Agenda 06/11/2019 Item #16D 3 (Sale & Purchase Agreement - Green & Green Investments)06/11/2019
EXECUTIVE SUMMARY
Recommendation to approve an Agreement for Sale and Purchase with Green & Green
Investments, Inc., an Ohio corporation, for approximately 28.70 acres under the Conservation
Collier Land Acquisition Program, at a cost not to exceed $874,000 and authorize necessary budget
amendments.
OBJECTIVE: To purchase approximately 28.70 acres from Green & Green Investments, Inc., an Ohio
corporation (Seller).
CONSIDERATIONS: On April 24, 2018, Agenda Item #11B, the Board of County Commissioners
(Board) approved a Conservation Collier Land Acquisition Advisory Committee (CCLAAC)
recommended Cycle 9 Active Acquisition List (AAL). On January 22, 2019, Agenda Item #11A, the
Board directed staff to actively pursue acquisition of three (3) properties on the Cycle 9 AAL. Offer
letters were sent; this Agenda Item is specific to the acceptance of the offer by Seller.
The Seller’s property contains approximately 28.70 acres and is located on the west side of SR 951
adjoining Rookery Bay National Estuarine Research Reserve.
In accordance with the approved Conservation Collier Purchasing Policy, two appraisals were ordered.
Because the two appraisals differed by an amount greater than 20%, a third appraisal was ordered. The
purchase price of $860,000 was based upon the two appraisals nearest in appraised value. The cost to
obtain the three appraisals was $8,950.
The attached Agreement provides that should the County elect not to close this transaction for any reason,
except for default by the Sellers the County will pay the Sellers $4,300 in liquidated damages. The
standard Agreement has been used except Paragraph 10.023 was modified to limit the Seller’s exposure
regarding environmental contamination to ten (10) years from the date of closing, and if necessary, if
environmental issues are found within ten (10) years from date of closing, Sellers will pay an amount not
to exceed $5,000 for any environmental studies and an additional $5,000 for any clean-up determined by
County staff. The seller has advised the property has been in the current property owner’s family for
approximately forty (40) years with no development on the property. In addition, the seller has no
knowledge of anything prior to purchase or during ownership of the property that would relate to
pollution or contamination on the property. Staff has done extensive due diligence including a property
search with Collier County Pollution Control and Solid Waste. During staff’s site inspection, staff did not
observe any signs of environmental contamination or any signs of past development. Therefore, it is
staff’s opinion that there is very little risk in relation to contamination or dumping.
The property is comprised of tidal fresh and saltwater marsh. Staff is not proposing any construction of
boardwalks or hiking trails on this property.
Pursuant to Ordinance 2007-65, Section 13(8), a Project Design Report for the property is provided
herewith.
FISCAL IMPACT: The total cost of acquisition will not exceed $874,000 ($860,000 for the property,
$8,950 for the appraisal, and approximately $5,050 for the title commitments, title policy, and recording
of documents). To execute the proposed acquisitions Budget Amendments moving monies from
Conservation Collier Maintenance Fund (174) reserves to Conservation Collier Acquisition Fund (172) in
the amount of $874,000 is required. Replenishment of expended maintenance reserves upon a successful
referendum reinstating the program or in the alternative, should a referendum be unsuccessful, through a
16.D.3
Packet Pg. 1399
06/11/2019
increase in the General Fund millage rate continues to be recommended. Lifetime Conservation Collier
acquisition expenditures for Conservation Collier properties, including this property and those under
contract, total $106,003,902.
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: This Item has been approved for form and legality and requires majority
vote for approval. -JAB
RECOMMENDATION: To:
1) Approve the attached Agreement and accepts the Warranty Deed once it has been received and
approved by the County Attorney’s Office; 2) Authorize the Chairman to execute the Agreement and any
and all other County Attorney’s Office approved documents related to this transaction; 3) Authorize the
County Manager or his designee to prepare related vouchers and Warrants for payment; 4) Direct the
County Manager or his designee to proceed to acquire this parcel, to follow all appropriate closing
procedures, to record the deed and any and all necessary documents to obtain clear title to this parcel, and
to take all reasonable steps necessary to ensure performance under the Agreement; and 5) Authorize any
necessary Budget Amendments.
Prepared By: Cindy M. Erb, SR/WA, Senior Property Acquisition Specialist, Division of Facilities
Management
ATTACHMENT(S)
1. Signed Agreement 5-8-19 (PDF)
2. Project Design Report PDF (PDF)
3. [linked] CARLSON, NORRIS APPRAISAL (PDF)
4. [linked] RKL APPRAISAL (PDF)
5. [linked] INTEGRA APPRAISAL (PDF)
6. REVIEW APPRAISAL 11-28-2018 (DOCX)
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06/11/2019
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.D.3
Doc ID: 8837
Item Summary: Recommendation to approve an Agreement for Sale and Purchase with Green &
Green Investments, Inc., an Ohio corporation, for approximately 28.70 acres under the Conservation
Collier Land Acquisition Program, at a cost not to exceed $874,000 and authorize necessary budget
amendments.
