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Agenda 03/22/2022 Item #16A6 (Purchase 4 Tracts of Land from Greater Naples Fire Rescue District)16.A.6 03/22/2022 EXECUTIVE SUMMARY Recommendation to approve an agreement for the purchase of four tracts of land from the Greater Naples Fire Rescue District (Parcels 120FEE, 121FEE, 122FEE, and 123FEE) required for construction of the Lake Park Flow Way (Project 60246). Estimated Fiscal Impact: $695,000. The source of funds is Stormwater bonds. OBJECTIVE: To purchase property needed for the construction of the Lake Park Flow Way Project (the Project). CONSIDERATIONS: Collier County is seeking to purchase in fee simple Parcels 120FEE, 121FEE, 122FEE, and 123FEE, a contiguous group of four parcels consisting of approximately 3.67 total acres (the parcels) owned by the Greater Naples Fire Rescue District (the Seller). Located at the corner of Tamiami Trail East and Lake Park Boulevard, the parcels are required for the construction of flow ways and related project improvements. One of the appraisal firms under contract with the County, namely Maxwell Hendry Simmons, estimated the fair market value of the parcels at $320,000 in total, as of February 25, 2021. The Seller informed staff that they would only be willing to sell the parcels if there was availability to purchase suitable land in the general vicinity of the parcels at a reasonable price to meet their future service demands. Staff assisted the Seller in finding suitable property to replace the parcels being sold to the County. Due to the increase in property prices since the date of the County's appraisal, the Seller hired Maxwell Hendry Simmons to update their appraisal. Maxwell Hendry Simmons appraised the parcels at $640,000 as of September 17, 2021, and included comparable sales data that was not available when they prepared their first report. The Seller also hired RKL Appraisal and Consulting, which is also one of the appraisal firms under contract with the County, to appraise the parcels. RKL Appraisal and Consulting appraised the parcels at $740,000 as of October 2, 2021. Copies of all three appraisal reports are attached. The attached purchase agreement is the result of amicable negotiations and provides for a purchase price of $690,000, which is the average of the last two appraisals. Lisa Barfield, Transportation Engineering Review Appraiser, has reviewed these appraisals and concurs with this value. Staff recommends that the Board of County Commissioners (the Board) approve the agreement, which is contingent upon the Seller successfully closing on the substitute property identified to meet its future needs. FISCAL IMPACT: A budget amendment in the amount of $694,600 is required to transfer funding within the Stormwater Bond Fund (327) from Reserves to Project 60246 to cover the acquisition cost of $690,000 and miscellaneous closing and recording costs not to exceed $5,000. The Source of funding is stormwater bonds. LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a majority vote for Board approval. - JAB GROWTH MANAGEMENT IMPACT: This Project is in accordance with the goals, objectives, and policies of all applicable sections of the Stormwater Management Sub -element and the Conservation and Coastal Management Element of the Growth Management Plan. RECOMMENDATION: Approve the attached purchase agreement and authorize the Chairman to execute same on behalf of the Board; Accept the conveyance of Parcels 120FEE, 121FEE, 122FEE, and 123FEE and authorize the County Packet Pg. 394 16.A.6 03/22/2022 Manager, or his designee, to record the conveyance instrument in the public records of Collier County, Florida; Authorize the payment of all costs and expenses that Collier County is required to pay under the terms of the purchase agreement to close the transaction; Authorize the County Manager or his designee to take the necessary measures to ensure the County's performance in accordance with the terms and conditions of the purchase agreement; and Authorize any, and all, budget amendments that may be required to carry out the collective will of the Board. Prepared By: Karen Dancsec, Property Acquisition Specialist, ROW, Transportation Engineering Division. ATTACHMENT(S) 1. Purchase Agreement (PDF) 2. Location Map (PDF) 3. [Linked] Appraisal - MHS-CC 03.04.2021 (PDF) 4. [Linked] Appraisal - MHS-GNFD 11.12.2021 (PDF) 5. [Linked] Appraisal - RKL-GNFD 11.05.2021 (PDF) Packet Pg. 395 16.A.6 03/22/2022 COLLIER COUNTY Board of County Commissioners Item Number: 16.A.6 Doe ID: 21386 Item Summary: Recommendation to approve an agreement for the purchase of four tracts of land from the Greater Naples Fire Rescue District (Parcels 120FEE, 121FEE, 122FEE and 123FEE) required for construction of the Lake Park Flow Way (Project 60246). Estimated Fiscal Impact: $695,000. The source of funds is Stormwater bonds. Meeting Date: 03/22/2022 Prepared by: Title: Property Acquisition Specialist — Transportation Engineering Name: Karen Dancsec 02/ 15/2022 2:45 PM Submitted by: Title: Division Director - Transportation Eng — Transportation Engineering Name: Jay Ahmad 02/15/2022 2:45 PM Approved By: Review: Capital Project Planning, Impact Fees, and Program Management Richard Orth Transportation Engineering Robert Bosch Additional Reviewer Transportation Engineering Jay Ahmad Additional Reviewer Growth Management Department Jeanne Marcella Growth Management Department Growth Management Department Lisa Taylor Additional Reviewer Growth Management Department Gene Shue Additional Reviewer Capital Project Planning, Impact Fees, and Program Management Richard Miller Growth Management Department Karen Dancsec Growth Management County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Growth Management Department Trinity Scott Transportation Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Office of Management and Budget Susan Usher Additional Reviewer County Manager's Office Amy Patterson Level 4 County Manager Review Board of County Commissioners Geoffrey Willig Meeting Pending Additional Reviewer Completed Completed 02/16/2022 8:38 AM Completed 02/16/2022 10:10 AM Completed 02/17/2022 8:56 AM Completed 02/17/2022 10:41 AM Completed 02/18/2022 10:52 AM Additional Reviewer Completed Skipped 02/11/2022 10:58 AM Completed 02/23/2022 11:58 AM Completed 02/24/2022 1:45 PM Completed 02/24/2022 3:01 PM Completed 02/25/2022 9:23 AM Completed 02/25/2022 3:31 PM Completed 03/01/2022 4:06 PM 03/22/2022 9:00 AM Packet Pg. 396 16.A.6.a PROJECT: 60246 - Lake Park Flow Way PARCEL: 120FEE, 121 FEE, 122FEE, 123FEE FOLIOS: 00766320008, 00764000003, 00770080208, 00766280009 PURCHASE AND SALE AGREEMENT w (with contingency for Seller's purchase of Replacement Site) M N r THIS PURCHASE AND SALE AGREEMENT ("Agreement") is entered into this _ day of w 2022, by and between GREATER NAPLES FIRE RESCUE DISTRICT, an independent special fire control N district created under the laws of the State of Florida (successor by merger to East Naples Fire Control and N Rescue District), whose mailing address is 14575 Collier Boulevard, Naples, FL 34119 ("Seller"), and ui COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing address is 3299 Tamiami � Trail East, c/o County Attorney's Office, Suite 800, Naples, FL 34112 (the "County"). r N Recitals: L w a_ A. By virtue of a Deed recorded on April 4, 2008, in Official Records Book 4346 at Page 968, of the N Official Records of Collier County, Florida, Seller owns certain real property in Collier County, Florida, r consisting of 4 parcels of vacant land as more particularly described on the attached Exhibit "A" (the "Property"). M B. The County desires to purchase the Property from Seller, and Seller desires to sell the Property o to the County, on the condition that Seller is able to enter into a separate purchase contract (the "Replacement U_ Site Contract") and simultaneously close on the purchase of certain real property across the street owned by Y ELAH Holdings LLC containing approximately 8.75 acres (the "Replacement Site"). a- m NOW THEREFORE, the parties agree as follows: J 1. AGREEMENT TO SELL AND PURCHASE; SELLER'S RIGHT TO TERMINATE IF CONTINGENCY NOT SATISFIED. o to A. Agreement to Sell and Purchase Property. Seller hereby agrees to sell the Property to the 00 County and the County hereby agrees to purchase the Property from Seller on the terms and conditions set M forth in this Agreement. B. Seller's Right to Terminate if Continqencv is not Satisfied;_ Outside Termination Date. The parties acknowledge that Seller has agreed to sell the Property to the County only if the Seller is able to simultaneously close on the purchase of the Replacement Site. Notwithstanding anything in this Agreement to the contrary, if for any reason Seller does not enter into the Replacement Site Contract, or if Seller enters into the Replacement Site Contract but the Replacement Site Contract is subsequently terminated, or if, for any other reason whatsoever, the closing under the Replacement Site Contract does not occur, Seller shall have the right to terminate this Agreement by giving written notice thereof to the County, whereupon neither party shall thereafter have any rights or obligations under this Agreement. If this Agreement is not terminated but for any reason the Closing (defined below) has not occurred by December 31, 2022, then, absent a written extension signed by both parties, this Agreement shall automatically terminate on such date. 2. COMPENSATION. A. Amount. The compensation payable by the County for the Property shall be $690,000, subject to prorations, apportionments, and distribution of sales proceeds provided for in this Agreement. No portion of the compensation is attributable to personal property. OW" Packet Pg. 397 16.A.6.a B. Full Compensation. The payment of the net sales proceeds to Seller, payable by check or wire transfer to Seller or Seller's designated closing agent at such time necessary to effectuate Closing, shall be (i) full compensation for the Property, including, without limitation, any and all improvements located on the Property as of the date of this Agreement; and (ii) full and final settlement of all other damages and expenses suffered or incurred by Seller in connection with Seller's conveyance of the Property to the County, whether foreseen or unforeseen, including, without limitation, and to the extent applicable, attorneys' fees, expert witness fees and costs as provided for in Chapter 73, Florida Statutes. 3. CLOSING DATE; POSSESSION. A. Closing Date. Seller's conveyance of the Property to the County (the "Closing") shall occur on a date to be designated by Seller. Seller shall give the County no less than 60 days prior written notice of the designated Closing date. Upon determination of the Closing date, the parties shall finalize and execute the Closing Documents (defined below). The Closing shall take place at the offices of the County's Transportation Engineering Division, 2885 Horseshoe Drive South, Naples, Florida 34104. B. Risk of Loss. Between the date of the parties' execution of this Agreement and the Closing, risk of loss shall be borne by Seller, such that, if any property damage shall occur during that period, other than damage caused by the County, Seller shall repair and restore the Property at Seller's expense. C. Surrender of Possession. Seller shall vacate and surrender possession of the Property to the County at Closing. Seller, at its sole expense, shall pay any and all utility expenses (e.g., electricity, gas, water, sewer, phone, internet, cable), maintenance and repair expenses, cost of pest control, landscaping, security, and other routine services, and all other expenses associated with the Property that accrue through the date of Closing. At Closing, Seller shall leave the Property free of all personal property and debris and in substantially the same condition as exists on the date of Seller's execution of this Agreement. The County shall have the right to conduct a final inspection of the Property within 15 days prior to Closing. 4. CLOSING DOCUMENTS. As soon after the parties' execution of this Agreement as is possible, Seller shall provide the County with a copy of Seller's property survey and title insurance policy for the Property, if any. At least 30 days prior to the designated Closing date, Seller shall deliver the following documents to the County, properly executed and in a form approved by the Collier County Attorney's Office (the "Closing Documents"): (a) Warranty Deed; (b) Closing Statement; (c) Affidavit of Title; (d) Form W-9 (Request for Taxpayer Identification Number and Certification); (e) Evidence of legal authority and capacity of the individual executing this Agreement on behalf of Seller to execute and deliver the Closing Documents; (f) A Satisfaction or Release from the holder of each mortgage open of record encumbering the Property; (g) Evidence of termination of any leases or rental agreements that encumber the Property; (h) A termination or vacation of any existing easement that encumbers the Property, if required by the County; and (i) Such other documents as the County or title company deems necessary or appropriate to clear title to the Property. Following the Closing, Seller shall execute any and all additional documents as may be requested by the County or title company to correct clerical errors, clear title, or otherwise carry out the intent of the parties. 5. CLOSING COSTS AND DEDUCTIONS. A. County's Closing Costs. At Closing, the County shall pay (i) the recording fees to record the conveyance instrument(s) and any curative instruments required to clear title, and (ii) for the cost of an owner's policy of title insurance if the County elects to obtain one. 2 ovo w w u_ M N r L w a_ N N L w a_ N Packet Pg. 398 16.A.6.a B. Seller's Closing Costs. At Closing, Seller shall pay (i) all state documentary stamp taxes required on the conveyance instrument(s) in accordance with Section 201.01, Florida Statutes, unless the Property is acquired under the threat of condemnation, in which case the conveyance is exempt from state documentary stamp taxes; (ii) the cost of discharging any outstanding mortgages and other indebtedness secured by a lien on the Property; (iii) all taxes and assessments that are due and payable; and (iv) the full amount of any condominium/homeowner association special assessments and governmentally imposed liens or special assessments (other than CDD/MSTU assessments) which are a lien or a special assessment that w is certain as to the identity of the lienor or assessor, the property subject to the lien or special assessment, and M the amount of the lien or special assessment. If the Property is located within a Community Development N District ("CDD") or Municipal Service or Benefit Taxing Unit ("MSTU"), the County shall assume any ui outstanding capital balance. w u- N C. Prorations. The following items shall be prorated as of the date of Closing, with the County N entitled to the day of Closing: (i) ad valorem and non -ad valorem taxes based upon the most current i iu assessment available, without discount, provided that if the current year's tax bill is not yet available, but a u_ TRIM Notice has been issued, the ad -valorem taxes shall be prorated based upon the amount set forth therein; N (ii) any condominium/homeowner association assessments (other than those required to be paid in full under r LLF subparagraph B of this paragraph), and (iii) CDD/MSTU operating and maintenance assessments. W 6. COUNTY'S 90-DAY DUE DILIGENCE PERIOD. A. Due Diligence Period. For a period of 90 days after the date of the County's execution of this Agreement (the "Due Diligence Period"), the County shall have the right, at its sole cost, to conduct whatever investigations and inspections of the Property that it deems appropriate, including, without limitation, a title examination, property survey, appraisal, environmental assessments, engineering studies, soil borings, determination of compliance of the Property with applicable laws, and the like. Seller shall provide the County with reasonable access to the Property during the Due Diligence Period to conduct on -site inspections. The County shall promptly repair any damage to the Property caused by such inspections. B. Right to Terminate During Due Diligence Period. Notwithstanding anything in this Agreement to the contrary, the County's obligations under this Agreement to acquire the Property are contingent upon the County's satisfaction with the Property, including, without limitation, as revealed by the County's investigations and inspections. If the County identifies any objectionable matters and determines that such objections cannot be resolved to the County's satisfaction through reasonable diligence, within a reasonable period of time, and at a reasonable cost, all as determined by the County in its sole discretion, the County shall have the right to terminate this Agreement by giving written notice thereof to Seller no later than the last day of the Due Diligence Period, whereupon neither party shall thereafter have any rights or obligations under this Agreement. Provided that following the expiration of the Due Diligence Period there are no subsequent adverse changes in Seller's title to the Property, the physical condition of the Property, or other salient matters previously approved by the County during such Period, the County's right to terminate this Agreement under this paragraph shall lapse upon the expiration of the Due Diligence Period. 7. SELLER'S REPRESENTATIONS AND WARRANTIES. Seller makes the following representations and warranties on the date of Seller's execution of this Agreement, and shall be deemed to have repeated same at Closing: (a) Seller is the sole owner of fee simple title to the Property and has full right, power, and authority to own and operate the Property, to execute this Agreement, and to fulfill Seller's obligations under this Agreement and the Closing Documents. (b) No tenant or other party has any right or option to acquire the Property or to occupy the Property. (c) Seller's title to the Property is free and clear of all mortgages and other liens and encumbrances, except as may be disclosed in the title commitment, title report, or attorney title opinion obtained or to be obtained prior to the Closing. O` O Packet Pg. 399 16.A.6.a (d) Between the date of Seller's execution of this Agreement and the Closing, Seller shall not do anything to encumber the title to the Property, or convey the Property to a third party, or grant to any third party any rights of any kind with respect to the Property, or do anything to change or permit to be changed the physical condition of the Property, without in each instance obtaining the County's prior written consent, which may be granted or withheld in the County's sole discretion. (e) No maintenance, construction, advertising, management, leasing, employment, service, or other contracts affecting the Property shall remain in effect following the Closing. (f) There are no governmental proceedings or investigations of any kind, formal or informal, civil or criminal, pending or threatened, that may affect the Property or adversely affect Seller's ability to perform Seller's obligations under this Agreement. (g) The Property is in compliance with all federal, state and local laws, including, without limitation, environmental laws; no unsafe levels of radon, mold, lead, or other pollutants or hazardous substances have been used, generated, stored, treated, or removed from the Property, nor is there any lawsuit, proceeding, or investigation regarding same; the Property has never been used as a landfill, and there are no underground storage tanks on the Property; there has been no spill, contamination, or violation of environmental laws pertaining to any contiguous property; and Seller has not received notice and otherwise has no knowledge of any existing or threatened environmental lien against the Property. (h) Seller has not utilized a real estate broker or agent in connection with Seller's sale of the Property to the County and no real estate sales commission is due. (i) None of the improvements located on the Property, if any, encroach upon adjoining properties, and no improvements located on adjoining properties encroach upon the Property. 8. DEFAULT; REMEDIES. If either party fails to perform any of its obligations under this Agreement and fails to cure such failure within 15 days after receiving written notice thereof from the non -defaulting party, the non -defaulting party shall have the right to terminate this Agreement by giving written notice of termination to the defaulting party; without limitation of any other rights and remedies available to the non -defaulting party at law or in equity, including, without limitation, the right to seek specific performance, and to recover damages, including attorney fees and court costs, in connection with such default; all rights and remedies being cumulative. Seller shall indemnify, defend, and hold the County harmless from and against all claims and actions asserted against, and all damages, losses, liability, penalties, fines, costs and expenses, including, without limitation, attorney fees and court costs, suffered or incurred by the County if any of Seller's representations and warranties in this Agreement or in any of the Closing Documents are untrue, or arising from Seller's failure to perform any of Seller's obligations under this Agreement, irrespective of whether the County delivers a written notice of default to Seller, or arising from any injuries, accidents or other incidents occurring at the Property prior to Closing. 9. NOTICES. All notices given by either party to the other under this Agreement shall be in writing and shall be personally delivered, or delivered by a traceable courier, or mailed by U.S. certified mail, to the parties at their respective addresses set forth in the introductory paragraph of this Agreement, or such other address as may be specified by either party from time to time by written notice to the other party. Notices shall be deemed given on the date of receipt if personally delivered or delivered by courier, or 3 days after mailing. 10. GENERAL PROVISIONS. A. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties and their respective heirs, executors, personal representatives, successors and permitted assigns. OVO w w u_ M N Li w L. N N Li w L. N r Packet Pg. 400 16.A.6.a B. Assignment. The parties shall not assign any rights or obligations under this Agreement to a third party without the prior written consent of the other party. C. Entire Agreement. This Agreement constitutes the entire agreement of the parties as pertains to the subject matter hereof, and there are no prior or contemporaneous written or oral agreements, undertakings, promises, warranties, or covenants not contained herein. D. Amendments. All amendments to this Agreement must be in writing and signed by both parties. w n v E. Time Periods. If any deadline or expiration of any time period provided for hereunder falls on a N Saturday, Sunday or legal holiday, such deadline or expiration shall be extended to the following business day. w w F. Survival. All provisions of this Agreement that are not, or by their nature cannot be, performed N prior to the Closing, including, without limitation, Seller's representations, warranties, and indemnity r obligations, shall survive the Closing. i iu u_ G. Severability. If any provision of this Agreement is determined to be legally invalid or N unenforceable, such provision shall be severed from this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect. w u_ H. No Waiver. No party shall be deemed to have waived its right to enforce any specific provision of this Agreement unless such waiver is in writing. Any such written waiver shall be applicable only to the ', specific instance to which it relates and shall not be construed as a continuing waiver as to future instances or as a waiver of any other provision. 0 I. Governing Law; Venue. This Agreement shall be governed and construed in accordance with U- the laws of the State of Florida. All disputes arising under this Agreement shall be brought solely in the courts in Collier County, Florida, and the parties hereby agree to said venue. a- [ signature page follows ] OVO Packet Pg. 401 16.A.6.a IN WITNESS WHEREOF, the parties have executed this Agreement on the dates indicated below, effective as of the date this Agreement is executed by the County. Date: 6,2022 Date: 2022 ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court & Comptroller M Deputy Clerk Approved as to form and legality: Jennifer A. Belpedio Assistant County Attorney a 5tL GRI THE COUNTY: BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA By: M. William L. McDaniel, Jr., Chairman k_� Packet Pg. 402 16.A.6.a Exhibit "A" Parcel 1: Beginning at the % corner Section 17 and 20, South 0°01'20" West 615.43 feet to a concrete marker on the South Right -of -Way line of U.S. Highway 41; thence North 53040'50" West 851.32 feet to an iron pin being the POINT OF BEGINNING; w thence South 36°19'10" West 400.0 feet to an iron pin; M thence North 53040'50" West 100.0 feet to an iron pin; thence North 36019'10" East 400.0 feet to an iron pin; ui thence South 53040'50" East 100.0 feet to an iron pin, LL being the POINT OF BEGINNING, all in Section 20, Township 51 South, Range N 27 East, Collier County, Florida. u.i w Parcel ID: 00770080208 N r Parcel 2: Beginning at the % corner Section 17 and 20, South 0001'20" West 615.43 feet to a concrete marker on the South Right -of -Way line of U.S. Highway 41; thence North 53040'50" West 851.32 feet to an iron pin being the POINT OF BEGINNING; thence South 36019'10" West 400.0 feet to an iron pin; thence South 53°40'50" East 100.0 feet to an iron pin; thence North 36019'10" East 400.0 feet to an iron pin; thence North 53°40'50" West 100.0 feet to an iron pin, being the POINT OF BEGINNING, all in Section 20, Township 51 South, Range 27 East, Collier County, Florida. Parcel ID: 00764000003 Parcel 3: Beginning at the North 1/4 corner of Section 20, Township 51 South, Range 27 East, and run South 0001'20" West 615.43 feet to a concrete monument on the Southwestern boundary of the Tamiami Trail; thence North 53040'50" West 551.32 feet to the POINT OF BEGINNING; thence continue North 53040'50" West 200 feet to a point; Thence South 36'19'10" West 200 feet to a point; thence South 53040'50" East 200 feet to a point; thence North 36010'10" East 200 feet to the point of beginning. Parcel ID: 00766280009 Parcel 4: Beginning at the North'/4 corner of Section 20, Township 51 South, Range 27 East, and run South 0°01'20" West 615.43 feet to a concrete monument on the South Western boundary of the Tamiami Trail; thence North 53040'50" West 751.32 feet to a point; thence South 36019" 0" West 200 feet to a POINT OF BEGINNING; thence continue South 36019'10" West 200 feet to a point; thence South 53°40'50" East 200 feet to a point; thence North 36019'10" East 200 feet to a point; thence North 53040'50" West 200 feet to the POINT OF BEGINNING. Parcel ID: 00766320008 Packet Pg. 403 16.A.6. b AERIAL - PARCELS 120FEE, 121 FEE, 122FEE, & 123FEE Lake Park Flow Wav - Project No. 60246 •� N W+E �° Replacement Parcel 00 go .PARCEL 120FEE �, ~ r• . • y� ` r •!.