnership LLLP Big Hammock Area I & II Land Sales BCP LLLP Big Hammock Area I Land Sale Profile Sale No. 1 Location & Property Identification Gargiulo Land Trust Property Name: Sub-Property Type: Specialty, Undeveloped Agricultural 17311 Immokalee Rd. Address: Immokalee, FL 34142 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: IRR Event ID: 1366454 Sale Information $9,765,000 Sale Price: $9,765,000 Effective Sale Price: 01/28/2015 Sale Date: Sale Status: Closed $/Acre(Gross): $15,752 $/Land SF(Gross): $0.36 Grantor/Seller: Jeffrey D. Gargiulo Grantee/Buyer: The Trust for Public Land Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Warranty Deed Recording No.: 5116-1395 Confirmation Source: Collier County Goverment - Public Filings Verification Type: Confirmed-Other Improvement and Site Data MSA: Naples-Immokalee-Marco Island, FL 00113400005, 00020920003 Legal/Tax/Parcel ID: 619.93 Acres(Gross): 27,004,150 Land-SF(Gross): Zoning Code: A-MHO (RFMUO-NRPA-SENDING) Source of Land Info.: Broker Comments The Trust for Public Land purchased 619.93 acres of land near the Bird Rookery Swamp for $9,765,000. The trust then immediately resold the former agricultural property to the state of Florida for the same price. The Gargiulo Land Trust (GLT) property is comprised of two parcels. The property is in the Florida Forever project boundary, is an essential remaining parcel for the SFWMD Corkscrew Regional Ecosystem Watershed and is primary Panther habitat. The subject is designated as being in the Collier County Rural Fringe Mixed Use overlay with 298.50 designated as sending lands and 330.43 acres designated as receiving lands. The property cold be developed as a residential community with 289-housing units. Gargiulo Land Trust Special Purpose Sale Profile Sale No. 2 Location & Property Identification RLF Corkscrew Holdings Grove Property Name: Sub-Property Type: Agricultural, Permanent Crops 19500 Corkscrew Rd. Address: Estero, FL 33928 City/State/Zip: Lee County: Rural Market Orientation: 4 MOL miles east of interestion of Corkscrew Rd. and Alico Rd. South side of Corksrew Rd. Property Location: IRR Event ID: 1239628 Sale Information $15,007,956 Sale Price: $15,007,956 Effective Sale Price: 10/06/2015 Sale Date: Sale Status: Closed $/SF GBA: $6253.32 $/SF NRA: $10422.19 Grantor/Seller: RLF Corksrew Holdings Grantee/Buyer: Pan Terra Holdings Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Deed Recording No.: 2015000221551 Verification Type: Secondary Verification Improvement and Site Data MSA: Cape Coral-Fort Myers, FL Metropolitan Statistical Area lenghty M&B; PID 29-46-27-00-00001.0000, 31-46-27-00-00001.1000, 32-46-27-00-00001.1000, 30-46-27-00-00001.0000 Legal/Tax/Parcel ID: GBA-SF: 2,400 NRA-SF: 1,440 1,460.00/1,460.00 Acres(Usable/Gross): 63,597,600/63,597,600 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Year Built: 1984 Property Class: C M&S Class: S Improvements Cond.: Average Construction Desc.: metal, 1,440 SF Enclosed barn with 960 SF attached cover. No. of Buildings/Stories: 1/1 Multi-Tenant/Condo.: No/No Frontage Feet: 7750 Frontage Desc.: Corkscrew Rd. Traffic Count: Low Zoning Code: AG-2 Zoning Desc.: Agricultural Flood Plain: Yes RLF Corkscrew Holdings Grove Special Purpose Sale Profile Sale No. 2 Improvement and Site Data (Cont'd) Utilities: Electricity, Water Well Irrigation, Telephone, CableTV Source of Land Info.: Public Records Comments This property consists of 1,460 acres of orange groves. The property was purchased by RLF Corkscrew in 2010 as part of a larger 2,100 acres tract. The 2010 purchase appeared to be part of a bankruptcy filing. RLF Corkscrew subsequently sold off 640 acres of land for row crops on 2013 for $7,500 per acre. The current transaction includes only the remaining 1,460 acres of groves. Since the sale the purchaser has sought to rezone the property for up to 1460 residential units for a project to be know as Veranda, This property is a producing Orange Grove located within the Lee County DRGR immediately south of the proposed The Place at Corkscrew Farms residential subdivision. RLF Corkscrew Holdings Grove Land Sale Profile Sale No. 3 Location & Property Identification Corkscrew Farms Property Name: Sub-Property Type: Residential, Residential Subdivision 16871-18901 Corkscrew Road Address: Estero, FL 33928 City/State/Zip: Lee County: Submarket: Estero Suburban Market Orientation: IRR Event ID: 1239626 Sale Information $20,000,000 Sale Price: $20,000,000 Effective Sale Price: 10/25/2015 Sale Date: Sale Status: Closed Eff. Price/Unit: $15,094 /Approved Lot $/Acre(Gross): $14,695 $/Land SF(Gross): $0.34 $/Acre(Usable): $41,152 $/Land SF(Usable): $0.94 $15,094 /Unit $/Unit: Grantor/Seller: Resource Conservation Holdings Grantee/Buyer: The PLace At Corkscrew LLC Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Deed Recording No.: 20150002358626 Verified By: Carlton J. Lloyd, MAI Verification Date: 11/07/2015 Confirmation Source: Nick Cameratta (239-425-8662) Verification Type: Confirmed-Buyer Sale Analysis Current Use at T.O.S.: Agricultural Proposed Use Change: Yes Proposed Use Desc.: Residential Entitlement @ T.O.S.: Yes Entitlement Status.: Residential entitlements gained at the purchasers cost prior to closing. Improvement and Site Data MSA: Cape Coral-Fort Myers, FL 486.00/1,361.00 Acres(Usable/Gross): 21,170,160/59,285,160 Land-SF(Usable/Gross): Usable/Gross Ratio: 0.36 No. of Units (Potential): 1325 No. of Units/Unit Type: 1325/Approved Lots Topography: Level Density-Unit/Gross Acre: 0.97 Density-Unit/Usable Acre: 2.73 Zoning Code: AG Zoning Desc.: Agricultural Flood Plain: No Flood Zone Designation: X Comm. Panel No.: 12071C0625F Date: 08/28/2008 Source of Land Info.: Owner Comments This is the sale of the Place at Corkscrew Farms, which is Corkscrew Farms Land Sale Profile Sale No. 3 Comments (Cont'd) being developed by Cameratta Companies. The property is located in the Lee County Density Reduction And Groundwater Resource (DRGR) area which limits development. Cameratta put the property under contract and applied for a comprehensive plan amendment to allow up to 1325 residential units. The amendment was approved with the developer required to set aside significant preserve areas and restore historic flow ways to improve drainage throughout the DRGR. This transaction is significant as it is one of the first properties within the DRGR to successfully achieve a comprehensive plan amendment to allow residential development. Nick Cameratta of Cameratta Companies confirmed the sale price at $20,000,000 or $14,695 per acre. Mr Cameratta indicated that he felt that with the comprehensive plan amendment in place the property was worth between $40,000 and $50,000 per developable unit. FLU: Density Reduction/ Groundwater Resource and Wetlands. Corkscrew Farms Land Sale Profile Sale No. 4 Location & Property Identification Boran & Brown Acreage Property Name: Sub-Property Type: Specialty, Undeveloped Agricultural 16004 Immokalee Rd. Address: Naples, FL 34120 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: East side of Immokalee Rd north of Orange Tree Property Location: IRR Event ID: 1356883 Sale Information $38,479,500 Sale Price: $38,479,500 Effective Sale Price: 05/12/2016 Sale Date: Sale Status: Closed Eff. Price/Unit: $8,551 /Approved Lot $/Acre(Gross): $15,103 $/Land SF(Gross): $0.35 $/Acre(Usable): $42,755 $/Land SF(Usable): $0.98 Grantor/Seller: Michael Boran and Ronald Brown Grantee/Buyer: 27th Pico Boulevard Limited Partnership Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Closing Statement Recording No.: 5273-1278 Verification Type: Secondary Verification Improvement and Site Data MSA: Naples-Marco Island, FL Metropolitan Statistical Area 00209240001, 00209200009, 00113520008, 00113480009 Legal/Tax/Parcel ID: 900.00/2,547.88 Acres(Usable/Gross): 39,204,000/110,985,652 Land-SF(Usable/Gross): Usable/Gross Ratio: 0.35 No. of Units/Unit Type: 4500/Approved Lots Corner Lot: No Density-Unit/Gross Acre: 1.77 Density-Unit/Usable Acre: 5.00 Zoning Code: A-MHO Zoning Desc.: Agricultural with Mobile-home Overlay No Easements: Environmental Issues: No Flood Plain: No Source of Land Info.: Public Records Comments 27th/Pico Boulevard Limited Partnership acquired the 2,548-acre tract in May 2016 from State Road 846 Land Trust Agreement, whose co-trustees are Michael J. Boran and Ronald L. Brown, for $38,479,500. There was an active earth mine, sod farm, and cattle grazing operation in place at the time of the sale. The buyer was looking to acquire through a long-term hold a position to possibly take advantage of North Naples’ growth. The earth mine is comprised of approximately 553 acres Boran & Brown Acreage Land Sale Profile Sale No. 4 Comments (Cont'd) that can be mined to a depth of no more than 45 feet. An additional 528 acres (mined to a depth of no more than 45 feet) has the potential to be mined. The remaining 1,994.88 acres consists of agricultural land. The site can be developed with up to 4,500 dwelling units. FLU: Urban Residential Subdistrict Boran & Brown Acreage Land Sale Profile Sale No. 5 Location & Property Identification Edison Farms Property Name: Sub-Property Type: Residential East of I75 between Corkscrew and Bonita Beach Roads Address: Bonita Springs, FL 34135 City/State/Zip: Lee County: Submarket: Bonita Springs Rural Market Orientation: IRR Event ID: 1907226 Sale Information $42,435,000 Sale Price: $42,435,000 Effective Sale Price: 11/30/2017 Sale Date: Listing Price: $49,000,000 Sale Status: Closed $/Acre(Gross): $10,820 $/Land SF(Gross): $0.25 Grantor/Seller: Investors Warranty of America, LLC Grantee/Buyer: Lee County Property Rights: Fee Simple Document Type: Warranty Deed Recording No.: 2017000251345 Verification Type: Secondary Verification Improvement and Site Data 01-47-25-00-00001.0000, 02-47-25-00-00002.0000, 02-47-25-00-00002.0010, 05-47-26-00-00001.0000, 06-47-26-00-00001.0000, 07-47-26-00-00001.0000, 08-47-26-00-00001.0000, 12-47-25-00-00001.0000 Legal/Tax/Parcel ID: 3,921.93 Acres(Gross): 170,839,270 Land-SF(Gross): Zoning Code: AG-2 Zoning Desc.: Agricultural Source of Land Info.: Public Records Comments Lee County purchased nearly 3,922 acres from Investors Warranty of America, LLC on November 30, 2017. The price was $42,435,000, or about $10,820 per acre. The property was originally offered for $49,000,000. The site contains more than 3,500 acres of wetlands. The purchase was part of Lee County's 20/20 conservation program. Randy Thibaut and Justin Thibaut of Land Solutions, Inc. represented the seller. Current zoning allows for 255 homes on the site although Randy Thibaut told county commissioners that 3,000 to 5,000 homes could eventually be developed Edison Farms Addenda Barron Collier Partnership LLLP Big Hammock Area I & II Land Sales - BCP LLLP Big Hammock Area II Land Sale Profile Sale No. 1 Location & Property Identification PA Ranch Property Property Name: Sub-Property Type: Specialty, Conservation/Preservation 26740 Roberts Ranch Rd. Address: Clewiston, FL 33440 City/State/Zip: Hendry County: Rural Market Orientation: IRR Event ID: 2137246 Sale Information $2,787,000 Sale Price: $2,787,000 Effective Sale Price: 07/26/2016 Sale Date: Recording Date: 08/29/2016 Sale Status: Closed $/Acre(Gross): $1,080 $/Land SF(Gross): $0.02 Grantor/Seller: Frank W. Smith Grantee/Buyer: P.A. Ranch Property, LLC Property Rights: Fee Simple Financing: Cash to seller Document Type: Warranty Deed Recording No.: 910-1228 Verification Type: Secondary Verification Improvement and Site Data 1-32-47-13-A00-0001.0000; 1-32-47-14-A00-0001.0000; 1-32-47-23-A00-0001.0000; 1-32-47-24-A00-0001.0000 Legal/Tax/Parcel ID: 2,581.57 Acres(Gross): 112,453,189 Land-SF(Gross): Zoning Code: A-2 Zoning Desc.: Agricultural Source of Land Info.: Public Records Comments P.A. Ranch Property, LLC purchased four parcels of A-2 zoned land in July of 2016. The price was $2,787,000. The property consists of about 2,582 acres located along Roberts Ranch Road, County Road 846, and Smith Ranch Road in the Clewiston area of Hendry County. PA Ranch Property Addenda Barron Collier Partnership LLLP Big Hammock Area I & II Land Sale Profile Sale No. 2 Location & Property Identification Eden of the Everglades Property Name: Sub-Property Type: Specialty, Conservation/Preservation No Site Address Address: Everglades City, FL 34139 City/State/Zip: Collier County: Rural Market Orientation: IRR Event ID: 2137200 Sale Information $365,000 Sale Price: $365,000 Effective Sale Price: 11/08/2017 Sale Date: Recording Date: 11/09/2017 Sale Status: Closed $/Acre(Gross): $1,787 $/Land SF(Gross): $0.04 Grantor/Seller: Barron Collier Partnership, LLLP Grantee/Buyer: Eden of the Everglades, Inc. Property Rights: Fee Simple Financing: Seller financing Terms of Sale: $305,000 from seller Document Type: Warranty Deed Recording No.: 5447-2649 Verification Type: Secondary Verification Improvement and Site Data 01136200100; 01201960003; 012400300 Legal/Tax/Parcel ID: 204.31 Acres(Gross): 8,899,743 Land-SF(Gross): Zoning Code: A-ACSC/ST Zoning Desc.: A-ACSC/ST Source of Land Info.: Public Records Comments Eden of the Everglades, Inc. purchased three parcels of A-ACSC/ST zoned land in November of 2017. The price was $365,000. The property consists of about 204 acres located west of Highway 29 and south of Tamiami Trail in the Everglades City area of Collier County. Eden of the Everglades Addenda Barron Collier Partnership LLLP Big Hammock Area I & II Land Sale Profile Sale No. 3 Location & Property Identification Miromar Lakes Conservation Easement Lands Property Name: Sub-Property Type: Specialty, Wetland/Marshland Not Accessible Address: Immokalee, FL 34142 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: IRR Event ID: 2137239 Sale Information $710,000 Sale Price: $710,000 Effective Sale Price: 11/30/2017 Sale Date: Recording Date: 12/04/2017 Sale Status: Closed $/Acre(Gross): $2,219 $/Land SF(Gross): $0.05 Grantor/Seller: Miromar Lakes, LLC Grantee/Buyer: Miromar Lakes South Community Development District Property Rights: Fee Simple Financing: Cash to seller Document Type: Warranty Deed Recording No.: 5454-698 Verification Type: Secondary Verification Improvement and Site Data 00089360004 Legal/Tax/Parcel ID: 320.00 Acres(Gross): 13,939,200 Land-SF(Gross): Zoning Code: AG Zoning Desc.: Agricultural Source of Land Info.: Public Records Comments Miromar Lakes South Community Development District purchased one parcel of agricultural zoned land in November of 2017. The price was $710,000. The property consists of about 320 acres located east of State Road 29 North in the Immokalee area of Collier County. Property is the west 1/2 of Section 10 Township 46 Range 30. Encumbered by a conservation easement. Miromar Lakes Conservation Easement Lands Addenda Barron Collier Partnership LLLP Big Hammock Area I & II Land Sale Profile Sale No. 4 Location & Property Identification Environmental Protection Land Property Name: Sub-Property Type: Specialty, Conservation/Preservation No Site Address Address: Naples, FL 34117 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: IRR Event ID: 2137231 Sale Information $190,000 Sale Price: $190,000 Effective Sale Price: 01/23/2018 Sale Date: Recording Date: 02/02/2018 Sale Status: Closed $/Acre(Gross): $2,421 $/Land SF(Gross): $0.06 Grantor/Seller: Chirstopher L. Wilson Grantee/Buyer: Board of Trustees of the Internal Improvement Trust Fund of the State of Florida Property Rights: Fee Simple Financing: Cash to seller Document Type: Warranty Deed Recording No.: 5473-2193 Verification Type: Secondary Verification Improvement and Site Data 00522280007 Legal/Tax/Parcel ID: 78.49 Acres(Gross): 3,419,024 Land-SF(Gross): Zoning Code: A-ACSC/ST Zoning Desc.: A-ACSC/ST Source of Land Info.: Public Records Comments Board of Trustees of the Internal Improvement Trust Fund of the State of Florida purchased one parcel of A-ACSC/ST zoned land in November of 2017. The price was $190,000. The property consists of about 78 acres located west of Highway 29 and south of Interstate 75 in the Naples area of Collier County. Environmental Protection Land Addenda Barron Collier Partnership LLLP Big Hammock Area I & II Land Sale Profile Sale No. 5 Location & Property Identification 25370 Rock Lake Rd Property Name: Sub-Property Type: Specialty, Conservation/Preservation 25370 Rock Lake Rd. Address: Clewiston, FL 33440 City/State/Zip: Hendry County: Rural Market Orientation: IRR Event ID: 2137222 Sale Information $1,017,000 Sale Price: $1,017,000 Effective Sale Price: 03/24/2018 Sale Date: Recording Date: 04/13/2018 Sale Status: Closed $/Acre(Gross): $1,589 $/Land SF(Gross): $0.04 Grantor/Seller: J.A. Belcher Jr. and Jewel Lee Minter as Successor Co-Trustees of the J.A. Belcher Trust Grantee/Buyer: Hickx LLC Property Rights: Fee Simple Financing: Cash to seller Document Type: Warranty Deed Recording No.: 936-1042 Verification Type: Secondary Verification Improvement and Site Data 1-32-47-16-A00-0001.0000 Legal/Tax/Parcel ID: 640.09 Acres(Gross): 27,882,320 Land-SF(Gross): Zoning Code: A-2 Zoning Desc.: A-2 Source of Land Info.: Public Records Comments Hickx LLC purchased one parcel of A-2 zoned land in March of 2018. The price was $1,017,000. The property consists of about 640 acres located towards the southern end of Rock Lake Road in the Clewiston area of Hendry County. 25370 Rock Lake Rd Addenda Barron Collier Partnership LLLP Big Hammock Area I & II Land Sale Profile Sale No. 6 Location & Property Identification Panther Tracts LLC Property Name: Sub-Property Type: Specialty, Conservation/Preservation Doctors Jammock and Mc Clure Rd. Address: Immokalee, FL 34142 City/State/Zip: Hendry County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: IRR Event ID: 2137263 Sale Information $670,100 Sale Price: $670,100 Effective Sale Price: 03/27/2018 Sale Date: Recording Date: 03/29/2018 Sale Status: Closed $/Acre(Gross): $1,231 $/Land SF(Gross): $0.03 Grantor/Seller: Wolf Island, Inc. Grantee/Buyer: Panther Tracts, LLC Property Rights: Fee Simple Financing: Cash to seller Document Type: Warranty Deed Recording No.: 935-1078 Verification Type: Secondary Verification Improvement and Site Data 1-31-48-28-A00-0005.0000; 1-31-48-32-A00-0001.0000; 1-31-48-33-A00-0005.0000; 1-31-48-34-A00-0005.0000 Legal/Tax/Parcel ID: 544.16 Acres(Gross): 23,703,609 Land-SF(Gross): Zoning Code: A-1 Zoning Desc.: Agricultural Source of Land Info.: Public Records Comments Panther Tracts, LLC purchased three parcels of agricultural zoned land in March of 2018. The price was $670,100. The property consists of about 544 acres located along Doctors Hammock Road and McClure Road in the Immokalee area of Hendry County. Panther Tracts LLC Addenda Barron Collier Partnership LLLP Big Hammock Area I & II Addendum D Engagement Letter AN APPRAISAL OF THE 1,001±-ACRE TRAFFORD LAKE RANCH LOCATED SOUTH OF THE PEPPER RANCH PRESERVE ON THE SOUTHWEST SHORE OF LAKE TRAFFORD AND IMMOKALEE IN COLLIER COUNTY, FLORIDA FILE #18-78259 NAME AND ADDRESS OF PROPERTY OWNER BARRON COLLIER PARTNERSHIP, LLLP 2600 GOLDEN GATE PARKWAY #200 NAPLES, FL 34105 PREPARED FOR COLLIER COUNTY FACILITIES MANAGEMENT / REAL PROPERTY DEPARTMENT AS OF OCTOBER 2, 2018 BY STEPHEN D. SHAW, MAI, AI-GRS CALLAWAY & PRICE, INC. Callaway & Price, Inc. Real Estate Appraisers and Consultants Licensed Real Estate Brokers www.callawayandprice.com SOUTH FLORIDA 1410 Park Lane South Suite 1 Jupiter, FL 33458 Phone (561 )686-0333 Fax (561) 686-3705 Michael R. Slade, MAI, SRA, CRE Cert Gen RZ116 m.slade@callawayandprice.com Stephen D. Shaw, MAI, AI-GRS Cert Gen RZ1192 s.shaw@callawayandprice.com Robert A. Callaway, MRICS Cert Gen RZ2461 r.callaway@callawayandprice.com TREASURE COAST 1803 South 25th Street Suite 1 Fort Pierce, FL 34947 Phone (772) 464-8607 Fax (772) 461-0809 Stuart Phone (772) 287-3330 Fax (772) 461-0809 Stephen G. Neill, Jr., MAI Cert Gen RZ2480 s.neill@callawayandprice.com SPACE COAST 1120 Palmetto Avenue Suite 1 Melbourne, FL 32901 Phone (321) 726-0970 Fax (321) 726-0384 Curtis L. Phillips, MAI Cert Gen RZ2085 c.phillips@callawayandprice.com CENTRAL FLORIDA 2816 E. Robinson Street Orlando, FL 32803 Phone (321) 726-0970 Fax (321) 726-0384 Curtis L. Phillips, MAI Cert Gen RZ2085 c.phillips@callawayandprice.com Please respond to the South Florida office E-Mail: s.shaw@callawayandprice.com October 15, 2018 Roosevelt Leonard, R/W-AC Sr. Review Appraiser Collier County Facilities Management / Real Property 3335 Tamiami Trail E Ste. 101 Naples, FL 34112 Dear Mr. Leonard: We have made an investigation and analysis of the 1,001±-acre Trafford Lake Ranch property located south of the Pepper Ranch Preserve on the southwest shore of Lake Trafford, west of the Immokalee Urban Area, in unincorporated Collier, Florida. The Subject Property will be further described both narratively and legally within the following Appraisal Report. The purpose of this investigation and analysis was to provide our opinion of the Market Value of the Fee Simple Estate of the Subject Property as of October 2, 2018. This report has been prepared for our client, Collier County Facilities Management / Real Property Department. The intended use was to assist the client in internal decision making. The scope of work performed is specific to the needs of the intended user and the intended use. No other use is intended, and the scope of work may not be appropriate for other uses. The scope of work performed included a complete analysis of the Subject Property. A detailed scope of work description can be found in the body of this report. Roosevelt Leonard, R/W-AC Sr. Review Appraiser Collier County Facilities Management / Real Property October 15, 2018 Page two Based upon the scope of the assignment, our investigation and analysis of the information contained within this report, as well as our general knowledge of real estate valuation procedures and market conditions, it is our opinion that the Market Value of the Fee Simple Estate of the Subject Property as of October 2, 2018 was: $4,100,000 Allocated as follows: Area 1 Land $1,250,000 Area 2 Land (SSA) $2,850,000 Total $4,100,000 A description of the property appraised, together with an explanation of the valuation procedures utilized, is contained in the body of the attached report. For your convenience, an Executive Summary follows this letter. Your attention is directed to the Limiting Conditions and underlying assumptions upon which the value conclusion is contingent. Respectfully submitted, CALLAWAY & PRICE, INC. Stephen D. Shaw, MAI, AI-GRS Cert Gen RZ1192 Joe M. Merritt, Associate Appraiser Cert Gen RZ672 SDS/JMM/js/18-78259-rev Attachments Executive Summary PROPERTY TYPE : Agricultural/Conservation land. LOCATION : The Subject Property is located south of the Pepper Ranch Preserve on the southwest shore of Lake Trafford, west of the Immokalee Urban Area, in unincorporated Collier County, Florida. The Subject Property has not been assigned an address. DATE OF VALUATION : October 2, 2018 DATE OF REPORT : October 15, 2018-revised PROPERTY DESCRIPTION: LAND : 1,001± Gross Acres. Area 1 land contains 235 acres and Area 2 land contains 766 acres. BUILDING IMPROVEMENTS : None. ZONING NORTH 235± ACRES : A-MHO-RLSAO, Agricultural, Mobile Home Overlay and Rural Land Stewardship Overlay, by Collier County. SOUTH 766± ACRES : A-MHO-RLSAO-BCI/BCP/SI-SSA-13, Agricultural, Mobile Home Overlay, Rural Land Stewardship Area Overlay and Barron Collier Investments, Barron Collier Partnership and Serenoa Investments - Stewardship Sending Area 13, by Collier County. FUTURE LAND USE PLAN : Agricultural/Rural, by Collier County. HIGHEST AND BEST USE : For agricultural/conservation use. MARKET VALUE OF THE FEE SIMPLE ESTATE OF THE SUBJECT PROPERTY AS OF OCTOBER 1, 2018 : $4,100,000 Allocated as follows: Area 1 Land $1,250,000 Area 2 Land (SSA) $2,850,000 Total $4,100,000 Table of Contents Page No. CERTIFICATION ............................................................................................ 1 GENERAL ASSUMPTIONS ............................................................................... 3 LIMITING CONDITIONS ................................................................................. 4 DEFINITION OF THE APPRAISAL PROBLEM ..................................................... 11 Purpose, Date of Value, and Interest Appraised ............................................ 11 Intended Use and User of Appraisal ............................................................ 11 Market Value ........................................................................................... 11 Legal Description ..................................................................................... 12 Fee Simple Estate .................................................................................... 12 Exposure Time ........................................................................................ 12 Marketing Time ....................................................................................... 13 SCOPE OF WORK ........................................................................................ 14 NEIGHBORHOOD DATA ................................................................................ 15 PROPERTY DATA ......................................................................................... 18 Location ................................................................................................. 18 Zoning ................................................................................................... 18 Land-Use Plan ......................................................................................... 19 Easements and Deed Restrictions ............................................................... 19 Site Size, Shape and Access ...................................................................... 20 Utilities .................................................................................................. 21 Topography ............................................................................................ 21 Census Tract ........................................................................................... 21 Flood Hazard Zone ................................................................................... 21 Assessed Value and Taxes ........................................................................ 21 Property History ...................................................................................... 22 Land Improvements ................................................................................. 22 HIGHEST AND BEST USE ............................................................................. 23 Conclusion .............................................................................................. 23 LAND VALUE ANALYSIS ............................................................................... 26 Sales Comparison Approach ...................................................................... 26 Discussion of Agricultural Land Sales .......................................................... 27 Conclusion – Land Value Analysis ............................................................... 41 ADDENDA Engagement Letter Qualifications: Stephen D. Shaw, MAI, AI-GRS Joe M. Merritt, Associate Appraiser Certification 1 CERTIFICATION We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest with respect to the parties involved. 4. We have not performed services as an appraiser regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. The analyses, opinions, and conclusion were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) and The Interagency Appraisal and Evaluation Guidelines, December 10, 2010. 9. Stephen D. Shaw, MAI, AI-GRS has made a personal inspection of the property that is the subject of this report. 10. No one provided significant real property appraisal assistance to the persons signing this certification. 11. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. Certification 2 12. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 13. The reported analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 14. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 15. As of the date of this report, Stephen D. Shaw, MAI, AI-GRS has completed the continuing education program for Designated Members of the Appraisal Institute. Stephen D. Shaw, MAI, AI-GRS Cert Gen RZ1192 Joe M. Merritt, Associate Appraiser Cert Gen RZ672 General Assumptions and Limiting Conditions 3 GENERAL ASSUMPTIONS 1. Unless otherwise stated, the value appearing in this appraisal represents the opinion of the Market Value or the Value Defined AS OF THE DATE SPECIFIED. Market Value of real estate is affected by national and local economic conditions and consequently will vary with future changes in such conditions. 2. The value opinion in this appraisal report is gross, without consideration given to any encumbrance, restriction or question of title, unless specifically defined. 3. It is assumed that the title to the premises is good; that the legal description is correct; that the improvements are entirely and correctly located on the property described and that there are no encroachments on this property, but no investigation or survey has been made. 4. No responsibility is assumed for matters legal in nature, nor is any opinion of title rendered. No right to expert testimony is included, unless other arrangements have been completed. In the performance of our investigation and analysis leading to the conclusions reached herein, the statements of others were relied on. No liability is assumed for the correctness of these statements; and, in any event, the appraiser’s total liability for this report is limited to the actual fee charged. 5. No rights to expert witness testimony, pre-trial or other conferences, depositions, or related services are included with this appraisal. If as a result of this appraisal process Callaway and Price, Inc., or any of its principals, its appraisal consultants or experts are requested or required to provide any litigation services, such shall be subject to the provisions of the engagement letter or, if not specified therein, subject to the reasonable availabilty of Callaway and Price, Inc. and/or said principals or appraisers at the time and shall further be subject to the party or parties requesting or requiring such services paying the then applicable professional fees and expenses of Callaway and Price, Inc. either in accordance with the engagement letter or arrangements at the time, as the case may be. 6. Any material error in any of the data relied upon herein could have an impact on the conclusions reported. We reserve the right to amend conclusions reported if made aware of such error. Accordingly, the client-addressee should carefully review all assumptions, data, relevant calculations, and conclusion within 30 days of delivery of this reported and should immediately notify us of any questions or errors. 7. The market value reported herein assumes that all taxes and assessments have been paid and assumes a fee simple interest unless otherwise reported. The body of the report will define the interest appraised if it differs. General Assumptions and Limiting Conditions 4 8. Neither all nor any part of the contents of this report (especially any conclusions, the identity of the appraiser or the firm with which he is connected, or any reference to the Appraisal Institute or any of its designations) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without our prior written consent and approval. 9. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or less valuable. The appraiser assumes no responsibility for such conditions or the engineering which might be required to discover these factors. 10. Our opinion of value was based on the assumption of competent marketing and management regarding the property. If there is no competent marketing and management, then the market value opinion herein may not apply. LIMITING CONDITIONS 1. No hypothetical conditions are part of this appraisal assignment. 2. No extraordinary assumptions are part of this assignment. 3. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation stachybotrys chartarum (mold), asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, was not called to the attention of, nor did the appraisers become aware of such during their inspection. The appraisers have no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraisers, however, are not qualified to test for such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimated is predicated on the assumption that there is no such proximity thereto that would cause a loss in value. We are unaware of very wet conditions that may have existed for days or weeks which are required to grow mold. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. General Assumptions and Limiting Conditions 5 4. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. The appraisers have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since the appraisers have no direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered. 5. As of the appraisal date, a survey or legal description of the Subject Property was not available. This appraisal was based on the Subject Property containing a land area of 1,001± gross acres as indicated by the Subject Property owner and information provided by our Client. If it is subsequently determined that the Subject Property differs significantly in size from 1,001± gross acres, the Market Value estimate reported herein may be subject to revision. Subject Photos 6 Aerial Views of Subject Based on Owner’s Marketing Package Subject Photos 7 APPROXIMATE LOCATIONS OF AREA 1 LAND (OUTLINED IN PINK) AND AREA 2 LAND (OUTLINED IN YELLOW) BASED ON PRELIMINARY SCREENING REPORT Subject Photos 8 SOUTH VIEW OF ACCESS ROAD FROM THE NORTHERN BOUNDARY OF THE SUBJECT PROPERTY NORTHWEST VIEW OF TYPICAL PASTURE AREA Subject Photos 9 VIEW OF TYPICAL PALM HAMMOCK AREA VIEW OF TYPICAL PALM/OAK HAMMOCK Subject Photos 10 VIEW OF TYPICAL WETLAND AREA VIEW OF INTERIOR ACCESS ROAD Definition of the Appraisal Problem 11 DEFINITION OF THE APPRAISAL PROBLEM Purpose, Date of Value, and Interest Appraised The purpose of this investigation and analysis was to provide our opinion of the Market Value of the Fee Simple Estate of the Subject Property as of October 2, 2018. Intended Use and User of Appraisal This report has been prepared for our client, Collier County Facilities Management / Real Property Department. The intended use was to assist the client in internal decision making. The scope of work performed is specific to the needs of the intended user and the intended use. No other use is intended, and the scope of work may not be appropriate for other uses. Market Value "As defined in the Agencies’ appraisal regulations, 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 are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated; b. Both parties are well informed or well advised, and acting in what they consider their own best interests; c. A reasonable time is allowed for exposure in the open market; d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. 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: The Interagency Appraisal and Evaluation Guidelines, Federal Register, Volume 75, No. 237, December 10, 2010, Pgs. 61-62. Definition of the Appraisal Problem 12 Legal Description The Subject Property consists of 1,001± acres located in unincorporated Collier County. As of the appraisal date, there was no survey and/or legal description of the Subject Property (See Limiting Condition 5). The Subject Property consists of all or part of folio numbers 00113760004, 0011384005 and 00113880007. Fee Simple Estate The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute, defines Fee Simple Estate on page 90 as follows: "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." Exposure Time The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute, defines Exposure Time on page 83 as follows: 1. “The time a property remains on the market.” 2. “The estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market.” There is a requirement under Standard Two to report exposure time according to the latest USPAP publication. “Exposure Time” is different for various types of property under different market conditions. We have reviewed the exposure time on the sales contained in the Sales Comparison Approach in this appraisal. Based on that data and the current market, it is our opinion that the Subject Property would have had an exposure time of approximately 12 months or less. Definition of the Appraisal Problem 13 Marketing Time The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute, defines Marketing Time on page 140 as follows: “An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal.” “Advisory Opinion 7 of the Appraisal Standards Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, “Reasonable Exposure Time in Real Property and Personal Property Market Value Opinions” address the determination of reasonable exposure and marketing time.” As in most markets, properties that are priced competitively and marketed professionally will sell before others which are not. Based on this, the Subject should have a marketing time of 12 months or less, provided adequate financing is available, the property is listed for sale at market value and is marketed by a competent brokerage firm. Scope of Work 14 SCOPE OF WORK According to the 14th Edition of The Appraisal of Real Estate, page 38, “Scope of work encompasses all aspects of the valuation process, including which approaches to value will be used; how much data is to be gathered, from what sources, from which geographic area, and over what time period; the extent of the data verification process; and the extent of property inspection, if any. The scope of work decision is appropriate when it allows the appraiser to arrive at credible assignment results and is consistent with the expectations of similar clients and the work that would be performed by the appraiser’s peers in a similar situation.” The first step in the appraisal process is the identification of the appraisal problem which included the purpose and date of value, determining the interest being appraised, intended use and user of the appraisal, and identifying the real estate (legal description). This step also determines if the appraisal were subject to any extraordinary assumptions or hypothetical conditions. The next step involved the inspection of the Subject Property on October 2, 2018 by Stephen D. Shaw, MAI, AI-GRS. The inspection allowed us to understand the physical components of the Subject Property. In addition to the inspection of the Subject Property, we also began the data-collection process and, subsequently, an analysis of the factors that affect the market value of the Subject Property, including property data analysis. We gather and review information from the Collier County Property Appraiser’s Office, the Collier County Planning and Zoning Department, our Client, the Subject Property owner, and interviews with brokers and other market participants to understand and describe the Subject Property and its surroundings. The third step in the process was to determine the Highest and Best Use of the Subject Property. Through the Highest and Best Use analysis, we determined the issues that have an effect on the final opinion of value. To determine the Highest and Best Use, we relied on information obtained from the data-collection process. The fourth step was the application of the appropriate approach for the valuation of the Subject Property. No approaches were specifically omitted from this appraisal either by the client or the appraiser. The Subject Property consists of 1,001± acres of vacant agricultural/conservation land. As stated, the property contains approximately 766 acres (Area 2) that have been designated as Stewardship Sending Area 13 (SSA 13) by Collier County. While these factors will be considered in our analysis, we will value the Subject Property as agricultural/conservation type land. The applicable valuation procedure for estimating the Market Value of vacant land is the Sales Comparison Approach using the most recent sales of vacant properties similar to the Subject. Neighborhood Data 15 NEIGHBORHOOD DATA The relationship of the Subject Property with surrounding properties forms the basis of neighborhood analysis. The Appraisal of Real Estate, 14th Edition on page 165 states: “The boundaries of market areas, neighborhoods, and districts identify the areas that influence a subject property’s value. These boundaries may coincide with observable changes in land use or demographic characteristics. Physical features such as structure types, street patterns, terrain, vegetation, and lot sizes help to identify land use districts. Transportation arteries (highways, major streets, and railroads), bodies of water (rivers, lakes, and streams), and changing elevation (hills, mountains, cliffs, and valleys) can also be significant boundaries.” The Subject neighborhood is considered to include the area of Collier County bounded on the north by State Road 82, on the south by Oil Well Road (CR 858), on the east by State Road 29, and on the west by the Collier County/Lee County line and Immokalee Road (CR 846). Surrounding the Subject Property are the following land uses: North: Agricultural and conservation lands South: Vacant agriculturally zoned lands / pasture lands East: Residential, urban (Immokalee) and agricultural lands West: Conservation lands (Corkscrew marsh and swamp) Neighborhood Map Neighborhood Data 16 State Road 29 is the primary north/south artery through the Subject area and provides access along the neighborhood’s eastern boundary. It also provides access to the southern portion of Collier County (Everglades City) and runs north into Hendry and Glades Counties. Primary east/west access in the Subject area is gained from Oil Well Road (CR 858), Immokalee Road (CR 846) and State Road 82. Lake Trafford Road is a secondary east/west roadway within the Immokalee Urban Area that provides access to the Pepper Ranch Preserve and Lake Trafford. Commercial development in the neighborhood is primarily concentrated along State Road 29 in the Immokalee Urban Area and consists of some restaurant chains, gas stations, and other small office and retail uses. There is a small airport, which mainly services agricultural and small private planes, located on State Road 846 near the southern end of Immokalee just east of State Road 29. Residential development consists primarily of single-family housing in the areas surrounding the Immokalee Urban Area. There are also some 5-acre lots with ranch style houses surrounding the northern end of Lake Trafford. As noted, the areas surrounding the Subject Property are predominantly undeveloped. The northern adjacent property is owned by Collier County and is known as the Pepper Ranch Preserve. The property northwest of the Subject Property, which is called Corkscrew Swamp, is owned by the South Florida Water Management District and is part of the Save Our Rivers Ecosystem Restoration Project. Lake Trafford dominates the area to the south of the Subject and borders the eastern portion of the Subject site. The most significant part of the Subject neighborhood is the Town of Ave Maria. It is located on Oil Well Road, just west of Camp Keais Road, in the southeastern portion of the neighborhood and will eventually cover nearly 5,000 acres. It opened during the summer of 2007 and it is the first modern town to be built in conjunction with a major University. It was designed to be a true hometown offering a full range of housing, recreational, retail, cultural and educational opportunities. The Ave Maria University is the first major Catholic university built in the United States in more than 40 years. It will ultimately offer not only a full curriculum of traditional liberal arts, sciences and engineering programs, but also a comprehensive graduate program offering master's and doctoral degrees to an estimated 5,000 students. The accompanying town will provide single- and multi-family housing in a wide range of styles and prices, along with commercial and office facilities to accommodate the businesses and organizations needed to support this major academic institution. The first phase is now is now open to more than 600 students, with all necessary campus and town facilities. Pulte Homes is the primary homebuilder for Ave Maria, offering homes from Pulte, Del Webb and DiVosta in five neighborhoods and across a wide variety of community type and price. Neighborhood Data 17 Recent Trends There has been resurgence in agricultural land values over the last 3 years. Value increases ranging from 10% to 20% have been witnessed in the neighborhood area. This has been in large part due to the increase in sites being purchased for row crop farming. Several sites that at one time were utilized for citrus have been purchased, the citrus removed and the sites leveled and prepped for row crop farming. Some buyers are planting corn, silage, or small vegetables. While some property owners have given up on citrus and opted to sell their land for alternative uses, others have continued to invest money into maintaining their groves for the time being and are still showing good production numbers. Citrus owners are in hope that eventually some of the experimental research will help solve issues affecting citrus such as greening and canker. There has also been market activity involving conservation properties purchased for mitigation credits by residential developers in Western Collier County. The residential influence on the Subject neighborhood with regard to ranchette development has been virtually non-existent over the last three years. Conclusion The Subject neighborhood is rather remote. It is accessed by State Road 29 off I- 75/Alligator Alley or by Immokalee Road/County Road 846. Demand for real estate appears to be stable, and there are some new projects under construction. Established low income residential development is located within and surrounding the neighborhood in this small remote area of eastern Collier County. The area is primarily agricultural based and the primary residents are farm workers with low income levels. Based on the continued growth of Collier County and the County’s push to revitalize the neighborhood and diversify the economy of the neighborhood, the demand for real estate in the neighborhood should remain stable in the foreseeable future. Property Data 18 PROPERTY DATA Location The Subject Property is located south of the Pepper Ranch Preserve on the southwest shore of Lake Trafford, west of the Immokalee Urban Area, in unincorporated Collier County, Florida. The Subject Property has not been assigned an address. Subject Property Location Map Zoning The entire Subject Property is zoned A-MHO-RLSAO, Agricultural, Mobile Home Overlay and Rural Land Stewardship Area Overlay, by Collier County. The Agricultural, zoning category allows a wide variety of agricultural uses such as farms, row crops, and citrus groves, as well as low density residential uses at a maximum of 1 dwelling unit per 5 acres. There are also a variety of conditional uses allowed under the Agricultural zoning district such as excavation, churches, nursing homes and zoos. The Mobile Home Overlay allows mobile homes to be one of the residential uses on the Subject Property. The Rural Lands Stewardship Area (RLSA) program was established under the Future Land Use Element (FLUE) of the Growth Management Plan (GMP). Its objective is the creation of an incentive-based land use overlay system based on the principles of rural land stewardship found in Florida Statutes, Section 163.3177(11), including environmental preservation, agricultural preservation and smart growth development. Property Data 19 Through the RLSA program, Stewardship Sending Areas (SSAs) can be approved for preservation purposes, creating credits to entitle Stewardship Receiving Areas (SRAs), typically towns, villages, hamlets and compact rural developments (CRDs). The credit system is designed to incentivize preservation of the most import environmental lands, including large, connected wetland systems and significant habitat for listed species, by awarding higher credit values for high value preservation areas. In a Collier County Rural Lands Stewardship Area Overlay there are 8 layers of land use rights. They include (1) residential land uses, (2) general conditional uses, (3) earth mining and processing uses, (4) recreational uses, (5) agriculture group 1 (row crop, livestock, dairy), (6) agricultural support uses, (7) agriculture group 2 (unimproved pasture, hunting and recreational), and (8) conservation, restoration and natural resources. The southern 766± acres is subject to a Stewardship Easement Agreement and is designated BCI/BCP/SI-SSA-13, Barron Collier Investments, Barron Collier Partnership and Serenoa Investments - Stewardship Sending Area 13 (SSA 13), by Collier County. SSA 13 contains a total of 7,414.0 acres. Collier County has granted and assigned 27,515.3 Stewardship Credits, of which 6,599.2 Stewardship Credits are authorized as Restoration Stewardship Credits and are not available for transfer until success criteria are met. When available for transfer, a total 27,515.3 Stewardship Credits (3.71 per gross acre) will allow the property owners to entitle 3,439.4 acres (46.39%) for development within the Rural Lands Stewardship Area District. The exact number of Stewardship Credits applicable to the Subject Property was not precisely known but has been estimated at approximately 5,050 by representatives of the owner and includes both base credits and restoration credits. It should be noted that this agreement prohibits use of the property with the first six land use layers summarized above and allows only (7) agriculture group 2 (unimproved pasture, hunting and recreational), and (8) conservation, restoration and natural resources. The property owners retain the right to engage in traditional activities on the property, such as, but not limited to hiking, hunting (including organized hunting activities), nature observatory and other eco-observation excursions, and other such occasional non-destructive activities. Land-Use Plan The Subject Property is designated Agricultural/Rural by Collier County, which is consistent with the current zoning. Easements and Deed Restrictions We were not provided with a title search or a survey of the Subject Property. Based on our on-site inspection and review of the public records, the only obvious restriction is the Steward Easement Agreement described above that encumbers the southern Property Data 20 766± acres of the Subject Property. Otherwise, the Subject Property has no obvious atypical easements or adverse deed restrictions. Site Size, Shape and Access The Subject Property has an irregular shape and contains 1,001± acres. Access to the site is currently provided by dirt farm roads from the north through the Pepper Ranch Preserve and Trafford Oaks Road, which terminates at the northern boundary of the Subject Property. The eastern boundary of the site fronts Lake Trafford. Subject Property Property Data 21 Utilities Public utilities available to the Subject Property include electricity by FPL and telephone service by AT&T. Public water and sewer service is not available. Topography The northern 235± acres of the Subject Property consists of approximately one-half open pasture land with the other half being native palm and oak hammocks, cypress strands and wetlands/marshes. The southern 766± acres consists of native palm and oak hammocks, cypress strands and wetlands/marshes. Census Tract The Subject Property lies within Collier County Census Tracts 0113.02 and 0112.02. Flood Hazard Zone The Subject Property lies within Flood Zones "AH" and “AE”, according to the Flood Insurance Rate Map (Panel Number 12021C0120F) prepared for the National Flood Insurance Program of the U.S. Department of Housing and Urban Development (HUD). Flood Zone "AH" indicates areas inundated by 100-year flooding (usually areas of ponding), for which base flood elevations have been determined; with flood depths from 1 to 3 feet. Flood Zone "AE" indicates special flood hazard areas inundated by 100-year flood; base flood elevations determined. Assessed Value and Taxes The Subject Property is a portion of three Collier County tax folio numbers totaling 1,610.91 acres as tabulated below. The 2017 assessed value and taxes were as follows. According to the Collier County Tax Collector Web Site, the 2017 taxes were paid on December 1, 2017 in the amount of $2,064.30, which included a 4% early-payment discount. There are no delinquent taxes indicated from previous years. Taxable 2017 Folio Numbers Acres Land Improvements Total Value Taxes 00113760004 400.00 $751,000 $0 $751,000 $43,815 $555.18 00113840005 640.00 $1,315,000 $0 $1,315,000 $74,165 $956.88 00113880007 570.91 $879,865 $0 $879,865 $60,376 $638.26 Total 1,610.91 $2,945,865 $0 $2,945,865 $178,356 $2,150.32 2017 Market Value Property Data 22 Property History It should be noted that this office has not performed a title search, nor has a title search been provided. According to the Collier Public Records, the Subject Property has been under the ownership of Barron Collier Partnership, LLLP for more than three years. Ownership was transferred from Barron Collier Investments, Ltd. to Barron Collier Partnership, LLLP on January 1, 2014 as indicated by the Certificate of Merger recorded in Collier County Official Records Book 4998, Page 865. The Subject Property was recently listed for sale as a 1,001± recreational site at a price of $6,900,000 or $6,893 per acre. This listing is considered and further discussed in the following Land Value Analysis. To our knowledge the Subject Property was not under contract as of the appraisal date. Land Improvements The Subject property is vacant with no building improvements. Highest and Best Use 23 HIGHEST AND BEST USE The Dictionary of Real Estate Appraisal, Sixth Edition 2015, by the Appraisal Institute defines Highest and Best Use on page 109 as follows: 1. “The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity." 2. “The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset’s existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS)” 3. “The highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions).” To estimate the Highest and Best Use of the Subject, we have considered those uses which are legally permissible, physically possible, financially feasible, and maximally productive. Consideration was given to individual features of the land such as size, shape, location, access to roadways, and the availability of utilities. Consideration was also given to the surrounding land uses and the demand for property in the current real estate market. Conclusion It is our opinion that the Highest and Best Use of the Subject Property is for agricultural/conservation use. The reasons for this conclusion are as follows: Legally Permissible The entire Subject Property is zoned A-MHO-RLSAO, Agricultural, Mobile Home Overlay and Rural Land Stewardship Area Overlay, by Collier County. The Agricultural, zoning category allows a wide variety of agricultural uses such as farms, row crops, and citrus groves, as well as low density residential uses at a maximum of 1 dwelling unit per 5 acres. There are also a variety of conditional uses allowed under the Agricultural zoning district such as excavation, churches, nursing homes and zoos. Highest and Best Use 24 The Mobile Home Overlay allows mobile homes to be one of the residential uses on the Subject Property. The Rural Lands Stewardship Area (RLSA) program was established under the Future Land Use Element (FLUE) of the Growth Management Plan (GMP). Its objective is the creation of an incentive-based land use overlay system based on the principles of rural land stewardship found in Florida Statutes, Section 163.3177(11), including environmental preservation, agricultural preservation and smart growth development. In a Collier County Rural Lands Stewardship Area Overlay there are 8 layers of land use rights. They include (1) residential land uses, (2) general conditional uses, (3) earth mining and processing uses, (4) recreational uses, (5) agriculture group 1 (row crop, livestock, dairy), (6) agricultural support uses, (7) agriculture group 2 (unimproved pasture, hunting and recreational), and (8) conservation, restoration and natural resources. The southern 766± acres is subject to a Stewardship Easement Agreement and is designated BCI/BCP/SI-SSA-13, Barron Collier Investments, Barron Collier Partnership and Serenoa Investments - Stewardship Sending Area 13 (SSA 13), by Collier County. SSA 13 contains a total of 7,414.0 acres. Collier County has granted and assigned 27,515.3 Stewardship Credits, of which 6,599.2 Stewardship Credits are authorized as Restoration Stewardship Credits and are not available for transfer until success criteria are met. When available for transfer, the total 27,515.3 Stewardship Credits will allow the property owners to entitle 3,439.4 acres for development within the Rural Lands Stewardship Area District. The exact number of Stewardship Credits applicable to the Subject Property was not precisely known but has been estimated at approximately 5,050 by representatives of the owner and includes both base credits and restoration credits. It should be noted that this agreement prohibits use of the property with the first six land use layers summarized above and allows only (7) agriculture group 2 (unimproved pasture, hunting and recreational), and (8) conservation, restoration and natural resources. The property owners retain the right to engage in traditional activities on the property, such as, but not limited to hiking, hunting (including organized hunting activities), nature observatory and other eco-observation excursions, and other such occasional non- destructive activities. Physically Possible The Subject site contains a total of 1,001± acres according to the information provided. The Subject Property northern 235± acres is made up of approximately one-half open pasture land with the other half being wetlands/marshes, palm and oak hammocks, cypress strands and pine flatwoods. The southern 766± acres is made up of wetlands/marshes, palm Highest and Best Use 25 and oak hammocks and cypress strands. Even though it is physically possible for residential development on portions of the Subject, the overall topography of the Subject suggests that the highest and best use is for agricultural/conservation use. Financially Feasible The market has been recently active for agricultural properties in the general vicinity of the Subject Property and values appear to be stable. As shown in the following Land Value Analysis, this recent sales activity involved properties purchased for a combination of agricultural, recreation and mitigation purposes. None of these properties were purchased for residential development. In our opinion, the only financially feasible use of the Subject Property would be for agriculture/conservation. Maximally Productive In case of the Subject Property, it is our opinion that agricultural/conservation use would be the most maximally productive and the Highest and Best Use of the site. The most likely purchaser of the Subject Property would be an investor or an owner-user. Land Value Analysis 26 LAND VALUE ANALYSIS According to the 14th Edition of The Appraisal of Real Estate on page 44, the valuation of land begins by identifying the real estate and property rights valued, any encumbrances, use restrictions, and the land’s physical characteristics. An appraiser can use several techniques to obtain an indication of land value: Sales Comparison Extraction Allocation Subdivision Development Land Residual Ground Rent Capitalization Usually the most reliable way to estimate land value is by sales comparison. When few sales are available, however, or when the value indications produced through sales comparison need additional support, procedures like extraction or allocation may be applied. In the case of the Subject Property the only approach used was the Sales Comparison Approach. Sales Comparison Approach In order to estimate the Market Value of the Subject Property by the Sales Comparison Approach, a search was made for recent sales of vacant property with characteristics similar to the Subject. Our search was concentrated on vacant agricultural properties located in the general vicinity of the Subject Property. The comparables were analyzed and compared to the Subject Property on a price per gross acres basis, which is the unit of comparison most widely recognized by participants in this market. All of the comparables were considered with regard to property rights transferred, financing, conditions of sale, time or market conditions, location, access, size and site quality. The large acreage tracts were typically purchased for agricultural, conservation or pasture areas for cattle. Some were also used for hunting. While we are aware that the Area 2 lands of Subject site has 766 acres of land for conservation (SSA13) and may have some future potential for the sale of panther and stewardship credits, the market does not appear to recognize significant differences for these factors. Furthermore, while the Area 1 lands containing 235 acres may have some remote possibility of future development potential, its remote location and access make this highly unlikely in the foreseeable future, in our opinion. Most remote large tracts remain in the natural or pasture state after they sell. Any future potential for other uses is inherent in the current pricing for large tracts, in our opinion. Therefore, we will first analyze and value the site in its entirety as this is how market participants would behave. At the client’s request, we have also provided an allocation between the Area 1 lands (235 acres) and the Area 2 lands (SSA-13, 766 acres). Land Value Analysis 27 Discussion of Agricultural Land Sales Our search revealed five recent agricultural land sales that were considered to be suitable for direct comparison to the Subject Property. Also included on the chart is the current listing of the Subject Property. As shown below, the comparable sales indicated non-adjusted values ranging from $2,007 to $7,622 per acre of land area. The Subject is currently listed at $6,893 per acre. Sale Number Subject12345 Record ID Number 9804 9805 9599 9600 9031 ORBK/PG Listing 0935/78 5454/0698 921/1443 5374/645 877/353 Effective Sale Price $6,900,000 $1,268,500 $710,000 $667,500 $1,500,000 $3,642,500 Size - Acres 1,001 323.32 353.71 132.42 196.80 847.47 Price Per Acre $6,893 $3,923 $2,007 $5,041 $7,622 $4,298 Location South of Pepper Ranch Preserve on the southwest shore of Lake Trafford 5 Miles south of CR 832, 1 mile east of Collier County Line 7 miles east of State Road 29, 1 mile south of Hendry County Line North side of Heritage Road, 1/4 mile west of SR 29 South side of SR 82, 1 mile west of SR 29 Southwest corner of CR 846 and CR 833 County Collier Hendry Collier Hendry Collier Hendry Date of Sale Mar-18 Nov-17 May-17 Mar-17 Jan-15 Date of Value Oct-19 Zoning A-MHO-RLSAO- SSA-13 A-2 A-MHO-RLSAO- ACSC/ST A-2 A-MHO-RLSAO A-2 Future Land Use Agricultural/ Rural Agriculture/ Conservation Agricultural/ Rural Felda Estates Agricultural/ Rural Agriculture/ Conservation Conditions of Sale Adj.-20% 0% 0% 0% 0% 0% Market Condition Adj.0% 0% 0% 5% 5% 10% Adjusted Price Acre $5,514 $3,923 $2,007 $5,293 $8,003 $4,728 Physical Adjustments Location 0% 10% 20% 0% 0% 10% Access 0% 10% 30% -10% -10% -10% Size 0% -10% -10% -10% -10% 0% Site Quality 0% 20% 50% -10% -20% -10% Total Physical Adjustment 0% 30% 90% -30% -40% -10% Adjusted Price Per Acre $5,514 $5,100 $3,814 $3,705 $4,802 $4,255 Low $3,705 High $5,100 Average $4,335 Agricultural Land Sales Callaway & Price, Inc. #18-78259 Trafford Lake Ranch Land Value Analysis 28 Land Value Analysis 29 Land Sale No. 1 Property Identification Record ID 9804 Property Type Agricultural, Vacant Land Address Unincorporated, Hendry County, Florida Location 5 miles south of County Road 832, 1 mile east of the Collier County Line Tax ID 1-31-45-32-A00-0002.0000 & 1-31-45-33-A00- 0003.0000 Legal Description Lengthy Sale Data Grantor Glevin 275 L.L.C. Grantee YBFH Real Estate, LLC Sale Date March 14, 2018 Deed Book/Page 935/78 Property Rights Fee Simple Conditions of Sale Arm's length Financing Cash to seller Sale Price $1,268,500 Land Data Zoning A-2, Agriculture Land Use Agricultural/Conservation Land Value Analysis 30 Land Sale No. 1 (Cont.) Land Size Information Gross Land Size 323.320 Acres Indicators Sale Price/Gross Acre $3,923 Remarks This property was purchased for recreational use. It has a remote location with narrow dirt road access from County Road 832, which is approximately 5 miles north of the site. The site includes 15% semi-improved pasture, 25% native pasture and 60% native lands that have never been cleared. The entire site has hydric soil types that are typical of wetlands. It is situated adjacent to the Okaloacoochee Slough State Forest and the Dinner Island Ranch Wildlife Management Area. Land Value Analysis 31 Land Sale No. 2 Property Identification Record ID 9805 Property Type Agricultural, Vacant Land Address Unincorporated, Collier County, Florida Location 7 miles east of State Road 29, 1 mile south of the Hendry County Line Tax ID 00089360004 Legal Description Lengthy Sale Data Grantor Miromar Lakes, LLC Grantee Miromar Lakes South Community Development District Sale Date November 30, 2017 Deed Book/Page 5454/698 Property Rights Fee Simple Conditions of Sale Arm's length Financing Cash to seller Sale Price $710,000 Land Data Zoning A-MHO-RLSAO-ACSC/ST, Agricultural Land Use Agricultural/Rural Land Size Information Gross Land Size 353.710 Acres Land Value Analysis 32 Land Sale No. 2 (Cont.) Indicators Sale Price/Gross Acre $2,007 Remarks This property was purchased for panther mitigation credits for a residential development in western Collier County. Approximately one-half of the site consists of unimproved and woodland pastures with the other half being freshwater marshes. The entire site has hydric soil types that are typical of wetlands. The site has a remote location with no physical access. Land Value Analysis 33 Land Sale No. 3 Property Identification Record ID 9599 Property Type Agricultural, Vacant Land Address 600 Heritage Road, Felda, Hendry County, Florida 33930 Location North side of Heritage Road, 1/4 mile west of State Road 29 Tax ID 1-29-45-29-A00-0007.0700 Legal Description Lengthy Sale Data Grantor John R. Giddens Grantee Green Waste Solution, LLC Sale Date May 15, 2017 Deed Book/Page 921/1443 Property Rights Fee Simple Conditions of Sale Arm's length Financing Seller held a $590,000 mortgage at market rate and terms Sale Price $667,500 Land Value Analysis 34 Land Sale No. 3 (Cont.) Land Data Zoning A-2, Agricultural Shape Irregular Land Use Felda Estates Land Size Information Gross Land Size 132.420 Acres Front Footage Heritage Road; Indicators Sale Price/Gross Acre $5,041 Remarks This site was purchased for use in conjunction with the buyer's nearby waste recycling business (Felda Grinding and Recycling). The property has a sandy soil and was previously used for row crops and pasture. The central portion of the site, which contains approximately 42.79 acres, is not useable for agricultural purposes. Land Value Analysis 35 Land Sale No. 4 Property Identification Record ID 9600 Property Type Agricultural, Vacant Land Address 3440 State Road 82, Immokalee, Collier County, Florida 34142 Location South side of State Road 82, 1 mile west of State Road 29 Tax ID 00063440005 & 00063520006 Legal Description Lengthy Sale Data Grantor SR 82 Land Holdings LLC Grantee CCW82 LLC Sale Date March 15, 2017 Deed Book/Page 5374/645 Property Rights Fee Simple Conditions of Sale Arm's length Financing Cash to seller Sale Price $1,500,000 Land Value Analysis 36 Land Sale No. 4 (Cont.) Land Data Zoning A-MHO-RLSAO, Agricultural Shape Irregular Land Use Agricultural/Rural Land Size Information Gross Land Size 196.800 Acres Front Footage State Road 82; Indicators Sale Price/Gross Acre $7,622 Remarks This property was purchased by the adjacent owner to the east for investment purposes. The site has a sandy soil type and was previously a citrus grove that was partially converted for row crops. The buyer's adjacent properties to the east are fallow. Land Value Analysis 37 Land Sale No. 5 Property Identification Record ID 9031 Property Type Agricultural, Row Crop Address Clewiston, Hendry County, Florida 33440 Location Southwest corner of County Roads 846 and 833 (Duck Curve) Tax ID 1-32-47-04-A00-0001.0100 (See Remarks) Legal Description Lengthy Sale Data Grantor James W. O'Quinn Grantee Hickx-6, LLC Sale Date January 20, 2015 Deed Book/Page 887/353 Property Rights Fee Simple Conditions of Sale Arm's length Financing Cash to seller Sale Price $3,642,500 Land Data Zoning A-2, General Agriculture Topography Sand farm land Land Value Analysis 38 Land Sale No. 5 (Cont.) Land Use Agriculture/Conservation Land Size Information Gross Land Size 847.470 Acres Front Footage County Road 846; Indicators Sale Price/Gross Acre $4,298 Remarks This property includes 333.35 acres of laser-leveled and ditched row crop land and 121.55 acres of native and improved pasture land. The site has an on-site water management system with discharge into the waters of Boggy Slough and Deer Fence Canal. The property includes tax folio numbers 1-32-47-04-A00-00001.0100, 1-32- 47-04-A00-0001.0200, 1-32-47-05-A00-0001.0100 and 1-32-47-09-A00- 00002.0000. Land Value Analysis 39 Property Rights Transferred All of the comparable sales in this analysis involved ownership transfer on a Fee Simple Estate basis, with the buyers receiving full property rights. We are also unaware of any adverse deed restrictions or any other property rights limitations which would have affected the sales. Therefore, no adjustments were necessary for property rights transferred. Terms of Financing The transaction price of one property may differ from that of a similar property due to atypical financing arrangements. In a case where favorable financing is established, a cash equivalency adjustment is often necessary. However, all of the comparable sales analyzed herein involved either market financing terms or cash to the Grantor. Therefore, no terms of financing adjustments were made, nor any cash equivalency performed. Conditions of Sale Adjustments for conditions of sale usually reflect the motivations of the buyer and seller at the time of conveyance. Within the confirmation process, detailed attention was made to ensure the conditions of each sale. All of the comparable sales were arm's length transactions and they required no conditions of sale adjustments. The Subject Listing, which was placed on the market just prior to this appraisal date, received a downward conditions of sale adjustment because properties typically sell for less than the listing price. Time or Changes in Market Conditions Market conditions generally change over time and may be caused by inflation, deflation, fluctuations in supply and demand, or other factors. The comparable sales occurred from January 2015 to March 2018. The available market data indicates that values for this property type have increased gradually during this time period. Therefore, Sales 2, 3, 4 and 5 received upward adjustments to varying degrees for time or changes in market conditions. Location The Subject Property is considered to have a good general location for agricultural/conservation use. Sales 1, 2 and 5, which have remote locations compared to the Subject, received upward adjustments to varying degrees for this factor. Sale 1, which was purchased for recreation purposes, received a lesser location adjustment due to the fact that it is located adjacent to two wildlife management areas. Sales 3 and 4 were considered to be similar to the Subject as to location and no adjustments were necessary. Land Value Analysis 40 Access The Subject Property has adequate access for agricultural/conservation use. Sale 1, which was purchased for recreational use, was considered to have inferior access compared to the Subject and an upward adjustment was applied for this factor. Sale 2 has no physical access and a significantly greater access adjustment was necessary. Sales 3, 4 and 5 are located on asphalt paved roads and downward adjustments were applied for their superior access compared to the Subject. Size The Subject Property contains 1,001± gross acres. The comparable sale properties range in size from 132.42 to 847.47 gross acres. The majority of the sales involved properties that are significantly smaller than the Subject Property. It is typical in real estate for a small property to sell at a higher price per acre than a large property when all other characteristics are equal. Therefore, Sales 1, 2, 3 and 4, which range from 132.42 to 353.71 gross acres, received downward size adjustments based on this reasoning. Sale 5 at 847.47 gross acres is similar in size compared to the Subject Property and no size adjustment was made. Site Quality The Subject Property is considered to have a good site quality for agricultural/conservation use with a combination of native uplands and wetland marshes and to a lesser degree open pastures. Sale 1, which has a lower percentage of open pasture land, received an upward site quality adjustment. Sale 2, which has no open pasture land and is mostly wetlands, required a significantly greater site quality adjustment. Sales 3, 4 and 5, all of which have combinations of improved farmland and wetland areas, were considered to be superior to the Subject as to overall site quality and downward adjustments to varying degrees were applied for this factor. Subject Property Listing The Subject Property was recently listed for sale at $6,900,000 or $6,893 per gross acre. This listing indicated an adjusted value of $5,514 per gross acre, which is above the adjusted values indicated by the comparable sales. Land Value Analysis 41 Conclusion – Land Value Analysis A shown on the preceding chart, the sales indicated adjusted values ranging from $3,705 to $5,100 per gross acre with an average of $4,335 per gross acre. The Subject Property listing indicated an adjusted value of $5,514 per gross acre. This is above the adjusted range indicated by the sales. All of the comparable sales used in our analysis were considered to provide reasonable indications of Market Value for the Subject Property. Therefore, it is our opinion that the Subject Property had a Market Value of approximately $4,000 to $4,300 per gross acre as of October 2, 2018 or $4,100,000 calculated as follows: 1,001 Gross Acres X $4,000 Per Gross Acre = $4,004,000 1,001 Gross Acres X $4,300 Per Gross Acre = $4,304,300 Say $4,100,000 Land Value Analysis 42 Value Allocation Between Area 1 and Area 2 Lands The large acreage tracts were typically purchased for agricultural, conservation or pasture areas for cattle. Some were also used for hunting. While we are aware that the Area 2 lands of Subject site (766 acres) is restricted to Agricultural Group 2 and Conservation type uses, due to the requirements of SSA 13, the Subject’s remote location market indicates that these uses are the highest and best use anyway. Furthermore, while the Area 1 lands containing 235 acres may have some remote possibility of future development potential, its remote location and access make this highly unlikely in the foreseeable future, in our opinion. Most remote large tracts remain in the natural or pasture state after they sell. Any future potential for other uses is inherent in the current pricing for large tracts, in our opinion. Nonetheless, at the client’s request, we have also provided an allocation between the Area 1 lands (235 acres) and the Area 2 lands (SSA-13, 766 acres). While the sales data does not provide specific evidence for significant differences in value between the Area 1 and Area 2 lands due to the Subject’s remote location, logic suggests that the Area 1 lands would be considered more valuable considering its physical features (higher percentage uplands, some cleared area and possibility of future development) when compared to the Area 2 (SSA) lands. For our analysis, we have concluded at a value allocation near the upper end of the range or $5,200 to $5,500 per acre for the Area 1 lands and a value allocation of $3,600 to $3,800 per acre for the Area 2 (SSA) land. The value allocation is as shown below. Area 1 235 Gross Acres X $5,200 Per Gross Acre = $1,222,000 235 Gross Acres X $5,500 Per Gross Acre = $1,292,500 Say $1,250,000 Area 2- SSA Land 766 Gross Acres X $3,600 Per Gross Acre = $2,757,600 766 Gross Acres X $3,800 Per Gross Acre = $2,910,800 Say $2,850,000 Total $4,100,000 ADDENDA ENGAGEMENT LETTER QUALIFICATIONS Qualifications – Stephen D. Shaw, MAI, AI-GRS Professional Designations\Licenses\Certifications Member, Appraisal Institute, MAI Designation #10461 Member, Appraisal Institute, AI-GRS State-certified general real estate appraiser RZ1192 Florida State Licensed Real Estate Salesman 0495422 Professional Experience Principal, Callaway & Price, Inc., since January 1999 Senior Appraisal Consultant, Callaway & Price, Inc., since July 1997 – December 1998 Appraisal Consultant, Callaway & Price, Inc., since April 1994 Associate Appraiser, Pinel & Carpenter, Inc., Orlando, April 1992 - March 1994 Appraiser/Researcher, Callaway & Price, Inc., September 1987 - March 1992 Special Magistrate Palm Beach County 1996-2012 Special Magistrate, Martin County, 2009 Qualified as an Expert Witness Palm Beach County, Florida Martin County, Florida Broward County, Florida Sarasota County, Florida Education Bachelor of Science Degree, Business Administration, Major in Real Estate and Finance, University of Florida Appraisal Institute: Course 101 - An Introduction to Appraising Real Property, 1992 Course 201 - Principles of Income Producing Properties, 1991 Course 2-1 - Case Studies in Real Estate Valuation, 1992 Course 540 - Report Writing and Valuation Analysis, 1993 Course 2-3 - Standards of Professional Practice Parts A & B, 1991 Review Theory - General Numerous seminars sponsored by the Appraisal Institute Appraising\Consulting Expertise Acreage Medical Office Sites ACLFs Surgery Centers Apartment Complexes Self-Storage Facilities Automotive Service Facilities Office Buildings Bowling Alleys Office/Warehouses Commercial Buildings Retail Buildings Condominium Projects Restaurants Eminent Domain Special Purpose Properties Golf Courses Shopping Centers Hospitals Vacant Commercial Land Hotels Vacant Industrial Land Marinas Vacant Multifamily Pods Medical Office Buildings Vacant Residential Land Medical Office Condominiums Vacant Single-Family Subdivisions Medical Campus Sites Warehouses Qualifications – Stephen D. Shaw, MAI, AI-GRS Organizations and Affiliations Appraisal Institute: Experience Review Committee Ethics & Counseling Committee South Florida Chapter Board of Directors Business Development Board Palm Beach County, Member Qualifications – Joe M. Merritt Professional Designations\Licenses\Certifications State-certified general real estate appraiser RZ672 Professional Experience Staff Appraiser, First Federal Savings & Loan Association of Delray Beach, 1977-1982 Associate Appraiser, Callaway & Price, Inc., since September 1982 Qualified As An Expert Witness Circuit Court of Palm Beach County, Florida Education Florida Real Estate Commission, Course 1, 1977 Appraisal Institute: Course 101 - An Introduction to Appraising Real Property, 1978 Course 201 - Principles of Income Property Appraising, 1978 Narrative Report Writing Seminar & R-2 Examination, 1978 Course 1A-1 - Real Estate Appraisal Principles, 1987 Course 1A-2 - Basic Valuation Procedures, 1987 USPAP Core Law for Appraisers, 1994 Appraisal Review, 1994 Numerous Continuing Education Courses and Seminars by: Appraisal Institute Gold Coast Professional Schools Bert Rodgers Schools McKissock Appraisal School South Florida Water Management District Appraising\Consulting Expertise Agricultural Land Marinas Automobile Dealerships Office Buildings Civic Sites Regional Malls Commercial Buildings Retail Buildings Condominium Projects Self Storage Facilities Eminent Domain Shopping Centers Environmentally Sensitive Lands Sovereignty Submerged Land Gas Stations/Convenience Stores Special Purpose Properties Golf Courses Commercial Land Market/Feasibility Studies Industrial Land Warehouses Residential Land JONATHAN ZACHEM, SECRETARYRICK SCOTT, GOVERNORSTATE OF FLORIDADEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATIONFLORIDA REAL ESTATE APPRAISAL BDTHE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THEPROVISIONS OF CHAPTER 475, FLORIDA STATUTESMERRITT, JOE MDo not alter this document in any form.509 CHAPEL HILL BLVDLICENSE NUMBER: RZ672EXPIRATION DATE: NOVEMBER 30, 2020This is your license. It is unlawful for anyone other than the licensee to use this document.BOYNTON BEACH FL 33435Always verify licenses online at MyFloridaLicense.com CARLSON, NORRIS AND ASSOCIATES, INC. APPRAISAL-CONSULTATION-REALTORS C. William Carlson, MAI, SRA J. Lee Norris, MAI, SRA State - certified general State - certified general Real Estate Appraiser RZ667 Real Estate Appraiser RZ643 bcarlson@carlsonnorris.com lnorris@carlsonnorris.com October 11, 2018 Collier County Board of County Commissioners Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, Florida 34112 RE: 28.7 Acres- Green & Green Investments, Inc. Naples, Collier County, Florida 34113 Our File Number: 18-99-A Purchase Order Number 4500189241 Dear Mr. Leonard: At your request and authorization, Carlson, Norris and Associates, Inc. has prepared an appraisal presented in an Appraisal Report of the market value for the above referenced real property. Per the request of the client, we have provided the market value estimate of the subject property on an “as is” basis. The subject property is located in Naples, Florida, along the west side of Collier Boulevard, approximately 2 miles south of Tamiami Trail E (US-41). The site is on the north side of and adjoining to the Shell Island Preserve. The subject property contains 28.7 acres. The property is vacant saltwater wetlands. The majority of the habitat is a combination of mangroves, buttonwood, wax myrtle, salt-bush, and melaleuca. The zoning classification of the subject property is A- Rural Agricultural. The future land use designation for the subject property is Urban Coastal Fringe Subdistrict. The property has all public utilities available in the area. Data, information, and calculations leading to the value conclusion are incorporated in the report following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. Any special assumptions and limiting considerations were especially noted in Section 5 of this report. Your attention is directed to these General Assumptions and Limiting Conditions which are part of this report. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, our interpretation of the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. Carlson, Norris and Associates, Inc. does not authorize the out-of-context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication without the prior written consent of the appraiser signing this report. Mr. Roosevelt Leonard October 11, 2018 Page 2 Based upon the data contained in this report it is our opinion the subject property warrants a market value for its fee simple ownership and in its “as is” condition as of September 10, 2018 of: FIVE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ..................................... ($575,000.00). Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates contained herein. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if Carlson, Norris and Associates, Inc. can be of further service, please contact us. Respectfully submitted, CARLSON, NORRIS AND ASSOCIATES, INC. J. Lee Norris, MAI, SRA State-certified general real estate appraiser RZ643 Angelica R. Jordan, Associate State-registered trainee appraiser RI23949 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 1 TABLE OF CONTENTS SUMMARY OF SALIENT FACTS AND CONCLUSIONS ................................................... 4 SECTION 1 – PREMISES OF THE APPR AISAL .............................................................. 5 PURPOSE OF APPRAISAL ..................................................................................................................... 5 FUNCTION OF APPRAISAL ..................................................................................................................... 5 SCOPE OF WORK................................................................................................................................. 5 INTENDED USE AND USER OF APPRAISAL ............................................................................................ 7 DATE OF VALUE ESTIMATE ................................................................................................................... 8 DATE OF PROPERTY INSPECTION ......................................................................................................... 8 SALES HISTORY ................................................................................................................................... 8 APPRAISAL HISTORY ............................................................................................................................ 9 APPRAISAL ANAYLSIS AND REPORT TYPE ............................................................................................ 9 EXPOSURE TIME .................................................................................................................................. 9 MARKETING TIME ............................................................................................................................... 10 EXTRAORDINARY ASSUMPTIONS ........................................................................................................ 10 SECTION 2 – DESCRIPTION OF REAL ESTATE APPRAISED ........................................ 12 REGIONAL LOCATION MAP ................................................................................................................. 12 SUBJECT LOCATION MAP ................................................................................................................... 12 COLLIER COUNTY AREA ANALYSIS ..................................................................................................... 13 NEIGHBORHOOD ANALYSIS ................................................................................................................ 25 MARKET AREA MAP ........................................................................................................................... 25 MARKET AREA DESCRIPTION ............................................................................................................. 25 LEGAL DESCRIPTION .......................................................................................................................... 28 ASSESSED VALUE AND TAXES ........................................................................................................... 28 OWNERSHIP ...................................................................................................................................... 28 SECTION 3 – SITE DESCRIPTION ................................................................................................ 29 AERIAL & PLAT MAP .......................................................................................................................... 29 SITE INFORMATION ............................................................................................................................ 30 LAND USE ......................................................................................................................................... 30 ZONING ............................................................................................................................................. 31 SUBJECT PROPERTY PHOTOGRAPHS ................................................................................................. 32 SECTION 4 – HIGHEST AND BEST USE ANALYSIS .................................................................. 38 SECTION 5 – VALUATION OF THE SUBJECT ............................................................................ 40 VALUE ESTIMATE BY THE COST APPROACH ........................................................................................ 40 VALUE ESTIMATE BY THE INCOME APPROACH .................................................................................... 40 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH................................................................. 40 SALES LOCATION MAP ....................................................................................................................... 41 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 2 SALES DATA SHEETS ......................................................................................................................... 42 SALES ADJUSTMENT GRID.................................................................................................................. 50 RECONCILIATION OF VALUE ...................................................................................................... 54 SECTION 6 - CERTIFICATION AND LIMITING CONDITIONS .................................................... 55 CERTIFICATION OF J. LEE NORRIS, MAI, SRA .................................................................................... 55 CERTIFICATION OF ANGELICA JORDAN ............................................................................................... 57 GENERAL ASSUMPTIONS & LIMITING CONDITIONS .............................................................................. 59 SECTION 7 – ADDENDA ................................................................................................................ 64 NOTICE TO PROCEED ........................................................................................................................ 65 SOIL ANALYSIS AND DATA .................................................................................................................. 66 LICENSE FOR J. LEE NORRIS, MAI, SRA ............................................................................................ 69 LICENSE FOR ANGELICA JORDAN ....................................................................................................... 69 QUALIFICATIONS OF J. LEE NORRIS, MAI, SRA ................................................................................. 70 QUALIFICATIONS OF ANGELICA JORDAN ............................................................................................. 73 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 3 AE RIAL VIEW 28.7 ACRE – GREEN & GREEN INVESTMENTS, INC. NAPLES, COLLIER COUNTY, FLORIDA 34113 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 4 Summary of Salient Facts and Conclusions Property Reference: Green & Green Investments, Inc. PO Number: 4500189241 Folio Numbers: 00742880009 Date of Inspection: September 10, 2018 Date of Value: September 10, 2018 Date of Report: October 11, 2018 Interest Appraised: Fee Simple Parcel Size: 28.7 Acres Ownership: Green & Green Investments, Inc. Parcel Access: A paved road known as Collier Boulevard. Zoning: A- Rural Agricultural Land Use: Urban Coastal Fringe Subdistrict Easements: There is a 200’ Collier County road right of way which extends along Collier Boulevard. There is also a 100’ Lee County Electric Cooperative (LCEC) easement along the western boundary of the subject. Encumbrances/Leases: None known. Improvements: None of any significant value, there is a LCEC Utility tower within the site. Oil, Gas and Mineral Rights: Not considered in this analysis Highest and Best Use: Recreational/Conservation, moderate development potential Present Use: Vacant Land -Wetlands Value Indications: Cost Approach N/A Income Approach N/A Sales Comparison Approach $575,000 Final Value Estimate: $575,000 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 5 Appraisal Firm: Carlson, Norris and Associates, Inc. Appraiser: J. Lee Norris, MAI, SRA State-certified general real estate appraiser RZ643 Angelica R. Jordan, Associate State-registered trainee appraiser RI23949 Section 1 – Premises of the Appraisal Purpose of Appraisal: The purpose of this appraisal is to estimate market value of the subject property in fee simple ownership as described in this analysis under the reporting requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), as defined by the Appraisal Foundation. Function of Appraisal: To assist Collier County in the possible acquisition of the subject property. Competency of Appraiser: The appraisers' specific qualifications are included within this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision contained within the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation. The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment based on the following: • Professional experience • Educational background and training • Business, professional, academic affiliations and activities The appraiser has previously provided consultation and value estimates for large acreage sites and various types of residential, industrial and commercial properties in Florida. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 6 Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the scope of work as: “the type and extent of research and analyses in an assignment”. “The scope of work includes, but is not limited to: the extent to which the property is identified, the extent to which tangible property is inspected, the type and extent of market research and the type and extent of analysis applied to arrive at opinions or conclusions.” The scope of work has been to collect, confirm, and report data. Other general market data and conditions have been considered. Consideration has been given to the property’s market area, physical characteristics as well as zoning, land use and highest and best use. The work performed for this assignment included but is not limited to: • Extent to which the property was identified o The property was identified by the Folio numbers and the legal description provided by Collier County Property Appraiser’s office. • Extent to which the property was inspected o An inspection of the subject property was done on September 10, 2018. An inspection of the property was accomplished. Portions of the site inspected were only those with physical road access. In addition to the ground level inspection, aerial photography was available through the Collier County Property Appraiser’s office as well as Google Earth have been given consideration. • Type and extent of the market researched o Investigation of public records for the properties’ zoning, land use, flood zone information, county property appraiser’s records for attributes of the subject property itself. o Collection and analysis of sales of saltwater wetlands and other sales in close proximity in order to form a market value opinion. A number of sales have been used in this analysis. The land sales have been verified by the buyer, seller, broker or representative thereof if available. o Type and extent of analysis applied COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 7 The value opinions presented in this report are based upon review and analysis of the market conditions affecting real property, including land values, the attributes of competitive properties, and sales data for similar properties. o Reconciling the value indications from the appropriate approaches of value into final value opinions for the subject property; all as of the effective date of this report. o Preparation of a written report. To develop the opinion of value, Carlson, Norris and Associates, Inc. performed an appraisal as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal, Carlson, Norris and Associates, Inc. used the Sales Comparison Approach to develop reliable value indications. Neither the Cost nor the Income Approaches were applied in this appraisal. The Cost Approach was not applied since there were no improvements to consider. Vacant land is typically not purchased for its ability to generate an income stream. Therefore, the Income Approach was not applied. Furthermore, the value conclusions reflect information about the subject property and current market conditions. This appraisal of the subject property has been presented in an Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the USPAP. Property Rights Appraised: The property ownership rights appraised in this appraisal are those known as fee simple. Fee Simple Interest 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.”1 Intended Use and User of Appraisal: The intended use of the appraisal is to assist the user, the Collier County Government in the potential acquisition of the subject property. 1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal Sixth Edition, the Appraisal Institute, Chicago, Illinois (U.S., 2010) COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 8 Market Value Definition: As defined in the Agencies’ appraisal regulations, “The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in 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: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75, Number 237, Page 77472) Date of Value Estimate: September 10, 2018 Date of Property Inspection: September 10, 2018 Date of the Report: October 11, 2018 Sales History: The Uniform Standards of Professional Appraisal Practice requires a statement of the listings, sales contracts, and sales history of the subject property for the five years prior to the appraisal date. The analyst is aware of no sales contracts for the five year period prior to this appraisal date. Therefore, there is no sales history. The property was previously listed with Kevin Fitzgerald with NAI Southwest Florida, who stated his most recent listing price was $2.5 million. He stated he had some interest in the property and an offer from Capri Christian Church for $1.5 million with a $1 million charitable donation credit, however, they ended up buying adjacent lands to their current location and expanding the campus they were already at. It is not known if excessive permitting cost and cost associated with site development in a wetland were contributing factors in the transaction not closing. There was a for sale sign on the property at the COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 9 time of inspection. We were informed that the current owner had the property for sale for $2,500,000. Mr. Fitzgerald stated Ms. Sarita Green took over this listing earlier this year. Appraisal History: Carlson, Norris and Associates, Inc. as well as J. Lee Norris, MAI, SRA individually have had no prior involvement with the subject property or the subject owner. Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which all appraisals and resulting reports are made. The process of administration of those rules and guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The Appraisal Standards Board issues the rules and guidelines in the form of a document update published each year by The Appraisal Foundation. That document is entitled “The Uniform Standards of Professional Appraisal Practice” (USPAP). As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted Appraisal Report. The following definitions have been adopted for each type of report: • An Appraisal Report: A written report prepared under Standards Rule 2-2(a). • Restricted Appraisal Report: A written report prepared under Standards Rule 2- 2(b) This appraisal is reported in an Appraisal Report format. Exposure Time: Exposure time is the estimated length of time the properties would have been offered prior to a hypothetical market value sale on the effective date of appraisal. It is a retrospective estimate based on an analysis of recent past events, assuming a competitive and open market. It assumes not only adequate, sufficient, and reasonable time but also adequate, sufficient, and reasonable marketing effort. Exposure time is therefore interrelated with appraisal conclusion of value. An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one- line statement. Instead, it is an integral part of the appraisal analysis and is based on one or more of the following: • statistical information about days on the market • information gathered through sales verification COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 10 • interviews of market participants. The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate of time alone. Exposure time is different for various types of real estate and under various market conditions. In consideration of these factors, we may have analyzed the following: • Exposure periods of comparable sales revealed during the course of this appraisal; • Macroeconomic exposure times for the subject property type across the Subject MSA and the entire United States as published in multiple articles and websites. • Knowledgeable real estate professionals. An exposure time of two years or less for the sale of the subject site appears to be reasonable and appropriate. This exposure time assumes the subject would have been competitively priced and aggressively promoted within the market area. Marketing Time: Marketing time is the period a prospective investor would forecast to sell the subject properties immediately after the date of value, at the value estimated. The marketing time is an estimate of the number of months it will require to sell the subjects from the date of value, into the future. The anticipated marketing time is essentially a measure of the perceived level of risk associated with the marketability, or liquidity, of the subject properties. The marketing time estimate is based on the data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated changes in market conditions following the date of appraisal. The future price for the subjects (at the end of the marketing time) may or may not equal the appraisal estimate. The future price depends on unpredictable changes in the physical real estate, demographic and economic trends, real estate markets in general, supply/demand characteristics for the property types, and many other factors. Based on the premise that present market conditions are the best indicators of future performance, a prudent investor will forecast that, under the conditions described above, the sale of the subject site will require a marketing time of approximately two to three years. Extraordinary Assumptions: Extraordinary assumptions are defined as: “An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 11 opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; • Use of the extraordinary assumption results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions.” Please note the following extraordinary assumptions: • An expert soil analysis has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the site has adequate soils to support the highest and best use. The analyst is not an expert in area of soils, and would recommend that an expert be consulted. • It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. The analyst is not an expert with respect to subsurface conditions, and would recommend that an expert be consulted. • It is assumed that there are no toxic or hazardous materials either at ground level or subsurface. The analyst is not an expert in the valuation of site contamination, and it is recommended that an expert be consulted. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 12 Section 2 – Description of Real Estate Appraised Regional Location Map Subject Location Map COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 13 COLLIER COUNTY AREA ANALYSIS The subject property is located within Collier County, Florida, some 150 miles south of Tampa and some 140 miles northwest of Miami. Collier County is located on the extreme southwestern portion of the state of Florida. Collier County was created in 1923 and was separated out from what was a larger Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and real estate developer who had moved to southwest Florida and established himself as prominent business man and land owner. By the end of the decade railroads and Tamiami Trail were in-place which opened the area to agricultural and resort development. Florida’s first commercial oil well was drilled in 1943, and the county’s pine and cypress logging industry flourished into the 1950s. The county’s economy boomed along with its population shortly after World War II. In a short span of 30 years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in the country. PHYSICAL FACTORS It is the largest county in the state in terms of land area with 1,998 square miles which includes 821,600 acres of preserves, parks, and refuges. Along with the land area Collier County also has 307 square miles of water to give Collier County a total size of 2,305 square miles. The most highly developed areas within the county are west of Interstate 75 and along the coastline of the Gulf of Mexico. Development becomes increasingly sparse the more easterly the location in the county; and these easterly areas of the county contain a considerable amount of preserved land. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 14 There are three incorporated cities within the county; namely City of Naples, City of Marco Island, and Everglades City. The county is famous for its subtropical climate with average high temperatures ranging from 78o F. in January to 92o Fahrenheit in August. The average annual precipitation for the county is 56 inches. This area is also subject to tropical storms and hurricanes. The hurricane season runs from June through November. ECONOMIC-FINANCIAL FACTORS There are numerous economic factors that impact the supply and demand for all types of real estate and specifically housing in any given area. These factors will be considered and discussed in the following paragraphs. Although these factors are considered individually, they do not act as independent agents in the marketplace. They interact and effect, one another. Therefore, the economic-financial factors considered, should be considered in totality, as a part of the economic framework. Population: Collier County has 372,880 people living there as of July 2017 making Collier County Florida’s 16th most populous county. Collier County had a population of 321,520 in 2010 and they have experienced a 40,324 person increase over 5 years or 12.1% growth. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 15 Additional population estimates reflect population projections from the year 2017 to the year 2045 by the state of Florida’s Office of Economic and Demographic Research, working in conjunction with the University of Florida’s Bureau of Economic and Business Research. The population estimate for the year 2016 for Collier County is 350,000 and increases to 516,000 in year 2045. This represents a 47% increase in population over this period. Demographics within Collier County are predominately White at 89.3%, followed by Black or African American at 7.4%, Asian at 1.5%, American Indian and Alaska Native at 0.5%, Native Hawaiian and Other Pacific Islander at 0.1% and then two or more races filling out the remaining 1.2%. Tourism: Tourism is important business for Naples, Marco Island and the Everglades. As the leading employer and the primary economic engine for the region, the tourism industry is responsible for over 38,000 jobs in Collier County. About 1.8 million visitors in 2017 spent over $1.37 billion dollars, resulting in a total economic impact of over $2.05 billion to Collier County. Collier County enacts a 5% tax on all hotel, campground and vacation rental stays of less than six months. The distribution of tourist development tax dollars is set according to Collier County COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 16 ordinance. The funds are dispersed as follows; Beach Re-nourishment, Pass & Inlet Maintenance, Beach Park Facilities - 42.56%, Tourism Promotion, Destination Marketing - 33.57% Amateur Sports Complex Debt - 14.29%, and Museums - 9.59%. Employment: The unemployment rate in Collier County decreased to 3.6% in July 2018, down from July 2017 at 4.0%. The overall trend of unemployment has been trending downward. From January 2010 until now, Collier County has experienced downward trends in unemployment getting as low as 3.4%. The chart below depicts this continual downward trend along with total employed data and unemployed. Collier County’s largest employment concentrations continue to be in industries that are fueled by population growth. The retail trade, construction, and accommodation and food industries have the most employees in Collier County. Those three industries combined employ more than 54,000 people in Collier County. The fourth largest industry in Collier County is the healthcare and social assistance accommodation and food service industry, which employs more than 15,000 people. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 17 Major employers in Collier County are Collier County Public Schools with 5,281 employees, NCH Healthcare System with 4,000 employees and Publix Supermarkets with 2,805 employees. As the Collier County population matures, employment in the healthcare industry will continue to make up a larger part of overall employment. Collier’s top 10 employers are listed below. Taxes: Florida is one of the few remaining states without a personal income tax. The absence of personal income taxes draws many people to Florida. Businesses enjoy additional incentive of low corporate income taxes. The Florida’s tax rate of 6% is one of the lowest in the U.S. and far below the 12% levied by some states. The largest share of households in Collier County pay $3,000+ in property taxes. The Florida statutes provide for the annual assessment and collection of property taxes on real and personal property. Property taxes are assessed and collected at the county level as revenue for counties, municipalities, school districts and special taxing districts. The tax rate is set by the taxing authority. One mill is equal to $1 per $1,000 of property value. The total just value for all real estate property types in Collier County for 2017 was $108,883,153,054. Banking/Interest Rates/Financing: As of September 2018 the prime rate was reported at 5.00%. Approximately one year ago the prime rate was 4.25%. The federal discount rate is most recently reported to be 2.50%, a year ago was about 1.75%. The federal funds effective rate is 1.91%. Currently the rate for a Freddie Mac 30 year fixed loan is 4.60%, 15 year fixed loan about 4.04%, and a five year ARM at about 4.45%. Mortgage rates have shown volatility up and down over the last year. The trend is expected to be for higher interest rates moving forward. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 18 Financing both commercial and residential properties became difficult during the downturn in the economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased by investors with cash and expectation of longer holding periods. Generally financing of improved properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for residential properties. Real Estate and Housing: Collier County was spared from the national economic downturn (2007-2009). Collier County experienced a significant increase in residential and commercial property values from 2004 through 2006. Several news publications rated Naples as the most over-valued area of the country with respect to residential housing values. The decline in residential property values began in 2006. Inventory levels began to rise as investors and owners positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase any property with a sense that the economy as a whole was headed for trouble. Many investors were not able to meet their carrying costs and properties went into foreclosure. Southwest Florida became the epicenter for residential property foreclosures with communities such as Golden Gate at the forefront of the crisis in Collier County. Residential construction projects in various stages of development were stopped as housing inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the residential construction industry; and with no homes to build, this industry was quickly decimated. Contractors that supplied this industry typically ran their businesses from various industrial locations in Collier and Lee Counties. This type of property was the first commercial property to be adversely affected with retail and office properties following. There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier County’s zoning allows the flexibility COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 19 of properties of 19 acres or more to be zoned as Research and Technology Parks, which are based on commerce parks and offer advanced infrastructure to attract technology based businesses. Single family permits are an indicator of health in an economy of a given area. The following shows a chart with single family permits monthly averages from 2008 to 2018. In the bottom of the recession in 2009 Collier County fell below 50 permits per month. The total for July 2018 was +/- 350, up about 125 from July 2017. Single family permits identify houses under construction and therefore reflect jobs in the construction industry. Median sales price in Collier County for single-family homes was around $440,000 in July of 2018 which is higher compared to what it was for July 2017. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 20 Total foreclosures have gone down over the past two years in Collier County and the total percentage of foreclosures sits at 0.04% compared to 0.09% in Florida and 0.05% nationally. New Development: A relatively new town is developing in the eastern part of Collier County known as Ave Maria. The town is located on what was once largely agricultural land is centered around Ave Maria University, the country’s newest Catholic University. The university opened its doors in 2007 and currently has about 1,110 students with plans to grow to 1,500 by year 2020 and then ultimately grow to around 5,500 undergraduate and graduate students. The town is designed to be a compact, walk-able, self-sustaining town that reflects the community’s rural roots while offering a full range of residential options and commercial services to its residents. The Ave Maria community totals about 5,000 acres, of which nearly 20% has designated as the University Campus. A Town Core anchored by the landmark oratory that also incorporates retail, commercial, and residential living space provides a central connection between the town and the university. Business is expanding in Collier County as evidenced by a surgical device company that recently broke ground on a site near Ave Maria University to build a $25 million manufacturing plant. This construction project is expected to bring 500 construction jobs to the area this year; and once complete, the plant will employ 400 to 500 workers. Ave Maria has experienced a sever mosquito problem and as a result they have been sprayed more than 30 times by very safe pesticides in 2015 making it the most sprayed area in southwest Florida. Transportation: The infrastructure of the county continues to see improvements. Interstate 75 has been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County recently widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake Hammock Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening projects along Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 21 roads are: US 41, Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County Government has worked diligently to develop an efficient road system that will accommodate future growth; and it is likely to continue to develop the necessary road infrastructure in the years to come. Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic needs for the fast growing population of Southwest Florida. RSW is the eighth fastest growing airport in the nation, servicing more than 8 million passengers a year. More than two dozen commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to more than 27 domestic and two international destinations. The Southwest Florida International Airport also maintains customs clearing facilities for international cargo. RSW is located off Interstate-75 in South Lee County, an approximate 30 minute drive from most areas of Naples. In 2005 the airport was completely updated and expanded to meet the growing demand of area businesses and visitors. The $386 million ultra-modern complex includes a two story terminal with 28 aircraft gates along three concourses, a new taxiway, and new parking options that includes a three story parking structure. The facility will allow for incremental expansion up to 65 gates. Construction was recently completed on a direct access connection between I-75 and the airport. Total passenger activity for the three Southwest Florida airports grew 9% compared to June of 2017. The first half of 2018, passenger activity exceeded that of the prior year period by 7%. The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO services for general aviation including fueling and catering. It is the home to charter airlines, COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 22 aircraft maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental agencies, the Collier County Sheriff’s Aviation Unit, flight schools, the Humane Society, and over 40 additional aviation and non-aviation businesses. The airport encompasses approximately 732 acres of land, approximately two miles northeast of Old Naples with convenient access to major roads and Interstate-75. POLITICAL-GOVERNMENTAL FACTORS The county government is headed by a Board of Commissioners. There are five commissioners, each assigned to a specific geographical area within the county. A County Manager coordinates most of the departments including county services, public services, community development/environmental services, utilities and transportation. The county is currently experiencing a decline in revenues which will result in future capital improvement plans being significantly cut back. Additionally operating expenses are under increasing pressures due to legislative mandates from the state, escalating costs of property insurance and health benefits, and the overall economic downturn. Collier County has experienced a change of 9.14% in budget between FY 2018 and FY 2017. Total net county budget in FY 2017 was $1,071,028,900. The FY 2017 total net county budget is now $1,166,470,4000. Education: The Collier County public school system currently contains a total of 57 schools with 47,000 students and 3,200 teachers. Collier County averages 2,700 graduates per year. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 23 Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a newly established Catholic University offering liberal arts oriented baccalaureate degrees as well as some graduate degree programs. The county is also home to branch campuses of Florida Southwestern State College and Florida Gulf Coast University. Collier County has a high level of education attainment compared to other counties in Florida and compared. Collier County has 34% of their people attain a bachelor’s degree of higher compared to 28% in Florida and 30% in the United States. Only 12% of those within Collier County have less than a high school education. SOCIOLOGICAL FACTORS Recreation: Collier County offers a vast variety of natural and historical attractions. Places to visit include the 52 acre Naples Zoo, Collier County Museum, Big Cypress National Preserve, Museum of the Everglades, Naples Botanical Gardens and many other reserves, museums, zoos, etc. Healthcare: Within Collier County there is the Naples Community Hospital, North Collier Hospital, Regional Heart Institute, NCH Wellness Centers and other various clinics. Being the largest county in Florida with a total area of 2,305 square miles its medical facilities manage to cover it all. Helicopter usage cuts critical minutes from transport time. 81.4% of those within Collier County have health insurance compared to 83.6% throughout Florida and 88.3% throughout the United States. The highest percentage of those without healthcare coverage from people making $50,000 and less. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 24 SUMMARY Collier County is located along the west coast of Florida along the Gulf of Mexico. The climate is sub-tropical with mild winters that allow for year round enjoyment of the many attractions this area offers. Collier County is a desirable destination for residents and non-residents alike. In spite of the many positives, portions of Collier County were greatly affected by the past housing debacle which resulted in a significant number of residential foreclosures, trends have been positive in most recent years though. While the current “improving” economic climate will keep commercial and residential development at bay in the short term, the availability of commercial vacant land, the county's numerous natural attractions, and the anticipated future population growth will bode well for this area over the long term. Collier County is considered to be a wonderful place to live. There are tremendous opportunities as far as employment is concerned in many different industries. The diversity of job opportunities spans a significant range from low income persons to jobs of very high income people as well. There are tremendous recreational facilities with numerous golf course, beaches and recreational parks, not to mention the significant amount of land that is federally held in conservation in the eastern portions of the county. The public school system is good and provides for a well-rounded public education for the students that reside within the county. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 25 NEIGHBORHOOD ANALYSIS Neighborhood Analysis: Neighborhood analysis is defined as: “The objective analysis of observable and/or quantifiable data indicating discernable patterns of urban growth, structure and change that may detract from or enhance property values; focuses on four sets of considerations that influence value: Social, economic, governmental and environmental factors.” Source – The Appraisal Institute, The Dictionary of Real Estate Appraisal, Sixth Edition, Chicago Appraisal Institute, 2010. Market Area Map Market Area: Market area is defined as: “The geographic region from which a majority of demand comes and in which the majority of competition is located. Depending on the market, a market area may be further subdivided into components such as primary, secondary, and tertiary market areas, or the competitive market area may be distinguished from the general market area.” Source – The Appraisal Institute, The Dictionary of Real Estate Appraisal, Sixth Edition, Chicago Appraisal Institute, 2010. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 26 The subject property is geographically some 2 miles south of Tamiami Trail E in southern Collier County, five miles north of Marco Island, twenty miles west of SR-29, and about four miles east to the Gulf of Mexico. A market area generally goes through four stages during its life cycle. These four stages include the “growth” stage which is the period during which the market area gains public favor and acceptance. The “stability” stage is the period of relative equilibrium without market gains or losses. The “decline” period is when there is diminishing demand in the area and the fourth and final stage is “revitalization” which is period of renewal, modernization and increasing demand. Based upon the observed conditions within the defined market area, it is the analyst's opinion the market area is in the growth stage of its market life cycle. Due to the subject’s location on the southern edge of Collier County development we have stated this area is in the growth stage. There is limited development in the direct area of the subject property at this time as a significant amount of the vacant land is state owned or environmentally sensitive. There is scattered residential development to the east, northeast, and northwest of the subject property. Preliminary plans for more development in southern Collier County exists. These plans call for more residential development. Collier County is currently preparing for an overall expansion of 1,000,000 residents within the next 75 years. Currently at peak season there are 400,000 residents in Collier County. The Community of Golden Gate Estates is expected to grow by 10,000 people in the next 10 years. There is constant pressure on government agencies to rezone properties to allow for more development. Currently 77% of the lands in eastern Collier County cannot be developed. This causes more intensive growth on property that can be. An additional interchange to service Golden Gate at Interstate 75 is being considered. The subject property is located along the only major thoroughfare from Tamiami Trail E (north) to Marco Island (south). Marco Island is an island on the Gulf of Mexico off the coast of Southwest Florida. It is a principal city of the Naples–Marco Island Metropolitan Statistical Area. The census shows an estimated population of 17,847 as of 2016. There is a mix of quality commercial structures and residential homes, condominiums and hotels. Architectural standards maintain quality development standards and promote the desirable ambiance of Marco Island. Since this is an island community, recreational water activities such as boating and fishing characterize much COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 27 of this community. High rise condominium buildings are common along the shore. Although this community is primarily residential in nature, commercial development concentrates at major intersections along the island. The immediate area around the subject along Collier Boulevard from Tamiami Trail to Marco Island is mostly residential developments, with some commercial development along the east side of Collier Boulevard just south of Tamiami Trail and south of Manatee Road. Some of the major residential developments include Hammock Bay Golf and Country Club, Fiddler’s Creek, Silver Lakes RV Resort and Golf Club, and Holiday Manor. The west side of Collier Boulevard south of Manatee Road is predominately jurisdictional wetlands. This area of wetlands includes Rookery Bay National Estuarine Research Reserve which represents one of the few remaining undisturbed mangrove estuaries in North America. he Rookery Bay National Estuarine Research Reserve is managed by the Florida Department of Environmental Protection's Coastal Office in cooperation with the National Oceanic and Atmospheric Administration (NOAA). North of the Tamiami Trail near Collier Boulevard is the Lely and Lely Resort communities. The growth pattern for Collier County over the last two decades has been on a whole from west to east. About 2 miles northeast of the subject at Tamiami Trail E and Manatee Road, a new development is on the way by Argo Development Corp. that will feature a gated community with twin villas and detached homes. The development permits 225 residential units. Northwest to the subject, along Tamiami Trail at Southwest Boulevard, a 200-unit luxury rental community is being developed known as The Crest at Naples. Other recently developed communities in the market area include Naples Reserve, Treviso Bay, and Artesia of Naples The closest access onto Interstate 75 is at the intersection of Collier Boulevard and Interstate 75 which is 5.0 miles north of the subject. At this intersection can be found a Cracker Barrel, a LaQuinta Inn, and a Fairfield Inn and a Spring Hills Suites. The White Lake Industrial Park subdivision is also in the northeast quadrant of the interchange. White Lake Industrial Park is a thriving industrial park currently home to Parker Hannefin Corporation previously known as Shaw- Aero. Additionally Roush Enterprises is located in the White Lake Industrial Park. Two miles west along White Lake Boulevard is a Collier County landfill as well as the location of Yahl Mulching and Recycling. The Collier County landfill referenced is located at 3730 White Lake Boulevard. This landfill is 310.97 acres and is a Class One solid waste management facility. It accepts solid waste COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 28 six days a week. The landfill began operation at this location in December 1976. The landfill is operated by Waste Management, Inc. on behalf of Collier County. Legal Description: The subject property is legally described as follows: 15 51 26 N1/2 OF S1/2 OF N1/2 LYING W OF SR 951, N1/2 OF S1/2 OF S1/2 OF N1/2 LYING W OF SR 951, LESS RW DESC IN OR 1158 PG 1624-1627, LESS OR 1238 PG 1548 Assessed Value and Taxes: According to the Collier County Tax Collector’s records the subject property is identified by the following Folio Numbers also showing ownership names. On this chart we show the ownership name, Folio number, taxable value, assessed value and the tax liability for the last three years. The subject property is calculated by Collier County to contain 28.7 acres. For the tax year 2017 the subject property’s taxes are paid and current. Parcel #Ownership Folio #Market Value Taxable Value Assessed Value Tax Liability 2017 Green & Green Investments, Inc.742880009 $574,000 $69,030 $69,030 $3,339.55 2016 Green & Green Investments, Inc.742880009 $574,000 $57,300 $57,300 $3,369.23 2015 Green & Green Investments, Inc.742880009 $574,000 $52,091 $52,091 $3,468.11 2014 Green & Green Investments, Inc.742880009 $574,000 $47,355 $47,355 $3,497.46 2013 Green & Green Investments, Inc.742880009 $43,050 $43,050 $43,050 $513.71 REAL ESTATE ASSESSMENT & TAXES We spoke with someone at the Collier County Property Appraiser’s office regarding the increase in market value for the 2014 year to current. He stated this was primarily due to the substantially higher listing price of the subject on the active market, which was reported to be $3.9 million and $2.9 million historically. Only the Collier County Property Appraiser’s office can assess properties for taxation purposes. The actual tax liability is calculated utilizing the millage rate as set by the Collier County Commission then multiplying this by the assessed value of the property. Should the millage rate or the assessed value change for the site the tax liability would be different from that as reported herein. Ownership: The owner of the subject property is as follows. Green & Green Investments Inc. 7532 Euclid Chardon Rd Kirtland, OH 44094 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 29 Section 3 – Site Description Please note the following information which includes an aerial photograph, plat map, general site information and data, the physical characteristics and economic factors that affect the site. AERIAL MAP PLAT MAP COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 30 General Site Information Location: The subject is located along the west side of Collier Blvd, 2 miles south of Tamiami Trail E and 5 miles north of Marco Island. The subject is bordered by Rookery Bay National Estuarine to the north and west and Conservation Collier Lands to the south. Assessor’s Parcel Number: 00742880009 Physical Characteristics of the Site Frontage: 1,040 +/- feet of frontage along the west side of Collier Blvd Total Site Area: The site contains 1,250,172 square feet or 28.7 +/- acres. Shape of Tract/Corner: Close to rectangular/No Access: The subject has access from Collier Blvd., a four lane road Utilities: Flood Zone: Visibility: Topography: Soils: The utilities to the site are as follows: Sewer/Water Collier County Utilities Electric: Florida Power & Light Police: Collier County Sheriff’s Dept. Fire: East Naples Fire District Per information provided by Southwest Florida MLS, the subject is part of Community Number 120067, Flood Zone AE, Panel Number 12021C0615H, dated 05/16/2012. Zone AE is an area that is inundated by 100 year flooding. The site has good visibility from Collier Blvd. The site appears to be completely wetlands with saltwater marsh. Vegetation includes mangrove, black rush, sawgrass, spike rush, cattails, and other mixed shrubs. An area in the SW corner may be more conducive to development but gaining access across wetlands could be cost prohibitive. We spoke with both Mr. Weeks from the Collier County planning department and a land buyer for a national developer about this property. Mr. Weeks stated accessing this area would be very difficult if not impossible and the land buyer said he would not be interested at any price. We have completed a web soil survey analysis via the USDA Natural Resource Conservation Service. The soils determined for the subject site are Estero and Peckish soils (89.1%) and Durbin and Wulfert Mucks (10.9%). A map with legend and descriptions of the soils for this analysis can be found in the addenda of the report. Soil conditions are a factor for future development. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 31 Easements/Restrictions: The subject has a 100’ easement on the western boundary by Lee County Electric Cooperative (LCEC) that allows for vehicle access. There is a 200’ County owned right-of-way along Collier Boulevard. The property is within a state project boundary (Rookery Bay), however, the parcel can be removed by Rookery Bay NERR Project Boundary by request from an owner. Zoning: The subject has a zoning designation of Rural Agricultural District (A). The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. The A district corresponds to and implements the Agricultural/Rural land use designation on the future land use map of the Collier County GMP, and in some instances, may occur in the designated urban area. The maximum density permissible in the rural agricultural district within the urban mixed use district shall be guided, in part, by the density rating system contained in the future land use element of the GMP. The maximum density permissible or permitted in A district shall not exceed the density permissible under the density rating system. The maximum density permissible in the A district within the agricultural/rural district of the future land use element of the Collier County GMP shall be consistent with and not exceed the density permissible or permitted under the agricultural/rural district of the future land use element. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 32 Subject Property Photographs View: Looking south along Collier Boulevard Photograph date: September 10, 2018 Taken by: Angelica Jordan View: Looking north along Collier Boulevard Photograph date: September 10, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 33 Subject Property Photographs View : Typical view along eastern boundary of site Photograph date: September 10, 2018 Taken by: Angelica Jordan View : Typical view along eastern boundary of site Photograph date: September 10, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 34 Subject Property Photographs View : Typical view along eastern boundary of site Photograph date: September 10, 2018 Taken by: Angelica Jordan View : Typical view along eastern boundary of site Photograph date: September 10, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 35 Subject Property Photographs View : Typical view along eastern boundary of site Photograph date: September 10, 2018 Taken by: Angelica Jordan View : Typical view along eastern boundary of site Photograph date: September 10, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 36 Subject Property Photographs View : Typical view along eastern boundary of site Photograph date: September 10, 2018 Taken by: Angelica Jordan View : Typical view along eastern boundary of site Photograph date: September 10, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 37 Subject Property Photographs View : Typical view along eastern boundary of site Photograph date: September 10, 2018 Taken by: Angelica Jordan View : Typical view along eastern boundary of site Photograph date: September 10, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 38 Section 4 – Highest and Best Use Analysis The principal of highest and best use is defined: “That reasonably probable use and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value.” The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. • Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site in question? • Possible Use- to what uses is it physically possible to put the site in question? • Feasible Use-, which possible and permissible uses will produce any net return to the owner of the site? • Highest and best Use- among the feasible uses, which use will produce the highest net return or the highest present worth?” The cornerstone of every appraisal is highest and best use analysis. It is the basis to wit the actual valuation is based. In performing the highest and best use analysis the appraiser must base the highest and best use conclusion on the property characteristics that exist as of the effective date of appraisal or identify any hypothetical conditions and/or extraordinary assumptions that are being employed. The client has requested an estimate of market value based on the “as is” fee simple ownership as of the effective date of appraisal. The effective date of appraisal is September 10, 2018. Please be advised this highest and best use does not give any consideration to oil, gas, mineral rights or any value associated with the aggregate on the subject site. Legally Permissible: Each section of highest and best use analysis will either strengthen or weaken the uses defined in the previous sections, in this case the physically possible uses. That should be the case here. Agriculture, residential, places of worship and recreational uses are legal uses. The subject property is substantial enough in size to be economically viable. The current zoning is rural agricultural and the land use is Urban Coastal Fringe Subdistrict. There are no legal aspects of the property which would eliminate these legal uses. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 39 Physically Possible Uses: The subject property contains 28.7 acres. The entire site is designated as wetlands. We noted during the inspection significant standing water. The site is densely covered with Mangrove Swamp, salt marsh, and fresh water marsh vegetation. Access to the property is by a four-lane paved road, Collier Boulevard, which is along the east side of the subject property. The site has heavy vegetation with wetlands evident. To this point the uses which are both legally permissible and physically possible support primarily conservation and/or recreational uses. Residential and other uses such as houses of worship may be physically possible but will require significant mitigation expense and site development costs. Economically and Financially Feasible: Local ecosystems are of high fundamental biological, societal, and economic value but are diminishing in extent and condition. Ecological restoration seeks the highest and best conservation outcomes for ecosystems at increasingly larger scales. While it is impossible without a proposed site development plan to know the exact mitigation and site development costs we believe they will be extensive and may eliminate residential and other uses from being economically viable. The demand for land in general in Collier County will push the value of even conservation land to higher levels than normally seen. The legally permissible and physically possible uses which are economically feasible are for the sites to be used for conservation and/or recreational uses Maximally Productive Use: The test of maximum productivity is applied to the uses that have passed the first three tests. Additional analysis of the market forces of supply and demand may aid the process of use elimination. Economical and financially feasible uses support conservation and/or recreational uses. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 40 Section 5 – Valuation of the Subject VALUE ESTIMATE BY THE COST APPROACH Cost Approach is defined as: “A set of procedures through which a value indication is derived for the fee simple interest in a property by estimating the current cost to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive, deducting depreciation from the total cost, and adding the estimated land value. Adjustments may then be made to the indicated fee simple value of the subject property to reflect the value of the property interest being appraised.” There are no improvements of significance on the subject property. The Cost Approach does not apply. VALUE ESTIMATE BY THE INCOME APPROACH The Income Approach is defined as “A set of procedures through which an appraiser derives a value indication for an income-producing property by converting its anticipated benefits (cash flows and reversion) into property value. This conversion can be accomplished in two ways. One year's income expectancy can be capitalized at a market-derived capitalization rate or at a capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment. Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified yield rate”. The Income Approach is widely applied in appraising income-producing properties. Anticipated future income and/or reversions are discounted to a present worth figure through the capitalization process. Since vacant land is typically not purchased for its ability to generate income, the Income Approach does not apply. VALUE ESTIMATE BY THE SALES COMPARISON APPROACH Sales Comparison Approach is defined as: “A set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, then applying appropriate units of comparison and making adjustments to the sale prices of the comparables based on the elements of comparison. The sales comparison approach may COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 41 be used to value improved properties, vacant land, or land being considered as though vacant; it is the most common and preferred method of land valuation when an adequate supply of comparable sales are available.” The Sales Comparison Approach involves the comparison of properties similar to the subject, analyzing the differences between the sales and the subject property and correlating the results of the comparison of the sales to the subject into a value indication. We have searched for comparable sales of saltwater wetlands throughout Lee and Collier Counties. Due to the limited amount of sales for this type of property we have had to expand our search back to 2012. We have researched and included four comparables for this analysis. The following map shows where each of the comparables is located along with the subject site. The following pages will include descriptions of the comparables used, along with an analysis grid and narrative for adjustments made. All sales have been researched and verified by a party to the transaction when possible. LAND SALES MAP COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 42 COMPARABLE 1 Property Reference: Property Type: Wetlands Vacant Land Address: 27351 Hickory Blvd. Bonita Springs, FL 34134 County: Lee Location: East side of Hickory Blvd. north of Bonita Beach Rd, . STRAP/ID: 31-47-25-B1-00017.0000 Grantor: Parilli, Parilli, Huntington and Schlubach Grantee: Carol and Don Wang Legal Data: Sale Date: January 04, 2012 Sale Price: $300,000 Sale Price per Sq. Ft.: $0.18 Sale Price per Acre: $8,045 Price per Dev. Unit: Recording: 2012000029052 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Wetlands Zoning: AG-2 Highest and Best Use: Recreation, Conservation, potential single family CNA Data # 298 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 43 Site Data: Site Dimensions: Irregular Site Size: 1,624,352 square feet, 37.290 acres Shape: Irregular Topography: Low but generally level Corner/Visibility Influence: No Utilities: Electricity, Telephone, Water Access: Paved Hickory Blvd. Wetlands/Uplands: Bay view Soils: Muck Sale Analysis: Sale Price: $300,000 Financing: Cash Price per SF: $0.18 Price per Acre: $8,045 Sale Confirmation: Verification: Mr. Randy Krise, Krise Realty, 239 690 4100 Verifying Appraiser: J. Lee Norris MAI, SRA, May 01, 2012 Sale History: No other recent prior sales Comments: This site is all saltwater wetlands and had very little potential for development of its size, it did meet zoning and land use requirements. The property was listed for sale and was bought by the adjacent homeowner who had the ability to acquire the site and assure himself that no one would buy the property and attempt to build a single family home next to him. This was a motivated buyer. 14-74 CNA Data # 298 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 44 COMPARABLE 2 Property Reference: Property Type: Wetlands Vacant Land Address: 27591 Hickory Boulevard Bonita Springs, FL 34134 County: Lee Location: Southeast corner of hickory Boulevard and Hickory View Drive STRAP/ID: 31-47-25-B2-002L0.260 Grantor: Pamela J. Parilli, Trustee of the Parilli Living Trust Dated March 31,2005 Grantee: Carol Wang and Done Wang Legal Data: Sale Date: January 31, 2013 Sale Price: $80,000 Sale Price per Sq. Ft.: $0.18 Sale Price per Acre: $7,851 Recording: Instrument 2013000026752 Interest Conveyed: Fee Simple Deed Conveyed: Gen. Warranty Deed Land Use: Resource Protection (75%); Moderate Density Residential (25%) Zoning: AG-2; RS-1 Highest and Best Use: Low Density Residential CNA Data # 1178 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 45 Site Data: Site Dimensions: Irregular Site Size: 443,876 square feet, 10.190 acres Shape: Irregular Topography: Wetlands (75%); Uplands (25%) Corner/Visibility Influence: Yes/Average Utilities: Full Public Access: Average Wetlands/Uplands: Wetlands (75%); Uplands (25%) Soils: None adverse apparent Sale Analysis: Sale Price: $80,000 Financing: Cash to Seller Price per SF: $0.18 Price per Acre: $7,851 Sale Confirmation: Verification: Randy Krise, 239-690-4100 Verifying Appraiser: Bill Carlson, MAI, SRA, May 07, 2018 Sale History: No known arm's length transactions during preceding five years Comments: The property had been on the market for a substantial period at varying prices prior to being placed under contract. The confirming broker indicated the purchaser owned adjacent land and purchased the site for privacy. Reportedly the site could be developed with one dwelling; however, placement of the house and other development issues would make it difficult. The confirming party indicated this was an arm's length transaction at market value. Our FIle Number: 18-42 CNA Data # 1178 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 46 COMPARABLE 3 Property Reference: Property Type: Wetlands Vacant Land Address: Pine Island Sound Bokeelia, FL 33922 County: Lee Location: 1.35 miles west of Raymary Street STRAP/ID: 02-44-21-00-00001.0000 Grantor: RPM Recoveries Inc. Grantee: Hadad Holdings, LLC Legal Data: Sale Date: August 28, 2017 Sale Price: $250,000 Sale Price per Sq. Ft.: $0.23 Sale Price per Acre: $10,081 Recording: Instrument 2017000192698 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Wetlands Zoning: AG-2 Highest and Best Use: Conservation/Recreation CNA Data # 1194 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 47 Site Data: Site Dimensions: Irregular Site Size: 1,080,288 square feet, 24.800 acres Shape: Irregular Topography: Mangrove Forest/Minimal uplands Corner/Visibility Influence: No/Average Utilities: None Access: Boat Wetlands/Uplands: Mangrove forest (100%) Soils: None adverse apparent Sale Analysis: Sale Price: $250,000 Financing: Mortgage $225,000 Price per SF: $0.23 Price per Acre: $10,081 Sale Confirmation: Verification: Yonandra Perez, 786-534-2601 Verifying Appraiser: Bill Carlson, MAI, SRA, May 09, 2018 Sale History: Last sale on October 20, 2007 for $90,000. Instrument 2007000320162 Comments: The site is an irregular shaped parcel on Pine Island Sound that is covered by a mangrove forest and is wetlands with access by boat. The appraiser made substantial effort to verify the transaction with either the buyer or seller. The sale was confirmed by the person that closed the transaction. She indicated this was an arm's length sale between two non-related parties. She also indicated there were no unusual contingencies in the contract and the sales price recorded was correct. Our File Number: 18-42 CNA Data # 1194 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 48 COMPARABLE 4 Property Reference: Property Type: Residential Acreage Vacant Land Address: SEC of Collier Blvd and Port Au Prince Naples, FL 34113 County: Collier Location: SEC of Collier Blvd and Port Au Prince STRAP/ID: 00742040001 Grantor: Robert Folsom & Karen Hesson Grantee: Josef Magdalener Legal Data: Sale Date: February 28, 2018 Sale Price: $800,000 Sale Price per Sq. Ft.: $0.98 Sale Price per Acre: $42,712 Recording: Bk Pg 5482-792 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Urban Coastal Fringe Subdistrict Zoning: RSF-3 Highest and Best Use: Residential CNA Data # 1307 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 49 Site Data: Site Dimensions: 570' x 1385' Site Size: 815,879 square feet, 18.730 acres Shape: Rectangular Topography: Wooded Corner/Visibility Influence: Yes Utilities: All public Access: Access via two paved roads Wetlands/Uplands: 85% Wetlands Soils: N/A Sale Analysis: Sale Price: $800,000 Financing: Seller Financing - $500,000 Price per SF: $0.98 Price per Acre: $42,712 Sale Confirmation: Verification: Public Records and Other sources Verifying Appraiser: Angelica Jordan, October 09, 2018 Sale History: Sold for $203,700 in Aug. 2017 Comments: This was the sale of an 18.73 acre parcel in Naples zoned RSF-3 Residential. The site is on the southeast corner of Collier Boulevard (951) and Port Au Prince Drive. The site is mostly wooded and has about 85% wetlands. The property was listed for sale for almost 2 years at $950,000 prior to the sale. CNA Data # 1307 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 50 Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4 Location Collier Blvd - West side 27351 Hickory Blvd.27591 Hickory Boulevard Pine Island Sound SEC Collier Blvd/Port Au Prince Naples Bonita Springs Bonita Springs Bokeelia Naples Recording N/A Inst. 2012000029052 Inst. 2013000026752 Inst. 2017000192698 Bk/Pg 5482-792 Sales Price N/A $300,000 $80,000 $250,000 $800,000 Sale/Appraisal Date September 10, 2018 January 4, 2012 January 31, 2013 August 28, 2017 February 28, 2018 Parcel Size (sf)1,250,172 1,624,352 443,876 1,080,288 815,879 Parcel Size (Acres)28.70 37.29 10.19 24.80 18.73 Sale Price N/A $300,000 $80,000 $250,000 $800,000 Sale Price per Square Foot N/A $0.18 $0.18 $0.23 $0.98 Sale Price per Acre N/A $8,045 $7,851 $10,081 $42,712 Transactional Adjustments Property Rights N/A Fee Simple Fee Simple Fee Simple Fee Simple Financing N/A Cash Cash to Seller Mortgage $225,000 Seller Finance - $500,000 Conditions of Sale N/A None None None None Expenditures Immediately after Sale N/A None None None None Market Conditions +4% Annual $78,000 $18,000 $10,000 $16,000 Adjusted Sale Price N/A $378,000 $98,000 $260,000 $816,000 Sale Price per Acre N/A $10,137 $9,617 $10,484 $43,566 Physical Properties Location Naples Bonita Springs Bonita Springs Bokeelia Naples Parcel Size (Acres)28.70 37.29 10.19 24.80 18.73 Land Use Wetlands Wetlands Wetlands Wetlands Wetlands Zoning A AG-2 AG-2; RS-1 AG-2 RSF-3 Access Paved Road Paved Road Paved Road No Road Paved Road/Corner Uplands N/A 0 25%Minimal 15% Location Naples 25%25%25%0% Parcel Size 28.70 0%0%0%0% Land Use Wetlands 0%0%0%0% Zoning A 0%0%0%-20% Access Paved Road 0%0%10%-15% Miscellaneous-Uplands N/A 0%-20%0%-20% Total Adjustments 25%5%35%-55% Overall Rating $12,671 $10,098.14 $14,153 $19,604.91 Physical Property Ratings Land Sales Adjustment Analysis COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 51 Sales Analysis Our market research has encompassed sales from a geographic area which includes all of Southwest Florida. In addition, we utilized saltwater wetland sales over an extended period of time reaching back to 2012. These comparable sales are located in Lee and Collier counties with similar characteristics of the subject property and considered to be a good representation of the market. The comparable sales sold between 2012 and 2017. The size of the comparable sales range from 10.19 to 37.29 acres. The overall prices range from $80,000 to $800,000. The sales range before any analysis is made is from a low of $8,045 per acre to a high of $42,712 per acre. The first analysis is for the base adjustments of property rights, financing, conditions of sale and market conditions which is also known as time as well as adjustments or considerations of expenditures immediately after sale. Property Rights Conveyed: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the real property rights involved in a transaction.” The property rights conveyed for all five of these transactions were fee simple and no adjustments were made. Financing Terms: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the financing terms of a transaction, also called cash equivalency adjustment.” The sale transactions were a combination of cash and financing. None of these components were considered to impact the price paid and therefore no adjustment. Conditions of Sale: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction, e.g., when the comparable transaction is not an arm's-length sale.” All sales had relatively normal conditions, and no adjustments were made. Market Conditions: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur, also called a time adjustment because the differences in dates of sale are often compared.” COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 52 Property values over the past six years have increased in both Lee and Collier counties. An average of market value increases was analyzed for both counties. Reviewing annual property value increases since 2012, Lee county property values have increased on an average of 6% per year, and Collier County property values have increased on an average of 8% per year. Based on this analysis and considering that conservation and wetlands are less desirable than other lands, we have increased the value at a lower rate of 4% per year. Adjusted Price per Unit of Value: The analyst has considered adjustments for property rights, financing, conditions of sale, and expenditures after sale and market conditions. The adjusted sales prices for the transactions range from $9,617 per acre to $43,566 per acre. Quantitative Analysis: The next analysis considers the factors of location, parcel size, land use, zoning, utilities, access, and property rights transferred. Location: The subject is located along a major roadway in Naples. Sale 1, 2 and 3 are all located in Lee County. Collier County tends to have significantly higher property values than Lee County, and these sales were adjusted upward for location. The location of Sale 4 is similar to the subject. Parcel Size: The subject property will contain 28.70 acres. The comparable sales range in size from 10.19 to 37.29 acres and are comparable wetland parcels to that of the subject. When comparing acreage of these types of larger tracts, there tends to be minimal economies of scale. Therefore, all sales have received a similar rating for size. Land Use: The subject property’s land use is designated as wetlands. The comparables are similar to the subject in terms of the overall uses, and we have rated all comparable sales with respect to land use as similar. Zoning: The subject property’s zoning is Agricultural. Sales 1 and 3 are of similar agricultural zoning. Sale 2 has additional zoning portions; however, ultimately the majority is agricultural zoned. None of these sales ere adjusted for zoning. Sale 4 is zoned residential “RSF-3” which is superior to the subject’s zoning. This sale was adjusted down for superior zoning. Access: The subject property has paved road access. Sales 1 and 2 also have paced access. Sales 3 is boat only access and has been adjusted upward for inferior access. Sale 4 has superior access, with two paced access roads, and has been adjusted downward for superior access. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 53 Uplands: Sales 2 and 4 have some upland components on them, and are rated superior to the subject which appears to be predominantly a wetland site. These sales have been adjusted downward for superiority. Final Analysis: The adjusted prices on a per acre basis range from $10,098 per acre to $19,605 per acre. A transaction worth mentioning is the Collier County purchase in 2005 of 83.18 acres for $4,750,000 or $57,105 per acre. This property is adjacent to the subject. The transaction occurred too long ago to be used as an actual comparable sale and was purchased near the top of the real boom some 10-12 year ago when prices were unmatched. Most weight has been given to Sale 4 due to proximity to the subject and recent sale date. The subject property’s value is estimated at $20,000 per acre. It is our opinion the market value of the subject property is $20,000 per acre which equals $574,000 or $575,000 rounded. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 54 Section 6 – Reconciliation of Value Value Estimate by the Cost Approach Not Applicable Value Estimate by the Income Approach Not Applicable Value Estimate by the Sales Comparison Approach $575,000 The Cost Approach has been considered but was not used because there are no improvements. The Income Approach was considered but was not used. The subject property does not have income potential as is. The subject property is a vacant wetland parcel containing 28.7 acres on west side of Collier Boulevard. From a Sales Comparison perspective the valuation of the subject property has been measured on a per acre basis. The comparables analyzed were also saltwater wetland parcels sold in similar market areas. The value estimate by this analysis is well supported by the sales utilized. Based upon the analysis presented in this appraisal report, it is my opinion the subject property warrants a market value as of the effective date September 10, 2018 for its fee simple ownership and in its “as is” condition of: FIVE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ..................................... ($575,000.00). CARLSON, NORRIS AND ASSOCIATES, INC. J. Lee Norris, MAI, SRA State-certified general real estate appraiser RZ643 Angelica Jordan State-Registered Trainee Appraiser RI23979 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 55 Section 7 – Certification and Limiting Conditions Certification of J. Lee Norris, MAI, SRA I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • I have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results. • 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. • This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • J. Lee Norris has completed the requirements of the continuing education program of the Appraisal Institute. Certification is current through December 31, 2021. • J. Lee Norris has made a personal inspection of the property that is the subject of this report. • No one provided significant real property appraisal assistance to the persons signing this report. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 56 • J. Lee Norris has extensive experience in the appraisal/review of similar property types. • J. Lee Norris is currently certified in the state where the subject is located and has completed the continuing education requirements set forth with the State of Florida. Certification is current until November 30, 2018. • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. • J. Lee Norris is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. Based on market conditions existing as of the effective date of appraisal, and in consideration of the hypothetical condition noted and subject to the extraordinary assumptions noted, It is my opinion the subject property warrants a market value as of the effective date September 10, 2018 for its fee simple ownership and in it “as is” condition of: FIVE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ..................................... ($575,000.00). CARLSON, NORRIS AND ASSOCIATES, INC. J. Lee Norris, MAI, SRA State-certified general real estate appraiser RZ643 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 57 Certification of Angelica Jordan I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • I have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results. • 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. • This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • Angelica Jordan has made a personal inspection of the property that is the subject of this report. • No one has provided significant real property appraisal assistance to the persons signing this report. • Angelica Jordan is currently registered in the state where the subject is located and has completed the continuing education requirements set forth with the State of Florida. Registration is current until November 30, 2018. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 58 • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. • Angelica Jordan is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. Based on market conditions existing as of the effective date of appraisal, and in consideration of the hypothetical condition noted and subject to the extraordinary assumptions noted, It is my opinion the subject property warrants a market value as of the effective date September 10, 2018, for its fee simple ownership and in it “as is” condition of: FIVE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ..................................... ($575,000.00). CARLSON, NORRIS AND ASSOCIATES, INC. Angelica Jordan State-registered Trainee Appraiser RI23979 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 59 General Assumptions & Limiting Conditions Information Used: No responsibility is assumed for accuracy of information furnished by others or from others, including the client, its officers and employees, or public records. We are not liable for such information or for the work of contractors, subcontractors and engineers. The comparable data relied upon in this appraisal has been confirmed with one or more parties familiar with the transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my factual judgment and knowledge. Certain information upon which the opinions and values are based may have been gathered by research staff working with the appraiser. Names, professional qualifications and extent of their participation can be furnished to the client upon request. Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil: No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal nature or condition of the title to the property, which is presumed to be good and marketable. The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless otherwise stated in particular parts of this report. The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise. I assume no responsibility for the survey, any encroachments or overlapping or other discrepancies that might be revealed thereby. I have inspected, as far as possible by observation, the land thereon; however, it was not possible to personally observe conditions beneath the soil or hidden; as a result, no representation is made herein as to such matters unless otherwise specifically stated. The estimated market value assumes that no such conditions exist that would cause a loss of value. I do not warrant against the occurrence of problems arising from any of these conditions. It is assumed that there are no hidden or unapparent conditions to the property, soil, subsoil or structures, which would render them more or less valuable. No responsibility is assumed for any such conditions or for any expense or engineering to discover them. Information relating to the location or existence of public utilities has been obtained through inquiry to the appropriate utility authority, or has been ascertained from visual evidence. No warranty has been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. Legality of Use: The appraisal is based on the premise that there is or will be full compliance with all applicable Federal, State and local environmental regulations and laws, unless otherwise stated in the report; and that all appropriate zoning, building and use regulations and restrictions of all types have been or will be complied with and required licenses, consent, permits or other authority, whether local, State, Federal and/or private, have been or can be obtained or renewed for the use intended and considered in the value estimate. Component Values: The distribution of the total valuation of this report between land and improvements applies only under the proposed program of utilization. The separate valuations of land and buildings must not be used in conjunction with any other appraisal, and are invalid if so used. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 60 A report related to an estate that is less than the whole fee simple estate applies only to the fractional interest involved. The value of this fractional interest, plus the value of all other fractional interests, may or may not equal the value of the entire fee simple estate considered as a whole. A report relating to the geographic portion of a larger property applies only to such geographic portion and should not be considered as applying with equal validity to other portions of the larger property or tract. The value for such geographic portions, plus the value of all other geographic portions, may or may not equal the value of the entire property or tract considered as a single entity. All valuations in the report are applicable only under the estimated program of the highest and best use and are not necessarily appropriate under other programs of use. Auxiliary and Related Studies: No environmental or impact studies, special market study or analysis, highest and best use analysis study or feasibility study has been requested or made by us unless otherwise specified in this report or in my agreement for services. I reserve the unlimited right to alter, amend, revise or rescind any of these statements, findings, opinions, values, estimates or conclusions upon any subsequent study or analysis or previous study or analysis that subsequently becomes available to us. Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the date of the estimate of value. All dollar amounts are based on the purchasing power and price of the United States dollar as of the date of value estimate Inclusions: Furnishings and equipment or business operations, except as otherwise specifically indicated, have been disregarded, with only the real estate being considered. Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off-site improvements proposed, if any, as well as any repairs required, are considered to be completed in a good and workmanlike manner according to information submitted and/or considered by us. In cases of proposed construction, the report is subject to change upon inspection of the property after construction is complete. The estimate of value, as proposed, is as of the date shown, as if completed and operating at levels shown and projected. Value Change, Dynamic Market Influences: The estimated value is subject to change with market changes over time. Value is highly related to interest rates, exposure, time, promotional effort, supply and demand, terms of sale, motivation and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property both physically and economically in the marketplace. The estimate of value in this report is not based in whole or in part upon race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of such benefits and my interpretation of income and yields and other factors which were derived from general and specific market information. Such estimates are made as of the date of the estimate of value. As a result, they are subject to change, as the market is dynamic and may naturally change over time. The date upon which the value estimate applies is only as of the date of valuation, as stated in the letter of transmittal. The appraisal assumes no responsibility for economic or physical factors occurring at some later date which may affect the opinion stated herein. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 61 An appraisal is the product of a professionally trained person, but nevertheless is an opinion only, and not a provable fact. As a personal opinion, a valuation may vary between appraisers based upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best estimate as of the date of valuation. There are no guaranties, either written or implied, that the property would sell for the expressed estimate of value. Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating to the subject property. No title search has been made, and the reader should consult an attorney or title company for information and data relative to the property ownership and legal description. It is assumed that the subject title is marketable, but the title should be reviewed by legal counsel. Any information given by the appraiser as to a sales history is information that the appraiser has researched; to the best of my knowledge, this information is accurate, but not warranted. Management of the Property: It is assumed that the property which is the subject of this report will be under prudent and competent ownership and management over the entire life of the property. If prudent and competent management and ownership are not provided, this would have an adverse effect upon the value of the property appraised. Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this report and analytical findings or conclusions, or give a copy of this report to anyone other than the client or his designee, as specified in writing, except as may be required by the Appraisal Institute, as they may request in confidence for ethic enforcement, or by a court of law with the power of subpoena. All conclusions and opinions concerning the analyses as set forth herein are prepared by the appraisers whose signatures appear. No change of any item in the report shall be made by anyone other than the appraiser, and the firm shall have no responsibility if any such unauthorized change is made. Whenever our opinion herein with respect to the existence or absence of fact is qualified by the phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to indicate that, during the course of our review and investigation of the property, no information has come to our attention which would give us actual knowledge of the existence or absence of such facts. The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of receipt and return of the report, along with all copies, to the appraiser for corrections prior to any use whatsoever. Neither our name nor this report may be used in connection with any financing plans which would be classified as a public offering under State or Federal Security Laws. Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy thereof, does not carry with it the right of publication, nor may it be used for other than its intended use. The physical report remains the property of the firm for the use of the client, with the fee being for the analytical services only. This report may not be used for any purpose by any person or corporation other than the client or the party to whom the report is addressed. Additional copies may not be made without the written consent of an officer of the firm, and then only in its entirety. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations effort, news, sales or other media without my prior written consent and approval of the client. It has been assumed that the client or representative thereof, if soliciting funds for his project, has furnished to the user of this report complete plans, specifications, surveys and photographs of land COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 62 and improvements, along with all other information which might be deemed necessary to correctly analyze and appraise the subject property. Authentic Copies: Any copy that does not have original signatures of the appraiser is unauthorized and may have been altered and, therefore, is considered invalid. Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion of the report. The appraisers or those assisting in the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal in full or in part, nor will they be asked or required to engage in post appraisal consultation with client or third parties except under separate and special arrangement and at an additional fee. Any subsequent copies of this appraisal report will be furnished on a cost plus expenses basis, to be negotiated at the time of request. Limit of Liability: Liability of the firm and the associates is limited to the fee collected for preparation of the appraisal. There is no accountability or liability to any third party. Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the physical report. The acceptance of the report by the client takes with it the agreement and acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal or written. The fee is in no way contingent on the value estimated. Special Limiting Conditions: The Americans with Disabilities Act became effective January 26, 1992. Not withstanding any discussion of possible readily achievable barrier removable construction items in this report, Carlson, Norris and Associates, has not made a specific compliance survey and analysis of this property to determine whether it is in conformance with the various detailed requirements of the A.D.A. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the A.D.A. could reveal that the property is not in compliance with one or more of the requirements of the A.D.A. If so, this fact could have a negative effect on the value estimated herein. Since Carlson, Norris and Associates has no specific information relating to this issue, nor is Carlson, Norris and Associates qualified to make such an assessment, the effect of any possible non compliance with the requirements of the A.D.A. was not considered in estimating the value of the subject property. This analysis is made in conformity with the requirements with the Uniform Standards of Professional Appraisal Practice and the Standards of Professional Conduct of the Appraisal Institute. This analysis assumes no site contamination to the subject property. Environmental audits have not been provided for the reader’s consideration. It is assumed that water use permits are in place for the property. Extraordinary Assumptions: Extraordinary assumptions are defined as: “An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 63 • Use of the extraordinary assumption results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions.” Please note the following extraordinary assumptions: • An expert soil analysis has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the site has adequate soils to support the highest and best use. The analyst is not an expert in area of soils, and would recommend that an expert be consulted. • It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. The analyst is not an expert with respect to subsurface conditions, and would recommend that an expert be consulted. • It is assumed that there are no toxic or hazardous materials either at ground level or subsurface. The analyst is not an expert in the valuation of site contamination, and recommend that an expert be consulted. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 64 Section 8 – Addenda COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 65 Notice to Proceed COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 66 SOIL ANALYSIS – MAP AND DATA COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 67 SOIL DESCRIPTIONS ESTERO - The Estero series consists of deep, very poorly drained, moderately rapidly permeable soils that formed in thick deposits of sandy marine sediments in tidal swamps and marshes along the Gulf Coast in Peninsular Florida. Slopes are less than 1 percent. Estero soils are in tidal swamps and marshes along the Gulf Coast in Peninsular Florida. Slopes are less than 1 percent. The soils formed in thick deposits of sandy marine sediments. Near the type location, the mean annual precipitation is about 55 inches and the mean annual temperature is about 73 degrees F. Estero soils are very poorly drained. Runoff is slow. Permeability is moderately rapid in the spodic horizon and rapid in the other horizons. The soil is flooded during daily high tides. Estero soils are used mainly for wildlife habitat. Native vegetation consists of seashore saltgrass, batis, sea-oxeye, cordgrass, and scattered black-mangrove in some places. In other places the vegetation is a dense stand of black-mangrove. This series was formerly mapped as Tidal Swamp. These soils are classified in the Typic subgroup due to the wetness characteristics they exhibit. The base saturation of the epidedon is too high for Umbric. PECKISH - The Peckish series consists of deep, very poorly drained, rapidly permeable soils that formed in thick beds of sandy marine sediments in tidal swamps along the coast of Peninsular Florida. Slopes range from 0 to 1 percent. Peckish soils are in tidal swamps and mashes. Slopes are less than 1 percent. The soil formed in thick deposits of sand. Near the type location, mean annual precipitation is about 55 inches and mean annual temperature is about 73 degrees F. Peckish soils are very poorly drained. Runoff is slow. Permeability is rapid. Under natural conditions, the soil is flooded daily during normal high tides. Peckish soils are used mainly for wildlife habitat. Native vegetation is black-mangrove, American mangrove in swamps, and batis, saltwort, bushy sea-oxeye, marshhay cordgrass, and seashore saltgrass in marshes. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 68 WULFERT - The Wulfert series consists of very deep, very poorly drained, rapidly permeable soils in tidal areas along the Gulf Coast. They formed in well decomposed organic material and underlying materials. Near the type location, the mean annual temperature is about 72 degrees F., and the mean annual precipitation is about 55 inches. Slopes range from 0 to 1 percent. Wulfert soils are in tidal swamps and marshes along the Gulf Coast in Peninsular Florida. Slopes are less than 1 percent. They formed in moderately thick deposits of hydrophytic plant remains and sandy marine sediments containing shell fragments. The climate is humid subtropical. The average annual precipitation ranges from 50 to 60 inches, and the average annual temperature ranges from 70 to 74 degrees F. Wulfert soils are used mainly for wildlife habitat. The native vegetation is dominated by American mangrove, black mangrove, needlegrass rush, seashore saltgrass, marshhay cordgrass, and smooth cordgrass.Wulfert soils are flooded during normal daily high tides. DURBIN - The Durbin series consists of very deep, very poorly drained, rapidly permeable soils in tidal areas along the Atlantic and Gulf Coasts of Peninsular Florida. They formed in well decomposed herbaceous organic material over sandy marine sediments. Near the type location, the mean annual temperature is about 72 degrees F., and the mean annual precipitation is about 55 inches. Slopes range from 0 to 1 percent. Durbin soils are in narrow to broad tidal marshes and swamps. Slopes are less than 1 percent. They formed in thick deposits of herbaceous plant remains over sandy marine deposits. The climate is humid subtropical. The average annual precipitation ranges from 50 to 60 inches and the average annual temperature ranges from 71 to 73 degrees F. Durbin soils are used mainly for wildlife habitat. The native vegetation consists of seashore saltgrass, needlegrass rush, smooth cordgrass, and marshy cordgrass. These soils are flooded daily by normal high tides. This series was formerly mapped as tidal marsh. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 69 LICENSE FOR J. LEE NORRIS, MAI, SRA LICENSE FOR ANGELICA JORDAN COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 70 QUALIFICATIONS OF J. LEE NORRIS, MAI, SRA STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ643 EDUCATION: Florida State University - 1978 Bachelor of Science - Real Estate Edison Community College - Associate of Arts Degree PROFESSIONAL EDUCATION: Narrative Report Writing Seminar - 1980 S.R.E.A. #101: Florida State University - 1978 S.R.E.A. R-2 Exam - 1981 A.I.R.E.A.: Course 1-B, Part 1, 2 & 3 - 1983 Farm and Land Institute - Citrus Seminar - 1982 A.I.R.E.A.: Standards of Professional Practice - 1984 S.R.E.A: Income Property Appraising - 1984 R41c Florida League of Financial Institutions - 1986 S.R.E.A.: Uniform Residential Appraisal Report - 1987 S.R.E.A. #202: Applied Income Property Valuation - 1987 A.I.R.E.A.: Rates, Ratio and Reasonableness - 1988 S.R.E.A.: Professional Practice Seminar - 1988 S.R.E.A.: Depreciation Analysis - 1988 Appraisal Institute: Appraisal Theory and Overview - 1992 Appraisal Institute: Banking Regulations - FIRREA - 1992 Appraisal Institute: Rates, Ratios, Reasonableness - 1992 Ted Whitmer Seminars: Comprehensive Appraisal Workshop 1992 Appraisal Institute: Standards of Professional Practice - Part A & B - 1992 Appraisal Institute: Appraisal Review - Income Properties - 1993 Appraisal Institute: New Uniform Residential Appraisal Report - 1993 Appraisal Institute: Understanding Limited Appraisals - 1994 Appraisal Institute: USPAP Core Law Update - 1994 Appraisal Institute: Electromagnetic Fields - 1994 Hondros Career Centers: Home Inspections - 1995 (40 Hours) Appraisal Institute: USPAP Core Law Update - 1995 Appraisal Institute: Appraising Retail Properties - 1996 Appraisal Institute: Standards of Professional Practice - Part A - 1996 Appraisal Institute: Standards of Professional Practice - Part B - 1996 NAIFA: Fair Lending Practices - 1997 SFWMD: Rural Properties in Southwest Florida - 1998 Appraisal Institute: USPAP/Core Law - 1998 Appraisal Institute: Appraisal Office Management -1998 Appraisal Institute: Core Law Update - 1998 Appraisal Institute: Attacking & Defending an Appraisal in Litigation - 2000 U.S. Department of Justice: Everglades/Big Cypress Market Study - 1999 Appraisal Institute: Defending an Appraisal in Litigation - 2000 Appraisal Institute: Appraisers Florida Law Update - 2000 Appraisal Institute: Course 430 - Standards - Part C - 2000 Appraisal Institute: 410 - Principles of Condemnation Appraising SFWMD: Appraisal Fundamentals, Project Influence/Natural Resource Impacts - 2001 Bert Rodgers - Online - Florida State Law & USPAP Review for Real Estate Appraisers - 2002 SFWMD: Current Appraisal Issues in Florida - 2002-2005 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 71 National USPAP Update Course – 2004, 2006, 2008 The Professional’s Guide to the URAR Form - June, 2005 SFWMD: 2006 Appraisal Seminar - April, 2006 Florida State Law for Real Estate Appraisers – August, 2006; September, 2008 Reappraising, Reassigning and Readdressing Appraisals, May 2007 Appraisal Challenges: Declining Markets and Sales Concessions - May, 2008 SFWMD: 2008 Appraisal Seminar - May, 2008 Supervisor Trainee Roles and Rules – September, 2008 Appraisal Institute: Business Practices and Ethics – December, 2008 Florida Department of Revenue – Value Adjustment Board Training – Sept., 2009 Appraisal Institute: USPAP Update Course – August, 2010 Appraisal Institute: Supervisor Trainee Roles and Rules – August, 2010 Appraisal Institute: Florida Law Update – August, 2010 Appraisal Institute: Forecasting Revenue – October, 2010 Appraisal Institute: The Uniform Appraisal Dataset from Fannie Mae/Freddie Mac– Aug, 2011 Appraisal Curriculum Overview (2 Day General) – November, 2011 Appraisal Institute: Appraising Convenience Stores Online Education – Dec., 2011 Florida Appraisal Law – May, 2012 Appraisal Institute: National USPAP Update Course – May, 2012 Appraisal Institute: Online Using Your HP12C financial Calculator – Oct 3, 2012 Appraisal Institute: How to Systemize Your Appraisal Business – April 17, 2013 Appraisal Institute: Online Appraisal Curriculum Overview-Residential –April 21, 2013 Appraisal Institute: Online Appraisal Curriculum Overview-General – April 28, 2013 Appraisal Institute: Online Appraisal Curriculum Overview-General –May 1, 2013 Appraisal Institute: Problems in Critical Thinking – February, 2014 Appraisal Institute: Florida Appraisal Law – April, 2014 Appraisal Institute: National USPAP Update Course – April, 2014 Appraisal Institute: Statistics, Finance and Valuation Modeling – September, 2014 Appraisal Institute: Trial Components – November, 2014 Appraisal Institute: Supervisor/Trainee Course for Florida – June, 2015 Appraisal Institute: Florida Appraisal Law & National USPAP Update Course – April, 2016 Appraisal Institute: Mysteries and Misconceptions – USPAP and Appraiser Regulation - July, 2016 Appraisal Institute: Major User Perspectives on Real Estate Appraisal - July, 2016 Appraisal Litigation, Legislative and Regulatory Update – July, 2016 Appraisal Institute: Mock Trial and Prepping for Testimony – July, 2016 Appraisal Institute: Comm Vendor Mgmt: What Keeps Procurement Exec Up at Night?– July, 2016 Appraisal Institute: Market Analysis – Application into the Overall Appraisal Parts – July, 2016 Appraisal Institute: Seven-Hour Seminar: FHA Appraising for Valuation Professionals – July, 2016 Appraisal Institute: Appraisal Business and Ethics – October, 2016 EXPERIENCE: 7/85 to present: Carlson, Norris and Associates, Inc. 3/82 to 6/85: Stewart & Stephan, Inc. Fort Myers, Florida 6/78 to 3/82: Webster & Associates, Inc. Fort Myers, Florida 1990-2005, 2009-2016: Special Magistrate, Lee County Value Adjustment Board COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 72 PROFESSIONAL MEMBERSHIP: 1989 - 1990 - President, S.R.E.A. Chapter 186 MAI Member #09852 - Appraisal Institute - 1993 SRA Member - Society of Real Estate Appraisers - 1983 Certification - State Certified General Appraiser #0000643 Member - Board of Realtors State of Florida - Registered Real Estate Broker Properties appraised include: subdivisions, retail centers, motels, commercial buildings, industrial buildings, warehouses, mobile home parks, professional offices, medical offices, office/warehouse condominiums, single family homes, duplexes, apartment projects (3 units and more), individual condominium projects, residential lots, acreage, wetlands, special use properties, ranches, conservation easements and other miscellaneous properties. Appraisal clients include: banks, savings and loan associations, attorneys, corporations, builders, developers, mortgage companies, home transfer companies, private individuals, and local, state and federal government agencies. Has been qualified as an expert witness in Lee County Circuit Court and Federal Court. Has been qualified as an approved appraiser for the Florida Department of Transportation, the Florida Department of Environmental Protection, National Park Service, the Lee County School Board, Lee County Division of Public Works, and the South Florida Water Management District. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS C ARLSON, NORRIS AND ASSOCIATES, INC. 73 QUALIFICATIONS OF ANGELICA JORDAN STATE-REGISTERED TRAINEE APPRAISER RI23979 EDUCATION: Florida Gulf Coast University- Bachelor of Science - Finance PROFESSIONAL EDUCATION: Real Property Valuation – Florida Gulf Coast University- 2012 Investments in Real Estate – Florida Gulf Coast University- 2012 Basic Appraisal Principles – 2014 Basic Appraisal Procedures – 2014 National USPAP Course – 2014 State of Florida Law and Appraisers – 2014 Sale Comparison & Income Approach - 2016 National USPAP Update Course - 2016 State of Florida Real Estate Appraisal Laws and Rules – 2016 Appraisal Review of Residential Properties - 2018 Methodology and Application of Sales Comparison - 2018 State of Florida Real Estate Appraisal Laws and Rules Update– 2018 EXPERIENCE: 2018-Present: Carlson, Norris and Associates, Inc. Fort Myers, Florida 2016-2018 LandQwest Commercial Fort Myers, Florida 2012-2015: Armalavage Valuation/Valbridge Property Advisors Naples, Florida PROFESSIONAL MEMBERSHIP: Certification - State-Registered Trainee Appraiser RI23979 Properties appraised/assisted include: retail centers, commercial buildings, industrial buildings, warehouses, professional offices, medical offices, office/warehouse condominiums, apartment projects (3 units and more), residential lots, acreage, special use properties, and other miscellaneous properties. Integra Realty Resources Southwest Florida Appraisal of Real Property Green & Green Vacant Land West Side Collier Blvd. near Manatee Road Naples, Collier County, Florida 34114 Client Reference: PO Number 4500191804 Prepared For: Collier County Board of County Commissioners Effective Date of the Appraisal: October 26, 2018 Report Format: Appraisal Report – Standard Format IRR - Southwest Florida File Number: 152-2018-0262 Green & Green West Side Collier Blvd. near Manatee Road Naples, Florida Integra Realty Resources In Miami In Orlando In Naples/Sarasota Miami Orlando Southwest Florida Dadeland Centre 9155 South Dadeland Blvd. Suite 1208 The Magnolia Building 326 N. Magnolia Ave. Horseshoe Professional Park 2770 Horseshoe Drive S. Suite 3 Miami, FL 33156 Orlando, FL 32801 Naples, FL 34104 www.irr.com (305) 670-0001 (407) 843-3377 (239)-643-6888 November 12, 2018 Roosevelt Leonard Real Estate Appraiser Collier County Board of County Commissioners 3335 Tamiami Trail E Naples, FL 34112 SUBJECT: Market Value Appraisal Green & Green West Side Collier Blvd. near Manatee Road Naples, Collier County, Florida 34114 Client Reference: PO Number 4500191804 IRR - Southwest Florida File No. 152-2018-0262 Dear Mr. Leonard: Integra Realty Resources – Southwest Florida is pleased to submit the accompanying appraisal of the referenced property. The purpose of the appraisal is to develop an opinion of the market value of the fee simple interest in the property. The client for the assignment is Collier County Board of County Commissioners, and the intended use is for property acquisition purposes. The subject is a parcel of vacant land containing an area of 28.70 acres or 1,250,172 square feet. The property is zoned A. The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. The subject is in the Urban Coastal Fringe Future Land Use Subdistrict which allows for re-zoning to residential or commercial uses. The appraisal is intended to conform with 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 regulation. Roosevelt Leonard Collier County Board of County Commissioners November 12, 2018 Page 2 To report the assignment results, we use 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. Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, our opinion of value is as follows: Value Conclusion Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value Fee Simple October 26, 2018 $860,000 Extraordinary Assumptions and Hypothetical Conditions The value conclusions are not subject to any extraordinary assumptions or hypothetical conditions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. 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. If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully submitted, INTEGRA REALTY RESOURCES - SOUTHWEST FLORIDA Carlton J. Lloyd, MAI Senior Managing Director-Naples FL State-Certified General RE Appraiser RZ#2618 Telephone: 239-643-6888 Ext. 410 Email: clloyd@irr.com Table of Contents Green & Green Summary of Salient Facts and Conclusions 1 Quality Assurance 2 General Information 3 Identification of Subject 3 Sale History 3 Pending Transactions 3 Purpose of the Appraisal 4 Definition of Market Value 4 Definition of Property Rights Appraised 4 Intended Use and User 4 Applicable Requirements 5 Report Format 5 Prior Services 5 Scope of Work 5 Economic Analysis 7 Collier County Area Analysis 7 Surrounding Area Analysis 15 Property Analysis 20 Land Description and Analysis 20 Real Estate Taxes 25 Highest and Best Use 26 Valuation 28 Valuation Methodology 28 Sales Comparison Approach 29 Analysis and Adjustment of Sales 33 Land Value Conclusion 36 Reconciliation and Conclusion of Value 37 Exposure Time 37 Marketing Period 37 Certification 38 Assumptions and Limiting Conditions 39 Addenda A.Appraiser Qualifications B.Property Information C.Comparable Data Summary of Salient Facts and Conclusions 1 Green & Green Summary of Salient Facts and Conclusions Property Name Address Property Type Owner of Record Tax ID Land Area 28.70 acres; 1,250,172 SF Zoning Designation Future Land Use Urban Coastal Fringe Highest and Best Use Exposure Time; Marketing Period 12-24 months; 12-24 months Effective Date of the Appraisal October 26, 2018 Date of the Report November 12, 2018 Property Interest Appraised Sales Comparison Approach Number of Sales 4 Range of Sale Dates Aug 16 to Mar 19 Range of Prices per Acre (Unadjusted)$40,942 - $144,202 Market Value Conclusion $860,000 ($29,965/Acre) Green and Green Investments, Inc. 00742880009 Green & Green West Side Collier Blvd. near Manatee Road Naples, Collier County, Florida 34114 Land - Other 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 Board of County Commissioners 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, The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Residential Fee Simple Extraordinary Assumptions and Hypothetical Conditions The value conclusions are not subject to any extraordinary assumptions or hypothetical conditions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. 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. Identification of Subject 2 Green & Green Quality Assurance Delivering superior value is a top priority at IRR and we place a premium on feedback from our valued clients. By learning more about your experience with IRR, we will be better able to serve your needs – to enhance our products, service offerings, and client communications. Attached is a short survey applicable to this appraisal report and the service that you received. Please take a few minutes to share your experience of IRR with us. Your feedback will be reviewed by our Quality Control team. If you desire a follow-up telephone call, please provide your contact information and a member of our Quality Control team will contact you. Access the online survey here: quality.irr.com. Thank you in advance for assisting us with this important endeavor. Please feel free to contact your Local Office using the contact information provided within the letter of transmittal or our Quality Control team at quality@irr.com, with any questions or suggestions you may have. Identification of Subject 3 Green & Green General Information Identification of Subject The subject is a parcel of vacant land containing an area of 28.70 acres or 1,250,172 square feet. The property is zoned A. The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. The subject is in the Urban Coastal Fringe Future Land Use Subdistrict which allows for re-zoning to residential or commercial uses. A legal description of the property is in the addenda. Property Identification Property Name Green & Green Address West Side Collier Blvd. near Manatee Road Naples, Florida 34114 Tax ID 00742880009 Owner of Record Green and Green Investments, Inc. Sale History The most recent closed sale of the subject is summarized as follows: Sale Date September 12, 2014 Seller Campus For Kids Buyer Green and Green Investments, Inc. Sale Price $0 Recording Instrument Number 5032592 Comments Quit Claim Deed To the best of our knowledge, no sale or transfer of ownership has taken place within a three-year period prior to the effective appraisal date. Pending Transactions The subject is currently listed for sale by owner for $2,500,000. According to Sarita Green of Green & Green Investments Inc she put a sign on the property in April 2018 and has received significant interest from residential and commercial developers. The property has reportedly been listed since approximately 2007. In January 2014 it was reportedly listed for $3.9 million and in January 2015 it was listed for $2.9 million. The most recent listing agent was Kevin Fitzgerald of NAI Southwest Florida, Inc. According to Mr. Fitzgerald, he had the property listed for several years until approximately April 2018 when Sarita Green took over the listing. His most recent asking price was $2.5 million and he reported interest from multi-family and commercial (mini-storage) developers. He was working with an apartment developer from Miami when Ms. Green took over the listing in April. According to Mr. Fitzgerald, Speath Engineering conducted an Environmental Assessment on the property several years ago and concluded the entire site was developable, but fill and compaction Purpose of the Appraisal 4 Green & Green would be required. About 5-6 years ago, the Capri Christian Church reportedly made an offer of $1.5 million with a $1 million charitable donation credit; however, the church elders decided to go with a different site instead. Purpose of the Appraisal The purpose of the appraisal is to develop an opinion of the market value of the fee simple interest in the property as of the effective date of the appraisal, October 26, 2018. The date of the report is November 12, 2018. The appraisal is valid only as of the stated effective date or dates. Definition of Market Value Market value is defined as: “The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • 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: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[g]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472) 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 and intended user is Collier County Board of County Commissioners. The appraisal is not intended for any other use or user. No party or parties other than Collier County Board of County Commissioners may use or rely on the information, opinions, and conclusions contained in this report. Applicable Requirements 5 Green & Green 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. 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 Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized We use only the sales comparison approach in developing an opinion of value for the subject. This approach is applicable to the subject because there is an active market for similar properties, and sufficient sales data is available for analysis. Scope of Work 6 Green & Green The cost approach is not applicable because there are no improvements that contribute value to the property, and the income approach is not applicable because the subject is not likely to generate rental income in its current state. 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 Carlton J. Lloyd, MAI, conducted an on-site inspection of the property on October 26, 2018. Collier County Area Analysis 7 Green & Green Economic Analysis Collier County Area Analysis Collier County is located in southwestern Florida approximately 166 miles south of Tampa. It is 1,998 square miles in size and has a population density of 187 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. Population Collier County has an estimated 2018 population of 374,242, which represents an average annual 1.9% increase over the 2010 census of 321,520. Collier County added an average of 6,590 residents per year over the 2010-2018 period, and its annual growth rate exceeded the State of Florida rate of 1.5%. Looking forward, Collier County's population is projected to increase at a 1.5% annual rate from 2018- 2023, equivalent to the addition of an average of 5,948 residents per year. Collier County's growth rate is expected to exceed that of Florida, which is projected to be 1.3%. Employment Total employment in Collier County is currently estimated at 128,342 jobs. Between year-end 2007 and the present, employment declined by 5,835 jobs, equivalent to a 4.3% loss over the entire period. There were declines in employment in three out of the past ten years, influenced in part by the national economic downturn and slow recovery. Although many areas suffered declines in employment over the last decade, Collier County underperformed Florida, which experienced an increase in employment of 3.6% or 291,370 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 7.3% in comparison to a 7.1% rate for Florida. A higher unemployment rate is a negative indicator. Recent data shows that the Collier County unemployment rate is 3.9% in comparison to a 3.8% rate for Florida, a negative sign that is consistent with the fact that Collier County has underperformed Florida in the rate of job growth over the past two years. Collier County Area Analysis 8 Green & Green 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 9 Green & Green Collier County has greater concentrations than Florida in the following employment sectors: 1. Leisure and Hospitality, representing 17.9% of Collier County payroll employment compared to 13.8% for Florida as a whole. This sector includes employment in hotels, restaurants, recreation facilities, and arts and cultural institutions. 2. Education and Health Services, representing 15.6% of Collier County payroll employment compared to 15.0% for Florida as a whole. This sector includes employment in public and private schools, colleges, hospitals, and social service agencies. 3. Construction, representing 10.0% of Collier County payroll employment compared to 5.8% for Florida as a whole. This sector includes construction of buildings, roads, and utility systems. 4. Other Services, representing 3.9% 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. Collier County is underrepresented in the following sectors: 1. Trade; Transportation; and Utilities, representing 19.1% of Collier County payroll employment compared to 20.4% for Florida as a whole. This sector includes jobs in retail trade, wholesale trade, trucking, warehousing, and electric, gas, and water utilities. Employment Sectors - 2017 19.1% 17.9% 15.6% 11.4% 10.6% 10.0% 6.1% 3.9% 2.8% 1.5% 1.0% 20.4% 13.8% 15.0% 15.6% 12.9% 5.8% 6.7% 3.2% 4.3% 0.7% 1.6% 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 Manufacturing Natural Resources & Mining Information Collier County Florida Source: Bureau of Labor Statistics and Economy.com Collier County Area Analysis 10 Green & Green 2. Professional and Business Services, representing 11.4% of Collier County payroll employment compared to 15.6% for Florida as a whole. This sector includes legal, accounting, and engineering firms, as well as management of holding companies. 3. Government, representing 10.6% of Collier County payroll employment compared to 12.9% for Florida as a whole. This sector includes employment in local, state, and federal government agencies. 4. Financial Activities, representing 6.1% of Collier County payroll employment compared to 6.7% for Florida as a whole. Banking, insurance, and investment firms are included in this sector, as are real estate owners, managers, and brokers. 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 somewhat higher in the Naples MSA than the United States overall during the past eight years. The Naples MSA has grown at a 2.6% average annual rate while the United States has grown at a 1.9% rate. As the national economy improves, the Naples MSA has recently underperformed the United States. GDP for the Naples MSA rose by 1.1% in 2016 while the United States GDP rose by 1.5%. The Naples MSA has a per capita GDP of $41,292, which is 19% less than the United States GDP of $50,708. 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 11 Green & Green Household Income Collier County is more affluent than Florida. Median household income for Collier County is $67,626, which is 27.3% 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, 45% of Collier County households are at the $75,000 or greater levels in household income as compared to 35% of Florida households. A lesser concentration of households is apparent in the lower income levels, as 23% of Collier County households are below the $35,000 level in household income versus 33% of Florida households. Collier County Area Analysis 12 Green & Green Education and Age Residents of Collier County have a higher level of educational attainment than those of Florida. An estimated 35% of Collier County residents are college graduates with four-year degrees, versus 28% of Florida residents. People in Collier County are older than their Florida counterparts. The median age for Collier County is 50 years, while the median age for Florida is 42 years. Household Income Distribution - 2018 11.6% 10.7% 10.6% 14.4% 18.0% 11.6% 7.9% 4.9% 4.6% 2.2% 2.3% 1.1% 6.7% 7.9% 8.5% 13.2% 18.6% 12.6% 8.9% 6.0% 6.3% 3.3% 4.6% 3.4% 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: Environics Analytics Education & Age - 2018 Source: Environics Analytics 10% 20% 30% 40% 50% 60% 70% 80% Collier County Florida 35%28% Percent College Graduate 10 15 20 25 30 35 40 45 50 Collier County Florida 50 42 Median Age Collier County Area Analysis 13 Green & Green 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 6% in May 2018 compared to May 2017. Seasonally-adjusted tourist tax revenues increased 34% in Collier County in June 2018 compared to June 2017, Lee County increased 11% and Charlotte County increased 5%. Passenger activity for the three airports decreased 13% in May 2018 to June 2018, but compared to June 2017, the three airports saw an increase of almost 9%. In addition, the area continues to experience a slight increase in job growth. Lee County’s seasonally-adjusted unemployment rate dropped to 3.5% in July 2018, a decrease of 0.4 points from July 2017. Collier County’s unemployment rate was 3.6% in July 2018, down from 4% in July 2017. The seasonally- adjusted unemployment rate in Charlotte County was 4.1% in July 2018, down from 4.4% in July 2017. These trends are likely to continue in the near-term due to a growing population base and increasing job opportunities. Collier County Area Analysis 14 Green & Green Area Map Surrounding Area Analysis 15 Green & Green Surrounding Area Analysis The subject is located along Collier Boulevard, within the Lely submarket of Collier County. This area is generally delineated as follows: North Interstate 75 South Marco Island East Picayune Strand State Forest West Collier Boulevard Access and Linkages The subject is located along Collier Boulevard in the East Naples area of Collier County and primary access to the subject is via this arterial. Tamiami Trail is major arterial providing access throughout the Naples. The stretch of the Trail in front of the subject is a two-lane divided arterial. Generally, uses along the thoroughfare are retail with a mix of free standing buildings, anchored shopping centers and unanchored retail strip centers. The main north/south arterial is Collier Boulevard and it also intersects numerous arterials that provide access to Naples and outlying Collier County. It is also the main arterial that provides access to Marco Island. Access to Interstate 75 is provided by this arterial, which is Exit 101 off I-75. A major north/south arterial is Airport Road. This arterial intersects Tamiami Trail, six miles northwest of the subject. Airport Road is a six lane divided road and begins in the north with its intersection with Immokalee Road and continues to Tamiami Trail East. Radio Road runs in an east / west direction and begins with its intersection with Airport Road and continues until its intersection with Davis Boulevard. Davis Boulevard runs in an east / west direction and begins at its intersection with Tamiami Trail East and swings in a northeast / southwest direction continuing to Collier Boulevard. Rattlesnake Hammock Road runs in an east / west direction and converts from Thomasson Drive. It is a four lane divided roadway and ends with its intersection with Collier Boulevard. Thomasson Drive runs in an east / west direction and begins at its intersection with Bayshore Drive, northwest of the subject property. Public transportation is provided by the Collier Area Transit (CAT) in Collier County and provides access to the developed areas of Collier County. According to the Collier Area Transit website, there are numerous bus stops located along Tamiami Trail East. Overall, the primary mode of transportation in the area is the automobile. The Naples Municipal Airport (APF) is located less than 8 miles northwest of the subject property and travel time is about 15 minutes, depending on traffic conditions. The Southwest Florida International Airport (RSW) is located approximately 40 miles north of the subject property and travel time is about 40-45 minutes, depending on traffic conditions. Downtown Naples or 5th Avenue South, the cultural Surrounding Area Analysis 16 Green & Green and economic center of the area is located less than 9 miles northwest of the subject property along Tamiami Trail and travel time is about 15 minutes, depending on traffic conditions. Land Use In the immediate vicinity of the subject, land uses include a mix of conservation lands, commercial uses along thoroughfares with supporting residential development. Other land use characteristics are summarized as follows: Surrounding Area Land Uses Character of Area Suburban Predominant Age of Improvements 5 – 50+ years Predominant Quality and Condition Average Approximate Percent Developed 40% Infrastructure/Planning Average Predominant Location of Undeveloped Land East Prevailing Direction of Growth East Subject’s Immediate Surroundings North Conservation lands South Conservation lands East Residential and commercial developments. West Conservation lands Residential Activity and Trends Artesia Naples, by WCI Communities, is a luxury gated community located off Barefoot Williams Road, west of Collier Boulevard. Artesia is a mix of cottage homes, grand villas and mansions. The amenities of Artesia include a lake side clubhouse with 9,215 square feet under air (11,845-square feet of total size) which features a state of the art fitness center and billiards room, a resort style pool featuring beach entry and lap lanes, a multi-use racquetball court and a dog park. In all, the 261-acre community is planned for approximately 600 homes with more than 111 acres dedicated to nature preserve and lakes. Canopy, by Neal Communities, is located along Tree Farm Road, just east of Collier Boulevard. This community will consist of 108 homes, designed in Mediterranean and French Colonial styles, offered in 8 floor plans ranging in size from 1,772 to 2,708-square feet. Copper Cove Preserve, by Lennar is located along Treasure Cove Circle, just east of Collier Boulevard and south of Tamiami Trail East. Copper Cove will offer 7 floor plans, spaciously sized from 2,000- square feet to over 4,000-square feet. Surrounding Area Analysis 17 Green & Green Esplanade at Hacienda Lakes, by Taylor Morrison, is located just east of Collier Boulevard, south of the Florida Sports Park. Esplanade will consist of 10 designs of villas and single family homes, with Californian Tuscan architecture, ranging in size from 1,676 to 3,144-square feet. Fiddler’s Creek, located along the east side of Collier Boulevard, recently made plans to expand after making a second acquisition that would increase the community size to 3,931 acres. With completion scheduled around 2020, Fiddler’s Creek will consist of 100 villages and approximately 6,000 residences. Treviso Bay by Lennar Homes, is located along Tamiami Trail East in Naples. Treviso bay features 6 collections of homes ranging from Terrace Condos (1,194-1,408-square feet), Veranda Condos (1,414- 1,661-square feet), Coach Homes (1,883-2,099-square feet), Executive Homes (1,649-2,246-square feet), and Luxury Estate Homes (2,361-3,800-square feet). In August of 2016, 26.63 acres located within Treviso Bay sold and are planned for development of single-family homes. A 304-unit, class A multi-family apartment complex is proposed along Grand Lely Drive, along the south side of Rattlesnake Hammock Road, west of Collier Boulevard. Property is set to be complete in December of 2018. Commercial Development Activity and Trends Retail development has generally been limited to build to suits for retail end users. A majority have been free standing net lease properties such as banks, gas stations and restaurants. Stock Plaza, which is located at the NWQ of Collier Boulevard and Grand Lely Drive, is currently under construction. To date, only 2 of the 5 proposed buildings have been constructed. Skillets, Five Guys and Palumbo’s Pizzeria are a few of the first tenants to open in this plaza. Other proposed tenants include: AT & T, Eco Cleaners, California Closets and Heartland Dental. Directly south of Stock Plaza, at the SWQ of Collier Boulevard and Grand Lely, a hotel with 4 outparcels are proposed for future development. Tamiami Crossing is a new development that is located at the intersection of Tamiami Trail and Collier Boulevard, just southeast of the subject. This 122,383-square foot retail center was complete in early 2016 and is anchored by a Marshalls and a Stein Mart. Other tenants include a Michaels, Ross Department store and PetSmart. Restaurant Row, which is located just south of the subject at the intersection of Collier Boulevard and Tamiami Trail East, is a 7-acre development which, when complete, will include at least 8 restaurants. To date a multitenant building leased to Starbucks and T-Mobile has been completed. A freestanding Pollo Tropical as well as a Chipotle Mexican Grill and Pei Wei Asian Diner have been completed. In March of 2017, Texas Roadhouse opened. Surrounding Area Analysis 18 Green & Green Outlook and Conclusions Over the last one to two years, Collier County and the submarket has 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. We expect growth in the area to continue due to the availability of land and the proximity to employment centers and demand generators. Surrounding Area Analysis 19 Green & Green Surrounding Area Map Land Description and Analysis 20 Green & Green Property Analysis Land Description and Analysis Land Description Land Area 28.70 acres; 1,250,172 SF Source of Land Area Public Records Primary Street Frontage Collier Blvd. - 1,150 feet Shape Square Corner No Topography Generally level and at street grade Drainage No problems reported or observed Environmental Hazards None reported or observed Ground Stability No problems reported or observed Flood Area Panel Number 5/12/2016 Date May 16, 2012 Zone AE Description Within 100-year floodplain Insurance Required?Yes Zoning; Other Regulations Zoning Jurisdiction Collier County Zoning Designation A Description The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Legally Conforming?Appears to be legally conforming Zoning Change Likely?A zoning change to residential and/or commercial use is likely Other Land Use Regulations Future Land Use Designation:Urban Coastal Fringe which permits residenatial and commercial uses. Utilities Service Provider Water Municipal Sewer Municipal Electricity FP&L Natural Gas NA Local Phone Various We are not experts in the interpretation of zoning ordinances. An appropriately qualified land use attorney should be engaged if a determination of compliance with zoning is required. Land Description and Analysis 21 Green & Green Easements, Encroachments and Restrictions There is a reported 100' LCEC easement running along the western boundary. We were not provided a current title report to review. We are not aware of any easements, encroachments, or restrictions that would adversely affect value. Our 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 According to the most recent listing agent, Kevin Fitzgerald of NAI Southwest Florida, Inc., Speath Engineering conducted an Environmental Assessment on the property several years ago and concluded the entire site was developable, but fill and compaction would be required. A copy of the study was not provided for the purpose of this appraisal. Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by zoning. We are not aware of any other particular restrictions on development. Land Description and Analysis 22 Green & Green Taken October 26, 2018 Taken October 26, 2018 Taken October 26, 2018 Taken October 26, 2018 Taken October 26, 2018 Taken October 26, 2018 Land Description and Analysis 23 Green & Green Aerial Land Description and Analysis 24 Green & Green Flood Map Real Estate Taxes 25 Green & Green Real Estate Taxes Real estate tax assessments are administered by Collier County and are estimated by jurisdiction on a countywide basis. Real estate taxes in this state and this jurisdiction represent ad valorem taxes, meaning a tax applied in proportion to value. The real estate taxes for an individual property may be determined by dividing the assessed value by 1,000 and then multiplying the estimate by a composite rate. The composite rate is based on a consistent tax rate throughout the state in addition to one or more local taxing district rates. The assessed values are based upon the current conversion assessment of the Collier County Property Appraiser’s market value. State law requires that all real property be re-valued each year. The millage rate is generally finalized in October of each year, and tax bills are generally received in late October or early November. The gross taxes are due by March 31st of the following year. If the taxes are paid prior to November 30th, the State of Florida allows a 4% discount for early payment. The discount then becomes 3% if paid by December 31st, 2% if paid by January 31st, and 1% if paid by February 28th. After March 31st, the taxes are subject to late penalties and interest. Real estate taxes and assessments for the current tax year are shown in the following table. Taxes and Assessments - 2018 Assessed Value Taxes and Assessments Tax ID Land Improvements Total Tax Rate Ad Valorem Taxes Direct Assessments Total 00742880009 $69,333 $69,333 4.816682%$3,340 $0 $3,340 Based on the concluded market value of the subject, the assessed value appears low. Highest and Best Use 26 Green & Green 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 vacant, and as improved. 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 Vacant Physically Possible The physical characteristics of the site do not appear to impose any unusual restrictions on development. Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses. According to a Conservation Collier Initial Criteria Screening Report dated June 12, 2017; high marsh (saline), tidal freshwater marsh, and other native habitats are present on the property. The South Florida Water Management District (SFWMD) electronic database identified saltwater marsh, saltgrass, and black rush. The salt marsh is primarily saltgrass, black rush, and fringe rushes. Mangrove swamp and mixed shrubs were also identified. There is also scattered melaleuca, Brazilian pepper along CR 951 and small amounts of torpedo grass. According to the most recent listing agent, Kevin Fitzgerald of NAI Southwest Florida, Inc., Speath Engineering conducted an Environmental Assessment on the property several years ago and concluded the entire site was developable, but fill and compaction would be required. A copy of the study was not provided for the purpose of this appraisal. The site is considered to have a functional utility suitable for a variety of uses. Legally Permissible The site is zoned A, The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses.. Permitted uses include uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. It is also located within the Urban Coastal Fringe Future Land Use subdistrict which would allow rezoning for residential or commercial uses. 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 residential is given further consideration in determining highest and best use of the site, as though vacant. Highest and Best Use 27 Green & Green Financially Feasible Based on our analysis of the market, there is currently adequate demand for residential in the subject’s area. It appears that a newly developed residential on the site would have a value commensurate with its cost. Therefore, 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 residential . Accordingly, it is our opinion that 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 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 vacant. As Improved No improvements are situated on the subject. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Taking into account the functional utility of the site and area development trends, the probable buyer is a developer. Valuation Methodology 28 Green & Green 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 Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized Sales Comparison Approach 29 Green & Green Sales Comparison Approach 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. This approach develops an indication of value by researching, verifying, and analyzing sales of similar properties. Our sales research focused on transactions within the following parameters: • Location: Southern Collier county • Size: 5 to 80 acres • Use: Residential • Transaction Date: 2017 to present For this analysis, we 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. Sales Comparison Approach 30 Green & Green Summary of Comparable Land Sales No.Name/Address Sale Date; Status Sale Price SF; Acres Zoning $/SF Land $/Acre 1 Journey's End Property Mar-19 $9,500,000 2,869,733 $3.31 $144,202 1216 Manatee Rd. In-Contract 65.88 Naples Collier County FL 2 Habitat For Humanity Laredo St Land Jul-18 $400,000 425,581 $0.94 $40,942 10362 Laredo St. Closed 9.77 Naples Collier County FL 3 5336 Collier Boulevard Land Feb-18 $800,000 815,879 $0.98 $42,712 5336 Collier Blvd. Closed 18.73 Naples Collier County FL 4 Argo Manatee Aug-16 $4,000,000 3,278,761 $1.22 $53,142 Manatee Road and Tamiami Trl. E. Closed 75.27 Naples Collier County FL Subject 1,250,172 Green & Green 28.70 Naples, FL Comments: Site has entitlements in place including SDPA permits, Army corps Permits FDEP water and wastewater permits & SWFMD permits. Additional consideration of $901,036.50 to be paid within two years for impact fee credits in place at the property. The buyer is currently in due diligence and has not put hard money down yet. The closing is projected for February or March 2019. Buyer plans to build 300 twin villas similar to their Naples preserve project which is priced from $299,990 and up. Comments: This was purchased by Habitat For Humanity. The 9.77 acre site has a small lake at the rear of the property. There previously was a small residence on this site which was demolished in 2017 prior to the sale. Comments: This property has roughly 16 acres of wetlands and was listed at $950,000 for nearly 2 years prior to the sale. The property has been put back on the market for $5,900,000 as a potential site for workforce housing upon rezoning to RMF-12. Estimated costs for wetland mitigation as well as initial site development consisting of a lake, fill, and leveling will cost between $1 to $1.5 million Comments: At the time of contract the property was zoned RSF-3 (3 units/acre) with 2+/- acres agricultural. The property was purchased by a developer who paid for all entitlement costs prior to closing. Municipal charges (Permit fees & Wetland credits) were $342,070. Soft costs were $1,111,316. The effective purchase price is $5,453,386. The effective purchase price does not include for profit and developer’s entitlement risk. Per the zoning ordinance 19.0 acres will be utilized for preserve with another 19.3 acres dedicated to lakes, waterways, easements and right of ways. The usable area is 36.97 acres. The purpose and intent of the rural Residential Agricultural Residential Multifamily Sales Comparison Approach 31 Green & Green Comparable Land Sales Map Sales Comparison Approach 32 Green & Green Sale 1 Journey's End Property Sale 2 Habitat For Humanity Laredo St Land Sale 3 5336 Collier Boulevard Land Sale 4 Argo Manatee Sales Comparison Approach 33 Green & Green Analysis and Adjustment of Sales 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 adjustments required Real Property Rights Fee simple, leased fee, leasehold, partial interest, etc. No adjustments required Financing Terms Seller financing, or assumption of existing financing, at non-market terms. No adjustments required Conditions of Sale Extraordinary motivation of buyer or seller, assemblage, forced sale. No adjustments required Market Conditions Changes in the economic environment over time that affect the appreciation and depreciation of real estate. No adjustments required Location Market or submarket area influences on sale price; surrounding land use influences. No adjustments required Access/Exposure Convenience to transportation facilities; ease of site access; visibility; traffic counts. No adjustments required Size Inverse relationship that often exists between parcel size and unit value. No adjustments required Shape and Topography Primary physical factors that affect the utility of a site for its highest and best use. The subject is roughly 95% wetlands. Each comparable has significantly less wet lands. We have adjusted each comparable downward. Zoning Government regulations that affect the types and intensities of uses allowable on a site. Comparables 1, 3 and 4 each have zoning in place which would allow immediate development. Comparables 1, 3 and 4 have been adjusted downward. Sales Comparison Approach 34 Green & Green Adjustment Factor Accounts For Comments Entitlements The specific level of governmental approvals attained pertaining to development of a site. Comparable sale1 has entitlements in place including SDPA permits, Army corps Permits FDEP water and wastewater permits & SWFMD permits. Comparable sale 1 has been adjusted downward. Sales Comparison Approach 35 Green & Green The following table summarizes the adjustments we make to each sale. Land Sales Adjustment Grid Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Name Green & Green Journey's End Property Habitat For Humanity Laredo St Land 5336 Collier Boulevard Land Argo Manatee Address West Side Collier Blvd. near Manatee Road 1216 Manatee Rd. 10362 Laredo St. 5336 Collier Blvd. Manatee Road and Tamiami Trl. E. City Naples Naples Naples Naples Naples County Collier Collier Collier Collier Collier State Florida FL FL FL FL Sale Date Mar-19 Jul-18 Feb-18 Aug-16 Sale Status In-Contract Closed Closed Closed Sale Price $9,500,000 $400,000 $800,000 $4,000,000 Acres 28.70 65.88 9.77 18.73 75.27 Usable Acres 28.70 65.88 8.52 2.73 36.96 Wetlands %95%0%-13%-85%-51% Zoning Code A RMF-16 (8)A RSF-3 Argo Manatee Residential Planned Unit Development $144,202 $40,942 $42,712 $53,142 Fee Simple Fee Simple Fee Simple Fee Simple –––– –––– –––– Market Conditions 10/26/2018 Mar-19 Jul-18 Feb-18 Aug-16 Annual % Adjustment –––– $144,202 $40,942 $42,712 $53,142 –––– –––– –––– -20%-20%-5%-10% -25%–-25%-25% -30%––– Net $ Adjustment -$108,151 -$8,188 -$12,814 -$18,600 Net % Adjustment -75%-20%-30%-35% Final Adjusted Price $36,050 $32,753 $29,899 $34,542 Overall Adjustment -75%-20%-30%-35% Average Indicated Value Location Shape and Topography Range of Adjusted Prices Access/Exposure Size Price per Acre Property Rights Financing Terms Conditions of Sale Cumulative Adjusted Price % Adjustment % Adjustment % Adjustment Zoning Entitlements $29,899 - $36,050 $33,311 $30,000 Sales Comparison Approach 36 Green & Green Land Value Conclusion Prior to adjustment, the sales reflect a range of $40,942 - $144,202 per acre. After adjustment, the range is narrowed to $29,899 - $36,050 per acre, with an average of $33,311 per acre. We give greatest weight to two and three and arrive at a land value conclusion as follows: Land Value Conclusion Indicated Value per Acre $30,000 Subject Acres 28.70 Indicated Value $861,000 Rounded $860,000 Reconciliation and Conclusion of Value 37 Green & Green Reconciliation and Conclusion of Value As discussed previously, we 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, our value opinion follows: Value Conclusion Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value Fee Simple October 26, 2018 $860,000 Extraordinary Assumptions and Hypothetical Conditions The value conclusions are not subject to any extraordinary assumptions or hypothetical conditions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. 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. Exposure Time Exposure time is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Based on the concluded market value stated previously, it is our opinion that the probable exposure time is 12-24 months. Marketing Period Marketing time is an estimate of the amount of time it might take to sell a property at the concluded market value immediately following the effective date of value. We estimate the subject’s marketing period at 12-24 months. Certification 38 Green & Green Certification We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We 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. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. Our 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. Carlton J. Lloyd, 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. We 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, Carlton J. Lloyd, MAIhas completed the continuing education program for Designated Members of the Appraisal Institute. Carlton J. Lloyd, MAI FL State-Certified General RE Appraiser RZ#2618 Assumptions and Limiting Conditions 39 Green & Green 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 our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal Assumptions and Limiting Conditions 40 Green & Green covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical, electrical, structural and other engineering and environmental matters. 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; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The values found herein are 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 Assumptions and Limiting Conditions 41 Green & Green conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of the property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. We 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 cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property. Integra Realty Resources – Southwest Florida, Integra Realty Resources, Inc., Integra Strategic Ventures, Inc. and/or any of their respective officers, owners, managers, directors, agents, subcontractors or employees (the “Integra 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 we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The 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. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non- existent or minimal. 22. Integra Realty Resources – Southwest Florida is not a building or environmental inspector. Integra Southwest Florida 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 Integra Parties, arising out of, relating to, or in any way pertaining to this engagement, the Assumptions and Limiting Conditions 42 Green & Green appraisal reports, and/or any other related work product, the Integra 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 Integra 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. Integra Realty Resources – Southwest Florida, 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 we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report or any other work product related to the engagement (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 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 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 Integra 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 we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we 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 our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. 28. The appraisal is also subject to the following: Assumptions and Limiting Conditions 43 Green & Green Extraordinary Assumptions and Hypothetical Conditions The value conclusions are not subject to any extraordinary assumptions or hypothetical conditions that may affect the assignment results. An extraordinary assumption is uncertain information accepted as fact. 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. Addenda Green & Green Addendum A Appraiser Qualifications Carlton J. Lloyd, MAI Southwest Florida Integra Realty Resources irr.com T 239.643.6888 F 239.643.6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Experience Senior Managing Director of Integra Realty Resources Southwest Florida Actively engaged in real estate valuation since 1995. Territories include Collier, Lee, Charlotte, Sarasota, Manatee, Broward, Palm Beach, Miami-Dade, Monroe, Desoto and Hendry Counties. Experienced in Residential Developments (PUDs & Condominiums), Multifamily apartments, Low Income Housing, (LIHTC), office buildings, restaurants, commercial retail centers, industrial warehouse properties, self storage, hotels, net leased properties and subdivisions. Specialty experience includes marina, golf courses and country clubs, and orange groves. Clients include, but are not limited to: federally insured lenders, developers, investors, law firms, mortgage banking firms, local, state, and federal agencies, and individuals. Valuations have been performed for condemnation purposes, estates, financing, equity participation and due diligence and litigation support. Valuations and market studies have been done on proposed, partially completed, renovated and existing structures. Professional Activities & Affiliations Appraisal Institute, Member (MAI) Appraisal Institute, Member (#406018), August 2008 Member: Urban Land Institute, January 2018 Licenses Florida, State Certified General RE Appraiser, RZ#2618, Expires November 2020 North Carolina, State Certified RE Appraiser, A8192, Expires June 2019 Education Carlton graduated with a Bachelor Of Arts Degree from the State University of N.Y. at Albany in 1989. Recent real estate courses include : Appraising Automobile Dealerships Sept 1, 2018 Managing Unusual Appraisal & Litigation Assignments 06/12/2018 Online Business Practices and Ethics 06/08/2018 7-Hour National USPAP Update Course 04/12/2018 Online Real Estate Finance Statistics and Valuation Modeling 06/15-07/15/2016 Reviewing Residential Appraisals and Using Fannie Mae Form 2000 06/01-07/01/2016 Residential Sales Comparison and Income Approach 08/15-09/29/2014 Feasibility, Market Value, Investment Timing: Option Value 08/15-09/14/2012 Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets 02/29-03/01/2012 The Appraiser as an Expert Witness: Preparation & Testimony 06/04-05/2009 Condemnation Appraising: Principles & Applications 05/06-08/2009 Online Small Hotel/Motel Valuation 11/01-12/01/2008 Online Analyzing Distressed Real Estate 10/15-11/14/2008 Online Condominiums, Co-ops and PUDs 10/15-11/14/2008 Online Appraising From Blueprints and Specifications 09/15-10/15/2006 Online Analyzing Operating Expenses 08/15-09/14/2006 clloyd@irr.com - 239.687.5801 x Carlton J. Lloyd, MAI Southwest Florida Integra Realty Resources irr.com T 239.643.6888 F 239.643.6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Education (Cont'd) Online Small Hotel/Motel Valuation 08/15-09/14/2006 Report Writing and Valuation Analysis 07/11-17/2004 Advanced Applications 03/08-13/2004 Highest & Best Use and Market Analysis 10/06-11/2003 Advanced Sales Comparison & Cost Approaches 10/28-11/02/2002 Advanced Income Capitalization 02/07-13/2002 General Applications 03/19-25/2001 Standards of Professional Practice, Part B 08/30/2000 Standards of Professional Practice, Part A (USPAP) 08/28-29/2000 Basic Income Capitalization 08/15-21/1999 clloyd@irr.com - 239.687.5801 x Carlton J. Lloyd, MAI Southwest Florida Integra Realty Resources irr.com T 239.643.6888 F 239.643.6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Qualified Before Courts & Administrative Bodies Qualified as an expert witness in U.S. Federal Bankruptcy Court, US District Court-Tampa, Collier County Circuit Court, Lee County Circuit Court and the Tax Appeals Board of Lee County Case History: IEC Rentals Bankruptcy US Bankruptcy Court, Middle District of Florida Case 9:15-bk-2491-FMD Howard Fertilizer & Chemical Company, Inc., A Florida Corporation V. Gulf Citrus Caretaking, Inc., in the Circuit Court Of The Ninth Judicial Circuit In And For Orange County, Florida Case No. 2009-CA-034084-O US. Bank National Association v. Salo & Barnes, Inc., et al. Circuit Court of the Twentieth Judicial Circuit In and For Lee County, Florida, Civil Division Case No. 10-CA-057019 Fedako, Catherine A. adv. Cassidy, John R. In The Circuit Court Of The Twelfth Judicial Circuit In And For Sarasota County, Florida Case No. 2012-DR-8138 PPDG, LLC V J. Dean, Templeton Case No. 2:13-cv-768-FtM-29UAM Gregory Montwill, v. Bank of America, N. A., United States District Court Case No. 13-02965-SDM-TGW, Ongoing Six Mile Preserve LLC v. Kenneth M. Wilkinson, as Property Appraiser, Property Tax Appeal Case No. 13-CA-000704 September 2014 First Berkshire Properties, LLC, v. Kenneth M. Wilkinson, as Property Appraiser, Property Tax Appeal Case No. 13-CA-000702 September 2014 Encore Bank v Implant, General & Cosmetic Dentistry Bankruptcy Case (8:12-bk-18834-MGW) June 2013 Bank Of America/Merrill Lynch V D'Agostino Bankruptcy Case (9:12-bk-06762 ) January 2013 Rookery Bay Business Park, LLC Bankruptcy Case (12-38298-LMI) May 2013 RP Bonita V Acaia, Pending Arbitration Hearing (Settled August 2013) Lake Lincoln, LLC V Manatee County Case 2012-CA3483 (ongoing) UPS Capital V Surety Title Corp, Collier County (09-4938 CA) Deficiency Hearing Synovous Bank V Belaj, Collier County (11-1460-CA) February 2012 Deficiency Hearing Bank of Naples v Palmyra Club Investors Collier County (09-7986-CA) August 2011 Deficiency Hearing BB&T Vs. Naples Plastering Collier County (10-2881-CA) Deficiency Hearing August 2011 BB&T Vs Rialto Holdings Lee County Deficiency Hearing February 2011 RBC Vs R&D Collier, Collier County Deficiency Hearing May 2011 Fiddlers Creek Bankruptcy Hearing Federal Bankruptcy Court Case 8:10-bk-03846-KRM Multiple dates 2011 Moody River Estates, Lee County 20th Circuit Court Case 07-CA-88197. August 2010 BB&T vs Lee Wetherington Homes . Lee County 20th Circuit Court Case 07-CA-88197.June 2010 Eight Peaks Capital Vs Bald Eagle Group LLC Federal Bankruptcy Court Case 08-8902CA-01 April 2010 Bank Of Florida vs Bradford Square Collier County Uniform Case Number 112009CA0025920001XX April 2010 clloyd@irr.com - 239.687.5801 x About IRR Integra Realty Resources, Inc. (IRR) provides world-class commercial real estate valuation, counseling, and advisory services. Routinely ranked among leading property valuation and consulting firms, we are now the largest independent firm in our industry in the United States, with local offices coast to coast and in the Caribbean. IRR offices are led by MAI-designated Senior Managing Directors, industry leaders who have over 25 years, on average, of commercial real estate experience in their local markets. This experience, coupled with our understanding of how national trends affect the local markets, empowers our clients with the unique knowledge, access, and historical perspective they need to make the most informed decisions. Many of the nation's top financial institutions, developers, corporations, law firms, and government agencies rely on our professional real estate opinions to best understand the value, use, and feasibility of real estate in their market. Local Expertise...Nationally! irr.com Addenda Green & Green Addendum B Property Information Addenda Green & Green Addendum C Comparable Data Land Sale Profile Sale No. 1 Location & Property Identification Journey's End Property Property Name: Sub-Property Type: Residential 1216 Manatee Rd. Address: Naples, FL 34114 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Suburban Market Orientation: located on S side of Manatee Rd Property Location: IRR Event ID: 2122020 Sale Information $9,500,000 Sale Price: $9,500,000 Effective Sale Price: 03/01/2019 Sale Date: Contract Date: 08/01/2018 Sale Status: In-Contract $/Acre(Gross): $144,202 $/Land SF(Gross): $3.31 $/Acre(Usable): $144,202 $/Land SF(Usable): $3.31 $31,667 /Approved Lot $/Unit: Grantor/Seller: Rimar Enterprises Grantee/Buyer: DR Horton Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Contract of Sale Rent Controlled: No Verified By: Carlton J. Lloyd, MAI Verification Date: 09/24/2018 Confirmation Source: Buyer Verification Type: Confirmed-Buyer Improvement and Site Data MSA: Naples-Marco Island, FL Metropolitan Statistical Area 00736200103, 00736200404 Legal/Tax/Parcel ID: 65.88/65.88 Acres(Usable/Gross): 2,869,732/2,869,732 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 No. of Units (Potential): 300 Shape: Irregular Topography: Level Corner Lot: No Frontage Feet: 1105 Frontage Desc.: Manatee Road Frontage Type: 2 way, 1 lane each way Traffic Control at Entry: None Traffic Flow: Low Traffic Count: low Visibility Rating: Average Zoning Code: RMF-16 (8) Zoning Desc.: Residential Multifamily No Easements: Environmental Issues: No Flood Plain: Yes Flood Zone: 1200670615E Zone AE 8/3/92 Flood Area(SF): 2,875,396 Flood Zone Designation: AE Comm. Panel No.: 12021C0612H Date: 05/16/2012 Utilities: Electricity, Water Public, Sewer, Telephone, CableTV Journey's End Property Land Sale Profile Sale No. 1 Improvement and Site Data (Cont'd) Utilities Desc.: Set up to Collier County Utilities Source of Land Info.: Owner Comments Site has entitlements in place including SDPA permits, Army corps Permits FDEP water and wastewater permits & SWFMD permits. Additional consideration of $901,036.50 to be paid within two years for impact fee credits in place at the property. The buyer is currently in due diligence and has not put hard money down yet. The closing is projected for February or March 2019. Buyer plans to build 300 twin villas similar to their Naples preserve project which is priced from $299,990 and up. Journey's End Property Land Sale Profile Sale No. 2 Location & Property Identification Habitat For Humanity Laredo St Land Property Name: Sub-Property Type: Residential, Single Family Land 10362 Laredo St. Address: Naples, FL 34114 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: IRR Event ID: 2155065 Sale Information $400,000 Sale Price: $400,000 Effective Sale Price: 07/16/2018 Sale Date: Recording Date: 07/23/2018 Listing Date: 08/01/2017 Sale Status: Closed $/Acre(Gross): $40,942 $/Land SF(Gross): $0.94 $/Acre(Usable): $46,948 $/Land SF(Usable): $1.08 Grantor/Seller: Patrick C Weber Grantee/Buyer: Habitat for Humanity Collier County Property Rights: Fee Simple % of Interest Conveyed: 100.00 Exposure Time: 11 (months) Document Type: Deed Recording No.: 5589322 Verified By: Carlton J. Lloyd, MAI Verification Date: 11/08/2018 Confirmation Source: Broker Verification Type: Confirmed-Seller Broker Improvement and Site Data 8.52/9.77 Acres(Usable/Gross): 371,131/425,581 Land-SF(Usable/Gross): Usable/Gross Ratio: 0.87 Zoning Code: A Zoning Desc.: Agricultural Flood Plain: Yes Flood Zone Designation: AE Source of Land Info.: Public Records Comments This was purchased by Habitat For Humanity. The 9.77 acre site has a small lake at the rear of the property. There previously was a small residence on this site which was demolished in 2017 prior to the sale. Habitat For Humanity Laredo St Land Land Sale Profile Sale No. 3 Location & Property Identification 5336 Collier Boulevard Land Property Name: Sub-Property Type: Residential 5336 Collier Blvd. Address: Naples, FL 34114 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Suburban Market Orientation: IRR Event ID: 2152919 Sale Information $800,000 Sale Price: $800,000 Effective Sale Price: 02/28/2018 Sale Date: Recording Date: 03/01/2018 Sale Status: Closed $/Acre(Gross): $42,712 $/Land SF(Gross): $0.98 $/Acre(Usable): $293,040 $/Land SF(Usable): $6.73 $14,286 /Unit $/Unit: Grantor/Seller: Robert Folsom & Karen Hesson Grantee/Buyer: Josef Magdalener Property Rights: Fee Simple Document Type: Deed Recording No.: 5517698 Verified By: Carlton J. Lloyd, MAI Verification Date: 11/09/2018 Confirmation Source: Broker-IPC Verification Type: Confirmed-Seller Broker Improvement and Site Data 00742040001 Legal/Tax/Parcel ID: 2.73/18.73 Acres(Usable/Gross): 118,918/815,878 Land-SF(Usable/Gross): Usable/Gross Ratio: 0.15 No. of Units (Potential): 56 Shape: Rectangular Topography: Level Vegetation: Trees and grasses Zoning Code: RSF-3 Zoning Desc.: Residential Flood Plain: Yes Flood Zone Designation: AE Comm. Panel No.: 12021C0651H Date: 05/12/2016 Utilities: Electricity Source of Land Info.: Public Records Comments This property has roughly 16 acres of wetlands and was listed at $950,000 for nearly 2 years prior to the sale. The property has been put back on the market for $5,900,000 as a potential site for workforce housing upon rezoning to RMF-12. Estimated costs for wetland mitigation as well as initial site development consisting of a lake, fill, and leveling will cost between $1 to $1.5 million 5336 Collier Boulevard Land Land Sale Profile Sale No. 4 Location & Property Identification Argo Manatee Property Name: Sub-Property Type: Residential Manatee Road and Tamiami Trl. E. Address: Naples, FL 34114 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: IRR Event ID: 1593915 Sale Information $4,000,000 Sale Price: $5,453,386 Effective Sale Price: 08/19/2016 Sale Date: Sale Status: Closed $/Acre(Gross): $72,451 $/Land SF(Gross): $1.66 $/Acre(Usable): $72,422 $/Land SF(Usable): $1.66 $24,237 /Unit $/Unit: Grantor/Seller: Roberto Su, Angel Ham and Sixto Su Grantee/Buyer: Argo Manatee Collier, LP Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Warranty Deed Recording No.: OR Book 5305 Page 3297 Verification Type: Secondary Verification Improvement and Site Data 736900005 Legal/Tax/Parcel ID: 75.30/75.27 Acres(Usable/Gross): 3,280,068/3,278,761 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 No. of Units (Potential): 225 Shape: Irregular Corner Lot: Yes Frontage Feet: 2770 Frontage Desc.: Manatee Road Frontage Type: 2 way, 1 lane each way Traffic Control at Entry: Traffic light Traffic Flow: Low Visibility Rating: Average Zoning Code: Argo Manatee Residential Planned Unit Development Flood Plain: Yes Flood Zone Designation: AH Comm. Panel No.: 12021C0616H Date: 05/16/2012 Utilities: , Rail Source of Land Info.: Public Records Comments At the time of contract the property was zoned RSF-3 (3 units/acre) with 2+/- acres agricultural. The property was purchased by a developer who paid for all entitlement costs prior to closing. Municipal charges (Permit fees & Wetland credits) were $342,070. Soft costs were $1,111,316. The effective purchase price is $5,453,386. The effective purchase price does not include for profit and developer’s entitlement risk. Per the zoning ordinance 19.0 acres will be utilized for preserve with another 19.3 acres dedicated to lakes, waterways, easements and right of ways. The usable area is 36.97 acres. Argo Manatee 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com REAL ESTATE APPRAISAL REPORT GREEN AND GREEN Agricultural Land West side of Collier Boulevard across from Championship Drive Naples, Collier County, Florida, 34114 PREPARED FOR: Mr. Roosevelt Leonard Real Property Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Client File: PO Number 4500189240 EFFECTIVE DATE OF THE APPRAISAL: September 28, 2018 DATE OF THE REPORT: October 9, 2018 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2018-174 Green and Green West side of Collier Boulevard across from Championship Drive Naples, Florida 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com October 9, 2018 Mr. Roosevelt Leonard Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Re: Real Estate Appraisal Green and Green West side of Collier Boulevard across from Championship Drive, Naples, Collier County, Florida, 34114 Client File: PO Number 4500189240 RKL File Number: 2018-174 Dear Mr. Leonard: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The intended users for the assignment are Collier County Real Property Management (Conservation Collier Program), and the intended use of the appraisal is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier program. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The appraisal also conforms with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The subject is a vacant agricultural parcel of land containing an area of 28.70 acres, or 1,250,172 square feet. Single family homes, agricultural activities, family care facilities, schools, and conservation uses are permitted under the present Rural Agricultural District (A) zoning designation. The site is located within the Urban Coastal Fringe Subdistrict Future Land Use Designation. Mr. Roosevelt Leonard Collier County October 9, 2018 Page 2 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple September 28, 2018 $860,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0800 Ext. 203 GREEN AND GREEN TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions ................................................................... 1 Introduction Information ..................................................................................................... 2 Subject Identification ...................................................................................................... 2 Current Ownership and Property History ....................................................................... 2 Appraisal Scope .............................................................................................................. 3 Client, Intended User, and Intended Use ........................................................................ 3 Definition of Market Value ............................................................................................. 3 Definition of Property Rights Appraised ........................................................................ 4 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 4 Scope of Work ................................................................................................................ 4 Economic Analysis ............................................................................................................. 6 National Economic Analysis........................................................................................... 6 Florida Economic Analysis ............................................................................................. 8 Collier County Area Analysis ....................................................................................... 10 Market Area Analysis ................................................................................................... 21 Property Description and Analysis ................................................................................... 26 Site Analysis ................................................................................................................. 26 Real Estate Taxes and Assessments .............................................................................. 37 Highest and Best Use .................................................................................................... 38 Valuation Methodology .................................................................................................... 40 Analyses Applied .......................................................................................................... 41 Sales Comparison Approach ......................................................................................... 42 Reconciliation ............................................................................................................... 48 Final Value Conclusion................................................................................................. 48 Certification ...................................................................................................................... 49 Assumptions and Limiting Conditions ............................................................................. 51 Addenda Appraiser Qualifications ....................................................................................... Addendum A Property Information ............................................................................................ Addendum B Comparable Data .................................................................................................. Addendum C GREEN AND GREEN SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 1 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Green and Green West side of Collier Boulevard across from Championship Drive, Naples, Collier County, Florida, 34114 Owner: Green & Green Investments Inc Legal Description: 15 51 26 N1/2 OF S1/2 OF N1/2 LYING W OF SR 951, N1/2 OF S1/2 OF S1/2 OF N1/2 LYING W OF SR 951, LESS RW DESC IN OR 1158 PG 1624-1627, LESS OR 1238 PG 1548 Tax Identification: 00742880009 Intended Use: The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier program. Intended User(s): Collier County Real Property Management (Conservation Collier Program) PROPERTY Land Area: Total: 28.70 acres; 1,250,172 square feet Flood Zone: Zone AE Zoning: A - Rural Agricultural District Future Land Use Designation: Urban Coastal Fringe Subdistrict Highest and Best Use As Vacant Agricultural with potential for residential and/or commercial development with re-zone Exposure Time 18-24 months Marketing Period 18-24 months VALUE INDICATIONS Value Range of Comparables: $27,805 to $32,772 per acre Reconciled Value(s): As Is Value Conclusion(s) $860,000 Effective Date(s) September 28, 2018 Property Rights Fee Simple The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. GREEN AND GREEN INTRODUCTION INFORMATION Page 2 INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Green and Green West side of Collier Boulevard across from Championship Drive, Naples, Collier County, Florida, 34114 Legal Description: 15 51 26 N1/2 OF S1/2 OF N1/2 LYING W OF SR 951, N1/2 OF S1/2 OF S1/2 OF N1/2 LYING W OF SR 951, LESS RW DESC IN OR 1158 PG 1624-1627, LESS OR 1238 PG 1548 Tax Identification: 00742880009 The subject is a vacant agricultural parcel of land containing an area of 28.70 acres, or 1,250,172 square feet. Single family homes, agricultural activities, family care facilities, schools, and conservation uses are permitted under the present Rural Agricultural District (A) zoning designation. The site is located within the Urban Coastal Fringe Subdistrict Future Land Use Designation. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is Green & Green Investments Inc. Sale History According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): The subject is currently listed for sale by owner for $2,500,000. According to Sarita Green of Green & Green Investments Inc she put a sign on the property in April 2018 and has received significant interest from residential and commercial developers. The property has reportedly been listed since approximately 2007. In January 2014 it was reportedly listed for $3.9 million and in January 2015 it was listed for $2.9 million. The most recent listing agent was Kevin Fitzgerald of NAI Southwest Florida, Inc. According to Mr. Fitzgerald, he had the property listed for several years until approximately April 2018 when Sarita Green took over the listing. His most recent asking price was $2.5 million and he reported interest from multi-family and commercial (mini-storage) developers. He was working with an apartment developer from Miami when Ms. Green took over the listing in April. According to Mr. Fitzgerald, Speath Engineering conducted an Environmental Assessment on the property several years ago and concluded the entire site was developable, but fill and compaction would be required. About 5-6 years ago, the Capri Christian Church reportedly made an offer of $1.5 million with a $1 million charitable donation credit; however, the church elders decided to go with a different site instead. GREEN AND GREEN INTRODUCTION INFORMATION Page 3 To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser’s responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: ● the client and any other intended users; ● the intended use of the appraiser’s opinions and conclusions; ● the type and definition of value; ● the effective date of the appraiser’s opinions and conclusions; ● subject of the assignment and its relevant characteristics ● assignment conditions ● the expectations of parties who are regularly intended users for similar assignments; and ● what an appraiser’s peer’s actions would be in performing the same or a similar assignment. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Real Property Management (Conservation Collier Program). The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier program. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: Buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and GREEN AND GREEN INTRODUCTION INFORMATION Page 4 The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.” (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: “Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.” (Source: The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The effective date of the subject appraisal is September 28, 2018. The date of inspection was September 28, 2018. The date of the report is October 9, 2018. SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the subject property. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: A complete on site inspection was made and photographs were taken. Market Area and Analysis of Market Conditions: A complete analysis of market conditions has been made. The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: A cost approach was not applied as there are no improvements that contribute value to the property. GREEN AND GREEN INTRODUCTION INFORMATION Page 5 Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: None. Extraordinary Assumptions: None. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. GREEN AND GREEN NATIONAL ECONOMIC ANALYSIS Page 6 ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) recently released statements suggesting that the labor market conditions continued to strengthen and that real gross domestic product (GDP) appeared to be rising at a solid rate in the first half of 2018. According to the June 13, 2018 Press Release, total nonfarm payroll employment expanded at a strong pace in April and May. The national unemployment rate edged down in both months and was 3.8% in May. Consumer price inflation, as measured by the 12-month percentage change in the price index for personal consumption expenditures (PCE), was 2% in April. Survey based measures of longer-run inflation expectations were little changed on balance. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2% objective over the medium term. Risks to the economic outlook appear roughly balanced. In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate from 1.75% to 2.00%. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2% inflation. The Federal Housing Finance Agency reported that mortgage rates on purchases of newly built homes rose by seven basis points over the month of May 2018 to 4.51%, marking the seventh consecutive monthly increase. The overall general consensus is current mortgage rates are still too low. The economy has made a near-full recovery from the housing crisis, unemployment is in the low 4% range, the stock market is reaching record highs, and housing prices are increasing. Interest rates usually rise when the economy is doing this well. In the summer of 2007, in the midst of the last boom, 30-year rates neared 6.75% according to Freddie Mac. The boom prior to that, in 1999, saw rates above 8%. Lawrence Yun, NAR chief economist warns home values have been rising for six straight years, with gains accelerating for the past two years. "The continuing run-up in home prices above the pace of income growth is simply not sustainable" according to Mr. Yun. "From the cyclical low point in home prices six years ago, a typical home price has increased by 48 percent while the average wage rate has grown by only 14 percent." Aaron Terrazas, senior economist at Zillow, reports "A generally strong economy and favorable demographic tailwinds driven by the huge millennial generation aging into their home buying prime will help ensure that demand stays high, even as prices rise," wrote Aaron Terrazas, senior economist at Zillow. "Getting a mortgage remains incredibly affordable compared to paying rent each month." But, the "advantage is GREEN AND GREEN NATIONAL ECONOMIC ANALYSIS Page 7 starting to erode, as mortgage interest rates rise alongside prices and income growth lags behind." CoreLogic chief economist, Frank Nothaft, projects home prices will increase by 4.2% on a year-over-year basis from November 2017 to November 2018. CoreLogic averaged six forecasts of mortgage rates, arriving at a consensus view that the 30-year fixed will average 4.7% in December 2018. “Not only are mortgage rates higher, but mortgage rates will be at the highest level since 2011,” Nothaft said at the Urban Institute symposium. “So we’re looking at an environment, going forward, where this era of cheap mortgage rates will largely be behind us.” Mr. Yun expects commercial real estate activity to remain positive; however, he projects modest price corrections in big cities and for trophy properties, but he expects only a 3% to 7% decrease in 2018, which is after a 90% increase over the past seven years. He further predicted that 2018 will have a 5% to 10% decline in transactions due to a mismatch between the worldviews of buyers and sellers. "Sellers and landlords will note that the economy is doing well and demand higher prices and rents. But buyers will see rising interest rates and won’t want to adjust their offers to meet seller demands." The following table details the economic forecasts of Federal Reserve Board members and Federal Reserve Bank presidents. GREEN AND GREEN FLORIDA ECONOMIC ANALYSIS Page 8 FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau Florida's population grew by 1.59% in 2017 (July 2016 to July 2017), the fifth highest rate in the country behind Idaho (2.2%), Nevada (2.0%), Utah (1.9%), Washington (1.7%), and Arizona (1.56%). Florida gained the second-most number of people in 2017, an additional 328,000 residents, second to Texas which gained 400,000 residents. Florida has a population of 20,656,589 million as of July 2017. The Bureau of Economic and Business Research at the University of Florida projects the state's population, which surpassed 20 million in mid 2015, to rise to 24.2 million by 2030 and 26.4 million by 2040. Looking forward, Florida continues to draw a significant number of Baby Boomers. According to the U.S. Census Bureau, Florida has the fifth highest median age at 42.1 (a 3.4% increase from a median age of 38.7 in 2000). Maine is first with a median age of 44.6. In January 2018, personal finance website, WalletHub, compared the 50 states across 41 indicators, from water and air quality to the number of museums, theaters and scenic byways, as well as access to health care, life expectancy and the percentage of the adult population that is physically active. Florida ranked as the top state to retire, seconded by Colorado and South Dakota. Florida lost approximately 11% of the entire job base during the Great Recession; however, employment is increasing. According to the Florida Department of Economic Opportunity, Florida's seasonally adjusted unemployment rate was 3.6% in November 2017 slightly lower than the national rate of 4.1%. The Bureau of Economic and Business Research at the University of Florida reported 8,977,153 total employees in Florida in 2016. Employment is projected to increase to over 10 million by 2024. According to the December 2017 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, strong economic growth is forecasted in Florida over the next several years. The labor force is projected to continue to grow at an average rate of 2.0% through 2021 with unemployment projected at 3.7% to 3.8% in 2018 through 2021. According to the Bureau of Labor Statistics, the 2017 Florida unemployment rate has averaged 4.2% from January through November 2017. GREEN AND GREEN FLORIDA ECONOMIC ANALYSIS Page 9 The following chart, prepared by Fishkind and Associates, shows the historical and projected growth in population and employment for the State of Florida. Fishkind projects the unemployment rate will slightly increase in 2018 to 4.7% and to 6.6% by 2020. GREEN AND GREEN COLLIER COUNTY AREA ANALYSIS Page 10 COLLIER COUNTY AREA ANALYSIS Collier County has long been an attractive place to retire and it continues to be an area that experiences a great deal of seasonal population increases. According to the Collier County Comprehensive Planning Department, Collier County’s population increases up to 25% between November and April due to seasonal residents and short-term agricultural workers in the Immokalee area. The population increase creates a high degree of seasonality within the retail, service, and hospitality sectors of Collier County’s economy. Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami, Sarasota, and West Palm Beach as shown in the following table. Metro Area Miles Fort Myers 44 Jacksonville 378 Fort Lauderdale 107 Tallahassee 435 Miami 128 Atlanta 616 Sarasota 120 New York 1,311 West Palm Beach 150 Dallas 1,315 Tampa 169 Chicago 1,335 Orlando 238 Distance to Other Major Markets Population Historical and projected population trends for Charlotte, Collier, and Lee Counties are shown in the following graph. GREEN AND GREEN COLLIER COUNTY AREA ANALYSIS Page 11 Population projections for Charlotte, Collier, and Lee Counties are shown in the following table. As shown, total population is projected to increase in all three Southwest Florida counties with the greatest growth projected in Lee County. County 2017 Population 2040 Projection Percent Change Charlotte County 173,978 210,000 21% Collier County 368,652 483,000 31% Lee County 720,426 1,055,000 46% Total 1,263,056 1,748,000 38% Source: ESRI and Office of Economic and Demographic Research Southwest Florida Population Projections The following table shows population projections by Fishkind & Associates, Inc. As shown, the average annual overall population growth projection is 2.2% through 2020. 2014 2015 2016 2017 2018 2019 2020 Overall Average Projection Population 347,899 356,570 365,136 374,295 382,571 391,272 398,580 Population Change 8,655 8,671 8,566 9,159 8,276 8,701 7,308 8,361 Population % Change 2.6% 2.5% 2.4% 2.5% 2.2% 2.3% 1.9%2.2% Source: Fishkind & Associates, Inc. November 2017 Collier Econocast Employment The local economy is largely dependent on the real estate market. The national recession and depressed real estate market caused a decline in overall employment consisting mainly of construction related jobs. The economy is recovering and the residential market has stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. All factors are increasing the demand for employment. The following table shows Collier County employment by major industry division for the 4Q of 2017. GREEN AND GREEN COLLIER COUNTY AREA ANALYSIS Page 12 Oct-17 Nov-17 Dec-17 Total, All Industries 140,732 147,460 150,579 $1,830,205,724 146,257 $12,514 Service-Providing 118,675 123,978 126,296 $1,543,417,747 122,983 $12,550 Education and Health Services 27,539 28,148 28,296 $372,557,706 27,994 $13,308 Leisure and Hospitality 27,229 29,665 30,705 $232,757,092 29,200 $7,971 Trade, Transportation, and Utilities 26,844 28,334 29,111 $316,271,028 28,096 $11,257 Goods-Producing 22,057 23,482 24,283 $286,787,977 23,274 $12,322 Retail Trade 21,076 22,378 22,926 $188,438,256 22,127 $8,516 Accommodation and Food Services 19,522 20,874 21,627 $131,236,561 20,674 $6,348 Health Care and Social Assistance 19,008 19,357 19,686 $266,132,763 19,350 $13,753 Professional and Business Services 15,889 16,145 16,245 $252,447,152 16,093 $15,687 Construction 15,478 15,753 15,871 $202,939,499 15,701 $12,926 Administrative and Waste Services 9,959 10,108 10,132 $92,938,435 10,066 $9,233 Educational Services 8,531 8,791 8,610 $106,424,943 8,644 $12,312 Financial Activities 8,030 8,150 8,200 $201,182,366 8,127 $24,756 Arts, Entertainment, and Recreation 7,707 8,791 9,078 $101,520,531 8,525 $11,908 Other Services 6,047 6,429 6,582 $57,033,525 6,353 $8,978 Public Administration 5,651 5,647 5,682 $86,693,549 5,660 $15,317 Professional and Technical Services 5,549 5,661 5,723 $141,698,765 5,644 $25,105 Finance and Insurance 4,102 4,098 4,011 $143,010,824 4,070 $35,135 Employment Total Wages Average Monthly Average Quarterly *Source: Florida Department of Economic Opportunity, 4Q 2017 Florida Employment and Wages by County Industry Title The following table shows employment projections through 2025 by the Department of Economic Opportunity. As shown, the education and health services industry has the largest projected growth rate at 22.8% followed by construction at 17.6% and professional and business services at 15.6%. The projected fastest growing occupations are Nurse Practitioners followed by Computer-Controlled Machine Tool Operators and Diagnostic Medical Sonographers. Employment 2017 - 2025 Change Industry 2017 2025 Total Percent Total, All Industries 166,294 188,594 22,815 13.4 Agriculture, Forestry, Fishing and Hunting 3,535 3,370 -165 -4.7 Mining 42 48 6 14.3 Construction 15,884 18,680 2,796 17.6 Manufacturing 3,825 4,279 454 11.9 Trade, Transportation, and Utilities 28,181 31,894 3,713 13.2 Information 1,620 1,623 3 0.2 Financial Activities 8,286 9,238 952 11.5 Professional and Business Services 17,338 20,044 2,706 15.6 Education and Health Services 21,971 26,978 5,007 22.8 Leisure and Hospitality 28,485 31,421 2,936 10.3 Other Services (Except Government) 7,599 8,359 760 10.0 Government 13,759 15,058 1,299 9.4 Collier County Industry Employment Projections 2017-2025 Collier County unemployment peaked in August 2010 at 13.0%, and has been generally declining since. The rate in 2016 ranged from a low of 4.1% in April and May of 2016 to a high of 5.5% in August and September 2016. The preliminary reported unemployment rate in November 2017 was 3.9%, the lowest November rate in over a decade. GREEN AND GREEN COLLIER COUNTY AREA ANALYSIS Page 13 The annual Collier County rate peaked in 2010 at 11.6% and declined steadily since. The 2017 annual rate was 4.1%. As of May 2018, the unemployment rate for the State of Florida was 3.4%, down from a peak of 11.5% in January and August 2010. On a national level, the unemployment rate in June 2018 was 4.0%. Collier County currently has a slightly higher rate than the state and country. The local economy is largely dependent on the real estate market. The residential market has stabilized after several years of an expansion period and the commercial market is generally in the expansion stage which is characterized as sustained growth in demand and increasing construction. The following table from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment from 2007 through November 2017. As shown, there were significant declines in construction employment due mainly to the downturn in the real estate market. Goods producing employment also decreased significantly. The construction sector has increased substantially since 2012 (approximately 10.3% to 15.2% increase per year). Goods producing employment also increased significantly with annual increases from 10.0% to 14.1% per year. However, both sectors are still below pre-recession employment levels. The service producing and leisure and hospitality sectors have exceed pre-recession levels; however, growth rates have leveled off in 2017 year to date, with the leisure and hospitality sector losing employment in 2017 year to date. Overall total non-farm employment also exceeds pre-recession levels. Total employment increased 5.4% in 2014, 4.8% in 2015 and 4.6% in 2016. The percentage increase has declined in 2017 YTD to 1.8%. GREEN AND GREEN COLLIER COUNTY AREA ANALYSIS Page 14 Year Service- Providing % Change Goods Producing % Change Mining, Logging, & Const. % Change Leisure and Hospitality % Change All Employees, Total Nonfarm % Change 2007 107,000 1.2% 22,900 -15.8% 19,700 -17.6% 23,300 5.0% 130,000 -2.2% 2008 104,100 -2.7% 17,400 -24.0% 14,400 -26.9% 22,800 -2.1% 121,500 -6.5% 2009 98,300 -5.6% 13,000 -25.3% 10,400 -27.8% 21,000 -7.9% 111,300 -8.4% 2010 99,700 1.4% 11,500 -11.5% 9,100 -12.5% 21,300 1.4% 111,200 -0.1% 2011 103,500 3.8% 11,500 0.0% 9,000 -1.1% 22,600 6.1% 114,900 3.3% 2012 106,600 3.0% 12,100 5.2% 9,400 4.4% 23,600 4.4% 118,700 3.3% 2013 109,700 2.9% 13,500 11.6% 10,500 11.7% 24,400 3.4% 123,300 3.9% 2014 114,500 4.4% 15,400 14.1% 12,100 15.2% 25,500 4.5% 129,900 5.4% 2015 119,100 4.0% 17,000 10.4% 13,600 12.4% 26,500 3.9% 136,100 4.8% 2016 123,600 3.8% 18,700 10.0% 15,000 10.3% 27,200 2.6% 142,300 4.6% 2017*124,200 0.8% 20,300 8.5% 16,200 8.5% 26,700 -1.3% 144,500 1.8% *Through Nov. 2017; percentage increase in comparison to Nov. 2017 YTD Source: U.S. Department of Labor Naples - Immokalee - Marco Island The following projection by Fishkind & Associates, Inc. shows average annual projected growth of 3.1% through 2020. 2014 2015 2016 2017 2018 2019 2020 Overall Average Projection Employment 128,840 134,375 140,440 146,321 151,047 155,238 158,810 Employment Change 6,006 5,535 6,065 5,881 4,726 4,191 3,572 4,593 Employment % Change 4.9% 4.3% 4.5% 4.2% 3.2% 2.8% 2.3% 3.1% Unemployment Rate 6.0% 5.3% 4.8% 4.4% 3.6% 4.4% 6.8% Collier Econocast According to Moody's Analytics, Florida has five of the top 10 metro areas projected to add the most jobs through 2018. Much of the expected gains are centered around hospitality and real estate jobs. Cape Coral has had the second highest rate of net migration in the country over the past five years as retirees and job seekers head south. Collier County and the entire Southwest Florida Region is substantially dependent on the real estate and construction sectors. Therefore, the area has been and should be more susceptible to cyclical fluctuations that have occurred in other areas dominated by a single industry. The top employers in Collier, Lee and Charlotte County as reported by the Southwest Florida Economic Development Alliance are shown in the following table. GREEN AND GREEN COLLIER COUNTY AREA ANALYSIS Page 15 Development Growth continues to shift east with Ave Maria becoming the top-selling single-family residential community in Collier County. It has maintained the top ranking in the Naples- Fort Myers market for 11 consecutive quarters according to a 3Q 2017 Metro Study report. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. Mark Strain, chairman of the Collier County Planning Commission and the county's chief hearing examiner, said that by the end of 2018 three new towns planned for eastern Collier County could be in some stage of the county's approval process, which he described as "pretty big news." There were approximately 13,000 residential permits pulled in 2015 for Lee, Collier, and Charlotte counties, 11,200 in 2016, and approximately 13,000 in 2017. By comparison, GREEN AND GREEN COLLIER COUNTY AREA ANALYSIS Page 16 there were approximately 44,000 permits pulled in the three county area in the peak, 2005, and only approximately 2,000 permits in the recession, 2009. Fishkind & Associates, Inc. projects approximately 13,400 residential permits will be pulled in Lee, Collier, and Charlotte counties in 2018. The decline in residential permits in 2016 is partly due to the decrease in new apartments following abnormally high activity in 2015. Permitting activity in 2017 was also buoyed by the strength of the apartment and assisted living facility sectors. According to Collier County Planning Commission Chairman, Mark Strain, the county's population is projected to reach more than 482,000 by 2040. There are more than $1 billion in proprosed new luxury high-rise developments near the coast including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay and Kalea Bay in North Naples. Additionally about 3,000 apartment units were in some stage of governmental review and approval process at the end of 2017. Strain discussed several new building trends in the county, including redevelopment, which comes with a maturing market. Transformational projects include Trio of Naples, a high-rise planned for the Gateway Triangle, which will have a combination of luxury high-rise condos, extended-stay hotel rooms and retail shops. Strain also reported more than 1.1 million square feet of commercially zoned land available west of Collier Boulevard near Interstate 75, including 270,000 square feet at the Golden Gate Commerce Park. New commercial development is very active at the intersections of Collier Boulevard and US 41 East as well as Collier Boulevard and Immokalee Road. Lastly, Strain reported future road projects including an overpass at Immokalee Road and Collier Boulevard and at Collier Boulevard and US 41 East as well as a flyover at Davis Boulevard and Collier Boulevard. Construction is scheduled to commence in 2021. A 22-story, 120-unit tower, the first of five residential high-rises planned for Kalea Bay located on Vanderbilt Drive, north of Wiggins Pass Road in North Naples was completed in late 2017. The strong response to Tower 1 propted a release of Tower 2 in early 2017. Aqua II at Pelican Isle on Vanderbilt Drive, an 11-story, 32-unit tower, was completed in May 2017. The units range from 3,900 to just under 4,200 square feet and are priced from $1.995 to over $2.545 million. Only seven units were unsold at completion. Construction commenced in July 2017 on Mystique, a 20-story, 72-unit tower in Pelican Bay. Units will range from 4,003 to 5,280 square feet and are priced from over $3 million to over $7 million. In its 2nd Quarter 2018 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples-Immokalee-Marco Island MSA had a 7.42% increase in home prices over the trailing 12 months, and a 61% increase over the past five-years. Homes prices in the state of Florida increased 8.53% over the past year (2Q 2017 - 2Q 2018) which was 7th in the nation. The residential market has stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. The commercial market is generally in the expansion stage which is characterized as sustained growth in demand and increasing construction. A large portion of the new commercial development has consisted of assisted living and memory care facilites. GREEN AND GREEN COLLIER COUNTY AREA ANALYSIS Page 17 The continuing care retirement community, Moorings Park, is teaming up with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings will be six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport-Pulling and Livingston Roads. Prices for the units will start at $1.4 million and construction on the first 47 units in three buildings is expected to commence in the first half of 2018. Arthrex, a medical device manufacturer and one of the county's largest employers, has commenced construction of its latest expansion plan at its headquarters along Goodlette- Frank Road. Plans include a new 300,000 square-foot, six-story office complex with an auditorium, a four-story INNovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel will host orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa-based company, Mainsail, to manage all elements of the hotel operation, including employees. The hotel employees will not be Arthrex employees, he said. Construction is scheduled to be completed by late 2019. The county will see new retailers as well as the expansion of existing retailers in 2018. The first regional store for Phoenix-based Sprouts Farmers Market will anchor The Landings at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and Logan Boulevard in North Naples. Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and Immokalee Roads in North Naples is scheduled to open in late 2018. The former Albertson's was completely gutted and will consist of a more than 77,000 square foot store with sit-down dining, a full-service bar, three bars for beer and wine, wine room with samples on tap, a wood-fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and even homemade ice cream with indoor-outdoor seating. Lastly, an Aldi grocery store will be built at the Collier Boulevard entrance to Tamiami Crossing retail center. Collier County commissioners approved the purchase of 61 acres in CityGate at the northeast quadrant of Interstate 75 and Collier Boulevard. A $60 million Amateur Sports Complex is proposed in hopes the county will become a destination for traveling youth sports teams and amateur athletes. Construction could begin by late fall 2018 or early winter 2019. Construction spending is important to the region’s employment and economy. The following chart illustrates projected construction starts (pertaining to both residential and commercial real estate) through 2020 for Collier County. As shown, residential and commercial construction is projected to stablize in 2018 through 2020. 2014 2015 2016 2017 2018 2019 2020 Total Housing Starts 2,661 3,273 3,210 3,950 4,050 4,307 4,246 Commercial Construction (SF) 434,770 835,596 1,288,325 1,836,779 1,659,593 1,744,833 1,465,496 Source: Fishkind & Associates, Inc. November 2017 Collier Econocast GREEN AND GREEN COLLIER COUNTY AREA ANALYSIS Page 18 Income Personal income is a significant factor in determining the real estate demand in a given market. The following table shows Collier County households by income from the CCIM Site to do Business. Overall, Collier County has an average household income of $97,081 and a per capita income of $40,758. Conclusion From 2006 through early/mid 2011 the Southwest Florida real estate market had been in those stages of the real estate cycle best described by The Appraisal of Real Estate, 14th Edition as decline and recession. Since early/mid 2011 to date, the commercial market has been in the recovery and expansions stages. The expansion stage is characterized as sustained growth in demand and increasing construction. The residential market has stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. According to the Office of Federal Housing Enterprise Oversight (OFHEO) the Naples-Immokalee-Marco Island MSA, began seeing sustained positive quarterly increases in the house price index (HPI) in mid 2012. In its 2nd Quarter 2018 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples-Immokalee-Marco Island MSA had a 7.42% increase in home prices over the trailing 12 months, and a 61% increase over the past five-years. Homes prices in the state of Florida increased 8.53% over the past year (2Q 2017 - 2Q 2018) which was 7th in the nation. Generally, the commercial market lags the residential market. Overall, the commercial market has been relatively stable since mid 2011 with significant improvements in 2014 and 2015 as distressed bank owned sales reduced to a generally negligible level, vacancies continued to decline, and rental rates continued to increase. In general, commercial property values returned to a more stabilized rate of increase in mid to late 2016 and 2017. We project overall property values will continue to increase at a stabilized rate through 2018. The area was heavily dependent on the construction sector, which saw dramatic decreases in employment in 2007 through 2010; however, with increasing levels of new residential development construction has increased substantially since 2012 (approximately 10.3% to 15.2% increase per year). Overall, Collier County unemployment decreased in November 2017 to 3.9%, the lowest November rate in over a decade. GREEN AND GREEN COLLIER COUNTY AREA ANALYSIS Page 19 The following table from Fishkind & Associates, Inc. shows historical and projected demographic and real estate statistics for Collier County. As shown, population and employment are projected to continue to increase through 2020. New residential and commercial construction is projected to stablize in 2018 through 2020. The long term economic outlook for Collier County is positive. The area lures people from all over the country for tourism as well as retirement, with the beaches and weather considered major demand drivers. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. GREEN AND GREEN COLLIER COUNTY AREA ANALYSIS Page 20 COLLIER COUNTY AREA MAP Subject GREEN AND GREEN MARKET AREA ANALYSIS Page 21 MARKET AREA ANALYSIS Boundaries The property is located near the South Naples/Marco Island Planning Community Border. It is influenced greatest by the South Naples Planning Community which is generally delineated as follows: North Davis Boulevard South Fiddler's Creek Parkway East Collier Boulevard and just east of Collier Boulevard West Airport-Pulling Road A map identifying the location of the property follows this section. Market Area Access and Linkages Primary access to the market area is provided by CR 951 (Collier Blvd), which starts in the north at its intersection with Immokalee Rd (CR 846) and extends south to its eventual ending on Marco Island. CR 951 was recently expanded from four-lanes to six- lanes between U.S. 41 and Davis Boulevard. Land uses fronting CR 951 are characterized by commercial uses such as office, large and small scale retail, restaurants, and convenience stores, as well as limited large-scale residential developments. Tamiami Trail East (US 41) runs through the market area in an easterly/westerly direction. Improvements to the intersection of Tamiami Trail East (US 41) and Collier Boulevard (CR 951) were completed in 2015. One major focus of the project was to eliminate the angle which had 951 jog abruptly at the intersection. The intersection was resurfaced, restored and rehabilitated on S.R. 951 from Tower Road to south of Fiddler’s Creek Parkway. The at-grade intersection will accommodate a future grade separated overpass (C.R./S.R. 951 over U.S. 41). According to Collier County Planning Commission Chairman, Mark Strain, construction of the overpass is scheduled to commence in 2021. Overall, vehicular access is good. The extension of Santa Barbara Boulevard between Rattlesnake Hammock Road and Davis Boulevard was completed in mid 2010. The two-mile project consists of a new six- lane roadway with sidewalks and bike lanes on both sides. Overall, vehicular access is good. Public transportation is provided by Collier Area Transit (CAT). The local market perceives public transportation as fair compared to other market areas in the region. However, the primary mode of transportation in this area is the automobile. The Southwest Florida International Airport (RSW) is located about 35 miles from the market area; travel time is about 45 minutes to an hour, depending on traffic conditions. The Naples Municipal Airport (APF) is approximately 7 miles and 15 to 30 minutes west and the Marco Island Airport (MKY) is approximately 10 miles and 20 minutes to an GREEN AND GREEN MARKET AREA ANALYSIS Page 22 hour south of the market area. The Naples CBD, the economic and cultural center of the region, is approximately 7 miles from the market area. Demand Generators/New Development The opening of Physicians Regional-Collier Boulevard in 2007 brought services like obstetrics and pediatrics to East Naples and Marco Island. The 100-bed Physicians Regional Medical Center-Collier Boulevard includes four operating suites, a 20-bed recovery unit and 12 intensive-care beds. Six more operating suites were shelled out at construction. A key component of the hospital is a separate women’s pavilion with six birthing suites and a 12-room post-partum/gynecology rooms. There’s also a well-baby nursery that can handle 15 babies and two-bed isolation room for sick infants. The NCH Healthcare System announced a proposed two-story, multi-purpose outpatient medical center near the corner of Collier Boulevard and Grand Lely Drive. Construction commenced in early 2017 on the 23,000 square foot facility which is expected to open for patients in early 2018. The new building will replace the current NCH facility located approximately 1.4 miles north on Collier Boulevard across from the Physicians Regional hospital. The building will include 3,000 square feet Immediate Care Center (urgent care), and 5,500 square feet of outpatient imaging services including ultrasound, X-Ray, CT, MRI, mammography, and DEXA. Additional space of 7,500 square feet is dedicated to primary care physician offices and 4,000 square feet for outpatient rehabilitation services. A 2,500 square foot sleep lab is also part of the project. Florida SouthWestern State College (Formerly Edison State College) is a state college in Florida, part of the Florida College System. The college has its main campus (Lee County Campus) in Fort Myers in Lee County, and branch campuses in Charlotte and Collier counties. The Collier Campus of Florida SouthWestern State College is located at the intersection of Lely Cultural Parkway and Grand Lely Drive. It opened in March of 1992 on an 80-acre site. Hacienda Lakes, a 2,262-acre mixed-use planned development is located east of Collier Boulevard near the Florida Sports Park and Physicians Regional Medical Center. The entire development is approved for up to 1,760 homes, up to 327,000 SF of retail space, 70,000 SF of professional and medical office space, 135 hotel rooms, a 140,000 SF business park, and a public school. Taylor Morrison is developing 152 acres in the community for Esplanade at Hacienda Lakes. The neighborhood will include 443 Mediterranean-inspired villas and single-family homes surrounded by 30 acres of lakes and conservations areas. Toll Brothers is developing Azure at Hacienda Lakes, a luxury, gated master planned community with more than 400 single-family and coach homes. Residential development is also ongoing in Lely Resort, Fiddler's Creek, Treviso Bay, Artesia Naples and the Isles of Collier Preserve. With more than 12,000 new single- and multi-family units planned in the market area, Collier County Planning Commission Chairman Mark Strain estimates nearly 30,000 new residents at build-out, retail development is following. Kite Realty Group completed Tamiami Crossing, a 120,859 square foot multi-tenant retail center, located at the GREEN AND GREEN MARKET AREA ANALYSIS Page 23 southeast corner of Tamiami Trail and Collier Boulevard in March 2016. The center is occupied by Ulta, Marshall's, Ross, Stein Mart, Michael's, and Petsmart. An Aldi grocery store is proposed at the Collier Boulevard entrance to Tamiami Crossing. A Fresh Market, BurgerFi, and Panera Bread have been added to the Lowe's anchored center on the southwest corner of Tamiami Trail and Collier Boulevard. A Hobby Lobby opened in October 2016 in the Triangle Plaza, which is also the location of Outback Steakhouse (2014) and Chase Bank (2012). Restaurant Row located along Collier Boulevard just north of the intersection with Tamiami Trail. The development will consist of at least eight restaurants at completion. Pollo Tropical opened in September 2016 and a drive-thru Starbucks and T-Mobile were completed in October 2016. Chipotle Mexican Grill and Texas Roadhouse opened in the first quarter of 2017 and Pei Wei Asian Diner opened in April 2017. WalMart, located along Collier Boulevard, just south of the intersection with Tamiami Trail was expanded to a Supercenter with the addition of a grocery store and gas pumps and the removal of the auto repair portion. The new owners of the Naples Outlet Center started a multi-phased, multimillion dollar renovation in January 2017. The first phase, consisting of a new façade with a cleaner, more modern look and new signs was completed in early 2017. Open areas will be repurposed for social and cultural activities. Finally, a Wawa gas station is under construction at the southwest corner of Tamiami Trail and Price Street. Demographics The following table shows the historical, current and projected population, households, housing, and income demographics for the immediate market area defined as a 3 mile radius from the subject. The table was developed using data from STDBOnline.com. GREEN AND GREEN MARKET AREA ANALYSIS Page 24 Outlook and Conclusions As with Collier County, the long term economic outlook for the market area is positive. Total population is projected to increase slightly over the next five years and begin a more normalized pattern thereafter. The commercial market is generally in the expansion stage which is characterized as sustained growth in demand and increasing construction. More importantly, the area is projected to experience increasing employment growth. Based on this analysis, it is anticipated that the market area will continue to grow and prosper. These conditions should stimulate increases in general property values within the foreseeable future. GREEN AND GREEN MARKET AREA ANALYSIS Page 25 Market Area Map GREEN AND GREEN SITE ANALYSIS Page 26 PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection and public records. Parcel ID Gross Land Area (Acres) Gross Land Area (Sq Ft) 00742880009 28.70 1,250,172 Land Summary SITE Location: The subject is located along the west side of Collier Boulevard across from Championship Drive. Coral Isle Golf Center driving range is located at the southeast corner of Collier Blvd and Championship Drive. Pelican Lake Luxury Motor Coach Resort is located on the northeast corner of Collier Blvd and Championship Drive. Current Use of the Property: Vacant agricultural acreage Shape: The site is roughly rectangular. Road Frontage/Access: The subject property has average access with frontage as follows: • Collier Boulevard (CR 951): 1,040 feet The site has an average depth of 1,200 feet. It is not a corner lot. Traffic Count (2017): 28,987 along Collier Boulevard (CR 951) Visibility: Average Topography: According to a Conservation Collier Initial Criteria Screening Report dated June 12, 2017; high marsh (saline), tidal freshwater marsh, and other native habitats are present on the property. The South Florida Water Management District (SFWMD) electronic database identified saltwater marsh, saltgrass, and black rush. The salt marsh is primarily saltgrass, black rush, and fringe rushes. Mangrove swamp and mixed shrubs were also identified. There is also scattered melaleuca, Brazilian pepper along CR 951 and small amounts of torpedo grass. Soil Conditions: According to a Conservation Collier Initial Criteria Screening Report dated June 12, 2017 soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990). Mapped soils were identified as mainly depressional (Estero and Peckish) and 1/10 tidal Durbin and wulfer mucks. Estero and Peckish soils are in frequently flooded tidal marshes. Durbin and Wulfert mucks soils are in frequently flooded mangrove swamps. GREEN AND GREEN SITE ANALYSIS Page 27 Utilities: Electricity: FP&L Sewer: Municipal sewer Water: Municipal water Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: • Street Lighting: There is no street lighting along Collier Boulevard (CR 951). • Sidewalks: There are no sidewalks along Collier Boulevard (CR 951). • Curbs and Gutters: There are no curbs and gutters along Collier Boulevard (CR 951). • Curb Cuts: There are no existing curb cuts along Collier Boulevard (CR 951). There are two culverts along the subject's Collier Boulevard (CR 951) frontage providing potential for future access points. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in FEMA flood zone AE, which is classified as a flood hazard area. FEMA Map Number: 12021C 0612H & 0615H FEMA Map Date: May 16, 2012 The subject is in a flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: We were not provided with an environmental assessment report for the purpose of this appraisal. Environmental issues are beyond our scope of expertise; therefore, we assume the property is not adversely affected by environmental hazards. Encumbrance / Easements: There is a reported 100' LCEC easement running along the western boundary. A current title report was not provided for the purpose of this appraisal. We are not aware of any easement, restrictions, or encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. Site Comments: The site has 1,040 feet of frontage along Collier Boulevard (CR 951). It is surrounded by state owned conservation lands to the north and west (Rookery Bay National Estuarine Research Reserve) and Conservation Collier land (Shell Island) to the south. Coral Isle Golf Center driving range; Pelican Lake Luxury Motor Coach Resort; and Fiddler's Creek master planned community are located along the east side of Collier Boulevard. According to the most recent listing agent, Kevin Fitzgerald of NAI Southwest Florida, Inc., Speath Engineering conducted an Environmental Assessment on the property several years ago and concluded the entire site was developable, but fill and compaction would be required. A copy of the study was not provided for the purpose of this appraisal. GREEN AND GREEN SITE ANALYSIS Page 28 ZONING Zoning Code A Zoning Authority Collier County Zoning Description Rural Agricultural District Permitted Uses The purpose of the rural agricultural district is to provide lands for agricultural, pastoral and rural land uses by accommodating traditional agricultural related activities and facilities and support facilities. Current Use Legally Conforming The subject is legal and conforming use. Zoning Change Likely A zoning change to residential and/or commercial use is likely. Minimum Lot Area (SF) 5 acres Minimum Floor Area (SF) 550 square feet Minimum Street Frontage (Feet) 165 Front Set Back Distance (Feet) 50 Rear Set Back Distance (Feet) 50 Side Yard Distance (Feet) 30 Maximum Density/FAR 1/du per 5 acres; No maximum coverage ratio. Maximum Building Height (Feet) 35 Zoning Comments A zoning change to residential with a possible commercial component consistent with the Urban Coastal Fring Subdistrict is likely. FUTURE LAND USE DESIGNATION Designation Urban Coastal Fringe Subdistrict Description The purpose of this Subdistrict is to provide transitional densities between the Conservation designated area (primarily located to the south of the Subdistrict) and the remainder of the Urban designated area (primarily located to the north of the Subdistrict) Permitted Uses Mix of residential and non-residential land uses, including mixed-use developments such as Planned Unit Developments. Certain industrial and commercial uses are also allowed subject to criteria. Permitted Density Residential densities within the Subdistrict shall not exceed a maximum of 4 dwelling units per acre, except as allowed in the Density Rating System to exceed 4 units per acre through provision of Affordable Housing and Transfers of Development Rights. Rezones are recommended to be in the form of a Planned Unit Development. Conformity The subject property conforms to all requirements of the Future Land Use Element of the Comprehensive Plan. Concurrency As of the effective date of this appraisal, traffic, utilities, etc. are at concurrent levels with the future land use requirements. Moratorium As of the effective date of this appraisal, there are no building moratoriums affecting the subject property. GREEN AND GREEN SITE ANALYSIS Page 29 Zoning Map Subject GREEN AND GREEN SITE ANALYSIS Page 30 Future Land Use Map Subject GREEN AND GREEN SITE ANALYSIS Page 31 Aerial GREEN AND GREEN SITE ANALYSIS Page 32 Flood Map Subject GREEN AND GREEN SITE ANALYSIS Page 33 Land Use Cover - FLUCCS Map GREEN AND GREEN SITE ANALYSIS Page 34 Site Photographs Collier Boulevard (CR 951) Northerly (Photo Taken on September 28, 2018) Collier Boulevard (CR 951) Southerly (Photo Taken on September 28, 2018) GREEN AND GREEN SITE ANALYSIS Page 35 Site Photographs Driving Range located across Collier Boulevard (CR 951) - Northeasterly (Photo Taken on September 28, 2018) Site View - Westerly (Photo Taken on September 28, 2018) GREEN AND GREEN SITE ANALYSIS Page 36 Site Photographs Site View - Southwesterly (Photo Taken on September 28, 2018) Site View - Westerly (Photo Taken on September 28, 2018) GREEN AND GREEN REAL ESTATE TAXES AND ASSESSMENTS Page 37 REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. In 2008, Florida voters amended the Constitution to give non-homestead property owners some protection against increases in their annual property tax assessments. As amended, the Florida Constitution now prohibits the assessment of certain non-homestead property from increasing by more than 10% per year. The 10% cap applies to most types of commercial property, including non-homestead residential property (i.e. apartments and other rental property) and nonresidential property (i.e. commercial property and vacant land). The protection of the 10% cap is lost when there is a change of ownership or control. The property tax identification number and assessed value of the property for tax year 2018 are as follows: ASSESSED VALUES Tax Identification Number 00742880009 Land Assessed Value $574,000 Building Assessed Value $0 10% Assessment Cap -$504,667 Total Assessed Value $69,333 Totals Total Land Assessed Value $574,000 Total Building Assessed Value $0 10% Assessment Cap -$504,667 Total Assessment $69,333 Total Assessment per Square Foot $0.06 Total Assessment per Land Acre $2,416 Rates, Taxes, More Tax Rate 4.81% Ad Valorem Tax Amount $3,336 Special Assessment Amount $0 Special Assessment Comments None Total Tax Liability $3,336 Property Tax Comments The 2016 and 2017 taxes have been paid. The 10% assessment cap applies to non-school taxes only. The tax assessment for subject property is currently $2,416 per acre, or $20,000 per acre excluding the assessment cap. Based on our valuation analysis, the subject’s assessment appears reasonable. GREEN AND GREEN HIGHEST AND BEST USE Page 38 HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 Physically possible for the land to accommodate the size and shape of the ideal improvement. Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. Financially feasible to generate sufficient income to support the use. Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As Vacant Physically Possible The subject site is 28.70 acres or 1,250,172 square feet with 1,040 feet of frontage along Collier Boulevard (CR 951). The physical characteristics of the subject tract should reasonably accommodate any use that is not restricted by its size. The subject's utilities are typical and adequate for the market area. The site is roughly rectangular. The site is located in a FEMA flood zone AE area per FEMA Floor Map Number: 12021C 0612H & 0615H, dated May 16, 2012, which is classified as a flood hazard area. According to a Conservation Collier Initial Criteria Screening Report dated June 12, 2017; high marsh (saline), tidal freshwater marsh, and other native habitats are present on the property. The South Florida Water Management District (SFWMD) electronic database identified saltwater marsh, saltgrass, and black rush. The salt marsh is primarily saltgrass, black rush, and fringe rushes. Mangrove swamp and mixed shrubs were also identified. There is also scattered melaleuca, Brazilian pepper along CR 951 and small amounts of torpedo grass. According to the most recent listing agent, Kevin Fitzgerald of NAI Southwest Florida, Inc., Speath Engineering conducted an Environmental Assessment on the property several years ago and concluded the entire site was developable, but fill and compaction would be required. A copy of the study was not provided for the purpose of this appraisal. The site is considered to have a functional utility suitable for a variety of uses. 1 The Dictionary of Real Estate Appraisal 6th ed. (Chicago: Appraisal Institute, 2015) GREEN AND GREEN HIGHEST AND BEST USE Page 39 Legally Permissible The subject site is zoned A, which permits uses including single family homes, agricultural activities, family care facilities, schools, and conservation. It is located within the Urban Coastal Fringe Subdistrict Future Land Use Designation. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only agricultural or residential and/or commercial uses consistent with the Urban Coastal Fringe Subdistrict Future Land Use Designation are given further consideration in determining the highest and best use of the site, as if vacant. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. From 2006 through early/mid 2011 the Southwest Florida real estate market had been in those stages of the real estate cycle best described by The Appraisal of Real Estate, 14th Edition as decline and recession. The residential market has stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Generally, the commercial market lags the residential market. Overall, the commercial market has been relatively stable since mid 2011 with significant improvements in 2014 and 2015 as distressed bank owned sales reduced to a generally negligible level, vacancies continued to decline, and rental rates continued to increase. In general, commercial property values returned to a more stabilized rate of increase in mid to late 2016 and 2017. We project overall property values will continue to increase at a stabilized rate through 2018. On this basis, barring unforeseen changes in the market, a well-designed residential and/or commercial product that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Agricultural with potential for residential and/or commercial development with re-zone is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, agricultural with potential for residential and/or commercial development with re-zone is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Consider the size, class, and location of the property, the most probable buyer is an developer or speculator. GREEN AND GREEN VALUATION METHODOLOGY Page 40 VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor’s perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. GREEN AND GREEN VALUATION METHODOLOGY Page 41 ANALYSES APPLIED A cost analysis was considered and was not developed because there are no improvements that contribute value to the property. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. GREEN AND GREEN SALES COMPARISON APPROACH Page 42 SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. GREEN AND GREEN SALES COMPARISON APPROACH Page 43 Comp Address Date Price Comp City Acres Price Per Acre Subject West side of Collier Boulevard across from Championship Drive 9/28/2018 Subject Naples 28.70 1 5336 Collier Boulevard 2/28/2018 $800,000 1 Naples 18.73 $42,712 2 6065 Roost Road Pending $6,800,000 2 Naples 61.14 $111,220 3 13792 Tamiami Trail E 8/19/2016 $4,000,000 3 Naples 75.27 $53,142 4 10361 Laredo St 7/16/2018 $400,000 4 Naples 9.77 $40,942 5 Tamiami Trial E and Greenway Rd 3/29/2018 $330,000 5 Naples 3.10 $106,452 Assemblage of 4 parcels. The property is pending with contingencies as the buyers (developers from Miami) are going through approvals with Collier County for a multi- family development. Due diligence ends 11/8 with closing 30 days after, or approx. 12/8/18. The seller turned down offers of $6.5 and $6.7 million. The exact contract price was not provided, but estimated based on previous offers. Three parcels (41.14 acres) are zoned for mobile homes (MH) and the remaining 20 acres is zoned Estates (E). Diane estimated approximately 16 acres are wetlands; however, the developer likely will use the area for on- site preserve/water retention and will not need to mitigate. Site was marketed for multi- family rezone under the Urban Coastal Fringe FLU. Single-family Residential (RSF-3) zoned acreage located at the SEC of Collier Blvd and Port Au Prince Rd. Adjacent to Fiddler's Creek (South) and Port Au Prince MHP (East). Site has 16-acres of wetlands. Estimated costs for wetland mitigation as well as initial site development consisting of a lake, fill, and leveling will cost between $1 to $1.5 million. The site has been re-listed for $5.9 million and is being marketed for workforce housing with a rezone to RMF-12. Property is located along west side of US 41 and is bisected by Manatee Road. It has frontage on a creek which leads to Henderson Creek and the Gulf of Mexico. SFWMD conservation easement consists of 20.46 acres located in the western (rear) portion of the property. The purchase price was based on approximately 50 upland acres or $80,000/upland acre. The property is proposed for approx. 190 single-family development consisting of twin villas and single-family detached homes. PUD is approved for a max of 225 units. Comments Parcel is located along west side of Laredo Street. There was a dilapidated residence on the site that was demolished in 2017. The site appears to be mainly uplands with a small pond in the rear (approximately 1.25 acres). Purchased by Habitat for Humanity for development. Agricultural zoned parcel located at the northwest corner of Tamiami Trail E and Greenway Rd. Located across from Fiddler's Creek entrance. Parcel was listed for $350,000 and marketed as potential for commercial re-zone. Rob Carroll, selling agent, report the site had some minor wetlands, but nothing concerning. The buyer is a speculator and plans to resell the property to an end user. Comparables Map GREEN AND GREEN SALES COMPARISON APPROACH Page 44 Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non- realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. GREEN AND GREEN SALES COMPARISON APPROACH Page 45 Name Address City Date Price Acres Acre Unit Price Property Rights Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Financing Seller financing 0.0% Cash to seller 0.0% Conventional 0.0% Cash 0.0% Private 0.0% Conditions of Sale Arm's Length 0.0% Pending 0.0% Arm's Length 0.0% Arm's Length 0.0% Arm's Length 0.0% Market Trends Through 9/28/2018 4.0% Location % Adjustment $ Adjustment Acres % Adjustment $ Adjustment Topography - Wetlands % Adjustment $ Adjustment Shape % Adjustment $ Adjustment Zoning / Future Land Use % Adjustment $ Adjustment Net Adjustments Gross Adjustments 70.0% Pending9/28/2018 2/28/2018 $6,800,000 85.0% -5% $41,269 15% $6,190 Rectangular $0 $0 0% $0 $106,452 $106,452 $40,942 3.10 -5% $108,566 US 41 / Greemway Rd -10% -$5,428 3.10 2.0% 3/29/2018 TBC Greenway 9.77 13% Wetlands A / Rural Fringe Mixed Use - Receiving Lands Habitat for Humanity $40,942 0.8% $330,000 Tamiami Trial E and Greenway Rd $400,000 Naples 7/16/2018 0% 27% Wetlands 0% -$17,318 -15% Naples 9.77 Laredo St -$10,857 5% -$16,507 26% Wetlands -$33,366 $2,886 Irregular -$2,063 -40%-30%-30% Comp 3 US 41 / Manatee -15% 85% Wetlands $0 $0 RSF-3 / Urban Coastal Fringe 0% MH & E / Developer's Agreement/ Urban Coastal Fringe -$2,886 $0 RPUD / Urban Coastal Fringe $57,726 75.27 0% $111,220 Green and Green Land Analysis Grid Comp 1 Comp 4 10361 Laredo St Comp 5 Argo Manatee Naples Collier Blvd at Port Au Prince Rd SWQ Manatee Rd and Roost Rd 5336 Collier Boulevard Comp 2 Naples West side of Collier Boulevard across from Championship Drive 6065 Roost Road NaplesNaples $53,142 75.27 13792 Tamiami Trail E 18.73 8/19/2016 $4,000,000$800,000 28.70 $42,712 61.14 $111,220 Fee Simple Transaction Adjustments Adjusted Acre Unit Price $42,712 $53,142 28.70 $0 5% 2.3% -$2,185 18.73 0% Roost Road 0.0% $111,220 -5% Adjusted Acre Unit Price $43,696 Collier Blvd Collier Blvd / Port Au Prince Rd Approx. 95% Saltwater Marshes/Mangrove Swamp 61.14 $5,561 $0 Rectangular Irregular -5% -$2,185 Rectangular A / Urban Coastal Fringe -$6,554 -50% -$55,610 Adjusted Acre Unit Price -45.0% 25.0% 55.0% -75.0% -$8,659 -$59,711 -55% Small % Wetlands A / Urban Residential 0% Trapezoid $0 0% 8.6% 0% -5% $32,772 $28,888$31,749 -70.0% $32,570 -25.0% $27,805 -30.0% 60.0% GREEN AND GREEN SALES COMPARISON APPROACH Page 46 Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing Comparable sales 2 through 5 had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Comparable 1 was financed by the seller; however, according to the listing agent the seller financing did not affect the purchase price. Conditions of Sale All of the comparable sales were arm’s length transactions; therefore, no adjustments for conditions of sale are required. Comparable 2 is a pending sale. The price shown is the estimated contract price based on discussions with the listing agent; therefore, no additional adjustments are required. Economic Trends As discussed, in its 2nd Quarter 2018 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples-Immokalee-Marco Island MSA had a 7.42% increase in home prices over the trailing 12 months, and a 61% increase over the past five-years. Based on the preceding analysis, and considering the subject consists of raw agricultural zoned land, I conclude to an average annual adjustment of 4.0% per year. Location The subject and comparable 1 are both located along the Collier Boulevard corridor. Comparable 1 has a corner location and is considered slightly superior; therefore, it is adjusted downward accordingly. Comparable 2 is located along Roost Road south of Manatee Road. Overall, it is considered relatively similar in terms of location and no adjustments are required. Comparable 3 is located along Tamiami Trail E (US 41) and is partially bisected by Manatee Road. It is considered to have a superior location overall to the subject and is adjusted downward appropriately. Comparable 4 is located along Laredo Street north of Tamiami Trail E (US 41) in a rural area. It is considered inferior in location and adjusted upward accordingly. Comparable 5 at the corner of Tamiami Trial E (US 41) and Greenway Rd across from the Fiddler's Creek entrance. It is considered superior and adjusted downward accordingly. GREEN AND GREEN SALES COMPARISON APPROACH Page 47 Size Size and price per square foot are typically inversely related; therefore comparables 2 and 3 are adjusted upward for their larger size while comparables 4 and 5 are adjusted downward for their smaller size. Topography / Wetlands According to the Land Use Cover - FLUCCS Map, the subject consists of approximately 95% Saltwater Marshes/Mangrove Swamp. Comparable 1 consists of approximately 85% wetlands and is adjusted downward appropriately. Comparables 2, 3, and 4 have approximately 13% - 27% wetland coverage and are considered significantly superior to the subject. Comparable 5 has nominal wetland coverage and is adjusted downward appropriately. Configuration All of the comparables are relatively similar in terms of configuration; therefore, no adjustments are required. Zoning The subject is zoned Agricultural (A) within the Urban Coastal Fringe Future Land Use Designation. Comparables 1, 2, and 3 were all zoned for single-family residential development within the Urban Coastal Fringe Future Land Use Designation. Comparable 1 has been re-listed and is being marketed for re-zoning to multi-family development. Comparable 2 is zoned Estates (E) and Mobile Home (MH); however, there is developer's agreement with the adjacent Marco Shores Estates HOA for a transfer of density for a reported 395+/- units or over 5 units per acre. This comparable is adjusted downward accordingly for its superior zoning and density. Comparables 4 and 5 are both zoned Agricultural (A) similar to the subject with relatively similar future land use designations; therefore, no adjustments are required. Sales Comparison Approach Conclusion All of the value indications have been considered. Comparable 1 is most similar in terms of location and wetland coverage. In the final analysis, considering the subject's large percentage of wetlands I conclude toward the low end of the range in arriving at my final reconciled per acre value of $30,000. 5 % Δ -32.09% -70.53% -56.62% Reconciled Final Value: Reconciled Value/Unit Value: Indicated Value: $30,000 28.70 $861,000 $860,000 Land Value Ranges & Reconciled Values Subject Size: High: Average: Low: Number of Comparables: Unadjusted Adjusted $27,805 $32,772 $30,757 $111,220 $70,894 $40,942 GREEN AND GREEN RECONCILIATION Page 48 RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of September 28, 2018, subject to the Limiting Conditions and Assumptions of this appraisal. VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple September 28, 2018 $860,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 18-24 months. GREEN AND GREEN CERTIFICATION Page 49 CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. GREEN AND GREEN CERTIFICATION Page 50 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0800 Ext. 203 GREEN AND GREEN ASSUMPTIONS AND LIMITING CONDITIONS Page 51 ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be GREEN AND GREEN ASSUMPTIONS AND LIMITING CONDITIONS Page 52 scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third- party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. GREEN AND GREEN ASSUMPTIONS AND LIMITING CONDITIONS Page 53 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner’s financial ability with the cost to cure the non-conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner’s financial ability to cure non-accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. GREEN AND GREEN ASSUMPTIONS AND LIMITING CONDITIONS Page 54 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. GREEN AND GREEN ADDENDA - APPRAISER QUALIFICATIONS ADDENDA GREEN AND GREEN ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS GREEN AND GREEN ADDENDUM A - APPRAISER QUALIFICATIONS 4500 Executive Drive, Suite 300 Naples, Florida 34119 Phone: 239-596-0800; Fax: 239-596-0801 www.rklac.com RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our over 70-years of combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, business/industry and government, life insurance companies and pension fund advisors, and mortgage bankers. GREEN AND GREEN ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 – Present) President of D&R Realty Group, Inc. Naples, FL (2009 – Present) Senior Real Estate Analyst, Integra Realty Resources – Southwest Florida Naples, FL (2003 – 2009) Research Associate, Integra Realty Resources – Southwest Florida Naples, FL (2002-2003) PROFESSIONAL ACTIVITIES: Member: Secretary / Treasurer: Region X Representative: Board of Directors: LDAC Attendee: Member: Member: Member: Licensed: Licensed: Appraisal Institute – MAI Certificate Number 451177 Appraisal Institute Florida Gulf Coast Chapter (2017 / 2018) Appraisal Institute Florida Gulf Coast Chapter (2017 - 2020) Appraisal Institute Florida Gulf Coast Chapter (2015 & 2016) Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) CCIM Institute - CCIM Designation Pin Number 21042 Naples Area Board of REALTORS The American Real Estate Society (ARES) Florida State Certified General Real Estate Appraiser License No. RZ 2984 Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County EDUCATION: Bachelor of Arts Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Honor Society, Key Club, Phi Eta Sigma Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, power centers, office-buildings, warehouse/distribution, multi-family and single family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include appraisals, market feasibility studies, and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, business/industry and government, and mortgage bankers. Valuations have been performed for condemnation purposes, estate, financing, and due diligence support. GREEN AND GREEN ADDENDUM A - APPRAISER QUALIFICATIONS GREEN AND GREEN ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION $ 0 $ 0 $ 0 $ 115,000 $ 0 $ 0 $ 0 $ 574,000 $ 0 $ 574,000 $ 504,667 $ 69,333 $ 574,000 $ 69,333 Parcel No 00742880009 SiteAddress Site City Site Zone*Note Name / Address GREEN & GREEN INVESTMENTS INC 7532 EUCLID CHARDON RD City KIRTLAND State OH Zip 44094 Map No. Strap No. Section Township Range Acres *Estimated 6B15 000100 109 6B15 15 51 26 28.7 Legal 15 51 26 N1/2 OF S1/2 OF N1/2 LYING W OF SR 951, N1/2 OF S1/2 OF S1/2 OFN1/2 LYING W OF SR 951, LESS RW DESC IN OR 1158 PG 1624-1627, LESS OR1238 PG 1548 Millage Area 53 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 99 - ACREAGE NOT ZONED AGRICULTURAL 5.049 6.3222 11.3712 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 09/12/14 5078-2807 01/25/07 4174-1658 02/16/00 2641-3489 01/11/00 2630-62 02/14/92 1687-1303 11/01/88 1395-1704 05/01/78 750-620 2018 Preliminary Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (-) 10% Cap (=) Assessed Value (=) School Taxable Value (=) Taxable Value If all Values shown above equal 0 this parcel was created after theFinal Tax Roll http://www.collierappraiser.com/main_search/RecordDetail.html?sid=99... 1 of 1 9/17/2018, 11:57 AM Parcel No 00742880009 SiteAddress Site City Site Zone*Note Name / Address GREEN & GREEN INVESTMENTS INC 7532 EUCLID CHARDON RD City KIRTLAND State OH Zip 44094 Permits TaxYr Issuer Permit # CO Date Tmp CO Final Bldg Type Land # Calc Code Units 10 ACREAGE 14.89 20 ACREAGE 13.81 Building/Extra Features #YearBuilt Description Area AdjArea http://www.collierappraiser.com/main_search/RecordDetail.html?sid=99... 1 of 1 9/17/2018, 11:57 AM GREEN AND GREEN ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA Land Sale No. 1 Property Identification Record ID 857 Property Type Residential, Acreage Property Name Collier Blvd at Port Au Prince Rd Address 5336 Collier Boulevard, Naples, Collier County, Florida 34114 Location SEC Collier Blvd and Port Au Prince Rd Tax ID 00742040001 Latitude N1 26° 1'25.35"N Longitude N1 81°41'54.61"W MSA South Naples Market Type Suburban Sale Data Grantor Robert J. Folsom (50% Int) and Karen J. Hesson (50% Int) Grantee Josef Magdalener Sale Date February 28, 2018 Deed Book/Page 5482/792 Property Rights Fee Simple Conditions of Sale Arm's Length Financing Seller financing Sale History No arm's length transactions in last 3 years Verification Christine McManus, CCIM - IPC; 239-261-3400, October 03, 2018; Other sources: Listing Brochure, Confirmed by Rachel Zucchi Sale Price $800,000 Land Sale No. 1 (Cont.) Cash Equivalent $800,000 Land Data Zoning RSF-3, Residential Topography Heavily Treed Utilities All Public Dimensions 575' x 1,420' Shape Rectangular Flood Info Zone AE Depth 1,420 Land Size Information Gross Land Size 18.730 Acres or 815,879 SF Wetlands Land Size 16.000 Acres or 696,960 SF , 85.42% Front Footage 1,995 ft Total Frontage: 575 ft Collier Blvd; 1,420 ft Port Au Prince Dr; Indicators Sale Price/Gross Acre $42,712 Sale Price/Gross SF $0.98 Sale Price/Wetlands Acre $50,000 Sale Price/Wetlands SF $1.15 Sale Price/Front Foot $401 Remarks Single-family Residential (RSF-3) zoned acreage located at the SEC of Collier Blvd and Port Au Prince Rd. Adjacent to Fiddler's Creek (South) and Port Au Prince MHP (East). Site had been listed in 2006/2007 for $6.9 Million and then relisted in Sep. 2014 for $4.25 Million. It was marketed as potential to be re-zoned to commercial or multi-family. Site was then listed with Christine McManus, CCIM, SIOR of IPC for $950,000 in mid 2016. Seller financed $500,000 with a balloon mortgage. Christine said the 16-acres of wetlands makes development difficult. Allen DuQuet of Oneir Realty listed the property on 5/18/18 for $5.9 million. Allen said the 2018 sale was essentially a "buy out" of partners. However, Christine McManus said it was an arm's length transaction and wasn't a "buy out." She said the sellers were looking to sell and they did provide seller financing; however, the financing did not affect the selling price. Allen reports they have received a $3.9 million offer which was rejected. They have an engineering report that estimates wetland mitigation as well as initial site development consisting of a lake, fill, and leveling will cost between $1 to $1.5 million. The site is being marketed for workforce housing with a rezone to RMF-12. Pending Land Sale No. 2 Property Identification Record ID 864 Property Type Residential, Acreage Property Name SWQ Manatee Rd and Roost Rd Address 6065 Roost Road, Naples, Collier County, Florida Location S of Manatee Rd and West of Roost Rd Tax ID 00732920005, 00732880006, 00736840000, 00736800008 Latitude N1 26° 2'32.01"N Longitude N1 81°41'17.82"W MSA South Naples Market Type Suburban Sale Data Grantor Carleton MHC & Marco Shores Estates MHP Grantee Confidential Closing Date December 10, 2018 Property Rights Fee Simple Marketing Time 1.5 years Conditions of Sale Pending Financing Cash to seller Sale History 2016; $4,100,000 Verification Diane C. Sullivan; Naples Beach & Bay Realty, Inc.; 239-273- 2848, October 04, 2018; Other sources: Listing Brochure, Confirmed by Rachel Zucchi Contract Price $6,800,000 Pending Land Sale No. 2 (Cont.) Cash Equivalent $6,800,000 Land Data Zoning MH & E, Residential Topography Heavily Treed Utilities All Public Shape Irregular Flood Info Zone AE Depth 1,630 Land Size Information Gross Land Size 61.140 Acres or 2,663,258 SF Wetlands Land Size 16.000 Acres or 696,960 SF , 26.17% Allowable Units 395 Front Footage 958 ft Total Frontage: 918 ft Roost Rd; 40 ft Lucy Lane; Indicators Sale Price/Gross Acre $111,220 Sale Price/Gross SF $2.55 Sale Price/Wetlands Acre $425,000 Sale Price/Wetlands SF $9.76 Sale Price/Allowable Unit $17,215 Sale Price/Front Foot $7,098 Remarks Assemblage of 4 parcels. Two were REO purchases in 6/2016 for $2.6 million and the remaining was purchased from adjacent Marco Shores Estate MHP for $1.8 million in 11/2016. Listed 11/30/2016 for $6.9 million. According to listing agent, Diane Sullivan, interest has picked up significantly over the past year. The property is pending with contingencies as the buyers (developers from Miami) are going through approvals with Collier County for a multi-family development. Due diligence ends 11/8 with closing 30 days after, or approx. 12/8/18. The seller turned down offers of $6.5 and $6.7 million. The exact contract price was not provided, but estimated based on previous offers. Three parcels (41.14 acres) are zoned for mobile homes (MH) and the remaining 20 acres is zoned Estates (E). Diane estimated approximately 16 acres are wetlands; however, the developer likely will use the area for on-site preserve/water retention and will not need to mitigate. There is developer's agreement between the subject and the adjacent Marco Shores Estates HOA for a transfer of density from the adjacent lake to the subject. A reported 395+/- units are permitted. Site was marketed for multi-family rezone under the Urban Coastal Fringe FLU. Land Sale No. 3 Property Identification Record ID 861 Property Type Residential, Acreage Property Name Argo Manatee Address 13792 Tamiami Trail E, Naples, Collier County, Florida 34114 Location WS Tamiami Trail E at Manatee Rd Tax ID 00736900005 Latitude N1 26° 2'58.09"N Longitude N1 81°40'51.77"W MSA South Naples Market Type Suburban Sale Data Grantor Roberto Su, Angel Ham, and Sixto Su Grantee Argo Manatee Collier, LP Sale Date August 19, 2016 Deed Book/Page 5305/3297 Property Rights Fee Simple Marketing Time 2 years Conditions of Sale Arm's Length Financing Conventional Sale History None in previous 3 years Verification Ross McIntosh; 239-213-1425, October 04, 2018; Confirmed by Rachel Zucchi Sale Price $4,000,000 Land Sale No. 3 (Cont.) Cash Equivalent $4,000,000 Land Data Zoning RPUD, RPUD Topography Heavily Treed Utilities All Public Shape Irregular Flood Info Zone AE Depth 2,600 Land Size Information Gross Land Size 75.270 Acres or 3,278,761 SF Wetlands Land Size 20.460 Acres or 891,238 SF , 27.18% Allowable Units 225 Front Footage 4,540 ft Total Frontage: 2,340 ft Tamiami Trail E; 2,200 ft Manatee Rd; Indicators Sale Price/Gross Acre $53,142 Sale Price/Gross SF $1.22 Sale Price/Wetlands Acre $195,503 Sale Price/Wetlands SF $4.49 Sale Price/Allowable Unit $17,778 Sale Price/Front Foot $881 Remarks Property is located along west side of US 41 and is bisected by Manatee Road. It has frontage on a creek which leads to Henderson Creek and the Gulf of Mexico. It is adjacent to Manatee Elementary and Middle Schools. A deed of conservation easement with South Florida Water Management District with third party enforcement rights to US Army Corps of Engineers (OR 5457/3834) shows 20.46 acres of total conservation easement area located in the western (rear) portion of the property. The purchase price was based on approximately 50 upland acres or $80,000/upland acre. The property is proposed for approx. 190 single-family development consisting of twin villas and single-family detached homes. PUD is approved for a max of 225 units. Land Sale No. 4 Property Identification Record ID 862 Property Type Agricultural, Acreage Property Name Habitat for Humanity Address 10361 Laredo St, Naples, Collier County, Florida 34114 Location N of Tamiami Trail E Tax ID 00750160009 Latitude N1 26° 2'44.11"N Longitude N1 81°38'39.48"W MSA South Naples Market Type Rural Sale Data Grantor Patrick C. Weber, Grdn for Patricia Gutierrez, Rep Estate of Juan Gutierrez Grantee Habitat for Humanity of Collier County, Inc. Sale Date July 16, 2018 Deed Book/Page 5535/1113 Property Rights Fee Simple Conditions of Sale Arm's Length Financing Cash Sale History None in previous 3 years Verification Bill Poteet; Poteet Properties Inc; 239-403-3840, October 04, 2018; Confirmed by Rachel Zucchi Sale Price $400,000 Land Sale No. 4 (Cont.) Cash Equivalent $400,000 Land Data Zoning A, Agricultural Topography Treed Utilities Well / Septic Dimensions 346' x 1,230' Shape Rectangular Flood Info Zone AE Depth 1,230 Land Size Information Gross Land Size 9.770 Acres or 425,581 SF Wetlands Land Size 1.249 Acres or 54,400 SF , 12.78% Front Footage 346 ft Total Frontage: 346 ft Laredo St; Indicators Sale Price/Gross Acre $40,942 Sale Price/Gross SF $0.94 Sale Price/Wetlands Acre $320,294 Sale Price/Wetlands SF $7.35 Sale Price/Front Foot $1,156 Remarks Parcel is located along west side of Laredo Street. There was a dilapidated residence on the site that was demolished in 2017. The site appears to be mainly uplands with a small pond in the rear (approximately 1.25 acres). Purchased by Habitat for Humanity for development. Land Sale No. 5 Property Identification Record ID 863 Property Type Agricultural, Acreage Property Name TBC Greenway Address Tamiami Trial E and Greenway Rd, Naples, Collier County, Florida Location NWC Tamiami Trial E and Greenway Rd Tax ID 00737560004 Latitude N1 26° 2'9.75"N Longitude N1 81°39'17.94"W MSA South Naples Market Type Suburban Sale Data Grantor Ronald Mentecki, Roger Fritchey and Robert Johnson Grantee TBC Greenway, LLC Sale Date March 29, 2018 Deed Book/Page 5500/1192 Property Rights Fee Simple Marketing Time 1+ years Conditions of Sale Arm's Length Financing Private Land Sale No. 5 (Cont.) Sale History None in previous 3 years Verification Rob Carroll, CCIM, MAI; IPC; 239-261-3400, October 04, 2018; Other sources: Listing Brochure, Confirmed by Rachel Zucchi Sale Price $330,000 Cash Equivalent $330,000 Land Data Zoning A, Agricultural Topography Heavily treed Utilities All Public Shape Trapezoid Flood Info Zone AE Depth 400 Land Size Information Gross Land Size 3.100 Acres or 135,036 SF Front Footage 940 ft Total Frontage: 445 ft Tamiami Trail E; 495 ft Greenway Rd; Indicators Sale Price/Gross Acre $106,452 Sale Price/Gross SF $2.44 Sale Price/Front Foot $351 Remarks Agricultural zoned parcel located at the northwest corner of Tamiami Trail E and Greenway Rd. Located across from Fiddler's Creek entrance. Parcel was listed for $350,000 and marketed as potential for commercial re-zone. Rob Carroll, selling agent, report the site had some minor wetlands, but nothing concerning. The buyer is a speculator and plans to resell the property to an end user. Appraisal of Real Property Half Circle L Ranch 2424 Thorpe Road Immokalee, Collier County, Florida 34142-9691 Prepared For: Collier County Board of County Commissioners Effective Date of the Appraisal: September 27, 2018 Client Reference: PO #4500189305 Half Circle L Ranch 2424 Thorpe Road Immokalee, Florida 1333 3rd Avenue S., Suite 101 T 239-250-1421 Naples, FL 34102 www.arcra.com October 30, 2018 Roosevelt Leonard, R/W-AC Senior Real Estate Review Appraiser Collier County Board of County Commissioners Real Property Naples, FL 34112 SUBJECT: Market Value Appraisal Half Circle L Ranch 2424 Thorpe Road Immokalee, Collier County, Florida 34142-9691 Client Reference: PO #4500189305 File No. ARC 180024 Dear Mr. Leonard: I’m pleased to submit the accompanying appraisal of the referenced property. The purpose of the appraisal is to develop an opinion of the market value of the fee simple interest in the property. The client for the assignment is Collier County Board of County Commissioners, and the intended use is for property acquisition purposes. The subject is a parcel of vacant land containing a total area of 1,971.2 acres. The most recent FLUCCS Map from Turrell, Hall & Associates, Inc. indicates there is a total of 1,971.2 acres in the proposed acquisition area. The property is further delineated as being comprised of approximately 648.6 acres of uplands and pasture, 72.4 acres of alternating row corps, and 1,250.2 acres of wetlands and wet pasture. The property is zoned A-MHO- RLSAO; Rural Agricultural District - Mobile Home Overlay within the Rural Lands Stewardship Area Overlay. The appraisal is intended to conform with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and all applicable state appraisal regulations. To report the assignment results, I use the Appraisal Report option of Standards Rule 2-2(a) of USPAP. This format summarizes the information analyzed, the appraisal methods employed, and the reasoning that supports the analyses, opinions, and conclusions. Roosevelt Leonard, R/W-AC Collier County Board of County Commissioners October 30, 2018 Page 2 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 value is as follows: Value Conclusion Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value Fee Simple September 27, 2018 $5,914,000 Extraordinary Assumptions and Hypothetical Conditions 1.None; N/A. 1.None; N/A. 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. If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully submitted, Julian L H Stokes, Sr. MAI, CCIM Cert Gen RZ490 Table of Contents (Cont’d) Half Circle L Ranch Summary of Salient Facts and Conclusions ..................................................................... 1 General Information....................................................................................................... 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 Population ...................................................................................................................... 5 Employment ................................................................................................................... 5 Employment Sectors ...................................................................................................... 6 Major Employers ............................................................................................................ 7 Gross Domestic Product ................................................................................................. 8 Household Income ......................................................................................................... 8 Education and Age ......................................................................................................... 9 Conclusion .................................................................................................................... 10 Surrounding Area Analysis ................................................................................................ 13 Location ........................................................................................................................ 13 Access and Linkages ..................................................................................................... 13 Demand Generators ..................................................................................................... 13 Land Use ....................................................................................................................... 13 Outlook and Conclusions .............................................................................................. 13 Property Analysis ......................................................................................................... 15 Land Description and Analysis ........................................................................................... 15 Easements, Encroachments and Restrictions .............................................................. 15 Conclusion of Land Analysis ......................................................................................... 16 Real Estate Taxes ............................................................................................................... 22 Highest and Best Use ......................................................................................................... 23 Process ......................................................................................................................... 23 As Vacant ...................................................................................................................... 23 As Improved ................................................................................................................. 24 Most Probable Buyer.................................................................................................... 24 Table of Contents (Cont’d) Half Circle L Ranch Valuation ..................................................................................................................... 25 Valuation Methodology ..................................................................................................... 25 Sales Comparison Approach .............................................................................................. 26 Analysis and Adjustment of Sales ................................................................................ 28 Land Value Conclusion ................................................................................................. 31 Reconciliation and Conclusion of Value ............................................................................ 32 Exposure Time .............................................................................................................. 32 Marketing Period.......................................................................................................... 32 Certification ................................................................................................................. 33 Assumptions and Limiting Conditions ........................................................................... 34 Addenda A. Appraiser Qualifications B. Comparable Data C. Purchase Order Summary of Salient Facts and Conclusions 1 Half Circle L Ranch Summary of Salient Facts and Conclusions Property Name Address Property Type Owner of Record Tax ID Legal Description Land Area 1,971.20 acres; 85,865,472 SF Zoning Designation Highest and Best Use Exposure Time; Marketing Period 18 to 24 months; 18 to 24 months Effective Date of the Appraisal September 27, 2018 Date of the Report October 30, 2018 Property Interest Appraised Sales Comparison Approach Number of Sales 7 Range of Sale Dates Oct 15 to Oct 18 Range of Prices per Acre (Unadjusted)$1,900 - $8,916 Market Value Conclusion $5,914,000 ($3,000/Acre) A-MHO-RLSAO-ACSC/ST - Rural Agricultural District - Mobile Home Overlay - Rural Lands Stewardship Area Overlay - Area of Critical State Concern Special Treatment Overlay, The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses 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 Board of County Commissioners 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. Agricultural and/or conservation use Fee Simple Half Circle L Ranch Partnership All of Tax Parcels 00089560008, 00089960006, and 00090160002 Sections 15, 22, and 27, Township 46 South, Range 30 East Half Circle L Ranch 2424 Thorpe Road Immokalee, Collier County, Florida 34142-9691 Land - Specialty Extraordinary Assumptions and Hypothetical Conditions 1.None; N/A. 1.None; N/A. 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 2 Half Circle L Ranch General Information Identification of Subject The subject is a parcel of vacant land containing a total area of 1,971.2 acres. The most recent FLUCCS Map from Turrell, Hall & Associates, Inc. indicates there is a total of 1,971.2 acres in the proposed acquisition area. The property is further delineated as being comprised of approximately 648.6 acres of uplands and pasture, 72.4 acres of alternating row corps, and 1,250.2 acres of wetlands and wet pasture. The property is zoned A-MHO-RLSAO; Rural Agricultural District - Mobile Home Overlay within the Rural Lands Stewardship Area Overlay. Property Identification Property Name Half Circle L Ranch Address 2424 Thorpe Road Immokalee, Florida 34142-9691 Tax ID All of Tax Parcels 00089560008, 00089960006, and 00090160002 Owner of Record Half Circle L Ranch Partnership Legal Description Sections 15, 22, and 27, Township 46 South, Range 30 East Census Tract Number 114.00 Source: Property Owner and Public Records Sale History The subject property represents the western three (3) sections of the Half Circle L Ranch. The ranch is comprised of 9,819 MOL acres in total. The Half Circle L Ranch has been in the Schofield family for four (4) generations and remains so as of the effective date of the appraisal, i.e. September 27 th, 2018. In 2007 or 2008 the ranch was listed for sale by Saunders Real Estate of Coldwell Banker Commercial. The property was listed for sale at a price of $35,000,000 or $3,565 per acre (gross). The listing expired several years ago. The ranch is not actively being marketed for sale. Purpose of the Appraisal The purpose of the appraisal is to develop an opinion of the market value of the fee simple interest in the property as of the effective date of the appraisal, September 27, 2018. The date of the report is October 30, 2018. The appraisal is valid only as of the stated effective date. Definition of Market Value Market value is defined as: “The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: General Information 3 Half Circle L Ranch 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: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[g]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472) 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 and intended user is Collier County Board of County Commissioners. The appraisal is not intended for any other use or user. No party or parties other than the Collier County Board of County Commissioners may use or rely on the information, opinions, and conclusions contained in this report. 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. This appraisal report sets forth the information analyzed, the appraisal methods employed, and the reasoning that supports the analyses, opinions, and conclusions. General Information 4 Half Circle L Ranch 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, I’ve considered the intended use of the appraisal, the needs of the user, the complexity of the property, and other pertinent factors. My 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 Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized I’ve utilized only the sales comparison approach in developing an opinion of value for the subject. This approach is applicable to the subject because there is an active market for reasonable similar properties, and sufficient sales data is available for analysis. Research and Analysis The type and extent of my research and analysis is detailed in individual sections of the report. This includes the steps I’ve taken to understand the physical and economic characteristics associated with each of the comparable sales. Although I’ve tried to confirm the arms-length nature of each sale with a party to the transaction, it was sometimes necessary to rely on secondary verification from sources deemed reliable. Inspection I conducted an on-site inspection of the property on September 27, 2018. Collier County Area Analysis 5 Half Circle L Ranch Economic Analysis Collier County Area Analysis Collier County is in southwestern Florida approximately 166 miles south of Tampa. It is 1,998 square miles in size and has a population density of 187 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. Population Collier County has an estimated 2018 population of 374,242, which represents an average annual 1.9% increase over the 2010 census of 321,520. Collier County added an average of 6,590 residents per year over the 2010-2018 period, and its annual growth rate exceeded the State of Florida rate of 1.5%. Looking forward, Collier County's population is projected to increase at a 1.5% annual rate from 2018- 2023, equivalent to the addition of an average of 5,948 residents per year. Collier County's growth rate is expected to exceed that of Florida, which is projected to be 1.3%. Employment Total employment in Collier County is currently estimated at 128,342 jobs. Between year-end 2007 and the present, employment declined by 5,835 jobs, equivalent to a 4.3% loss over the entire period. There were declines in employment in three out of the past ten years, influenced in part by the national economic downturn and slow recovery. Although many areas suffered declines in employment over the last decade, Collier County underperformed Florida, which experienced an increase in employment of 3.6% or 291,370 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 7.3% in comparison to a 7.1% rate for Florida. A higher unemployment rate is a negative indicator. Recent data shows that the Collier County unemployment rate is 3.1% in comparison to a 3.9% rate for Florida, a positive sign for Collier County economy but one that must be tempered by the fact that Collier County has underperformed Florida in the rate of job growth over the past two years. Collier County Area Analysis 6 Half Circle L Ranch 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. Employment Sectors - 2017 19.1% 17.9% 15.6% 11.4% 10.6% 10.0% 6.1% 3.9% 2.8% 1.5% 1.0% 20.4% 13.8% 15.0% 15.6% 12.9% 5.8% 6.7% 3.2% 4.3% 0.7% 1.6% 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 Manufacturing Natural Resources & Mining Information Collier County Florida Source: Bureau of Labor Statistics and Economy.com Collier County Area Analysis 7 Half Circle L Ranch Collier County has greater concentrations than Florida in the following employment sectors: 1. Leisure and Hospitality, representing 17.9% of Collier County payroll employment compared to 13.8% for Florida as a whole. This sector includes employment in hotels, restaurants, recreation facilities, and arts and cultural institutions. 2. Education and Health Services, representing 15.6% of Collier County payroll employment compared to 15.0% for Florida as a whole. This sector includes employment in public and private schools, colleges, hospitals, and social service agencies. 3. Construction, representing 10.0% of Collier County payroll employment compared to 5.8% for Florida as a whole. This sector includes construction of buildings, roads, and utility systems. 4. Other Services, representing 3.9% 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. Collier County is underrepresented in the following sectors: 1. Trade; Transportation; and Utilities, representing 19.1% of Collier County payroll employment compared to 20.4% for Florida as a whole. This sector includes jobs in retail trade, wholesale trade, trucking, warehousing, and electric, gas, and water utilities. 2. Professional and Business Services, representing 11.4% of Collier County payroll employment compared to 15.6% for Florida as a whole. This sector includes legal, accounting, and engineering firms, as well as management of holding companies. 3. Government, representing 10.6% of Collier County payroll employment compared to 12.9% for Florida as a whole. This sector includes employment in local, state, and federal government agencies. 4. Financial Activities, representing 6.1% of Collier County payroll employment compared to 6.7% for Florida as a whole. Banking, insurance, and investment firms are included in this sector, as are real estate owners, managers, and brokers. Major Employers Major employers in Collier County are shown in the following table. Collier County Area Analysis 8 Half Circle L Ranch 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 somewhat higher in the Naples MSA than the United States overall during the past eight years. The Naples MSA has grown at a 2.6% average annual rate while the United States has grown at a 1.9% rate. As the national economy improves, the Naples MSA has recently underperformed the United States. GDP for the Naples MSA rose by 1.1% in 2016 while the United States GDP rose by 1.5%. The Naples MSA has a per capita GDP of $41,292, which is 19% less than the United States GDP of $50,708. This means that Naples MSA industries and employers are adding relatively less value to the economy than their counterparts in the United States overall. Household Income Collier County is more affluent than Florida. Median household income for Collier County is $67,626, which is 27.3% greater than the corresponding figure for Florida. Collier County Area Analysis 9 Half Circle L Ranch 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, 45% of Collier County households are at the $75,000 or greater levels in household income as compared to 35% of Florida households. A lesser concentration of households is apparent in the lower income levels, as 23% of Collier County households are below the $35,000 level in household income versus 33% of Florida households. Education and Age Residents of Collier County have a higher level of educational attainment than those of Florida. An estimated 35% of Collier County residents are college graduates with four-year degrees, versus 28% of Florida residents. People in Collier County are older than their Florida counterparts. The median age for Collier County is 50 years, while the median age for Florida is 42 years. Household Income Distribution - 2018 11.6% 10.7% 10.6% 14.4% 18.0% 11.6% 7.9% 4.9% 4.6% 2.2% 2.3% 1.1% 6.7% 7.9% 8.5% 13.2% 18.6% 12.6% 8.9% 6.0% 6.3% 3.3% 4.6% 3.4% 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: Environics Analytics Collier County Area Analysis 10 Half Circle L Ranch Conclusion The Collier County market is 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 January 2018 compared to January 2017. Seasonally-adjusted tourist tax revenues increased 19% in Collier County in February 2018 compared to February 2017, Lee County increased 11% and Charlotte County increased 4%. Passenger activity for the three airports increased 12% in February 2018 from February 2017 and increased 9% from January 2018. In addition, the area continues to experience a slight increase in job growth. Lee County’s seasonally-adjusted unemployment rate dropped to 3.6% in March 2018, a decrease of 0.6 points from March 2017. Collier County’s unemployment rate was 3.8% in March 2018, down from 4.4% in March 2017. The seasonally- adjusted unemployment rate in Charlotte County declined to 4.1% in March 2018, down from 4.8% in March 2017. These trends are likely to continue in the near-term due to a growing population base and increasing job opportunities. Collier County Area Analysis 11 Half Circle L Ranch Area Map Collier County Area Analysis 12 Half Circle L Ranch Half Circle L Location Map Surrounding Area Analysis 13 Half Circle L Ranch Surrounding Area Analysis Location Half Circle L Ranch is in northeastern Collier County at the terminus of Thorpe Road. Thorpe Road is an extension of County Line Road and generally runs in a North/South direction. The City of Naples is located about 35 miles southwest of the ranch. The closest town is Immokalee which is located about 9 miles to the west. The Immokalee area is the leading producer of winter vegetables in the United States. The economy of rural Southwest Florida has been and continues to be based primarily on agriculture. The area is rural and is for the most part comprised of agricultural activities such as row crop farming and cattle. Access and Linkages Primary arterials are CR 846 which runs east from Immokalee to the Collier County line continuing through Hendry County to its terminus at CR 833 at Dinner Island Ranch Water Management Area. From the Half Circle L Ranch CR 846 runs west to SR29 in Immokalee. SR 29 runs north to US 27 (Fisheating Creek) and south to Everglades City. I-75 is located approximately 80 miles to the south on SR29 or west on SR82 in Ft Myers. Public transportation is provided by Collier Area Transit (CAT). The closest access routes to the neighborhood is either the Pink Route 8 (Immokalee Circulator) and the Blue Route 5 (Immokalee Shuttle). However, the closest point of access is located east of the Immokalee Airport. Demand Generators Immokalee’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 Seminole Casino Immokalee, a large employer within the Immokalee area. Land Use In the immediate vicinity of the subject, land uses are primarily residential and agricultural, with supporting industrial and commercial uses located along in Immokalee and further southwest in the Naples area. However, the Immokalee area is generally rural in character. Outlook and Conclusions The agriculturally oriented Immokalee area has seen little effects from the economic improvements associated with the western more populated areas of Collier County. In the immediate area, development has been limited. Property values are primarily driven by agriculture demand. Said demand has been stable over the past five (5) years. Property values in and around Immokalee are expected to remain stable over the foreseeable future, Surrounding Area Analysis 14 Half Circle L Ranch Surrounding Area Map Land Description and Analysis 15 Half Circle L Ranch Property Analysis Land Description and Analysis Land Description Land Area 1,971.20 acres; 85,865,472 SF Source of Land Area Turrell, Hall & Associates, Inc, Marine & Environmental Consulting Shape Rectangular Corner No Rail Access No Topography Generally level ranging from higher upland pasture and farming areas to low lying wetland slough Drainage Average for lower lying transitional upland to wetland slough areas Environmental Hazards None reported or observed Ground Stability No problems reported or observed Flood Area Panel Number 12021C0155H (western 3/4) and 12021C0175H (eastern 1/4) Date May 16, 2012 Zone A Description Within area inundated by 100-year flooding Insurance Required?NA, no insurable structures on property Zoning; Other Regulations Zoning Jurisdiction Collier County Zoning Designation A-MHO-RLSAO-ACSC/ST - Rural Agricultural District - Mobile Home Overlay - Rural Lands Stewardship Area Overlay - Area of Critical State Concern Special Treatment Overlay Description The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses Legally Conforming?Appears to be legally conforming Zoning Change Likely?No Permitted Uses Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district Other Land Use Regulations Future Land Use - Agricultural/Rural Designation with Area of Critical State Concern Overlay Easements, Encroachments and Restrictions Based upon a discussion with the property owner there do not appear to be any easements, encroachments, or restrictions that would adversely affect value. I have not been provided a current title report to review. The is a FP&L power transmission easement that runs through Section 27, over the southern portion of the prospective acquisition area. Considering the physical (upland pasture and wetlands) and economic (recreation, timber harvesting and cattle grazing) characteristics of the subject property there aren’t any negative impacts on the land. To conclude, I am not aware of 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. Land Description and Analysis 16 Half Circle L Ranch Conclusion of Land Analysis The subject property is an active ranching operation comprised of row crop farming, cattle, cypress harvesting and recreational hunting and fishing. The physical characteristics support the continued economic viability of the land uses now and I suspect for many years to come. Land Description and Analysis 17 Half Circle L Ranch Transitional wet pasture (Photo Taken on September 27, 2018) Timber harvesting area (Photo Taken on September 27, 2018) Slough (Photo Taken on September 27, 2018) Transitional wetland area (Photo Taken on September 27, 2018) Interior hammock (Photo Taken on September 27, 2018) Power transmission line (Photo Taken on September 27, 2018) Land Description and Analysis 18 Half Circle L Ranch Upland pasture (Photo Taken on September 27, 2018) Pasture water holding pond (Photo Taken on September 27, 2018) Unimproved upland (Photo Taken on September 27, 2018) Upland pasture (Photo Taken on September 27, 2018) Upland pasture (Photo Taken on September 27, 2018) Upland pasture (Photo Taken on September 27, 2018) Land Description and Analysis 19 Half Circle L Ranch Location Map – Site Specific Land Description and Analysis 20 Half Circle L Ranch FLUCCS MAP Land Description and Analysis 21 Half Circle L Ranch Zoning Map Real Estate Taxes 22 Half Circle L Ranch Real Estate Taxes Real estate taxes and assessments for the current tax year are shown in the following table. Taxes and Assessments - 2018 Assessed Value Taxes and Assessments Tax ID Land Exemption Total Tax Rate Ad Valorem Taxes Direct Assessments Total 00089560008 $1,035,000 -$974,506 $60,494 1.327720%$803 $0 $803 00089960006 $1,205,000 -$1,138,090 $66,910 1.327720%$888 $0 $888 00090160002 $1,011,000 -$950,075 $60,925 1.327720%$809 $0 $809 $3,251,000 -$3,062,671 $188,329 $2,500 $0 $2,500 Based on the concluded market value of the subject, the assessed value appears low. A low property assessment is not uncommon for agricultural properties located in Collier County. The Collier County Property Appraiser’s office is focused primarily on granting agricultural exemption and less on the actual market values associated with these property classes. Before application of the agricultural exemption the subject property is valued based on $1,692 per acre. This represents approximately 54% of the concluded market value. This is not unusual and considered typical in the market. Highest and Best Use 23 Half Circle L Ranch 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 vacant, and as improved. 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 Vacant Physically Possible The physical characteristics of the site do not appear to impose any unusual restrictions on those uses most typical to the surrounding area. The physical characteristics of the site can best be described as limiting the property to such agricultural uses as timber harvesting, cattle grazing, and recreational hunting and fishing. Legally Permissible The site is zoned A-MHO-RLSAO-ACSC/ST - Rural Agricultural District - Mobile Home Overlay - Rural Lands Stewardship Area Overlay - Area of Critical State Concern Special Treatment Overlay The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Permitted uses include thoseuses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. To my 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/or conservation use is given further consideration in determining highest and best use of the site, as though vacant. Financially Feasible Based on my analysis of the market, there is currently adequate demand for agricultural and/or conservation use in the subject’s area. Therefore, agricultural and/or conservation use is 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/or conservation use. Accordingly, it is my opinion that agricultural and/or conservation use is the maximally productive use of the property. Highest and Best Use 24 Half Circle L Ranch Conclusion General agricultural (row crop, timber harvest, cattle grazing, and/or recreational hunting and fishing) uses satisfy the four tests of highest and best use. Therefore, it is concluded to be the highest and best use of the property as vacant. As Improved No improvements are situated on the subject. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the functional utility of the site and area development trends, the probable buyer is either an agriculturally based company that understands the economics associated with farming, timber and/or cattle grazing. Valuation Methodology 25 Half Circle L Ranch Valuation Valuation Methodology There are 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 Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized Sales Comparison Approach 26 Half Circle L Ranch Sales Comparison Approach In developing an opinion of market value for the subject property I have utilized the sales comparison approach. My sales research focused on transactions within the following parameters: Location: Northeastern Collier County and western Hendry County Size: Generally larger acreage tracts ranging from 300 acres to 10,000 acres Use: Properties utilized for farming, active and inactive, pasture and cattle grazing, recreational. Transaction Date: 2015 to current date For this analysis, I’ve utilized price per acre as the appropriate unit of comparison. This is the most common unit of comparison utilized by market. The most relevant sales are summarized in the following table. Summary of Comparable Land Sales No.Name/Address Sale Date; Status Effective Sale Price Acres Uses Associatied With Property $/Acre 1 YBFH Real Estate Mar-18 $1,268,500 $3,895 NA Closed 325.70 Felda Hendry County FL 2 Owl Hammock Immokalee Jul-18 $37,350,000 $7,114 4505 CR 846 E. Closed 5,250.00 Immokalee Collier County FL 3 Corbitt Road Ranch Oct-15 $3,760,100 $5,449 21500 Thorpe Rd. Closed 690.00 Clewiston Hendry County FL 4 Gargiulo Organic Farm Nov-15 $10,200,000 $8,916 1909 Thorpe Rd. Closed 1,144.00 Immokalee Collier County FL 5 Albritton Conservation & Recreation Lands Nov-16 $9,327,286 $2,595 12500 CR 832 Closed 3,595.00 La Belle Hendry County FL 6 Miromar Lakes Conservation Easement Lands Nov-17 $710,000 $2,219 Not Accessible Closed 320.00 Immokalee Collier County FL 7 Okaloacoochee Ranch Oct-18 $1,258,000 $1,900 CR 846 E. Listing 662.00 Immokalee Collier County FL Subject Half Circle L Ranch 1,971.20 Immokalee, FL Conservation and Recreation Agricultural and Drainage Reservoir Agricultural and Drainage Reservoir Agricultural and Drainage Reservoir Agriculture and Conservation Agricultural, Cattle Grazing and Conservation Conservation with Cattle Grazing (Limited) and Recreational Conservation and Recreation Sales Comparison Approach 27 Half Circle L Ranch Comparable Land Sales Map #2 #2 #2 #2 #1 #3 #4 #5 #7 Sales Comparison Approach 28 Half Circle L Ranch Analysis and Adjustment of Sales 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 Factors Effective Sale Price Accounts for atypical economics of a transaction, such as demolition cost, expenditures by the buyer at time of purchase, or other similar factors. Usually applied directly to sale price on a lump sum basis. None of the comparable sales exhibited any atypical economics associated with the transaction. No adjustment is deemed appropriate. Real Property Rights Fee simple, leased fee, leasehold, partial interest, etc. Sales 5 and 6 represent the sale of a conservation easement. In these instances, the fee simple ownership retained the rights associated primarily with recreational uses. The subject property has all its rights and the fee simple ownership is owned in fee simple, unencumbered by and use restrictions. Both sales have been adjusted +$1,000. Comparable #7 is a listing of a property that has been stripped of its development rights. Comp #7 has a conservation easement that encumbers the use to unimproved upland cattle grazing and recreational. An upward adjustment of +$2,250 is made. Financing Terms Seller financing, or assumption of existing financing, at non-market terms. Each of the sales transactions represented cash to the seller. No adjustment is deemed appropriate. Conditions of Sale Extraordinary motivation of buyer or seller, assemblage, forced sale, related party’s transaction. Each of the sales are considered market- oriented arm’s length transactions. Comparable #7 is a current listing and is adjusted downward 10%. Market Conditions Changes in the economic environment over time that affect the appreciation and depreciation of real estate. The market for this property type is stable. No adjustment is deemed appropriate. Location Market or submarket area influences on sale price; surrounding land use influences. All the comparable properties are in eastern Collier or western Hendry Counties. No adjustment is deemed appropriate. Size Inverse relationship that often exists between parcel size and unit value. Comparables #1, #3, #6, and #7 are considerable smaller than the subject property. Sales #1 and #6 are 326 and 320 acres respectively and adjusted -15%. Sale # 3 and Listing #7 are 690 and 662 acres respectively and adjusted -10%. I have not made an adjustment for the larger acreage sales. Sales Comparison Approach 29 Half Circle L Ranch Adjustment Factors Current Use Primary physical factors that affect the utility of a site for its highest and best use, i.e. Improved upland row crop farming and pasture. Comparables 2, 3, and 4 represent properties that were working farms at the time of sale. Comparable #2 is a large active farming and is adjusted -60%. Comparable #3 was an improved but inactive farm and adjusted to a lesser degree by -30%. Comparable #4 represents the sale of an active organic row crop farm and is adjusted -60%. Given such large percentage adjustments, Sales #2, #3, and 4 should not be considered wholly comparable to the subject property. However, I feel that it is important to include them in the analysis to insure Conservation Collier is aware of all sale transactions within the immediate area of the subject property. These sales are given limited weight in determining the reconciliation of sales. Sales Comparison Approach 30 Half Circle L Ranch The following table summarizes the adjustments I’ve made to each sale. Land Sales Adjustment Grid Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5 Comparable 6 Comparable 7 Name Half Circle L Ranch YBFH Real Estate Owl Hammock Immokalee Corbitt Road Ranch Gargiulo Organic Farm Albritton Conservation & Recreation Lands Miromar Lakes Conservation Easement Lands Okaloacoochee Ranch Address 2424 Thorpe Road NA 4505 CR 846 E. 21500 Thorpe Rd. 1909 Thorpe Rd. 12500 CR 832 Not Accessible CR 846 E. City Immokalee Felda Immokalee Clewiston Immokalee La Belle Immokalee Immokalee County Collier Hendry Collier Hendry Collier Hendry Collier Collier State Florida FL FL FL FL FL FL FL Sale Date Mar-18 Jul-18 Oct-15 Nov-15 Nov-16 Nov-17 Oct-18 Sale Status Closed Closed Closed Closed Closed Closed Listing Sale Price $1,268,500 $37,350,000 $3,760,100 $10,200,000 $9,327,286 $710,000 $1,258,000 Acres 1,971.20 325.70 5,250.00 690.00 1,144.00 3,595.00 320.00 662.00 Zoning Code A-MHO-RLSAO-ACSC/ST A-1 A-MHO-RLSAO-ACSC/ST (Collier) & A-1 (Hendry) A-1 Collier A-MHO-RLSAO- ACSC/ST & Hendry A-1 A-1 A-MHO-RLSAO- ACSC/ST A-MHO-RLSAO- ACSC/ST-BCI/BCP- SSA-5 Grantor – Glevin 275 LLC and Slevin 275 LLC Collier Land Holdings, Ltd. Bruce E Corbitt, et ux Grainger Land, LLC and SamAnn Farms, LLC Albritton & Sons LLP/LTD Miromar Lakes, LLC Worthington/Colli er LLC Grantee – YBFH Real Estate LLC Owl Hammock Immokalee, LLC Corbitt Road Immokalee, LLC Gargiulo, Inc. United State of America Miromar Lakes South Community Development District – Property Rights – Fee Simple, Unencumbered Fee Simple, Unencumbered Fee Simple, Unencumbered Fee Simple, Unencumbered Acquisition of Perpetual Conservation Easement Acquisition for Off Site Mitigation Purposes For Sale AS Encumbered With Conservation Easement Current Use Uplands/Pasture, Alternating Row Crops, Wetlands and Wetland Pasture Vacant unimproved pasture and wetlands active row crop faming and wetland reservoir system active row crop farming, active improved pastureland and cattle grazing, unimproved pasture and wetland reservoir system active row crop farming (organic) and wetland reservoir system active row crop farming, active improved pastureland and cattle grazing, unimproved pasture and wetland reservoir system Vacant unimproved pasture and wetlands Recreational Use (hunting), limited cattle grazing, unimproved pasture and wetland $3,895 $7,114 $5,449 $8,916 $2,595 $2,219 $1,900 Fee Simple Fee Simple Fee Simple Fee Simple Conservation Easment Conservation Easement Encumbered with Conservation Easement – – – – $1,000 $1,000 $2,250 Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller – – – – – – – – – – – – – -10% Market Conditions 9/27/2018 Mar-18 Jul-18 Oct-15 Nov-15 Nov-16 Nov-17 Oct-18 Annual % Adjustment 0% – – – – – – – $3,895 $7,114 $5,449 $8,916 $3,595 $3,219 $3,735 – – – – – – – -15% – -10% – – -15% -10% – -60% -30% -60% – – – Net $ Adjustment -$584 -$4,269 -$2,180 -$5,350 $0 -$483 -$374 Net % Adjustment -15%-60%-40%-60%0%-15%-10% Final Adjusted Price $3,310 $2,846 $3,270 $3,566 $3,595 $2,736 $3,362 Overall Adjustment -15%-60%-40%-60%39%23%77% Average Indicated Value $2,736 - $3,595 $3,241 $3,000 Size Price per Acre Property Rights Financing Terms Conditions of Sale Cumulative Adjusted Price $ Adjustment % Adjustment % Adjustment Location Current Use - improved upland farm and pasture Range of Adjusted Prices Sales Comparison Approach 31 Half Circle L Ranch Land Value Conclusion Prior to adjustment, the sales reflect a range of $1,900 - $8,916 per acre. After adjustment, the range is narrowed to $2,736 - $3,595 per acre, with an average of $3,241 per acre. I have given the following weight to each of the comparable properties as follows: After giving due consideration to each of the comparable properties I have arrived at a land value conclusion as follows: Land Value Conclusion Indicated Value per Acre $3,000 Subject Acres 1,971.20 Indicated Value $5,913,600 Rounded $5,914,000 Comparable Adjusted $/Acre Weight Result 1 $3,310.0 35% $1,159 2 $2,846.0 5% $142 3 $3,270.0 5% $164 4 $3,566.0 5% $178 5 $3,595.0 20% $719 6 $2,736.0 20% $547 7 $3,362.0 10% $336 Indicated Value Per Acre 100%$3,245 Reconciliation and Conclusion of Value 32 Half Circle L Ranch Reconciliation and Conclusion of Value Based on the preceding valuation analysis and subject to the definitions, assumptions, and limiting conditions expressed in the report, my value opinion is: Value Conclusion Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value Fee Simple September 27, 2018 $5,914,000 Extraordinary Assumptions and Hypothetical Conditions 1.None; N/A. 1.None; N/A. 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. Exposure Time Exposure time is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Based on the concluded market value stated previously, it is my opinion that the probable exposure time is 18 to 24 months. Marketing Period Marketing time is an estimate of the amount of time it might take to sell a property at the concluded market value immediately following the effective date of value. I estimate the subject’s marketing period at 18 to 24 months. Certification 33 Half Circle L Ranch Certification I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, 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. 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, have completed the continuing education program for Designated Members of the Appraisal Institute. Julian L H Stokes, Sr. MAI, CCIM Cert Gen RZ490 Assumptions and Limiting Conditions 34 Half Circle L Ranch 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 will not be 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 Assumptions and Limiting Conditions 35 Half Circle L Ranch 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. 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 are 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 Assumptions and Limiting Conditions 36 Half Circle L Ranch 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. Since 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 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. Neither ARC Realty Advisors, Inc. nor I shall be held 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 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. I am not a building or environmental inspector. I do 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 Assumptions and Limiting Conditions 37 Half Circle L Ranch 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. This 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 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 believe 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: Extraordinary Assumptions and Hypothetical Conditions 1.None; N/A. 1.None; N/A. 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. Addenda Half Circle L Ranch Addendum A Appraiser Qualifications ARC Realty Advisors, Inc. 1333 3rd Avenue South Suite 101 Naples, FL 34102 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. D 239.250.1421 jstokes@arcra.com Julian L. H. Stokes, Sr., MAI, CCIM 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) AI Florida Regional Member Ethics Administration and Counseling Member – Community Associations Institute Licenses Florida, State-Certified General Real Estate Appraiser, RZ0490 Florida, Real Estate Broker BK221937 (Inactive) Addenda Half Circle L Ranch Addendum B Comparable Data Land Sale No. 1 Location & Property Identification YBFH Real Estate Property Name: Sub-Property Type: Specialty, Conservation/Preservation NA Address: Felda, FL 33930 City/State/Zip: Hendry County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: 10 miles east of Felda, FL (SR 29) Property Location: Sale Information $1,268,500 Sale Price: $1,268,500 Effective Sale Price: 03/14/2018 Sale Date: Recording Date: 03/20/2018 Sale Status: Closed $/Acre(Gross): $3,895 $/Land SF(Gross): $0.09 $/Acre(Usable): $3,895 $/Land SF(Usable): $0.09 Grantor/Seller: Glevin 275 LLC and Slevin 275 LLC Grantee/Buyer: YBFH Real Estate LLC Assets Sold: Real estate only Property Rights: Fee Simple Financing: Cash to seller Document Type: Warranty Deed Recording No.: 0935-0078 Verified By: Julian Stokes, MAI, CCIM Verification Date: 10/18/2018 Confirmation Source: HCPA;Hendry County Clerk Verification Type: Confirmed-Buyer Rep. Sale Analysis Current Use at T.O.S.: Vacant unimproved pasture and wetlands Improvement and Site Data Tax ID 1314532 A00 0002.0000 and 1314533 A00 0003.0000 Legal/Tax/Parcel ID: 325.70/325.70 Acres(Usable/Gross): 14,187,492/14,187,492 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Shape: Rectangular Topography: Other Vegetation: Trees and grasses Corner Lot: No Frontage Desc.: Undeveloped pasture and wetlands Zoning Code: A-1 Zoning Desc.: Agriculture and Conservation Environmental Issues: Yes Environmental Desc.: Wetlands Flood Plain: Yes Flood Zone: Areas inundated with 100 year flood Flood Area(SF): 14,187,492 Flood Zone Designation: A Source of Land Info.: Public Records Land Sale No. 1 (Cont’d) Comments Land Use Delineation: 48.5 Acres of Semi Improved Pasture 77.2 Acres of Native Pasture 200 Acres of Wetland Slough Property was purchased primarily for off-site mitigation and secondarily for future recreation (hunting). Land Sale No. 2 Location & Property Identification Owl Hammock Immokalee Property Name: Sub-Property Type: Other 4505 CR 846 E. Address: Immokalee, FL 34142 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: Eastern Collier County and Wester Property Location: Sale Information $37,350,000 Sale Price: $37,350,000 Effective Sale Price: 07/12/2018 Sale Date: Recording Date: 07/16/2018 Sale Status: Closed $/Acre(Gross): $7,114 $/Land SF(Gross): $0.16 $/Acre(Usable): $10,375 $/Land SF(Usable): $0.24 Grantor/Seller: Collier Land Holdings, Ltd. Grantee/Buyer: Owl Hammock Immokalee, LLC Assets Sold: Real estate only Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Document Type: Warranty Deed Recording No.: Multiple Deeds, see 1/2 Circle L file Verified By: Julian Stokes, MAI, CCIM Verification Date: 10/22/2018 Confirmation Source: C Spilker, Collier Land Holdings Verification Type: Confirmed-Seller Sale Analysis Current Use at T.O.S.: active row crop faming and wetland reservoir system Improvement and Site Data Lengthy - See internal file folder (Half Circle L) Legal/Tax/Parcel ID: 3,600.00/5,250.00 Acres(Usable/Gross): 156,816,000/228,690,000 Land-SF(Usable/Gross): Usable/Gross Ratio: 0.69 Property Class: C Shape: Very Irregular Topography: Level Vegetation: Minimal Corner Lot: No Frontage Type: 2 way, 1 lane each way Traffic Control at Entry: None Traffic Flow: Low Accessibility Rating: Average Visibility Rating: Below average Zoning Code: A-MHO-RLSAO-ACSC/ST (Collier) & A-1 (Hendry) Zoning Desc.: Agricultural and Conservation Environmental Issues: No Flood Plain: Yes Land Sale No. 2 (Cont’d) Improvement and Site Data (Cont'd) Utilities: Electricity, Water Well Irrigation, Water Well Potable, Telephone Source of Land Info.: Manager Comments The property is a combination of 3,600 acres of active row crop land and pasture, and 1,650 acres of wetland areas. There are several older single-family residential homes on the various parcels that are utilized primarily for employee housing. Other improvements include pole barns, wood barns, and metal warehouse storage buildings. This represents the sale of a large farm and cattle operation located in eastern Collier and western Hendry Counties. The sale was priced based on 3,600 acres of active row crops at $8,625/Acre and roughly $2,000/Ac for the 1,650 acres of wetland reservoir. Land Sale No. 3 Location & Property Identification Corbitt Road Ranch Property Name: Sub-Property Type: Specialty, Undeveloped Agricultural 21500 Thorpe Rd. Address: Clewiston, FL 33440 City/State/Zip: Hendry County: Rural Market Orientation: One (1) section east of Thorpe Rd Property Location: Sale Information $3,760,100 Sale Price: $3,760,100 Effective Sale Price: 10/30/2015 Sale Date: Recording Date: 11/04/2015 Sale Status: Closed $/SF GBA: $642.75 $/Acre(Gross): $5,449 $/Land SF(Gross): $0.13 $/Acre(Usable): $5,449 $/Land SF(Usable): $0.13 $/Land SF(Potential): $642.75 Grantor/Seller: Bruce E Corbitt, et ux Grantee/Buyer: Corbitt Road Immokalee, LLC Assets Sold: Real estate only Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Document Type: Warranty Deed Recording No.: 898-1546, 898-1552 Verified By: Julian Stokes, MAI, CCIM Verification Date: 10/18/2018 Verification Type: Confirmed-Confidential Improvement and Site Data APN 1-31-46-29-A00-0001.0000, 1-31-46-29-A00-0002.0000, 1-31-46-30-A00-0002.0000, 1-31-46-31-A00-0003.0000, 1-31-46-32-A00-0002.0000 Legal/Tax/Parcel ID: GBA-SF: 5,850 690.00/690.00 Acres(Usable/Gross): 30,056,400/30,056,400 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Year Built: 2014 Property Class: C M&S Class: S Construction Quality: Average Improvements Cond.: Fair Exterior Walls: Metal No. of Buildings/Stories: 1/1 Shape: Rectangular Topography: Level Vegetation: Grass and shrubs Corner Lot: No Frontage Type: 1 way, 1 lane Traffic Control at Entry: None Traffic Flow: Low Accessibility Rating: Below average Visibility Rating: Below average Zoning Code: A-1 Land Sale No. 3 (Cont’d) Improvement and Site Data (Cont'd) Zoning Desc.: Agricultural and Conservation No Easements: Environmental Issues: No Flood Plain: Yes Flood Area(SF): 26,528,040 Flood Zone Designation: A Utilities: Electricity, Water Well Irrigation, Water Well Potable, Telephone Source of Land Info.: Public Records Comments The property is a row crop farm with several active fields and adjacent pasture for cattle grazing. Acreage Delineation: Farm/Row Crop 347.3 Acres Semi Imp'd Pasture 194.7 Acres Wetland 148.0 Acres At the time of sale the property had areas of inactive row crops and cattle grazing. The purchaser's intention was to actively farm the property. There is a 14,850 SF metal building on the property that was originally built in 1996 and an addition in 2014. Land Sale No. 4 Location & Property Identification Gargiulo Organic Farm Property Name: Sub-Property Type: Other 1909 Thorpe Rd. Address: Immokalee, FL 34142 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: 1.3 miles north of CR 846E on Thorpe Rd (dirt) Property Location: Sale Information $10,200,000 Sale Price: $10,200,000 Effective Sale Price: 11/13/2015 Sale Date: Recording Date: 11/17/2015 Sale Status: Closed $/SF GBA: $6800.00 $/SF NRA: $6800.00 $/Acre(Gross): $8,916 $/Land SF(Gross): $0.20 $/Acre(Usable): $8,916 $/Land SF(Usable): $0.20 $/Land SF(Potential): $6,800.00 Grantor/Seller: Grainger Land, LLC and SamAnn Farms, LLC Grantee/Buyer: Gargiulo, Inc. Assets Sold: Real estate only Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Document Type: Warranty Deed Recording No.: 5215-577 Verified By: Julian Stokes, MAI, CCIM Verification Date: 10/18/2018 Verification Type: Confirmed-Confidential Improvement and Site Data CCPA PID 00090080001, 00090080302, & 00090080409 and HCPA PID 1314631-A0000030000 & 1314631-A0000020000 Legal/Tax/Parcel ID: GBA-SF: 1,500 NRA-SF: 1,500 1,144.00/1,144.00 Acres(Usable/Gross): 49,832,640/49,832,640 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Year Built: 2005 Property Class: C M&S Class: S Construction Quality: Average Improvements Cond.: Average Exterior Walls: Metal Construction Desc.: Average quality metal building No. of Buildings/Stories: 1/1 Shape: Rectangular Topography: Level Vegetation: Minimal Corner Lot: No Frontage Feet: 5280 Frontage Desc.: Dirt road Frontage Type: 2 way, 1 lane each way Land Sale No. 4 (Cont’d) Improvement and Site Data (Cont'd) Traffic Control at Entry: None Traffic Flow: Low Accessibility Rating: Below average Visibility Rating: Below average Zoning Code: Collier A-MHO-RLSAO-ACSC/ST & Hendry A-1 Zoning Desc.: Agricultural and Conservation No Easements: Environmental Issues: No Flood Plain: Yes Utilities: Electricity, Water Well Irrigation, Water Well Potable, Telephone Source of Land Info.: Public Records Comments This is an active row crop farm. The farm is certified organic. This sale was predicated by a Chapter 11 Bankruptcy. However, based on other sales of row crop farms this appears to represent market pricing. Land Sale No. 5 Location & Property Identification Albritton Conservation & Recreation Lands Property Name: Sub-Property Type: Specialty, Conservation/Preservation 12500 CR 832 Address: La Belle, FL 33820 City/State/Zip: Hendry County: Rural Market Orientation: 17 miles SE of LaBelle, FL on north side of CR 832 Property Location: Sale Information $9,327,286 Sale Price: $9,327,286 Effective Sale Price: 11/28/2016 Sale Date: Recording Date: 01/12/2017 Sale Status: Closed $/Acre(Gross): $2,595 $/Land SF(Gross): $0.06 $/Acre(Usable): $2,595 $/Land SF(Usable): $0.06 Grantor/Seller: Albritton & Sons LLP/LTD Grantee/Buyer: United State of America Assets Sold: Real estate only Property Rights: Easement % of Interest Conveyed: 100.00 Financing: Cash to seller Terms of Sale: This is an all cash transaction Document Type: Deed Recording No.: 916-659 Verified By: Julian Stokes, MAI, CCIM Verification Date: 10/18/2018 Confirmation Source: D. Britton, Seller Verification Type: Confirmed-Seller Rep Sale Analysis Current Use at T.O.S.: Farm/Grazing/Pasture/Recrea tion Former Use: Same Proposed Use Change: No Improvement and Site Data Generally described as Sections 13, 14, 15, 22, 23, 24, 25, 26, 27 and 35, Township 44 S, Range 31 East, Hendry County, Florida Legal/Tax/Parcel ID: 3,595.00/3,595.00 Acres(Usable/Gross): 156,598,200/156,598,200 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Potential Building SF: Shape: Rectangular Topography: Other Vegetation: Trees and grasses Corner Lot: No Frontage Feet: 5280 Frontage Desc.: CR 832 Frontage Type: 2 way, 1 lane each way Traffic Control at Entry: None Traffic Flow: Low Land Sale No. 5 (Cont’d) Improvement and Site Data (Cont'd) Accessibility Rating: Average Visibility Rating: Average Zoning Code: A-1 Zoning Desc.: Agriculture - Conservation Yes Easements: Easements Desc.: Conservation Easement to USA Natural Resources Environmental Issues: Yes Environmental Desc.: Conservation Flood Plain: Yes Flood Zone: 100 Year flood inundation Flood Area(SF): 156,598,200 Flood Zone Designation: A Comm. Panel No.: 12051C0400D Date: 07/06/2015 Utilities: Electricity, Water Well Irrigation, Water Well Potable, Telephone Source of Land Info.: Public Records Comments This represents a large privately held acreage parcel that is encumbered by a conservation easement. The servient interest is owned by Albritton & Sons. The dominate interest is the United States of America, Natural Resources Conservation Service. The Albritton family owns a total of 6,400 MOL acres. The conservation area encumbers a total of 3,595 acres. It appears the residual unencumbered lands are comprised primarily of citrus groves. This is the sale of an agricultural conservation and wetland reserve easement. The transaction is conveyed via a Warranty Easement Deed in Perpetuity. Rights reserved to the servient interest (seller/landowner) is quiet enjoyment, control of access and recreational uses including hunting and fishing. It is noted that the servient interest (landowner) is responsible for noxious weed control (invasive) plant species. The servient interest also pays all real property taxes. Land Sale No. 6 Location & Property Identification Miromar Lakes Conservation Easement Lands Property Name: Sub-Property Type: Specialty, Wetland/Marshland Not Accessible Address: Immokalee, FL 34142 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: Sale Information $710,000 Sale Price: $710,000 Effective Sale Price: 11/30/2017 Sale Date: Recording Date: 12/04/2017 Sale Status: Closed $/Acre(Gross): $2,219 $/Land SF(Gross): $0.05 Grantor/Seller: Miromar Lakes, LLC Grantee/Buyer: Miromar Lakes South Community Development District Property Rights: Fee Simple, Encumbered Financing: Cash to seller Document Type: Warranty Deed Recording No.: 5454-698 Verification Type: Secondary Verification Improvement and Site Data 00089360004 Legal/Tax/Parcel ID: 320.00 Acres(Gross): 13,939,200 Land-SF(Gross): Zoning Code: AG Zoning Desc.: Agricultural Source of Land Info.: Public Records Comments Property is the west 1/2 of Section 10 Township 46 Range 30. Encumbered by a conservation easement. Miromar Lakes South Community Development District purchased the encumbered (conservation easement) fee simple interest in November of 2017. The price was $710,000 ($2,219/acre). The property consists of about 320 acres located east of State Road 29 North in the Immokalee area of Collier County. The sale represents a transaction between the developer of Miromar Lakes and the Miromar Lakes Community Development District. Miromar Lakes originally purchased the property in December of 2004 for a price of $424,452 or $1,326/acre. After the 2004 transaction Miromar granted a conservation easement to SFWMD. Land Sale No. 7 Location & Property Identification Okaloacoochee Ranch Property Name: Sub-Property Type: Specialty, Conservation/Preservation CR 846 E. Address: Immokalee, FL 34142 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Rural Market Orientation: Northeastern Collier County Property Location: Sale Information $1,258,000 Listing Price: $1,258,000 Effective Listing Price: 10/18/2018 Listing Date: Sale Status: Listing $/Acre(Gross): $1,900 $/Land SF(Gross): $0.04 $/Acre(Usable): $1,900 $/Land SF(Usable): $0.04 Grantor/Seller: Worthington/Collier LLC Property Rights: Other % of Interest Conveyed: 100.00 Verified By: Julian Stokes, MAI, CCIM Verification Date: 10/18/2018 Confirmation Source: Broker Verification Type: Confirmed-Seller Broker Improvement and Site Data APN 00090200001, 00091160205, 00138960300 Legal/Tax/Parcel ID: 662.00/662.00 Acres(Usable/Gross): 28,836,720/28,836,720 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Potential Building SF: Shape: Rectangular Topography: Other Vegetation: Trees and grasses Corner Lot: No Frontage Feet: 725 Frontage Desc.: CR 846E Frontage Type: 2 way, 1 lane each way Traffic Control at Entry: None Traffic Flow: Low Zoning Code: A-MHO-RLSAO-ACSC/ST-BCI/B CP-SSA-5 Zoning Desc.: Conservation - Cattle Grazing and Recreation only Yes Easements: Easements Desc.: Conservation Easement Overlay Environmental Issues: Yes Environmental Desc.: Wetlands and upland pasture areas Flood Plain: Yes Flood Area(SF): 28,836,720 Flood Zone Designation: A Comm. Panel No.: 120067-12021C0155H Date: 05/16/2012 Utilities: Electricity, Water Well Irrigation, Water Well Potable, Telephone Utilities Desc.: Well, no improvements allowed on property due of conservation easement. Source of Land Info.: Broker Land Sale No. 7 (Cont’d) Comments Okaloacoochee Ranch is comprised of 334 MOL acres of improved pastureland, 68 MOL acres of unimproved pastureland, and 260 MOL acres of heavily forested upland and wetland areas. This is a current listing (10/18/2018) of approximately 662 acres of recreational acreage. The property is encumbered by the Panther Mitigation Easement. Addenda Half Circle L Ranch Addendum C Purchase Order Collier County Board of County Commissioners Procuremenl SeNices Division Phone:239-252-UO7 F ax: 239-732-0U4 Tax Exempt: 85-801596653'1 C-'l 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 Vendor″125123 ARC REALTY ADV:SORSINC 4333 3RD AVENuE N,SuiTE 101 NAPLES FL 34102 Please de:iver to: NORTH COLLIER REG10NAL PARK COLLIER COUNTY PARKS ADMINISTRAT10N 15000 LIVINGSTON RD NAPLES FL 34109 Purchase Order number musl appear on all relatsd correapondence, shipping papera and invoicos: Purchase order PO Number 4500189305 Dale o9′06J2018 Coolad Person COnservation Co∥ DeliveryDate: 0913012018 Terms of Payment Net 30 Days Malerial Descdplion 0/der ory tra′ ` Prlce per ualt ″et vafue 30 appraisals 172-178986-631600-appraisais Haけ Circile L prope“′ 3.250 EA 1 00 325000 Total net value excl- tax USD 3,25000 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 sile: http://purchasing-colliergov.neUPurchasing%20Policy/Forms/Allltems.aspx, including delivery and paymenl terms. Further the VENDOR agrees toi 1. Provide goods and services outlined in this Purchase Orderwith the prices, terms, delivery method and specifications listed above.2. Notiry department lmmediately iforder fulfillment cannot occur as specified.3. Send all invoices to: Collier County Board of County CommissioneG Attn: Accounts Payable 3299 Tamiami Trl E Ste 700 Naples FL 341'12-5749 OR email to: bccapclerk@collierclerk.com The Purchase Order is authorized under direction of Collier County Board ofCounty Commissioners by: {-i:/? C?*Z Edward F. Coyman Jr, Oirector, Procurement Services Division Pnnred 09/0612018 @ 11:26 26 172178986る 31600 APPRAISAL REPORT REAL ESTATE APPRAISAL Of Half Circle L Land Thorp Road, Immokalee Collier County FL, 34142 As of September 27, 2018 Prepared For Mrs. Alexandra Sulecki Collier County Board of County Commissioners 15000 Livingston Road Naples, FL, 34109 Client File: 4500189250 Prepared by MPJ REAL ESTATE SERVICES, INC Michael P. Jonas, MAI, AI-GRS, CCIM State-Certified General Real Estate Appraiser RZ2623 File Name: 18-245 MPJ Real Estate Services, Inc. Michael P. Jonas, MAI, AI-GRS Principal October 30, 2018 Mrs. Alexandra Sulecki, MAI Collier County Board of County Commissioners 15000 Livingston Road Naples, FL 34109 Re: Appraisal Report, Real Estate Appraisal Half Circle L Land Thorp Road, Immokalee, Collier County, FL, 34142 File Name: 18-245 Dear Mrs. Sulecki: At your request, I have prepared an appraisal for the above referenced property, which may be briefly described as follows: The subject is Sections 15, 22 & 23 of Township 46 South Range 31 East and is identified as tax parcels 00089560008, 00089960006 & 00090160002. The property includes a total of 1,920 gross acres of which 72.4 acres are row crops, 648.6 acres of uplands and 1,199 acres of wetlands. Please reference page 5 of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis and valuation methodology. I certify that I have no present or contemplated future interest in the property beyond this estimate of value. The appraiser has not performed any prior services regarding the subject within the previous three years of the appraisal date. Your attention is directed to the Limiting Conditions and Assumptions section of this report (page 3). Acceptance of this report constitutes an agreement with these conditions and assumptions. In particular, I note the following: Hypothetical Conditions: • None. Extraordinary Assumptions: • None. Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): Current As Is Market Value: The “As Is” market value of the Fee Simple estate of the property, as of September 27, 2018, is Five Million Eight Hundred Thousand Dollars ($5,800,000) The market exposure time would have been 12 months and the estimated marketing period is 12 months. Respectfully submitted, Michael P. Jonas, MAI, AI-GRS, CCIM Principal State-Certified General Real Estate Appraiser RZ2623 Phone: 239.777.3430 Email: michael.jonas@mpjres.com Mrs. Sulecki Collier County Board of County Commissioners October 30, 2018 Page 2 TABLE OF CONTENTS Summary of Important Facts and Conclusions ............................................................................... 1 Limiting Conditions and Assumptions ........................................................................................... 3 Scope of Work ................................................................................................................................ 5 Regional Analysis ........................................................................................................................... 7 Neighborhood Analysis .................................................................................................................. 8 Property Description ....................................................................................................................... 9 Aerial......................................................................................................................................... 11 FLUCCS Map ............................................................................................................................... 12 Zoning Map ................................................................................................................................... 13 Zoning ........................................................................................................................................... 13 Subject Photographs.................................................................................................................. 16 Assessment and Taxes .................................................................................................................. 19 Valuation Methodology ................................................................................................................ 21 Analyses Applied ...................................................................................................................... 21 Land Value .................................................................................................................................... 22 Land Comparables .................................................................................................................... 22 Comparables Map ..................................................................................................................... 27 Analysis Grid ............................................................................................................................ 27 Comparable Land Sale Adjustments ......................................................................................... 29 Sales Comparison Approach Conclusion.................................................................................. 30 Final Reconciliation ...................................................................................................................... 31 Value Indications ...................................................................................................................... 31 Value Conclusion ...................................................................................................................... 32 Certification Statement ................................................................................................................. 33 Addenda ........................................................................................................................................ 35 Subject Property Information ........................................................................................................ 36 Demographic Summaries .............................................................................................................. 37 Qualifications ................................................................................................................................ 38 Glossary ........................................................................................................................................ 39 Half Circle L Land MPJ Real Estate Services, Inc. 1 Summary of Important Facts and Conclusions GENERAL Subject: Half Circle L Land Thorp Road, Immokalee, Collier County, FL, 34142 Owner: Half Circle L Ranch Partnership Legal Description: The subject is Sections 15, 22 & 23 of Township 46 South, Range 31 East and is identified as tax parcels 00089560008, 00089960006 & 00090160002. Date of Report: October 30, 2018 Intended Use: The intended use is for potential acquisition by the client. Intended User(s): Collier County Board of County Commissioners. Assessment: Real Estate Assessment and Taxes Tax ID Land Improvements Special Assessment Taxes 00089560008 $1,035,000 $0 $0.00 $813.25 00089960006 $1,205,000 $0 $0.00 $899.52 00090160002 $1,011,000 $0 $0.00 $819.07 Totals $3,251,000 $0 $0 $2,532 Sale History: The subject has not sold in the last five years Current Listing/Contract(s): The subject is not currently under contract. The subject is listed for sale along with several other parcels as a 9,819-acre working farm for a list price of $35,000,000 or $3,565 per acre. Half Circle L Land MPJ Real Estate Services, Inc. 2 Land: Land Summary Parcel ID Gross Land Area (Acres) Topography Shape Parcel Name 00089560008, 00089960006 & 00090160002 1920.00 62.4% Wetlands The site is roughly rectangular. Half Circle L Notes: Zoning: A-MHO-RLSAO-ACSC/ST Highest and Best Use of the Site: Current Use for agricultural and recreation Type of Value: Market Value Reconciled Value(s): As Is Value Conclusion(s) $5,800,000 Effective Date (s) September 27, 2018 Property Rights Fee Simple Half Circle L Land MPJ Real Estate Services, Inc. 3 Limiting Conditions and Assumptions Acceptance of and/or use of this report constitutes acceptance of the following limiting conditions and assumptions; these can only be modified by written documents executed by both parties. This appraisal is to be used only for the purpose stated herein. While distribution of this appraisal in its entirety is at the discretion of the client, individual sections shall not be distributed; this report is intended to be used in whole and not in part. No part of this appraisal, its value estimates or the identity of the firm or the appraiser(s) may be communicated to the public through advertising, public relations, media sales, or other media. All files, work papers and documents developed in connection with this assignment are the property of MPJ Real Estate Services, Inc. Information, estimates and opinions are verified where possible, but cannot be guaranteed. Plans provided are intended to assist the client in visualizing the property; no other use of these plans is intended or permitted. No hidden or unapparent conditions of the property, subsoil or structure, which would make the property more or less valuable, were discovered by the appraiser(s) or made known to the appraiser(s). No responsibility is assumed for such conditions or engineering necessary to discover them. Unless otherwise stated, this appraisal assumes there is no existence of hazardous materials or conditions, in any form, on or near the subject property. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyl, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, was not called to the attention of the appraiser nor did the appraiser become aware of such during the appraiser’s inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test for such substances. The presence of such hazardous substances may affect the value of the property. The value opinion developed herein is predicated on the assumption that no such hazardous substances exist on or in the property or in such proximity thereto, which would cause a loss in value. No responsibility is assumed for any such hazardous substances, nor for any expertise or knowledge required to discover them. Unless stated herein, the property is assumed to be outside of areas where flood hazard insurance is mandatory. Maps used by public and private agencies to determine these areas are limited with respect to accuracy. Due diligence has been exercised in interpreting these maps, but no responsibility is assumed for misinterpretation. Good title, free of liens, encumbrances and special assessments is assumed. No responsibility is assumed for matters of a legal nature. Half Circle L Land MPJ Real Estate Services, Inc. 4 Necessary licenses, permits, consents, legislative or administrative authority from any local, state or Federal government or private entity are assumed to be in place or reasonably obtainable. It is assumed there are no zoning violations, encroachments, easements or other restrictions which would affect the subject property, unless otherwise stated. The appraiser(s) are not required to give testimony in Court in connection with this appraisal. If the appraisers are subpoenaed pursuant to a court order, the client agrees to pay the appraiser(s) MPJ Real Estate Services, Inc’s regular per diem rate plus expenses. Appraisals are based on the data available at the time the assignment is completed. Amendments/modifications to appraisals based on new information made available after the appraisal was completed will be made, as soon as reasonably possible, for an additional fee. Americans with Disabilities Act (ADA) of 1990 A civil rights act passed by Congress guaranteeing individuals with disabilities equal opportunity in public accommodations, employment, transportation, government services, and telecommunications. Statutory deadlines become effective on various dates between 1990 and 1997. MPJ Real Estate Services, Inc has not made a determination regarding the subject’s ADA compliance or non-compliance. Non-compliance could have a negative impact on value, however this has not been considered or analyzed in this appraisal. Half Circle L Land MPJ Real Estate Services, Inc. 5 Scope of Work According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser’s responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: ● the client and intended users; ● the intended use of the report; ● the type and definition of value; ● the effective date of value; ● assignment conditions; ● typical client expectations; and ● typical appraisal work by peers for similar assignments. This appraisal is prepared for Mrs. Alexandra Sulecki, of Collier County Board of County Commissioners. The problem to be solved is to estimate the current 'As Is' market value for potential acquisition.. The intended use is for potential acquisition by the client.. This appraisal is intended for the use of Collier County Board of County Commissioners. SCOPE OF WORK Report Type: This is a Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: An on-site inspection of the subject property has been made and photographs taken. Market Area and Analysis of Market Conditions: A complete analysis of market conditions has been made. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible and financially feasible uses were considered, and the maximally productive use was concluded. Type of Value: Market Value Half Circle L Land MPJ Real Estate Services, Inc. 6 Valuation Analyses Cost Approach: A cost approach was not applied as the subject does not offer any significant site or building improvements. Sales Comparison Approach: A sales approach was applied as there is adequate data to develop a value estimate and this approach reflects market behavior for this property type. Income Approach: An income approach was not applied as similar vacant land parcels in this area are not typically valued in the fee simple estate based upon ground rent capitalization. Hypothetical Conditions: • None. Extraordinary Assumptions: • None. Half Circle L Land MPJ Real Estate Services, Inc. 7 Regional Analysis The map below depicts the subject’s location within Collier County. According to Moody’s Economy.com, the economic growth in Naples-Immokalee-Marco Island will accelerate considerably in coming quarters, and employment gains will be broad-based. Strength in tourism will promote payroll expansion in retail and leisure/hospitality, while strong local demand will fuel the healthcare industry. In the long run, favorable demographic trends will ensure that Naples-Immokalee-Marco growth dramatically outpaces that of the state and the nation. Half Circle L Land MPJ Real Estate Services, Inc. 8 Neighborhood Analysis The map below depicts the subject’s physical location within the neighborhood area. I have also added a map element depicting the one, three and five-mile radii around the subject. Location The subject is located north of CR 846 and west of Thorpe Rd. Thorpe Road is also the Collier County Hendry County Line. CR 846 provides adequate access to the area and the neighborhood is rural in nature with limited commercial and residential development. Access CR 846 is a two-lane arterial that runs in an east/direction in the subject area. The arterial provides access to Immokalee to the west and rural lands to the east. Land Use and Demand Drivers The dominate land use along CR 846 is native pasture lands with some row crops and groves in the immediate area. Demographic Profiles We have included demographic profiles of neighborhood in the one-, three- and five-mile concentric circles from the subject in the Addenda section of this report. Conclusion The subject is rural in nature with minimal new development. We expect the market will continue to trend upward for the foreseeable future. Half Circle L Land MPJ Real Estate Services, Inc. 9 Property Description SITE Location: Immokalee Current Use of the Property: Native Pasture and Woodlands Site Size: Total: 1,920.00 acres; 83,635,200 square feet Usable: 1,920.00 acres; 83,635,200 square feet Shape: The site is roughly rectangular. Frontage/Access: average access with no road frontage. Visibility: Poor Topography: Level Soil Conditions: The soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: The site is served by public electricity Sewer: septic Water: well Adequacy: The subject's utilities are limited which is typical and adequate for the market area. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in FEMA flood zone A, which is classified as a flood hazard area. FEMA Map Number: 12021C0175H FEMA Map Date: May 16, 2012 The subject is within the 100 year flood plain. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Wetlands/Watershed: The subject includes 72.4 acres of row crops (3.8%), 648.6 acres of unimproved pasture upland (33.8%) and 1,199 acres of wetlands (62.4%). Half Circle L Land MPJ Real Estate Services, Inc. 10 Environmental Issues: There are no known adverse environmental conditions on the subject site. Please reference Limiting Conditions and Assumptions. Encumbrance / Easements: There no known adverse encumbrances or easements. Please reference Limiting Conditions and Assumptions. Site Comments: The site has average and typical utility. Half Circle L Land MPJ Real Estate Services, Inc. 11 Aerial Half Circle L Land MPJ Real Estate Services, Inc. 12 FLUCCS Map Half Circle L Land MPJ Real Estate Services, Inc. 13 Zoning Map Zoning LAND USE CONTROLS Zoning Code A-MHO-RLSAO-ACSC/ST Half Circle L Land MPJ Real Estate Services, Inc. 14 Zoning Description The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. The A district corresponds to and implements the Agricultural/Rural land use designation on the future land use map of the Collier County GMP, and in some instances, may occur in the designated urban area. The maximum density permissible in the rural agricultural district within the urban mixed-use district shall be guided, in part, by the density rating system contained in the future land use element of the GMP. The maximum density permissible or permitted in A district shall not exceed the density permissible under the density rating system. The maximum density permissible in the A district within the agricultural/rural district of the future land use element of the Collier County GMP shall be consistent with and not exceed the density permissible or permitted under the agricultural/rural district of the future land use element. The (MHO) Mobile Home Overlay 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. The (RLSAO) Rural Lands Stewardship Overlay was designed to be a long-term strategic plan to retain land for agricultural activities, to direct incompatible uses away from wetlands and u8pland habitat, to protect and restore habitat, to enable conservation, discourage urban sprawl and encourage creative land uses. In accordance with § 380.05, F.S. and chapter 73-131 Laws of Florida, the administrative commission instituted regulations for the Big Cypress Area of Critical State Concern "ACSC". The purpose of these regulations is to conserve and protect the natural, environmental, and economic resources of the Big Cypress area. Furthermore, these regulations are to provide a land and water management system that will preserve water quality, provide for the optimum utilization of the limited water resources of the area, facilitate orderly and well-planned development, and protect the health, safety and welfare of residents of the state. The Florida Administrative Code establishes criteria for site alteration, drainage, transportation facilities and structure installation. These regulations are implemented through the land development regulations as set forth in section 4.02.14. An overlay zoning classification to be known as Area of Critical State Concern/Special Treatment Overlay shall be designated on the Official Zoning Atlas with symbol ACSC-ST. Half Circle L Land MPJ Real Estate Services, Inc. 15 Americans With Disabilities Act Please reference the Limiting Conditions and Assumptions section of this report on page 4. Hazardous Substances Please reference the Limiting Conditions and Assumptions section of this report on page 4. Half Circle L Land MPJ Real Estate Services, Inc. 16 Subject Photographs Unimproved Access Looking West Typical Pasture Land Half Circle L Land MPJ Real Estate Services, Inc. 17 Typical Unimproved Pasture Area Typical Timber Area Half Circle L Land MPJ Real Estate Services, Inc. 18 Typical Timber Area Typical Wetland Area Half Circle L Land MPJ Real Estate Services, Inc. 19 Assessment and Taxes Taxing Authority Collier County Assessment Year 2018 Real Estate Assessment and Taxes Tax ID Land Improvements Special Assessment Taxes 00089560008 $1,035,000 $0 $0.00 $813.25 00089960006 $1,205,000 $0 $0.00 $899.52 00090160002 $1,011,000 $0 $0.00 $819.07 Totals $3,251,000 $0 $0 $2,532 The State of Florida offers a discount for early payment of real estate taxes before the required due date. The discount is 4% if paid by November 30th; 3% by December 31st, 2% by January 31st, and 2% by the end of February. The real estate taxes are considered delinquent if not paid by April 1st of each year. We have assumed in our projections that competent management would pay the taxes early to realize the full 4% discount. The law in state of Florida indicates that the local assessor should reflect 100% of fee simple market value, assuming market leases in place (where applicable). However, in actual practice the local assessments often vary anywhere from 70% to 95% of market value for most property types. Part of the reason for this gap is that the assessor’s office allows for a discount to reflect transaction costs that the seller would experience in selling the property. According to the Collier County Tax Collector’s Office, there are no delinquent taxes for the subject. Half Circle L Land MPJ Real Estate Services, Inc. 20 Highest and Best Use Highest and best use may be defined as the reasonably probable and legal use of vacant land or improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. 1. Legally Permissible: The property is currently zoned A-MHO-RLSAO-ACSC/ST. The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. The A district corresponds to and implements the Agricultural/Rural land use designation on the future land use map of the Collier County GMP, and in some instances, may occur in the designated urban area 2. Physically Possible: The subject includes 72.4 acres of row crops (3.8%), 648.6 acres of unimproved pasture upland (33.8%) and 1,199 acres of wetlands (62.4%). The site is generally at grade level and has no direct road frontage. Development would require on site well and septic which is typical for properties in this area. From a size standpoint, the site is best suited for agricultural or recreational use. 3. Financially Feasible: The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the legally probably land uses versus the cost to create the uses. In the immediate area of the subject there is a substantial amount of available vacant land. A significant amount of agricultural and recreational uses are evident within a five-mile radius of the subject. The continued demand for agricultural use in the immediate area will benefit the subject property. 4. Maximally Productive. The final test of highest and best use of the site as though vacant is that the use be maximally productive, yielding the highest value to the land. In the case of the subject as if vacant, the analysis has indicated that an agricultural or recreational use is the maximally productive use. Highest and Best Use of the Site The highest and best use of the site, as vacant, is for immediate development of a Current Use. Half Circle L Land MPJ Real Estate Services, Inc. 21 Valuation Methodology Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Income Approach 3. The Sales Comparison Approach Cost Approach The Cost Approach is summarized as follows: Cost New - Depreciation + Land Value = Value Income Approach The Income Approach converts the anticipated flow of future benefits (income) to a present value estimate through a capitalization and or a discounting process. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. Different properties require different means of analysis and lend themselves to one approach over the others. Analyses Applied A cost analysis was considered and was not developed because the subject does not offer any significant site or building improvements. A sales comparison analysis was considered and was developed because there is adequate data to develop a value estimate and this approach reflects market behavior for this property type. An income analysis was considered and was not developed because similar vacant land parcels in this area are not typically valued in the fee simple estate based upon ground rent capitalization. Half Circle L Land MPJ Real Estate Services, Inc. 22 Land Value The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched four comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. Half Circle L Land MPJ Real Estate Services, Inc. 23 ID 188 Date 9/27/2018 Address CR 846 East Price $1,258,000 City Immokalee Price Per Acre $1,900.30 State FL Financing -- Tax ID 0091160205, 00091160205 & 00138960300 Property Rights Other Grantor Worthington/Collier LLC Days on Market 180 Grantee --Verification Source Legal Description Lengthy Acres 662.0 Topography 39.3% Wetlands Land SF 28,836,720 Zoning A-MHO-RLSAO- ACSC/ST-BCI/BCP-SSA- 5 Road Frontage --Flood Zone -- Land Comparable 1 Site Comments The property includes 334 acres of improved pasture land, 68 acres of unimproved pasture land and 260 acres of wetlands. Transaction Half Circle L Land MPJ Real Estate Services, Inc. 24 ID 189 Date 3/20/2018 Address CR 832 Price $1,268,500 City Labelle Price Per Acre $3,894.69 State FL Financing Cash to Seller Tax ID 1314532-A00-0002.000 & Property Rights Fee Simple Grantor Glevin 275 LLC & Slevin Days on Market Unknown Grantee YBFH Real Estate LLC Verification Source Legal Description Lengthy Acres 325.7 Topography 61.4% Wetlands Land SF 14,187,492 Zoning A-1, Agricultural Land Comparable 2 Comments Site Transaction The property includes 48.5 acres of improved pasture land, 77.2 acres of unimproved pasture land and 200 acres of wetlands. Half Circle L Land MPJ Real Estate Services, Inc. 25 ID 190 Date 1/16/2018 Address 4901 NW 240th St Price $5,272,500 City Okeechobee Price Per Acre $3,703.27 State FL Financing Cash to Seller Tax ID 1-24-34-34-0A00-00002-Property Rights Fee Simple Grantor H W Trucks & Son Dairy, Days on Market N/A Grantee Unlimited Turf, LLC Verification Source Legal Description Lengthy Acres 1,423.7 Topography 25% Wetlands Land SF 62,018,114 Zoning A, Agricultural Road Frontage --Flood Zone -- Land Comparable 3 The property includes 1,065.72 acres (75%) of improved pasture land and 358.02 acres (25%) wetlands. The sale also included a small cabin and ranch house which were in fair condition and provided minimal contributory value to the site. Site Comments Transaction Half Circle L Land MPJ Real Estate Services, Inc. 26 ID 191 Date 11/28/2016 Address 12500 CR 832 Price $9,327,286 City LaBelle Price Per Acre $2,594.52 State FL Financing Cash to Seller Tax ID Multiple Property Rights Other Grantor Albriton & Sons LLP Days on Market NA Grantee United States of America Verification Source Legal Description Sections Acres 3,595.0 Topography 27.0% Wetlands Land SF 156,598,200 Zoning A-1, Agricultural Road Frontage --Flood Zone -- Comments The sale represents the acquisition of an agricultural conservation easement - wetland reserve easement. The sale was recorded as a warranty easement deed in perpetuity. Rights deeded to the United States include restoration, protection, management, maintennace, enhancement and monitoring of the wetlands and other natural resources on site. The land owner reserves the right to quiet enjoyment, access, recreational uses, subsurface resources, water rights and use. Prohibitions include mowing, altering the site, harvesting wood products, building structures, harvesting or grazing. Site Transaction Land Comparable 4 Half Circle L Land MPJ Real Estate Services, Inc. 27 Comparables Map Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Property Rights Sold Financing Conditions of Sale Market Trends Location Physical Characteristics On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Half Circle L Land MPJ Real Estate Services, Inc. 28 Address City State Date Price Acres Acre Unit Price Property Rights Easement 100.0%Fee Simple 0.0%Fee Simple 0.0%Other 15.0% Financing Cash to seller 0.0%Cash to Seller 0.0%Cash to Seller 0.0%Cash to Seller 0.0% Conditions of Sale Listing -5.0%Arms Lnegth 0.0%Arm's Length 0.0%Arms Length 0.0% Market Trends Through 9/27/2018 5.0% Location % Adjustment $ Adjustment Acres % Adjustment $ Adjustment Topography % Adjustment $ Adjustment Zoning % Adjustment $ Adjustment Net Adjustments Gross Adjustments $0.00 3,595.00 LaBelle -- 3/20/20189/27/2018 Listing $1,268,500 15.0% 10% $3,262 $2,595 3,595.00 -- Fee Simple $9,327,286 27.0% Wetlands 1,423.74 $326.24 25% Wetlands -$766.23 $0.00 -20% -$652.47 $2,984 0% 11/28/2016 FL Okeechobee 39.3% Wetlands -$180.53 2.6% $3,995 325.70 -$599.31 -15% $0.00 $1,258,000 $0.00 61.4% Wetlands $0.00 0% $3,831 0% $5,272,500 Comp 3 $0.00 0%-20% 0% 1/16/2018 Comp 4Land Analysis Grid Comp 1 1,920.00 --$1,900 FL CR 846 East CR 832 Immokalee 325.70 Comp 2 $3,895 1,920.00 -15% -$541.59 62.4% Wetlands 662.00 -5% A, AgriculturalA-MHO-RLSAO- ACSC/ST A-MHO-RLSAO- ACSC/ST-BCI/BCP- SSA-5 $0.00 $0.00 0%0% -20.0% A, Agricultural $0.00$0.00 0% A, Agricultural 3.5% Thorp Road FL $3,703 -- Immokalee Labelle FLFL $3,703 1,423.74 Transaction Adjustments 662.00 Okeechobee LaBelle 4901 NW 240th St 12500 CR 832 Adjusted Acre Unit Price $3,611 Immokalee Immokalee $3,895Adjusted Acre Unit Price $3,611 0.0% Labelle 0%0% 9.3% Adjusted Acre Unit Price $3,065$2,888 $2,936$3,396 -10.0% 30.0% -20.0% 20.0%20.0% -15.0% Half Circle L Land MPJ Real Estate Services, Inc. 29 Comparable Land Sale Adjustments Property Rights This adjustment accounts for any differences based on the interest purchased (i.e. fee simple vs. leased fee). In this instance, two of the sales were fee simple and did not require adjustments. Comparable 1 is encumbered by a conservation easement. The property allows for cattle and recreation only. Therefore, this sale is adjusted upward 100% for inferior property rights. Comparable 4 was the acquisition of an agricultural conservation and wetland reserve easement. Essentially the easement acquires the majority of rights leaving only recreational uses. Therefore, this sale is adjusted upward 15% for inferior property rights. Financing All the comparables reportedly sold at cash or cash equivalent financing terms and no adjustments are warranted. Conditions of Sale This adjustment is primarily used to reflect the motivations of buyers or sellers. Listings, can require adjustments for conditions of sale because listings are typically aggressive in nature, thus inflating the price per unit of comparison. Comparable 1 is an active listing and is adjusted downward 5.0%. No adjustment was necessary to the remaining sales. Market Trends Comparable 1 is an active listing and no adjustments are warranted. The remaining comparables have been adjusted upward at a market trends rate of 5.0% per annum which is consistent with market trends over the last 24 months. Location An adjustment for location is required when the locational characteristics of a comparable property are measurably different from those of the subject property. This adjustment takes into consideration a property’s proximity to major transportation infrastructure and demand drivers, surrounding/supporting uses, as well as visual observation of the general condition of the comparables surrounding area in comparison to the subject. All of the sales are located in the subjects general area and are considered similar. Acres Larger properties tend to sell for less per acre and smaller properties tend to sell for more per acre. This adjustment accounts for any differences in size. Comparables 1 and 2 are adjusted downward for their superior smaller size. Comparable 4 is adjusted upward for its inferior larger size. Comparable 3 is similar and no adjustment is warranted. Topography Generally, parcels with level topography are more desirable than parcels with rough or substantially varying topography. The subject is 62.4% wetlands. Comparable 2 is 61.4% Half Circle L Land MPJ Real Estate Services, Inc. 30 wetlands, similar to the subject and no adjustment is warranted. Comparable 1 is 39.3% of wetlands which is superior to the subject and is adjusted downward 15%. Comparable 3 is 25% wetlands and Comparable 4 is 27% wetlands. Both sales are adjusted downward 20% for superior smaller wetlands areas. Zoning The subject is zoned A-MHO-RLSAO-ACSC/ST. All of the comparables have similar agricultural zoning and no adjustments were required. Sales Comparison Approach Conclusion Number of Comparables:4 % Δ 52% -13% 2% $3,149 -5% $3,149 $3,270,500 acres Five Million Eight Hundred Thousand Dollars Subject Size: $3,000 Reconciled Final Value: $5,760,000 1,920.00 Reconciled Value/Unit Value: Indicated Value: $5,800,000 $3,895 $3,023 Median:$3,001 High: $2,888 Average:$3,071 Land Value Ranges & Reconciled Value Low: $3,396 Unadjusted Adjusted $1,900 All of the value indications have been considered and are given equal consideration. The chart above indicates my final reconciled per acres value of $3,000. Half Circle L Land MPJ Real Estate Services, Inc. 31 Final Reconciliation The process of reconciliation involves the analysis of each approach to value. The quality of data applied, the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. Value Indications Land Value: $5,800,000 Cost Approach The cost approach is based upon the proposition that the informed purchaser would pay no more than the cost to produce a substitute property with equivalent utility. This approach is particularly applicable when the property being appraised involves relatively new improvements that represent the highest and best use of the land, or when relatively unique or specialized improvements are located on the site. The cost approach is considered not applicable because the subject does not offer any significant or building improvements. Sales Comparison Approach In the sales comparison approach, the subject is compared to reasonably similar properties that have sold recently or for which listing prices or offers are known. The sales presented a tight range of values and were all recent transactions for this asset type/user. Income Approach The income capitalization approach was not applicable as similar vacant land parcels in this area are not typically valued in the fee simple estate based upon ground rent capitalization. Half Circle L Land MPJ Real Estate Services, Inc. 32 Value Conclusion Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of September 27, 2018, subject to the Limiting Conditions and Assumptions of this appraisal. Reconciled Value(s): Premise: As Is Interest: Fee Simple Value Conclusion: $5,800,000 Five Million Eight Hundred Thousand Dollars Half Circle L Land MPJ Real Estate Services, Inc. 33 Certification Statement I certify that, to the best of my knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. I have no present or prospective future interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report, or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 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 estimate, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). No one provided significant real property appraisal assistance to the person(s) signing this certification. This report has been prepared in accordance with the rules issued by the State of Florida for State-Certified Appraisers. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. As of the date of this report, Michael P. Jonas, MAI, AI-GRS, CCIM has completed the continuing education program for designated members of the Appraisal Institute. Half Circle L Land MPJ Real Estate Services, Inc. 34 I certify sufficient competence to appraise this property through education and experience, in addition to the internal resources of the appraisal firm. The appraiser has not performed any prior services regarding the subject within the previous three years of the appraisal date. Michael P. Jonas has made an inspection of the subject property. Michael P. Jonas, MAI, AI-GRS, CCIM State-Certified General Real Estate Appraiser RZ2623 Half Circle L Land MPJ Real Estate Services, Inc. 35 Addenda Half Circle L Land MPJ Real Estate Services, Inc. 36 Subject Property Information 10/22/2018 Collier County Property Appraiser http://www.collierappraiser.com/1/1 $ 0 $ 0 $ 0 $ 0 $ 1,035,000 $ 0 $ 1,035,000 $ 1,035,000 $ 60,494 $ 60,494 Collier County Property Appraiser Property Summary Parcel No 00089560008 SiteAddress Site City Site Zone*Note Name / Address HALF CIRCLE L RANCH PTNSHIP 2424 THORP RD City IMMOKALEE State FL Zip 34142-9691 Map No.Strap No.Section Township Range Acres *Estimated 1F15 000100 001 1F15 15 46 30 640 Legal 15 46 30 ALL Millage Area 243 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 60 - GRAZING LAND SOIL CAPABILITY CLASSI 5.049 8.3947 13.4437 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 08/05/96 2180-1441 08/05/96 2180-1434 01/01/85 1119-912 05/01/62 111-5 2018 Preliminary Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (=) Assessed Value (=) School Taxable Value (=) Taxable Value If all Values shown above equal 0 this parcel was created after theFinal Tax Roll 10/22/2018 Collier County Property Appraiser http://www.collierappraiser.com/1/1 $ 0 $ 0 $ 0 $ 0 $ 1,205,000 $ 0 $ 1,205,000 $ 1,205,000 $ 66,910 $ 66,910 Collier County Property Appraiser Property Summary Parcel No 00089960006 SiteAddress Site City Site Zone*Note Name / Address HALF CIRCLE L RANCH PTNSHIP 2424 THORP RD City IMMOKALEE State FL Zip 34142-9691 Map No.Strap No.Section Township Range Acres *Estimated 1F22 000100 001 1F22 22 46 30 640 Legal 22 46 30 ALL Millage Area 243 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 60 - GRAZING LAND SOIL CAPABILITY CLASSI 5.049 8.3947 13.4437 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 08/05/96 2180-1441 08/05/96 2180-1434 01/01/85 1119-912 05/01/62 111-5 2018 Preliminary Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (=) Assessed Value (=) School Taxable Value (=) Taxable Value If all Values shown above equal 0 this parcel was created after theFinal Tax Roll 10/22/2018 Collier County Property Appraiser http://www.collierappraiser.com/1/1 $ 0 $ 0 $ 0 $ 0 $ 1,011,000 $ 0 $ 1,011,000 $ 1,011,000 $ 60,925 $ 60,925 Collier County Property Appraiser Property Summary Parcel No 00090160002 SiteAddress 2115THORPRD Site City IMMOKALEE Site Zone*Note 34142 Name / Address HALF CIRCLE L RANCH PTNSHIP 2424 THORP RD City IMMOKALEE State FL Zip 34142-9691 Map No.Strap No.Section Township Range Acres *Estimated 1F27 000100 001 1F27 27 46 30 640 Legal 27 46 30 ALL Millage Area 243 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 60 - GRAZING LAND SOIL CAPABILITY CLASSI 5.049 8.3947 13.4437 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 08/05/96 2180-1441 08/01/96 2180-1434 01/01/85 1119-912 05/01/62 111-5 2018 Preliminary Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (=) Assessed Value (=) School Taxable Value (=) Taxable Value If all Values shown above equal 0 this parcel was created after theFinal Tax Roll Half Circle L Land MPJ Real Estate Services, Inc. 37 Demographic Summaries Demographic and Income Profile Thorp Rd, Immokalee, Florida, 34142 Prepared by Esri Ring: 1 mile radius Latitude: 26.44287 Longitude: -81.27199 Summary Census 2010 2018 2023 Population 5 5 5 Households 1 1 1 Families 1 1 1 Average Household Size 4.00 5.00 5.00 Owner Occupied Housing Units 0 0 0 Renter Occupied Housing Units 1 1 1 Median Age 27.5 30.0 35.0 Trends: 2018 - 2023 Annual Rate Area State National Population 0.00%1.41%0.83% Households 0.00%1.36%0.79% Families 0.00%1.30%0.71% Owner HHs 0.00%1.91%1.16% Median Household Income 0.00%2.52%2.50% 2018 2023 Households by Income Number Percent Number Percent <$15,000 0 0.0%0 0.0% $15,000 - $24,999 0 0.0%0 0.0% $25,000 - $34,999 0 0.0%0 0.0% $35,000 - $49,999 0 0.0%0 0.0% $50,000 - $74,999 0 0.0%0 0.0% $75,000 - $99,999 0 0.0%0 0.0% $100,000 - $149,999 0 0.0%0 0.0% $150,000 - $199,999 0 0.0%0 0.0% $200,000+0 0.0%0 0.0% Median Household Income $0 $0 Average Household Income $50,779 $63,941 Per Capita Income $15,652 $18,459 Census 2010 2018 2023 Population by Age Number Percent Number Percent Number Percent 0 - 4 0 0.0%0 0.0%0 0.0% 5 - 9 0 0.0%0 0.0%0 0.0% 10 - 14 0 0.0%0 0.0%0 0.0% 15 - 19 0 0.0%0 0.0%0 0.0% 20 - 24 1 33.3%0 0.0%0 0.0% 25 - 34 2 66.7%2 100.0%1 50.0% 35 - 44 0 0.0%0 0.0%1 50.0% 45 - 54 0 0.0%0 0.0%0 0.0% 55 - 64 0 0.0%0 0.0%0 0.0% 65 - 74 0 0.0%0 0.0%0 0.0% 75 - 84 0 0.0%0 0.0%0 0.0% 85+0 0.0%0 0.0%0 0.0% Census 2010 2018 2023 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 3 60.0%3 60.0%3 60.0% Black Alone 0 0.0%0 0.0%0 0.0% American Indian Alone 0 0.0%0 0.0%0 0.0% Asian Alone 0 0.0%0 0.0%0 0.0% Pacific Islander Alone 0 0.0%0 0.0%0 0.0% Some Other Race Alone 2 40.0%2 40.0%2 40.0% Two or More Races 0 0.0%0 0.0%0 0.0% Hispanic Origin (Any Race)5 100.0%4 80.0%5 100.0% Data Note: Income is expressed in current dollars. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023. October 23, 2018 ©2018 Esri Page 1 of 6 Demographic and Income Profile Thorp Rd, Immokalee, Florida, 34142 Prepared by Esri Ring: 1 mile radius Latitude: 26.44287 Longitude: -81.27199 Area State USA Trends 2018-2023Trends 2018-2023 Annual Rate (in percent)2.5 2 1.5 1 0.5 0 Population Households Families Owner HHs Median HH Income 2018 2023 Population by AgePopulation by Age Percent100 90 80 70 60 50 40 30 20 10 0 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2018 Household Income 2018 Household Income 2018 Population by Race2018 Population by Race Percent60 55 50 45 40 35 30 25 20 15 10 5 0 White Black Am. Ind.Asian Pacific Other Two+ 2018 Percent Hispanic Origin: 80.0% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023. October 23, 2018 ©2018 Esri Page 2 of 6 Demographic and Income Profile Thorp Rd, Immokalee, Florida, 34142 Prepared by Esri Ring: 3 mile radius Latitude: 26.44287 Longitude: -81.27199 Summary Census 2010 2018 2023 Population 5 5 5 Households 1 1 1 Families 1 1 1 Average Household Size 4.00 5.00 5.00 Owner Occupied Housing Units 0 0 0 Renter Occupied Housing Units 1 1 1 Median Age 27.5 30.0 35.0 Trends: 2018 - 2023 Annual Rate Area State National Population 0.00%1.41%0.83% Households 0.00%1.36%0.79% Families 0.00%1.30%0.71% Owner HHs 0.00%1.91%1.16% Median Household Income 0.00%2.52%2.50% 2018 2023 Households by Income Number Percent Number Percent <$15,000 0 0.0%0 0.0% $15,000 - $24,999 0 0.0%0 0.0% $25,000 - $34,999 0 0.0%0 0.0% $35,000 - $49,999 0 0.0%0 0.0% $50,000 - $74,999 0 0.0%0 0.0% $75,000 - $99,999 0 0.0%0 0.0% $100,000 - $149,999 0 0.0%0 0.0% $150,000 - $199,999 0 0.0%0 0.0% $200,000+0 0.0%0 0.0% Median Household Income $0 $0 Average Household Income $50,779 $63,941 Per Capita Income $15,652 $18,459 Census 2010 2018 2023 Population by Age Number Percent Number Percent Number Percent 0 - 4 0 0.0%0 0.0%0 0.0% 5 - 9 0 0.0%0 0.0%0 0.0% 10 - 14 0 0.0%0 0.0%0 0.0% 15 - 19 0 0.0%0 0.0%0 0.0% 20 - 24 1 33.3%0 0.0%0 0.0% 25 - 34 2 66.7%2 100.0%1 50.0% 35 - 44 0 0.0%0 0.0%1 50.0% 45 - 54 0 0.0%0 0.0%0 0.0% 55 - 64 0 0.0%0 0.0%0 0.0% 65 - 74 0 0.0%0 0.0%0 0.0% 75 - 84 0 0.0%0 0.0%0 0.0% 85+0 0.0%0 0.0%0 0.0% Census 2010 2018 2023 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 3 60.0%3 60.0%3 60.0% Black Alone 0 0.0%0 0.0%0 0.0% American Indian Alone 0 0.0%0 0.0%0 0.0% Asian Alone 0 0.0%0 0.0%0 0.0% Pacific Islander Alone 0 0.0%0 0.0%0 0.0% Some Other Race Alone 2 40.0%2 40.0%2 40.0% Two or More Races 0 0.0%0 0.0%0 0.0% Hispanic Origin (Any Race)5 100.0%4 80.0%5 100.0% Data Note: Income is expressed in current dollars. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023. October 23, 2018 ©2018 Esri Page 3 of 6 Demographic and Income Profile Thorp Rd, Immokalee, Florida, 34142 Prepared by Esri Ring: 3 mile radius Latitude: 26.44287 Longitude: -81.27199 Area State USA Trends 2018-2023Trends 2018-2023 Annual Rate (in percent)2.5 2 1.5 1 0.5 0 Population Households Families Owner HHs Median HH Income 2018 2023 Population by AgePopulation by Age Percent100 90 80 70 60 50 40 30 20 10 0 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2018 Household Income 2018 Household Income 2018 Population by Race2018 Population by Race Percent60 55 50 45 40 35 30 25 20 15 10 5 0 White Black Am. Ind.Asian Pacific Other Two+ 2018 Percent Hispanic Origin: 80.0% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023. October 23, 2018 ©2018 Esri Page 4 of 6 Demographic and Income Profile Thorp Rd, Immokalee, Florida, 34142 Prepared by Esri Ring: 5 mile radius Latitude: 26.44287 Longitude: -81.27199 Summary Census 2010 2018 2023 Population 92 96 101 Households 29 30 32 Families 20 20 21 Average Household Size 2.83 2.93 2.91 Owner Occupied Housing Units 12 12 13 Renter Occupied Housing Units 17 18 19 Median Age 28.0 29.8 32.5 Trends: 2018 - 2023 Annual Rate Area State National Population 1.02%1.41%0.83% Households 1.30%1.36%0.79% Families 0.98%1.30%0.71% Owner HHs 1.61%1.91%1.16% Median Household Income 2.23%2.52%2.50% 2018 2023 Households by Income Number Percent Number Percent <$15,000 3 10.0%3 9.4% $15,000 - $24,999 4 13.3%4 12.5% $25,000 - $34,999 6 20.0%6 18.8% $35,000 - $49,999 5 16.7%5 15.6% $50,000 - $74,999 5 16.7%6 18.8% $75,000 - $99,999 3 10.0%4 12.5% $100,000 - $149,999 2 6.7%3 9.4% $150,000 - $199,999 1 3.3%1 3.1% $200,000+1 3.3%1 3.1% Median Household Income $39,786 $44,427 Average Household Income $54,706 $65,493 Per Capita Income $15,937 $18,177 Census 2010 2018 2023 Population by Age Number Percent Number Percent Number Percent 0 - 4 8 8.7%8 8.4%8 7.9% 5 - 9 7 7.6%8 8.4%8 7.9% 10 - 14 5 5.4%6 6.3%8 7.9% 15 - 19 8 8.7%6 6.3%7 6.9% 20 - 24 12 13.0%8 8.4%6 5.9% 25 - 34 19 20.7%22 23.2%19 18.8% 35 - 44 14 15.2%14 14.7%17 16.8% 45 - 54 9 9.8%9 9.5%11 10.9% 55 - 64 6 6.5%8 8.4%8 7.9% 65 - 74 3 3.3%4 4.2%6 5.9% 75 - 84 1 1.1%2 2.1%2 2.0% 85+0 0.0%0 0.0%1 1.0% Census 2010 2018 2023 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 55 60.4%55 56.7%58 56.9% Black Alone 3 3.3%4 4.1%4 3.9% American Indian Alone 0 0.0%1 1.0%1 1.0% Asian Alone 0 0.0%0 0.0%0 0.0% Pacific Islander Alone 1 1.1%1 1.0%1 1.0% Some Other Race Alone 29 31.9%32 33.0%34 33.3% Two or More Races 3 3.3%4 4.1%4 3.9% Hispanic Origin (Any Race)70 76.1%75 78.1%80 79.2% Data Note: Income is expressed in current dollars. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023. October 23, 2018 ©2018 Esri Page 5 of 6 Demographic and Income Profile Thorp Rd, Immokalee, Florida, 34142 Prepared by Esri Ring: 5 mile radius Latitude: 26.44287 Longitude: -81.27199 Area State USA Trends 2018-2023Trends 2018-2023 Annual Rate (in percent)2.5 2 1.5 1 0.5 0 Population Households Families Owner HHs Median HH Income 2018 2023 Population by AgePopulation by Age Percent22 20 18 16 14 12 10 8 6 4 2 0 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2018 Household Income 2018 Household Income <$15K 10.0% $15K - $24K 13.3% $25K - $34K 20.0% $35K - $49K 16.7% $50K - $74K 16.7% $75K - $99K 10.0% $100K - $149K 6.7% $150K - $199K 3.3% $200K+ 3.3% 2018 Population by Race2018 Population by Race Percent55 50 45 40 35 30 25 20 15 10 5 0 White Black Am. Ind.Asian Pacific Other Two+ 2018 Percent Hispanic Origin: 78.1% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023. October 23, 2018 ©2018 Esri Page 6 of 6 Half Circle L Land MPJ Real Estate Services, Inc. 38 Qualifications MPJ Real Estate Services, Inc. l 205 Madison Drive l Naples, FL 34110 Michael P. Jonas, MAI, AI-GRS, CCIM michael.jonas@mpjres.com 239-777-3430 Professional Experience Fifteen years of real estate appraisal and consulting experience throughout Florida including the Florid a Keys. 1999 – 2000 Associate Clayton, Roper & Marshall Orlando, FL 2000 – 2001 Associate Chapman & Associates Sarasota, FL 2001 – 2008 Real Estate Operations Manager Coast Engineering Consultants, Inc Naples, FL 2008 – 2009 VP – Senior Review Appraiser Orion Bank. Naples, FL 2009 – 2011 VP – Real Estate Appraisal Manager Iberia Bank Naples, FL 2011 – 2014 Director Integra Realty Resources Naples, FL 2014 – 2016 Managing Director Capstone Valuation Advisors, LLC Naples, FL 2016 – Present Principal MPJ Real Estate Services, Inc. Naples, FL Clients include financial institutions, insurance companies, law firms, governmental entities, private property owners and investors. Mr. Jonas specializes in multiple types of income producing real estate such as hotels, marinas, shopping centers, residential and mixed -use subdivisions, regional malls, freestanding and strip retail, suburban and CBD office buildings, industrial and manufacturing facilities, apartment complexes, condominium projects, gas stations, self-storage facilities and eminent domain cases among others. Professional Affiliations Appraisal Institute, Member (MAI / AI-GRS) No. 12480 Certified Commercial Investment Member, CCIM No. 18275) State & Regulatory Licensure Florida State-Certified General Real Estate Appraiser License No. RZ2623 Florida State Licensed Real Estate Broker License No. BK700992 Education Mr. Jonas is a graduate of the University of Central Florida, in Orlando, Florida where he received a Bachelor of Science in Business Administration (Major: Finance / Minor: Real Estate). Mr. Jonas has successfully completed numerous real estate related courses and seminars sponsored by the Appraisal Institute, accredited universities, and others. Review Theory General: August 2014 USPAP & Florida Law: October 2016 The Appraiser as an Expert Witness: September 2016 Qualified Before Courts & Administrative Bodies Monroe County, FL Collier County, FL JONATHAN ZACHEM, SECRETARYRICK SCOTT, GOVERNORSTATE OF FLORIDADEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATIONFLORIDA REAL ESTATE APPRAISAL BDTHE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THEPROVISIONS OF CHAPTER 475, FLORIDA STATUTESJONAS, MICHAEL PAULDo not alter this document in any form.8156 TAUREN CTLICENSE NUMBER: RZ2623EXPIRATION DATE: NOVEMBER 30, 2020This is your license. It is unlawful for anyone other than the licensee to use this document.NAPLES FL 34119Always verify licenses online at MyFloridaLicense.com Half Circle L Land MPJ Real Estate Services, Inc. 39 Glossary This glossary contains the definitions of common words and phrases, used throughout the appraisal industry, as applied within this document. Please refer to the publications listed in the Works Cited section below for more information. Works Cited: ▪ Appraisal Institute. The Appraisal of Real Estate. 14th ed. Chicago: Appraisal Institute, 2013. Print. ▪ Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th ed. 2015. Print. Band of Investment A technique in which the capitalization rates attributable to components of an investment are weighted and combined to derive a weighted-average rate attributable to the total investment (i.e., debt and equity, land and improvements). (Dictionary, 6th Edition) Common Area 1. The total area within a property that is not designed for sale or rental but is available for common use by all owners, tenants, or their invitees, e.g., parking and its appurtenances, malls, sidewalks, landscaped areas, recreation areas, public toilets, truck and service facilities. 2. In a shopping center, the walkways and areas onto which the stores face and which conduct the flow of customer traffic. (ICSC) (Dictionary, 6th Edition) Common Area Maintenance (CAM) 1. The expense of operating and maintaining common areas; may or may not include management charges and usually does not include capital expenditures on tenant improvements or other improvements to the property. • CAM can be a line-item expense for a group of items that can include maintenance of the parking lot and landscaped areas and sometimes the exterior walls of the buildings. • CAM can refer to all operating expenses. • CAM can refer to the reimbursement by the tenant to the landlord for all expenses reimbursable under the lease. Sometimes reimbursements have what is called an administrative load. An example would be a 15% addition to total operating expenses, which are then prorated among tenants. The administrative load, also called an administrative and marketing fee, can be a substitute for or an addition to a management fee. 2. The amount of money charged to tenants for their shares of maintaining a center’s common area. The charge that a tenant pays for shared services and facilities such as electricity, security, and maintenance of parking lots. Items charged to common area maintenance may include cleaning services, parking lot sweeping and maintenances, snow removal, security, and upkeep. (ICSC) (Dictionary, 6th Edition) Half Circle L Land MPJ Real Estate Services, Inc. 40 Debt Coverage Ratio (DCR) The ratio of net operating income to annual debt service (DCR = NOI/Im), which measures the relative ability of a property to meet its debt service out of net operating income; also called debt service coverage ratio (DSCR). A larger DCR indicates a greater ability for a property to withstand a downturn in revenue, providing an improved safety margin for a lender. (Dictionary, 6th Edition) Discount Rate A rate on return on capital used to convert future payments or receipts into present value; usually considered to be a synonym for yield rate. (Dictionary, 6th Edition) Effective Age The age of property that is based on the amount of observed deterioration and obsolescence it has sustained, which may be different from its chronological age. (Dictionary, 6th Edition) Effective Date 1. The date on which the appraisal or review opinion applies. (SVP) 2. In a lease document, the date upon which the lease goes into effect. Exposure Time 1. The time a property remains on the market. 2. The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market. (Dictionary, 6th Edition) External Obsolescence A type of depreciation; a diminution in value caused by negative externalities and generally incurable on the part of the owner, landlord, or tenant. The external influence may be either temporary or permanent (Dictionary, 6th Edition). Extraordinary Assumption An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser’s opinion or conclusion. Comment: Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (USPAP, 2016-2017 ed.) (Dictionary, 6th Edition) Fee Simple Estate 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. (Dictionary, 6th Edition) Functional Obsolescence The impairment of functional capacity of a property according to market tastes and standards. (Dictionary, 6th Edition) Functional Utility The ability of a property or building to be useful and to perform the function for which it is intended according to current market tastes and standards; the efficiency of a building’s use in terms of architectural style, design and layout, traffic patterns, and the size and type of rooms. (Dictionary, 6th Edition) Half Circle L Land MPJ Real Estate Services, Inc. 41 Gross Building Area (GBA) Total floor area of a building, excluding unenclosed areas, measured from the exterior of the walls of the above grade area. (Dictionary, 6th Edition) Gross Leasable Area (GLA) Total floor area designed for the occupancy and exclusive use of tenants, including basements and mezzanines; measured from the center of joint partitioning to the outside wall surfaces. (Dictionary, 6th Edition) Highest & Best Use The reasonably probable use of property that results in the highest value. The four criteria that the highest and best legal use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. (Dictionary, 6th Edition) Hypothetical Condition A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but it is used for the purpose of analysis. Comment: Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (USPAP, 2016-2017 ed.) (Dictionary, 6th Edition) Leased Fee Interest The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the revisionary right when the lease expires. (Dictionary, 6th Edition) Market Area The geographic region from which a majority of demand comes in which the majority of competition is located. Depending on the market, a market area may be further subdivided into components such as primary, secondary, and tertiary market areas, or the competitive market area may be distinguished from the general market area. (Dictionary, 6th Edition) Market Rent The most probable rent that a property should bring in a competitive and open market reflecting the conditions and restrictions of a specified lease agreement, including the rental adjustment and reevaluation, permitted uses, use restrictions, expense obligations, term, concessions, renewal and purchase options, and tenant improvements (TIs). (Dictionary, 6th Edition) Market Value A type of value that is the major focus of most real property appraisal assignments. Both economic and legal definitions of market value have been developed and refined, such as the following: 1. The most widely accepted components of market value are incorporated in the following definition: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after a reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgably, and for self- interest, and assuming that neither is under undue duress. 2. Market value is described, not defined, in the Uniform Standards of Half Circle L Land MPJ Real Estate Services, Inc. 42 Professional Appraisal Practice (USPAP) as follows: A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. USPAP also requires that certain items be included in every appraisal report. Among these items, the following are directly related to the definition of market value: • Identification of the specific property rights to be appraised. • Statement of the effective date of the value opinion. • Specification as to whether cash, terms equivalent to cash, or other precisely described financing terms are assumed as the basis of the appraisal. • If the appraisal is conditioned upon financing or other terms, specification as to whether the financing or terms are at, below, or above market interest rates and/or contain unusual conditions or incentives. The terms of above— or below—market interest rates and/or other special incentives must be clearly set forth; their contribution to, or negative influence on, value must be described and estimated; and the market data supporting the opinion of value must be described and explained. 3. The following definition of market value is used by agencies that regulate federally insured financial institutions in the United States: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and the seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in 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. (12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) 4. The International Valuation Standards Council defines market value for the purpose of international standards as follows: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgably, prudently and without compulsion. (IVS) 5. The Uniform Standards for Federal Land Acquisitions defines market Half Circle L Land MPJ Real Estate Services, Inc. 43 value as follows: Market value is the amount in cash, or on terms reasonably equivalent to cash, for which in all probability the property would have sold on the effective date for the appraisal, after a reasonable exposure time on the open competitive market, from a willing and reasonably knowledgeable buyer, with neither acting under any compulsion to buy or sell, giving due consideration to all available economic uses of the property at the time of the appraisal. (Uniform Standards for Federal Land Acquisitions) (Dictionary, 6th Edition) Marketing Time An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of the appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal. (Advisory Opinion 7 of the Standards Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, “Reasonable Exposure Time in Real Property and Personal Property Market Value Opinions” address the determination of reasonable exposure and marketing time). (Dictionary, 6th Edition) Net Operating Income (NOI) The actual or anticipated net income that remains after all operating expenses are deducted from effective gross income but before mortgage debt service and book depreciation are deducted. Note: This definition mirrors the convention used in corporate finance and business valuation for EBITDA (earnings before interest taxes, depreciation, and amortization) (Dictionary, 6th Edition) Obsolescence One cause of depreciation; an impairment of desirability and usefulness caused by new inventions, changes in design, improved processes for production, or external factors that make a property less desirable and valuable for a continued use; may be either functional or external. (Dictionary, 6th Edition) Parking Ratio A ratio of parking area or parking spaces to an economic or physical unit of comparison. Minimum required parking ratios of various land uses are often stated in zoning ordinances. (Dictionary, 6th Edition) Rentable Area For office buildings, the tenant’s pro rata portion of the entire office floor, excluding elements of the building that penetrate through the floor to the areas below. The rentable area of a floor is computed by measuring to the inside finished surface of the dominant portion of the permanent building walls, excluding any major vertical penetrations of the floor. Alternatively, the amount of space on which the rent is based; calculated according to local practice. (Dictionary, 6th Edition) Half Circle L Land MPJ Real Estate Services, Inc. 44 Replacement Cost The estimated cost to construct, at current prices as of the effective appraisal date, a substitute for the building being appraised, using modern materials and current standards, design, and layout. (Dictionary, 6th Edition) Scope of Work The type and extent of research and analyses in an appraisal or appraisal review assignment. (USPAP, 2016-2017 ed.) Stabilized Occupancy An expression of the average or typical occupancy that would be expected for a property over a specified projection period or over its economic life. (Dictionary, 6th Edition) Tenant Improvements (TIs) 1. Fixed improvements to the land or structures installed and paid for use by a lessee. 2. The original installation of finished tenant space in a construction project; subject to periodic change for succeeding tenants. (Dictionary, 6th Edition) Vacancy and Collection Loss A deduction from potential gross income (PGI) made to reflect income reductions due to vacancies, tenant turnover, and non-payment of rent; also called vacancy and credit loss or vacancy and contingency loss. (Dictionary, 6th Edition) CARLSON, NORRIS AND ASSOCIATES, INC. APPRAISAL-CONSULTATION-REALTORS C. William Carlson, MAI, SRA J. Lee Norris, MAI, SRA State - certified general State - certified general Real Estate Appraiser RZ667 Real Estate Appraiser RZ643 bcarlson@carlsonnorris.com lnorris@carlsonnorris.com October 18, 2018 Collier County Board of County Commissioners Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser Real Property Management 3335 Tamiami Trail East, Suite 101 Naples, Florida 34112 RE: 37.16 Acres- S.D. Corporation of Naples, Inc./Cypress Landings II of Naples, LLC Naples, Collier County, Florida 34112 Our File Number: 18-99-B Purchase Order Number 4500189242 Dear Mr. Leonard: At your request and authorization, Carlson, Norris and Associates, Inc. has prepared an appraisal presented in an Appraisal Report of the market value for the above referenced real property. Per the request of the client, we have provided the market value estimate of the subject property on an “as is” basis. The subject property is located in Naples, Florida, along the south side of Adkins Avenue, east of Polly Avenue. The subject property contains two adjoining parcels that total to 37.16 acres. The property is vacant and contains wetlands. The majority of the habitat is a combination of cabbage palms, cypress, pines, willow, melaleuca, and freshwater marsh. The zoning classification of the subject property is A- Rural Agricultural with part of the property having a “ST-Special Treatment” Overlay. The future land use designation for the subject property is Urban Residential Subdistrict. The property has all public utilities available in the area. Data, information, and calculations leading to the value conclusion are incorporated in the report following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. Any special assumptions and limiting considerations were especially noted in Section 7 of this report. Your attention is directed to these General Assumptions and Limiting Conditions which are part of this report. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, our interpretation of the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. Carlson, Norris and Associates, Inc. does not authorize the out-of-context quoting from or partial reprinting of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication without the prior written consent of the appraiser signing this report. Mr. Roosevelt Leonard October 18, 2018 Page 2 Based upon the data contained in this report it is our opinion the subject property warrants a market value for its fee simple ownership and in its “as is” condition as of October 4, 2018 of: ONE MILLION FOUR HUNDRED NINETY THOUSAND DOLLARS .................... ($1,490,000.00). Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates contained herein. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if Carlson, Norris and Associates, Inc. can be of further service, please contact us. Respectfully submitted, CARLSON, NORRIS AND ASSOCIATES, INC. J. Lee Norris, MAI, SRA State-certified general real estate appraiser RZ643 Angelica R. Jordan, Associate State-registered trainee appraiser RI23949 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 1 TABLE OF CONTENTS SUMMARY OF SALIENT FACTS AND CONCLUSIONS ................................................... 4 SECTION 1 – PREMISES OF THE APPR AISAL .............................................................. 5 PURPOSE OF APPRAISAL ..................................................................................................................... 5 FUNCTION OF APPRAISAL ..................................................................................................................... 5 SCOPE OF WORK................................................................................................................................. 6 INTENDED USE AND USER OF APPRAISAL ............................................................................................ 7 DATE OF VALUE ESTIMATE ................................................................................................................... 8 DATE OF PROPERTY INSPECTION ......................................................................................................... 8 SALES HISTORY ................................................................................................................................... 8 APPRAISAL HISTORY ............................................................................................................................ 8 APPRAISAL ANAYLSIS AND REPORT TYPE ............................................................................................ 8 EXPOSURE TIME .................................................................................................................................. 9 MARKETING TIME ............................................................................................................................... 10 EXTRAORDINARY ASSUMPTIONS ........................................................................................................ 10 SECTION 2 – DESCRIPTION OF REAL ESTATE APPRAISED ........................................ 12 REGIONAL LOCATION MAP ................................................................................................................. 12 SUBJECT LOCATION MAP ................................................................................................................... 12 COLLIER COUNTY AREA ANALYSIS ..................................................................................................... 13 NEIGHBORHOOD ANALYSIS ................................................................................................................ 25 MARKET AREA MAP ........................................................................................................................... 25 MARKET AREA DESCRIPTION ............................................................................................................. 25 LEGAL DESCRIPTION .......................................................................................................................... 27 ASSESSED VALUE AND TAXES ........................................................................................................... 