Meeting Date: 06/11/2019
Prepared by:
Title: Property Acquisition Specialist, Senior – Facilities Management
Name: Cindy Erb
05/08/2019 12:27 PM
Submitted by:
Title: Director - Facilities Management – Facilities Management
Name: Damon Grant
05/08/2019 12:27 PM
Approved By:
Review:
Parks & Recreation Ilonka Washburn Additional Reviewer Completed 05/09/2019 7:12 AM
Facilities Management Toni Mott Additional Reviewer Completed 05/09/2019 8:39 AM
Facilities Management Damon Grant Director - Facilities Completed 05/09/2019 9:22 AM
Parks & Recreation Jeanine McPherson Additional Reviewer Completed 05/09/2019 11:48 AM
Parks & Recreation Summer BrownAraque Additional Reviewer Completed 05/09/2019 2:28 PM
Public Utilities Department Dan Rodriguez Additional Reviewer Completed 05/13/2019 1:30 PM
Public Services Department Kimberley Grant Level 1 Reviewer Completed 05/21/2019 12:27 PM
Parks & Recreation Barry Williams Additional Reviewer Completed 05/21/2019 12:32 PM
Public Services Department Todd Henry Level 1 Division Reviewer Completed 05/21/2019 1:13 PM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 05/21/2019 4:08 PM
Public Services Department Steve Carnell Level 2 Division Administrator Review Completed 05/28/2019 8:06 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 05/29/2019 7:53 AM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 05/31/2019 2:36 PM
Budget and Management Office Ed Finn Additional Reviewer Completed 06/02/2019 12:14 PM
County Manager's Office Nick Casalanguida Level 4 County Manager Review Completed 06/02/2019 6:17 PM
Board of County Commissioners MaryJo Brock Meeting Pending 06/11/2019 9:00 AM
16.D.3
Packet Pg. 1401
CotlservauOn c。∥lo,―Green a creen lnvesmonts,Inc
Tax ld■Oo742880000
AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made and entered into by and bemeen GREEN AND GREEN
!NVESTMENTS,:NC.,an Ohio corpOration,whose ma∥ing address is 7532 Euclid
Chardon Rd,Kirtiand,OH 44094(hereinafter refered to as nse∥eri),and COLLiER
COUNTY, a po∥tical subd市 ision of the State of Florida, 僣 successors and assi9ns,
whose address is 3335 Tamiami Tra∥East,Sule 101,Nap!es,FL 34112,(hereinafter
referred to as“Purchaser)
WITNESSETH
WHEREAS,Sellerヽ the owner of that cettain parce1 0f real property(hereinater
referred tO as"Prope中・),10Cated in Co∥ier County,State of Flonda,and being more
particularly described in Exhibit "A・ , attached hereto and made a part hereof by
reference
WHEREAS,Purchaseris desirous of purchasing the Property,sublectto the cond忙 ions
and other agreements hereinafter set forth,and Se∥eris agreeable to such sa!e and to
such conditions and agreements.
NOW,THEREFOREl and for and in consideration of the premises and the respective
undertakings of the parties hereinafter set forth and the sum of Ten Do∥ars($1000),
the receipt and sumciency of which is hereby acknowledged,itis agreed as fo∥ows:
|. AGREEMENT
l.01 ln consideration of the purchase price and upon the terms and conditions
hereinafter set forth, Se∥er sha∥se∥to Purchaser and Purchaser sha∥purchase
from Senerthe PrOpenγ ,descnbed in Exhiblt∥A∥
∥ PAYMENT OF PURCHASE PRICE
2.01 The purchase price(the nPurchase Price・ )fOr the Property sha∥be Eight
Hundred Sixty Thousand Do∥ars and 00′100 do∥ars ($860,000.00),(U.S.
Currencyl payable at lme oF c:osing
Ⅲ.CLOS:NG
3.01 The Closing
「
HE "CLOSiNG DATE", "DATE OF CLOS!NG1 0R∥CLOSING")of the transadion sha∥be held on or before one hundred and"venty
(120)dayS fO:lowing execu∥on of this Agreement by the Purchaser, un!ess
extended by mutual written agreement ofthe parties hereto The Manager of Real
Property Management or designee is autho「ized to enter into such mutual written
agreements on behar of the cOunty for extensions of up to an additiona:60 days
wlhout further approva!by the Board of County commissioners. The Closing
sha∥be held atthe Co∥ier County Attorney:s Office,Administralon Bunding,3329
Tamiami Tra∥East,Naples,Flonda. The procedure to be fo∥owed by the parties
in connection with the Ciosing sha∥be as fo∥ows:
16.D.3.a
Packet Pg. 1402 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
Cor6orv.tion Collior- Gr6on & Grcsr lnv63trngnt!, lnc.
Tax ld #: 00742880009
3.01 1 seller shall convey a marketable tifle free of any lians, encumbrances,
exceptions, or qualifications. Marketable tiile shall be determined according to
applicable title standards adopted by the Florida Bar and in accordance iithlaw. At the closing, the serler shail cause to be delivered to the purchaser
the items specified herein and the following documents and instruments duly
executed and acknowledged, in recordable form:
3.0111 Warranty Deed in favor of purchaser conveying tifle to the
Property, free and clear of all liens and encumbrances othei than:
(a) The lien for current taxes and assessments.
(b) Such other easements, restrictions or conditions of record.
3.01 12 Combined Purchaser-seller closing statement.
3.0'l 13 A "Gap," Tax Proration, Owner,s and Non-Foreign Affidavit,', as
required by Section 1445 of the lnternal Revenue Code and as required
by the title insurance underwriter in order to insure lhe ,,gap,,and issue
the policy contemplated by the title insurance commitmeni. '
3.0114 A W-9 Form, "Request for Taxpayer ldentification and
Certification" as required by the lnternal Revenue Service.