•tmow! Z` , .' \ t r- • y PARCEL 121 FEE f' t2':f PARCEL 123FEE f� w oll,� PARCEL 122FEE {t�i r � i Packet Pg. 404 MAXWELL HENRY SIMMONS real estate appraisers & consultants P Appraisal Report Vacant Land Located at the Southwest Corner of Tamiami Trail East and Lake Park Boulevard Collier County, Florida 34114 Date of Valuation: 25 February 2021 Date of Report: 4 March 2021 PO #: 4500209218 File Name: 21026202 - Collier County - Tamiami Trail East & Lake Park Boulevard Acquisition Prepared For Collier County Board of County Commissioners Growth Management Department/Transportation ROW 2885 Horseshoe Drive South Naples, Florida 34104 lnfo@MHSappraisal.com (239)337-0555 MHSappraisal.com 1619 Jackson Street, Fort Myers, FL 33901 MAXWELL HENDRY SIMMONS real estate appraisers & consultants 4 March 2021 Collier County Board of County Commissioners Growth Management Department/Transportation ROW 2885 Horseshoe Drive South Naples, Florida 34104 Attention: Mr. Harry Henderson, SRA, Review Appraiser Re: Appraisal of 3.66± acre parcel located at the southwest corner of Tamiami Trail East & Lake Park Boulevard, Collier County, Florida Dear Mr. Henderson: As you requested, we 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 the appraisal is to arrive at an opinion of the market value of the subject property in its "as -is" condition. The interest being appraised is the undivided fee simple interest in the land as if otherwise free and clear of all liens, mortgages, encumbrances and/or encroachments. The intended use of this appraisal is for a possible acquisition of the subject property. The intended user of this appraisal is Collier County Board of County Commissioners. The subject property was inspected on 25 February 2021 by Andrew D. Anderson, MBA. Gerald A. Hendry, MAI, CCIM performed a subsequent inspection. This appraisal report is intended to conform to the Uniform Standards of Professional Appraisal Practice & the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. This appraisal is made subject to the Assumptions and Conditions contained within the body of this report. Based upon our analysis of the data contained within the attached appraisal report, it is our opinion that the "as -is" market value of the fee simple interest in the subject property, as of 25 February 2021, is THREE HUNDRED TWENTY THOUSAND DOLLARS - $320,000 Respectfully submitted, Andrew D. Anderson, MBA State -Certified General Real Estate Appraiser RZ 3175 Gerald A. Hendry, MAI, CCIM State -Certified General Real Estate Appraiser RZ 2245 TABLE OF CONTENTS SEC. I: INTRODUCTION............................................................................................................................................. 1 SEC. II: SCOPE OF WORK......................................................................................................................................... 2 EXTENT OF PROPERTY IDENTIFICATION............................................................................................................................. 2 EXTENTOF INSPECTION................................................................................................................................................. 2 TYPE AND EXTENT OF DATA RESEARCH............................................................................................................................ 2 TYPE AND EXTENT OF ANALYSIS...................................................................................................................................... 2 COMPETENCYPROVISION............................................................................................................................................... 4 ASSUMPTIONS.............................................................................................................................................................. 4 EXTRAORDINARY ASSUMPTIONS...................................................................................................................................... 4 HYPOTHETICAL CONDITIONS........................................................................................................................................... 4 SEC. III: MARKET AREA ANALYSIS............................................................................................................................ 5 SOUTHWEST FLORIDA/ COLLIER COUNTY DATA................................................................................................................ 5 CONCLUSION/ LIFE CYCLE STAGE............................................................................................................................ 9 SEC. IV: PROPERTY DESCRIPTION.........................................................................................................................10 LOCATIONMAP........................................................................................................................................................... 10 LEGALDESCRIPTION................................................................................................................................................... 11 FLOODMAP...............................................................................................................................................................12 PROPERTYPHOTOGRAPHS........................................................................................................................................... 13 SITECHARACTERISTICS................................................................................................................................................ 18 SEC. V: HIGHEST & BEST USE ANALYSIS...............................................................................................................22 PRESENTUSE............................................................................................................................................................ 22 HIGHEST AND BEST USE AS VACANT.............................................................................................................................22 SEC. VI: VALUATION OF SUBJECT PROPERTY........................................................................................................25 THEAPPRAISAL PROCESS............................................................................................................................................ 25 THE SALES COMPARISON APPROACH TO VALUE..............................................................................................................26 SEC. VII: RECONCILIATION OF OPINIONS OF VALUE..............................................................................................37 CONTRACTS, LISTINGS & SALES HISTORY...................................................................................................................... 37 ESTIMATION OF MARKETING TIME.................................................................................................................................38 ESTIMATION OF EXPOSURE TIME...................................................................................................................................38 SEC. VIII: CERTIFICATION.......................................................................................................................................39 SEC. IX: ADDENDA..................................................................................................................................................41 PURCHASEORDER......................................................................................................................................................41 QUALIFICATIONS OFANDREW D. ANDERSON, MBA.........................................................................................................42 QUALIFICATIONS OF GERALD A. HENDRY, MAI, CCIM.....................................................................................................43 ASSUMPTIONS............................................................................................................................................................ 46 EXTRAORDINARY ASSUMPTIONS / HYPOTHETICAL CONDITIONS......................................................................................... 47 SEC. I: INTRODUCTION OWNER OF RECORD: Greater Naples Fire Rescue District ADDRESS: 12901 Lake Park Boulevard, Naples, Florida 34114 TAxIDs: 00766320008,00764000003,00770080208,00766280009 LEGAL DESCRIPTION: Lengthy. Please see Property Description Section. SITE AREA: 3.66± acres/159,430 square feet according to Collier County public records IMPROVEMENTS: N/A ZONING P (Public Use) / Agricultural (AG) FUTURE LAND USE HIGHEST &BEST USE Speculative holding AS VACANT. EFFECTIVE DATE OF THE 25 February 2021 APPRAISAL: DATE OF THE REPORT: 4 March 2021 INTENDED USERS: Collier County Board of County Commissioners INTENDED USE: The intended use of this appraisal is for a possible acquisition of the subject property. VALUE INDICATION: $320,000 MAXWELL HENDRY SIMMONS 1 SEC. 1 I: SCOPE OF WORK According to the Uniform Standards of Professional Appraisal Practice (USPAP), 2020/2021 Edition, the Scope of Work includes, but is not limited to: • the extent to which the property is identified; • the extent to which tangible property is inspected; • the type and extent of data research; and • the type and extent of analysis applied to arrive at opinions or conclusions. EXTENT OF PROPERTY IDENTIFICATION For this analysis, the subject property was identified by a legal description and research of public records via the internet. For this appraisal, reliance was placed primarily upon information provided by the local public records. EXTENT OF INSPECTION For the purposes of this appraisal, Andrew D. Anderson, MBA conducted an inspection of the subject property on 25 February 2021. Gerald A. Hendry, MAI, CCIM subsequently conducted an inspection of the property. TYPE AND EXTENT OF DATA RESEARCH Data research is regularly conducted using the following sources: • Public Records • Local REALTOR@ Association Multiple Listing Services (MLS)/Loopnet/CCIM • CoStar comparables service • Information from contractors, brokers and agents in the area The primary emphasis of the data research concentrated on the subject market area. Census data, as well as municipal and governmental websites, were utilized in gathering the information analyzed. The time period researched for any sale data encompasses the past few years up until the date of the most current data available. All comparable data is verified with the buyer, seller or a property representative unless otherwise indicated. In the analysis, the selling price, financing, motivation to purchase/sell and, if applicable, any lease or income/expense information was verified as of the time of sale. TYPE AND EXTENT OF ANALYSIS Purpose of the Appraisal The purpose of this appraisal is to develop an opinion of the "as is", fee simple market value of the subject property as if free and clear of all liens, mortgages, encumbrances, and/or encroachments. Condition Appraised In this analysis, we are developing an opinion of the "as is" condition, defined by the Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition as follows: The estimate of market value of real property in its current physical condition, use, and zoning as of the appraisal date. MAXWELL HENDRY SIMMONS 2 Real Property Interest Appraised There are primarily two forms of interest to consider when developing an opinion of value for real property. These are defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition as follows: Fee simple interest (estate) is: 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. Leased fee interest is: The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. As the subject property is vacant land and not subject to a lease, the interest being appraised in this situation is the undivided fee simple interest in the land as if free and clear of all liens, mortgages, encumbrances, and/or encroachments except as may be amended in the body of this report. Value Appraised The opinion of value developed and reported herein is the market value of the subject property. Market value, as defined by the agencies that regulate financial institutions in the United States and published by 12 CFR Ch. V Part 564.2 (g) Office of Thrift Supervision, Department of the Treasury, is: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and acting in what they consider their own best interests. C. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. ADDroaches DevelMed As there are no significant improvements associated with the subject property, the Cost Approach does not apply. Further, as properties such as the subject parcel are nottypically purchased, as vacant, fortheir abilityto produce a rental income stream within this marketplace, the Income Approach has also been omitted. Therefore, we have utilized the Sales Comparison Approach exclusively in developing an opinion of market value. Report Type This is an Appraisal Report which is intended to comply with the reporting standards set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP), 2020/21 Ed. MAXWELL HENDRY SIMMONS 3 COMPETENCY PROVISION This appraisal report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). Within USPAP there is a Competency Provision which states, in part, "Prior to accepting an assignment or entering into an agreement to perform an assignment, the appraiser must properly identify the problem to be addressed and have knowledge and experience to complete the assignment competently......" If the appraisers lack the knowledge or experience necessary for a particular assignment, this must be disclosed and all steps necessary to complete the assignment competently must be taken. In regard to this appraisal, we have the necessary knowledge and experience to complete the assignment. ASSUMPTIONS An assumption is defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition as follows: "that which is taken to be true." Please see the Addenda for further details regarding the assumptions utilized in this appraisal. EXTRAORDINARY ASSUMPTIONS Extraordinary Assumption is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2020/2021 Edition, as: "an assignment -specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions." Per USPAP standards, please note that the use of extraordinary assumptions might have affected the assignment results. It is strongly recommended that the reader thoroughly read the entirety of these assumptions, as they outline the limitations under which this appraisal is developed. None applicable. HYPOTHETICAL CONDITIONS Hypothetical Condition is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2020/2021 Edition, as: "a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis." Per USPAP standards, please note that the use of hypothetical conditions might have affected the assignment results. It is strongly recommended that the reader thoroughly read the entirety of these assumptions, as they outline the limitations under which this appraisal is developed. None applicable. MAXWELL HENDRY SIMMONS 4 W, SEC. 111: MARKET AREA ANALYS IS SOUTHWEST FLORIDA / COLLIER COUNTY DATA 0% -r-' MAXWELL HENDRY SIMMONS Collier County, named for Barron Collier, was created from Lee County in 1923, and is the second largest county in the State of Florida by land area. Collier County is bordered by Miami -Dade Counties to the east and Lee and Hendry Counties to the north. The county's western boundary is the Gulf of Mexico. The county contains a total of 2,025 square miles of land area and 91 square miles of inland water area. Collier County is the second largest county east of the Mississippi River and is larger than the States of Rhode Island and Delaware. The present- day Collier County encompasses 2,305 square miles, with a variety of natural inland, coastal, and barrier island habitats, with approximately 13% of the total area being water. The year-round population is 321,520 as of the 2010 census. There are three (3) incorporated municipalities in Collier County as follows: City of Naples: Incorporated in 1949. 14.41 Square Miles. 2010 Population: 19,537. The city of Naples is the county seat of Collier County, as well as being the principal city of the Naples -Marco Island Metropolitan Statistical Area. The city was originally settled in 1886, with the majority of growth occurring after the depression and World War II. The City is home to a number of major employers, as well as non-profit organizations and Fortune 1000 companies. The Fifth Avenue South and Third Street South corridors are considered to be the heart, or "downtown" of the City of Naples, and this area is a popular retail and shopping destination. The City of Naples also features a number of cultural centers and organizations including The Naples Players, the Opera Naples, the Philharmonic Center for the Arts, the Philharmonic Orchestra and Theatre Zone Equity Theatre Company, the Naples Jazz Orchestra, the Naples Youth Jazz Orchestra and the Naples Philharmonic Youth Orchestra. City of Marco Island: Incorporated in 1997. 17.1 Square Miles. 2010 Population: 16,413. Originally named San Marco Island by Spanish explorers, Marco Island is the largest barrier island within Southwest Florida's Ten Thousand Islands area, extending southerly to Cape Sable. The island was purchased in the 1920's by Barron Collier, and was originally incorporated as Collier City in 1927, but was later unincorporated. Marco Island is generally considered to be a resort destination, and the desirability of real estate coupled with the finite supply, has led to a rapid escalation of property values, which are significantly higher than many other parts of Collier County. City of Everglades: Incorporated 1923. 1.2 Square Miles. 2010 Population: 400. The City of Everglades, known more commonly as Everglades City, is located at the mouth of the Barron River, on Chokoloskee Bay, approximately 32 miles southeast of Naples, near the extreme southeasterly corner of Collier County. With the establishment of the Everglades National Park in 1947, the economy of Everglades City began to shift from industrial and agricultural to tourism and eco-tourism. The Everglades National Park visitor's center is located in Everglades City. There are many other unincorporated, yet distinct, communities in Collier County, both rural and suburban in nature. These include Ave Maria, Golden Gate, Goodland, Naples Manor, Naples Park, Immokalee, Lely Resort and many others. Collier County is a growing county with many diverse geographical areas and populous communities. Collier County is second only to Lee County as the center of growth and activity for the five (5) county area (Charlotte, Collier, Glades, Hendry, and Lee). MAXWELL HENDRY SIMMONS 6 There are four basic factors that influence value according to The Appraisal of Real Estate, Fourteenth Edition. These factors include: I. Social Forces II. Economic Forces III. Governmental Forces IV. Environmental Forces Each of the forces interacts, resulting in increases, decreases, or stabilization of property values. As a result, these forces also serve to directly affect the demand for real property in a particular area. The four forces that affect values are described as follows: /. Social Forces Population fluctuation has a significant impact on property values. The chart below demonstrates the change in population between the two most recent decennial Censuses. COUNTY POPULATION 2020 2010 2000 (1 APRIL EST.) 387,450 322,653 257,926 1. Bureau of Economic Research at the Universitv of Florida //. Economic Forces Economic considerations involve the financial capacity of the inhabitants of a region to rent or own property and properly maintain it. These economic forces may include income levels, unemployment rates, the economic base of a region and the strength of development and construction. 2020 2019 2018 2017 UNEMPLOYMENT RATE1 5.1% 3.1% 3.4% 4.1% (October) (Annual) (Annual) (Annual) It AVERAGE WEEKLY WAGE1 $1,018 (2Q) $1,028 (4Q) $1,002 (4Q) $966 (4Q) SINGLE-FAMILY MEDIAN PRICE2 $510,000 $435,000 $446,000 $434,900 (November) (Annual) (Annual) (Annual) RETAIL VACANCY RATES 6.1% (4Q) 5.1% (4Q) 2.2% (4Q) 3.3% (4Q) ■ OFFICE VACANCY RATES 10.5% (4Q) 8.6% (4Q) 6.8% (4Q) 6.1% (4Q) INDUSTRIAL VACANCY RATES 2.4% (4Q) 2.1% (4Q) 1.9% (4Q) 0.8% (4Q) 1. Bureau of Labor Statistics - Quarterly Employment and Wages 2. Naples Area Board of Realtors s. Costar J1 MAXWELL HENDRY-SIMMONS ///. Governmental Forces The county government consists of a five -member board of county commissioners, elected to four-year terms within single -member districts. A non -elected county manager heads the government staff. Other elected officials in the county are sheriff, tax collector, supervisor of elections, clerk of the circuit court, and property appraiser. In addition, there are numerous special districts with independently elected boards, with the services provided ranging from fire protection tot water & sewer service. Services There are two incorporated cities with the usual municipal services, such as police protection and fire protection. The balance of the county is patrolled by the Florida State Highway Patrol and the Collier County Sheriff's Department. Independent fire control districts serve the balance of the unincorporated area for fire and rescue services. Utilities CenturyLink is the primary telephone service provider for Southwest Florida. CenturyLink has a fiber optic backbone that has the ability to connect all of its central offices and maintain high network availability. KMC Telecom, Inc., along with CenturyLink, has a SONET ring surrounding Fort Myers. This SONET ring safeguards customers from service interruptions by using diverse routing of its fiber optic cables. Electricity is supplied by Florida Power and Light and TECO. Gas is available from any one of a number of manufactured bottled gas dealers in the county or directly from TECO. Water and sewer service is supplied by the either city or county government. Medical Services The Naples Community Hospital System is a private non-profit which oversees several facilities throughout the county. Educational System The School District of Collier County oversees the uniform K-12 public educations system within Collier County. There are also several private and parochial schools in the county. Florida Southwestern State College has a campus in Naples, while Florida Gulf Coast University is located in south Lee County. Ave Maria University is a newly established Catholic University located in Naples. Transportation By far, the major artery through Collier County is U.S. 41(Tamiami Trail). Another major artery is Interstate 75 (1- 75), which connects Naples to the east coast population centers of Miami and Fort Lauderdale. Air service is limited but currently expanding out of Naples Airport. Currently, sixteen airlines operate out of Southwest Florida International Airport, just north of Naples, in Fort Myers. /V. Environmenta/Forces The county has a sub -tropical climate. The average temperature is 74 degrees. Temperature extremes are infrequent with only a rare freeze and few readings above the mid-90s. Rainfall averages just over 53 inches annually, with the heaviest rains during the summer months. MAXWELL HENDRY SIMMONS $ CONCLUSION / LIFE CYCLE STAGE The subject market area is in the Growth stage of its life cycle. This market area experienced tremendous development from 2003-2005, then an equally significant decline in property values from 2006-2011, followed by the current growth cycle from 2012 to current. This growth trend is most pronounced within the Naples area, but increasing property values and new development is also occurring in the eastern rural areas of the County as well as land is becoming scarce in the central (western) areas of Collier County. MAXWELL HENDRY SIMMONS 9 SEC. IV: PROPERTY DESCRIPTION LOCATION MAP North Naples dl URBAN E5 TA TEE; PELICAN SAY Vineyards RURAL ESrAT€s Fi CENI RAL NAPLES Golden Gate • Pi IVe wi COq UiNA SA7;U5 y,.- } Everglades Pkwy Naples d dl SOUTH NA.PI ES Lely Lely Resort Picayune Keewaydin Strand Faka Island Slate Far8st Strar Pre y� d, Subject Old Marco i Junction Collier -Seminole± State Park d, Marca Island G aodla nd Cape Romano Ten Thousand - Ten Island Thousand Islands... MAXWELL HENDRY SIMMONS 10 LEGAL DESCRIPTION Parcel = Beginning at the IM corner Suction 17 and 20, South 0001'20" Wiest 1515.43 feet to a concrete marker on the South Right -of -Way line of U.S, Highway 41; thence North 53°4950" West 851.32 feet to an iron Pin being the POINT OF { BEGINNWG; ( South 3661911U"West 40Q.0 feet to an iron pin; -- hencee North 53°40'50" Nest 100.0 feet to an iron piin: the North 36D19'1W East 400.0 fret to an iron pin; South 53°40'50" East 100,0 feet to an iron pin, being the PRINT OF BEGINNING, all in Section 20, Township 51 South, Range 27 Esst,ol ' r County. Florida. puce]00770080209 Parcel 2: Beginning at the 114 Lner Section 17 and 20, South 0*01'20" lest 615.43 feet to a concrete marker an the South Right -of -Way line of U.S. Highway 41; ihewe North 5V4750" West 951.32 feet to an iron pin being the POINT OF BEO WNING; tbcncc South 36*19'" ts'! 