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GGELTC Agenda 03/29/2021A G E N D A Golden Gate Estates Land Trust Committee Monday, March 29, 2021- 5:30 p.m. IFAS Extension Ag Center next to Fairgrounds 14700 Immokalee Road Naples, Florida 34120 Committee Members Chairman: Jeff Curl Vice-Chairman: Carol Pratt Member: Annette Kniola Member: Angela Birks Member: Jessica Harrelson County Staff Michael Dowling: Collier County Real Property Management ___ 1. Call to order 2. Approval of current agenda 3. Approval of the Minutes for the November 16, 2020, meeting 4. Approval of Treasurer’s Report 5. Property Sale Appraisal Approval: Parcel ID 40476840003 The East 75 feet of the West 150 feet of Unit 73, Tract 83, 1.14 acres, buildable lot. Property Appraiser’s Value: $17,898 In-house Appraiser’s Value: $33,000 6. Property Sale Appraisal Approval: Parcel ID 36915200008 The North 100’ of Tract 55, Unit 18, from the GAC Land Trust, 9.12 acres Property Appraiser’s Value: $316,500 In-house Appraiser’s Value: $292,000 7. Other Business 8. Public Comment 9. Next meeting – May 2021 20.A.2 Packet Pg. 383 Attachment: Agenda March 29, 2021 (15449 : Golden Gate Estates Land Trust Committee - March 2021) MINUTES Golden Gate Estates Land Trust Committee Committee Members Chairman: Jeff Curl Vice-Chairman: Carol Pratt Member: Annette Kniola - absent Member: Angela Birk - absent Member: Jessica Harrelson Countv Staff Michael Dowling: Collier County Real Property Management 1. Call to order: Jeffcalled the meeting to order at 5:38 p.m 2. Approval of current agenda: Jeff asked if there were any comments or revisions, there were no comments, Jeff called for a vote. Jessica asked if she could add an item regarding the termination of the GAC Land Trust Agreement to the agenda. Jeff said that will now become item 7 on the agenda and the remaining items will move down. Jeff called for a vote to approve the agenda as amended, Jessica made a motion to approve the agenda as amended, Carol seconded the motion, Jeff called the vote, all were in favor. 3. Approval of the Minutes for the September 23,2019, meeting: Jeff asked if anyone had any comments or revisions to the Minutes, there were no comments, Jessica made a motion to approve the Minutes as submitted, Carol seconded the motion, Jeff called the vote, all were in favor. 4. Approval of Treasurer's Report: There was no report. Michael said that Finance was asked to provide a starting balance for the new fiscal year, but Finance was waiting to post interest to the account which would be posted any day. Michael said he would email the Committee the fiscal report once provided by the Clerk's Finance. 5. Property sale inquiry: The East 75 feet of the West 150 feet of Unit 73,Tract 83, 1.14 acres, buildable lot. Property Appraiser's Value: $17,898 In-house Appraiser's Value: $25,000 to $27,000: Michael advised the Commiftee that the adjacent property ouner will be submitting an offer. Michael said that Roosevelt provided a valuation of $25,000 to $27,000. Jeff said property near his house, two streets from him, are going for $100,000 and over. Michael explained the purchase process and appraisal process to the Committee. All were in favor of the sale and the Committee will make a recommendation to the Board once the appraisal is presented to the Committee. Monday, November 16,2020- 5:30 p,m. Golden Gate Estates Library 1266 Golden Gate Boulevard West Naples, Florida 20.A.3 Packet Pg. 384 Attachment: GAC Meeting Minutes November 16, 2020 (15449 : Golden Gate Estates Land Trust Committee - March 2021) Page Two 6. Discussion for Collier County Transportation to purchase the North 100' of Tract 55, Unit 18, from the GAC Land Trust: Michael provided aerials showing the two parcels that Transportation has requested to purchase for the Vanderbilt Beach Road Extension project. Michael said an appraisal will be conducted for both properties and the Committee's recommendation to the Board for Transportation to puchase. Michael advised that the entire parcels will be purchased. 7. Termination Agreement update (Added): Michael advised that he had prepared a Termination Agreement about two years ago, and the County Attomey's Office said it would be finalizing that transaction. To-date, there hasn't been anything finalized about the Agreement, but Michael said he would check on the status. 8. Elections: Jeff asked for nominations for Chairman, Jessica made a motion for Jeff to continue as Chairman, Carol seconded the motion, Jeff called the vote, all were in favor. Jeff asked for nomination for Vice-Chairman, Jessica made a motion for Carol to remain as Vice- Chairman, Jeffseconded the motion, Jeff called for the vote, all were in favor. 9. Other Business: Jeff wanted to make note that the Committee hasn't met since the September meeting because there was no business to discuss in November and January and then the County ceased Advisory Committees to meet because of the Covid-l9 Pandemic. 10. Public Comment: None 1 1 . Next meeting - January 2020: To be determined pending appraisals for property purchases 12. Meeting adjoumed 6:40 p.m. Accepted:MNch29,2021 J C 20.A.3 Packet Pg. 385 Attachment: GAC Meeting Minutes November 16, 2020 (15449 : Golden Gate Estates Land Trust Committee - March 2021) $155,000 $698,707 $80,000 $255,000 $12,000 $917,297 $130,300 $50,000 $543,939 $102,918 $166,500 All Kids Play Foundation Big Corkscrew Island Fire Collier County EMS Golden Gate Estates Area Civic Assocation Greater Naples Fire Rescue District Library Ochopee Parks and Recreation School District Sheriff's Office GAC Land Tr ust Funding Expenditures Updated: March 2021 20.A.4 Packet Pg. 386 Attachment: Pie and Bar Chart March 2021 (15449 : Golden Gate Estates Land Trust Committee - March Beginning Cash Balance as of October 1, 2020 698,535.86$ Cash Transactions Interest postings First Quarter Interest postings Second Quarter***1,438.67$ Interest postings Third Quarter Interest postings Fourth Quarter TOTAL INTEREST FOR FISCAL YEAR: Miscellaneous Charges: Postage EXPENDITURES: TOTAL 699,974.53$ COMMITTED FUNDS: TOTAL CASH AVAILABLE after commitments:699,974.53$ GAC Inventory (Reserved for Government Use) ESTIMATE 1,265,560.00$ GAC Inventory (Available) ESTIMATE 858,540.00$ ASSETS 2,124,100.00$ GAC Fund 605 - Treasurer's Report FY-2019 Cash Activity Updated: March 29, 2021 CASH ASSETS 20.A.5 Packet Pg. 387 Attachment: Treasurer's Report March 2021 (15449 : Golden Gate Estates Land Trust Committee - March 2021) APPRAISAL REPORT FOR COLLIER COUNTY GMD/ TRANSPORTATION ROW SUBJECT PROPERTY: PARCEL 1122 POND 5.00 GROSS ACRES LOCATED ALONG 10TH AVENUE NE NAPLES, FL 34120 AT THE REQUEST OF: HARRY HENDERSON, SRA REVIEW APPRAISER COLLIER COUNTY GMD/ TRANSPORTATION ROW 2885 S. HORSESHOE DRIVE NAPLES, FL 34104 ASSIGNMENT NO.: 5556B-TS APPRAISAL EFFECTIVE DATE: NOVEMBER 12, 2020 DATE OF REPORT: DECEMBER 28, 2020 20.A.6 Packet Pg. 388 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Table of Contents Carroll & Carroll Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1 CERTIFICATION ..................................................................................................................................... 3 SCOPE OF WORK ................................................................................................................................... 5 ESTATE APPRAISED .............................................................................................................................. 6 DEFINITION OF MARKET VALUE ..................................................................................................... 7 ASSUMED EXPOSURE TIME ................................................................................................................ 7 AREA INFORMATION .......................................................................................................................... 8 MARKET AREA ..................................................................................................................................... 19 PROPERTY INFORMATION ............................................................................................................... 30 SITE DESCRIPTION .......................................................................................................................... 32 SUBJECT PHOTOGRAPHS .............................................................................................................. 34 ENVIRONMENTAL CONTAMINATION .................................................................................... 38 NATURAL RESOURCE CONCERNS ............................................................................................ 39 ZONING .............................................................................................................................................. 42 ASSESSMENT AND TAXES ............................................................................................................ 44 FLOOD ZONE DATA ....................................................................................................................... 45 TRANSACTIONAL HISTORY ........................................................................................................ 47 CURRENT STATUS ........................................................................................................................... 47 HIGHEST AND BEST USE ................................................................................................................... 48 CONSIDERATION OF APPROACHES ............................................................................................. 48 SALES COMPARISON APPROACH ................................................................................................. 49 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 50 VACANT LAND COMPARABLES ............................................... Error! Bookmark not defined. LAND SALES ADJUSTMENT GRID .............................................................................................. 56 ESTIMATE OF VALUE ......................................................................................................................... 60 ADDENDA ............................................................................................................................................. 61 20.A.6 Packet Pg. 389 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Summary of Important Data & Conclusions Carroll & Carroll 1 SUMMARY OF IMPORTANT DATA AND CONCLUSIONS This information is summarized only for convenience. The value given is the final, rounded conclusion of the appraisal. To use this summary without first reading the appraisal report could be misleading. PROPERTY INFORMATION Property Identification Parcel 1122 Pond 5.00 Gross Acres located along 10th Avenue NE, Naples, FL 34120 Property Description A canal front parcel containing 5.00 gross-acres located along the north side of 10th Avenue NE, west of 8th Street NE in Naples, Florida. Property Type Vacant Land Owner of Record Collier County Property ID # 37493920003 CLIENT INFO & VALUE CONCLUSIONS Client Collier County GMD/Transportation ROW Intended Use To assist in asset management. Intended Users Collier County GMD/Transportation ROW Appraisal Effective Date November 12, 2020 Date of Report December 28, 2020 Date of Inspection November 12, 2020 Purpose of Appraisal Estimate Market Value “As Is” Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Value $180,000 GENERAL INFO Appraiser Timothy W. Sunyog, MAI State-Certified General Appraiser RZ 3288 Scope of Work All applicable approaches to value were developed. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS None HYPOTHETICAL CONDITIONS None MARKET CONDITIONS STATEMENT COVID-19 is affecting the real estate market in ways that are sensed, but still mostly unmeasurable. Real estate remains the preferred store of wealth in times of risk and instability. 20.A.6 Packet Pg. 390 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Summary of Important Data & Conclusions Carroll & Carroll 2 For almost everyone, the greatest risk associated with COVID-19 is the risk of broad economic dislocation. This manifests as work days lost, forced business closures, supply line shortages, and economic decline due to decreased activity. The longer extraordinary economic conditions like those continue, the slower will be the return to normalcy. The local residential real estate market felt the negative effects during the first few months of the pandemic but has since recovered with the number of closed sales, pending sales, and median price higher in June, July, August, September, and October 2020 compared to June-October 2019. Pent up demand from the pandemic and record low interest rates are fueling this market. COVID-19 has had different impacts on the commercial market. The industrial market is in a period of stability. The majority of the business owners and tenants in the Southwest Florida industrial market are construction or service type businesses that are not being negatively impacted by the pandemic. The office market is also in a period of stability. We are not seeing the large downsizing as in much of the country and with more employees able to work remotely and the corporate tax benefits in Florida, the office market should remain stable. Most retail and hospitality properties are feeling the negative impacts. Commercial tenant revenues are declining which could affect lease payments. If negative conditions persist, commercial tenants could be lost, and then be slow to replace. Retail tenants, especially restaurants without drive-thru facilities, are struggling. The motel/hotel market is also being negatively impacted due to travel restrictions. We expect marketing periods to lengthen, and the time required to close a transaction to increase. There is resiliency in the commercial market due to high occupancies and strong net operating income. If workers experience permanent job loss and replacement jobs are not available, or if personal incomes are reduced for long periods, then the residential rental market might be affected. We don’t expect panic sales as there is no safe alternative and relaxed fiscal policy is intended to reduce pressure on the hardest hit. The local retired residential community is resilient, and our community infection rate had been declining, but is beginning to increase heading into the winter months. It is noted the current financial market is in a state of uncertainty, and it is not currently known how this instability has affected the real estate market segment, or how it could potentially affect real estate. Certain immediate events in the economy may occur that could cause the property to perform differently than the estimates and conclusions contained herein. It is expressed the estimates and conclusions contained herein are subject to risk and uncertainty. We are not responsible for any negative affects the financial market may have on the property that cannot be foreseen at this time. 20.A.6 Packet Pg. 391 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Certification Carroll & Carroll 3 CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I personally inspected the subject property and made an inspection of all comparable sales or listings identified in the report. 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 our personal, impartial and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. In the three years immediately prior to acceptance of this assignment I have not performed any services regarding the subject property as appraisers, or in any other capacity. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I am also subject to the Code of Ethics and Standards of Professional Practice of the Appraisal Institute, which includes provisions for peer review. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 20.A.6 Packet Pg. 392 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Certification Carroll & Carroll 4 No one other than the undersigned prepared the analyses, opinions and conclusions concerning real estate that are set forth in this report. As of the date of this report, I have completed the requirements of the continuing education program of the State of Florida, and for Designated Members of the Appraisal Institute. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 20.A.6 Packet Pg. 393 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Scope of Work Carroll & Carroll 5 SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was: • Inspected and photographed the subject property • Reviewed aerial photographs, land use plans, the Land Development Code, and other documentation • Reviewed how the property relates to its neighborhood and to the broader market area in development of an opinion of highest and best use • Researched vacant land comparable sales, listings, and pending sales • Developed the sales comparison approach • Estimated the market value of the fee simple estate • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusion Sources of market data included local and regional MLS systems, CoStar, LoopNet, public records, and interviews with real estate brokers. 20.A.6 Packet Pg. 394 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Estate Appraised Carroll & Carroll 6 ESTATE APPRAISED The estate appraised is the Fee Simple Absolute. For appraisal purposes Fee Simple Absolute is synonymous with Fee Simple. The Dictionary of Real Estate Appraisal, Sixth Edition, published 2015 by the Appraisal Institute, defines Fee Simple Estate 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. We consider easements, but only to the extent that they are known to us. Appraisal of the fee simple means that an improved property is vacant and available to be put to its highest and best use. 20.A.6 Packet Pg. 395 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Definition of Market Value Carroll & Carroll 7 DEFINITION OF MARKET VALUE In United States tax law, the definition of Fair Market Value is found in the United States Supreme Court decision in the Cartwright case: The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Case. (CCH) ¶ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal estate taxes, at 26 C.F.R. sec. 20.2031-1(b)). ASSUMED EXPOSURE TIME The reasonable exposure time referenced in (c) above is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was between 3 and 4 months. 20.A.6 Packet Pg. 396 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Area Analysis Carroll & Carroll 8 AREA INFORMATION COLLIER COUNTY ANALYSIS An analysis of geography, transportation, population, employment, income and education for Collier County is performed using data provided by Site to Do Business, Florida Office of Economic & Demographic, United States Department of Labor and Fishkind & Associates, all recognized source(s). GEOGRAPHY Collier County is the most southerly county on Florida's west coast offering mainland coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With 2,025 square miles of land area, it is the largest county in Florida. 821,620 acres, or about 63% of the land area, is in public ownership, is set aside for parks and environmental preservation, or is scheduled for public land acquisition. The region enjoys a climate that is classified as subtropical. Summers are relatively mild and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter, is one that attracts and is enjoyable to most people. The geography of the area runs generally northwest and southeast as indicated by the trend of the coastline. Beaches extend from the northern county line south to Cape Romano and then, as the coastline trends further to the southeast, beaches give over to mangrove islands and swamps. Moving northeastward from the beaches, elevations increase very slowly. 20.A.6 Packet Pg. 397 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Area Analysis Carroll & Carroll 9 Most of the county is less than 15 feet above mean sea level. Although changes in elevation are gradual, they are well defined by variations in vegetation. Much of the county is, or was once, wetland. The once plentiful marine resources are largely depleted, but still provide good sport fishing. Population centers include the coastal communities of Naples, Marco Island and Everglades/Chokoloskee. Immokalee, the single large interior community, is located in north Collier County and is the agricultural center of the region. POPULATION “The social forces studied by appraisers primarily relate to population characteristics. The demographic composition of the population reveals the potential demand for real estate, which makes the proper analysis and interpretation of demographic trends important in an appraiser’s analysis.” The total population, it's composition by age and gender, and the rate of household formation and dissolution strongly influence real property values. (The Appraisal of Real Estate 14th Edition) Collier County’s population has continued to increase year after year. The population has grown at an annual rate of 1.8% from 2010 to 2018. The population forecasts through 2023 call for a continued steady growth cycle at an estimated annual rate of 1.856% or 7,031 people per year. Collier County for years has been one of the nations’ fastest growing counties, historically outperforming the state. Population increases began in 2010, trending once again towards outperforming the state. 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 2000 2005 2010 2018 2023 2030 2035 2040 Collier County Population Florida Office of Economic & Demographic Research and Esri forecasts 2018 20.A.6 Packet Pg. 398 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Area Analysis Carroll & Carroll 10 Collier County is a popular retirement destination. As of 2018, 55.50% of the County’s residents are over the age of 45. The 2023 forecasts depict an aging community with 56.5% of the population 45 years of age or older. 0% 5% 10% 15% 20% 25% 30% 2000 2005 2010 2018 2023 2030 2035 2040Population Change (%) Population Change (State vs County) Collier County YearYear Florida Office of Economic & Demographic Research and Esri forecasts 2018 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0-4 5-9 10-14 15-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2010 2018 2023Percentage Age Population by Age U.S.Census Bureau, Census 2010 Summary File 1. Ersi forecasts for 2018 and 2023 20.A.6 Packet Pg. 399 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Area Analysis Carroll & Carroll 11 EMPLOYMENT Collier County is a largely service based economy with 34.2% of the employees in the leisure, hospitality, education and health service industries and 20.8% in professional, business, financial and other services. Trade, transportation, & utilities along with government jobs account for 28.2% of the County’s employees. Industries such as natural resources/mining, construction, and manufacturing make up only 15.9% of the market. Leisure & Hopitality Trade, Transportation & Utilties Education & Health Services Professional & Business Services Construction Government Financial Activties Other Services Mining & Manufacturing 2017 EMPLOYED BY INDUSTRY -COLLIER COUNTY 20.A.6 Packet Pg. 400 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Area Analysis Carroll & Carroll 12 Top 11 Largest Employers Collier County -2012 Rank Company Employees 1 Collier County Public Schools 4739 2 NCH Healthcare System 4000 3 Collier County Government 1591 4 Collier County Sheriff's Office 1371 5 Ritz Carlton, Naples 1100 6 Gargiula, Inc. 1100 7 Arthrex, Inc 1056 8 Hometown Inspection Services 900 9 Publix 800 10 Naples Grande Beach Resort 760 11 Marriott 730 Source: www.eflorida.com as reported in 2014 Clerk of Courts Annual Report The unemployment rate in Collier County exceeded the state average by a slight margin in 2018. The unemployment rate then declined through 2018 as the economy improved and, until recently, Collier County’s unemployment rates decreased more rapidly than the state. 