3.0'12 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to
the Seller the following:
3.0'121 A wire transfer or negotiable instrument in an amount equal to
the Purchase Price. No funds shall be disbursed to Seller until the Tifle
Company verifies that the state of the tiile to the property has not
changed adversely since the date of the last endorsement to the
commilment, referenced in Section 4.011 thereto, and the Title
Company is irrevocably committed to pay the purchase price to Seller
and to issue the Owner's title policy to purchaser in accordance with the
commitment immediately after the recording of the deed.
3.0122 Funds payable to the Seller representing the cash payment dueat Closing in accordance with Article lll hereof, shail be lubject to
adjustrnent for prorations as hereinafter set forth.
3.02 Each party shall be responsible for payment of its own attorney's fees. seller,
at its sole cost and expense, shall pay at closing all documentary siamp taxes due
lelaiing to the recording of the warranty Deed, in accordance wit-h chapter 201.0,1,
Florida statutes, and the cost of recording any instruments necessary to clear
sellefs title to the Property. The cost of the owneds Form B Tifle poliiy, issued
pursuant to the commitment provided for in section 4.011 below, shall be paid by
Purchaser. The cost of the title commitment shall also be paid by purchaser.
3.03 Purchaser shall pay for the cost of recording the warranty Deed, RealProperty taxes shall be prorated based on the current year's tax with due
16.D.3.a
Packet Pg. 1403 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
Conlaflation Colll€r - Grogn & Gr!€n lnwdnenta, lnc.
Tax ld r: 0074288@00
allowance made for maximum allowable discount, homestead and any other
applicable exemptions and paid by Seller. lf Closing occurs at a date which the
current year's millage is not fixed, taxes will be prorated based upon such prior
year's millage,
IV. REQUIREMENTS AND CONDITIONS
4.01 Upon oxecution of this Agreement by both parties or at such other time as
specified within this Article, Purchaser and/or Seller, as the case may be, shall
perform the following within the times stated, which shall be conditions precedent
to the Closing;
4.011 Within lwenty (20) days after the date hereof, purchaser shall obtain as
evidence of title an ALTA Commitment for an Owner,s Tifle lnsurance policy
(ALTA Form B-1970) covering the Property, together wilh hard copies of ail
exceptions shown thereon. Purchaser shall have thirty (30) days, following
receipt of the title insurance commitment, to notify Seller in writing of any
objection to title other lhan liens evidencing monetary obligations, if any,
which obligations shall be paid at closing. lf the tifle commitment contains
exceptions that make the title unmarketable, Purchaser shall deliver to the
Seller written notice of its intention to waive ths applicable contingencies or to
terminate this Agreement.
4.012 ll Purchaser shall fail to advise the Seller in writing of any such
objections in Seller's title in the manner herein required by this Agreement, the
title shall be deemed acceptable. Upon notification of Purchaser,s objection to
title, Seller shall have thirty (30) days to remedy any defects in order to convey
good and marketable title, except for liens or monetary obligations which will
be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to
make such title good and marketable. ln the event Seller is unable to cure
said objections within said time period, Purchaser, by providing written notice
to Seller within seven (7) days after expiration of said thirty (30) day period,
may accept title as it then is, waiving any objection; or Purchaser may
terminate the Agreement. A failure by Purchaser to give such written notice of
termination within the time period provided herein shall be deemed an election
by Purchaser to accept the exceptions to title as shown in the tiile
commitment.
4.013 Seller agrees to fumish any existing surveys of the Property in Seller,s
possession to Purchaser within 10 (ten) days of the effective date of this
Agreement. Purchaser shall have the option, al its own expense, to obtain a
current survey of the Property prepared by a surveyor licensed by the State of
Florida. No adjustments to the Purchase Price shall be made based upon any
change to the total acreage referenced in Exhibit'A," unless the difference in
acreage revealed by survey exceeds 5% of the overall acreage. lf the survey
provided by Seller or obtained by Purchaser, as certified by a registered
Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an
improvement located on the Property projects onto lands of others, or (c) lack
of legal access to a public roadway, the Purchaser shall notify the Seller in
writing of such encroachment, projection, or lack of legal access, and Seller
3
16.D.3.a
Packet Pg. 1404 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
Contcrvsllon Collior- Glrsa & Gregn lnve3tmrnts, lnc.
Tsx ld *: 00742E80009
shall have the option of curing said encroachment or projection, or obtaining
legal access to the Property from a public roadway, within sixty (60) days of
receipt of said written notice from purchaser, purchaser shall have ninety (90)
days from the effective date of this Agreement to notify Seller of any- suchobjections. Should Seller elect not to or be unable to remove the
encroachment, projection, or provide legal access to the property within said
sixty (60) day period, Purchaser, by providing written noiice to 'seller
within
seven (7) days after expiration of said sixty (60) day period, may accept the
Property as it then is, waiving any objection to the encroachment, or
projection, or lack of legal access, or purchaser may terminate the Agreement.
A failure by Purchaser to give such written notice of termination withi; the time
period provided herein shall be deemed an election by purchaser to accept the
Property with the encroachment, or projection, or lack of legal access.
V. INSPECTION PERIOD
5.01 Purchaser shall have one hundred and twenty (120) days from the date ofthis Agreement, ("lnspection Period"), to determine through appropriate
investigation that:
1. Soil tests and engineering studies indicate that the property can be developed
without any abnormal demucking, soil stabilization or foundations.2, There are no abnormal drainage or environmental requirements to the
development of the Property.
3. The Property is in compliance with all applicable State and Federal
environmental laws and the Property is free from any pollution or
contamination.
4. The Property can be utilized for its iniended use and purpose in the
Conservation Collier program.