27 OWNERSHIP ...................................................................................................................................... 27 SECTION 3 – SITE DESCRIPTION ................................................................................................ 28 AERIAL & PLAT MAP .......................................................................................................................... 28 SITE INFORMATION ............................................................................................................................ 30 LAND USE ......................................................................................................................................... 29 ZONING ............................................................................................................................................. 30 SUBJECT PROPERTY PHOTOGRAPHS ................................................................................................. 31 SECTION 4 – HIGHEST AND BEST USE ANALYSIS .................................................................. 39 SECTION 5 – VALUATION OF THE SUBJECT ............................................................................ 41 VALUE ESTIMATE BY THE COST APPROACH ........................................................................................ 41 VALUE ESTIMATE BY THE INCOME APPROACH .................................................................................... 41 VALUE ESTIMATE BY THE SALES COMPARISON APPROACH................................................................. 41 SALES LOCATION MAP ....................................................................................................................... 42 SALES DATA SHEETS ......................................................................................................................... 43 SALES ADJUSTMENT GRID.................................................................................................................. 55 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 2 RECONCILIATION OF VALUE ...................................................................................................... 54 SECTION 6 - CERTIFICATION AND LIMITING CONDITIONS .................................................... 59 CERTIFICATION OF J. LEE NORRIS, MAI, SRA .................................................................................... 60 CERTIFICATION OF ANGELICA JORDAN ............................................................................................... 62 GENERAL ASSUMPTIONS & LIMITING CONDITIONS .............................................................................. 64 SECTION 7 – ADDENDA ................................................................................................................ 69 NOTICE TO PROCEED ........................................................................................................................ 70 SOIL ANALYSIS AND DATA .................................................................................................................. 71 ZONING MAP/ST OVERLAY ................................................................................................................ 73 LICENSE FOR J. LEE NORRIS, MAI, SRA ............................................................................................ 81 LICENSE FOR ANGELICA JORDAN ....................................................................................................... 81 QUALIFICATIONS OF J. LEE NORRIS, MAI, SRA ................................................................................. 82 QUALIFICATIONS OF ANGELICA JORDAN ............................................................................................. 85 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 3 AE RIAL VIEW 37.16 ACRES S.D. CORP. OF NAPLES, INC./CYPRESS LANDINGS II OF N APLES, LLC NAPLES, COLLIER COUNTY, FLORIDA 34112 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 4 Summary of Salient Facts and Conclusions Property Reference: S.D. Corp. of Naples, Inc./Cypress Landings II of Naples, LLC PO Number: 4500189242 Folio Numbers: 0042590008 & 00419160007 Date of Inspection: October 4, 2018 Date of Value: October 4, 2018 Date of Report: October 18, 2018 Interest Appraised: Fee Simple Parcel Size: 37.16 Acres Ownership: S.D. Corp. of Naples, Inc. and Cypress Landings II of Naples, LLC (The principals of both entities are the same.) Parcel Access: The most likely access point is at the eastern end of Adkins Avenue, a paved road, along the south side of the road. There are also access points at the eastern end of Everett Street and the eastern end of Polly Avenue. Zoning: A- Rural Agricultural with Special Treatment (ST) Overlay Land Use: Urban Residential Subdistrict Easements: There is a Collier County Stormwater easement that extends along the east border of the site. Encumbrances/Leases: None known. Improvements: None of significant value. Oil, Gas and Mineral Rights: Not considered in this analysis Highest and Best Use: Residential Development Present Use: Vacant Land - Wetland Value Indications: Cost Approach N/A Income Approach N/A Sales Comparison Approach $1,490,000 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 5 Final Value Estimate: $1,490,000 Appraisal Firm: Carlson, Norris and Associates, Inc. Appraiser: J. Lee Norris, MAI, SRA State-certified general real estate appraiser RZ643 Angelica R. Jordan, Associate State-registered trainee appraiser RI23949 Section 1 – Premises of the Appraisal Purpose of Appraisal: The purpose of this appraisal is to estimate market value of the subject property in fee simple ownership as described in this analysis under the reporting requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), as defined by the Appraisal Foundation. Function of Appraisal: To assist Collier County in the possible acquisition of the subject property. Competency of Appraiser: The appraisers' specific qualifications are included within this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision contained within the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation. The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment based on the following: • Professional experience • Educational background and training • Business, professional, academic affiliations and activities The appraiser has previously provided consultation and value estimates for large acreage sites and various types of agricultural, residential, and commercial properties in Florida. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 6 Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the scope of work as: “the type and extent of research and analyses in an assignment”. “The scope of work includes, but is not limited to: the extent to which the property is identified, the extent to which tangible property is inspected, the type and extent of market research and the type and extent of analysis applied to arrive at opinions or conclusions.” The scope of work has been to collect, confirm, and report data. Other general market data and conditions have been considered. Consideration has been given to the property’s market area, physical characteristics as well as zoning, land use and highest and best use. The work performed for this assignment included but is not limited to: • Extent to which the property was identified o The property was identified by the Folio numbers and the legal description provided by Collier County Property Appraiser’s office. • Extent to which the property was inspected o An inspection of the subject property was done on October 4, 2018. An inspection of the property was accomplished. Portions of the site inspected were only those with physical access. In addition to the ground level inspection, aerial photography was available through the Collier County Property Appraiser’s office as well as Google Earth have been given consideration. • Type and extent of the market researched o Investigation of public records for the properties’ zoning, land use, flood zone information, county property appraiser’s records for attributes of the subject property itself. o Collection and analysis of sales of saltwater wetlands within the southwest Florida market area in order to form a market value opinion. A number of sales have been used in this analysis. The land sales have been verified by the buyer, seller, broker or representative thereof if available. o Type and extent of analysis applied COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 7 The value opinions presented in this report are based upon review and analysis of the market conditions affecting real property, including land values, the attributes of competitive properties, and sales data for similar properties. o Reconciling the value indications from the appropriate approaches of value into final value opinions for the subject property; all as of the effective date of this report. o Preparation of a written report. To develop the opinion of value, Carlson, Norris and Associates, Inc. performed an appraisal as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal, Carlson, Norris and Associates, Inc. used the Sales Comparison Approach to develop reliable value indications. Neither the Cost nor the Income Approaches were applied in this appraisal. The Cost Approach was not applied since there were no improvements to consider. Vacant land is typically not purchased for its ability to generate an income stream. Therefore, the Income Approach was not applied. Furthermore, the value conclusions reflect information about the subject property and current market conditions. This appraisal of the subject property has been presented in an Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the USPAP. Property Rights Appraised: The property ownership rights appraised in this appraisal are those known as fee simple. Fee Simple Interest 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.”1 Intended Use and User of Appraisal: The intended use of the appraisal is to assist the user, the Collier County Government in the potential acquisition of the subject property. 1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal Sixth Edition, the Appraisal Institute, Chicago, Illinois (U.S., 2010) COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 8 Market Value Definition: As defined in the Agencies’ appraisal regulations, “The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in 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: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75, Number 237, Page 77472) Date of Value Estimate: October 4, 2018 Date of Property Inspection: October 4, 2018 Date of the Report: October 18, 2018 Sales History: The Uniform Standards of Professional Appraisal Practice requires a statement of the listings, sales contracts, and sales history of the subject property for the five years prior to the appraisal date. The analyst is aware of no sales contracts for the five year period prior to this appraisal date. Therefore, there is no sales history. To our knowledge, the property is not currently listed or under contract for sale. Appraisal History: Carlson, Norris and Associates, Inc. as well as J. Lee Norris, MAI, SRA individually have had no prior involvement with the subject property or the subject owner. Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 9 all appraisals and resulting reports are made. The process of administration of those rules and guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The Appraisal Standards Board issues the rules and guidelines in the form of a document update published each year by The Appraisal Foundation. That document is entitled “The Uniform Standards of Professional Appraisal Practice” (USPAP). As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted Appraisal Report. The following definitions have been adopted for each type of report: • An Appraisal Report: A written report prepared under Standards Rule 2-2(a). • Restricted Appraisal Report: A written report prepared under Standards Rule 2- 2(b) This appraisal is reported in an Appraisal Report format. Exposure Time: Exposure time is the estimated length of time the properties would have been offered prior to a hypothetical market value sale on the effective date of appraisal. It is a retrospective estimate based on an analysis of recent past events, assuming a competitive and open market. It assumes not only adequate, sufficient, and reasonable time but also adequate, sufficient, and reasonable marketing effort. Exposure time is therefore interrelated with appraisal conclusion of value. An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one- line statement. Instead, it is an integral part of the appraisal analysis and is based on one or more of the following: • statistical information about days on the market • information gathered through sales verification • interviews of market participants. The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate of time alone. Exposure time is different for various types of real estate and under various market conditions. In consideration of these factors, we may have analyzed the following: • Exposure periods of comparable sales revealed during the course of this appraisal; COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 10 • Macroeconomic exposure times for the subject property type across the Subject MSA and the entire United States as published in multiple articles and websites. • Knowledgeable real estate professionals. An exposure time of two years or less for the sale of the subject site appears to be reasonable and appropriate. This exposure time assumes the subject would have been competitively priced and aggressively promoted within the market area. Marketing Time: Marketing time is the period a prospective investor would forecast to sell the subject properties immediately after the date of value, at the value estimated. The marketing time is an estimate of the number of months it will require to sell the subjects from the date of value, into the future. The anticipated marketing time is essentially a measure of the perceived level of risk associated with the marketability, or liquidity, of the subject properties. The marketing time estimate is based on the data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated changes in market conditions following the date of appraisal. The future price for the subjects (at the end of the marketing time) may or may not equal the appraisal estimate. The future price depends on unpredictable changes in the physical real estate, demographic and economic trends, real estate markets in general, supply/demand characteristics for the property types, and many other factors. Based on the premise that present market conditions are the best indicators of future performance, a prudent investor will forecast that, under the conditions described above, the sale of the subject site will require a marketing time of approximately 12- 24 months. Extraordinary Assumptions: Extraordinary assumptions are defined as: “An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; • Use of the extraordinary assumption results in a credible analysis; and COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 11 • The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions.” Please note the following extraordinary assumptions: • An expert soil analysis has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the site has adequate soils to support the highest and best use. The analyst is not an expert in area of soils, and would recommend that an expert be consulted. • It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. The analyst is not an expert with respect to subsurface conditions, and would recommend that an expert be consulted. • It is assumed that there are no toxic or hazardous materials either at ground level or subsurface. The analyst is not an expert in the valuation of site contamination, and it is recommended that an expert be consulted. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 12 Section 2 – Description of Real Estate Appraised Regional Location Map Subject Location Map COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 13 COLLIER COUNTY AREA ANALYSIS The subject property is located within Collier County, Florida, some 150 miles south of Tampa and some 140 miles northwest of Miami. Collier County is located on the extreme southwestern portion of the state of Florida. Collier County was created in 1923 and was separated out from what was a larger Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and real estate developer who had moved to southwest Florida and established himself as prominent business man and land owner. By the end of the decade railroads and Tamiami Trail were in-place which opened the area to agricultural and resort development. Florida’s first commercial oil well was drilled in 1943, and the county’s pine and cypress logging industry flourished into the 1950s. The county’s economy boomed along with its population shortly after World War II. In a short span of 30 years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in the country. PHYSICAL FACTORS It is the largest county in the state in terms of land area with 1,998 square miles which includes 821,600 acres of preserves, parks, and refuges. Along with the land area Collier County also has 307 square miles of water to give Collier County a total size of 2,305 square miles. The most highly developed areas within the county are west of Interstate 75 and along the coastline of the Gulf of Mexico. Development becomes increasingly sparse the more easterly the location in the county; and these easterly areas of the county contain a considerable amount of preserved land. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 14 There are three incorporated cities within the county; namely City of Naples, City of Marco Island, and Everglades City. The county is famous for its subtropical climate with average high temperatures ranging from 78o F. in January to 92o Fahrenheit in August. The average annual precipitation for the county is 56 inches. This area is also subject to tropical storms and hurricanes. The hurricane season runs from June through November. ECONOMIC-FINANCIAL FACTORS There are numerous economic factors that impact the supply and demand for all types of real estate and specifically housing in any given area. These factors will be considered and discussed in the following paragraphs. Although these factors are considered individually, they do not act as independent agents in the marketplace. They interact and effect, one another. Therefore, the economic-financial factors considered, should be considered in totality, as a part of the economic framework. Population: Collier County has 372,880 people living there as of July 2017 making Collier County Florida’s 16th most populous county. Collier County had a population of 321,520 in 2010 and they have experienced a 40,324 person increase over 5 years or 12.1% growth. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 15 Additional population estimates reflect population projections from the year 2017 to the year 2045 by the state of Florida’s Office of Economic and Demographic Research, working in conjunction with the University of Florida’s Bureau of Economic and Business Research. The population estimate for the year 2016 for Collier County is 350,000 and increases to 516,000 in year 2045. This represents a 47% increase in population over this period. Demographics within Collier County are predominately White at 89.3%, followed by Black or African American at 7.4%, Asian at 1.5%, American Indian and Alaska Native at 0.5%, Native Hawaiian and Other Pacific Islander at 0.1% and then two or more races filling out the remaining 1.2%. Tourism: Tourism is important business for Naples, Marco Island and the Everglades. As the leading employer and the primary economic engine for the region, the tourism industry is responsible for over 38,000 jobs in Collier County. About 1.8 million visitors in 2017 spent over $1.37 billion dollars, resulting in a total economic impact of over $2.05 billion to Collier County. Collier County enacts a 5% tax on all hotel, campground and vacation rental stays of less than six months. The distribution of tourist development tax dollars is set according to Collier County COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 16 ordinance. The funds are dispersed as follows; Beach Re-nourishment, Pass & Inlet Maintenance, Beach Park Facilities - 42.56%, Tourism Promotion, Destination Marketing - 33.57% Amateur Sports Complex Debt - 14.29%, and Museums - 9.59%. Employment: The unemployment rate in Collier County decreased to 3.6% in July 2018, down from July 2017 at 4.0%. The overall trend of unemployment has been trending downward. From January 2010 until now, Collier County has experienced downward trends in unemployment getting as low as 3.4%. The chart below depicts this continual downward trend along with total employed data and unemployed. Collier County’s largest employment concentrations continue to be in industries that are fueled by population growth. The retail trade, construction, and accommodation and food industries have the most employees in Collier County. Those three industries combined employ more than 54,000 people in Collier County. The fourth largest industry in Collier County is the healthcare and social assistance accommodation and food service industry, which employs more than 15,000 people. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 17 Major employers in Collier County are Collier County Public Schools with 5,281 employees, NCH Healthcare System with 4,000 employees and Publix Supermarkets with 2,805 employees. As the Collier County population matures, employment in the healthcare industry will continue to make up a larger part of overall employment. Collier’s top 10 employers are listed below. Taxes: Florida is one of the few remaining states without a personal income tax. The absence of personal income taxes draws many people to Florida. Businesses enjoy additional incentive of low corporate income taxes. The Florida’s tax rate of 6% is one of the lowest in the U.S. and far below the 12% levied by some states. The largest share of households in Collier County pay $3,000+ in property taxes. The Florida statutes provide for the annual assessment and collection of property taxes on real and personal property. Property taxes are assessed and collected at the county level as revenue for counties, municipalities, school districts and special taxing districts. The tax rate is set by the taxing authority. One mill is equal to $1 per $1,000 of property value. The total just value for all real estate property types in Collier County for 2017 was $108,883,153,054. Banking/Interest Rates/Financing: As of September 2018 the prime rate was reported at 5.00%. Approximately one year ago the prime rate was 4.25%. The federal discount rate is most recently reported to be 2.50%, a year ago was about 1.75%. The federal funds effective rate is 1.91%. Currently the rate for a Freddie Mac 30 year fixed loan is 4.60%, 15 year fixed loan about 4.04%, and a five year ARM at about 4.45%. Mortgage rates have shown volatility up and down over the last year. The trend is expected to be for higher interest rates moving forward. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 18 Financing both commercial and residential properties became difficult during the downturn in the economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased by investors with cash and expectation of longer holding periods. Generally financing of improved properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for residential properties. Real Estate and Housing: Collier County was spared from the national economic downturn (2007-2009). Collier County experienced a significant increase in residential and commercial property values from 2004 through 2006. Several news publications rated Naples as the most over-valued area of the country with respect to residential housing values. The decline in residential property values began in 2006. Inventory levels began to rise as investors and owners positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase any property with a sense that the economy as a whole was headed for trouble. Many investors were not able to meet their carrying costs and properties went into foreclosure. Southwest Florida became the epicenter for residential property foreclosures with communities such as Golden Gate at the forefront of the crisis in Collier County. Residential construction projects in various stages of development were stopped as housing inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the residential construction industry; and with no homes to build, this industry was quickly decimated. Contractors that supplied this industry typically ran their businesses from various industrial locations in Collier and Lee Counties. This type of property was the first commercial property to be adversely affected with retail and office properties following. There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier County’s zoning allows the flexibility COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 19 of properties of 19 acres or more to be zoned as Research and Technology Parks, which are based on commerce parks and offer advanced infrastructure to attract technology based businesses. Single family permits are an indicator of health in an economy of a given area. The following shows a chart with single family permits monthly averages from 2008 to 2018. In the bottom of the recession in 2009 Collier County fell below 50 permits per month. The total for July 2018 was +/- 350, up about 125 from July 2017. Single family permits identify houses under construction and therefore reflect jobs in the construction industry. Median sales price in Collier County for single-family homes was around $440,000 in July of 2018 which is higher compared to what it was for July 2017. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 20 Total foreclosures have gone down over the past two years in Collier County and the total percentage of foreclosures sits at 0.04% compared to 0.09% in Florida and 0.05% nationally. New Development: A relatively new town is developing in the eastern part of Collier County known as Ave Maria. The town is located on what was once largely agricultural land is centered around Ave Maria University, the country’s newest Catholic University. The university opened its doors in 2007 and currently has about 1,110 students with plans to grow to 1,500 by year 2020 and then ultimately grow to around 5,500 undergraduate and graduate students. The town is designed to be a compact, walk-able, self-sustaining town that reflects the community’s rural roots while offering a full range of residential options and commercial services to its residents. The Ave Maria community totals about 5,000 acres, of which nearly 20% has designated as the University Campus. A Town Core anchored by the landmark oratory that also incorporates retail, commercial, and residential living space provides a central connection between the town and the university. Business is expanding in Collier County as evidenced by a surgical device company that recently broke ground on a site near Ave Maria University to build a $25 million manufacturing plant. This construction project is expected to bring 500 construction jobs to the area this year; and once complete, the plant will employ 400 to 500 workers. Ave Maria has experienced a sever mosquito problem and as a result they have been sprayed more than 30 times by very safe pesticides in 2015 making it the most sprayed area in southwest Florida. Transportation: The infrastructure of the county continues to see improvements. Interstate 75 has been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County recently widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake Hammock Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening projects along Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 21 roads are: US 41, Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County Government has worked diligently to develop an efficient road system that will accommodate future growth; and it is likely to continue to develop the necessary road infrastructure in the years to come. Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic needs for the fast growing population of Southwest Florida. RSW is the eighth fastest growing airport in the nation, servicing more than 8 million passengers a year. More than two dozen commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to more than 27 domestic and two international destinations. The Southwest Florida International Airport also maintains customs clearing facilities for international cargo. RSW is located off Interstate-75 in South Lee County, an approximate 30 minute drive from most areas of Naples. In 2005 the airport was completely updated and expanded to meet the growing demand of area businesses and visitors. The $386 million ultra-modern complex includes a two story terminal with 28 aircraft gates along three concourses, a new taxiway, and new parking options that includes a three story parking structure. The facility will allow for incremental expansion up to 65 gates. Construction was recently completed on a direct access connection between I-75 and the airport. Total passenger activity for the three Southwest Florida airports grew 9% compared to June of 2017. The first half of 2018, passenger activity exceeded that of the prior year period by 7%. The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO services for general aviation including fueling and catering. It is the home to charter airlines, COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 22 aircraft maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental agencies, the Collier County Sheriff’s Aviation Unit, flight schools, the Humane Society, and over 40 additional aviation and non-aviation businesses. The airport encompasses approximately 732 acres of land, approximately two miles northeast of Old Naples with convenient access to major roads and Interstate-75. POLITICAL-GOVERNMENTAL FACTORS The county government is headed by a Board of Commissioners. There are five commissioners, each assigned to a specific geographical area within the county. A County Manager coordinates most of the departments including county services, public services, community development/environmental services, utilities and transportation. The county is currently experiencing a decline in revenues which will result in future capital improvement plans being significantly cut back. Additionally operating expenses are under increasing pressures due to legislative mandates from the state, escalating costs of property insurance and health benefits, and the overall economic downturn. Collier County has experienced a change of 9.14% in budget between FY 2018 and FY 2017. Total net county budget in FY 2017 was $1,071,028,900. The FY 2017 total net county budget is now $1,166,470,4000. Education: The Collier County public school system currently contains a total of 57 schools with 47,000 students and 3,200 teachers. Collier County averages 2,700 graduates per year. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 23 Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a newly established Catholic University offering liberal arts oriented baccalaureate degrees as well as some graduate degree programs. The county is also home to branch campuses of Florida Southwestern State College and Florida Gulf Coast University. Collier County has a high level of education attainment compared to other counties in Florida and compared. Collier County has 34% of their people attain a bachelor’s degree of higher compared to 28% in Florida and 30% in the United States. Only 12% of those within Collier County have less than a high school education. SOCIOLOGICAL FACTORS Recreation: Collier County offers a vast variety of natural and historical attractions. Places to visit include the 52 acre Naples Zoo, Collier County Museum, Big Cypress National Preserve, Museum of the Everglades, Naples Botanical Gardens and many other reserves, museums, zoos, etc. Healthcare: Within Collier County there is the Naples Community Hospital, North Collier Hospital, Regional Heart Institute, NCH Wellness Centers and other various clinics. Being the largest county in Florida with a total area of 2,305 square miles its medical facilities manage to cover it all. Helicopter usage cuts critical minutes from transport time. 81.4% of those within Collier County have health insurance compared to 83.6% throughout Florida and 88.3% throughout the United States. The highest percentage of those without healthcare coverage from people making $50,000 and less. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 24 SUMMARY Collier County is located along the west coast of Florida along the Gulf of Mexico. The climate is sub-tropical with mild winters that allow for year round enjoyment of the many attractions this area offers. Collier County is a desirable destination for residents and non-residents alike. In spite of the many positives, portions of Collier County were greatly affected by the past housing debacle which resulted in a significant number of residential foreclosures, trends have been positive in most recent years though. While the current “improving” economic climate will keep commercial and residential development at bay in the short term, the availability of commercial vacant land, the county's numerous natural attractions, and the anticipated future population growth will bode well for this area over the long term. Collier County is considered to be a wonderful place to live. There are tremendous opportunities as far as employment is concerned in many different industries. The diversity of job opportunities spans a significant range from low income persons to jobs of very high income people as well. There are tremendous recreational facilities with numerous golf course, beaches and recreational parks, not to mention the significant amount of land that is federally held in conservation in the eastern portions of the county. The public school system is good and provides for a well-rounded public education for the students that reside within the county. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 25 NEIGHBORHOOD ANALYSIS Neighborhood Analysis: Neighborhood analysis is defined as: “The objective analysis of observable and/or quantifiable data indicating discernable patterns of urban growth, structure and change that may detract from or enhance property values; focuses on four sets of considerations that influence value: Social, economic, governmental and environmental factors.” Source – The Appraisal Institute, The Dictionary of Real Estate Appraisal, Sixth Edition, Chicago Appraisal Institute, 2010. Market Area Map Market Area Description: The definition of market area is: “The geographic or locational delineation of the market for a specific category of real estate, i.e., the area in which alternative, similar properties effectively compete with the subject property in the minds of probable, potential purchasers and users.” COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 26 Boundaries: Northern Golden Gate Parkway Eastern Collier Boulevard Southern Rattlesnake Hammock Road/Thomasson Dr. Western Airport Pulling Road/Bayshore Dr. Life Stage: “Because market areas are perceived, organized, constructed, and used by people, each has a dynamic quality. Appraisers describe this quality as a market area’s life cycle. The complimentary land uses that make up neighborhoods and homogeneous land uses within districts typically evolve through four stages: 1. Growth – a period during which the market area gains public favor and acceptance 2. Stability – a period of equilibrium without marked gains or losses 3. Decline – a period of diminishing demand 4. Revitalization – a period of renewal, redevelopment, modernization and increasing demand” It is our opinion the subject market area is currently in its growth stage. Residential, commercial and industrial properties have had strong demand in recent years and have shown increased activity. Public Transportation: Public transportation is provided by Collier Area Transit Property Compatibility: Commercial enterprises are typically along main roadways and supporting residential development is throughout the market area. Appeal/Appearance: This area has generally good appeal. Appearance range from older structures to newer construction with generally average to good appearance. Development Potential: Residential vacant land is available throughout the market area. Commercial development will likely continue along the major road corridors. Neighborhood Access: Good access from major north-south corridors including Airport Pulling Road, US 41, Santa Barbara Boulevard, Interstate-75, and Collier Blvd. The major east-west corridors include Golden Gate Parkway, Radio Road, Davis Road and Rattlesnake Hammock Road. Development Trend: Residential, commercial and industrial properties have had strong demand in recent years. We estimate this trend will continue into the future. Supply of Vacant Tracts Vacant land is available in the market area. Demand for Vacant Tracts: There appears to be demand for vacant tracts of land. Neighboring Property Uses: Primarily residential with parks and commercial uses nearby. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 27 Conclusion: In conclusion, conditions continue to improve in all real estate sectors in the market area. The subject is located in an established residential area of Naples that is located near major road corridors and supporting commercial uses. Legal Description: The subject property is legally described as follows: 7.16 Acres: The East ½ of the Southeast ¼ of the Southwest ¼ of the Northeast ¼ and the East ½ of the West ½ of the Southeast ¼ of the Southwest ¼ of the Northeast ¼ of Section 16, Township 50 South, Range 26 East, Collier County, Florida, Less the Northerly 30 feet thereof for road rights-of-way purposes. 30 Acres: The North ½ of the Northwest ¼ of the Southeast ¼ and the Southeast ¼ of the Northwest ¼ of the Southeast ¼ of Section 16, Township 50 South, Range 26 East, Collier County, Florida. Assessed Value and Taxes: According to the Collier County Tax Collector’s records the subject property is identified by the following Folio Numbers also showing ownership names. On this chart we show the ownership name, Folio number, taxable value, assessed value and the tax liability for the last three years. The subject property is calculated by Collier County to contain 37.16 acres collectively (7.16 acres and 30 acres). For the tax year 2017 the subject property’s taxes are paid and current. Parcel #Ownership Folio #Market Value Taxable Value Tax Liability 2017 S.D. Corp. of Naples, Inc.418640007 $322,200 $144,142 $2,563.94 2016 S.D. Corp. of Naples, Inc.418640007 $286,400 $131,038 $2,322.21 2015 S.D. Corp. of Naples, Inc.418640007 $232,700 $119,125 $2,012.91 2017 Cypress Landings II, LLC 419160007 $521,122 $299,365 $4,394.19 2016 Cypress Landings II, LLC 419160007 $463,322 $247,409 $3,978.40 2015 Cypress Landings II, LLC 419160007 $376,622 $224,917 $3,456.74 REAL ESTATE ASSESSMENT & TAXES Only the Collier County Property Appraiser’s office can assess properties for taxation purposes. The actual tax liability is calculated utilizing the millage rate as set by the Collier County Commission then multiplying this by the assessed value of the property. Should the millage rate or the assessed value change for the site the tax liability would be different from that as reported herein. Ownership: The two parcels are owned by the same principals operating under two different identities. The information for the owners is as follows: S.D. Corporation of Naples, Inc. and Cypress Landings II of Naples, LLC 9132 Strada Place, 4th Floor, Naples, Florida, 34108 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 28 Section 3 – Site Description Please note the following information which includes an aerial photograph, plat map, general site information and data, the physical characteristics and economic factors that affect the site. AERIAL MAP PLAT MAP COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 29 General Site Information Location: The subject is located along the south side of Adkins Avenue, east of Polly Avenue. The subject is bordered by a stormwater easement to the east. Assessor’s Parcel Number: 00425920008 & 00419160007 Physical Characteristics of the Site Frontage: 480 +/- feet of frontage along the south side of Adkins Avenue Total Site Area: The site contains 37.16 acres or 1,618,690 square feet +/- Shape of Tract/Corner: Irregular Access: The most likely access point is at the eastern end of Adkins Avenue along the south side of the road. There are also access points at the eastern end of Everett Street and the eastern end of Polly Avenue. Utilities: The utilities to the site are as follows: Sewer/Water Septic only in area/ Collier Water Electric: Florida Power & Light Police: Collier County Sheriff’s Dept. Fire: Greater Naples Fire District Flood Zone: Per information provided by Southwest Florida MLS, the subject is part of Community Number 120067, Flood Zone AE and AH, Panel Number 12021C0602H, dated 05/16/2012. Zones AH and AE are areas that are inundated by 100 year flooding. Visibility: The site has average visibility from Adkins Avenue, and limited visibility from the eastern end of Everett Street and the eastern end of Polly Avenue. Topography: The site appears to be predominantly freshwater forested wetland. Vegetation includes cabbage palms, cypress, pines, willow, melaleuca, and freshwater marsh. Soils: We have completed a web soil survey analysis via the USDA Natural Resource Conservation Service. A map with legend and descriptions of the soils for this analysis can be found in the addenda of the report. Soil conditions are a factor for future development. Easements/Restrictions: The subject has a Collier County stormwater easement that runs along the eastern boundary of the site. Future Land Use: Urban Residential Subdistrict Urban Designated Areas on the Future Land Use Map include two general portions of Collier County: areas with the greatest residential densities, and areas in close proximity, which have or are projected to receive future urban support facilities and services. It is intended that Urban COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 30 Designated Areas accommodate the majority of population growth and that new intensive land uses be located within them. Accordingly, the Urban Area will accommodate residential uses and a variety of non-residential uses. The Urban Designated Area, which includes Immokalee and Marco Island, represents less than 10% of Collier County’s land area. The purpose of this Subdistrict is to provide for higher densities in an area with fewer natural resource constraints and where existing and planned public facilities are concentrated. This Subdistrict comprises approximately 93,000 acres and 80% of the Urban Mixed Use District. Maximum eligible residential density shall be determined through the Density Rating System but shall not exceed 16 dwelling units per acre except in accordance with the Transfer of Development Rights Section of the Land Development Code. Zoning: The subject has a zoning designation of Rural Agricultural District (A). The purpose and intent of the rural agricultural district (A) is to provide lands for agricultural, pastoral, and rural land uses by accommodating traditional agricultural, agricultural related activities and facilities, support facilities related to agricultural needs, and conservation uses. Uses that are generally considered compatible to agricultural uses that would not endanger or damage the agricultural, environmental, potable water, or wildlife resources of the County, are permissible as conditional uses in the A district. The A district corresponds to and implements the Agricultural/Rural land use designation on the future land use map of the Collier County GMP, and in some instances, may occur in the designated urban area. The maximum density permissible in the rural agricultural district within the urban mixed use district shall be guided, in part, by the density rating system contained in the future land use element of the GMP. The maximum density permissible or permitted in A district shall not exceed the density permissible under the density rating system. The maximum density permissible in the A district within the agricultural/rural district of the future land use element of the Collier County GMP shall be consistent with and not exceed the density permissible or permitted under the agricultural/rural district of the future land use element. “ST” Special Treatment Overlay: The subject has an ST overlay of approximately 16 acres. The purpose of the “ST” designation is to assure the preservation and maintenance of environmental and cultural resources and encourage the preservation of the intricate ecological relationships within the systems. Development rights cannot be severed and sold in advance. Further information on zoning and maps can be found in the addenda of the report. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 31 Subject Property Photographs View: Looking west along Adkins Avenue Photograph date: October 4, 2018 Taken by: Angelica Jordan View: Looking east along Adkins Avenue Photograph date: October 4, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 32 Subject Property Photographs View : Northeast corner of site looking south from Adkins Avenue Photograph date: October 4, 2018 Taken by: Angelica Jordan View : Typical view along northern boundary of site looking south Photograph date: October 4, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 33 Subject Property Photographs View : Typical view along northern boundary of site looking south Photograph date: October 4, 2018 Taken by: Angelica Jordan View : Typical view along northern boundary of site looking south Photograph date: October 4, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 34 Subject Property Photographs View : Typical view along northern boundary of site looking south Photograph date: October 4, 2018 Taken by: Angelica Jordan View : Typical view from northwest boundary of site looking south Photograph date: October 4, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 35 Subject Property Photographs View : Typical view along east boundary of site looking south Photograph date: October 4, 2018 Taken by: Angelica Jordan View : Typical view along east boundary of site looking west Photograph date: October 4, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 36 Subject Property Photographs View : Typical view along east boundary of site looking southwest Photograph date: October 4, 2018 Taken by: Angelica Jordan View : Typical view along east boundary of site looking north Photograph date: October 4, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 37 Subject Property Photographs View : Portion of west side of site from Polly Avenue looking east Photograph date: October 4, 2018 Taken by: Angelica Jordan View : Portion of west side of site from Polly Avenue looking east Photograph date: October 4, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 38 Subject Property Photographs View : Portion of west side of site from Polly Avenue looking southeast Photograph date: October 4, 2018 Taken by: Angelica Jordan View : Portion of west side of site from Polly Avenue looking east Photograph date: October 4, 2018 Taken by: Angelica Jordan COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 39 Section 4 – Highest and Best Use Analysis The principal of highest and best use is defined: “That reasonably probable use and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value.” The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. • Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site in question? • Possible Use- to what uses is it physically possible to put the site in question? • Feasible Use-, which possible and permissible uses will produce any net return to the owner of the site? • Highest and best Use- among the feasible uses, which use will produce the highest net return or the highest present worth?” The cornerstone of every appraisal is highest and best use analysis. It is the basis to wit the actual valuation is based. In performing the highest and best use analysis the appraiser must base the highest and best use conclusion on the property characteristics that exist as of the effective date of appraisal or identify any hypothetical conditions and/or extraordinary assumptions that are being employed. The client has requested an estimate of market value based on the “as is” fee simple ownership as of the effective date of appraisal. The effective date of appraisal is October 4, 2018. Please be advised this highest and best use does not give any consideration to oil, gas, mineral rights or any value associated with the aggregate on the subject site. Legally Permissible: Each section of highest and best use analysis will either strengthen or weaken the uses defined in the previous sections, in this case the physically possible uses. That should be the case here. Agriculture, residential, institutional, and recreational uses are legal uses. The subject property is substantial enough in size to be economically viable. The current zoning is rural agricultural and the land use is Urban Residential Subdistrict. There are no legal aspects of the property which would eliminate these legal uses. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 40 Physically Possible Uses: The subject property contains 37.16 acres. We noted during the inspection some standing water. The site is freshwater forested wetlands. Vegetation includes cabbage palms, cypress, pines, willow, melaleuca, and freshwater marsh. The most likely access point is at the eastern end of Adkins Avenue, a paved road, along the south side of the road. There are also access points at the eastern end of Everett Street (paved road) and the eastern end of Polly Avenue (dirt road). The site has heavy vegetation. To this point the uses which are both legally permissible and physically possible support primarily residential use or agricultural uses with required site development costs. Economically and Financially Feasible: Agriculture and recreational uses while physically possible and legally permissible do not meet the test of economic and financially feasible. Land prices in this part of Collier County have exceeded what are typically paid for agriculture properties in other areas of Southwest Florida, however, we do not believe at this value that agricultural use would be economically and financially supported. Residential development continues to be the economic driver for jobs, population increases and the need for additional commercial industrial properties. We do believe the subject property has current residential development potential. However, the access and utilities are physical characteristics that will have to be overcome and ultimately affect the value of the raw land as it exists today. The legally permissible and physically possible uses which are economically feasible are for the sites to be used for residential development. Maximally Productive Use: The test of maximum productivity is applied to the uses that have passed the first three tests. Additional analysis of the market forces of supply and demand may aid the process of use elimination. Economical and financially feasible uses support residential development. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 41 Section 5 – Valuation of the Subject VALUE ESTIMATE BY THE COST APPROACH Cost Approach is defined as: “A set of procedures through which a value indication is derived for the fee simple interest in a property by estimating the current cost to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive, deducting depreciation from the total cost, and adding the estimated land value. Adjustments may then be made to the indicated fee simple value of the subject property to reflect the value of the property interest being appraised.” There are no improvements of significance on the subject property. The Cost Approach does not apply. VALUE ESTIMATE BY THE INCOME APPROACH The Income Approach is defined as “A set of procedures through which an appraiser derives a value indication for an income-producing property by converting its anticipated benefits (cash flows and reversion) into property value. This conversion can be accomplished in two ways. One year's income expectancy can be capitalized at a market-derived capitalization rate or at a capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment. Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified yield rate”. The Income Approach is widely applied in appraising income-producing properties. Anticipated future income and/or reversions are discounted to a present worth figure through the capitalization process. Since vacant land is typically not purchased for its ability to generate income, the Income Approach does not apply. VALUE ESTIMATE BY THE SALES COMPARISON APPROACH Sales Comparison Approach is defined as: “A set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, then applying appropriate units of comparison and making adjustments to the sale prices of the comparables based on the elements of comparison. The sales comparison approach may COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 42 be used to value improved properties, vacant land, or land being considered as though vacant; it is the most common and preferred method of land valuation when an adequate supply of comparable sales are available.” The Sales Comparison Approach involves the comparison of properties similar to the subject, analyzing the differences between the sales and the subject property and correlating the results of the comparison of the sales to the subject into a value indication. We have searched for comparable sales of forested wetlands throughout Collier County. We have also analyzed sales of agricultural acreage parcels. We have researched and included six comparables for this analysis. The following map shows where each of the comparables is located along with the subject site. The following pages will include descriptions of the comparables used, along with an analysis grid and narrative for adjustments made. All sales have been researched and verified by a party to the transaction when possible. LAND SALES MAP COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 43 COMPARABLE 1 Property Reference: Property Type: Agriculture Vacant Land Address: N/A Naples, FL 34112 County: Collier Location: East of Polly Avenue STRAP/ID: 40808004 Grantor: Felipe & Maria Garcia Grantee: Juan Manuel Gonzalez Legal Data: Sale Date: November 20, 2017 Sale Price: $190,000 Sale Price per Sq. Ft.: $0.88 Sale Price per Acre: $38,153 Recording: Bk/Pg 5452-1216 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Vacant Ag. Zoning: A Highest and Best Use: Ag/Residential Development CNA Data # 1309 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 44 Site Data: Site Dimensions: 325' x 665' Site Size: 216,929 square feet, 4.980 acres Shape: Rectangular Topography: Wooded Corner/Visibility Influence: No Utilities: Public available Access: Below average access Wetlands/Uplands: Mostly Wetlands Soils: N/A Sale Analysis: Sale Price: $190,000 Financing: $90,000 - Seller Finance Price per SF: $0.88 Price per Acre: $38,153 Sale Confirmation: Verification: Warranty Deed and Public Records Verifying Appraiser: Angelica Jordan, October 12, 2018 Sale History: No sales in five years prior Comments: This is the sale of a 4.98 acre wooded parcel zoned agricultural. The parcel is about 20-30% uplands with mostly wet soils. Surrounding properties include single family and vacant agricultural zoned land. The property has a limited access to the site along the east side of Polly Avenue, a dirt road about 1/2 mile east of Santa Barbara Boulevard. We were unable to contact the parties involved in the transaction for verification. We also contacted the title preparer for confirmation but did not get a response. The information was obtained from the warranty deed and Collier County public records. CNA Data # 1309 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 45 COMPARABLE 2 Property Reference: Property Type: Agricultural Vacant Land Address: 3012 Sunset Blvd Naples, FL 34112 County: Collier Location: East side of Sunset Blvd STRAP/ID: 409800005 Grantor: Gayle Gave Grantee: Jaider Gonzalez Legal Data: Sale Date: January 20, 2017 Sale Price: $95,000 Sale Price per Sq. Ft.: $1.31 Sale Price per Acre: $56,886 Recording: Bk/Pg 5357-1739 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Vacant Ag. Zoning: A Highest and Best Use: Ag/Residential Development CNA Data # 1310 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 46 Site Data: Site Dimensions: 114' x 640' Site Size: 72,745 square feet, 1.670 acres Shape: Rectangular Topography: Wooded Corner/Visibility Influence: No Utilities: Public available nearby Access: Average, Dirt Rd Wetlands/Uplands: Mostly Wetlands Soils: N/A Sale Analysis: Sale Price: $95,000 Financing: Mtg. $71,250 - Encore Bank Price per SF: $1.31 Price per Acre: $56,886 Sale Confirmation: Verification: Warranty Deed and Public Records Verifying Appraiser: Angelica Jordan, October 11, 2018 Sale History: No sales in five years prior Comments: This is the sale of a 1.67 acre wooded parcel zoned agricultural. The parcel is about 20% uplands with mostly wet soils. The property has paved road access to the site along the east side of Sunset Blvd, about 650 feet east of Santa Barbara Boulevard. There was a permit application submitted by the buyer for development of a single family home on the site after purchasing. We were unable to contact the parties involved in the transaction for verification. We also attempted to contact the listing agent and title agent but did not receive a response with verification. The information was obtained from the warranty deed and Collier County public records. CNA Data # 1310 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 47 COMPARABLE 3 Property Reference: Property Type: Residential Acreage Vacant Land Address: N/A Naples, FL 34112 County: Collier Location: East side of County Barn Rd, north of Crews Rd STRAP/ID: 406600509 Grantor: Noah's Ark Church Inc. Grantee: 2801 County Barn Road W. LLC Legal Data: Sale Date: July 12, 2017 Sale Price: $269,000 Sale Price per Sq. Ft.: $1.24 Sale Price per Acre: $53,800 Recording: Bk/Pg 5417-3364 Interest Conveyed: Fee Simple Deed Conveyed: Corp Warranty Deed Land Use: Vacant Land Zoning: E- Estates Highest and Best Use: Residential Development CNA Data # 1311 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 48 Site Data: Site Dimensions: 325' x 645' Site Size: 217,800 square feet, 5.000 acres Shape: Rectangular Topography: Wooded Corner/Visibility Influence: No Utilities: Public available nearby Access: No physical access Wetlands/Uplands: Mostly Wetlands Soils: N/A Sale Analysis: Sale Price: $269,000 Financing: Cash to seller Price per SF: $1.24 Price per Acre: $53,800 Sale Confirmation: Verification: Tom Parker, Listing Agent, 239-287-2291 Verifying Appraiser: Angelica Jordan, October 11, 2018 Sale History: No sales in five years prior Comments: This is the sale of a 5 acre wooded parcel. The parcel is about 20% uplands with mostly wet soils. Surrounding properties include single family and vacant agricultural zoned land. The property has no physical road access directly to the site. The property sits adjacent on the east side of a parcel along the east side of County Barn Road West that is developed with a church. The listing agent confirmed the sale as arm's length and stated it was on the market about 18 months for $279,000. The zoning allowed for conditional uses of schools and churches in addition to low density residential. CNA Data # 1311 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 49 COMPARABLE 4 Property Reference: Property Type: Agriculture Vacant Land Address: 8928 Collier Blvd Naples, FL 34114 County: Collier Location: East side of Collier Blvd, 3/4 mile north of Rattlesnake Hammock STRAP/ID: 418400302 Grantor: Edward and Keunyoung Park Grantee: Bonita Flores I, LLC Legal Data: Sale Date: November 10, 2017 Sale Price: $775,000 Sale Price per Sq. Ft.: $1.92 Sale Price per Acre: $83,784 Recording: Bk/Pg 5448-292 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Vacant Ag. Zoning: A Highest and Best Use: Ag/Residential Development CNA Data # 1312 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 50 Site Data: Site Dimensions: 330' x 1220' Site Size: 402,930 square feet, 9.250 acres Shape: Rectangular Topography: Wooded Corner/Visibility Influence: No Utilities: Public available nearby Access: Average access Wetlands/Uplands: Mostly Wetlands Soils: N/A Sale Analysis: Sale Price: $775,000 Financing: Cash to seller Price per SF: $1.92 Price per Acre: $83,784 Sale Confirmation: Verification: Richard Parlante, Listing Agent, 239-330-9004 Verifying Appraiser: Angelica Jordan, October 11, 2018 Sale History: No sales in five years prior Comments: This is the sale of a 9.25 acre wooded parcel zoned agricultural. The parcel is about 15-20% uplands with mostly wet soils. Surrounding properties include residential developments, commercial and agricultural zoned land. The property has a no access to the site from Collier Boulevard where there is a canal that runs along the west side of the site. There is access along a dirt road way, Florida Sports Park Road, on the east side of the site. The listing broker confirmed the sale as arm's length. Aerial photos appear to display a small structure on the site however the county appraiser does not have it recorded and it was not given any value to the sale. The listing agent confirmed the sale as arm’s length. He stated that the canal prevented access to the site from the main roadway, Collier Boulevard, which was a debilitating factor. CNA Data # 1312 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 51 COMPARABLE 5 Property Reference: Property Type: Residential Acreage Vacant Land Address: SEC of Collier Blvd and Port Au Prince Naples, FL 34113 County: Collier Location: SEC of Collier Blvd and Port Au Prince STRAP/ID: 00742040001 Grantor: Robert Folsom & Karen Hesson Grantee: Josef Magdalener Legal Data: Sale Date: February 28, 2018 Sale Price: $800,000 Sale Price per Sq. Ft.: $0.98 Sale Price per Acre: $42,712 Recording: Bk Pg 5482-792 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Urban Coastal Fringe Subdistrict Zoning: RSF-3 Highest and Best Use: Residential CNA Data # 1307 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 52 Site Data: Site Dimensions: 570' x 1385' Site Size: 815,879 square feet, 18.730 acres Shape: Rectangular Topography: Wooded Corner/Visibility Influence: Yes Utilities: All public Access: Access via two paved roads Wetlands/Uplands: 85% Wetlands Soils: N/A Sale Analysis: Sale Price: $800,000 Financing: Seller Financing - $500,000 Price per SF: $0.98 Price per Acre: $42,712 Sale Confirmation: Verification: Public Records and Other sources Verifying Appraiser: Angelica Jordan, October 09, 2018 Sale History: Sold for $203,700 in Aug. 2017 Comments: This was the sale of an 18.73 acre parcel in Naples zoned RSF-3 Residential. The site is on the southeast corner of Collier Boulevard (951) and Port Au Prince Drive. The site is mostly wooded and has about 85% wetlands. The property was listed for sale for almost 2 years at $950,000 prior to the sale. CNA Data # 1307 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 53 COMPARABLE 6 Property Reference: Property Type: Residential Acreage Vacant Land Address: Along Keane Avenue Naples, FL 34117 County: Collier Location: Along Keane Ave. east of Collier Ave, STRAP/ID: Six parcel numbers Grantor: Road Runner Properties, LLC Grantee: Shore Acres Farm, LLC Legal Data: Sale Date: June 18, 2018 Sale Price: $1,295,000 Sale Price per Sq. Ft.: $0.74 Sale Price per Acre: $32,375 Recording: OR 5523/1059 Interest Conveyed: Fee Simple Deed Conveyed: Warranty Deed Land Use: Rural Fringe Mixed-Use Zoning: RFMUO Overlay Highest and Best Use: Residential use CNA Data # 1300 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 54 Site Data: Site Dimensions: N/A Site Size: 1,742,400 square feet, 40.000 acres Shape: Irregular Topography: Partially cleared and level Corner/Visibility Influence: No/Mixed visibility from Keane Avenue Utilities: Electric and telephone Access: Keane Avenue dirt/ gravel road Wetlands/Uplands: All uplands Soils: N/A Sale Analysis: Sale Price: $1,295,000 Financing: Cash to seller Price per SF: $0.74 Price per Acre: $32,375 Sale Confirmation: Verification: Buyer tenant, Personal interview Verifying Appraiser: Art Paus, September 02, 2018 Sale History: No arms-length transactions in past five years. Comments: The sale involved six parcels totally 40 acres. The parcels varied from mostly cleared to heavily wooded. The property is located along Keane Avenue a dirt/gravel road. Three of the northern parcels were on the market 18 days prior to the expired listing. The asking price for the three parcels was $840,000 or $42,000 per acre. The transaction was reportedly arms- length. Our File 18-98 CNA Data # 1300 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 55 Criteria Subject Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 Location 6371 Adkins Avenue N/A 3012 Sunset Blvd N/A 8928 Collier Blvd SEC Collier Blvd/Port Au Prince Along Keane Avenue Naples Naples Naples Naples Naples Naples Naples Recording N/A Bk/Pg 5452-1216 Bk/Pg 5357-1739 Bk/Pg 5417-3364 Bk/Pg 5448-292 Bk Pg 5482-792 OR 5523/1059 Sales Price N/A $190,000 $95,000 $269,000 $775,000 $800,000 $1,295,000 Sale/Appraisal Date October 4, 2018 November 20, 2017 January 20, 2017 July 12, 2017 November 10, 2017 February 28, 2018 June 18, 2018 Parcel Size (sf)1,618,690 216,929 72,745 217,800 402,930 815,879 1,742,400 Parcel Size (Acres)37.16 4.98 1.67 5.00 9.25 18.73 40.00 Sale Price N/A $190,000 $95,000 $269,000 $775,000 $800,000 $1,295,000 Sale Price per Acre N/A $38,153 $56,886 $53,800 $83,784 $42,712 $32,375 Transactional Adjustments Property Rights N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing N/A $90,000 - Seller Finance Mtg. $71,250 - Encore Bnk Cash to seller Cash to seller Seller Financing - $500,000 Cash to seller Conditions of Sale N/A None noted None noted None noted None noted None noted None noted Expenditures Immed. after Sale N/A $0 $0 $0 $0 $0 $0 Market Conditions N/A $10,500 $10,000 $20,000 $43,000 $28,000 $0 Adjusted Sale Price N/A $200,500 $105,000 $289,000 $818,000 $828,000 $1,295,000 Adjusted Sale Price per sq. ft. N/A $40,261 $62,874 $57,800 $88,432 $44,207 $32,375 Physical Properties Location Naples Naples Naples Naples Naples Naples Naples Parcel Size (sf)1,618,690 216,929 72,745 217,800 402,930 815,879 1,742,400 Land Use Vacant Ag. Vacant Ag. Vacant Ag. Vacant Land Vacant Ag. Vacant Residential Vacant Residential Zoning A-STO A A E- Estates A RSF-3 A-RFMUO Overlay Utilities Public available nearby Public available nearby Public available nearby Public available nearby Public available nearby Public available nearby Public available nearby Access Average, Dirt Rd Below average access Average, Dirt Rd No physical access Average access Access via two paved roads Keane Ave dirt/gravel road Uplands Minimal 20-30%20%20%15-20%15%100% Physical Property Adjustments Location Naples 0%-5%0%-15%-10%15% Parcel Size 1,618,690 -5%-10%-5%0%0%0% Land Use Vacant Ag. 0%0%0%0%0%0% Zoning A-STO -10%-10%-10%-10%-15%0% Utilities Public available nearby 0%0%0%0%0%0% Access Average, Dirt Rd 5%0%10%0%-5%0% Uplands Minimal -15%-10%-10%-10%-5%-25% -25%-35%-15%-35%-35%-10% $30,196 $40,868 $49,130 $57,481 $28,735 $29,138 Land Sales Adjustment Analysis - Quantitative Overall Percentage of Adjustments Cinal Adjusted Sale trice per Sq. Ct. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 56 Sales Analysis Our market research has encompassed sales from a geographic area which includes all of Southwest Florida. These comparable sales are located in Collier County with similar characteristics of the subject property and considered to be a good representation of the market. The comparable sales sold between 2017 and 2018. The size of the comparable sales range from 1.67 to 40.00 acres. The overall prices range from $95,000 to 1,295,000. The sales range before any analysis is made is from a low of $38,153 per acre to a high of $83,784 per acre. The first analysis is for the base adjustments of property rights, financing, conditions of sale and market conditions which is also known as time as well as adjustments or considerations of expenditures immediately after sale. Property Rights Conveyed: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the real property rights involved in a transaction.” The property rights conveyed for all of these transactions were fee simple and no adjustments were made. Financing Terms: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the financing terms of a transaction, also called cash equivalency adjustment.” The sale transactions were a combination of cash and financing. None of these components were considered to impact the price paid and therefore no adjustment. Conditions of Sale: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction, e.g., when the comparable transaction is not an arm's-length sale.” All sales had relatively normal conditions, and no adjustments were made. Market Conditions: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur, also called a time adjustment because the differences in dates of sale are often compared.” Property values over the past six years have increased in Collier County. An average of market value increases was analyzed. Reviewing annual property value increases for 2017 were reported COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 57 at 6.71%. Based on this analysis and considering projections for 2018 increases, we have increased the value at a 6% per year for sales prior to six months from the date of value. Adjusted Price per Unit of Value: The analyst has considered adjustments for property rights, financing, conditions of sale, and expenditures after sale and market conditions. The adjusted sales prices for the transactions range from $32,375 per acre to $88,432 per acre. Quantitative Analysis: The next analysis considers the factors of location, parcel size, land use, zoning, utilities, access, and property rights transferred. Location: The subject is located along a local roadway in Naples. Sale 2 is located along a local roadway in close proximity to a primary roadway, and was adjusted down for being slightly superior to the subject. Sales 4 and 5 are located along major roadways, and were adjusted down for superiority. Sale 6 in located in a more rural area of Naples and was considered inferior and adjusted upward. The location of Sales 1 and 3 are similar to the subject. Parcel Size: The subject property will contain 37.16 acres. The comparable sales range in size from 1.67 and 40.00 acres. We have adjusted 1, 2, and 3 downward due to their smaller size and economies of scale. All other sales have received a similar rating for size. Land Use: The subject property’s land use is currently vacant agricultural. The comparables are similar to the subject in terms of the overall uses, and we have rated all comparable sales with respect to land use as similar. Zoning: The subject property’s zoning is Agricultural with a large portion of the site having a Special Treatment “ST” Overlay. This overlay restricts certain development in order to preserve and maintain environmental and cultural resources and encourage the preservation of the intricate ecological relationships within the systems. Sales 1 through 5 were adjusted downward for superiority, as they do not have land with this overlay restriction. Sale 6 has an overlay that restricts density as well, and was considered similar with no adjustment made. Access: The subject property has paved road access from Adkins Avenue and limited access points at the east ends of Everett Street and Polly Avenue. Sale 3 has no physical road access currently available, and was considered inferior and adjusted up. Sale 1 has only a limited access point and was considered below average and inferior to the subject’s access. Sale 5 has access to COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 58 two sides of the site along a corner and was considered superior and adjusted down. All other sales had similar average access and no adjustments were made. Uplands: The subject has minimal if any uplands on the site. All of the sales had larger portions of uplands, and were adjusted downward for superiority. Final Analysis: The adjusted prices on a per acre basis range from $28,735 per acre to $57,481 per acre, with an average of $39,258 per acre. The smaller sized sites, Sales 1, 2, and 3 are in the immediate area of the subject property and have adjusted price per acre ranging from $30,196 to $49,130. Sales 4 and 5 are larger parcels; however, they are located along primary roadways. These adjusted sale prices range from $28,735 to $57,481. Sale 6 is a similar size to the subject site; however, it is located in a more rural area of Naples. Based on the analysis of these sales, the subject property’s value is estimated at $40,000 per acre. It is our opinion the market value of the subject property is $40,000 per acre which equals $1,486,400 or $1,490,000 rounded. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 59 Section 6 – Reconciliation of Value Value Estimate by the Cost Approach Not Applicable Value Estimate by the Income Approach Not Applicable Value Estimate by the Sales Comparison Approach $1,490,000 The Cost Approach has been considered but was not used because there are no improvements. The Income Approach was considered but was not used. The subject property does not have income potential as is. The subject property is a vacant wetland parcel containing 37.16 acres on the south side of Adkins Avenue. From a Sales Comparison perspective the valuation of the subject property has been measured on a per acre basis. The comparables analyzed were also agricultural or residential parcels sold in similar market areas. The value estimate by this analysis is well supported by the sales utilized. Based upon the analysis presented in this appraisal report, it is my opinion the subject property warrants a market value as of the effective date October 4, 2018 for its fee simple ownership and in its “as is” condition of: ONE MILLION FOUR HUNDRED NINETY THOUSAND DOLLARS .................... ($1,490,000.00). CARLSON, NORRIS AND ASSOCIATES, INC. J. Lee Norris, MAI, SRA State-certified general real estate appraiser RZ643 Angelica Jordan State-Registered Trainee Appraiser RI23979 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 60 Section 7 – Certification and Limiting Conditions Certification of J. Lee Norris, MAI, SRA I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • I have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results. • 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. • This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • J. Lee Norris has completed the requirements of the continuing education program of the Appraisal Institute. Certification is current through December 31, 2021. • J. Lee Norris has made a personal inspection of the property that is the subject of this report. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 61 • No one provided significant real property appraisal assistance to the persons signing this report. • J. Lee Norris has extensive experience in the appraisal/review of similar property types. • J. Lee Norris is currently certified in the state where the subject is located and has completed the continuing education requirements set forth with the State of Florida. Certification is current until November 30, 2018. • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. • J. Lee Norris is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. Based on market conditions existing as of the effective date of appraisal, and in consideration of the hypothetical condition noted and subject to the extraordinary assumptions noted, It is my opinion the subject property warrants a market value as of the effective date October 4, 2018 for its fee simple ownership and in it “as is” condition of: ONE MILLION FOUR HUNDRED NINETY THOUSAND DOLLARS .................... ($1,490,000.00). CARLSON, NORRIS AND ASSOCIATES, INC. J. Lee Norris, MAI, SRA State-certified general real estate appraiser RZ643 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 62 Certification of Angelica Jordan I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • I have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results. • 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. • This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • Angelica Jordan has made a personal inspection of the property that is the subject of this report. • No one has provided significant real property appraisal assistance to the persons signing this report. • Angelica Jordan is currently registered in the state where the subject is located and has completed the continuing education requirements set forth with the State of Florida. Registration is current until November 30, 2018. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 63 • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. • Angelica Jordan is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. Based on market conditions existing as of the effective date of appraisal, and in consideration of the hypothetical condition noted and subject to the extraordinary assumptions noted, It is my opinion the subject property warrants a market value as of the effective date October 4, 2018, for its fee simple ownership and in it “as is” condition of: ONE MILLION FOUR HUNDRED NINETY THOUSAND DOLLARS .................... ($1,490,000.00). CARLSON, NORRIS AND ASSOCIATES, INC. Angelica Jordan State-registered Trainee Appraiser RI23979 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 64 General Assumptions & Limiting Conditions Information Used: No responsibility is assumed for accuracy of information furnished by others or from others, including the client, its officers and employees, or public records. We are not liable for such information or for the work of contractors, subcontractors and engineers. The comparable data relied upon in this appraisal has been confirmed with one or more parties familiar with the transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my factual judgment and knowledge. Certain information upon which the opinions and values are based may have been gathered by research staff working with the appraiser. Names, professional qualifications and extent of their participation can be furnished to the client upon request. Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil: No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal nature or condition of the title to the property, which is presumed to be good and marketable. The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless otherwise stated in particular parts of this report. The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise. I assume no responsibility for the survey, any encroachments or overlapping or other discrepancies that might be revealed thereby. I have inspected, as far as possible by observation, the land thereon; however, it was not possible to personally observe conditions beneath the soil or hidden; as a result, no representation is made herein as to such matters unless otherwise specifically stated. The estimated market value assumes that no such conditions exist that would cause a loss of value. I do not warrant against the occurrence of problems arising from any of these conditions. It is assumed that there are no hidden or unapparent conditions to the property, soil, subsoil or structures, which would render them more or less valuable. No responsibility is assumed for any such conditions or for any expense or engineering to discover them. Information relating to the location or existence of public utilities has been obtained through inquiry to the appropriate utility authority, or has been ascertained from visual evidence. No warranty has been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. Legality of Use: The appraisal is based on the premise that there is or will be full compliance with all applicable Federal, State and local environmental regulations and laws, unless otherwise stated in the report; and that all appropriate zoning, building and use regulations and restrictions of all types have been or will be complied with and required licenses, consent, permits or other authority, whether local, State, Federal and/or private, have been or can be obtained or renewed for the use intended and considered in the value estimate. Component Values: The distribution of the total valuation of this report between land and improvements applies only under the proposed program of utilization. The separate valuations of land and buildings must not be used in conjunction with any other appraisal, and are invalid if so used. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 65 A report related to an estate that is less than the whole fee simple estate applies only to the fractional interest involved. The value of this fractional interest, plus the value of all other fractional interests, may or may not equal the value of the entire fee simple estate considered as a whole. A report relating to the geographic portion of a larger property applies only to such geographic portion and should not be considered as applying with equal validity to other portions of the larger property or tract. The value for such geographic portions, plus the value of all other geographic portions, may or may not equal the value of the entire property or tract considered as a single entity. All valuations in the report are applicable only under the estimated program of the highest and best use and are not necessarily appropriate under other programs of use. Auxiliary and Related Studies: No environmental or impact studies, special market study or analysis, highest and best use analysis study or feasibility study has been requested or made by us unless otherwise specified in this report or in my agreement for services. I reserve the unlimited right to alter, amend, revise or rescind any of these statements, findings, opinions, values, estimates or conclusions upon any subsequent study or analysis or previous study or analysis that subsequently becomes available to us. Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the date of the estimate of value. All dollar amounts are based on the purchasing power and price of the United States dollar as of the date of value estimate Inclusions: Furnishings and equipment or business operations, except as otherwise specifically indicated, have been disregarded, with only the real estate being considered. Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off-site improvements proposed, if any, as well as any repairs required, are considered to be completed in a good and workmanlike manner according to information submitted and/or considered by us. In cases of proposed construction, the report is subject to change upon inspection of the property after construction is complete. The estimate of value, as proposed, is as of the date shown, as if completed and operating at levels shown and projected. Value Change, Dynamic Market Influences: The estimated value is subject to change with market changes over time. Value is highly related to interest rates, exposure, time, promotional effort, supply and demand, terms of sale, motivation and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property both physically and economically in the marketplace. The estimate of value in this report is not based in whole or in part upon race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of such benefits and my interpretation of income and yields and other factors which were derived from general and specific market information. Such estimates are made as of the date of the estimate of value. As a result, they are subject to change, as the market is dynamic and may naturally change over time. The date upon which the value estimate applies is only as of the date of valuation, as stated in the letter of transmittal. The appraisal assumes no responsibility for economic or physical factors occurring at some later date which may affect the opinion stated herein. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 66 An appraisal is the product of a professionally trained person, but nevertheless is an opinion only, and not a provable fact. As a personal opinion, a valuation may vary between appraisers based upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best estimate as of the date of valuation. There are no guaranties, either written or implied, that the property would sell for the expressed estimate of value. Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating to the subject property. No title search has been made, and the reader should consult an attorney or title company for information and data relative to the property ownership and legal description. It is assumed that the subject title is marketable, but the title should be reviewed by legal counsel. Any information given by the appraiser as to a sales history is information that the appraiser has researched; to the best of my knowledge, this information is accurate, but not warranted. Management of the Property: It is assumed that the property which is the subject of this report will be under prudent and competent ownership and management over the entire life of the property. If prudent and competent management and ownership are not provided, this would have an adverse effect upon the value of the property appraised. Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this report and analytical findings or conclusions, or give a copy of this report to anyone other than the client or his designee, as specified in writing, except as may be required by the Appraisal Institute, as they may request in confidence for ethic enforcement, or by a court of law with the power of subpoena. All conclusions and opinions concerning the analyses as set forth herein are prepared by the appraisers whose signatures appear. No change of any item in the report shall be made by anyone other than the appraiser, and the firm shall have no responsibility if any such unauthorized change is made. Whenever our opinion herein with respect to the existence or absence of fact is qualified by the phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to indicate that, during the course of our review and investigation of the property, no information has come to our attention which would give us actual knowledge of the existence or absence of such facts. The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of receipt and return of the report, along with all copies, to the appraiser for corrections prior to any use whatsoever. Neither our name nor this report may be used in connection with any financing plans which would be classified as a public offering under State or Federal Security Laws. Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy thereof, does not carry with it the right of publication, nor may it be used for other than its intended use. The physical report remains the property of the firm for the use of the client, with the fee being for the analytical services only. This report may not be used for any purpose by any person or corporation other than the client or the party to whom the report is addressed. Additional copies may not be made without the written consent of an officer of the firm, and then only in its entirety. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations effort, news, sales or other media without my prior written consent and approval of the client. It has been assumed that the client or representative thereof, if soliciting funds for his project, has furnished to the user of this report complete plans, specifications, surveys and photographs of land COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 67 and improvements, along with all other information which might be deemed necessary to correctly analyze and appraise the subject property. Authentic Copies: Any copy that does not have original signatures of the appraiser is unauthorized and may have been altered and, therefore, is considered invalid. Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion of the report. The appraisers or those assisting in the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal in full or in part, nor will they be asked or required to engage in post appraisal consultation with client or third parties except under separate and special arrangement and at an additional fee. Any subsequent copies of this appraisal report will be furnished on a cost plus expenses basis, to be negotiated at the time of request. Limit of Liability: Liability of the firm and the associates is limited to the fee collected for preparation of the appraisal. There is no accountability or liability to any third party. Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the physical report. The acceptance of the report by the client takes with it the agreement and acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal or written. The fee is in no way contingent on the value estimated. Special Limiting Conditions: The Americans with Disabilities Act became effective January 26, 1992. Not withstanding any discussion of possible readily achievable barrier removable construction items in this report, Carlson, Norris and Associates, has not made a specific compliance survey and analysis of this property to determine whether it is in conformance with the various detailed requirements of the A.D.A. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the A.D.A. could reveal that the property is not in compliance with one or more of the requirements of the A.D.A. If so, this fact could have a negative effect on the value estimated herein. Since Carlson, Norris and Associates has no specific information relating to this issue, nor is Carlson, Norris and Associates qualified to make such an assessment, the effect of any possible non compliance with the requirements of the A.D.A. was not considered in estimating the value of the subject property. This analysis is made in conformity with the requirements with the Uniform Standards of Professional Appraisal Practice and the Standards of Professional Conduct of the Appraisal Institute. This analysis assumes no site contamination to the subject property. Environmental audits have not been provided for the reader’s consideration. It is assumed that water use permits are in place for the property. Extraordinary Assumptions: Extraordinary assumptions are defined as: “An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 68 • Use of the extraordinary assumption results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions.” Please note the following extraordinary assumptions: • An expert soil analysis has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the site has adequate soils to support the highest and best use. The analyst is not an expert in area of soils, and would recommend that an expert be consulted. • It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. The analyst is not an expert with respect to subsurface conditions, and would recommend that an expert be consulted. • It is assumed that there are no toxic or hazardous materials either at ground level or subsurface. The analyst is not an expert in the valuation of site contamination, and recommend that an expert be consulted. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 69 Section 8 – Addenda COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 70 Notice to Proceed COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 71 SOIL ANALYSIS – MAP AND DATA COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 72 SOIL DESCRIPTIONS HALLANDALE: The Hallandale series consists of shallow and very shallow, poorly and very poorly drained soils that formed in thin deposits of sandy marine sediments over limestone. Hallandale soils are on low broad flats, sloughs, flatwoods, and in depressions on marine terraces. Slopes are linear and range from 0 to 2 percent. The mean annual precipitation is about 1448 centimeters (57 inches) and the mean annual temperature is about 21 degrees C (71 degrees F). PINEDA: This very deep, nearly level, poorly drained soil is on broad low flats, hammocks, sloughs, depressions, poorly defined drainageways and flood plains in the Southern Florida Flatwoods (MLRA 155) and to a less extent in South Central Florida Ridge (MLRA 154), Southern Florida Lowlands (MLRA 156B), Florida Everglades and Associated Areas (MLRA 156A), North Central Florida Ridge (MLRA 138) and Eastern Gulf Coast Flatwoods (MLRA 152A). They formed in thick beds of sandy and loamy marine sediments. Near the type location, the mean annual temperature is about 72 degrees F., and the mean annual precipitation is about 55 inches. Slopes range from 0 to 2 percent. BOCA: The Boca series consists of moderately deep, poorly drained and very poorly drained soils that formed in sandy and loamy marine sediments deposited over limestone bedrock. Boca soils are on low broad flats, poorly defined drainageways, depressions, and adjacent tidal flats in areas of the flatwoods. Slopes are linear to slightly convex or concave and range from 0 to 2 percent. Near the type location, the mean annual precipitation is about 1397 millimeters (55 inches), and the mean annual temperature is about 22 degrees C (72 degrees F). RIVIERA: The Riviera series consists of very deep, poorly drained, very slowly permeable soils on broad, low flats, flatwoods and in depressions in the Southern Flatwoods (MLRA 155) and the Southern Florida Lowlands (MLRA 156B). They formed in stratified sandy and loamy marine sediments. Near the type location, the mean annual temperature is about 75 degrees F., and the mean annual precipitation is about 62 inches. Slopes range from 0 to 2 percent. HILOLO: The Hilolo series consists of deep, poorly drained slowly permeable soils formed in sandy and loamy marine sediments influenced by underlying alkaline materials. They occur on nearly level areas and along borders of depressions and sloughs in Peninsular Florida. Slopes are less than 2 percent. Rainfall averages about 55 inches near the type location and is heaviest in the summer months. Mean annual air temperature near the type location is about 73 degrees F. JUPITER: The Jupiter series consists of shallow and very shallow, poorly and very poorly drained soils that formed in a thin bed of sandy marine sediments overlying limestone bedrock. Jupiter soils are on flatwoods, low broad flats, low hammocks, and drainageways on marine terraces. Slopes are linear to slightly convex and range from 0 to 2 percent. Near the type location, the mean annual precipitation is about 1524 millimeters (60 inches) and the mean annual temperature is about 23 degrees C (74 degrees F). MARGATE: The Margate series consists of poorly drained, rapidly permeable soils that formed in sandy marine sediments of variable thickness over fractured limestone. The water table is near the surface during wet periods. Slope is less than 2 percent. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 73 Zoning Map Special Treatment “ST” Overlay Description D. Special Treatment Overlay (ST). 1. Within the County there are certain areas, which because of their unique assemblages of flora and/or fauna, their aesthetic appeal, historical or archaeological significance, rarity in the County, or their contribution to their own and adjacent ecosystems, make them worthy of special regulations. Such regulations are directed toward the conservation, protection, and preservation of ecological and recreational values for the greatest benefit to the people of the County. Such areas include, but are not necessarily limited to, mangrove and freshwater swamps, barrier islands, hardwood hammocks, xeric scrubs, coastal beaches , estuaries, cypress domes, natural drainage ways, aquifer recharge areas, and lands and structures of historical and archaeological significance. The purpose of the "ST" district is to assure the preservation and maintenance of these environmental and cultural resources and to encourage the preservation of the intricate ecological relationships within the systems, and at the same time, permit those types of development which will hold changes to levels determined acceptable by the BCC after public hearing. 2. An overlay zoning district classification to be known as the ST special treatment overlay district, and to be designated on the Official Zoning Atlas by the symbol "ST" together with the symbol of the basic zoning district which it overlays, is hereby established. This overlay district classification will be used for those lands of environmental sensitivity and historical and archaeological significance where the essential ecological or cultural value of the land is not adequately protected under the basic zoning district regulations established by this LDC. The placement or removal of this the ST district shall be governed by the procedure for amending the LDC and this Official Zoning Atlas as prescribed in Chapter 10. All land within the ST overlay district shall be designated as environmentally sensitive. 3. For purposes of identifying land from which the residential development rights have been transferred, such lands shall be designated on the Official Zoning Atlas by affixing the letter COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 74 "P" for preservation to the symbol "ST," thusly "P-ST." Such designation shall be placed on the land after the BCC has accepted the deed and/or guarantee to said property. 4. Transfer of Development Rights (TDR). a. Purpose, Intent and Applicability. i. Purpose. The primary purpose of the TDR process is to establish an equitable method of protecting and conserving lands determined to have significant environmental value, including large connected wetland systems and significant areas of habitat for listed species; and To provide a viable mechanism for property owners of such environmentally valuable lands to recoup lost value and development potential which may be associated with the application of environmental preservations standards to such lands. ii. Intent . These TDR provisions are intended to accomplish the above stated purpose through an economically viable process of transferring development rights from less suitable non-RFMU sending areas and RFMU sending lands to more suitable non-RFMU receiving areas and RFMU receiving lands . iii. Applicability . These TDR provisions shall be applicable to those areas specifically identified in (b), (c) and (d) below. These TDR provisions shall not be applicable to the any transfer of development rights within the RLSA District. b. Transfer of development rights from urban areas to urban areas. An owner of land located within areas designated as urban on the Future Land Use Map, including agriculturally zoned properties, which may or may not be identified with the ST overlay, may elect to transfer some or all of the residential development rights from one parcel of land to another parcel , as an alternative to the development of the sending lands. The lands to which the development rights are to be transferred shall be referred to as receiving lands and those lands from which development rights are transferred shall be referred to as sending lands, as provided herein and shall be located within the urban designated areas of the county. i. The development rights shall be considered as interests in real property and be transferred in portions or as a total as provided in this section. Once used, the residential development rights shall not be used again and the residential development rights of the subject lands providing them shall be considered severed forever. ii. The transfer of development rights to be used shall be subject to all of the requirements of the basic zoning district to which they are transferred unless specifically approved otherwise as provided by law. iii. The minimum area of land eligible for the transfer of development rights shall be equal to the minimum lot size for the sending zone. For the purposes of this section, legal non-conforming lots of record may be eligible to transfer density , with the minimum area of the receiving land equal to the area of the legal non-conforming lot of record , excluding submerged land. iv. Upon the approval of the transfer of residential development rights by a super majority vote of the Board of County Commissioners, the property owner of the sending land shall dedicate in fee simple the land to the county or a state or federal agency; however, the lands may be dedicated in fee simple to a private, not-for-profit conservation or environmental organization in accordance with F.S. § 704.06, as amended, with the approval of the Board of County Commissioners. v. The maximum number of residential units which may be requested for transfer shall be compiled on the basis of the permitted density pursuant to the underlying zoning category of the sending land. vi. Maximum number of residential units which eligible lands may receive. a) Lands in all residential zoning districts and residential components of planned unit development zoning districts are eligible to receive residential development units provided that the maximum number of residential units which may be transferred to the receiving land does not exceed ten percent of the maximum number of residential units permitted under the receiving property's basic zoning district. For the purpose of determining the number of residential units which a parcel of land is capable of receiving, the following formulas shall apply: COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 75 i) RSF-1 through RSF-5 districts, up to and including five units per acre: Units per base density × 10% = .1 to .5 units per acre ii) RMF-6 district, up to and including six units per acre: 6 units × 10% = 0.6 units per acre iii) RMF-12 district, seven to and including 12 units per acre: 12 units × 10% = 1.20 units per acre iv) RMF-16 district: 16 units × 5% = 0.80 units per acre v) RT district: 16 units × 5% = 0.80 units per acre vi) PUD district: Residential tract units × 5% = permitted units per acre b) For the purpose of calculating the final fractional residential unit of the total number of residential units eligible for transfer to an eligible parcel of land, the following shall apply: Any fractional residential unit shall be converted upward if one-half or more of a whole unit, or downward if less than one-half of a whole unit, to the nearest whole unit value. vii. Procedure for obtaining transfer of residential development rights. Any owner of eligible land may apply for a transfer of development rights either separately or concurrently with rezoning, zoning ordinance amendments, preliminary subdivision plat or development plan. Prior to the approval of any transfer of development rights or the issuance of any building permits in connection with the use of any transfer of development rights, the petitioner shall submit the following information and data, as applicable to the petition, to the development services director for his review and subsequent action by the Board of County Commissioners a) Name and address of property owner of sending land. b) Name and address of property owner of receiving land. c) Legal description of sending land from which transfer of residential development rights is petitioned. d) Survey of sending land from which transfer of residential development rights is requested. e) Legal description of receiving land which receives the transfer of residential development rights. f) Survey of the land which receives the transfer of residential development rights. g) Three copies of an executed deed of transfer of ownership of the sending property to the county or a state or federal agency; however, the lands may be dedicated in fee simple to a private, not-for-profit conservation or environmental organization in accordance with F.S. § 704.06, as amended, with the approval of the Board of County Commissioners in a form approved by the county attorney. h) The owner of the sending land shall provide a guarantee, agreeable to and approved by ordinance of the Board of County Commissioners, that the sending land will be utilized only for the purposes of increasing public recreational and/or educational opportunities, creation of linkages between public or private open space , protection of critical habitat/ecosystems, or other public purpose as specified in the ordinance of adoption. Such a guarantee shall be recorded with the clerk of the circuit court of Collier County, Florida as a recorded restriction of the use of such land and shall be binding upon all present and subsequent owners, heirs, or assigns of such property. Such restrictions may not be amended, deleted, or otherwise altered, except by a majority vote of the BCC. viii. Time limitations on Board of County Commissioners' approval of transfer of residential development rights or authorization to proceed with the processing of a building construction permit. The Board of County Commissioners' approval of a transfer of residential development rights or the County Manager or his designee authorization to proceed with the processing of a building or construction permit shall be valid so long as such approval is permitted by law. The failure to act on the part of the petitioner to exercise the transfer of residential development rights or obtain and exercise an authorized COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 76 building or construction permit within the time period provided by law shall automatically terminate such approval and the county shall be held harmless for any damages arising out of the petitioner's failure to act. ix. Sequential use of residential units approved for transfer by the Board of County Commissioners. Upon the issuance of any permit for the construction of residential unit(s) upon the receiving land, the first residential units built thereon shall be considered to be the residential units approved for transfer by the Board of County Commissioners, and the succeeding residential units constructed shall be considered the residential units permitted under the basic zoning district regulations. c. TDR credits from RFMU sending lands : General Provisions i. Creation of TDR credits . a) TDR credits are generated from RFMU sending lands at a rate of 1 TDR credit per 5 acres of RFMU Sending Land or, for those legal non-conforming lots or parcels of less than 5 acres that were in existence as of June 22, 1999, at a rate of 1 TDR credit per legal non-conforming lot or parcel . b) For lots and parcels 5 acres or larger, the number of TDR credits generated shall be calculated using the following formula: # of acres x 0.2 = # of TDR credits generated. Where the number of TDR credits thus calculated is a fractional number, the number of TDR credits created shall be rounded to the nearest 1/100th. ii. Creation of TDR Bonus credits . TDR Bonus credits shall only be generated from RFMU sending land property from which TDR credits have been severed. The three types TDR Bonus credits are as follows: a) Environmental Restoration and Maintenance Bonus credits . Environmental Restoration and Maintenance Bonus credits are generated at a rate of 1 credit for each TDR credit severed from that RFMU sending land for which a Restoration and Management Plan (RMP) has been accepted by the County. In order to be accepted, a RMP shall satisfy the following: 1) The RMP shall include a listed species management plan. 2) The RMP shall comply with the criteria set forth in 3.05.08.A, and B. 3) The RMP shall provide financial assurance, in the form of a letter of credit or similar financial security, establishing that the RMP shall remain in place and be performed, until the earlier of the following occurs: a. Viable and sustainable ecological and hydrological functionality has been achieved on the property as measured by the success criteria set forth in the RMP. b. The property is conveyed to a County, state, or federal agency as provided in b) below. 4) The RMP shall provide for the exotic vegetation removal and maintenance to be performed by an environmental contractor acceptable to the County. b) Conveyance Bonus credits . Conveyance Bonus credits are generated at a rate of 1 credit for each TDR credit severed from that RFMU sending land that is conveyed in fee simple to a federal, state, or local government agency as a gift. Conveyance Bonus credits shall only be generated from those RFMU sending land properties on which an RMP has been accepted as provided in a) above. c) Early Entry Bonus credits . Early Entry Bonus credits shall be generated at a rate of 1 additional credit for each TDR credit that is severed from RFMU sending land for the period from March 5, 2004, until March 27, 2012. Early Entry Bonus credits shall cease to be generated after the termination of this early entry bonus period. However, Early Entry Bonus credits may continue to be used to increase density in RFMU and non- RFMU Receiving Lands after the termination of the Early Entry Bonus period. iii. Calculation of TDR Bonus credits . a) Environmental Restoration and Maintenance Bonus credits are calculated as follows: COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 77 # TDR credits generated from property × % property subject to an approved RMP b) Conveyance Bonus credits are calculated as follows: # TDR credits generated from property × % property subject to an approved RMP and conveyed as provided in ii.b) above. c) Early Entry Bonus credits are calculated as follows: # TDR credits generated within Early Entry period × 1. iv. Receipt of TDR credits or TDR Bonus credits from RFMU sending lands . TDR credits or TDR Bonus credits from RFMU sending lands may be redeemed into Urban Areas, the Urban Residential Fringe, and RFMU receiving lands , as provided in subsections 2.03.07 4.d. and e. below. v. Prohibition on redemption of fractional TDR credits and TDR Bonus credits . While fractional TDR credits and TDR Bonus credits may be created, as provided in (ii) above, TDR credits and TDR Bonus credits may only be redeemed in increments of whole, not fractional, dwelling units. Consequently, fractional TDR credits and fractional TDR Bonus credits must be aggregated to form whole units, before they can be utilized to increase density in either non-RFMU Receiving Areas or RFMU Receiving lands . vi. Prohibition on severance of development rights. a) Neither TDR credits nor TDR Early Entry Bonus credits shall be generated from RFMU sending lands where a conservation easement or other similar development restriction prohibits the residential development of such property, with the exception of those TDR Early Entry Bonus credits associated with TDR credits severed from March 5, 2004, until [the effective date of this provision]. Environmental Restoration and Maintenance Bonus credits and Conveyance Bonus credits may only be generated from those RFMU sending lands where a conservation easement or other similar development restriction on development was imposed in conjunction with the severance of TDR credits . b) Neither TDR credits nor any TDR Bonus credits shall be generated from RFMU sending lands that were cleared for agricultural operations after June 19, 2002, for a period of twenty-five (25) years after such clearing occurs. d. Redemption of TDRs into non- RFMU receiving areas . i. Redemption into urban areas. a) Maximum density increase. In order to encourage residential in-fill in urban areas of existing development outside of the Coastal High Hazard Area, a maximum of 3 residential dwelling units per gross acre may be requested through a rezone petition for projects qualifying under this residential infill provisions of the Future Land Use Element density Rating System, subject to the applicable provisions of Chapters 2 and 9 of this Code, and the following conditions: i) The project is 20 acres or less in size; ii) At time of development , the project will be served by central public water and sewer; iii) The property in question has no common site development plan in common with adjacent property; iv) There is no common ownership with any adjacent parcels ; and v) The parcel in question was not created to take advantage of the in-fill residential density bonus and was created prior to the adoption of this provision in the Growth Management Plan on January 10, 1989. vi) Of the maximum 3 additional units, one (1) dwelling unit per acre shall be derived from RFMU sending lands and redeemed at Site Plan or prior to Plat recordation. b) Developments which meet the residential infill conditions i) through v) above may increase the base density administratively through a Site Development Plan or Plat approval by a maximum of one dwelling unit per acre by redeeming additional density derived from RFMU district Sending Lands. ii. Redemptions into the Urban Residential Fringe shall be permitted exclusively through the use of TDR credits and TDR Bonus credits derived from RFMU sending lands located COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 78 within one mile of the Urban Boundary to increase density by a maximum of 1.0 dwelling units per acre, allowing for a density increase from the existing allowable base density of 1.5 dwelling units per acre to a maximum of 2.5 dwelling units per gross acre. e. Redemption into RFMU receiving lands . i. Maximum density on RFMU receiving lands when TDR credits are redeemed. a) The base residential density allowable shall be as provided in sections 2.03.08 A.2.a.(2)(a) and 2.03.08 A.2.b.(3)(a). b) The density achievable through the redemption of TDR credits and TDR Bonus credits into RFMU receiving lands shall be as provided for in section 2.03.08 A.2.a.(2)(b)(i) outside of rural villages and sections 2.03.08 A.2.b.(3)(b) and 2.03.08 A.2.b.(3)(c)(i) inside of rural villages. ii. Remainder uses after TDR credits are severed from RFMU sending lands. Where development rights have been severed from RFMU district Sending Lands, such lands may be retained in private ownership and may be used as set forth in section 2.03.08 A.4.b. f. Procedures applicable to the severance and redemption of TDR credits and the generation of TDR Bonus credits from RFMU sending lands . i. General. Those developments that utilize such TDR credits or TDR Bonus credits are subject to all applicable permitting and approval requirements of this Code, including but not limited to those applicable to site development plans, plat approvals, PUDs, and DRIs. a) The severance of TDR credits and the generation of Early Entry Bonus credits from RFMU sending lands does not require further approval of the County if the County determines that information demonstrating compliance with all of the criteria set forth in ii.a) below has been submitted. However, those developments that utilize such TDR credits and Early Entry Bonus credits are subject to all applicable permitting and approval requirements of this Code, including but not limited to those applicable to site development plans , plat approvals, PUDs, and DRIs. b) The generation of Environmental Restoration and Maintenance Bonus credits and Conveyance Bonus credits requires acceptance by the County of a RMP. ii. In order to facilitate the County's monitoring and regulation of the TDR Program, the County shall serve as the central registry for all TDR severances, transfers (sales) and redemptions , as well as maintain a public listing of TDR credits available for sale along with a listing of purchasers seeking TDR credits . No TDR credit generated from RFMU sending lands may be utilized to increase density in any area unless the following procedures are complied with in full. a) TDR credits shall not be used to increase density in either non-RFMU Receiving Areas or RFMU receiving lands until severed from RFMU sending lands . TDR credits shall be deemed to be severed from RFMU sending lands at such time as a TDR credit Certificate is obtained from the County. TDR credit Certificates shall be issued only by the County and upon submission of the following: i) a legal description of the property from which the RFMU TDR credits originated, including the total acreage; ii) a title opinion establishing that, prior to the severance of the TDR credits from RFMU sending lands , such sending lands were not subject to a conservation restriction or any other development restriction that prohibited residential development ; iii) an affidavit, signed by the owner, stating that the property was not subject to a conservation restriction or any other development restriction that prohibited residential development during the period between the effective date of the title opinion and conservation easement recordation; iv) an executed Limitation of Development Rights Agreement, prepared in accord with the form provided by the County, that limits the allowable uses on the property after the severance of TDR credits as set forth in section 2.03.08 A.4.b.; and v) a statement identifying the price, or value of other remuneration, paid to the owner of the RFMU sending lands from which the TDR credits were generated and that the value of any such remuneration is at least $25,000 per TDR credit , COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 79 unless such owner retains ownership of the TDR credits after they are severed, unless the RFMU or non- RFMU receiving lands on which the TDR credits will be redeemed and the RFMU sending lands from which the TDR credits were generated are owned by the same persons or entities or affiliated persons or entities; and vi) a statement attesting that the TDR credits are not being severed from RFMU sending lands in violation of subsection 2.03.07 D.4.c.vi.b) of the Code. vii) documented evidence that, if the property from which TDRs are being severed is subject to a mortgage, lien, or any other security interest; the mortgagee, lien holder, or holder of the security interest has consented to the recordation of the Limitation of Development Rights Agreement required for TDR severance; transfer (sale) of TDR credit ; and redemption of TDR credit . b) TDR Bonus credits shall not be used to increase density in either non-RFMU receiving areas or RFMU receiving lands until a TDR credit certificate reflecting the TDR Bonus credits is obtained from the County and recorded. 1) Early Entry Bonus credits . All TDR credit certificates issued by the County for the period from the effective date of this provision until March 27, 2015, unless further extended by resolution by the Board of County Commissioners, shall include one Early Entry Bonus credit or fractional Early Entry Bonus credit for each TDR credit or fractional TDR credit reflected on the TDR credit certificate. Where TDR credits were severed from March 5, 2004, until the effective date of this provision, the County shall, upon receipt of a copy of the TDR credit certificate reflecting those previously severed TDR credits , issue a TDR credit certificate entitling Early Entry Bonus credits equal in number to the previously severed TDR credits . 2) Environmental Restoration and Maintenance Bonus credit . A TDR certificate reflecting Environmental Restoration and Maintenance Bonus credits shall not be issued until the County has accepted a RMP for the sending lands from which the Environmental Restoration and Maintenance Bonus credit is being generated. Any sending lands from which TDR credits have been severed may also be used for mitigation programs and associated mitigation activities and uses in conjunction with any county, state or federal permitting. Where the Environmental Restoration and Maintenance Credit is applied for sending lands that are also being used (title or easement) for mitigation for permits or approvals from the U.S. Army Corps of Engineers, U. S. Fish and Wildlife Service, Florida Department of Environmental Protection, Florida Fish and Wildlife Conservation Commission, or the South Florida Water Management District, the County shall accept as the RMP for the sending mitigation lands, the restoration and/or maintenance requirements of permits issued by any of the foregoing governmental agencies for said lands. 3) Conveyance Bonus credit. A TDR certificate reflecting Conveyance Bonus credits shall not be issued until the County has accepted a RMP for the Sending Lands from which the Conveyance Bonus credit is being generated and such sending lands have been conveyed, in fee simple, to a County, state, or federal government agency. c) A PUD or DRI utilizing TDR credits or TDR Bonus credits may be conditionally approved, but no subsequent application for site development plan or subdivision plat within the PUD or DRI shall be approved, until the developer submits the following: i) documentation that the developer has acquired all TDR credits and TDR Bonus credits needed for that phase of the development that is the subject of the site development plan or subdivision plat. d) The developer shall provide documentation of the acquisition of full ownership and control of all TDR credits and TDR Bonus credits needed for the development prior to the approval of any site development plan, subdivision plat, or other final local development order, other than a PUD or DRI. e) Each TDR credit shall have an individual and distinct tracking number, which shall be identified on the TDR certificate that reflects the TDR credit . The County TDR COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 80 Activity Log shall maintain an ongoing database that categorizes all TDR credits relative to severance, transfer (sale) and redemption activity. f) Each TDR Bonus credit shall have an individual and distinct tracking number, which shall be identified on the TDR certificate and which shall identify the specific TDR credit associated with the TDR Bonus credit . The County TDR Registry shall maintain a record of all TDR Bonus credits , to include a designation of those that have been expended. g) The County bears no responsibility to provide notice to any person or entity holding a lien or other security interest in Sending Lands that TDR credits have been severed from the property or that an application for such severance has been filed. g. Proportional utilization of TDR credits and TDR Bonus credits . Upon the issuance of approval of a site development plan or subdivision plat that is part of a PUD or DRI, TDR credits and TDR Bonus credits shall be redeemed at a rate proportional to percentage of the PUD or DRI's approved gross density that is derived through TDR credits and TDR Bonus credits . All PUDs and DRIs utilizing TDR credits and TDR Bonus credits shall require that the rate of TDR credit and TDR Bonus credits consumption be reported through the monitoring provisions of section 10.02.12 and subsection 10.02.07.C.1.b of this Code. 5. In accordance with § 380.05, F.S. and chapter 73-131 Laws of Florida, the administrative commission instituted regulations for the Big Cypress Area of Critical State Concern "ACSC". The purpose of these regulations is to conserve and protect the natural, environmental, and economic resources of the Big Cypress area. Furthermore, these regulations are to provide a land and water management system that will preserve water quality, provide for the optimum utilization of the limited water resources of the area, facilitate orderly and well-planned development , and protect the health, safety and welfare of residents of the state. The Florida Administrative Code establishes criteria for site alteration, drainage, transportation facilities and structure installation. These regulations are implemented through the land development regulations as set forth in section 4.02.14. An overlay zoning classification to be known as Area of Critical State Concern/Special Treatment Overlay shall be designated on the Official Zoning Atlas with symbol ACSC-ST. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 81 LICENSE FOR J. LEE NORRIS, MAI, SRA LICENSE FOR ANGELICA JORDAN COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 82 QUALIFICATIONS OF J. LEE NORRIS, MAI, SRA STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ643 EDUCATION: Florida State University - 1978 Bachelor of Science - Real Estate Edison Community College - Associate of Arts Degree PROFESSIONAL EDUCATION: Narrative Report Writing Seminar - 1980 S.R.E.A. #101: Florida State University - 1978 S.R.E.A. R-2 Exam - 1981 A.I.R.E.A.: Course 1-B, Part 1, 2 & 3 - 1983 Farm and Land Institute - Citrus Seminar - 1982 A.I.R.E.A.: Standards of Professional Practice - 1984 S.R.E.A: Income Property Appraising - 1984 R41c Florida League of Financial Institutions - 1986 S.R.E.A.: Uniform Residential Appraisal Report - 1987 S.R.E.A. #202: Applied Income Property Valuation - 1987 A.I.R.E.A.: Rates, Ratio and Reasonableness - 1988 S.R.E.A.: Professional Practice Seminar - 1988 S.R.E.A.: Depreciation Analysis - 1988 Appraisal Institute: Appraisal Theory and Overview - 1992 Appraisal Institute: Banking Regulations - FIRREA - 1992 Appraisal Institute: Rates, Ratios, Reasonableness - 1992 Ted Whitmer Seminars: Comprehensive Appraisal Workshop 1992 Appraisal Institute: Standards of Professional Practice - Part A & B - 1992 Appraisal Institute: Appraisal Review - Income Properties - 1993 Appraisal Institute: New Uniform Residential Appraisal Report - 1993 Appraisal Institute: Understanding Limited Appraisals - 1994 Appraisal Institute: USPAP Core Law Update - 1994 Appraisal Institute: Electromagnetic Fields - 1994 Hondros Career Centers: Home Inspections - 1995 (40 Hours) Appraisal Institute: USPAP Core Law Update - 1995 Appraisal Institute: Appraising Retail Properties - 1996 Appraisal Institute: Standards of Professional Practice - Part A - 1996 Appraisal Institute: Standards of Professional Practice - Part B - 1996 NAIFA: Fair Lending Practices - 1997 SFWMD: Rural Properties in Southwest Florida - 1998 Appraisal Institute: USPAP/Core Law - 1998 Appraisal Institute: Appraisal Office Management -1998 Appraisal Institute: Core Law Update - 1998 Appraisal Institute: Attacking & Defending an Appraisal in Litigation - 2000 U.S. Department of Justice: Everglades/Big Cypress Market Study - 1999 Appraisal Institute: Defending an Appraisal in Litigation - 2000 Appraisal Institute: Appraisers Florida Law Update - 2000 Appraisal Institute: Course 430 - Standards - Part C - 2000 Appraisal Institute: 410 - Principles of Condemnation Appraising SFWMD: Appraisal Fundamentals, Project Influence/Natural Resource Impacts - 2001 Bert Rodgers - Online - Florida State Law & USPAP Review for Real Estate Appraisers - 2002 SFWMD: Current Appraisal Issues in Florida - 2002-2005 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 83 National USPAP Update Course – 2004, 2006, 2008 The Professional’s Guide to the URAR Form - June, 2005 SFWMD: 2006 Appraisal Seminar - April, 2006 Florida State Law for Real Estate Appraisers – August, 2006; September, 2008 Reappraising, Reassigning and Readdressing Appraisals, May 2007 Appraisal Challenges: Declining Markets and Sales Concessions - May, 2008 SFWMD: 2008 Appraisal Seminar - May, 2008 Supervisor Trainee Roles and Rules – September, 2008 Appraisal Institute: Business Practices and Ethics – December, 2008 Florida Department of Revenue – Value Adjustment Board Training – Sept., 2009 Appraisal Institute: USPAP Update Course – August, 2010 Appraisal Institute: Supervisor Trainee Roles and Rules – August, 2010 Appraisal Institute: Florida Law Update – August, 2010 Appraisal Institute: Forecasting Revenue – October, 2010 Appraisal Institute: The Uniform Appraisal Dataset from Fannie Mae/Freddie Mac– Aug, 2011 Appraisal Curriculum Overview (2 Day General) – November, 2011 Appraisal Institute: Appraising Convenience Stores Online Education – Dec., 2011 Florida Appraisal Law – May, 2012 Appraisal Institute: National USPAP Update Course – May, 2012 Appraisal Institute: Online Using Your HP12C financial Calculator – Oct 3, 2012 Appraisal Institute: How to Systemize Your Appraisal Business – April 17, 2013 Appraisal Institute: Online Appraisal Curriculum Overview-Residential –April 21, 2013 Appraisal Institute: Online Appraisal Curriculum Overview-General – April 28, 2013 Appraisal Institute: Online Appraisal Curriculum Overview-General –May 1, 2013 Appraisal Institute: Problems in Critical Thinking – February, 2014 Appraisal Institute: Florida Appraisal Law – April, 2014 Appraisal Institute: National USPAP Update Course – April, 2014 Appraisal Institute: Statistics, Finance and Valuation Modeling – September, 2014 Appraisal Institute: Trial Components – November, 2014 Appraisal Institute: Supervisor/Trainee Course for Florida – June, 2015 Appraisal Institute: Florida Appraisal Law & National USPAP Update Course – April, 2016 Appraisal Institute: Mysteries and Misconceptions – USPAP and Appraiser Regulation - July, 2016 Appraisal Institute: Major User Perspectives on Real Estate Appraisal - July, 2016 Appraisal Litigation, Legislative and Regulatory Update – July, 2016 Appraisal Institute: Mock Trial and Prepping for Testimony – July, 2016 Appraisal Institute: Comm Vendor Mgmt: What Keeps Procurement Exec Up at Night?– July, 2016 Appraisal Institute: Market Analysis – Application into the Overall Appraisal Parts – July, 2016 Appraisal Institute: Seven-Hour Seminar: FHA Appraising for Valuation Professionals – July, 2016 Appraisal Institute: Appraisal Business and Ethics – October, 2016 EXPERIENCE: 7/85 to present: Carlson, Norris and Associates, Inc. 3/82 to 6/85: Stewart & Stephan, Inc. Fort Myers, Florida 6/78 to 3/82: Webster & Associates, Inc. Fort Myers, Florida 1990-2005, 2009-2016: Special Magistrate, Lee County Value Adjustment Board COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 84 PROFESSIONAL MEMBERSHIP: 1989 - 1990 - President, S.R.E.A. Chapter 186 MAI Member #09852 - Appraisal Institute - 1993 SRA Member - Society of Real Estate Appraisers - 1983 Certification - State Certified General Appraiser #0000643 Member - Board of Realtors State of Florida - Registered Real Estate Broker Properties appraised include: subdivisions, retail centers, motels, commercial buildings, industrial buildings, warehouses, mobile home parks, professional offices, medical offices, office/warehouse condominiums, single family homes, duplexes, apartment projects (3 units and more), individual condominium projects, residential lots, acreage, wetlands, special use properties, ranches, conservation easements and other miscellaneous properties. Appraisal clients include: banks, savings and loan associations, attorneys, corporations, builders, developers, mortgage companies, home transfer companies, private individuals, and local, state and federal government agencies. Has been qualified as an expert witness in Lee County Circuit Court and Federal Court. Has been qualified as an approved appraiser for the Florida Department of Transportation, the Florida Department of Environmental Protection, National Park Service, the Lee County School Board, Lee County Division of Public Works, and the South Florida Water Management District. COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS CARLSON, NORRIS AND ASSOCIATES, INC. 85 QUALIFICATIONS OF ANGELICA JORDAN STATE-REGISTERED TRAINEE APPRAISER RI23979 EDUCATION: Florida Gulf Coast University- Bachelor of Science - Finance PROFESSIONAL EDUCATION: Real Property Valuation – Florida Gulf Coast University- 2012 Investments in Real Estate – Florida Gulf Coast University- 2012 Basic Appraisal Principles – 2014 Basic Appraisal Procedures – 2014 National USPAP Course – 2014 State of Florida Law and Appraisers – 2014 Sale Comparison & Income Approach - 2016 National USPAP Update Course - 2016 State of Florida Real Estate Appraisal Laws and Rules – 2016 Appraisal Review of Residential Properties - 2018 Methodology and Application of Sales Comparison - 2018 State of Florida Real Estate Appraisal Laws and Rules Update– 2018 EXPERIENCE: 2018-Present: Carlson, Norris and Associates, Inc. Fort Myers, Florida 2016-2018 LandQwest Commercial Fort Myers, Florida 2012-2015: Armalavage Valuation/Valbridge Property Advisors Naples, Florida PROFESSIONAL MEMBERSHIP: Certification - State-Registered Trainee Appraiser RI23979 Properties appraised/assisted include: retail centers, commercial buildings, industrial buildings, warehouses, professional offices, medical offices, office/warehouse condominiums, apartment projects (3 units and more), residential lots, acreage, special use properties, and other miscellaneous properties. 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com REAL ESTATE APPRAISAL REPORT SD CORP OF NAPLES PARCELS 2 & 3 Agricultural Land 6371 Adkins Avenue Naples, Collier County, Florida, 34112 PREPARED FOR: Mr. Roosevelt Leonard Real Property Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Client File: PO Number 4500189342 EFFECTIVE DATE OF THE APPRAISAL: September 21, 2018 DATE OF THE REPORT: October 22, 2018 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2018-175 SD Corp of Naples Parcels 2 & 3 6371 Adkins Avenue Naples, Florida 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com October 22, 2018 Mr. Roosevelt Leonard Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Re: Real Estate Appraisal SD Corp of Naples Parcels 2 & 3 6371 Adkins Avenue, Naples, Collier County, Florida, 34112 Client File: PO Number 4500189342 RKL File Number: 2018-175 Dear Mr. Leonard: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The intended users for the assignment are Collier County Real Property Management (Conservation Collier Program), and the intended use of the appraisal is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier program. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The appraisal also conforms with the appraisal regulations issued in connection with the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The subject consists of two adjacent vacant agricultural parcels of land containing a total area of 37.16 acres, or 1,618,690 square feet. Single family homes, agricultural activities, family care facilities, schools, and conservation uses are permitted under the present Rural Agricultural District (A) zoning designation. The site is located within the Urban Residential Subdistrict Future Land Use Designation. Approximately 16 acres located in the southeastern portion of the site is located within a Special Treatment (ST) Overlay. Mr. Roosevelt Leonard Collier County October 22, 2018 Page 2 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple September 21, 2018 $1,670,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0800 Ext. 203 SD CORP OF NAPLES PARCELS 2 & 3 TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions ................................................................... 1 Introduction Information ..................................................................................................... 2 Subject Identification ...................................................................................................... 2 Current Ownership and Property History ....................................................................... 2 Appraisal Scope .............................................................................................................. 2 Client, Intended User, and Intended Use ........................................................................ 3 Definition of Market Value ............................................................................................. 3 Definition of Property Rights Appraised ........................................................................ 3 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 4 Scope of Work ................................................................................................................ 4 Economic Analysis ............................................................................................................. 5 National Economic Analysis........................................................................................... 5 Florida Economic Analysis ............................................................................................. 7 Collier County Area Analysis ......................................................................................... 9 Market Area Analysis ................................................................................................... 20 Property Description and Analysis ................................................................................... 25 Site Analysis ................................................................................................................. 25 Real Estate Taxes and Assessments .............................................................................. 38 Highest and Best Use .................................................................................................... 39 Valuation Methodology .................................................................................................... 41 Analyses Applied .......................................................................................................... 42 Sales Comparison Approach ......................................................................................... 43 Reconciliation ............................................................................................................... 51 Final Value Conclusion................................................................................................. 51 Certification ...................................................................................................................... 52 Assumptions and Limiting Conditions ............................................................................. 54 Addenda Appraiser Qualifications ....................................................................................... Addendum A Property Information ............................................................................................ Addendum B Comparable Data .................................................................................................. Addendum C SD CORP OF NAPLES PARCELS 2 & 3 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 1 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: SD Corp of Naples Parcels 2 & 3 6371 Adkins Avenue, Naples, Collier County, Florida, 34112 Owner: S.D. Corporation of Naples Inc. (Parcel 2) and Cypress Landings II of Naples, LLC (Parcel 3) Legal Description: Lengthy legal description shown in addenda. Tax Identification: 00425920008 (Parcel 2) and 00419160007 (Parcel 3) Intended Use: The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier program. Intended User(s): Collier County Real Property Management (Conservation Collier Program) PROPERTY Land Area: Total: 37.16 acres; 1,618,690 square feet Flood Zone: Zone AH with small areas of AE Zoning: Future Land Use Designation: A - Rural Agricultural District with Special Treatment (ST) Overlay Urban Residential Subdistrict Highest and Best Use As Vacant Residential development Exposure Time 18-24 months Marketing Period 18-24 months VALUE INDICATIONS Value Range of Comparables: $33,100 to $70,484 per acre Reconciled Value(s): As Is Value Conclusion(s) $1,670,000 Effective Date(s) September 21, 2018 Property Rights Fee Simple The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. SD CORP OF NAPLES PARCELS 2 & 3 INTRODUCTION INFORMATION Page 2 INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: SD Corp of Naples Parcels 2 & 3 6371 Adkins Avenue, Naples, Collier County, Florida, 34112 Legal Description: Lengthy legal description shown in addenda. Tax Identification: 00425920008 (Parcel 2) and 00419160007 (Parcel 3) The subject consists of two adjacent vacant agricultural parcels of land containing a total area of 37.16 acres, or 1,618,690 square feet. Single family homes, agricultural activities, family care facilities, schools, and conservation uses are permitted under the present Rural Agricultural District (A) zoning designation. The site is located within the Urban Residential Subdistrict Future Land Use Designation. Approximately 16 acres located in the southeastern portion of the site is located within a Special Treatment (ST) Overlay. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is S.D. Corporation of Naples Inc. (Parcel 2) and Cypress Landings II of Naples, LLC (Parcel 3), related entities. Sale History According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): The subject is not currently listed for sale, or under contract. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy, nor is it listed for sale. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser’s responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: ● the client and any other intended users; ● the intended use of the appraiser’s opinions and conclusions; ● the type and definition of value; ● the effective date of the appraiser’s opinions and conclusions; ● subject of the assignment and its relevant characteristics ● assignment conditions SD CORP OF NAPLES PARCELS 2 & 3 INTRODUCTION INFORMATION Page 3 ● the expectations of parties who are regularly intended users for similar assignments; and ● what an appraiser’s peer’s actions would be in performing the same or a similar assignment. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Real Property Management (Conservation Collier Program). The intended use is to assist Collier County in its determination of market value for the potential acquisition through the Conservation Collier program. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: Buyer and seller are typically motivated; Both parties are well informed or well advised, and acting in what they consider their best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.” (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: “Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.” (Source: The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) SD CORP OF NAPLES PARCELS 2 & 3 INTRODUCTION INFORMATION Page 4 PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The effective date of the subject appraisal is September 21, 2018. The date of inspection was September 21, 2018. The date of the report is October 22, 2018. SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the subject property. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: An on site inspection was made and photographs were taken. Market Area and Analysis of Market Conditions: A complete analysis of market conditions has been made. The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: A cost approach was not applied as there are no improvements that contribute value to the property. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: None. Extraordinary Assumptions: None. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. SD CORP OF NAPLES PARCELS 2 & 3 NATIONAL ECONOMIC ANALYSIS Page 5 ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) recently released statements suggesting that the labor market conditions continued to strengthen and that real gross domestic product (GDP) appeared to be rising at a solid rate in the first half of 2018. According to the June 13, 2018 Press Release, total nonfarm payroll employment expanded at a strong pace in April and May. The national unemployment rate edged down in both months and was 3.8% in May. Consumer price inflation, as measured by the 12-month percentage change in the price index for personal consumption expenditures (PCE), was 2% in April. Survey based measures of longer-run inflation expectations were little changed on balance. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2% objective over the medium term. Risks to the economic outlook appear roughly balanced. In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate from 1.75% to 2.00%. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2% inflation. The Federal Housing Finance Agency reported that mortgage rates on purchases of newly built homes rose by seven basis points over the month of May 2018 to 4.51%, marking the seventh consecutive monthly increase. The overall general consensus is current mortgage rates are still too low. The economy has made a near-full recovery from the housing crisis, unemployment is in the low 4% range, the stock market is reaching record highs, and housing prices are increasing. Interest rates usually rise when the economy is doing this well. In the summer of 2007, in the midst of the last boom, 30-year rates neared 6.75% according to Freddie Mac. The boom prior to that, in 1999, saw rates above 8%. Lawrence Yun, NAR chief economist warns home values have been rising for six straight years, with gains accelerating for the past two years. "The continuing run-up in home prices above the pace of income growth is simply not sustainable" according to Mr. Yun. "From the cyclical low point in home prices six years ago, a typical home price has increased by 48 percent while the average wage rate has grown by only 14 percent." Aaron Terrazas, senior economist at Zillow, reports "A generally strong economy and favorable demographic tailwinds driven by the huge millennial generation aging into their home buying prime will help ensure that demand stays high, even as prices rise," wrote Aaron Terrazas, senior economist at Zillow. "Getting a mortgage remains incredibly affordable compared to paying rent each month." But, the "advantage is SD CORP OF NAPLES PARCELS 2 & 3 NATIONAL ECONOMIC ANALYSIS Page 6 starting to erode, as mortgage interest rates rise alongside prices and income growth lags behind." CoreLogic chief economist, Frank Nothaft, projects home prices will increase by 4.2% on a year-over-year basis from November 2017 to November 2018. CoreLogic averaged six forecasts of mortgage rates, arriving at a consensus view that the 30-year fixed will average 4.7% in December 2018. “Not only are mortgage rates higher, but mortgage rates will be at the highest level since 2011,” Nothaft said at the Urban Institute symposium. “So we’re looking at an environment, going forward, where this era of cheap mortgage rates will largely be behind us.” Mr. Yun expects commercial real estate activity to remain positive; however, he projects modest price corrections in big cities and for trophy properties, but he expects only a 3% to 7% decrease in 2018, which is after a 90% increase over the past seven years. He further predicted that 2018 will have a 5% to 10% decline in transactions due to a mismatch between the worldviews of buyers and sellers. "Sellers and landlords will note that the economy is doing well and demand higher prices and rents. But buyers will see rising interest rates and won’t want to adjust their offers to meet seller demands." The following table details the economic forecasts of Federal Reserve Board members and Federal Reserve Bank presidents. SD CORP OF NAPLES PARCELS 2 & 3 FLORIDA ECONOMIC ANALYSIS Page 7 FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau Florida's population grew by 1.59% in 2017 (July 2016 to July 2017), the fifth highest rate in the country behind Idaho (2.2%), Nevada (2.0%), Utah (1.9%), Washington (1.7%), and Arizona (1.56%). Florida gained the second-most number of people in 2017, an additional 328,000 residents, second to Texas which gained 400,000 residents. Florida has a population of 20,656,589 million as of July 2017. The Bureau of Economic and Business Research at the University of Florida projects the state's population, which surpassed 20 million in mid 2015, to rise to 24.2 million by 2030 and 26.4 million by 2040. Looking forward, Florida continues to draw a significant number of Baby Boomers. According to the U.S. Census Bureau, Florida has the fifth highest median age at 42.1 (a 3.4% increase from a median age of 38.7 in 2000). Maine is first with a median age of 44.6. In January 2018, personal finance website, WalletHub, compared the 50 states across 41 indicators, from water and air quality to the number of museums, theaters and scenic byways, as well as access to health care, life expectancy and the percentage of the adult population that is physically active. Florida ranked as the top state to retire, seconded by Colorado and South Dakota. Florida lost approximately 11% of the entire job base during the Great Recession; however, employment is increasing. According to the Florida Department of Economic Opportunity, Florida's seasonally adjusted unemployment rate was 3.6% in November 2017 slightly lower than the national rate of 4.1%. The Bureau of Economic and Business Research at the University of Florida reported 8,977,153 total employees in Florida in 2016. Employment is projected to increase to over 10 million by 2024. According to the December 2017 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, strong economic growth is forecasted in Florida over the next several years. The labor force is projected to continue to grow at an average rate of 2.0% through 2021 with unemployment projected at 3.7% to 3.8% in 2018 through 2021. According to the Bureau of Labor Statistics, the 2017 Florida unemployment rate has averaged 4.2% from January through November 2017. SD CORP OF NAPLES PARCELS 2 & 3 FLORIDA ECONOMIC ANALYSIS Page 8 The following chart, prepared by Fishkind and Associates, shows the historical and projected growth in population and employment for the State of Florida. Fishkind projects the unemployment rate will slightly increase in 2018 to 4.7% and to 6.6% by 2020. SD CORP OF NAPLES PARCELS 2 & 3 COLLIER COUNTY AREA ANALYSIS Page 9 COLLIER COUNTY AREA ANALYSIS Collier County has long been an attractive place to retire and it continues to be an area that experiences a great deal of seasonal population increases. According to the Collier County Comprehensive Planning Department, Collier County’s population increases up to 25% between November and April due to seasonal residents and short-term agricultural workers in the Immokalee area. The population increase creates a high degree of seasonality within the retail, service, and hospitality sectors of Collier County’s economy. Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami, Sarasota, and West Palm Beach as shown in the following table. Metro Area Miles Fort Myers 44 Jacksonville 378 Fort Lauderdale 107 Tallahassee 435 Miami 128 Atlanta 616 Sarasota 120 New York 1,311 West Palm Beach 150 Dallas 1,315 Tampa 169 Chicago 1,335 Orlando 238 Distance to Other Major Markets Population Historical and projected population trends for Charlotte, Collier, and Lee Counties are shown in the following graph. SD CORP OF NAPLES PARCELS 2 & 3 COLLIER COUNTY AREA ANALYSIS Page 10 Population projections for Charlotte, Collier, and Lee Counties are shown in the following table. As shown, total population is projected to increase in all three Southwest Florida counties with the greatest growth projected in Lee County. County 2017 Population 2040 Projection Percent Change Charlotte County 173,978 210,000 21% Collier County 368,652 483,000 31% Lee County 720,426 1,055,000 46% Total 1,263,056 1,748,000 38% Source: ESRI and Office of Economic and Demographic Research Southwest Florida Population Projections The following table shows population projections by Fishkind & Associates, Inc. As shown, the average annual overall population growth projection is 2.2% through 2020. 