40 0 feet to an iron pin; thence South 53"40'50 1~as#,11}I1:0 fc t ko art iron pin; thcnoeNorth W19110" Ea 400.0 feettn an iron pin; themc North 531340'50" West TCqA fcm to an iron pin, being the POINT OF BEG G, all in Section 20, Township 51 South. Range 27 East, Collier County, Florida. 71, Parcel ID. 0076400n003 Parcel 3; Begin at the, North If4 comer of Section 20,Townselia 51 South, Range 27 Eask and run South 0" 01' 20" West 615A3 fret to"an cpete onurnent on the Southwestern boundary of the Tatniatni Trail; thence 1�10 h 53° 40' 50" West 55 i.32 Feet to the PANT OF BEGWNING; thence c nue North 53 ° 40' 50" West 200 feet to a point; Thence South 36° 19' 10" West 200 f t to a paint; thence South 530 40' 50" East 200 feet to a point thence lKr 3 " 10' 1 Q" East 200 feet to The point of begi nning. { Parcel fl): 007662# OW9 Parcel 4: 13 n at the North 114 comer of Section 20. Township 51 South, Rage 27 , and run South 0° 01' 20" esl 615.43 feet to a concrete monument on th , out Western boundary of the Tamiami Trai I; thence North 53" 49 50" West 751.3 � Feet to a point; thence South 361 19' 10" West 20D feet to a POINT OF BEGINNING; then= continue South 36* 19' 10" West 200 feet to a point:: th nec South 530 40' SO" East 200 feet to a point; thence North 36' 19' 1V East 200 feet to a point; thence North 530 40' 50" Wes# 200 fact to the POINT OP BEGIN II G. Parcel III.00766320008 MAXWELL HENDRY SIMMONS 11 FLOOD MAP National Flood Hazard Layer FIRMette IFEMA BL°3aLsw zA-l2TH ] 250 500 1.�00 1.500 2.090 t.v'wu 8asernap: 113G5 pgffapal Ilayx DrtADHnngely, oed fehBaAaaD O[tDBer, 2D2n Legend W ImpN Rene F.- el —den lope) SPECIAL FLOOD WIM EWE or DepVl rmc ue. as AM M as HA]ARDAREAS Regplaf0Fy Flo Hf 0.2%AnnuBI CM1ance Rood HmM. 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Tllis nup Image H xoxl II1M one or more ni [M1e 1plbwing map elements Do -appear: oasemap Imagery. hood zone IaMs, legend. scale Lei, map creation date. c m—ly De Btlrlers. FIRM panel namE and FIRM eihcdre date. Map images Yof mapped dad unmodemL areas can" he usedW regmamry pxrposes. MAXWELL HENDRY SIMMONS 12 PROPERTY PHOTOGRAPHS AERIAL VIEW OF SUBJECT PROPERTY NORTHWESTERLY VIEW ALONG SUBJECT'S NORTHEASTERN EDGE MAXWELL HENDRY SIMMONS 13 i�k WESTERLY VIEW ACROSS THE SUBJECT SOUTHERLY VIEW ALONG SUBJECT'S SOUTHEASTERN EDGE MAXWELL HENDRY SIMMONS 14 L 11 A SOUTHERLY VIEW ACROSS THE SUBJECT lr ~''y' • f Y ��T�y-lid 4 . �• ri i f�F��\rv�T_• li{�5..�y� NORTHERLY VIEW ACROSS THE SUBJECT MAMELL• HENDRY- SIMMONS 15 ..- WESTERLY VIEW ACROSS THE SUBJECT NORTHERLY VIEW ALONG LAKE PARK BOULEVARD i�k MAXWELL HENDRY SIMMONS 16 NORTHWESTERLY VIEW ALONG TAMIAMI TRAIL EAST MAXWELL HENDRY SIMMONS 17 SITE CHARACTERISTICS ADDRESS: 12901 Lake Park Boulevard, Naples, Florida 34114 TAxID's: 00766320008,00764000003,00770080208,00766280009 The property is located at the southwest corner of Tamiami Trail East and Lake LOCATION/ACCESS/ Park Boulevard in unincorporated Collier County. The site possesses 400± feet EXPOSURE: of frontage along U.S. 41 and 395± feet of frontage along Lake Park Boulevard. Tamiami Trail East (U.S. 41) is a two-lane, state -maintained, arterial that had a 2019 AADT count of 4,600 vehicles. SIZE (SITE AREA)/SHAPE: Site Area (sq. ft.) 159,430± Site Area (acres) 3.66± Shape Rectangular The above information was obtained from Collier County records. As no survey was provided, this appraisal assumes that the site area is accurate. PHYSICAL FEATURES The subject parcel is mostly wooded and appears to be several feet below the (TOPOGRAPHY, ELEVATION, crown of the surrounding roads. Drainage on the subject property appears to ETC.): be adequate. MAXWELL HENDRY SIMMONS 18 UTILITIES: FLOOD ZONE: The subject property is served by the following utilities: Telephone: CenturyLink Electricity: Florida Power & Light Water: Collier County Sewer: Septic Tank The subject property is located within Flood Zone AE (EL 6 Feet) as found on Flood Map Panel ID #12021C0620H, as of 16 May 2012. Properties located within this area are subject to a one percent or greater annual chance of flooding in any given year. Base flood elevations are shown as derived from detailed hydraulic analyses. Properties located within this area are typically required to purchase flood insurance under most financing situations. The subject property is not located in a FEMA Firm Floodway. There are no known adverse easements, encroachments, restrictions, EASEMENTS, encumbrances, leases, reservations, covenants, contracts, declarations, ENCROACHMENTS, ETC.: special assessments, ordinances or other items of a similar nature. No survey was provided. ASSESSED VALUE, TAXES, AND ASSESSMENTS: Tax Year Market Taxable Value Taxes & Assess. Assessed Value 2020 $318,558 $0 $0.00 2019 $318,558 $0 $0.00 2018 $318,558 $0 $0.00 The property is publicly owned and is wholly exempt. MAXWELL HENDRY SIMMONS 19 The subject property is zoned P (Public Use) under the zoning ordinances of the Collier County. Per the Land Development Code: 2.03.05 - Civic and Institutional Zoning Districts A. Public Use District (P). The purpose and intent of public use district (P) is to accommodate only local, state and federally owned or leased and operated government facilities that provide essential public services. The P district is intended to facilitate the coordination of urban services and land uses while minimizing the potential disruption of the uses of nearby properties. 1. Any public facilities that lawfully existed prior to the effective date of this Code and that are not zoned for public use district (P) are determined to be conforming with these zoning regulations. 2. Any future expansion of these public facilities on lands previously reserved for their use shall be required to meet the regulations in effect for the zoning district in which the public facility is located. 3. Government -owned properties rented or leased to nongovernmental entities for purposes not related to providing governmental services or support functions to a primary civic or public institutional use shall not be zoned for the public use district (P), but rather, shall be zoned or rezoned according to the use types or the use characteristics which predominate. 4. The following uses are permitted as of right, or as accessory or conditional uses, in the public use district (P). a. Permitted uses. ZONING: 1. Administrative service facilities. 2. Child care, not for profit. 3. Collection and transfer sites for resource recovery. 4. Communication towers. 5. Education facilities. 6. Educational plants. 7. Essential public service facilities. 8. Fairgrounds. 9. Libraries. 10. Museums. 11. Park and recreational service facilities. 12. Parking facilities. 13. Safety service facilities. 14. Any other public structures and uses which are comparable in nature with the list of permitted uses, and consistent with the purpose and intent statement of the district, as determined by the Hearing Examiner or CCPC, pursuant to LDC section 10.02.06 K. Further accessory and conditional uses, minimum lot sizes, etc. for the aforementioned zoning classification, are set forth in the Land Development Code and the reader is encouraged to review these if further detail is required. The following is a link to the full zoning: httDs://Iibrarv.municode.com/fi/collier countv/codes/land development cod e?nodeld=CH2ZODIUS 2.03.00ZODIPEUSACUS000S 2.03.05CIINZODI MAXWELL HENDRY SIMMONS 20 FUTURE LAND USE: OVERLAY DISTRICT: The subject property is designated (AG) Agricultural under the Collier County Future Land Use Element. Per the Comprehensive Plan: The Agricultural/Rural Land Use Designation is for those areas that are remote from the existing development pattern, lack public facilities and services, are environmentally sensitive or are in agricultural production. Urbanization is not promoted, therefore most allowable land uses are of low intensity in an effort to maintain and promote the rural character of these lands. Further details for the aforementioned future land use classifications are set forth in the Comprehensive Plan and the reader is encouraged to review these if further detail is required. The subject is also located within the Neutral Subdistrict of the Rural Fringe Mixed Use Overlay District. 2.03.08 - Rural Fringe Zoning Districts A. Rural Fringe Mixed -Use District (RFMU District). 1. Purpose and scope. The purpose and intent of the RFMU district is to provide a transition between the Urban and Estates Designated lands and between the Urban and Agricultural/Rural and Conservation designated lands farther to the east. The RFMU district employs a balanced approach, including both regulations and incentives, to protect natural resources and private property rights, providing for large areas of open space, and allowing, in designated areas, appropriate types, density and intensity of development. The RFMU district allows for a mixture of urban and rural levels of service, including limited extension of central water and sewer, schools, recreational facilities, commercial uses and essential services deemed necessary to serve the residents of the RFMU district. The innovative planning and development techniques which are required and/or encouraged within the RFMU district were developed to preserve existing natural resources, including habitat for listed species, to retain a rural, pastoral, or park -like appearance from the major public rights -of -way, and to protect private property rights. Further details for the aforementioned overlay district are set forth in the Collier County Future Land Use Element and the reader is encouraged to review these if further detail is required. The following link is provided: https://www.colIiercountAI.gov/home/showdocument?id=61991 MAXWELL HENDRY SIMMONS 21 SEC. V: HIGHEST & BEST USE ANALYSIS Real estate is valued in terms of its highest and best use. Highest and best use is the use which would be the most profitable and likely use of a property. It may also be defined as that available use and program of future utilization which produces the highest present land value. Highest and best use is defined by The Dictionary of Real Estate Appraisal, Sixth Edition, as follows: 1. The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS) 3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) The Highest and Best Use Analysis begins with an analysis of the property as if vacant and available to be put to its highest and best use. The property is further analyzed if there are improvements, either existing or proposed, for the site. The four criteria of highest and best use are as follows: • Legally Permissible Use - what uses are permitted by zoning and deed restrictions on the subject property? • Physically Possible Use - what uses are physically possible to put on the site? • Financially Feasible Use -which possible and permissible uses will produce a net return to the owner of the site? • Maximally Productive Use - among the feasible uses, which use will produce the highest net return? PRESENT USE The subject property presently exists as vacant land. HIGHEST AND BEST USE AS VACANT The highest and best use analysis of the site examines the type of improvement that is most appropriate for a particular site. Legally Permissible Within this community, the future land use categories are broad indicators of growth potential such as raw residential density and service provision, while the zoning designations control specific allowable development. This property is zoned P (Public Use) under the zoning ordinances of Collier County and is designated Agricultural per the Collier County Future Land Use Element. Further, this property is located within the Neutral Subdistrict of the Rural Fringe Mixed Use Overlay District. Given existing regulatory considerations, legally permissible uses for the subject would consist of publicly (e.g., local, state, and federal) owned uses. If the subject were privately owned, the potential for a rezone and land use amendment would exist based on prevailing growth patterns. However, we also recognize the regulatory hurdles and the time horizon involved with other rezonings and land use amendments. MAXWELL HENDRY SIMMONS 22 Phvsicallv Possible Various physical factors have an effect on the uses to which a property may be developed. These factors include size, shape, topography, and soil conditions. The subject site contains 3.66± acres; therefore, it is of sufficient size to accommodate any of a number of legally permissible uses. The mostly wooded parcel is serviced with water, septic, telephone, and electricity. The physical aspects of the property do not impose apparent limitations on development other than project size and the lack of sanitary sewer service. The lack of sewer service may limit the intensity of future development on the site. Financially Feasible As long as a potential use has value commensurate with its cost and conforms to the first two tests, the use is considered to be financially feasible. As mentioned above, the legally permissible uses are physically possible. In contemplating the feasible uses, consideration must be given to the site location and access. The property is located at the non -signalized southwest corner of Tamiami Trail East and Lake Park Boulevard in Collier County. Access to the property is provided by Tamiami Trail East and Lake Park Boulevard. Prevailing land uses surrounding the subject consists of residential (e.g., single-family) and agricultural uses. Development along Tamiami Trail East, south of its intersection with Collier Boulevard has increased recently. For example, Halvorsen Holdings broke ground on Fiddler's Creek Plaza, a 60,000 square foot Publix-anchored shopping center that is located at the southeast corner of Tamiami Trail East and Sandpiper Drive. The project is anticipated to be complete by summer 2021. Further evidence of growth patterns along Tamiami Trial is illustrated below: MAXWELL HENDRY SiMMONS 23 As rooftops increase along the corridor, a corresponding increase in demand for commercial properties will continue. Once a rezoning and land use amendment is finalized, it is our opinion that the subject would be suited for commercial development purposes. In this regard, the following charts provided by Costar illustrate the overall health of the retail market within Outlying Collier County: AVAILABILITY SUBMASKET MARKET INVENTORY SIIBMARKET MARKET Market Rent/SF 51716 } 523.58 a Existing Buildings 223+ 1,7104 Vacancy Rare 11-1961 57%4 Inventory SF 2-2 M { 23-5 M i Vacant SF 249 K i 1.3 M i Average Building SF 10 K t 13.7 K t Availabilily Rate 12.0% i 6,6%+ Under Construction SF 113 K 1 384 K + Available SF 262 K 1 1.6 M i 12 Mo Delivered SF 2,5 K r 136 K r Sublel SF 0 j 50.8 K + Months on Market 26-8 9-2 SALP$ SIIBMARKET MARKET 12 Mo Transactions 131 91 1 DEMAND 5UBMARKET MARKET Markel Sale PricelSF $2799 $258, 12 Mn Nei Absorption SF (15.8 K) i 17 K + Average Market Sale Price 52-9 M { 53.6 M } 6 Mo Leasing Probability 26.3 a 33.4 , 12 Mo Sales Volume $13.4 M 1 $236 M + Market Cap Rate 5.9% i 6.0% 1 Based upon this data as well as other information derived from our research, it is our opinion that the financially feasible use for the subject site is to be speculatively held until market conditions justify a rezoning and land use amendment of the site for commercial development purposes. Maximally Productive The maximally productive use is that development option which will return the greatest profit to the eventual developer. After considering the subject's fringe location, supply/demand side market factors, and prevailing growth patterns, the highest and best use of the subject site is for speculative holding. MAXWELL HENDRY SIMMONS 24 SEC. VI: VALUATION OF SUBJECT PROPERTY THE APPRAISAL PROCESS There are three standard approaches to property valuation: • Cost Approach to Value • Sales Comparison Approach to Value • Income Approach to Value Each of these three approaches usually will indicate a slightly different value. After all of the factors of the three approaches have been carefully weighed, the indicators of value are correlated to a final opinion of value. Cost ADDroach to Value The Cost Approach to Value requires estimating the replacement cost new of the improvements, utilizing current labor and material prices and modern construction techniques. Next, accrued depreciation is estimated and subtracted from the cost new. Finally, the land value is added to the remainder to derive a value for the property as a whole. The Cost Approach is most reliable when the improvements are new and the opinion of land value can be reasonably developed. Conversely, when the improvements are older and/or adequate land sales are not available, the Cost Approach provides a less reliable result. Sales Comparison ADDroach to Value An opinion under the Sales Comparison Approach to Value is derived by comparing the property under appraisal with other similar properties that have sold recently. The Sales Comparison Approach is most reliable when the comparable sales are very similar to the subject property and have occurred relatively recently. Conversely, when large or numerous adjustments are necessary, the Sales Comparison Approach is less reliable. Income Approach to Value The Income Approach to Value is normally applied to commercial or income -oriented properties, since it measures the present worth of future rights to income. The Income Approach to Value, when adequate income and expense data are available, is often the most reliable approach in the valuation of commercial properties as it best represents investors' and lenders' actions in the marketplace. Approaches Developed As discussed within the Scope of Work section of this report, we have utilized the Sales Comparison Approach exclusively in developing an opinion of market value. MAXWELL HENDRY SIMMONS 25 THE SALES COMPARISON APPROACH TO VALUE The Sales Comparison Approach to Value is a process of comparing sales of similar properties in the marketplace to the subject property. Market data, when carefully verified and analyzed, is good evidence of value because it represents the actions and reactions of sellers, users and investors. The opinion of market value has been defined as an interpretation of the reactions of typical users and investors in the marketplace. The Sales Comparison Approach is based upon the principle of substitution, which states that a prudent person will not pay more to buy a property than it would cost to buy a comparable substitute property. The price a typical purchaser pays is usually the result of an extensive shopping process in which he/she is constantly comparing available alternatives. The steps in the Sales Comparison Approach are: 1. Seek out similar properties for which pertinent sales and data are available. 2. Qualify the prices as to terms, motivating forces and bona fide nature. 3. Compare each of important attributes of the comparable properties with the corresponding attributes of the property being appraised under the general division of time, location and physical characteristics. 4. Consider all dissimilarities in terms of their probable effect upon the sale price. 5. Formulate an opinion of relative value of the property being appraised as compared with the price of each similar property. Source: Appraisal Institute, The Appraisal of Real Estate, 14th edition. (Chicago: Appraisal Institute, 2013). In developing an opinion of the market value of the subject property via the Sales Comparison Approach, we have analyzed the following comparable sales: MAXWELL HENDRY SIMMONS 26 it m � H _ u '-Sale 4 Sale' Sale Sale -27- ~ a ; S - . OIL . 75 1-::. YJ{ Da1.i's-Blyd"I F �. Sale Y I i IL Is i` F _1 ogle Image �) 2D21 Ter raMetrlcs + Data $IO, NOAA. U.S. Navy, NGA: EBC COMPARABLE LAND SALE 1 3551 DATE OF SALE: March 29, 2018 SALE PRICE: $330,000 SALE PRICE (ADJUSTED): $330,000 RECORDING: 5500/1192 GRANTOR: Ronald Mentecki, Roger Fritchey, Robert Johnson GRANTEE: TBC Greenway, LLC FINANCING: Cash TOPOGRAPHY: Wooded VERIFICATION: Rob Carroll, CCIM, MAI (Listing Broker) SITE AREA: 135,036 Square Feet 3.100 Acres ADDRESS: no address established STRAP #: 00737560004 SALE CONDITIONS: Arm's Length UTILITIES: Full ZONING: A LAND USE: Urban Residential Subdistrict SALE HISTORY: None within prior three years ACCESS: U.S. 41 and Greenway Road HIGHEST AND BEST USE: Speculative holding for commercial UNIT OF VALUE: $2.44 Per SF $106,452 per AC COMMENTS: This sale is located at the northwest corner of U.S. 41 and Greenway Road in Unincorporated Collier County. According to Mr. Carroll, the buyer's motivation was for speculative holding. MAXWELL HENDRY SIMMONS 28 COMPARABLE LAND SALE 2 DATE OF SALE: June 19, 2019 SALE PRICE: $195,000 SALE PRICE (ADJUSTED): $195,000 RECORDING: 5643/2826 GRANTOR: Karl K Weaver GRANTEE: Relik Homes, Inc. FINANCING: Cash to seller TOPOGRAPHY: Uncleared VERIFICATION: Broker ADDRESS: Weber Boulevard STRAP #: 36760400105 SALE CONDITIONS: Arm's Length UTILITIES: Full ZONING: E (Estates) LAND USE: Estates Designation SALE HISTORY: None in prior 3 years ACCESS: Direct HIGHEST AND BEST USE: Residential Development SITE AREA: 108,900 Square Feet UNIT OF VALUE: $1.79 Per SF 2.500 Acres $78,000 per AC COMMENTS: The property is located along Weber Blvd in the Golden Gate neighborhood of Naples, Collier County. This property backs up to Collier Blvd but does not have direct access to the arterial roadway due to a drainage canal on the east side of the property. The site features 2.5 acres of uncleared residential land. MAXWELL HENDRY SIMMONS 29 COMPARABLE LAND SALE 3 DATE OF SALE: February 7, 2020 SALE PRICE: $408,000 SALE PRICE (ADJUSTED): $408,000 RECORDING: 5726/880 GRANTOR: Aaron N and Karen L Shepherd GRANTEE: Alan J. Vincent FINANCING: Cash to seller TOPOGRAPHY: Uncleared VERIFICATION: Broker SITE AREA: 186,001 Square Feet 4.270 Acres ADDRESS: 5567 Tamarind Ridge Drive STRAP #: 38280280007 SALE CONDITIONS: Arm's Length UTILITIES: Full ZONING: E (Estates) LAND USE: Estates Designation SALE HISTORY: None in prior 3 years ACCESS: Direct HIGHEST AND BEST USE: Residential Development UNIT OF VALUE: $2.19 Per SF $95,550 per AC COMMENTS: The property is located along Tamarind Ridge Drive in the Golden Gate neighborhood of Naples, Collier County. The site features 4.27 acres of uncleared residential land. MAXWELL HENDRY SIMMONS 30 COMPARABLE LAND SALE 4 DATE OF SALE: April 1, 2020 ADDRESS: Logan Blvd SALE PRICE: $200,000 STRAP #: 41821040101 SALE PRICE (ADJUSTED): $200,000 SALE CONDITIONS: Arm's Length RECORDING: 5747/3762 UTILITIES: Telephone, Electric GRANTOR: John L and Jane E Wingate ZONING: E (Estates) GRANTEE: Rafeal Alejandro and Monica Vecino De LAND USE: Estates Designation La Torre FINANCING: Cash to seller SALE HISTORY: None in prior 3 years TOPOGRAPHY: Uncleared ACCESS: Direct VERIFICATION: Broker HIGHEST AND BEST USE: Residential Development SITE AREA: 118,918 Square Feet UNIT OF VALUE: $1.68 Per SF 2.730 Acres $73,260 per AC COMMENTS: The property is located along Logan Blvd in the Golden Gate neighborhood of Naples, Collier County. The site features 2.73 acres of uncleared residential land. MAXWELL HENDRY SIMMONS 31 COMPARABLE LAND SALE 5 DATE OF SALE: June 12, 2020 SALE PRICE: $210,000 SALE PRICE (ADJUSTED): $210,000 RECORDING: 5779/366 GRANTOR: John L and Jane E Wingate GRANTEE: Emil and Mariana Parfene FINANCING: Cash to seller TOPOGRAPHY: Uncleared VERIFICATION: Broker ADDRESS: Cherry Wood Drive STRAP #: 41821040004 SALE CONDITIONS: Arm's Length UTILITIES: Telephone, Electric ZONING: E (Estates) LAND USE: Estates Designation SALE HISTORY: None in prior 3 years ACCESS: Direct HIGHEST AND BEST USE: Residential Development SITE AREA: 118,918 Square Feet UNIT OF VALUE: $1.77 Per SF 2.730 Acres $76,923 per AC COMMENTS: The property is located along Cherry Wood Drive in the Golden Gate neighborhood of Naples, Collier County. The site features 2.73 acres of uncleared residential land. MAXWELL HENDRY SIMMONS 32 Comparable Land Sales Chart The comparable sales and our analysis thereof are summarized in the following chart: Subject Comparable No. 1 Comparable No. 2 Comparable No. 3 Comparable No. 4 Comparable No. 5 Transaction Data: Date of Sale: Mar-18 Jun-19 Feb-20 Apr-20 Jun-20 Sale/Listing Price: $330,000 $195,000 $408,000 $200,000 $210,000 Sale/Listing Price (Adjusted): $330,000 $195,000 $408,000 $200,000 $210,000 Physical Data: Street Address: 12901 Lake Park Blvd. N/A W/S of Weber Blvd. 5567 Tamarind Ridge Dr. 5434 Cherry Wood Dr. N/A Market: Collier County Collier County Collier County Collier County Collier County Collier County Site Area (sgft): 159,430 135,036 108,900 186,001 118,918 118,918 Site Area (acres): 3.66 3.10 2.50 4.27 2.73 2.73 Topography: Mostly Wooded Wooded Wooded Wooded Wooded Wooded Shape: Rectangular Irregular Rectangular Rectangular Rectangular Rectangular Utilities: Water, Electricty, Full Full Full Telephone/Electricity Telephone/Electricity Telephone, Septic Use Data: Zoning: P A E E E E Land Use: Agricultural Urban Residential Estates Estates Estates Estates Subdistrict Highest and Best Use: Speculative Holding Speculative Holding Residential Residential Residential Residential Sales Price Analysis: Price per Square Foot (Site): $2.44 $1.79 $2.19 $1.68 $1.77 Transactional Adiustments: Financing Terms: 0.0% 0.0% 0.0% 0.0% 0.0% (Per Square Foot): $2A4 $1.79 $2.19 $1.68 $1.77 Conditions of Sale: 0.01/6 0.0% 0.01% 0.0% 0.01/6 (Per Square Foot): $2.44 $1.79 $2.19 $1.68 $1.77 Expenditures After Purchase: 0.0% 0.0% 0.0% 0.0% 0.0% (Per Square Foot): $2.44 $1.79 $2.19 $1.68 $1.77 Market Conditions (time): 17.50% 10.00% 6.001% 5.00 % 4.000% (Adjusted Price per SF): $2.87 $1.97 $2.32 $1.76 $1.84 Physical Adiustments: Location: 0% 0% 0% 0% 0% Access/Exposure: 0% 10% 0% 0% 10% Size (Site Area): 0% 0% 0% 0% 0% Topography: 0% 0% 0% 0% 0% Shape: 5% 0% 0% 0% 0% Utilities: -5% -5% -5% 5% 5% Zoning/Land Use: -151% -10% -101% -10% -10% Net Adjustments: -15% -5% -15% -5% 5% Adjusted Price PSF $2.44 $1.87 $1.97 $1.67 $1.93 Description of Sales Sale 1 is the March 2018 sale of the property located at the northwest corner of Tam iami Trail East and Greenway Road in Collier County. This property sold for $330,000, or $2.44 per square foot. This sale required an upward