5.02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of
any investigation, Purchaser shall deliver to Seller prior to the expiration of the
lnspection Period, written notice of its intention to waive the applicable
contingencies or to terminate this Agreement. lf purchaser fails to notify the seller
in writing of its specific objections as provided herein within the lnspection period,
it shall be deemed that the Purchaser is satisfied with the results of its
investigations and the contingencies of this Article V shall be deemed waived. ln
the event Purchaser elecls to terminate this Agreement because of the right of
inspection, Purchaser shall deliver to Seller copies of all engineering reporta and
environmental and soil testing results commissioned by purchaser with respect to
the Property.
5.03 Purchaser and its agents, employees and servantg shall, at their own risk and
expense, have the right to go upon the Property for the purpose of surveying and
conducting site analyses, soil borings and all other necessary investigation.
Purchaser shall, in performing such tests, use due care and shall indemnify Seller
on account of any loss or damages occasioned thereby and against any claim
made against Seller as a result of Purchaser's entry. Seller shall be notified by
Purchaser no less than twenty-four (24) hours prior to said inspection of the
Property.
4
16.D.3.a
Packet Pg. 1405 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
Cors€rvatlon Colllsr - GIc n E Gt€en lnvostrnonB, loc.
Tax ld t 00742880000
VI. INSPECTION
6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have
the right to inspect the Property at any time prior to the Closing.
VII. POSSESSION
7.01 Purchaser shall be entitled to full possession of the property at Closing.
VIII. PROMTIONS
8.01 Ad valorem taxes next due and payable, after closing on the property, shall
be prorated at Closing based upon the gross amount of 20'19 taxes, and shall be
paid by Seller.
IX. TERMINATION AND REMEDIES
9.01 lf Seller shall have failed to perform any of the covenants and/or agreements
contained herein which are to be performed by Seller, within ten (10) days of
written notification of such failure, Purchaser may, at its option, terminate this
Agreement by giving written notice of termination to Seller. Purchaser shall have
the right to seek and enforce all rights and remedies available at law or in equity
to a contract vendee, including the right to seek specific performance of this
Agreement.
9.02 lf the Purchaser has not terminated this Agreement pursuanl to any of the
provisions authorizing such termination, and Purchaser fails to close the
transaction contemplated horeby or othenrvise fails to perform any of the terms,
covenants and conditions of this Agreement as required on the part of Purchaser
to be performed, provided Seller is not in default, then as Seller's sole remedy,
Seller shall have the right to terminate and cancel lhis Agreement by giving written
notice thereof to Purchaser, whereupon one.half percenl ( l2o/o\ of the purchase
price shall be paid to Seller as liquidated damages which shall be Seller's sole
and exclusive remedy, and neither party shall have any further liability or
obligation to the other except as set forth in paragraph 12.01, (Real Estate
Brokers), hereof, The parties acknowledge and agree that Seller's actual
damages in the event of Purchase/s default are uncertain in amount and difficult
to ascertain, and that said amount of liquidated damages was reasonably
determined by mutual agreement between the parties, and said sum was not
intended to be a penalty in nature.
9,03 The parties acknowledge that the remedies described herein and in the
other provisions of this Agreement provide mutually satisfactory and sufficient
remedies to each of the parties, and take into account the peculiar risks and
expenses of each of the parties.
X. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES
10.01 Seller and Purchaser represent and warrant the following:
16.D.3.a
Packet Pg. 1406 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
COn60rVatlon cd“●7-CrOon a Cr●en lnvestment8,inc
Tax ld″: ∞742000000
10.011 Seller and Purchaser have full right and authority to enter into and to
execute this Agreement and to undertake all actions and to perform all tasks
required of each hereunder. Seller is not presently the subject of a pending,
threatened or contemplated bankruptcy proceedin g.
10.012 Seller has full right, power, and authority to own and operate the
Property, and to execute, deliver, and perform its obligations under this
Agreement and the instruments executed in connection herewith, and to
consummate the transaction contemplated hereby. All necessary
authorizations and approvals have been obtained authorizing Seller and
Purchaser to execute and consummate the transaction contemplated hereby.
At Closing, certified copies of such approvals shall be delivered to purchaser
and/or Seller, if necessary.
10.013 The warranties set forth in this paragraph shall be lrue on the date of
this Agreement and as of the date of Closing. Purchaser's acceptance of a
deed to the said Property shall not be deemed to be full performance and
discharge of every agreement and obligation on the part of the Seller to be
performed pursuant to lhe provisions of this Agreement.
10.0'14 Seller represents that it has no knowledge of any actions, suits, claims,
proceedings, litigation or investigations pending or threatened against Seller,
at law, equity or in arbitration before or by any federal, state, municipal or other
governmental instrumentality that relate to this agreement or any other
property that could, if continued, adversely affect Seller's ability to sell the
Property to Purchaser according to the terms of this Agreement.
10.015 No party or person other than Purchaser has any right or option to
acquire the Property or any portion thereof.
10.016 Until the date fixed for Closing, so long as this Agreement remains in
force and effect, Seller shall not encumber or convey any portion of the
Property or any rights therein, nor enter into any agreements granting any
person or entity any rights with respect to the Property or any part lhereof,
without first obtaining the written consent of Purchaser to such conveyance,
encumbrance, or agreement which consent may be withheld by Purchaser for
any reason whatsoever.