2014 2015 2016 2017 2018 2019 2020 Overall Average Projection Population 347,899 356,570 365,136 374,295 382,571 391,272 398,580 Population Change 8,655 8,671 8,566 9,159 8,276 8,701 7,308 8,361 Population % Change 2.6% 2.5% 2.4% 2.5% 2.2% 2.3% 1.9%2.2% Source: Fishkind & Associates, Inc. November 2017 Collier Econocast Employment The local economy is largely dependent on the real estate market. The national recession and depressed real estate market caused a decline in overall employment consisting mainly of construction related jobs. The economy is recovering and the residential market has stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. All factors are increasing the demand for employment. The following table shows Collier County employment by major industry division for the 4Q of 2017. SD CORP OF NAPLES PARCELS 2 & 3 COLLIER COUNTY AREA ANALYSIS Page 11 Oct-17 Nov-17 Dec-17 Total, All Industries 140,732 147,460 150,579 $1,830,205,724 146,257 $12,514 Service-Providing 118,675 123,978 126,296 $1,543,417,747 122,983 $12,550 Education and Health Services 27,539 28,148 28,296 $372,557,706 27,994 $13,308 Leisure and Hospitality 27,229 29,665 30,705 $232,757,092 29,200 $7,971 Trade, Transportation, and Utilities 26,844 28,334 29,111 $316,271,028 28,096 $11,257 Goods-Producing 22,057 23,482 24,283 $286,787,977 23,274 $12,322 Retail Trade 21,076 22,378 22,926 $188,438,256 22,127 $8,516 Accommodation and Food Services 19,522 20,874 21,627 $131,236,561 20,674 $6,348 Health Care and Social Assistance 19,008 19,357 19,686 $266,132,763 19,350 $13,753 Professional and Business Services 15,889 16,145 16,245 $252,447,152 16,093 $15,687 Construction 15,478 15,753 15,871 $202,939,499 15,701 $12,926 Administrative and Waste Services 9,959 10,108 10,132 $92,938,435 10,066 $9,233 Educational Services 8,531 8,791 8,610 $106,424,943 8,644 $12,312 Financial Activities 8,030 8,150 8,200 $201,182,366 8,127 $24,756 Arts, Entertainment, and Recreation 7,707 8,791 9,078 $101,520,531 8,525 $11,908 Other Services 6,047 6,429 6,582 $57,033,525 6,353 $8,978 Public Administration 5,651 5,647 5,682 $86,693,549 5,660 $15,317 Professional and Technical Services 5,549 5,661 5,723 $141,698,765 5,644 $25,105 Finance and Insurance 4,102 4,098 4,011 $143,010,824 4,070 $35,135 Employment Total Wages Average Monthly Average Quarterly *Source: Florida Department of Economic Opportunity, 4Q 2017 Florida Employment and Wages by County Industry Title The following table shows employment projections through 2025 by the Department of Economic Opportunity. As shown, the education and health services industry has the largest projected growth rate at 22.8% followed by construction at 17.6% and professional and business services at 15.6%. The projected fastest growing occupations are Nurse Practitioners followed by Computer-Controlled Machine Tool Operators and Diagnostic Medical Sonographers. Employment 2017 - 2025 Change Industry 2017 2025 Total Percent Total, All Industries 166,294 188,594 22,815 13.4 Agriculture, Forestry, Fishing and Hunting 3,535 3,370 -165 -4.7 Mining 42 48 6 14.3 Construction 15,884 18,680 2,796 17.6 Manufacturing 3,825 4,279 454 11.9 Trade, Transportation, and Utilities 28,181 31,894 3,713 13.2 Information 1,620 1,623 3 0.2 Financial Activities 8,286 9,238 952 11.5 Professional and Business Services 17,338 20,044 2,706 15.6 Education and Health Services 21,971 26,978 5,007 22.8 Leisure and Hospitality 28,485 31,421 2,936 10.3 Other Services (Except Government) 7,599 8,359 760 10.0 Government 13,759 15,058 1,299 9.4 Collier County Industry Employment Projections 2017-2025 Collier County unemployment peaked in August 2010 at 13.0%, and has been generally declining since. The rate in 2016 ranged from a low of 4.1% in April and May of 2016 to a high of 5.5% in August and September 2016. The preliminary reported unemployment rate in November 2017 was 3.9%, the lowest November rate in over a decade. SD CORP OF NAPLES PARCELS 2 & 3 COLLIER COUNTY AREA ANALYSIS Page 12 The annual Collier County rate peaked in 2010 at 11.6% and declined steadily since. The 2017 annual rate was 4.1%. As of May 2018, the unemployment rate for the State of Florida was 3.4%, down from a peak of 11.5% in January and August 2010. On a national level, the unemployment rate in June 2018 was 4.0%. Collier County currently has a slightly higher rate than the state and country. The local economy is largely dependent on the real estate market. The residential market has stabilized after several years of an expansion period and the commercial market is generally in the expansion stage which is characterized as sustained growth in demand and increasing construction. The following table from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment from 2007 through November 2017. As shown, there were significant declines in construction employment due mainly to the downturn in the real estate market. Goods producing employment also decreased significantly. The construction sector has increased substantially since 2012 (approximately 10.3% to 15.2% increase per year). Goods producing employment also increased significantly with annual increases from 10.0% to 14.1% per year. However, both sectors are still below pre-recession employment levels. The service producing and leisure and hospitality sectors have exceed pre-recession levels; however, growth rates have leveled off in 2017 year to date, with the leisure and hospitality sector losing employment in 2017 year to date. Overall total non-farm employment also exceeds pre-recession levels. Total employment increased 5.4% in 2014, 4.8% in 2015 and 4.6% in 2016. The percentage increase has declined in 2017 YTD to 1.8%. SD CORP OF NAPLES PARCELS 2 & 3 COLLIER COUNTY AREA ANALYSIS Page 13 Year Service- Providing % Change Goods Producing % Change Mining, Logging, & Const. % Change Leisure and Hospitality % Change All Employees, Total Nonfarm % Change 2007 107,000 1.2% 22,900 -15.8% 19,700 -17.6% 23,300 5.0% 130,000 -2.2% 2008 104,100 -2.7% 17,400 -24.0% 14,400 -26.9% 22,800 -2.1% 121,500 -6.5% 2009 98,300 -5.6% 13,000 -25.3% 10,400 -27.8% 21,000 -7.9% 111,300 -8.4% 2010 99,700 1.4% 11,500 -11.5% 9,100 -12.5% 21,300 1.4% 111,200 -0.1% 2011 103,500 3.8% 11,500 0.0% 9,000 -1.1% 22,600 6.1% 114,900 3.3% 2012 106,600 3.0% 12,100 5.2% 9,400 4.4% 23,600 4.4% 118,700 3.3% 2013 109,700 2.9% 13,500 11.6% 10,500 11.7% 24,400 3.4% 123,300 3.9% 2014 114,500 4.4% 15,400 14.1% 12,100 15.2% 25,500 4.5% 129,900 5.4% 2015 119,100 4.0% 17,000 10.4% 13,600 12.4% 26,500 3.9% 136,100 4.8% 2016 123,600 3.8% 18,700 10.0% 15,000 10.3% 27,200 2.6% 142,300 4.6% 2017*124,200 0.8% 20,300 8.5% 16,200 8.5% 26,700 -1.3% 144,500 1.8% *Through Nov. 2017; percentage increase in comparison to Nov. 2017 YTD Source: U.S. Department of Labor Naples - Immokalee - Marco Island The following projection by Fishkind & Associates, Inc. shows average annual projected growth of 3.1% through 2020. 2014 2015 2016 2017 2018 2019 2020 Overall Average Projection Employment 128,840 134,375 140,440 146,321 151,047 155,238 158,810 Employment Change 6,006 5,535 6,065 5,881 4,726 4,191 3,572 4,593 Employment % Change 4.9% 4.3% 4.5% 4.2% 3.2% 2.8% 2.3% 3.1% Unemployment Rate 6.0% 5.3% 4.8% 4.4% 3.6% 4.4% 6.8% Collier Econocast According to Moody's Analytics, Florida has five of the top 10 metro areas projected to add the most jobs through 2018. Much of the expected gains are centered around hospitality and real estate jobs. Cape Coral has had the second highest rate of net migration in the country over the past five years as retirees and job seekers head south. Collier County and the entire Southwest Florida Region is substantially dependent on the real estate and construction sectors. Therefore, the area has been and should be more susceptible to cyclical fluctuations that have occurred in other areas dominated by a single industry. The top employers in Collier, Lee and Charlotte County as reported by the Southwest Florida Economic Development Alliance are shown in the following table. SD CORP OF NAPLES PARCELS 2 & 3 COLLIER COUNTY AREA ANALYSIS Page 14 Development Growth continues to shift east with Ave Maria becoming the top-selling single-family residential community in Collier County. It has maintained the top ranking in the Naples- Fort Myers market for 11 consecutive quarters according to a 3Q 2017 Metro Study report. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. Mark Strain, chairman of the Collier County Planning Commission and the county's chief hearing examiner, said that by the end of 2018 three new towns planned for eastern Collier County could be in some stage of the county's approval process, which he described as "pretty big news." There were approximately 13,000 residential permits pulled in 2015 for Lee, Collier, and Charlotte counties, 11,200 in 2016, and approximately 13,000 in 2017. By comparison, SD CORP OF NAPLES PARCELS 2 & 3 COLLIER COUNTY AREA ANALYSIS Page 15 there were approximately 44,000 permits pulled in the three county area in the peak, 2005, and only approximately 2,000 permits in the recession, 2009. Fishkind & Associates, Inc. projects approximately 13,400 residential permits will be pulled in Lee, Collier, and Charlotte counties in 2018. The decline in residential permits in 2016 is partly due to the decrease in new apartments following abnormally high activity in 2015. Permitting activity in 2017 was also buoyed by the strength of the apartment and assisted living facility sectors. According to Collier County Planning Commission Chairman, Mark Strain, the county's population is projected to reach more than 482,000 by 2040. There are more than $1 billion in proprosed new luxury high-rise developments near the coast including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay and Kalea Bay in North Naples. Additionally about 3,000 apartment units were in some stage of governmental review and approval process at the end of 2017. Strain discussed several new building trends in the county, including redevelopment, which comes with a maturing market. Transformational projects include Trio of Naples, a high-rise planned for the Gateway Triangle, which will have a combination of luxury high-rise condos, extended-stay hotel rooms and retail shops. Strain also reported more than 1.1 million square feet of commercially zoned land available west of Collier Boulevard near Interstate 75, including 270,000 square feet at the Golden Gate Commerce Park. New commercial development is very active at the intersections of Collier Boulevard and US 41 East as well as Collier Boulevard and Immokalee Road. Lastly, Strain reported future road projects including an overpass at Immokalee Road and Collier Boulevard and at Collier Boulevard and US 41 East as well as a flyover at Davis Boulevard and Collier Boulevard. Construction is scheduled to commence in 2021. A 22-story, 120-unit tower, the first of five residential high-rises planned for Kalea Bay located on Vanderbilt Drive, north of Wiggins Pass Road in North Naples was completed in late 2017. The strong response to Tower 1 propted a release of Tower 2 in early 2017. Aqua II at Pelican Isle on Vanderbilt Drive, an 11-story, 32-unit tower, was completed in May 2017. The units range from 3,900 to just under 4,200 square feet and are priced from $1.995 to over $2.545 million. Only seven units were unsold at completion. Construction commenced in July 2017 on Mystique, a 20-story, 72-unit tower in Pelican Bay. Units will range from 4,003 to 5,280 square feet and are priced from over $3 million to over $7 million. In its 2nd Quarter 2018 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples-Immokalee-Marco Island MSA had a 7.42% increase in home prices over the trailing 12 months, and a 61% increase over the past five-years. Homes prices in the state of Florida increased 8.53% over the past year (2Q 2017 - 2Q 2018) which was 7th in the nation. The residential market has stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. The commercial market is generally in the expansion stage which is characterized as sustained growth in demand and increasing construction. A large portion of the new commercial development has consisted of assisted living and memory care facilites. SD CORP OF NAPLES PARCELS 2 & 3 COLLIER COUNTY AREA ANALYSIS Page 16 The continuing care retirement community, Moorings Park, is teaming up with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings will be six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport-Pulling and Livingston Roads. Prices for the units will start at $1.4 million and construction on the first 47 units in three buildings is expected to commence in the first half of 2018. Arthrex, a medical device manufacturer and one of the county's largest employers, has commenced construction of its latest expansion plan at its headquarters along Goodlette- Frank Road. Plans include a new 300,000 square-foot, six-story office complex with an auditorium, a four-story INNovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel will host orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa-based company, Mainsail, to manage all elements of the hotel operation, including employees. The hotel employees will not be Arthrex employees, he said. Construction is scheduled to be completed by late 2019. The county will see new retailers as well as the expansion of existing retailers in 2018. The first regional store for Phoenix-based Sprouts Farmers Market will anchor The Landings at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and Logan Boulevard in North Naples. Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and Immokalee Roads in North Naples is scheduled to open in late 2018. The former Albertson's was completely gutted and will consist of a more than 77,000 square foot store with sit-down dining, a full-service bar, three bars for beer and wine, wine room with samples on tap, a wood-fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and even homemade ice cream with indoor-outdoor seating. Lastly, an Aldi grocery store will be built at the Collier Boulevard entrance to Tamiami Crossing retail center. Collier County commissioners approved the purchase of 61 acres in CityGate at the northeast quadrant of Interstate 75 and Collier Boulevard. A $60 million Amateur Sports Complex is proposed in hopes the county will become a destination for traveling youth sports teams and amateur athletes. Construction could begin by late fall 2018 or early winter 2019. Construction spending is important to the region’s employment and economy. The following chart illustrates projected construction starts (pertaining to both residential and commercial real estate) through 2020 for Collier County. As shown, residential and commercial construction is projected to stablize in 2018 through 2020. 2014 2015 2016 2017 2018 2019 2020 Total Housing Starts 2,661 3,273 3,210 3,950 4,050 4,307 4,246 Commercial Construction (SF) 434,770 835,596 1,288,325 1,836,779 1,659,593 1,744,833 1,465,496 Source: Fishkind & Associates, Inc. November 2017 Collier Econocast SD CORP OF NAPLES PARCELS 2 & 3 COLLIER COUNTY AREA ANALYSIS Page 17 Income Personal income is a significant factor in determining the real estate demand in a given market. The following table shows Collier County households by income from the CCIM Site to do Business. Overall, Collier County has an average household income of $97,081 and a per capita income of $40,758. Conclusion From 2006 through early/mid 2011 the Southwest Florida real estate market had been in those stages of the real estate cycle best described by The Appraisal of Real Estate, 14th Edition as decline and recession. Since early/mid 2011 to date, the commercial market has been in the recovery and expansions stages. The expansion stage is characterized as sustained growth in demand and increasing construction. The residential market has stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. According to the Office of Federal Housing Enterprise Oversight (OFHEO) the Naples-Immokalee-Marco Island MSA, began seeing sustained positive quarterly increases in the house price index (HPI) in mid 2012. In its 2nd Quarter 2018 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples-Immokalee-Marco Island MSA had a 7.42% increase in home prices over the trailing 12 months, and a 61% increase over the past five-years. Homes prices in the state of Florida increased 8.53% over the past year (2Q 2017 - 2Q 2018) which was 7th in the nation. Generally, the commercial market lags the residential market. Overall, the commercial market has been relatively stable since mid 2011 with significant improvements in 2014 and 2015 as distressed bank owned sales reduced to a generally negligible level, vacancies continued to decline, and rental rates continued to increase. In general, commercial property values returned to a more stabilized rate of increase in mid to late 2016 and 2017. We project overall property values will continue to increase at a stabilized rate through 2018. The area was heavily dependent on the construction sector, which saw dramatic decreases in employment in 2007 through 2010; however, with increasing levels of new residential development construction has increased substantially since 2012 (approximately 10.3% to 15.2% increase per year). Overall, Collier County unemployment decreased in November 2017 to 3.9%, the lowest November rate in over a decade. SD CORP OF NAPLES PARCELS 2 & 3 COLLIER COUNTY AREA ANALYSIS Page 18 The following table from Fishkind & Associates, Inc. shows historical and projected demographic and real estate statistics for Collier County. As shown, population and employment are projected to continue to increase through 2020. New residential and commercial construction is projected to stablize in 2018 through 2020. The long term economic outlook for Collier County is positive. The area lures people from all over the country for tourism as well as retirement, with the beaches and weather considered major demand drivers. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. SD CORP OF NAPLES PARCELS 2 & 3 COLLIER COUNTY AREA ANALYSIS Page 19 COLLIER COUNTY AREA MAP Subject SD CORP OF NAPLES PARCELS 2 & 3 MARKET AREA ANALYSIS Page 20 MARKET AREA ANALYSIS Boundaries The property is located in the South Naples Planning Community. This market area is generally delineated as follows: North Davis Boulevard South Tamiami Trail East East Collier Boulevard and just east of Collier Boulevard West Airport-Pulling Road A map identifying the location of the property follows this section. Market Area Access and Linkages Primary access to the market area is provided by CR 951 (Collier Blvd), which starts in the north at its intersection with Immokalee Rd (CR 846) and extends south to its eventual ending on Marco Island. CR 951 was recently expanded from four- lanes to six-lanes between U.S. 41 and Davis Boulevard. Land uses fronting CR 951 are characterized by commercial uses such as office, large and small scale retail, restaurants, and convenience stores, as well as limited large-scale residential developments. Tamiami Trail East (US 41) runs through the market area in an easterly/westerly direction. Improvements to the intersection of Tamiami Trail East (US 41) and Collier Boulevard (CR 951) were completed in 2015. One major focus of the project was to eliminate the angle which had 951 jog abruptly at the intersection. The intersection was resurfaced, restored and rehabilitated on S.R. 951 from Tower Road to south of Fiddler’s Creek Parkway. The at-grade intersection will accommodate a future grade separated overpass (C.R./S.R. 951 over U.S. 41). According to Collier County Planning Commission Chairman, Mark Strain, construction of the overpass is scheduled to commence in 2021. Overall, vehicular access is good. The extension of Santa Barbara Boulevard between Rattlesnake Hammock Road and Davis Boulevard was completed in mid 2010. The two-mile project consists of a new six-lane roadway with sidewalks and bike lanes on both sides. Overall, vehicular access is good. Public transportation is provided by Collier Area Transit (CAT). The local market perceives public transportation as fair compared to other market areas in the region. However, the primary mode of transportation in this area is the automobile. The Southwest Florida International Airport (RSW) is located about 35 miles from the market area; travel time is about 45 minutes to an hour, depending on traffic conditions. The Naples Municipal Airport (APF) is approximately 7 miles and 15 to 30 minutes west and the Marco Island Airport (MKY) is approximately 10 miles SD CORP OF NAPLES PARCELS 2 & 3 MARKET AREA ANALYSIS Page 21 and 20 minutes to an hour south of the market area. The Naples CBD, the economic and cultural center of the region, is approximately 7 miles from the market area. Demand Generators/New Development The opening of Physicians Regional-Collier Boulevard in 2007 brought services like obstetrics and pediatrics to East Naples and Marco Island. The 100-bed Physicians Regional Medical Center-Collier Boulevard includes four operating suites, a 20-bed recovery unit and 12 intensive-care beds. Six more operating suites were shelled out at construction. A key component of the hospital is a separate women’s pavilion with six birthing suites and a 12-room post-partum/gynecology rooms. There’s also a well-baby nursery that can handle 15 babies and two-bed isolation room for sick infants. The NCH Healthcare System announced a proposed two-story, multi-purpose outpatient medical center near the corner of Collier Boulevard and Grand Lely Drive. Construction commenced in early 2017 on the 23,000 square foot facility which is expected to open for patients in early 2018. The new building will replace the current NCH facility located approximately 1.4 miles north on Collier Boulevard across from the Physicians Regional hospital. The building will include 3,000 square feet Immediate Care Center (urgent care), and 5,500 square feet of outpatient imaging services including ultrasound, X-Ray, CT, MRI, mammography, and DEXA. Additional space of 7,500 square feet is dedicated to primary care physician offices and 4,000 square feet for outpatient rehabilitation services. A 2,500 square foot sleep lab is also part of the project. Florida SouthWestern State College (Formerly Edison State College) is a state college in Florida, part of the Florida College System. The college has its main campus (Lee County Campus) in Fort Myers in Lee County, and branch campuses in Charlotte and Collier counties. The Collier Campus of Florida SouthWestern State College is located at the intersection of Lely Cultural Parkway and Grand Lely Drive. It opened in March of 1992 on an 80-acre site. Hacienda Lakes, a 2,262-acre mixed-use planned development is located east of Collier Boulevard near the Florida Sports Park and Physicians Regional Medical Center. The entire development is approved for up to 1,760 homes, up to 327,000 SF of retail space, 70,000 SF of professional and medical office space, 135 hotel rooms, a 140,000 SF business park, and a public school. Taylor Morrison is developing 152 acres in the community for Esplanade at Hacienda Lakes. The neighborhood will include 443 Mediterranean-inspired villas and single-family homes surrounded by 30 acres of lakes and conservations areas. Toll Brothers is developing Azure at Hacienda Lakes, a luxury, gated master planned community with more than 400 single-family and coach homes. Residential development is also ongoing in Lely Resort, Fiddler's Creek, Treviso Bay, Artesia Naples and the Isles of Collier Preserve. SD CORP OF NAPLES PARCELS 2 & 3 MARKET AREA ANALYSIS Page 22 With more than 12,000 new single- and multi-family units planned in the market area, Collier County Planning Commission Chairman Mark Strain estimates nearly 30,000 new residents at build-out, retail development is following. Kite Realty Group completed Tamiami Crossing, a 120,859 square foot multi-tenant retail center, located at the southeast corner of Tamiami Trail and Collier Boulevard in March 2016. The center is occupied by Ulta, Marshall's, Ross, Stein Mart, Michael's, and Petsmart. An Aldi grocery store is proposed at the Collier Boulevard entrance to Tamiami Crossing. A Fresh Market, BurgerFi, and Panera Bread have been added to the Lowe's anchored center on the southwest corner of Tamiami Trail and Collier Boulevard. A Hobby Lobby opened in October 2016 in the Triangle Plaza, which is also the location of Outback Steakhouse (2014) and Chase Bank (2012). Restaurant Row located along Collier Boulevard just north of the intersection with Tamiami Trail. The development will consist of at least eight restaurants at completion. Pollo Tropical opened in September 2016 and a drive-thru Starbucks and T-Mobile were completed in October 2016. Chipotle Mexican Grill and Texas Roadhouse opened in the first quarter of 2017 and Pei Wei Asian Diner opened in April 2017. WalMart, located along Collier Boulevard, just south of the intersection with Tamiami Trail was expanded to a Supercenter with the addition of a grocery store and gas pumps and the removal of the auto repair portion. The new owners of the Naples Outlet Center started a multi-phased, multimillion dollar renovation in January 2017. The first phase, consisting of a new façade with a cleaner, more modern look and new signs was completed in early 2017. Open areas will be repurposed for social and cultural activities. Finally, a Wawa gas station is under construction at the southwest corner of Tamiami Trail and Price Street. Demographics The following table shows the historical, current and projected population, households, housing, and income demographics for the immediate market area defined as a 3 mile radius from the subject. The table was developed using data from STDBOnline.com. SD CORP OF NAPLES PARCELS 2 & 3 MARKET AREA ANALYSIS Page 23 Outlook and Conclusions As with Collier County, the long term economic outlook for the market area is positive. Total population is projected to increase slightly over the next five years and begin a more normalized pattern thereafter. The commercial market is generally in the expansion stage which is characterized as sustained growth in demand and increasing construction. More importantly, the area is projected to experience increasing employment growth. Based on this analysis, it is anticipated that the market area will continue to grow and prosper. These conditions should stimulate increases in general property values within the foreseeable future. SD CORP OF NAPLES PARCELS 2 & 3 MARKET AREA ANALYSIS Page 24 Market Area Map SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 25 PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection and public records. Parcel ID Gross Land Area (Acres) Gross Land Area (Sq Ft) 00425920008 (Parcel 2) 7.16 311,890 00419160007 (Parcel 3) 30.00 1,306,800 Totals 37.16 1,618,690 Land Summary SITE Location: The subject is located within the northeast quadrant of Rattlesnake Hammock Road and Santa Barbara Boulevard with frontage along Adkins Avenue, Polly Avenue, and Everett Street. Wing South Airpark and Shadowood Park border the property to the east. Current Use of the Property: Vacant agricultural acreage Shape: The site is T-Shaped. Road Frontage/Access: The subject property has average access with frontage as follows: • Adkins Avenue (Paved Road): 480 feet • Polly Avenue (Gravel Road): 80 feet • Everett Street (Paved Road): 30 feet The site has an average depth of 1,980 feet. It is not a corner lot. Visibility: Below average Topography: According to a Conservation Collier Initial Criteria Screening Report dated April 2, 2018; the SFWMD and FLUCCS show Upland Hardwood Fore and Cabbage Palm present on the site. All portions of the site are reportedly heavily invaded by exotic plant species. The properties (including Parcel 1 which is not the subject of this appraisal) are primarily 82% wetlands, with small areas of uplands (18%). They lie within the Rookery Bay Watershed, which flows from the northeast to the southwest, but are not adjacent to the main canal system that shuttles water to the coastal areas. Soil Conditions: According to a Conservation Collier Initial Criteria Screening Report dated April 2, 2018; soils consist of Boca, Riveria, Limestone Substartum, and Copeland fine sand; Hilolo, Jupiter, and Margarate fine sand; and Pineda fine sand, Limestone substratum. SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 26 Utilities: Electricity: FP&L Sewer: Septic Water: Municipal water Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: • Street Lighting: There is no street lighting. • Sidewalks: There are no sidewalks. • Curbs and Gutters: There are no curbs and gutters. • Curb Cuts: There are no existing curb cuts. Access will likely be from Adkins Avenue and can also be provided from the eastern end of Polly Avenue and Everett Street. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in FEMA flood zone AH with small areas of AE, which is classified as a flood hazard area. FEMA Map Number: 12021C 0602H FEMA Map Date: May 16, 2012 The subject is in a flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: According to a Due Diligence Environmental Assessment prepared by Passarella & Associates, Inc. dated May 2017; approximately 85% of the site (including Parcel 1 which is not the subject of this appraisal) may be considered South Florida Water Management District (SFWMD) and COE jurisdictional wetlands. Environmental issues are beyond our scope of expertise; therefore, we assume the property is not adversely affected by any additional environmental hazards. Encumbrance / Easements: There is a Collier County Stormwater easement located along the eastern portion of the site. A current title report was not provided for the purpose of this appraisal. We are not aware of any easement, restrictions, or encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. Site Comments: According to a Conservation Collier Initial Criteria Screening Report dated April 2, 2018; approximately 16 acres located in the southeastern portion of the site is located within a Special Treatment (ST) Overlay. According to a Due Diligence Environmental Assessment prepared by Passarella & Associates, Inc. dated May 2017; approximately 85% of the site (including Parcel 1 which is not the subject of this appraisal) may be considered South Florida Water Management District (SFWMD) and COE jurisdictional wetlands. SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 27 ZONING Zoning Code A Zoning Authority Collier County Zoning Description Rural Agricultural District Permitted Uses The purpose of the rural agricultural district is to provide lands for agricultural, pastoral and rural land uses by accommodating traditional agricultural related activities and facilities and support facilities. Current Use Legally Conforming The subject is legal and conforming use. Zoning Change Likely A zoning change to residential use is likely. Minimum Lot Area (SF) 5 acres Minimum Floor Area (SF) 550 square feet Minimum Street Frontage (Feet) 165 Front Set Back Distance (Feet) 50 Rear Set Back Distance (Feet) 50 Side Yard Distance (Feet) 30 Maximum Density/FAR 1/du per 5 acres; No maximum coverage ratio. Maximum Building Height (Feet) 35 Zoning Comments According to a Conservation Collier Initial Criteria Screening Report dated April 2, 2018; approximately 16 acres located in the southeastern portion of the site is located within a Special Treatment (ST) Overlay. A zoning change to residential consistent with the Urban Residential Subdistrict is likely. FUTURE LAND USE DESIGNATION Designation Urban Residential Subdistrict Description The purpose of this Subdistrict is to provide for higher densities in an area with fewer natural resource constraints and where existing and planned public facilities are concentrated. Permitted Uses Mix of residential and non-residential land uses, including mixed-use developments such as Planned Unit Developments. Certain industrial and commercial uses are also allowed subject to criteria. Permitted Density Maximum eligible residential density shall be determined through the Density Rating System but shall not exceed 16 dwelling units per acre except in accordance with the Transfer of Development Rights Section of the Land Development Code Conformity The subject property conforms to all requirements of the Future Land Use Element of the Comprehensive Plan. Concurrency As of the effective date of this appraisal, traffic, utilities, etc. are at concurrent levels with the future land use requirements. Moratorium As of the effective date of this appraisal, there are no building moratoriums affecting the subject property. SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 28 Zoning Map The following is an excerpt from Section 2.03.07 Section D of the Collier County Land Development Code. 1. Within the County there are certain areas, which because of their unique assemblages of flora and/or fauna, their aesthetic appeal, historical or archaeological significance, rarity in the County, or their contribution to their own and adjacent ecosystems, make them worthy of special regulations. Such regulations are directed toward the conservation, protection, and preservation of ecological and recreational values for the greatest benefit to the people of the County. Such areas include, but are not necessarily limited to, mangrove and freshwater swamps, barrier islands, hardwood hammocks, xeric scrubs, coastal beaches, estuaries, cypress domes, natural drainage ways, aquifer recharge areas, and lands and structures of historical and archaeological significance. The purpose of the "ST" district is to assure the preservation and maintenance of these environmental and cultural resources and to encourage the preservation of the intricate ecological relationships within the systems, and at the same time, permit those types of development which will hold changes to levels determined acceptable by the BCC after public hearing. 2. An overlay zoning district classification to be known as the ST special treatment overlay district, and to be designated on the Official Zoning Atlas by the symbol "ST" together with the symbol of the basic zoning district which it overlays, is hereby established. This overlay district classification Parcel 2 Parcel 3 SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 29 will be used for those lands of environmental sensitivity and historical and archaeological significance where the essential ecological or cultural value of the land is not adequately protected under the basic zoning district regulations established by this LDC. The placement or removal of this the ST district shall be governed by the procedure for amending the LDC and this Official Zoning Atlas as prescribed in Chapter 10. All land within the ST overlay district shall be designated as environmentally sensitive. 3. For purposes of identifying land from which the residential development rights have been transferred, such lands shall be designated on the Official Zoning Atlas by affixing the letter "P" for preservation to the symbol "ST," thusly "P-ST." Such designation shall be placed on the land after the BCC has accepted the deed and/or guarantee to said property. Future Land Use Map Subject SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 30 Aerial Parcel 2 Parcel 3 SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 31 Flood Map Subject SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 32 Land Use Cover - FLUCCS Map SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 33 Site Photographs Adkins Avenue Westerly (Photo Taken on September 21, 2018) Subject Parcel Southerly from Adkins Avenue (Photo Taken on September 21, 2018) SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 34 Site Photographs Stormwater Easement along Eastern Border - Southerly (Photo Taken on September 21, 2018) Subject Site from Stormwater Easement - Westerly (Photo Taken on September 21, 2018) SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 35 Site Photographs Former location of abandoned utility building - Westerly (Photo Taken on September 21, 2018) Subject southern border - Westerly (Photo Taken on September 21, 2018) SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 36 Site Photographs View of subject from Polly Avenue - Southeasterly (Photo Taken on September 21, 2018) Polly Avenue - Westerly (Photo Taken on September 21, 2018) SD CORP OF NAPLES PARCELS 2 & 3 SITE ANALYSIS Page 37 Site Photographs View of subject from Everett Street - Easterly (Photo Taken on September 21, 2018) Everett Street - Westerly (Photo Taken on September 21, 2018) SD CORP OF NAPLES PARCELS 2 & 3 REAL ESTATE TAXES AND ASSESSMENTS Page 38 REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. In 2008, Florida voters amended the Constitution to give non-homestead property owners some protection against increases in their annual property tax assessments. As amended, the Florida Constitution now prohibits the assessment of certain non- homestead property from increasing by more than 10% per year. The 10% cap applies to most types of commercial property, including non-homestead residential property (i.e. apartments and other rental property) and nonresidential property (i.e. commercial property and vacant land). The protection of the 10% cap is lost when there is a change of ownership or control. The property tax identification number and assessed value of the property for tax year 2018 are as follows: ASSESSED VALUES Tax Identification Number 00425920008 (Parcel 2) Land Assessed Value $501,200 Building Assessed Value $0 10% Assessment Cap -$342,644 Total Assessed Value $158,556 Tax Identification Number 00419160007 (Parcel 3) Land Assessed Value $2,100,000 Building Assessed Value $0 10% Assessment Cap -$1,800,635 Total Assessed Value $299,365 Totals Total Land Assessed Value $2,601,200 Total Building Assessed Value $0 10% Assessment Cap -$2,143,279 Total Assessment $457,921 Total Assessment per Square Foot $0.28 Total Assessment per Land Acre $12,323 Rates, Taxes, More Tax Rate 1.14% Ad Valorem Tax Amount $16,029 Special Assessment Amount $0 Special Assessment Comments None Total Tax Liability $16,029 Property Tax Comments The 2016 and 2017 taxes have been paid. The 10% assessment cap applies to non-school taxes only. The tax assessment for subject property is currently $12,323 per acre, or $70,000 per acre excluding the assessment cap. Based on our valuation analysis, the subject’s assessment appears high. SD CORP OF NAPLES PARCELS 2 & 3 HIGHEST AND BEST USE Page 39 HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 Physically possible for the land to accommodate the size and shape of the ideal improvement. Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. Financially feasible to generate sufficient income to support the use. Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As Vacant Physically Possible The subject site is 37.16 acres or 1,618,690 square feet with 480 feet of frontage along Adkins Avenue, 80 feet along Polly Avenue, and 30 feet along Everett Street. The subject's utilities are typical and adequate for the market area. The site is T- Shaped. The site is located in a FEMA flood zone AH with small areas of AE area per FEMA Floor Map Number: 12021C 0602H, dated May 16, 2012, which is classified as a flood hazard area. According to a Conservation Collier Initial Criteria Screening Report dated April 2, 2018; approximately 16 acres located in the southeastern portion of the site is located within a Special Treatment (ST) Overlay. According to a Due Diligence Environmental Assessment prepared by Passarella & Associates, Inc. dated May 2017; approximately 85% of the site (including Parcel 1 which is not the subject of this appraisal) may be considered South Florida Water Management District (SFWMD) and COE jurisdictional wetlands. The site is considered to have a functional utility suitable for a variety of uses. 1 The Dictionary of Real Estate Appraisal 6th ed. (Chicago: Appraisal Institute, 2015) SD CORP OF NAPLES PARCELS 2 & 3 HIGHEST AND BEST USE Page 40 Legally Permissible The subject site is zoned A, which permits uses including single family homes, agricultural activities, family care facilities, schools, and conservation. It is located within the Urban Residential Subdistrict Future Land Use Designation; however, approximately 16 acres located in the southeastern portion of the site is located within a Special Treatment (ST) Overlay. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only agricultural and residential uses consistent with the Urban Residential Subdistrict Future Land Use Designation and Special Treatment Overlay are given further consideration in determining the highest and best use of the site, as if vacant. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. From 2006 through early/mid 2011 the Southwest Florida real estate market had been in those stages of the real estate cycle best described by The Appraisal of Real Estate, 14th Edition as decline and recession. The residential market has stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Generally, the commercial market lags the residential market. Overall, the commercial market has been relatively stable since mid 2011 with significant improvements in 2014 and 2015 as distressed bank owned sales reduced to a generally negligible level, vacancies continued to decline, and rental rates continued to increase. In general, commercial property values returned to a more stabilized rate of increase in mid to late 2016 and 2017. We project overall property values will continue to increase at a stabilized rate through 2018. On this basis, barring unforeseen changes in the market, a well-designed residential product that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Residential development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, residential development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Consider the size, class, and location of the property, the most probable buyer is an developer or speculator. SD CORP OF NAPLES PARCELS 2 & 3 VALUATION METHODOLOGY Page 41 VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor’s perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. SD CORP OF NAPLES PARCELS 2 & 3 VALUATION METHODOLOGY Page 42 ANALYSES APPLIED A cost analysis was considered and was not developed because there are no improvements that contribute value to the property. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. SD CORP OF NAPLES PARCELS 2 & 3 SALES COMPARISON APPROACH Page 43 SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched six comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. SD CORP OF NAPLES PARCELS 2 & 3 SALES COMPARISON APPROACH Page 44 Comp Address Date Price Comp City Acres Price Per Acre Subject 6371 Adkins Avenue 9/21/2018 Subject Naples 37.16 1 5336 Collier Boulevard 2/28/2018 $800,000 1 Naples 18.73 $42,712 2 13792 Tamiami Trail E 8/19/2016 $4,000,000 2 Naples 75.27 $53,142 3 8928 Collier Blvd 11/10/2017 $775,000 3 Naples 9.25 $83,784 4 3782 Polly Avenue 11/20/2017 $190,000 4 Naples 4.98 $38,153 5 3012 Sunset Blvd 1/20/2017 $95,000 5 Naples 1.67 $56,886 6 6065 Roost Road Pending $6,800,000 6 Naples 61 $111,220 4.98 acre agricultural parcel located at the end of Polly Avenue (gravel road) located adjacent to Naples Heritage Golf & Country Club. Parcel has only approximately 30 feet of frontage on Polly Ave. A drainage canal runs along the southern border of the site. Listed by broker/owner for $179,000 in 8/2017 and price increased to $219,900 in 10/2017. Seller financing of $90,000 one-year balloon mortgage. The site reportedly consists of approximately 75% wetlands. 1.67 acre agricultural parcel located along the east side of Sunset Blvd. Parcel was listed for $99,000 in Dec. 2016. Buyer pulled a permit for a 3,291 SF 4 bed/3 bath single-family home in Feb. 2018. The site reportedly consists of approximately 80% wetlands. Assemblage of 4 parcels. The property is pending with contingencies as the buyers (developers from Miami) are going through approvals with Collier County for a multi- family development. Due diligence ends 11/8 with closing 30 days after, or approx. 12/8/18. The seller turned down offers of $6.5 and $6.7 million. The exact contract price was not provided, but estimated based on previous offers. Three parcels (41.14 acres) are zoned for mobile homes (MH) and the remaining 20 acres is zoned Estates (E). Diane estimated approximately 16 acres are wetlands; however, the developer likely will use the area for on- site preserve/water retention and will not need to mitigate. Site was marketed for multi- family rezone under the Urban Coastal Fringe FLU. Comments Agricultural zoned parcel located along the east side of Collier Blvd just north of Rattlesnake Hammock Rd. A canal runs along the western border of the site; therefore, a bridge would have to be constructed to provide access from Collier Blvd. The site has access via Florida Sports Park Rd (gravel road) running along the eastern border. The site reportedly consists of approximately 85% wetlands. Parcel was listed for $925,000 in Oct. 2015. Property is located along west side of US 41 and is bisected by Manatee Road. It has frontage on a creek which leads to Henderson Creek and the Gulf of Mexico. SFWMD conservation easement consists of 20.46 acres located in the western (rear) portion of the property. The purchase price was based on approximately 50 upland acres or $80,000/upland acre. The property is proposed for approx. 190 single-family development consisting of twin villas and single-family detached homes. PUD is approved for a max of 225 units. Single-family Residential (RSF-3) zoned acreage located at the SEC of Collier Blvd and Port Au Prince Rd. Adjacent to Fiddler's Creek (South) and Port Au Prince MHP (East). Site has 16-acres of wetlands. Estimated costs for wetland mitigation as well as initial site development consisting of a lake, fill, and leveling will cost between $1 to $1.5 million. The site has been re-listed for $5.9 million and is being marketed for workforce housing with a rezone to RMF-12. SD CORP OF NAPLES PARCELS 2 & 3 SALES COMPARISON APPROACH Page 45 Comparables Map 5 4 SD CORP OF NAPLES PARCELS 2 & 3 SALES COMPARISON APPROACH Page 46 Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non- realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. SD CORP OF NAPLES PARCELS 2 & 3 SALES COMPARISON APPROACH Page 47 Name Address City Date Price Acres Acre Unit Price Property Rights Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Fee Simple 0.0% Financing Seller financing 0.0% Conventional 0.0% Cash to seller 0.0% Seller Financing 0.0% Conventional 0.0% Cash to seller 0.0% Conditions of Sale Arm's Length 0.0% Arm's Length 0.0% Arm's Length 0.0% Arm's Length 0.0% Arm's Length 0.0% Pending 0.0% Market Trends Through 9/21/2018 6.0% Location % Adjustment $ Adjustment Acres % Adjustment $ Adjustment Topography - Wetlands % Adjustment $ Adjustment Shape % Adjustment $ Adjustment Zoning / Future Land Use % Adjustment $ Adjustment Net Adjustments Gross Adjustments -25.0% $47,021 -25.0% $39,017 -5.0% 25.0% -50.0% $33,100 $55,610$38,053$70,484 -5% -5% 5.2% 26% Wetlands -$16,683 0% $11,122 61.14 5% 0% Rectangular MH & E / Developer's Agreement/ Urban Coastal Fringe -$55,610-$6,269 $0 -15%0% 80% Wetlands $0 Irregular A / Urban Residential Subdistrict -10% -$8,810 -20.0% 25.0% 20.0% -35.0% Adjusted Acre Unit Price A / Special Treatment Overlay / Urban Residential Subdistrict -$8,827 -20% -$12,005 Approx. 85% Wetlands 75.27 $3,001 $0 Rectangular Irregular 0% $0 T-Shaped 37.16 -$3,001 5% 3.3% -$2,207 18.73 0% US 41 / Manatee 13.0% $60,026 -5% Adjusted Acre Unit Price $44,133 Collier Blvd Collier Blvd / Port Au Prince Rd $53,142 Fee Simple Transaction Adjustments Adjusted Acre Unit Price $42,712 $83,784 Naples 6371 Adkins Avenue 13792 Tamiami Trail E NaplesNaples $83,784 9.25 8928 Collier Blvd 18.73 11/10/2017 $775,000$800,000 37.16 $42,712 75.27 Naples Collier Blvd at Port Au Prince Rd Argo Manatee 5336 Collier Boulevard Comp 2 $53,142 SD Corp of Naples Parcels 2 & 3 Land Analysis Grid Comp 1 Comp 4 3782 Polly Avenue Comp 5 Collier Blvd Comp 3 Collier Blvd -20% 85% Wetlands $0 $0 RSF-3 / Urban Coastal Fringe 0% RPUD / Urban Coastal Fringe -$4,405 $0 A / Urban Residential Fringe Subdistrict $88,105 9.25 0%0% 85% Wetlands 0% $0 -10% Naples 4.98 Polly Avenue -$9,404 -5% $0 27% Wetlands -$9,004 -$4,405 Rectangular -$2,003 0%0%-15% 6065 Roost Road A / Urban Residential Subdistrict SWQ Manatee Rd and Roost Rd Polly Avenue $38,153 Pending $111,220 5.0% $95,000 3012 Sunset Blvd $190,000 Naples 11/20/2017 $6,800,000 Naples 4.98 75% Wetlands $111,220 1.67 $111,220 61.14 10.2% 1/20/2017 Sunset Blvd Comp 6 0.0% $56,886 Roost Road $56,886 $38,153 1.67 0% $62,695 Sunset Blvd 10% -15% $0 10% $4,006 Rectangular $0 -50% $5,561 -$4,006 -10% $0 25.0% 80.0% 8/19/20169/21/2018 2/28/2018 $4,000,000 45.0% -5% $40,056 SD CORP OF NAPLES PARCELS 2 & 3 SALES COMPARISON APPROACH Page 48 Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing Comparable sales 2 through 5 had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Comparable 1 was financed by the seller; however, according to the listing agent the seller financing did not affect the purchase price. Comparable 6 is a pending sale. Conditions of Sale All of the comparable sales were arm’s length transactions; therefore, no adjustments for conditions of sale are required. Comparable 6 is a pending sale. The price shown is the estimated contract price based on discussions with the listing agent; therefore, no additional adjustments are required. Economic Trends As discussed, in its 2nd Quarter 2018 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples-Immokalee-Marco Island MSA had a 7.42% increase in home prices over the trailing 12 months, and a 61% increase over the past five-years. Based on the preceding analysis, and considering the subject consists of raw agricultural zoned land, I conclude to an average annual adjustment of 6.0% per year. Location The subject is located within the northeast quadrant of Rattlesnake Hammock Road and Santa Barbara Boulevard with frontage along Adkins Avenue, Polly Avenue, and Everett Street. Wing South Airpark and Shadowood Park border the property to the east. Access will likely be from Adkins Avenue, which is a lightly traveled residential road that commences at Santa Barbara Boulevard and runs approximately 3/4 mile east to its terminus at the subject site. The following table summarizes the population growth and average household income and average home value within a two mile radius. Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Address 6371 Adkins Avenue 5336 Collier Boulevard 13792 Tamiami Trail E 8928 Collier Blvd 3782 Polly Avenue 3012 Sunset Blvd 6065 Roost Ro ad City Naples Naples Naples Naples Naples Naples Naples 2018 Population 17,985 3,965 9,835 7,512 17,985 17,985 9,835 2023 Population 19,626 4,405 11,733 8,739 19,626 19,626 11,733 % Change 9.12% 11.10% 19.30% 16.33% 9.12% 9.12% 19.30% Avg Household Income $84,119 $78,789 $80,364 $94,997 $84,119 $84,119 $80,364 Avg Home Value $335,634 $416,323 $296,499 $416,323 $335,634 $335,634 $296,499 Source: STDB Online Locational Adjustment - Site to Do Business (2 Mile Radius) SD CORP OF NAPLES PARCELS 2 & 3 SALES COMPARISON APPROACH Page 49 As shown, the subject and comparables 4 and 5 have the largest surrounding population with the lowest growth potential. Comparables 1, 2, and 6 are located south of Tamiami Trail (US 41) in a less developed area and comparable 3 along Collier Boulevard is also less populated. Comparable 3 has the highest surrounding average household income levels. Comparables 1 and 3 have higher surrounding homes values while comparables 2 and 6 are slightly lower. Comparables 1 and 3 are located along the Collier Boulevard (CR 951), a heavily traveled arterial. Comparable 1 has a corner location with frontage along Port Au Prince Road. Comparable 3 has frontage along Collier Boulevard (CR 951); however, access is currently provided by a gravel road which runs along the eastern border. A bridge would have to be constructed to provide access from Collier Boulevard. Comparable 2 is located along Tamiami Trail E (US 41), a heavily traveled arterial, and is partially bisected by Manatee Road. Comparables 4 and 5 are located along Polly Avenue and Sunset Boulevard respectively, lightly traveled residential roads. Comparable 4 is located at the end of Polly Avenue with limited access. Comparable 6 is located along Roost Road south of Manatee Road. Overall, comparables 1, 2, and 3 are adjusted for their superior locations along major arterials. Comparable 4 is adjusted for its inferior access while comparable 5 is considered relatively similar overall in terms of location. Comparable 6 is located south of Tamiami Trail (US 41) along Roost Road, a lightly traveled residential street. It is adjusted upward appropriately. Size Size and price per square foot are typically inversely related; therefore comparables 2 and 6 are adjusted upward for their larger size while comparables 3, 4, and 5 are adjusted downward for their smaller size accordingly. Topography / Wetlands According to a Due Diligence Environmental Assessment prepared by Passarella & Associates, Inc. dated May 2017; approximately 85% of the site may be considered South Florida Water Management District (SFWMD) and COE jurisdictional wetlands. Comparables 1, 3, 4, and 5 all have a high percentage of wetlands; therefore, no adjustments are required. Comparables 2 and 6 both have a low percentage of wetlands and are considered superior to the subject. SD CORP OF NAPLES PARCELS 2 & 3 SALES COMPARISON APPROACH Page 50 Configuration All of the comparables are relatively similar in terms of configuration; therefore, no adjustments are required. Zoning The subject is zoned Agricultural (A) within the Urban Residential Subdistrict. Approximately 16 acres of the site is located within a Special Treatment (ST) Overlay. Comparables 1, 2, and 6 were all zoned for single-family residential development within the Urban Coastal Fringe Future Land Use Designation. None of the comparables are located within a a Special Treatment (ST) Overlay. Comparable 1 has been re-listed and is being marketed for re-zoning to multi-family development. Comparable 6 is zoned Estates (E) and Mobile Home (MH); however, there is developer's agreement with the adjacent Marco Shores Estates HOA for a transfer of density for a reported 395+/- units or over 5 units per acre. All three comparables are considered superior to the subject in terms of zoning and comparable 6 is significantly superior. Comparables 3, 4, and 5 are all zoned Agricultural (A) with relatively similar future land use designations. However, none of the comparables have a Special Treatment (ST) Overlay. Therefore, they are all adjusted downward accordingly. Sales Comparison Approach Conclusion Comparables 3, 4, and 5 are located within closest proximity to the subject. Comparable 5 is most similar in terms of location; however, it is significantly smaller in size. All of the value indications have been considered in arriving at my final reconciled per acre value of $45,000. 6 % Δ -13.24% -36.63% -26.59% Low: Number of Comparables: Unadjusted Adjusted $33,100 $70,484 $47,214 $111,220 $64,316 $38,153 Subject Size: High: Average: Reconciled Final Value: Reconciled Value/Unit Value: Indicated Value: $45,000 37.16 $1,672,200 $1,670,000 Land Value Ranges & Reconciled Values SD CORP OF NAPLES PARCELS 2 & 3 RECONCILIATION Page 51 RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of September 21, 2018, subject to the Limiting Conditions and Assumptions of this appraisal. VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple September 21, 2018 $1,670,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 18-24 months. SD CORP OF NAPLES PARCELS 2 & 3 CERTIFICATION Page 52 CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. SD CORP OF NAPLES PARCELS 2 & 3 CERTIFICATION Page 53 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State-Certified General Real Estate Appraiser RZ #2984 rzucchi@rklac.com; Phone 239-596-0800 Ext. 203 SD CORP OF NAPLES PARCELS 2 & 3 ASSUMPTIONS AND LIMITING CONDITIONS Page 54 ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be SD CORP OF NAPLES PARCELS 2 & 3 ASSUMPTIONS AND LIMITING CONDITIONS Page 55 scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third- party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. SD CORP OF NAPLES PARCELS 2 & 3 ASSUMPTIONS AND LIMITING CONDITIONS Page 56 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner’s financial ability with the cost to cure the non-conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner’s financial ability to cure non-accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. SD CORP OF NAPLES PARCELS 2 & 3 ASSUMPTIONS AND LIMITING CONDITIONS Page 57 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. SD CORP OF NAPLES PARCELS 2 & 3 ADDENDA - APPRAISER QUALIFICATIONS ADDENDA SD CORP OF NAPLES PARCELS 2 & 3 ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS SD CORP OF NAPLES PARCELS 2 & 3 ADDENDUM A - APPRAISER QUALIFICATIONS 4500 Executive Drive, Suite 300 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our over 70-years of combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, business/industry and government, life insurance companies and pension fund advisors, and mortgage bankers. SD CORP OF NAPLES PARCELS 2 & 3 ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 – Present) President of D&R Realty Group, Inc. Naples, FL (2009 – Present) Senior Real Estate Analyst, Integra Realty Resources – Southwest Florida Naples, FL (2003 – 2009) Research Associate, Integra Realty Resources – Southwest Florida Naples, FL (2002-2003) PROFESSIONAL ACTIVITIES: Member: Vice President Secretary / Treasurer: Region X Representative: Board of Directors: LDAC Attendee: Member: Member: Member: Licensed: Licensed: Appraisal Institute – MAI Certificate Number 451177 Appraisal Institute Florida Gulf Coast Chapter (2019) Appraisal Institute Florida Gulf Coast Chapter (2017 / 2018) Appraisal Institute Florida Gulf Coast Chapter (2017 - 2020) Appraisal Institute Florida Gulf Coast Chapter (2015 & 2016) Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) CCIM Institute - CCIM Designation Pin Number 21042 Naples Area Board of REALTORS The American Real Estate Society (ARES) Florida State Certified General Real Estate Appraiser License No. RZ 2984 Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County EDUCATION: Bachelor of Arts Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Honor Society, Key Club, Phi Eta Sigma Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, power centers, office-buildings, warehouse/distribution, multi-family and single family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include appraisals, market feasibility studies, and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, business/industry and government, and mortgage bankers. Valuations have been performed for condemnation purposes, estate, financing, and due diligence support. SD CORP OF NAPLES PARCELS 2 & 3 ADDENDUM A - APPRAISER QUALIFICATIONS SD CORP OF NAPLES PARCELS 2 & 3 ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION $ 0 $ 0 $ 0 $ 0 $ 501,200 $ 0 $ 501,200 $ 342,644 $ 158,556 $ 501,200 $ 158,556 Parcel No 00425920008 SiteAddress 6371ADKINSAVE Site City NAPLES Site Zone*Note 34112 Name / Address S D CORP OF NAPLES INC 9132 STRADA PL 4TH FL City NAPLES State FL Zip 34108-2942 Map No. Strap No. Section Township Range Acres *Estimated 5B16 000100 163 5B16 16 50 26 7.16 Legal 16 50 26 SEWAGE TREATMENT PLANT DESC AS: E1/2 OF SE1/4 OF SW1/4 OFNE1/4, E1/2 OF W 1/2 OF SE1/4 OF SW1/4 OF NE1/4, LESS N 30FT 7.16 AC Millage Area 105 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 99 - ACREAGE NOT ZONED AGRICULTURAL 5.049 6.3222 11.3712 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 02/12/97 2282-1903 12/18/95 2129-878 04/01/90 1517-988 12/01/89 1487-494 2018 Preliminary Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (-) 10% Cap (=) Assessed Value (=) School Taxable Value (=) Taxable Value If all Values shown above equal 0 this parcel was created after theFinal Tax Roll http://www.collierappraiser.com/main_search/RecordDetail.html?sid=99... 1 of 1 9/17/2018, 11:59 AM Parcel No 00425920008 SiteAddress 6371ADKINSAVE Site City NAPLES Site Zone*Note 34112 Name / Address S D CORP OF NAPLES INC 9132 STRADA PL 4TH FL City NAPLES State FL Zip 34108-2942 Permits TaxYr Issuer Permit # CO Date Tmp CO Final Bldg Type Land # Calc Code Units 10 ACREAGE 7.16 Building/Extra Features #YearBuilt Description Area AdjArea http://www.collierappraiser.com/main_search/RecordDetail.html?sid=99... 1 of 1 9/17/2018, 12:00 PM $ 1,395,000 $ 0 $ 180,000 $ 135,000 $ 0 $ 0 $ 2,100,000 $ 0 $ 2,100,000 $ 1,800,635 $ 299,365 $ 2,100,000 $ 299,365 Parcel No 00419160007 SiteAddress Site City Site Zone*Note Name / Address CYPRESS LANDINGS II OF NAPLES LLC 9132 STRADA PL 4TH FL City NAPLES State FL Zip 34108-2942 Map No. Strap No. Section Township Range Acres *Estimated 5B16 000100 013 5B16 16 50 26 30 Legal 16 50 26 N1/2 OF NW1/4 OF SE1/4 + SE1/4 OF NW1/4 OF SE1/4 30 AC OR 1047PG 1395 Millage Area 105 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 99 - ACREAGE NOT ZONED AGRICULTURAL 5.049 6.3222 11.3712 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 04/17/06 4018-295 01/20/04 3485-3402 10/17/83 1047-1395 09/01/81 937-683 05/01/81 919-1360 02/01/81 906-63 2018 Preliminary Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (-) 10% Cap (=) Assessed Value (=) School Taxable Value (=) Taxable Value If all Values shown above equal 0 this parcel was created after theFinal Tax Roll http://www.collierappraiser.com/main_search/RecordDetail.html?sid=99... 1 of 1 9/17/2018, 12:01 PM Parcel No 00419160007 SiteAddress Site City Site Zone*Note Name / Address CYPRESS LANDINGS II OF NAPLES LLC 9132 STRADA PL 4TH FL City NAPLES State FL Zip 34108-2942 Permits TaxYr Issuer Permit # CO Date Tmp CO Final Bldg Type Land # Calc Code Units 10 ACREAGE 18.44 20 ACREAGE 11.56 Building/Extra Features #YearBuilt Description Area AdjArea http://www.collierappraiser.com/main_search/RecordDetail.html?sid=99... 1 of 1 9/17/2018, 12:01 PM SD CORP OF NAPLES PARCELS 2 & 3 ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA Land Sale No. 1 Property Identification Record ID 857 Property Type Residential, Acreage Property Name Collier Blvd at Port Au Prince Rd Address 5336 Collier Boulevard, Naples, Collier County, Florida 34114 Location SEC Collier Blvd and Port Au Prince Rd Tax ID 00742040001 Latitude N1 26° 1'25.35"N Longitude N1 81°41'54.61"W MSA South Naples Market Type Suburban Sale Data Grantor Robert J. Folsom (50% Int) and Karen J. Hesson (50% Int) Grantee Josef Magdalener Sale Date February 28, 2018 Deed Book/Page 5482/792 Property Rights Fee Simple Conditions of Sale Arm's Length Financing Seller financing Sale History No arm's length transactions in last 3 years Verification Christine McManus, CCIM - IPC; 239-261-3400, October 03, 2018; Other sources: Listing Brochure, Confirmed by Rachel Zucchi Sale Price $800,000 Land Sale No. 1 (Cont.) Cash Equivalent $800,000 Land Data Zoning RSF-3, Residential Topography Heavily Treed Utilities All Public Dimensions 575' x 1,420' Shape Rectangular Flood Info Zone AE Depth 1,420 Land Size Information Gross Land Size 18.730 Acres or 815,879 SF Wetlands Land Size 16.000 Acres or 696,960 SF , 85.42% Uplands Land Size 2.730 Acres or 118,919 SF , 14.58% Front Footage 1,995 ft Total Frontage: 575 ft Collier Blvd; 1,420 ft Port Au Prince Dr; Indicators Sale Price/Gross Acre $42,712 Sale Price/Gross SF $0.98 Sale Price/Wetlands Acre $50,000 Sale Price/Wetlands SF $1.15 Sale Price/Front Foot $401 Remarks Single-family Residential (RSF-3) zoned acreage located at the SEC of Collier Blvd and Port Au Prince Rd. Adjacent to Fiddler's Creek (South) and Port Au Prince MHP (East). Site had been listed in 2006/2007 for $6.9 Million and then relisted in Sep. 2014 for $4.25 Million. It was marketed as potential to be re-zoned to commercial or multi-family. Site was then listed with Christine McManus, CCIM, SIOR of IPC for $950,000 in mid 2016. Seller financed $500,000 with a balloon mortgage. Christine said the16-acres of wetlands makes development difficult. Allen DuQuet of Oneir Realty listed the property on 5/18/18 for $5.9 million. Allen said the 2018 sale was essentially a "buy out" of partners. However, Christine McManus said it was an arm's length transaction and wasn't a "buy out." She said the sellers were looking to sell and they did provide seller financing; however, the financing did not affect the selling price. Allen reports they have received a $3.9 million offer which was rejected. They have an engineering report that estimates wetland mitigation as well as initial site development consisting of a lake, fill, and leveling will cost between $1 to $1.5 million. The site is being marketed for workforce housing with a rezone to RMF-12. Land Sale No. 2 Property Identification Record ID 861 Property Type Residential, Acreage Property Name Argo Manatee Address 13792 Tamiami Trail E, Naples, Collier County, Florida 34114 Location WS Tamiami Trail E at Manatee Rd Tax ID 00736900005 Latitude N1 26° 2'58.09"N Longitude N1 81°40'51.77"W MSA South Naples Market Type Suburban Sale Data Grantor Roberto Su, Angel Ham, and Sixto Su Grantee Argo Manatee Collier, LP Sale Date August 19, 2016 Deed Book/Page 5305/3297 Property Rights Fee Simple Marketing Time 2 years Conditions of Sale Arm's Length Financing Conventional Sale History None in previous 3 years Verification Ross McIntosh; 239-213-1425, October 04, 2018; Confirmed by Rachel Zucchi Sale Price $4,000,000 Land Sale No. 2 (Cont.) Cash Equivalent $4,000,000 Land Data Zoning RPUD, RPUD Topography Heavily Treed Utilities All Public Shape Irregular Flood Info Zone AE Depth 2,600 Land Size Information Gross Land Size 75.270 Acres or 3,278,761 SF Wetlands Land Size 20.460 Acres or 891,238 SF , 27.18% Uplands Land Size 54.810 Acres or 2,387,524 SF , 72.82% Allowable Units 225 Front Footage 4,540 ft Total Frontage: 2,340 ft Tamiami Trail E; 2,200 ft Manatee Rd; Indicators Sale Price/Gross Acre $53,142 Sale Price/Gross SF $1.22 Sale Price/Wetlands Acre $195,503 Sale Price/Wetlands SF $4.49 Sale Price/Allowable Unit $17,778 Sale Price/Front Foot $881 Remarks Property is located along west side of US 41 and is bisected by Manatee Road. It has frontage on a creek which leads to Henderson Creek and the Gulf of Mexico. It is adjacent to Manatee Elementary and Middle Schools. A deed of conservation easement with South Florida Water Management District with third party enforcement rights to US Army Corps of Engineers (OR 5457/3834) shows 20.46 acres of total conservation easement area located in the western (rear) portion of the property. The purchase price was based on approximately 50 upland acres or $80,000/upland acre. The property is proposed for approx. 190 single-family development consisting of twin villas and single-family detached homes. PUD is approved for a max of 225 units. Land Sale No. 3 Property Identification Record ID 879 Property Type Agricultural, Acreage Property Name Collier Blvd Address 8928 Collier Blvd, Naples, Collier County, Florida 34114 Location ES Collier Blvd N of Naples Lakes Blvd Tax ID 00418400302 Latitude N1 26° 7'16.53"N Longitude N1 81°41'4.69"W MSA South Naples Market Type Suburban Sale Data Grantor Edward R. Park and Keunyoung Park Grantee Bonita Flores I, LLC Sale Date November 10, 2017 Deed Book/Page 5448/292 Property Rights Fee Simple Marketing Time 3.4 years Conditions of Sale Arm's Length Financing Cash to seller Sale History None in previous 3 years Verification Richard Parlante; Downing Frye Realty; 239-330-9004, October 16, 2018; Other sources: MLS Listing, Confirmed by Rachel Zucchi Land Sale No. 3 (Cont.) Sale Price $775,000 Cash Equivalent $775,000 Land Data Zoning A, Agricultural Topography Heavily Treed Utilities All Public Dimensions 330' x 1,221' Shape Rectangular Flood Info Zone AH Depth 1,221 Land Size Information Gross Land Size 9.250 Acres or 402,930 SF Wetlands Land Size 7.890 Acres or 343,688 SF , 85.30% Uplands Land Size 1.360 Acres or 59,242 SF , 14.70% Front Footage 330 ft Total Frontage: 330 ft Collier Blvd; Indicators Sale Price/Gross Acre $83,784 Sale Price/Gross SF $1.92 Sale Price/Wetlands Acre $98,226 Sale Price/Wetlands SF $2.25 Sale Price/Front Foot $2,348 Remarks Agricultural zoned parcel located along the east side of Collier Blvd just north of Rattlesnake Hammock Rd. A canal runs along the western border of the site; therefore, a bridge would have to be constructed to provide access from Collier Blvd. The site has access via Florida Sports Park Rd (gravel road) running along the eastern border. A 170' FP&L easement runs along the eastern border. Utility easement (40' x 50') located in the southeast corner for Collier County Water/sewer district well. The site reportedly consists of approximately 85% wetlands. Parcel was listed for $925,000 in Oct. 2015. Land Sale No. 4 Property Identification Record ID 877 Property Type Agricultural, Acreage Property Name Polly Avenue Address 3782 Polly Avenue, Naples, Collier County, Florida 34114 Location Polly Avenue adj to Naples Heritage Tax ID 00408080004 Latitude N1 26° 7'20.48"N Longitude N1 81°42'33.92"W MSA South Naples Market Type Suburban Sale Data Grantor Felipe Garcia and Maria Elaena Garcia Grantee Juan Manuel Gonzalez Sale Date November 20, 2017 Deed Book/Page 5452/1216 Property Rights Fee Simple Marketing Time 2-3 months Conditions of Sale Arm's Length Financing Seller Financing Sale History None in previous 3 years Verification Maria Garcia; Naples Realty Services, Inc.; 239-262-4333, October 16, 2018; Other sources: MLS Listing, Confirmed by Rachel Zucchi Land Sale No. 4 (Cont.) Sale Price $190,000 Cash Equivalent $190,000 Land Data Zoning A, Agricultural Topography Heavily Treed Utilities Well / Septic Dimensions 330' x 660' Shape Rectangular Flood Info Zone AH Depth 660 Land Size Information Gross Land Size 4.980 Acres or 216,929 SF Wetlands Land Size 3.735 Acres or 162,697 SF , 75.00% Uplands Land Size 1.245 Acres or 54,232 SF , 25.00% Front Footage 30 ft Total Frontage: 30 ft Polly Ave; Indicators Sale Price/Gross Acre $38,153 Sale Price/Gross SF $0.88 Sale Price/Wetlands Acre $50,870 Sale Price/Wetlands SF $1.17 Sale Price/Front Foot $6,333 Remarks 4.98 acre agricultural parcel located at the end of Polly Avenue (gravel road) located adjacent to Naples Heritage Golf & Country Club. Parcel has only approximately 30 feet of frontage on Polly Ave. A drainage canal runs along the southern border of the site. Listed by broker/owner for $179,000 in 8/2017 and price increased to $219,900 in 10/2017. Seller financing of $90,000 one- year balloon mortgage. The site reportedly consists of approximately 75% wetlands. Land Sale No. 5 Property Identification Record ID 878 Property Type Agricultural, Acreage Property Name Sunset Blvd Address 3012 Sunset Blvd, Naples, Collier County, Florida 34112 Location ES Sunset Blvd, N of Whitaker Rd Tax ID 00409800005 Latitude N1 26° 7'29.70"N Longitude N1 81°42'55.29"W MSA South Naples Market Type Suburban Sale Data Grantor Gayle Gave Grantee Jaider Gonzalez Sale Date January 20, 2017 Deed Book/Page 5357/1739 Property Rights Fee Simple Marketing Time 8 days Conditions of Sale Arm's Length Financing Conventional Sale History None in previous 3 years Verification Nicholas F. Spahr; Premiere Plus Realty Co; 239-250-3615, October 16, 2018; Other sources: MLS Listing, Confirmed by Rachel Zucchi Land Sale No. 5 (Cont.) Sale Price $95,000 Cash Equivalent $95,000 Land Data Zoning A, Agricultural Topography Heavily Treed Utilities Well / Septic Dimensions 115' x 653' Shape Rectangular Flood Info Zone AH Depth 653 Land Size Information Gross Land Size 1.670 Acres or 72,745 SF Wetlands Land Size 1.336 Acres or 58,196 SF , 80.00% Uplands Land Size 0.334 Acres or 14,549 SF , 20.00% Front Footage 115 ft Total Frontage: 115 ft Sunset Blvd; Indicators Sale Price/Gross Acre $56,886 Sale Price/Gross SF $1.31 Sale Price/Wetlands Acre $71,108 Sale Price/Wetlands SF $1.63 Sale Price/Front Foot $826 Remarks 1.67 acre agricultural parcel located along the east side of Sunset Blvd. Parcel was listed for $99,000 in Dec. 2016. Buyer pulled a permit for a 3,291 SF 4 bed/3 bath single-family home in Feb. 2018. The site reportedly consists of approximately 80% wetlands. Pending Land Sale No. 6 Property Identification Record ID 864 Property Type Residential, Acreage Property Name SWQ Manatee Rd and Roost Rd Address 6065 Roost Road, Naples, Collier County, Florida Location S of Manatee Rd and West of Roost Rd Tax ID 00732920005, 00732880006, 00736840000, 00736800008 Latitude N1 26° 2'32.01"N Longitude N1 81°41'17.82"W MSA South Naples Market Type Suburban Sale Data Grantor Carleton MHC & Marco Shores Estates MHP Grantee Confidential Closing Date December 10, 2018 Property Rights Fee Simple Marketing Time 1.5 years Conditions of Sale Pending Financing Cash to seller Sale History 2016; $4,100,000 Verification Diane C. Sullivan; Naples Beach & Bay Realty, Inc.; 239-273- 2848, October 04, 2018; Other sources: Listing Brochure, Confirmed by Rachel Zucchi Contract Price $6,800,000 Pending Land Sale No. 6 (Cont.) Cash Equivalent $6,800,000 Land Data Zoning MH & E, Residential Topography Heavily Treed Utilities All Public Shape Irregular Flood Info Zone AE Depth 1,630 Land Size Information Gross Land Size 61.140 Acres or 2,663,258 SF Wetlands Land Size 16.000 Acres or 696,960 SF , 26.17% Uplands Land Size 45.140 Acres or 1,966,298 SF , 73.83% Allowable Units 395 Front Footage 958 ft Total Frontage: 918 ft Roost Rd; 40 ft Lucy Lane; Indicators Sale Price/Gross Acre $111,220 Sale Price/Gross SF $2.55 Sale Price/Wetlands Acre $425,000 Sale Price/Wetlands SF $9.76 Sale Price/Allowable Unit $17,215 Sale Price/Front Foot $7,098 Remarks Assemblage of 4 parcels. Two were REO purchases in 6/2016 for $2.6 million and the remaining was purchased from adjacent Marco Shores Estate MHP for $1.8 million in 11/2016. Listed 11/30/2016 for $6.9 million. According to listing agent, Diane Sullivan, interest has picked up significantly over the past year. The property is pending with contingencies as the buyers (developers from Miami) are going through approvals with Collier County for a multi-family development. Due diligence ends 11/8 with closing 30 days after, or approx. 12/8/18. The seller turned down offers of $6.5 and $6.7 million. The exact contract price was not provided, but estimated based on previous offers. Three parcels (41.14 acres) are zoned for mobile homes (MH) and the remaining 20 acres is zoned Estates (E). Diane estimated approximately 16 acres are wetlands; however, the developer likely will use the area for on-site preserve/water retention and will not need to mitigate. There is developer's agreement between the subject and the adjacent Marco Shores Estates HOA for a transfer of density from the adjacent lake to the subject. A reported 395+/- units are permitted. Site was marketed for multi-family rezone under the Urban Coastal Fringe FLU. Conservation Collier Initial Criteria Screening Report Updated from 2009 Staff Report Date: March 12, 2018 Property Name: Barron Collier Partnership, LLLP Area 1 – 235 Acres Area II – 799.4 acres Areas offered comprise portions of folio numbers: 00113760004 00113840005 00113880007 II Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 2 of 59 Contents Introduction ......................................................................................................................... 4 I. Summary of Property Information ................................................................................. 5 Table 1. Summary of Property Information ................................................................... 6 Figure 1. Location Map .................................................................................................. 6 Figure 2. Aerial Map ...................................................................................................... 7 Figure 3. Surrounding Lands Aerial .............................................................................. 8 Summary of Assessed Value and Property Costs Estimates .............................................. 9 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics ............................................................................................. 10 Figure 4. Topographic map (http://www.digital-topo-maps.com/) .............................. 14 Figure 5. Collier County drainage sub-basin map ........................................................ 15 III. Potential for Appropriate Use and Recommended Site Improvements ..................... 21 IV. Assessment of Management Needs and Costs........................................................... 22 Table 2. Summary of Estimated Management Needs and Costs ................................. 23 V. Potential for Matching Funds ...................................................................................... 24 VI. Summary of Secondary Screening Criteria ............................................................... 25 Table 3. Tabulation of Secondary Screening Criteria .................................................. 25 Figure 7. Secondary Screening Criteria Scoring .......................................................... 25 Exhibit A. FLUCCs Map ............................................................................................. 28 Exhibit B. Soils Map .................................................................................................... 29 Exhibit C. Wellfield protection and Aquifer Recharge Maps ...................................... 30 Exhibit D. Zoning Map ................................................................................................ 31 Exhibit E. Historical Aerials – 2017 and 1940 (Source: Property Appraiser) ............. 32 Exhibit F. Flood Zone Map .......................................................................................... 33 Exhibit G. LIDAR Map ............................................................................................... 34 Exhibit H. Surface Water Priorities CLIP4 Map .......................................................... 35 Exhibit I. Landscape Integrity CLIP4 Map.................................................................. 36 Exhibit J. Priority Natural Communities CLIP4 Map .................................................. 37 Exhibit K. Biodiversity CLIP4 Map ............................................................................ 38 Exhibit L. Potential Habitat Richness CLIP4 Map ....................................................... 39 Exhibit M. Strategic Habitat Conservation Areas CLIP4 Map ..................................... 40 Exhibit N. Aggregated Conservation Priorities CLIP4 Map ....................................... 41 Exhibit O. USFWS Listed Species Consultation and Focal Areas .............................. 42 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 3 of 59 Exhibit P. Oil and Gas Map .......................................................................................... 43 Exhibit Q. 2011 Conservation Collier Active Acquisition List .................................... 44 Exhibit R. Completed and Scored Secondary Criteria Screening Form- Area 1 ......... 45 Exhibit S. Completed and Scored Secondary Criteria Screening Form- Area 2 .......... 48 Exhibit T. - Photographs ............................................................................................... 51 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 4 of 59 Introduction The Conservation Collier Program (Program) is an environmentally sensitive land acquisition and management program approved by the Collier County Board of County Commissioners (Board) in 2002 and by Collier County Voters in 2002 and 2006. The Program was active in acquisition between 2003 and 2011, under the terms of the referendum. Between 2011 and 2016, the Program was in management mode. In 2017, the Collier County Board reauthorized Conservation Collier to seek additional lands (2/14/17, Agenda Item 11B). This updated Initial Criteria Screening Report (ICSR) has been prepared for the Conservation Collier Program in its 9th acquisition cycle for purposes of the Conservation Collier Program. It provides an update to the ICSR that was prepared for this property in 2009 demonstrating how this property meet the criteria as defined by the ordinance (2002- 63, as amended). That is the sole purpose for this report and it is not meant for any other use. This property was categorized as an “A” List property (Exhibit Q) on January 25, 2011, by the Board of County Commissioners. This update simply uses more updated metrics. One of the updates is to make use of data layers from the Florida Natural Areas Inventory and University of Florida Critical Lands and Waters Identification Project (CLIP4). CLIP4 is a collection of spatial data that identify statewide priorities for a broad range of natural resources in Florida. It was developed through a collaborative effort between the Florida Areas Natural Inventory (FNAI), the University of Florida GeoPlan Center and Center for Landscape Conservation Planning, and the Florida Fish and Wildlife Conservation Commission (FWC). It is used in the Florida Forever Program to evaluate properties for acquisition. CLIP4 is organized into a set of core natural resource data layers which are representative of 5 resource categories: biodiversity, landscapes, surface water, groundwater and marine. The first 3 categories have also been combined into the Aggregated layer, which identifies 5 priority levels for natural resource conservation. Not all CLIP4 Layers were used in this report. Those used include: Biodiversity Surface Water Priorities Landscape Integrity Priority Natural Communities Strategic Habitat Conservation Areas Aggregated Conservation Priorities Additional updated metrics are FLUCCS code GIS layers and sources for listed species plants and animals and updated state and federal protected species lists. Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 5 of 59 I. Summary of Property Information Characteristic Value Comments Name Barron Collier Partnership LLLP Both Area 1 and Area 2 are south of the Pepper Ranch Preserve In the previous 2009 offering, the property owner was Barron Collier Investments, Inc. (BCI). A Certificate of Merger recorded at OR 4998 PG 865 merged BCI with Barron Collier Partnership LLLP (BCP LLLP), the current owner. Folio Numbers Parts of 3 separate folios 00113760004 00113840005 00113880007 Portions offered not legally segregated at present Target Protection Area Rural Lands Stewardship Area: Habitat (H.SA) Flow- way (FSA) and Open Acreages are approximate: Area 1 (235 acres)-135 acres H.SA/ 100 acres Open Area 2 (799.4 acres)-393 acres H.SA/ 338 acres FSA Size Area 1 – 235 acres Area 2–799.4 acres The 799.4 acres includes approx. 30 acres over Lake Trafford. These acres are more-or-less and subject to adjustment upon survey. STR Sections 3,4 &,5 in T47 / R28 Parcels offered are portions within these sections. Zoning Category/TDRs Agriculture SSA #13 over portion of Area II Ag/MHO (RLSA overlay District) SSA #13 (7,414 ac total) covers approx. 730 acres of Area II and none of Area 1- SSA #13 expired Dec 15, 2017. Owner has received an extension through 12/15/20 (BCC Agenda 12/12/17 Agenda Item 16.A.27). FEMA Flood Map Category AH and AE AH – Area 1 – Subject to periodic inundation AE – Area 2 - Subject to periodic ponding 1-3 feet Existing structures n/a All structures are impermanent or in the nature of debris Adjoining properties and their Uses Conservation, agriculture, vacant land, rural residential N – Pepper Ranch Preserve – rural residential (Trafford Oaks Rd.) E – Lake Trafford S - Agricultural and/or vacant Ag zoned W – Agricultural/vacant Ag zones and Conservation (SFWMD/CREW and Audubon lands) Development Plans Submitted n/a Property currently used for cattle grazing and hunting. Known Property Irregularities Oil, Gas and Mineral Rights; (OGM)/Archeological site; Owner offers to remove exotics at cost. OGM rights over both Areas would be retained by owner - which is not BCP LLLP but an entity with multiple partners; Area II contains a known archeological site. If both Areas 1 and II are acquired, the existing access easement in favor of BCI would be released. If only Area 1 is acquired, the existing easement through Pepper Ranch would be retained; in addition, a new easement through Area 1 to reach Area II would be required by BCP LLLP. Other County Dept Interest Transportation, Utilities, Solid Waste, Parks and Recreation, Environmental Services, Housing, Coastal systems, Zoning, Engineering Area 1, but not Area II, would be a potential source for Panther Habitat Unit (PHU) mitigation Credits. No other dept. has advised of conflicts or partnership interest, in general or for PHUs. Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 6 of 59 Table 1. Summary of Property Information Figure 1. Location Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 7 of 59 Figure 2. Aerial Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 8 of 59 Figure 3. Surrounding Lands Aerial Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 9 of 59 Summary of Assessed Value and Property Costs Estimates The interest being valued for this estimate is fee simple for the purchase of the site, and the value of this interest is subject to the normal limiting conditions and the quality of market data. A value of the parcel was estimated using three traditional approaches, cost, income capitalization and sales comparison. Each is based on the principal of substitution that an informed purchaser would pay no more for the rights in acquiring a particular real property than the cost of acquiring, without undue delay, an equally desirable one. Three properties from within 3 miles of this property were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the property or comparables used in the report and the Real Estate Services Department staff relied upon information provided by program staff. Conclusions are limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. Pursuant to the Conservation Collier Purchase Policy, two appraisals are required. Estimated Assessed Value: * Folio Acreage Assessed Value Area 1 235 $425,585 Area 2 799.4 $1,447,713 Total 1034.4 $1,873,298 *Assessed values have been estimated using the average of the values of the parent parcels, as both Area 1 and Area 2 are not segregated out yet and comprise portions of all three parent parcels. The average per acre value used is $1,811 per acre. Calculation below. Folio# 00113880007 - $1,500 per acre Folio# 00113840005 - $2,055 per acre Folio# 00113760004 - $1,877 per acre $5,432 per acre/3 = $1,811 per acre average Estimated Market Value: ** “ESTIMATED MARKET VALUE” IS SOLELY AN ESTIMATE OF VALUE AND SHOULD NOT BE RELIED UPON BY ANY ENTITY. Folio Acreage Estimated Value Range* Area 1 235 $545,200 Area 2 799.4 $1,854,608 Total 1034.4 $2,400,504 The Estimated Market Value was based on the entire acreage at $2,320 per acre. * Property Appraiser’s Website ** Collier County Real Estate Services Department Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 10 of 59 Zoning, Growth Management and Conservation Overlays Zoning, growth management and conservation overlays will affect the value of a parcel. Area 1 is zoned Agricultural with a Mobile Home Overlay and is within the Rural Lands Stewardship Area Overlay. Area 2 is zoned Agricultural with a Mobile Home Overlay and is part of a 7,414-acre Stewardship Sending Area #13 Overlay. Designation of the property provided the owner 27,515.3 Stewardship Credits, of which 6,599.2 are given for restoration and only when stewardship success criteria are met. No restoration credits have been sought as yet. In total, the stewardship credits will entitle 3,439.4 acres for development within the Rural Lands Stewardship Area District. II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics Collier County Conservation Collier Program staff originally conducted site visits to this property on March 18 and 27, 2009. Staff attempted a site visit on October 23, 2017, but the area was too wet. A second planned visit on December 18, 2017 resulted in the same wet conditions. A site visit was conducted on February 5, 2018. MEETS INITIAL SCREENING CRITERIA Met 6 out of 6 Are any of the following unique and endangered plant communities found on the property? Order of preference as follows: Ord. 2002-63, Sec. 10 (1)(a) Yes Area 1 Hardwood hammocks Yes Xeric oak scrub No Coastal strand No Native beach No Xeric pine No Riverine Oak No High marsh (saline) No Tidal freshwater marsh No Other native habitats Yes – Upland hardwood forests, cabbage palm, mixed hardwoods/conifers, mixed wetland hardwoods, and cypress Area 2 Hardwood hammocks Yes - dominant Xeric oak scrub No Coastal strand No Native beach No Xeric pine No Riverine Oak No High marsh (saline) No Tidal freshwater marsh No Other native habitats Yes – cabbage palm, mixed hardwoods/conifers, mixed wetland hardwoods, cypress, emergent aquatic vegetation and freshwater marshes Vegetative Communities: Staff typically uses two methods to determine native plant communities present; review of South Florida Water Management District (SFWMD) electronic mapping data for Department of Transportation’s Florida Land Use, Cover and Forms (FLUCCS, 2009) and field verification of same. In the case of both BCP submittals, staff relied upon the SFWMD 2009 map layer data, and field observations made by staff during the October 2017 site visit, with comparison to a FLUCCS map prepared by Wilson Miller for the Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 11 of 59 owner in 2009. The major difference noted was the emergence of cabbage palm as a larger plant community. FLUCCS: The electronic database identified, in order of dominance: Area 1 4340 – Hardwood – conifer mixed – 81 ac 2110 – Improved pasture – 72 ac 2130 – Woodland pasture – 46 ac 4200 – Upland hardwood forests – 13 ac 4280 – Cabbage palm – 13 ac 6170 – Mixed wetland hardwoods – 5 ac 6216 – Cypress – 5 ac 6172 - Mixed wetland hardwoods-shrubs – 3 ac Area 2 6170 – Mixed wetland hardwoods – 221 ac 6410 – Freshwater wetlands – 199 ac 4280 – Cabbage palm – 107 ac 6440 – Emergent aquatic vegetation – 88 ac 6216 – Cypress – mixed hardwoods – 43 ac 4340 – Hardwood – conifer mixed – 16 ac 6172 - Mixed wetland hardwoods-shrubs – 25 ac 5200 – Lake – 14 ac 2110 – Improved Pasture – 13 ac 6210 – Cypress – 10 ac The following native plant communities were observed, in order of dominance: Area 1 4340 – Hardwood – conifer mixed 2110 – Improved pasture 2130 – Woodland pasture 4280 – Cabbage palm 6170 – Mixed wetland hardwoods Other plant communities were not directly observed. Area 2 6170 – Mixed wetland hardwoods 6410 – Freshwater wetlands 4280 – Cabbage palm 2110 – Improved Pasture Other plant communities were not directly observed. Characterization of Dominant Native Plant Communities present: FLUCCS Ground cover Midstory Canopy 4340 – Hardwood- conifer mixed Forbs, chain fern, wild coffee, wax myrtle, smilax Wax myrtle, beautyberry, galberry, Live and laurel oak, slash pine, cabbage palm, bay 6170 – Mixed Wetland hardwoods Swamp fern, false nettle, aster, wild coffee, pellitories, yellow cress, forbs Dahoon holly, myrsine, Live and laurel oak, cabbage palm, bay, red maple, pop ash 4280 – Cabbage palm Grasses, poison ivy, vines, wild coffee Myrsine, wax myrtle Cabbage palm, live oak 6410 – Freshwater Wetlands Pickerelweed, arrowhead, alligator flag, Dog fennel None Emergent aquatic vegetation Alligator flag, pickerelweed, pond apple Willow None Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 12 of 59 Statement for satisfaction of criteria: These data indicate that at least 6 native plant communities and more likely 11 exist (excluding improved pasture and lake) on the parcels. Not all habitats were observed directly. Cabbage palms appear to be invading areas where mixed wetland hardwoods used to dominate. At least 5 of the 7 distinct types of native vegetation communities (excluding improved pasture) were observed in Area 1. At least 4 out of 8 types of native vegetation communities (excluding improved pasture and lake) were directly observed in Area 2, along with many transitional areas containing a mix of vegetation types. Exotics appear to be primarily along forest edges but interior areas viewed also have exotics throughout, including Brazilian pepper (Schinus terebinthifolius), Caesar’s weed (Urena lobata) and guava (Psidium guajava). Exotics are estimated at 10-24% in Area 1 with some areas at 25% - 75%. Area 2 appeared to have fewer exotics. A general global observation is 15% or slightly more. 2. Does land offer significant human social values, such as equitable geographic distribution, appropriate access for nature-based recreation, and enhancement of the aesthetic setting of Collier County? Ord. 2002-63, Sec. 10 (1)(b) Yes Statement for satisfaction of criteria: A purchase of the Area 1 and/or Area 2 BCI properties would be additional large acreage purchases in the Immokalee area, where 2,512 acres have already been purchased. As such they may not be considered to further the goal of “equitable geographic distribution” of acquired lands. However, appropriate access for nature-base recreation is available through the Pepper Ranch Preserve, though access roads are not paved. Access throughout the Pepper Ranch Preserve is facilitated by a main interior unpaved lime rock road running east to west and an offshoot north/south unpaved track, which is the access easement for the ranching activities that are currently occurring on the Area 1 parcel. The main ranch road can easily accommodate street vehicles. The north /south branch is rougher, however street vehicles currently access it. Areas 1 and 2 have many trails already existing that could be used for hiking, biking and horseback riding during dry season. Because the offered lands are varied in habitat, with large open areas providing scenic vistas, acquisition could enhance the aesthetic setting of Collier County. 3. Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control? Ord. 2002-63, Sec. 10 (1)(c) Yes General Hydrologic Characteristics observed and description of adjacent upland /wetland buffers: General characteristics are taken from examination of aerial photographs, area topographic maps (available on the Internet at http://www.digital-topo-maps.com/ ), Collier County Stormwater Management Dept. maps (available on the Collier County Website at http://www.colliergov.net/index.aspx?page=499 ), and a Florida Natural Area Inventory Surface Water Priorities CLIP4 map layer (Exhibit H). Aerial photos show Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 13 of 59 vegetation patterns on what is mapped as Big Hammock Island, in the Corkscrew Swamp west of Lake Trafford. Big Hammock Island comprises 100% of Area 1 and approximately 60% of Area 2. Aerial maps show Big Hammock Island as upland and lands surrounding and to the south and west as swamp (Figure 2). Onsite observations confirm that Area 1 is pasture and forest and that Area 2 contains forest and marsh wetlands. Collier County watershed basin maps (Figure 5) show both Area 1 and Area 2 to be within both the Corkscrew Marsh and Fakahatchee Strand Basins, with surface waters flowing in different directions. A 2016 examination of the Lake Trafford watershed boundary by the University of Florida and IFAS, determined that lands on the southwest side of lake Trafford, where these parcels are, generally drain west into the Corkscrew Slough and the Corkscrew Marsh Basin (Figure 6), where waters flow west and then southwest. Geographic Information Systems (GIS) mapping indicates that while recharge into the Lower Tamiami aquifer may be relatively low at 0 to <7” annually, recharge of the surficial aquifer is moderate to high at 43 to <56” annually. On-site staff observations of open marsh areas in the south of Area 2 in April 2009 showed the area lacking surface water, but having wetland dependent plants and numerous species of wetland dependent bird species present. This area had standing water present in February 2018. Collier County Soil Survey Maps identify slough soils (Riviera fine sand, limestone substratum) in this area. Flood control capacity is unknown. Wetland dependent plant species (OBL/ FACW) observed: Area 1: OBL FACW Alligator flag (Thalia geniculata) Beakrush (Rhynchospora spp.) Dahoon holly (Ilex cassine) Pennywort (Hydrocotle sp.) False nettle (Boehmeria cylindrica) Musky mint (Hyptis alata) Pickerelweed (Pontederia cordata)Swamp fern (Blechnum serrulatum) Swamp bay (Persea sp.) Tickseed (Coreopsis sp.) Buttonweed (Diodia virginica) Red maple (Acer rubrum) Area 2: OBL FACW Alligator flag (Thalia geniculata) Chain fern (Woodwardia viriginica) Arrowhead (Sagittaria spp.) Leather fern (Acrostichum danaeifolium) Butterweed (Senecio glabellus) Musky mint (Hyptis alata) Dahoon holly (Ilex cassine) Pennywort (Hydrocotle sp.) Iris (Iris hexagona) Semaphore (Eupatorium mikanoides) Maidencane (Panicum hemitomon)Swamp fern (Blechnum serrulatum) pickerelweed (Pontederia cordata) Bay (Persea sp.) Popash (Fraxinus caroliniana) False nettle (Boehmeria cylindrica) Canna lilly (Canna sp.) Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 14 of 59 Willow (Salix sp.) Pond apple – (Annona glabra) Yellow-cress (Rorippa sp.) Wetland dependent wildlife observed by staff include: ibis, roseate spoonbills, blue heron, wood stork and kingfisher. Other Hydrologic indicators observed: Water lines on pop ash trees in Area 1 were observed indicating seasonal water depth of 1.5-2 feet high in one depressional area. United States Geological Service (USGS) Topo Maps identify the Big Hammock Area 1 parcel as partial uplands and mostly wetlands (Figure 4). Light Detection and Radar (LIDAR) maps show the elevation to be approx. 17-18 Ft. above sea level (Exhibit G). Figure 4. Topographic map (http://www.digital-topo-maps.com/) Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 15 of 59 Figure 5. Collier County drainage sub-basin map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 16 of 59 Figure 5. 2016 Revised watershed basin around Lake Trafford. (Lake Trafford 2016 Revised Watershed Boundary, UF-IFAS Shukla & Wallace, 2016) Soils: Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990) (Figure 9). Soil numbers correspond to those mapped in the survey. Mapped soils include both hydric and upland soils types, with upland soils the dominant type in Area 1 and hydric soils the dominant type in Area 2. The following is a list of the major soil types mapped in each area, whether they are upland or wetland soil types, the percentage of the parcel they occur in, and the plants typically associated with them. Observed conditions generally reflect mapped plant communities. Area 1: 81% Upland soil types and 20% Hydric Slough soil types. Soil Type Typical Vegetation 37 – Tuscawilla FS – Upland (central and southern hammock areas) – 38% oaks, cabbage palm, red maple, red bay, slash pine, wax myrtle, and native grasses 20 – Ft. Drum and Malabar, high, fine sands – Upland - 43% Slash pine, saw palmetto, live oak, cabbage palm, wax myrtle, and grasses 18 – Riviera fine sand, limestone substratum –Slough - 11% Slash pine, cypress, cabbage palm, wax myrtle, sand cordgrass, gulf muhly, blue maidencane, South Florida bluestem and chalky bluestem 6 – Riviera Limestone substratum – Copeland FS – Slough – 8% Natural vegetation consists of cypress, red maple, ferns and other wetland plants. Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 17 of 59 Area 2: 97% Wetland slough & depressional soil types and 3% upland soil types. Soil Type Typical Vegetation 6 – Riviera, Limestone Substratum – Copleand FS - Hydric Slough (buffering flow-way habitat area) – 51% cypress, red maple, ferns and other wetland plants 43 – Winder, Riviera, Limestone Substratum and Chobee FS, Hydric Depressional (adjacent to Lake Trafford) – 46% sawgrass, maidencane, pickerelweed, alligator flag, willow and other wetland plants 20 – Ft Drum and Malabar, high, fine sands, Upland – 3% Slash pine, saw palmetto, live oak, cabbage palm, wax myrtle, and grasses 18 – Riviera fine sand, limestone substratum – Hydric Slough - <1% Slash pine, cypress, cabbage palm, wax myrtle, sand cordgrass, gulf muhly, blue maidencane, South Florida bluestem and chalky bluestem Lower Tamiami recharge Capacity: Both Area 1 and Area 2 have a moderate to high mapped surficial aquifer recharge rate of 43” to <56” annually. Surficial Aquifer Recharge Capacity: Both Area 1 and Area 2 have a low mapped Lower Tamiami aquifer recharge rate of 0 to <7” annually. Oil Gas and Mineral Rights: The owner proposes to retain the Oil Gas and Mineral (OGM) Rights on both Areas 1 and II. These rights are owned by a partnership including various entities. Companies interested in exploration or production of oil and gas in Florida are regulated pursuant to Chapter 377 Florida Statutes and related rules implemented by the Oil and Gas Program within Florida’s Department of Environmental Protection (DEP). The existing oil pad site is listed by DEP as well #1208 within the Lake Trafford Field. Its symbol on the Oil and Gas Map (Figure 12) shows it to be a “dry hole.” The pad site is currently not in use for oil exploration or extraction. FEMA Flood map designation: The property is within Flood Zones AH and AE, both subject to periodic inundation. Statement for satisfaction of criteria: Acquisition of this property would offer opportunities for protection of water resource values, including moderate recharge of the surficial aquifer and protection of wetland dependent species habitat. A moderate surficial recharge rate would indicate habitat for wetland dependent species is present most of the year. Soils data shows that wetland soils are present. Wetland dependent species have been observed on the property, including those listed by the state as endangered and threatened. A primary benefit to preserving the offered lands in an undeveloped state would be protection of the Corkscrew swamp and marsh complex and wetlands associated with Lake Trafford. The Corkscrew swamp and marsh complex provides recharge for the Lower Tamiami aquifer, a source of drinking water for many County and private wells east of County Road 951. Acquisition of both Area 1 and Area 2 would protect the quality of this water source by buffering the Corkscrew slough from development and non-point Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 18 of 59 source pollution. As there are no nearby residential properties, it is unknown what benefits acquisition of the property would have for flood control, though it is subject to periodic flooding. There are 20% hydric slough soils on Area 1 and 97% on area 2 (Exhibit B). 4. Does the property offer significant biological values, including biodiversity, listed species habitat, connectivity, restoration potential and ecological quality? Ord. 2002-63, Sec. 10 (1)(d) Yes Listed Plant Species – Data Resources: The federal authority to protect land-based plant species is administered by the U.S. Fish and Wildlife Service (FWS) and published in 50 Code of Federal Regulations (CFR) 23. Lists of protected plants can be viewed on-line at https://ecos.fws.gov/ecp0/reports/ad-hoc-species- report?kingdom=P&status=E&status=T&status=EmE&status=EmT&status=EXPE&statu s=EXPN&status=SAE&status=SAT&fcrithab=on&fstatus=on&fspecrule=on&finvpop=o n&fgroup=on&ffamily=on&header=Listed+Plants . The Florida state lists of protected plants, which are designated Endangered, Threatened, and Commercially Exploited, are administered and maintained by the Florida Department of Agriculture and Consumer Services (DOACS) via chapter 5B-40, Florida Administrative Code (F.A.C.). This list of plants can be viewed from a link provided at http://www.freshfromflorida.com/Divisions-Offices/Plant-Industry/Bureaus-and- Services/Bureau-of-Entomology-Nematology-Plant-Pathology/Botany/Florida-s- Endangered-Plants/Endangered-Threatened-and-Commercially-Exploited-Plants-of- Florida . The following listed plant species were observed: COMMON NAME SCIENTIFIC NAME STATUS BCI PARCELS AREA FDA FWS Butterfly orchid Encyclia tampensis CE n/a 2 Common wild pine Tillandsia fasciculata E n/a 1 & 2 Inflated wild pine Tillandsia balbisiana T n/a 1 & 2 E=Endangered, T=Threatened, CE=Commercially Exploited Listed Wildlife Species: Federal wildlife species protection is administered by the FWS with specific authority published in 50 CFR 17. Lists of protected wildlife can be viewed on-line at: https://www.fws.gov/endangered/ . FWC maintains the Florida state list of protected wildlife in accordance with Rules 68A-27.003, 68A-27.004, and 68A-27.005, respectively, of the Florida Administrative Code (F.A.C.). A list of protected Florida wildlife species (updated 2017) can be viewed at: http://myfwc.com/media/1515251/threatened-endangered-species.pdf . Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 19 of 59 The following listed species have been observed: COMMON NAME SCIENTIFIC NAME STATUS BCI PARCELS AREA FWC USFWS Florida panther* Felis concolor coryi FE E 1 & 2 Florida sandhill crane** Grus acnadensis pratensis ST n/a 1 Little blue heron*** Egretta caerulea ST n/a 1 & 2 Roseate spoonbill** Platalea ajaja ST n/a 2 Woodstork** Mycteria americana FT E 2 E-Endangered; FE-Federally Designated Endangered; FT-Federally Designated Threatened; ST-State Threatened; SSC-Species of Special Concern *FWC Telemetry **County staff ***Wilson Miller 2009 Listed Species Survey Potential Listed Species: The observed habitat and location would support the presence of the following listed species: All of the species listed in the table above adding Snail kite (Rostrhamus sociabilis plumbeus) (FE); Osprey (Pandion halietus) (SSC), and Audubon’s crested caracara (Polyborus plancus audubonii) (FT). Non-listed species observed and potential: Staff observed the following non-listed species: Florida white-tailed deer, wild turkey, hogs, swallowtail kite, red-shoulder hawk, great blue heron, alligators and belted kingfisher. Potential non-listed species include: Florida black bear, a managed species in Florida, bobcat and numerous species of wading birds. Bird Rookery observed? No bird rookery was observed. Biodiversity, Connectivity, Restoration potential, and ecological quality: Both areas 1 and 2 are mapped by Florida Natural Areas Inventory and University of Florida’s Critical Lands and Waters Identification Project (CLIP4) as within the highest priority lands for biodiversity (Exhibit K). These parcels are also within lands identified by FWC as a priority habitat zone for protection of the Florida Panther (Exhibit O). Area 1 is directly connected to the Pepper Ranch Preserve (County Conservation lands) and Area 2 is connected through Area 1. Connectivity in this area includes existing SSA #13, the Corkscrew Regional Ecosystem Watershed, state lands, and Audubon lands. Restoration potential is good because these are functioning natural wetlands without topographical alterations. Restoration would primarily consist of removal of invasive exotic plants. Currently, Area 1 (and Area 2 in dry season) are used for a leased cattle operation. The presence of cattle and invasive exotic plants affects ecological quality, though if acquired, staff would likely continue use of the property for a cattle lease until active restoration of pasture areas can be planned. Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 20 of 59 Statement for satisfaction of criteria: Both Area 1 and Area 2 offer significant biological values, listed species habitat, restoration potential and moderate to high ecological quality. Staff observations and species surveys performed by Wilson Miller in Feb. 2009 show that wildlife is present. Both Areas I and 2 are located within FWC Priority Panther Habitat and are shown as the highest priority lands for biodiversity in the state CLIP4 mapping layers. Telemetry points and presence of prey species indicate both areas are used by panthers. Many other native wildlife species have been documented on the parcels. There is significant restoration potential for pasture lands and for forested areas now impacted by invasive exotic plants. Area 1 is directly adjacent to significant County, State and private conservation lands. Acquisition of Area 2 without also acquiring Area 1 would not provide connectivity with Pepper Ranch Preserve. 5. Does the property enhance and/or protect the environmental value of current conservation lands through function as a buffer, ecological link or habitat corridor? Ord. 2002-63, Sec. 10 (1)(e) Yes Statement for satisfaction of criteria: Preservation and restoration of these lands would protect the value of the Corkscrew Marsh and the Camp Keais Strand, functioning as buffer to the 60,000 South Florida Water Management District conserved lands that include the CREW Marsh wetlands and as ecological link and corridor for the Camp Keais Strand and other conservation lands to the south. 6. Is the property within the boundary of another agency’s acquisition project? Yes The CREW Project lands as defined by the Florida Department of Environmental Protection, extend from the Corkscrew Marsh area south along the Camp Keais Strand to the Florida Panther National Wildlife Refuge. This project area (CREW Lands) is #7 out of 30 on the Florida Forever Partnership and Regional Incentives Projects List. If yes, will use of Conservation Collier funds leverage a significantly higher rank or funding priority for the parcel? Currently, No, due to lack of funding in the state budget for Florida Forever Program in fiscal year 2017-18 (Personal Communication with Lynda Godfrey, Bureau Chief, bureau of Real Estate Services, Florida Department of Environmental Protection, December 2017). Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 21 of 59 III. Potential for Appropriate Use and Recommended Site Improvements Potential Uses as Defined in Ordinance 2002-63, section 5.9: Hiking: There is significant potential for hiking on this property. Many trails already exist through forest and pasture lands. Nature Photography: There is significant potential for nature photography on this parcel. In addition to the abundant wildlife present, the large size of the property provides natural vistas of hardwood forests, marshes, and meadows. Wildlife presence would attract nature photographers. Bird-watching: Numerous species of birds are present in the marsh area. Kayaking/Canoeing: There is potential for kayaking and canoeing on Lake Trafford, though the presence of numerous alligators in the lake may make the use of larger types of boats more advisable. Swimming: There is little potential for swimming in Lake Trafford. The presence of alligators would make this activity unadvisable. Hunting: There is potential for hunting on Area 1. These lands can be added with the Pepper Ranch Preserve to the existing CREW Wildlife and Environmental Area and included in the Pepper Ranch Hunt Program. Area 2 is marsh wetlands and would be inaccessible for parts of the year, but may provide some potential for hunting. Fishing: There is significant potential for fishing on Lake Trafford. Much of that potential is still in the future, as the lake is currently undergoing restoration. However, in the past, Lake Trafford was known for excellent bass fishing. There are plans to restock the lake with bass as part of restoration efforts. Horseback trails: There is significant opportunity for equestrian uses during the dry season. Recommended Site Improvements: Trail identification and marking. Possibly an access to lake Trafford can be developed, though that is likely to be expensive. Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 22 of 59 IV. Assessment of Management Needs and Costs Management of this property will address the costs of exotic vegetation removal and control, access by the public and maintenance of trails. If acquired, both or either Area 1 and/or Area 2 would be joined to the Pepper Ranch Preserve for management purposes. Currently, Pepper Ranch Preserve is open to the public on non-hunt weekends between November and June each year. These are very preliminary estimates; Ordinance 2002-63 requires a formal land management plan be developed for each property acquired by Conservation Collier. Exotic, invasive plants present, in order of observed abundance: Category 1 - Florida Exotic Pest Plant Council 2017 List: Brazilian pepper (Schinus terebinthifolius), guava (Psidium guajava), Ceasar’s weed (Urena lobata), and tropical soda apple (Solanum viarum). Category II - Florida Exotic Pest Plant Council 2017 List: None were specifically noted. Exotic Vegetation Removal and Control: Initial exotics removal estimated at $192,700 for Area 1 ($820 per acre for 235 acres) and Area 2 at $655,508 ($820 per acre for 799.4 acres). This estimate is based on the acreage offered, actual costs for similar work at Pepper Ranch Preserve, and the least expensive removal method - killing exotics in place. The owner has offered to remove the exotics at cost. Costs for ongoing annual maintenance are estimated to be $169 per acre. Area I is upland and maintenance would be for the total acreage. Annual maintenance for Area 1 is estimated at $39,715 ($169 X 235 acres). Area II has a large area of fresh water marsh that appears to be free of exotic infestation. Annual maintenance for Area II is estimated at $135,099 ($169 X 799.4 acres). These are worst case scenario costs for Area II, as many acres may not need treatment. Additionally, costs could decrease over time as the soil seed bank is depleted, but a decrease is not assured. Public Parking Facility: Public parking facility is not currently contemplated on either area 1 or Area II. Public parking would be accommodated on the Pepper Ranch Preserve. Public Access Trails: Rough trails and interior roads to most areas of the property already exist. Trails will require maintenance. It may be possible to use volunteer labor for some trail maintenance. Security and General Maintenance: Area 1 is connected to the Pepper Ranch Preserve and fenced along its northern boundary. Area II is protected by Area 1 on its northern boundary, Lake Trafford on its eastern boundary, and surrounded by vast areas of marsh (Camp Keais Strand) on the southern and western boundaries. The need for additional fencing has not been evaluated but appears unnecessary. Signs denoting a conservation area can be placed at intervals along upland area boundaries, if necessary. A routine on- Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 23 of 59 site presence would be ideal, though currently that function is fulfilled by a cattle lease operation, and that may be continued for the short term if the properties are acquired. Table 2. Summary of Estimated Management Needs and Costs * t.b.d. To be determined; cost estimates have not been finalized. Management Element Initial Cost Annual Recurring Costs Comments Area 1 Area II Area 1 Area II Exotics Control $192,700 $655,508 $39,715 $135,099 This estimate is based on similar work done on the adjoining Pepper Ranch Preserve. Area 1 calculated on 235 acres for initial @$820 per acre and 235 acres at $169 per acre for ongoing maintenance. Area 2 calculated on 799.4 acres of marsh and forested lands. Initial cost -$820 per acre Recurring costs – $169 per acre. Access Trails $1,600 $2,250 $1,600 $2,250 Estimated using GIS with simulated trail for both Areas X $.10 per foot (cost of fire line mowing). Area 1 = 1,600 ft; Area II =22,500 ft. Estimate assumes trails mowed once annually. Fencing n/a n/a t.b.d.* t.b.d. Fencing is not initially needed as surrounding wetlands and remote area protect from casual trespass. Trash Removal n/a n/a t.b.d. t.b.d. Initial solid waste in Area 1 to be removed by owner. Signs would be posted for visitors to carry out their own trash. Signs $1,200 $1,500 t.b.d. t.b.d Trail signage would be needed. This estimate considers one $50 sign every 1,000 feet of trail length. Total $195,500 $659,258 $41,315 $137,349 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 24 of 59 V. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the Conservation Collier ordinance are the Florida Communities Trust (FCT), and The Florida Forever Program. The following highlights potential for partnering funds, as communicated by agency staff: Florida Communities Trust - Parks and Open Space Florida Forever grant program: Application for this program is typically made for pre-acquired sites up to two years from the time of acquisition. The Florida Legislature appropriated $10 million in Florida Forever funding in fiscal year 2016-17 to FCT. Funding has not been awarded for this cycle. There is currently no funding available until the Florida Legislature determines the 2017-18 budget. Florida Forever Program: Staff has been advised that the Florida Forever Program has limited funds and is concentrating on parcels already included on its ranked priority list. This parcel is not inside a Florida Forever priority project boundary. Additionally, the Conservation Collier Program has not been successful in partnering with the Florida Forever Program due to conflicting acquisition policies and issues regarding joint title between the programs. Other Potential Funding Sources: There is potential for utilizing funding donations to the Conservation Collier program to fulfill requirements for off-site preserves pursuant to the Collier County Land Development Code, Section 3.05.07. There is currently approximately $299,400 in this fund, with $91,000 earmarked for multi-parcel project properties whose owners have accepted the County’s offers. Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 25 of 59 VI. Summary of Secondary Screening Criteria Staff has scored the property on the Secondary Criteria Screening Form and attached the scoring form as Exhibit E. This form was revised by the Conservation Collier Land Acquisition Advisory Committee A total score of 253 for Area 1 and 197 for Area II, each out of a possible 400, was achieved. The chart and graph below show a breakdown of the specific components of these scores. Table 3. Tabulation of Secondary Screening Criteria Area 1 Area II Figure 7. Secondary Screening Criteria Scoring Area 1 Area II Secondary Screening Criteria Possible Points Scored Points Percent of Possible Score Ecological 100 64 64% Human Values/Aesthetics 100 65 65% Vulnerability 100 45 45% Management 100 78 78% Total Score: 400 253 63% Secondary Screening Criteria Possible Points Scored Points Percent of Possible Score Ecological 100 60 60% Human Values/Aesthetics 100 57 57% Vulnerability 100 0 0% Management 100 80 80% Total Score: 400 197 49% Percent of Maximum Score: 49% Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 26 of 59 Summary of factors contributing to score Area 1 – 235 acres Total Score: 253 out of 400 possible points Ecological: 64 out of 100 possible points Area 1 scored moderately in this category for several reasons. Although it has 7 native plant communities, none are the preferred habitats described in the ordinance. However, additional points were gained as the wetland hardwood forest and freshwater marsh are mature examples of these type of vegetation community. Acquisition of the parcel would protect water resources by buffering the Corkscrew Marsh area, Lake Trafford and the Camp Keais Strand. Moderate to high aquifer recharge is mapped for the Surficial aquifer, though there is low recharge mapped for the lower Tamiami aquifer. Wetlands exist on site. Listed and non-listed species of wildlife are present on the parcel. Ecological quality is high, though marred by exotic plant presence, primarily, but not limited to, Brazilian pepper. Connectivity exists with Pepper Ranch Preserve lands. Human Values/Aesthetics: 65 out of 100 possible points A moderate score was achieved in this category primarily because Area 1 has no perimeter that can be seen by the public. However, it has unpaved access over the Pepper Ranch Preserve and potentially extensive uses including hunting and water access. It may be possible to develop a small boat launch and fishing access to Lake Trafford, but this will be very expensive to accomplish. Vulnerability: 45 out of 100 possible points The parcel achieved a moderate to low score in this category, based on the existing zoning, which is agricultural with a mobile home overlay allowing development at one unit per five aces. Owners have indicated they intend to sell only the surface rights to Conservation Collier, and to retain oil, gas and mineral rights. Management: 78 out of 100 possible points A moderate to high score was achieved for management due to several reasons. Minimal hydrologic changes appear necessary, except possibly some minor re-grading of ditches out of old farm fields, though possibly not needed to sustain overall site characteristics. Exotic plants are present on between 15% and 25% of the entire site, with some localized areas of infestation to 75%. Brazilian pepper was observed growing along most forest edges, and young Brazilian peppers were observed to be scattered within those forested areas examined. Existing trails would require maintenance. Parcel Size: While parcel size was not scored, the ordinance advises that based on comparative size, the larger of similar parcels is preferred. This parcel by itself is of moderate size (235 ac) but added with Area 2 (799.4), it is significant. It is similar to but smaller than the Half Circle L Ranch property and similar to but larger than the Barron Collier Partnership LLLP Sanitation/Bethune Road parcels. Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 27 of 59 Area II – 799.4 acres Total Score: 197 out of 400 possible points Ecological: 60 out of 100 possible points Area II scored moderately in this category for several reasons. The property does not have the preferred habitats described in the ordinance; however, it gained points as it contains 8 FLUCCS habitat types, has mature vegetation and contains native orchids (Habernaria sp). Acquisition of the parcel would protect water resources by buffering the Camp Keais Strand, Corkscrew Marsh and Lake Trafford. The site contains 97% wetland soils and wetland habitat for wetland dependent wildlife species. Moderate to high annual aquifer recharge (43” - <56”) is mapped for the Surficial aquifer, while low annual recharge (0- <7”) is mapped for the Lower Tamiami aquifer. Listed and non-listed species of wildlife and listed plant species are present on the parcel, both observed and documented. Ecological quality is high, though marred by presence of Brazilian pepper on forest edges and within pastures. Human Values/Aesthetics: 57 out of 100 possible points A moderate score was achieved in this category because Area II is not immediately adjoining conservation land, though if Area 1 is acquired, it will be adjoining. Should the only Area 2 be acquired, there is no established access through Area I. A small portion of Area II is connected to Lake Trafford and could provide boat launch and fishing access, but developing these will be expensive. The site also contains a known archeological site. Points were lost because the property is not visible from a public roadway. Vulnerability: 0 out of 100 possible points The parcel achieved no points because its zoning classification favors conservation under Stewardship Sending Area (SSA) #13. Owners have indicated they intend to sever stewardship credits and offer only the remaining surface rights to Conservation Collier, retaining the oil, gas and mineral rights. Management: 80 out of 100 possible points A moderate to high score was achieved for management due to several reasons. Exotic plants are present on between 15% and 25% of the entire site, with some localized areas of infestation to 75%. Brazilian pepper was observed growing along most forest edges, and young Brazilian peppers were observed to be scattered within those forested areas examined. Existing trails would require maintenance. The owner has offered to remove exotics at cost. Parcel Size: While parcel size was not scored, the ordinance advises that based on comparative size, the larger of similar parcels is preferred. This parcel is of significant size and larger than most offered to Conservation Collier. It is similar to but smaller than the Half Circle L Ranch and similar to but larger than the Barron Collier Partnership LLLP Sanitation/Bethune Road properties. Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 28 of 59 Exhibit A. FLUCCs Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 29 of 59 Exhibit B. Soils Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 30 of 59 Exhibit C. Wellfield protection and Aquifer Recharge Maps Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 31 of 59 Exhibit D. Zoning Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 32 of 59 Exhibit E. Historical Aerials – 2017 and 1940 (Source: Property Appraiser) 1940 2017 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 33 of 59 Exhibit F. Flood Zone Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 34 of 59 Exhibit G. LIDAR Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 35 of 59 Exhibit H. Surface Water Priorities CLIP4 Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 36 of 59 Exhibit I. Landscape Integrity CLIP4 Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 37 of 59 Exhibit J. Priority Natural Communities CLIP4 Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 38 of 59 Exhibit K. Biodiversity CLIP4 Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 39 of 59 Exhibit L. Potential Habitat Richness CLIP4 Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 40 of 59 Exhibit M. Strategic Habitat Conservation Areas CLIP4 Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 41 of 59 Exhibit N. Aggregated Conservation Priorities CLIP4 Map Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 42 of 59 Exhibit O. USFWS Listed Species Consultation and Focal Areas Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 43 of 59 Exhibit P. Oil and Gas Map Florida Department of Environmental Protection Oil and Gas Program Maps, Interactive map – Oil and Gas. Source: https://ca.dep.state.fl.us/mapdirect/?focus=oilandgas Permit #1208, shown as a “dry hole.” Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 44 of 59 Exhibit Q. 2011 Conservation Collier Active Acquisition List Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 45 of 59 Exhibit R. Completed and Scored Secondary Criteria Screening Form- Area 1 Property Name: Barron Collier Partnership LLLP Area 1 - 235 acres Folio Numbers: Parts of 00113760004, 00113840005, and 00113880007 Geograhical Distribution (Target Protection Area): portion in Rural Lands Stewardship Area (RLSA) - Habitat Stewardship Area 1. Confirmation of Initial Screening Criteria (Ecological) 1.A Unique and Endangered Plant Communities Possible points Scored points Comments Select the highest Score: 1. Tropical Hardwood Hammock 90 2. Xeric Oak Scrub 80 3. Coastal Strand 70 4. Native Beach 60 5. Xeric Pine 50 6. Riverine Oak 40 7. High Marsh (Saline) 30 8. Tidal Freshwater Marsh 20 9. Other Native Habitats 10 10 FLUCCS 4340 Hardwood-conifer mixed; 2130 Woodland pasture; 4200 Upland hardwood forests; 4280 Cabbage palms; 6216 Cypress; 6172 Mixed wetland harwoods-shrubs 10. Add additional 5 points for each additional Florida Natural Areas Inventory (FNAI) listed plant community found on the parcel 5 each None listed by FNA higher than S4=Apparently secure statewide, may be rare in some part so of range 11. Add 5 additional points if plant community represents a unique feature, such as maturity of vegetation, outstanding example of plant community, etc. 5 5 mature example of wetland hardwood forest and freshwater marsh 1.A. Total 100 15 1.B Significance for Water Resources Possible points Scored points Comments 1. Aquifer Recharge (Select the Highest Score) a. Parcel is within a wellfield protection zone 100 b. Parcel is not in a wellfield protection zone but will contribute to aquifer recharge 50 50 GIS maps show this property contributes primarily to the surficial aquifer is 43" to <56" annually; contribution to Lower Tamiami mapped at 0-<7" annually. c. Parcel would contribute minimally to aquifer recharge 25 d. Parcel will not contribute to aquifer recharge, eg., coastal loca 0 2. Surface Water Quality (Select the Highest Score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 100 b. Parcel is contiguous with and provides buffering for a creek, river, lake or other surface water body 75 75 Parcel buffers Camp Keais Strand and a small portion of Lake Trafford c. Parcel is contiguous with and provides buffering for an identified flowway 50 d. Wetlands exist on site 25 25 Wetlands exist on site - approx. 60 % of site contains wetland forest e. Acquisition of parcel will not provide opportunities for surface water quality enhancement 0 3. Strategic to Floodplain Management (Calculate for a and b; score c if applicable) a. Depressional soils 80 0 b. Slough Soils 40 8 Area 1 has 20% Hydric Soils c. Parcel has known history of flooding and is likely to provide onsite water attenuation 20 20 Pasture areas and some forest are covered with water in wet season Subtotal 300 178 1.B Total 100 59 Obtained by dividing the subtotal by 3. 1.C Resource Ecological/Biological Value Possible points Scored points Comments 1. Biodiversity (Select the Highest Score for a, b and c) a. The parcel has 5 or more FLUCCS native plant communities 100 100 Area has 7 FLUCCS vegetation communities b. The parcel has 3 or 4 FLUCCS native plant communities 75 c. The parcel has 2 or or less FLUCCS native plant communities 50 d. The parcel has 1 FLUCCS code native plant communities 25 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 46 of 59 Exhibit R. Completed and Scored Secondary Criteria Screening Form- Area 1, Cont’d 2. Listed species a. Listed wildlife species are observed on the parcel 80 80 If a. or b. are scored, then c. Spotential Habitat Richness is not scored. Woodstork, Little Blue heron, Roseate Spoonbill, Sandhill crane b. Listed wildlife species have been documented on the parcel by 70 Provide documentation source - c. Habitat Richness score 5 categories 70 Score is prorated from 14 to 70 based on the highest of the 5 CLIP4 Potential Habitat Richness categories- d. Rookery found on the parcel 10 e. Listed plant species observed on parcel - add additional 20 poi 20 20 Tillandsia fasciculata, T. balbisiana 3. Restoration Potential a. Parcel can be restored to high ecological function with minimal alteration 100 b. Parcel can be restored to high ecological function but will require moderate work, including but not limited to removal of exotics and alterations in topography. 50 50 Exotics 10-24% on 138 acres and between 25-75% in other areas. General global observation - 15% or slightly more. c. Parcel will require major alterations to be restored to high ecological function. 15 d. Conditions are such that parcel cannot be restored to high ecological function 0 explain limiting conditions Subtotal 300 250 1.C Total 100 83 Divide the subtotal by 3 1.D Protection and Enhancement of Current Conservation Lands Possible points Scored points Comments 1. Proximity and Connectivity a. Property immediately contiguous with conservation land or conservation easement. 100 100 Adjoining south of Pepper Ranch Preserve b. Property not immediately contiguous, parcels in between it and the conservation land are undeveloped. 50 c. Property not immediately contiguous, parcels in-between it and conservation land are developed 0 d. If not contiguous and developed, add 20 points if an intact ecological link exists between the parcel and nearest conservation land 20 1.D Total 100 100 1. Ecological Total Score 100 64 Sum of 1A, 1B, 1C, 1D then divided by 4 2. Human Values/Aesthetics 2.A Human Social Values/Aesthetics Possible points Scored points Comments 1. Access (Select the Highest Score) a. Parcel has access from a paved road 100 b. Parcel has access from an unpaved road 75 75 Parcel has access through Pepper Ranch Preserve c. Parcel has seasonal access only or unimproved access easem 50 d. Parcel does not have physical or known legal access 0 2. Recreational Potential (Select the Highest Score) a. Parcel offers multiple opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, nature photography, bird watching, kayaking, canoeing, swimming, hunting (based on size?) and fishing. 100 100 Small portion borders Lake Trafford. Though not appropriate for swimming, a boat launch, fishing, hiking, nature photography, bird watching, and hunting are possible uses, but may be expensive to accomplish. b. Parcel offers only land-based opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, and nature photography. 75 c. Parcel offers limited opportunities for natural-resource based recreation beyond simply accessing and walking on it 50 d. Parcel does not offer opportunities for natural-resource based recreation 0 3. Enhancement of Aesthetic Setting a. Percent of perimeter that can me seen by public. Score based on percentage of frontage of parcel on public thoroughfare 80 0 Score between 0 and 80 based on the percentage of the parcel perimeter that can be seen by the public from a public thoroughfare. b. Add up to 20 points if the site contains outstanding aesthetic characteristic(s), such as but not limited to water view, mature trees, native flowering plants, or archeological site 20 20 Provide a description and photo documentation of the outstanding characteristic mature oak groves, wildflowers Subtotal 300 195 2. Human Social Values/Aesthetics Total Score 100 65 Obtained by dividing the subtotal by 3. Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 47 of 59 Exhibit R. Completed and Scored Secondary Criteria Screening Form- Area 1, Cont’d 3. Vulnerability to Development/Degradation 3.A Zoning/Land Use Designation Possible points Scored points Comments 1. Zoning allows for Single Family, Multifamily, industrial or comme 50 2. Zoning allows for density of no greater than 1 unit per 5 acres 45 45 A-MHO-RLSAO 3. Zoning allows for agricultural use /density of no greater than 1 un 40 4. Zoning favors stewardship or conservation 0 5. If parcel has ST overlay, remove 20 points -20 6. Property has been rezoned and/or there is SDP approval 25 7. SFWMD and/or USACOE permit has been issued 25 8. A rezone or SDP application has been submitted 15 9. SFWMD and/or USACOE permit has been applied for 15 3. Vulnerability Total Score 100 45 4. Feasibility and Costs of Management 4.A Hydrologic Management Needs Possible points Scored points Comments 1. No hydrologic changes are necessary to sustain qualities of site in perpetuity 100 2. Minimal hydrologic changes are required to restore function, such a cut in an existing berm 75 75 some old farm ditches exist. They may interfere with hydrology minimally but likley do not need to be removed. 3. Moderate hydrologic changes are required to restore function, such as removal of existing berms or minor re-grading that require use of machinery 50 4. Significant hydologic changes are required to restore function, such as re-grading of substantial portions of the site, placement of a berm, removal of a road bed, culvert or the elevation of the water table by installing a physical structure and/or changes unlikley 0 5.A Total 100 75 4.B Exotics Management Needs Possible points Scored points Comments 1. Exotic Plant Coverage a. No exotic plants present 100 b. Exotic plants constitute less than 25% of plant cover 80 80 Exotics are estimated at 10-24% in Area 1 with some areas at 25% - 75%. c. Exotic plants constitute between 25% and 50% of plant cover 60 d. Exotic plants constitute between 50% and 75% of plant cover 40 e. Exotic plants constitute more than 75% of plant cover 20 maintenance effort and management will be needed (e.g., heavy infestation by air potato or downy rosemytle) -20 g. Adjacent lands contain substantial seed source and exotic removal is not presently required -20 5.B Total 100 80 4.C Land Manageability Possible points Scored points Comments 1. Parcel requires minimal maintenance and management, examples: cypress slough, parcel requiring prescribed fire where fuel loads are low and neighbor conflicts unlikely 80 2. Parcel requires moderate maintenance and management, examples: parcel contains trails, parcel requires prescribed fire and circumstances do not favor burning 60 60 Parcel contains trails that would require maintenance and fire may not be appropriate in the hardwood forests, but would be fine on the pastures. 3. Parcel requires substantial maintenance and management, examples: parcel contains structures that must be maintained, parcel requires management using machinery or chemical means which will be difficult or expensive to accomplish 40 4. Add 20 points if the mainenance by another entity is likely 20 20 Owner has offered to remove exotics at cost. 5. Subtract 10 points if chronic dumping or trespass issues exist -10 5.C Total 100 80 4. Feasibility and Management Total Score 100 78 Sum of 5A, 5B, 5C, then divided by 3 Total Score 400 253 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 48 of 59 Exhibit S. Completed and Scored Secondary Criteria Screening Form- Area 2 Property Name: Barron Collier Partnership LLLP Folio Numbers: Parts of 00113760004, 00113840005 and 00113880007 799.4 acres - Area II Geograhical Distribution (Target Protection Area): Rural Lands Stewardship Area - Habitat Stewardship/Flowway Stewardship Areas 1. Confirmation of Initial Screening Criteria (Ecological) 1.A Unique and Endangered Plant Communities Possible points Scored points Comments Select the highest Score: 1. Tropical Hardwood Hammock 90 2. Xeric Oak Scrub 80 3. Coastal Strand 70 4. Native Beach 60 5. Xeric Pine 50 6. Riverine Oak 40 7. High Marsh (Saline) 30 8. Tidal Freshwater Marsh 20 9. Other Native Habitats 10 10 FLUCCS 6170 Mixed wetland hardwoods; 6410 Freshwater westlands; 4280 Cabbage palm; 6440 emergent aquatic vegetation; 6216 Cypress; 4340 hardwood-conifer mixed; 6172 Mixed wetland hardwoods-shrubs; 6210 Cypress 10. Add additional 5 points for each additional Florida Natural Areas Inventory (FNAI) listed plant community found on the parcel 5 each 11. Add 5 additional points if plant community represents a unique feature, such as maturity of vegetation, outstanding example of plant community, etc. 5 5 Mature vegetation, orchids (Habernaria species) 1.A. Total 100 15 1.B Significance for Water Resources Possible points Scored points Comments 1. Aquifer Recharge (Select the Highest Score) a. Parcel is within a wellfield protection zone 100 b. Parcel is not in a wellfield protection zone but will contribute to aquifer recharge 50 50 Mapped as contributing primarily to surficial aquifer - 43" to <56" annually c. Parcel would contribute minimally to aquifer recharge 25 d. Parcel will not contribute to aquifer recharge, eg., coastal loca 0 2. Surface Water Quality (Select the Highest Score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 100 b. Parcel is contiguous with and provides buffering for a creek, river, lake or other surface water body 75 75 Lake Trafford is just to the east and parcel is surrounded by Camp Keais Strand marsh wetlands c. Parcel is contiguous with and provides buffering for an identified flowway 50 d. Wetlands exist on site 25 25 Site is almost entirely wetlands based on plants, soils presence of standing groundwater e. Acquisition of parcel will not provide opportunities for surface water quality enhancement 0 3. Strategic to Floodplain Management (Calculate for a and b; score c if applicable) a. Depressional soils 80 37 Depressional soil types make up 46% of Area II b. Slough Soils 40 21 Slough soil types make up 52% of Area II c. Parcel has known history of flooding and is likely to provide onsite water attenuation 20 20 Onsite water during wet season has been observed over multiple years. Subtotal 300 228 1.B Total 100 76 Obtained by dividing the subtotal by 3. 1.C Resource Ecological/Biological Value Possible points Scored points Comments 1. Biodiversity (Select the Highest Score for a, b and c) a. The parcel has 5 or more FLUCCS native plant communities 100 100 Area II has 8 FLUCCS native plant communities - see above b. The parcel has 3 or 4 FLUCCS native plant communities 75 c. The parcel has 2 or or less FLUCCS native plant communities 50 d. The parcel has 1 FLUCCS code native plant communities 25 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 49 of 59 Exhibit S. Completed and Scored Secondary Criteria Screening Form- Area 2, cont’d 2. Listed species a. Listed wildlife species are observed on the parcel 80 80 If a. or b. are scored, then c. Potential Habitat Richness is not scored. Roseate spoonbills b. Listed wildlife species have been documented on the parcel by 70 Provide documentation source -FWC Panther Telemetry c. Habitat Richness score 5 categories 70 Score is prorated from 14 to 70 based on the highest of the 5 CLIP4 Potential Habitat Richness categories- d. Rookery found on the parcel 10 e. Listed plant species observed on parcel - add additional 20 poi 20 20 Encyclia tampensis, Tillandsia fasciculata, T. balbisiana 3. Restoration Potential a. Parcel can be restored to high ecological function with minimal alteration 100 100 Removal of exotics and removal of cattle over time b. Parcel can be restored to high ecological function but will require moderate work, including but not limited to removal of exotics and alterations in topography. 50 c. Parcel will require major alterations to be restored to high ecological function. 15 d. Conditions are such that parcel cannot be restored to high ecological function 0 explain limiting conditions Subtotal 300 300 1.C Total 100 100 Divide the subtotal by 3 1.D Protection and Enhancement of Current Conservation Lands Possible points Scored points Comments 1. Proximity and Connectivity a. Property immediately contiguous with conservation land or conservation easement. 100 b. Property not immediately contiguous, parcels in between it and the conservation land are undeveloped. 50 50 Parcel is nearly adjoining Pepper Ranch Preserve, parcel between this and Pepper Ranch has also been offered - Area 1 (235 acres) c. Property not immediately contiguous, parcels in-between it and conservation land are developed 0 d. If not contiguous and developed, add 20 points if an intact ecological link exists between the parcel and nearest conservation land 20 1.D Total 100 50 1. Ecological Total Score 100 60 Sum of 1A, 1B, 1C, 1D then divided by 4 2. Human Values/Aesthetics 2.A Human Social Values/Aesthetics Possible points Scored points Comments 1. Access (Select the Highest Score) a. Parcel has access from a paved road 100 b. Parcel has access from an unpaved road 75 75 Upaved old oil well road - goes to oil pad c. Parcel has seasonal access only or unimproved access easem 50 d. Parcel does not have physical or known legal access 0 2. Recreational Potential (Select the Highest Score) a. Parcel offers multiple opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, nature photography, bird watching, kayaking, canoeing, swimming, hunting (based on size?) and fishing. 100 b. Parcel offers only land-based opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, and nature photography. 75 75 hunting, hiking, photography, education, and primitive camping are possible public uses c. Parcel offers limited opportunities for natural-resource based recreation beyond simply accessing and walking on it 50 d. Parcel does not offer opportunities for natural-resource based recreation 0 3. Enhancement of Aesthetic Setting a. Percent of perimeter that can me seen by public. Score based on percentage of frontage of parcel on public thoroughfare 80 0 Score between 0 and 80 based on the percentage of the parcel perimeter that can be seen by the public from a public thoroughfare. b. Add up to 20 points if the site contains outstanding aesthetic characteristic(s), such as but not limited to water view, mature trees, native flowering plants, or archeological site 20 20 Provide a description and photo documentation of the outstanding characteristic O utstanding Vista views over the marsh, flowering native plants, and archeological site Subtotal 300 170 2. Human Social Values/Aesthetics Total Score 100 57 Obtained by dividing the subtotal by 3. Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 50 of 59 Exhibit S. Completed and Scored Secondary Criteria Screening Form- Area 2, cont’d 3. Vulnerability to Development/Degradation 3.A Zoning/Land Use Designation Possible points Scored points Comments 1. Zoning allows for Single Family, Multifamily, industrial or comme 50 2. Zoning allows for density of no greater than 1 unit per 5 acres 45 3. Zoning allows for agricultural use /density of no greater than 1 un 40 4. Zoning favors stewardship or conservation 0 0 Area is within SSA#13 5. If parcel has ST overlay, remove 20 points -20 6. Property has been rezoned and/or there is SDP approval 25 7. SFWMD and/or USACOE permit has been issued 25 8. A rezone or SDP application has been submitted 15 9. SFWMD and/or USACOE permit has been applied for 15 3. Vulnerability Total Score 100 0 4. Feasibility and Costs of Management 4.A Hydrologic Management Needs Possible points Scored points Comments 1. No hydrologic changes are necessary to sustain qualities of site in perpetuity 100 100 No known hydrologic changes necessary to maintain site characteristics. 2. Minimal hydrologic changes are required to restore function, such a cut in an existing berm 75 3. Moderate hydrologic changes are required to restore function, such as removal of existing berms or minor re-grading that require use of machinery 50 4. Significant hydologic changes are required to restore function, such as re-grading of substantial portions of the site, placement of a berm, removal of a road bed, culvert or the elevation of the water table by installing a physical structure and/or changes unlikley 0 5.A Total 100 100 4.B Exotics Management Needs Possible points Scored points Comments 1. Exotic Plant Coverage a. No exotic plants present 100 b. Exotic plants constitute less than 25% of plant cover 80 80 WilsonMiller has mapped approx half the 799 acres as having 10- 24% exotics. A small portion (half an acre) is mapped at 25- 49% exotics. Onsite inspections shows significant Brazilian pepper (Schinus terebinthifolius ) on all forest and pasture edges and within pasture "islands." Young BP are through out forested areas examined. Scattered Guava (Psidium cattleianum), tropical soda apple (Soalnum Viarum) and Ceasar weed (Urena lobata ) are also present. Wilson Miller's estimates still seem OK. c. Exotic plants constitute between 25% and 50% of plant cover 60 d. Exotic plants constitute between 50% and 75% of plant cover 40 e. Exotic plants constitute more than 75% of plant cover 20 maintenance effort and management will be needed (e.g., heavy infestation by air potato or downy rosemytle) -20 -20 BP will require significant removal and maintenance effort and is within a wetland so must be done by hand. g. Adjacent lands contain substantial seed source and exotic removal is not presently required -20 5.B Total 100 60 4.C Land Manageability Possible points Scored points Comments 1. Parcel requires minimal maintenance and management, examples: cypress slough, parcel requiring prescribed fire where fuel loads are low and neighbor conflicts unlikely 80 2. Parcel requires moderate maintenance and management, examples: parcel contains trails, parcel requires prescribed fire and circumstances do not favor burning 60 60 Exotic maintenance necessary in remote location, parcel contains trails that will require maintenance 3. Parcel requires substantial maintenance and management, examples: parcel contains structures that must be maintained, parcel requires management using machinery or chemical means which will be difficult or expensive to accomplish 40 4. Add 20 points if the mainenance by another entity is likely 20 20 Owner has offered to remove exotics at cost 5. Subtract 10 points if chronic dumping or trespass issues exist -10 0 none seen 5.C Total 100 80 4. Feasibility and Management Total Score 100 80 Sum of 5A, 5B, 5C, then divided by 3 Total Score 400 197 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 51 of 59 Exhibit T. - Photographs Photo 1. Access point from Pepper Ranch Preserve Photo 2. Pasture on northern side of Area 1 – March 2009 (Left), February 2018 (Right) Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 52 of 59 Photo 3. Habitat type – Palm hammock with scattered oaks - Area 1 - 2009 Photo 4. Improved pasture 2018 - Area 1 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 53 of 59 Photo 5. Forest edge– Brazilian pepper 2018 – Area 1 Photo 6. Area 1 Pasture & forest canopy 2009 - mixed hardwoods and pines Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 54 of 59 Photo 7. Area 1 pasture and oil exploration pad site 2009 (Top in March) and 2018 (Bottom in October) Photo 8. Area 1 stock pond 2018 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 55 of 59 Photo 9. Area 1 – Deer 2018 Photo 10. Area II – Cabbage palm 2018 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 56 of 59 Photo 11. Area II - existing trails through Area 2 – 2009 (Left), 2018 (Right) Photo 12. Area II – Edge between forested area and marsh wetlands – March 2009 (Left), February 2018 (Right) Photo 13. Area II – Marsh overlook February 2018 Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 57 of 59 Photo 14. Area II - Hog damage near edge of marsh 2009 Photo 15. Area II – Listed Plant Species Photo 16. Area II – Listed wildlife Species Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 58 of 59 Photo 17. Area II – Mixed wetland hardwoods with Cabbage palm intrusion Photo 18. Area II – Native flowering plants - Blue flag Iris – Iris hexagonia Initial Criteria Screening Report Folio: currently undivided portions of 3 folios Name: Barron Collier Partnership LLLP Date: Revised 10-21-17 Page 59 of 59 Photo 19. Area 2 - Hydrologic indicator 2018 – flared trunk with watermark at 18 inches Photo 20. Area 1 2018 Woodland pasture (along fence with Conservation Collier lands to the left Conservation Collier Initial Criteria Screening Report Presented June 12, 2017 Property Name: Green & Green Investments, Inc. Folio Number: 00742880009 Staff Report Date: June 5, 2017 Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 2 of 32 Contents ............................................................................................................................................. 1 I. Summary of Property Information ................................................................................. 3 Table 1. Summary of Property Information ................................................................... 3 Figure 1. Location Map.................................................................................................. 4 Figure 2. Aerial Map ...................................................................................................... 5 Figure 3. Surrounding Lands Aerial .............................................................................. 6 Summary of Assessed Value and Property Costs Estimates .............................................. 7 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics ............................................................................................... 8 III. Potential for Appropriate Use and Recommended Site Improvements ..................... 13 IV. Assessment of Management Needs and Costs........................................................... 14 Table 2. Summary of Estimated Management Needs and Costs ................................. 15 V. Potential for Matching Funds ...................................................................................... 16 VI. Summary of Secondary Screening Criteria ............................................................... 17 Figure 4. Secondary Screening Criteria Scoring.......................................................... 17 Exhibit A. FLUCCs Map ......................................................................................... 19 Exhibit B. Soils Map ................................................................................................ 20 Exhibit C. Species Richness Map ............................................................................ 21 Exhibit D. Wellfield Protection and Aquifer Recharge Maps ................................ 22 Exhibit E. Completed and Scored Secondary Criteria Screening Form .................. 23 Exhibit F. Photographs............................................................................................. 26 Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 3 of 32 I. Summary of Property Information The purpose of this section is to provide information concerning the subject property describing its various physical characteristics and other general information. Table 1. Summary of Property Information Characteristic Value Comments Name Green & Green Investments, Inc. n/a Folio Number 00742880009 n/a Target Protection Area Urban On the north side of and adjoining Shell Island Preserve Size 28.7 acres n/a STR S 15, T 51S, R 26E n/a Zoning Category/TD Rs Agricultural/ No TDRs No greater than 1 unit per 5 acres FEMA Flood Map Category AE Area located within a special flood hazard area - inundated by 100 year flood Existing structures Utility tower Lee County Electric Cooperative Adjoining properties and their Uses Conservation; Roadway N and W – State owned conservation lands (Rookery Bay National Estuarine Research Reserve) and an Outstanding Florida Water S – Conservation Collier land (Shell Island) E – Across CR 951 - Residential and golf course- Marco Shores/Fiddler’s Creek. Other County Dept. Interest Unknown Waiting for other County Department to report interest in this parcel Known Property Irregularities 100’ easement on western boundary 200’ County owned ROW along SR951 Property is within a State (Rookery Bay) Project Boundary Lee County Electric Cooperative easement. Allows for vehicle access because of Geo-web construction. The county bought 83 feet of this parcel along SR 951 in cooperative agreement with state for a total of 200 foot owned ROW. Parcel can be removed from Rookery Bay NERR Project Boundary by request from owner. Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 4 of 32 Figure 1. Location Map Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 5 of 32 Figure 2. Aerial Map Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 6 of 32 Figure 3. Surrounding Lands Aerial Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 7 of 32 Summary of Assessed Value and Property Costs Estimates The interest being appraised for this estimate is fee simple for the purchase of the site, and the value of this interest is subject to the normal limiting conditions and the quality of market data. An appraisal of the parcel was estimated using three traditional approaches, cost, income capitalization and sales comparison. Each is based on the principal that an informed purchaser would pay no more for the rights in acquiring a particular real property than the cost of acquiring, without undue delay, an equally desirable one. Three properties from within 3 miles of this property were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the property or comparables used in the report and the appraiser relied upon information provided by program staff. Conclusions are limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. Pursuant to the Conservation Collier Purchase Policy there would need to be two appraisals done for this property. Assessed Value: * Taxes are being paid on a value of $57,300 due to property tax increase cap but the Land value has been assessed at $574,000 Estimated Market Value: **to be provided * Property Appraiser’s Website ** Collier County Real Estate Services Department Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 8 of 32 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics This property was originally offered to Conservation Collier in 2005. It was placed on the Board-approved Active Acquisition List for Cycle 3 in February 2006. As offer was made to the owners based on an independent appraisal for $1,120,000, which was refused. The property was offered again in 2017, with the application received on March 24, 2017. Conservation Collier staff conducted a site visit on May 30, 2017. MEETS INITIAL SCREENING CRITERIA Yes Are any of the following unique and endangered plant communities found on the property? Order of preference as follows: Ord. 2002-63, Sec. 10 (1)(a) Hardwood hammocks No Xeric oak scrub No Coastal strand No Native beach No Xeric pine No Riverine Oak No High marsh (saline) Yes Tidal freshwater marsh Yes Other native habitats Yes Vegetative Communities: Staff used two methods to determine native plant communities present; review of South Florida Water Management District (SFWMD) electronic databases for Department of Transportation’s Florida Land Use, Cover and Forms (FLUCCS) (2014 update) and field verification of same. FLUCCS: The electronic database identified: FLUCCS 642 – Saltwater marsh (This designation was given to both the tidal freshwater marsh and the salt marsh on the property. The tidal freshwater marsh has a large amount of spike rush (Eleocharis celuosa) in addition to saltgrass (Distichilis spicata), and black rush (Juncus roemerianus) The salt marsh is primarily saltgrass, black rush, and fringe rushes (Fimbristylis sp.). FLUCCS 612 – Mangrove swamp FLUCCS 617 – Mixed shrubs The following native plant communities were observed: FLUCCS 612 – Mangrove swamp FLUCCS 642 – Saltwater marsh FLUCCS 641 – Freshwater marsh Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 9 of 32 A preliminary FLUCCS map of the property created by Passarella and Associates, Inc. in April 2004 also identifies FLUCCS 631 – Wetland scrub. Staff observed these areas and found them to be row-like elevations throughout the property, but would not consider them a separate FLUCCS. Dominant vegetation on these rises includes: buttonwood, wax myrtle, salt-bush and melaleuca. Characterization of Plant Communities present: FLUCCS 612 – Mangrove swamp Ground Cover: n/a Midstory: n/a Canopy: red mangroves (Rhizophora mangle), white mangroves (Laguncularia racemosa) and black mangroves (Avicennia germinans) FLUCCS 641- Freshwater marsh Ground Cover: black rush (Juncus roemerianus), sawgrass (Cladium jamaicense), spikerush (Eleocharis spp.), spider lilies (Hymenocallis sp.), cattails (Typha spp.), White- top sedge (Dichromena spp.) Midstory: buttonwood (Conocarpus erectus), wax myrtle (Myrica cerifera), and saltbush (Baccharus halimifolia) Canopy: n/a FLUCCS 642 – Salt marsh Ground Cover: saltmeadow cordgrass (Spartina patens), sea purslane (Sesuvium maritimum), saltgrass (Distichlis spicata) Midstory: red mangrove (Rhizophora mangle) Canopy: n/a Statement for satisfaction of criteria: These data indicate that intact native plant communities exist on the parcel. 2. Does land offer significant human social values, such as equitable geographic distribution, appropriate access for nature-based recreation, and enhancement of the aesthetic setting of Collier County? Ord. 2002-63, Sec. 10 (1)(b) Yes Statement for satisfaction of criteria: The property is within the Urban Coastal Fringe and visible from a major thoroughfare. It is also adjacent to other Conservation Collier land, a portion of which is accessible to the public by a road. 3. Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependant species habitat, and flood control? Ord. 2002-63, Sec. 10 (1)(c) Yes General Hydrologic Characteristics observed and description of adjacent upland /wetland buffers: Water is present over the entire property during the wet season. Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 10 of 32 Wetland dependant plant and animal species were observed. Adjacent wetland buffers are similar to the subject property. Wetland dependent plant species (OBL/ FACW) observed: OBL FACW Typha spp. Conocarpus erectus Rhizophora mangle Spartina patens Laguncularia racemosa Dichromena spp. Juncus roemerianus Sesuvium maritimum Hymenocallis sp. Eleocharis spp. Distichlus spicata Cladium jamaicense Avicennia germinans Wetland dependent wildlife species observed: Blue tillapia (Oreochromis aureus) nest, mosquito fish (Gambusia holbrooki) (2005 site visit) Other Hydrologic indicators observed: Limestone outcroppings, presence of periphyton throughout Soils: Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990). Mapped soils on this parcel were identified as mainly depressional (Estero and Peckish) and 1/10 tidal (Durbin and wulfert mucks). Estero and Peckish soils are in frequently flooded tidal marshes. Durbin and Wulfert mucks soils are in frequently flooded mangrove swamps. Lower Tamiami recharge Capacity: No Lower Tamiami recharge - -167" to -48" (0-7” is the lowest annual recharge rate. The highest recharge rate is 21”-102” annually) This is a high discharge site. Surficial Aquifer Recharge Capacity: Moderate surficial recharge - 43" to 56"(Low recharge is 31” to <43” annually and High recharge is 56” to 76” annually.) FEMA Flood map designation: Zone AE, which indicates that the parcel is located within a high risk flood zone subject to inundation by coastal storm surge with wave crest height less than 3 feet North American Vertical Datum (NAVD). Statement for satisfaction of criteria: Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 11 of 32 This parcel provides habitat for wetland dependent species, water quality enhancement for the adjacent Rookery Bay, which has been designated an Outstanding Florida Water, and will provide on-site attenuation of floodwaters. Does the property offer significant biological values, including biodiversity, listed species habitat, connectivity, restoration potential and ecological quality? Ord. 2002-63, Sec. 10 (1)(d) Yes Listed Plant Species: Listed plant species include those found in Florida Administrative Code (F.A.C.) Section 5B-40.0055 Regulated Plant Index and in the Federal Register - Endangered and Threatened Wildlife and Plants 50 CFR 17.11 and 17.12, December 1999. No listed plant species were observed on the site visit. Listed Wildlife Species: Listed wildlife species include those found in the Federal Register, Endangered and Threatened Wildlife and Plants 50 CFR 17.11 and 17.12, December 1999 (FWS) and Florida’s Endangered and Threatened Species, FWC, Updated May 2017. No listed animal species were observed during the site visit; however, staff has observed numerous wading birds in the past on the property. Species observed include wood stork (Mycteria americana), white ibis (Eudocimus albus), snowy egret (Egretta thula), tricolored heron (Egretta tricolor), little blue heron (Egretta caerulea), and American alligator (Alligator mississippiensis). Bird Rookery observed? No FWCC-derived species richness score: The FWCC-derived species richness score ranged from 6 to 7 out of a possible 10, representing a moderate to high level of habitat for listed species. Non-listed species observed: Red-winged black bird (Agelaius phoeniceus), mosquito fish (Gambusia holbrooki) – (2005 site visit) Potential Listed Species: These wetlands likely support mangrove rivulus (Rivulus marmoratus) and juvenile common snook (Centropomus undecimalis) in addition to listed wading bird species. Florida black bear (Ursus americanus floridanus) and panther (Felis concolor coryi) telemetry points are also present on surrounding parcels. Statement for satisfaction of criteria: Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 12 of 32 These observations confirm that the property provides habitat suitable for listed species, supports biodiversity and has a high degree of ecological quality. Restoration potential is high, as the only restoration necessary is the control of scattered invasive exotic vegetation. Connectivity is discussed in criteria #5. 5. Does the property enhance and/or protect the environmental value of current conservation lands through function as a buffer, ecological link or habitat corridor? Ord. 2002-63, Sec. 10 (1)(e) Yes Statement for satisfaction of criteria: The parcel is contiguous with the Rookery Bay Estuarine Research Reserve and a Conservation Collier property – Shell Island Preserve. Is the property within the boundary of another agency’s acquisition project? Yes If yes, will use of Conservation Collier funds leverage a significantly higher rank or funding priority for the parcel? No response on query yet Without such funding circumstances, Conservation Collier funds shall not be available for purchase of these lands. Ord. 2002- 63, Sec. 10 (1)(f) Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 13 of 32 III. Potential for Appropriate Use and Recommended Site Improvements Potential Uses as Defined in Ordinance 2002-63, section 5.9: Hiking: Limited opportunities for hiking due to the long hydroperiod of the wetlands. Nature Photography: Location adjacent to major road and the period of utilization by wading birds is in the dry season when wetlands are drying down and our population is at its peak. Bird-watching: Very good for wading birds when wetlands are drying down. Kayaking/Canoeing: Boating is inappropriate due to the shallowness of the wetlands. Swimming: Swimming is inappropriate. Hunting: Hunting is inappropriate due to the close proximity of SR 951 and small size of the parcel. Fishing: This area provides habitat for juvenile sportfish and their prey and would not be suitable for recreational fishing. Recommended Site Improvements: The only site improvement necessary is the removal of exotic vegetation – scattered melaleuca, Brazilian pepper along CR 951 and small amounts of torpedo grass. Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 14 of 32 IV. Assessment of Management Needs and Costs Management of this property will address the costs of exotic vegetation removal and signage. The following assessment addresses the initial costs of management. Rookery Bay NERR may partner for recurring management if the property is acquired. These are very preliminary estimates; Ordinance 2002-63 requires a formal land management plan be developed for each property acquired by Conservation Collier. Exotic, Invasive Plants Present: Melaleuca (Melaleuca quinquenervia), Brazilian pepper (Schinus terebinthifolius), torpedo grass (Panicum repens) Exotic Vegetation Removal and Control The initial cost of exotic removal would be relatively low. Based on the cost of treatment within the adjacent Shell Island Road Preserve, costs for the level of infestation observed (25%) to treat exotics with herbicide in place would be $388 per acre. Based on the acreage involved, total initial removal cost would be approximately $11,100 for the entire parcel. The cost of treatment may be less due to the low density of the plants that are also concentrated in specific areas. Public Parking Facility: Public parking is not recommended for this parcel. Public Access Trails: Trails are not recommended. Security and General Maintenance: Minimal management activities, like exotic maintenance and trash removal would be accomplished through a Memorandum of Agreement with Rookery Bay NERR. Fencing is not recommended at this point due to low accessibility of the parcel in general. The utility easement road is gated and locked. A sign identifying the property as Conservation Collier land could be placed near CR 951. Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 15 of 32 Table 2. Summary of Estimated Management Needs and Costs Management Element Initial Cost Annual Recurring Costs Comments Exotics Control $11,100 N/A May be lower than estimate Parking Facility N/A N/A Access Trails N/A N/A Fencing N/A N/A Trash Removal t.b.d. N/A One large rusty tank observed on property. Sign $100 each t.b.d. 3’ X 1.5’ metal on post - uninstalled Total $11,200 t.b.d. t.b.d. To be determined; cost estimates have not been finalized. Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 16 of 32 V. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the ordinance are the Florida Communities Trust (FCT), The Florida Forever Program and the Save Our Rivers Program. The following highlights potential for partnering funds, as communicated by agency staff: Florida Communities Trust: Potential does exist for a grant; however, these grants are offered on a yearly cycle and are rarely coordinated with purchases to provide up-front partner funding. Application is typically made for pre-acquired sites. Applications for the current cycle were due in August 2016. Currently, no funds have been appropriated by the State Legislature for conservation buying in 2017-18 other than for the Rural and Family Lands Program. Florida Forever Program: The Florida Forever Program has all current funds committed through July 1, 2017, with no funds forthcoming for 2017-18. This parcel is not inside a Florida Forever project boundary and is unlikely to be selected for funding. Save Our Rivers Program / South Florida Water Management District: SFWMD staff had previously advised that Save Our Rivers funding partnerships are unlikely unless parcels are part of Comprehensive Everglades Restoration Project (CERP) boundaries. This parcel is not within CERP project boundaries. SFWMD staff has advised that this parcel is not within a SFWMD project boundary and funding partnerships are unlikely unless that is the case. Other Potential Partner Funding Sources: Since the parcel is within the Rookery Bay NERR project boundary, staff is seeking to determine whether a funding partnership is possible. Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 17 of 32 VI. Summary of Secondary Screening Criteria Staff has scored property on the Secondary Criteria Screening Form and attached the scoring form as Exhibit E. In 2005, A total score of 282 out of a possible 400 was achieved. When updated in 2017 a total score of 276 out of 400 was achieved. This slightly lower score is the result of removing 20 points in the Land Man agement Section that were previously given because in 2005 Rookery Bay was receptive to managing this parcel. At this time, Rookery Bay would not be receptive to managing the parcel, though a partnership is possible in the future. Table 3. Tabulation of Secondary Screening Criteria 2005 Scoring Secondary Screening Criteria Possible Points Scored Points Percent of Possible Score Ecological 100 81 81% Human Values/Aesthetics 100 63 63% Vulnerability 100 45 45% Management 100 93 93% Total Score:400 282 71% Percent of Maximum Score:71% 2017 Scoring Secondary Screening Criteria Possible Points Scored Points Percent of Possible Score Ecological 100 81 81% Human Values/Aesthetics 100 63 63% Vulnerability 100 45 45% Management 100 87 87% Total Score:400 276 69% Percent of Maximum Score:69% Figure 4. Secondary Screening Criteria Scoring 2017 Scoring 2005 Scoring Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 18 of 32 Summary of factors contributing to score Ecological: 81 This score was achieved because the parcel contains priority plant communities, is contiguous with current conservation lands, offers listed species habitat and provides for the conveyance, storage and some treatment for some of the storm water entering Rookery Bay, and is in good ecological shape. The score was lowered slightly because no listed species were observed on site, the parcel offers only moderate aquifer recharge and the parcel contains only 3 different types of vegetation communities. Human Values/Aesthetics: 63 This score was achieved because the parcel is located within the Urban Coastal area adjacent to a major roadway and is highly visible. The score was lowered slightly because the parcel is only accessible by an unpaved road and it offers limited natural resource-based recreation opportunities. Vulnerability: 45 This parcel is currently zoned for Agriculture, with a density of one unit per five acres allowed. Management: 87 Exotic plant coverage is minimal, and the natural communities present will not require special management. Parcel Size: Approximately 28.7 acres While parcel size was not scored, the ordinance advises that based on comparative size, the larger of similar parcels is preferred. Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 19 of 32 Exhibit A. FLUCCs Map Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 20 of 32 Exhibit B. Soils Map Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 21 of 32 Exhibit C. Species Richness Map Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 22 of 32 Exhibit D. Wellfield Protection and Aquifer Recharge Maps Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 23 of 32 Property Name: Green & Green Folio Numbers: 742880009 Geograhical Distribution (Target Protection Area): Urban 1. Confirmation of Initial Screening Criteria (Ecological) 1.A Unique and Endangered Plant Communities Possible points Scored points Comments Select the highest Score: 1. Tropical Hardwood Hammock 90 2. Xeric Oak Scrub 80 3. Coastal Strand 70 4. Native Beach 60 5. Xeric Pine 50 6. Riverine Oak 40 7. High Marsh (Saline)30 30 based on presence of sesuvium Portulacastrum and juncus roemerianus - present over entire parcel 8. Tidal Freshwater Marsh 20 20 based on the presence of cattails, Eleocharis sp., Hymenocallis sp. cladium jamaicense. Present in certain areas 9. Other Native Habitats 10 10 mangrove 10. Add additional 5 points for each additional listed plant community found on the parcel 5 each 11. Add 5 additional points if plant community represents a unique feature, such as maturity of vegetation, outstanding example of plant community, etc.5 5 Outstanding example of brackish to fresh marsh 1.A. Total 100 65 1.B Significance for Water Resources Possible points Scored points Comments 1. Aquifer Recharge (Select the Highest Score) a. Parcel is within a wellfield protection zone 100 b. Parcel is not in a wellfield protection zone but will contribute to aquifer recharge 50 50 moderate surficial recharge - 43" to 56", discharge for Lower Tamiami - -167" to -48" c. Parcel would contribute minimally to aquifer recharge 25d. Parcel will not contribute to aquifer recharge, eg., coastal location 0 2. Surface Water Quality (Select the Highest Score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 100 100 Most OFWs are areas managed by the state or federal government as parks, including wildlife refuges, preserves, marine sanctuaries, estuarine research reserves, certain waters within state or national forests, scenic and wild rivers, or aquatic preserves. Generally, the waters within these managed areas are OFWs because the managing agency has requested this special protection. b. Parcel is contiguous with and provides buffering for a creek, river, lake or other surface water body 75 c. Parcel is contiguous with and provides buffering for an identified flowway 50 d. Wetlands exist on site 25 e. Acquisition of parcel will not provide opportunities for surface water quality enhancement 0 3. Strategic to Floodplain Management (Calculate for a and b; score c if applicable) a. Depressional soils 80 80 (Prorate site based on area of Slough or Depressional Soils) - 9/10 are depressional (Estero and Peckish) and 1/10 are tidal (Durban-wulfert mucks) b. Slough Soils 40 c. Parcel has known history of flooding and is likely to provide onsite water attenuation 20 20 Subtotal 300 250 1.B Total 100 83 Obtained by dividing the subtotal by 3. 1.C Resource Ecological/Biological Value Possible points Scored points Comments 1. Biodiversity (Select the Highest Score for a, b and c) a. The parcel has 5 or more FLUCCS native plant communities 100 b. The parcel has 3 or 4 FLUCCS native plant communities 75 75 mangrove, tidal marsh, freshwater marsh c. The parcel has 2 or or less FLUCCS native plant communities 50 d. The parcel has 1 FLUCCS code native plant communities 25 2. Listed species a. Listed wildlife species are observed on the parcel 80 If a. or b. are scored, then c. Species Richness is not scored. b. Listed wildlife species have been documented on the parcel by wildlife professionals70 Provide documentation source - Bear and panther telemetry points on surrounding parcels Exhibit E. Completed and Scored Secondary Criteria Screening Form Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 24 of 32 c. Species Richness score ranging from 10 to 70 70 48 Score is prorated from 10 to 70 based on the FFWCC Species Richness map - 1/3 is 6 and 2/3 is 7 d. Rookery found on the parcel 10 e. Listed plant species observed on parcel - add additional 20 points 20 3. Restoration Potential a. Parcel can be restored to high ecological function with minimal alteration 100 100 Parcel is in good ecological shape b. Parcel can be restored to high ecological function but will require moderate work, including but not limited to removal of exotics and alterations in topography.50 c. Parcel will require major alterations to be restored to high ecological function.15 d. Conditions are such that parcel cannot be restored to high ecological function 0 explain limiting conditions Subtotal 300 223 1.C Total 100 74 Divide the subtotal by 3 1.D Protection and Enhancement of Current Conservation Lands Possible points Scored points Comments 1. Proximity and Connectivity a. Property immediately contiguous with conservation land or conservation easement.100 100 next to Shell Island and Rookery Bay NERR b. Property not immediately contiguous, parcels in between it and the conservation land are undeveloped.50 c. Property not immediately contiguous, parcels in-between it and conservation land are developed 0 d. If not contiguous and developed, add 20 points if an intact ecological link exists between the parcel and nearest conservation land 20 1.D Total 100 100 1. Ecological Total Score 100 81 Sum of 1A, 1B, 1C, 1D then divided by 4 2. Human Values/Aesthetics 2.A Human Social Values/Aesthetics Possible points Scored points Comments 1. Access (Select the Highest Score) a. Parcel has access from a paved road 100 b. Parcel has access from an unpaved road 75 75 Access is from FPL easement but parcel is also along 951 c. Parcel has seasonal access only or unimproved access easement 50 d. Parcel does not have physical or known legal access 0 2. Recreational Potential (Select the Highest Score) a. Parcel offers multiple opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, nature photography, bird watching, kayaking, canoeing, swimming, hunting (based on size?) and fishing.100 b. Parcel offers only land-based opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, and nature photography.75 75 potential for wildlife watching platform c. Parcel offers limited opportunities for natural-resource based recreation beyond simply accessing and walking on it 50 d. Parcel does not offer opportunities for natural-resource based recreation 0 3. Enhancement of Aesthetic Setting a. Percent of perimeter that can me seen by public. Score based on percentage of frontage of parcel on public thoroughfare 80 20 Score between 0 and 80 based on the percentage of the parcel perimeter that can be seen by the public from a public thoroughfare. - 25% can be seen from 951 b. Add up to 20 points if the site contains outstanding aesthetic characteristic(s), such as but not limited to water view, mature trees, native flowering plants, or archeological site 20 20 Provide a description and photo document atioon of the outstanding characteristic - mature pines and native orchids, along with canal frontage make this an aesthetically appealing parcel. - Outstanding marsh view Subtotal 300 190 2. Human Social Values/Aesthetics Total Score 100 63 Obtained by dividing the subtotal by 3. Exhibit E. Completed and Scored Secondary Criteria Screening Form (Continued) Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 25 of 32 3. Vulnerability to Development/Degradation 3.A Zoning/Land Use Designation Possible points Scored points Comments 1. Zoning allows for Single Family, Multifamily, industrial or commercial 50 2. Zoning allows for density of no greater than 1 unit per 5 acres 45 45 Zoning is Agricultural 3. Zoning allows for agricultural use /density of no greater than 1 unit per 40 acres40 4. Zoning favors stewardship or conservation 0 5. If parcel has ST overlay, remove 20 points -20 6. Property has been rezoned and/or there is SDP approval 25 7. SFWMD and/or USACOE permit has been issued 25 8. A rezone or SDP application has been submitted 15 9. SFWMD and/or USACOE permit has been applied for 15 3. Vulnerability Total Score 100 45 4. Feasibility and Costs of Management 4.A Hydrologic Management Needs Possible points Scored points Comments 1. No hydrologic changes are necessary to sustain qualities of site in perpetuity 100 100 no hydrologic changes necessary 2. Minimal hydrologic changes are required to restore function, such a cut in an existing berm 75 3. Moderate hydrologic changes are required to restore function, such as removal of existing berms or minor re-grading that require use of machinery 50 4. Significant hydologic changes are required to restore function, such as re-grading of substantial portions of the site, placement of a berm, removal of a road bed, culvert or the elevation of the water table by installing a physical structure and/or changes unlikley 0 5.A Total 100 100 4.B Exotics Management Needs Possible points Scored points Comments 1. Exotic Plant Coverage a. No exotic plants present 100 b. Exotic plants constitute less than 25% of plant cover 80 80 less than 25% Melaleuca - minimal torpedograss - some Brazilian pepper on FPL easement and along 951 c. Exotic plants constitute between 25% and 50% of plant cover 60 d. Exotic plants constitute between 50% and 75% of plant cover 40 e. Exotic plants constitute more than 75% of plant cover 20f. Exotic characteristics are such that extensive removal and maintenance effort and management will be needed (e.g., heavy infestation by air potato or downy rosemytle)-20 g. Adjacent lands contain substantial seed source and exotic removal is not presently required -20 5.B Total 100 80 4.C Land Manageability Possible points Scored points Comments 1. Parcel requires minimal maintenance and management, examples: cypress slough, parcel requiring prescribed fire where fuel loads are low and neighbor conflicts unlikely 80 80 wetland marsh 2. Parcel requires moderate maintenance and management, examples: parcel contains trails, parcel requires prescribed fire and circumstances do not favor burning 60 3. Parcel requires substantial maintenance and management, examples: parcel contains structures that must be maintained, parcel requires management using machinery or chemical means which will be difficult or expensive to accomplish 40 4. Add 20 points if the mainenance by another entity is likely 20 5. Subtract 10 points if chronic dumping or trespass issues exist -10 5.C Total 100 80 4. Feasibility and Management Total Score 100 87 Sum of 5A, 5B, 5C, then divided by 3 Total Score 400 276 Exhibit E. Completed and Scored Secondary Criteria Screening Form (Continued) Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 26 of 32 Exhibit F. Photographs Photos 1 and 2. Typical view, center of property 6/30/2005 5/30/2017 Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 27 of 32 Photo 3. One of several ridges of slightly higher elevation within the property. Trees are primarily buttonwoods. 6/30/2005 Photo 4. Freshwater wetlands with black rush 6/30/2005 Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 28 of 32 Photo 5. Photo shows average water depth found throughout property 6/30/2005 Photo 6. Depressional area on eastern edge of property 6/30/2005 Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 29 of 32 Photos 7 and 8. Cattails lining the edge of freshwater marsh and mangroves 6/30/2005 5/30/2017 Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 30 of 32 Photo 9. Transitional zone between mangroves and freshwater marsh with saltmarsh cordgrass 6/30/2005 Photo 10. Melaleuca along north end of parcel 5/30/2017 Photos 11 and 12. View of property looking west 6/30/2005 5/30/2017 Initial Criteria Screening Report Folio #: 00742880009 Name: Green & Green Investments, Inc. Date: June 5, 2017 Page 32 of 32 Photo 13. View of property looking east from LCEC easement road 6/30/2005 Photos 14 and 15. Depressional area on eastern side of property 6/30/2005 5/30/2017 Conservation Collier Initial Criteria Screening Report Property Name: Half Circle L Ranch (3,370 +/- acre portion) Folio Number(s): Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Staff Report Date: December 11, 2017 Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 2 of 54 Table of Contents Introduction ......................................................................................................................... 3 I. Summary of Property Information ................................................................................. 4 Table 1. Summary of General Property Information ..................................................... 4 Figure 1. Location Map.................................................................................................. 5 Figure 2. Aerial Map ...................................................................................................... 6 Figure 3. Surrounding Lands Aerial .............................................................................. 7 Summary of Assessed Value and Property Costs Estimates .......................................... 8 Zoning, Growth Management and Conservation Overlays ............................................ 8 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics ............................................................................................... 9 Figure 4: Collier County Watershed Boundaries .......................................................... 12 III. Potential for Appropriate Use and Recommended Site Improvements ...................... 18 IV. Assessment of Management Needs and Costs........................................................... 19 Figure 5. Okaloacoochee Slough State Forest Map ...................................................... 21 Table 2. Summary of Estimated Management Needs and Costs ................................. 21 V. Potential for Matching Funds ...................................................................................... 23 VI. Summary of Secondary Screening Criteria ............................................................... 24 Table 3. Tabulation of Secondary Screening Criteria .................................................. 24 Figure 6. Secondary Screening Criteria Scoring.......................................................... 24 Exhibit A. FLUCCs Map ............................................................................................. 26 Exhibit B. Soils Map .................................................................................................... 27 Exhibit C. Wellfield Protection and Aquifer Recharge Maps .................................... 28 Exhibit D. Surface Water Priorities CLIP4 Map ......................................................... 29 Exhibit E. Landscape Integrity CLIP4 Map ............................................................... 30 Exhibit F. Priority Natural Communities CLIP4 Map ................................................. 31 Exhibit G. Biodiversity CLIP4 Map ............................................................................ 32 Exhibit H. Potential Habitat Richness CLIP4 Map ...................................................... 33 Exhibit I. Strategic Habitat Conservation Areas CLIP4 Map ...................................... 34 Exhibit J. Aggregated Conservation Priorities CLIP4 Map........................................ 35 Exhibit K. USFWS Adjacent Protected Lands ............................................................. 36 Exhibit L. Wood Stork Consultation Area .................................................................... 37 Exhibit M. Bonneted Bat Consultation Area ................................................................ 38 Exhibit N. Completed and Scored Secondary Criteria Screening Form ...................... 39 Exhibit M. Photographs ............................................................................................... 42 Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 3 of 54 Introduction The Conservation Collier Program (Program) is an environmentally sensitive land acquisition and management program approved by the Collier County Board of County Commissioners (Board) in 2002 and by Collier County voters in 2002 and 2006. The Program was active in acquisition between 2003 and 2011, under the terms of the referendums. Between 2011 and 2016, the Program ceased acquiring, except for donations and “very good deals,” and was in management mode. In 2017, the Collier County Board of County Commissioners reauthorized Conservation Collier to open a cycle to seek acquisition of additional conservation lands (2/14/17, Agenda Item 11B). This Initial Criteria Screening Report (ICSR) has been prepared for the Conservation Collier Program in its current ( 9th ) acquisition cycle to meet requirements specified in the Conservation Collier Implementation Ordinance, 2002-63, as amended. It provides objective data to demonstrate how properties meet the criteria provided by the ordinance. That is the sole purpose for this report and it is not meant for any other use. In addition to Collier County Geographic Information Systems (GIS) and South Florida Water Management District (SFWMD) data layers, this report makes use of GIS data layers from the Florida Natural Areas Inventory and University of Florida Critical Lands and Waters Identification Project (CLIP4). CLIP4 is a collection of spatial data that identify statewide priorities for a broad range of natural resources in Florida. It was developed through a collaborative effort between the Florida Areas Natural Inventory (FNAI), the University of Florida GeoPlan Center and Center for Landscape Conservation Planning, and the Florida Fish and Wildlife Conservation Commission (FWC). It is used in the Florida Forever Program to evaluate properties for acquisition. CLIP4 is organized into a set of core natural resource data layers which are representative of 5 resource categories: biodiversity, landscapes, surface water, groundwater and marine. The first 3 categories have also been combined into the Aggregated layer, which identifies 5 overall priority levels for natural resource conservation. Not all CLIP4 Layers were used in this report. Those used include: • Biodiversity • Surface Water Priorities • Landscape Integrity • Priority Natural Communities • Potential Habitat Richness (Vertebrates) • Strategic Habitat Conservation Areas • Aggregated Conservation Priorities Following the first section, which looks more closely at initial criteria, additional sections address potential for appropriate public use, assessment of management needs and costs, potential for matching funds, and a summary of the secondary screening criteria. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 4 of 54 I. Summary of Property Information The purpose of this section is to provide information concerning the subject property to describe how the property meets each Program criteria in its various physical characteristics and to provide other general property information. Table 1. Summary of General Property Information Characteristic Value Comments Name Dane Thorp Scofield Miles Lewis Scofield Michael Kipling Scofield The property is known locally as the Half Circle L Ranch Folio Numbers Portions of: 00089480007 00089520006 00089560008 00089960006 00090120000 00090160002 The portions offered are not currently segregated out and are part of 6 Sections of land. Target Protection Area Within Rural Lands Stewardship Areas – Flow way and Habitat Stewardship Just over half is within the Flowway Stewardship Sending Area and slightly less than half is within the Habitat Stewardship Sending Area Size 3,370 acres +/- No credits have been severed. STR Multiple Sections in Township 46, Range 30 The proposal covers portions of 6 sections: 13, 14, 15, 22, 26 and 27 Zoning Category/TDRs/ Credits/Mitigation A-MHO-RLSAO- ACSC/ST PHU – 25,000 to 30,000 estimated PHUs Wetland Mitigation – 950 to 1,100 estimated credits Agriculture with Mobile Home, Rural Lands Stewardship Area Overlay, Area of Critical State Concern Overlay/Special Treatment. The County would not be able to bank and sell RLSA Credits that may be associated with the property. Mitigation value was estimated by a consultant in 2007 using the US Fish and Wildlife Services Panther Habitat (PHU) tool and the Florida Unified Mitigation Assessment Tool (UMAM) for a larger area, and prorated for the acres offered. Wood stork mitigation is a potential also. FEMA Flood Map Category A Areas subject to inundation by the 1% annual chance flood event – no detailed analysis re flood depths done. Mandatory Flood Insurance requirement. Existing structures n/a No structures Adjoining properties and their Uses State Conservation, Agriculture of different intensities under SSAs North – Okaloacoochee Slough State Forest East – Hendry County – Agriculture and open land South – SSA-3– A mixture of active and passive Ag West – SSA-11 and SSA-5 – A mixture of passive Ag Development Plans Submitted n/a This property is currently used for cattle grazing and hunting. Known Property Irregularities Oil, Gas and Mineral rights (OGMs) OGMs not included Other County Dept Interest Transportation, Utilities, Solid Waste, Parks and Recreation, Environmental Services, Housing, Coastal systems, Zoning, Engineering No other Division responded to a request for future possible interest. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 5 of 54 Figure 1. Location Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 6 of 54 Figure 2. Aerial Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 7 of 54 Figure 3. Surrounding Lands Aerial Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 8 of 54 Summary of Assessed Value and Property Costs Estimates The interest being valued for this estimate is fee simple for the purchase of the site, and the value of this interest is subject to the normal limiting conditions and the quality of market data. A value of the parcel was estimated using three traditional approaches, cost, income capitalization and sales comparison. Each is based on the principal of substitution that an informed purchaser would pay no more for the rights in acquiring a particular real property than the cost of acquiring, without undue delay, an equally desirable one. Three similar sized rural South Florida properties were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the property or comparable properties used in the report and the Real Estate Services Department staff relied upon information provided by program staff. Conclusions are limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. Pursuant to the Conservation Collier Purchase Policy, two appraisals are required for a property of this estimated value. Assessed Value: * $1,693/acre or $5,705,410 Estimated Market Value: ** $10,110,000 “ESTIMATED MARKET VALUE” IS SOLELY AN ESTIMATE OF VALUE PROVIDED BY COLLIER COUNTY REAL ESTATE SERVICES DEPARTMENT STAFF AND SHOULD NOT BE RELIED UPON BY ANY ENTITY. Zoning, Growth Management and Conservation Overlays Zoning, growth management and conservation overlays will affect the value of a parcel. This parcel is zoned A-MHO-RLSAO-ACSC/ST. It is within an established growth management and/or other type of overlay. The implications for acquisition are that there are obstacles to its development and development rights can be severed and sold in advance in the form of RLSA Stewardship Credits, which remove development and other uses. At this time, only private owners can achieve Stewardship Credits through SSA designation, and no entity has been created as yet to allow the County to hold and sell Stewardship Credits. Therefore, it is currently not realistic to envision the County buying the property with all the credits attached and then severing and selling them. The more likely scenario would be that if the County were to buy the property, the credits would no longer exist. * Property Appraiser’s Website – Since the offered acreage is not segregated out as a unified parcel and some offered sections of land include active agriculture (which is not offered), this value was estimated by averaging the Assessed Value per acre over the 3 unfarmed sections of land making up the main slough area. ** Collier County Real Estate Services Department – date of value estimate – October 2017. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 9 of 54 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics The purpose of this section is to provide a closer look at how the property meets initial criteria. Conservation Collier Program staff conducted a site visit on August 22, 2017. MEETS INITIAL SCREENING CRITERIA- 1. Are any of the following unique and endangered plant communities found on the property? Order of preference as follows: Ord. 2002-63, Sec. 10 (1)(a) Yes i. Hardwood hammocks No ii. Xeric oak scrub No iii. Coastal strand No iv. Native beach No v. Xeric pine No vi. Riverine Oak No vii. High marsh (saline) No viii. Tidal freshwater marsh No ix. Other native habitats YES Vegetative Communities: Staff used two methods to determine native plant communities present; review of South Florida Water Management District (SFWMD) updated (2002) electronic databases for Department of Transportation’s Florida Land Use, Cover and Forms (FLUCCS) (1994/1995) and partial field verification of same. FLUCCS: The electronic database identified 16 native plant communities (excluding improved pastures -160 ac) in order of dominance: 1 - 6411 – Freshwater marshes -graminoid – 899 ac 2 - 6210 – Cypress – 347 ac 3 - 4110 - Pine Flatwoods – 302 ac 4 - 6170 - Mixed wetland hardwoods – 290 ac 5 - 6215 – Cypress domes/heads – 289 ac 6 – 6430 – Wet prairies – 279 ac 7 – 4340 – Hardwood-conifer mixed – 261 ac 8 – 2130 - Woodland pastures – 201 ac 9 - 4200 – Upland hardwood forests – 170 ac 10 - 3200 - Upland shrubs and brush – 40 ac 11 – 6216 – Cypress – Mixed hardwoods - 51 12 – 6250 - Wet Pinelands/ Hydric pine – 39 ac 13 – 6200 – Wet coniferous forests – 31 ac 14 – 3100 – Herbaceous dry prairie – 20 ac 15 – 2120 – Unimproved pastures – 22 ac 16 – 6170 – Mixed wetland hardwoods – 3 ac A FLUCCS map provided by the owner, prepared by a local consultant in 2002, identified similar vegetation types. The following native plant communities were directly observed during the site visit: 6411 – Freshwater marshes - graminoid 6210 – Cypress 6430 – Wet prairies 6170 – Mixed wetland hardwoods 4110 - Pine flatwoods 4340 – Hardwood conifer mixed Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 10 of 54 Staff did not visit all vegetation communities. On the day of the site visit, the property was very wet. Staff was driven by swamp buggy beginning at the FPL easement on the south side, through the eastern and northern sections of the offered lands. Characterization of Plant Communities present: Ground Cover: In open marsh, unimproved pasture and wetland areas the ground cover included musky mint (Hyptis alata), arrowhead (Sagittaria lancifolia), spiderlilly (Hymenocallis latifolia), string lily (Crinum americanum), swamp mallow (Hibiscus grandiflorus), St. John’s-wort (Hypericum fasciculatum), climbing aster (Aster carolinianus), False-fiddle leaf (Hydrolea corymbosa), water-willow (Justicia angusta), Alligator flag (Thalia geniculata), Glades morning glory (Ipomea sagittata), and pickerelweed (Pontederia cordata), and many species of grasses and sedges. These are native plants in the appropriate wetland communities. These areas also contained invasive exotics including primrose willow (Ludwigia peruviana), torpedo grass (Panicum repens) and significant areas of Wrights nutrush (Scleria lacustris). West Indian marsh grass (Hymenachne amplexicaulis) may also be present within the FPL easement but was not verified. Hardwood forest edges included Musky mint (Hyptis alata), wax myrtle (Myrica cerifera), greenbriar (Smilax spp.), myrsine (Myrsine floridana), blueheart (Buchnera Americana), yellowtop (Flavaria linearis), Florida elephants foot (Elephantopus elatus), beauty berry (Callicarpa americana), and young cabbage palm (Sabal palmetto), indicating more upland habitats. These areas also contained significant populations of invasive exotic plants including Brazilian pepper (Schinus terebinthifolius), Caesar’s weed (Urena lobata), and occasional patches of climbing fern (Lygodium microphyllum). Midstory: Some Midstory plants observed in open wet pastures and forest edge areas included wax myrtle (Myrica cerifera), myrsine (Myrsine floridana), dahoon holly (Ilex cassine), bay (Persea Spp.), cabbage palm (Sabal palmetto), and palmetto (Serenoa repens). Midstory plants observed were mostly appropriate for habitats, with areas of wax myrtle possibly signaling past disturbance by farming activities or past clearing. Cattle were observed. Canopy: Canopy species observed included Cypress (Taxodium distichum), live oak (Quercus virginiana), laurel oak (Quercus laurifolia), red maple (Acer rubrum), bay (Persea Spp.), and slash pine (Pinus elliotti). It appeared that there were more cabbage palms than previously noted in 2002 FLUCCS work, and the owner did advise that the incidence of cabbage palms as a landscape component has increased, which can indicate long term shifting drainage patterns in the southwest Florida landscape, with some landscapes getting drier overall. Although it is the State tree, the cabbage palm is sometimes considered to be invasive as it can invade open pine habitats that are not receiving enough water and create dense, nearly impenetrable stands that drive out forage plants for deer which, in turn, affects populations of the Florida panther (Richardson, L., Florida Panther National Wildlife Refuge biologist, 2009). Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 11 of 54 Statement for satisfaction of criteria 1: FLUCCS map provided by the owner’s consultant Wilson Miller (done in 2002) describes 17 -22 separate vegetation communities on the offered portions, including FLUCCS for improved pasture and row crops. The South Florida Water Management District (SFWMD) FLUCCS (2002 update) GIS layer shows 16 native plant communities (not including 160 acres of improved pastures). The most prevalent habitat is freshwater marsh, with cypress, pine flatwoods, and mixed wetland hardwoods in a mosaic pattern over much of the parcel. These extensive native habitats were observed by staff during the site visit. They appear intact, particularly the cypress areas, though the open freshwater marshes were significantly impacted by the invasive exotic -Wright’s nutrush. Upland habitats were not visited in the interiors, but some forest edges appeared impacted by invasive exotics including Brazilian pepper, climbing fern and Caesar’s weed. 2. Does land offer significant human social values, such as equitable geographic distribution, appropriate access for nature-based recreation, and enhancement of the aesthetic setting of Collier County? Ord. 2002-63, Sec. 10 (1)(b) YES, with potential access challenges noted. Statement for satisfaction of criteria 2: The property is directly south of the 32,370 acre Okaloacoochee Slough State Forest (OK Slough) and west of the 21,714 acre Dinner Island Wildlife Management Area. This location would provide an enlarged conservation area for potential public visitation and possibly hunting. There is no direct connection to Dinner Island WMA, but there is with the OK Slough State forest. There do not appear to be existing trail connections from the OK Slough but conversations with OK Slough staff indicate that they could be established. Otherwise, access appears to be through the farmed portion of the Half Circle L Ranch property via Thorp Road, a private lime rock road, which turns north off CR 846, and potentially via the Florida Power and Light (FPL) easement cutting north west from Thorp Road to and across the south side of the subject property (Fig. 2). FPL has indicated that public access along the easement is possible through an application process that costs $500. To utilize an easement from Thorp Road, however, would require obtaining a public access easement through property that does not belong to the owner and which has not been offered. Staff is working to see if an access easement is possible. If the property can be accessed, based on the presence of intact native vegetation communities, this property contains vista and habitat views that would enhance the aesthetic setting of Collier County. However, the property cannot be seen from a public roadway. Regarding geographic distribution, the property is located approximately 10 miles from the Pepper Ranch Preserve, and the Program does not already have property in this general location. There are also 2 known archeological sites on the property. 3. Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control? Ord. 2002-63, Sec. 10 (1)(c) YES General Hydrologic Characteristics observed and description of adjacent upland /wetland buffers: The property was very wet at the time of the site visit with Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 12 of 54 approximately 18 inches of water on most parts of the parcel, except for some upland areas. Wetland obligate plant species and wading birds observed during the site visit indicate that this area provides habitat for wetland dependent species. The property is within a recognized slough, the Okaloacoochee Slough, which is within the Okaloacoochee/State Road 29 and Fakahatchee watershed (Figure 4). The 2011 Collier County Watershed Model Update and Plan Development (Watershed Plan) provides an Average Functional Value (Performance Score) giving this watershed of 431,410 acres of non-urban lands a relatively high functional score, indicating that this watershed has a greater similarity to pre-development conditions (Watershed Plan, 2011. Table ES-1, Pg. 20) than other County watersheds. The report gives the average annual runoff at approximately 10 inches, flowing south into the FakaUnion and Fakahatchee Canals (Watershed Plan, 2011. Figure 1-7, Pg. 38). Adjacent upland buffers include farmed lands to the east and natural and farmed lands to the west, in SSAs 3, 5 and 11, where there is a combination of agricultural intensities ranging from passive with restoration, to active and more intense (Figure 3). Figure 4: Collier County Watershed Boundaries Wetland dependent plant species (OBL/ FACW***) observed: OBL (Obligatory) FACW (Facultative Wetland) Swamp mallow (Hibiscus grandiflorus) Spider lilly (Hymenocallis lancifolia) St. John’s-wort (Hypericum fasciculatum) Rose-gentian (Sabatia Spp.) Musky mint (Hyptis alata) Tickseed (Coreopsis Spp.) Climbing aster (Aster carolinianus) Arrowhead (Sagittaria latifolia) Dahoon Holly (Ilex cassine) Bay (Persea sp.) Alligator flag (Thalia geniculata) False-fiddle leaf (Hydrolea corymbosa) Water-willow (Justicia angusta) ***Vegetative and Hydric Soil Field Indicators lists for Chapter 62-340, F.A.C., Wetland Evaluation and Delineation Section, Florida Department of Environmental Protection. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 13 of 54 Wetland dependent wildlife species observed: Wading birds were observed on the property at the time of the staff site visit. These included: Wetland Dependent Birds Observed Limpkin (Aramus guarana) Great blue heron (Ardea herodias) Green heron (Butorides striatus) Sandhill crane (Grus canadensis) State Listed – ST Glossy Ibis (Plegadis falcinellus) Roseate spoonbill (Ajaja ajaja) State Listed – ST Bald eagle (Haliaeetus leucocephalus) – Delisted due to recovery Other Hydrologic indicators observed: Flared bases of cypress trees, watermarks on cypress bases at about 2 to 2 1/2 feet in some areas and cypress knees were observed. These indicated that water routinely floods these areas and that surface water levels have been even higher in past years. Soils: Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990). Soil types mapped on the property include 77% hydric (including depressional and slough) soils and 23% upland soils (Exhibit B). Soil Name Acres Soil type Winder Rivera, Limestone Sub, and Chobee Soils 628 Depressional Boca, Rivera, Limestone Sub and Copeland Fine Sand 840 Depressional Holopaw and Okeelanta Soils 16 Depressional Chobee, winder and gator Soils 325 Depressional Chobee, Limestone Sub and Dania Mucks 8 Depressional Pineda and Rivera Fine Sands 166 Slough Holopaw Fine Sand 118 Slough Basinger Fine Sand 22 Slough Malabar Fine Sand 350 Slough Hilolo Limestone Sub, Jupiter and Margate Soils 103 Hydric Tuscawilla fine Sand 614 Upland Wabasso Fine Sand 5 Upland Ft Drum and Malabar, High Fine Sands 38 Upland Oldsmae Fine Sand 124 Upland 3,357 ac Overall, there are 14 soil types mapped on the property, with 10 out of the 14, or 77%, of them being hydric soils types, and 23% being upland soil types. Out of the total hydric soils, 70% of those are depressional, 26% are slough and another 4% are just hydric. There are a majority of depressional soils types on the property. Wetlands on the property are included in the National Wetlands Inventory (Exhibit K). Aquifer recharge Potential: Aquifer recharge map data was developed by Fairbank, P. and S. Hohner in 1995 and published as Mapping recharge (infiltration and leakage) throughout the South Florida Water Management District, Technical publication 95-20 (DRE # 327), South Florida Water Management District, West Palm Beach, Florida. This data was used to develop GIS layers on provided maps (Exhibit E), however, because of the large-scale nature and many assumptions made in the source databases, the resulting map layers are intended to be used as regional ground -water resources management planning aids, but nor site specific assessments. Much of the drinking water in Collier Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 14 of 54 County comes from the surficial acquifer, with some also coming from the semi-confined Lower Tamiami aquifer. Lower Tamiami recharge: Capacity: 0” to <7” annually. This indicates an area of low recharge and potential discharge of aquifer waters. The very eastern edges of the property have an even more significant negative recharge value of -16 to <-1 indicating an area of aquifer discharge (Exhibit E). Surficial Aquifer Recharge Capacity: The surficial aquifer capacity is mapped as 31” to <43” in the southern half of the property, and a more significant 43” to <56” in the northern half (Exhibit E). Wellfield protection: This property is not within a wellfield protection zone (Exhibit E). Federal Emergency Management Agency (FEMA) Flood map designation: The property is currently within Flood Zone A, which indicates areas subject to inundation by the 1% annual chance flood event with no detailed analysis regarding flood depths done. A mandatory flood insurance requirement exists for this property, if developed. Statement for satisfaction of criteria 3: The property is primarily wetlands per FLUCCS and soils data, therefore it would provide protection of wetland species habitat. Additionally, wetland dependent species, both flora and fauna, are documented and were observed on the property. There is mapped between 31” and <56” of surficial aquifer recharge occurring, even though very little and some discharge is mapped as occurring for the Lower Tamiami Aquifer. There are no developed properties nearby for concerns about flood control, though the property is subject to annual flooding according to FEMA. This area is part of the Okaloacoochee Slough and there is potential for water quality protection through overland filtration downstream for the Fakahatchee Strand and Big Cypress Preserve down to the 10,000 Islands if this property remains in its natural state, based on County watershed basin mapping indicating direction and flow of surface waters (Figure 4). 4. Does the property offer significant biological values, including biodiversity, listed species habitat, connectivity, restoration potential and ecological quality? Ord. 2002-63, Sec. 10 (1)(d) YES Listed Plant Species: The federal authority to protect land-based plant species is administered by the U.S. Fish and Wildlife Service (USFWS) and published in 50 Code of Federal Regulations (CFR) 23. Lists of protected plants can be viewed on-line at https://www.fws.gov/endangered/. The Florida state lists of protected plants are administered and maintained by the Florida Department of Agriculture and Consumer Services (DOACS) via chapter 5B-40, Florida Administrative Code (F.A.C.). This list of plants can be viewed from a link provided at http://www.freshfromflorida.com/Divisions- Offices/Plant-Industry/Bureaus-and-Services/Bureau-of-Entomology-Nematology-Plant- Pathology/Botany/Florida-s-Endangered-Plants. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 15 of 54 No listed plant species were directly observed by staff. Reviewing the DOACS list for Endangered, Threatened, and Commercially Exploited plants that utilize the existing habitats, showed approximately 27 species of endangered plants potentially present (many were orchids, ferns and air plants),12 Threatened plants (including orchids, ferns, air plants and some herbaceous species), and 6 Commercially Exploited plant species (including orchids, mosses, ferns and Florida coontie). The following listed plant species were observed: COMMON NAME SCIENTIFIC NAME STATUS DOACS FWS None seen. E=Endangered, T=Threatened Listed Wildlife Species: Federal wildlife species protection is administered by the USFWS with specific authority published in 50 CFR 17. Lists of protected wildlife can be viewed on-line at: https://www.fws.gov/endangered/. FWC maintains the Florida state list of protected wildlife in accordance with Rules 68A-27.003, 68A-27.004, and 68A-27.005, respectively, of the Florida Administrative Code (F.A.C.). A list of protected Florida wildlife species can be viewed at: http://myfwc.com/wildlifehabitats/imperiled/profiles/ The following Listed Species were observed during the staff site visit: COMMON NAME SCIENTIFIC NAME STATUS FWC USFWS Sandhill crane Roseate spoonbill (Grus canadensis) (Ajaja ajaja) ST ST Under review n/a A 2008 species map of the site in 2008 done by Turrell, Hall and Associates, Inc. identified Audubon’s crested caracara (Polyborus plancus audubonii – Federally Threatened), wood stork (Mycteria Americana – Federally Threatened), and white ibis (Eudocimus alba) on the property. Bird Rookery observed? No, however, a mixed bird rookery was mapped on the property by an environmental consultant in 2008, and staff spoke to the ecologist who observed the rookery (pers. Comm. Tim Hall, Turrell hall and Associates, Inc. Nov. 2017). GIS mapped species and habitats: Utilizing both FWC telemetry (1981-2016) maps for Florida panthers and the CLIP4 Biodiversity and Potential Habitat Richness GIS mapping layers, data shows that Florida panthers utilize the property, with telemetry data from 2016, and that this property is mapped as having very high biodiversity with the potential for 2 to 7 vertebrate species using the habitat. Wood stork colonies exist 3-5 miles south and 19 miles southwest of the property, and it is within USFWS mapped wood stork foraging areas (Exhibit J). The property is also near the mapped USFWS bonneted bat consultation area. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 16 of 54 Non-listed species observed: COMMON NAME SCIENTIFIC NAME Cattle Egret Limpkin Wild turkey Bubulcus ibis Aramus guarauna Meleagris gallopavo Great blue heron Green heron Red shouldered hawk Glossy ibis White ibis Purple martin Pileated woodpecker White-tailed deer Ardea Herodias Butorides striatus Buteo lineatus Plegadis falcinellus Eudocimus alba Progne subis Dryocopus pileatus Odocoileus virginianus Some Potential State and Federal Listed Species: COMMON NAME SCIENTIFIC NAME STATUS FWC USFWS American alligator Alligator Mississippiensis FT (S/A) T (S/A) Audubon’s crested caracara Polyborus plancus audubonii FT T Everglades snail kite Rostrhamus sociabilis plumbeus FE E Little blue heron Egretta caerulea ST Southeastern American kestrel Falco sparverius paulus ST Florida bonneted bat Eumops floridanus FE E Wood stork Everglades Mink Mycteria Americana Neovison vison evergladensis FT ST T Statement for satisfaction of criteria 4: This property is mapped under CLIP4 as having high biodiversity (Exhibit G) and potential for 2 to 7 vertebrate species using it (Exhibit H). The property is shown as having priority 1 and 2 lands in the CLIP4 Strategic Habitat Conservation Areas Map (Exhibit I). Two listed bird species were observed by staff during a site visit, and others were documented during a 2008 environmental review by a consultant. The property is near the USFWS consultation area for the Florida bonneted bat, and within the consultation area for wood storks and Florida panthers. Known colonies of wood storks occur nearby and the property is mapped by USFWS as foraging area. Florida panthers are mapped by FWC telemetry as using the property as recently as 2016. The property is directly connected to the 32,370 acre Okaloacoochee Slough State Forest on its north side, is near the 21,714 acre Dinner Island Wildlife Management Area (WMA) to the east in Hendry County (which is connected to an 11,596 acre private conservation area), and has Rural Lands Stewardship Sending Areas on its west and south sides. Restoration potential is high as there are no major alterations required to maintain a high ecological function other than exotic removal. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 17 of 54 5. Does the property enhance and/or protect the environmental value of current conservation lands through function as a buffer, ecological link or habitat corridor? Ord. 2002-63, Sec. 10 (1)(e) YES Statement for satisfaction of criteria 5: The property is adjacent on its north side to the 32,370 acre Okaloacoochee Slough State Forest, on the west and south sides are over 6,600 acres of SSAs (Figure 3): • SSA 11 lands -3,699 acres passive ag lands with restoration • SSA 16 - 2,876 acres active ag and more intense, • SSA 3 lands - 704 acres active ag and more intense • SSA 5 -1,852 acres passive ag There is an ecological link with lands connected to the OK Slough further east including the 21,714 acre Dinner Island WMA and private conservation land totaling 11,596 acres (having a National Resource Conservation Service (NRCS) conservation easement over them) (Exhibit K). The CLIP4 Landscape Integrity Map (Exhibit E) indicates first and second priority connections to protected lands to the north.Acquiring this property would provide a buffer for, link to and provide habitat corridors to these protected lands. Is the property within the boundary of another agency’s acquisition project? YES If yes, will use of Conservation Collier funds leverage a significantly higher rank or funding priority for the parcel? NO. The entire Half Circle L Ranch, 9,819 acres, is #11 on the Florida Forever acquisition list and a medium priority property. The Collier County Attorney recommends not partnering with Florida Forever unless resulting title can be shared. Currently, there is no shared title provision and Florida Forever staff have reviewed the proposal and responded that no funds are currently available for partnership. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 18 of 54 III. Potential for Appropriate Use and Recommended Site Improvements Potential Uses as Defined in Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, section 5.9: Hiking: Hiking would be an appropriate use; however, it may be only seasonably possible. Nature Photography: This would be an appropriate use. Bird-watching: This would be an appropriate use. Kayaking/Canoeing: There are no water bodies to kayak or canoe in, so this would not be an appropriate use. Swimming: There are no water bodies large enough for swimming, so this would not be an appropriate use. Hunting: Hunting could be an appropriate use. Fishing: This is not an appropriate use, as there are no water bodies for fishing. Recommended Site Improvements: Access improvements, parking area and dry season trails are recommended. Access: A private lime rock road, Thorp Road, is the only road access to the property, however, it does not access the offered portion of the property directly. Thorp Road crosses areas of the Half Circle L Ranch property not proposed for sale to Conservation Collier and adjacent to working farm fields. The owner has indicated that access could be provided through these lands. Another option is the FPL easement that runs from Thorp Road to the property but that runs over a parcel that is under another ownership from the proposed seller (Figure 2). There is a process by which FPL allows limited use of its easement, with a $500 application fee, however, that would not include lands directly off Thorp Road in between the road and the subject property, which are owned by another party. Conservation Collier might need to acquire an access easement and construct a lime rock road to achieve public access. Cost of building a lime rock road comparable to those in the Golden Gate Estates could easily run upwards of $1,000,000/mile. These costs would include easement costs, design, permitting, project management, mitigation, clearing and grubbing, debris removal and construction. Maintenance of 1 mile of lime rock road could cost approximately $10,000/mile/year (Pers. Comm. Joe Delate, Project Manager for Collier County Road and Bridge, Dec. 2017). Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 19 of 54 IV. Assessment of Management Needs and Costs Management of this property will address the costs of exotic vegetation removal and control, and provide an estimate for funding needs for construction of a boardwalk to allow the public to have access to selected portions of the property. The following assessment addresses both the initial and recurring costs of management. These are very preliminary estimates; Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, requires a formal land management plan be developed for each property acquired by Conservation Collier. Exotic, Invasive Plants Present: Exotic, invasive species noted here are taken from the Florida Exotic Pest Plant Council’s (FLEPPC) 2017 List of Invasive Plant Species (Category I and Category II). FLEPPC is an independent incorporated advisory council created to support the management of invasive exotic plants in Florida’s natural areas by providing a forum for exchanging scientific, educational and technical information. Its members come primarily from public educational institutions and governmental agencies. Annual lists of invasive plant species published by this organization are used widely in the state of Florida for regulatory purposes. The current FLEPPC list (2017) can be viewed on-line at http://www.fleppc.org/list/list.htm. Category I plants are those which are altering native plant communities by displacing native species, changing community structures or ecological functions, or hybridizing with natives. This definition does not rely on the economic severity or geographic range of the problem, but on the documented ecological damage caused. Category II invasive exotics have increased in abundance or frequency but have not yet altered Florida plant communities to the extent shown by Category I species. These species may become Category I if ecological damage is demonstrated. Category I and II plants found on this parcel in order of observed abundance: Category I Common Name Scientific Name Wright’s nutrush Scleria lacustris Brazilian pepper Schinus terebinthifolius Peruvian primrose willow Ludwigia peruviana Ceasar’s weed Urena lobata Climbing fern Lygodium microphyllum Melaleuca Melaleuca quinquinerva (shown on 2002 FLUCCS map) Category II Common Name Scientific Name None seen Staff observations are: The observed portions of the property contained roughly 25% exotics in the upland areas and along upland edges. Wetland areas observed were heavily Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 20 of 54 invaded by Wright’s nutrush to approx. 60%. West Indian marsh grass may also be present. Cypress areas appeared free of exotics. Exotic Vegetation Removal and Control An estimate of the cost for initial exotic removal and follow-up maintenance for 3,370 acres was determined based on actual initial exotic removal costs experienced at Pepper Ranch Preserve, including $820 per acre for initial removal and $169 per acre for ongoing maintenance. Based on this estimate, costs for the initial removal for the level of infestation observed, treating exotics in place would be $2,763,400. Many areas may not need treatment, so this is a maximum value. Costs for follow-up maintenance, done anywhere from quarterly to annually are estimated at $569,500 per year. These costs could decrease over time as the soil seed bank is depleted, and it is unlikely that every acre would be treated every year, further reducing actual costs. Public Parking Facility: The cost of design and construction of a shell or gravel parking lot to accommodate approximately 10 cars would be approximately $25,000. Additional costs would include Americans with Disabilities Act (ADA) requirements, design, project management, permitting and any required land clearing. Public Access Trails: There are a few access trails used by the owners traversing portions of the property. These trails utilize uplands. Public access trails would need to be designed with the public access point in mind, and installed following an acquisition. There are trails on the Ok Slough State Forest to the north, but they do not reach as far as this property. Forest Service staff queried advised that there is potential to expand the Mustang Loop trail on the south side of the Forest to connect with a trail on the Half Circle L Ranch property, but that the area such trail would traverse is very wet and would be only hike-able during dry season (Figure 5 – Mustang Loop circled). Security and General Maintenance: The area offered is fenced along the north, west and southern boundaries. The need for additional fencing has not been evaluated. Signs advising of a conservation area can be placed at intervals along upland area boundaries, if necessary. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 21 of 54 Figure 5. Okaloacoochee Slough State Forest Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 22 of 54 Table 2. Summary of Estimated Management Needs and Costs Management Element Initial Cost Annual Recurring Costs Comments Exotics Control $2,763,400 $569,500 Estimated costs based on exotics control at Pepper Ranch Preserve. It is unlikely that every acre would be treated every year, so these are maximum costs. Parking Facility $25,000+ $3,000 Initial cost does not include ADA requirements, design, project management, permitting or land clearing. Access Trails $5,000 $2,000 Rough trails initially cleared and mowed annually. This depends on the length of trails Access Road $1,000,000 $10,000 Could require easements. Ballpark cost only. Estimated cost includes cost of easement, design, permitting, project management, and construction. Fencing unk unk Undetermined where fencing is located. Trash Removal n/a n/a Pack in-Pack out. Signs $5,000 unk No trespassing signs must be no farther than 500 feet apart. Placing signs 500 feet apart along just the north, south, and west boundaries would take 95 signs, or $3,000. An entry sign costs approx. $2,000. Total $3,798,4000 $584,500 t.b.d. To be determined; cost estimates have not been finalized. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 23 of 54 V. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the ordinance are the Florida Communities Trust (FCT), and The Florida Forever Program. The following highlights potential for partnering funds, as communicated by agency staff: Florida Communities Trust (FCT) - Parks and Open Space Florida Forever grant program: Application for this program is typically made for pre-acquired sites up to two years from the time of acquisition. The Florida Legislature appropriated $10 million in Florida Forever funding in fiscal year 2016-17 to FCT. Funding has been awarded for this cycle. There is currently no funding available until the Florida Legislature determines the 2017- 18 budget. Florida Forever Program: Staff has been advised that the Florida Forever Program has limited funds and is concentrating on parcels already included on its ranked priority list. This parcel is within a Florida Forever priority project boundary, however, staff communications with the Division of State Lands have determined that money is not available for this project now. Additionally, the Conservation Collier Program has not been successful in partnering with the Florida Forever Program due to conflicting acquisition policies and issues regarding joint title between the governmental entities. The County Attorney has advised against a partnership unless there is a shared title arrangement. Other Potential Funding Sources: There is potential for utilizing funding donations to the Conservation Collier program to fulfill requirements for off-site preserves pursuant to the Collier County Land Development Code, Section 3.05.07. There is currently approximately $120,000 in this fund, with approximately $91,000 earmarked for Multi-parcel Project acquisitions. An additional $180,000 is expected but not yet realized. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 24 of 54 VI. Summary of Secondary Screening Criteria Staff has scored property on the Secondary Criteria Screening Form and attached the scoring form as Exhibit H. A total score of 198 out of a possible 400 was achieved. The chart and graph below show a breakdown of the specific components of the score. Table 3. Tabulation of Secondary Screening Criteria Secondary Screening Criteria Possible Points Scored Points Percent of Possible Score Ecological 100 80 80% Human Values/Aesthetics 100 32 32% Vulnerability 100 20 20% Management 100 67 67% Total Score: 400 198 50% Percent of Maximum Score: 50% Figure 6. Secondary Screening Criteria Scoring Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 25 of 54 Summary of factors contributing to score Total Score: 198 out of 400 possible points Resource Ecological/Biological Value: 80 out of 100 possible points The parcel achieved a high score because it has significant ecological and biological values. Components of this score included habitats, aquifer recharge, presence within a known slough, presence of wetlands, presence of wetland soils, having 16 habitat types mapped, presence of listed species, good restoration potential, and its location adjacent to significant areas of current conservation lands. Human Values/Aesthetics: 32 out of 100 possible points This score was lower than average due to access problems, but the property does have potential for land based recreational opportunities and hunting. Additional points were achieved due to vista views and an archeological site. Vulnerability: 20 out of 100 possible points This score was low because although its zoning allows for agriculture, the property is part of the RLSA with potential for protection under the Stewardship Credit Program and is has an Area of Critical State Concern /Special Treatment Overlay (ACSC-ST). The Areas of Critical State Concern Program was created by the "Florida Environmental Land and Water Management Act of 1972." The program is intended to protect resources and public facilities of major statewide significance, within designated geographic areas, from uncontrolled development that would cause substantial deterioration of such resources. The Department reviews all local development projects within the designated areas and may appeal to the Florida Land and Water Adjudicatory Commission any local development orders that are inconsistent with state guidelines and local comprehensive plans and regulations. The Collier County Land Development Code Section 4.02.14 states that site alteration within ACSC-ST areas is limited to 10% of the total site size, in this case, 330 acres, but this does not apply to site alterations in conjunction with agricultural uses of the property. Management: 67 out of 100 possible points This better than average score was achieved partly because the property is part of an existing flowway that is protected on its northern boundary. While some habitats had minimal amounts of invasive exotic plants, it lost points because it is heavily invaded by Wright’s nutrush in its open wetland areas, which is difficult to remove. No points were removed because lands surrounding may have some exotic removal and maintenance occurring. Parcel Size: While parcel size was not scored, the ordinance advises that based on comparative size, the larger of similar parcels is preferred. This is the largest parcel in Cycle 9. It is similar t o but larger than the 1,034 acre proposal for the Big Hammock Island parcels under review. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 26 of 54 Exhibit A. FLUCCs Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 27 of 54 Exhibit B. Soils Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 28 of 54 Exhibit C. Wellfield Protection and Aquifer Recharge Maps Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 29 of 54 Exhibit D. Surface Water Priorities CLIP4 Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 30 of 54 Exhibit E. Landscape Integrity CLIP4 Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 31 of 54 Exhibit F. Priority Natural Communities CLIP4 Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 32 of 54 Exhibit G. Biodiversity CLIP4 Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 33 of 54 Exhibit H. Potential Habitat Richness CLIP4 Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 34 of 54 Exhibit I. Strategic Habitat Conservation Areas CLIP4 Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 35 of 54 Exhibit J. Aggregated Conservation Priorities CLIP4 Map Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 36 of 54 Exhibit K. USFWS Adjacent Protected Lands Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 37 of 54 Exhibit L. Wood Stork Consultation Area Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 38 of 54 Exhibit M. Bonneted Bat Consultation Area Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 39 of 54 Exhibit N. Completed and Scored Secondary Criteria Screening Form Property Name: Half Circle L Ranch Folio Numbers: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Geographical Distribution (Target Protection Area): RLSA Habitat and Flowway Stewardship Areas 1. Confirmation of Initial Screening Criteria (Ecological) 1.A Unique and Endangered Plant Communities Possible points Scored points Comments Select the highest Score: 1. Tropical Hardwood Hammock 90 2. Xeric Oak Scrub 80 3. Coastal Strand 70 4. Native Beach 60 5. Xeric Pine 50 6. Riverine Oak 40 7. High Marsh (Saline)30 8. Tidal Freshwater Marsh 20 9. Other Native Habitats 10 10 16 native habitats identified under 2002 FLUCCS layer, (not including improved pastures) including unimproved pastures, woodland pastures, herbaceous dry pastures, pine flatwoods, cypress, upland hardwood forest, hardwood-conifer mixed, wetland hardwoods, upland shrubs and brush, wet coniferous forests, cypress domes-heads, wet pinelands hydric, herbaceous dry prairie, freshwater marshes-graminoids, wet prairies. 10. Add additional 5 points for each additional Florida Natural Areas Inventory (FNAI) G1 to G3 or S1-S3 listed plant community found on the parcel 5 each 20 Wet Prairie G2/S2; Slough marsh G3/S3; Dry prairie G2/S2; 11. Add 5 additional points if plant community represents a unique feature, such as maturity of vegetation, outstanding example of plant community, etc.5 5 Mature wetland forest 1.A. Total 100 35 1.B Significance for Water Resources Possible points Scored points Comments 1. Aquifer Recharge (Select the Highest Score) a. Parcel is within a wellfield protection zone 100 n/a b. Parcel is not in a wellfield protection zone but will contribute to aquifer recharge 50 50 Lower Tamiami - 0"to<7" and -16" to-1" (minimally) Surficial 31" to<43" and 43" to <56" (moderately) c. Parcel would contribute minimally to aquifer recharge 25 d. Parcel will not contribute to aquifer recharge, eg., coastal location 0 2. Surface Water Quality (Select the Highest Score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 100 n/a b. Parcel is contiguous with and provides buffering for a creek, river, lake or other surface water body 75 n/a c. Parcel is contiguous with and provides buffering for an identified flowway 50 50 Okaloacoochee Slough d. Wetlands exist on site 25 25 flowway wetlands e. Acquisition of parcel will not provide opportunities for surface water quality enhancement 0 n/a 3. Strategic to Floodplain Management (Calculate for a and b; score c if applicable) a. Depressional soils 80 80 Boca Rivera limestone substratum and copeland fine sand; Chobee limestone substratum,a nd dania mucks; Chobee, winder and gator soils; Holopaw and Okeelanta soils; Winder, Rivera, Limestone Substratum, and chobee soils b. Slough Soils 40 40 Basinger fine sand; Holopaw fine sand; Malabar fine sand; Pineda and Rivera fine sands; Rivera fine sand, Limestone substratum; Rivers, Limestone substratum-Copeland fine sands. c. Parcel has known history of flooding and is likely to provide onsite water attenuation 20 20 Parcel is within a known flowway. Subtotal 300 265 1.B Total 100 88 Obtained by dividing the subtotal by 3. 1.C Resource Ecological/Biological Value Possible points Scored points Comments 1. Biodiversity (Select the Highest Score for a, b and c) a. The parcel has 5 or more FLUCCS native plant communities 100 100 16 native plant communities are mapped on the site. b. The parcel has 3 or 4 FLUCCS native plant communities 75 c. The parcel has 2 or or less FLUCCS native plant communities 50 d. The parcel has 1 FLUCCS code native plant communities 25 Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 40 of 54 Exhibit N. Completed and Scored Secondary Criteria Screening Form (Continued) 2. Listed species a. Listed wildlife species are observed on the parcel 80 80 Sandhill crane (State ST under review) and roseate spoonbill (State- ST) b. Listed wildlife species have been documented on the parcel by wildlife professionals70 Provide documentation source - c. Habitat Richness score ranging from 10 to 70 60 Score is based on the CLIP4 habitat Richness (Vertebrate) map and rovides up to 100 points for most prevalent category (in this case 5-6 species species). IA small area was mapped as potnetially having 8-13 speceis, which iis the highest category. d. Rookery found on the parcel 10 10 A snowy egret and ibis rookery was located on the south side of the property and observed there sin 2008 - Pers. Comm. Tim Hall, Sr. Ecologist, Turell, Hall and Associates, Inc. e. Listed plant species observed on parcel - add additional 20 points 20 3. Restoration Potential a. Parcel can be restored to high ecological function with minimal alteration 100 100 removal of exotic plants would be primary retoration b. Parcel can be restored to high ecological function but will require moderate work, including but not limited to removal of exotics and alterations in topography.50 c. Parcel will require major alterations to be restored to high ecological function.15 d. Conditions are such that parcel cannot be restored to high ecological function 0 explain limiting conditions Subtotal 300 290 1.C Total 100 97 Divide the subtotal by 3 1.D Protection and Enhancement of Current Conservation Lands Possible points Scored points Comments 1. Proximity and Connectivity a. Property immediately contiguous with conservation land or conservation easement.100 100 Contiguous on the north side with the32,370 acre Okaloacoochee Slough State Forest, and through there with the 21,714 acres Dinner Island WMA and an 11,596 acre private conservation area. b. Property not immediately contiguous, parcels in between it and the conservation land are undeveloped.50 c. Property not immediately contiguous, parcels in-between it and conservation land are developed 0 d. If not contiguous and developed, add 20 points if an intact ecological link exists between the parcel and nearest conservation land 20 1.D Total 100 100 1. Ecological Total Score 100 80 Sum of 1A, 1B, 1C, 1D then divided by 4 2. Human Values/Aesthetics 2.A Human Social Values/Aesthetics Possible points Scored points Comments 1. Access (Select the Highest Score) a. Parcel has access from a paved road 100 b. Parcel has access from an unpaved road 75 c. Parcel has seasonal access only or unimproved access easement 50 d. Parcel does not have physical or known legal access 0 0 Parcel does not have roads to access it except through other private property 2. Recreational Potential (Select the Highest Score) a. Parcel offers multiple opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, nature photography, bird watching, kayaking, canoeing, swimming, hunting (based on size?) and fishing.100 b. Parcel offers only land-based opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, and nature photography.75 75 There are no water bodies present. While much of the property is a wetland, there are some upland areas. Hunting could be a potential use. c. Parcel offers limited opportunities for natural-resource based recreation beyond simply accessing and walking on it 50 d. Parcel does not offer opportunities for natural-resource based recreation 0 3. Enhancement of Aesthetic Setting a. Percent of perimeter that can me seen by public. Score based on percentage of frontage of parcel on public thoroughfare 80 0 Score between 0 and 80 based on the percentage of the parcel perimeter that can be seen by the public from a public thoroughfare. The perimeter cannot be seen from a public b. Add up to 20 points if the site contains outstanding aesthetic characteristic(s), such as but not limited to water view, mature trees, native flowering plants, or archeological site 20 20 Provide a description and photo documentation of the outstanding characteristic - The site contains vista views and an archealogical site. Subtotal 300 95 2. Human Social Values/Aesthetics Total Score 100 32 Obtained by dividing the subtotal by 3. Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 41 of 54 Exhibit N. Completed and Scored Secondary Criteria Screening Form (Continued) 3. Vulnerability to Development/Degradation 3.A Zoning/Land Use Designation Possible points Scored points Comments 1. Zoning allows for Single Family, Multifamily, industrial or commercial 50 2. Zoning allows for density of no greater than 1 unit per 5 acres 45 3. Zoning allows for agricultural use /density of no greater than 1 unit per 40 acres40 40 Agriculture with Mobile Home, Rural Lands Stewardship Area Overlay, Area of Critical State Concern Overlay/Special Treatment; RLSA Stewardship Overlay 4. Zoning favors stewardship or conservation 0 5. If parcel has ST overlay, remove 20 points -20 -20 Area of Critical State Concern Overlay/Special Treatment 6. Property has been rezoned and/or there is SDP approval 25 7. SFWMD and/or USACOE permit has been issued 25 8. A rezone or SDP application has been submitted 15 9. SFWMD and/or USACOE permit has been applied for 15 3. Vulnerability Total Score 100 20 4. Feasibility and Costs of Management 4.A Hydrologic Management Needs Possible points Scored points Comments 1. No hydrologic changes are necessary to sustain qualities of site in perpetuity 100 100 The property is part of an existing flowway that is protected on its northern boundary. 2. Minimal hydrologic changes are required to restore function, such a cut in an existing berm 75 3. Moderate hydrologic changes are required to restore function, such as removal of existing berms or minor re-grading that require use of machinery 50 4. Significant hydologic changes are required to restore function, such as re-grading of substantial portions of the site, placement of a berm, removal of a road bed, culvert or the elevation of the water table by installing a physical structure and/or changes unlikley 0 5.A Total 100 100 4.B Exotics Management Needs Possible points Scored points Comments 1. Exotic Plant Coverage a. No exotic plants present 100 b. Exotic plants constitute less than 25% of plant cover 80 c. Exotic plants constitute between 25% and 50% of plant cover 60 60 primarily due to vast areas of Wright's nutrush observed in wet prairies and open marshes. d. Exotic plants constitute between 50% and 75% of plant cover 40 e. Exotic plants constitute more than 75% of plant cover 20f. Exotic characteristics are such that extensive removal and maintenance effort and management will be needed (e.g., heavy infestation by air potato or downy rosemytle)-20 -20 Wright's Nutrush is difficult to remove. g. Adjacent lands contain substantial seed source and exotic removal is not presently required -20 The property is surrounded by active ag and SSAs, where some exotic removal is required and in the rest permitted under the SSA, and on the north side, Exotic removal is done in OK Slough State Forest. 5.B Total 100 40 4.C Land Manageability Possible points Scored points Comments 1. Parcel requires minimal maintenance and management, examples: cypress slough, parcel requiring prescribed fire where fuel loads are low and neighbor conflicts unlikely 80 2. Parcel requires moderate maintenance and management, examples: parcel contains trails, parcel requires prescribed fire and circumstances do not favor burning 60 60 Maintenance will be required for plant communities in wet prairies and open pastures. 3. Parcel requires substantial maintenance and management, examples: parcel contains structures that must be maintained, parcel requires management using machinery or chemical means which will be difficult or expensive to accomplish 40 4. Add 20 points if the mainenance by another entity is likely 20 0 5. Subtract 10 points if chronic dumping or trespass issues exist -10 0 None seen 5.C Total 100 60 4. Feasibility and Management Total Score 100 67 Sum of 5A, 5B, 5C, then divided by 3 Total Score 400 198 Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 42 of 54 Exhibit M. Photographs Photo 1. Traveling from farmed areas westward to access the property Photo 2. Scenic Vista View of Wet Prairie Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 43 of 54 Photo 3. Access trail through Wet Prairie Photo 4. Group of wading birds including ibis, egret and roseate spoonbill Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 44 of 54 Photo 5. Small Cypress Head Photo 6. Upland Hardwoods Forest Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 45 of 54 Photo 7. Cattle Photo 8. Freshwater Marsh Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 46 of 54 Photo 9. Wright’s Nutrush in Freshwater Marsh Photo 10. Woodland Pastures/Freshwater Marsh Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 47 of 54 Photo 11. Cypress Photo 12. Cypress Strand Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 48 of 54 Photo 13. Raised FPL Easement Access track Photo 14. Freshwater Marsh with Wetland Conifereous Forest Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 49 of 54 Photo 15. Cypress Photo 16. Mixed Wetland Hardwoods Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 50 of 54 Photo 17. Pine Flatwoods Photo 18. Pine Flatwoods with Cabbage Palm Extraction Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 51 of 54 Photo 19. Wet Pinelands Photo 19. Wet Pinelands Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 52 of 54 Photo 20. Wet Pinelands Photo 21. Mixed Wetland hardwoods and Woodland Pastures Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 53 of 54 Photo 22. Wet Prairies Photo 23. Upland Mixed Conifer Initial Criteria Screening Report Folio #s: Portions of 6 folios: 00089480007, 00089520006, 00089560008, 00089960006, 00090120000, 00090160002 Owner Name: Half Circle L Ranch Date: December 11, 2017 Page 54 of 54 Photo 24. Cypress Dome Photo 26. Upland Hardwood Forest Conservation Collier Initial Criteria Screening Report Revised 4/2/18 to add ST Overlay Property Name: SD Corp of Naples, Inc. (Parcels 1 and 2) and Cypress Landings II of Naples, LLC (Parcel 3) Folio Number(s): Parcel 1 (77.99 acres) – 00418640007 Parcel 2 (7.16 acres) – 00425920008 Parcel 3 (30 acres) - 00419160007 Staff Report Date: February 12, 2018 Update 4/2/18 Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 2 of 54 Table of Contents Introduction ......................................................................................................................... 3 I. Summary of Property Information ................................................................................. 4 Table 1. Summary of Property Information ................................................................... 4 Figure 1. Location Map.................................................................................................. 5 Figure 2. Aerial Map ...................................................................................................... 6 Figure 3. Surrounding Lands Aerial .............................................................................. 7 Summary of Assessed Value and Property Costs Estimates .......................................... 8 Zoning, Growth Management and Conservation Overlays ............................................ 8 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics ............................................................................................... 9 III. Potential for Appropriate Use and Recommended Site Improvements ...................... 18 IV. Assessment of Management Needs and Costs........................................................... 19 Table 2. Summary of Estimated Management Needs and Costs ................................. 21 V. Potential for Matching Funds ...................................................................................... 22 VI. Summary of Secondary Screening Criteria ............................................................... 23 Table 3. Tabulation of Secondary Screening Criteria .................................................. 23 Figure 5. Secondary Screening Criteria Scoring.......................................................... 23 Exhibit A. FLUCCs Map ............................................................................................. 25 Exhibit B. Soils Map .................................................................................................... 26 Exhibit C. Wellfield Protection and Aquifer Recharge Maps ..................................... 27 Exhibit D. Zoning and LASIP Easement Maps ........................................................... 28 Exhibit E. Historical Aerial 1940 (Source: Property Appraiser) .................................. 29 Exhibit F. FEMA Map .................................................................................................. 30 Exhibit G. LIDAR Map ................................................................................................ 31 Exhibit H. Surface Water Priorities CLIP4 Map and Groundwater Flow (Florida Atlantic University and SFWMD, 2008) ...................................................................... 32 Exhibit I. Landscape Integrity CLIP4 Map ................................................................. 33 Exhibit J. Priority Natural Communities CLIP4 Map .................................................. 34 Exhibit K. Biodiversity CLIP4 Map ............................................................................. 35 Exhibit L. Potential Habitat Richness CLIP4 Map ....................................................... 36 Exhibit M: Strategic Habitat Conservation Areas CLIP4 Map .................................... 37 Exhibit N. Aggregated Conservation Priorities CLIP4 Map ...................................... 38 Exhibit O. USFWS Listed Species Focal and Consultation Areas Maps ..................... 39 Exhibit P. Completed and Scored Secondary Criteria Screening Form ...................... 40 Exhibit Q. Photographs ................................................................................................ 43 Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 3 of 54 Introduction The Conservation Collier Program (Program) is an environmentally sensitive land acquisition and management program approved by the Collier County Board of County Commissioners (Board) in 2002 and by Collier County Voters in 2002 and 2006. The Program was active in acquisition between 2003 and 2011, under the terms of the referendum. Between 2011 and 2016, the Program was in management mode. In 2017, the Collier County Board reauthorized Conservation Collier to seek additional lands (2/14/17, Agenda Item 11B). This Initial Criteria Screening Report (ICSR) has been prepared for the Conservation Collier Program in its 9th acquisition cycle to meet requirements specified in the Conservation Collier Implementation Ordinance, 2002-63, as amended, and for purposes of the Conservation Collier Program. It provides objective data to demonstrate how properties meet the criteria defined by the ordinance. That is the sole purpose for this report and it is not meant for any other use. This report makes use of data layers from the Florida Natural Areas Inventory and University of Florida Critical Lands and Waters Identification Project (CLIP4). CLIP4 is a collection of spatial data that identify statewide priorities for a broad range of natural resources in Florida. It was developed through a collaborative effort between the Florida Areas Natural Inventory (FNAI), the University of Florida GeoPlan Center and Center for Landscape Conservation Planning, and the Florida Fish and Wildlife Conservation Commission (FWC). It is used in the Florida Forever Program to evaluate properties for acquisition. CLIP4 is organized into a set of core natural resource data layers which are representative of 5 resource categories: biodiversity, landscapes, surface water, groundwater and marine. The first 3 categories have also been combined into the Aggregated layer, which identifies 5 priority levels for natural resource conservation. Not all CLIP4 Layers were used in this report. Those used include: • Biodiversity • Surface Water Priorities • Landscape Integrity • Priority Natural Communities • Potential Habitat Richness (Vertebrates) • Strategic Habitat Conservation Areas • Aggregated Conservation Priorities Following the first section, which looks more closely at initial criteria, additional sections address potential for appropriate public use, assessment of management needs and costs, potential for matching funds, and a summary of the secondary screening criteria. Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 4 of 54 I. Summary of Property Information The purpose of this section is to provide information concerning the subject property to describe how the property meets each Program criteria in its various physical characteristics and to provide other general property information. Table 1. Summary of Property Information Characteristic Value Comments Name SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC SD Corp of Naples owns parcels 1 (77.99 ac) and 2 (7.16 ac). Cypress Landings of Naples, LLC owns parcel 3 (30 ac). The principals of both entities are the same. Folio Numbers 00418640007 00425920008 00419160007 Parcel 1 – 77.99 acres Parcel 2 – 7.16 acres Parcel 3 – 30 acres Target Protection Area Urban Within the coastal urban area Size 115.15 acres Offered as a group STR S 16 T50S R26E All properties within same STR Zoning Category/TDRs PUD and Agriculture Parcel 1 – PUD (Shadow Wood), Parcels 2 and 3 – Agriculture. Approximately 17 acres (1 acre over Parcel 1 and 16 acres over Parcel 3) have an ST Overlay. FEMA Flood Map Category AH with small areas of AE AH – Subject to inundation of by 1-percent-annual-chance flood event where avg. depths are 1-3 feet. Base flood elevation, flood insurance and floodplain management standards apply. (Moderate flooding) AE – Area subject to inundation by 1-percent-annual- chance flood event. Base flood elevations, mandatory flood ins and floodplain management standards apply. (Flooding likely) Existing structures n/a No structures Adjoining properties and their Uses PUD Planned Unit Development), Agriculture, RSF (Residential Single Family 3 and 5 (units per acre) To the North is the Naples Heritage Development, Agricultural and 10 acres belonging to Collier County , East is Naples Lakes Country Club, Wing South and Shadowood Park. To the west is Agriculturally zoned lands with single family residential. To the South is residential single and multi-family residential. Development Plans Submitted Development plans were developed for Shadowood but the development was not built due to access costs required Known Property Irregularities Oil, Gas and Mineral rights (OGMs) Abandoned building OGMs not included. There is a portion of an abandoned utility building on parcel 2. This building is the subject of a Code Enforcement case and will be removed prior to any potential acquisition. Other County Dept. Interest Transportation, Utilities, Solid Waste, Parks and Recreation, Environmental Services, Housing, Coastal systems, Zoning/Planning, Engineering Capitol Project Planning provided feedback advising that Collier County had purchased an easement on this property encompassing 10.9 acres for the LASIP Project in a lengthy and difficult legal procedure for $1.7 Million in 2016 (Exhibit D). Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 5 of 54 Figure 1. Location Map Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 6 of 54 Figure 2. Aerial Map Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 7 of 54 Figure 3. Surrounding Lands Aerial Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 8 of 54 Summary of Assessed Value and Property Costs Estimates The interest being valued for this estimate is fee simple for the purchase of the site, and the value of this interest is subject to the normal limiting conditions and the quality of market data. A value of the parcel was estimated using three traditional approaches, cost, income capitalization and sales comparison. Each is based on the principal of substitution that an informed purchaser would pay no more for the rights in acquiring a particular real property than the cost of acquiring, without undue delay, an equally desirable one. Three properties from within 3 miles of this property were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the property or comparables used in the report and the Real Estate Services Department staff relied upon information provided by program staff. Conclusions are limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. Pursuant to the Conservation Collier Purchase Policy, two appraisals are required. Assessed Value: * $2,793,072 Estimated Market Value:** $6,479,000 total rounded value Parcel 1 – 77.99 ac - $4,212,000 - $54,000/ac Parcel 2 – 7.16 ac - $436,760 - $61,000/ac Parcel 3 – 30 ac - $1, 830,000 - $61,000/ac “ESTIMATED MARKET VALUE” IS SOLELY AN ESTIMATE OF VALUE PROVIDED BY COLLIER COUNTY REAL ESTATE SERVICES DEPARTMENT STAFF AND SHOULD NOT BE RELIED UPON BY ANY ENTITY. Zoning, Growth Management and Conservation Overlays Zoning, growth management and conservation overlays will affect the value of a parcel. This parcel is zoned Agriculture and PUD. Parcel 1 has a Special Treatment (ST) Overlay of 1 acre and Parcel 3 has an ST Overlay of approximately 16 acres. The purpose of the “ST” designation is to assure the preservation and maintenance of environmental and cultural resources and the encourage the preservation of the intricate ecological relationships within the systems. Development rights cannot be severed and sold in advance. Easements may also affect the value of a property. A full evaluation of easements will occur if the property is selected for acquisition. Currently known easements include Stormwater easements for 10.9 acres around the northern and eastern portions of the property (Exhibit D). These easements were acquired by the County in 2016 to construct Stormwater improvements to the Wing South/Sandy Lane Interconnect segment of the Lely Area Stormwater Improvement Project (LASIP). They were acquired following an Order of Taking and a payment of $1,715,000, which the County contested but ultimately settled because of the critical nature of the project. These easements will remain in perpetuity. * Property Appraiser’s Website ** Collier County Real Estate Services Department – date of value estimate – December 2017 Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 9 of 54 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics The purpose of this section is to provide a closer look at how the property meets initial criteria. Conservation Collier Program staff conducted a brief site visit on November 9, 2017, and a more comprehensive site visit on January 11, 2018. MEETS INITIAL SCREENING CRITERIA- 1. Are any of the following unique and endangered plant communities found on the property? Order of preference as follows: Ord. 2002-63, Sec. 10 (1)(a) Yes i. Hardwood hammocks Some remnant was found, recorded as present by others in 2017 ii. Xeric oak scrub No iii. Coastal strand No iv. Native beach No v. Xeric pine No vi. Riverine Oak No vii. High marsh (saline) No viii. Tidal freshwater marsh No ix. Other native habitats YES Staff used two methods to determine native plant communities present; review of South Florida Water Management District (SFWMD) electronic databases for Department of Transportation’s Florida Land Use, Cover and Forms (FLUCCS) (1994/1995) (Exhibit A) and field verification of same. FLUCCS: The 2009 electronic database identified in order of dominance: FLUCCS Acres 4240 – Melaleuca 66 4280 – Cabbage palm 26 4200 – Upland hardwood forest 11 7400 – Disturbed lands 4 6172 – Mixed wetland hardwoods 2 5300 – Reservoirs 1 The following native plant communities were observed in order of dominance: FLUCCS 6240 – Pine/Cypress 6170 - Mixed wetland hardwoods 4280 – Cabbage palm 6210 – Cypress 6417 – Freshwater marsh/shrubs, brush & vines 6180 - Willow All portions of the site were heavily invaded by exotic plant species. Some areas at approx. 25% and some as much as 75-100%. Parcel 1 is about 85% melaleuca. Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 10 of 54 An environmental assessment done in March 2017 found small areas of pine flatwoods, tropical hardwoods, live oak, and hydric pine in addition to the ones noted above. An Archeological Assessment done also in 2017 notes the presence of hardwood hammock. These habitat types were not seen by staff during the site visit, possibly because t hey are small areas or were in areas not visited. The south side of parcel 3 has several tropical understory species as a component along with significant amounts of exotic and escaped landscape plants, and a large gumbo limbo that had been recently felled by Hurricane Irma. There may have been a more intact tropical hardwood habitat here at one time, but it possibly has been invaded so significantly, that only some of the shrubs and ground-cover component species remain. Because tropical plants were seen and a recent survey found tropical hardwood habitat, points were awarded. Characterization of Plant Communities present: Parcel 1 Ground Cover: Ground cover consisted of scattered native and exotic species. Natives included Saw grass (Cladium jamaicense), wild coffee (both Psychotria nervosa and P. sulznerii), young cabbage palm (Sabal palmetto), wax myrtle (Myrica cerifera), butterfly bush (Hamelia patens), young slash pines (Pinus elliottii), gulf croton (Croton puncatatus), myrsine (Myrsine cubana), swamp fern (Blechnum serrulatum), royal fern (Osmunda regalis), salt bush (Baccharis halimifolia), white top sedge (Dychromena colorata), wood fern (Thelypteris sp.), goldenrod (Solidago sp.) and marsh pink (Sabatia stellaris). Parcel 1 is heavily invaded by the following invasive exotic plant species: Melaleuca (Melaleuca quinquinerva), Earleaf acacia (Acacia auriculiformis), Brazilian pepper (Schinus terebinthifolius), old world climbing fern (Lygodium microphyllum), and snake plant (Sansevaria sp.). Midstory: The Midstory is sparse but includes scattered wax myrtle, myrsine, and the occasional landscape palm. Canopy: The canopy in parcel 1 contains primarily Melaleuca, but also Earleaf acacia along with scattered slash pines. Parcel 2 Ground Cover: Parcel 2 contains large depressional areas. One of these depressional areas was visited. It contains primarily smartweed (Polygonum sp.), an obligate wetland (OBL) species, with clearweed (Pilea sp.), a facultative wetland (FW) plant, at the edges. The groundcover in these areas probably changes annually based on water levels. In non- depressional areas the groundcover was characterized by swamp fern. Midstory: The Midstory in parcel 2 contained willow (Salix caroliniana) which encircles the depressional area, with myrsine, wax myrtle, buttonbush (Cephalanthus occidentalis), and salt bush surrounding. Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 11 of 54 Canopy: There was no canopy in the depressional areas, but surrounding this area were slash pines and cypress (Taxodium distichum) with melaleuca also a major component. A royal palm (Roystonea regia) was observed here. Parcel 3 Ground Cover: Parcel 3 had several different areas. FLUCCS codes identified it as a cabbage palm habitat, and there were numerous cabbage palms, particularly on the southern side. But it appeared that cabbage palms may have invaded the site, and that the original habitat may have been more tropical in nature. One tropical groundcover plant observed was indigo berry (Randia aculeata). Other ground cover species noted were swamp fern, Chain fern (Woodwardia sp.), Wood fern (Thelypteris sp.), Southern shield fern (Dryopteris sp.), Thoroughwart (Eupatorium sp.), Camphor-weed (Pluchea sp.), Beggarticks (Bidens alba), butterfly bush, wild coffee (both species) and saw grass (Cladium jamaicense). Farther west, groundcovers included scattered strap fern (Campyloneurum phyllitidis) and false nettle (Boehmeria cylindrica). Water lettuce (Pistia stratioides) covered the surface of a small depressional pond. Th south side of parcel 3 is heavily invaded by landscape and other exotic plants. Among the swamp fern, maiden fern, butterfly bush, wild coffee and indigo berry were large patches of wandering jew (Trascadentia sp.), arrowhead (Syngonium podophyllum), Ceasar’s weed (Urena lobata), bitter melon (Momordica charantia) and Surinam cherry (Eugenia uniflora). Midstory: It was in the midstory on the southern side of Parcel 3 that a tropical component was most noted, with red stopper (Eugenia rhombia) and marlberry (Ardiaia escallonioides) being significant components. Fire bush, Pokeweed (Phytolacca Americana) and Yellow elder (Tecoma stans) (a non-native tropical) were also present. Farther west, the habitat appears more like a seasonal wetland, with Dahoon holly (Ilex cassine), Bay (Persea sp.), Hog plum (Ximenia americana) and willow present as major midstory components. There were significant exotic species present in the midstory, here, including Java plum (Syzygium cumini), Brazillian pepper. Earleaf acacia, Melaleuca, Air potato (Dioscorea bulbifera), and umbrella tree (Scheffelera actinophylla). Canopy: On the southeastern side of parcel 3 the canopy was primarily cabbage palms and Melaleuca, with natives scattered among them, including strangler fig (Ficus aurea), Laurel oak (Quercus virginiana), and Bay. Farther west, the canopy included more cypress and small depressional areas of popash (Fraxinus caroliniana). The canopy in the northern part of parcel 3 appeared to be a mixture of slash pines, laurel oaks, cypress and melaleuca. A downed gumbo limbo (Bursera simaruba) was noted on the south side. There are likely seedlings existing though the vegetation was very thick and none were specifically noted. A royal palm was observed. Statement for satisfaction of criteria: These data indicate that remnants of native habitats remain on the parcels, even though they are severely invaded by exotic plants. Wetlands appear more intact than uplands, with the large mesic areas appearing the most invaded, primarily with melaleuca, but also with many other invasive plant species. Young pines Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 12 of 54 were observed growing in heavily invaded areas, so a native seed bank still exists. The entire area appeared to be drying slightly, as evidenced by moss growing at the base of some cypress and even on cypress knees, where water lines indicated that water had, in past times, covered the landscape at about 16-18 inches during wet season. There were some very large cypress trees on the western side of Parcel 3. In cypress and popash ponds, native orchids (Encyclia tampensis) were observed in the trees. A 2017 Environmental Assessment and Archeological Assessment both recorded hardwood hammock habitat, though it was not seen by staff during the site vis it as staff did not visit all areas. These data suggest that native habitats are present even though severely impacted, so this criterion was met. 2. Does land offer significant human social values, such as equitable geographic distribution, appropriate access for nature-based recreation, and enhancement of the aesthetic setting of Collier County? Ord. 2002-63, Sec. 10 (1)(b) YES Statement for satisfaction of criteria: These parcels are located within the urban area (as identified on the 2012-25 Future Land Use Map) with residential lands surrounding them. They are approximately 6 miles from the closest Conservation Collier Preserve (Gordon River Greenway), but adjacent to a 100-acre public preserve area (Serenity Park). There is paved public road access to several areas of the properties from Whitaker Road, Adkins Ave, Polly Ave., and Everett St, where a small parking area could be developed. There are no developed trails on the property, but aerials from earlier years show Parcel 1 has several trails that could be re-established and used for hiking along with the LASIP easement area that borders the parcels on the east side. Downed trees from Hurricane Irma throughout present an obstacle for trail development. A cultural assessment was performed on the site in March/April 2017 by The Archeological and Historic Conservancy, Inc., which explored a midden site previously recorded on the south side of parcel 3, and found a new site, also on the south side of Parcel 3, that was characterized as a black earth midden. Therefore, there are archeological resources on the property that can be protected. 3. Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control? Ord. 2002-63, Sec. 10 (1)(c) General Hydrologic Characteristics observed and description of adjacent upland /wetland buffers: The property is situated between 8 and 10.5 feet in elevation (Exhibit G). Soils in some areas (mostly in parcels 2 and 3) appeared dark and organic, like they have been submerged. Cypress knees were observed in Parcel 3, along with watermarks on trunks indicating that at some time in the past the area was submerged between 16 and 18 inches, but that had not happened in recent years, as moss was growing on the cypress trunks and knees all the way down to the soil. One shallow depressional area in parcel 2 was already dried out, while other depressional areas farther south and west appeared to potentially hold water year round, based on plant species observed. Upland buffers were severely impacted by invasive exotic plant species. The National Wetlands Inventory classifies these parcels as palustrine (or non-tidal) wetlands with upright herbaceous Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 13 of 54 vegetation in a “persistent” (or normally remaining standing until the next growing season) growth pattern, or forested with a semi permanently flooded water regime, and a notation that they are partially drained/ditched (USFWS IPaC Planning and Consultation website, http://ecos.fws.gov.ipac). A 1940’s aerial (Collier County Appraiser) shows this parcel to be part of a significant cypress flow way (Exhibit E). Wetland dependent plant species (OBL/ FACW) observed: OBL FACW Cypress (Taxodium distichum) Rose gentian (Sabatia stellaris) Bay (Persea sp.) Chain fern (Woodwardia sp.) False nettle (Boehmeria cylindrica) Wood fern (Thelypteris sp.) Pop ash (Fraxinus caroliniana) Southern Shield fern (Dryopteris sp.) Royal fern (Osmunda regalis) White-top sedge (Dichromena colorata) Smartweed (Polygonum sp.) Clearweed (Pilea asp.) Willow (Salix sp.) Laurel oak (Quercus laurifolia) Royal palm (Roystonea elata) Goldenrod (Solidago sp.) Wetland dependent wildlife species observed: A few species of wetland dependent wildlife were observed, including little blue heron (Egretta caerula), great egret (Casmerodius albus) Killdeer (Charadrius vociferous) and a banded water snake (Nerodia fasciata pictiventris), though it may have been dead. These were observed on parcel 1 in the LASIP canal. Soils: Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990). Soils included, in order of dominance: Soil Number and Name Acres Soil Type 14 Pineda fine sand, Limestone substratum 82 Hydric, slough 31 Hilolo, Jupiter, and Margate fine sands 15 Hydric 25 Boca, Rivera, Limestone substratum, Copeland FS 8 Hydric, depressional 21 Boca fine sand 5 Upland – seasonally wet 11 Hallendale fine sand 4 Upland – seasonally wet Aquifer recharge Potential: Aquifer recharge map data was developed by Fairbank, P. and S. Hohner in 1995 and published as Mapping recharge (infiltration and leakage) throughout the South Florida Water Management District, Technical publication 95-20 (DRE # 327), South Florida Water Management District, West Palm Beach, Florida. Most people in Collier County get their drinking water from the surficial aquifer, but many also have wells to the Lower Tamiami aquifer, a slightly deeper aquifer. This property lies within the Rookery Bay watershed, with groundwater flowing from the north east to the southwest (Exhibit H). Lower Tamiami recharge Capacity: The mapped Lower Tamiami aquifer recharge is -16” to -1” annually. These parcels are well inside of this mapped area which suggests that in this area the Lower Tamiami aquifer has no confining layer between it and the surficial aquifer system (Exhibit C). Protection of this site in an undeveloped state will help to protect the Lower Tamiami aquifer. Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 14 of 54 Surficial Aquifer Recharge Capacity: The mapped surficial aquifer recharge for these parcels is 31” to <43” annually. They lie near the edge of the mapped area, with the nearby zone mapped at 43” to < 56” annually. These parcels contribute moderately to significantly to the surficial aquifer (Exhibit C). Wellfield Protection: The closest wellfield and wellfield protection zones are 1.5 miles to the south. There is also wellfield 3 miles to the north east and one 5 miles to the northwest. This property does not intersect any of the wellfield protection zones (Exhibit C). FEMA Flood map designation: The property is currently within Flood Zone AH, with small areas of AE mapped where in deeper pockets (Exhibit F). The AH zone designation indicates the property is subject to inundation of by the 1-percent-annual-chance flood event where average depths are 1-3 feet, and where base flood elevations, flood insurance and floodplain management standards apply. Deeper wetland areas are within the AE zone which indicates areas subject to inundation by the 1-percent-annual-chance flood event, with depths not defined. Base flood elevations, mandatory flood insurance and floodplain management standards apply here as well. Statement for satisfaction of criteria: These properties are primarily wetlands (82%), with small areas of uplands (18%), based on mapped soils and vegetation observed onsite. The parcels are classified as Palustrine non-tidal wetlands and semi-permanently flooded by the National Wetlands Inventory (Exhibit H). SFWMD aquifer recharge maps identify these parcels as not contributing to recharge of the Lower Tamiami aquifer, but contributing moderately to recharge of the surficial aquifer. The parcels lie within the Rookery Bay Watershed, which flows from the northeast to the southwest, but are not adjacent to the main canal system that shuttles water to the coastal areas. They may, however, contribute in a minor way to water quality in the Rookery Bay area by remaining undeveloped and allowing sheet flow. The wetland habitats, while existing on the parcel, are severely impacted by invasive exotic plants and may not be providing significant wetland dependent species habitat; however, ponded areas and the LASIP water management system provide habitat for wading bird species. Likewise, the ponded areas along with the LASIP water management system are providing flood control for surrounding residential properties. The LASIP canal was also designed with a weir that protects the groundwater levels in adjacent properties such as this one so they don’t dry out (Pers. Comm. Robert Wiley, Project Manager, Collier County GMD, January 29, 2018). 4. Does the property offer significant biological values, including biodiversity, listed species habitat, connectivity, restoration potential and ecological quality? Ord. 2002-63, Sec. 10 (1)(d) Listed Plant Species: The federal authority to protect land-based plant species is administered by the U.S. Fish and Wildlife Service (FWS) and published in 50 Code of Federal Regulations (CFR) 23. Lists of protected plants can be viewed on-line at https://www.fws.gov/endangered/. The Florida state lists of protected plants are Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 15 of 54 administered and maintained by the Florida Department of Agriculture and Consumer Services (DOACS) via chapter 5B-40, Florida Administrative Code (F.A.C.). This list of plants can be viewed from a link provided at http://www.freshfromflorida.com/Divisions-Offices/Plant-Industry/Bureaus-and- Services/Bureau-of-Entomology-Nematology-Plant-Pathology/Botany/Florida-s- Endangered-Plants. The following listed plant species were observed: COMMON NAME SCIENTIFIC NAME STATUS DOACS USFWS Common wild pine Tillandsia fasciculata SE Northern needleleaf Tillandsia balbisiana ST Soft -leaved wild pine Tillandsia variabilis ST Florida royal palm Roystonea regia SE Simpson’s Stopper Myrcianthes fragrans ST Marsh fern Thelypteris serrata SE Butterfly orchid Encyclia tampensis CE SE=State Endangered, ST=State Threatened, CE=Commercially Exploited Additionally, a consultant assessment of the site in early 2017 found bird’s nest fern (Asplenium serratum) (State E) and giant wild pine (Tillandsia utriculata) (State E). Listed Wildlife Species: Federal wildlife species protection is administered by the USFWS with specific authority published in 50 CFR 17. Lists of protected wildlife can be viewed on-line at: https://www.fws.gov/endangered/. FWC maintains the Florida state list of protected wildlife in accordance with Rules 68A-27.003, 68A-27.004, and 68A-27.005, respectively, of the Florida Administrative Code (F.A.C.). A list of protected Florida wildlife species can be viewed at: http://myfwc.com/wildlifehabitats/imperiled/profiles/. One listed bird species was observed during the January 11, 2018 site visit within the LASIP canal - Little blue heron (Egretta caerulea). Bird Rookery observed? No bird rookery was observed. GIS mapped species and habitats: Based on information provided by USFWS, there are no critical habitats at this location, however, there are 2 mammals and 25 species of migratory and other birds which could potentially use this site. Mammals include the Florida panther (Puma cncolor coryi) and the Florida bonneted bat (Eumops floridanus). The CLIP4 biodiversity Map shows 30 or so panther telemetry points from 2013 and 2015 on or near the property, and east of CR 951, that are the same panther (#219), however that panther is known to have been killed in a vehicle collision in 2015 (Personal comm. Darrell Land, FWC, January 2018). This project is not within primary panther habitat but primary habitat is approximately 1 mile to the east, across CR 951. USFWS may consider the site as suitable panther habitat based on past telemetry showing panther presence on the site Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 16 of 54 and an intact ecological link through Serenity par k to CR 951. The project is also within the USFWS consultation area for the Florida bonneted bat. No bats were observed onsite but the habitat is appropriate for bat roosting and foraging. A known wood stork (Mycteria Americana) colony exists within 18.6 miles, placing this site within the core foraging area for wood storks. Additionally, the site is located just under 1 mile from the closest known red cockaded woodpecker (RCW) colony and contains habitats suitable for RCW foraging (Exhibit O). Finally, there is the potential for presence of 25 bird species that are protected under the Migratory Bird Treaty Act and the Golden and Bald Eagle Protection Act. These include Bald eagle (Haliaeetus leucocephala), Black whiskered vireo (Vireo altiloquus), and Red headed woodpecker (Melanerpes erythrocephalus). Non-listed species observed: The following non-listed species were observed during the January 11, 2018 site visit: Red bellied woodpecker (Melanerpes carolinus), grey catbird (Dumetella caroliniensis), red-tailed hawk (Buteo jamaicensis), belted kingfisher (Ceryle alcyon), killdeer (Charadrius vociferous), banded water snake (Nerodia fasciata pictiventris), eastern phoebe (Sayornis phoebe), blue-grey gnatcatcher (Polioptila caerulea), great egret (Casmerodius albus) and several monarch butterflies (Danaus plexippus). Cabbage palms on the south side of parcel 3 had multiple woodpecker holes in them, but no birds were seen entering or leaving. An eastern kingbird (Tyrannus tyrannus) was observed during the November 9, 2017 site visit. Some Potential State and Federal Listed Species: COMMON NAME SCIENTIFIC NAME STATUS FWC USFWS American alligator Alligator Mississippiensis FT (S/A) T (S/A) Everglades snail kite Rostrhamus sociabilis plumbeus FE E Little blue heron Egretta caerulea ST American kestrel Falco sparverius paulus ST Florida bonneted bat Eumops floridanus FE E Wood stork Everglades mink Mycteria Americana Neovison vison evergladensis FT ST T Florida panther Puma concolor coryi FE E Eastern indigo snake Drymarchoncorais couperi FT T Everglades snail kite Rostrhamus sociabilis plumbeus FE E Red cockaded woodpecker Picoides borealis FE E Statement for satisfaction of criteria: This property offers biological value for both upland and wetland species. The CLIP4 Potential Habitat Richness layer (Exhibit L) identifies this property has potentially supporting 5-6 vertebrate species. The CLIP4 Biodiversity layer shows this are to be a priority 2 out of 5, with Priority One panther habitat just 1 mile to the east across CR 951 (Exhibit K). Panther telemetry data through 2016 added to this map shows that the site was used by one panther between 2013 and 2015. That panther is no longer living, but it shows the habitat is acceptable for use. The parcel is also near known RCW colonies, within the core foraging area for a wood stork colony, and within the consultation area for the Florida bonneted bat, all listed species (Exhibit O). The parcels connect with the 99-acre Serenity Park conservation area and another 170 acres of South Florida Water Management District Conservation Easements on the north and east sides (Figure 3). Restoration may be challenging and costly. Exotic plant removal and downed tree removal will be the primary needs for restoration, but Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 17 of 54 supplemental plantings may be necessary in areas that are currently solid melaleuca. The ecological quality is relatively low at present, but with active habitat management it could be much higher. 5. Does the property enhance and/or protect the environmental value of current conservation lands through function as a buffer, ecological link or habitat corridor? Ord. 2002-63, Sec. 10 (1)(e) YES Statement for satisfaction of criteria: The property is adjacent on its north and east sides with SFWMD Conservation Easements, including the 99-acre public Serenity Park. The Surrounding Lands Aerial map (Figure 3) shows that there is an ecological connection, although it crosses CR 951, with the Picayune Strand State Forest. The CLIP4 Landscape Integrity layer (Exhibit I) shows these properties to be in a lower priority area (3 and 4 on a scale of 1- 10), however FWC Florida panther telemetry indicates that there is an ecological connection for panthers coming from lands east of CR 951 (Exhibit K), because cat #219 was found on both sides of CR 951. The CLIP4 Strategic Habitat Conservation Area map (Exhibit M) identifies the properties as a priority 2 area that is directly connected to a priority 1 area. The CLIP4 Aggregated Conservation Priorities classifies the properties as a priority 2, out of 1-5 categories (Exhibit N). Is the property within the boundary of another agency’s acquisition project? NO If yes, will use of Conservation Collier funds leverage a significantly higher rank or funding priority for the parcel? NO Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 18 of 54 III. Potential for Appropriate Use and Recommended Site Improvements Potential Uses as Defined in Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, section 5.9: Hiking: Hiking would be an appropriate use for this property. Historic trails can be reopened or new trails developed but they may not be usable in wet season. Visitors could also hike the perimeter along the mowed Lely water management easement. Nature Photography: This would be an appropriate use. Bird-watching: This would be an appropriate use. Kayaking/Canoeing: Canoeing or kayaking could occur on the 1-acre lake on parcel 1, though it may be too small for realistic use. Canoes/kayaks would not be permitted in the Lely water management easement canals as it is too small for recreational use. Swimming: The excavated pond and isolated wetlands would not be appropriate for swimming due to the potential presence of alligators and venomous snakes. Hunting: This property is too small and close to the urban area for hunting to be a realistic use. Fishing: Fishing could be an appropriate use at the 1-acre excavated lake. Recommended Site Improvements: Access improvement, parking area and trails through parcels 1, 2 and 3. Access: The parcels have access from paved public roads at 4 points: along Polly Ave., including the north side of Polly, the south side of Polly, at the intersections of Polly Ave. and Whitaker Road, the eastern end of Adkins Ave, and at the eastern end of Everett St . The most likely access point is at the end of Adkins Ave. Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 19 of 54 IV. Assessment of Management Needs and Costs Management of this property will address the costs of exotic vegetation removal and control, and provide an estimate for funding needs for construction of a boardwalk to allow the public to have access to selected portions of the property. The following assessment addresses both the initial and recurring costs of management. These are very preliminary estimates; Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, requires a formal land management plan be developed for each property acquired by Conservation Collier. Exotic, Invasive Plants Present: Exotic, invasive species noted here are taken from the Florida Exotic Pest Plant Council’s (FLEPPC) 2017 List of Invasive Plant Species (Category I and Category II). FLEPPC is an independent incorporated advisory council created to support the management of invasive exotic plants in Florida’s natural areas by providing a forum for exchanging scientific, educational and technical information. Its members come primarily from public educational institutions and governmental agencies. Annual lists of invasive plant species published by this organization are used widely in the state of Florida for regulatory purposes. The current FLEPPC list (2017) can be viewed on-line at http://www.fleppc.org/list/list.htm. Category I plants are those which are altering native plant communities by displacing native species, changing community structures or ecological functions, or hybridizing with natives. This definition does not rely on the economic severity or geographic range of the problem, but on the documented ecological damage caused. Category II invasive exotics have increased in abundance or frequency but have not yet altered Florida plant communities to the extent shown by Category I species. These species may become Category I if ecological damage is demonstrated. Category I and II plants found on this parcel in order of observed abundance: Category I Common Name Scientific Name Melaleuca Melaleuca quinquinerva Brazilian pepper Schinus terebinthifolius Earleaf acacia Acacia auriculiformis Java plum Sysygium cumini Bishopwood Bischofia javanica Caesar’s weed Urena lobata Air potato Dioscorea bulbifera Rosary pea Abrus precatorius Old world climbing fern Lygodium microphyllum Surinam cherry Eugenia uniflora Arrowhead vine Syngonium podophyllum Umbrella tree Scheffelera actinophylla Wild taro Colocasia escuelenta Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 20 of 54 Category II Common Name Scientific Name Bitter melon (Momordica charantia) Staff observations are: Melaleuca is the most common exotic plant species and parcel 1 is mostly melaleuca. Parcels 2 and 3 also have large stands of melaleuca. Melaleuca can displace native plant communities and associated wildlife, disturb natural water flow, and alter soil conditions. Additionally, Melaleuca can have a strong negative impact on migrating bird species and render habitats no longer suitable for wood storks and Florida panthers, two species that could utilize this property. There is also significant Brazilian pepper, including large and well-established plants, along with many other FLEPPC category 1 exotic species. Exotic removal will be costly and challenging, as this is considered a wetland and machinery will likely not be allowed. One of the concerns will be getting biomass from exotics off the property or reduced. Large stands of melaleuca can present concerns for fire, as these plants contain volatile oils. Melaleuca can be removed from edges of the property and cut, sprayed and stacked in the interior per SFWMD guidelines (removal within 100 ft. of perimeter and stacking in interior areas). Exotic Vegetation Removal and Control An estimate of the cost for initial exotic removal and follow-up maintenance was developed by averaging costs for removing thick melaleuca infestations on two Conservation Collier preserves (Alligator Flag and Logan Woods), which cost, respectively, $1,700/ac and $5,000/ac. The value derived is $3,350/ac. Based on this estimate, costs for the level of infestation observed to treat exotics, remove plants on the perimeter and cut, spray and stack in the interior would be $382,000. Costs for follow-up maintenance, done anywhere from quarterly to annually have been estimated in the same way (using averaged actual costs from Alligator Flag Preserve and Logan Woods Preserve) at $115/ac for a total of $13,100 annually for 114 acres. These costs could decrease over time as the soil seed bank is depleted. Public Parking Facility: The cost of design and construction of a shell or gravel parking lot to accommodate approximately 5 cars would be approximately $25,000. Additional costs would include design, permitting and any required land clearing. Public Access Trails: Trails are evident on aerial photographs from the early 2000’s. These could be re-cleared and contribute to a new trail system beginning at the Adkins Ave. entrance where a small parking area could be developed. Hikers could access portions of all parcels from this parking area. Clearing for trails would cost approximately $775/mile. A 1.5-mile trail as shown in Figure 2 would cost approximately $1,200 to install and about half that to maintain, or $390/mile at $600 for each maintenance event. Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 21 of 54 Security and General Maintenance: Table 2. Summary of Estimated Management Needs and Costs Management Element Initial Cost Annual Recurring Costs Comments Exotics Control $382,000 $13,100 This is assuming treatment of 114 acres annually. Estimated from actual costs from similar areas (Alligator Flagg and Logan Woods Preserves) Parking Facility $25,000 t.b.d. Small gravel/shell parking area with one paved handicapped space Access Trails/ Non ADA $1,200 $600 Based on a 1.5 miles trail at $775/mile to clear and $600/mile to maintain – costs from Pepper Ranch trail maintenance. Fencing t.b.d. t.b.d. Some fencing is in place, but much of it is not in good condition. Trash Removal t.b.d. t.b.d. Request owner to remove trash before conveyance. Some trash noted, including an abandoned boat at the excavated pond. Signs $3,015 t.b.d. Entry sign and trespassing signs every 500 feet along perimeter. For the perimeter, 29 signs are needed at $35.00 each for a cost of $1,015. An entry sign cost approx. $2,000. Total $411,215 $13,700 t.b.d. To be determined; cost estimates have not been finalized. Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 22 of 54 V. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the Conservation Collier ordinance are the Florida Communities Trust (FCT), and The Florida Forever Program. The following highlights potential for partnering funds, as communicated by agency staff: Florida Communities Trust - Parks and Open Space Florida Forever grant program: Application for this program is typically made for pre-acquired sites up to two years from the time of acquisition. The Florida Legislature appropriated $10 million in Florida Forever funding in fiscal year 2016-17 to FCT. Funding has not been awarded for this cycle. There is currently no funding available until the Florida Legislature determines the 2017-18 budget. Florida Forever Program: Staff has been advised that the Florida Forever Program has limited funds and is concentrating on parcels already included on its ranked priority list. This parcel is not inside a Florida Forever priority project boundary. Additionally, the Conservation Collier Program has not been successful in partnering with the Florida Forever Program due to conflicting acquisition policies and issues regarding joint title between the programs. Other Potential Funding Sources: There is potential for utilizing funding donations to the Conservation Collier program to fulfill requirements for off-site preserves pursuant to the Collier County Land Development Code, Section 3.05.07. There is currently approximately $299,400 in this fund, with $91,000 earmarked for multi-parcel project properties whose owners have accepted the County’s offers. Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 23 of 54 VI. Summary of Secondary Screening Criteria Staff has scored property on the Secondary Criteria Screening Form and attached the scoring form as Exhibit H. A total score of 249 out of a possible 400 was achieved. The chart and graph below show a breakdown of the specific components of the score. Table 3. Tabulation of Secondary Screening Criteria Figure 5. Secondary Screening Criteria Scoring Property Name:0 Target Protection Area:0 Secondary Screening Criteria Possible Points Scored Points Percent of Possible Score Ecological 100 79 79% Human Values/Aesthetics 100 65 65% Vulnerability 100 55 55% Management 100 50 50% Total Score:400 249 62% Percent of Maximum Score:62% Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 24 of 54 Summary of factors contributing to score Total Score 249 out of 400 possible points Ecological: 79 out of 100 possible points A high score was achieved due to several factors. First is the presence of tropical hardwood hammock habitat, a preferred ordinance habitat along with 6 other native habitat types that were observed. The property can be considered to protect wetland resources as it contributes to the surficial aquifer, and contains 92% wetland soils with 82 acres of slough soils and 8 acres of depressional soils with obligate wetland plant species noted. Numerous hydrologic indicators were also observed. Points were gained because the property is contiguous with Serenity Park and an intact, though separated by CR 951, ecological link with FWC Priority One panther habitat. Points were lost due to the significant exotic plant presence. Human Values/Aesthetics: 65 out of 100 possible points A moderate score was achieved overall. This property is quite accessible for public use and could be used for hiking, nature photography, fishing and education. Points were lost because the uses are primarily terrestrial except for one small 1-acre pond that could be used for fishing. Vulnerability: 55 out of 100 possible points Vulnerability of this parcel is scored as moderate, because even though a portion of the property has been rezoned as Planned Unit Development (PUD), there are significant access issues that bar its development for multi-family residential uses, including a Special Treatment (ST) Zoning Overlay over 17 acres of the property. Management: 50 out of 100 possible points The property scored moderately in the management category due to the significant infestation with exotic plant species, difficulty in removal and presence of some dumping, including an old boat. It gained points because no hydrologic changes are anticipated. Parcel Size: While parcel size was not scored, the ordinance advises that based on comparative size, the larger of similar parcels is preferred. This parcel is like the 400-acre Barron Collier Partnership LLLP Sanitation /Bethune proposal, as it is urban, of substantial size and significantly impacted by exotic plant species. Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 25 of 54 Exhibit A. FLUCCs Map Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 26 of 54 Exhibit B. Soils Map Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 27 of 54 Exhibit C. Wellfield Protection and Aquifer Recharge Maps Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 28 of 54 Exhibit D. Zoning and LASIP Easement Maps Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 29 of 54 Exhibit E. Historical Aerial 1940 (Source: Property Appraiser) Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 30 of 54 Exhibit F. FEMA and Groundwater Flow Maps Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 31 of 54 Exhibit G. LIDAR Map Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 32 of 54 Exhibit H. Surface Water Priorities CLIP4 Map and Groundwater Flow (Florida Atlantic University and SFWMD, 2008) Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 33 of 54 Exhibit I. Landscape Integrity CLIP4 Map Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 34 of 54 Exhibit J. Priority Natural Communities CLIP4 Map Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 35 of 54 Exhibit K. Biodiversity CLIP4 Map Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 36 of 54 Exhibit L. Potential Habitat Richness CLIP4 Map Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 37 of 54 Exhibit M: Strategic Habitat Conservation Areas CLIP4 Map Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 38 of 54 Exhibit N. Aggregated Conservation Priorities CLIP4 Map Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 39 of 54 Exhibit O. USFWS Listed Species Focal and Consultation Areas Maps Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 40 of 54 Exhibit P. Completed and Scored Secondary Criteria Screening Form Property Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples LLC Folio Numbers: 00418640007, 00425920008, 00419160007 Geograhical Distribution (Target Protection Area): Urban 1. Confirmation of Initial Screening Criteria (Ecological) 1.A Unique and Endangered Plant Communities Possible points Scored points Comments Select the highest Score: 1. Tropical Hardwood Hammock 90 90 Awarded based on finding some tropical hardwood hammock component plants and having this habitat reported by 2 assessment reports done in 2017 2. Xeric Oak Scrub 80 3. Coastal Strand 70 4. Native Beach 60 5. Xeric Pine 50 6. Riverine Oak 40 7. High Marsh (Saline)30 8. Tidal Freshwater Marsh 20 9. Other Native Habitats 10 10 Pine/cypress, Cabbage palm, mixed wetland hardwoods, Cypress, Freshwater marsh, Willow 10. Add additional 5 points for each additional Florida Natural Areas Inventory (FNAI) listed plant community found on the parcel 5 each 11. Add 5 additional points if plant community represents a unique feature, such as maturity of vegetation, outstanding example of plant community, etc.5 1.A. Total 100 100 1.B Significance for Water Resources Possible points Scored points Comments 1. Aquifer Recharge (Select the Highest Score) a. Parcel is within a wellfield protection zone 100 b. Parcel is not in a wellfield protection zone but will contribute to aquifer recharge 50 50 surficial aquifer recharge rate: 31" to < 43" annually - adjacent to mapped hugher recharge area (43" to < 56" annually) c. Parcel would contribute minimally to aquifer recharge 25 d. Parcel will not contribute to aquifer recharge, eg., coastal location 0 2. Surface Water Quality (Select the Highest Score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 100 b. Parcel is contiguous with and provides buffering for a creek, river, lake or other surface water body 75 c. Parcel is contiguous with and provides buffering for an identified flowway 50 d. Wetlands exist on site 25 25 Soils are 92% wetland soils and obligate wetland plants were observed e. Acquisition of parcel will not provide opportunities for surface water quality enhancement 0 3. Strategic to Floodplain Management (Calculate for a and b; score c if applicable) a. Depressional soils 80 6 8 ac depressional /114 ac total = .07% 80 X .07 = 5.6 (or 6) b. Slough Soils 40 33 82 ac slough/114 ac total = 72% 40 X 72% = 32.8 (or 33) c. Parcel has known history of flooding and is likely to provide onsite water attenuation 20 20 Hydrologic indicators onserved - cypress knees, flared tree trunks, water marks on tree trunks, organic soils Subtotal 300 134 1.B Total 100 45 Obtained by dividing the subtotal by 3. 1.C Resource Ecological/Biological Value Possible points Scored points Comments 1. Biodiversity (Select the Highest Score for a, b and c) a. The parcel has 5 or more FLUCCS native plant communities 100 100 6 native plant communities were observed onsite b. The parcel has 3 or 4 FLUCCS native plant communities 75 c. The parcel has 2 or or less FLUCCS native plant communities 50 d. The parcel has 1 FLUCCS code native plant communities 25 2. Listed species a. Listed wildlife species are observed on the parcel 80 80 If a. or b. are scored, then c. Spotential Habitat Richness is not scored. Little Blue Heron - ST b. Listed wildlife species have been documented on the parcel by wildlife professionals70 Provide documentation source - c. Habitat Richness score 5 categories 70 Score is prorated from 14 to 70 based on the highest of the 5 CLIP4 Potential Habitat Richness categories d. Rookery found on the parcel 10 e. Listed plant species observed on parcel - add additional 20 points 20 20 Tillandsia fasiculata, T. balbisiana , T. variabilis , Roystonea regia, Myrcianthes franrans, Thelypteris serrat, Encyclia tampensis Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 41 of 54 Exhibit P. Completed and Scored Secondary Criteria Screening Form (Continued) 3. Restoration Potential a. Parcel can be restored to high ecological function with minimal alteration 100 b. Parcel can be restored to high ecological function but will require moderate work, including but not limited to removal of exotics and alterations in topography.50 c. Parcel will require major alterations to be restored to high ecological function.15 15 The habitats are significantly (25-100%) invaded by exotic plants and there is significant blowdown from hurricane IRMA. d. Conditions are such that parcel cannot be restored to high ecological function 0 explain limiting conditions Subtotal 300 215 1.C Total 100 72 Divide the subtotal by 3 1.D Protection and Enhancement of Current Conservation Lands Possible points Scored points Comments 1. Proximity and Connectivity a. Property immediately contiguous with conservation land or conservation easement.100 100 Contioguous with the Serenity Park and an intact, though separated by CR 951, ecological link with the Picayune Strand State Forest. b. Property not immediately contiguous, parcels in between it and the conservation land are undeveloped.50 c. Property not immediately contiguous, parcels in-between it and conservation land are developed 0 d. If not contiguous and developed, add 20 points if an intact ecological link exists between the parcel and nearest conservation land 20 1.D Total 100 100 1. Ecological Total Score 100 79 Sum of 1A, 1B, 1C, 1D then divided by 4 2. Human Values/Aesthetics 2.A Human Social Values/Aesthetics Possible points Scored points Comments 1. Access (Select the Highest Score) a. Parcel has access from a paved road 100 100 Whitaker Road, Adkins Ave, Polly Ave., and Everett St. b. Parcel has access from an unpaved road 75 c. Parcel has seasonal access only or unimproved access easement 50 d. Parcel does not have physical or known legal access 0 2. Recreational Potential (Select the Highest Score) a. Parcel offers multiple opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, nature photography, bird watching, kayaking, canoeing, swimming, hunting (based on size?) and fishing.100 b. Parcel offers only land-based opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, and nature photography.75 80 hiking, birdwatching, nature photography, education and fishing - 5 points were given for fishing c. Parcel offers limited opportunities for natural-resource based recreation beyond simply accessing and walking on it 50 d. Parcel does not offer opportunities for natural-resource based recreation 0 3. Enhancement of Aesthetic Setting a. Percent of perimeter that can me seen by public. Score based on percentage of frontage of parcel on public thoroughfare 80 6 Score between 0 and 80 based on the percentage of the parcel perimeter that can be seen by the public from a public thoroughfare. .234 miles can be seen from Polly Ave. The entire perimeter is 2.96 miles, so 2.96 X .08 = 6.4 (or 6) b. Add up to 20 points if the site contains outstanding aesthetic characteristic(s), such as but not limited to water view, mature trees, native flowering plants, or archeological site 20 10 Mature cypress trees (Photo 12) subtotal 300 196 2. Human Social Values/Aesthetics Total Score 100 65 Obtained by dividing the subtotal by 3. Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 42 of 54 Exhibit P. Completed and Scored Secondary Criteria Screening Form (Continued) 3. Vulnerability to Development/Degradation 3.A Zoning/Land Use Designation Possible points Scored points Comments 1. Zoning allows for Single Family, Multifamily, industrial or commercial 50 50 The larger prtion (77.99 acres) are zoned PUD, but the site has significant access problems for residential development. The larger portion of the site was used for scoring and Ag lands also allow single family development. 