0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0% 2010 2011 2012 2013 2014 2015 2016 2018 Unemployment Rate (County vs State) Collier County State of Florida 20.A.6 Packet Pg. 401 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Area Analysis Carroll & Carroll 13 BUSINESS CLIMATE Businesses, both existing and new, can experience a high level of collaboration within the community — private business, non-profits and government — as well as a common purpose: maintaining the enviable lifestyle residents here enjoy. Naples and Collier County offer deep resources for everything from start-up business loans and workforce training to accelerators that can jump-start a business, allow it to expand or move here from a foreign country or out of state. Collier County is the 10th fastest growing metropolitan area in the country, according to the U.S. Census Bureau and was the top fastest growing area in the country for 2016 in a ranking by the U.S. Conference of Mayors. Wallet Hub also ranked Naples/Collier County as the No. 3 Best Place to Start a Business in Florida and Forbes magazine/Moody's Analytics Forbes ranked Naples and Collier County No. 4 in the Top 10 Best Cities for future job growth. INCOME Collier County’s per capita income and median household income levels are higher than state statistics. The most substantial difference between Collier County and the state is the large percentage difference in household incomes above $100,000 where Collier County exceeds the state by over 8%. Collier County's percentage household incomes ranging from $25,000 to $99,999 mirror that of the state but is significantly lower in the percentage of household incomes under $25,000. Income levels vary greatly within different areas of Collier County, and so, will be discussed in greater detail in the Market Area description. TRANSPORTATION The transportation system reflects local geography, population densities and the primary motivators of tourism, service industry employment, the construction industry, agriculture, and leisure activities. ROADS: The earliest roads were coastal, extending from north to south in the early twentieth century with the first settlers. Principal among these is US-41, commonly referred to as the Tamiami Trail because it was built to connect Tampa and Miami. Where it passes through the coastal community US-41 is a four or six lane divided highway with landscaped medians, curb and gutter, street lights and often with concrete sidewalks. The Trail is the principal coastal arterial and one that defines several important boundaries. Often there is a noticeable land value difference east and west of US-41 because the affluent coastal population prefers to shop and trade close to home. As the highway turns southeast from downtown Naples toward Miami the Trail defines the boundary of the coastal management zone which affects development densities and storm evacuation requirements. The eastern segment of US -41 is a designated national scenic highway popular with tourists, especially during the winter season as they seek adventure in the Everglades. 20.A.6 Packet Pg. 402 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Area Analysis Carroll & Carroll 14 A system of asphalt surfaced arterials, major collectors, minor collectors, and neighborhood streets extend into the urban area east and west from US-41. North-south arterials and major collectors are established about one mile apart. From west to east, these include Goodlette-Frank Road, Airport-Pulling Road, Livingston Road, Santa Barbara Boulevard and Collier Boulevard. The east-west grid is spaced about two miles apart; from north to south being Immokalee Road (CR-864), Vanderbilt Beach Road (CR-862), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), Radio Road (CR-856), Davis Boulevard (SR-84), and Rattlesnake Hammock Road (CR-864). Within the urban area all of these are at least 4 lane divided highways. East of Collier Boulevard the road system reflects the economies of scale of Golden Gate Estates subdivision (the Estates) where 102 square miles of rural subdivision is supported by a grid system of paved and unpaved 2 lane streets, with 2 and 4 lane asphalt surfaced major collectors. Golden Gate Boulevard, a 4 lane divided road for five of its eleven miles east of CR-951, is the principal east-west collector. Everglades Boulevard (2 lane and asphalt surfaced) is the north-south major collector extending south from Immokalee Road 14 miles to the grade separation at I-75 where it continues into the Picayune Strand State Forest. Most of the neighborhood streets in Golden Gate Estates are asphalt. Collier County is planning to extend east-west collectors through the Estates along the alignment of Vanderbilt Beach Road and somewhere south of Golden Gate Boulevard. A north-south connection is also planned from the eastern terminus of White Boulevard (Pine Ridge Road) north to Golden Gate Boulevard. Interstate highway 75 (I-75) was extended from north to south through Collier County in the mid-1980s along a flood-proof route about five miles inland. Directly east of the City of Naples I-75 joins the original alignment of State Road 84 (Alligator Alley) connecting with Florida's east coast at Ft. Lauderdale. The coastal community I-75 interchanges are spaced three to four miles apart at Immokalee Road (CR-864), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), and at Collier Boulevard/Davis Boulevard (CR-951/SR-84). Twenty one miles east of the coastal community is an interchange at State Road 29; the last interchange in Collier County. Collier County and the FDOT continue to study the feasibility of an interchange at Everglades Boulevard. The advent of I-75 signaled a change in the relationship of Collier County to the rest of Florida and the United States. While US-41 was the only north-south arterial, Collier County was dominated by the conservative mid -western influences of seasonal residents and somewhat isolated from the larger urban areas of Florida. After the late 1980s, road access to Collier was made much more convenient to the northeast via connections with I -4 and I-95. This had the effect of broadening Collier's market exposure and it stimulated growth. The extension of I-75 south into Dade County promoted better access for European tourists and made Collier County transient lodging attractive for east coast weekenders. 20.A.6 Packet Pg. 403 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Area Analysis Carroll & Carroll 15 Strategic connections exist where Collier Boulevard and CR-92 extend south and west from US-41 providing access to the City of Marco Island from the greater Naples area and from Florida's east coast, respectively. State Road 29 connects the southwest Florida agricultural center of Immokalee with points north, with the Naples coastal community via CR-846, with the Ft. Myers coastal community via SR-82, and with US-41 at Everglades City which is the western gateway to Everglades National Park and the 10,000 Islands region of Collier's southwest coast. The road transportation system is well planned, well maintained, and operating at acceptable capacity. Ambitious road construction projects undertaken in anticipation of growth projections and funded by impact fees have caught up with development. The road system reflects Collier's position at the southerly limit of development on Florida's west coast. MASS TRANSIT: Collier Area Transit (CAT), operated by Collier County Alternative Transportation Modes Department, provides inexpensive alternative transportation throughout the county linking major employment centers of Naples with Marco Island and Immokalee. There are several circulation routes with stops at the County government complex, hospitals, and major shopping establishments. The system accommodates bicycle transport and personal items. The same County department administers the Collier Area Para Transit system which provides subsidized transportation services for the disabled and economically disadvantaged. This is a successful and growing system that connects people with jobs, essential services, and shopping while reducing transportation costs and road congestion. AIRPORTS: Collier County is well supported by a system of five public airports. Southwest Florida International Airport (RSW) is located in Lee County 25 miles north of Naples; a 45 minute drive via I-75 from the Collier center of population. This facility serves the five county southwest Florida regions offering domestic and inter national air carrier service. In 2017 the airport served more than 8.8 million passengers, making it one of the top 50 airports in the U.S. for passenger traffic. A total of 15 airline carriers serve the airport with non-stop service throughout North America and international service to Canada and Germany. It is modern, convenient, and has planned expansion to keep up with regional growth. Naples Municipal Airport (APF) owned by the City of Naples and operated by the independently constituted Naples Airport Authority which derives its revenue principally from fuel sales. This small airport (about 1 sq. mi.) is located one mile east of downtown Naples. It serves the coastal community and is especially convenient to affluent residents 20.A.6 Packet Pg. 404 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Area Analysis Carroll & Carroll 16 who own private aircraft, to the corporate convention business of the large beachfront hotels, and to essential services like mosquito control, Emergency Medical Services (EMS), the Sheriff's office, and private air ambulance services. The two paved runways (5/23 @ 5,290' and 14/32 @ 5,000') will support jets including the G4 and Challenger series. Naples airport is tower controlled and fully certified for commercial operations and is home to several aircraft charter services and flight training schools. In 2005, Naples Municipal Airport accommodated 163,434 aircraft operations, a record high. Annual operations decreased by nearly 50% from 2005 to 2011. The total operations for 2017 were 95,018. Due to its downtown location, Naples airport has restricted operations of the most noisy jet aircraft and is at the leading edge of noise abatement measures. The Collier County Airport Authority owns and operates airports at Marco Island, in Everglades City, and at Immokalee. These are primarily funded through fuel sales and hangar leases. Marco Island Airport (MKY) is a very small (64.47 acres) general aviation facility on the mainland four miles northeast of Marco Island. The single paved runway (17/35 @ 5,000') will support light jet traffic. Hanger and ramp space is very lim ited. Fuel is available. This airport is convenient to Marco Island residents and to the corporate convention business of the Island hotels. Immokalee Regional Airport (IMM) is one mile east of Immokalee and 35 miles by road northeast of Naples. This 2 square mile airport has two paved 5,000 foot runways (18/36 and 09/27) a third diagonal runway is now used as a weekend drag racing strip. The airport is in a Florida Rural Enterprise Zone and a HUB Empowerment Zone. A 60 acre zone in and around the airport is a designated Foreign Trade Zone. To date, the economic potential of this airport is largely unrealized. However, the field is active as a training destination for coastal-based flight schools, it hosts aerial firefighting and crop dusting operations, and it bases numerous private aircraft. The Everglades Airpark (X01) is a light duty general aviation facility of 29.14 acres is within walking distance of downtown Everglades City. The single paved strip (15/33 @ 2,400') supports itinerant coastal traffic and half a dozen based aircraft. Fuel, a comfortable pilot center and bicycles are available. MARINE TRANSPORTATION: There is no deep water port and no commercial marine activity other than that associated with commercial fishing, charter sport fishing, and the marine towing services that support the pleasure boat industry. The controlling depth to the municipal dock in Naples Bay is six feet at mean low water. The US Coast Guard maintains a dredged and well-marked intracoastal waterway from the head of Naples Bay to Coon Key southeast of Marco Island. Local geography requires vessels northbound from Naples to transit 30 miles of the Gulf of Mexico before returning to the sheltered intracoastal system at Sanibel Island. Seasonally, excursions from Marco Island to Key West and from Ft. Myers Beach to Key West are scheduled daily. 20.A.6 Packet Pg. 405 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Area Analysis Carroll & Carroll 17 EDUCATION Collier County Public School District is a high performing school district which has earned either an “A” or “B” accountability grade from the State of Florida Department of Education over the past ten years. The District operates 61 schools; twenty -nine elementary schools, ten middle schools, eight high schools, a Pre-K through 12 school (Everglades City School) and 13 Alternative School Programs. The Alternative School Programs include charter schools and two technical colleges, each with a high school component. Collier County Public Schools serves 48,000 students. The student body is 51.43% Hispanic, 32.92% white, 11.58% black, and 4.07% other. More than 60% of the public school population is categorized “economically needy.” Over 50% of public school students live in non-English speaking homes. Between 2016 and 2018, the school district had an overall population growth of 2,100 students. Collier County is also served by several colleges and accredited universities. Three colleges have campuses in Collier County: Ave Maria University, Hodges University and Florida Southwestern State College (formerly Edison Community College). Ave Maria University is a private catholic university that offers both undergraduate and graduate programs including a law school. Hodges University is a private four-year college that offers bachelors and master’s degrees in 20 disciplines. Florida Southwestern State College, with campuses in Naples, Punta Gorda and Ft. Myers, offers both two-year and four-year degree programs. Additional universities serving the region are Florida Gulf Coast University a part of Florida’s state university system; Barry University; and Nova S outheastern University. 42,500 42,100 42,000 42,400 42,400 42,800 43,400 43,800 44,600 45,900 48,000 41,000 42,000 43,000 44,000 45,000 46,000 47,000 48,000 49,000 2004 2006 2008 2010 2012 2014 2016 2018 2020Number of studentshttp://collierschools.com Collier County Public Schools Enrollment 20.A.6 Packet Pg. 406 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Area Analysis Carroll & Carroll 18 University of Florida Extension Services is a land-grant with research based information through an Extension Office in Immokalee. CONCLUSION At the southerly limit of urban development on Florida's west coast, Collier County offers the climate, natural resources, and sporting opportunities to support a superb retirement community. The quality of infrastructure, schools, and social services is what one would expect of such an area. We are experiencing a surge in new development projected to take us through the next several years. In the long term, the attractions of the climate and location, and the stability of fixed-account affluence promise continuing prosperity although probably without the strong emphasis on new development. 20.A.6 Packet Pg. 407 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Market Area Carroll & Carroll 19 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.” (The Dictionary of Real Estate Appraisal 6th Edition) “A combination of factors – e.g., physical features, the demographic and socioeconomic characteristics of the residents or tenants, the condition of the improvements (age, upkeep, ownership, and vacancy rates), and land use trends.” (The Appraisal of Real Estate, Fourteenth Edition) A market area includes those surrounding land uses which impact the value of a property and it can encompass one or more neighborhoods or districts. An appraiser focuses on the market area in analyzing subject property value influences. BOUNDARIES The subject property is located within the Golden Gate area of Collier County. For appraisal purposes, the Golden Gate or market area boundaries are shown below: 20.A.6 Packet Pg. 408 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Market Area Carroll & Carroll 20 Introduction The portion of Golden Gate within this market area is approximately 126 square miles in size. Three separate land uses are worth noting. Golden Gate City, which is not incorporated, is a 4-square mile development of high residential density consisting of both single-family and multifamily units. Commercial services for this market area are centralized here. The rural estates consist of approximately 116 square miles and is zoned for estate living. This low-density development serves a rural lifestyle desired by many in the area. A third area, Orange Blossom PUD located on Immokalee Road, is a 4-square mile residential subdivision without commercial support . It is approximately 50% developed with primarily single family units. Collier County Fairgrounds, a high school and elementary school are located here. Demographics for Golden Gate City and rural estates will be discussed separately, where appropriate, Data for Orange Blossom PUD will be included in the rural estates demographics. Environmental Influences This area is desired because of mild winter weather and rural life style. Even though it is inland from the coast there is still easy access to miles of beaches. The Naples area is one of the very few in Florida that offers adequate public access to a mainland beach. The subtropical weather allows for year-round recreational opportunities. Boating, swimming, riding ATVs, and camping are popular activities. Bicycling, walking and jogging are supported by an extensive network of connected biking and walking paths. Multiple tennis and pickle ball courts are available, as well as fitness centers. Golden Gate is known for its clean environment and healthy lifestyle. Residents are drawn to the rural estates because of wooded lots, native vegetation and abundance of wildlife. Agriculture uses are permitted; therefore, equestrian activities are common throughout the estates. Golden Gate City is an urban area served by county parks and a biking/walking path network. Governmental Influences This market area, including Golden Gate City, is governed by Collier County Board of County Commissioners which serves as chief legislative body and five constitutional officers; sheriff, clerk of courts, tax collector, supervisor of elections, and property appraiser. County government is managed by a strong county manager structure. Collier County provides services which range from average to high quality. However, Collier County is known for being a difficult county for building and development. The tax burden in Collier County is lower than the national average. 20.A.6 Packet Pg. 409 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Market Area Carroll & Carroll 21 County government has zoning and comprehensive plan ordinances designed to protect the character and values of property; to protect and enhance economic development; and to maintain and enhance the attractive nature of the area. Public services include fire protection, solid waste disposal, potable water, sanitary sewer service and storm water drainage. In some areas of Golden Gate Estates where sanitary sewer is not available, septic systems are permitted. Public/private companies proved adequate services for electricity, cable, and internet. Community support facilities such as schools, parks, churches, shopping, and places of employment are all located within this market area. Collier County Sheriff Department provides full range of services for Collier County. According to the statistics listed by Florida Department of Law Enforcement, Collier County crime index falls in the lowest 16% of all counties in Florida and crime rate has decreased nine out of the past ten years. About 78% of all crime is either burglary or larceny. The county averages are representative of conditions in the Golden Gate area. This market area is served by several arterial roadways. All are six-lane divided highways with beautifully landscaped medians. Improvements include street lighting and concrete curb and gutter. North-south arterial roadways include Santa Barbara Boulevard which connects Rattlesnake Hammock Road to Immokalee Road and Collier Boulevard (SR-951) which is a major arterial linking Marco Island in south Collier County with Immokalee Road near the north county line. Development along Collier Boulevard is a mixture of single/multi-family residential, office, light industrial, institutional, and retail. The Collier Boulevard thoroughfare anchors a grid of arterial roads spaced about 2 miles apart, that serve the greater Naples coastal community which lies to the west and has direct access to I-75. East-west arterials include Golden Gate Parkway, Pine Ridge Road, and Immokalee Road. Each one provides direct access to Interstate I-75. Development along Pine Ridge Road is mainly developed with single family homes and institutional uses. Golden Gate Parkway and Immokalee Roads have a mixture of single/multi-family residential, office, industrial, institutional, and retail uses. Another east-west arterial is Vanderbilt Beach Road which is a direct connection between the Golden Gate area and the Naples beaches. Interstate I-75, which connects Collier County to both North Florida and Florida’s east coast, serves this entire market area and access is provided by three interchanges. The arterial road system is laid out in a grid pattern that provides adequate traffic flow to all areas of the county. Commercial development exists at every major intersection; but, the intersections are designed with proper turns lanes and signaling to provide for adequate traffic movement. The road network easily handles traffic demand in the off-season, May 20.A.6 Packet Pg. 410 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Market Area Carroll & Carroll 22 through December. Traffic more than doubles in January, February, March and April because of seasonal residents and tourists. Even with exceptionally heavy traffic, the road network usually handles peak traffic demand without major delays. The rural estates are served by a grid of residential streets and collector roads. The residential streets, which are two-lane roads with open swales, are located every quarter mile. Most these roads are paved; however, some residential streets located along the eastern edge of this market area have yet to be improved. The residential streets feed into collector roads, which connect to the major arterial highway system. The collector roads include Santa Barbara Boulevard, Golden Gate Boulevard, Wilson Boulevard, Everglades Boulevard, Randall Boulevard and Oil Well Road. They are four-lane in the more populated areas, transitioning to two-lanes in the eastern section of this market area. Public transportation is provided by a county transit bus services. Naples Municipal Airport is located outside the market area, but is easily accessed by any resident of the area. The airport is City owned, but operated by the independent Naples Airport Authority. It serves private and commercial aviation, as well as aviation related activities. It supports government services, such as, Mosquito Control District and Collier County Sheriff’s aviation unit. Social Influences Golden Gates City is a diverse community of entry level housing. Residents like the small town feel and consider it a safe place to raise a family. Residential is approximately 95% built out. Rural estates are attractive for it’s quiet country living while being in close proximity to all that the coastal community has to offer. Build out varies in the rural estates from 95% in the western portion of the market area to 40% or less in the southeastern location. Per US Census Bureau forecasts, the 2019 population is 70,636 with a projected growth to 75,824 (7.34% growth) by 2024. This area experiences a lower seasonal population increase during the winter months than other areas of Collier County. The median age is 36.3 with 81.2% of the population being 54 and younger. The median household income is $62,446. 