1 0.017 Seller represents that there are no incinerators, septic tanks or
cesspools on the Property; all wasle, if any, is discharged into a public sanitary
sewer system; Seller represents that they have (it has) no knowledge that any
pollutants are or have been discharged from the Property, directly or indirectly
into any body of water. Seller represents the Property has not been used for
the production, handling, storage, transportalion, manufacture or disposal of
hazardous or toxic substances or wastes, as such terms are defined in
applicable laws and regulations, or any other activity that would have toxic
results, and no such hazardous or toxic substances are cunently used in
connection with the operation of the Property, and there is no proceeding or
inquiry by any authority with respect thereto. Seller represents that they have
5
16.D.3.a
Packet Pg. 1407 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
COn30rVatbn Collbr-Oon a C700nlnv●81mOntB,Inc
Taxld l: oo742000009
(it has) no knowledge that there is ground water contamination on the property
or potential of ground water contamination from neighboring properties. Seller
represents no storage tanks for gasoline or any other substances are or were
located on the Property at any time during or prior to Seller's ownership
thereof. Seller represents none of the Property has been used as a sanitary
landfill.
'10.018 Seller has no knowledge that the Property and Seller's operations
concerning the Property are in violation of any applicable Federal, State or
local statute, law or regulation, or of any notice from any governmental body
has been served upon Seller claiming any violation of any law, ordinance,
code or regulation or requiring or calling attention to the need for any work,
repairs, construction, alterations or installation on or in connection with the
Property in order to comply with any laws, ordinances, codes or regulation with
which Seller has not complied,
10.01 I There are no unrecorded restrictions, easements or rights of way
(other than existing zoning regulations) that restrict or affect the use of the
Property, and there are no maintenance, construction, advertising,
management, leasing, employment, service or other contracts affecting the
Property,
10.020 Seller has no knowledge that there are any suits, actions or arbitration,
bond issuances or proposals therefor, proposals for public improvement
assessments, pay-back agreements, paving agreements, road expansion or
improvement agreements, utility moratoriumsr use moratoriums, improvement
moratoriums, administrative or other proceedings or governmental
investigations or requirements, formal or informal, existing or pending or
threatened which affects the Property or which adversely affects Selle/s ability
to perform hereunder; nor is there any other charge or expense upon or
related to the Property which has nol been disclosed to Purchaser in writing
prior to the effective date of this Agreement.
10.021 Seller acknowledges and agrees that Purchaser is entering into this
Agreement based upon Selle/s representations stated above and, on the
understanding, that Seller will not cause the zoning or physical condition of the
Properiy lo change from its existing state on the effective date of this
Agreement up to and including the Date of Closing. Therefore, Seller agrees
not to enter into any contracts or agreements pertaining to or affecting the
Property and not to do any acl or omit to perform any act which would change
the zoning or physical condition of the Property or the govemmental
ordinances or laws governing same. Seller also agrees to notifu Purchaser
promptly of any change in the facts contained in the foregoing representations
and of any notice or proposed change in the zoning, or any other action or
notice, that may be proposed or promulgated by any third parties or any
governmental authorities having jurisdiction of the development of the property
which may restrict or change any other condition of the Property,
10.022 At the Closing, Seller shall deliver to Purchaser a statement
(hereinafter called the "Closing Representative Statemenf') reasserting the
7
16.D.3.a
Packet Pg. 1408 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
Conssrvation Coltier - Green & Groen lnvestments, lnc.
Tex ld #: 00742s80009
foregoing representations as of the Date of Closing, which provisions shall
survive the Closing.
10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend
and hold Purchaser harmless from any and all costs (including attorney,s fees)
asserted against, imposed on.or incurred by Purchaser, dire-cfly or inairectty,pursuant to or in connection with the application of any federal, state, local oicommon law relating to pollution or protection of the environment which shaltbe in accordance with, but not limited to, the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601,
et seq,, ("cERcLA" or "superfund"), which was amended and upgraded by the
Superfund Amendment and Reauthorization Act of 1g86 ("SAifi',1, including
any amendments or successor in function to these acts, and concerning i
condition which is established to have existed prior to closing date. fnisprovision an_d the rights of Purchaser, hereunder, shall survivJ for ten (10)
years from Closing and are not deemed satisfied by conveyance of tifle. lf
determined to_ be necessary by County's staff during ine tO-year period, Seller
shall pay for the cost of any environmental study conducted on the property in
an amount not to exceed SS,OOO and an additiohal amount of up io $S,'000forany clean-up of the Property determined by County staff to be necessary to
maintain the property in the Conservation Coilier program.
10.024 Any loss and/or damage to the Property between the date of this
Agreement and the date of Closing shall be Seller's sole risk and expense.
XI. NOTICES
11.01 Any notice, request, demand, instruction or other communication to begiven to either party hereunder shall be in writing, sent by facsimile with
automated confirmation of receipt, or by registered, or certified mail, return receipt
requested, postage prepaid, addressed as follows:
lf to Purchaser: Summer Araque, Coordinator
With a copy to:
Conservation Collier Land Acquisition program
Collier County Parks and Recreation Division
15000 Livingston Road
Naples, Florida 34109
Cindy M. Erb, SRMA, Senior Property Acquisition Specialist
Collier County Real Property Management
3335 TamiamiTrail East, Suite 101
Naples, Florida 34112
Telephone number: 239-252-899 1
Fax number: 239-252-8876
Green & Green lnvestments, lnc.
7532 Euclid Chardon Rd
Kirtland, OH 44094
lfto Se∥er
16.D.3.a
Packet Pg. 1409 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
Con!€ruation Colllor - Gr€€n & Gr€gn lnvost nents, lnc.