2. Zoning allows for density of no greater than 1 unit per 5 acres 45 3. Zoning allows for agricultural use /density of no greater than 1 unit per 40 acres40 4. Zoning favors stewardship or conservation 0 5. If parcel has ST overlay, remove 20 points -20 -20 Added 4/2/18 6. Property has been rezoned and/or there is SDP approval 25 25 The larger parcel (77.99 ac) has been rezoned to PUD 7. SFWMD and/or USACOE permit has been issued 25 8. A rezone or SDP application has been submitted 15 9. SFWMD and/or USACOE permit has been applied for 15 3. Vulnerability Total Score 100 55 4. Feasibility and Costs of Management 4.A Hydrologic Management Needs Possible points Scored points Comments 1. No hydrologic changes are necessary to sustain qualities of site in perpetuity 100 100 No hydrologic changes anticipated 2. Minimal hydrologic changes are required to restore function, such a cut in an existing berm 75 3. Moderate hydrologic changes are required to restore function, such as removal of existing berms or minor re-grading that require use of machinery 50 4. Significant hydologic changes are required to restore function, such as re-grading of substantial portions of the site, placement of a berm, removal of a road bed, culvert or the elevation of the water table by installing a physical structure and/or changes unlikley 0 5.A Total 100 100 4.B Exotics Management Needs Possible points Scored points Comments 1. Exotic Plant Coverage a. No exotic plants present 100 b. Exotic plants constitute less than 25% of plant cover 80 c. Exotic plants constitute between 25% and 50% of plant cover 60 d. Exotic plants constitute between 50% and 75% of plant cover 40 40 some areas have 25% and others nealry 100% exotics, but this is a good average. e. Exotic plants constitute more than 75% of plant cover 20f. Exotic characteristics are such that extensive removal and maintenance effort and management will be needed (e.g., heavy infestation by air potato or downy rosemytle)-20 -20 Significant areas will require extensive removal g. Adjacent lands contain substantial seed source and exotic removal is not presently required -20 5.B Total 100 20 4.C Land Manageability Possible points Scored points Comments 1. Parcel requires minimal maintenance and management, examples: cypress slough, parcel requiring prescribed fire where fuel loads are low and neighbor conflicts unlikely 80 2. Parcel requires moderate maintenance and management, examples: parcel contains trails, parcel requires prescribed fire and circumstances do not favor burning 60 3. Parcel requires substantial maintenance and management, examples: parcel contains structures that must be maintained, parcel requires management using machinery or chemical means which will be difficult or expensive to accomplish 40 40 This parcel will require substantial maintenance and management to chemically remove exotic plant infestations. If downed trees and exotics need to be removed to develop trails, significant work will need to be done and the property is a wetland so machinery may not be allowed. 4. Add 20 points if the mainenance by another entity is likely 20 0 5. Subtract 10 points if chronic dumping or trespass issues exist -10 -10 Some debris exists, including tires and an old boat, but site is currently fenced and gated. 5.C Total 100 30 4. Feasibility and Management Total Score 100 50 Sum of 5A, 5B, 5C, then divided by 3 Total Score 400 249 Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 43 of 54 Exhibit Q. Photographs Photo 1. West side of parcel 3 Photo 2. Old water treatment facility – to be removed Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 44 of 54 Photo 3. LASIP canal along west side of parcel 3 Photo 4. Southwest side of parcel 3 – large fallen gumbo limbo Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 45 of 54 Photo 5. Woodpecker habitat – south side parcel 3 Photo 6. Exotic taro plant Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 46 of 54 Photo 7. Cabbage palms with hammock plants and invasive landscape plants – south side parcel 3 Photo 8. Large dead Bay tree with evidence of Redbay Ambrosia beetle and Raffaellea lauricola fungus Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 47 of 54 Photo 9. Parcel 3 – large infestation of Syngonium - houseplant Photo 10. Listed plants (L to R)– Tillandsia balbisiana, Encyclia tampensis Tillandsia variabilis, and Thelypteris serrata Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 48 of 54 Photo 11. Interior south side parcel 3 Photo 12. Large cypress and cypress knee – south west side of parcel 3 Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 49 of 54 Photo 13. Pond with water lettuce – southwest side of parcel 3 Photo 14. Royal palm southwest side of parcel 3 Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 50 of 54 Photo 15. Popash depression southwest side of parcel 3 Photo 16. West edge of parcel 2 with Climbing fern Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 51 of 54 Photo 17. Freshwater marsh surrounded by willow – center of parcel 2 Photo 18. South side of parcel 1 Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 52 of 54 Photo 19.Southeast side of parcel 1, interior – note sawgrass in foreground Photo 20. East side of parcel 1 – downed melaleuca – scattered pines Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 53 of 54 Photo 21. Young slash pines in understory of parcel 1 Photo 22. Northwest side of parcel 1 Initial Criteria Screening Report Folio #: 00418640007, 00425920008, 00419160007 Owner Name: SD Corp of Naples, Inc. and Cypress Landings II of Naples, LLC Date: February 12, 2018 Page 54 of 54 Photo 23. 1 acre excavated pond on parcel 1 Photo 24. Debris at excavated pond on parcel 1 Conservation Collier Initial Criteria Screening Report Property Name: Berman Trust and Mayr – I-75 Project Folio Number(s): Berman Trust – 41506800006 – 2.34 acres Mayr – 41661080004 – 6.7 acres Staff Report Date: February 12, 2018 Berman Trust Mayr Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 2 of 51 Table of Contents Introduction ..........................................................................................................................3 I. Summary of Property Information ..................................................................................4 Table 1. Summary of Property Information ................................................................... 4 Figure 1. Location Map.................................................................................................. 5 Figure 2. Aerial Map .................................................................................................. 6 Figure 3. Surrounding Lands Aerial .......................................................................... 7 Summary of Assessed Value and Property Costs Estimates .......................................... 8 Zoning, Growth Management and Conservation Overlays ............................................ 8 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics ................................................................................................9 III. Potential for Appropriate Use and Recommended Site Improvements .......................18 IV. Assessment of Management Needs and Costs............................................................19 Table 2. Summary of Estimated Management Needs and Costs ................................. 21 V. Potential for Matching Funds .......................................................................................22 VI. Summary of Secondary Screening Criteria ................................................................23 Table 3. Tabulation of Secondary Screening Criteria .................................................. 23 Figure 4. Secondary Screening Criteria Scoring.......................................................... 23 Exhibit A. FLUCCs Map and CLIP4 Priority Natural Communities Map.................. 26 Exhibit B. Soils Map .................................................................................................... 27 Exhibit C. Wellfield Protection and Aquifer Recharge Maps ..................................... 28 Exhibit D. Zoning Map ................................................................................................. 29 Exhibit E. Historical Aerial 1940 (Source: Property Appraiser) .................................. 30 Exhibit F. FEMA Map .................................................................................................. 31 Exhibit G. LIDAR Map ................................................................................................ 32 Exhibit H. Surface Water Priorities CLIP4 Map .......................................................... 33 Exhibit I. Landscape Integrity CLIP4 Map and map showing what a North Belle Meade connection could look like ................................................................................ 34 Exhibit J. Biodiversity CLIP4 Map with FWC panther telemetry 1981-2016 ............. 35 Exhibit K. Potential Habitat Richness CLIP4 Map ...................................................... 36 Exhibit L: Strategic Habitat Conservation Areas CLIP4 Map ...................................... 37 Exhibit M. Aggregated Conservation Priorities CLIP4 Map...................................... 38 Exhibit N. USFWS Listed Species Focal and Consultation Areas Maps ..................... 39 Exhibit O. Completed and Scored Secondary Criteria Screening Form - Berman Trust ....................................................................................................................................... 40 Exhibit P. Completed and Scored Secondary Criteria Screening Form – Mayr ........... 43 Exhibit Q. Photographs ................................................................................................ 46 Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 3 of 51 Introduction The Conservation Collier Program (Program) is an environmentally sensitive land acquisition and management program approved by the Collier County Board of County Commissioners (Board) in 2002 and by Collier County Voters in 2002 and 2006. The Program was active in acquisition between 2003 and 2011, under the terms of the referendum. Between 2011 and 2016, the Program was in management mode. In 2017, the Collier County Board reauthorized Conservation Collier to seek additional lands (2/14/17, Agenda Item 11B). This Initial Criteria Screening Report (ICSR) has been prepared for the Conservation Collier Program in its 9th acquisition cycle to meet requirements specified in the Conservation Collier Implementation Ordinance, 2002-63, as amended, and for purposes of the Conservation Collier Program. It provides objective data to demonstrate how properties meet the criteria defined by the ordinance. That is the sole purpose for this report and it is not meant for any other use. This report makes use of data layers from the Florida Natural Areas Inventory and University of Florida Critical Lands and Waters Identification Project (CLIP4). CLIP4 is a collection of spatial data that identify statewide priorities for a broad range of natural resources in Florida. It was developed through a collaborative effort between the Florida Areas Natural Inventory (FNAI), the University of Florida GeoPlan Center and Center for Landscape Conservation Planning, and the Florida Fish and Wildlife Conservation Commission (FWC). It is used in the Florida Forever Program to evaluate properties for acquisition. CLIP4 is organized into a set of core natural resource data layers which are representative of 5 resource categories: biodiversity, la ndscapes, surface water, groundwater and marine. The first 3 categories have also been combined into the Aggregated layer, which identifies 5 priority levels for natural resource conservation. Not all CLIP4 Layers were used in this report. Those used include: • Biodiversity • Surface Water Priorities • Landscape Integrity • Priority Natural Communities • Potential Habitat Richness (Vertebrates) • Strategic Habitat Conservation Areas • Aggregated Conservation Priorities Following the first section, which looks more closely at initial criteria, additional sections address potential for appropriate public use, assessment of management needs and costs, potential for matching funds, and a summary of the secondary screening criteria. The I-75 Project is not an approved multi-parcel project, but included 12 properties that have been grouped together due to location. These properties were on the 2011 conservation Collier AAL as B-List properties. Letters were sent to owners in June 2017 asking if they were still willing t o sell. Staff received 3 positive responses: Faust, Berman Trust, and Mayr. The Faust parcel was rejected for the cycle by the Conservation Collier Land Acquisition Advisory Committee (CCLAAC) on August 14, 2017. This report evaluates only the Berman Trust and Mayr parcels. Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 4 of 51 I. Summary of Property Information The purpose of this section is to provide information concerning the subject property to describe how the property meets each Program criteria in its various physical characteristics and to provide other general property information. Table 1. Summary of Property Information Characteristic Value Comments Name (Richard F.) Berman Trust (Brunhild) Mayr Offered independently Folio Numbers Berman Tr-4150680006 Mayr - 41661080004 2.34 ac 6.70 ac Target Protection Area Both – North Golden Gate Estates (NGGE) Offered independently Commission District 5 Commissioner – William McDaniels Size 7.04 acres total Berman Trust – 2.34 ac Mayr – 6.7 ac STR Berman Tr - 33-49-28 Mayr - 32-49-28 Just north of I-75 in NGGE Zoning Category/TDRs Estates Both parcels are located within the NGGE FEMA Flood Map Category Both - AH AH – Subject to inundation of by 1-percent- annual-chance flood event where avg. depths are 1-3 feet. Base flood elevation, flood insurance and floodplain management standards apply. (Moderate flooding) Existing structures n/a No structures Adjoining properties and their Uses NGGE, Interstate Highway, State Forest North, East and West - Estates residential, mostly undeveloped. The closest developed property to Mayr is 650’ to the east, the next closest ¾ of a mile west. The closest developed property to Berman Trust is adjoining on its east side. Other than that, the closest developed property is the Gore homesite parcel. South – I-75, Picayune Strand State Forest Development Plans Submitted None known Known Property Irregularities Oil, Gas and Mineral rights (OGMs) OGMs not included Other County Division Interest Transportation, Utilities, Solid Waste, Parks and Recreation, Environmental Services, Housing, Coastal systems, Zoning, Engineering No interest from other Divisions noted. Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 5 of 51 Figure 1. Location Map Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 6 of 51 Figure 2. Aerial Map Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 7 of 51 Figure 3. Surrounding Lands Aerial Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 8 of 51 Summary of Assessed Value and Property Costs Estimates The interest being valued for this estimate is fee simple for the purchase of the site, and the value of this interest is subject to the normal limiting conditions and the quality of market data. A value of the parcel was estimated using three traditional approaches, cost, income capitalization and sales comparison. Each is based on the principal of substitution that an informed purchaser would pay no more for the rights in acquiring a particular real property than the cost of acquiring, without undue delay, an equally desirable one. Three properties from within 3 miles of this property were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the property or comparables used in the report and the Real Estate Services Department staff relied upon information provided by program staff. Conclusions are limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. Pursuant to the Conservation Collier Purchase Policy, one appraisal is required. Assessed Value: * Berman Trust - $20,534 Mayr - $28,140 Estimated Market Value: ** Berman Trust - $16,146 ($6,500/ac) (2008 Estimated Value – $42,500 or $18,000/ac) Mayr - $52,930 ($7,900/ac) (2007 Estimated Value - $201,000 or $30,000/ac) “ESTIMATED MARKET VALUE” IS SOLELY AN ESTIMATE OF VALUE PROVIDED BY COLLIER COUNTY REAL ESTATE SERVICES DEPARTMENT STAFF AND SHOULD NOT BE RELIED UPON BY ANY ENTITY. Zoning, Growth Management and Conservation Overlays Zoning, growth management and conservation overlays will affect the value of a parcel. These parcels are both zoned Estates. They are not within an established growth management and/or other type of overlay. There are no limitations other than zoning regulations to bar their development. The Florida Wildlife Federation requested that CCLAAC explore how purchase of the Gore and I-75 Properties can complement Collier County’s 2012 Master Mobility Plan, 2011 Watershed Management Plan, and wildlife compensation/wetland mitigation obligations resulting from planned county infrastructure projects. Acquisition of the Gore and I-75 properties would support the efforts and design solutions for water quality and open space identified in each of those documents by providing for adequate areas of aquifer and groundwater recharge within an eastern area of the County that growth and development pressures are starting to encroach upon. Further, the Conservation Collier ownership will further establish the goals within the Recreational and Open Space Element of the Collier GMP by increasing public ownership of environmentally valuable properties while also enhancing public access availability. Additionally, as suggested within the Master Mobility Plan, the acquisition of the identified properties would allow for protection of environmentally lands located within areas that contribute to ecological connectivity that supports a landscape scale approach to environmental protection. * Property Appraiser’s Website ** Collier County Real Estate Services Department – date of value estimate – September 2010 Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 9 of 51 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics The purpose of this section is to provide a closer look at how these properties meet initial criteria. Conservation Collier Program staff conducted a site visit to both properties on January 26, 2018. Previous site visits were made by staff to Mayr in 2007 and Berman Trust in 2008. MEETS INITIAL SCREENING CRITERIA- 1. Are any of the following unique and endangered plant communities found on the property? Order of preference as follows: Ord. 2002-63, Sec. 10 (1)(a) Yes i. Hardwood hammocks No ii. Xeric oak scrub No iii. Coastal strand No iv. Native beach No v. Xeric pine No vi. Riverine Oak No vii. High marsh (saline) No viii. Tidal freshwater marsh No ix. Other native habitats YES - both Vegetative Communities: Staff used two methods to determine native plant communities present; review of South Florida Water Management District (SFWMD) electronic databases for Department of Transportation’s Florida Land Use, Cover and Forms (FLUCCS) (1994/1995) (Exhibit A) and field verification of same. FLUCCS: The 2009 electronic database identified: 6170 – Mixed wetland hardwoods on both as the primary vegetative community present on both the Berman Trust and Mayr parcels. The Mayr parcel was also mapped with just over 1 acre of Mixed wetland hardwoods- shrubs on the north side (Exhibit A). The following native plant communities were observed: Berman Trust: 6170 – Mixed wetland hardwoods – all portions of the parcel Mayr – 4280 - Cabbage palm and a slash pine component with small areas of 4250 - Temperate hardwood hammock. Characterization of Plant Communities present -A combination of 2007 (Mayr), 2008 (Berman Trust), and 2018 site visits to both: Mayr Ground Cover: Ground cover vegetation includes in order of dominance: Various grasses, bluestem (Andropogon sp.), bracken fern (Pteridium aquilinum), wild coffee (Psychotira nervosa and P. sulznerii), dog fennel (Eupatorium capillifolium), spanish needles (Bidens alba), muscadine (Vitis rotundifolia),, common ragweed (Ambrosia artemisiifolia) poison ivy (Toxicodendron radicans), Virginia creeper (Parthenocissus quinquefolia), toothpetal orchid (Habernaria sp.), dodder (Cuscuta sp.), semaphore Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 10 of 51 (Eupatorium mikanioides), swamp fern (Blechnum serrulatum), southern river sage (Salvia misella), and passionvine (Passiflora sp.). In the temperate hardwood hammock, additions were Bidens (Bidens alba), Mikania (Mikania cordifolia) and beautyberry (Callicarpa Americana). Brazilian pepper (Schinus terebinthifolius) and Ceasar’s weed (Urena lobata) were also found in the hammock areas. . Midstory: Midstory vegetation includes, in order of dominance: saw palmetto (Serenoa repens), cabbage palm (Sabal palmetto), wild coffee (both Psychotria nervosa and P. sulznerii), beautyberry (Callicarpa Americana), marlberry (Ardisia escallonioides), sumac (Rhus copallina) and buttonbush-few (Cephalanthes occidentalis). Epiphytic ferns include shoelace fern (Vittaria lineata), golden foot fern (Phlebodium aureum), and resurrection fern (Polypodium polypodioides). Canopy: Cabbage palm (Sabal palmetto) dominated the canopy vegetation, with the following scattered throughout: slash pines (Pinus elliottii), bay (Persea sp.), live oak (Quercus virginiana) and strangler fig (Ficus aurea). In the temperate hardwood hammock, canopy species include cabbage palm, live oak and bay. Berman Trust Ground Cover: Ground cover species observed were swamp fern (Blechnum serrulatum), sword fern (Nephrolepis sp.), wild coffee (both P. nervosa and P. sulznerii), Jack-in-the-bush (chromoaelena odorata), giant sword fern (Nephrolepis biserrata), strap fern (Campyloneurum sp.) Bracken fern (Pteridium aquilinum), maiden fern (Thelypteris sp.) and golden polypody (Phlebodium aureum). Vines include: Poison ivy (Toxicodendron radicans), Virginia creeper (Parthenocissus quinquefolia), Vitis sp., Smilax spp. and vetch (Vicia sp.). Midstory: Midstory species included marlberry (Ardesia escallonioides), wild coffee (P. nervosa and P. sulzneri), cabbage palm, dahoon holly (Ilex cassine), hog plum (Ximenia americana), myrsine (Myrsine floridana), Strangler fig (Ficus aurea) and Wild lime (Zanthoxylum fagara). Canopy: Cypress (Taxodium distichum), laurel oak (Quercus laurifolia), live oak (Quercus virginiana), cabbage palm (Sabal palmetto), red maple (Acer rubrum), slash pine, and bay (Persea sp.) Statement for satisfaction of criteria: These data indicate that while the Ordinance-identified endangered plant communities are not present on both parcels, intact native plant communities are present. The Mayr parcel appeared to be succeeding slightly in that there was more underbrush present in the recent site visit than in 2007, and some larger hardwoods in open areas were dead. The soil type on Mayr would naturally support a pine flatwood. There were pines present but the numerous cabbage palms observed may have invaded over the last 40 years possibly due to hydrology changes in the Estates. Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 11 of 51 On the Berman Trust parcel Many of the plants observed in the central and eastern portions of the parcel are obligate and facultative wetland plant species, with more upland species dominating the western side of the parcel. This observation loosely corresponds to mapped soil types, indicating that the historic native plant communities are still present. 2. Does land offer significant human social values, such as equitable geographic distribution, appropriate access for nature-based recreation, and enhancement of the aesthetic setting of Collier County? Ord. 2002-63, Sec. 10 (1)(b) YES Statement for satisfaction of criteria: Mayr: The property abuts 42nd Ave SE, an unpaved road within the I-75 right-of way (ROW). There is appropriate access for nature-based recreation as a recorded agreement gives property owners along the ROW a legal right to access. Trails could be developed on the property. Approximately 300 feet of the south end of the property is visible from the highway through a fringe of vegetation bordering the canal. As such, it minimally enhances the aesthetics of Collier County. This parcel is located near a group of other parcels that have been targeted, Gore parcels. This group of parcels is geographically distinct from other Conservation Collier projects, the closest of which, Nancy Payton Preserve, is approximately 7 miles to the northwest. The Winchester Head multi-parcel project is approximately 10 miles north. Berman Trust: This parcel offers access from DeSoto Blvd – a paved public road. This property could accommodate outdoor recreation, particularly if combined with others in this area have been that have been nominated to Conservation Collier (Gore parcels). Nominated properties in this location were first placed on Conservation Collier’s “B” list in cycle 5 (2007) awaiting determination of a projected I-75 access from Everglades Blvd. That effort is not still underway, but is likely to resurface in the future as the NGGE builds out more. The Nancy Payton Preserve (approx. 10 miles NW of the parcels) is the closest Conservation Collier property. 3. Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control? Ord. 2002-63, Sec. 10 (1)(c) YES to both for aquifer recharge. Marginal to Mayr for wetland species protection . General Hydrologic Characteristics observed and description of adjacent upland /wetland buffers: The Mayr parcel is situated between 9 and 11 feet in elevation and the Berman Trust parcel is at close to 11 feet in elevation according to LIDAR mapping (Light Detection and Ranging) (Exhibit G). No hydrologic indicators were observed on the Mayr parcel. The Berman Trust parcel contained karst features. Karst is a landscape underlain by limestone that has been eroded by dissolution, producing ridges, sinkholes and other characteristic landforms. While no standing water was observed on Berman Trust parcel, the interior was moist with many ferns in the ground cover vegetation. Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 12 of 51 Wetland dependent plant species (OBL/ FACW) observed on the Mayr parcel: OBL FACW Bay (Persea sp) swamp fern (Blechnum serrulatum) Buttonbush (Cephalanthus occidentalis) Wetland dependent plant species (OBL/ FACW) observed on the Berman Trust parcel: OBL FACW Bay (Persea sp) Swamp fern (Blechnum serrulatum) Cypress (Taxodium distichum) Red maple (Acer rubrum) Dahoon holly (Ilex cassine) Sword fern (Nephrolepis sp.) Giant sword fern (Nephrolepis biserrata) Wild coffee (Psychotria nervosa and P. sulznerii) wild coffee (Psychotria sulznerii) Strangler fig (Ficus aurea) laurel oak (Quercus laurifolia) Vetch (Vicia sp.) Maiden fern (Thelypteris sp.) Wetland dependent wildlife species observed: Mayr: None observed. Berman Trust: A native apple snail (Pomace asp.) shell was found on the parcel. Other Hydrologic indicators observed: Mayr: None observed. Berman Trust: Karst topography was found at the Berman Trust parcel. Karst topography is a landscape of distinctive dissolution patterns in the surface rock – in this case calcium carbonate - often marked by underground drainages and sometimes indicative of the presence of caves. Karst is a wetland indicator. Soils: Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990). Mayr: Soils are mapped as 100% upland soils – Hallandale fine sands (11) These soils are typically found in conjunction with pine flatwoods. Natural vegetation consists of slash pine, saw palmetto, and grasses. The vegetation observed corresponded somewhat with mapped soils, but was dominated by oaks and cabbage palms instead of slash pines (Exhibit B). Berman Trust: Approximately two-thirds of the eastern portion of the property is mapped as consisting of Hallandale and Boca fine sands; these are poorly drained soils found in sloughs and drainageways. Natural vegetation typical of these soils includes scrub cypress, sand cordgrass, waxmyrtle, and maidencane. The western one-third is mapped as having Hallandale Fine Sands, an upland soil type where cabbage palm and Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 13 of 51 palmetto are typically found. Vegetation observed corresponds somewhat with what would be expected on these soils (Exhibit B). Neither parcel contained CLIP4 Priority Natural Communities (Exhibit A). Aquifer recharge Potential: Aquifer recharge map data was developed by Fairbank, P. and S. Hohner in 1995 and published as Mapping recharge (infiltration and leakage) throughout the South Florida Water Management District, Technical publication 95-20 (DRE # 327), South Florida Water Management District, West Palm Beach, Florida. Lower Tamiami recharge Capacity: Both Mayr and Berman Trust: 0” to <7” annually (Exhibit C) Surficial Aquifer Recharge Capacity: Both Mayr and Berman Trust: 43” to <56” annually (Exhibit C) Wellfield Protection: The closest wellfield protection zone for both the Mayr and Berman Trust parcels in approximately 2 miles to the north. The next closest one is approximately 3 miles northwest. No wellfield protection zones overlap either property (Exhibit C). FEMA Flood map designation: Both the Mayr and Berman Trust parcels are within Flood Zone AH (Exhibit F), which indicates they are subject to inundation of by 1-percent- annual-chance flood event where avg. depths are 1-3 feet. Base flood elevation, flood insurance and floodplain management standards apply. (i.e., Moderate flooding potential). Statement for satisfaction of criteria: Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control? The Mayr and Berman Trust parcels considered equal under various maps but may not actually be equal when it comes to wetland protection. The Mayr parcel can, at best, appeared to be a seasonal wetland based on existing soils and plant communities. There were some wetland species, there, notably bay and buttonbush, but many of the bays were dead, showing indications of infection by red-bay ambrosia beetles (Xyleborus glabratus) and its lethal fungus associate Raffaelea lauricola, and buttonbush was last seen in 2007, but not seen during the 2018 site visit. The Mayr parcel does contribute moderately to surficial aquifer system recharge at 43” to < 56” annually, though it does not specifically recharge the Lower Tamiami aquifer, which maybe joined within the surficial aquifer system at this location. There are no developed properties nearby, so the parcel is likely not contributing to much flood control beyond remaining undeveloped and allowing sheet flow. However, CLIP4 Surface Water Priorities layer maps both parcels as priority 2 out of 5 and both parcels are considered wetlands in the National Wetlands Inventory (USFWS IPaC Information for Planning and Consultation website), which categorizes both parcels as palustrine, or non-tidal, wetlands in an area dominated by woody vegetation. The Berman Trust parcel has more wetland dependent plant species and contains karst topography, which is a wetland indicator, despite soils that indicate that wetland may be also be seasonal. The mapped recharge rate for the surficial aquifer system is the same as Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 14 of 51 for the Mayr parcel’s, with moderate surficial aquifer recharge mapped no recharge mapped for the Lower Tamiami aquifer. The Berman parcel has a developed property connected to its eastern edge and may be providing some minor level of flood control for that property, when the karst topography holds some of its seasonal surface waters. Both parcels are providing minimal water quality enhancement beyond accommodating sheet flow into the I-75 canal in their respective locations. 4. Does the property offer significant biological values, including biodiversity, listed species habitat, connectivity, restoration potential and ecological quality? Ord. 2002-63, Sec. 10 (1)(d) YES Listed Plant Species: The federal authority to protect land-based plant species is administered by the U.S. Fish and Wildlife Service (FWS) and published in 50 Code of Federal Regulations (CFR) 23. Lists of protected plants can be viewed on-line at https://www.fws.gov/endangered/. The Florida state lists of protected plants are administered and maintained by the Florida Department of Agriculture and Consumer Services (DOACS) via chapter 5B-40, Florida Administrative Code (F.A.C.). This list of plants can be viewed from a link provided at http://www.freshfromflorida.com/Divisions-Offices/Plant-Industry/Bureaus-and- Services/Bureau-of-Entomology-Nematology-Plant-Pathology/Botany/Florida-s- Endangered-Plants. The following listed plant species were observed on the Mayr property: COMMON NAME SCIENTIFIC NAME STATUS DOACS FWS Common wild pine Tillandsia fasciculata E E=Endangered The following listed plant species were observed on the Berman Trust property: COMMON NAME SCIENTIFIC NAME STATUS DOACS FWS Common wild pine Tillandsia fasciculata E Giant sword fern Nephrolepis biserrata T E=Endangered, T=threatened Listed Wildlife Species: Federal wildlife species protection is administered by the FWS with specific authority published in 50 CFR 17. Lists of protected wildlife can be viewed on-line at: https://www.fws.gov/endangered/. FWC maintains the Florida state list of protected wildlife in accordance with Rules 68A-27.003, 68A-27.004, and 68A-27.005, respectively, of the Florida Administrative Code (F.A.C.). A list of protected Florida wildlife species can be viewed at: http://myfwc.com/wildlifehabitats/imperiled/profiles/. Bird Rookery observed? No bird rookery was observed on either parcel. Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 15 of 51 GIS mapped species and habitats: Based on information provided by USFWS, there are no critical habitats on the Mayr and Berman Trust parcels, however, there are 2 mammals and 25 species of migratory and other birds which could potentially use this general area. Mammals include the Florida panther (Puma concolor coryi) and the Florida bonneted bat (Eumops floridanus). Additionally, both the Mayr and Berman Trust parcels are mapped within FWC priority one panther habitat. Panther Telemetry shows that panthers have used the Berman Trust Property as recently as 2014 (Panther #195), but there is no Telemetry from the Mayr parcel, and the most recent point near the property was from 2013 (Panther #219 - the same one that was on the SD Corp property and is now deceased (Exhibit N). Both parcels are within mapped consultation and focal area for the Florida bonneted bat and there is appropriate habitat on both parcels. County GIS maps for wood stork colonies and their foraging areas show both parcels to be within 18-mile foraging areas for known colonies, with the closest one approximately 13 miles to the northeast (Exhibit N). The CLIP4 Biodiversity (Exhibit J) layer maps these parcels as the highest priority (1 out of 5). The CLIP4 Strategic Habitat Conservation Area layer also maps the parcels as being in the highest priority. The Potential Habitat Richness (Exhibit K) layer maps the Mayr parcel as having the potential for 5-6 vertebrate species, and the Berman Trust parcel as having potential for between 5 and 13 vertebrate species, based on the mapped habitat. Non-listed species observed: Mayr: Evidence of nine-banded armadillo (Dasypus novemcinctus) observed, pileated woodpecker (Dryocopus pileatus) observed, both white-eyed vireo (Vireo griseus) and red shoulder hawk (Buteo lineatus) were heard calling during the 2007 site visit. No wildlife was observed during the January 2018 site visit but fresh bear scat was seen. Berman Trust: During the 2008 site visit a red-shouldered hawk (Buteo lineatus) and numerous blue-gray gnatcatchers (Polioptila caerulea) were heard calling. No wildlife was observed during the January 2018 site visit. Potential Listed Species for both properties: COMMON NAME SCIENTIFIC NAME STATUS FWC USFWS Audubon’s Crested Caracara Polyborus plancus audubonii FT T Everglades snail kite Rostrhamus sociabilis plumbeus FE E Cape sable seaside sparrow Ammodramus maritimus mirbilis FE E Florida grasshopper sparrow Ammodramus savannarum floridaus FE E Florida bonneted bat Eumops floridanus FE E Wood stork Mycteria Americana FT T Florida panther Puma concolor coryi FE E Eastern indigo snake Drymarchoncorais couperi FT T Big Cypress fox squirrel Scurius niger avicennia ST T=Threatened, E=Endangered, FT=Federally Threatened; FE=Federally Endangered, ST=State Threatened Statement for satisfaction of criteria: Both the Mayr and Berman parcels are similar and both offer biological values; however, by themselves the parcels are too small for those values to be deemed “significant.” The Berman Trust parcel is adjacent to the Gore project Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 16 of 51 and could add to the biological values of that project, though the Berman Trust parcel is across Desoto Blvd from the bulk of the Gore parcels. If the Mayr parcel is the start of a multi-parcel project and parcels can be acquired to connect it to Gore, the Mayr parcel could add also to the biological values of the Gore project. Panther telemetry shows panther use this area, though the most recent telemetry point on the Mayr parcel was from 2014. Both properties are within the forage area for known wood stork colonies, though the Berman property is too heavily vegetated to be much use for wood stork foraging, and the Mayr parcel did not have ponded wetlands at the time of the visit. The I-75 project properties are within the USFWS Snail Kite Consultation Area and the consultation and focal area for the Florida bonneted bat (Exhibit J). The CLIP4 Biodiversity layer maps the project in a priority one area, as does the CLIP4 Strategic Habitat Conservation Area layer (Exhibit L). The CLIP4 Potential Habitat Richness layer (Exhibit K) shows the Mayr parcel as having the potential for 5-6 vertebrate species, and the Berman Trust parcel as having potential for between 5 and 13 vertebrate species. The CLIP4 Landscape Integrity layer maps the parcels as a priority 3 out of 5 (It carves out the NGGE from Priority 1 lands likely due to its residential zoning status) (Exhibit I). These data show that these parcels can be considered to have biodiversity, listed species habitat and ecological quality, though this is limited in effect if they are acquired individually. There is restoration potential by removal of invasive exotic plant species, however, many neighboring parcels have no requirement to remove exotics and present a significant seed source that would continue to be present making long-term exotic maintenance challenging. The CLIP 4 Aggregated Conservation Priorities layer maps these parcels in a priority one area, as is most of Collier County (Exhibit M). 5. Does the property enhance and/or protect the environmental value of current conservation lands through function as a buffer, ecological link or habitat corridor? Ord. 2002-63, Sec. 10 (1)(e) YES Statement for satisfaction of criteria: The interest in the I-75 project, a “B-List” project began in 2007, and coincides with the proposal for the Gore project, which also was proposed first in 2007. One idea was to accumulate properties at the south side of NGGE just north of I-75, where there were concerns of flooding due to a large proposed pump installation at the Merritt canal, as part of the South Golden Gate Estates restoration (Picaynue Strand Restoration Project). Pumps were installed in 2013 and flooding has not occurred. Another idea for the proposed acquisitions was to connect properties westward across the old 530-acre Harley Davidson Test Track (which has since been acquired by FCA US LLC) with the Florida Panther National Wildlife Refuge (FPNWR), providing more panther habitat. In this scenario the Gore holdings (190 acres) are necessary components to provide the size needed to make an impact. Currently, there has been discussion of developing a wildlife corridor utilizing Gore, I-75 and other NGGE parcels just north of I-75 between the FPNWR and North Belle Meade to protect wildlife movement. This idea also incorporates connection benefits from recently developed wildlife crossing improvements at the Miller and Faka Union canals that connect NGGE with the Picayune Strand State Forest to the south across I-75 (see photo below). Without Gore, and more parcels, individual parcels within the I-75 project do not provide significant Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 17 of 51 connective benefits for conservation. Over 100 acres /60 parcels would need to be acquired to make a minimal connection (see map below for view of possible wildlife corridor between FPNWR and North Belle Meade). With them, assuming more can be acquired, there may be some opportunity. Acquisitions in this location could protect connections to the south across I-75 with the Picayune Strand State Forest (78,000 ac) and various conservation and easement lands to the south, including Rookery Bay (110,000 ac), 10,000 Islands National Wildlife Refuge (35,000 acres), Collier Seminole State Park (7,271 acres), Fakahatchee Strand Preserve State Park (85,000 acres), and Everglades National Park (1,500,000 acres). To the east, across the test track are connections to the Florida Panther National Wildlife Refuge (26,400 acres) and Big Cypress National Preserve (729,000 acres). To the northeast are SSA lands, which connect via FPNWR, and to the west are North Belle Meade conservation easement lands. All in all, the potential is to enhance and protect connections to over 2.5 million acres of conserved lands (Figure 3). Is the property within the boundary of another agency’s acquisition project? NO If yes, will use of Conservation Collier funds leverage a significantly higher rank or funding priority for the parcel? NO Wildlife Crossing Improvements – Miller Canal and I-75 View of possible wildlife corridor between FL Panther NRW and North Belle Meade Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 18 of 51 III. Potential for Appropriate Use and Recommended Site Improvements Potential Uses as Defined in Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, section 5.9: Hiking: Hiking is appropriate for these parcels if trails are built on them. Nature Photography: Nature photography is an appropriate use for both parcels. Bird-watching: Bird watching is an appropriate use for both parcels. Kayaking/Canoeing: There are no water bodies on either parcel, so kayaking and canoeing would not be appropriate uses. Swimming: There are no water bodies on either parcel, so swimming would not be an appropriate use. Hunting: By themselves, the parcels are too small for hunting purposes, and they are within the Golden Gate Estates, where discharge of weapons is prohibited. Fishing: There are no water bodies on either parcel, so fishing would not be an appropriate use. Recommended Site Improvements: No site improvements recommended for these parcels beyond removal of invasive exotic plants. They are not adjacent to the bulk of the Gore properties, where trails are contemplated. Access: Both parcels are accessible from public roads, though the Berman parcel is accessible from the paved Desoto Blvd., and the Mayr parcel is accessible from a lime rock road (42nd Ave. SE). The Berman Trust parcel is adjacent across Desoto Blvd. from the Gore project and could be easily joined to it. The Mayr parcel is farther east with the Faka-union canal between it and the Gore project. Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 19 of 51 IV. Assessment of Management Needs and Costs Management of this property will address the costs of exotic vegetation removal and control, and provide an estimate for funding needs for construction of a boardwalk to allow the public to have access to selected portions of the property. The following assessment addresses both the initial and recurring costs of management. These are very preliminary estimates; Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, requires a formal land management plan be developed for each property acquired by Conservation Collier. Exotic, Invasive Plants Present: Exotic, invasive species noted here are taken from the Florida Exotic Pest Plant Council’s (FLEPPC) 2016 List of Invasive Plant Species (Category I and Category II). FLEPPC is an independent incorporated advisory council created to support the management of invasive exotic plants in Florida’s natural areas by providing a forum for exchanging scientific, educational and technical information. Its members come primarily from public educational institutions and governmental agencies. Annual lists of invasive plant species published by this organization are used widely in the state of Florida for regulatory purposes. The current FLEPPC list (2016) can be viewed on-line at http://www.fleppc.org/list/list.htm. Category I plants are those which are altering native plant communities by displacing native species, changing community structures or ecological functions, or hybridizing with natives. This definition does not rely on the economic severity or geographic range of the problem, but on the documented ecological damage caused. Category II invasive exotics have increased in abundance or frequency but have not yet altered Florida plant communities to the extent shown by Category I species. These species may become Category I if ecological damage is demonstrated. Category I and II plants found on this parcel in order of observed abundance: Berman Trust Category I Common Name Scientific Name Brazilian pepper Schinus terebinthifolius Ceasar’s weed Urena lobata Category II Common Name Scientific Name Balsam apple Momordica charantia Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 20 of 51 Mayr Category I Common Name Scientific Name Brazilian pepper Schinus terebinthifolius Ceasar’s weed Urena lobata Category II Common Name Scientific Name Shrubby false buttonweed Spermacoce verticillata Staff observations are: Brazilian pepper is the most common invasive exotic plant seen on both parcels. The Berman Trust parcel has a larger percentage of exotic plants present than the Mayr parcel. Exotic Vegetation Removal and Control An estimate of the cost for initial exotic removal and follow-up maintenance was developed by using actual costs for initial exotic removal at the Pepper Ranch Preserve, which has a similar hardwood forest. Based on this estimate, costs for the level of infestation observed to cut and treat the exotics and leave them in place would be $800 per acre. For the Berman Trust parcel, initial exotic removal is expected to cost $1,900, and for the Mayr parcel, the cost is expected to be $5,360. Costs for follow-up maintenance, done anywhere from quarterly to annually have been estimated at $170 per acre, per year for a total of $400 annually for the Berman Trust parcel and a total of $1,200 annually for the Mayr parcel. These costs could decrease over time as the soil seed bank is depleted. Public Parking Facility: Public parking for the Gore project, which would be where visitors would start, is already existing. No parking is contemplated for these parcels. Public Access Trails: No trails are currently existing on these two parcels. There are trails on the Gore project which would be likely used instead of developing new trails. Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 21 of 51 Security and General Maintenance: Table 2. Summary of Estimated Management Needs and Costs Management Element Initial Cost Annual Recurring Costs Comments Exotics Control $800/ac $170/ac Costs could decrease over time Parking Facility n/a n/a No parking contemplated Access Trails/ ADA n/a n/a No trails are contemplated on these parcels Fencing n/a n/a No fencing is contemplated Trash Removal t.b.d. t.b.d. No trash noted Signs t.b.d t.b.d. No signs contemplated at this time Berman Trust Total $1,900 $400 2.34 ac Mayr $5,360 $1,200 6.70 ac t.b.d. To be determined; cost estimates have not been finalized. Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 22 of 51 V. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the Conservation Collier ordinance are the Florida Communities Trust (FCT), and The Florida Forever Program. The following highlights potential for partnering funds, as communicated by agency staff: Florida Communities Trust - Parks and Open Space Florida Forever grant program: Application for this program is typically made for pre-acquired sites up to two years from the time of acquisition. The Florida Legislature appropriated $10 million in Florida Forever funding in fiscal year 2016-17 to FCT. Funding has not been awarded for this cycle. There is currently no funding available until the Florida Legislature determines the 2017-18 budget. Florida Forever Program: Staff has been advised that the Florida Forever Program has limited funds and is concentrating on parcels already included on its ranked priority list. This parcel is not inside a Florida Forever priority project boundary. Additionally, the Conservation Collier Program has not been successful in partnering with the Florida Forever Program due to conflicting acquisition policies and issues regarding joint title between the programs. Other Potential Funding Sources: There is potential for utilizing funding donations to the Conservation Collier program to fulfill requirements for off-site preserves pursuant to the Collier County Land Development Code, Section 3.05.07. There is currently approximately $299,400 in this fund, with $91,000 earmarked for multi-parcel project properties whose owners have accepted the County’s offers. Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 23 of 51 VI. Summary of Secondary Screening Criteria Staff has scored property on the Secondary Criteria Screening Form and attached the scoring form as Exhibit H. A total score of 223 out of a possible 400 was achieved for the Berman Trust parcel, and a score of 212 out of 400 was achieved for the Mayr parcel. The chart and graph below show a breakdown of the specific components of the scores. Table 3. Tabulation of Secondary Screening Criteria Berman Trust Mayr Figure 4. Secondary Screening Criteria Scoring Berman Trust Mayr Secondary Screening Criteria Possible Points Scored Points Percent of Possible Score Ecological 100 46 46% Human Values/Aesthetics 100 61 61% Vulnerability 100 50 50% Management 100 67 67% Total Score:400 223 56% Percent of Maximum Score:56% Secondary Screening Criteria Possible Points Scored Points Percent of Possible Score Ecological 100 43 43% Human Values/Aesthetics 100 45 45% Vulnerability 100 50 50% Management 100 73 73% Total Score:400 212 53% Percent of Maximum Score:53% Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 24 of 51 Summary of factors contributing to score Total Score: Berman Trust – 223 out of 400 possible points Mayr – 212 out of 400 possible points Berman Trust: Ecological: 46 out of 100 possible points A relatively low ecological score was achieved due to there being only 1 vegetation community on the parcel, the parcel contributing to the surficial aquifer but not being within a wellfield protection zone, having a wetland feature (karst) but property not contiguous with other surface waters. Points were achieved because panther telemetry (2014 cat #195) has been located on the property, and because lands between this parcel and the closest conservation lands (Picayune Strand State Forest and Florida Panther National Wildlife Refuge) are undeveloped. Human Values/Aesthetics: 61 out of 100 possible points Average points were achieved because the parcel has access from a paved public road (Desoto Blvd), the parcel is small and will offer limited opportunities for nature-based recreation by itself (it was scored based on adding it to the Gore project), and because 9% of the perimeter is visible from a paved public road. Vulnerability: 50 out of 100 possible points An average score was achieved because zoning (Estates) allows for single family development. Management: 60 out of 100 possible points A moderate score was achieved because the parcel will require moderate maintenance and management and circumstances do not favor burning – as it has a hardwood habitat where fire is not typically applied and it has a developed property adjacent. Mayr: Ecological: 43 out of 100 possible points A relatively low ecological score was achieved due to there being only 2 vegetation communities on the parcel, the parcel contributing to the surficial aquifer but not being within a wellfield protection zone, and the parcel having no wetlands onsite but being contiguous with and buffering the I-75 canal. Points were lost because no listed wildlife has been seen or documented on the property, and because lands between this parcel and the closest conservation lands (Picayune Strand State Forest and Florida Panther National Wildlife Refuge) are undeveloped. Some points were gained because while only exotic removal is needed, with an infestation estimated at 25%, the parcel can be restored to high ecological function with minimal alteration. Human Values/Aesthetics: 41 out of 100 possible points Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 25 of 51 Low to average points were achieved because the parcel has access from a public lime (unpaved) road (42nd Ave SE), the parcel is small and will offer limited opportunities for nature-based recreation by itself, and because 14% of the perimeter is visible from a public road. There is a canal between this parcel and the Gore project, so this parcel was scored on its own. Vulnerability: 50 out of 100 possible points An average score was achieved because zoning (Estates) allows for single family development. Management: 73 out of 100 possible points A moderate score was achieved because the parcel will require moderate maintenance and management and circumstances do not favor burning – as it is adjacent to I-75 and smoke management would be a concern. Parcel Size: While parcel size was not scored, the ordinance advises that based on comparative size, the larger of similar parcels is preferred. The Berman parcel is 2.34 acres in size and the similar Mayr parcel is 6.70 acres in size. Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 26 of 51 Exhibit A. FLUCCs Map and CLIP4 Priority Natural Communities Map Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 27 of 51 Exhibit B. Soils Map Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 28 of 51 Exhibit C. Wellfield Protection and Aquifer Recharge Maps Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 29 of 51 Exhibit D. Zoning Map Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 30 of 51 Exhibit E. Historical Aerial 1940 (Source: Property Appraiser) Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 31 of 51 Exhibit F. FEMA Map Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 32 of 51 Exhibit G. LIDAR Map Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 33 of 51 Exhibit H. Surface Water Priorities CLIP4 Map Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 34 of 51 Exhibit I. Landscape Integrity CLIP4 Map and map showing what a North Belle Meade connection could look like Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 35 of 51 Exhibit J. Biodiversity CLIP4 Map with FWC panther telemetry 1981-2016 Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 36 of 51 Exhibit K. Potential Habitat Richness CLIP4 Map Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 37 of 51 Exhibit L: Strategic Habitat Conservation Areas CLIP4 Map Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 38 of 51 Exhibit M. Aggregated Conservation Priorities CLIP4 Map Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 39 of 51 Exhibit N. USFWS Listed Species Focal and Consultation Areas Maps Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 40 of 51 Exhibit O. Completed and Scored Secondary Criteria Screening Form - Berman Trust Berman Trust Folio Number: 41506800006 Geograhical Distribution (Target Protection Area): North Golden Gate Estates 1. Confirmation of Initial Screening Criteria (Ecological) 1.A Unique and Endangered Plant Communities Possible points Scored points Comments Select the highest Score: 1. Tropical Hardwood Hammock 90 2. Xeric Oak Scrub 80 3. Coastal Strand 70 4. Native Beach 60 5. Xeric Pine 50 6. Riverine Oak 40 7. High Marsh (Saline)30 8. Tidal Freshwater Marsh 20 9. Other Native Habitats 10 10 FLUCCS 6170 - Mixed wetland hardwoods 10. Add additional 5 points for each additional Florida Natural Areas Inventory (FNAI) listed plant community found on the parcel 5 each 11. Add 5 additional points if plant community represents a unique feature, such as maturity of vegetation, outstanding example of plant community, etc.5 1.A. Total 100 10 1.B Significance for Water Resources Possible points Scored points Comments 1. Aquifer Recharge (Select the Highest Score) a. Parcel is within a wellfield protection zone 100 b. Parcel is not in a wellfield protection zone but will contribute to aquifer recharge 50 50 43" to <56" annually recharge to the Surficial Aquifer System. 0 to < 7 inches annually to the Lower Tamiami Aquifer c. Parcel would contribute minimally to aquifer recharge 25 d. Parcel will not contribute to aquifer recharge, eg., coastal location 0 2. Surface Water Quality (Select the Highest Score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 100 b. Parcel is contiguous with and provides buffering for a creek, river, lake or other surface water body 75 c. Parcel is contiguous with and provides buffering for an identified flowway 50 d. Wetlands exist on site 25 25 Karst topography observed onsite e. Acquisition of parcel will not provide opportunities for surface water quality enhancement 0 3. Strategic to Floodplain Management (Calculate for a and b; score c if applicable) a. Depressional soils 80 b. Slough Soils 40 c. Parcel has known history of flooding and is likely to provide onsite water attenuation 20 20 Karst will hold water Subtotal 300 95 1.B Total 100 32 Obtained by dividing the subtotal by 3. 1.C Resource Ecological/Biological Value Possible points Scored points Comments 1. Biodiversity (Select the Highest Score for a, b and c) a. The parcel has 5 or more FLUCCS native plant communities 100 b. The parcel has 3 or 4 FLUCCS native plant communities 75 c. The parcel has 2 or or less FLUCCS native plant communities 50 d. The parcel has 1 FLUCCS code native plant communities 25 25 FLUCCS 6170 - Mixed wetland hardwoods 2. Listed species a. Listed wildlife species are observed on the parcel 80 If a. or b. are scored, then c. Spotential Habitat Richness is not scored. b. Listed wildlife species have been documented on the parcel by wildlife professionals70 70 Provide documentation source - FWC Panther telemetry, 2014, Cat#195 c. Habitat Richness score 5 categories 70 Score is prorated from 14 to 70 based on the highest of the 5 CLIP4 Potential Habitat Richness categories- d. Rookery found on the parcel 10 e. Listed plant species observed on parcel - add additional 20 points 20 20 Tillandsia fasciculata SE; nephrolepis biserrata ST Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 41 of 51 Exhibit O. Completed and Scored Secondary Criteria Screening Form - Berman Trust (Continued) 3. Restoration Potential a. Parcel can be restored to high ecological function with minimal alteration 100 100 Exotic removal - infestation at approx 45% b. Parcel can be restored to high ecological function but will require moderate work, including but not limited to removal of exotics and alterations in topography.50 c. Parcel will require major alterations to be restored to high ecological function.15 d. Conditions are such that parcel cannot be restored to high ecological function 0 explain limiting conditions Subtotal 300 215 1.C Total 100 72 Divide the subtotal by 3 1.D Protection and Enhancement of Current Conservation Lands Possible points Scored points Comments 1. Proximity and Connectivity a. Property immediately contiguous with conservation land or conservation easement.100 b. Property not immediately contiguous, parcels in between it and the conservation land are undeveloped.50 50 Considering Picayune Strand State Forest and Florida Panther National Wildlife Refuge as the closest conservation lands c. Property not immediately contiguous, parcels in-between it and conservation land are developed 0 d. If not contiguous and developed, add 20 points if an intact ecological link exists between the parcel and nearest conservation land 20 20 1.D Total 100 70 1. Ecological Total Score 100 46 Sum of 1A, 1B, 1C, 1D then divided by 4 2. Human Values/Aesthetics 2.A Human Social Values/Aesthetics Possible points Scored points Comments 1. Access (Select the Highest Score) a. Parcel has access from a paved road 100 100 Desoto blvd. b. Parcel has access from an unpaved road 75 c. Parcel has seasonal access only or unimproved access easement 50 d. Parcel does not have physical or known legal access 0 2. Recreational Potential (Select the Highest Score) a. Parcel offers multiple opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, nature photography, bird watching, kayaking, canoeing, swimming, hunting (based on size?) and fishing.100 b. Parcel offers only land-based opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, and nature photography.75 75 This is a small parcel that by itself offers limited opportunities for natural-resource recreation. Score is based on it's being added to the Gore Project. c. Parcel offers limited opportunities for natural-resource based recreation beyond simply accessing and walking on it 50 d. Parcel does not offer opportunities for natural-resource based recreation 0 3. Enhancement of Aesthetic Setting a. Percent of perimeter that can me seen by public. Score based on percentage of frontage of parcel on public thoroughfare 80 7 Score between 0 and 80 based on the percentage of the parcel perimeter that can be seen by the public from a public thoroughfare. Perimeter=1,600 ft. Frontage=143 ft Frontage =9%. 9% of 80=7 b. Add up to 20 points if the site contains outstanding aesthetic characteristic(s), such as but not limited to water view, mature trees, native flowering plants, or archeological site 20 Provide a description and photo documentation of the outstanding characteristic Subtotal 300 182 2. Human Social Values/Aesthetics Total Score 100 61 Obtained by dividing the subtotal by 3. 3. Vulnerability to Development/Degradation 3.A Zoning/Land Use Designation Possible points Scored points Comments 1. Zoning allows for Single Family, Multifamily, industrial or commercial 50 50 Estates zoning 2. Zoning allows for density of no greater than 1 unit per 5 acres 45 3. Zoning allows for agricultural use /density of no greater than 1 unit per 40 acres40 4. Zoning favors stewardship or conservation 0 5. If parcel has ST overlay, remove 20 points -20 6. Property has been rezoned and/or there is SDP approval 25 7. SFWMD and/or USACOE permit has been issued 25 8. A rezone or SDP application has been submitted 15 9. SFWMD and/or USACOE permit has been applied for 15 3. Vulnerability Total Score 100 50 Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 42 of 51 Exhibit O. Completed and Scored Secondary Criteria Screening Form – Berman Trust (Continued) 4. Feasibility and Costs of Management 4.A Hydrologic Management Needs Possible points Scored points Comments 1. No hydrologic changes are necessary to sustain qualities of site in perpetuity 100 100 No hydrologic changes necessary to sustain site qualities. 2. Minimal hydrologic changes are required to restore function, such a cut in an existing berm 75 3. Moderate hydrologic changes are required to restore function, such as removal of existing berms or minor re-grading that require use of machinery 50 4. Significant hydologic changes are required to restore function, such as re-grading of substantial portions of the site, placement of a berm, removal of a road bed, culvert or the elevation of the water table by installing a physical structure and/or changes unlikley 0 5.A Total 100 100 4.B Exotics Management Needs Possible points Scored points Comments 1. Exotic Plant Coverage a. No exotic plants present 100 b. Exotic plants constitute less than 25% of plant cover 80 c. Exotic plants constitute between 25% and 50% of plant cover 60 60 Brazilian pepper, ceasar's weed, balsam apple - 45% d. Exotic plants constitute between 50% and 75% of plant cover 40 e. Exotic plants constitute more than 75% of plant cover 20f. Exotic characteristics are such that extensive removal and maintenance effort and management will be needed (e.g., heavy infestation by air potato or downy rosemytle)-20 g. Adjacent lands contain substantial seed source and exotic removal is not presently required -20 -20 adjacent parcels contain substantial seed source with no requirement to remove until developed 5.B Total 100 40 4.C Land Manageability Possible points Scored points Comments 1. Parcel requires minimal maintenance and management, examples: cypress slough, parcel requiring prescribed fire where fuel loads are low and neighbor conflicts unlikely 80 2. Parcel requires moderate maintenance and management, examples: parcel contains trails, parcel requires prescribed fire and circumstances do not favor burning 60 60 Exotic removal maintenance - =ircumstances do not favor burning - Wetland hardwoods are not typically burned and a developed property is adjacent to the east. 3. Parcel requires substantial maintenance and management, examples: parcel contains structures that must be maintained, parcel requires management using machinery or chemical means which will be difficult or expensive to accomplish 40 4. Add 20 points if the mainenance by another entity is likely 20 0 5. Subtract 10 points if chronic dumping or trespass issues exist -10 5.C Total 100 60 4. Feasibility and Management Total Score 100 67 Sum of 5A, 5B, 5C, then divided by 3 Total Score 400 223 Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 43 of 51 Exhibit P. Completed and Scored Secondary Criteria Screening Form – Mayr Property Name: Mayr Folio Number: 41661080004 Geograhical Distribution (Target Protection Area): North Golden Gate Estates 1. Confirmation of Initial Screening Criteria (Ecological) 1.A Unique and Endangered Plant Communities Possible points Scored points Comments Select the highest Score: 1. Tropical Hardwood Hammock 90 2. Xeric Oak Scrub 80 3. Coastal Strand 70 4. Native Beach 60 5. Xeric Pine 50 6. Riverine Oak 40 7. High Marsh (Saline)30 8. Tidal Freshwater Marsh 20 9. Other Native Habitats 10 10 4280 - Cabbage palm and 4250 - Temperate hardwood hammock 10. Add additional 5 points for each additional Florida Natural Areas Inventory (FNAI) listed plant community found on the parcel 5 each 11. Add 5 additional points if plant community represents a unique feature, such as maturity of vegetation, outstanding example of plant community, etc.5 1.A. Total 100 10 1.B Significance for Water Resources Possible points Scored points Comments 1. Aquifer Recharge (Select the Highest Score) a. Parcel is within a wellfield protection zone 100 b. Parcel is not in a wellfield protection zone but will contribute to aquifer recharge 50 50 43" to <56" annually recharge to the Surficial Aquifer System. 0 to < 7 inches annually to the Lower Tamiami Aquifer c. Parcel would contribute minimally to aquifer recharge 25 d. Parcel will not contribute to aquifer recharge, eg., coastal location 0 2. Surface Water Quality (Select the Highest Score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 100 b. Parcel is contiguous with and provides buffering for a creek, river, lake or other surface water body 75 75 I-75 canal c. Parcel is contiguous with and provides buffering for an identified flowway 50 d. Wetlands exist on site 25 e. Acquisition of parcel will not provide opportunities for surface water quality enhancement 0 3. Strategic to Floodplain Management (Calculate for a and b; score c if applicable) a. Depressional soils 80 b. Slough Soils 40 c. Parcel has known history of flooding and is likely to provide onsite water attenuation 20 0 parcel not strategic to floodplain management Subtotal 300 125 1.B Total 100 42 Obtained by dividing the subtotal by 3. 1.C Resource Ecological/Biological Value Possible points Scored points Comments 1. Biodiversity (Select the Highest Score for a, b and c) a. The parcel has 5 or more FLUCCS native plant communities 100 b. The parcel has 3 or 4 FLUCCS native plant communities 75 c. The parcel has 2 or or less FLUCCS native plant communities 50 50 4280 - Cabbage palm and 4250 - Temperate hardwood hammock d. The parcel has 1 FLUCCS code native plant communities 25 2. Listed species a. Listed wildlife species are observed on the parcel 80 If a. or b. are scored, then c. Spotential Habitat Richness is not scored. b. Listed wildlife species have been documented on the parcel by wildlife professionals70 Provide documentation source - c. Habitat Richness score 5 categories 70 42 Score is prorated from 14 to 70 based on the highest of the 5 CLIP4 Potential Habitat Richness categories-63 out of 5 so 3X14=42 d. Rookery found on the parcel 10 e. Listed plant species observed on parcel - add additional 20 points 20 20 Tillandsia fasciculata SE Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 44 of 51 Exhibit P. Completed and Scored Secondary Criteria Screening Form – Mayr (Continued) 3. Restoration Potential a. Parcel can be restored to high ecological function with minimal alteration 100 100 exotic removal - Brazilian pepper, Ceasar's weed, Shrubby false buttonweed, infestation at approx 25% b. Parcel can be restored to high ecological function but will require moderate work, including but not limited to removal of exotics and alterations in topography.50 c. Parcel will require major alterations to be restored to high ecological function.15 d. Conditions are such that parcel cannot be restored to high ecological function 0 explain limiting conditions Subtotal 300 212 1.C Total 100 71 Divide the subtotal by 3 1.D Protection and Enhancement of Current Conservation Lands Possible points Scored points Comments 1. Proximity and Connectivity a. Property immediately contiguous with conservation land or conservation easement.100 b. Property not immediately contiguous, parcels in between it and the conservation land are undeveloped.50 50 Considering Picayune Strand State Forest and Florida Panther National Wildlife Refuge as the closest conservation lands c. Property not immediately contiguous, parcels in-between it and conservation land are developed 0 d. If not contiguous and developed, add 20 points if an intact ecological link exists between the parcel and nearest conservation land 20 1.D Total 100 50 1. Ecological Total Score 100 43 Sum of 1A, 1B, 1C, 1D then divided by 4 2. Human Values/Aesthetics 2.A Human Social Values/Aesthetics Possible points Scored points Comments 1. Access (Select the Highest Score) a. Parcel has access from a paved road 100 b. Parcel has access from an unpaved road 75 75 Limerock Road - 42nd Ave SE c. Parcel has seasonal access only or unimproved access easement 50 d. Parcel does not have physical or known legal access 0 2. Recreational Potential (Select the Highest Score) a. Parcel offers multiple opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, nature photography, bird watching, kayaking, canoeing, swimming, hunting (based on size?) and fishing.100 b. Parcel offers only land-based opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, and nature photography.75 c. Parcel offers limited opportunities for natural-resource based recreation beyond simply accessing and walking on it 50 50 This is a small parcel by itself and there is a canal between this parcel and the Gore Project d. Parcel does not offer opportunities for natural-resource based recreation 0 3. Enhancement of Aesthetic Setting a. Percent of perimeter that can me seen by public. Score based on percentage of frontage of parcel on public thoroughfare 80 11 Score between 0 and 80 based on the percentage of the parcel perimeter that can be seen by the public from a public thoroughfare. Perimeter=2,400 ft; Frontage=330 ft. Frontage =14% 80X14%=11 b. Add up to 20 points if the site contains outstanding aesthetic characteristic(s), such as but not limited to water view, mature trees, native flowering plants, or archeological site 20 Provide a description and photo documentation of the outstanding characteristic Subtotal 300 136 2. Human Social Values/Aesthetics Total Score 100 45 Obtained by dividing the subtotal by 3. 3. Vulnerability to Development/Degradation 3.A Zoning/Land Use Designation Possible points Scored points Comments 1. Zoning allows for Single Family, Multifamily, industrial or commercial 50 50 Estates zoning 2. Zoning allows for density of no greater than 1 unit per 5 acres 45 3. Zoning allows for agricultural use /density of no greater than 1 unit per 40 acres40 4. Zoning favors stewardship or conservation 0 5. If parcel has ST overlay, remove 20 points -20 6. Property has been rezoned and/or there is SDP approval 25 7. SFWMD and/or USACOE permit has been issued 25 8. A rezone or SDP application has been submitted 15 9. SFWMD and/or USACOE permit has been applied for 15 3. Vulnerability Total Score 100 50 Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 45 of 51 Exhibit P. Completed and Scored Secondary Criteria Screening Form – Mayr (Continued) 4. Feasibility and Costs of Management 4.A Hydrologic Management Needs Possible points Scored points Comments 1. No hydrologic changes are necessary to sustain qualities of site in perpetuity 100 100 no hydrologic changes necessary 2. Minimal hydrologic changes are required to restore function, such a cut in an existing berm 75 3. Moderate hydrologic changes are required to restore function, such as removal of existing berms or minor re-grading that require use of machinery 50 4. Significant hydologic changes are required to restore function, such as re-grading of substantial portions of the site, placement of a berm, removal of a road bed, culvert or the elevation of the water table by installing a physical structure and/or changes unlikley 0 5.A Total 100 100 4.B Exotics Management Needs Possible points Scored points Comments 1. Exotic Plant Coverage a. No exotic plants present 100 b. Exotic plants constitute less than 25% of plant cover 80 80 estimated at close to 25% - Brazilian pepper, Ceasar's weed, and false shrubby buttonweed c. Exotic plants constitute between 25% and 50% of plant cover 60 d. Exotic plants constitute between 50% and 75% of plant cover 40 e. Exotic plants constitute more than 75% of plant cover 20f. Exotic characteristics are such that extensive removal and maintenance effort and management will be needed (e.g., heavy infestation by air potato or downy rosemytle)-20 g. Adjacent lands contain substantial seed source and exotic removal is not presently required -20 -20 adjacent parcels contain substantial seed source with no requirement to remove until developed 5.B Total 100 60 4.C Land Manageability Possible points Scored points Comments 1. Parcel requires minimal maintenance and management, examples: cypress slough, parcel requiring prescribed fire where fuel loads are low and neighbor conflicts unlikely 80 2. Parcel requires moderate maintenance and management, examples: parcel contains trails, parcel requires prescribed fire and circumstances do not favor burning 60 60 Parcel could be burned but it is adjacent to I-75 so circumstances do not favor burning 3. Parcel requires substantial maintenance and management, examples: parcel contains structures that must be maintained, parcel requires management using machinery or chemical means which will be difficult or expensive to accomplish 40 4. Add 20 points if the mainenance by another entity is likely 20 0 5. Subtract 10 points if chronic dumping or trespass issues exist -10 5.C Total 100 60 4. Feasibility and Management Total Score 100 73 Sum of 5A, 5B, 5C, then divided by 3 Total Score 400 212 Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 46 of 51 Exhibit Q. Photographs Photo 1. Berman Trust 2018 - view along Desoto Blvd. Photo 2. Berman Trust 2008 - view along Desoto Blvd. Photo 3. Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 47 of 51 Photo 4. Berman Trust 2018 – Interior Photo 5. Berman Trust 2008 – Interior Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 48 of 51 Photo 6. Berman listed plants – Nephrolepis biserrata (L) and Tillandsia fasciculata ( R) with Strap fern Photo 7. Berman Trust Karst topography – Hydrologic Indicator Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 49 of 51 Photo 8. Mayr 2007– View along 42nd Ave SE Photo 9. Mayr 2018 – Just north of 42nd Ave SE Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 50 of 51 Photo 10. Mayr – Listed pLants – Tillandsia fasciculata on hardwood Photo 11. Mayr – southern portion of parcel Initial Criteria Screening Report Folio # Berman Trust: 41506800006 Folio # Mayr: 41661080004 Owner Name: I-75 Project – Berman Trust and Mayr Date: February 12, 2018 Page 51 of 51 Photo 12. Mayr - South side of parcel Photo 13. Mayr – Temperate hardwood hammock – central part of parcel Photo 14. Mayr – North side of parcel Conservation Collier Initial Criteria Screening Report REVISED 2-7-18 Property Name: Barron Collier Partnership, LLLP Folio Number(s): 00132960005 and 00133240009 Staff Report Date: January 8, 2018 Revised 2-9-18 to add presence of tropical hardwood habitat Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 2 of 53 Table of Contents Introduction ......................................................................................................................... 3 I. Summary of Property Information ................................................................................. 4 Table 1. Summary of Property Information ................................................................... 4 Figure 1. Location Map.................................................................................................. 5 Figure 2. Aerial Map ...................................................................................................... 6 Figure 3. Surrounding Lands Aerial .............................................................................. 7 Summary of Assessed Value and Property Costs Estimates .......................................... 8 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics ............................................................................................... 9 Figure 4. Collier County Watershed Boundaries .......................................................... 13 III. Potential for Appropriate Use and Recommended Site Improvements ...................... 18 IV. Assessment of Management Needs and Costs........................................................... 18 Table 2. Summary of Estimated Management Needs and Costs ................................. 21 V. Potential for Matching Funds ...................................................................................... 22 VI. Summary of Secondary Screening Criteria ............................................................... 23 Table 3. Tabulation of Secondary Screening Criteria .................................................. 23 Figure 5. Secondary Screening Criteria Scoring.......................................................... 23 Exhibit A. FLUCCs Map ............................................................................................. 25 Exhibit B. Soils Map .................................................................................................... 26 Exhibit C. Wellfield Protection and Aquifer Recharge Maps ..................................... 27 Exhibit D. Zoning Map ................................................................................................. 28 Exhibit E. Historical Aerial - 1940 ............................................................................... 29 Exhibit F. FEMA map................................................................................................... 30 Exhibit G. LIDAR Map ................................................................................................ 31 Exhibit H. Surface Water Priorities CLIP4 Map .......................................................... 32 Exhibit I. Landscape Integrity CLIP4 Map ................................................................. 33 Exhibit J. Priority Natural Communities CLIP4 Map .................................................. 34 Exhibit K. Biodiversity CLIP4 Map ............................................................................. 35 Exhibit L. Potential Habitat Richness CLIP4 Map ....................................................... 36 Exhibit M: Strategic Habitat Conservation Areas CLIP4 Map .................................... 37 Exhibit N. Aggregated Conservation Priorities CLIP4 Map ...................................... 38 Exhibit O. USFWS Wood Stork Foraging Area, Florida bonneted bat consultation and focal areas and snail kite consultation area ................................................................... 39 Exhibit P. Completed and Scored Secondary Criteria Screening Form ...................... 40 Exhibit Q. Photographs ................................................................................................ 43 Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 3 of 53 Introduction The Conservation Collier Program (Program) is an environmentally sensitive land acquisition and management program approved by the Collier County Board of County Commissioners (Board) in 2002 and by Collier County voters in 2002 and 2006. The Program was active in acquisition between 2003 and 2011, under the terms of the referendum. Between 2011 and 2016, the Program was in management mode. In 2017, the Collier County Board reauthorized Conservation Collier to seek additional lands (2/14/17, Agenda Item 11B). This Initial Criteria Screening Report (ICSR) has been prepared for the Conservation Collier Program in its 9th acquisition cycle to meet requirements specified in the Conservation Collier Implementation Ordinance, 2002-63, as amended, and for purposes of the Conservation Collier Program. It provides objective data to demonstrate how properties meet the criteria defined by the ordinance. That is the sole purpose for this report and it is not meant for any other use. This property was categorized as an “A” List property (Exhibit Q) on January 25, 2011, by the Board of County Commissioner s. This update simply uses more updated metrics. This report makes use of data layers from the Florida Natural Areas Inventory and University of Florida Critical Lands and Waters Identification Project (CLIP4). CLIP4 is a collection of spatial data that identify statewide priorities for a broad range of natural resources in Florida. It was developed through a collaborative effort between the Florida Areas Natural Inventory (FNAI), the University of Florida GeoPlan Center and Center for Landscape Conservation Planning, and the Florida Fish and Wildlife Conservation Commission (FWC). It is used in the Florida Forever Program to evaluate properties for acquisition. CLIP4 is organized into a set of core natural resource data layers which are representative of 5 resource categories: biodiversity, landscapes, surface water, groundwater and marine. The first 3 categories have also been combined into the Aggregated layer, which identifies 5 priority levels for natural resource conservation. Not all CLIP4 Layers were used in this report. Those used include: • Biodiversity • Surface Water Priorities • Landscape Integrity • Priority Natural Communities • Potential Habitat Richness (Vertebrates) • Strategic Habitat Conservation Areas • Aggregated Conservation Priorities Following the first section, which looks more closely at initial criteria, additional sections address potential for appropriate public use, assessment of management needs and costs, potential for matching funds, and a summary of the secondary screening criteria. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 4 of 53 I. Summary of Property Information The purpose of this section is to provide information concerning the subject property to describe how the property meets each Program criteria in its various physical characteristics and to provide other general property information. Table 1. Summary of Property Information Characteristic Value Comments Name Barron Collier Partnership, LLLP 2 adjoining properties Commission District 5 Commissioner – William L. McDaniel, Jr. Folio Numbers 00132960005 – parcel a 00133240009 – parcel b n/a Target Protection Area Urban Both properties are within the Immokalee urban boundary. Size Parcel a – 289.57 ac Parcel b – 111.08 ac Total offered as a package - 400.65 ac STR S9 T47 R29 Both properties are within the same Section, Township and Range Zoning Category/TDRs Parcel a – A-MHO-RLSAO Parcel b – Estates Parcel a -Agriculture-Mobile Home Overlay-Rural Lands Stewardship Overlay Parcel b -Estates in this case means low density residential/limited agricultural activities FEMA Flood Map Category AE, AH, and X AE – Area subject to inundation by 1-percent-annual- chance flood event. Base flood elevations, mandatory flood ins and floodplain management standards apply. AH – Subject to inundation of by 1-percent-annual-chance flood event where avg. depths are 1-3 feet. Base flood elevation, flood insurance and floodplain management standards apply. X – Outside 500-year floodplain. Flood ins. not required. Existing structures n/a No structures Adjoining properties and their Uses Residential, single family, Multi-family, and PUD, utility On the north side are various types of residential properties - Estates, to Village Residential and Multi family, east are lands owned by the Seminole Tribe of Florida, south are agricultural lands, west are lands owned by the Immokalee Water and Sewer Utility (wells and spray fields), and in between parcels a and b are PUD and single family residential properties. Development Plans Submitted None known n/a Known Property Irregularities, Leases Oil, Gas and Mineral rights (OGMs) Leases OGMs not included Contains old Eustis Avenue Landfill –16 acres Partial cabbage palm harvest – 2016 Grazing lease through 12/31/18 (term. With 30-day notice) Recreation lease (term. 12/31/17) Other County Dept Interest Transportation, Utilities, Solid Waste, Parks and Recreation, Environmental Services, Housing, Coastal systems, Zoning, Engineering No other Division responded with interest. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 5 of 53 Figure 1. Location Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 6 of 53 Figure 2. Aerial Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 7 of 53 Figure 3. Surrounding Lands Aerial Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 8 of 53 Summary of Assessed Value and Property Costs Estimates The interest being valued for this estimate is fee simple for the purchase of the site, and the value of this interest is subject to the normal limiting conditions and the quality of market data. A value of the parcel was estimated using three traditional approaches, cost, income capitalization and sales comparison. Each is based on the principal of substitution that an informed purchaser would pay no more for the rights in acquiring a particular real property than the cost of acquiring, without undue delay, an equally desirable one. Three properties from within 3 miles of this property were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the property or comparables used in the report and the Real Estate Services Department staff relied upon information provided by program staff. Conclusions are limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. Pursuant to the Conservation Collier Purchase Policy, one appraisal is required. Assessed Value: * Parcel a. – $689,475 Parcel b. - $833,100 Estimated Market Value: ** Parcel a. - $737,100 Parcel b. - $380,000 “ESTIMATED MARKET VALUE” IS SOLELY AN ESTIMATE OF VALUE PROVIDED BY COLLIER COUNTY REAL ESTATE SERVICES DEPARTMENT STAFF AND SHOULD NOT BE RELIED UPON BY ANY ENTITY. Zoning, Growth Management and Conservation Overlays Zoning, growth management and conservation overlays will affect the value of a parcel. Parcel a. is zoned Agricultural with a Mobile Home Overlay and is within the Rural Lands Stewardship Area Overlay. Parcel b. is zoned Estates. Additionally, a portion of both are within a Special Treatment/Wellfield Protection Zone 4, or 20 year protection zone. * Property Appraiser’s Website ** Collier County Real Estate Services Department – date of value estimate – October/November 2017. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 9 of 53 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics The purpose of this section is to provide a closer look at how the property meets initial criteria. Conservation Collier Program staff conducted a site visit on October 30, 2017 and December 18, 2017. MEETS INITIAL SCREENING CRITERIA- 1. Are any of the following unique and endangered plant communities found on the property? Order of preference as follows: Ord. 2002-63, Sec. 10 (1)(a) YES i. Hardwood hammocks YES ii. Xeric oak scrub No iii. Coastal strand No iv. Native beach No v. Xeric pine No vi. Riverine Oak No vii. High marsh (saline) No viii. Tidal freshwater marsh No ix. Other native habitats YES FLUCCS Communities mapped include: 4110 Pine flatwoods, 6170 Mixed wetland hardwoods, 6172 Mixed wetland hardwoods-shrubs, 6210 Cypress, 6216 Cypress-mixed hardwoods, 6300 Mixed wetland forest, and 6410 Freshwater marsh Vegetative Communities: Staff used two methods to determine native plant communities present; review of South Florida Water Management District (SFWMD) electronic databases for Department of Transportation’s Florida Land Use, Cover and Forms (FLUCCS) (1994/1995) and field verification of same. FLUCCS: The electronic database identified in order of dominance: FLUCCS Acres 4110 – Pine flatwoods 127 6170 – Mixed wetland hardwoods 68 6210 – Cypress 25 6172 – Mixed wetland hardwoods-shrubs 23 6410 – Freshwater marsh 9 6216 – Cypress-mixed hardwoods 5 6300 – Mixed wetland forest 1 Also identified were 16 acres of Landfill identified as 3100 – Dry prairie and 5 acres of 4224 - Brazilian pepper. The following native plant communities were observed: FLUCCS 4110 - Pine Flatwoods 6170 - Mixed wetland hardwoods 6410 – Freshwater marsh 6210 – Cypress 6172 - Mixed wetland hardwoods-shrubs 4260 – Tropical hardwood hammock Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 10 of 53 There was no real hard demarcation between habitats. They blended into one another with most areas indicative of an ecotone between wetland and upland habitats. Pine flatwoods appeared to be transitioning into hardwood areas, likely due to lack of fire. The tropical hardwood hammock observed had a canopy of mostly cabbage palms with scattered mature live oaks and strangler fig. The midstory contained many tropical plant species. Characterization of Plant Communities present: Ground Cover: Pine flatwood: Groundcover consisted primarily of swamp fern (Blechnum serrulatum), woodwardia fern (Woodwardia virginica), sword fern (Nephrolepis sp.), bracken fern (Pteridium acquilinum), sleepy morning (Waltheria indica), chocolate weed (Melochia cordifolia), beauty berry (Callicarpa americana), Virginia creeper (Parthenocissus quinquefolia), poison ivy (Toxicodendron radicans), wild coffee (Psychotiria nervosa and P. sulznerii), coral bean (Erythrina herbecea), persimmon (Diospyros virginiana), False buttonweed (Spermacoce remota), southern dewberry (Rubus trivialis), frostweed (Verbesena virginica), Spanish bayonet (Yucca aloifolia) with scattered toothpetal (Habernaria odontopetala) and monk orchids (Oeceoclades maculata), with various grasses and forbs. Exotic plants constituted approximately 35% - 45%, with edges being the worst areas. Exotic plants observed included Brazilian pepper, air potato, guava, bishopwood, rosary pea, woman’s tongue, Caesar’s weed, java plum, and climbing cassia. Mixed wetland hardwood: Groundcover consisted mainly of swamp fern, but also contained scattered strap fern (Campyloneurum phyllitidus), leather fern (Acrostichun danaeifolium) morning glory (ipomea sp.), dayflower (Commelina difusa), pimpernel (Samolus ebractus), swamp dogwood (Cornus foemina), false pimpernel (Lindernia spp.), bay (Persea sp), coral bean (Erythrina herbecea), royal palm (Roystonea regia), shield fern (Thelypteris dentata), hempvine (Mikania cordifolia), and ragweed (Ambrosia sp.). Exotic plants observed in these areas constituted approximately 35-40% and included Brazilian pepper, wedelia, shoebutton ardisia, Java plum, guava, strawberry guava, bishopwood, Ceasar’s weed, climbing cassia, rosary pea, melaleuca, and one area of climbing fern. Cypress: Very little groundcover existed in cypress areas, except strap fern, leather fern and false nettle (Boehmeria cylindrica). Freshwater wetlands: Groundcover included swamp fern, duck potato (Sagittaria lancifolia), alligator flag (Thalia geniculate), Virginia buttonweed (Diodia virginiana), pickerelweed (Pontederia cordata), maidencane (Panicum hemitomum), false nettle, climbing aster (Aster carolinianus), yellow-eyed grass (Xyris sp.), bladderwort (Utricularia sp.), fringe rush (Fimbristylis spp.), soft rush (Juncus sp.), willow (Salix sp.), and scattered cattails (Typha latifolia). Exotic plants observed constituted approximately 60% in some areas and much less in others and included torpedo grass, Brazilian pepper and melaleuca. Tropical hardwood hammock: Groundcover consisted mainly of ferns, wild coffee, poison ivy and vines. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 11 of 53 Midstory: Pine flatwood: The midstory in the drier areas generally included myrsine (Myrsine floridana), cabbage palm (Sabal palmetto), wax myrtle (Myrica cerifera), buckthorn (Sideroxylon sp.), and coral bean. Mixed wetland hardwood: The midstory here generally included cabbage palm and myrsine, with small amounts of persimmon, coral bean, bay, and dogwood scattered throughout. A few royal palms (Roystonea sp.) were also seen. Vines were an important part of the midstory, including fox grape (Vitis rotundifolia), Caloosa grape (Vitis shuttleworthii), and greenbriar (Smilax spp.). Cypress: Cypress areas had little to no midstory but included some cabbage palm. Freshwater wetlands: The midstory here were sparse and generally included young red maple (Acer rubrum) and cabbage palms. Tropical hardwood hammock: The Midstory consisted of marlberry (Ardisia escallonioides), cabbage palm, hog plum (ximenia americana), red stopper (Eugenia rhombea), wild lime (Zanthoxylum fagara), satin leaf (Chrysophyllum oliviforme), bay (Persea sp.), white stopper (Eugenia axillaris), and strangler fig (Ficus aurea). A butterfly orchid (Encylia tampensis) was found in this area. Canopy: Pine flatwood: Canopy trees included slash pine (Pinus elliottii), cabbage palm, laurel oak (Quercus laurifoia), live oak (Quercus virginiana), red maple (Acer rubrum) and a cypress (spp? ) Mixed wetland hardwood: Canopy trees here included cabbage palm, laurel oak, red maple, popash (Fraxinus caroliniana) and cypress (Taxodium distichum). Cypress: Cypress Freshwater wetlands: These areas had little canopy, but there were scattered cypress and popash. Tropical hardwood hammock: The canopy consisted of primarily cabbage palm, with scattered (large) live oak, strangler fig and a few royal palms (Roystonea regia). Statement for satisfaction of criteria 1: These data indicate that there are at least 5 relatively intact native habitats present where plants typical to the habitat exist, though exotic plant species are numerous and varied. Those areas given a FLUCCS of pine flatwoods had a canopy of pines, and many pine flatwood species were present; however, hardwoods (mostly laurel and live oaks) were creeping in, likely due to lack of fire. There was some evidence of fire, but it was very old. There were several types of hardwood -type habitats denoted in FLUCCS codes, but they Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 12 of 53 appeared of similar character throughout, with cabbage palms and laurel oaks as the dominant tree species, with scattered red maples and cypress, until transitioning into deeper wetlands where cypress dominated. The owner advises there is an area of tropical hardwood hammock, a priority habitat, but staff was not able to access that area and will go back when it is drier and more accessible to confirm this. Update: This area was visited on 2/5/18, and tropical hardwood hammock species were observed. Species observed are noted in the characterization of plant communities above. 2. Does land offer significant human social values, such as equitable geographic distribution, appropriate access for nature-based recreation, and enhancement of the aesthetic setting of Collier County? Ord. 2002-63, Sec. 10 (1)(b) YES Statement for satisfaction of criteria 2: The parcels are within the urban boundary for the town of Immokalee, slightly over 4 miles from Pepper Ranch Preserve, the closest Conservation Collier property (Figure 3). They are accessible from various points along paved roads, including Bethune Rd., South 5th St., and Immokalee Road (South 1st St./CR 846), and from the unpaved Sanitation Road. The Bethune road parcel (parcel b.) can be seen from a major public thoroughfare – Immokalee Road. There are pine flatwoods along Immokalee Road, so potentially, a small parking lot could be created here with trails accessing the rest of the parcels south of the slough, at least in dry season. To traverse the slough, a boardwalk would be necessary. The slough itself is an aesthetic feature in addition to being an important wetland feature. The historic Eustis landfill on the property was closed in 1992, with 20 years of monitoring completed in 2012. The landfill belonged to the County even though the land belonged to private owners, so liability would remain with the County if acquired. Groundwater samples obtained from Immokalee Water and Sewer failed to provide indications of contamination because they were downgradient and therefore in the wrong location. Samples taken from the middle of the landfill in 2012 showed that the site met permit requirements. 3. Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control? Ord. 2002-63, Sec. 10 (1)(c) YES Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 13 of 53 Figure 4. Collier County Watershed Boundaries Wetland dependent plant species (OBL/ FACW) observed: OBL FACW Cypress (Taxodium distichum) Bay (Persea sp.) Fringe rush (Fimbristylis sp.) Swamp fern (Blechnum serrulatum) Pickerelweed (Pontederia cordata) Day flower (Commelina diffusa) Duck potato (Sagittaria lancifolia) Button weed (Diodia virginica) Alligator flag (Thalia geniculata) Toothpetal orchid (Habernaria odontopetala) Yellow-eyed grass (Xyris sp.) False pimpernel (Lindernia grandiflora) Maiden-cane (Panicum hemitomon) Laurel oak (Quercus laurifolia) Water pimpernel (Samolus ebractus) Royal palm (Roystonia sp.) Rush (Juncus sp.) Shield fern (Thelypteris dentata) False nettle (Boehmeria cylindrica) Chain fern (Woodwardia virginica) Popash (Fraxinus caroliniana) Hempvine (Mikania cordifolia) Swamp dogwood (Cornus foemina) Wetland dependent wildlife species observed: A great blue heron (Ardea herodias), three (3) white ibis (Eudocimus albus) and a snowy egret (Egretta thula) were observed. An apple snail shell and an active crawfish burrow were found. Other Hydrologic indicators observed: Cypress knees, adventitious rooting on palms, watermarks on trees, and dark organic-rich soils were observed. Soils: Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990) and provided in order of dominance (Exhibit B). Fifty-six (56) % of soils are Upland types and 44% are depressional types. Soil Number and Name Acres Soil Type 37 Tuscawilla FS 131 Upland 25 Boca, Rivera, limestone sub and Copeland FS 109 Depressional 22 Chobee, Winder, and Gator 61 Depressional 29 Wabasso FS 43 Upland 20 Ft. Drum and Malabar high FS 27 Upland 38 Urban land-Matlacha-Boca complex 15 Upland 17 Basinger FS <1 Upland 7 Immokalee FS <1 Upland Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 14 of 53 34 Urban -Immokalee-Oldsmar, limestone sub, complex <1 Upland 400 ac* *Acres are approximate Aquifer recharge Potential: Aquifer recharge map data was developed by Fairbank, P. and S. Hohner in 1995 and published as Mapping recharge (infiltration and leakage) throughout the South Florida Water Management District, Technical publication 95-20 (DRE # 327), South Florida Water Management District, West Palm Beach, Florida. Lower Tamiami recharge Capacity: Recharge capacity is mapped at 0” to <7” annually. This indicates an area of low recharge and potential discharge of aquifer waters (Exhibit C). Surficial Aquifer Recharge Capacity: The surficial aquifer capacity is mapped as 31” to <43”, which is a moderate recharge rate (Exhibit C). Wellfield Protection: The northern two-thirds of the parcel a. are within all 4 wellfield protection zones, and the northern half of parcel b. also has portions of all 4 wellfield protection zones, but it primarily is within the 20-year protection zone (Exhibit C). FEMA Flood map designation: The property is currently within Flood Zones AE, AH, and X. The slough and its adjacent wetland buffers (slightly over half of the property) are within AE Zone, which indicates an area subject to inundation by the 1-percent-annual- chance flood event. Base flood elevations, mandatory flood insurance and floodplain management standards apply. Under half is within AH Zone, which indicates it is subject to inundation of by the 1-percent-annual-chance flood event where average depths are 1-3 feet, and where base flood elevations, flood insurance and floodplain management standards also apply. A 16-acre portion of the property, the landfill, is in Flood Zone X, which is outside the 500-year floodplain and where flood insurance is not required (Exhibit E). Statement for satisfaction of criteria 3: The properties are approximately half wetland and half upland, in a mosaic pattern with the slough and its associated wetlands covering the northern half of the properties. This slough flows from southeast to northwest and is bounded by forested uplands that buffer its water and wildlife from adjoining urban lands. The parcels are located within the core foraging areas of at least 4 wood stork colonies; it is within primary panther habitat; and it lies within the US Fish and Wildlife Service’s consultation area for the Florida bonneted bat, all state and federally listed species that depend at least partly on wetlands. Wetland dependent plants and wildlife were observed on the properties during two site visits. The slough is one of the primary overland sources of water to lake Trafford, and it accepts significant water flows that spill out onto adjoining forested lands as evidenced by water marks on cypress and other trees at above 2 feet. Cypress knees reaching 2 feet were observed. Half the soils are depressional (Exhibit B), corresponding with the slough area in the north and isolated freshwater wetlands dotting the southern half. Surficial aquifer recharge (31” to <43”) is moderate, and Lower Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 15 of 53 Tamiami recharge (0 to <7”) is minor (Exhibit C), however, the properties lie within all four wellfield protection zones for the Immokalee Water and Sewer wells and are protecting and serving to recharge them. All areas connected with the slough are within FEMA flood zone AE – an area prone to flooding. Residential areas surround the easternmost parcel (parcel b.) and the property is likely providing some level of flood control for those areas. The CLIP4 Surface Water Priorities map layer (Exhibit F) shows this area to be priority 4 out of 5, so statewide, the connection to Lake Trafford is not seen as a priority, but locally, this is an important waterway that feeds Lake Trafford. 4. Does the property offer significant biological values, including biodiversity, listed species habitat, connectivity, restoration potential and ecological quality? Ord. 2002-63, Sec. 10 (1)(d) YES Listed Plant Species: The federal authority to protect land-based plant species is administered by the U.S. Fish and Wildlife Service (FWS) and published in 50 Code of Federal Regulations (CFR) 23. Lists of protected plants can be viewed on-line at https://www.fws.gov/endangered/. The Florida state lists of protected plants are administered and maintained by the Florida Department of Agriculture and Consumer Services (DOACS) via chapter 5B-40, Florida Administrative Code (F.A.C.). This list of plants can be viewed from a link provided at http://www.freshfromflorida.com/Divisions-Offices/Plant-Industry/Bureaus-and- Services/Bureau-of-Entomology-Nematology-Plant-Pathology/Botany/Florida-s- Endangered-Plants. The following listed plant species were observed: COMMON NAME SCIENTIFIC NAME STATUS DOACS USFWS Common wild pine Tillandsia fasciculata E Northern needleleaf Tillandsia balbisiana T Florida royal palm Roystonea regia E Satin Leaf Chrysophyllum oliviforme T Red stopper Eugenia rhombea E E=Endangered, T=Threatened Listed Wildlife Species: Federal wildlife species protection is administered by the FWS with specific authority published in 50 CFR 17. Lists of protected wildlife can be viewed on-line at: https://www.fws.gov/endangered/. FWC maintains the Florida state list of protected wildlife in accordance with Rules 68A-27.003, 68A-27.004, and 68A-27.005, respectively, of the Florida Administrative Code (F.A.C.). A list of protected Florida wildlife species can be viewed at: http://myfwc.com/wildlifehabitats/imperiled/profiles/. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 16 of 53 Listed species observed include: COMMON NAME SCIENTIFIC NAME STATUS FWC USFWS Osprey Pandion halialetus SSC SSC=Species of Special Concern Bird Rookery observed? No bird rookery was observed or is known. GIS mapped species and habitats: Utilizing both FWC telemetry (1981-2016) maps for Florida panthers, the CLIP4 Biodiversity (Exhibit I), and Potential Habitat Richness (Exhibit J) GIS mapping layers, data shows that there are no panther telemetry points located on the property, and the two closest are from 2001 and 2012; however, it is likely that panthers do pass through the property. The most recent point was in 2016 about 2 miles northeast of the properties. The CLIP4 biodiversity map has both properties categorized as Priority 1 (highest). The CLIP4 Potential Habitat Richness maps the bulk of the property as having potential for 5-6 vertebrate species, with the slough area having potential for 7 vertebrate species. The southern portions of both properties have areas with potential for 2-4 vertebrate species. Non-listed species observed: A red-shouldered hawk (Buteo lineatus), 2 red-bellied woodpeckers (Melanerpes carolinus), a downy woodpecker ( Picoides pubescens), 2 white ibis (Eudocimus albus), a snowy egret (Egretta thula), and a blue gray gnatcatcher (Polioptila caerulea) were observed during the December 18, 2017site visit. Some Potential State and Federal Listed Species: COMMON NAME SCIENTIFIC NAME STATUS FWC USFWS American alligator Alligator Mississippiensis FT (S/A) T (S/A) Everglades snail kite Rostrhamus sociabilis plumbeus FE E Little blue heron Egretta caerulea ST American kestrel Falco sparverius paulus ST Florida bonneted bat Eumops floridanus FE E Wood stork Everglades mink Mycteria Americana Neovison vison evergladensis FT ST T Florida panther Puma concolor coryi FE E Eastern indigo snake Drymarchoncorais couperi FT T Everglades snail kite Rostrhamus sociabilis plumbeus FE E Statement for satisfaction of criteria 4: This property offers biological value for both upland and wetland species. In slough areas, according to the CLIP4 Potential Habitat Richness layer (Exhibit J), the habitat would support 7 vertebrate species. In other areas, the habitats would support 2 to 6 vertebrate species. The CLIP4 Biodiversity layer (Exhibit I) shows the slough and its adjoining buffer lands to be the highest priority. While panthers have not been documented on the property, they likely use it to travel around the edges of Immokalee. Known wood stork colonies are close, and the wetlands likely provide foraging areas for them. The properties are within the consultation area for the Florida bonneted bat and could provide habitat. The properties are connected westward with Lake Trafford through the slough, which then connects to the 2,512-acre Pepper Ranch Preserve Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 17 of 53 and 60,000 acres of CREW lands. South from Lake Trafford there is a landscape connection through the Camp Keais Strand and its SSAs with the 26,400 acre Florida Panther National Wildlife Refuge, the 85,000 acre Fakahatchee Strand State Preserve State Park and the 729,000-acre Big Cypress Preserve. Eastward, there is a connection through undeveloped lands to the 32,370 acre Okaloacoochee Slough State Forest, the 21,714-acre Dinner Island Wildlife Management Area (WMA) and additional privately protected lands. All in all, there is a connection with close to a million preserved acres. Restoration potential is high, but may be costly. Exotic removal is the primary means of restoration considered. The ecological quality is moderate at present, but with active habitat management could be much higher. 5. Does the property enhance and/or protect the environmental value of current conservation lands through function as a buffer, ecological link or habitat corridor? Ord. 2002-63, Sec. 10 (1)(e) YES Statement for satisfaction of criteria: The property is directly adjacent to a 7.5-acre conservation property owned by Collier County, received in mitigation for an adjacent residential development. It is connected through the Immokalee slough to Lake Trafford and its surrounding wetlands, and through them to close to 1,000,000 conserved acres, including the following conservation lands north of I-75 (Figure 3): • Pepper Ranch Preserve – 2,512 acres • CREW and associated SFWMD lands – 60,000 acres • SSA lands – approximately 30,000 acres • Florida Panther National Wildlife Refuge – 26,240 acres • Big Cypress National Park – 729,000 acres Is the property within the boundary of another agency’s acquisition project? NO If yes, will use of Conservation Collier funds leverage a significantly higher rank or funding priority for the parcel? NO Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 18 of 53 III. Potential for Appropriate Use and Recommended Site Improvements Potential Uses as Defined in Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, section 5.9: Hiking: Hiking would be an appropriate use once trails were installed. There are currently no, or very faint, trails. Nature Photography: This would be an appropriate use once trails were installed. Bird-watching: This would be an appropriate use with trails and/or a boardwalk. Kayaking/Canoeing: It is not realistic to consider kayaking or canoeing within the slough itself as a public use, as the cypress forest is thick, but it is likely that a small kayak could traverse it in wet season. Swimming: There are likely alligators and venomous snakes present so this would not be an appropriate use. Hunting: This property is too small and close to the urban area for hunting to be a reasonable use. Fishing: This would not be an appropriate use as slough waters are not deep enough for sport fishing. Recommended Site Improvements: Access improvements, parking area and trails on the southern portions of the properties are recommended. Trails should avoid the slough except potentially a spot to view the wetlands. In the future, with funding, a boardwalk could be placed through the slough. Access: The parcel can be accessed from Bethune Road, 5th St. South, and 1th St. South. There is also access at Sanitation Road, however, there has been a security concern expressed by Immokalee Water and Sewer regarding public use of this lime rock road as it leads to sensitive areas. Additionally, the Immokalee Water and Sewer indicated they have an access easement over Sanitation Road and would need to continue to have this as it is their only access to section 8, where their spray fields are located. IV. Assessment of Management Needs and Costs Management of this property will address the costs of exotic vegetation removal and control, and provide an estimate for funding needs for construction of a boardwalk to allow the public to have access to selected portions of the property. The following assessment addresses both the initial and recurring costs of management. These are very preliminary estimates; Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, requires a formal land management plan be developed for each property acquired by Conservation Collier. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 19 of 53 Exotic, Invasive Plants Present: Exotic, invasive species noted here are taken from the Florida Exotic Pest Plant Council’s (FLEPPC) 2016 List of Invasive Plant Species (Category I and Category II). FLEPPC is an independent incorporated advisory council created to support the management of invasive exotic plants in Florida’s natural areas by providing a forum for exchanging scientific, educational and technical information. Its members come primarily from public educational institutions and governmental agencies. Annual lists of invasive plant species published by this organization are used widely in the state of Florida for regulatory purposes. The current FLEPPC list (2016) can be viewed on-line at http://www.fleppc.org/list/list.htm. Category I plants are those which are altering native plant communities by displacing native species, changing community structures or ecological functions, or hybridizing with natives. This definition does not rely on the economic severity or geographic range of the problem, but on the documented ecological damage caused. Category II invasive exotics have increased in abundance or frequency but have not yet altered Florida plant communities to the extent shown by Category I species. These species may become Category I if ecological damage is demonstrated. Category I and II plants found on this parcel in order of observed abundance: Category I Common Name Scientific Name Brazilian pepper Schinus terebinthifolius Bishopwood Bischofia javanica Climbing cassia Senna pendula Guava Psidium guajava Strawberry guava Psidium cattleianum Caesar’s weed Urena lobata Melaleuca Melaleuca quinquinerva Mimosa Albizia sp. (julibrissin or lebbeck) Air potato Dioscorea bulbifera Shoebutton ardesia Ardesia elliptica Napier grass Pennisetum purpureum Torpedo grass Panicum repens Java plum Sysygium cumini Arrowhead vine Syngonium podophyllum Australian pine Casuarina sp. Category II Common Name Scientific Name Bowstring hemp Sansevieria hyacinthoides Staff observations are that invasive exotic plants have a strong foothold in almost upland areas visited, but less so in wetland and slough areas. Property edges have significant Brazilian pepper, and there are some very large Brazilian pepper trees in internal areas as well. Adjacent to residential areas there is evidence of house and landscape plant escapes, as stands of bowstring hemp, bishop wood, banana (Musa sp.), and arrowhead vine were found. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 20 of 53 Exotic Vegetation Removal and Control An estimate of the cost for initial exotic removal and follow-up maintenance was determined based on actual costs for similar work at the Pepper Ranch Preserve. Based on the actual cost for initial exotic removal at Pepper Ranch Preserve ($820/ac), costs for the initial removal for 400 acres, killing exotics in place, would be $328,000. These costs could be significantly less as slough areas may not have much infestation. This is a high estimate. Estimated costs for follow-up maintenance, done anywhere from quarterly to annually are based on actual costs for follow-up exotic maintenance at Pepper Ranch Preserve ($169/ac) and are estimated at a total of $67,700 annually for 400 acres. These costs could be less if slough areas remain clean and could decrease over time as the soil seed bank is depleted. Additionally, areas could be maintained on a rotating basis, reducing actual annual maintenance outlays, but reducing treatment for each section from annually to biennially. Public Parking Facility: The cost of design and construction of a shell or gravel parking lot to accommodate approximately 5 cars would be approximately $25,000. Additional costs would include Americans with Disabilities Act (ADA) requirements, permitting and any required land clearing. Public Access Trails: There were no maintained access trails observed. An aerial photo from 1940 (Source: Property Appraiser website) (Exhibit E) shows Sanitation Road and one or two other trails existed, but today, no other trails are obvious. Public access trails would need to be designed with an access point in mind and traverse upland portions of the property, or be seasonal. Clearing for trails would cost approximately $775/mile. A 1.6 mile trail as shown in Figure 2 would cost approximately $1,240 to install and about half that to maintain, or $390/mile at $625 for each maintenance event. Security and General Maintenance: A portion of the property is currently fenced, but the exact amount and areas of fencing are currently unknown. Fencing along residential areas might be advisable to prevent dumping, which was observed in these areas. Signs advising of a conservation area can be placed at intervals along boundaries (except within the slough) as necessary. Public use of Sanitation Road could become a security issue for Immokalee Water and Sewer as the road leads to sensitive areas. Currently, Immokalee Water and Sewer has an access easement over Sanitation Road, and maintains the road. It might be best not to bring the public in that way, and allow the easement and maintenance to continue as it currently is, and use that road for land management purposes only. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 21 of 53 Table 2. Summary of Estimated Management Needs and Costs Management Element Initial Cost Annual Recurring Costs Comments Exotics Control $328,000 67,700 These are high estimates, based on treating every acre every year, which is unlikely to occur. Additionally, actual costs could be much lower depending on whether slough areas are impacted or not, and if maintenance rotation is planned. Use of prescribed fire could reduce costs. Parking Facility $25,000 t.b.d Based on Otter Mound Access Trails/Non ADA $1,240 $625 Based on a 1.6 mile trail. Fencing/gates $88,400 $200 $15/LF for field fencing – from estimate provided to Conservation Collier for field fencing at Nancy Payton Preserve in 2017. Gates are approx. $100 each. This estimate anticipates fencing 1.12 miles with 4 gates, representing the portion along public roads. Boardwalk t.b.d t.b.d $300/LF Trash Removal t.b.d. t.b.d Request owner to remove trash before conveyance. Pack-in, Pack-out afterward. Signs $4,000 t.b.d. No trespassing signs must be no farther than 500 feet apart. Placing signs 500 feet apart along boundaries would take 53 signs, or $2,000. An entry sign costs approx. $2,000. Total $446,640 $68,525 t.b.d. To be determined; cost estimates have not been finalized. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 22 of 53 V. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the Conservation Collier ordinance are the Florida Communities Trust (FCT), and The Florida Forever Program. The following highlights potential for partnering funds, as communicated by agency staff: Florida Communities Trust - Parks and Open Space Florida Forever grant program: Application for this program is typically made for pre-acquired sites up to two years from the time of acquisition. The Florida Legislature appropriated $10 million in Florida Forever funding in fiscal year 2016-17 to FCT. Funding has not been awarded for this cycle. There is currently no funding available until the Florida Legislature determines the 2017-18 budget. Florida Forever Program: Staff has been advised that the Florida Forever Program has limited funds and is concentrating on parcels already included on its ranked priority list. This parcel is not inside a Florida Forever priority project boundary. Additionally, the Conservation Collier Program has not been successful in partnering with the Florida Forever Program due to conflicting acquisition policies and issues regarding joint title between the programs. Other Potential Funding Sources: There is potential for utilizing funding donations to the Conservation Collier program to fulfill requirements for off-site preserves pursuant to the Collier County Land Development Code, Section 3.05.07. There is currently approximately $299,400 in this fund, with $91,000 earmarked for multi-parcel project properties whose owners have accepted the County’s offers. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 23 of 53 VI. Summary of Secondary Screening Criteria Staff has scored property on the Secondary Criteria Screening Form and attached the scoring form as Exhibit H. A total score of 280 out of a possible 400 was achieved. The chart and graph below show a breakdown of the specific components of the score. Table 3. Tabulation of Secondary Screening Criteria Figure 5. Secondary Screening Criteria Scoring Secondary Screening Criteria Possible Points Scored Points Percent of Possible Score Ecological 100 97 97% Human Values/Aesthetics 100 71 71% Vulnerability 100 45 45% Management 100 67 67% Total Score:400 280 70% Percent of Maximum Score:70% Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 24 of 53 Summary of factors contributing to score Total Score: 280 out of 400 possible points Ecological: 97 out of 100 possible points This high score was achieved because there are at least six reasonably intact native vegetation communities on the parcels, including a slough with mature cypress in it and an area of tropical hardwood hammock, a priority habitat. Both parcels are within the wellfield protection zones for the Immokalee Water and Sewer wells and contribute to surficial aquifer recharge. The parcels contain and provide buffering for an identified flow way, the Immokalee slough, which connects with Lake Trafford. Wetlands exist onsite, including wet forested areas and freshwater marshes. Listed plant species were found onsite and the habitat would support listed, non-listed and wetland dependent species. Finally, the parcel appears to be able to be restored to high ecological function with minimal alteration beyond removal of invasive exotic plant species. Human Values/Aesthetics: 71 out of 100 possible points The parcel received a moderately high score as in has at least 3 access points from paved public roads and one access by a private lime rock road. Public uses of the parcel could include all land-based natural resource-based recreational and educational opportunities. Approximately one quarter of the parcel scan be seen directly from a public road. Additional points were achieved because the site contains outstanding aesthetic characteristics (the mature cypress in the slough). Vulnerability: 45 out of 100 possible points The upland portions of the parcels are vulnerable to development. Parcel a. is currently zoned Agricultural, with 1 unit per 5 acres, but parcel b. is currently zoned Estates, and could be developed at 1 unit per 2.25 acres. There is a ST Overlay for well field protection, but that is not a negative for residential development. Additionally, on the Immokalee Future Land Use Map (Exhibit D), parcel a. is shown as “Low Residential Subdistrict,” and parcel b. is shown as “Neighborhood Center Subdistrict,” indicting that uses could intensify in the future. Management: 67 out of 100 possible points A moderate score was achieved for management needs. There were no specific hydrologic changes that appear needed, however, there is a road traversing the slough, and future use of that road could require evaluation of culverts. Removal of exotic plant species is a significant need, and could be costly to achieve. For the most part, the properties are surrounded by managed and semi-managed urban and agricultural landscapes. This limits some exotics influence and elevates potential for invasion by others. There are some seed sources remaining in adjacent lands to the NW, where there is no removal requirement. Parcel Size: While parcel size was not scored, the ordinance advises that based on comparative size, the larger of similar parcels is preferred. This parcel is similar to the SD Corp of Naples (115 acres) and Half Circle L Ranch (3,370 acres). Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 25 of 53 Exhibit A. FLUCCs Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 26 of 53 Exhibit B. Soils Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 27 of 53 Exhibit C. Wellfield Protection and Aquifer Recharge Maps Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 28 of 53 Exhibit D. Zoning Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 29 of 53 Exhibit E. Historical Aerial - 1940 Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 30 of 53 Exhibit F. FEMA map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 31 of 53 Exhibit G. LIDAR Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 32 of 53 Exhibit H. Surface Water Priorities CLIP4 Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 33 of 53 Exhibit I. Landscape Integrity CLIP4 Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 34 of 53 Exhibit J. Priority Natural Communities CLIP4 Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 35 of 53 Exhibit K. Biodiversity CLIP4 Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 36 of 53 Exhibit L. Potential Habitat Richness CLIP4 Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 37 of 53 Exhibit M: Strategic Habitat Conservation Areas CLIP4 Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 38 of 53 Exhibit N. Aggregated Conservation Priorities CLIP4 Map Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 39 of 53 Exhibit O. USFWS Wood Stork Foraging Area, Florida bonneted bat consultation and focal areas and snail kite consultation area Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 40 of 53 Exhibit P. Completed and Scored Secondary Criteria Screening Form Property Name: Barron Collier Partnership LLLC Folio Numbers: 00132960005, 00133240009 Sanitation and Bethune Roads Geographical Distribution (Target Protection Area): Urban area 1. Confirmation of Initial Screening Criteria (Ecological) 1.A Unique and Endangered Plant Communities Possible points Scored points Comments Select the highest Score: 1. Tropical Hardwood Hammock 90 90 Owner believes there is Tropical Hardwood Hammock on the property. Area too wet to visit in December but will check back in March. Site visit done 2/5/18 Confirmed presence of tropical hardwood plants 2. Xeric Oak Scrub 80 3. Coastal Strand 70 4. Native Beach 60 5. Xeric Pine 50 6. Riverine Oak 40 7. High Marsh (Saline)30 8. Tidal Freshwater Marsh 20 9. Other Native Habitats 10 10 4110 - pine flatwoods; 6170 - Mixed wetland hardwoods; 6210 - Cypress; 6410 -Freshwater marsh; 6300 - Mixed wetland forest; 6172 - Mixed wetland hardwood-shrubs. 10. Add additional 5 points for each additional Florida Natural Areas Inventory (FNAI) listed plant community found on the parcel 5 each 11. Add 5 additional points if plant community represents a unique feature, such as maturity of vegetation, outstanding example of plant community, etc.5 5 The cypress slough has mature cypress trees in it. 1.A. Total 100 105 1.B Significance for Water Resources Possible points Scored points Comments 1. Aquifer Recharge (Select the Highest Score) a. Parcel is within a wellfield protection zone 100 100 both parcels are within the wellfield protection zone. b. Parcel is not in a wellfield protection zone but will contribute to aquifer recharge 50 c. Parcel would contribute minimally to aquifer recharge 25 d. Parcel will not contribute to aquifer recharge, eg., coastal location 0 2. Surface Water Quality (Select the Highest Score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 100 b. Parcel is contiguous with and provides buffering for a creek, river, lake or other surface water body 75 c. Parcel is contiguous with and provides buffering for an identified flowway 50 50 Immokalee Slough runs through both parcels. d. Wetlands exist on site 25 25 freshwater marshes exist onsite e. Acquisition of parcel will not provide opportunities for surface water quality enhancement 0 3. Strategic to Floodplain Management (Calculate for a and b; score c if applicable) a. Depressional soils 80 80 44% of soils on both parcels are depressional b. Slough Soils 40 less than 1 acre c. Parcel has known history of flooding and is likely to provide onsite water attenuation 20 20 slough area floods - evidence of high water seen on tree trunks. Subtotal 300 275 1.B Total 100 92 Obtained by dividing the subtotal by 3. 1.C Resource Ecological/Biological Value Possible points Scored points Comments 1. Biodiversity (Select the Highest Score for a, b and c) a. The parcel has 5 or more FLUCCS native plant communities 100 100 Staff observed 5 FLUCCS: 4110-Pine flatwoods. 6170-Mixed wetland hardwoods, 6172-Mixed wetland hardwoods-shrubs, 6410-Freshwater marsh, 6210-Cypress b. The parcel has 3 or 4 FLUCCS native plant communities 75 c. The parcel has 2 or or less FLUCCS native plant communities 50 d. The parcel has 1 FLUCCS code native plant communities 25 2. Listed species a. Listed wildlife species are observed on the parcel 80 If a. or b. are scored, then c. Species Richness is not scored. b. Listed wildlife species have been documented on the parcel by wildlife professionals70 Provide documentation source - c. Habitat Richness score 5 categories 70 56 Score is prorated from 14 to 70 based on the highest of the 5 CLIP4 Potential Habitat Richness categories, each category provides 14 points- This parcel scored 4 out of 5. 4X14=56 d. Rookery found on the parcel 10 e. Listed plant species observed on parcel - add additional 20 points 20 20 Tillandsia fasciculata and T. balbisiana Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 41 of 53 Exhibit P. Completed and Scored Secondary Criteria Screening Form (Continued) 3. Restoration Potential a. Parcel can be restored to high ecological function with minimal alteration 100 100 Removal of exotics would be primary restorative work b. Parcel can be restored to high ecological function but will require moderate work, including but not limited to removal of exotics and alterations in topography.50 c. Parcel will require major alterations to be restored to high ecological function.15 d. Conditions are such that parcel cannot be restored to high ecological function 0 explain limiting conditions Subtotal 300 276 1.C Total 100 92 Divide the subtotal by 3 1.D Protection and Enhancement of Current Conservation Lands Possible points Scored points Comments 1. Proximity and Connectivity a. Property immediately contiguous with conservation land or conservation easement.100 100 7.5 acre County mitigation parcel b. Property not immediately contiguous, parcels in between it and the conservation land are undeveloped.50 c. Property not immediately contiguous, parcels in-between it and conservation land are developed 0 d. If not contiguous and developed, add 20 points if an intact ecological link exists between the parcel and nearest conservation land 20 1.D Total 100 100 1. Ecological Total Score 100 97 Sum of 1A, 1B, 1C, 1D then divided by 4 2. Human Values/Aesthetics 2.A Human Social Values/Aesthetics Possible points Scored points Comments 1. Access (Select the Highest Score) a. Parcel has access from a paved road 100 100 Bethune Rd., South 5th St., South 1st St. b. Parcel has access from an unpaved road 75 Sanitation Road c. Parcel has seasonal access only or unimproved access easement 50 d. Parcel does not have physical or known legal access 0 2. Recreational Potential (Select the Highest Score) a. Parcel offers multiple opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, nature photography, bird watching, kayaking, canoeing, swimming, hunting (based on size?) and fishing.100 b. Parcel offers only land-based opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, and nature photography.75 75 All land based natural resource-based recreational and educational opportunities exist. c. Parcel offers limited opportunities for natural-resource based recreation beyond simply accessing and walking on it 50 d. Parcel does not offer opportunities for natural-resource based recreation 0 3. Enhancement of Aesthetic Setting a. Percent of perimeter that can me seen by public. Score based on percentage of frontage of parcel on public thoroughfare 80 18 Score between 0 and 80 based on the percentage of the parcel perimeter that can be seen by the public from a public thoroughfare. The entire perimeter is 5 miles. The portion along roads is 1.12 miles =22% b. Add up to 20 points if the site contains outstanding aesthetic characteristic(s), such as but not limited to water view, mature trees, native flowering plants, or archeological site 20 20 Provide a description and photo documentation of the outstanding characteristic - the view at the slough is of mature cypress in water. Subtotal 300 213 2. Human Social Values/Aesthetics Total Score 100 71 Obtained by dividing the subtotal by 3. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 42 of 53 Exhibit P. Completed and Scored Secondary Criteria Screening Form (Continued) 3. Vulnerability to Development/Degradation 3.A Zoning/Land Use Designation Possible points Scored points Comments 1. Zoning allows for Single Family, Multifamily, industrial or commercial 50 2. Zoning allows for density of no greater than 1 unit per 5 acres 45 45 Parcel a. is Agriculturally zoned - 1 unit per 5 acres. On the Immokalee Future Land Use Map (FLUM), it is shown as Low residential subdistrict, with an Environmentally Sensitive Areas overlay with wetlands connected to Lake Trafford. Parcel b. is Estates zoned - 1 unit per 2.25 acres (from Golden Gate Area Master Plan, 2. Estates Designation). On the Immokalee FLUM, it is shown as Neighborhood Center Subdistrict and urban infill. Future plans show uses to potentially intensify. 3. Zoning allows for agricultural use /density of no greater than 1 unit per 40 acres40 4. Zoning favors stewardship or conservation 0 5. If parcel has ST overlay, remove 20 points -20 Thre is a ST for wellfield protection, but this is not the ST this question asks about. 6. Property has been rezoned and/or there is SDP approval 25 7. SFWMD and/or USACOE permit has been issued 25 8. A rezone or SDP application has been submitted 15 9. SFWMD and/or USACOE permit has been applied for 15 3. Vulnerability Total Score 100 45 4. Feasibility and Costs of Management 4.A Hydrologic Management Needs Possible points Scored points Comments 1. No hydrologic changes are necessary to sustain qualities of site in perpetuity 100 100 No specific changes determined. There is a road bed over the slough (Sanitation Road) which may flood in rainy season. 2. Minimal hydrologic changes are required to restore function, such a cut in an existing berm 75 3. Moderate hydrologic changes are required to restore function, such as removal of existing berms or minor re-grading that require use of machinery 50 4. Significant hydologic changes are required to restore function, such as re-grading of substantial portions of the site, placement of a berm, removal of a road bed, culvert or the elevation of the water table by installing a physical structure and/or changes unlikley 0 5.A Total 100 100 4.B Exotics Management Needs Possible points Scored points Comments 1. Exotic Plant Coverage a. No exotic plants present 100 b. Exotic plants constitute less than 25% of plant cover 80 c. Exotic plants constitute between 25% and 50% of plant cover 60 60 On most aras of the property, exotics are between 25% and 50% of plant cover, some areas more, some areas less. d. Exotic plants constitute between 50% and 75% of plant cover 40 e. Exotic plants constitute more than 75% of plant cover 20f. Exotic characteristics are such that extensive removal and maintenance effort and management will be needed (e.g., heavy infestation by air potato or downy rosemytle)-20 g. Adjacent lands contain substantial seed source and exotic removal is not presently required -20 -10 some seed source exists to the NW along the slough, but mostly, the site is surrounded by managed urban and agricultural landscapes. 5.B Total 100 50 4.C Land Manageability Possible points Scored points Comments 1. Parcel requires minimal maintenance and management, examples: cypress slough, parcel requiring prescribed fire where fuel loads are low and neighbor conflicts unlikely 80 2. Parcel requires moderate maintenance and management, examples: parcel contains trails, parcel requires prescribed fire and circumstances do not favor burning 60 60 Portions of both parcels (Pine flatwoods) would benefit from prescribed fire but surrounding residential areas will make this difficult to accomplish 3. Parcel requires substantial maintenance and management, examples: parcel contains structures that must be maintained, parcel requires management using machinery or chemical means which will be difficult or expensive to accomplish 40 4. Add 20 points if the mainenance by another entity is likely 20 0 5. Subtract 10 points if chronic dumping or trespass issues exist -10 -10 Dumping was observed 5.C Total 100 50 4. Feasibility and Management Total Score 100 67 Sum of 5A, 5B, 5C, then divided by 3 Total Score 400 280 Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 43 of 53 Exhibit Q. Photographs Photo 1. Parcel a. north side at Sanitation Road gate Photo 2. Parcel a. Center of slough - crossing along Sanitation Road Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 44 of 53 Photo 3. Parcel a. Old Eustis Ave. landfill – south side of Sanitation Road Photo 4. Parcel a. Napier grass along Sanitation Road- Mixed wetland hardwood community Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 45 of 53 Photo 5. Parcel a. - Mixed wetland hardwood community north of the slough Photo 6. Parcel a. – Mature Brazilian pepper Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 46 of 53 Photo 7. Parcel a. Mixed wetland hardwood with air potato Photo 8. Parcel a. Toothpetal orchid (Habernaria odontopetala) Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 47 of 53 Photo 9. Parcel a. slough with cypress knees Photo 10. Parcel a. – Royal palm Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 48 of 53 Photo 11. Parcel a. - freshwater marsh – southwest side, with Melalueca Photo 12. Parce a. - same freshwater marsh, another view Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 49 of 53 Photo 13. Parcel a. Pine flatwood - southwest side Photo 14. Parcel b. Along Bethune Road – Mixed wetland forest Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 50 of 53 Photo 15. Parcel b. Mixed wetland hardwoods at slough edge – north side of parcel b. Note water marks on cypress Photo 16. Pine flatwood – south side parcel b. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 51 of 53 Photo 17. Property edge along southwest side of parcel b. – South 5th St. adjacent to Collier Village PUD Photo 18. Debris in pine flatwoods along South 5th St. Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 52 of 53 Photo 19. Parcel b. - Pine flatwood on southwest side next to Collier Village Photo 20. Pine flatwood farther north next to Collier Village – some areas better than others Initial Criteria Screening Report Folio #: 00132960005 and 00133240009 Owner Name: Barron Collier Partnership, LLLP Date: January 2018 Page 53 of 53 Photo 21. A few of the tropical hardwood hammock plants observed on 2/5/18: L to R starting from the top: Encyclia tampensis, Eugenia rhombea, Zanthoxylum fagara, Myrcianthes fragrans , Eugenia axillaris, and Quercus virginiana Americans with Disabilities Act (ADA) ADA ADA Surrounding Area Map Site Aerial Photograph Subject Photographs Analyses Applied Unit of Comparison Land Comparables Analysis Grid Comparable Land Sale Adjustments Active Listings Sales Compa ison Approach Conclusion Value Indications Market Value Conclusion Professional Qualifications of Thomas A. 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The west side of the property faces Sandpiper Street and the north side faces Marlin Street. Sandpiper Bay Club Condominium is to the east and the Haldeman Creek an intertidal waterway that is connected to the Naples Bay is to the south. • How many of the 6 Initial Screening Criteria were met: 5 of 6 Criteria were met – native habitat, human social values, water resource values, biodiversity, connectivity; not within another agency’s project boundary. • Habitat - Mangrove forest • Listed Plants – Bromeliad • Listed Wildlife – Appropriate habitat for listed wading birds. Critical habit for manatee and Florida bonneted bat. Wildlife observed: mangrove crabs, great egret and grey squirrel. • Water Resource Values – These parcels are an intertidal estuarine wetland • Connectivity - Parcels connected to the Naples Bay through Haldeman Creek. This parcel is directly connected with other conserved lands and connects through them with more conserved lands for a total of over 2,500,000 acres. • Utilities/Transportation interest? No interest known • Access: This parcel is could be appropriate for nature based access with a boardwalk and parking. There is room for parking in the ROW but no zoning approval, would need to be approved by Board. Access roads are public and paved. • Management Issues / Estimated Costs: $6,000 for initial exotic sweep; Ongoing $4,200 annually; Boardwalk- $500,000 to $1M; Development costs for parking and boardwalk - $168,000; Parking construction - $25,000. Total=$700,000 to $1.1 M. • Partnership Opportunities: Veterans group and neighbors • Zoning/Overlays: RMF-6-ST – 6 development units remain for the Sandpiper Bay Club. The property is under contract option to a developer who believes he can build the remaining 6 units. No permits or approvals currently exist. • Surrounding land uses: Residential – urban • All Criteria Score: 264 out of 400. Aerial map Integra Realty Resources Southwest Florida Appraisal of Real Property Naples Sandpiper Bay Club Preserve Vacant Land SEC Sandpiper Street and Marlin Drive Naples, Collier County, Florida 34112 Client Reference: Prepared For: Collier County Real Property Management Effective Date of the Appraisal: December 21, 2018 Report Format: Appraisal Report – Standard Format IRR - Southwest Florida File Number: 152-2018-0293 Naples Sandpiper Bay Club Preserve SEC Sandpiper Street and Marlin Drive Naples, Florida Integra Realty Resources In Miami In Orlando In Naples/Sarasota Miami Orlando Southwest Florida Dadeland Centre 9155 South Dadeland Blvd. Suite 1208 The Magnolia Building 326 N. Magnolia Ave. Horseshoe Professional Park 2770 Horseshoe Drive S. Suite 3 Miami, FL 33156 Orlando, FL 32801 Naples, FL 34104 www.irr.com (305) 670-0001 (407) 843-3377 (239)-643-6888 December 28, 2018 Mr. Roosevelt Leonard, R/W-AC Senior Review Appraiser Collier County Real Property Management 3335 Tamiami Trail East Suite 101 Naples, FL 34112 SUBJECT: Market Value Appraisal Naples Sandpiper Bay Club Preserve SEC Sandpiper Street and Marlin Drive Naples, Collier County, Florida 34112 IRR - Southwest Florida File No. 152-2018-0293 Dear Mr. Leonard: Integra Realty Resources – Southwest Florida is pleased to submit the accompanying appraisal of the referenced property. The purpose of the appraisal is to develop an opinion of the market value as is of the fee simple interest in the property. The client for the assignment is Collier County Real Property Management and the intended use is for property acquisition purposes. The subject is comprised of two parcels totaling 28.46 acres. The entire site is within a Jurisdictional Wetland, is a functioning Mangrove Swamp (forest) and was a part of the Naples Sandpiper Bay Club development and identified as lands that would not be developed on the Site Development Plan (petition STD-86-2C) for the project. The subject parcels are zoned Residential Multifamily 6 (RMF-6) and is within a Special Treatment (ST) overlay. The appraisal is intended to conform with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and applicable state appraisal regulations. Mr. Roosevelt Leonard, R/W-AC Collier County Real Property Management December 28, 2018 Page 2 To report the assignment results, we use 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. Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, our opinion of value is as follows: Value Conclusion Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value As Is Fee Simple December 21, 2018 $280,000 Extraordinary Assumptions and Hypothetical Conditions 1. Per Collier County Planning Commission Chairman Mark Strain, the site is developable with 6 residential units. 2. We were not provided an engineering report for the subject property. We reserve the right to re address our value conclusion upon receipt of an Engineering report. 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. If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully submitted, INTEGRA REALTY RESOURCES - SOUTHWEST FLORIDA Carlton J. Lloyd, MAI Senior Managing Director-Naples FL State-Certified General RE Appraiser RZ#2618 Telephone: 239-643-6888 Ext. 410 Email: clloyd@irr.com Anthony R. Sartori, MAI Associate Director FL State-Certified General RE Appraiser RZ#3511 Telephone: 239-643-6888 Ext. 433 Email: asartori@irr.com Table of Contents Naples Sandpiper Bay Club Preserve Summary of Salient Facts and Conclusions 1 Quality Assurance 2 General Information 3 Identification of Subject 3 Sale History 3 Pending Transactions 3 Purpose of the Appraisal 3 Definition of Market Value 4 Definition of As Is Market Value 4 Definition of Property Rights Appraised 4 Intended Use and User 4 Applicable Requirements 5 Report Format 5 Prior Services 5 Scope of Work 5 Economic Analysis 7 Collier County Area Analysis 7 Surrounding Area Analysis 14 Land Description and Analysis 18 Real Estate Taxes 29 Highest and Best Use 30 Valuation 35 Valuation Methodology 35 Sales Comparison Approach 36 Analysis and Adjustment of Sales 39 Land Value Conclusion 42 Reconciliation and Conclusion of Value 43 Exposure Time 43 Marketing Period 43 Certification 44 Assumptions and Limiting Conditions 46 Addenda A. Appraiser Qualifications B. Property Information C. Comparable Data D. Engagement Letter Summary of Salient Facts and Conclusions 1 Naples Sandpiper Bay Club Preserve Summary of Salient Facts and Conclusions Property Name Address Property Type Owner of Record Tax ID Land Area 28.46 acres; 1,239,718 SF Zoning Designation Highest and Best Use Exposure Time; Marketing Period 12+ months; 12+ months Effective Date of the Appraisal December 21, 2018 Date of the Report December 28, 2018 Property Interest Appraised Sales Comparison Approach Number of Sales 4 Range of Sale Dates Jan 12 to Jun 18 Range of Prices per Acre (Unadjusted)$3,603 - $8,045 Market Value Conclusion $280,000 ($9,838/Acre) Hack Living Trust 00388160002 and 00394840002 Naples Sandpiper Bay Club Preserve SEC Sandpiper Street and Marlin Drive Naples, Collier County, Florida 34112 Land - Other 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 Real Property Management 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. RMF-6 with a Special Treatment Overlay Conservation use Fee Simple Extraordinary Assumptions and Hypothetical Conditions 1. Per Collier County Planning Commission Chairman Mark Strain, the site is developable with 6 residential units. 2. We were not provided an engineering report for the subject property. We reserve the right to re address our value conclusion upon receipt of an Engineering report. 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. Quality Assurance 2 Naples Sandpiper Bay Club Preserve Quality Assurance Delivering superior value is a top priority at IRR and we place a premium on feedback from our valued clients. By learning more about your experience with IRR, we will be better able to serve your needs – to enhance our products, service offerings, and client communications. Attached is a short survey applicable to this appraisal report and the service that you received. Please take a few minutes to share your experience of IRR with us. Your feedback will be reviewed by our Quality Control team. If you desire a follow-up telephone call, please provide your contact information and a member of our Quality Control team will contact you. Access the online survey here: quality.irr.com. Thank you in advance for assisting us with this important endeavor. Please feel free to contact your Local Office using the contact information provided within the letter of transmittal or our Quality Control team at quality@irr.com, with any questions or suggestions you may have. General Information 3 Naples Sandpiper Bay Club Preserve General Information Identification of Subject Property Identification Property Name Naples Sandpiper Bay Club Preserve Address SEC Sandpiper Street and Marlin Drive Naples, Florida 34112 Tax ID 00388160002 and 00394840002 Owner of Record Hack Living Trust Legal Description Lengthy Legal, Please See Addenda Census Tract Number 107.02 Sale History The current owner is Hack Living Trust. The subject has not sold in the last three years. To the best of our knowledge, no sale or transfer of ownership has taken place within a three-year period prior to the effective appraisal date. Pending Transactions Contract Date No date. Seller Hack Living Trust Buyer Harry Zea Sale Price $750,000 Comments The contract was executed by the seller but not the buyer. Per the contract the signed offer was to be delivered to the buyer by 10/12/2018. As discussed above, there is a contract on the subject properties. However, the buyer has not executed the contract. An offer/counter offer was due on October 12, 2018. The buyer did not deliver an executed contract. Per the seller, the buyer still wants to purchase the property; however, no timeline was provided. The buyer intends to develop the subject properties with six units. We note the subject was previously under an option to purchase for $2,900,000. The option was dated June 22, 2016. The contract sale price was $2,300,000 plus the buyer's cost of $100,000 to the selling broker and an additional $500,000 paid to the buyer in lieu of providing a residential condominium unit. The buyer had a site plan that showed nine multistory residential buildings with a total of 148 units. Per zoning, the subject can only be developed with six units. Purpose of the Appraisal The purpose of the appraisal is to develop an opinion of the market value as is of the fee simple interest in the property as of the effective date of the appraisal, December 21, 2018. The date of the report is December 28, 2018. The appraisal is valid only as of the stated effective date or dates. General Information 4 Naples Sandpiper Bay Club Preserve Definition of Market Value Market value is defined as: “The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 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: Code of Federal Regulations, Title 12, Chapter I, Part 34.42[g]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472) Definition of As Is Market Value As is market value is defined as, “The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date.” (Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015); also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77471) 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 Real Property Management. The intended users are Collier County Real Property Management, Collier County Board of County Commissioners and Conservation Collier. General Information 5 Naples Sandpiper Bay Club Preserve The appraisal is not intended for any other use or user. No party or parties other than Collier County Real Property Management, Collier County Board of County Commissioners and Conservation Collier may use or rely on the information, opinions, and conclusions contained in this report. 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. 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. General Information 6 Naples Sandpiper Bay Club Preserve 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 Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized We use only the sales comparison approach in developing an opinion of value for the subject. This approach is applicable to the subject because there is an active market for similar properties, and sufficient sales data is available for analysis. The cost approach is not applicable because there are no improvements that contribute value to the property, and the income approach is not applicable because the subject is not likely to generate rental income in its current state. 