market conditions adjustment of 17.50% to account for increasing values in the market, which resulted in a transactionally adjusted price of $2.87 per square foot. This sale also required downward adjustments for utilities and zoning/land use, as well as an upward adjustment for shape. The final adjusted value indication is $2.44 per square foot. Sale 2 is the June 2019 sale of the property located along the west side of Weber Boulevard, north of 51h Avenue SW in Collier County. This property sold for $195,000, or $1.79 per square foot. This sale required an upward market conditions adjustment of 10.00% to account for increasing values in the market, which resulted in a transactionally adjusted price of $1.97 per square foot. This sale also required downward adjustments for utilities and zoning/land use, as well as an upward adjustment for access/exposure. The final adjusted value indication is $1.87 per square foot. Sale 3 is the February 2020 sale of the property located at the northwest corner of Logan Boulevard and Tamarind Ridge Drive in Collier County. This property sold for $408,000, or $2.19 per square foot. This sale required an upward market conditions adjustment of 6.00%to accountfor increasing values in the market, which resulted in a transactionally adjusted price of $2.32 per square foot. This sale also required downward adjustments for utilities and zoning/land use. The final adjusted value indication is $1.97 per square foot. Sale 4 is the April 2020 sale of the property located at the southeast corner of Logan Boulevard and Cherry Wood Drive in Collier County. This property sold for $200,000, or $1.68 per square foot. This sale required an upward MAXWELL HENDRY SIMMONS 33 market conditions adjustment of 5.00% to account for increasing values in the market, which resulted in a transactionally adjusted price of $1.76 per square foot. This sale also required a downward adjustment for zoning/land use, as well as an upward adjustment for utilities. The final adjusted value indication is $1.67 per square foot. Sale 5 is the June 2020 sale of the property located along the south side of Cherry Wood Drive, east of Logan Boulevard in Collier County. This property sold for $210,000, or $1.77 per square foot. This sale required an upward market conditions adjustment of 4.00% to account for increasing values in the market, which resulted in a transactionally adjusted price of $1.84 per square foot. This sale also required a downward adjustment for zoning/land use, as well as upward adjustments for access/exposure and utilities. The final adjusted value indication is $1.93 per square foot. Analysis of Comparable Data This analysis is dependent upon adjustments to the sale prices of the comparable sales based on the following elements of comparison outlined by The Appraisal Institute: 1. Real property rights conveyed 2. Financing terms 3. Conditions of sale 4. Expenditures made immediately after purchase 5. Market conditions 6. Location 7. Physical characteristics 8. Economic Characteristics 9. Use 10. Non -realty components of value For ease of analysis, we have divided this list into two parts. This division is based upon the type of adjustments made for the differences. Elements 1 - 5 are considered to be transactional adjustments, whereas elements 6 - 10 are considered to be physical adjustments. Transactional Adjustments There were no transactional adjustments warranted for Property Rights Conveyed, Financing Terms, Conditions of Sale and Expenditures Made Immediately after Purchase for these sales. In considering Changes in Market Conditions since the time of sale, we must consider any significant changes in the local real estate market. The property value trend found throughout the market changed drastically over the past decade or so, with substantial increases during the period of 2002-2005 followed by equally substantial declines during the period of 2006-2009, and this declining trend reversing in 2012. Market conditions have demonstrated stable growth since 2015 and based upon our paired sales analyses of sale/re-sales of properties in the region, as well as the previous discussion, the comparable sales have been adjusted at positive 0.50% per month for market conditions over the timeframe analyzed. Physical Adjustments We have considered the following specific physical adjustments to the comparable sales. A brief description of the nature of these characteristics is provided below: Location: Location refers to the economic attributes of the surrounding market area. These attributes affect the financially feasible uses of the site. No adjustments for this factor are warranted. MAXWELL HENDRY SIMMONS 34 • Access/Exposure: This refers to the accessibility of a property (i.e. - frontage road vs. direct frontage, existence of median cuts, etc.). In this regard, Sale Nos. 2 and 5 were deemed inferior. As such, negative adjustments of 15% were applied. The remaining sales were considered similar in this respect. • Size (Site Area): Larger parcels often sell for a lower price per unit of comparison than do smaller parcels. No adjustments for this factor are warranted. • Topography: This refers to the physical condition of the property, such as if the property is cleared or if there are significant changes in elevation. No adjustments for this factor are warranted. • Shape: This refers to the configuration or orientation of the property which might impact the development potential. For example, a property which is a long, narrow rectangle may have difficulty being developed due to setback requirements. Sale No. 1 was deemed inferior due to its irregular shape. As such, an adjustment of 5% was applied. The remaining sales were considered similar in this respect. • Utilities: The presence or absence of certain utilities can strongly impact the physically possible uses of a site, the second test in the analysis of Highest and Best Use (i.e. - the absence of central sewer may prevent intensive development). In this respect, Sale Nos. 1 through 3 were deemed superior and warranted negative 5% adjustments. Sale Nos. 4 and 5 were considered inferior and warranted 5% upward adjustments. • Zoning/Future Land Use: Zoning and Future Land Use directly determine the legally permissible uses of a site, the first test in the analysis of Highest and Best Use. If the subject were privately held, the subject would possess a different zoning district. Furthermore, differences in zoning results in substantial value differences. For example, after its purchase in March 2018, the owners of Sale No. 1 achieved a zoning change from A to C-3, which resulted in a value increase of 111%. Market conditions also contributed to the increase in value. The subject's existing permitted uses are limited due to its zoning district and future land use designation. In this regard, all the sales were deemed superior due to the allowable uses permitted by their respective zoning districts and future land use designations. Based upon market evidence, we applied negative adjustments ranging from 10% to 15% were applied. MAXWELL HENDRY SIMMONS 35 Value Conclusion These comparable sales range in adjusted prices as shown below: Descriptive Statistics: Multiplier: *Price per SF: Mean: $1.98 Median: $1.93 Standard Deviation: $0.28 Minimum: $1.67 Maximum: $2.44 Range: $0.77 * Based on adjusted price The comparables provided sufficient evidence to indicate a reliable and credible land value estimate. After considering the comparables, current market conditions, and because of the subject's: 1) location, 2) physical characteristics, and 3) regulatory considerations, it is our opinion that the market value of the subject property, as of the effective date of appraisal is $2.00 per square foot of gross land area. Application of this unit of value results in the following estimated value for the subject property: Site Area (sf) Value per Sq. Ft. Opinion of Value Rounded to 159,430 $2.00 $318,860 $320,000 MAXWELL HENDRY SIMMONS 36 SEC. VI I: RECONCILIATION OF OPINIONS OF VALUE Cost Approach to Value N/A Sales Comparison Approach to Value $320,000 Income Approach to Value N/A As previously discussed, only the Sales Comparison Approach has been developed. Therefore, no reconciliation of varying approaches is required. Based upon the results of the analyses and data contained in this report, including any Extraordinary Assumptions and Hypothetical Conditions outlined in the Addenda, it is our opinion that the "as is" market value of the fee simple interest in the subject property, as of 25 February 2021, is THREE HUNDRED TWENTY THOUSAND DOLLARS - $320,000 The above opinion of market value is contingent upon the certification and the assumptions and conditions of this appraisal, if any. CONTRACTS, LISTINGS & SALES HISTORY According to public records, there have been no qualified sales involving the subject property during the past three years. As of the date of value, the property is not listed for lease, sale or is under contract for purchase. MAXWELL HENDRY SIMMONS 37 ESTIMATION OF MARKETING TIME Marketing time is defined by the USPAP Advisory Opinion as follows: 1. The time it takes an interest in real property to sell on the market sub-sequent to the date of an appraisal. 2. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real property at its estimated market value during the period immediately after the effective date of the appraisal, the anticipated time required to expose the property to a pool of prospective purchasers and to allow appropriate time for negotiation, the exercise of due diligence, and the consummation of a sale at a price supportable by concurrent market conditions. Marketing time differs from exposure time, which is always presumed to precede the effective date of the appraisal. (Advisory Opinion 7 of the Appraisal Standards Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, "Reasonable Exposure Time in Real Property and Personal Property Market Value Opinions" address the determination of reasonable exposure and marketing time.) Marketing time is further discussed in the Advisory Opinion referenced above as follows: "...Marketing time occurs after the effective date of the market value opinion and the marketing time opinion is related to, yet apart from, the appraisal process. Therefore, it is appropriate for the section of the appraisal report that discusses marketing time and its implications to appear toward the end of the report after the market value conclusion. The request to provide a reasonable marketing time opinion exceeds the normal information required for the appraisal process and should be treated separately from that process. It is also appropriate for the appraiser to discuss the impact of price/value relationships on marketing time and to contrast different potential prices and their associated marketing times with an appraiser's market value opinion for the subject property... ...Clients concerned with marketing real or personal properties who obtain a market value appraisal as part of their decision -making process should be aware that it may be inappropriate to assume that the value remains stable during the marketing period. Therefore, it is technically incorrect for the user of an appraisal to take a current value opinion, carry it forward to the end of a concluded marketing period, and then discount back to the present..." Based upon the analysis and conclusions developed in this appraisal, the marketingtime for the subject property is estimated to be 6 to 12 months. ESTIMATION OF EXPOSURE TIME Inherent in an opinion of market value is the development of an estimate of exposure time for the subject property. Exposure time is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2020/2021 Edition, as follows: (The) estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Based upon the analysis and conclusions developed in this appraisal, the exposure time for the subject property is estimated to be 6 to 12 months. MAXWELL HENDRY SIMMONS 38 SEC. VI11: CERTIFICATION We certify that, to the best of our knowledge and belief: ➢ The statements of fact contained in this report are true and correct. ➢ The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. ➢ We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. ➢ We have performed no services, as an appraiser or in any other capacity, regardingthe property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. ➢ We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. ➢ Our engagement in this assignment was not contingent upon developing or reporting predetermined results. ➢ Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. ➢ Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with Uniform Standards of Professional Appraisal Practice. ➢ We have made a personal inspection of the property that is the subject of this report. For this analysis, Andrew D. Anderson, MBA conducted an inspection of the subject property on 25 February 2021. Gerald A. Hendry, MAI, CCIM also inspected the property. ➢ No one provided significant real property appraisal assistance to the person(s) signing this certification. ➢ The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. ➢ The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). ➢ We are currently licensed to conduct appraisal activities and have completed the continuing education requirements set forth with the State of Florida. MAXWELL HENDRY SIMMONS 39 ➢ Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. As of the date of this report, I have completed the continuing education program of the Appraisal Institute. Cam.. Andrew D. Anderson, MBA State -Certified General Real Estate Appraiser, RZ 3175 As of the date of this report, I have completed the continuing education program of the Appraisal Institute. Gerald A. Hendry, MAI, CCIM State -Certified General Real Estate Appraiser, RZ 2245 MAXWELL HENDRY SIMMONS 40 SEC. IX: ADDENDA PURCHASE ORDER Send all Invoices to: Calller Davrry Mad or County CDMMIES1VIem Cofer Caunty 9oard NC:+JP-.) CDTrrlSslonen: PloNr2mert,".'eiYCeli ❑IYl51dn AM: Accaurrs Payable Phone: 239-252-M7 aZ%Tarnla'nl Tn E Ste 7M Faer: 23rr73M9U Naples FL 36112-57,19 TZNEagrpt 155- 01696W31C-1 OR mall lo: bccepcicr lI ender, xorr, Punchaae Ostler mrmbea mustappear o-n all related camispondanee, shipping papa r$ and I nvolem: Vendors 115316 Purchase order 4500209218 :-�01F28!2021 MAXWELL i1 EMORY B S IMh1ONS LLC 12600 WORLD PLUA LN, k GS �,,.�l. ...,,. S:omrwaksr FTMYERSFL MIN? Please deliver to: GROWTH MANAGEMENT DIVISION G8M DHYe} ]ale: 99r3rY i STORMWATER MANAGEMENT 24M5 S HORSESHOE DR, SUITE 1133 NAPLES FL 34114 Tema or Payrr-nnl Rsre slareraai Cieacog"n &i%rgry Jwr Prvce Par LMa Nat Value 0=0'G CON APPRAISAL SVC FOR 3.EBACRES 1, a0 EA 1.0E 1 T° .0' 15-7JE-4 9CC APPlR4f, M9; lFEM61641 Taal W vane of—' W USD 1,75d.66 VENDOR Terms and Conditions Tr, -VENDOR agrees'a =ropy g-ihall Purchase Order T2rm5 and CD H=ps as aLAIned on fto OollerCau7ty Prnauerne!: SL noes D -. Mtp-aMwsv.aaYer^auntyrl.govAorna�STnwdo[»mere?ed-3d077. mclomrg dello"and payrnent 6errns. FarVrerI2* VEH73R agrees to-: 1. Paorlde geode and serrlces odln[41n Ins Purrnase Ortlff wU hire plce5, bffnu, dellveey meshed ang spedllCaAGr15115xd adore. 2 No51y Wpar nrlelt Immedatery If ordu.'WrJlmenl carnal.. bomr es sp=_dfled. 3. Send al hvolces cu Dol ler Caurry 9oard aT Couny Cornrmssloners AMT AWtJrr.5 Payable 3294TarnlxN Tr1 E Ste 7LU Naples FL 34112-,5749 OR emallb: bccepcWiKQb II,ernierk.00m The aurd-use adder Is aufnorund antler dlreo'bw or CNIner Courr.g Eaard of Carrrty a6RPIlkSloners by: ;SandF3 Flenwa, DIDs dlr. ?rmyernerd SmIces f1r� .hQ9fa12t �f4itr�9 �SiT30a06lrtDa wa � MAXWELL HENDRY SIMMONS 41 QUALIFICATIONS OF ANDREW D. ANDERSON, MBA EDUCATIONAL BACKGROUND AND TRAINING: Bachelor of Arts in Business Administration, Warner University, Lake Wales, Florida (2001) Master in Business Administration, Florida Gulf Coast University, Fort Myers, Florida (2005) Education through the Appraisal Institute, Steve Williamson's Real Estate Education Specialists, Florida Real Estate Academy, Cooke Real Estate School Currently an Associate Appraiser with Maxwell, Hendry, & Simmons, LLC, Fort Myers, Florida Associate Appraiser with Hanson Real Estate Advisors, Inc. Fort Myers, Florida (2004 - 2018) PROFESSIONAL DESIGNATIONS & AFFILIATIONS State -Certified General Real Estate Appraiser, RZ3175 State -Licensed Real Estate Sales Associate, SL3412003 Appraisal Institute - Practicing Affiliate Real Estate Investment Society Royal Palm Coast Realtor Association OTHER Qualified as an expert witness in Florida District Court: 20th Judicial Circuit. LICENSE C, STATE OF FLORIDA d bpr DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL MATE APPRAISAL RD THE CERTIFI E❑ GFN> M APPRAISER HEREiN IS CERT I F I E D UN DER THE PROVISIONS OF CHAPTER 47S. FLORIDA5TATUTES ANDERSON, ANDREW DENNIS iUWVO RLO PLAZA "E SUITE i f0k.7"M R3gM LICENSENUM6ER: RI3175 EXPIRATION DATE: NOVEMBER A 2022 A*ws wily riccnx s mlim m MYFI"O;Lc w.c L7, p L Oo nac etn Nn doa l in any Mrm. � . Tm, ;: vou� license. n �. �i�vrrW ro, y,w.� oxn rb, shr licrn,ee ro Inc trrr aa,.mn+t. MAXWELL HENDRY-SIMMONS 42 QUALIFICATIONS OF GERALD A. HENDRY, MAI, CCIM EDUCATIONAL BACKGROUND AND TRAINING: Master of Arts in Business Administration, with a major in Real Estate and Urban Analysis, University of Florida, 1995, Gainesville, Florida. Bachelor of Science in Business Administration, with a major in Finance, 1991, University of Florida, Gainesville, Florida. Principles and Practices of Real Estate, Brokers Course, Florida Real Estate Academy, 1995, Fort Myers, Florida. Case Studies in Valuation and Report Writing, University of Florida, 1994. Real Estate Market Analysis, University of Florida, 1993. Preview of Urban Planning and Regional Planning, University of Florida, 1993. Seminar in Real Estate Valuation, University of Florida, 1994. Seminar in Real Estate Financial Analysis, University of Florida, 1995. Land Use Economics, University of Florida, 1995. Principles and Practices of Real Estate, Salesman Course, Florida Real Estate Academy, 1990, Fort Myers, Florida. Demonstration Report Writing, seminar sponsored by the Appraisal Institute, Dallas, Texas, May 1999. Comprehensive Appraisal Workshop, Dallas, Texas, August 2000. "Appraising and Analysis of Proposed Subdivisions and Condominiums", seminar sponsored by The Appraisal Institute, Boca Raton, Florida, August 2002. CCIM Cl 101- Financial Analysis for Commercial Investment Real Estate, CCIM Institute, Naples, Florida, October 2002. The Valuation of Wetlands, seminar sponsored by The Appraisal Institute, Fort Myers, Florida, September 2004. Case Studies in Commercial Highest and Best Use, Appraisal Institute, September 2005. CCIM Cl 102 - Market Analysis for Commercial Investment Real Estate, May 2006. CCIM Cl 103 - User Decision Analysis for Commercial Real Estate, September 2006. CCIM Cl 104 - Investment Analysis for Commercial Real Estate, August 2006. MAXWELL HENDRY SIMMONS 43 Appraisal of Local Retail Properties, Appraisal Institute, May 2009. Subdivision Valuation, Appraisal Institute, September 2009. Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets, Appraisal Institute, Bradenton, Florida March 2012 EXPERIENCE: Currently an owner/partner with Maxwell, Hendry & Simmons, LLC, Fort Myers, Florida. Owner/partner with Maxwell & Hendry Valuation Services, Inc., Fort Myers, Florida, 2004-2013. Associate Appraiser with W. Michael Maxwell & Associates, Inc., Fort Myers, Florida, 1995-2003. Commercial Credit Analyst with Barnett Bank of Lee County/First Florida Bank, Fort Myers, Florida, 1991-1993. PROFESSIONAL AFFILIATIONS: Appraisal Institute - MAI CCIM Institute - CCIM State -Certified General Real Estate Appraiser, RZ 2245 State -Licensed Real Estate Broker, BK #0567939 Southwest Florida CCIM District - Board of Directors 2014 - 2018, 2017 President Real Estate Investment Society - Board of Governors 2002 - 2008, President 2007 Appraisal Institute - West Coast Florida Chapter Board of Directors 2003 - 2008 Appraisal Institute - West Coast Florida Chapter President 2008 Commercial Investment Professionals (CIP) Member OTHER: Qualified as an expert witness in the 201h Judicial Circuit Court of Florida and United States Bankruptcy Court Middle District of Florida. Special Magistrate - Lee County Value Adjustment Board 2012-2014 Guest Lecturer at Florida Gulf Coast University, College of Business Administration 2007-2016 MAXWELL HENDRY SIMMONS 44 RE -CERTIFICATION: As of the date of this report, Gerald A. Hendry MAI, CCIM has completed the requirements under the continuing education program of the Appraisal Institute. Ron OeSanfis Governor Halsey 6eshears, Secretary dbm-r STATE OF FLORIDA ❑EPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES AL HENDRY, GERALD A_j 12600 WORLD PLAZA LANE r7�. BUILDING 63 * FORT MYERS FL 33907 -=s'� LICENSE NUMBER: R721 5 EXPIRATION DATE: NOVEMBER 30, 2022 Always verify licenses online at MyFloridaLicense.com © .o Do not alter this document in any form. '. This is your license. It is unlawful for anyone other than the licensee to use this document. MAXWELL HENDRY SIMMONS 45 ASSUMPTIONS An assumption is defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition as follows: "That which is taken to be true." Please review the following assumptions, which we have "taken to be true" about this appraisal. This appraisal is to be used in whole and not in part. This appraisal report has been prepared at a specified point in time as indicated by the date of valuation. Therefore, this report can neither be used prior to, or subsequent to, the effective appraisal date. Market values and conditions change significantly with the passage of time. This report cannot be viewed subsequent to the appraisal date and then reliance placed on values, opinions, and analysis made by the appraiser or other consultants in the report. The forecasts or projections included in this report are used to assist in the valuation process and are based on current market conditions, anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are therefore subject to changes in future conditions, which cannot be accurately predicted by the appraiser and could affect the future income and/or value forecasts. No part of this report shall be used in conjunction with any other appraisal. The appraiser(s) herein, by reason of this report, is not required to give testimony or attendance in court or any governmental hearing with reference to the property appraised, unless arranged previously therefore. The consideration for the preparation of this appraisal report is the payment by the client of all charges due the appraiser in connection therewith. Any responsibility of the appraiser for any part of the report is conditioned upon full payment. Neither all, nor any, part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the author, particularly as to the valuation conclusion, the identity of the appraiser or firm with which he is connected, or any reference to any professional organization of which the appraiser may be a member. The property has been appraised as if free and clear, unencumbered by mortgages, liens, delinquent taxes, assessments, special or unusual deed conditions or restrictions, but subject to zoning regulations. An investigation, but no record search, has been made. All comparable data utilized are confirmed by Costar Group, Inc., the Local Multiple Listing Service (MILS), parties related to the sale, and/or public records. The data used in compiling this report was secured from sources considered reliable and authentic and, so far as possible, was verified. However, no responsibility is assumed for its accuracy or correctness. Unless otherwise noted, no survey or plans were requested or provided and information regarding the subject property has been gathered from the appropriate public records. It is assumed that the legal descriptions, site sizes and boundaries utilized are correct, that the improvements (if applicable) are entirely and correctly located on the property described, and that there are no encroachments or overlapping boundaries. Unless stated otherwise, legal access to the property is assumed. Marketable title, but not responsibility as to legal matters, is assumed. This appraisal is subject to a current survey and title search. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report and it is further assumed that all applicable zoning, land use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined and considered in the appraisal report. This appraisal is subject to all growth management ordinances (i.e. concurrency) both local and state. The appraiser has relied upon representations made by the developer, client or authorities considered to be knowledgeable in this regard. A determination was not made by the appraiser as to the development potential for the property, unless otherwise stated. MAXWELL HENDRY SIMMONS 46 Unless otherwise noted, we were not provided with a title search, and we have assumed that the subject property has a unified title, or in absentia, that the right of entry is barred for oil, gas, and mineral rights holders. We have further assumed that no off -site subsurface exploration or extraction activities are occurring, or have occurred, which would have an impact on the subsurface elements of the property, or which would adversely affect the value of the property. No consideration was given within this appraisal as to the time or expense (if any) which would be required to determine or obtain unified title or bar the right of entry. Should this assumption regarding unified title later prove to be false, this could alter the opinions and conclusions contained herein. The Americans with Disabilities Act (ADA) became effective on February 26, 1992. The appraiser has not made a specific compliance survey and analysis of this property to determine if it is in conformity with the various detailed requirements of the ADA. As the appraiser has no direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered. EXTRAORDINARY ASSUMPTIONS / HYPOTHETICAL CONDITIONS Please see the Scope of Work for further details. MAXWELL HENDRY SIMMONS 47 MAXWELL HENRY SIMMONS real estate appraisers & consultants P Appraisal Report Vacant Land Located at the Southwest Corner of Tamiami Trail East and Lake Park Boulevard Collier County, Florida 34114 Date of Valuation: 17 September 2021 Date of Report: 1 November 2021 File Name: 21096205 - Greater Naples Fire Rescue District IL _ . Prepared For Greater Naples Fire Rescue District 2700 N. Horseshoe Drive Naples, Florida 34104 lnfo@MHSappraisal.com (239)337-0555 MHSappraisal.com 1619 Jackson Street, Fort Myers. FL 33901 MAXWELL HENDRY SIMMONS real estate appraisers & consultants 1 November 2021 Greater Naples Fire Rescue District 2700 N. Horseshoe Drive Naples, Florida 34104 Attention: Sal D'Angelo, Deputy Chief Re: Appraisal of 3.66± acre parcel located at the southwest corner of Tamiami Trail East & Lake Park Boulevard, Collier County, Florida Dear Chief D'Angelo: As you requested, we 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 the appraisal is to arrive at an opinion of the market value of the subject property in its "as -is" condition. The interest being appraised is the undivided fee simple interest in the land as if otherwise free and clear of all liens, mortgages, encumbrances and/or encroachments. The intended use of this appraisal is for decision making guidance. The intended user of this appraisal is the Greater Naples Fire Rescue District and Collier County. This appraisal report is intended to conform to the Uniform Standards of Professional Appraisal Practice & the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. This appraisal is made subject to the Assumptions and Conditions contained within the body of this report. Based upon our analysis of the data contained within the attached appraisal report, it is our opinion that the "as -is" market value of the fee simple interest in the subject property, as of 17 September 2021, is SIX HUNDRED FORTY THOUSAND DOLLARS - $640,000 Respectfully submitted, et/.4— 4� Andrew D. Anderson, MBA, MRICS State -Certified General Real Estate Appraiser RZ 3175 Gerald A. Hendry, MAI, CCIM State -Certified General Real Estate Appraiser RZ 2245 TABLE OF CONTENTS SEC. I: INTRODUCTION............................................................................................................................................. 1 SEC. II: SCOPE OF WORK......................................................................................................................................... 2 EXTENT OF PROPERTY IDENTIFICATION............................................................................................................................. 2 EXTENTOF INSPECTION................................................................................................................................................. 2 TYPE AND EXTENT OF DATA RESEARCH............................................................................................................................ 2 TYPE AND EXTENT OF ANALYSIS...................................................................................................................................... 2 COMPETENCYPROVISION............................................................................................................................................... 4 ASSUMPTIONS.............................................................................................................................................................. 4 EXTRAORDINARY ASSUMPTIONS...................................................................................................................................... 4 HYPOTHETICALCONDITIONS........................................................................................................................................... 4 SEC. III: MARKET AREA ANALYSIS............................................................................................................................ 5 SOUTHWEST FLORIDA/ COLLIER COUNTY DATA................................................................................................................ 5 CONCLUSION / LIFE CYCLE STAGE............................................................................................................................ 9 SEC. IV: PROPERTY DESCRIPTION.........................................................................................................................10 LOCATIONMAP........................................................................................................................................................... 10 LEGALDESCRIPTION................................................................................................................................................... 11 FLOODMAP...............................................................................................................................................................12 POTENTIAL WETLANDS MAP.........................................................................................................................................13 PROPERTY PHOTOGRAPHS...........................................................................................................................................14 SITE CHARACTERISTICS................................................................................................................................................19 SEC. V: HIGHEST & BEST USE ANALYSIS...............................................................................................................23 PRESENTUSE............................................................................................................................................................ 23 HIGHEST AND BEST USE AS VACANT............................................................................................................................. 23 SEC. VI: VALUATION OF SUBJECT PROPERTY........................................................................................................ 26 THEAPPRAISAL PROCESS............................................................................................................................................ 26 THE SALES COMPARISON APPROACH TO VALUE.............................................................................................................. 27 SEC. VII: RECONCILIATION OF OPINIONS OF VALUE.............................................................................................. 36 CONTRACTS, LISTINGS & SALES HISTORY...................................................................................................................... 36 ESTIMATION OF MARKETING TIME................................................................................................................................. 37 ESTIMATION OF EXPOSURE TIME...................................................................................................................................37 SEC. VIII: CERTIFICATION.......................................................................................................................................38 SEC. IX: ADDENDA.................................................................................................................................................. 40 QUALIFICATIONS OFANDREW D. ANDERSON, MBA, MRICS............................................................................................40 QUALIFICATIONS OF GERALD A. HENDRY, MAI, CCIM.....................................................................................................42 ASSUMPTIONS............................................................................................................................................................ 45 EXTRAORDINARYASSUMPTIONS/ HYPOTHETICAL CONDITIONS.........................................................................................46 SEC. 1: INTRODUCTION OWNER of RECORD: Greater Naples Fire Rescue District ADDRESS: 1 12901 Lake Park Boulevard, Naples, Florida 34114 TAx IDS: 00766320008, 00764000003, 00770080208, 00766280009 LEGAL DESCRIPTION: Lengthy. Please see Property Description Section. SITE AREA: 3.66± acres/159,430 square feet according to Collier County public records IMPROVEMENTS: N/A ZONING P (Public Use) / Agricultural (AG) FUTURE LAND USE HIGHEST &BEST USE Speculative holding AS VACANT. EFFECTIVE DATE OF THE 17 September 2021 APPRAISAL: DATE OF THE REPORT: 1 1 November 2021 INTENDED USERS: Greater Naples Fire Rescue District and Collier County INTENDED USE: The intended use of this appraisal is for decision making guidance VALUE INDICATION: $640,000 MAXWELL HENDRY SIMMONS 1 SEC. 1 I: SCOPE OF WORK According to the Uniform Standards of Professional Appraisal Practice (USPAP), 2020/2021 Edition, the Scope of Work includes, but is not limited to: • the extent to which the property is identified; • the extent to which tangible property is inspected; • the type and extent of data research; and • the type and extent of analysis applied to arrive at opinions or conclusions. EXTENT OF PROPERTY IDENTIFICATION For this analysis, the subject property was identified by a legal description and research of public records via the internet. For this appraisal, reliance was placed primarily upon information provided by the local public records. EXTENT OF INSPECTION For the purposes of this appraisal, the subject property was not inspected. Reliance was placed upon a prior inspection on 25 February 2021. TYPE AND EXTENT OF DATA RESEARCH Data research is regularly conducted using the following sources: • Public Records • Local REALTOR@ Association Multiple Listing Services (MLS)/Loopnet/CCIM • CoStar comparables service • Information from contractors, brokers and agents in the area The primary emphasis of the data research concentrated on the subject market area. Census data, as well as municipal and governmental websites, were utilized in gathering the information analyzed. The time period researched for any sale data encompasses the past few years up until the date of the most current data available. All comparable data is verified with the buyer, seller or a property representative unless otherwise indicated. In the analysis, the selling price, financing, motivation to purchase/sell and, if applicable, any lease or income/expense information was verified as of the time of sale. TYPE AND EXTENT OF ANALYSIS Purpose of the Appraisal The purpose of this appraisal is to develop an opinion of the "as is", fee simple market value of the subject property as if free and clear of all liens, mortgages, encumbrances, and/or encroachments. Condition Appraised In this analysis, we are developing an opinion of the "as is" condition, defined by the Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition as follows: The estimate of market value of real property in its current physical condition, use, and zoning as of the appraisal date. MAXWELL HENDRY SIMMONS 2 Real Property Interest Appraised There are primarily two forms of interest to consider when developing an opinion of value for real property. These are defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition as follows: Fee simple interest (estate) is: 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. Leased fee interest is: The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. As the subject property is vacant land and not subject to a lease, the interest being appraised in this situation is the undivided fee simple interest in the land as if free and clear of all liens, mortgages, encumbrances, and/or encroachments except as may be amended in the body of this report. Value Appraised The opinion of value developed and reported herein is the market value of the subject property. Market value, as defined by the agencies that regulate financial institutions in the United States and published by 12 CFR Ch. V Part 564.2 (g) Office of Thrift Supervision, Department of the Treasury, is: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and acting in what they consider their own best interests. C. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. ADDroaches DevelMed As there are no significant improvements associated with the subject property, the Cost Approach does not apply. Further, as properties such as the subject parcel are nottypically purchased, as vacant, fortheir abilityto produce a rental income stream within this marketplace, the Income Approach has also been omitted. Therefore, we have utilized the Sales Comparison Approach exclusively in developing an opinion of market value. Report Type This is an Appraisal Report which is intended to comply with the reporting standards set forth under Standard Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP), 2020/21 Ed. MAXWELL HENDRY SIMMONS 3 COMPETENCY PROVISION This appraisal report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). Within USPAP there is a Competency Provision which states, in part, "Prior to accepting an assignment or entering into an agreement to perform an assignment, the appraiser must properly identify the problem to be addressed and have knowledge and experience to complete the assignment competently......" If the appraisers lack the knowledge or experience necessary for a particular assignment, this must be disclosed and all steps necessary to complete the assignment competently must be taken. In regard to this appraisal, we have the necessary knowledge and experience to complete the assignment. ASSUMPTIONS An assumption is defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition as follows: "that which is taken to be true." Please see the Addenda for further details regarding the assumptions utilized in this appraisal. EXTRAORDINARY ASSUMPTIONS Extraordinary Assumption is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2020/2021 Edition, as: "an assignment -specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser's opinions or conclusions." Per USPAP standards, please note that the use of extraordinary assumptions might have affected the assignment results. It is strongly recommended that the reader thoroughly read the entirety of these assumptions, as they outline the limitations under which this appraisal is developed. We have assumed the subject to be in similar condition to what was observed on 25 February 2021. HYPOTHETICAL CONDITIONS Hypothetical Condition is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2020/2021 Edition, as: "a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis." Per USPAP standards, please note that the use of hypothetical conditions might have affected the assignment results. It is strongly recommended that the reader thoroughly read the entirety of these assumptions, as they outline the limitations under which this appraisal is developed. None applicable. MAXWELL HENDRY SIMMONS 4 W, SEC. 111: MARKET AREA ANALYS IS SOUTHWEST FLORIDA / COLLIER COUNTY DATA 0% -r-' MAXWELL HENDRY SIMMONS Collier County, named for Barron Collier, was created from Lee County in 1923, and is the second largest county in the State of Florida by land area. Collier County is bordered by Miami -Dade Counties to the east and Lee and Hendry Counties to the north. The county's western boundary is the Gulf of Mexico. The county contains a total of 2,025 square miles of land area and 91 square miles of inland water area. Collier County is the second largest county east of the Mississippi River and is larger than the States of Rhode Island and Delaware. The present- day Collier County encompasses 2,305 square miles, with a variety of natural inland, coastal, and barrier island habitats, with approximately 13% of the total area being water. The year-round population is 321,520 as of the 2010 census. There are three (3) incorporated municipalities in Collier County as follows: City of Naples: Incorporated in 1949. 14.41 Square Miles. 2010 Population: 19,537. The city of Naples is the county seat of Collier County, as well as being the principal city of the Naples -Marco Island Metropolitan Statistical Area. The city was originally settled in 1886, with the majority of growth occurring after the depression and World War II. The City is home to a number of major employers, as well as non-profit organizations and Fortune 1000 companies. The Fifth Avenue South and Third Street South corridors are considered to be the heart, or "downtown" of the City of Naples, and this area is a popular retail and shopping destination. The City of Naples also features a number of cultural centers and organizations including The Naples Players, the Opera Naples, the Philharmonic Center for the Arts, the Philharmonic Orchestra and Theatre Zone Equity Theatre Company, the Naples Jazz Orchestra, the Naples Youth Jazz Orchestra and the Naples Philharmonic Youth Orchestra. City of Marco Island: Incorporated in 1997. 17.1 Square Miles. 2010 Population: 16,413. Originally named San Marco Island by Spanish explorers, Marco Island is the largest barrier island within Southwest Florida's Ten Thousand Islands area, extending southerly to Cape Sable. The island was purchased in the 1920's by Barron Collier, and was originally incorporated as Collier City in 1927, but was later unincorporated. Marco Island is generally considered to be a resort destination, and the desirability of real estate coupled with the finite supply, has led to a rapid escalation of property values, which are significantly higher than many other parts of Collier County. City of Everglades: Incorporated 1923. 1.2 Square Miles. 2010 Population: 400. The City of Everglades, known more commonly as Everglades City, is located at the mouth of the Barron River, on Chokoloskee Bay, approximately 32 miles southeast of Naples, near the extreme southeasterly corner of Collier County. With the establishment of the Everglades National Park in 1947, the economy of Everglades City began to shift from industrial and agricultural to tourism and eco-tourism. The Everglades National Park visitor's center is located in Everglades City. There are many other unincorporated, yet distinct, communities in Collier County, both rural and suburban in nature. These include Ave Maria, Golden Gate, Goodland, Naples Manor, Naples Park, Immokalee, Lely Resort and many others. Collier County is a growing county with many diverse geographical areas and populous communities. Collier County is second only to Lee County as the center of growth and activity for the five (5) county area (Charlotte, Collier, Glades, Hendry, and Lee). MAXWELL HENDRY SIMMONS 6 There are four basic factors that influence value according to The Appraisal of Real Estate, Fourteenth Edition. These factors include: I. Social Forces II. Economic Forces III. Governmental Forces IV. Environmental Forces Each of the forces interacts, resulting in increases, decreases, or stabilization of property values. As a result, these forces also serve to directly affect the demand for real property in a particular area. The four forces that affect values are described as follows: L Social Forces Population fluctuation has a significant impact on property values. The chart below demonstrates the change in population between the two most recent decennial Censuses. 2020 2010 2000 (1 APRIL EST.) COUNTY POPULATION 387,450 322,653 257,926 1. Bureau of Economic Research at the University of Florida H. Economic Forces Economic considerations involve the financial capacity of the inhabitants of a region to rent or own property and properly maintain it. These economic forces may include income levels, unemployment rates, the economic base of a region and the strength of development and construction. 2020 2019 2018 2017 MW Elk UNEMPLOYMENT RATE1 5.1% 3.1% 3.4% 4.1% (October) (Annual) (Annual) (Annual) AVERAGE WEEKLY WAGE1 $1,018 (2Q) $966 (4Q) $1,028 (4Q) $1,002 (4Q) SINGLE-FAMILY MEDIAN PRICE2 $510,000 $435,000 $446,000 $434,900 (November) (Annual) (Annual) (Annual) 2.2% (4Q) RETAIL VACANCY RATES 6.1% (4Q) 5.1% (4Q) 3.3% (4Q) OFFICE VACANCY RATES 10.5% (4Q) 8.6% (4Q) 6.8% (4Q) 6.1% (4Q) INDUSTRIAL VACANCY RATES 2.4% (4Q) 2.1% (4Q) 1.9% (4Q) 0.8% (4Q) 1. Bureau of Labor Statistics - Quarterly Employment and Wages 2. Naples Area Board of Realtors a. Costar MAXWELL HENDRYSMMMONS ///. Governmental Forces The county government consists of a five -member board of county commissioners, elected to four-year terms within single -member districts. A non -elected county manager heads the government staff. Other elected officials in the county are sheriff, tax collector, supervisor of elections, clerk of the circuit court, and property appraiser. In addition, there are numerous special districts with independently elected boards, with the services provided ranging from fire protection tot water & sewer service. Services There are two incorporated cities with the usual municipal services, such as police protection and fire protection. The balance of the county is patrolled by the Florida State Highway Patrol and the Collier County Sheriff's Department. Independent fire control districts serve the balance of the unincorporated area for fire and rescue services. Utilities CenturyLink is the primary telephone service provider for Southwest Florida. CenturyLink has a fiber optic backbone that has the ability to connect all of its central offices and maintain high network availability. KMC Telecom, Inc., along with CenturyLink, has a SONET ring surrounding Fort Myers. This SONET ring safeguards customers from service interruptions by using diverse routing of its fiber optic cables. Electricity is supplied by Florida Power and Light and TECO. Gas is available from any one of a number of manufactured bottled gas dealers in the county or directly from TECO. Water and sewer service is supplied by the either city or county government. Medical Services The Naples Community Hospital System is a private non-profit which oversees several facilities throughout the county. Educational System The School District of Collier County oversees the uniform K-12 public educations system within Collier County. There are also several private and parochial schools in the county. Florida Southwestern State College has a campus in Naples, while Florida Gulf Coast University is located in south Lee County. Ave Maria University is a newly established Catholic University located in Naples. Transportation By far, the major artery through Collier County is U.S. 41(Tamiami Trail). Another major artery is Interstate 75 (1- 75), which connects Naples to the east coast population centers of Miami and Fort Lauderdale. Air service is limited but currently expanding out of Naples Airport. Currently, sixteen airlines operate out of Southwest Florida International Airport, just north of Naples, in Fort Myers. /V. Environmenta/Forces The county has a sub -tropical climate. The average temperature is 74 degrees. Temperature extremes are infrequent with only a rare freeze and few readings above the mid-90s. Rainfall averages just over 53 inches annually, with the heaviest rains during the summer months. MAXWELL HENDRY SIMMONS $ CONCLUSION / LIFE CYCLE STAGE The subject market area is in the Growth stage of its life cycle. This market area experienced tremendous development from 2003-2005, then an equally significant decline in property values from 2006-2011, followed by the current growth cycle from 2012 to current. This growth trend is most pronounced within the Naples area, but increasing property values and new development is also occurring in the eastern rural areas of the County as well as land is becoming scarce in the central (western) areas of Collier County. MAXWELL HENDRY SIMMONS 9 SEC. IV: PROPERTY DESCRIPTION LOCATION MAP North Naples dl URBAN E5 TA TEE; PELICAN SAY Vineyards RURAL ESrAT€s Fi CENI RAL NAPLES Golden Gate • Pi IVe wi COq UiNA SA7;U5 y,.- } Everglades Pkwy Naples d dl SOUTH NA.PI ES Lely Lely Resort Picayune Keewaydin Strand Faka Island Slate Far8st Strar Pre y� d, Subject Old Marco i Junction Collier -Seminole± State Park d, Marca Island G aodla nd Cape Romano Ten Thousand - Ten Island Thousand Islands... MAXWELL HENDRY SIMMONS 10 LEGAL DESCRIPTION Parcel = Beginning at the IM corner Suction 17 and 20, South 0001'20" Wiest 1515.43 feet to a concrete marker on the South Right -of -Way line of U.S, Highway 41; thence North 53°4950" West 851.32 feet to an iron Pin being the POINT OF { BEGINNWG; ( South 3661911U"West 40Q.0 feet to an iron pin; -- hencee North 53°40'50" Nest 100.0 feet to an iron piin: the North 36D19'1W East 400.0 fret to an iron pin; South 53°40'50" East 100,0 feet to an iron pin, being the PRINT OF BEGINNING, all in Section 20, Township 51 South, Range 27 Esst,ol ' r County. Florida. puce]00770080209 Parcel 2: Beginning at the 114 Lner Section 17 and 20, South 0*01'20" lest 615.43 feet to a concrete marker an the South Right -of -Way line of U.S. Highway 41; ihewe North 5V4750" West 951.32 feet to an iron pin being the POINT OF BEO WNING; tbcncc South 36*19'" ts'! 40 0 feet to an iron pin; thence South 53"40'50 1~as#,11}I1:0 fc t ko art iron pin; thcnoeNorth W19110" Ea 400.0 feettn an iron pin; themc North 531340'50" West TCqA fcm to an iron pin, being the POINT OF BEG G, all in Section 20, Township 51 South. Range 27 East, Collier County, Florida. 71, Parcel ID. 0076400n003 Parcel 3; Begin at the, North If4 comer of Section 20,Townselia 51 South, Range 27 Eask and run South 0" 01' 20" West 615A3 fret to"an cpete onurnent on the Southwestern boundary of the Tatniatni Trail; thence 1�10 h 53° 40' 50" West 55 i.32 Feet to the PANT OF BEGWNING; thence c nue North 53 ° 40' 50" West 200 feet to a point; Thence South 36° 19' 10" West 200 f t to a paint; thence South 530 40' 50" East 200 feet to a point thence lKr 3 " 10' 1 Q" East 200 feet to The point of begi nning. { Parcel fl): 007662# OW9 Parcel 4: 13 n at the North 114 comer of Section 20. Township 51 South, Rage 27 , and run South 0° 01' 20" esl 615.43 feet to a concrete monument on th , out Western boundary of the Tamiami Trai I; thence North 53" 49 50" West 751.3 � Feet to a point; thence South 361 19' 10" West 20D feet to a POINT OF BEGINNING; then= continue South 36* 19' 10" West 200 feet to a point:: th nec South 530 40' SO" East 200 feet to a point; thence North 36' 19' 1V East 200 feet to a point; thence North 530 40' 50" Wes# 200 fact to the POINT OP BEGIN II G. Parcel III.00766320008 MAXWELL HENDRY SIMMONS 11 FLOOD MAP Flood Hazard Layer F1RMette �-?` FEMA L �fi t 1 I II 111 It = Feet 2.000 Prisms,• USCS Nahmal Map• "dma&tr Data tehl6Ood Otmiser. 