T8x ld *: 007428E0009
11.02 The addressees and numbers for the purpose of this Article may be
cha.nged by either party by giving written notice of such change to the other party
in the manner provided herein. For the purpose of changing such addresses or
addressees only, unless and until such written notice is received, the last
addressee and respective address stated herein shall be deemed to continue in
effect for all purposes.
XII. REAL ESTATE BROKERS
12.01 Any and all brokerage commissions or fees shall be the sole responsibility
of the seller. seller shall indemnify Purchaser and hold purchaser harmless from
and against any claim or liability for commission or fees to any broker or any other
person or party claiming to have been engaged by Seller as a real estate broker,
salesman or representative, in connection with this Agreement. Seller agrees topay any and all commissions or fees at closing pursuant to the terms of a
separate agreement, if any.
XIII. MISCELLANEOUS
13.01 This Agreement may be executed in any manner of counterparts which
together shall constitute the agreement of the parties.
13.02 This Agreement and the terms and provisions hereof shall be effective as of
the date this Agreement is executed by both parties and shall inure to the benefit
of and be binding upon the parties hereto and their respective heirs, executors,
personal representatives, successors, successor trustee, and assignees
whenever the context so requires or admits.
13,03 Any amendment to this Agreement shall not bind any of the parties hereof
unless such amendment is in writing and executed and dated by purchaser and
Seller. Any amendment to this Agreement shall be binding upon purchaser and
Seller as soon as it has been executed by both parties.
'13.04 Captions and section headings contained in this Agreement are for
convenience and reference only; in no way do they define, describe, extond or
limit lhe scope or intent of this Agreement or any provisions hereof.
13,05 All terms and words used in this Agreement, regardless of the number and
gender in which used, shall be deemed to include any other gender or number as
the context or the use thereof may require.
13.06 No waiver of any provision of this Agreement shall be effective unless it is in
writing signed by the party against whom it is asserted, and any waiver of any
provision of this Agreement shall be applicable only to the specific instance to
which it is related and shall not be deemed to be a continuing or fulure waiver as
to such provision or a waiver as to any other provision.
13.07 lf any date specified in this Agreement falls on a Saturday, Sunday or legal
holiday, then the date to which such reference is made shall be extended to the
next succeeding business day.
9
16.D.3.a
Packet Pg. 1410 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
ConservaJon co∥b7-CrOen 3 G700n investments,lnc
Tax ld″l oo742880009
13.08 Seller is aware of and understands that the "offer" to purchase represented
by this Agreement is subject to acceptance and approval by the Board of County
Commissioners of Collier County, Florida. This Agreement is subject to fund
availability and future appropriation. Should the funds not be available or able to
be used prior to closing the Purchaser or Seller may immediately terminate this
agreement without any payment of any kind to Seller.
13.09 lf the Seller holds the Property in the form of a partnership, limited
partnership, corporation, trust or any form of representative capacity whatsoever
for others, Seller shall make a written public disclosure, according to Chapter 2g6,
Florida Statutes, under oath, of the name and address of every person having a
beneficial interest in the Property before Property held in such capacity is
conveyed to Collier County. (lf the corporation is registered with the Federal
Securities Exchange Commission or registered pursuant to Chapter 517, Florida
Statutes, whose stock is for sale to the general public, it is hereby exempt from
the provisions of Chapter 286, Florida Statutes.)
13.10 This Agreement is governed and construed in accordance with the laws of
the State of Florida.
XIV. ENTIRE AGREEMENT
14.01 This Agreement and the exhibits attached hereto contain the entire
agreement between the parties, and no promise, representation, warranty or
covenant not included in this Agreement or any such referenced agreements has
been or is being relied upon by either party. No modification or amendment of
this Agreement shall be of any force or effect unless made in writing and executed
and dated by both Purchaser and Seller. Time is of the essence of this
Agreement.
lN WITNESS WHEREOF, the parties hereto have signed below.
Dated Prttect/Acquislion AppЮ ved by BcCi
AS TO PURCHASER:
DATED:
AΠ EST:
CRYSTAL K K:NZEL,Clerk
,Deputy Clerk
Approved 8s to form and l€gallty:
BOARD OF COUNTY COMM:SS10NERS
COLLIER COUNIY,FLOR:DA
BY:
WILLIAM L MCDANIEL,」R,Chairnan
う＼ヾ
■0Jennifer A. Bolp€dio, A8sblant County Atlorney
16.D.3.a
Packet Pg. 1411 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
Cor、servation Collier―Creen&Green lnvestmenls lnc
Tax ld#: 00742880009
AS TO SELLER:
DAttED:_g5革 皇亜年1匠 l_____
1/VI丁 NESSESi
¶相 螂
(Prirted Name)
GREEN&GREEN INVESTMENTS,INC,
san Sarita Green, Presi
16.D.3.a
Packet Pg. 1412 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
Conservatlon Collier―Groon a creen investmentsi:nc.
Tax:dJ「 oo742880009
EXHIBIT“A"
PROPERIY IDENTIFICAT10N NUMBER:00742880009
LECAL DESCRIPT10N:
NORTH HALF(N4/2)OF SOUTH HALF(S3/2)OF NORTH HALF(N9/2)
LYING VVEST OF STATE ROAD 951,NORTH HALF(N4/2)OF SOUTH
HALF(S4/2)OF SOUTH HALF(S4/2)OF NORTH HALF(N4/2)LYING
WEST OF STATE ROAD 951in 15‐51‐26,OF THE PUBLIC RECORDS
OF COLLIER COUNTY,FLORIDA.