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 Carlton J. Lloyd, MAI conducted an on-site inspection on December 20, 2018. Anthony R. Sartori, MAI conducted an on-site inspection on December 21, 2018. Collier County Area Analysis 7 Naples Sandpiper Bay Club Preserve Economic Analysis Collier County Area Analysis Collier County is located in southwestern Florida approximately 166 miles south of Tampa. It is 1,998 square miles in size and has a population density of 187 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. Population Collier County has an estimated 2018 population of 374,242, which represents an average annual 1.9% increase over the 2010 census of 321,520. Collier County added an average of 6,590 residents per year over the 2010-2018 period, and its annual growth rate exceeded the State of Florida rate of 1.5%. Looking forward, Collier County's population is projected to increase at a 1.5% annual rate from 2018- 2023, equivalent to the addition of an average of 5,948 residents per year. Collier County's growth rate is expected to exceed that of Florida, which is projected to be 1.3%. Collier County Area Analysis 8 Naples Sandpiper Bay Club Preserve Employment Total employment in Collier County is currently estimated at 128,342 jobs. Between year-end 2007 and the present, employment declined by 5,835 jobs, equivalent to a 4.3% loss over the entire period. There were declines in employment in three out of the past ten years, influenced in part by the national economic downturn and slow recovery. Although many areas suffered declines in employment over the last decade, Collier County underperformed Florida, which experienced an increase in employment of 3.6% or 291,370 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 7.3% in comparison to a 7.1% rate for Florida. A higher unemployment rate is a negative indicator. Recent data shows that the Collier County unemployment rate is 3.1% in comparison to a 3.4% rate for Florida, a positive sign for Collier County economy but one that must be tempered by the fact that Collier County has underperformed Florida in the rate of job growth over the past two years. Population Compound Ann. % Chng 2010 Census 2018 Estimate 2023 Projection 2010 - 2018 2018 - 2023 Collier County 321,520 374,242 403,981 1.9% 1.5% Florida 18,801,310 21,107,181 22,528,389 1.5% 1.3% Source: Environics Analytics Population Trends Employment Trends Total Employment (Year End) Unemployment Rate (Ann. Avg.) Year Collier County % Change Florida % Change Collier County Florida 2007 134,177 8,014,408 4.5% 4.0% 2008 125,633 -6.4% 7,585,913 -5.3% 7.1% 6.3% 2009 117,585 -6.4% 7,209,010 -5.0% 11.1% 10.4% 2010 119,457 1.6% 7,260,875 0.7% 11.6% 11.0% 2011 122,960 2.9% 7,368,030 1.5% 10.2% 10.0% 2012 125,704 2.2% 7,538,166 2.3% 8.4% 8.5% 2013 131,115 4.3% 7,741,539 2.7% 7.1% 7.2% 2014 137,819 5.1% 8,012,496 3.5% 6.0% 6.3% 2015 143,261 3.9% 8,314,343 3.8% 5.2% 5.5% 2016 150,204 4.8% 8,542,086 2.7% 4.8% 4.8% 2017* 128,342 -14.6% 8,305,778 -2.8% 4.1% 4.2% Overall Change 2007-2017 -5,835 -4.3% 291,370 3.6% Avg Unemp. Rate 2007-2017 7.3% 7.1% Unemployment Rate - October 2018 3.1% 3.4% Source: Bureau of Labor Statistics and Economy.com. Employment figures are from the Quarterly Census of Employment and Wages (QCEW). Unemployment rates are from the Current Population Survey (CPS). The figures are not seasonally adjusted. *Total employment data is as of September 2017; unemployment rate data reflects the average of 12 months of 2017. Collier County Area Analysis 9 Naples Sandpiper Bay Club Preserve 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 has greater concentrations than Florida in the following employment sectors: 1. Leisure and Hospitality, representing 17.9% of Collier County payroll employment compared to 13.8% for Florida as a whole. This sector includes employment in hotels, restaurants, recreation facilities, and arts and cultural institutions. 2. Education and Health Services, representing 15.6% of Collier County payroll employment compared to 15.0% for Florida as a whole. This sector includes employment in public and private schools, colleges, hospitals, and social service agencies. 3. Construction, representing 10.0% of Collier County payroll employment compared to 5.8% for Florida as a whole. This sector includes construction of buildings, roads, and utility systems. 4. Other Services, representing 3.9% 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 Employment Sectors - 2017 19.1% 17.9% 15.6% 11.4% 10.6% 10.0% 6.1% 3.9% 2.8% 1.5% 1.0% 20.4% 13.8% 15.0% 15.6% 12.9% 5.8% 6.7% 3.2% 4.3% 0.7% 1.6% 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 Manufacturing Natural Resources & Mining Information Collier County Florida Source: Bureau of Labor Statistics and Economy.com Collier County Area Analysis 10 Naples Sandpiper Bay Club Preserve categories, such as private households, churches, and laundry and dry cleaning establishments. Collier County is underrepresented in the following sectors: 1. Trade; Transportation; and Utilities, representing 19.1% of Collier County payroll employment compared to 20.4% for Florida as a whole. This sector includes jobs in retail trade, wholesale trade, trucking, warehousing, and electric, gas, and water utilities. 2. Professional and Business Services, representing 11.4% of Collier County payroll employment compared to 15.6% for Florida as a whole. This sector includes legal, accounting, and engineering firms, as well as management of holding companies. 3. Government, representing 10.6% of Collier County payroll employment compared to 12.9% for Florida as a whole. This sector includes employment in local, state, and federal government agencies. 4. Financial Activities, representing 6.1% of Collier County payroll employment compared to 6.7% for Florida as a whole. Banking, insurance, and investment firms are included in this sector, as are real estate owners, managers, and brokers. 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 somewhat higher in the Naples MSA than the United States overall during the past eight years. The Naples MSA has grown at a 2.6% average annual rate while the United States has grown at a 1.9% rate. As the national economy Name Number of Employees 1 Collier County Public Schools 7,041 2 NCH Naples Hospital 7,000 3 Publix Supermarkets 6,968 4 Walmart Supercenter 3,792 5 USPS 1,992 6 Home Depot 1,920 7 Collier County Administration 1,600 8 Arthrex 1,400 9 Lowe's Home Improvement 1,100 10 Ritz Carlton 1,100 Major Employers - Collier County Source: SWFL Economic Development Alliance Collier County Area Analysis 11 Naples Sandpiper Bay Club Preserve improves, the Naples MSA has recently underperformed the United States. GDP for the Naples MSA rose by 1.1% in 2016 while the United States GDP rose by 1.5%. The Naples MSA has a per capita GDP of $41,292, which is 19% less than the United States GDP of $50,708. This means that Naples MSA industries and employers are adding relatively less value to the economy than their counterparts in the United States overall. Household Income Collier County is more affluent than Florida. Median household income for Collier County is $67,626, which is 27.3% 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, 45% of Collier County households are at the $75,000 or greater levels in household income as compared to 35% of Florida households. A lesser concentration of households is apparent in the lower income levels, as 23% of Collier County households are below the $35,000 level in household income versus 33% of Florida households. Gross Domestic Product Year ($ Mil) Naples MSA % Change ($ Mil) United States % Change 2009 12,583 14,320,114 2010 12,765 1.4% 14,628,165 2.2% 2011 12,692 -0.6% 14,833,679 1.4% 2012 12,925 1.8% 15,126,281 2.0% 2013 13,051 1.0% 15,348,034 1.5% 2014 13,974 7.1% 15,717,536 2.4% 2015 14,913 6.7% 16,148,378 2.7% 2016 15,077 1.1% 16,385,170 1.5% Compound % Chg (2009-2016) 2.6% 1.9% GDP Per Capita 2016 $41,292 $50,708 Source: Bureau of Economic Analysis and Economy.com; data released September 2016. The release of state and local GDP data has a longer lag time than national data. The data represents inflation-adjusted "real" GDP stated in 2009 dollars. Median Collier County $67,626 Florida $53,114 Comparison of Collier County to Florida + 27.3% Source: Environics Analytics Median Household Income - 2018 Collier County Area Analysis 12 Naples Sandpiper Bay Club Preserve Education and Age Residents of Collier County have a higher level of educational attainment than those of Florida. An estimated 35% of Collier County residents are college graduates with four-year degrees, versus 28% of Florida residents. People in Collier County are older than their Florida counterparts. The median age for Collier County is 50 years, while the median age for Florida is 42 years. Household Income Distribution - 2018 11.6% 10.7% 10.6% 14.4% 18.0% 11.6% 7.9% 4.9% 4.6% 2.2% 2.3% 1.1% 6.7% 7.9% 8.5% 13.2% 18.6% 12.6% 8.9% 6.0% 6.3% 3.3% 4.6% 3.4% 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: Environics Analytics Collier County Area Analysis 13 Naples Sandpiper Bay Club Preserve 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 decrease in growth, with seasonally-adjusted regional taxable sales down 3% in August 2018 compared to August 2017. Seasonally-adjusted tourist tax revenues decreased 2% in Collier County in August 2018 compared to July 2018 but increased 27% from August 2017. Lee County decreased 16% in August 2018 compared to July 2018 and Charlotte County decreased 2% in August 2018 from July 2018. Airport passenger activity is the sum of arrivals and departures for Southwest Florida International (RSW), Sarasota Bradenton International (SRQ), and Punta Gorda (PGD) airports. Southwest Florida International Airport increased 4% in August 2018 over August 2017. Punta Gorda increased 26% in August 2018 over August 2017. Data for Sarasota Bradenton International for August 2018 was not available. In addition, the area continues to experience a slight increase in job growth. Lee County’s seasonally-adjusted unemployment rate dropped to 2.8% in September 2018, a decrease from 3.4% in August 2018. Collier County’s unemployment rate dropped to 3.0% in September 2018, down 0.6 points from August 2018. The seasonally-adjusted unemployment rate in Charlotte County fell to 3.4% in September 2018, down from 4.1% in August 2018. These trends are likely to continue in the near-term due to a growing population base and increasing job opportunities. Surrounding Area Analysis 14 Naples Sandpiper Bay Club Preserve Surrounding Area Analysis Location The property is located at the southeast corner of Sandpiper Street and Marlin Drive within the East Naples submarket of Collier County. These parcels are adjacent to the Royal Harbor community and the City of Naples/Unincorporated County boundary. The west side of the property faces Sandpiper Street and the north side faces Marlin Street. Sandpiper Bay Club Condominium is to the east and the Haldeman Creek an intertidal waterway that is connected to the Naples Bay is to the south. Access and Linkages The subject property is located just south of Tamiami Trail E (US 41), and primary access is provided by this arterial. Tamiami Trail is a major six-lane arterial in the surrounding area. It provides access throughout the Naples area and continues to Fort Myers, north of the subject property. It also swings to an east / west direction, south of the subject property which provides access to Miami. Public transportation is provided by the Collier Area Transit (CAT) in Collier County and provides access to the developed areas of Collier County. According to the Collier Area Transit website, the closest CAT route passes the subject property along Collier Boulevard at the intersection of Green Boulevard. Surrounding Area Analysis 15 Naples Sandpiper Bay Club Preserve The Naples Airport is located just north of the subject and travel time is about 5-10 minutes, depending on traffic conditions. The Southwest Florida International Airport (RSW) is located about 35 miles north of the subject property by way of Interstate 75. Downtown Naples or 5th Avenue South, the cultural and economic center of the area, is located less than 2 miles northwest of the subject property and travel time is about 5 minutes, depending on traffic conditions. Demand Generators Major employers in Collier County include the Naples Community Hospital (NCH) Healthcare System, Collier County Sheriff’s Office, Collier County Government Center and the Collier County Public Schools. The Collier County Government Center is located approximately 1 miles east of the subject property at the intersection of Airport Road and Tamiami Trail East. The center has 14 buildings containing different government offices ranging from the Tax Collector’s Office to the Sheriff’s Administration and Jail facility. The other named major employers are in numerous locations throughout Collier County including locations within a five-mile radius of the subject property. Developmental Activity and Trends Properties currently under construction within a 3-mile radius of the subject property are summarized below. A 26,000-square foot mixed use retail/office building is under construction along the west side of 9th Street South, just south of 5th Avenue South. Property will consist of 7 total units. Construction is expected to be complete by year-end 2018. Phase II of Naples Square is currently under construction along the NEC of 10 th Street South and 3rd Avenue South. Phase II will contain 227 condominium units. Construction is expected to be complete in January of 2019. Ankrolab Brewing Company, a 6,000-square foot restaurant building, is under construction along Bayshore Drive. Construction is expected to be complete in January of 2019. Springs at Hammock Cove, a 340-unit apartment complex, is under construction along Thomasson Drive. This property will feature 14, 2-story buildings and have a total of 340,000- square feet of living area. Units will be a mix of studios, one, two and three-bedroom apartment homes. Construction is expected to be complete in March of 2019. A 26,400-square feet retail/residential building is under construction along 12 th Avenue. Construction is expected to be complete in March of 2019. The Collective, a 50,000-square foot retail/restaurant building is under construction at the SEC of 1st Avenue South and 10th Street South. This multi-tenant building is expected to be complete in April of 2019. A 20,000-square foot police station/fire station building is under construction at the NEC of 8 th Avenue South and 8th Street S, adjacent to Cambier Park in downtown Naples. Construction is expected to be complete in May of 2019. Surrounding Area Analysis 16 Naples Sandpiper Bay Club Preserve Lock Up Naples, a 100,000-square foot self-storage facility, is under construction along Tamiami Trail East. Construction is expected to be complete in June of 2019. A 4-story hotel containing a total of 100,000-square feet of space, is under construction along Tamiami Trail East. Construction is expected to be complete in June of 2019. A multi-tenant retail/office building totaling 5,100-square foot of space is under construction along Central Avenue. Construction is expected to be complete in July of 2019. 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 3-mile radius of the subject is 36,660, and the average household size is 2.1. 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 3-mile radius is projected to grow at a slower rate. Median household income is $56,916, which is lower than the household income for Collier County. Residents within a 3-mile radius have a similar level of educational attainment to those of Collier County, while median owner-occupied home values are considerably lower. Land Use In the area surrounding the subject, predominant land uses are residential with a mix of commercial and retail along major thoroughfares such as Tamiami Trail East, Davis Boulevard and 5 th Avenue South. Other characteristics are summarized below: Surrounding Area Demographics 2018 Estimates 1-Mile Radius 3-Mile Radius 5-Mile Radius Collier County Florida Population 2010 5,548 35,025 78,559 321,520 18,801,310 Population 2018 5,932 36,660 85,500 374,242 21,107,181 Population 2023 6,228 38,165 90,377 403,981 22,528,389 Compound % Change 2010-2018 0.8% 0.6% 1.1% 1.9% 1.5% Compound % Change 2018-2023 1.0% 0.8% 1.1% 1.5% 1.3% Households 2010 2,744 16,047 35,453 133,179 7,420,802 Households 2018 2,952 17,250 39,305 155,811 8,314,234 Households 2023 3,106 18,163 41,863 168,550 8,876,878 Compound % Change 2010-2018 0.9% 0.9% 1.3% 2.0% 1.4% Compound % Change 2018-2023 1.0% 1.0% 1.3% 1.6% 1.3% Median Household Income 2018 $65,096 $56,916 $57,788 $67,626 $53,114 Average Household Size 2.0 2.1 2.1 2.4 2.5 College Graduate % 40% 33% 33% 35% 28% Median Age 59 55 55 50 42 Owner Occupied % 70% 68% 71% 72% 67% Renter Occupied % 30% 32% 29% 28% 33% Median Owner Occupied Housing Value $531,729 $279,428 $289,076 $347,499 $195,073 Median Year Structure Built 1985 1984 1987 1994 1987 Avg. Travel Time to Work in Min. 21 23 23 27 29 Source: Environics Analytics Surrounding Area Analysis 17 Naples Sandpiper Bay Club Preserve Surrounding Area Land Uses Character of Area Suburban Predominant Age of Improvements New to 30 years Predominant Quality and Condition Above Average Approximate Percent Developed 95% Infrastructure/Planning Above Average Predominant Location of Undeveloped Land East and North Prevailing Direction of Growth East and North Subject’s Immediate Surroundings North Single-Family Residential South Haldeman Creek East Sandpiper Bay Club West Single Family Residential Outlook and Conclusions Over the last two to three years, Collier County has 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. We expect growth in the area to continue due to the availability of land and the proximity to employment centers and demand generators. Land Description and Analysis 18 Naples Sandpiper Bay Club Preserve Land Description and Analysis The subject is south of US-41 in an area known as Royal Harbor a residential area of Naples, FL. The entire site is within a Jurisdictional Wetland, is a functioning Mangrove Swamp (forest) and was a part of the Naples Sandpiper Bay Club development and identified as lands that would not be developed on the Site Development Plan (petition STD-86-2C) for the project. Land Area The following table summarizes the subject’s land area. Land Area Summary Tax ID SF Acres 00388160002 777,546 17.85 00394840002 462,172 10.61 Total 1,239,718 28.46 Source: Public Records Shape and Dimensions The site is irregular in shape, with varying dimensions. Site utility based on shape and dimensions is below average. Topography The site slopes from approximately 3 feet below road grade to approximately 5 feet below grade from north to south. It is densely populated with a functioning Mangrove Swamp (forest). Flood Hazard Status The following table provides flood hazard information. `Flood Hazard Status Community Panel Number 12021C0394H Date May 16, 2012 Zone AE Description Within 100-year floodplain Insurance Required?Yes FEMA Zone AE: Special flood hazard areas subject to inundation by the 100-year flood determined in a Flood Insurance Study by detailed methods. Base flood elevations are shown within these zones. Mandatory flood insurance purchase requirements apply. Per the Collier County Zoning Department Coastal High Hazard Area (CHHA) Land Description and Analysis 19 Naples Sandpiper Bay Club Preserve Environmental Hazards An environmental assessment report was not provided for review, and during our inspection, we did not observe any obvious signs of contamination on or near the subject. However, environmental issues are beyond our scope of expertise. It is assumed that the property is not adversely affected by environmental hazards. Wetlands The National Wetlands Inventory classifies this property as an intertidal wetland property within an estuarine system. Classification code: E2FO3N System Estuarine(E): The Estuarine System consists of deepwater tidal habitats and adjacent tidal wetlands that are usually semi-enclosed by land but have open, partly obstructed, or sporadic access to the open ocean, and in which ocean water is at least occasionally diluted by freshwater runoff from the land. The salinity may be periodically increased above that of the open ocean by evaporation. Along some low-energy coastlines, there is appreciable dilution of sea water. Offshore areas with typical estuarine plants and animals, such as red mangroves (Rhizophora mangle) and eastern oysters (Crassostrea virginica), are also included in the Estuarine System. Subsystem Intertidal (2): The substrate in these habitats is flooded and exposed by tides; includes the associated splash zone. Class Forested (FO): Characterized by woody vegetation that is 6 m tall or taller. Subclass Broad-Leaved Evergreen (3) :Woody angiosperms (trees or shrubs) with relatively wide, flat leaves that generally remain green and are usually persistent for a year or more; e.g. red mangrove (Rhizophora mangle). Land Description and Analysis 20 Naples Sandpiper Bay Club Preserve Water Regime Regularly Flooded (N): Tides alternately flood and expose the substrate at least once daily. Environmental Site Assessment The client provided a site assessment prepared by Turrell, Hall & Associates dated August 2015. The assessment did not include a Phase I Environmental report. Per the assessment the subject is comprised of one vegetative community which was identified as a mangrove swamp (forest). Mangroves are salt tolerant trees in tidal areas of the tropics and are legally protected by the 1996 Mangrove Trimming and Protection Act Sections 403.9321403.9333, Florida Statutes (F.S.), for their ecological value and function, such as: Provided habitat for terrestrial, marine and avian wildlife Protecting coastal area from storm surges and coastal erosion Improving water quality by acting as a natural filter for land-based freshwater run off Forming the basis for a highly productive estuarine food chain which includes many commercially valuable species Enhancing the atmosphere by absorbing carbon dioxide and reducing greenhouse gases This site is composed of all three species of mangroves present in south Florida including red mangroves (Rltizophora ruangle), black mangrove (Avicerutia geruinans), and white mangroves (Laguncularia racemose). Soils Per the Turrell assessment the soils on this property are mapped as Durbin and Wulfert mucks and Basinger fine sand. According to National Resource Conservation Service, these are both hydric soils. Jurisdictional Wetlands The wetlands definition in Chapter 62-340(19), F.A.C. states that Florida wetlands are those areas "inundated or saturated by surface water or ground water at a frequency and duration sufficient to support, and under normal circumstances do support, a prevalence of vegetation typically adapted for life in saturated soils". Per the assessment the vast majority of the property contained wetland vegetation, hydric soils, and hydrologic indicators. The hydrologic indicators were morphological plant adaptations in the form of pneumatophores and prop roots. Development (excavation or filling) on any portion of the site would result in an impact of the wetlands and require permits from the U.S. Army Corp of Engineers (USACE) and either the Florida Department of Environmental Protection (FDEP) or the South Florida Water Management District (SFWN{D). The relative quality of the site will influence the ability to obtain the required permits and the amount of mitigation required to offset the proposed impacts. Land Description and Analysis 21 Naples Sandpiper Bay Club Preserve Assessment Conclusion The assessment concludes development of the subject would result in impacts to jurisdictional wetlands. Permits from the USACE, FDEP and/or the SFWMD will be required for any development activities (excavation or filling), and mitigation will be required to off-set the proposed impacts. The wetlands on-site are of high value and would require mitigation at a very high rate to off-set any proposed impacts. The USACE prefers purchase of credits from a mitigation bank over on-site mitigation activities to guarantee the long-term viability of mitigation. Southern Collier County does not have an approved saltwater mitigation bank at this time so permit approvals from the USACE is not guaranteed. Streets, Access and Frontage Details pertaining to street access and frontage are provided in the following table. Streets, Access and Frontage Street Sandpiper Street Marlin Drive Frontage Feet 1,745 225 Paving Asphalt Asphalt Curbs None None Sidewalks None None Lanes 2 way, 1 lane each way 2 way, 1 lane each way Direction of Traffic North/South East/West Condition Average Average Traffic Levels Low Low Signals/Traffic Control None Stop sign Access/Curb Cuts None None Visibility Average Average Utilities The availability of utilities to the subject is summarized in the following table. Utilities Service Provider Water Municipal providers Sewer Municipal providers Electricity Florida Power and Light Local Phone Multiple carriers Land Use Regulations Zoning, growth management and conservation overlays will affect the value of a parcel. This parcel is zoned RMF-6 (Residential Multi-family – up to 6 units per acre). It is also within a Special Treatment (ST) Overlay and is marine wetlands. Land Description and Analysis 22 Naples Sandpiper Bay Club Preserve The subject parcels are part of the Naples Sandpiper Bay Condo development. The Naples Sandpiper Condo site development plan (SDP) was approved in 1986. The Naples Sandpiper Bay Condo development total 40 acres. In 1986 and today, the property could have been developed at a density of six units per acre. That would provide 240 units. As shown on the SDP, the calculations confirm this and further note the units were applied to the 13.9 acres of uplands, outside the DEP Jurisdictional Lines. So, even though all 40 acres are not built on, the only density the developer had by right was 240 units, of which 234 units have been developed on the uplands. Per a zoning verification letter provided by the client (ZLTR-PL20160003365), six units could be developed on the subject properties. Easements, Encroachments and Restrictions We were not provided a current title report to review. We are not aware of any easements, encroachments, or restrictions that would adversely affect value. Our valuation assumes no adverse impacts from easements, encroachments, or restrictions, and further assumes that the subject has clear and marketable title. Conclusion of Site Analysis Per the assessment noted previously, the subject is comprised of a mangrove swamp. Considering the subject’s characteristics summarized previously, the subject has limited utility. Development of the site is significantly restricted. We were not provided an engineering report for the subject property. We reserve the right to re address our value conclusion upon receipt of an Engineering report. Land Description and Analysis 23 Naples Sandpiper Bay Club Preserve NWC of subject (Photo Taken on December 21, 2018) Northerly view along Sandpiper Street (Photo Taken on December 21, 2018) Southern boundary (Haldeman Creek) (Photo Taken on December 21, 2018) Easterly view along Marlin Drive (Photo Taken on December 21, 2018) View of center portion of subject from Marlin Drive (Photo Taken on December 21, 2018) View of center portion of subject from Sandpiper Street (Photo Taken on December 21, 2018) Land Description and Analysis 24 Naples Sandpiper Bay Club Preserve Site Development Plan – Sandpiper Condo Density Calculations Land Description and Analysis 25 Naples Sandpiper Bay Club Preserve Aerial Map Land Description and Analysis 26 Naples Sandpiper Bay Club Preserve Flood Map Subject Land Description and Analysis 27 Naples Sandpiper Bay Club Preserve Zoning Map Land Description and Analysis 28 Naples Sandpiper Bay Club Preserve Future Land Use Map Subject Real Estate Taxes 29 Naples Sandpiper Bay Club Preserve Real Estate Taxes Real estate tax assessments are administered by Collier County and are estimated by jurisdiction on a countywide basis. Real estate taxes in this state and this jurisdiction represent ad valorem taxes, meaning a tax applied in proportion to value. The real estate taxes for an individual property may be determined by dividing the assessed value by 1,000 and then multiplying the estimate by a composite rate. The composite rate is based on a consistent tax rate throughout the state in addition to one or more local taxing district rates. The assessed values are based upon the current conversion assessment of the Collier County Property Appraiser’s market value. State law requires that all real property be re-valued each year. The millage rate is generally finalized in October of each year, and tax bills are generally received in late October or early November. The gross taxes are due by March 31st of the following year. If the taxes are paid prior to November 30th, the State of Florida allows a 4% discount for early payment. The discount then becomes 3% if paid by December 31st, 2% if paid by January 31st, and 1% if paid by February 28th. After March 31st, the taxes are subject to late penalties and interest. Real estate taxes and assessments for the current tax year are shown in the following table. Taxes and Assessments - 2018 Assessed Value Taxes and Assessments Tax ID Land Improvements Total Tax Rate Ad Valorem Taxes Direct Assessments Total 00388160002 $893 $0 $893 1.237402%$11 $0 $11 00394840002 $531 $0 $531 1.237402%$7 $0 $7 $1,424 $0 $1,424 $18 $0 $18 Based on the concluded market value of the subject, the assessed value appears low. Highest and Best Use 30 Naples Sandpiper Bay Club Preserve 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 vacant, and as improved. 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 Vacant Physically Possible Per the assessment noted previously, the subject is comprised of a mangrove swamp. Considering the subject’s characteristics summarized previously, the subject has limited utility. Development of the site is significantly restricted. Legally Permissible The site is zoned RMF-6 with a ST (Special Treatment) Overlay. While the RMF-6 permits single and multi-family development the ST Overlay district classification will be used for those lands of environmental sensitivity where the essential ecological value of the land is not adequately protected under the basic zoning district regulations. The purpose of the "ST" district is to assure the preservation and maintenance of these environmental resources and to encourage the preservation of the intricate ecological relationships within the systems, and at the same time, permit those types of development which will hold changes to levels determined acceptable by the Board of County Commissioners after public hearing The subject parcels are part of the Naples Sandpiper Bay Condo development. The Naples Sandpiper Condo site development plan (SDP) was approved in 1986. The Naples Sandpiper Bay Condo development total 40 acres. In 1986 and today, the property could have been developed at a density of six units per acre. That would provide 240 units. As shown on the SDP, the calculations confirm this and further note the units were applied to the 13.9 acres of uplands, outside the DEP Jurisdictional Lines. So, even though all 40 acres are not built on, the only density the developer had by right was 240 units, of which 234 units have been developed on the uplands. Per a zoning verification letter provided by the client (ZLTR-PL20160003365), six units could be developed on the subject properties. The subject’s future land use designation is Mangrove Swamp. Given prevailing land use patterns in the area, only conservation use OR residential use is given further consideration in determining highest and best use of the site, as though vacant. Highest and Best Use 31 Naples Sandpiper Bay Club Preserve Financially Feasible As discussed above, there is a contract on the subject properties. However, the buyer has not executed the contract. An offer/counter offer was due on October 12, 2018. The buyer did not deliver an executed contract. Per the seller, the buyer still wants to purchase the property; however, no timeline was provided. The buyer intends to develop the subject properties with six units. Per zoning, the subject parcels can be developed with six units. Based on our analysis below the development of the subject for residential use is not financially feasible. The average single-family lot in the immediate area is 0.30 to 0.50 acres. Approximately two to three acres are necessary to support the development of six units. Typical roadways, drainage systems and other common area site improvements are typically 20% to 30% of the area need to support the development of six units. An estimated four acres would be necessary to support six units. We have utilized four acres is this analysis. Based on the Turrell assessment, mitigation cost would be $100,000 per acre. This results in mitigation costs of $400,000. As previously discussed the subject is a mangrove forest and is significantly below road grade. The subject is a mangrove forest and a jurisdictional wetland. Any potential development would require significant amounts of fill. The site slopes from +/- 3 feet below grade to +/- 5 feet below grade from north to south. Based on in-house cost data, fill costs are approximately $10.00 to $12.00 per cubic yard. Assuming the entire site is 5 feet below grade, there is a total of +/-32,200 cubic yards. The fill costs are estimated to be $322,000 or $53,667 per unit. The total cost of mitigation and fill is $722,000 or $120,333 per unit. This does not include any other site development costs, permitting, etc. The median home price in the area is +/-$600,000. Based on in-house data, raw land allocations are 3.0% to 7.0% of the retail home value. This means that a developers cost of land should be 3% to 7% of the projected home value. Based on a median home price of $600,000 and an allocation of 7.0%, raw land allocation, i.e. the most a developer would pay for developable land is $42,000 per unit. Per the sales grid below, recent sales of land for small in-fill communities has ranged from $13,889 to $17,813 per unit. Highest and Best Use 32 Naples Sandpiper Bay Club Preserve Therefore, IF it were developable (ie mitigated and filled), the land would be worth between $13,000 (based on sales comparison) and $42,000 per unit (based on the allocation) for the six units, or at most $252,000 for the six units. This is lower than our concluded value as conservation land. AS discussed above the property would require $722,000 in mitigation and fill costs to make the land developable. A such development of the site is not feasible. Our analysis is on the following page. Land Sales Adjustment Grid Comparable 1 Comparable 2 Comparable 3 Comparable 4 Name Cirrus Pointe Land New Hope Ministries Residential Tract Bucks Run Land Richmond Park Address 2983 Thomasson Dr. Davis Blvd. Bucks Run Dr. 2035 Richmond Park Ln. City Naples Naples Naples Naples County Collier Collier Collier Collier State FL FL FL FL Sale Date Apr-18 Jan-17 Jul-16 May-16 Sale Status Closed Closed Closed Closed Sale Price $1,500,000 $5,168,000 $1,050,000 $1,600,000 Square Feet 432,115 821,542 321,473 709,157 Acres 9.92 18.86 7.38 16.28 Number of Units 108 319 56 104 Units Per Acre 11 17 8 6 Zoned Units 108 319 56 104 $13,889 $16,201 $18,750 $15,385 Average Indicated Value Range of Adjusted Prices Price per Unit $13,889 - $17,813 $15,629 $17,250 Highest and Best Use 33 Naples Sandpiper Bay Club Preserve Feasibility Analysis Est. Maximum Lot Size (AC)0.50 x Units 6.00 = Total Lot Area (AC)3.00 + Common Area Improvements Land Area (AC) 0.90 30.00% = Necessary Land Area to Support Six Units 3.90 Rounded 4.00 Costs $/AC Cost Mitigation Costs $100,000 $400,000 Total Mitigation Costs $400,000 Fill Costs $/Cubic Yards Cost Required Fill (Cubic Yards)32,200 $/Cubic Yard $10 Total Fill Costs $322,000 Total Costs $722,000 Costs Per Acre $180,500 Costs Per Unit $120,333 Median Home Price $600,000 x Raw Land Allocation 7.00% = Raw Land Allocation Per Unit $42,000 x 6.00 = Total $252,000 Based on our analysis residential development is not feasible. Based on our analysis of the market, there is currently adequate demand for conservation use in the subject’s area. It appears a conservation use on the site would have a value commensurate with its cost. Therefore, conservation use is 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 conservation use. Accordingly, it is our opinion that conservation use is the maximally productive use of the property. Highest and Best Use 34 Naples Sandpiper Bay Club Preserve Conclusion Use of the site for conservation use 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 vacant. As Improved No improvements are situated on the subject. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Taking into account the functional utility of the site, the most likely buyer is a private or public agencies/group dedicated to environmental and conservation land management. Valuation Methodology 35 Naples Sandpiper Bay Club Preserve 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 Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized Sales Comparison Approach 36 Naples Sandpiper Bay Club Preserve Sales Comparison Approach 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. This approach develops an indication of value by researching, verifying, and analyzing sales of comparable properties. The subject is mangrove forest and jurisdictional wetland. As such our search focused on transactions involving environmental properties. For this analysis, we 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. Summary of Comparable Land Sales No.Name/Address Sale Date; Status Sale Price SF; Acres Zoning $/SF Land $/Acre 1 Coral Creek Penisula Jun-18 $430,000 2,439,360 $0.18 $7,679 N/A Closed 56.00 Charlotte County 2 27101 Hickory Blvd Jun-14 $350,000 4,231,854 $0.08 $3,603 Bonita Springs Closed 97.15 Lee County 3 27591 Hickory Blvd Jan-13 $80,000 443,876 $0.18 $7,851 27351 Hickory Blvd. Closed 10.19 Bonita Springs Lee County 4 27351 Hickory Blvd Jan-12 $300,000 1,624,352 $0.18 $8,045 Bonita Springs Closed 37.29 Lee County Subject 1,239,718 Naples Sandpiper Bay Club Preserve 28.46 Naples, FL Comments: The Florida Department of Environmental Protection announces the permanent protection of the 55.7-acre Coral Creek Peninsula as an addition to the Charlotte Harbor Preserve State Park (CHPSP). The peninsula is strategically located at the convergence of East and West Coral Creeks near the town of Placida in Charlotte County, Florida. These freshwater creeks flow into Gasparilla Sound and Aquatic Preserve and thereby the Charlotte Harbor, all state-designated as Florida Outstanding Waters. The Coral Creek Peninsula parcel contains natural wetlands and pine forests that are in good, natural, condition, with elevations of 9-10 feet above sea level. The peninsula has over a mile of creek frontage along designated Charlotte County blueway trails. The shoreline is surrounded by high-quality, unaltered mangrove forests and salt marshes. Comments: RYD International LLC purchased 97.15 acres of mangroves for $350,000 or approximately $3,602.68 per acre on June 11, 2014. The seller was Bonita Bay Properties Inc. The property consists of two adjacent parcels. The first parcel is 38.84 acres with approximately 1,200 frontage feet along Hickory Boulevard and is zoned RS-1, Residential. The second parcel is 58.31 acres with approximately 400 frontage feet along McLaughlin Boulevard and is zoned AG-2, Agricultural. The property is part of Little Hickory Island in Bonita Springs. According to the Lee County Appraiser website the current use for the property is mangroves. The future land use is Resource Protection. Comments: Carol and Don Wang purchased 10.19 acres of mangroves for $80,000 or approximately $7,850.83 per acre on January 31, 2013. The parcel has 50 frontage feet along Hickory Boulevard a small strip of land along Hickory View Drive. Zoned AG-2, Agricultural. The property is part of Little Hickory Island in Bonita Springs. According to the Lee County Appraiser website the current use for the property is mangroves. The future land use is Resource Protection. The purchaser previously bought the 37.29 acres of resource protection land just north for $300,000 or $8,045 per acre on January 4, 2012. Comments: Carol and Don Wang purchased 37.29 acres of mangroves for $300,000 or approximately $8,045.05 per acre on January 4, 2012. The parcel has roughly 1,250 frontage feet along Hickory Boulevard and is zoned AG-2, Agricultural. The property is part of Little Hickory Island in Bonita Springs. According to the Lee County Appraiser website the current use for the property is Resource Protection, Wetlands, Preserve, and Cypress Head. The future land use is Resource Protection. Residential MF Agricultural Agricultural Agricultural & Residential Residential Multifamily Sales Comparison Approach 37 Naples Sandpiper Bay Club Preserve Comparable Land Sales Map Sales Comparison Approach 38 Naples Sandpiper Bay Club Preserve Sale 1 Coral Creek Penisula Sale 2 27101 Hickory Blvd Sale 3 27591 Hickory Blvd Sale 4 27351 Hickory Blvd Sales Comparison Approach 39 Naples Sandpiper Bay Club Preserve Analysis and Adjustment of Sales 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 was applied. Real Property Rights Fee simple, leased fee, leasehold, partial interest, etc. No adjustment was applied. Financing Terms Seller financing, or assumption of existing financing, at non-market terms. No adjustment was applied. Conditions of Sale Extraordinary motivation of buyer or seller, assemblage, forced sale. No adjustment was applied. Market Conditions Changes in the economic environment over time that affect the appreciation and depreciation of real estate. Real estate market fundamentals throughout SWFL have improved from the transaction dates through the effective date of value. Home sales and median sale prices have increased. Due to increased demand and improving conditions building permits increased. A 3.0% annual adjustment was applied. Location Market or submarket area influences on sale price; surrounding land use influences. Comparable 1 is in a tertiary area of Charlotte County. This area has inferior demographics. An upward adjustment was applied. Comparables 2, 3 and 4 are across the street from the Gulf of Mexico. The comparables are in a desirable area similar to the subject. No adjustment was applied. Access/Exposure Convenience to transportation facilities; ease of site access; visibility; traffic counts. Comparable 1 is further from major transportation networks as well as I- 75. An upward adjustment was applied. The remaining comparables have similar access to transportation networks. Sales Comparison Approach 40 Naples Sandpiper Bay Club Preserve Adjustment Factor Accounts For Comments Size Inverse relationship that often exists between parcel size and unit value. No adjustment was applied. Shape and Topography Primary physical factors that affect the utility of a site for its highest and best use. No adjustment was applied. Zoning Government regulations that affect the types and intensities of uses allowable on a site. No adjustment was applied. Entitlements Waterfrontage The specific level of governmental approvals attained pertaining to development of a site. The subject has frontage along Haldeman Creek. No adjustment was applied. No adjustment was applied. Each of the comparables have water frontage. Sales Comparison Approach 41 Naples Sandpiper Bay Club Preserve The following table summarizes the adjustments we make to each sale. Land Sales Adjustment Grid Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Name Naples Sandpiper Bay Club Preserve Coral Creek Penisula 27101 Hickory Blvd 27591 Hickory Blvd 27351 Hickory Blvd Address SEC Sandpiper Street and Marlin Drive N/A 27101 Hickory Blvd. 27351 Hickory Blvd. 27351 Hickory Blvd. City Naples Placida Bonita Springs Bonita Springs Bonita Springs County Collier Charlotte Lee Lee Lee State Florida FL FL FL FL Sale Date Jun-18 Jun-14 Jan-13 Jan-12 Sale Status Closed Closed Closed Closed Sale Price $430,000 $350,000 $80,000 $300,000 Square Feet 1,239,718 2,439,360 4,231,854 443,876 1,624,352 Acres 28.46 56.00 97.15 10.19 37.29 $7,679 $3,603 $7,851 $8,045 Fee Simple Fee Simple Fee Simple Fee Simple – – – – Cash to seller Cash to seller Cash to seller Cash to seller – – – – – – – – Market Conditions 12/21/2018 Jun-18 Jun-14 Jan-13 Jan-12 Annual % Adjustment 3% 1% 14% 18% 21% $7,755 $4,107 $9,264 $9,735 15% – – – 5% – – – – – – – – – – – – – – – – – – – – – – – Net $ Adjustment $1,551 $0 $0 $0 Net % Adjustment 20%0%0%0% Final Adjusted Price $9,306 $4,107 $9,264 $9,735 Overall Adjustment 21%14%18%21% Average Indicated Value Location Shape and Topography Waterfrontage Range of Adjusted Prices Access/Exposure Size Price per Acre Property Rights Financing Terms Conditions of Sale Cumulative Adjusted Price % Adjustment % Adjustment % Adjustment Zoning Entitlements $4,107 - $9,735 $8,103 $9,700 Sales Comparison Approach 42 Naples Sandpiper Bay Club Preserve Land Value Conclusion After adjustment, the range is $4,107 - $9,735 per acre, with an average of $8,103 per acre. If comparable 2 is removed from the analysis the range narrows to $9,264 to $9,735 per acre. Considering the subject’s location, a unit value on the high end of the range is applicable. Land Value Conclusion Indicated Value per Acre $9,700 Subject Acres 28.46 Indicated Value $276,062 Rounded $280,000 Reconciliation and Conclusion of Value 43 Naples Sandpiper Bay Club Preserve Reconciliation and Conclusion of Value As discussed previously, we 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, our value opinion follows: Value Conclusion Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value As Is Fee Simple December 21, 2018 $280,000 Extraordinary Assumptions and Hypothetical Conditions 1. Per Collier County Planning Commission Chairman Mark Strain, the site is developable with 6 residential units. 2. We were not provided an engineering report for the subject property. We reserve the right to re address our value conclusion upon receipt of an Engineering report. 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. Exposure Time Exposure time is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Based on the concluded market value state previously, it is our opinion that the probable exposure time is 12+ months. Marketing Period Marketing time is an estimate of the amount of time it might take to sell a property at the concluded market value immediately following the effective date of value. We estimate the subject’s marketing period at 12+ months. Exposure Time and Marketing Period Exposure Time (Months)12+ Marketing Period (Months) 12+ 12 12 12 This estimate considers the restrictions to development. The most likely buyer is limited. Certification 44 Naples Sandpiper Bay Club Preserve Certification We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We 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. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 8. Our 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. Carlton J. Lloyd, MAI has not made a personal inspection of the property that is the subject of this report. Anthony R. Sartori, MAI has personally inspected the subject. 12. No one provided significant real property appraisal assistance to the person(s) signing this certification. 13. We 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, Carlton J. Lloyd, MAI and Anthony R. Sartori, MAI have completed the continuing education program for Designated Members of the Appraisal Institute. Certification 45 Naples Sandpiper Bay Club Preserve Carlton J. Lloyd, MAI Senior Managing Director-Naples FL State-Certified General RE Appraiser RZ#2618 Telephone: 239-643-6888 Ext. 410 Email: clloyd@irr.com Anthony R. Sartori, MAI Associate Director FL State-Certified General RE Appraiser RZ#3511 Telephone: 239-643-6888 Ext. 433 Email: asartori@irr.com – – Certificate # – Assumptions and Limiting Conditions 46 Naples Sandpiper Bay Club Preserve 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 our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal Assumptions and Limiting Conditions 47 Naples Sandpiper Bay Club Preserve covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical, electrical, structural and other engineering and environmental matters. 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; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The values found herein are 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 Assumptions and Limiting Conditions 48 Naples Sandpiper Bay Club Preserve conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of the property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. We 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 cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property. Integra Realty Resources – Southwest Florida, Integra Realty Resources, Inc., Integra Strategic Ventures, Inc. and/or any of their respective officers, owners, managers, directors, agents, subcontractors or employees (the “Integra 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 we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The 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. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non- existent or minimal. 22. Integra Realty Resources – Southwest Florida is not a building or environmental inspector. Integra Southwest Florida 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 Integra Parties, arising out of, relating to, or in any way pertaining to this engagement, the Assumptions and Limiting Conditions 49 Naples Sandpiper Bay Club Preserve appraisal reports, and/or any other related work product, the Integra 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 Integra 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. Integra Realty Resources – Southwest Florida, 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 we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report or any other work product related to the engagement (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 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 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 Integra 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 we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we 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 our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. 28. The appraisal is also subject to the following: Assumptions and Limiting Conditions 50 Naples Sandpiper Bay Club Preserve Extraordinary Assumptions and Hypothetical Conditions 1. Per Collier County Planning Commission Chairman Mark Strain, the site is developable with 6 residential units. 2. We were not provided an engineering report for the subject property. We reserve the right to re address our value conclusion upon receipt of an Engineering report. 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. Addenda Naples Sandpiper Bay Club Preserve Addendum A Appraiser Qualifications Carlton J. Lloyd, MAI Southwest Florida Integra Realty Resources irr.com T 239.643.6888 F 239.643.6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Experience Senior Managing Director of Integra Realty Resources Southwest Florida Actively engaged in real estate valuation since 1995. Territories include Collier, Lee, Charlotte, Sarasota, Manatee, Broward, Palm Beach, Miami-Dade, Monroe, Desoto and Hendry Counties. Experienced in Residential Developments (PUDs & Condominiums), Multifamily apartments, Low Income Housing, (LIHTC), office buildings, restaurants, commercial retail centers, industrial warehouse properties, self storage, hotels, net leased properties and subdivisions. Specialty experience includes marina, golf courses and country clubs, and orange groves. Clients include, but are not limited to: federally insured lenders, developers, investors, law firms, mortgage banking firms, local, state, and federal agencies, and individuals. Valuations have been performed for condemnation purposes, estates, financing, equity participation and due diligence and litigation support. Valuations and market studies have been done on proposed, partially completed, renovated and existing structures. Professional Activities & Affiliations Appraisal Institute, Member (MAI) Appraisal Institute, Member (#406018), August 2008 Member: Urban Land Institute, January 2018 Licenses Florida, State Certified General RE Appraiser, RZ#2618, Expires November 2020 North Carolina, State Certified RE Appraiser, A8192, Expires June 2019 Education Carlton graduated with a Bachelor Of Arts Degree from the State University of N.Y. at Albany in 1989. Recent real estate courses include : Appraising Automobile Dealerships Sept 1, 2018 Managing Unusual Appraisal & Litigation Assignments 06/12/2018 Online Business Practices and Ethics 06/08/2018 7-Hour National USPAP Update Course 04/12/2018 Online Real Estate Finance Statistics and Valuation Modeling 06/15-07/15/2016 Reviewing Residential Appraisals and Using Fannie Mae Form 2000 06/01-07/01/2016 Residential Sales Comparison and Income Approach 08/15-09/29/2014 Feasibility, Market Value, Investment Timing: Option Value 08/15-09/14/2012 Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets 02/29-03/01/2012 The Appraiser as an Expert Witness: Preparation & Testimony 06/04-05/2009 Condemnation Appraising: Principles & Applications 05/06-08/2009 Online Small Hotel/Motel Valuation 11/01-12/01/2008 Online Analyzing Distressed Real Estate 10/15-11/14/2008 Online Condominiums, Co-ops and PUDs 10/15-11/14/2008 Online Appraising From Blueprints and Specifications 09/15-10/15/2006 clloyd@irr.com - 239.687.5801 Carlton J. Lloyd, MAI Southwest Florida Integra Realty Resources irr.com T 239.643.6888 F 239.643.6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Education (Cont'd) Online Analyzing Operating Expenses 08/15-09/14/2006 Online Small Hotel/Motel Valuation 08/15-09/14/2006 Report Writing and Valuation Analysis 07/11-17/2004 Advanced Applications 03/08-13/2004 Highest & Best Use and Market Analysis 10/06-11/2003 Advanced Sales Comparison & Cost Approaches 10/28-11/02/2002 Advanced Income Capitalization 02/07-13/2002 General Applications 03/19-25/2001 Standards of Professional Practice, Part B 08/30/2000 Standards of Professional Practice, Part A (USPAP) 08/28-29/2000 Basic Income Capitalization 08/15-21/1999 Qualified Before Courts & Administrative Bodies Qualified as an expert witness in U.S. Federal Bankruptcy Court, US District Court-Tampa, Collier County Circuit Court, Lee County Circuit Court and the Tax Appeals Board of Lee County Case History: IEC Rentals Bankruptcy US Bankruptcy Court, Middle District of Florida Case 9:15-bk-2491-FMD Howard Fertilizer & Chemical Company, Inc., A Florida Corporation V. Gulf Citrus Caretaking, Inc., in the Circuit Court Of The Ninth Judicial Circuit In And For Orange County, Florida Case No. 2009-CA-034084-O US. Bank National Association v. Salo & Barnes, Inc., et al. Circuit Court of the Twentieth Judicial Circuit In and For Lee County, Florida, Civil Division Case No. 10-CA-057019 Fedako, Catherine A. adv. Cassidy, John R. In The Circuit Court Of The Twelfth Judicial Circuit In And For Sarasota County, Florida Case No. 2012-DR-8138 PPDG, LLC V J. Dean, Templeton Case No. 2:13-cv-768-FtM-29UAM Gregory Montwill, v. Bank of America, N. A., United States District Court Case No. 13-02965-SDM-TGW, Ongoing Six Mile Preserve LLC v. Kenneth M. Wilkinson, as Property Appraiser, Property Tax Appeal Case No. 13-CA-000704 September 2014 First Berkshire Properties, LLC, v. Kenneth M. Wilkinson, as Property Appraiser, Property Tax Appeal Case No. 13-CA-000702 September 2014 Encore Bank v Implant, General & Cosmetic Dentistry Bankruptcy Case (8:12-bk-18834-MGW) June 2013 Bank Of America/Merrill Lynch V D'Agostino Bankruptcy Case (9:12-bk-06762 ) January 2013 Rookery Bay Business Park, LLC Bankruptcy Case (12-38298-LMI) May 2013 RP Bonita V Acaia, Pending Arbitration Hearing (Settled August 2013) Lake Lincoln, LLC V Manatee County Case 2012-CA3483 (ongoing) UPS Capital V Surety Title Corp, Collier County (09-4938 CA) Deficiency Hearing Synovous Bank V Belaj, Collier County (11-1460-CA) February 2012 Deficiency Hearing Bank of Naples v Palmyra Club Investors Collier County (09-7986-CA) August 2011 Deficiency Hearing BB&T Vs. Naples Plastering Collier County (10-2881-CA) Deficiency Hearing August 2011 BB&T Vs Rialto Holdings Lee County Deficiency Hearing February 2011 RBC Vs R&D Collier, Collier County Deficiency Hearing May 2011 Fiddlers Creek Bankruptcy Hearing Federal Bankruptcy Court Case 8:10-bk-03846-KRM clloyd@irr.com - 239.687.5801 Carlton J. Lloyd, MAI Southwest Florida Integra Realty Resources irr.com T 239.643.6888 F 239.643.6871 2770 Horseshoe Drive S Suite 3 Naples, FL 34104 Qualified Before Courts & Administrative Bodies (Cont'd) Multiple dates 2011 Moody River Estates, Lee County 20th Circuit Court Case 07-CA-88197. August 2010 BB&T vs Lee Wetherington Homes . Lee County 20th Circuit Court Case 07-CA-88197.June 2010 Eight Peaks Capital Vs Bald Eagle Group LLC Federal Bankruptcy Court Case 08-8902CA-01 April 2010 Bank Of Florida vs Bradford Square Collier County Uniform Case Number 112009CA0025920001XX April 2010 clloyd@irr.com - 239.687.5801 Integra Realty Resources Anthony R. Sartori, MAI 2770 Horseshoe Drive South Suite 3 Naples, FL 34104 T 239-643-6888 x433 F 239-643-6871 irr.com asartori@irr.com - 239-643-6888 x433 Experience Associate Director for Integra Realty Resources – Southwest Florida Actively engaged in real estate valuation since 2008. Experienced in the following commercial properties: office including single and multi-tenant; industrial including flex, warehouse, distribution, and light manufacturing; and retail including shopping centers, bank branches, car dealerships, and restaurants. Also experienced in multi-family residential including apartments, marinas, and vacant land. Clients include but are not limited to federally insured lenders, developers, investors, law firms, mortgage banking firms, local agencies, and individuals. Valuation and market studies have been performed on proposed and existing structures for financing, estates, and litigation support. Professional Affiliations Appraisal Institute, Member (MAI), June 2013 Licenses Florida State-Certified General Real Estate Appraiser RZ #3511, Expires 11/30/2020 Education Anthony graduated from University of Florida in 2005 earning a Bachelor of Science in Business Administration with a concentration in Finance, cum laude, with a minor in Entrepreneurship Successfully completed and passed the following Appraisal Institute Courses: Advanced Concepts and Case Studies; Advanced Market Analysis and Highest & Best Use; Advanced Income Capitalization; General Appraiser Sales Comparison Approach; Real Estate Finance, Statistics, and Valuation Modeling; General Appraiser Market Analysis and Highest and Best Use; General Appraiser Report Writing and Case Studies; General Appraiser Income Approach – Parts I and II; 7 Hour USPAP Update and Review Theory; Advanced Hotel Appraising – Full Service Hotels; Complex Land Solutions; Appraisal of Fast Food Facilities. JONATHAN ZACHEM, SECRETARYRICK SCOTT, GOVERNORSTATE OF FLORIDADEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATIONFLORIDA REAL ESTATE APPRAISAL BDTHE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THEPROVISIONS OF CHAPTER 475, FLORIDA STATUTESSARTORI, ANTHONY RYANDo not alter this document in any form.2770 HORSESHOE DRIVE S SUITE 3LICENSE NUMBER: RZ3511EXPIRATION DATE: NOVEMBER 30, 2020This is your license. It is unlawful for anyone other than the licensee to use this document.NAPLES FL 34104Always verify licenses online at MyFloridaLicense.com About IRR Integra Realty Resources, Inc. (IRR) provides world-class commercial real estate valuation, counseling, and advisory services. Routinely ranked among leading property valuation and consulting firms, we are now the largest independent firm in our industry in the United States, with local offices coast to coast and in the Caribbean. IRR offices are led by MAI-designated Senior Managing Directors, industry leaders who have over 25 years, on average, of commercial real estate experience in their local markets. This experience, coupled with our understanding of how national trends affect the local markets, empowers our clients with the unique knowledge, access, and historical perspective they need to make the most informed decisions. Many of the nation's top financial institutions, developers, corporations, law firms, and government agencies rely on our professional real estate opinions to best understand the value, use, and feasibility of real estate in their market. Local Expertise...Nationally! irr.com Addenda Naples Sandpiper Bay Club Preserve Addendum B Property Information $ 0 $ 0 $ 1,000 $ 1,350,000 $ 0 $ 0 $ 531 $ 0 $ 531 $ 531 $ 531 $ 531 Collier County Property AppraiserProperty Summary Parcel No 00394840002 Site Address Site City Site Zone *Note Name / Address HACK LIVING TRUST 3048 ROUND TABLE LN City NAPLES State FL Zip 34112 Map No. Strap No. SectionTownshipRange Acres *Estimated 5A14 000100 003 5A14 14 50 25 10.61 Legal 14 50 25 NW1/4 OF NW1/4 LYING N + W OF HALDEMAN CREEK, LESS W60FT 10.61 AC OR 970 PG 459 & OR 975 PG 674 OR 1212 PG OR 1212 PG 1793 Millage Area 280 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 99 - ACREAGE NOT ZONED AGRICULTURAL 5.049 7.3222 12.3712 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 06/06/16 5282-2035 03/19/02 3001-2697 03/20/01 2793-43 08/19/86 1212-1793 06/01/82 975-674 09/01/80 884-1546 2018 Certified Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (=) Assessed Value (=) School Taxable Value (=) Taxable Value If all Values shown above equal 0 this parcel was created after the Final Tax Roll Page 1 of 1 12/12/2018http://www.collierappraiser.com/main_search/RecordDetail.html?sid=112292840&ccpaver=1710181149&... Collier County Property AppraiserProperty Detail Parcel No 00394840002 Site Address Site City Site Zone *Note Name / Address HACK LIVING TRUST 3048 ROUND TABLE LN City NAPLES State FL Zip 34112 Permits Tax Yr Issuer Permit # CO Date Tmp CO Final Bldg Type Land # Calc Code Units 10 ACREAGE 10.61 Building/Extra Features # Year Built Description Area Adj Area Page 1 of 1 12/12/2018http://www.collierappraiser.com/main_search/RecordDetail.html?sid=112292840&ccpaver=1710181149&... Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code PleaseRetainthisportionfor yourrecords Exemptions Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray HACK LIVING TRUST 3048 ROUND TABLE LN NAPLES, FL 34112 HACK LIVING TRUST 3048 ROUND TABLE LN NAPLES, FL 34112 531 531 531 531 531 531 531 531 531 531531 $6.57 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 531 SCHOOL BOARD - STATE LAW 531 SCHOOL BOARD - LOCAL BOARD 531 UNINCORP GEN - MSTD 531 HALDEMAN CRK MAINT/DREDG MSTU 531 WATER MANAGEMENT FUND-SOUTH FL 531 BIG CYPRESS BASIN 1.5000 531 COLLIER MOSQUITO CONTROL 0.1775 531 GREATER NAPLES FIRE RESCUE DIS 0.1231 531 0.1209 531 1.0000 0.8069 2.2280 2.8210 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 280 280 $6.5712.3712 Paid By Receipt # 00394840002 00394840002 HACK LIVING TRUST 14 50 25 NW1/4 OF NW1/4 LYING N + W OF HALDEMAN CREEK, LESS W60FT 10.61 AC OR 970 PG 459 & OR 975 PG Continued (See Tax Roll) 14 50 25 NW1/4 OF NW1/4 LYING N + W OF HALDEMAN CREEK, LESS W60FT 10.61 AC OR 970 PG 459 & OR 975 PG Continued (See Tax Roll) 116-19-00169482 0 0 0 11/13/2018 If Paid By If Paid By 0 Nov 30, 2018 Nov 30, 2018 0 0 0 0 1.89 0 0.02 0 2018 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2018 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 1.50 $0.00 $0.00 1.18 0.43 0.53 0.06 0.07 0.09 0.80 $6.31 Office Hours Office HoursMain Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. If you have sold any of the REAL ESTATE property assessed to you, PLEASE RETURN THIS NOTICE to the TAX COLLECTOR Please mail or bring bottom portion of this Notice with y our remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1st, penalties are determined by date received. All payments made on or after April 1st must be in the form of cash, cashier’s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. $ 0 $ 0 $ 1,000 $ 1,350,000 $ 1,350,000 $ 0 $ 0 $ 893 $ 0 $ 893 $ 893 $ 893 $ 893 Collier County Property AppraiserProperty Summary Parcel No 00388160002 Site Address Site City Site Zone *Note Name / Address HACK LIVING TRUST 3048 ROUND TABLE LN City NAPLES State FL Zip 34112 Map No. Strap No. SectionTownshipRange Acres *Estimated 5A11 000100 010 5A11 11 50 25 17.85 Legal 11 50 25 SW1/4 OF SW1/4, LYG N & W OF HALDEMAN CK LESS E 70FT & N 40FT & W 60FT LESS NAPLES SANDPIPER BAY CLUB CONDO PH I, & LESS NAPLES SANDPIPER BAY CLUB CONDO PH II LESS NAPLES SANDPIPER BAY CONDO PH III, OR 1212 PG 1793 LESS REC PARCEL DESC IN OR 1321 PG 184 Millage Area 280 Millage Rates *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 99 - ACREAGE NOT ZONED AGRICULTURAL 5.049 7.3222 12.3712 Latest Sales History (Not all Sales are listed due to Confidentiality) Date Book-Page Amount 06/06/16 5282-2035 03/19/02 3001-2696 03/20/01 2793-38 08/19/86 1321-184 08/01/86 1212-1793 06/01/82 975-674 09/01/80 884-1543 2018 Certified Tax Roll (Subject to Change) Land Value (+) Improved Value (=) Market Value (=) Assessed Value (=) School Taxable Value (=) Taxable Value If all Values shown above equal 0 this parcel was created after the Final Tax Roll Page 1 of 1 12/12/2018http://www.collierappraiser.com/main_search/RecordDetail.html?sid=112291567&ccpaver=1710181149&... Collier County Property AppraiserProperty Detail Parcel No 00388160002 Site Address Site City Site Zone *Note Name / Address HACK LIVING TRUST 3048 ROUND TABLE LN City NAPLES State FL Zip 34112 Permits Tax Yr Issuer Permit # CO Date Tmp CO Final Bldg Type Land # Calc Code Units 10 ACREAGE 17.85 Building/Extra Features # Year Built Description Area Adj Area Page 1 of 1 12/12/2018http://www.collierappraiser.com/main_search/RecordDetail.html?sid=112291567&ccpaver=1710181149&... Pay in U.S. Funds Drawn on a U.S. Bank To:Collier County Tax Collector3291 E. Tamiami TrailNaples, FL 34112-5758 POST DATED CHECKS ARE NOT ACCEPTED AND WILL BE RETURNED Visit our website: www.colliertax.com Legal Description Combined Ad Valorem and Non-Ad Valorem TotalSee reverse side for important information Assessed Value District Mill Rate Assessed Value Exempt Amt Taxable Value Tax Amount Parcel Number Legal Description Mill Code Escrow Code PleaseRetainthisportionfor yourrecords Exemptions Millage Total Total Ad Valorem Non-Ad Valorem District Type of Assessment Amount Non-Ad Valorem Total (Detach and Return with your Payment) Parcel Number Mill Code Escrow Code Larry H. Ray HACK LIVING TRUST 3048 ROUND TABLE LN NAPLES, FL 34112 HACK LIVING TRUST 3048 ROUND TABLE LN NAPLES, FL 34112 893 893 893 893 893 893 893 893 893 893893 $11.05 GENERAL FUND C.C. WATER POLLUTION CTRL PGM 893 SCHOOL BOARD - STATE LAW 893 SCHOOL BOARD - LOCAL BOARD 893 UNINCORP GEN - MSTD 893 HALDEMAN CRK MAINT/DREDG MSTU 893 WATER MANAGEMENT FUND-SOUTH FL 893 BIG CYPRESS BASIN 1.5000 893 COLLIER MOSQUITO CONTROL 0.1775 893 GREATER NAPLES FIRE RESCUE DIS 0.1231 893 0.1209 893 1.0000 0.8069 2.2280 2.8210 0.0293 3.5645 $0.00 Pay your current taxes online at: http://www.colliertax.com/ 280 280 $11.0512.3712 Paid By Receipt # 00388160002 00388160002 HACK LIVING TRUST 11 50 25 SW1/4 OF SW1/4, LYG N & W OF HALDEMAN CK LESS E 70FT & N 40FT & W 60FT LESS NAPLES SANDPIPE Continued (See Tax Roll) 11 50 25 SW1/4 OF SW1/4, LYG N & W OF HALDEMAN CK LESS E 70FT & N 40FT & W 60FT LESS NAPLES SANDPIPE Continued (See Tax Roll) 116-19-00169482 0 0 0 11/13/2018 If Paid By If Paid By 0 Nov 30, 2018 Nov 30, 2018 0 0 0 0 3.18 0 0.03 0 2018 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments 2018 Paid Collier County Notice of Ad Valorem Taxes and Non-Ad Valorem Assessments Please Pay Please Pay 2.52 $0.00 $0.00 1.99 0.72 0.89 0.11 0.11 0.16 1.34 $10.61 Office Hours Office HoursMain Office 8:00 am 5:00 pm (239) 252-8172 Immokalee Courthouse Annex 8:00 am 5:00 pm (239) 657-2054Naples City Hall 9:00 am 5:00 pm (239) 434-5687 Marco Island 1040 Winterberry Dr. 8:00 am 5:00 pm (239) 394-6986Eagle Creek Freedom Square 9:00 am 6:00 pm (239) 417-3036 Orange Blossom 2335 Orange 9:00 am 6:00 pm (239) 252-8172Everglades City Courthouse 8:00 am 5:00 pm (239) 695-2511 Blossom Dr Golden Gate Center 9:00 am 6:00 pm (239) 455-2858 Wilson Blvd 50 S. Wilson Blvd. 9:00 am 6:00 pm (239) 348-1011Green Tree Shopping Center 9:00 am 6:00 pm (239) 598-2525 RECEIPTS AVAILABLE ONLINE (www.colliertax.com) OR ON A WALK-IN BASIS AT ANY COLLIER COUNTY TAX COLLECTOR LOCATION. If you have sold any of the REAL ESTATE property assessed to you, PLEASE RETURN THIS NOTICE to the TAX COLLECTOR Please mail or bring bottom portion of this Notice with y our remittance. Taxes and Non-Ad Valorem Assessments are due November 1, discounts have been computed as follows: 4% if paid in November 3% if paid in December 2% if paid in January 1% if paid in February Taxes and Non-Ad Valorem Assessments become delinquent April 1, at which time the law imposes: REAL ESTATE & NON-AD VALOREM A maximum of 18% per year plus other cost and fees. Tax Certificates will be sold pursuant to Florida Statutes. TANGIBLE PERSONAL PROPERTY 1 ½ % per month plus advertising and fees. Warrants will be issued pursuant to Florida Statutes. TAX COLLECTOR Responsible for preparation and mailing of tax notices based on information contained on the current tax roll certified by the Property Appraiser and Non-Ad Valorem assessments provided by the levying authorities. (239) 252-8172 PROPERTY APPRAISER- Responsible for preparation of the current Ad Valorem Tax Roll, Assessed Value, Exemptions, Taxable Value, Assessed Owners(s), name and mailing address and legal description of the property. (239) 252-8141 See insert for telephone numbers of the authorities responsible for Ad Valorem and Non-Ad Valorem rates. Before April 1st, discounts are determined by postmark. As of April 1st, penalties are determined by date received. All payments made on or after April 1st must be in the form of cash, cashier’s check or money order. You may make payment of your notice of taxes and assessments at the following offices Monday thru Friday. Addenda Naples Sandpiper Bay Club Preserve Addendum C Comparable Data Land Sale Profile Sale No. 1 Location & Property Identification Coral Creek Penisula Property Name: Sub-Property Type: Specialty, Conservation/Preservation N/A Address: Placida, FL 33946 City/State/Zip: Charlotte County: Submarket: Charlotte County Coastal-Waterfront Market Orientation: IRR Event ID: 2179275 Sale Information $430,000 Sale Price: $430,000 Effective Sale Price: 06/27/2018 Sale Date: Sale Status: Closed $/Acre(Gross): $7,679 $/Land SF(Gross): $0.18 $/Acre(Usable): $7,679 $/Land SF(Usable): $0.18 Grantor/Seller: National Trust Advisors c/o Robert Rosenbluth IRA Grantee/Buyer: Board of Trustees of the Internal Improvement Trust Fund of the State of Florida Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Document Type: Warranty Deed Recording No.: 4333/680 Verification Type: Secondary Verification Improvement and Site Data 422002426001 Legal/Tax/Parcel ID: 56.00/56.00 Acres(Usable/Gross): 2,439,360/2,439,360 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Zoning Code: RMF5 Zoning Desc.: Residential Source of Land Info.: Public Records Comments he Florida Department of Environmental Protection announces the permanent protection of the 55.7-acre Coral Creek Peninsula as an addition to the Charlotte Harbor Preserve State Park (CHPSP). The peninsula is strategically located at the convergence of East and West Coral Creeks near the town of Placida in Charlotte County, Florida. These freshwater creeks flow into Gasparilla Sound and Aquatic Preserve and thereby the Charlotte Harbor, all state-designated as Florida Outstanding Waters. The Coral Creek Peninsula parcel contains natural wetlands and pine forests that are in good, natural, condition, with elevations of 9-10 feet above sea level. The peninsula has over a mile of creek frontage along designated Charlotte County blueway trails. The shoreline is surrounded by high-quality, unaltered mangrove forests and salt marshes. Coral Creek Penisula Land Sale Profile Sale No. 2 Location & Property Identification 27101 Hickory Blvd Property Name: Sub-Property Type: Specialty, Coastal/Island 27101 Hickory Blvd. Address: Bonita Springs, FL 34134 City/State/Zip: Lee County: Submarket: Bonita Springs Coastal-Waterfront Market Orientation: IRR Event ID: 1459851 Sale Information $350,000 Sale Price: $350,000 Effective Sale Price: 06/11/2014 Sale Date: Sale Status: Closed $/Acre(Gross): $3,603 $/Land SF(Gross): $0.08 $/Acre(Usable): $3,603 $/Land SF(Usable): $0.08 Grantor/Seller: Bonita Bay Properties Inc. Grantee/Buyer: RYD International LLC Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Warranty Deed Recording No.: 2014000128224 Verification Type: Secondary Verification Improvement and Site Data MSA: Cape Coral-Fort Myers, FL Metropolitan Statistical Area 31-47-25-B1-00003.0060, 30-47-25-B3-00006.0000 Legal/Tax/Parcel ID: 97.15/97.15 Acres(Usable/Gross): 4,231,854/4,231,854 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Shape: Irregular Zoning Code: AG-2 & RS-1 No Easements: Environmental Issues: No Date: 01/01/1900 Source of Land Info.: Public Records Comments RYD International LLC purchased 97.15 acres of mangroves for $350,000 or approximately $3,602.68 per acre on June 11, 2014. The seller was Bonita Bay Properties Inc. The property consists of two adjacent parcels. The first parcel is 38.84 acres with approximately 1,200 frontage feet along Hickory Boulevard and is zoned RS-1, Residential. The second parcel is 58.31 acres with approximately 400 frontage feet along McLaughlin Boulevard and is zoned AG-2, Agricultural. The property is part of Little Hickory Island in Bonita Springs. According to the Lee County Appraiser website the current use for the property is mangroves. The future land use is Resource Protection. 27101 Hickory Blvd Land Sale Profile Sale No. 3 Location & Property Identification 27591 Hickory Blvd Property Name: Sub-Property Type: Specialty, Coastal/Island 27351 Hickory Blvd. Address: Bonita Springs, FL 34134 City/State/Zip: Lee County: Submarket: Bonita Springs Coastal-Waterfront Market Orientation: IRR Event ID: 1459904 Sale Information $80,000 Sale Price: $80,000 Effective Sale Price: 01/31/2013 Sale Date: Sale Status: Closed $/Acre(Gross): $7,851 $/Land SF(Gross): $0.18 $/Acre(Usable): $7,851 $/Land SF(Usable): $0.18 Grantor/Seller: Parrilli Living Trust dated March 31, 2005 Grantee/Buyer: Carol and Don Wang Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Trust Deed Recording No.: 2013000026752 Verification Type: Secondary Verification Improvement and Site Data MSA: Cape Coral-Fort Myers, FL Metropolitan Statistical Area 31-47-25-B1-00017.0000 Legal/Tax/Parcel ID: 10.19/10.19 Acres(Usable/Gross): 443,876/443,876 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Shape: Irregular Zoning Code: AG-2 Zoning Desc.: Agricultural Source of Land Info.: Public Records Comments Carol and Don Wang purchased 10.19 acres of mangroves for $80,000 or approximately $7,850.83 per acre on January 31, 2013. The parcel has 50 frontage feet along Hickory Boulevard a small strip of land along Hickory View Drive. Zoned AG-2, Agricultural. The property is part of Little Hickory Island in Bonita Springs. According to the Lee County Appraiser website the current use for the property is mangroves. The future land use is Resource Protection. The purchaser previously bought the 37.29 acres of resource protection land just north for $300,000 or $8,045 per acre on January 4, 2012. 27591 Hickory Blvd Land Sale Profile Sale No. 4 Location & Property Identification 27351 Hickory Blvd Property Name: Sub-Property Type: Specialty, Coastal/Island 27351 Hickory Blvd. Address: Bonita Springs, FL 34134 City/State/Zip: Lee County: Submarket: Bonita Springs Coastal-Waterfront Market Orientation: IRR Event ID: 1459855 Sale Information $300,000 Sale Price: $300,000 Effective Sale Price: 01/04/2012 Sale Date: Sale Status: Closed $/Acre(Gross): $8,045 $/Land SF(Gross): $0.18 $/Acre(Usable): $8,045 $/Land SF(Usable): $0.18 Grantor/Seller: Parrilli, Huntington, Behringer, & Schlubach Grantee/Buyer: Carol and Don Wang Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Warranty Deed Recording No.: 2012000029052 Verification Type: Secondary Verification Improvement and Site Data MSA: Cape Coral-Fort Myers, FL Metropolitan Statistical Area 31-47-25-B1-00017.0000 Legal/Tax/Parcel ID: 37.29/37.29 Acres(Usable/Gross): 1,624,352/1,624,352 Land-SF(Usable/Gross): Usable/Gross Ratio: 1.00 Shape: Irregular Zoning Code: AG-2 Zoning Desc.: Agricultural Source of Land Info.: Public Records Comments Carol and Don Wang purchased 37.29 acres of mangroves for $300,000 or approximately $8,045.05 per acre on January 4, 2012. The parcel has roughly 1,250 frontage feet along Hickory Boulevard and is zoned AG-2, Agricultural. The property is part of Little Hickory Island in Bonita Springs. According to the Lee County Appraiser website the current use for the property is Resource Protection, Wetlands, Preserve, and Cypress Head. The future land use is Resource Protection. 27351 Hickory Blvd Land Sale Profile Sale No. 1 Location & Property Identification Cirrus Pointe Land Property Name: Sub‐Property Type: Residential 2983 Thomasson Dr. Address: Naples, FL 34112 City/State/Zip: Collier County: Submarket: East Naples Suburban Market Orientation: N G + T C L F NO 2 14 50 25 PAR 103 Property Location: IRR Event ID: 2087271 Sale Information $1,500,000 Sale Price: $1,500,000 Effective Sale Price: 04/16/2018 Sale Date: Sale Status: Closed $/Acre(Gross): $151,210 $/Land SF(Gross): $3.47 $/Acre(Usable): $151,210 $/Land SF(Usable): $3.47 $13,889 /Approved Unit $/Unit: Grantor/Seller: Cirrus Pointe Partners, LLC Grantee/Buyer: KHD DEVELOPMENT GEN PTNRSHIP Property Rights: Fee Simple % of Interest Conveyed: 100.00 Financing: Cash to seller Document Type: Deed Verification Type: Secondary Verification Improvement and Site Data 61840560008 Legal/Tax/Parcel ID: 9.92/9.92 Acres(Usable/Gross): 432,115/432,115 Land‐SF(Usable/Gross): Usable/Gross Ratio: 1.00 No. of Units (Potential): 108 Shape: Rectangular Topography: Level Corner Lot: Yes Frontage Feet: 1291 Frontage Desc.: Thomasson Drive Frontage Type: 2 way, 1 lane each way Traffic Control at Entry: Stop sign Zoning Code: RPUD Zoning Desc.: RPUD Environmental Issues: No Flood Plain: Yes Flood Zone Designation: AE Comm. Panel No.: 12021C0582H Date: 05/16/2012 Utilities: Electricity, Water Public, Sewer, Gas, Telephone, CableTV Utilities Desc.: all available Source of Land Info.: Broker Comments The property was purchased for development of a multifamily development. Property is zoned Cirrus Pointe RPUD with BMUD‐RD overlay. The comparable was previously approved for a 108 unit MF project. Per marking materials, 44 units must be designated as affordable housing units. The property was listed for $2,520,000. The property was on the market for 28‐months. Cirrus Pointe Land Land Sale Profile Sale No. 2 Location & Property Identification New Hope Ministries Residential Tract Property Name: Sub‐Property Type: Residential Davis Blvd. Address: Naples, FL 34104 City/State/Zip: Collier County: Submarket: East Naples Suburban Market Orientation: 4 50 26 E1/2 OF SW1/4 OF SW1/4, LESS R/W LESS S 75FT 18.86 AC Property Location: IRR Event ID: 1518540 Sale Information $5,168,000 Sale Price: $5,168,000 Effective Sale Price: 01/18/2017 Sale Date: Sale Status: Closed $/Acre(Gross): $274,019 $/Land SF(Gross): $6.29 $/Acre(Usable): $312,077 $/Land SF(Usable): $7.16 $16,201 /Unit $/Unit: Grantor/Seller: New Hope Ministries, Inc. Grantee/Buyer: Legacy Naples, LLC. Property Rights: Fee Simple % of Interest Conveyed: 100.00 Document Type: Warranty Deed Recording No.: 5358655 Confirmation Source: Rien Brooks ‐ New Hope Verification Type: Confirmed‐Seller Improvement and Site Data 00399720004 Legal/Tax/Parcel ID: 16.56/18.86 Acres(Usable/Gross): 721,353/821,541 Land‐SF(Usable/Gross): Usable/Gross Ratio: 0.88 No. of Units (Potential): 319 Shape: Rectangular Topography: Level Corner Lot: No Frontage Desc.: Davis Blvd Frontage Type: 2 way, 3 lanes each way Traffic Control at Entry: None Traffic Flow: Moderate Zoning Code: MPUD Zoning Desc.: MPUD Source of Land Info.: Public Records Comments This is the sale of an 18.86 acre residential parcel located along the north side of Davis Boulevard, just east of Santa Barbara Boulevard. This parcel sold in January of 2017 for $5,168,000. The property was rezoned to allow for the development of 319 apartment units. Per the seller the buyer paid for all costs. New Hope Ministries Residential Tract Land Sale Profile Sale No. 3 Location & Property Identification Bucks Run Land Property Name: Sub‐Property Type: Residential Bucks Run Dr. Address: Naples, FL 34120 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Suburban Market Orientation: Southeast corner of the intersection of Collier Blvd. and Bucks Run Dr. Property Location: IRR Event ID: 2088390 Sale Information $1,050,000 Sale Price: $1,050,000 Effective Sale Price: 07/19/2016 Sale Date: Recording Date: 07/21/2016 Contract Date: 04/14/2016 Listing Price: $1,200,000 Listing Date: 02/01/2016 Sale Status: Closed $/Acre(Gross): $142,276 $/Land SF(Gross): $3.27 $/Acre(Usable): $142,276 $/Land SF(Usable): $3.27 $18,750 /Approved Unit $/Unit: Grantor/Seller: Bucks Run Developers, LLC Grantee/Buyer: Nace Cohen, Trustee of NC Exchange Land Trust Assets Sold: Real estate only Property Rights: Fee Simple % of Interest Conveyed: 100.00 Exposure Time: 2 (months) Financing: Cash to seller Document Type: Warranty Deed Recording No.: OR 5296‐543 Verified By: Julian Stokes, MAI, CCIM Verification Date: 07/15/2016 Confirmation Source: Confidential Verification Type: Confirmed‐Confidential Sale Analysis Current Use at T.O.S.: Vacant, undeveloped Former Use: Same Proposed Use Change: No Entitlement @ T.O.S.: Yes Entitlement Status.: Zoned MPUD, Bucks Run, Northwest Parcel Improvement and Site Data MSA: Naples/Marco Island 00206800703 Legal/Tax/Parcel ID: 7.38/7.38 Acres(Usable/Gross): 321,472/321,472 Land‐SF(Usable/Gross): Usable/Gross Ratio: 1.00 No. of Units (Potential): 56 Vegetation: Heavily treed Corner Lot: Yes Frontage Type: 2 way, 1 lane each way Traffic Control at Entry: Stop sign Traffic Flow: High AccessibilityRating: Average Visibility Rating: Good Bucks Run Land Land Sale Profile Sale No. 3 Improvement and Site Data (Cont'd) Zoning Code: MPUD Zoning Desc.: MPUD Environmental Issues: No Flood Plain: Yes Utilities: Electricity, Water Public, Sewer, Telephone, CableTV Utilities Desc.: All municipal utilities available Source of Land Info.: Broker Comments Property approved for up to 56 multi‐family residential units. However, preliminary site plans indicated only 52 units would be viable if maximum density was to be achieved. Therefore, the sale price per developable unit is realistically $20,192. Property is zoned for multi‐family development of up to 56 residential units. Bucks Run Land Land Sale Profile Sale No. 4 Location & Property Identification Richmond Park Property Name: Sub‐Property Type: Residential, Planned Unit Development 2035 Richmond Park Ln. Address: Naples, FL 34120 City/State/Zip: Collier County: Submarket: Outlying Collier County/Wagon Wheel Suburban Market Orientation: IRR Event ID: 1873452 Sale Information $1,600,000 Sale Price: $1,600,000 Effective Sale Price: 05/16/2016 Sale Date: Recording Date: 05/19/2016 Listing Price: $2,350,000 Listing Date: 10/23/2013 Sale Status: Closed $/Acre(Gross): $98,280 $/Land SF(Gross): $2.26 $/Acre(Usable): $154,440 $/Land SF(Usable): $3.55 $15,385 /Approved Unit $/Unit: Grantor/Seller: Mary H Wagner Grantee/Buyer: Richmond Park (Neal Communities) Property Rights: Fee Simple Exposure Time: 31 (months) Recording No.: 5267601 Verification Type: Secondary Verification Secondary Verific. Source: News Article Improvement and Site Data 10.36/16.28 Acres(Usable/Gross): 451,281/709,156 Land‐SF(Usable/Gross): Usable/Gross Ratio: 0.64 No. of Units (Potential): 104 Shape: Rectangular Topography: Level Vegetation: Trees and grasses Zoning Code: RPUD Zoning Desc.: Abaco Bay PUD Flood Plain: No Utilities: Electricity, Water Public, Sewer, Telephone, CableTV Source of Land Info.: Public Records Comments Neal Communities Purchased land for Richmond Park on the est corner of Immokalee Road and Woodcrest Drive. The new residential community will have 104 multifamily dwelling units in 13 buildings, site development construction plans show. Rezoning to allow 104 residential units was completed prior to closing. The property total 16.28 acres but 5.28 of that is not useable. Ror zoning purposes density was calculated on the gross acreage. Neal Communities will begin construction on Richmond Park on the southwest corner of Immokalee Road and Woodcrest Drive. The new residential community will have 104 multifamily dwelling units in 13 buildings, site development construction plans show. Richmond Park Addenda Naples Sandpiper Bay Club Preserve Addendum D Engagement Letter Request for Appraisal Services Conservation Collier Program Appraisal vendors, The Conservation Collier Program is considering the land acquisition of the Hack Living Trust parcels. The folio numbers are 00388160002 (17.85ac) and 00394840002 (10.61ac). The parcel with the folio 00394840002 10.61 acres is encumbered with an FDE conservation easement also, these two parcels are the remaining undeveloped land from the Naples Sandpiper Bay Club. The appraisal assignment will be one appraisal report, but it will contain two methodologies to value. 1. Vacant land sales approach utilizing both parcels “as is” with the conservation easement and ST Overlay. 2. There is a potential to develop 6 residential units on the combined parcels. Conservation Collier will need a valuation based on the per unit. Appraisers, you will be provided the following items: *The zoning verification letter. *The existing conservation easement *The Conservation Collier assessment report If you are interested in proving a quote for this appraisal assignment, please return your proposal to me by the close of business 11/27/2018. The completed appraisal report is due back 12/28/2018. Please call me with questions. Thank you, Appraisal Review Report ilaples Sandpiper Bey Club Prercrvc SEC Sandpiper Street and Marlin Drive Naples, Florida tDo..!te I"6d4 &t'-AC llr. Rrtir* Aprrirr Se,g".v FedilirlUrrlmlDbii* 1335 Teiei TEil E St- l0l NTLl FL f4lU PEX3*252-26X1 Summary of Salient Facts and Conclusions Propcrty taam€ Addrcst Propsty Typc Owncr of Rrcord T.r lD iarpl6 S.ndptpcr 8.y dub P.crcnr. SEC S.ndpipcr Sb.ct.nd Marlin Driyc tJ.plcr, Colllcr Courv, Florld. 34r.12 l-.nd - Othcr H.ck tivinl Trurt 0038816d)O2 .nd 0o39484qrc2 L.nd Arcr 2t.46 .crc'; 1239,718 Sf Zonin8 Dcriin tion RtrrfS uith. Spc(ill Tru.tncnt Ovlriry tllthrrt.rd EGrt Usc Cons.rv.tion u5. Erposwc'Ii rrq l/brtctint P6iod 12+ months; 12+ rpnths Efuyr D!t! ot thc Appr.is.l OEGrnbGr 21,2018 D.hof thc Rcport Dcc6nb.r 28,201t Propcrty lnt rc5tAppr.ircd fcrsirple 島Al1 0m100 01o 5■11 11 50 25 17』5柵 Ⅷ邸 翫鸞 舗 蝋 』獅 貿熙∥ L調 日I NAptt sttNDPIPER BAY CLUB CONDO PH::l,OR 1212,G1793 LESS RE PARCttL DESC IN OR l]21 pG 184 5A34 0001000035A14 14 50 25 1ι ■1呻Jl鼎 「:縦 ま淵・ 1型 智:幅 晃鴨鼎T料 殿淑鴨 閑 Review Appraisal Assignment Scope of Work Conservation Collier Land Acquisition The above Agency shall be listed in the appraisal report the client an intended user; the intended use and users ofthis appraisal review report is the BCC i Collier County Staff for internal decision making. 1) The Appraisal assignment will be completed in compliance with all applicable State and Federal Appraisal Standards, including USPAP. 2) The appraiser is Licensed to perform Real Estate Appraisals. 3) Appraisers assumptions, certifications, and limiting conditions required; 4) The appraisal reports shall each include a complete analysis of subject larger parcel. 5) The report shall include an Assignment Scope ofWork. The purpose ofthe Assignment Scope of Work is to inform the user of the report of the Scope of Work that is expected from the appraiser 6) Each appraisal report shall include a sufficient number of photographs, sketches, location maps and other properly identifications to sufficiently identi$, significant features ofthe property appraised; 7) Sufficient mapping shall be contained within the appraisal report that the review appraiser can drive to the comparable's without developing additional maps; 8) All sales within one year of the appraisal report. List MLS numbers and date of confirmation. Detailed sale write-ups including photos and sketches are required to be included in each appraisal; (not required if form appraisal report used) 9) The review appraiser will inspect the subject property. 10) Provide the effective date ofthe appraisal review. 11)The purpose ofthe appraisal review is to provide an opinion ofthe appraiser,s work and to accept or not accept the appraisal report. 12) The review appraiser will review the property ID, site information, market analysis area and the reconciliation area ofthe appraisal report. 13) All sale, lease rate, and discount rate analysis shall include comparison charts or grids, be supported by current market data and a narrative analysis explaining supporting necessary adjustments; 14) The data used in the appraisal report is available for the public to review 15) The appraisal report shall include a "l-year sales history,,of the subject property. 16)current sales listings are sometimes presented in the appraisal report, minimal weight shall be placed on their reliance pertaining to market value. Identification ofthe Client, Collier County BCC & Consemation Collier Program N Naples Regional Park Naples, FL 31109 INTENDED USE: This appraisal is to estimate the fair market value ofthe property, as ofthe specified date ofvaluation, for the proposed acquisition ofthe property rights specified (i.e., fee simple, etc.) for a federally assisted project. INTEIIDED USER: The intended user ofthis appraisal report is primarily the acquiring agency, but its funding partners may review the appraisal as part oftheir program oversight activities. ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser shall state all relevant assumptions and limiting conditions. (None) DEFINITION OF FAIR MARI(ET VALUE: This is determined by State law. Fair market value, however, is generally defined as the price that a seller is willing to accept, and a buyer is willing to pay on the open market in an arm's length transaction, and usually includes the following: l. Buyer and seller are gpically motivated; 2. Both parties are well informed or well advised, each acting in what he or she considers his or her own best interest; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms ofcash in U. S. dollars or in terms offinancial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions gianted by anyone associated with the sale The methodologv for performing a technical review falls into two different types: (l) desk review and (2) technical field review. The main difference between the two is who is performing the appraisal review and whether they certifu the value. An appraiser doing a technical field review can change the value and must certi$ the review. There may be a combination ofthe two resulting in a partial Technical field review. The mechanics ofthe technical review will vary depending upon the scope or nature of the assignment, the client, policy requirements, or the nature of the property appraised. This is a desk appraisal review. All appraisal reviews completed for this program must comply with Uniform Standards of Professional Appraisal Practice (USPAP). This Appraisal Review was conducted in the context of market conditions as of the Effective Date of the opinion in the work being reviewed. Information available to the Reviewer that could not have been available to the appraiser as ofor after the date ofthe work being reviewed was not used by the Reviewer in the development ofan opinion as to the quality of the work under review. The Reviewers' independent opinion of Value was developed within USPAP Guidelines for Review: GUIDELINES FOR PREPARING TECHNICAL FIELD APPRAISAL REVIEW REPORTS Although not all reviewers organize their reports in the same manner, most review reports contain certain common features. The required common features are specified in Standard 3 ofthe Uniform Standards of Professional Appraisal Practice (USPAP). Appraisal reviews that comply with all the requirements of USPAP are acceptable reviews from the standpoint oftechnical field review content. A review appraiser is an appraiser who examines the reports ofother appraisers to ascertain whether their conclusions are consistent with the data reported and with other generally known information (!!9 Dictionary of Real Estate Aopraisal. Third Edition, 1993). Several less formal definitions characterize the duties ofa review appraiser. The technical reviewer is an appraiser who reviews and analyzes the relevant facts assembled by the appraiser and using reason and exercise ofjudgment, forms an opinion or conclusion with respect to the real estate problem. Aporoval-Field Reyiew The review appraiser should approve or recommend for approval the appraisal report if it is prepared to the standards under which it is written, follows cunent corporate or agency policy, is based on the proper premises, adequately supports the value opinion, is consistent with the review appraiser,s personal knowledge, and follows Standards I and 2 ofUSPAP. The review appraiser should not approve an appraisal with speculative or unreasonable Iimiting conditions and assumptions. The appraisal reviewer placed no weight/reliance on the current listings used in the appraisal report. Price units in the appraisal report are indicated by cost per acre. This appraisal review is a desk review. Was the appraisal performed by a state general appraise, Does the appraisal include a definiton ol market value? Ooes the appraisal contorm to USPAP or stricter undeMriting standards? Ooes the w tten report contain suffcient information and analysis? [Xl Yes [X] Yes lxl Yes lX Yes Dk the appraiser state the ilentity of the client and intended users? Oid the appraiser strate the intended use of the appraisal? Did the appraiser identily the real property being appraised? Ooes the apprabal descibe the appraisefs opinion of highest and best use of the real estate when such an opinlon is necessary and appropriate? Dkl he appraiser k entiry the teal property interesf beirE appraised? Did the rypraiser state the purpose ofthe appraisal and define the value belng appraised? Oid the appraiser state the elieclive date ofthe sppraisaland the date of the report? Did the appraiser state the extent of the process of collecling, confirming and reporting? Did the appraiser state all ordinary and extrerdinary assumptions, hypothetical conditions limiting condittons that allect the analysis, opinions. and conclusions? Does thg appralser consider and analyze all prior sales of the property being appraised which occured within three years of the efeclive date of the appraisal? Ooss the appraiser consider and reconcile the quality of data available and anatfze this dala using the lhree approaches b value? lf no, what are the reasons tor not using an approacfi? Does the appraisal indude a signed certifcation in accordance with USpAp requirernents? Was the apprabal ordered by a lendef rather than another party (buyer, s€ller, etc.) to the transadions? pq Yes Pq Yes 0q Yes Pq Yes Pg Yes Pq Yes pq Yes 0q Yes P{ Yes lxl Yes Pq Yes P{ Yes pq Yes ]No lNo 】No ]No INo n IXl The appralsal ls acceptable. The markel value estimate h6 been Eoperly suppoded and the property descdptron is compleie and accuraie. The appraisal requires additional informaton to b€ accaptable. Th6 items roquiring additional infomaton ar3: The appraisal is_unacceptable. Market value estimates are not suficien y supported and the sub,ectproperty descflpton is not accurate and/or complete. FIRREA REQU:REMENTS USPAP REQUIREMENTS Review Appraisers Additional Comments The Conservation Collier Program ordered an appraisal report dated 512912018 that indicated a market value of $260'000 dollars. The appraiser considered the land use only with an existing conservation easement. The Conservation Collier Program ordered a second appraisal report dated l2l21l20l8.The appraiser considered the land development rights pertaining to the number of allowable units to be developed, financial feasibility ofthe project, and the overall land usage as vacant land. The results ofthe second appraisal report is $280,000 doltars. Page 3 of the appraisal report indicated pending transactions. Page l9 wetland classification. Page 22 land description and site analysis. Page 3l Highest and best use and financially feasibility. Page 32 land sales adjustment grid. Page 33-34 financially feasibility report indicating a per unit value of $252,000. Page 4l vacant land use as conservation, with a land value of $9,700 per acre. Page 42 overall value conclusion being $2E0,000. Ertraordin:ry Assumptions and Hypothetical Conditions The first appraisal report was valued "as is" vacant land with the highest and best use being conservation lands in the amount of $260,000 dollars. The second appraisal report was valued "as is" vacant land with the highest and best use being conservation lands in the amount of$280,000 dollars. A financial feasibility study was concluded with the development of six units having an overall land value of S252,000 dollars. The appraiser reserves the right to revisit the appraisal report if given new information. The value concl usions a re subject to the follorfling €xtaordinary assunptons ttrat nray afect ttre assigrtrmnt rsults. An eriaordinary assunption is uncertain information accepted as fact tf the asrumption is found b be fulse as of the effeciive date of the appraisal, rc res€rve the rigtrt b modifo our value conclu5ions, 1. P€r Collier county PlanningConr ssion Chalrman Mark Straan, thesite is d€rrCopable udth 6 r€5idental unib. 2. We w€re not Prwlded an enSineering reportfor the subject property. We rBervethe right b re addrEs our va I u€ concl us i on u pon recei pt of a n Ergi neeri ng report The value concluslons are basd on the following hypotfieti ca I condi0ons t rat may afiect the assignrEnt resulB. A hypotheucal condition is a conditon contsary to knom fact on tfie effecttve date ;f the appralsal-hrt is supposed ior th e pu rpose of a na lp i s. l. l5ne. Review appraiser's overall conclusion The relevancy ofthe first appraisal report is as follows: (a) the vacant land value is similar to the second appraisal report. (b) Each appraiser considers the highest and best use for the Hack parcels as conservation use. (c) Both appraisers have the same opinion that the cost to develop this parcel is not consistence with the developers profit margin. One additional comment, the feasibility analysis has given consideration to utilizing 4 acres to develop the six 0.50 acre units. The permitting and mitigation factor could be $eater than 4 acres due to roads, setbacks, and sewer installation. The estimated value range has been established $260,000 to $280,000 doltars, Ll02/2019 Xoor r ro--4 &l['-AC &. &rriu.frrrir sd&,s:e FrdirltlqrrrDhii*r 1335 Taiei Ttrrl E llt. l0llld.., n 34112 P[:239-U2-26l}tl Conservation Collier Initial Criteria Screening Report Property Name: Hack Living Trust Folio Number(s): 00388160002, 00033484002 Staff Report Date: January 8, 2018 Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 2 of 46 Table of Contents Introduction ......................................................................................................................... 3 I. Summary of Property Information ................................................................................. 4 Table 1. Summary of Property Information ................................................................... 4 Figure 1. Location Map.................................................................................................. 5 Figure 2. Aerial Map ...................................................................................................... 6 Figure 3. Surrounding Lands Aerial .............................................................................. 7 Zoning, Growth Management and Conservation Overlays ............................................ 8 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics ............................................................................................... 9 III. Potential for Appropriate Use and Recommended Site Improvements ...................... 15 IV. Assessment of Management Needs and Costs........................................................... 16 Table 2. Summary of Estimated Management Needs and Costs ................................. 18 V. Potential for Matching Funds ...................................................................................... 19 VI. Summary of Secondary Screening Criteria ............................................................... 20 Table 3. Tabulation of Secondary Screening Criteria .................................................. 20 Figure 4. Secondary Screening Criteria Scoring.......................................................... 20 Exhibit A. FLUCCs Map ............................................................................................. 22 Exhibit B. Soils Map .................................................................................................... 23 Exhibit C. Aquifer Recharge-Wellfield Protection Maps ............................................ 24 Exhibit D. Zoning Map ................................................................................................. 25 Exhibit E. Historical Aerials (Source: 1953 and 1962 aerials - University of Florida Digital Collections. 1980 aerial - Collier County Property Appraiser) ....................... 26 Exhibit F. FEMA Map ................................................................................................ 27 Exhibit G. LIDAR Map ................................................................................................ 28 Exhibit H. CLIP4 Biodiversity Map ............................................................................. 29 Exhibit I. CLIP4 Potential Habitat Richness Map ........................................................ 30 Exhibit J. CLIP4 Strategic Habitat Map ....................................................................... 31 Exhibit K. CLIP4 Priority Natural Communities Map ................................................. 32 Exhibit L. CLIP4 Landscape Integrity Map ................................................................. 33 Exhibit M. CLIP4 Surface Water Priorities Map.......................................................... 34 Exhibit N. CLIP4 Aggregate Priorities Map................................................................. 35 Exhibit O. USFWS Florida bonneted bat and West Indian manatee habitat areas ...... 36 Exhibit P. Completed and Scored Secondary Criteria Screening Form ...................... 37 Exhibit Q. Photographs ................................................................................................ 40 Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 3 of 46 Introduction The Conservation Collier Program (Program) is an environmentally sensitive land acquisition and management program approved by the Collier County Board of County Commissioners (Board) in 2002 and by Collier County Voters in 2002 and 2006. The Program was active in acquisition between 2003 and 2011, under the terms of the referendum. Between 2011 and 2016, the Program was in management mode. In 2017, the Collier County Board reauthorized Conservation Collier to seek additional lands (2/14/17, Agenda Item 11B). This Initial Criteria Screening Report (ICSR) has been prepared for the Conservation Collier Program in its 9th acquisition cycle to meet requirements specified in the Conservation Collier Implementation Ordinance, 2002-63, as amended, and for purposes of the Conservation Collier Program. It provides objective data to demonstrate how properties meet the criteria defined by the ordinance. That is the sole purpose for this report and it is not meant for any other use. This report makes use of data layers from the Florida Natural Areas Inventory and University of Florida Critical Lands and Waters Identification Project (CLIP4). CLIP4 is a collection of spatial data that identify statewide priorities for a broad range of natural resources in Florida. It was developed through a collaborative effort between the Florida Areas Natural Inventory (FNAI), the University of Florida GeoPlan Center and Center for Landscape Conservation Planning, and the Florida Fish and Wildlife Conservation Commission (FWC). It is used in the Florida Forever Program to evaluate properties for acquisition. CLIP4 is organized into a set of core natural resource data layers which are representative of 5 resource categories: biodiversity, landscapes, surface water, groundwater and marine. The first 3 categories have also been combined into the Aggregated layer, which identifies 5 priority levels for natural resource conservation. Not all CLIP4 Layers were used in this report. Those used include: • Biodiversity • Surface Water Priorities • Landscape Integrity • Priority Natural Communities • Potential Habitat Richness (Vertebrates) • Strategic Habitat Conservation Areas • Aggregated Conservation Priorities Following the first section, which looks more closely at initial criteria, additional sections address potential for appropriate public use, assessment of management needs and costs, potential for matching funds, and a summary of the secondary screening criteria. Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 4 of 46 I. Summary of Property Information The purpose of this section is to provide information concerning the subject property to describe how the property meets each Program criteria in its various physical characteristics and to provide other general property information. Table 1. Summary of Property Information Characteristic Value Comments Name Hack Living Trust A local developer holds an Options Contract Folio Numbers 00388160002 00033484002 17.85 acres 10.61 acres Target Protection Area Urban Commission District 4 Commissioner - Penny Taylor Size none n/a STR S11 T50 R25 and S14 T50 R25 Adjacent to the City of Naples but within Unincorporated Collier County. Zoning Category/TDRs RMF-6 -ST RMF-6=Residential Multi-family up to 6 units per acre – 6 units remain under Sandpiper development. ST - Special Treatment Overlay exists over both parcels FEMA Flood Map Category AE Area subject to inundation by the 1-percent-annual- chance-flood event. Base flood elevations, mandatory flood insurance and floodplain management standards apply. Existing structures n/a No structures Adjoining properties and their Uses Single and multi-family residential, PUD, open space/conservation North- Multi-family (Sandpiper Bay and Royal Arms) East-Mobile Home (Naples land Yacht Harbor and other residential South-PUD-open space/conservation (Windstar) West- Single family residential (Royal Harbor, City of Naples) Development Plans Submitted Developer with option seeks to place 6 additional units on the property Based on property density, 6 more units might be possible for construction on this property IF the ST Overlay were removed. A site assessment was done on the property in August 2015 by a local environmental consulting firm, which concluded that this property would be difficult and expensive to permit and develop because of its mangrove wetlands. Known Property Irregularities Oil, Gas and Mineral rights (OGMs) OGMs not included Other County Dept Interest Transportation, Utilities, Solid Waste, Parks and Recreation, Environmental Services, Housing, Coastal systems, Zoning, Engineering No other County Division has expressed interest in these parcels. Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 5 of 46 Figure 1. Location Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 6 of 46 Figure 2. Aerial Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 7 of 46 Figure 3. Surrounding Lands Aerial Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 8 of 46 Summary of Assessed Value and Property Costs Estimates The interest being valued for this estimate is fee simple for the purchase of the site, and the value of this interest is subject to the normal limiting conditions and the quality of market data. A value of the parcel was estimated using three traditional approaches, cost, income capitalization and sales comparison. Each is based on the principal of substitution that an informed purchaser would pay no more for the rights in acquiring a particular real property than the cost of acquiring, without undue delay, an equally desirable one. Three properties from within 3 miles of this property were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the property or comparables used in the report and the Real Estate Services Department staff relied upon information provided by program staff. Conclusions are limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. Pursuant to the Conservation Collier Purchase Policy, one appraisal is required. Assessed Value: * 00388160002 – 17.85 acres - $893.00 00394840002 – 10.61 acres - $531.00 Estimated Market Value: ** $108,000 for both parcels “ESTIMATED MARKET VALUE” IS SOLELY AN ESTIMATE OF VALUE PROVIDED BY COLLIER COUNTY REAL ESTATE SERVICES DEPARTMENT STAFF AND SHOULD NOT BE RELIED UPON BY ANY ENTITY. Zoning, Growth Management and Conservation Overlays Zoning, growth management and conservation overlays will affect the value of a parcel. This parcel is zoned RMF-6 (Residential Multi-family – up to 6 units per acre). It is also within a Special Treatment (ST) Overlay and is marine wetlands. The implications for acquisition are US Army Corps of Engineers (ACOE), Florida Department of Environmental Protection (FDEP) wetland regulations and local (Collier County) development rules present obstacles to its development. The ST Overlay, which removes approximately 95% of developable value could be removed through a public process and the State wetland protections could be overcome with enough mitigation. It would be difficult and expensive, but the property might conceivably be developed for the remaining 6 units. The August 15, 2017 site Assessment by Turrell, Hall and Associates, Inc. additionally advises that the Collier County Manatee Protection Plan would allow for docks under limiting criteria from local, state and federal agencies. * Property Appraiser’s Website ** Collier County Real Estate Services Department – date of value estimate – September 2010 Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 9 of 46 II. Statement for satisfying Initial Screening Criteria, Including Biological and Hydrological Characteristics The purpose of this section is to provide a closer look at how the property meets initial criteria. Conservation Collier Program staff conducted site visits on July 13, 2017 and December 21, 2017. MEETS INITIAL SCREENING CRITERIA- 1. Are any of the following unique and endangered plant communities found on the property? Order of preference as follows: Ord. 2002-63, Sec. 10 (1)(a) Yes i. Hardwood hammocks No ii. Xeric oak scrub No iii. Coastal strand No iv. Native beach No v. Xeric pine No vi. Riverine Oak No vii. High marsh (saline) No viii. Tidal freshwater marsh No ix. Other native habitats YES – Mangrove Swamp Vegetative Communities: Staff used two methods to determine native plant communities present; review of South Florida Water Management District (SFWMD) electronic databases for Department of Transportation’s Florida Land Use, Cover and Forms (FLUCCS) (1994/1995) and field verification of same. FLUCCS: The electronic database identified: FLUCCS 6120 – Mangrove swamp The following native plant communities were observed: 6120 - Mangrove swamp – consisting of red, black and white mangroves (Rhizophora mangle, Avicennia germinans, and Laguncularia racemosa) - covers almost the entire property. Mangrove swamp associates such as buttonwood (Conocarpus erectus), sea grape (Coccoloba uvifera), strangler fig (Ficus aurea) and cabbage palm (Sabal palmetto) are present as well as non- native invasive plant species. Invasive exotic and landscape plants dominate along the edges and on the spoil piles. Mangroves are protected under the 1996 Mangrove Trimming and Protections Act, Florida Statutes (F.S.) Sections 403.9321-403.0333. Mangroves provide the following ecological function and services: • Habitat for wetland dependent species of wildlife, • Protection of coastal areas from storm surge and erosion, • Protection of water quality, by filtering urban freshwater runoff before it reaches open water, • Acting as the food base for the estuarine food chain, which includes commercially and recreationally important fish species and protected species, • Absorption and reduction of greenhouse gasses such as carbon dioxide. Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 10 of 46 Characterization of Plant Communities present: Ground Cover: Ground cover in undisturbed mangrove area is sparse, consisting of saltwort (Batis maritima), glasswort (Salicornia bigelovii) and coin vine (Dahlbergia ecastophyllum). Groundcover on spoil mounds consists of invasive exotic plants like Arrowhead (Syngomium podophyllum), bowstring hemp (Sansevieria sp.), carrot wood (Cupaniopsis anacardioides), wedelia (Wedelia trilobata), beach naupaka (Scaevola sericea), and rosary pea (Abrus precatorius). Midstory: There is no midstory in mangrove areas. Spoil mounds have some Midstory plants, mostly exotic species. Natives include cabbage palms, sea grape, strangler fig, and beauty berry (Callicarpa Americana). Exotic and landscape plants include Brazilian pepper (Schinus terebinthifolius), climbing cassia (Senna pendula), carrotwood, Cuban laurel (Ficus retusa), Scheffelera (Sheffelera actinophylla), banana (Musa sp.), areca palm (Chrysalidocarpus lutescens), frangipani (Plumeria sp.), dracaena (Dracaena sp.), and hibiscus (Hibiscus sp.), Canopy: The canopy in mangrove areas is comprised of white, red and black mangroves with scattered buttonwood. On spoil mounds, the canopy includes natives such as strangler fig and buttonwood, the landscape tree mango (Magnifera sp.), and the invasive exotic Australian pine (Casuarina sp.). Some trees along the edges and internally appeared to be infected with Crown Gall, a disease vectored by a bacterium, Agrobacterium tumfaciens, which is soil-borne and enters the plant through wounds in the bark. Statement for satisfaction of criteria 1: Although this property does not contain any unique and endangered plant communities, it does contain a relatively intact mangrove swamp community, one of the few remaining undeveloped in the urban area. Spoil piles have allowed invasive exotic plants to get a toehold in the interior but they are limited to the piles. The remainder of the mangrove forest appears to be functioning. The CLIP4 Priority Natural Communities Map (Exhibit J) shows mangroves to be a lower priority, but still one of the few urban areas surrounding to have any type of priority at all. 2. Does land offer significant human social values, such as equitable geographic distribution, appropriate access for nature-based recreation, and enhancement of the aesthetic setting of Collier County? Ord. 2002-63, Sec. 10 (1)(b) YES Statement for satisfaction of criteria 2: This property is approximately 2 miles from the Gordon River Greenway, the closest Conservation Collier Property. Rookery Bay, a publicly accessible State conservation area is approximately 3 miles south. There is appropriate access for nature-based recreation along Sandpiper St. and Marlin St., however, parking is currently not allowed within the Right of Way (ROW) along Marlin St., the obvious choice for access, and developing a parking area in mangroves would be very expensive. The Board of County Commissioners could grant permission to park in the ROW, but approval is not assured. Access to the parcel itself for recreation would only be possible with development of a boardwalk through the mangroves and a dock for fishing or canoe/kayak access (Figure 2). The property can be seen along paved pubic streets Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 11 of 46 (Sandpiper and Marlin), and along the Haldeman Creek. With both perimeters included, 72% of its perimeter can be seen by the driving and boating public. 3. Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, and flood control? Ord. 2002-63, Sec. 10 (1)(c) YES General Hydrologic Characteristics observed and description of adjacent upland /wetland buffers: The National Wetlands Inventory classifies this property as an intertidal wetland property within an estuarine system. Both properties are forested with mangrove species. Mangroves are salt tolerant trees that generally grow in tidally influenced locations along the coast. These mangroves are surrounded by development with no undeveloped upland buffers. A pipe that flows into the mangroves is located on the north-east corner. This pipe drains area storm water from surrounding developed areas. A Light Detection and Ranging (LIDAR) map of the properties shows the elevation to be between 5 and 6 feet above sea level – roughly the same level as Haldeman Creek (Exhibit F). Wetland dependent plant species (OBL/ FACW) observed: OBL FACW Black mangrove (Avicennia germinans) none White mangrove (Laguncularia racemosa) Red mangroves (Rhizophora mangle) Glasswort (Salicornia bigelovii) Saltwort (Batis maritima) Wetland dependent wildlife species observed: Several mangrove crabs (Aratus pisonii) and a great egret (Casmerodius albus) were observed. Other Hydrologic indicators observed: Pneumatophores and prop roots were observed throughout the property. Soils: Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990). Soils are entirely Durban and Wulfert mucks, frequently flooded. These soils are level, poorly drained and typically found in mangrove swamps. Natural vegetation consists of red, black and white mangroves. These soils have severe limitations for urban and recreational development (Exhibit B). Aquifer recharge Potential: Aquifer recharge map data was developed by Fairbank, P. and S. Hohner in 1995 and published as Mapping recharge (infiltration and leakage) throughout the South Florida Water Management District, Technical publication 95-20 (DRE # 327), South Florida Water Management District (SFWMD) West Palm Beach, Florida. Lower Tamiami recharge capacity: The SFWMD model indicates that the Lower Tamiami aquifer recharge potential for the property is low (0” to < 7” yearly), Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 12 of 46 however this may not be the case. Because of its coastal location and tidal activity, it most likely does not contribute to the Lower Tamiami aquifer (Exhibit C). Surficial Aquifer Recharge Capacity: This area is mapped as having a 31” to < 43” recharge rate for the surficial aquifer (Exhibit C). Wellfield Protection: The closest wellfield protection zone is approximately 2 miles to the north (Exhibit C). FEMA Flood map designation: The property is currently within Flood Zone AE, which indicates an area subject to inundation by the 1-percent-annual-chance flood event. Base flood elevations, mandatory flood insurance and floodplain management standards apply. Statement for satisfaction of criteria 3: These two parcels are both entirely estuarine tidal wetlands with an intact mangrove forest cover. Mangrove forests are extremely productive habitats, providing ecological value and services, and are protected by the State of Florida. There is likely minimal aquifer recharge happening on the parcel, but the parcels are mapped as having moderate surficial aquifer recharge capacity. One of the functions of mangroves is to act as a natural filter for upland runoff. These properties likely provide some water quality benefits for the Haldeman Creek by filtering storm water flowing in from surrounding residential areas. There are wetland dependent species, both flora and fauna, using the property. Some measure of flood control is also happening, as water flows into the mangroves from surrounding developed areas. Additionally, during the recent hurricane Irma, several residents credit the mangroves with taking the brunt of the wind and water and protecting their homes. The CLIP4 Surface Water Priorities map (Exhibit L) shows this property to be a priority 3 on a scale of 1 to 5. 4. Does the property offer significant biological values, including biodiversity, listed species habitat, connectivity, restoration potential and ecological quality? Ord. 2002-63, Sec. 10 (1)(d) YES Listed Plant Species: The federal authority to protect land-based plant species is administered by the U.S. Fish and Wildlife Service (FWS) and published in 50 Code of Federal Regulations (CFR) 23. Lists of protected plants can be viewed on-line at https://www.fws.gov/endangered/. The Florida state lists of protected plants are administered and maintained by the Florida Department of Agriculture and Consumer Services (DOACS) via chapter 5B-40, Florida Administrative Code (F.A.C.). This list of plants can be viewed from a link provided at http://www.freshfromflorida.com/Divisions-Offices/Plant-Industry/Bureaus-and- Services/Bureau-of-Entomology-Nematology-Plant-Pathology/Botany/Florida-s- Endangered-Plants. The following listed plant species were observed: COMMON NAME SCIENTIFIC NAME STATUS DOACS FWS Common wild pine Tillandsia fasciculata SE SE=State Endangered Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 13 of 46 Listed Wildlife Species: Federal wildlife species protection is administered by the FWS with specific authority published in 50 CFR 17. Lists of protected wildlife can be viewed on-line at: https://www.fws.gov/endangered/. FWC maintains the Florida state list of protected wildlife in accordance with Rules 68A-27.003, 68A-27.004, and 68A-27.005, respectively, of the Florida Administrative Code (F.A.C.). A list of protected Florida wildlife species can be viewed at: http://myfwc.com/wildlifehabitats/imperiled/profiles/. Bird Rookery observed? No bird rookery was observed. GIS mapped species and habitats: This area is mapped by USFWS as critical habitat for the Florida bonneted bat and the West Indian manatee (Exhibit N). The CLIP4 Aggregate map (Exhibit M) shows this property to have a priority 3 and 4 on a scale of 1 to 5. Non-listed species observed: Several mangrove crabs (Aratus pisonii), a great egret (Casmerodius albus), and a grey squirrel (Sciurus carolinensis) were observed and noise was heard that was likely a raccoon (Procyon lotor). Potential Listed Species: COMMON NAME SCIENTIFIC NAME STATUS FWC USFWS Everglades snail kite Rostrhamus sociabilis plumbeus FE E Little blue heron Egretta caerulea ST Reddish egret Egretta ruficens ST Osprey Pandion haliaetus SSC Florida bonneted bat Eumops floridanus FE E American crocodile Crocodylus acutus FT T West Indian manatee* Trichechus manatus FT FE=Federally Endangered; ST=State Threatened; FT=Federally Threatened; E=Endangered; T=Threatened; SSC=Species of Special Concern *The West Indian Manatee is also protected under the Marine Mammal Protection Act of 1972. This area can also provide habitat for birds that are protected under the Migratory Bird Treaty Act of 1918, the Bald and Golden Eagle Protection Act of 1940, and the USFWS Birds of Conservation Concern (BCC) 2008 list. Some of these possible species include: Bald Eagle (Haliaeetus leucocephalus) (Bald and Golden Eagle Protection Act) American oystercatcher (Haematopus palliates) (BCC) Black-whiskered vireo (Vireo altiloquus) (BCC) Magnificent frigatebird (Fregata magnificens) (BCC) Mangrove cuckoo (Coccyzus minor) (BCC) Swallow-tailed kite (Elanoides forficatus) (BCC) Statement for satisfaction of criteria 4: While no listed plant or animal species were observed on the parcel, the CLIP4 Biodiversity layer (Exhibit G) identifies this area as a priority 2 and 3 (out of 5). The CLIP4 Potential Habitat Richness layer (Exhibit H) identifies that 5 to 6 vertebrate species can be expected to use the habitat. The property is within the USFWS consultation areas for the Florida bonneted bat and the West Indian Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 14 of 46 manatee. There is potential for use of the parcel for roosting by numerous bird species, including several listed on the USFWS birds of Conservation Concern (BCC) 2008 list . Restoration potential is high with the removal of exotic plants. Coastal mangrove swamps provide ecological quality because they are considered a base for the estuarine food web. 5. Does the property enhance and/or protect the environmental value of current conservation lands through function as a buffer, ecological link or habitat corridor? Ord. 2002-63, Sec. 10 (1)(e) YES Statement for satisfaction of criteria 5: The Hack parcels are located along the Haldeman Creek, an intertidal area that is connected to the Naples Bay. This parcel is directly connected with conserved lands and connects through them with other conserved lands for a total of over 2,500,000 acres. These connected lands include: • Windstar PUD preserves - 76 acres • Rookery Bay National Estuarine Research Reserve – 110,000 acres • Ten Thousand Islands National Wildlife Refuge – 35,000 acres • Collier Seminole State Park – 7,271 acres • Fakahatchee Strand Preserve State Park – 85,000 acres • Big Cypress National Park – 729,000 acres • Everglades National Park – 1,500,000 acres The CLIP4 Strategic Habitat Map (Exhibit I) identifies them as having both priority 2 and 5 lands, with 1 being the highest and 5 being the lowest. These are some of the few lands in this urban area given any priority status at all. This property can be considered as contributing to an ecological and habitat corridor connecting to larger protected estuarine and other conserved areas to the south and east (Figure 3). Is the property within the boundary of another agency’s acquisition project? NO If yes, will use of Conservation Collier funds leverage a significantly higher rank or funding priority for the parcel? Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 15 of 46 III. Potential for Appropriate Use and Recommended Site Improvements Potential uses as defined in Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, section 5.9: Hiking: This property is not appropriate for hiking unless a boardwalk is built. Nature Photography: Nature photography is an appropriate use for this property Bird-watching: Bird watching is an appropriate use for this property. Kayaking/Canoeing: If a boardwalk and dock is built here, this would be an appropriate place to launch a kayak or canoe. Swimming: Swimming is not an appropriate use. Hunting: Hunting is not an appropriate use for this habitat and this sized parcel. Fishing: If a boardwalk and dock is built here, this would be an appropriate place for fishing. Recommended Site Improvements: Construction of a small parking area along Marlin Dr. and a boardwalk and small dock for fishing and canoe/kayak launch. Access: Access to this parcel would necessarily involve development of a small parking area, a sidewalk, a boardwalk and potentially a small dock, to fully take advantage of appropriate public uses. Currently, there is no ability to park in the 25-foot ROW along Marlin Dr., the most obvious access point. An exception could be granted by the Board of County Commissioners, though it is not assured. Estimated costs for providing access are approximately $1,088,000. Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 16 of 46 IV. Assessment of Management Needs and Costs Management of this property will address the costs of exotic vegetation removal and control, and provide an estimate for funding needs for construction of a boardwalk to allow the public to have access to selected portions of the property. The following assessment addresses both the initial and recurring costs of management. These are very preliminary estimates; Ordinance No. 2002-67, as amended by Ordinance No. 2007-65, requires a formal land management plan be developed for each property acquired by Conservation Collier. Exotic, Invasive Plants Present: Exotic, invasive species noted here are taken from the Florida Exotic Pest Plant Council’s (FLEPPC) 2016 List of Invasive Plant Species (Category I and Category II). FLEPPC is an independent incorporated advisory council created to support the management of invasive exotic plants in Florida’s natural areas by providing a forum for exchanging scientific, educational and technical information. Its members come primarily from public educational institutions and governmental agencies. Annual lists of invasive plant species published by this organization are used widely in the state of Florida for regulatory purposes. The current FLEPPC list (2016) can be viewed on-line at http://www.fleppc.org/list/list.htm. Category I plants are those which are altering native plant communities by displacing native species, changing community structures or ecological functions, or hybridizing with natives. This definition does not rely on the economic severity or geographic range of the problem, but on the documented ecological damage caused. Category II invasive exotics have increased in abundance or frequency but have not yet altered Florida plant communities to the extent shown by Category I species. These species may become Category I if ecological damage is demonstrated. Category I and II plants found on this parcel in order of observed abundance: Category I Common Name Scientific Name Brazilian pepper Schinus terebinthifolius Carrotwood Cupaniopsis anacardioides Air potato Dioscorea bulbifera Arrowhead vine Syngoninium podophyllum Australian pine Casuarina equisetifolia Christmas senna Senna pendula Shefflera Shefflera actinophylla Rosary pea Abrus precatorius Category II Common Name Scientific Name Bowstring hemp Sansevaria hyacinthoides Wedelia Wedelia trilobata Pothos Epipremnum pinnatum Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 17 of 46 Staff observations are: Invasive exotic plants exist along the edges and on spoil mounds, but not in other areas of the property. Exotic Vegetation Removal and Control An estimate of the cost for initial exotic removal and follow-up maintenance was developed based on costs incurred for exotic removals on a similar property (Shell Island Preserve). Based on this estimate, initial costs for the level of infestation observed to treat exotics and remove those along the edges and treat in place those on spoil mounds would be $200/acre, or $6,000. Costs for follow-up maintenance, done anywhere from quarterly to annually have been estimated at $150 per acre, per year for a total of $4,200 for 28 acres. These costs could decrease over time as the soil seed bank is depleted, and if a boardwalk were placed over spoil mounds so staff could easily monitor and treat any regrowth. Public Parking Facility: The cost of design and construction of a shell or gravel parking lot to accommodate approximately 3 cars would be approximately $25,000, including a stabilized handicapped parking space, which would be required. Additional costs would include any other Americans with Disabilities Act (ADA) requirements, design, review fees and permitting. Public Access Trails: The property could not accommodate trails due to its wetland nature, but a boardwalk could be constructed to allow visitors to view the mangrove forest and reach a small fishing area and canoe/kayak launch. Costs were estimated using the Gordon River Greenway costs as guide. Depending on width, the cost would be between $510,000 and $900,000. Security and General Maintenance: General maintenance can be accomplished by staff or volunteers. Security may become an issue as the preserve would be unstaffed for most of the time and it is in the middle of a residential area. If a fishing platform were developed, a more frequent visitation than the typical monthly would be required to keep the area clean. Cameras could provide some added security and law enforcement would be closer as this is in an urban area. Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 18 of 46 Table 2. Summary of Estimated Management Needs and Costs Management Element Initial Cost Annual Recurring Costs Comments Exotics Control $6,000 $4,200 Based on Shell Island Preserve costs Parking Facility $25,000 $100 Ongoing annual cost based on cost to pressure wash one concrete parking spot and repaint wheel stops as necessary. Access Trails/ ADA n/a n/a Trails are not possible. Fencing n/a n/a Fencing is not necessary Boardwalk $510,000 - $900,000 Based on boardwalk costs for Gordon River Greenway Development costs for parking and boardwalk $168,000 t.b.d. Includes Site Improvement Plan (SIP) consultant, required sidewalk, DEP permitting, SFWMD review fee, and Collier County review fee. Not included and currently unknown are mitigation costs, which are based on a UMAM evaluation. Trash removal $0 $0 There is not much trash and staff could handle initial and ongoing trash removal. Signs $2,000 t.b.d. Large sign at parking area Total $711,000 - $1,101,000 $4,300 Additional ongoing costs for maintenance of the boardwalk would be incurred but no estimates are currently available. t.b.d. To be determined; cost estimates have not been finalized. Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 19 of 46 V. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the ordinance are the Florida Communities Trust (FCT), and The Florida Forever Program. The following highlights potential for partnering funds, as communicated by agency staff: Florida Communities Trust (FCT) - Parks and Open Space Florida Forever grant program: Application for this program is typically made for pre-acquired sites up to two years from the time of acquisition. The Florida Legislature appropriated $10 million in Florida Forever funding in fiscal year 2016-17 to FCT. Funding has not been awarded for this cycle. There is currently no funding available until the Florida Legislature determines the 2017-18 budget. Florida Forever Program: Staff has been advised that the Florida Forever Program has limited funds and is concentrating on parcels already included on its ranked priority list. This parcel is within a Florida Forever priority project boundary, however, staff communications with the Division of State Lands have determined that money is not available for this project now. Additionally, the Conservation Collier Program has not been successful in partnering with the Florida Forever Program due to conflicting acquisition policies and issues regarding joint title between the governmental entities. The County Attorney has advised against a partnership unless there is a shared title arrangement. Other Potential Funding Sources: There is potential for utilizing funding donations to the Conservation Collier program to fulfill requirements for off-site preserves pursuant to the Collier County Land Development Code, Section 3.05.07. There is currently approximately $299,400 in this fund, with $91,000 earmarked for multi-parcel project properties whose owners have accepted the County’s offers. Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 20 of 46 VI. Summary of Secondary Screening Criteria Staff has scored property on the Secondary Criteria Screening Form and attached the scoring form as Exhibit H. A total score of 264 out of a possible 400 was achieved. The chart and graph below show a breakdown of the specific components of the score. Table 3. Tabulation of Secondary Screening Criteria Figure 4. Secondary Screening Criteria Scoring Secondary Screening Criteria Possible Points Scored Points Percent of Possible Score Ecological 100 63 63% Human Values/Aesthetics 100 93 93% Vulnerability 100 30 30% Management 100 78 78% Total Score:400 264 66% Percent of Maximum Score:66% Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 21 of 46 Summary of factors contributing to score Total Score: 264 out of 400 possible points Ecological: 63 out of 100 possible points A moderate score was achieved because there is only one type of vegetative community on the properties – mangrove forest. There is no Lower Tamiami recharge occurring and the surficial recharge is moderate, if at all. The properties are not within a wellfield protection zone. However, they do provide buffering for the adjacent Haldeman Creek and Naples Bay and the site is entirely estuarine tidal wetlands, which could be providing some level of flood protection for surrounding properties. Area water management includes an outfall for storm water into the mangrove property. The CLIP4 potential Habitat Richness layer indicates that 5-6 vertebrate species could be using the property, through only a squirrel was seen and a raccoon heard. No listed wildlife species were observed or documented on the property. One listed plant species was found. This parcel connects with and enhances other conserved lands that form a corridor southward into Rookery Bay National Estuarine Research Reserve. Human Values/Aesthetics: 93 out of 100 possible points A high score was achieved because the parcels have access from paved public roads, they could offer fishing and canoe/kayak launching and environmental education if a boardwalk is built. Additionally, they are highly visible to the public with 72% of the perimeter visible from public thoroughfares including the Haldeman Creek, and they have water views and a mature mangrove forest. Vulnerability: 30 out of 100 possible points A low score results from the tentative nature of the ability to develop the property. While there is a contract for sale to a developer, and the developer has indicated intent to pursue the apparently remaining 6 units. Mitigation makes development possible in mangrove areas, however, the costs and time required for permitting and development can pose a serious impediment. It is unclear whether development is likely but there may be a possibility. An ST overlay exists on the property which further discourages development. Management: 78 out of 100 possible points A moderately good score was achieved because the property is clear of exotics except on spoil mounds and along edges. While costs for developing access are significant, management of the parcel is not expected to be overly expensive in the long run. Parcel Size: While parcel size was not scored, the ordinance advises that based on comparative size, the larger of similar parcels is preferred. There are no similar properties offered in the current cycle. Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 22 of 46 Exhibit A. FLUCCs Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 23 of 46 Exhibit B. Soils Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 24 of 46 Exhibit C. Aquifer Recharge-Wellfield Protection Maps Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 25 of 46 Exhibit D. Zoning Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 26 of 46 Exhibit E. Historical Aerials (Source: 1953 and 1962 aerials - University of Florida Digital Collections. 1980 aerial - Collier County Property Appraiser) 1953 1962 1980 Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 27 of 46 Exhibit F. FEMA Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 28 of 46 Exhibit G. LIDAR Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 29 of 46 Exhibit H. CLIP4 Biodiversity Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 30 of 46 Exhibit I. CLIP4 Potential Habitat Richness Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 31 of 46 Exhibit J. CLIP4 Strategic Habitat Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 32 of 46 Exhibit K. CLIP4 Priority Natural Communities Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 33 of 46 Exhibit L. CLIP4 Landscape Integrity Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 34 of 46 Exhibit M. CLIP4 Surface Water Priorities Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 35 of 46 Exhibit N. CLIP4 Aggregate Priorities Map Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 36 of 46 Exhibit O. USFWS Florida bonneted bat and West Indian manatee habitat areas Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 37 of 46 Exhibit P. Completed and Scored Secondary Criteria Screening Form Property Name: Hack Living Trust 2018 Folio Numbers: 00388160002, 00394840002 Geograhical Distribution (Target Protection Area): Urban 1. Confirmation of Initial Screening Criteria (Ecological) 1.A Unique and Endangered Plant Communities Possible points Scored points Comments Select the highest Score: 1. Tropical Hardwood Hammock 90 2. Xeric Oak Scrub 80 3. Coastal Strand 70 4. Native Beach 60 5. Xeric Pine 50 6. Riverine Oak 40 7. High Marsh (Saline)30 8. Tidal Freshwater Marsh 20 9. Other Native Habitats 10 10 6120 - Mangrove swamp 10. Add additional 5 points for each additional Florida Natural Areas Inventory (FNAI) listed plant community found on the parcel 5 each 11. Add 5 additional points if plant community represents a unique feature, such as maturity of vegetation, outstanding example of plant community, etc.5 5 Most of the mangrove forest is in very good condition. 1.A. Total 100 15 1.B Significance for Water Resources Possible points Scored points Comments 1. Aquifer Recharge (Select the Highest Score) a. Parcel is within a wellfield protection zone 100 b. Parcel is not in a wellfield protection zone but will contribute to aquifer recharge 50 50 Parcels would contribute moderately to surficial aquifer recharge (31" to <43"), but minimally to Lower Tamiami aquifer recharge (0" to < 7"). c. Parcel would contribute minimally to aquifer recharge 25 d. Parcel will not contribute to aquifer recharge, eg., coastal location 0 2. Surface Water Quality (Select the Highest Score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 100 b. Parcel is contiguous with and provides buffering for a creek, river, lake or other surface water body 75 75 Buffering for Haldeman Creek and Naples Bay c. Parcel is contiguous with and provides buffering for an identified flowway 50 d. Wetlands exist on site 25 25 the property is estuarine tidal wetlands e. Acquisition of parcel will not provide opportunities for surface water quality enhancement 0 3. Strategic to Floodplain Management (Calculate for a and b; score c if applicable) a. Depressional soils 80 80 Durban and Wulfert Mucks - tidal b. Slough Soils 40 c. Parcel has known history of flooding and is likely to provide onsite water attenuation 20 20 Parcel floods with the tides. Subtotal 300 250 1.B Total 100 83 Obtained by dividing the subtotal by 3. 1.C Resource Ecological/Biological Value Possible points Scored points Comments 1. Biodiversity (Select the Highest Score for a, b and c) a. The parcel has 5 or more FLUCCS native plant communities 100 b. The parcel has 3 or 4 FLUCCS native plant communities 75 c. The parcel has 2 or or less FLUCCS native plant communities 50 d. The parcel has 1 FLUCCS code native plant communities 25 25 6120 - Mangrove Swamp 2. Listed species a. Listed wildlife species are observed on the parcel 80 If a. or b. are scored, then c. Spotential Habitat Richness is not scored. b. Listed wildlife species have been documented on the parcel by wildlife professionals70 Provide documentation source - c. Habitat Richness score 5 categories 70 42 Score is prorated from 14 to 70 based on the highest of the 5 CLIP4 Potential Habitat Richness categories- 14 points for each category. Property scored 3 out of 5. 3 X 14 = 42 d. Rookery found on the parcel 10 e. Listed plant species observed on parcel - add additional 20 points 20 20 Common wild pine Tillandsia fasciculata Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 38 of 46 Exhibit P. Completed and Scored Secondary Criteria Screening Form (Continued) 3. Restoration Potential a. Parcel can be restored to high ecological function with minimal alteration 100 75 Removal of exotics and of spoil mounds where exotics grow would restore this property, but use of spoil mounds to locate a boardwalk could be advantageous. b. Parcel can be restored to high ecological function but will require moderate work, including but not limited to removal of exotics and alterations in topography.50 c. Parcel will require major alterations to be restored to high ecological function.15 d. Conditions are such that parcel cannot be restored to high ecological function 0 explain limiting conditions Subtotal 300 162 1.C Total 100 54 Divide the subtotal by 3 1.D Protection and Enhancement of Current Conservation Lands Possible points Scored points Comments 1. Proximity and Connectivity a. Property immediately contiguous with conservation land or conservation easement.100 100 Windstar conservation to the east and south, which leads to Rookery Bay national Estuarine Research Reserve. b. Property not immediately contiguous, parcels in between it and the conservation land are undeveloped.50 c. Property not immediately contiguous, parcels in-between it and conservation land are developed 0 d. If not contiguous and developed, add 20 points if an intact ecological link exists between the parcel and nearest conservation land 20 1.D Total 100 100 1. Ecological Total Score 100 63 Sum of 1A, 1B, 1C, 1D then divided by 4 2. Human Values/Aesthetics 2.A Human Social Values/Aesthetics Possible points Scored points Comments 1. Access (Select the Highest Score) a. Parcel has access from a paved road 100 100 Sandpiper St. and Marlin Rd. b. Parcel has access from an unpaved road 75 c. Parcel has seasonal access only or unimproved access easement 50 d. Parcel does not have physical or known legal access 0 2. Recreational Potential (Select the Highest Score) a. Parcel offers multiple opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, nature photography, bird watching, kayaking, canoeing, swimming, hunting (based on size?) and fishing.100 100 If a boardwalk and dock were installed, visitors could fish in the Haldeman Creek or launch kayaks and canoes in addition to exploring a mangrove area. Environmental education could occur in mangrove habitat. b. Parcel offers only land-based opportunities for natural resource-based recreation consistent with the goals of this program, including but not limited to, environmental education, hiking, and nature photography.75 c. Parcel offers limited opportunities for natural-resource based recreation beyond simply accessing and walking on it 50 d. Parcel does not offer opportunities for natural-resource based recreation 0 3. Enhancement of Aesthetic Setting a. Percent of perimeter that can me seen by public. Score based on percentage of frontage of parcel on public thoroughfare 80 58 Score between 0 and 80 based on the percentage of the parcel perimeter that can be seen by the public from a public thoroughfare. Perimeter is 1.27 miles. If only street frontage is counted, 30% of the property can be seen. Haldeman Creek is also a public thoroughfare, and if that is counted (42%), there is a total of 72% that can be seen by the public. 80 X 72%= 57.6. b. Add up to 20 points if the site contains outstanding aesthetic characteristic(s), such as but not limited to water view, mature trees, native flowering plants, or archeological site 20 20 Provide a description and photo documentation of the outstanding characteristic Water view of Haldeman Creek. Subtotal 300 278 2. Human Social Values/Aesthetics Total Score 100 93 Obtained by dividing the subtotal by 3. Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 39 of 46 Exhibit P. Completed and Scored Secondary Criteria Screening Form (Continued) 3. Vulnerability to Development/Degradation 3.A Zoning/Land Use Designation Possible points Scored points Comments 1. Zoning allows for Single Family, Multifamily, industrial or commercial 50 50 Zoning is RMF-6 with a Special Treatment Overlay. All but 6 units of development have been constructed. Development of these units may be possible but would be difficult. 2. Zoning allows for density of no greater than 1 unit per 5 acres 45 3. Zoning allows for agricultural use /density of no greater than 1 unit per 40 acres40 4. Zoning favors stewardship or conservation 0 5. If parcel has ST overlay, remove 20 points -20 -20 Site has an ST Overlay 6. Property has been rezoned and/or there is SDP approval 25 7. SFWMD and/or USACOE permit has been issued 25 8. A rezone or SDP application has been submitted 15 9. SFWMD and/or USACOE permit has been applied for 15 No permits found in SFWMD or Collier County database 3. Vulnerability Total Score 100 30 4. Feasibility and Costs of Management 4.A Hydrologic Management Needs Possible points Scored points Comments 1. No hydrologic changes are necessary to sustain qualities of site in perpetuity 100 2. Minimal hydrologic changes are required to restore function, such a cut in an existing berm 75 75 Possible removal of spoil piles. 3. Moderate hydrologic changes are required to restore function, such as removal of existing berms or minor re-grading that require use of machinery 50 4. Significant hydologic changes are required to restore function, such as re-grading of substantial portions of the site, placement of a berm, removal of a road bed, culvert or the elevation of the water table by installing a physical structure and/or changes unlikley 0 5.A Total 100 75 4.B Exotics Management Needs Possible points Scored points Comments 1. Exotic Plant Coverage a. No exotic plants present 100 b. Exotic plants constitute less than 25% of plant cover 80 80 Exotics exist on edges and on spoil piles only. c. Exotic plants constitute between 25% and 50% of plant cover 60 d. Exotic plants constitute between 50% and 75% of plant cover 40 e. Exotic plants constitute more than 75% of plant cover 20f. Exotic characteristics are such that extensive removal and maintenance effort and management will be needed (e.g., heavy infestation by air potato or downy rosemytle)-20 g. Adjacent lands contain substantial seed source and exotic removal is not presently required -20 5.B Total 100 80 4.C Land Manageability Possible points Scored points Comments 1. Parcel requires minimal maintenance and management, examples: cypress slough, parcel requiring prescribed fire where fuel loads are low and neighbor conflicts unlikely 80 80 Tidal action will maintain the property for the most part. Maintenance of exotics on spoil piles and along edges is all that would be necessary. 2. Parcel requires moderate maintenance and management, examples: parcel contains trails, parcel requires prescribed fire and circumstances do not favor burning 60 3. Parcel requires substantial maintenance and management, examples: parcel contains structures that must be maintained, parcel requires management using machinery or chemical means which will be difficult or expensive to accomplish 40 4. Add 20 points if the mainenance by another entity is likely 20 0 5. Subtract 10 points if chronic dumping or trespass issues exist -10 5.C Total 100 80 4. Feasibility and Management Total Score 100 78 Sum of 5A, 5B, 5C, then divided by 3 Total Score 400 264 Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 40 of 46 Exhibit Q. Photographs Photo 1. Looking west at 25’ ROW along Marlin Dr. on north side of property Photo 2. Looking south along Sandpiper St. Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 41 of 46 Photo 3. Excavated canal running down western edge of property (Sandpiper St.) Photo 4. Air potato along western edge of property (Sandpiper St.) Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 42 of 46 Photo 5. Crown gall on white mangrove tree along western edge of property (Sandpiper St.) Photo 6. Area water management along west side of property (Sandpiper St.) allowing storm runoff into mangroves Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 43 of 46 Photo 7. Water view of southwest side from Henderson Creek Photo 8. Water view of southeast side from Henderson Creek Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 44 of 46 Photo 9. Hydrologic indicators - prop roots and pneumatophores Photo 10. Great egret foraging on southwest side of property Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 45 of 46 Photo 11. Spoil mound with exotics arrowhead and areca palm Photo 12. Common wild pine (Tillandsia fasciculata) – State Threatened Initial Criteria Screening Report Folio #:00388160002, 00033484002 Owner Name: Hack Lining Trust Date: January 8, 2018 Page 46 of 46 Photo 13. View of mangrove forest on south side near Henderson Creek Data Source: Parcels - Collier County Property AppraiserCreated By: GIS \ CS \ Conservation CollierG:\Conservation Collier\ICSR\Cycle9\Cycle 9 map-BCC-A List Properties_1-22-19.mxd and jpg. Jan. 11,2019 Conservation CollierCycle 9 Map - Acquired and Approved A List 1-22-19 I-75 Conservation Collier Acquired - 4,090 Ac3 - Green-28.70 Ac4 - BCP LLLP - Bethune - 111.08 Ac4 - BCP LLLP - Sanitation - 289.57 Ac5 - Berman Trust-I-756 - SD Parcels 2 & 3 - 37.16 Ac7 - Half Circle L Ranch -1,920 ac8 - BCP Big Hammock Area 1 - 235 Ac9 - BCP Big Hammock Area 2 - 799.40 AcMajor RoadsSSA/SRAFSA/HSA/WRA/ACSCConservation Lands 5 4 7 9 8 6 3 0 5 102.5 Miles