24.6% have a bachelor’s or professional degree and 25.4% have some college education. There is an average degree of community involvement through civic organizations, neighborhood groups, social service organizations and political committees. The Naples cost of living is 2% higher than the average cost of living in the United States. Conversely, Florida has a cost of living that is lower than the US average. Of the 25 locations included in the Economic Policy Institute's dataset for Florida, Naples-Marco Island is the 21st most expensive. In Naples, housing is the category with the highest index (21% above national average), while taxes are the category with the lowest index (15% below national 20.A.6 Packet Pg. 411 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Market Area Carroll & Carroll 23 average). (Ref. Careertrends.com; cost of living analysis). Golden Gate has some of the highest density of affordable housing units in Collier County, but because of the high cost of living, home values can still be out of reach for many moving into Collier County. One of the main driving forces impacting growth in this area is the quality of schools. This market area has 15 public schools; two high schools, four middle schools, and nine elementary schools. Three of these schools received an A, five received a B and seven received a C rating in the last Florida state grading period. All schools in Golden Gate City are C schools with at least 86% minority and economically disadvantaged student enrollment. The majority of schools located in the rural estates area are either A or B schools with minority enrollment between 40% and 65%. In addition to the public school system, there are three, faith-based private schools. Economic Influences Population increased 52% over the last 19 years or 1,272 people per year. Population is forecasted to increase an additional 7.34% over the next five years for an average of 1,038 people per year. This trend is consistent with the past sixteen years and should continue into the near future as buildout continues along the eastern edge of this market area. The residential population is dominated by working class and young professional residents. Comparatively, incomes within this market area are less than the county a verage. Development trends: Residential This market area provides a large range in home values from entry level housing to million dollar estates and is the greatest source of vacant residential lots in the county. Values in Golden Gate City should remain consistent subject only to general market trends. Values in the eastern rural estates will increase as buildout in the units closest to the coast continues Median home value in the market area is $274,006 which is lower the than the County’s median home value. Total number of households in the market area is 26,116, of which, 59.4% are owner occupied, 25.4% renter occupied and 15.2% vacant. Vacancy include seasonal rentals. 20.A.6 Packet Pg. 412 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Market Area Carroll & Carroll 24 20.A.6 Packet Pg. 413 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Market Area Carroll & Carroll 25 20.A.6 Packet Pg. 414 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Market Area Carroll & Carroll 26 Commercial Commercial development can be categorized in four different groups. Primary commercial is in Golden Gate City. Second group is newer construction at the arterial road intersections. Third is neighborhood commercial within the rural estates. Fourth is the industrial commerce park near Collier Boulevard and the I-75 interchange. Golden Gate City is the commercial center serving this market area. Santa Barbara Boulevard, north of Golden Gate Parkway, has a mixture of multi-family residential and commercial along the east side of the road. Commercial consists of older single story, single user buildings and 4 to 8 unit strip centers. Businesses include daycare/ preschools, neighborhood food mart and gas stations, construction company offices, barber shops and beauty salons and small restaurants. Golden Gate Parkway has a mixture of multi-family and commercial development along both sides of the roadway. Newer commercial consists of CVS and Walgreens Pharmacies, bank branches and national fast food restaurants. There are three older shopping centers, anchored by Winn Dixie, K Mart and by Ace Hardware. Single story commercial structures and strip centers house neighborhood businesses such as barber shops and beauty salons, florists and jewelers; veterinary services and family medical clinics; and small locally-run restaurants and food marts. Several businesses consist of automotive support such as gas stations, oil chance and car washes. Professional services are primarily located in executive suites located near Santa Barbara Boulevard. There is a Quality Inn Hotel located at the southwest corner of Golden Gate Parkway and Collier Boulevard. Commercial frontage along the west side of Collier Boulevard south of Green Boulevard is very similar to commercial along Golden Gate Parkway in building size, age and use. The exception is that there is a greater density of national food chains. The second-tier commercial properties, without major road frontage, are developed with single story warehouse-type structures housing service-oriented businesses. Newer commercial development is located along Collier Boulevard where it intersects Pine Ridge Road and Vanderbilt Beach Road. Each intersection has a shopping center anchored by either a Publix or Winn-Dixie super market. Out parcel development includes bank branches and gas station/convenience stores and national pharmacies. Commercial development in the rural estates is limited because residents have orchestrated an ongoing effort to prohibit commercial development in the residential areas. The only two neighborhood commercial locations are at the intersection of Wilson Boulevard and Golden Gate Boulevard and at Randall Boulevard and Immokalee Road. Both areas have minor commercial development and it is not expected that additional commercial zoning would be approved any time soon. 20.A.6 Packet Pg. 415 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Market Area Carroll & Carroll 27 Industrial Industrial/commercial developments are in the northeast quadrant of I-75 and Collier Boulevard interchange. White Lake Industrial Corp Park is one of Collier County’s three primary industrial parks. The White Lake Industrial Park contains 144.4 acres and is approved for 7.80 acres of commercial and 77 acres of industrial. White Lake consists of newer, good quality flex and warehouse properties and it is home to some of the largest manufacturing facilities within the county. It is approximately 50% built-out. City Gate Commerce Center contains 288 acres zoned for 2,950,000 S.F. of commercial, light industry, office, warehouse and distribution. The site has over 3,000 feet of frontage on Collier Boulevard where a gas station, a 102 room Spring Hill Marriott Hotel and a 100 room Fairfield Inn Marriott have been constructed. Approximately 90% of the interior lots are vacant. Medical None of Collier County’s major medical facilities are located within this market area. The only major medical center/hospital servicing this area is the Physicians Regional Medical Center located along Pine Ridge Road, just east of Interstate 75. This is a 201-bed facility and is one of the county's four major medical centers. The hospital offers a 24-hour emergency department that provides a full range of traditional emergency serv ices. An additional emergency room facility was recently completed at the northeast corner of Collier Boulevard and Immokalee Road. This is a two-story 19 room, state of the art emergency room with additional medical space for practicing physicians. The facility was built to help service the rural estates and all the new residential units being constructed along Collier Boulevard and Immokalee Road. 20.A.6 Packet Pg. 416 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Market Area Carroll & Carroll 28 Health care, construction, education, retail, and management positions dominate the market area business sector. Total Businesses 1,597 Total Employees 10,194 Total Population 70,636 Employee/Pop. Ratio 0.14:1 MARKET AREA BUSINESS SUMMARY Industry Businesses Employees Agriculture/Mining 102 904 Construction 300 1,319 Manufacturing 13 279 Transportation 69 210 Communication 6 34 Utility 7 33 Wholesale Trade 33 300 Retail Trade 243 1,873 Finance/Insurance/Real Estate 114 507 Services 558 4,398 Government 19 325 Unclassified Establishments 132 13 U.S. Census Bureau, Ersi forecasts for 2018 and 2023 20.A.6 Packet Pg. 417 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Market Area Carroll & Carroll 29 MARKET AREA LIFE CYCLE Market areas often pass through a four-stage life cycle of growth, stability, decline, and revitalization. • Growth – A period during which the market area gains public favor and acceptance. • Stability – A period of equilibrium without marked gains or losses • Decline – A period of diminishing demand • Revitalization – A period of renewal, redevelopment, modernization and increasing demand. Most the real estate activity in Golden Gate reflects the growth cycle. The residential and commercial markets continue to be strong. The growth cycle is expected to continue into the near future. Because of the age of the structures, the western portion and the city center are just beginning to experience some revitalization. CONCLUSION This continues to be one of the most affordable market areas in Collier County. The houses within the city center provide entry level housing and the rural area satisfies the desire for larger lot sizes and rural lifestyle. A well-designed road network provides easy access to jobs serving the coastal community; coastal beaches and water activities; entertainment endeavors; and commercial and medical services. This area appeals to a cross section of the population but primarily to working class families. Development continues to push north and east where vacant lots still exist. Golden Gate will likely continue to enjoy a healthy growth while maintaining its affordability. 20.A.6 Packet Pg. 418 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 30 PROPERTY INFORMATION 20.A.6 Packet Pg. 419 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 31 20.A.6 Packet Pg. 420 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 32 SITE DESCRIPTION Location The property is located along the north side 10th Avenue NE in Naples, Collier County, Florida. Legal Description All of Tract 55, Golden Gate Estates, Unit No. 18, according to the plat thereof, as recorded in Plat Book 7, Page 7 and 8, of the Public Records of Collier County, Florida. Property ID# 37493920003 Owner of Record Collier County Size/Easements The size of the parcel is based on the legal description obtained for the most recent warranty deed and plat maps. 5.00 gross acres or 217,800 square feet The parcel is encumbered by a 38-foot wide drainage easement along the western border and therefore the upland area is 4.42 acres or 192,720 square feet. The parcel is also encumbered by a 30-foot wide road right- of-way easement along the southern boundary for 10th Avenue NE. This is a perpetual, non-exclusive, road right- of way, drainage, and utility easements which preclude most all practical uses by the owner, but the areas within the easements can be utilized for density calculations. Such easements are typical of the area. The gross acreage will be utilized in the appraisal. Shape Rectangular Frontage The parcel fronts for 292 feet along the north side of 10th Avenue NE. 10th Avenue NE is a 2-lane, east/west residential street. Access The subject is provided full service access from 10th Avenue NE. Overall, access is good. Topography The parcel is level and at road grade. Vegetation The property is in its native state and covered in vegetation consisting of both native and exotic vegetation including, slash pines, cypress, cabbage palms, palmettos, and Brazilian pepper. Utilities Electricity, telephone, and TV cable are available. The property is currently serviced by well and septic. Adequate capacity exists to support full utilization of the site. Concurrency The service levels along the adjacent road system are 20.A.6 Packet Pg. 421 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 33 within acceptable limits as defined by Collier County. There are no concurrence issues adversely affecting this property. Surrounding Land Uses The subject is surrounded by single-family residences and vacant residential land. Demographics (2020) 2-mile 5 10 Population 7,015 61,964 254,202 Households 2,547 22,136 103,799 Median HH Income $76,280 $77,783 $72,695 Median Home Value $361,049 $374,445 $351,389 Site Improvements None 20.A.6 Packet Pg. 422 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 34 SUBJECT PHOTOGRAPHS View to the west along 10th Avenue NE. View to the east along 10th Avenue NE. 20.A.6 Packet Pg. 423 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 35 View to the northwest from the southeast corner. View to the north from the central portion of the property. 20.A.6 Packet Pg. 424 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 36 View to the northeast from the southwest corner. View to the north along the western boundary. 20.A.6 Packet Pg. 425 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 37 View of the property from across the canal. View along the western boundary of the property. 20.A.6 Packet Pg. 426 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 38 ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns None Environmental Assessment Available No Impact on Value None Disclaimer Unless otherwise stated in this report, the existence of hazardous substances or environmental conditions including but not limited to asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, urea formaldehyde insulation, lead paint, toxic mold, et cetera, which might or might not be present in or on the property were not called to the attention of the appraiser. Such tests were not in the appraiser's required scope of work, the appraiser is not qualified to test for such substances and conditions and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any such conditions that might exist, or for the knowledge and expertise required to discover them. 20.A.6 Packet Pg. 427 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 39 NATURAL RESOURCE CONCERNS Condition of subject The property is in its native state and has never been cleared. I was not provided with any environmental reports. All plant and animal communities are of interest and concern. To a greater or lesser degree depending on the species and the quality of habitat they occupy, plants and animals inhabiting the property will invoke some level of scrutiny and will result in some cost during the permitting process. Natural Resource Audits Available No Impact on Value N/A Disclaimer Specialized natural resource audits were not in the appraiser’s required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any extraordinary natural resource concerns, or for the knowledge and expertise required to discover them. 20.A.6 Packet Pg. 428 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 40 FUTURE LAND USE Ordinance or Plan Collier County Growth Management Plan (GMP) Golden Gate Area Master Plan (GGAMP) Future Land Use Designation Residential Estates Subdistrict Purpose of Designation The property has a future land use designation of Estates. The Estates designation is characterized by low density semi-rural residential lots with limited opportunities for other land uses. Residential density is limited to a maximum density of one unit per 2.25 gross acres. Under the Estates future land use designation there is no provision for a conditional use and therefore a conditional use approval requires an amendment to the GGAMP. 20.A.6 Packet Pg. 429 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 41 20.A.6 Packet Pg. 430 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 42 ZONING Ordinance or Land Development Code Collier County Zoning E – Estates Purpose or Intent of Zoning The subject is zoned “E” – Estates District. The purpose and intent of the Estates district is to provide lands for low density residential development in a semi-rural to rural environment. In addition, several conditional uses including churches, social and fraternal organizations, child care centers, private schools, and group care facilities are available under conditional use provisions. Permitted uses include single-family dwellings and Family Care Facilities, and public schools. Conditional uses permissible in the Estates district include churches and other places of worship, social and fraternal organizations, child and adult care centers, schools and group care facilities. These conditional uses are strictly regulated. The subject site satisfies all the minimum zoning requirements. Below are the development requirements as set forth in the Estate Zoning District: Minimum Lot Area: 98,010 square feet or 2.25 acres Minimum Lot Width: 150 feet Minimum Front Yard Setback: 75 feet minimum Minimum Side Yard Setback: 30 feet Minimum Rear Yard Setback: 75 feet Maximum Building Height: 30 feet The subject is a legal conforming lot. Copies of pertinent sections of the Comprehensive Plan and Land Development Code are included in the Addendum. 20.A.6 Packet Pg. 431 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 43 20.A.6 Packet Pg. 432 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 44 ASSESSMENT AND TAXES By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st of the tax year. Since annual tax assessments are based on sales from previous years, depending upon market trends, assessed values can fall on either side of the current market value estimate. The tax assessment is usually not a reliable indicator of market value. Parcel Tax ID 37493920003 Assessment and Tax Year 2020 Land Assessment $118,750 Improvement Assessment $0 Combined Total Assessment $118,750 10% CAP ($59,313) AG Exemption $0 Assessed Value $59,437 Taxable Value $0 Ad Valorem Taxes $0 (Tax exempt) Non- Ad Valorem Taxes $0 Total Taxes $0 Taxing Authority/Jurisdiction Collier County The total assessment is $23,750 per gross acre. The land assessment is consistent with other similar parcels along 10th Avenue NE. The assessment is less than my estimate of market value. The 2020 total assessment reflects a 3.06% decrease from 2019. The 2020 total assessment increased 119.77% from the 2019 assessed value. Assessed values can be increased a maximum of 10% annually and therefore the 10% CAP was applied. The parcel is owned by a government entity and therefore is tax exempt. 20.A.6 Packet Pg. 433 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 45 FLOOD ZONE DATA Flood Zone X, X500, and AH Flood Zone Comments Zone X – Areas subject to inundation by the 0.2% annual chance flood with average flood depths of less than 1 foot or with drainage areas less than 1 square mile. Zone X500 – Areas subject to inundation by the 0.2% annual chance flood with average flood depths of less than 1 foot or with drainage areas less than 1 square mile. Zone AH – Areas of 1% annual-chance shallow flooding with a constant water- surface elevation (usually areas of ponding) where average depths are between 1 and 3 feet. Base flood elevations determined. Community Panel Number 12021C0430H Revised May 16, 2012 Source National Flood Insurance Program Flood Insurance Rate Maps 20.A.6 Packet Pg. 434 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 46 20.A.6 Packet Pg. 435 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Property Information Carroll & Carroll 47 TRANSACTIONAL HISTORY Sales History There have been no transactions in the previous three years. CURRENT STATUS Subject Listed for Sale/Under Contract No 20.A.6 Packet Pg. 436 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Highest and Best Use Carroll & Carroll 48 HIGHEST AND BEST USE DEFINITION For typical appraisal practice in the United States, The Dictionary of Real Estate Appraisal, Sixth Edition, published 2015 by the Appraisal Institute, defines Highest and Best Use as: The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. METHOD There are four criteria that must be met in order for a use to be the highest and best use for a given property. The highest and best use must be: • Legally permissible. • Physically Possible. • Financially feasible. • Maximally productive. Ordinarily these criteria are considered sequentially, each step narrowing the range of alternative uses being considered. ANALYSIS SITE AS THOUGH VACANT Legally Permissible: The zoning ordinance and Growth Management Plan are consistent in identifying the property for residential uses. The site consists of one oversized parcel that could be developed with up to two single-family residences. Physically Possible: The site is level and at road grade and could be developed as one or two single-family home sites. The location, surrounding land uses, and the size of the property suggest some type of single-family use. Financially Feasible: The financial feasibility of single-family residential development is good. The single-family residential market continues to be strong, especially new construction. Single-family residential development is financially feasible. Maximally Productive: The maximally productive use is that it be developed with one or two single-family residences. CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for this vacant parcel. 20.A.6 Packet Pg. 437 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Sales Comparison Approach Carroll & Carroll 49 SALES COMPARISON APPROACH INTRODUCTION In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sales data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: 1. Research the market to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. SALES DATA A search was made for sales of land comparable to the subject parcel. The intention was to find comparable sales in similar locations that offer similar functional utility. A total of five closed sales were identified as the best available for analysis. Price per gross acre was developed as the unit of comparison, since that is the unit best suited to the analysis, and the one most often utilized by local buyers, seller, and brokers of land similar to the subject parcel. Comparable land sales data is given on the following pages. Each comparable is identified by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. 20.A.6 Packet Pg. 438 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Sales Comparison Approach Carroll & Carroll 50 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES 20.A.6 Packet Pg. 439 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land 5556B Report Sales Comparison Approach Carroll & Carroll 51 VACANT LAND COMPARABLE 01 ADDRESS 557 Wilson Boulevard North, Naples, FL 34120 PROPERTY ID NO. 37118760001 SALE PRICE $187,000 UNIT AREA 5.15 acres UNIT PRICE $36,311 per acre DATE OF RECORDING July 31, 2020 O.R. BOOK-PAGE 5797/3378 CONTRACT DATE July 6, 2020 GRANTOR Ken T. Trins GRANTEE ARDOCH, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native vegetation LAND USE DESIGNATION Residential Estates Subdistrict ZONING E - Estates IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES Sold 4/3/14 for $75,000. LEGAL DESCRIPTION All of Tract 133, Golden Gate Estates Unit No. 11, according to the map or plat thereof as recorded in Plat Book 4, Pages 103 & 104, Public Records of Collier County, Florida. VERIFICATION Verified with Alonzo Holguin-Bueno, selling agent. He verified the sale price and the arm’s-length nature. The buyer is an owner-user who plans to construct a single-family residence. The property was listed for $189,000 and was on the market 326 days. The listing price originally began at $225,000. 20.A.6 Packet Pg. 440 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Sales Comparison Approach Carroll & Carroll 52 VACANT LAND COMPARABLE 02 ADDRESS 1471 Golden Gate Boulevard W, Naples, FL 34120 PROPERTY ID NO. 37062080002 SALE PRICE $180,000 UNIT AREA 5.15 acres UNIT PRICE $34,951 per acre DATE OF RECORDING June 05, 2020 O.R. BOOK-PAGE 5771/3265 CONTRACT DATE May 4, 2020 GRANTOR Dania Mederos Revocable Trust GRANTEE Windell and Cheryl Elliot FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native vegetation LAND USE DESIGNATION Residential Estates Subdistrict ZONING E - Estates IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION All of Tract 33, Golden Gate Estates Unit No. 10, according to the map or plat thereof as recorded in Plat Book 4, Pages 101, Public Records of Collier County, Florida. VERIFICATION Verified with Meiry Abreu, selling agent. She verified the sale price and the arm's-length nature. The property was listed for $180,000 and was on the market 3 days. Based on a wetlands determination report, there are 0.50 acres of wetlands located on the northern portion of the lot. 20.A.6 Packet Pg. 441 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Sales Comparison Approach Carroll & Carroll 53 VACANT LAND COMPARABLE 03 ADDRESS 144 5th Street SW, Naples, FL 34120 PROPERTY ID NO. 37164040005 SALE PRICE $160,000 UNIT AREA 5.00 acres UNIT PRICE $32,000 per acre DATE OF RECORDING March 25, 2020 O.R. BOOK-PAGE 5774/143 CONTRACT DATE March 6, 2020 GRANTOR Janet M. Bleeker Revocable Trust GRANTEE Melvin Noel Guzman Aleman FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Residential Estates Subdistrict ZONING E - Estates IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION All of Tract 54, Golden Gate Estates Unit No. 12, according to the map or plat thereof as recorded in Plat Book 4, Pages 105 and 106, Public Records of Collier County, Florida. VERIFICATION Verified with Dawn Olitsky, assistant to the listing agent. She verified the sale price and the arm's-length nature. The property was listed for $169,900 and was on the market 235 days. The buyer plans to subdivide the lot. 20.A.6 Packet Pg. 442 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Sales Comparison Approach Carroll & Carroll 54 VACANT LAND COMPARABLE 04 ADDRESS 870 8th Street NE, Naples, FL 34120 PROPERTY ID NO. 39260840000 SALE PRICE $167,000 UNIT AREA 5.78 acres UNIT PRICE $28,893 per acre DATE OF RECORDING October 26, 2020 O.R. BOOK-PAGE 5835/2647 CONTRACT DATE October 13, 2020 GRANTOR Vincent Medinger GRANTEE Haven Builders, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native vegetation LAND USE DESIGNATION Residential Estates Subdistrict ZONING E - Estates IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION All of Tract 18, Golden Gate Estates Unit No. 49, according to the map or plat thereof as recorded in Plat Book 5, Pages 80 and 81, Public Records of Collier County, Florida. VERIFICATION Verified with Doug Risher, listing agent. He verified the sale price and the arm's-length nature. The property was listed for $179,900 and was on the market 123 days. The property is encumbered by two canals/drainage easements totaling 72,300 square feet or 1.66 a cres. The upland acreage of the property is 4.12 acres. 