20M Legend wlpMulReaeFbad Eleeatldn 18FE1 SPECIAL FLOOD wile RFE erbegnmioar.ao ax ,r.aa HAZARDARFAS Reg-1 yFTaMMay C.2%Annual Ch— FIpptl Hapatd. Aeeas m i% ann- chance hood wv[n BVerage deplp less than one fool m wrch draNage areas pl less flan pre ad —a Mlle;...:, iL[ure Cmdrclons 19: Aortal �� Gsenee F3oo0 HaEene .vrex alga WIN RedaOed Hdod RLN due m OTHER AREAS OF Yeree. See hldtes. rc•e.t FLOOD HAZARD Area whin noon RISK tlue b tetee=: e [H AleamMNtlmal AanO Haxartl _:.• £RemlYe LDMHa OTHER AREA5 Area mundelermNRp Flpdd i—a GENERAL '—" LAannel. CUMM.-ak—Sewar STRATURIES r r t l r t Ld— Odw. a Ataadwall 2 Lrow-Idd--h1%Annual-I,- IMaMr 5— Elevation - - - [neslal Tense t --- Base FlonO Elelapm Une{gFEI iMiN[p15iWy wrlsaepmeoralmry —.-- Luaslal TlanaeM Basellne OTHER _ """aa 'no FEATURES f1yAMgyapNe Feature tNgnal Hera Avalmue y Ib.,Gl al Dal. ArallaNe MAP PANELS unmapped The pK dlaplarby an Hiemap Ko not helmme polo[ selector or the asel and does not represent an aueM1orltallre properly Iceetlw� T map edmpI1m wlln fEMKs slandaN for Meuse of Mglral Woad aaap511II K nor vdtl as [O pelo Tie pasemap shown complies rA[h FEMA%EMA's nasemap atturaq stantlarda Tie noptl h111M—nmailpn K thrived dl—tly ham the aulndntatlre NFHL wep savY p.—py FEMA Th6 map expoltad on 10: 6 20Z1 at 128 PM and [ordoes rot tan t—,ges or amendments sohsegoenImUR date and eThe .—a110 etteeHrelMo t-may—tigeof —.Me superseder" new data wet prase. TINS map Image Is v W II tae one of more m the la=ng map elemenlsnp not appear: pasemap Imagery, ""zone IaaeK. legentl,waleoar. mapmention note. ep—h,laemnla— FIRMpanelpumper.andFIRMef}e IM date Map Images for ;mapped atle-modemlzed areas eannm pe pampa rulaipry purposes. MAXWELL HENDRY SIMMONS 12 POTENTIAL WETLANDS MAP MAXWELL HENDRY SIMMONS 13 PROPERTY PHOTOGRAPHS AERIAL VIEW OF SUBJECT PROPERTY NORTHWESTERLY VIEW ALONG SUBJECT'S NORTHEASTERN EDGE MAXWELL HENDRY SIMMONS 14 i�k WESTERLY VIEW ACROSS THE SUBJECT SOUTHERLY VIEW ALONG SUBJECT'S SOUTHEASTERN EDGE MAXWELL HENDRY SIMMONS 15 L 11 A SOUTHERLY VIEW ACROSS THE SUBJECT lr ~''y' • f Y ��T�y-lid 4 . �• ri i f�F��\rv�T_• li{�5..�y� NORTHERLY VIEW ACROSS THE SUBJECT MAMELL• HENDRY- SIMMONS 16 ..- WESTERLY VIEW ACROSS THE SUBJECT NORTHERLY VIEW ALONG LAKE PARK BOULEVARD i�k MAXWELL HENDRY SIMMONS 17 NORTHWESTERLY VIEW ALONG TAMIAMI TRAIL EAST MAXWELL HENDRY SIMMONS 18 SITE CHARACTERISTICS ADDRESS: 12901 Lake Park Boulevard, Naples, Florida 34114 TAxID's: 00766320008,00764000003,00770080208,00766280009 The property is located at the southwest corner of Tamiami Trail East and Lake LOCATION/ACCESS/ Park Boulevard in unincorporated Collier County. The site possesses 400± feet ExPosURE: of frontage along U.S. 41 and 395± feet of frontage along Lake Park Boulevard. Tamiami Trail East (U.S. 41) is a two-lane, state -maintained, arterial that had a 2020 AADT count of 4,400 vehicles. SIZE (SITE AREA)/SHAPE: Site Area (sq. ft.) 159,430± Site Area (acres) 3.66± Shape Rectangular The above information was obtained from Collier County records. As no survey was provided, this appraisal assumes that the site area is accurate. The subject parcel is mostly wooded and appears to be several feet below the PHYSICAL FEATURES crown of the surrounding roads. Drainage on the subject property appears to (TOPOGRAPHY, ELEVATION, be adequate. According to the National Wetlands Inventory Map, a portion of ETC.): the subject potentially consists of wetlands (e.g., Freshwater Forested/Shrub Wetland). MAXWELL HENDRY SIMMONS 19 UTILITIES: FLOOD ZONE: The subject property is served by the following utilities: Telephone: CenturyLink Electricity: Florida Power & Light Water: Collier County Sewer: Septic Tank The subject property is located within Flood Zone AE (EL 6 Feet) as found on Flood Map Panel ID #12O21CO62OH, as of 16 May 2012. Properties located within this area are subject to a one percent or greater annual chance of flooding in any given year. Base flood elevations are shown as derived from detailed hydraulic analyses. Properties located within this area are typically required to purchase flood insurance under most financing situations. The subject property is not located in a FEMA Firm Floodway. There are no known adverse easements, encroachments, restrictions, EASEMENTS, encumbrances, leases, reservations, covenants, contracts, declarations, ENCROACHMENTS, ETC.: special assessments, ordinances or other items of a similar nature. No survey was provided. ASSESSED VALUE, TAXES, AND ASSESSMENTS: Tax Year Market Assessed Value Taxable Value Taxes & Assess. 2021 Prelim. $318,558 $0 $0.00 2020 $318,558 $0 $0.00 2019 $318,558 $0 $0.00 2018 $318,558 $0 $0.00 The property is publicly owned and is wholly exempt. MAXWELL HENDRY SIMMONS 20 ZONING: The subject property is zoned P (Public Use) under the zoning ordinances of the Collier County. Per the Land Development Code: 2.03.05 - Civic and Institutional Zoning Districts A. Public Use District (P). The purpose and intent of public use district (P) is to accommodate only local, state and federally owned or leased and operated government facilities that provide essential public services. The P district is intended to facilitate the coordination of urban services and land uses while minimizing the potential disruption of the uses of nearby properties. 1. Any public facilities that lawfully existed prior to the effective date of this Code and that are not zoned for public use district (P) are determined to be conforming with these zoning regulations. 2. Any future expansion of these public facilities on lands previously reserved for their use shall be required to meet the regulations in effect for the zoning district in which the public facility is located. 3. Government -owned properties rented or leased to nongovernmental entities for purposes not related to providing governmental services or support functions to a primary civic or public institutional use shall not be zoned for the public use district (P), but rather, shall be zoned or rezoned according to the use types or the use characteristics which predominate. 4. The following uses are permitted as of right, or as accessory or conditional uses, in the public use district (P). a. Permitted uses. 1. Administrative service facilities. 2. Child care, not for profit. 3. Collection and transfer sites for resource recovery. 4. Communication towers. 5. Education facilities. 6. Educational plants. 7. Essential public service facilities. 8. Fairgrounds. 9. Libraries. 10. Museums. 11. Park and recreational service facilities. 12. Parking facilities. 13. Safety service facilities. 14. Any other public structures and uses which are comparable in nature with the list of permitted uses, and consistent with the purpose and intent statement of the district, as determined by the Hearing Examiner or CCPC, pursuant to LDC section 10.02.06 K. In 2010, the subject property was rezoned (RZ-PL2009-469) from Rural Agriculture (A) and Commercial Intermediate (C-3) to Public Use (P). Further accessory and conditional uses, minimum lot sizes, etc. for the aforementioned zoning classification, are set forth in the Land Development Code and the reader is encouraged to review these if further detail is required. The following is a link to the full zoning: httQs:,//Iibrary.municode.com/fi/collier county/codes/land development cod e?nodeld=CH2ZODIUS 2.03.00ZODIPEUSACUS000S 2.03.05CIINZODI MAXWELL HENDRY SIMMONS 21 FUTURE LAND USE: OVERLAY DISTRICT: The subject property is designated (AG) Agricultural under the Collier County Future Land Use Element. Per the Comprehensive Plan: The Agricultural/Rural Land Use Designation is for those areas that are remote from the existing development pattern, lack public facilities and services, are environmentally sensitive or are in agricultural production. Urbanization is not promoted, therefore most allowable land uses are of low intensity in an effort to maintain and promote the rural character of these lands. Further details for the aforementioned future land use classifications are set forth in the Comprehensive Plan and the reader is encouraged to review these if further detail is required. The subject is also located within the Neutral Subdistrict of the Rural Fringe Mixed Use Overlay District. 2.03.08 - Rural Fringe Zoning Districts A. Rural Fringe Mixed -Use District (RFMU District). 1. Purpose and scope. The purpose and intent of the RFMU district is to provide a transition between the Urban and Estates Designated lands and between the Urban and Agricultural/Rural and Conservation designated lands farther to the east. The RFMU district employs a balanced approach, including both regulations and incentives, to protect natural resources and private property rights, providing for large areas of open space, and allowing, in designated areas, appropriate types, density and intensity of development. The RFMU district allows for a mixture of urban and rural levels of service, including limited extension of central water and sewer, schools, recreational facilities, commercial uses and essential services deemed necessary to serve the residents of the RFMU district. The innovative planning and development techniques which are required and/or encouraged within the RFMU district were developed to preserve existing natural resources, including habitat for listed species, to retain a rural, pastoral, or park -like appearance from the major public rights -of -way, and to protect private property rights. Further details for the aforementioned overlay district are set forth in the Collier County Future Land Use Element and the reader is encouraged to review these if further detail is required. The following link is provided: https://www.colIiercountAI.gov/home/showdocument?id=61991 MAXWELL HENDRY SIMMONS 22 SEC. V: HIGHEST & BEST USE ANALYSIS Real estate is valued in terms of its highest and best use. Highest and best use is the use which would be the most profitable and likely use of a property. It may also be defined as that available use and program of future utilization which produces the highest present land value. Highest and best use is defined by The Dictionary of Real Estate Appraisal, Sixth Edition, as follows: 1. The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS) 3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) The Highest and Best Use Analysis begins with an analysis of the property as if vacant and available to be put to its highest and best use. The property is further analyzed if there are improvements, either existing or proposed, for the site. The four criteria of highest and best use are as follows: • Legally Permissible Use - what uses are permitted by zoning and deed restrictions on the subject property? • Physically Possible Use - what uses are physically possible to put on the site? • Financially Feasible Use -which possible and permissible uses will produce a net return to the owner of the site? • Maximally Productive Use - among the feasible uses, which use will produce the highest net return? PRESENT USE The subject property presently exists as vacant land. HIGHEST AND BEST USE AS VACANT The highest and best use analysis of the site examines the type of improvement that is most appropriate for a particular site. Legally Permissible Within this community, the future land use categories are broad indicators of growth potential such as raw residential density and service provision, while the zoning designations control specific allowable development. This property is zoned P (Public Use) under the zoning ordinances of Collier County and is designated Agricultural per the Collier County Future Land Use Element. Further, this property is located within the Neutral Subdistrict of the Rural Fringe Mixed Use Overlay District. Given existing regulatory considerations, legally permissible uses for the subject would consist of publicly (e.g., local, state, and federal) owned uses. If the subject were privately owned, the potential for a rezone and land use amendment would exist based on prevailing growth patterns. Furthermore, a portion of the subject was previously zoned Commercial (C-3). As such, a rezoning of the site to commercial is reasonably probable. MAXWELL HENDRY SIMMONS 23 Phvsicallv Possible Various physical factors have an effect on the uses to which a property may be developed. These factors include size, shape, topography, and soil conditions. The subject site contains 3.66± acres; therefore, it is of sufficient size to accommodate any of a number of legally permissible uses. The mostly wooded parcel is serviced with water, septic, telephone, and electricity. The site's existing elevation, lack of sanitary sewer service, and potential wetlands may impose additional capital expenditures regarding future development. Financially Feasible As long as a potential use has value commensurate with its cost and conforms to the first two tests, the use is considered to be financially feasible. As mentioned above, the legally permissible uses are physically possible. In contemplating the feasible uses, consideration must be given to the site location and access. The property is located at the non -signalized southwest corner of Tamiami Trail East and Lake Park Boulevard in Collier County. Access to the property is provided by Tamiami Trail East and Lake Park Boulevard. Prevailing land uses surrounding the subject consists of residential (e.g., single-family) and agricultural uses. Development along Tamiami Trail East, south of its intersection with Collier Boulevard has increased recently. For example, Halvorsen Holdings recently completed the Fiddler's Creek Plaza, a 60,000 square foot Publix-anchored shopping center that is located at the southeast corner of Tamiami Trail East and Sandpiper Drive. Further evidence of growth patterns along Tamiami Trial is illustrated below: MAXWELL HENDRY SIMMONS 24 As rooftops increase along the corridor, a corresponding increase in demand for commercial properties will continue. Once a rezoning and land use amendment is finalized, it is our opinion that the subject would be suited for commercial development purposes. In this regard, the following charts provided by Costar illustrate the overall health of the retail market within Outlying Collier County: AVAILABILITY S0R1AAFIKET MARKET INVENTORY SURMARKET MARKET Market RenVSF S19.39+ $24.47 i Existing Buildings 2244 1.706 + Vacancy Rate 10.9°e+ 5.2% j inventory SF 2AM i 23-BM I Vacant SF 246K + 1.2M 1 Average Building SF 10.1 K 1 13.8K A Availability Pale 10.9 % a 5.7% 1 Under Construction SF 130K I 192K + Available SF 261 K i 1 AM } 12 Mo Delivered SF 66.4K } 267K + Sublet SF 0 i 41.5K } Months on Market 34.1 11.3 SALES SVBMARKET MARKET 12 Mo Transactions 51 108 + DEMAND SUSMARKET MARKET Market Sale Price/SF $297 4 $269 + 12 Mo Not Absorption SF 30.5K 4 165K + Average Market Sal& Price $3.1M } 83.7M + 6 Mo Leasing Probability 24,5% 34.0% 12 Mo Sales Volume $8.7M $309Pd + Market Cap Rafe 5.8-�-+ 5.91a+ Based upon this data as well as other information derived from our research, it is our opinion that the financially feasible use for the subject site is to be speculatively held until market conditions justify a rezoning and land use amendment of the site for commercial development purposes. Maximally Productive The maximally productive use is that development option which will return the greatest profit to the eventual developer. After considering the subject's fringe location, supply/demand side market factors, and prevailing growth patterns, the highest and best use of the subject site is for speculative holding for future commercial development. MAXWELL HENDRY SIMMONS 25 SEC. VI: VALUATION OF SUBJECT PROPERTY THE APPRAISAL PROCESS There are three standard approaches to property valuation: • Cost Approach to Value • Sales Comparison Approach to Value • Income Approach to Value Each of these three approaches usually will indicate a slightly different value. After all of the factors of the three approaches have been carefully weighed, the indicators of value are correlated to a final opinion of value. Cost ADDroach to Value The Cost Approach to Value requires estimating the replacement cost new of the improvements, utilizing current labor and material prices and modern construction techniques. Next, accrued depreciation is estimated and subtracted from the cost new. Finally, the land value is added to the remainder to derive a value for the property as a whole. The Cost Approach is most reliable when the improvements are new and the opinion of land value can be reasonably developed. Conversely, when the improvements are older and/or adequate land sales are not available, the Cost Approach provides a less reliable result. Sales Comparison ADDroach to Value An opinion under the Sales Comparison Approach to Value is derived by comparing the property under appraisal with other similar properties that have sold recently. The Sales Comparison Approach is most reliable when the comparable sales are very similar to the subject property and have occurred relatively recently. Conversely, when large or numerous adjustments are necessary, the Sales Comparison Approach is less reliable. Income Approach to Value The Income Approach to Value is normally applied to commercial or income -oriented properties, since it measures the present worth of future rights to income. The Income Approach to Value, when adequate income and expense data are available, is often the most reliable approach in the valuation of commercial properties as it best represents investors' and lenders' actions in the marketplace. Approaches Developed As discussed within the Scope of Work section of this report, we have utilized the Sales Comparison Approach exclusively in developing an opinion of market value. MAXWELL HENDRY SIMMONS 26 THE SALES COMPARISON APPROACH TO VALUE The Sales Comparison Approach to Value is a process of comparing sales of similar properties in the marketplace to the subject property. Market data, when carefully verified and analyzed, is good evidence of value because it represents the actions and reactions of sellers, users and investors. The opinion of market value has been defined as an interpretation of the reactions of typical users and investors in the marketplace. The Sales Comparison Approach is based upon the principle of substitution, which states that a prudent person will not pay more to buy a property than it would cost to buy a comparable substitute property. The price a typical purchaser pays is usually the result of an extensive shopping process in which he/she is constantly comparing available alternatives. The steps in the Sales Comparison Approach are: 1. Seek out similar properties for which pertinent sales and data are available. 2. Qualify the prices as to terms, motivating forces and bona fide nature. 3. Compare each of important attributes of the comparable properties with the corresponding attributes of the property being appraised under the general division of time, location and physical characteristics. 4. Consider all dissimilarities in terms of their probable effect upon the sale price. 5. Formulate an opinion of relative value of the property being appraised as compared with the price of each similar property. Source: Appraisal Institute, The Appraisal of Real Estate, 14th edition. (Chicago: Appraisal Institute, 2013). In developing an opinion of the market value of the subject property via the Sales Comparison Approach, we have analyzed the following comparable sales: MAXWELL HENDRY SIMMONS 27 COMPARABLE LAND SALES MAP Area Sanctuary -ONLINE... Bonita springs CREW Flint Pen Strand a, Inor-Wiggifis Orangearee ss State Park Torah Na cs Sale krL-CAN GAY :+Ir2Ey I5 Gal den Gate Naples Zoo at Caribbean Gardens _ Naples Sale IAST NAPLES Lely w � �es1r- Picayune ea Island lrand u Inject "rest Sale Collier -Seminole State Park Mama Island Gaodland Cage Romano Ten Thousand - Teri Island Thousand kInnrig MA][YIfELL HENDRY, SIMMONS 28 G.1 COMPARABLE LAND SALE 1 4532 DATE OF SALE: November 02, 2020 SALE PRICE: $335,000 SALE PRICE (ADJUSTED): $335,000 RECORDING: 5839/2399 GRANTOR: New Manor Partners, LLC GRANTEE: A & B, LLC FINANCING: Cash to seller TOPOGRAPHY: Partially Wooded VERIFICATION: MLS# 220051442 SITE AREA: 93,218 Square Feet 2.140 Acres ADDRESS: 198 Price Street STRAP #: 00727520009 SALE CONDITIONS: Arm's Length UTILITIES: Well/Septic ZONING: A LAND USE: Urban Coastal Fringe Subdistrict SALE HISTORY: $202,000 in July 2017 ACCESS: Non -signalized intersection HIGHEST AND BEST USE: Residential UNIT OF VALUE: $3.59 Per SF $156,542 per AC COMMENTS: This sale is located at the southeast corner of Price Street and Barefoot Williams Road in unincorporated Collier County. The site was listed at $349,950. MAXWELL HENDRY SIMMONS 29 COMPARABLE LAND SALE 2 4534 DATE OF SALE: December 16, 2020 ADDRESS: 5567 Tamarind Ridge SALE PRICE: $618,000 STRAP #: 38280280007 SALE PRICE (ADJUSTED): $618,000 SALE CONDITIONS: Arm's Length RECORDING: 5863/1908 UTILITIES: Well/Septic GRANTOR: Alan J. Vincent ZONING: Estate GRANTEE: Steven Veneziano, Jr. and Amy Veneziano LAND USE: Estate FINANCING: Cash to Seller SALE HISTORY: $408,000 in February 2020 TOPOGRAPHY: Wooded ACCESS: Non -signalized corner VERIFICATION: MLS# 220053016 HIGHEST AND BEST USE: Residential SITE AREA: 186,001 Square Feet UNIT OF VALUE: $3.32 Per SF 4.270 Acres $144,731 per AC COMMENTS: This sale is located at the northwest corner of Logan Boulevard South and Tamarind Ridge Drive in unincorporated Collier County. The site was listed at $649,900. MAXWELL HENDRY SIMMONS 30 COMPARABLE LAND SALE 3 4347 DATE OF SALE: January 19, 2021 SALE PRICE: $697,000 SALE PRICE (ADJUSTED): $697,000 RECORDING: 5880/1422 GRANTOR: TBC Greenway, LLC GRANTEE: 38985 Greenway, LLC FINANCING: Conventional financing for $5,200,908 with Centennial Bank TOPOGRAPHY: Wooded VERIFICATION: Robert Carroll/IPC Corporation SITE AREA: 135,036 Square Feet 3.100 Acres ADDRESS: Tamiami Trail E STRAP #: 00737560004 SALE CONDITIONS: Arm's Length UTILITIES: Full ZONING: C-3 LAND USE: Urban Residential Subdistrict SALE HISTORY: 3/2018, $330,000 ACCESS: U.S. 41 and Greenway Road HIGHEST AND BEST USE: Speculative holding for commercial UNIT OF VALUE: $5.16 Per SF $224,839 per AC COMMENTS: This sale is located at the northwest corner of U.S. 41 and Greenway Road in Unincorporated Collier County. A 7-11 is being constructed on the site. Per the verifying party, the buyers went through the zoning process to change the zoning to commercial and had all the entitlements in place prior to the closing. The property was rezoned from A to C-3. MAXWELL HENDRY SIMMONS 31 COMPARABLE LAND SALE 4 4533 t -T... ZZ s P DATE OF SALE: April 27, 2021 ADDRESS: N/A SALE PRICE: $500,000 STRAP #: 00418720008 SALE PRICE (ADJUSTED): $500,000 SALE CONDITIONS: Arm's Length RECORDING: 5946/1520 UTILITIES: Well/Septic GRANTOR: Robbie L. Rayburn, Individually and as ZONING: A Trustee GRANTEE: My Car Place, LLC LAND USE: Urban Residential Subdistrict FINANCING: Cash to Seller SALE HISTORY: None within prior three years TOPOGRAPHY: Wooded ACCESS: Non -signalized corners VERIFICATION: MLS# 221012784 HIGHEST AND BEST USE: Speculative Hold SITE AREA: 158,558 Square Feet UNIT OF VALUE: $3.15 Per SF 3.640 Acres $137,363 per AC COMMENTS: This sale is located along the east side of Santa Barbara Boulevard, 0.40 miles north of Rattlesnake Hammock Road in unincorporated Collier County. The site possesses two non -signalized corners with Polly Avenue and Everett Street. The site was listed at $349,950. MAXWELL HENDRY SIMMONS 32 Comparable Land Sales Chart The comparable sales and our analysis thereof are summarized in the following chart: Subject Comparable No. 1 Comparable No. 2 Comparable No. 3 Comparable No. 4 Transaction Data: Date of Sale: Nov-20 Dec-20 Jan-21 Apr-21 Sale/Listing Price: $335,000 $618,000 $697,000 $500,000 Sale/Listing Price (Adjusted): $335,000 $618,000 $697,000 $500,000 Physical Data: Street Address: 12901 Lake Park Blvd. 198 Price St. 5567 Tamarind Rd. N/A N/A Market: Collier County Collier County Collier County Collier County Collier County Site Area (sq.ft.): 159,430 93,218 186,001 135,036 158,558 Site Area (acres): 3.66 2.14 4.27 3.10 3.64 Topography: Mostly Wooded Partially Wooded Wooded Wooded Wooded Shape: Rectangular Slightly Irregular Rectangular Irregular Rectangular Utilities: Water/Septic Well/Septic Well/Septic Full Well/Septic Use Data: Zoning: P A E C-3 A Land Use: Agricultural Urban Coastal Fringe Estates Urban Residential Urban Residential Subdistrict Subdistrict Subdistrict Highest and Best Use: Speculative Holding Residential Residential Commercial Speculative Holding Sales Price Analysis: Price per Square Foot (Site): $3.59 $3.32 $5.16 $3.15 Transactional Adjustments: Financing Terms: 0.0 % 0.0 % 0.0 % 0.0 % (Per Square Foot): $3.59 $3.32 $5.16 $3.15 Conditions of Sale: 0.0 % 0.0 % 0.0 % 0.0 % (Per Square Foot): $3.59 $3.32 $5.16 $3.15 Expenditures After Purchase: 0.0 % 0.0 % 0.0 % 0.0 % (Per Square Foot): $3.59 $3.32 $5.16 $3.15 Market Conditions (time): 10.00 % 9.001% 8.00 % 5.00% (Adjusted Price per SF): $3.95 $3.62 $5.57 $3.31 Physical Adjustments: Location: -15% -15% 0% -15% Access/Exposure: 0% 0% 0% -15 Size (Site Area): 0% 0% 0% 0% Topography: -10 % -10 % 0% 0 Shape: 0% 0% 5 % 0% Utilities: 0% 0% -5 % 0 Zoning/Land Use: -15% -10% -15% -15% Net Adjustments: -40% -35% -15% -45% Adjusted Price PSF $2.37 $2.35 $4.73 $1.82 Description of Sales Sale 1 is the November sale of the property located at the southeast corner of Price Street and Barefoot Williams Road in Collier County. This property sold for $335,000, or $3.59 per square foot. This sale required an upward market conditions adjustment of 10.00% to account for increasing values in the market, which resulted in a transactionally adjusted price of $3.95 per square foot. This sale also required downward adjustments for location, topography, and zoning/land use. The final adjusted value indication is $2.37 per square foot. Sale 2 is the December 2020 sale of the property located at the northwest corner of Logan Boulevard South and Tamarind Ridge Drive in Collier County. This property sold for $618,000, or $3.32 per square foot. This sale required an upward market conditions adjustment of 9.00%to accountfor increasing