Backup Documents 03/10/2020 Item #11DReport to the Board an offer received from LSI Companies for the sale of 967.08 +/- acres located three miles east of Collier Boulevard and directly north of Alligator Alley known as the HHH Ranch owned by Francis and Mary Hussey.Toni A. MottManager Real Property Division of Facilities Management, PUDMarch 10, 2020Agenda Item 11DCollier County | Florida
ConsiderationOn October 10, 2017, Agenda Item 11.C, the Board rejected the offer to purchase the Property for $75,000,000 as the requested price or public-private partnership could not be supported by the available data at that time.Appraisals dated June 16, 2017 were obtained from Carlson, Norris and associates, Inc and Maxwell, Henry Simmons for the Property. The average valuation of the two (2) appraisals for the land was $8.2 million. Due to the age of the appraisals, staff is recommending obtaining appraisal updates. A waiver is required to utilize Carlson, Norris and Associates, Inc. as they aren’t currently on the County’s appraisal vendor contract.An initial due diligence review will need to be conducted to evaluate the uses on the property as represented in the Term Letter. The entitlements for potential housing identified may need to be established by the seller prior to closing.The Property may also provide an opportunity to realign Wilson/Benfield Road to reduce environmental impact of the future roadway. Additional time will be required to obtain updated appraisals and perform due diligence to evaluate the offer, negotiate terms, and bring back a recommendation and potentially an Agreement for Sale and Purchase.
Parcel Status UpdatesParcels 901/701 – 850 NWN, LLC – Closing scheduled for March 9, 2020Parcels 902/702 – White Lake Commons Association, Inc. –Closing scheduled prior to March 31, 2020.Parcel 903 – Laxmi of Naples, LLC – AcquiredParcel 904 – IStorage PO, LLC – Awaiting signed documentsParcel 905 - Toll Gate Naples, LLC – Negotiations in progressParcels 906/706 – Forest Glen Golf & Country Club – Negotiations in progress
Location Map
RecommendationsThat the Board of County Commissioners:Authorize obtaining appraisal updates from Carlson, Norris and Associates, Inc. and Maxwell, Henry Simmons;Approve a waiver to utilize Carlson, Norris and Associates, Inc. Authorize the Chairman to execute a letter of interest; and Authorize the County Manager to negotiate terms and conditions
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