20.A.6 Packet Pg. 443 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Sales Comparison Approach Carroll & Carroll 55 VACANT LAND COMPARABLE 05 ADDRESS 919 4th Street SE, Naples, FL 34120 PROPERTY ID NO. 37224920007 SALE PRICE $225,000 UNIT AREA 9.78 acres UNIT PRICE $23,006 per acre DATE OF RECORDING June 29, 2020 O.R. BOOK-PAGE 5784/1084 CONTRACT DATE June 15, 2020 GRANTOR Stephen Dubina Jr. and Helen Kaiser GRANTEE Omar Martinez and Boris Espinosa FINANCING Seller Financing TOPO-ELEVATION Level and at road grade GROUND COVER Native vegetation LAND USE DESIGNATION Residential Estates Subdistrict ZONING E - Estates IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION All of Tract 72, Golden Gate Estates Unit No. 13, according to the map or plat thereof as recorded in Plat Book 7, Pages 71 and 72, Public Records of Collier County, Florida. VERIFICATION Verified with Bill Duffy, Jr., listing agent. He verified the sale price and the arm's-length nature. The property was listed for $267,500 and was on the market 112 days. The property is encumbered by a canals/drainage easement totaling 2.12 acres. The upland acreage of the property is 7.64 acres. Only a small portion of land along the canal is wetlands. 20.A.6 Packet Pg. 444 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Sales Comparison Approach Carroll & Carroll 56 LAND SALES ADJUSTMENT GRID ITEM SUBJECT COMP #1 COMP #2 COMP #4 COMP #3 COMP #5 PROPERTY IDENTIFICATION 10th Avenue 557 Wilson 1471 GG 144 5th Street 870 8th Street 919 4th Street NE Blvd. N.Blvd. W.SW NE SE SALE PRICE N/A $187,000 $180,000 $160,000 $167,000 $225,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market Market 0 0 0 0 0 BUILDING IMPROVEMENTS None None None None None None 0 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Seller Financing Equivalent 0 0 0 0 0 ADJUSTED SALE PRICE N/A $187,000 $180,000 $160,000 $167,000 $225,000 Recording Date N/A 07/31/20 06/05/20 03/25/20 10/26/20 06/29/20 Months Prior To Effective Date 11/12/20 3.42 5.26 7.63 0.56 4.47 MARKET CHANGE ADJUSTMENT N/A 2.6%3.9%5.7%0.4%3.4% ADJUSTED SALE PRICE N/A $191,795 $187,101 $169,152 $167,700 $232,544 Parcel Area in Gross Acres 5.00 5.15 5.15 5.00 5.78 9.78 PRICE PER ACRE ?$37,242 $36,330 $33,830 $29,014 $23,778 LOCATION ADDRESS 10th Avenue NE Wilson Blvd. N GG Blvd. W 5th Street SW 8th Street NE 4th Ave. NE CORNER LOT No No Yes No No No CANAL FRONTAGE Yes No No No Yes Yes OVERALL LOCATION Average Similar Similar Similar Similar Similar 0%0%0%0%0% UTILITIES Well & Septic Similar Similar Similar Similar Similar 0%0%0%0%0% COMP. PLAN Estates Estates Estates Estates Estates Estates ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates 0%0%0%0%0% SIZE IN ACRES 5.00 5.15 5.15 5.00 5.78 9.78 SHAPE/CONFIGURATION Rectangular Similar Similar Similar Similar Similar 0%0%0%0%0% PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar 0%0%0%0%0% GROSS ADJUSTMENT N/A 0%0%0%0%0% INDICATION OF UNIT VALUE ?$37,242 $36,330 $33,830 $29,014 $23,778 20.A.6 Packet Pg. 445 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land 5556B Report Sales Comparison Approach Carroll & Carroll 57 DISCUSSION OF ADJUSTMENTS Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two-step process. First, adjustments are made so that all of the comparable sales meet the standard of a “market” transaction as outlined in the definition of market value. Customarily, the first group of adjustments is made before the comparables are reduced to a common unit of comparison. Included at this stage are adjustments to bring historic sales current to the appraisal effective date. The second group of adjustments is made after an appropriate unit of comparison is chosen. These adjustments account for physical differences like location, physical characteristics and size. Sometimes adjustment is required for differences in the permitted land use (zoning) or in the availability of public service (infrastructure). When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. REAL PROPERTY RIGHTS CONVEYED This adjustment category is intended to account for the interest, benefits, and rights inherent in the ownership of real estate. This category reflects the impact on value caused by the fee simple versus the leased fee interest or the contract rent as opposed to market rent. • None of the comparable sales required adjustment in this category. CONDITIONS OF SALE This adjustment category is intended to account for a variety of factors that might affect the purchase price. • None of the comparable sales required adjustment in this category. BUILDING IMPROVEMENTS This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that made a positive contribution to the sale price require a negative adjustment. Buildings that were demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. • None of the comparable sales required adjustment in this category. 20.A.6 Packet Pg. 446 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Sales Comparison Approach Carroll & Carroll 58 FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. Five recent sales are presented below that have sold and resold over the past two years in the Golden Gate Estates sub-market. The sales utilized in the report range from less than a month to over seven months old. A market change rate of 0.75% per month or 9.00% annually was applied. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • The subject benefits from canal frontage. I analyzed recent and historic sales of Estates zoned land along the canal and compared them to non-waterfront parcels. The premium ranged from almost no difference to as much as 22.13%. Comparables 4 and 5 have canal frontage, but there doesn’t appear to be a premium paid and therefore no adjustment was warranted. UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public was distribution system and the public waste water collection system of each comparable property as that compares with the same services available to the subject property. • None of the comparable sales required adjustment in this category. Address Parcel ID#Prior Sale Recent Sale Months Prior Sale Price Recent Sale Price Appreciation Monthly Change 2179 Wilson Blvd N 37598880006 06/26/19 07/14/20 12.62 $60,000 $74,500 24.17%1.91% 3161 Wilson Blvd N 37693380003 05/18/18 04/28/20 23.37 $72,000 $80,000 11.11%0.48% Wilson Blvd N 38500800002 08/20/18 05/31/20 21.37 $45,000 $48,200 7.11%0.33% 22nd St SE 39391680003 02/25/19 05/20/20 14.79 $62,500 $68,500 9.60%0.65% 533 6th St SE 37227120008 04/26/18 03/19/20 22.78 $40,900 $49,900 22.00%0.97% AVG 0.87% 20.A.6 Packet Pg. 447 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Sales Comparison Approach Carroll & Carroll 59 COMPREHENSIVE PLAN/LAND USE This category of adjustment accounts for differences in the potential land uses (Comprehensive Plan) or in the specific uses (Zoning) to which a property could be developed. Differences in value between the subject property and comparable sales might exist because their highest and best uses are different as a result of government regulation through zoning and land use controls. • None of the comparable sales required adjustment in this category. SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • None of the comparable sales required adjustment in this category. PHYSICAL CHARACTERISTICS This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics included land elevation, soil conditions, drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. • None of the comparable sales required adjustment in this category. RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: Comparables Price Per Upland Acre of Land Area 1 $37,242 2 $36,330 3 $33,830 4 $29,014 5 $23,778 20.A.6 Packet Pg. 448 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Sales Comparison Approach Carroll & Carroll 60 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparables 1, 2, and 3 are the strongest indicators of value. They are all recent sales and very similar to the subject. Comparables 1, 2, and 3 were weighted 25% each. Comparables 4 and 5 are recent sales of canal front lots, but a substantial portion of land is encumbered by drainage easements therefore reducing the upland portion of the lot. Comparable 4 was weighted 15% and Comparable 5 was weighted 10%, due to its larger size. The range of unit value indications is from $23,778 to $40,704 per acre. The arithmetic mean of the five comparables is $32,039 per acre and the median is $33,830 per acre. The weighted average discussed above yields $33,580 per acre. The average of the three best comparables is $35,801 per acre. Based on the range of sales and giving strong consideration to Comparables 1, 2, and 3, I settled on a unit value of $36,000 per acre. ESTIMATE OF VALUE $36,000 per gross acre results in an indication of value for the subject as of November 12, 2020 of $180,000 (5.00 acres x $36,000 per acre). CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 20.A.6 Packet Pg. 449 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions............................................................................ 2 Zoning.................................................................................................................................... 4 Future Land Use................................................................................................................... 4 Qualifications of Appraiser................................................................................................. 2 20.A.6 Packet Pg. 450 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll ASSUMPTIONS AND LIMITING CONDITIONS The certification of the appraiser appearing in this report is subject to the following assumptions and limiting conditions. ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS None HYPOTHETICAL CONDITIONS None GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable. 2. The property is appraised free and clear of liens and encumbrances. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is assumed to be true, correct and reliable. A reasonable effort was made to verify such information, but the appraiser bears no responsibility for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material is included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that might be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws. 20.A.6 Packet Pg. 451 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll 8. It is assumed that the property is either in compliance with, or is "grandfathered" or "vested" under, all applicable zoning, use regulations and restrictions. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there is no encroachment or trespass. 11. It is assumed that the subject site and improvements are not contaminated by any hazardous material or toxic substance. During the property inspection we were sensitive to obvious signs of contamination and we reported anything unusual. However, we are not qualified to render professional opinions regarding the existence or the nature of hazardous materials in or on the subject property. If a definitive opinion is desired, then the client is urged to retain an expert in the field. 12. The distribution of the total value in this report, between land and improvements, applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 13. Possession of this report, or a copy thereof, does not carry with it the right of publicat ion. 14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are not required to give further consultation, testimony, or to be in attendance in court. 20.A.6 Packet Pg. 452 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll B. Estate District (E). The purpose and intent of the estates district (E) is to provide lands for low density residential development in a semi-rural to rural environment, with limited agricultural activities. In addition to low density residential development with limited agricultural activities, the E district is also designed to accommodate as conditional uses, development that provides services for and is compatible with the low density residential, semi-rural and rural character of the E district. The E district corresponds to and implements the estates land use designation on the future land use map of the Collier County GMP, although, in limited instances, it may occur outside of the estates land use designation. The maximum density permissible in the E district shall be consistent with and not exceed the density permissible or permitted under the estates district of the future land use element of the Collier County GMP as provided under the Golden Gate Master Plan. 1. The following subsections identify the uses that are permissible by right and the uses that are allowable as accessory or conditional uses in the estates district (E). a. Permitted uses. 1. Single-family dwelling. 2. Family care facilities, subject to section 5.05.04 3. Essential services, as set forth in section 2.01.03 4. Schools, public, including "Educational plants." b. Accessory Uses. 1. Uses and structures that are accessory and incidental to uses permitted as of right in the (E) district. 2. Fruits, vegetables, and nursery plants grown for both personal consumption and off -site retail sale, such as farmer's markets. Farm operations that grow fruits, vegetables, and nursery plants for off-site retail sale shall be subject to LDC section 5.02.00 Home Occupations, as amended, and the following standards: i. Farm operations shall not occupy more than 50 percent of the lot. ii. Farm operations shall conform to minimum setbacks established in LDC sections 2.03.01 B.2 and 4.02.01 A. Table 2.1, however, no side, rear or front setbacks are required greater than 30 feet. iii. Vegetation removal for farm operations shall be subject to LDC section 3.05.05 F, as amended. 3. Keeping of fowl or poultry, not to exceed 25 in total number, provided such fowl o r poultry are kept in an enclosure located a minimum of 30 feet from any lot line, and a minimum of 100 feet from any residence on an adjacent parcel of land. 4. Keeping of horses and livestock (except for hogs), not to exceed two such animals for each acre, and with no open feedlots. Any roofed structure for the shelter and feeding of such animals shall be a minimum of 30 feet from any lot line and a minimum of 100 feet from any residence on an adjacent parcel of land. i. Notwithstanding the above, hog(s) may be kept for a 16 week period in preparation for showing and sale at the annual Collier County Fair and/or the Immokalee Livestock show. The following standards shall apply: a) One hog per child enrolled in a 4-H Youth Development Program, Collier County Fair Program or similar program is permitted. In no case shall there be more than 2 hogs per acre. b) Premises shall be fenced and maintained in a clean, healthful, and sanitary condition. c) Premises or roofed structure used for the sheltering, feeding, or confinement of such animals shall be setback a minimum of 30 feet from lot lines and a minimum of 100 feet from any dwelling unit on an adjacent parcel of land. d) Hog(s) shall not be returned to the property once removed for showing and/or sale. 20.A.6 Packet Pg. 453 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll 5. One guesthouse, subject to section 5.03.03 6. Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or preliminary subdivision plat for that development. Recreational facilities may include but are not limited to golf course, clubhouse, community center building and tennis facilities, parks, playgrounds and playfields. 7. Excavation and related processing and production subject to the following crit eria: i. These activities are incidental to the permitted used onsite. ii. The amount of excavated material to be removed from the site cannot exceed 4,000 cubic yards total. Amounts in excess of 4,000 cubic yards shall require conditional use approval for earth mining, pursuant to the procedures and conditions set forth in section 10.08.00 c. Conditional uses. For Estates zoning within the Golden Gate Estates subdivision, the Golden Gate Area Master Plan in the GMP restricts the location of conditional uses. The following uses are permissible as conditional uses in the estates district (E), subject to the standards and procedures established in section 10.08.00 1. Churches. 2. Social and fraternal organizations. 3. Child care centers and adult day care centers. 4. Schools, private. 5. Group care facilities (category I); care units, subject to the provisions of subsection 2.03.01 B.3.f; nursing homes; assisted living facilities pursuant to § 400.402 F.S. and ch. 58A-5 F.A.C.; and continuing care retirement communities pursuant to § 651 F.S. and ch. 4 -193 F.A.C.; all subject to section 5.05.04. 6. Group care facilities (category II) care units subject to section 5.05.04 only when tenancy of the person or persons under care would not: i. Constitute a direct threat to the health or safety of other individuals; ii. Result in substantial physical damage to the property of others; or iii. Result in the housing of individuals who are engaged in the current, illegal use of or addiction to a controlled substance, as defined in section 802 of title 21, U.S. Code. 7. Extraction or earthmining, and related processing and production not incidental to the development of the property subject to the following criterion and subsection 4.02.02 C. i. The site area shall not exceed 20 acres 8. Essential services, as set forth in subsection 2.01.03 G. 9. Model homes and model sales centers, subject to compliance with all other LDC requirements, to include but not limited to section 5.04.04 10. Ancillary plants. d. Prohibited uses. 1. Owning, maintaining or operating any facility or part thereof for the following purposes is prohibited: i. Fighting or baiting any animal by the owner of such facility or any other person or entity. ii. Raising any animal or animals intended to be ultimately used or used for fighting or baiting purposes. iii. For purposes of this subsection, the term baiting is defined as set forth in F.S. § 828.122(2)(a), as it may be amended from time to time. 20.A.6 Packet Pg. 454 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll 2. Minimum yard Requirements. See subsection 4.02.01 A. Table 2.1 for the general requirements. The following are exceptions to those requirements: a. Conforming Corner lots. Conforming corner lots, in which only one full depth setback shall be required along the shorter lot line along the street. The setback along the longer lot line may be reduced to 37.5 feet, so long as no right-of-way or right-of-way easement is included within the reduced front yard. (See Exhibit A) b. Nonconforming Corner lots. Nonconforming corner lots of record, in which only one full depth setback shall be required along the shorter lot line along the street. The setback along the longer lot line may be reduced to 15 feet, so long as no right-of-way or right-of-way easement is included within the reduced front yard. (See Exhibit B) 20.A.6 Packet Pg. 455 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll c. Nonconforming through lots, i.e. double frontage lots, nonconforming lots of record with double road frontage, which are nonconforming due to inadequate lot depth, in which case, the front yard along the local road portion shall be computed at the rate of 15 percent of the depth of the lot, as measured from edge of the right-of-way. i. The nonconforming through lot utilizing the reduced frontage shall establish the lot frontage along the local road only. Reduced frontage along a collector or arterial roadway to serve such lots is prohibited. Front yards along the local road shall be developed with structures having an average front yard with a variation of not more than six feet; no building thereafter erected shall project beyond the average line so established. d. Nonconforming lots of record, which are nonconforming due to inadequate lot width, in which case the required side yard shall be computed at the rate of ten (10) percent of the width of the lot. (Ord. No. 06-63, § 3.C; Ord. No. 07-67, § 3.C; Ord. No. 08-11, § 3.D; Ord. No. 08-63, § 3.C; Ord. No. 10-23, § 3.E; Ord. No. 12-38, § 3.B; Ord. No. 13-56, § 3.B; Ord. No. 14-40, § 2.A) 20.A.6 Packet Pg. 456 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll 20.A.6 Packet Pg. 457 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll 20.A.6 Packet Pg. 458 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll 20.A.6 Packet Pg. 459 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll 20.A.6 Packet Pg. 460 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll 20.A.6 Packet Pg. 461 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556B Report Addenda Carroll & Carroll 20.A.6 Packet Pg. 462 Attachment: Appraisal for Transportation 5 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) APPRAISAL REPORT FOR COLLIER COUNTY GMD/ TRANSPORTATION ROW SUBJECT PROPERTY: PARCEL 150 POND 9.12 GROSS ACRES LOCATED ALONG 19TH STREET NW NAPLES, FL 34120 AT THE REQUEST OF: HARRY HENDERSON, SRA REVIEW APPRAISER COLLIER COUNTY GMD/ TRANSPORTATION ROW 2885 S. HORSESHOE DRIVE NAPLES, FL 34104 ASSIGNMENT NO.: 5556A-TS APPRAISAL EFFECTIVE DATE: NOVEMBER 12, 2020 DATE OF REPORT: DECEMBER 28, 2020 20.A.7 Packet Pg. 463 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Table of Contents Carroll & Carroll Table of Contents SUMMARY OF IMPORTANT DATA AND CONCLUSIONS ......................................................... 1 CERTIFICATION ..................................................................................................................................... 3 SCOPE OF WORK ................................................................................................................................... 5 ESTATE APPRAISED .............................................................................................................................. 6 DEFINITION OF MARKET VALUE ..................................................................................................... 7 ASSUMED EXPOSURE TIME ................................................................................................................ 7 AREA INFORMATION .......................................................................................................................... 8 MARKET AREA ..................................................................................................................................... 19 PROPERTY INFORMATION ............................................................................................................... 30 SITE DESCRIPTION .......................................................................................................................... 32 ENVIRONMENTAL CONTAMINATION .................................................................................... 37 NATURAL RESOURCE CONCERNS ............................................................................................ 38 ZONING .............................................................................................................................................. 41 ASSESSMENT AND TAXES ............................................................................................................ 43 FLOOD ZONE DATA ....................................................................................................................... 44 TRANSACTIONAL HISTORY ........................................................................................................ 46 CURRENT STATUS ........................................................................................................................... 46 HIGHEST AND BEST USE ................................................................................................................... 47 CONSIDERATION OF APPROACHES ............................................................................................. 47 SALES COMPARISON APPROACH ................................................................................................. 