values in the market, which resulted in a transactionally adjusted price of $3.62 per square foot. This sale also required downward adjustments for location, topography, and zoning/land use. The final adjusted value indication is $2.35 per square foot. Sale 3 is the January 2021 sale of the property located at the northwest corner of Tamiami Trail East and Greenway Road in Collier County. This property sold for $697,000, or $5.16 per square foot. This sale required an upward market conditions adjustment of 6.00%to accountfor increasing values in the market, which resulted in a transactionally adjusted price of $5.57 per square foot. This sale also required downward adjustments for utilities and zoning/land use, as well as an upward adjustment for shape. The final adjusted value indication is $4.73 per square foot. MAXWELL HENDRY SIMMONS 33 Sale 4 is the April 2021 sale of the property located along the east side of Santa Barbara Boulevard, north of Rattlesnake Hammock Road in Collier County. This property sold for $500,000, or $3.15 per square foot. This sale required an upward market conditions adjustment of 5.00% to account for increasing values in the market, which resulted in a transactionally adjusted price of $3.31 per square foot. This sale also required downward adjustments for location, access, and zoning/land use. The final adjusted value indication is $1.82 per square foot. Analysis of Comparable Data This analysis is dependent upon adjustments to the sale prices of the comparable sales based on the following elements of comparison outlined by The Appraisal Institute: 1. Real property rights conveyed 2. Financing terms 3. Conditions of sale 4. Expenditures made immediately after purchase 5. Market conditions 6. Location 7. Physical characteristics 8. Economic Characteristics 9. Use 10. Non -realty components of value For ease of analysis, we have divided this list into two parts. This division is based upon the type of adjustments made for the differences. Elements 1 - 5 are considered to be transactional adjustments, whereas elements 6 - 10 are considered to be physical adjustments. Transactional Adjustments There were no transactional adjustments warranted for Property Rights Conveyed, Financing Terms, Conditions of Sale and Expenditures Made Immediately after Purchase for these sales. In considering Changes in Market Conditions since the time of sale, we must consider any significant changes in the local real estate market. The property value trend found throughout the market changed drastically over the past decade or so, with substantial increases during the period of 2002-2005 followed by equally substantial declines during the period of 2006-2009, and this declining trend reversing in 2012. Market conditions have demonstrated stable growth since 2015 and based upon our paired sales analyses of sale/re-sales of properties in the region, as well as the previous discussion, the comparable sales have been adjusted at positive 1.00% per month for market conditions over the timeframe analyzed. Physical Adjustments We have considered the following specific physical adjustments to the comparable sales. A brief description of the nature of these characteristics is provided below: Location: Location refers to the economic attributes of the surrounding market area. These attributes affect the financially feasible uses of the site. In this respect, Sale Nos. 1, 2, and 4 were considered superior. As such, negative 15% adjustments were applied. The remaining sale was deemed similar. Access/Exposure: This refers to the accessibility of a property (i.e. - frontage road vs. direct frontage, existence of median cuts, etc.). In this regard, Sale No. 4 was deemed superior. As such, a negative adjustment of 15% was applied. The remaining sales were considered similar in this respect. MAXWELL HENDRY SIMMONS 34 • Size (Site Area): Larger parcels often sell for a lower price per unit of comparison than do smaller parcels. No adjustments for this factor are warranted. • Topography: This refers to the physical condition of the property, such as if the property is cleared or if there are significant changes in elevation. Potential wetland areas are also considered within this factor. In this regard, Sale Nos. 1 and 2 were considered superior. As such, negative 10% adjustments were applied. The remaining sales were considered similar. • Shape: This refers to the configuration or orientation of the property which might impact the development potential. For example, a property which is a long, narrow rectangle may have difficulty being developed due to setback requirements. Sale No. 3 was deemed inferior due to its irregular shape. As such, an adjustment of 5% was applied. The remaining sales were considered similar in this respect. • Utilities: The presence or absence of certain utilities can strongly impact the physically possible uses of a site, the second test in the analysis of Highest and Best Use (i.e. - the absence of central sewer may prevent intensive development). In this respect, Sale No. 3 was deemed superior and warranted negative 5% adjustment. The remaining sales were considered similar in this respect. • Zoning/Future Land Use: Zoning and Future Land Use directly determine the legally permissible uses of a site, the first test in the analysis of Highest and Best Use. If the subject were privately held, the subject would possess a different zoning district. Furthermore, differences in zoning results in substantial value differences. For example, the prior sale (March 2018) of Sale No. 3 sold for -53% less before a zoning change to commercial was achieved. Market conditions also contributed to the increase in value. The subject's existing permitted uses are limited due to its zoning district and future land use designation. In this regard, all the sales were deemed superior due to the allowable uses permitted by their respective zoning districts and future land use designations. As such, negative adjustments ranging from 10% to 15% were applied. Value Conclusion These comparable sales range in adjusted prices as shown below: Descriptive Statistics: Multiplier: *Price per SF: Mean: $2.82 Median: $2.36 Standard Deviation: $1.30 Minimum: $1.82 Maximum: $4.73 Range: $2.91 * Based on adjusted price The comparables provided sufficient evidence to indicate a reliable and credible land value estimate. After considering the comparables, current market conditions, and because of the subject's: 1) location, 2) physical characteristics, and 3) regulatory considerations, it is our opinion that the market value of the subject property, as of the effective date of appraisal is $4.00 per square foot of gross land area. Application of this unit of value results in the following estimated value for the subject property: Site Area (sf) Value per Sq. Ft. Opinion of Value Rounded to 159,430 $4.00 $637,720 $640,000 MAXWELL HENDRY SIMMONS 35 SEC. VI I: RECONCILIATION OF OPINIONS OF VALUE Cost Approach to Value N/A Sales Comparison Approach to Value $640,000 Income Approach to Value N/A As previously discussed, only the Sales Comparison Approach has been developed. Therefore, no reconciliation of varying approaches is required. Based upon the results of the analyses and data contained in this report, including any Extraordinary Assumptions and Hypothetical Conditions outlined in the Addenda, it is our opinion that the "as is" market value of the fee simple interest in the subject property, as of 17 September 2021, is SIX HUNDRED FORTY THOUSAND DOLLARS - $640,000 The above opinion of market value is contingent upon the certification and the assumptions and conditions of this appraisal, if any. CONTRACTS, LISTINGS & SALES HISTORY According to public records, there have been no qualified sales involving the subject property during the past three years. As of the date of value, the property is not listed for lease, sale or is under contract for purchase. MAXWELL HENDRY SIMMONS 36 ESTIMATION OF MARKETING TIME Marketing time is defined by the USPAP Advisory Opinion as follows: 1. The time it takes an interest in real property to sell on the market sub-sequent to the date of an appraisal. 2. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real property at its estimated market value during the period immediately after the effective date of the appraisal, the anticipated time required to expose the property to a pool of prospective purchasers and to allow appropriate time for negotiation, the exercise of due diligence, and the consummation of a sale at a price supportable by concurrent market conditions. Marketing time differs from exposure time, which is always presumed to precede the effective date of the appraisal. (Advisory Opinion 7 of the Appraisal Standards Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, "Reasonable Exposure Time in Real Property and Personal Property Market Value Opinions" address the determination of reasonable exposure and marketing time.) Marketing time is further discussed in the Advisory Opinion referenced above as follows: "...Marketing time occurs after the effective date of the market value opinion and the marketing time opinion is related to, yet apart from, the appraisal process. Therefore, it is appropriate for the section of the appraisal report that discusses marketing time and its implications to appear toward the end of the report after the market value conclusion. The request to provide a reasonable marketing time opinion exceeds the normal information required for the appraisal process and should be treated separately from that process. It is also appropriate for the appraiser to discuss the impact of price/value relationships on marketing time and to contrast different potential prices and their associated marketing times with an appraiser's market value opinion for the subject property... ...Clients concerned with marketing real or personal properties who obtain a market value appraisal as part of their decision -making process should be aware that it may be inappropriate to assume that the value remains stable during the marketing period. Therefore, it is technically incorrect for the user of an appraisal to take a current value opinion, carry it forward to the end of a concluded marketing period, and then discount back to the present..." Based upon the analysis and conclusions developed in this appraisal, the marketingtime for the subject property is estimated to be 6 to 12 months. ESTIMATION OF EXPOSURE TIME Inherent in an opinion of market value is the development of an estimate of exposure time for the subject property. Exposure time is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2020/2021 Edition, as follows: (The) estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Based upon the analysis and conclusions developed in this appraisal, the exposure time for the subject property is estimated to be 6 to 12 months. MAXWELL HENDRY SIMMONS 37 SEC. VI11: CERTIFICATION We certify that, to the best of our knowledge and belief: ➢ The statements of fact contained in this report are true and correct. ➢ The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. ➢ We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. ➢ We have performed services, as an appraiser, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. ➢ We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. ➢ Our engagement in this assignment was not contingent upon developing or reporting predetermined results. ➢ Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. ➢ Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with Uniform Standards of Professional Appraisal Practice. ➢ The subject was not inspected as of the date of value. However, a prior inspection of the subject property was conducted on 25 February 2021 by Andrew D. Anderson, MBA, MRICS. Gerald A. Hendry, MAI, CCIM subsequently inspected the property. ➢ No one provided significant real property appraisal assistance to the person(s) signing this certification. ➢ The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. ➢ The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). ➢ We are currently licensed to conduct appraisal activities and have completed the continuing education requirements set forth with the State of Florida. MAXWELL HENDRY SIMMONS 38 ➢ Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. As of the date of this report, I have completed the continuing education program of the Appraisal Institute. Cam.. Andrew D. Anderson, MBA, MRICS State -Certified General Real Estate Appraiser, RZ 3175 As of the date of this report, I have completed the continuing education program of the Appraisal Institute. Gerald A. Hendry, MAI, CCIM State -Certified General Real Estate Appraiser, RZ 2245 MAXWELL HENDRY SIMMONS 39 SEC. IX: ADDENDA QUALIFICATIONS OF ANDREW D. ANDERSON, MBA, MRICS EDUCATIONAL BACKGROUND AND TRAINING: Bachelor of Arts in Business Administration, Warner University, Lake Wales, Florida (2001) Master in Business Administration, Florida Gulf Coast University, Fort Myers, Florida (2005) Education through the Appraisal Institute, Steve Williamson's Real Estate Education Specialists, Florida Real Estate Academy, Cooke Real Estate School Currently an Associate Appraiser with Maxwell, Hendry, & Simmons, LLC, Fort Myers, Florida Associate Appraiser with Hanson Real Estate Advisors, Inc. Fort Myers, Florida (2004 - 2018) PROFESSIONAL DESIGNATIONS & AFFILIATIONS State -Certified General Real Estate Appraiser, RZ3175 State -Licensed Real Estate Sales Associate, SL3412003 Member of the Royal Institute of Chartered Valuation Surveyors Appraisal Institute - Practicing Affiliate Real Estate Investment Society Royal Palm Coast Realtor Association OTHER Qualified as an expert witness in Florida District Court: 20th Judicial Circuit. MAXWELL HENDRY SIMMONS 40 LICENSE STATE OF FLORIDAdbpr 1*DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GEWRAI AP P RAISF R! I E R i I Y IS C r R I M E D UNDER THE PROVISIONS OF CHAPTER 475, FLORii]A STATUTES ANDERSON,ANDREW DENNIS 12600 WORLD PEAR, i A, - c..: TT L FORTMYf R5 �L ?.Mel LICENSE NUMBER: RZ3175 D(PIRATION DATE: NOVEMBER 30, 2022 Alwayt vo*wmo" *a— x W'wffdfLloc.nc ok� o L et Do nak" th. 60air T m Amy fo"- ❑o ,r This is ~ Iieense, tl is wl..ed fd anyone oMn thm, ne hcen#e to v [Iiti dowmmL MAXWELL HENDRY SIMMONS 41 QUALIFICATIONS OF GERALD A. HENDRY, MAI, CCIM EDUCATIONAL BACKGROUND AND TRAINING: Master of Arts in Business Administration, with a major in Real Estate and Urban Analysis, University of Florida, 1995, Gainesville, Florida. Bachelor of Science in Business Administration, with a major in Finance, 1991, University of Florida, Gainesville, Florida. Principles and Practices of Real Estate, Brokers Course, Florida Real Estate Academy, 1995, Fort Myers, Florida. Case Studies in Valuation and Report Writing, University of Florida, 1994. Real Estate Market Analysis, University of Florida, 1993. Preview of Urban Planning and Regional Planning, University of Florida, 1993. Seminar in Real Estate Valuation, University of Florida, 1994. Seminar in Real Estate Financial Analysis, University of Florida, 1995. Land Use Economics, University of Florida, 1995. Principles and Practices of Real Estate, Salesman Course, Florida Real Estate Academy, 1990, Fort Myers, Florida. Demonstration Report Writing, seminar sponsored by the Appraisal Institute, Dallas, Texas, May 1999. Comprehensive Appraisal Workshop, Dallas, Texas, August 2000. "Appraising and Analysis of Proposed Subdivisions and Condominiums", seminar sponsored by The Appraisal Institute, Boca Raton, Florida, August 2002. CCIM Cl 101- Financial Analysis for Commercial Investment Real Estate, CCIM Institute, Naples, Florida, October 2002. The Valuation of Wetlands, seminar sponsored by The Appraisal Institute, Fort Myers, Florida, September 2004. Case Studies in Commercial Highest and Best Use, Appraisal Institute, September 2005. CCIM Cl 102 - Market Analysis for Commercial Investment Real Estate, May 2006. CCIM Cl 103 - User Decision Analysis for Commercial Real Estate, September 2006. CCIM Cl 104 - Investment Analysis for Commercial Real Estate, August 2006. MAXWELL HENDRY SIMMONS 42 Appraisal of Local Retail Properties, Appraisal Institute, May 2009. Subdivision Valuation, Appraisal Institute, September 2009. Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets, Appraisal Institute, Bradenton, Florida March 2012 EXPERIENCE: Currently an owner/partner with Maxwell, Hendry & Simmons, LLC, Fort Myers, Florida. Owner/partner with Maxwell & Hendry Valuation Services, Inc., Fort Myers, Florida, 2004-2013. Associate Appraiser with W. Michael Maxwell & Associates, Inc., Fort Myers, Florida, 1995-2003. Commercial Credit Analyst with Barnett Bank of Lee County/First Florida Bank, Fort Myers, Florida, 1991-1993. PROFESSIONAL AFFILIATIONS: Appraisal Institute - MAI CCIM Institute - CCIM State -Certified General Real Estate Appraiser, RZ 2245 State -Licensed Real Estate Broker, BK #0567939 Southwest Florida CCIM District - Board of Directors 2014 - 2018, 2017 President Real Estate Investment Society - Board of Governors 2002 - 2008, President 2007 Appraisal Institute - West Coast Florida Chapter Board of Directors 2003 - 2008 Appraisal Institute - West Coast Florida Chapter President 2008 Commercial Investment Professionals (CIP) Member OTHER: Qualified as an expert witness in the 201h Judicial Circuit Court of Florida and United States Bankruptcy Court Middle District of Florida. Special Magistrate - Lee County Value Adjustment Board 2012-2014 Guest Lecturer at Florida Gulf Coast University, College of Business Administration 2007-2016 MAXWELL HENDRY SIMMONS 43 RE -CERTIFICATION: As of the date of this report, Gerald A. Hendry MAI, CCIM has completed the requirements under the continuing education program of the Appraisal Institute. Rw De5antis, Governor Julie I,13 D Secretary dbpr STAT£ OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL B❑ THE CERTIFIED GENFRAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475. FLORMA STATUTES HENDRY, GERALD A 1619 JACKSON STREET FORT MYERS FL 33901 EXPIRATION DATE: NOVEMBER 34, 2022 Always verify licenses online at MyFlorida Licensexorn Do not alter this document in any form. 01 j This is your license. It is unlawful for anyone other than the licensee to use this document. MAXWELL HENDRY SIMMONS 44 ASSUMPTIONS An assumption is defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Sixth Edition as follows: "That which is taken to be true." Please review the following assumptions, which we have "taken to be true" about this appraisal. This appraisal is to be used in whole and not in part. This appraisal report has been prepared at a specified point in time as indicated by the date of valuation. Therefore, this report can neither be used prior to, or subsequent to, the effective appraisal date. Market values and conditions change significantly with the passage of time. This report cannot be viewed subsequent to the appraisal date and then reliance placed on values, opinions, and analysis made by the appraiser or other consultants in the report. The forecasts or projections included in this report are used to assist in the valuation process and are based on current market conditions, anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are therefore subject to changes in future conditions, which cannot be accurately predicted by the appraiser and could affect the future income and/or value forecasts. No part of this report shall be used in conjunction with any other appraisal. The appraiser(s) herein, by reason of this report, is not required to give testimony or attendance in court or any governmental hearing with reference to the property appraised, unless arranged previously therefore. The consideration for the preparation of this appraisal report is the payment by the client of all charges due the appraiser in connection therewith. Any responsibility of the appraiser for any part of the report is conditioned upon full payment. Neither all, nor any, part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the author, particularly as to the valuation conclusion, the identity of the appraiser or firm with which he is connected, or any reference to any professional organization of which the appraiser may be a member. The property has been appraised as if free and clear, unencumbered by mortgages, liens, delinquent taxes, assessments, special or unusual deed conditions or restrictions, but subject to zoning regulations. An investigation, but no record search, has been made. All comparable data utilized are confirmed by Costar Group, Inc., the Local Multiple Listing Service (MILS), parties related to the sale, and/or public records. The data used in compiling this report was secured from sources considered reliable and authentic and, so far as possible, was verified. However, no responsibility is assumed for its accuracy or correctness. Unless otherwise noted, no survey or plans were requested or provided and information regarding the subject property has been gathered from the appropriate public records. It is assumed that the legal descriptions, site sizes and boundaries utilized are correct, that the improvements (if applicable) are entirely and correctly located on the property described, and that there are no encroachments or overlapping boundaries. Unless stated otherwise, legal access to the property is assumed. Marketable title, but not responsibility as to legal matters, is assumed. This appraisal is subject to a current survey and title search. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report and it is further assumed that all applicable zoning, land use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined and considered in the appraisal report. This appraisal is subject to all growth management ordinances (i.e. concurrency) both local and state. The appraiser has relied upon representations made by the developer, client or authorities considered to be knowledgeable in this regard. A determination was not made by the appraiser as to the development potential for the property, unless otherwise stated. MAXWELL HENDRY SIMMONS 45 Unless otherwise noted, we were not provided with a title search, and we have assumed that the subject property has a unified title, or in absentia, that the right of entry is barred for oil, gas, and mineral rights holders. We have further assumed that no off -site subsurface exploration or extraction activities are occurring, or have occurred, which would have an impact on the subsurface elements of the property, or which would adversely affect the value of the property. No consideration was given within this appraisal as to the time or expense (if any) which would be required to determine or obtain unified title or bar the right of entry. Should this assumption regarding unified title later prove to be false, this could alter the opinions and conclusions contained herein. The Americans with Disabilities Act (ADA) became effective on February 26, 1992. The appraiser has not made a specific compliance survey and analysis of this property to determine if it is in conformity with the various detailed requirements of the ADA. As the appraiser has no direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered. EXTRAORDINARY ASSUMPTIONS / HYPOTHETICAL CONDITIONS Please see the Scope of Work for further details. MAXWELL HENDRY SIMMONS 46 RKL APPRAISAL AND CON SUITING REAL ESTATE APPRAISAL REPORT LAKE PARK BOULEVARD PARCELS Vacant Land Southwest Corner of Tamiami Trail E and Lake Park Blvd Naples, Collier County, Florida, 34114 ACHI L M. ZUCCHI, MAI, CCIM C. LOWRY, MAI, CPA 0UIS C. BOSBITT, MAI PREPARED FOR: Mr. Sal D'Angelo III Deputy Chief Greater Naples Fire Rescue District 14575 Collier Boulevard Naples, Florida 34119 EFFECTIVE DATE OF THE APPRAISAL: October 2, 2021 DATE OF THE REPORT: October 29, 2021 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2021-207 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com Lake Park Boulevard Parcels Southwest Corner of Tamiami Trail E and Lake Park Blvd Naples, Florida RKL APPRAISAL AND CONSULTING October 29, 2021 Mr. Sal D'Angelo III Greater Naples Fire Rescue District 14575 Collier Boulevard Naples, Florida 34119 Re: Real Estate Appraisal Lake Park Boulevard Parcels Southwest Corner of Tamiami Trail E and Lake Park Blvd, Naples, Collier County, Florida, 34114 RKL File Number: 2021-207 Dear Mr. D'Angelo: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The intended users for the assignment are Greater Naples Fire Rescue District and -or affiliates, and the intended use of the appraisal is for assistance in negotiations and due diligence in association with the potential sale of the subject property to Collier County for the Lake Park Flow Way project. We use the appraisal report option of Standards Rule 2-2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis, and valuation methodology. The accompanying appraisal conforms with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Greater Naples Fire Rescue District. The subject is a vacant parcel of land containing an area of 3.67 acres, or 160,000 square feet. The parcels are currently zoned Public Use District (P). The purpose and intent of public use district (P) is to accommodate only local, state and federally owned or leased and operated government facilities that provide essential public services. ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com Mr. Sal D'Angelo III Greater Naples Fire Rescue District October 29, 2021 Page 2 Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), I have made the following value conclusion(s): VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple October 2, 2021 $740,000 Significant Factor The world, including the United States, is in the midst of a health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions offuture market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Ass um tions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 c. LOwRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOBBITT, MAI www.rklac.com LAKE PARK BOULEVARD PARCELS TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions................................................................... I Introduction Information..................................................................................................... 