28.70 acres
■216.D.3.a
Packet Pg. 1413 Attachment: Signed Agreement 5-8-19 (8837 : Conservation Collier - Green & Green Investment)
1
Conservation Collier Land Acquisition Program
Project Design Report
Date: March 7, 2019
Property Owner: Green & Green Investments Inc
Folio(s): 00742880009
Location: Located adjacent to CR 951 south of US 41, adjacent to Rookery Bay lands and Conservation
Collier Shell Island Preserve
Size: 28.7 acres
Appraisal/Offer Amount: $860,000
History of Project:
Received
application
Selected for the “A”
category on the
Active Acquisition
List by CCLAAC
Approved for
purchase by BCC
Purchase offer
made to owners
Offer Accepted
3/24/2017 4/24/2018 1/22/2019 1/23/2019 1/28/2019
Purpose of Project: Environmental Conservation – Conservation Collier Program
Program Qualifications:
This parcel fulfills program qualifications by satisfying all applicable screening criteria. It is an
example of one of the unique and endangered plant communities listed as preferred by the
Conservation Collier Ordinance (tidal fresh and saltwater marsh).
16.D.3.b
Packet Pg. 1414 Attachment: Project Design Report PDF (8837 : Conservation Collier - Green & Green Investment)
2
Mapped soils on this parcel include Durbin and Wulfert Mucks, which are considered to be
tidally influenced. This parcel provides habitat for wetland dependent species, water quality
enhancement for the adjacent Rookery Bay, an Outstanding Florida Water, and will provide on-
site attenuation of floodwaters. Listed species observed on the property 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).
Projected Management Activities:
Management of this property will address the costs of exotic vegetation removal and signage.
The following assessment addresses the initial costs of management. These are very preliminary
estimates. Ordinance 2002-63 requires a formal land management plan be developed for each
property acquired by Conservation Collier; this plan will be forthcoming after the property is
purchased.
Exotic Vegetation Removal and Control:
Melaleuca (Melaleuca quinquenervia), Brazilian pepper (Schinus terebinthifolius), torpedo grass
(Panicum repens). 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 and Trails
Public parking and trails are not recommended for this parcel.
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.
16.D.3.b
Packet Pg. 1415 Attachment: Project Design Report PDF (8837 : Conservation Collier - Green & Green Investment)
Appraisal Report Review
Green & Green Investments
Parcel No 00742880009 Site
Address
Site City Site Zone
*Note
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 OF N1/2 LYING W OF SR 951, LESS RW DESC IN OR
1158 PG 1624-1627, LESS OR 1238 PG 1548
16.D.3.f
Packet Pg. 1416 Attachment: REVIEW APPRAISAL 11-28-2018 (8837 : Conservation Collier - Green & Green Investment)
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 of this appraisal review report is
the BCC / 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 of Work. The purpose of the 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 identify significant features of the 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 of the appraisal review.
11) The purpose of the appraisal review is to provide an opinion of the 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 of the 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 “1-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.
16.D.3.f
Packet Pg. 1417 Attachment: REVIEW APPRAISAL 11-28-2018 (8837 : Conservation Collier - Green & Green Investment)
Identification of the Client, Collier County BCC & Conservation Collier Program
3300 Santa Barbara Blvd Naples, FL 34116
INTENDED USE: This appraisal is to estimate the fair market value of the property, as of the specified
date of valuation, for the proposed acquisition of the property rights specified (i.e., fee simple, etc.) for a
federally assisted project.
INTENDED USER: The intended user of this appraisal report is primarily the acquiring agency, but its
funding partners may review the appraisal as part of their program oversight activities.
ASSUMPTIONS AND LIMITING CONDITIONS:
The appraiser shall state all relevant assumptions and limiting conditions. (None)
DEFINITION OF FAIR MARKET 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:
1. Buyer and seller are typically 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 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
The methodology for performing a technical review falls into two different types: (1) desk review and (2)
technical field review. The main difference between the two is who is performing the appraisal review
and whether they certify the value. An appraiser doing a technical field review can change the value and
must certify the review. There may be a combination of the two resulting in a partial Technical field
review. The mechanics of the 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 of or
after the date of the work being reviewed was not used by the Reviewer in the development of an
opinion as to the quality of the work under review. The Reviewers’ independent Opinion of
Value was developed within USPAP Guidelines for Review:
16.D.3.f
Packet Pg. 1418 Attachment: REVIEW APPRAISAL 11-28-2018 (8837 : Conservation Collier - Green & Green Investment)
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 of the Uniform Standards of
Professional Appraisal Practice (USPAP). Appraisal reviews that comply with all the requirements of
USPAP are acceptable reviews from the standpoint of technical field review content.
A review appraiser is an appraiser who examines the reports of other appraisers to ascertain whether their
conclusions are consistent with the data reported and with other generally known information (The
Dictionary of Real Estate Appraisal, Third Edition, 1993). Several less formal definitions characterize the
duties of a review appraiser. The technical reviewer is an appraiser who reviews and analyzes the relevant
facts assembled by the appraiser and using reason and exercise of judgment, forms an opinion or
conclusion with respect to the real estate problem.
Approval-Field Review
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 current 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 1 and 2 of USPAP. The review appraiser should not approve an
appraisal with speculative or unreasonable limiting 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.
16.D.3.f
Packet Pg. 1419 Attachment: REVIEW APPRAISAL 11-28-2018 (8837 : Conservation Collier - Green & Green Investment)
16.D.3.f
Packet Pg. 1420 Attachment: REVIEW APPRAISAL 11-28-2018 (8837 : Conservation Collier - Green & Green Investment)
Conservation Collier Program originally obtained 2 appraisal reports to determine the market
value.