48 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES ............................. 49 VACANT LAND COMPARABLES ................................................................................................ 50 LAND SALES ADJUSTMENT GRID .............................................................................................. 55 ESTIMATE OF VALUE ......................................................................................................................... 59 ADDENDA ............................................................................................................................................. 60 20.A.7 Packet Pg. 464 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Summary of Important Data & Conclusions Carroll & Carroll 1 SUMMARY OF IMPORTANT DATA AND CONCLUSIONS This information is summarized only for convenience. The value given is the final, rounded conclusion of the appraisal. To use this summary without first reading the appraisal report could be misleading. PROPERTY INFORMATION Property Identification Parcel 150 Pond 9.12 Acres located along 19th Street NW Naples, FL 34120 Property Description A 9.12-acre canal front parcel located along the east side of 19th Street NW, north of Golden Gate Boulevard in Naples, Florida. Property Type Vacant Land Owner of Record Collier County Property ID # 36915200008 CLIENT INFO & VALUE CONCLUSIONS Client Collier County GMD/Transportation ROW Intended Use To assist in asset management. Intended Users Collier County GMD/Transportation ROW Appraisal Effective Date November 12, 2020 Date of Report December 28. 2020 Date of Inspection November 12, 2020 Purpose of Appraisal Estimate Market Value “As Is” Estate Appraised Fee Simple Interest Appraised 100% Estimated Market Value $292,000 GENERAL INFO Appraiser Timothy W. Sunyog, MAI State-Certified General Appraiser RZ 3288 Scope of Work All applicable approaches to value were developed. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS None HYPOTHETICAL CONDITIONS None MARKET CONDITIONS STATEMENT COVID-19 is affecting the real estate market in ways that are sensed, but still mostly unmeasurable. Real estate remains the preferred store of wealth in times of risk and instability. 20.A.7 Packet Pg. 465 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Summary of Important Data & Conclusions Carroll & Carroll 2 For almost everyone, the greatest risk associated with COVID-19 is the risk of broad economic dislocation. This manifests as work days lost, forced business closures, supply line shortages, and economic decline due to decreased activity. The longer extraordinary economic conditions like those continue, the slower will be the return to normalcy. The local residential real estate market felt the negative effects during the first few months of the pandemic but has since recovered with the number of closed sales, pending sales, and median price higher in June, July, August, September, and October 2020 compared to June-October 2019. Pent up demand from the pandemic and record low interest rates are fueling this market. COVID-19 has had different impacts on the commercial market. The industrial market is in a period of stability. The majority of the business owners and tenants in the Southwest Florida industrial market are construction or service type businesses that are not being negatively impacted by the pandemic. The office market is also in a period of stability. We are not seeing the large downsizing as in much of the country and with more employees able to work remotely and the corporate tax benefits in Florida, the office market should remain stable. Most retail and hospitality properties are feeling the negative impacts. Commercial tenant revenues are declining which could affect lease payments. If negative conditions persist, commercial tenants could be lost, and then be slow to replace. Retail tenants, especially restaurants without drive-thru facilities, are struggling. The motel/hotel market is also being negatively impacted due to travel restrictions. We expect marketing periods to lengthen, and the time required to close a transaction to increase. There is resiliency in the commercial market due to high occupancies and strong net operating income. If workers experience permanent job loss and replacement jobs are not available, or if personal incomes are reduced for long periods, then the residential rental market might be affected. We don’t expect panic sales as there is no safe alternative and relaxed fiscal policy is intended to reduce pressure on the hardest hit. The local retired residential community is resilient, and our community infection rate had been declining, but is beginning to increase heading into the winter months. It is noted the current financial market is in a state of uncertainty, and it is not currently known how this instability has affected the real estate market segment, or how it could potentially affect real estate. Certain immediate events in the economy may occur that could cause the property to perform differently than the estimates and conclusions contained herein. It is expressed the estimates and conclusions contained herein are subject to risk and uncertainty. We are not responsible for any negative affects the financial market may have on the property that cannot be foreseen at this time. 20.A.7 Packet Pg. 466 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Certification Carroll & Carroll 3 CERTIFICATION I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF: I personally inspected the subject property and made an inspection of all comparable sales or listings identified in the report. 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 our personal, impartial and unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. In the three years immediately prior to acceptance of this assignment I have not performed any services regarding the subject property as appraisers, or in any other capacity. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Profess ional Appraisal Practice. I am also subject to the Code of Ethics and Standards of Professional Practice of the Appraisal Institute, which includes provisions for peer review. The use of this report is subject to the requirements of the State of Flor ida relating to review by the Florida Real Estate Appraisal Board and to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 20.A.7 Packet Pg. 467 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Certification Carroll & Carroll 4 No one other than the undersigned prepared the analyses, opinions and conclusions concerning real estate that are set forth in this report. As of the date of this report, I have completed the requirements of the continuing education program of the State of Florida, and for Designated Members of the Appraisal Institute. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 20.A.7 Packet Pg. 468 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Scope of Work Carroll & Carroll 5 SCOPE OF WORK All applicable approaches to value were developed and the value conclusion reflects all known information about the subject property, market conditions, and available data. The scope of work was: • Inspected and photographed the subject property • Reviewed aerial photographs, land use plans, the Land Development Code, and other documentation • Reviewed how the property relates to its neighborhood and to the broader market area in development of an opinion of highest and best use • Researched vacant land comparable sales, listings, and pending sales • Developed the sales comparison approach • Estimated the market value of the fee simple estate • Prepared an appraisal report summarizing the appraisal assignment, the property appraised, the application of the appraisal methodology, and the logical support for the value conclusion Sources of market data included local and regional MLS systems, CoStar, LoopNet, public records, and interviews with real estate brokers. 20.A.7 Packet Pg. 469 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Estate Appraised Carroll & Carroll 6 ESTATE APPRAISED The estate appraised is the Fee Simple Absolute. For appraisal purposes Fee Simple Absolute is synonymous with Fee Simple. The Dictionary of Real Estate Appraisal, Sixth Edition, published 2015 by the Appraisal Institute, defines Fee Simple Estate 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. We consider easements, but only to the extent that they are known to us. Appraisal of the fee simple means that an improved property is vacant and available to be put to its highest and best use. 20.A.7 Packet Pg. 470 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Definition of Market Value Carroll & Carroll 7 DEFINITION OF MARKET VALUE In United States tax law, the definition of Fair Market Value is found in the United States Supreme Court decision in the Cartwright case: The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. 546, 93 S. Ct. 1713, 1716-17, 36 L. Ed. 2d 528, 73-1 U.S. Tax Case. (CCH) ¶ 12,926 (1973) (quoting from U.S. Treasury regulations relating to Federal estate taxes, at 26 C.F.R. sec. 20.2031-1(b)). ASSUMED EXPOSURE TIME The reasonable exposure time referenced in (c) above is assumed to have already occurred as of the appraisal effective date. The assumed reasonable exposure time was between 3 and 4 months. 20.A.7 Packet Pg. 471 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Area Analysis Carroll & Carroll 8 AREA INFORMATION COLLIER COUNTY ANALYSIS An analysis of geography, transportation, population, employment, income and education for Collier County is performed using data provided by Site to Do Business, Florida Office of Economic & Demographic, United States Department of Labor and Fishkind & Associates, all recognized source(s). GEOGRAPHY Collier County is the most southerly county on Florida's west coast offering mainland coastal development. Collier County is west of Ft. Lauderdale and south of Tampa. With 2,025 square miles of land area, it is the largest county in Florida. 821,620 acres, or about 63% of the land area, is in public ownership, is set aside for parks and environmental preservation, or is scheduled for public land acquisition. The region enjoys a climate that is classified as subtropical. Summers are relatively mild and winters are usually frost free. A hard freeze is a rarity. The climate, especially in winter, is one that attracts and is enjoyable to most people. The geography of the area runs generally northwest and southeast as indicated by the trend of the coastline. Beaches extend from the northern county line south to Cape Romano and then, as the coastline trends further to the southeast, beaches give over to mangrove islands and swamps. Moving northeastward from the beaches, elevations increase very slowly. 20.A.7 Packet Pg. 472 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Area Analysis Carroll & Carroll 9 Most of the county is less than 15 feet above mean sea level. Although changes in elevation are gradual, they are well defined by variations in vegetation. Much of the county is, or was once, wetland. The once plentiful marine resources are largely depleted, but still provide good sport fishing. Population centers include the coastal communities of Naples, Marco Island and Everglades/Chokoloskee. Immokalee, the single large interior community, is located in north Collier County and is the agricultural center of the region. POPULATION “The social forces studied by appraisers primarily relate to population characteristics. The demographic composition of the population reveals the potential demand for real estate, which makes the proper analysis and interpretation of demographic trends important in an appraiser’s analysis.” The total population, it's composition by age and gender, and the rate of household formation and dissolution strongly influence real property values. (The Appraisal of Real Estate 14th Edition) Collier County’s population has continued to increase year after year. The population has grown at an annual rate of 1.8% from 2010 to 2018. The population forecasts through 2023 call for a continued steady growth cycle at an estimated annual rate of 1.856% or 7,031 people per year. Collier County for years has been one of the nations’ fastest growing counties, historically outperforming the state. Population increases began in 2010, trending once again towards outperforming the state. 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 2000 2005 2010 2018 2023 2030 2035 2040 Collier County Population Florida Office of Economic & Demographic Research and Esri forecasts 2018 20.A.7 Packet Pg. 473 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Area Analysis Carroll & Carroll 10 Collier County is a popular retirement destination. As of 2018, 55.50% of the County’s residents are over the age of 45. The 2023 forecasts depict an aging community with 56.5% of the population 45 years of age or older. 0% 5% 10% 15% 20% 25% 30% 2000 2005 2010 2018 2023 2030 2035 2040Population Change (%) Population Change (State vs County) Collier County YearYear Florida Office of Economic & Demographic Research and Esri forecasts 2018 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0-4 5-9 10-14 15-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ 2010 2018 2023Percentage Age Population by Age U.S.Census Bureau, Census 2010 Summary File 1. Ersi forecasts for 2018 and 2023 20.A.7 Packet Pg. 474 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Area Analysis Carroll & Carroll 11 EMPLOYMENT Collier County is a largely service based economy with 34.2% of the employees in the leisure, hospitality, education and health service industries and 20.8% in professional, business, financial and other services. Trade, transportation, & utilities along with government jobs account for 28.2% of the County’s employees. Industries such as natural resources/mining, construction, and manufacturing make up only 15.9% of the market. Leisure & Hopitality Trade, Transportation & Utilties Education & Health Services Professional & Business Services Construction Government Financial Activties Other Services Mining & Manufacturing 2017 EMPLOYED BY INDUSTRY -COLLIER COUNTY 20.A.7 Packet Pg. 475 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Area Analysis Carroll & Carroll 12 Top 11 Largest Employers Collier County -2012 Rank Company Employees 1 Collier County Public Schools 4739 2 NCH Healthcare System 4000 3 Collier County Government 1591 4 Collier County Sheriff's Office 1371 5 Ritz Carlton, Naples 1100 6 Gargiula, Inc. 1100 7 Arthrex, Inc 1056 8 Hometown Inspection Services 900 9 Publix 800 10 Naples Grande Beach Resort 760 11 Marriott 730 Source: www.eflorida.com as reported in 2014 Clerk of Courts Annual Report The unemployment rate in Collier County exceeded the state average by a slight margin in 2018. The unemployment rate then declined through 2018 as the economy improved and, until recently, Collier County’s unemployment rates decreased more rapidly than the state. 0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0% 2010 2011 2012 2013 2014 2015 2016 2018 Unemployment Rate (County vs State) Collier County State of Florida 20.A.7 Packet Pg. 476 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Area Analysis Carroll & Carroll 13 BUSINESS CLIMATE Businesses, both existing and new, can experience a high level of collaboration within the community — private business, non-profits and government — as well as a common purpose: maintaining the enviable lifestyle residents here enjoy. Naples and Collier County offer deep resources for everything from start-up business loans and workforce training to accelerators that can jump-start a business, allow it to expand or move here from a foreign country or out of state. Collier County is the 10th fastest growing metropolitan area in the country, according to the U.S. Census Bureau and was the top fastest growing area in the country for 2016 in a ranking by the U.S. Conference of Mayors. Wallet Hub also ranked Naples/Collier County as the No. 3 Best Place to Start a Business in Florida and Forbes magazine/Moody's Analytics Forbes ranked Naples and Collier County No. 4 in the Top 10 Best Cities for future job growth. INCOME Collier County’s per capita income and median household income levels are higher than state statistics. The most substantial difference between Collier County and the state is the large percentage difference in household incomes above $100,000 where Collier County exceeds the state by over 8%. Collier County's percentage household incomes ranging from $25,000 to $99,999 mirror that of the state but is significantly lower in the percentage of household incomes under $25,000. Income levels vary greatly within different areas of Collier County, and so, will be discussed in greater detail in the Market Area description. TRANSPORTATION The transportation system reflects local geography, population densities and the primary motivators of tourism, service industry employment, the construction industry, agriculture, and leisure activities. ROADS: The earliest roads were coastal, extending from north to south in the early twentieth century with the first settlers. Principal among these is US-41, commonly referred to as the Tamiami Trail because it was built to connect Tampa and Miami. Where it passes through the coastal community US-41 is a four or six lane divided highway with landscaped medians, curb and gutter, street lights and often with concrete sidewalks. The Trail is the principal coastal arterial and one that defines several important boundaries. Often there is a noticeable land value difference east and west of US-41 because the affluent coastal population prefers to shop and trade close to home. As the highway turns southeast from downtown Naples toward Miami the Trail defines the boundary of the coastal management zone which affects development densities and storm evacuation requirements. The eastern segment of US-41 is a designated national scenic highway popular with tourists, especially during the winter season as they seek adventure in the Everglades. 20.A.7 Packet Pg. 477 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Area Analysis Carroll & Carroll 14 A system of asphalt surfaced arterials, major collectors, minor collectors, and neighborhood streets extend into the urban area east and west from US-41. North-south arterials and major collectors are established about one mile apart. From west to east, these include Goodlette-Frank Road, Airport-Pulling Road, Livingston Road, Santa Barbara Boulevard and Collier Boulevard. The east-west grid is spaced about two miles apart; from north to south being Immokalee Road (CR-864), Vanderbilt Beach Road (CR-862), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), Radio Road (CR-856), Davis Boulevard (SR-84), and Rattlesnake Hammock Road (CR-864). Within the urban area all of these are at least 4 lane divided highways. East of Collier Boulevard the road system reflects the economies of scale of Golden Gate Estates subdivision (the Estates) where 102 square miles of rural subdivision is supported by a grid system of paved and unpaved 2 lane streets, with 2 and 4 lane asphalt surfaced major collectors. Golden Gate Boulevard, a 4 lane divided road for five of its eleven miles east of CR-951, is the principal east-west collector. Everglades Boulevard (2 lane and asphalt surfaced) is the north-south major collector extending south from Immokalee Road 14 miles to the grade separation at I-75 where it continues into the Picayune Strand State Forest. Most of the neighborhood streets in Golden Gate Estates are asphalt. Collier County is planning to extend east-west collectors through the Estates along the alignment of Vanderbilt Beach Road and somewhere south of Golden Gate Boulevard. A north-south connection is also planned from the eastern terminus of White Boulevard (Pine Ridge Road) north to Golden Gate Boulevard. Interstate highway 75 (I-75) was extended from north to south through Collier County in the mid-1980s along a flood-proof route about five miles inland. Directly east of the City of Naples I-75 joins the original alignment of State Road 84 (Alligator Alley) connecting with Florida's east coast at Ft. Lauderdale. The coastal community I-75 interchanges are spaced three to four miles apart at Immokalee Road (CR-864), Pine Ridge Road (CR-896), Golden Gate Parkway (CR-886), and at Collier Boulevard/Davis Boulevard (CR-951/SR-84). Twenty one miles east of the coastal community is an interchange at State Road 29; the last interchange in Collier County. Collier County and the FDOT continue to study the feasibility of an interchange at Everglades Boulevard. The advent of I-75 signaled a change in the relationship of Collier County to the rest of Florida and the United States. While US-41 was the only north-south arterial, Collier County was dominated by the conservative mid -western influences of seasonal residents and somewhat isolated from the larger urban areas of Florida. After the late 1980s, road access to Collier was made much more convenient to the northeast via connections with I -4 and I-95. This had the effect of broadening Collier's market exposure and it stimulated growth. The extension of I-75 south into Dade County promoted better access for European tourists and made Collier County transient lodging attractive for east coast weekenders. 20.A.7 Packet Pg. 478 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Area Analysis Carroll & Carroll 15 Strategic connections exist where Collier Boulevard and CR-92 extend south and west from US-41 providing access to the City of Marco Island from the greater Naples area and from Florida's east coast, respectively. State Road 29 connects the southwest Florida agricultural center of Immokalee with points north, with the Naples coastal community via CR -846, with the Ft. Myers coastal community via SR-82, and with US-41 at Everglades City which is the western gateway to Everglades National Park and the 10,000 Islands region of Collier's southwest coast. The road transportation system is well planned, well maintained, and operating at acceptable capacity. Ambitious road construction projects undertaken in anticipation of growth projections and funded by impact fees have caught up with development. The road system reflects Collier's position at the southerly limit of development on Florida's west coast. MASS TRANSIT: Collier Area Transit (CAT), operated by Collier County Alternative Transportation Modes Department, provides inexpensive alternative transportation throughout the county linking major employment centers of Naples with Marco Island and Immokalee. There are several circulation routes with stops at the County government complex, hospitals, and major shopping establishments. The system accommodates bicycle transport and personal items. The same County department administers the Collier Area Para Transit system which provides subsidized transportation services for the disabled and economically disadvantaged. This is a successful and growing system that connects people with jobs, essential services, and shopping while reducing transportation costs and road congestion. AIRPORTS: Collier County is well supported by a system of five public airports. Southwest Florida International Airport (RSW) is located in Lee County 25 miles north of Naples; a 45 minute drive via I-75 from the Collier center of population. This facility serves the five county southwest Florida regions offering domestic and international air carrier service. In 2017 the airport served more than 8.8 million passengers, making it one of the top 50 airports in the U.S. for passenger traffic. A total of 15 airline carriers serve the airport with non-stop service throughout North America and international service to Canada and Germany. It is modern, convenient, and has planned expansion to keep up with regional growth. Naples Municipal Airport (APF) owned by the City of Naples and operated by the independently constituted Naples Airport Authority which derives its revenue principally from fuel sales. This small airport (about 1 sq. mi.) is located one mile east of downtown Naples. It serves the coastal community and is especially convenient to affluent residents 20.A.7 Packet Pg. 479 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Area Analysis Carroll & Carroll 16 who own private aircraft, to the corporate convention business of the large beachfront hotels, and to essential services like mosquito control, Emergency Medical Services (EMS), the Sheriff's office, and private air ambulance services. The two paved runways (5/23 @ 5,290' and 14/32 @ 5,000') will support jets including the G4 and Challenger series. Naples airport is tower controlled and fully certified for commercial operations and is home to several aircraft charter services and flight training schools. In 2005, Naples Municipal Airport accommodated 163,434 aircraft operations, a record high. Annual operations decreased by nearly 50% from 2005 to 2011. The total operations for 2017 were 95,018. Due to its downtown location, Naples airport has restricted operations of the most noisy jet aircraft and is at the leading edge of noise abatement measures. The Collier County Airport Authority owns and operates airports at Marco Island, in Everglades City, and at Immokalee. These are primarily funded through fuel sales and hangar leases. Marco Island Airport (MKY) is a very small (64.47 acres) general aviation facility on the mainland four miles northeast of Marco Island. The single paved runway (17/35 @ 5,000') will support light jet traffic. Hanger and ramp space is very limited. Fuel is available. This airport is convenient to Marco Island residents and to the corporate convention business of the Island hotels. Immokalee Regional Airport (IMM) is one mile east of Immokalee and 35 miles by road northeast of Naples. This 2 square mile airport has two paved 5,000 foot runways (18/36 and 09/27) a third diagonal runway is now used as a weekend drag racing strip. The airport is in a Florida Rural Enterprise Zone and a HUB Empowerment Zone. A 60 acre zone in and around the airport is a designated Foreign Trade Zone. To date, the economic potential of this airport is largely unrealized. However, the field is active as a training destination for coastal-based flight schools, it hosts aerial firefighting and crop dusting operations, and it bases numerous private aircraft. The Everglades Airpark (X01) is a light duty general aviation facility of 29.14 acres is within walking distance of downtown Everglades City. The single paved strip (15/33 @ 2,400') supports itinerant coastal traffic and half a dozen based aircraft. Fuel, a comfortable pilot center and bicycles are available. MARINE TRANSPORTATION: There is no deep water port and no commercial marine activity other than that associated with commercial fishing, charter sport fishing, and the marine towing services that support the pleasure boat industry. The controlling depth to the municipal dock in Naples Bay is six feet at mean low water. The US Coast Guard maintains a dredged and well-marked intracoastal waterway from the head of Naples Bay to Coon Key southeast of Marco Island. Local geography requires vessels northbound from Naples to transit 30 miles of the Gulf of Mexico before returning to the sheltered intracoastal system at Sanibel Island. Seasonally, excursions from Marco Island to Key West and from Ft. Myers Beach to Key West are scheduled daily. 20.A.7 Packet Pg. 480 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Area Analysis Carroll & Carroll 17 EDUCATION Collier County Public School District is a high performing school district which has earned either an “A” or “B” accountability grade from the State of Florida Department of Education over the past ten years. The District operates 61 schools; twenty -nine elementary schools, ten middle schools, eight high schools, a Pre-K through 12 school (Everglades City School) and 13 Alternative School Programs. The Alternative School Programs include charter schools and two technical colleges, each with a high school component. Collier County Public Schools serves 48,000 students. The student body is 51.43% Hispanic, 32.92% white, 11.58% black, and 4.07% other. More than 60% of the public school population is categorized “economically needy.” Over 50% of public school students live in non-English speaking homes. Between 2016 and 2018, the school district had an overall population growth of 2,100 students. Collier County is also served by several colleges and accredited universities. Three colleges have campuses in Collier County: Ave Maria University, Hodges University and Florida Southwestern State College (formerly Edison Community College). Ave Maria University is a private catholic university that offers both undergraduate and graduate programs including a law school. Hodges University is a private four-year college that offers bachelors and master’s degrees in 20 disciplines. Florida Southwestern State College, with campuses in Naples, Punta Gorda and Ft. Myers, offers both two-year and four-year degree programs. Additional universities serving the region are Florida Gulf Coast University a part of Florida’s state university system; Barry University; and Nova Southeastern University. 42,500 42,100 42,000 42,400 42,400 42,800 43,400 43,800 44,600 45,900 48,000 41,000 42,000 43,000 44,000 45,000 46,000 47,000 48,000 49,000 2004 2006 2008 2010 2012 2014 2016 2018 2020Number of studentshttp://collierschools.com Collier County Public Schools Enrollment 20.A.7 Packet Pg. 481 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Area Analysis Carroll & Carroll 18 University of Florida Extension Services is a land-grant with research based information through an Extension Office in Immokalee. CONCLUSION At the southerly limit of urban development on Florida's west coast, Collier County offers the climate, natural resources, and sporting opportunities to support a superb retirement community. The quality of infrastructure, schools, and social services is what one would expect of such an area. We are experiencing a surge in new development projected to take us through the next several years. In the long term, the attractions of the climate and location, and the stability of fixed-account affluence promise continuing prosperity although probably without the strong emphasis on new development. 20.A.7 Packet Pg. 482 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Market Area Carroll & Carroll 19 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.” (The Dictionary of Real Estate Appraisal 6th Edition) “A combination of factors – e.g., physical features, the demographic and socioeconomic characteristics of the residents or tenants, the condition of the improvements (age, upkeep, ownership, and vacancy rates), and land use trends.” (The Appraisal of Real Estate, Fourteenth Edition) A market area includes those surrounding land uses which impact the value of a property and it can encompass one or more neighborhoods or districts. An appraiser focuses on the market area in analyzing subject property value influences. BOUNDARIES The subject property is located within the Golden Gate area of Collier County. For appraisal purposes, the Golden Gate or market area boundaries are shown below: 20.A.7 Packet Pg. 483 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Market Area Carroll & Carroll 20 Introduction The portion of Golden Gate within this market area is approximately 126 square miles in size. Three separate land uses are worth noting. Golden Gate City, which is not incorporated, is a 4-square mile development of high residential density consisting of both single-family and multifamily units. Commercial services for this market area are centralized here. The rural estates consist of approximately 116 square miles and is zoned for estate living. This low-density development serves a rural lifestyle desired by many in the area. A third area, Orange Blossom PUD located on Immokalee Road, is a 4-square mile residential subdivision without commercial support . It is approximately 50% developed with primarily single family units. Collier County Fairgrounds, a high school and elementary school are located here. Demographics for Golden Gate City and rural estates will be discussed separately, where appropriate, Data for Orange Blossom PUD will be included in the rural estates demographics. Environmental Influences This area is desired because of mild winter weather and rural life style. Even though it is inland from the coast there is still easy access to miles of beaches. The Naples ar ea is one of the very few in Florida that offers adequate public access to a mainland beach. The subtropical weather allows for year-round recreational opportunities. Boating, swimming, riding ATVs, and camping are popular activities. Bicycling, walking and jogging are supported by an extensive network of connected biking and walking paths. Multiple tennis and pickle ball courts are available, as well as fitness centers. Golden Gate is known for its clean environment and healthy lifestyle. Residents are drawn to the rural estates because of wooded lots, native vegetation and abundance of wildlife. Agriculture uses are permitted; therefore, equestrian activities are common throughout the estates. Golden Gate City is an urban area served by county parks and a biking/walking path network. Governmental Influences This market area, including Golden Gate City, is governed by Collier County Board of County Commissioners which serves as chief legislative body and five constitutional officers; sheriff, clerk of courts, tax collector, supervisor of elections, and property appraiser. County government is managed by a strong county manager structure. Collier County provides services which range from average to high quality. However, Collier County is known for being a difficult county for building and development. The tax burden in Collier County is lower than the national average. 20.A.7 Packet Pg. 484 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Market Area Carroll & Carroll 21 County government has zoning and comprehensive plan ordinances designed to protect the character and values of property; to protect and enhance economic development; and to maintain and enhance the attractive nature of the area. Public services include fire protection, solid waste disposal, potable water, sanitary sewer service and storm water drainage. In some areas of Golden Gate Estates where sanitary sewer is not available, septic systems are permitted. Public/private companies proved adequate services for electricity, cable, and internet. Community support facilities such as schools, parks, churches, shopping, and places of employment are all located within this market area. Collier County Sheriff Department provides full range of services for Collier County. According to the statistics listed by Florida Department of Law Enforcement, Collier County crime index falls in the lowest 16% of all counties in Florida and crime rate has decreased nine out of the past ten years. About 78% of all crime is either burglary or larceny. The county averages are representative of conditions in the Golden Gate area. This market area is served by several arterial roadways. All are six-lane divided highways with beautifully landscaped medians. Improvements include street lighting and concrete curb and gutter. North-south arterial roadways include Santa Barbara Boulevard which connects Rattlesnake Hammock Road to Immokalee Road and Collier Boulevard (SR-951) which is a major arterial linking Marco Island in south Collier County with Immokalee Road near the north county line. Development along Collier Boulevard is a mixture of single/multi-family residential, office, light industrial, institutional, and retail. The Collier Boulevard thoroughfare anchors a grid of arterial roads spaced about 2 miles apart, that serve the greater Naples coastal community which lies to the west and has direct access to I-75. East-west arterials include Golden Gate Parkway, Pine Ridge Road, and Immokalee Road. Each one provides direct access to Interstate I-75. Development along Pine Ridge Road is mainly developed with single family homes and institutional uses. Golden Gate Parkway and Immokalee Roads have a mixture of single/multi-family residential, office, industrial, institutional, and retail uses. Another east-west arterial is Vanderbilt Beach Road which is a direct connection between the Golden Gate area and the Naples beaches. Interstate I-75, which connects Collier County to both North Florida and Florida’s east coast, serves this entire market area and access is provided by three interchanges. The arterial road system is laid out in a grid pattern that provides adequate traffic flow to all areas of the county. Commercial development exists at every major intersection; but, the intersections are designed with proper turns lanes and signaling to provide for adequate traffic movement. The road network easily handles traffic demand in the off-season, May 20.A.7 Packet Pg. 485 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Market Area Carroll & Carroll 22 through December. Traffic more than doubles in January, February, March and April because of seasonal residents and tourists. Even with exceptionally heavy traffic, the road network usually handles peak traffic demand without major delays. The rural estates are served by a grid of residential streets and collector roads. The residential streets, which are two-lane roads with open swales, are located every quarter mile. Most these roads are paved; however, some residential streets located along the eastern edge of this market area have yet to be improved. The residential streets feed into collector roads, which connect to the major arterial highway system. The collector roads include Santa Barbara Boulevard, Golden Gate Boulevard, Wilson Boulevard, Everglades Boulevard, Randall Boulevard and Oil Well Road. They are four-lane in the more populated areas, transitioning to two-lanes in the eastern section of this market area. Public transportation is provided by a county transit bus services. Naples Municipal Airport is located outside the market area, but is easily accessed by any resident of the area. The airport is City owned, but operated by the independent Naples Airport Authority. It serves private and commercial aviation, as well as aviation related activities. It supports government services, such as, Mosquito Control District and Collier County Sheriff’s aviation unit. Social Influences Golden Gates City is a diverse community of entry level housing. Residents like the small town feel and consider it a safe place to raise a family. Residential is approximately 95% built out. Rural estates are attractive for it’s quiet country living while being in close proximity to all that the coastal community has to offer. Build out varies in the rural estates from 95% in the western portion of the market area to 40% or less in the southeastern location. Per US Census Bureau forecasts, the 2019 population is 70,636 with a projected growth to 75,824 (7.34% growth) by 2024. This area experiences a lower seasonal population increase during the winter months than other areas of Collier County. The median age is 36.3 with 81.2% of the population being 54 and younger. The median household income is $62,446. 24.6% have a bachelor’s or professional degree and 25.4% have some college education. There is an average degree of community involvement through civic organizations, neighborhood groups, social service organizations and political committees. The Naples cost of living is 2% higher than the average cost of living in the United States. Conversely, Florida has a cost of living that is lower than the US average. Of the 25 locations included in the Economic Policy Institute's d ataset for Florida, Naples-Marco Island is the 21st most expensive. In Naples, housing is the category with the highest index (21% above national average), while taxes are the category with the lowest index (15% below national 20.A.7 Packet Pg. 486 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Market Area Carroll & Carroll 23 average). (Ref. Careertrends.com; cost of living analysis). Golden Gate has some of the highest density of affordable housing units in Collier County, but because of the high cost of living, home values can still be out of reach for many moving into Collier County. One of the main driving forces impacting growth in this area is the quality of schools. This market area has 15 public schools; two high schools, four middle schools, and nine elementary schools. Three of these schools received an A, five received a B and seven received a C rating in the last Florida state grading period. All schools in Golden Gate City are C schools with at least 86% minority and economically disadvantaged student enrollment. The majority of schools located in the rural estates area are either A or B schools with minority enrollment between 40% and 65%. In addition to the public school system, there are three, faith-based private schools. Economic Influences Population increased 52% over the last 19 years or 1,272 people per year. Population is forecasted to increase an additional 7.34% over the next five years for an average of 1,038 people per year. This trend is consistent with the past sixteen years and should continue into the near future as buildout continues along the eastern edge of this market area. The residential population is dominated by working class and young professional residents. Comparatively, incomes within this market area are less than the county a verage. Development trends: Residential This market area provides a large range in home values from entry level housing to million dollar estates and is the greatest source of vacant residential lots in the county. Values in Golden Gate City should remain consistent subject only to general market trends. Values in the eastern rural estates will increase as buildout in the units closest to the coast continues Median home value in the market area is $274,006 which is lower the than the County’s median home value. Total number of households in the market area is 26,116, of which, 59.4% are owner occupied, 25.4% renter occupied and 15.2% vacant. Vacancy include seasonal rentals. 20.A.7 Packet Pg. 487 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Market Area Carroll & Carroll 24 20.A.7 Packet Pg. 488 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Market Area Carroll & Carroll 25 20.A.7 Packet Pg. 489 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Market Area Carroll & Carroll 26 Commercial Commercial development can be categorized in four different groups. Primary commercial is in Golden Gate City. Second group is newer construction at the arterial road intersections. Third is neighborhood commercial within the rural estates. Fourth is the industrial commerce park near Collier Boulevard and the I-75 interchange. Golden Gate City is the commercial center serving this market area. Santa Barbara Boulevard, north of Golden Gate Parkway, has a mixture of multi-family residential and commercial along the east side of the road. Commercial consists of older single story, single user buildings and 4 to 8 unit strip centers. Businesses include daycare/ preschools, neighborhood food mart and gas stations, construction company offices, barber shops and beauty salons and small restaurants. Golden Gate Parkway has a mixture of multi-family and commercial development along both sides of the roadway. Newer commercial consists of CVS and Walgreens Pharmacies, bank branches and national fast food restaurants. There are three older shopping centers, anchored by Winn Dixie, K Mart and by Ace Hardware. Single story commercial structures and strip centers house neighborhood businesses such as barber shops and beauty salons, florists and jewelers; veterinary services and family medical clinics; and small locally-run restaurants and food marts. Several businesses consist of automotive support such as gas stations, oil chance and car washes. Professional services are primarily located in executive suites located near Santa Barbara Boulevard. There is a Quality Inn Hotel located at the southwest corner of Golden Gate Parkway and Collier Boulevard. Commercial frontage along the west side of Collier Boulevard south of Green Boulevard is very similar to commercial along Golden Gate Parkway in building size, age and use. The exception is that there is a greater density of national food chains. The second-tier commercial properties, without major road frontage, are developed with single story warehouse-type structures housing service-oriented businesses. Newer commercial development is located along Collier Boulevard where it intersects Pine Ridge Road and Vanderbilt Beach Road. Each intersection has a shopping center anchored by either a Publix or Winn-Dixie super market. Out parcel development includes bank branches and gas station/convenience stores and national pharmacies. Commercial development in the rural estates is limited because residents have orchestrated an ongoing effort to prohibit commercial development in the residential areas. The only two neighborhood commercial locations are at the intersection of Wilson Boulevard and Golden Gate Boulevard and at Randall Boulevard and Immokalee Road. Both areas have minor commercial development and it is not expected that additional commercial zoning would be approved any time soon. 20.A.7 Packet Pg. 490 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Market Area Carroll & Carroll 27 Industrial Industrial/commercial developments are in the northeast quadrant of I-75 and Collier Boulevard interchange. White Lake Industrial Corp Park is one of Collier County’s three primary industrial parks. The White Lake Industrial Park contains 144.4 acres and is approved for 7.80 acres of commercial and 77 acres of industrial. White Lake consists of newer, good quality flex and warehouse properties and it is home to some of the largest manufacturing facilities within the county. It is approximately 50% built-out. City Gate Commerce Center contains 288 acres zoned for 2,950,000 S.F. of commercial, light industry, office, warehouse and distribution. The site has over 3,000 feet of frontage on Collier Boulevard where a gas station, a 102 room Spring Hill Marriott Hotel and a 100 room Fairfield Inn Marriott have been constructed. Approximately 90% of the interior lots are vacant. Medical None of Collier County’s major medical facilities are located within this market area. The only major medical center/hospital servicing this area is the Physicians Regional Medical Center located along Pine Ridge Road, just east of Interstate 75. This is a 201-bed facility and is one of the county's four major medical centers. The hospital offers a 24-hour emergency department that provides a full range of traditional emergency serv ices. An additional emergency room facility was recently completed at the northeast corner of Collier Boulevard and Immokalee Road. This is a two-story 19 room, state of the art emergency room with additional medical space for practicing physicians. The facility was built to help service the rural estates and all the new residential units being constructed along Collier Boulevard and Immokalee Road. 20.A.7 Packet Pg. 491 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Market Area Carroll & Carroll 28 Health care, construction, education, retail, and management positions dominate the market area business sector. Total Businesses 1,597 Total Employees 10,194 Total Population 70,636 Employee/Pop. Ratio 0.14:1 MARKET AREA BUSINESS SUMMARY Industry Businesses Employees Agriculture/Mining 102 904 Construction 300 1,319 Manufacturing 13 279 Transportation 69 210 Communication 6 34 Utility 7 33 Wholesale Trade 33 300 Retail Trade 243 1,873 Finance/Insurance/Real Estate 114 507 Services 558 4,398 Government 19 325 Unclassified Establishments 132 13 U.S. Census Bureau, Ersi forecasts for 2018 and 2023 20.A.7 Packet Pg. 492 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Market Area Carroll & Carroll 29 MARKET AREA LIFE CYCLE Market areas often pass through a four-stage life cycle of growth, stability, decline, and revitalization. • Growth – A period during which the market area gains public favor and acceptance. • Stability – A period of equilibrium without marked gains or losses • Decline – A period of diminishing demand • Revitalization – A period of renewal, redevelopment, modernization and increasing demand. Most the real estate activity in Golden Gate reflects the growth cycle. The residential and commercial markets continue to be strong. The growth cycle is expected to continue into the near future. Because of the age of the structures, the western portion and the city center are just beginning to experience some revitalization. CONCLUSION This continues to be one of the most affordable market areas in Collier County. The houses within the city center provide entry level housing and the rural area satisfies the desire for larger lot sizes and rural lifestyle. A well-designed road network provides easy access to jobs serving the coastal community; coastal beaches and water activities; entertainment endeavors; and commercial and medical services. This area appeals to a cross section of the population but primarily to working class families. Development continues to push north and east where vacant lots still exist. Golden Gate will likely continue to enjoy a healthy growth while maintaining its affordability. 