The valuation report by Lee Norris was $575,000 dollars.
The valuation report by RKL was $860,000 dollars.
The variance between the 2 appraisals is 33%, this triggered a third appraisal report.
A third appraisal report was performed by Integra Realty Resources (IRR).
The valuation report by IRR was $860,000 dollars.
Reconciliation of Values
The third appraisal report ($860,000) indicates the same exact difference between the previous real estate
values resulting in a 33% variance. The difference between the appraisal reports, is the appraisal report
valued at $575,000 dollars, the appraiser doesn’t think the subject property can be developed therefore the
highest and best use for the property is conservation.
The appraisal reports with the valuation of $860,000 dollars relied heavily upon a comparable across the
street that is over 75% wetland and sold for $40,000 per acre. The appraisal reports indicate the subject
property can be developed but at a higher cost, but still developable. This is the reason for the pullback
from $40,000 per acre to $30,000 per acre. The results of the $860,000 is 28.70ac divided results in
$30,000 per acre. (rounded)
The valuation report by IRR (3rd appraisal report) was $860,000 dollars.
Taking into consideration all the different market data used in the three appraisal reports, the most
reasonable market value for the Green and Green parcel is $860,000 dollars.
11/28/2018
16.D.3.f
Packet Pg. 1421 Attachment: REVIEW APPRAISAL 11-28-2018 (8837 : Conservation Collier - Green & Green Investment)
06/11/2019
EXECUTIVE SUMMARY
Recommendation to approve and authorize a Budget Amendment in the amount of $15,098.41 and
authorize the chairman to sign one (1) Release of Lien for an Affordable Housing Density Bonus
unit that is no longer subject to the terms of the agreement.
OBJECTIVE: To support the affordability of housing through the Affordable Housing Density Bonus
(AHDB) Program.
CONSIDERATIONS: Pursuant to Section 2.06 et seq. of the Collier County Land Development Code
(LDC), the identified homeowner executed an AHDB Agreement lien encumbering their property in the
Bristol Pines PUD. The AHDB Program seeks to provide an incentive to construct affordable housing
units in Collier County.
The following provision applies to the subject properties if sold or assigned within fifteen (15) years after
the original purchase date:
“at a sales price in excess of five percent (5%)per year of the original purchase price of $178,990, I, my
heirs, legal representatives, successors or assigns shall pay to Collier County an amount equal to one-
half of the sales price in excess of the five percent (5%) increase per year” (emphasis added).
The following table details the Release of Lien associated with this Item.
Name Purchase
Date
Purchase
Price
Public
Record
Sold Date Sold Price Payoff
Amount
Patrick
Halm
11/04/2016 $178,990 OR5333
PG3430
01/28/2019 $230,000 $15,098.41
If the borrower sells the property for less than the original sales price; there is no repayment obligation to
Collier County. If the borrower sold the property “in excess of five percent (5%) per year of the original
purchase price” and if there is an increase in appreciation of more than five percent (5%) per year, the
borrower would pay the County one-half of the excess of five percent (5%). Mr. Halm paid the County
one-half of the sales price in excess of the five percent (5%) increase per year.
Type of Revenue Amount 10% Admin Program
Density Bonus Pay Off $15,098.41 $1,509.84 $13,588.57
Total $15,098.41 $1,509.84 $13,588.57
FISCAL IMPACT: A Budget Amendment is necessary to recognize the revenue received in the amount
of $15,098.41 in the Affordable Housing Trust Fund (116), Project Number 50137.
GROWTH MANAGEMENT IMPACT: There is no Growth Management impact associated with this
Executive Summary.
LEGAL CONSIDERATIONS: This Item is approved for form and legality and requires a majority vote
for Board of County Commissioners (Board) approval. -JAB
STAFF RECOMMENDATION: To approve a Budget Amendment in the amount of $15,098.41 and
authorize the Chairman to sign one (1) Release of Lien for an Affordable Housing Density Bonus unit
that is no longer subject to the terms of the agreement.
16.D.4
Packet Pg. 1422
06/11/2019
Prepared By: Jason Rummer, Operations Analyst, Community and Human Services Division
ATTACHMENT(S)
1. AHDB ROL STAMPED CAO jbv1 HALM BCC 06.11.2019 (PDF)
2. AHDB ORIGINAL LIEN 2016 BRISTOL PINES HALM (PDF)
3. HALM - Density Bonus SAP (PDF)
4. HALM PAYOFF CHECK BCC06.11.2019 (PDF)
16.D.4
Packet Pg. 1423
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
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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.
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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
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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)
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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
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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
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• 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
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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.
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Section 2 – Description of Real Estate Appraised
Regional Location Map
Subject Location Map
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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.
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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.
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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
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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.
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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.
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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
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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.
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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
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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,
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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.
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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.
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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.
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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.
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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
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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
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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
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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
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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.
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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.
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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
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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
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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
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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
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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
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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
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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.
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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.
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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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.
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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
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• 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.
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• 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
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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.
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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
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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;
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• 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
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Section 8 – Addenda
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Notice to Proceed
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SOIL ANALYSIS – MAP AND DATA
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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.
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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.
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LICENSE FOR J. LEE NORRIS, MAI, SRA
LICENSE FOR ANGELICA JORDAN
COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS
C ARLSON, NORRIS AND ASSOCIATES, INC.
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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.
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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.
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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
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
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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.
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
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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