20.A.7 Packet Pg. 493 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 30 PROPERTY INFORMATION 20.A.7 Packet Pg. 494 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 31 20.A.7 Packet Pg. 495 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 32 SITE DESCRIPTION Location The property is located at northeastern end of 19th Street NW in Naples, Collier County, Florida. Legal Description All of Tract 81, Golden Gate Estates, Unit No. 7, according to the plat thereof, as recorded in Plat Book 4, Page 96 and 97, of the Public Records of Collier County, Florida. Property ID# 36915200008 Owner of Record Collier County Size/Easements The size of the parcel is based on the legal description obtained for the most recent warranty deed and plat maps. 9.12 gross acres or 397,361 square feet The parcel is encumbered by an 80-foot wide drainage easement along the northern border and therefore the upland area is 7.91 acres or 344,561 square feet. The parcel is also encumbered by a 30-foot wide road right- of-way easement along the western boundary for 19th Street NW. This is a perpetual, non-exclusive, road right-of way, drainage, and utility easements which preclude most all practical uses by the owner, but the areas within the easements can be utilized for density calculations. Such easements are typical of the area. The gross acreage will be utilized in the appraisal report. Shape Trapezoid Frontage The parcel fronts for 503.66 feet along the east side of 19th Street NW. 19th Street NW is a 2-lane, north/south residential street which connects to Golden Gate Boulevard to the south. Access The subject is provided full service access from 19th Street NW. Overall, access is good. Topography The parcel is level and at road grade. Vegetation The property is in its native state and covered in vegetation consisting of both native and exotic vegetation including, slash pines, cypress, cabbage palms, palmettos, and Brazilian pepper. Utilities Electricity, telephone, and TV cable are available. The property is currently serviced by well and septic. Adequate capacity exists to support full utilization of the 20.A.7 Packet Pg. 496 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 33 site. Concurrency The service levels along the adjacent road system are within acceptable limits as defined by Collier County. There are no concurrence issues adversely affecting this property. Surrounding Land Uses The subject is surrounded by single-family residences and vacant residential land. Located to the north across the canal is the Olde Florida Golf Course. Demographics (2020) 2-mile 5 10 Population 7,015 61,964 254,202 Households 2,547 22,136 103,799 Median HH Income $76,280 $77,783 $72,695 Median Home Value $361,049 $374,445 $351,389 Site Improvements None 20.A.7 Packet Pg. 497 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 34 SUBJECT PHOTOGRAPHS View to the north along 19th Street NW. View to the south along 19th Street NW. 20.A.7 Packet Pg. 498 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 35 View to the northeast from the southwest corner. View to the east along the northern boundary. 20.A.7 Packet Pg. 499 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 36 View to the southeast from the northwest corner. View to the west into the subject property. 20.A.7 Packet Pg. 500 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 37 ENVIRONMENTAL CONTAMINATION Observed Contamination None Noted Concerns None Environmental Assessment Available No Impact on Value None Disclaimer Unless otherwise stated in this report, the existence of hazardous substances or environmental conditions including but not limited to asbestos, polychlorinated biphenyls, petroleum leakage, agricultural chemicals, urea formaldehyde insulation, lead paint, toxic mold, et cetera, which might or might not be present in or on the property were not called to the attention of the appraiser. Such tests were not in the appraiser's required scope of work, the appraiser is not qualified to test for such substances and conditions and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any such conditions that might exist, or for the knowledge and expertise required to discover them. 20.A.7 Packet Pg. 501 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 38 NATURAL RESOURCE CONCERNS Condition of subject The property is in its native state and has never been cleared. I was not provided with any environmental reports. All plant and animal communities are of interest and concern. To a greater or lesser degree depending on the species and the quality of habitat they occupy, plants and animals inhabiting the property will invoke some level of scrutiny and will result in some cost during the permitting process. Natural Resource Audits Available No Impact on Value N/A Disclaimer Specialized natural resource audits were not in the appraiser’s required scope of work, the appraiser is not qualified to conduct such audits and the appraiser is not qualified to render professional opinions in this specialty area. No responsibility is assumed for any extraordinary natural resource concerns, or for the knowledge and expertise required to discover them. 20.A.7 Packet Pg. 502 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 39 FUTURE LAND USE Ordinance or Plan Collier County Growth Management Plan (GMP) Golden Gate Area Master Plan (GGAMP) Future Land Use Designation Residential Estates Subdistrict Purpose of Designation The property has a future land use designation of Estates. The Estates designation is characterized by low density semi-rural residential lots with limited opportunities for other land uses. Residential density is limited to a maximum density of one unit per 2.25 gross acres. Under the Estates future land use designation there is no provision for a conditional use and therefore a conditional use approval requires an amendment to the GGAMP. 20.A.7 Packet Pg. 503 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 40 20.A.7 Packet Pg. 504 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 41 ZONING Ordinance or Land Development Code Collier County Zoning E – Estates Purpose or Intent of Zoning The subject is zoned “E” – Estates District. The purpose and intent of the Estates district is to provide lands for low density residential development in a semi-rural to rural environment. In addition, several conditional uses including churches, social and fraternal organizations, child care centers, private schools, and group care facilities are available under conditional use provisions. Permitted uses include single-family dwellings and Family Care Facilities, and public schools. Conditional uses permissible in the Estates district include churches and other places of worship, social and fraternal organizations, child and adult care centers, schools and group care facilities. These conditional uses are strictly regulated. The subject site satisfies all the minimum zoning requirements. Below are the development requirements as set forth in the Estate Zoning District: Minimum Lot Area: 98,010 square feet or 2.25 acres Minimum Lot Width: 150 feet Minimum Front Yard Setback: 75 feet minimum Minimum Side Yard Setback: 30 feet Minimum Rear Yard Setback: 75 feet Maximum Building Height: 30 feet The subject is a legal conforming lot. Copies of pertinent sections of the Comprehensive Plan and Land Development Code are included in the Addendum. 20.A.7 Packet Pg. 505 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 42 20.A.7 Packet Pg. 506 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 43 ASSESSMENT AND TAXES By statute, real estate in Florida is assessed at 100% of fair market value as of January 1st of the tax year. Since annual tax assessments are based on sales from previous years, depending upon market trends, assessed values can fall on either side of the current market value estimate. The tax assessment is usually not a reliable indicator of market value. Parcel Tax ID 36915200008 Assessment and Tax Year 2020 Land Assessment $316,500 Improvement Assessment $0 Combined Total Assessment $316,500 10% CAP ($213,093) AG Exemption $0 Assessed Value $103,407 Taxable Value $0 Ad Valorem Taxes $0 (Tax exempt) Non- Ad Valorem Taxes $0 Total Taxes $0 Taxing Authority/Jurisdiction Collier County The total assessment is$34,704 per gross acre. The land assessment is consistent with other similar parcels along 19th Street NW. The assessment is higher than my estimate of market value. The 2020 total assessment reflects a 6.66% increase from 2019. The 2020 total assessment increased 236.68% from the 2019 assessed value. Assessed values can be increased a maximum of 10% annually and therefore the 10% CAP was applied. The parcel is owned by a government entity and therefore is tax exempt. 20.A.7 Packet Pg. 507 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 44 FLOOD ZONE DATA Flood Zone X, X500, and AH Flood Zone Comments Zone X – Areas subject to inundation by the 0.2% annual chance flood with average flood depths of less than 1 foot or with drainage areas less than 1 square mile. Zone X500 – Areas subject to inundation by the 0.2% annual chance flood with average flood depths of less than 1 foot or with drainage areas less than 1 square mile. Zone AH – Areas of 1% annual-chance shallow flooding with a constant water- surface elevation (usually areas of ponding) where average depths are between 1 and 3 feet. Base flood elevations determined. Community Panel Number 12021C0410H Revised May 16, 2012 Source National Flood Insurance Program Flood Insurance Rate Maps 20.A.7 Packet Pg. 508 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 45 20.A.7 Packet Pg. 509 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Property Information Carroll & Carroll 46 TRANSACTIONAL HISTORY Sales History There have been no transactions in the previous three years. CURRENT STATUS Subject Listed for Sale/Under Contract No 20.A.7 Packet Pg. 510 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Highest and Best Use Carroll & Carroll 47 HIGHEST AND BEST USE DEFINITION For typical appraisal practice in the United States, The Dictionary of Real Estate Appraisal, Sixth Edition, published 2015 by the Appraisal Institute, defines Highest and Best Use as: The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. METHOD There are four criteria that must be met in order for a use to be the highest and best use for a given property. The highest and best use must be: • Legally permissible. • Physically Possible. • Financially feasible. • Maximally productive. Ordinarily these criteria are considered sequentially, each step narrowing the range of alternative uses being considered. ANALYSIS SITE AS THOUGH VACANT Legally Permissible: The zoning ordinance and Growth Management Plan are consistent in identifying the property for residential uses. The site consists of one oversized parcel that could be developed with up to three single-family residences. Physically Possible: The site is level and at road grade and could be developed as one, two, or three single-family home sites. The location, surrounding land uses, and the size of the property suggest some type of single-family use. Financially Feasible: The financial feasibility of single-family residential development is good. The single-family residential market continues to be strong, especially new construction. Single-family residential development is financially feasible. Maximally Productive: The maximally productive use is that it be developed with one, two, or three single-family residences. CONSIDERATION OF APPROACHES Only the sales comparison approach is appropriate for this vacant parcel. 20.A.7 Packet Pg. 511 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Sales Comparison Approach Carroll & Carroll 48 SALES COMPARISON APPROACH INTRODUCTION In the sales comparison approach, the subject property is compared with similar properties that have sold recently or for which listing prices or offering prices are known. Data from generally similar properties is used, and comparisons are made to demonstrate a probable price at which the subject property would sell if offered on the market. This approach is particularly strong when comparable sales data is plentiful and there is good conformity among properties in the neighborhood. Following is the procedure to be followed in developing this approach: 1. Research the market to gather information on sales, listings, and offers to purchase properties similar to the subject. 2. Verify the information as to factual accuracy and arm's-length market considerations. 3. Identify relevant units of comparison and develop a comparative analysis for each unit. 4. Compare the subject with comparable sale properties using elements of comparison and adjust the sale price of each comparable appropriately. 5. Reconcile the various value indicators produced from the analysis of comparables into a single value indication or a range of values. The outline above is developed in detail on the following pages. SALES DATA A search was made for sales of land comparable to the subject parcel. The intention was to find comparable sales in similar locations that offer similar functional utility. A total of five closed sales were identified as the best available for analysis. Price per gross acre was developed as the unit of comparison, since that is the unit best suited to the analysis, and the one most often utilized by local buyers, seller, and brokers of land similar to the subject parcel. Comparable land sales data is given on the following pages. Each comparable is identif ied by a number which will be used for reference throughout the report. Each comparable is identified on the location map immediately following this page. 20.A.7 Packet Pg. 512 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Sales Comparison Approach Carroll & Carroll 49 LOCATION MAP OF SUBJECT AND VACANT LAND COMPARABLES 20.A.7 Packet Pg. 513 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land 5556A Report Sales Comparison Approach Carroll & Carroll 50 VACANT LAND COMPARABLE 01 ADDRESS 557 Wilson Boulevard North, Naples, FL 34120 PROPERTY ID NO. 37118760001 SALE PRICE $187,000 UNIT AREA 5.15 acres UNIT PRICE $36,311 per acre DATE OF RECORDING July 31, 2020 O.R. BOOK-PAGE 5797/3378 CONTRACT DATE July 6, 2020 GRANTOR Ken T. Trins GRANTEE ARDOCH, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native vegetation LAND USE DESIGNATION Residential Estates Subdistrict ZONING E - Estates IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES Sold 4/3/14 for $75,000. LEGAL DESCRIPTION All of Tract 133, Golden Gate Estates Unit No. 11, according to the map or plat thereof as recorded in Plat Book 4, Pages 103 & 104, Public Records of Collier County, Florida. VERIFICATION Verified with Alonzo Holguin-Bueno, selling agent. He verified the sale price and the arm’s-length nature. The buyer is an owner-user who plans to construct a single-family residence. The property was listed for $189,000 and was on the market 326 days. The listing price originally began at $225,000. 20.A.7 Packet Pg. 514 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Sales Comparison Approach Carroll & Carroll 51 VACANT LAND COMPARABLE 02 ADDRESS 1471 Golden Gate Boulevard W, Naples, FL 34120 PROPERTY ID NO. 37062080002 SALE PRICE $180,000 UNIT AREA 5.15 acres UNIT PRICE $34,951 per acre DATE OF RECORDING June 05, 2020 O.R. BOOK-PAGE 5771/3265 CONTRACT DATE May 4, 2020 GRANTOR Dania Mederos Revocable Trust GRANTEE Windell and Cheryl Elliot FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native vegetation LAND USE DESIGNATION Residential Estates Subdistrict ZONING E - Estates IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION All of Tract 33, Golden Gate Estates Unit No. 10, according to the map or plat thereof as recorded in Plat Book 4, Pages 101, Public Records of Collier County, Florida. VERIFICATION Verified with Meiry Abreu, selling agent. She verified the sale price and the arm's-length nature. The property was listed for $180,000 and was on the market 3 days. Based on a wetlands determination report, there are 0.50 acres of wetlands located on the northern portion of the lot. 20.A.7 Packet Pg. 515 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Sales Comparison Approach Carroll & Carroll 52 VACANT LAND COMPARABLE 03 ADDRESS 144 5th Street SW, Naples, FL 34120 PROPERTY ID NO. 37164040005 SALE PRICE $160,000 UNIT AREA 5.00 acres UNIT PRICE $32,000 per acre DATE OF RECORDING March 25, 2020 O.R. BOOK-PAGE 5774/143 CONTRACT DATE March 6, 2020 GRANTOR Janet M. Bleeker Revocable Trust GRANTEE Melvin Noel Guzman Aleman FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native Vegetation LAND USE DESIGNATION Residential Estates Subdistrict ZONING E - Estates IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION All of Tract 54, Golden Gate Estates Unit No. 12, according to the map or plat thereof as recorded in Plat Book 4, Pages 105 and 106, Public Records of Collier County, Florida. VERIFICATION Verified with Dawn Olitsky, assistant to the listing agent. She verified the sale price and the arm's-length nature. The property was listed for $169,900 and was on the market 235 days. The buyer plans to subdivide the lot. 20.A.7 Packet Pg. 516 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Sales Comparison Approach Carroll & Carroll 53 VACANT LAND COMPARABLE 04 ADDRESS 870 8th Street NE, Naples, FL 34120 PROPERTY ID NO. 39260840000 SALE PRICE $167,000 UNIT AREA 5.78 acres UNIT PRICE $28,893 per acre DATE OF RECORDING October 26, 2020 O.R. BOOK-PAGE 5835/2647 CONTRACT DATE October 13, 2020 GRANTOR Vincent Medinger GRANTEE Haven Builders, LLC FINANCING Cash to seller TOPO-ELEVATION Level and at road grade GROUND COVER Native vegetation LAND USE DESIGNATION Residential Estates Subdistrict ZONING E - Estates IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION All of Tract 18, Golden Gate Estates Unit No. 49, according to the map or plat thereof as recorded in Plat Book 5, Pages 80 and 81, Public Records of Collier County, Florida. VERIFICATION Verified with Doug Risher, listing agent. He verified the sale price and the arm's-length nature. The property was listed for $179,900 and was on the market 123 days. The property is encumbered by two canals/drainage easements totaling 72,300 square feet or 1.66 a cres. The upland acreage of the property is 4.12 acres. 20.A.7 Packet Pg. 517 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Sales Comparison Approach Carroll & Carroll 54 VACANT LAND COMPARABLE 05 ADDRESS 919 4th Street SE, Naples, FL 34120 PROPERTY ID NO. 37224920007 SALE PRICE $225,000 UNIT AREA 9.78 acres UNIT PRICE $23,006 per acre DATE OF RECORDING June 29, 2020 O.R. BOOK-PAGE 5784/1084 CONTRACT DATE June 15, 2020 GRANTOR Stephen Dubina Jr. and Helen Kaiser GRANTEE Omar Martinez and Boris Espinosa FINANCING Seller Financing TOPO-ELEVATION Level and at road grade GROUND COVER Native vegetation LAND USE DESIGNATION Residential Estates Subdistrict ZONING E - Estates IMPROVEMENTS None UTILITIES Well & Septic PRIOR SALES No sales in the previous three years. LEGAL DESCRIPTION All of Tract 72, Golden Gate Estates Unit No. 13, according to the map or plat thereof as recorded in Plat Book 7, Pages 71 and 72, Public Records of Collier County, Florida. VERIFICATION Verified with Bill Duffy, Jr., listing agent. He verified the sale price and the arm's-length nature. The property was listed for $267,500 and was on the market 112 days. The property is encumbered by a canals/drainage easement totaling 2.12 acres. The upland acreage of the property is 7.64 acres. Only a small portion of land along the canal is wetlands. 20.A.7 Packet Pg. 518 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Sales Comparison Approach Carroll & Carroll 55 LAND SALES ADJUSTMENT GRID ITEM SUBJECT COMP #1 COMP #2 COMP #4 COMP #3 COMP #5 PROPERTY IDENTIFICATION 19th Street NW 557 Wilson 1471 GG 144 5th Street 870 8th Street 919 4th Street Blvd. N.Blvd. W.SW NE SE SALE PRICE N/A $187,000 $180,000 $160,000 $167,000 $225,000 REAL PROPERTY RIGHTS N/A Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple 0 0 0 0 0 CONDITIONS OF SALE Market Market Market Market Market Market 0 0 0 0 0 BUILDING IMPROVEMENTS None None None None None None 0 0 0 0 0 FINANCING Cash or Cash to seller Cash to seller Cash to seller Cash to seller Seller Financing Equivalent 0 0 0 0 0 ADJUSTED SALE PRICE N/A $187,000 $180,000 $160,000 $167,000 $225,000 Recording Date N/A 07/31/20 06/05/20 03/25/20 10/26/20 06/29/20 Months Prior To Effective Date 11/12/20 3.42 5.26 7.63 0.56 4.47 MARKET CHANGE ADJUSTMENT N/A 2.6%3.9%5.7%0.4%3.4% ADJUSTED SALE PRICE N/A $191,795 $187,101 $169,152 $167,700 $232,544 Parcel Area in Gross Acres 9.12 5.15 5.15 5.00 5.78 9.78 PRICE PER ACRE ?$37,242 $36,330 $33,830 $29,014 $23,778 LOCATION ADDRESS 19th Street NW Wilson Blvd. N GG Blvd. W 5th Street SW 8th Street NE 4th Ave. NE CORNER LOT No No Yes No No No CANAL FRONTAGE Yes No No No Yes Yes OVERALL LOCATION Average Similar Similar Similar Similar Similar 0%0%0%0%0% UTILITIES Well & Septic Similar Similar Similar Similar Similar 0%0%0%0%0% COMP. PLAN Estates Estates Estates Estates Estates Estates ZONING E - Estates E - Estates E - Estates E - Estates E - Estates E - Estates 0%0%0%0%0% SIZE IN ACRES 9.12 5.15 5.15 5.00 5.78 9.78 SHAPE/CONFIGURATION Trepezoid Similar Similar Similar Similar Similar 0%0%0%0%0% PHYSICAL CHARACTERISTICS Native Veg.Similar Similar Similar Similar Similar 0%0%0%0%0% GROSS ADJUSTMENT N/A 0%0%0%0%0% INDICATION OF UNIT VALUE ?$37,242 $36,330 $33,830 $29,014 $23,778 20.A.7 Packet Pg. 519 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land 5556A Report Sales Comparison Approach Carroll & Carroll 56 DISCUSSION OF ADJUSTMENTS Usually, comparable sale properties are not exactly like the subject property. If a typical buyer would perceive the difference to be significant, then adjustment(s) must be made to the comparable sales so that in the end each offers a realistic indication of value for the subject. Adjusting comparable sales is a two-step process. First, adjustments are made so that all of the comparable sales meet the standard of a “market” transaction as outlined in the definition of market value. Customarily, the first group of adjustments is made before the comparables are reduced to a common unit of comparison. Included at this stage are adjustments to bring historic sales current to the appraisal effective date. The second group of adjustments is made after an appropriate unit of comparison is chosen. These adjustments account for physical differences like location, physical characteristics and size. Sometimes adjustment is required for differences in the permitted land use (zoning) or in the availability of public service (infrastructure). When the adjustment process is complete, the unit value indications are reconciled and converted into an estimate of value for the subject. REAL PROPERTY RIGHTS CONVEYED This adjustment category is intended to account for the interest, benefits, and rights inherent in the ownership of real estate. This category reflects the impact on value caused by the fee simple versus the leased fee interest or the contract rent as opposed to market rent. • None of the comparable sales required adjustment in this category. CONDITIONS OF SALE This adjustment category is intended to account for a variety of factors that might affect the purchase price. • None of the comparable sales required adjustment in this category. BUILDING IMPROVEMENTS This category of adjustment is intended to account for the positive or negative contribution to value of building improvements included with the sale of the land. Buildings that made a positive contribution to the sale price require a negative adjustment. Buildings that were demolished and removed require a positive adjustment to account for demolition costs which are treated as part of the purchase price. • None of the comparable sales required adjustment in this category. 20.A.7 Packet Pg. 520 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Sales Comparison Approach Carroll & Carroll 57 FINANCING Adjustments in this category are intended to account for unusual terms of financing that are not considered equivalent to cash or conventional financing. • None of the comparable sales required adjustment in this category. MARKET CHANGE This adjustment is intended to account for changes in value due to the ebb and flow of market forces over time. Five recent sales are presented below that have sold and resold over the past two years in the Golden Gate Estates sub-market. The sales utilized in the report range from less than a month to over seven months old. A market change rate of 0.75% per month or 9.00% annually was applied. LOCATION/ACCESS/EXPOSURE This category of adjustment reflects the impact on value caused by the advantages or disadvantages of a given location. • The subject benefits from canal frontage. I analyzed recent and historic sales of Estates zoned land along the canal and compared them to non-waterfront parcels. The premium ranged from almost no difference to as much as 22.13%. Comparables 4 and 5 have canal frontage, but there doesn’t appear to be a premium paid and therefore no adjustment was warranted. UTILITIES/INFRASTRUCTURE This category of adjustment references the availability and adequacy of the road system, the public was distribution system and the public waste water collection system of each comparable property as that compares with the same services available to the subject property. • None of the comparable sales required adjustment in this category. Address Parcel ID#Prior Sale Recent Sale Months Prior Sale Price Recent Sale Price Appreciation Monthly Change 2179 Wilson Blvd N 37598880006 06/26/19 07/14/20 12.62 $60,000 $74,500 24.17%1.91% 3161 Wilson Blvd N 37693380003 05/18/18 04/28/20 23.37 $72,000 $80,000 11.11%0.48% Wilson Blvd N 38500800002 08/20/18 05/31/20 21.37 $45,000 $48,200 7.11%0.33% 22nd St SE 39391680003 02/25/19 05/20/20 14.79 $62,500 $68,500 9.60%0.65% 533 6th St SE 37227120008 04/26/18 03/19/20 22.78 $40,900 $49,900 22.00%0.97% AVG 0.87% 20.A.7 Packet Pg. 521 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Sales Comparison Approach Carroll & Carroll 58 COMPREHENSIVE PLAN/LAND USE This category of adjustment accounts for differences in the potential land uses (Comprehensive Plan) or in the specific uses (Zoning) to which a property could be developed. Differences in value between the subject property and comparable sales might exist because their highest and best uses are different as a result of government regulation through zoning and land use controls. • None of the comparable sales required adjustment in this category. SIZE/SHAPE This category of adjustment addresses the effect on the marketability of a given property, because its physical size/shape might limit the physical utility, or because the size and term of the financial investment required of an investor/speculator is such that the unit price is reduced. • None of the comparable sales required adjustment in this category. PHYSICAL CHARACTERISTICS This category of adjustment reflects the physical aspects of a property that impact its use for development. Physical characteristics included land elevation, soil conditions, drainage characteristics, threatened or endangered plant and animal species on the property and the extent and density of covering vegetation. • None of the comparable sales required adjustment in this category. RECAPITULATION OF DATA After making the adjustments discussed above, the comparable sales indicated the following unit values: Comparables Price Per Gross Acre of Land Area 1 $37,242 2 $36,330 3 $33,830 4 $29,014 5 $23,778 20.A.7 Packet Pg. 522 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Sales Comparison Approach Carroll & Carroll 59 RECONCILIATION OF DATA To arrive at a conclusion regarding the value of the subject, the comparable sales and their indications of value should be weighted according to the quality of each as a value indicator. Comparables 4 and 5 are the strongest indicators of value. They are both canal front sale and most similar in size and physical characteristics. Comparables 4 and 5 were weighted 25%. Comparables 1, 2, and 3 are all good indicators of value and were given equal weight. The range of unit value indications is from $23,778 to $37,242 per acre. The arithmetic mean of the five comparables is $32,039 per acre and the median is $33,830 per acre. The weighted average discussed above yields $31,102 per acre. Based on the range of sales and the upward trend, I settled on a unit value of $32,000 per acre. ESTIMATE OF VALUE $32,000 per gross acre results in an indication of value for the subject as of November 12, 2020 of $291,840 (9.12 acres x $32,000 per acre) which rounds to $292,000. CARROLL & CARROLL Timothy W. Sunyog, MAI Cert Gen RZ3288 20.A.7 Packet Pg. 523 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll ADDENDA (In Order of Appearance) Page Topic Count Page(s) Page(s) Assumptions and Limiting Conditions............................................................................ 2 Zoning.................................................................................................................................... 4 Future Land Use................................................................................................................... 4 Qualifications of Appraiser................................................................................................. 2 20.A.7 Packet Pg. 524 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll ASSUMPTIONS AND LIMITING CONDITIONS The certification of the appraiser appearing in this report is subject to the following assumptions and limiting conditions. ACCEPTANCE OF AND/OR USE OF THIS APPRAISAL REPORT CONSTITUTES ACCEPTANCE OF ALL GENERAL AND EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS. EXTRAORDINARY ASSUMPTIONS AND LIMITING CONDITIONS None HYPOTHETICAL CONDITIONS None GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable. 2. The property is appraised free and clear of liens and encumbrances. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is assumed to be true, correct and reliable. A reasonable effort was made to verify such information, but the appraiser bears no responsibility for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material is included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that might be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws. 20.A.7 Packet Pg. 525 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll 8. It is assumed that the property is either in compliance with, or is "grandfathered" or "vested" under, all applicable zoning, use regulations and restrictions. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate is based. 10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described, and that there is no encroachment or trespass. 11. It is assumed that the subject site and improvements are not contaminated by any hazardous material or toxic substance. During the property inspection we were sensitive to obvious signs of contamination and we reported anything unusual. However, we are not qualified to render professional opinions regarding the existence or the nature of hazardous materials in or on the subject property. If a definitive opinion is desired, then the client is urged to retain an expert in the field. 12. The distribution of the total value in this report, between land and improvements, applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 13. Possession of this report, or a copy thereof, does not carry with it the right of publication. 14. Unless previous arrangements were made, the appraisers, by reason of this appraisal, are not required to give further consultation, testimony, or to be in attendance in court. 20.A.7 Packet Pg. 526 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll B. Estate District (E). The purpose and intent of the estates district (E) is to pro vide lands for low density residential development in a semi-rural to rural environment, with limited agricultural activities. In addition to low density residential development with limited agricultural activities, the E district is also designed to accommodate as conditional uses, development that provides services for and is compatible with the low density residential, semi-rural and rural character of the E district. The E district corresponds to and implements the estates land use designation on the future land use map of the Collier County GMP, although, in limited instances, it may occur outside of the estates land use designation. The maximum density permissible in the E district shall be consistent with and not exceed the density permissible or permitted under the estates district of the future land use element of the Collier County GMP as provided under the Golden Gate Master Plan. 1. The following subsections identify the uses that are permissible by right and the uses that are allowable as accessory or conditional uses in the estates district (E). a. Permitted uses. 1. Single-family dwelling. 2. Family care facilities, subject to section 5.05.04 3. Essential services, as set forth in section 2.01.03 4. Schools, public, including "Educational plants." b. Accessory Uses. 1. Uses and structures that are accessory and incidental to uses permitted as of right in the (E) district. 2. Fruits, vegetables, and nursery plants grown for both personal consumption and off -site retail sale, such as farmer's markets. Farm operations that grow fruits, vegetables, and nursery plants for off-site retail sale shall be subject to LDC section 5.02.00 Home Occupations, as amended, and the following standards: i. Farm operations shall not occupy more than 50 percent of the lot. ii. Farm operations shall conform to minimum setbacks established in LDC sections 2.03.01 B.2 and 4.02.01 A. Table 2.1, however, no side, rear or front setbacks are required greater than 30 feet. iii. Vegetation removal for farm operations shall be subject to LDC section 3.05.05 F, as amended. 3. Keeping of fowl or poultry, not to exceed 25 in total number, provided such fowl or poultry are kept in an enclosure located a minimum of 30 feet from any lot line, and a minimum of 100 feet from any residence on an adjacent parcel of land. 4. Keeping of horses and livestock (except for hogs), not to exceed two such animals for each acre, and with no open feedlots. Any roofed structure for the shelter and feeding of such animals shall be a minimum of 30 feet from any lot line and a minimum of 10 0 feet from any residence on an adjacent parcel of land. i. Notwithstanding the above, hog(s) may be kept for a 16 week period in preparation for showing and sale at the annual Collier County Fair and/or the Immokalee Livestock show. The following standards shall apply: a) One hog per child enrolled in a 4-H Youth Development Program, Collier County Fair Program or similar program is permitted. In no case shall there be more than 2 hogs per acre. b) Premises shall be fenced and maintained in a clean, healthful, and sanitary condition. c) Premises or roofed structure used for the sheltering, feeding, or confinement of such animals shall be setback a minimum of 30 feet from lot lines and a minimum of 100 feet from any dwelling unit on an adjacent parcel of land. d) Hog(s) shall not be returned to the property once removed for showing and/or sale. 20.A.7 Packet Pg. 527 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll 5. One guesthouse, subject to section 5.03.03 6. Recreational facilities that serve as an integral part of a residential development and have been designated, reviewed and approved on a site development plan or preliminary subdivision plat for that development. Recreational facilities may include but are not limited to golf course, clubhouse, community center building and tennis facilities, parks, playgrounds and playfields. 7. Excavation and related processing and production subject to the following criteria: i. These activities are incidental to the permitted used onsite. ii. The amount of excavated material to be removed from the site cannot exceed 4,000 cubic yards total. Amounts in excess of 4,000 cubic yards shall require conditional use approval for earth mining, pursuant to the procedures and conditions set forth in section 10.08.00 c. Conditional uses. For Estates zoning within the Golden Gate Estates subdivision, the Golden Gate Area Master Plan in the GMP restricts the location of conditional uses. The following uses are permissible as conditional uses in the estates district (E), subject to the standards and procedures established in section 10.08.00 1. Churches. 2. Social and fraternal organizations. 3. Child care centers and adult day care centers. 4. Schools, private. 5. Group care facilities (category I); care units, subject to the provisions of subsection 2.03.01 B.3.f; nursing homes; assisted living facilities pursuant to § 400.402 F.S. and ch. 58A-5 F.A.C.; and continuing care retirement communities pursuant to § 651 F.S. and ch. 4 -193 F.A.C.; all subject to section 5.05.04. 6. Group care facilities (category II) care units subject to section 5.05.04 only when tenancy of the person or persons under care would not: i. Constitute a direct threat to the health or safety of other individuals; ii. Result in substantial physical damage to the property of others; or iii. Result in the housing of individuals who are engaged in the current, illegal use of or addiction to a controlled substance, as defined in section 802 of title 21, U.S. Code. 7. Extraction or earthmining, and related processing and production not incidental to the development of the property subject to the following criterion and subsection 4.02.02 C. i. The site area shall not exceed 20 acres 8. Essential services, as set forth in subsection 2.01.03 G. 9. Model homes and model sales centers, subject to compliance with all other LDC requirements, to include but not limited to section 5.04.04 10. Ancillary plants. d. Prohibited uses. 1. Owning, maintaining or operating any facility or part thereof for the following purposes is prohibited: i. Fighting or baiting any animal by the owner of such facility or any other person or entity. ii. Raising any animal or animals intended to be ultimately used or used for fighting or baiting purposes. iii. For purposes of this subsection, the term baiting is defined as set forth in F.S. § 828.122(2)(a), as it may be amended from time to time. 20.A.7 Packet Pg. 528 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll 2. Minimum yard Requirements. See subsection 4.02.01 A. Table 2.1 for the general requirements. The following are exceptions to those requirements: a. Conforming Corner lots. Conforming corner lots, in which only one full depth setback shall be required along the shorter lot line along the street. The setback along the longer lot line may be reduced to 37.5 feet, so long as no right-of-way or right-of-way easement is included within the reduced front yard. (See Exhibit A) b. Nonconforming Corner lots. Nonconforming corner lots of record, in which only one full depth setback shall be required along the shorter lot line along the street. The setback along the longer lot line may be reduced to 15 feet, so long as no right-of-way or right-of-way easement is included within the reduced front yard. (See Exhibit B) 20.A.7 Packet Pg. 529 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll c. Nonconforming through lots, i.e. double frontage lots, nonconforming lots of record with double road frontage, which are nonconforming due to inadequate lot depth, in which case, the front yard along the local road portion shall be computed at the rate of 15 percent of the depth of the lot, as measured from edge of the right-of-way. i. The nonconforming through lot utilizing the reduced frontage shall establish the lot frontage along the local road only. Reduced frontage along a collector or arterial roadway to serve such lots is prohibited. Front yards along the local road shall be developed with structures having an average front yard with a variation of not more than six feet; no building thereafter erected shall project beyond the average line so established. d. Nonconforming lots of record, which are nonconforming due to inadequate lot width, in which case the required side yard shall be computed at the rate of ten (10) percent of the width of the lot. (Ord. No. 06-63, § 3.C; Ord. No. 07-67, § 3.C; Ord. No. 08-11, § 3.D; Ord. No. 08-63, § 3.C; Ord. No. 10-23, § 3.E; Ord. No. 12-38, § 3.B; Ord. No. 13-56, § 3.B; Ord. No. 14-40, § 2.A) 20.A.7 Packet Pg. 530 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll 20.A.7 Packet Pg. 531 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll 20.A.7 Packet Pg. 532 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll 20.A.7 Packet Pg. 533 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll 20.A.7 Packet Pg. 534 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll 20.A.7 Packet Pg. 535 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 5556A Report Addenda Carroll & Carroll 20.A.7 Packet Pg. 536 Attachment: Appraisal for Transportation 9.14 acres Unit 18, Tract 55 (15449 : Golden Gate Estates Land Trust Committee - March 2021) Parcel No Name / Address Site Address *Disclaimer Site city MiiE tn"-'*:T Erlrd REAL PROPERW GATE EST UNIT 73 E75 FT OF W 150 FT OF TR GATE EST UNIT nd luationl ;--l 20.A.8 Packet Pg. 537 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March 2021) Collier County Facilities Management/Real Property 3335 Tamiami Trail E, Suite 101 Naples, Florida 34112 Attention: Mr. Michael Dowling Re: Appraisal of GAC / Collier County Property Folio# 40476840003 As you requested, I have performed an appraisal of the above-referenced property, which is legally described within the attached report. This letter is an integral part of, and inseparable from, this report. The purpose of this appraisal is to arrive at an opinion of market value ofthe subject properties in their "as is" condition. The interest being appraised is the undivided fee simple interest in the land and existing improvements as if otherwise free and clear of all liens, mortgages, encumbrances and/or encroachments. The intended use ofthis appraisal is understood to be for potential acquisition of the properties. The intended users of this appraisal report are GAC / Collier County Facilities Management Real Property, and Collier County Board of County Commissioners. The subject property was not inspected due to previous knowledge of the subject property. Based upon my aaalysis of the data contained within the attached appraisal report, it is my opinion that the "as-is" market values of the fee simple interest in the subject property as of 17 February 2021, is THIRTY-THREE THOUSAND DOLLARS - $33,OOO /., - ,. ,} 1 Rffir L@tL &a:AC r.ilnir Lloqad r Rd ftq.n' ll!rTEldTriJE$.l0l Ild!+ 1131l12 h 219.1J2.1621 20.A.8 Packet Pg. 538 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March 2021) Vacant Land Appraisal Report This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit including a unit in a planned unit development (pUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope ofwork, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. lModifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope ofwork to include any additional research or analysis necessary based on the complexity ofthis appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law orthose related to the appraiser,s continuing education or membership in an appraisalorganization, are permitted. SCOPE OF WORK: The scope of work for th is appraisat is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas ofthe subject property, (2) inspectthe neighborhood, (3)inspect each ofthe comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USEr The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VAIUE: The most probable price which a property should brinB in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. lmplicit in this definition is the consummation of a sale as of a specified date and the passing oftitle from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interestj {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 theretoj 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. 20.A.8 Packet Pg. 539 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March 2021) STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraise/s certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions ofthe property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisalreport must not be considered as an environmental assessment of the property. 20.A.8 Packet Pg. 540 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March 2021) The Subject Property l(.. I 20.A.8 Packet Pg. 541 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March 2021) s3s0K s300K s2s0K $200K Mar 2018 Sep 2018 Mar 2019 Sep 2019 Mar 2020 Sep 2020 Sale-to-List Price Ratio: 97.7% Balanced Seller Golden Gate Estates is a seller's ma t in January 2021, which means that lhere are more people looking to buy than there are homes available.O Buyer 20.A.8 Packet Pg. 542 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March 2021) Flood Map Number Orc 75t ,a2!r !o 7it L l ue zjlrt-J "*na L ary fii _l Bl. Jsno, std!.. - .-- .*-ffi- l'-l*; Eilf,a,gurg '! n urrrr ] or.r+ryUfll3na . tlh. L0rr6hrnri [u,risa ] cm. to'ti-ftld Ur _.,jt I Prrl,_f 2{ fri y _i h- _t caao_t Cqt[G.tt l.t_t VEJi _t _rhrdl.mur lrU,roy -.--r.rrO----- L_t lqmCf _ ,rr h_ "r Ftentut re n. krlrI{ ho$ hld!, ftfibh fi uitroau! afifih! ,.ridary G.g Ealc p.tu !ftd tr ti*tirl Sr!f, -] Co lrrEbffiirr ]CorlirhbshEil ICoirdrEtbsdE lAdFy oa Pt ! ln,!9uia!l _lbEaElhCb lrd{ryduh lFB.tC6Dan, lPllilbtromltrlffi C kr j &.d Fi! Prlitr -l Grrr hrrrrr A rrqrfr 1 ttibl ' e kfffilrrr [:,t i .lO,rcslrruMliltfkrtdt.II! jrlrltua. I UEiBG&tPuUc oii,Drclt,l (F $I movmms Iom Ll UtsrnlEt t 11 si rr I sr.r Lrt-t. lffi**..*ffir*uturtra1,r? DlE Fritc dtrartlE'..l,'' p Etifratnt iEDdFt o.drrl'rtar&U 20.A.8 Packet Pg. 543 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March 2021) SHORT FORM REPORT GAC Vacant Land Appraisal Report FolioNo. 40476E40003 Proprrty Address ITE ADDRESS Own.r Nsmc COI-l,lER COt'NTl Addresses City NAPLES Statr zip I 31120 I-cgal GOLDEN GATE EST T]NIT 7J E 75 F'I' O}'W I50 FT OF TR E3 Section I ToBnship Raoge Uap \o.Strap No. 3J 1t 2t I t.l4 TYPE. VACA}.T LAND 'a Mi[agr Aree fU lttttrg"': t se code SUBJECT PROPERTY COMPARABLE NO 1 COMPARABLE NO 2 COMPARABLE NO 3 OOOO 12TH AVE NE OOOO 12TH AVE NE OOOO 14TH AVE NE 4160 14TH AVE NE Proximity to Subiect TX tD 40476480104 TX t040474560000 TX tD 40473520009 Sales Price $57,000 $60,000 $55,000 Unit Price 22,800 ac 26,431 ac 34,591 ac Data Source PROPERTY APPR REC Property Appraiser Sales Data Property Appraiser Sales Dala Prope(y Appraiser Sales Data Date of Sale & Time Adjustmenl DESCRIPTION +^$ Adiustment DESCRIPTION +^$ Adiustment DESCRIPTION +/-$ Adiustment cLosED 10/20 add 4%.CLOSED 3/20 add 6Y.cLosED 10/20 add 4% Location ESTATES SIIVl ILAR $0 SIIVIILAR $0 S IIVI ILAR $o LOT UTILITY VACANT LAND VACANT LAND $0 VACANT LAND $0 VACANT LAND $o ACREAGE 1 14 ACRES 2 50 ACRES s0 2 27 ACRES s0 1 59 ACRES $0 ROAD FRONTAGE FRONTAGE FRONTAGE $o FRONTAGE $0 FRONTAGE $0 ACCESS s0 ACCESS $0 ACCESS SO ZONING ESTATES / RES ESTATES / RES $0 ESTATES / RES $0 ESTATES / RES $0 Sales or Financing Concessions AOO 40/o $2,280 AOD65%s3,900 ADD 4%$2,200 Net Adj (Total)$0 s0 $0 lndic€ted Value of Subject 23,712ac 28,150ac 35,975ac Comments on Market Data: Considering the the average of the three comparables, the results is $29,279 per acre, rounded to $29,OOO per acre for the subject property Comments and Conditions qtAppraisal: The interest being appraised is easement, and the highest and best use of the parc€l is considered vacant. The 4 eiemenls of H & B use are considered, and the sales approach is consdered most relrable. The appraise/s decisions and scope of ,,vo.k are relevant lo any characteristrcs applicable to edraordinary assumptions or hypothetical conditions. The three approaches to value are consdered, however, only the sates approach applies to the appraisal scope of the assignment Final Reconciliationi All three approaches were considered in the valuatron of i opinions and conclusions may be affected due to later known or unknown adverse conditions that exist with the subject property llly:Vacant l-and 1-l4ac lot ls 873,1m dottaB 7/ r--L Roosevelt Leonard 2t17 t2021 Land Appraisal Report, Appraisal Form 02 Rev 4/19/06 20.A.8 Packet Pg. 544 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March 2021) COMPARABLES 20.A.8 Packet Pg. 545 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March 2021) location Map @ I -tac -lte sabalP6rm6 - -Er.h.nr.,ys.hdY gili8li:uH, a III Ttr I 20.A.8 Packet Pg. 546 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March 2021) APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared.4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparlson approach for this appraisal assignment. lfurther certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report.5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sa les of the subject property for a m inimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professionalanalysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 8. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partlally or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 9. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approvalof a pending mortgage loan application).9. lpersonally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. lf I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20.A.8 Packet Pg. 547 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March 2021) 20.A.8 Packet Pg. 548 Attachment: Appraisal for Unit 74, Tract 83 (15449 : Golden Gate Estates Land Trust Committee - March