2 SubjectIdentification...................................................................................................... 2 Current Ownership and Property History....................................................................... 2 AppraisalScope.............................................................................................................. 2 Client, Intended User, and Intended Use........................................................................ 3 Definition of Market Value............................................................................................. 3 Definition of Property Rights Appraised........................................................................ 3 Purpose of Appraisal, Property Rights Appraised, and Dates ........................................ 3 Scopeof Work................................................................................................................ 4 EconomicAnalysis............................................................................................................. 5 National Economic Analysis........................................................................................... 5 Florida Economic Analysis............................................................................................. 7 Collier County Area Analysis......................................................................................... 9 MarketArea Analysis................................................................................................... 24 Retail Market Analysis................................................................................................. 29 Property Description and Analysis................................................................................... 34 SiteAnalysis................................................................................................................. 34 Real Estate Taxes and Assessments.............................................................................. 45 Highestand Best Use.................................................................................................... 46 ValuationMethodology.................................................................................................... 49 AnalysesApplied.......................................................................................................... 50 Sales Comparison Approach......................................................................................... 51 Reconciliation............................................................................................................... 62 Final Value Conclusion................................................................................................. 62 Certification...................................................................................................................... 63 Assumptions and Limiting Conditions............................................................................. 65 Addenda Appraiser Qualifications Property Information ..... Comparable Data ........... Addendum A Addendum B Addendum C LAKE PARK BOULEVARD PARCELS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Lake Park Boulevard Parcels Southwest Corner of Tamiami Trail E and Lake Park Blvd, Naples, Collier County, Florida, 34114 Owner: Greater Naples Fire Rescue District Legal Description: Lengthy legal descriptions shown in addenda. Tax Identification: 00766280009, 00766320008, 00770080208 and 00764000003 Intended Use: The intended use is for assistance in negotiations and due diligence in association with the potential sale of the subject property to Collier County for the Lake Park Flow Way project. Intended User(s): Greater Naples Fire Rescue District and -or affiliates PROPERTY Land Area: Total: 3.67 acres; 160,000 square feet Flood Zone: Zone AE Zoning: P - Public Use District Highest and Best Use As Vacant Rezone for commercial development Exposure Time 12 months Marketing Period 12 months VALUE INDICATIONS Value Range of Comparables: $4.57 to $5.00 per square foot Reconciled Value(s): As Is Value Conclusion(s) $740,000 Effective Date(s) October 2, 2021 Property Rights Fee Simple Significant Factor The world, including the United States, is in the midst of a health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions offuture market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assum tions: None. Page 1 LAKE PARK BOULEVARD PARCELS INTRODUCTION INFORMATION INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Lake Park Boulevard Parcels Southwest Corner of Tamiami Trail E and Lake Park Blvd, Naples, Collier County, Florida, 34114 Legal Description: Lengthy legal descriptions shown in addenda. Tax Identification: 00766280009, 00766320008, 00770080208,00764000003 The subject is a vacant parcel of land containing an area of 3.67 acres, or 160,000 square feet. The parcels are currently zoned Public Use District (P). The purpose and intent of public use district (P) is to accommodate only local, state and federally owned or leased and operated government facilities that provide essential public services. CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is Greater Naples Fire Rescue District. Sale History According to public records, the subject has not sold in the last three years. Current Listing/Contract(s): The subject is not currently listed for sale, or under contract. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years, and as of the effective date of this appraisal, the property is not subject to an agreement of sale or option to buy, nor is it listed for sale. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: • the client and any other intended users; • the intended use of the appraiser's opinions and conclusions; • the type and definition of value; • the effective date of the appraiser's opinions and conclusions; • subject of the assignment and its relevant characteristics • assignment conditions Page 2 LAKE PARK BOULEVARD PARCELS INTRODUCTION INFORMATION • the expectations of parties who are regularly intended users for similar assignments; and • what an appraiser's peer's actions would be in performing the same or a similar assignment. CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Greater Naples Fire Rescue District and -or affiliates. The intended use is for assistance in negotiations and due diligence in association with the potential sale of the subject property to Collier County for the Lake Park Flow Way project. The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ■ Buyer and seller are typically motivated; ■ Both parties are well informed or well advised, and acting in what they consider their best interests; ■ A reasonable time is allowed for exposure in the open market; ■ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale." (Source: 12 C.F.R. Part 34.42(g); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." (Source: The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The effective date of the subject appraisal is October 2, 2021. The date of inspection was October 2, 2021. The date of the report is October 29, 2021. Page 3 LAKE PARK BOULEVARD PARCELS INTRODUCTION INFORMATION SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the subject property. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: A complete on site inspection was made and photographs were taken. Market Area and Analysis of A complete analysis of market conditions has been made. Market Conditions: The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: A cost approach was not applied as there are no improvements that contribute value to the property. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as the subject is not likely to generate rental income as vacant land. Hypothetical Conditions: None. Extraordinary Assumptions: None. Significant Factor The world, including the United States, is in the midst of a health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. Page 4 LAKE PARK BOULEVARD PARCELS NATIONAL ECONOMIC ANALYSIS ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) released the following statement on June 16, 2021. The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. Progress on vaccinations has reduced the spread of COVID-19 in the United States. Amid this progress and strong policy support, indicators of economic activity and employment have strengthened. The sectors most adversely affected by the pandemic remain weak but have shown improvement. Inflation has risen, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy will depend significantly on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer -run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer -term inflation expectations remain well anchored at 2 percent. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage -backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee's maximum employment and price stability goals. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments. On March 3, 2020 rates were cut by 1/2 percentage point, a move that was the first time since the 2008-2009 global recession that the Federal Open Market Committee (FOMC), the Federal Reserve's policy -making body, cut its key federal -funds rate in between policy meetings. Page 5 LAKE PARK BOULEVARD PARCELS NATIONAL ECONOMIC ANALYSIS The following table details the economic forecasts of Federal Reserve Board members and Federal Reserve Bank presidents as of December 2020. The previous (as of June 2020) projections of a 6.5% contraction in real GDP in 2020 have been revised upward to a 2.4% contraction. The 2021 projection was revised downward from a 5.0% increase to a 4.2% increase. Unemployment (previously projected at 9.3% for 2020) was revised downward to 6.7%. The 2021 projection was also decreased from 6.5% to 5.0%. 2 Wrilable -illm�®m�m������� Central TendenCy Rani Change In real GDP -24 42 32 24 1.8 -25-22 37-50 3.0-35 22-27 1.7-2.0 -3.3-1.0 8.5-5.5 2.54.0 20-35 16-22 September proj ection -37 40 30 25 1.9 4.0-3.0 3.647 2.5-3.3 24-3.0 17-2.0 -5.5-1.0 0.0-5.5 2045.. 2.04.0 1.6-22 Unemployment rate 67 50 42 37 4.1 57-69 47-54 334.5 35-0.3 3.94.3 65-5.9 40-68 35-58 33-50 3545 September proj edion PCE inflation 7.6 1.2 55 1.a 4.5 1.9 40 20 4.1 20 7.0-8.0 1.2 50-62 1.7-1.9 4.0-5.0 1.8-2.9 35-0.4 3.943 1.9-2.1 2.9 65-8.0 1.1-1.4 4.0-8.0 1.2-2.3 35-75 1.5-22 3.5-6o 1.7-2.2 3547 20 September projection 12 17 18 20 20 1.1-13 1.5-1.9 17-1.9 1.9-20 20 1.0-15 13-24 1.5-22 17-2.1 20 Core PCE inflation 4 1.4 1.8 1.9 20 1.4 1.1 8 1.8-2.0 1.}2.1 1.3-1.5 1.5-23 1.6-22 1.7-2.2 September projection 1.5 1.7 1.8 2.0 1.3-1.5 1.5-1.8 1.7-1.9 1.9-20 1.2-1.5 1.5-2.4 1.5-2.2 1.7-2.1 Memo: Projected appropriate Federal funds policy path 0.1 0.1 0.1 0.1 2.5 0.1 0.1 0.1 D.1-0.4 2.}2.5 D.1 0.1 0.1-0.4 0.1-1.1 20-3.0 rate September projection 0.1 0.1 D. 0.1 25 0.1 0.1 0.1 0.1-0.4 2}2.5 D. 0.1 9.1-0.6 9.1-1.4 zo-ao According to Freddie Mac Chief Economist Sam Khater, the housing market has been showing strength despite the challenges the economy faces from the coronavirus pandemic. "Refinance activity is solid and homebuyer demand continues, resulting in increased sales and an acceleration in house price growth." Lawrence Yun, NAR chief economist predicts the U.S. economy will continue to improve in 2021. Despite job losses and lower GDP in 2020, Yun said personal income was actually up by 10.7% in the second quarter of 2020 and 4.3% in the fourth quarter thanks to federal stimulus measures, including direct payments and unemployment compensation. The higher income combined with reduced activity during the pandemic resulted in an elevated savings rate, which could result in a strong economic resurgence once the COVID-19 vaccine distribution becomes widespread. "Once we reach herd immunity, all these savings could be unleashed," said Yun. "It could be as soon as the second half of this year." Yun predicted GDP growth of 4% and job gains of 3 million for 2021. Calvin Schnure, the National Association of Real Estate Investment Trusts' (NAREIT) senior vice president of research and economic analysis, said that the trajectory of commercial real estate recovery in 2021 will be different from previous recoveries after economic downturns - specifically he expects a much faster recovery. "Work from home is having a real effect, but I'm not sure if this is permanent. Some signs suggest this may be temporary," Schnure said. "Retail should attract new customers and retain current ones," said Hardin, though he did note that the retail rebound does ultimately depend on how comfortable consumers feel going into stores. He said adaptive reuse in the retail sector - repurposing a building to be used in a different way than originally intended - will create opportunities. Industrial also emerged as a bright spot in commercial, Hardin said, partly driven by the need to support e-commerce. Warehousing and storage jobs in February 2021 posted year -over -year increases of 72,400 jobs, and industrial posted positive rent growth in the fourth quarter of 2020, as well as occupancy gains for 80% of markets in 2020. Page 6 LAKE PARK BOULEVARD PARCELS FLORIDA ECONOMIC ANALYSIS The 2021 CBRE U.S. Real Estate Market Outlook projects that the strongest growth of 2021 will occur in Q2 and Q3, 5.5% and 5.6% respectively, on an annualized basis brining U.S. GDP back to pre-COVID levels in Q3. The real estate recovery is expected to lag that of the broader economy, particularly for the office, retail and hotel sectors. More aid to state and local governments could reduce pressure to raise taxes on real estate. However, the popular 1031 tax-free exchange program would be threatened and luxury retail, energy, finance, defense contractors and tech could face headwinds from tax and spending policy changes and increased regulations. According to the Deloitte Center for Financial Services annual Commercial Real Estate Outlook for 2021, the pandemic is disrupting the value proposition of CRE, especially for offices, retail, and hotels, causing most CRE companies to reevaluate existing portfolios. Meanwhile, CRE companies face cost pressures due to softening operating fundamentals: Respondents plan to reduce costs by 20% on average. Optimizing operational costs and using technology to reposition space and for facilities management can improve operational resilience. According to the PwC Emerging Trends in Real Estate 2021, overall real estate prices are anticipated to fall 5-10% as income is curtailed for several years. Industrial properties, data centers and single-family homes are expected to rise in value, while retail and hospitality will see the largest decline. The long-term outlook in the real estate sector hinges on the country's ability to reign in COVID-19. According to a June 10, 2021, Business Observer article, three prominent commercial estate trade groups believe that the industry will rebound dramatically in the second half of 2021 and into 2022 and beyond according to new surveys each has conducted. The Society of Industrial and Office Realtors (SOIR), in a survey of its members, says 74% of all commercial real estate transactions are proceeding on schedule, more than double the percentage in the second quarter of 2020. The Urban Land Institute (ULI) anticipates that U.S. commercial real estate transaction volume could exceed $500 billion this year, more than $100 billion more than historic averages and a forecast from Last October. Also, the NAIOP, which is comprised of office and industrial developers, expects positive absorption of office space. All three industry groups cite predicted GDP growth this year and next, along with federal government stimulus money, as primary reasons for their forecasts. All three groups agree that industrial properties will continue to outperform, with multifamily rental projects close behind. The office sector is projected to rebound, as companies return to offices. NAIOP believes quarterly office absorption in the U.S. will average 11.7 million square feet in 2022, in line with the 2015 through 2019 levels. FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau, many midwestern and northeastern states continue to see their populations shrink while large southern states draw in residents. Florida's population grew by 2.12% in 2020 (July 2019 to July 2020), the 7th highest rate in the country. Florida gained the second -most number of people in 2020, an additional 241,256 residents, second to Texas which gained 373,965 residents. Florida has a population of Page 7 LAKE PARK BOULEVARD PARCELS FLORIDA ECONOMIC ANALYSIS 21,733,312 million as of July 2020. The Bureau of Economic and Business Research at the University of Florida projects the state's population, which surpassed 20 million in mid 2015, to rise to 24.43 million by 2030 and 26.43 million by 2040. According to the November 2020 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, Florida's economy, as measured by real Gross State Product, will expand at an average annual rate of 1.5% from 2020 to 2023. After contracting by 2.4% in 2020, real Gross State Product will rise by 4.9% in 2021. Housing starts will pick up going forward, but not fast enough to ease the large shortage of single-family housing in the short run. Total starts will be 139,438 in 2020; 134,329 in 2021; 132,969 in 2022 and 133,853 in 2023. House price appreciation will slowly decelerate over this period as supply catches up with strong demand. The labor force is projected to grow at an average rate of 1.9% through 2022 with unemployment projected at 3.5% in 2021 and reducing to 2.8% and 2.4% in 2022 and 2023 respectively. Tablet. Annual Summary of the UDIVOMityofCentral Florida Forecast for Florida 2015 2016 2017 2018 2019 2020 2021 2022 2023 Personal Income and GSP Personal Income (Bil_ S) 915.9 942.5 1004.1 1066.4 1118.3 1173.6 1154.4 1204.1 1263.0 Florida (%Ch Year ago) 7.0 2.9 6.5 6.2 4.9 4.9 -1.6 4.3 4.9 U.S.(%Ch Year ago) 4.9 2.6 4.9 5.3 3.9 7.8 -1.9 3.8 3.8 Personal Income (13120125) 894.4 910.6 952.6 991.3 1026.1 1060.3 1025.8 1049.7 1078.4 Florida (%Ch Year ago) 6.7 1.8 4.6 4.1 3-6 33 -3.2 2.3 2.7 U.S.(%Ch Year ago) 4.7 1.7 3.0 3.1 2.4 6.6 -3.8 2.0 1.9 Disp. Income (Bil_ 2012$) 794.3 817.0 856.9 896.4 927.4 963.5 921.0 942.7 967.7 Florida.(%Ch Year ago) 60 2.9 4.9 4.6 3-6 3-9 -4.4 2.4 2.7 U.S.(%Ch Year ago) 4.2 2.0 3.1 3.6 2.2 7.5 -4.5 2.0 1.9 GSP (Bil. 5) 895.1 938.8 985.7 1039.2 1093.1 1081.9 1159.4 1209.9 1264.1 (%ChYear ago) 6.6 4.9 5.0 5.4 5.2 -1.0 7.3 4.4 4.5 GSP (811. 20123) 839.1 666.7 896.1 924.9 950 8 928.0 972.2 989.3 1008.2 (%Ch Year ago) 4.2 3.3 3.4 3.2 2.8 -2.4 4.9 1.8 1.9 Employment and Labor Force (Ifousehold Survey %Change Year Ago) Employment 1.4 2.9 3.4 2.0 1.3 0.0 4.8 2.7 1.9 Labor Force 0.5 2.3 2.7 1.3 1.5 2.0 2.9 1.9 1.6 FL Unemployment Rate (%) -5.4 4.8 4.2 16 3.3 5.2 3-5 26 2.4 U.S. Unemployment Rate (%) 55.3 4.9 4.4 3.9 3.7 8.2 5.8 4.7 42 COVID-19 Governor Ron DeSantis issued a "safer -at-home" order on April 3, 2020 in an effort to limit the spread of coronavirus. Governor DeSantis announced on April 29, 2020 that he would lift the "safer -at-home" order on May 4, 2020. Retailers and restaurants are allowed to reopen in limited capacities while movie theaters, gyms, bars, and face-to-face personal service providers (such as barbers and nail salons) will remain closed. Phase One of the three-phase "Safe. Smart. Step -by -Step" plan excludes Miami -Dade, Broward, and Palm Beach counties. As of September 25, 2020 Governor DeSantis announced Florida would be entering Phase 3 in reopening the state, meaning restaurants, bars, salons and other businesses will Page 8 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS be allowed to reopen under full capacity. On May 3, 2021, Governor DeSantis signed an executive order that immediately suspended the state's remaining COVID-19 public health restrictions. COLLIER COUNTY AREA ANALYSIS Collier County has long been an attractive place to retire and it continues to be an area that experiences a great deal of seasonal population increases. According to the Collier County Comprehensive Planning Department, Collier County's population increases up to 25% between November and April due to seasonal residents and short-term agricultural workers in the Immokalee area. The population increase creates a high degree of seasonality within the retail, service, and hospitality sectors of Collier County's economy. Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami, Sarasota, and West Palm Beach as shown in the following table. Metro Area Distance to Other Major Markets Miles Fort Myers 44 Jacksonville 378 Fort Lauderdale 107 Tallahassee 435 Miami 128 Atlanta 616 Sarasota 120 New York 1,311 West Palm Beach 150 Dallas 1,315 Tampa 169 Chicago 1,335 Orlando 238 Population The Bureau of Economic and Business Research, University of Florida released the following population statistics for Southwest Florida. As shown, total population increased in all six Southwest Florida counties with the greatest growth (2010-2020) in Lee County and the second highest in Collier County. Table 3. Population and Population Change for Counties in Florida, 1990 to 2020 Percent Chan State and Population 2010 2000 1990 County 2020 2010 2000 1990 to 2020 to 2010 to 2000 FLORIDA* 21,596,068 18,801,332 15,982,824 12,938,071 14.9 17.6 23.5 Charlotte 187,904 159,978 141,627 110,975 17.5 13.0 27.6 Collier 387,450 321,520 251,377 152,099 20.5 27.9 65.3 Glades 13,609 12,884 10,576 7,591 5.6 21.8 39.3 Hendry 40,953 39,140 36,210 25,773 4.6 8.1 40.5 Lee 750,493 618,754 440,888 335,113 21.3 40.3 31.6 Sarasota 438,816 379,448 325,961 277,776 15.6 16.4 17.3 Sources: US Census Bureau and Universityof Florida, Bureau of Economic and Business Research, 2020. Page 9 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS The following table shows the projected population through 2045. As shown, Lee County also has the highest projected growth rates with Collier County as a close second. Projections of Florida Population by County, 2020-2045, with Estimates for 2020 Percent Change Population 2020 2025 2030 2035 2040 2020 2025 2030 2035 2040 2045 to 2025 to 2030 to 2035 to 2040 to 2045 Southwest Florida 1,819,225 1,985,168 2,120,232 2,233,319 2,332,233 2,420,791 9.12% 6.80% 5.33% 4.43% 3.80% Charlotte 187,904 203,016 215,478 225,562 234,391 242,460 8.04% 6.149/o 4.689/o 3.91% 3.44% Collier 387,450 423,564 452,806 477,771 499,729 518,956 9.32% 6.90% 5.51% 4.60% 3.85% Glades 13,609 14,272 14,811 15,222 15,560 15,851 4.87% 3.78% 2.779/. 2.22% 1.87% Hendry 40,953 42,898 44,380 45,554 46,570 47,468 4.75% 3.45% 2.65% 2.23% 1.93% Lee 750,493 829,303 894,597 948,834 996,0861,038,511 10.50% 7.87% 6.069/o 4.98% 4.269/o Sarasota 438,816 472,115 498,160 520,376 539,897 557,545 7.59% 5.52% 4.46516 3.75% 3.27% Source: University of Florida, Bureau of Economic and Business Research, Florida Population Studies, Bulletin 190, June 2021 U.S. News & World Report, the global authority in rankings and consumer advice evaluated the country's 150 most populous metropolitan areas based on affordability, job prospects and desirability. The 2020-2021 25 Best Places to Retire is dominated by Florida metro areas, largely due to affordable homes, low taxes and high ratings for happiness and desirability. Increases in Desirability and Job Market scores lifted Sarasota from No. 2 last year to overtake Fort Myers for the No. 1 spot for 2020-2021. Naples was No. 4 on the list behind Port St. Lucie. Employment The local economy is largely dependent on the real estate market. Covid-19 has negatively impacted overall employment and the service and leisure and hospitality sectors in particular; however, jobs continue to return as the market improves. The following table shows Collier County employment by major industry division for the 1Q of 2021. Page 10 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS Florida Employment and Wages Employment IAverage Average Industry Title I Jan-21 Feb-21 Mar-211 Total Wages Monthly Quarterly Total, All Industries 149,948 151,657 152,221 $2,098,150,492 151,275 $13,870 Service -Providing 124,415 125,974 126,426 $1,769,393,429 125,605 $14,087 Education and Health Services 29,679 29,886 29,848 $399,475,532 29,804 $13,403 Trade, Transportation, and Utilities 28,574 28,814 28,715 $361,087,252 28,701 $12,581 Leisure and Hospitality 27,446 28,286 28,593 $249,001,640 28,108 $8,859 Goods -Producing 25,533 25,683 25,795 $328,757,063 25,670 $12,807 Retail Trade 21,616 21,758 21,565 $217,667,201 21,646 $10,056 Health Care and Social Assistance 21,090 21,222 21,207 $305,021,268 21,173 $14,406 Accommodation and Food Services 19,761 20,495 20,771 $159,141,095 20,342 $7,823 Construction 17,015 17249 17,390 $224,836,157 17218 $13,058 Professional and Business Services 16,805 16,974 17,142 $276,181,952 16,974 $16,271 Administrative and Waste Services 9,802 9,832 9,924 $98,044,464 9,853 $9,951 Financial Activities 8,647 8,702 8,708 $304,209,481 8,686 $35,024 Educational Services 8,589 8,664 8,641 $94,454,264 8,631 $10,943 Arts, Entertainment, and Recreation 7,685 7,791 7,822 $89,860,545 7,766 $11,571 Professional and Technical Services 6,606 6,724 6,797 $158,354,418 6,709 $23,603 Other Services 6,588 6,629 6,699 $64,229,538 6,639 $9,675 Public Administration 5,588 5,586 5,625 $89,254,243 5,600 $15,939 Manufacturing 4,918 4,941 4,968 $71,232,394 4,942 $14,413 *Source: Florida Department of Economic Opportunity, 1Q 2021 The following table shows employment projections through 2028 by the Florida Department of Economic Opportunity. As shown, agricultural employment is projected to decline while the leisure and hospitality industry has the largest projected growth rate of 30.9% followed by Other Services. Employment Projections CHARLOTTE, COLLIER, GLADES, HENDRY, AND LEE COUNTIES NAICS Title Employment 2020 2028 Growth Percent Growth Total, All Industries 525,140 603,554 78,414 14.9 Agriculture, Forestry, Fishing & Hunting 8,703 8,195 -508 -5.8 Mining 329 339 10 3.0 Construction 55,059 63,342 8,283 15.0 Manufacturing 12,165 12,706 541 4.4 Trade, Transportation and Utilities 94,905 103,656 8,751 9.2 Information 5,199 5,205 6 0.1 Financial Activities 26,205 27,805 1,600 6.1 Professional and Business Services 60,428 69,219 8,791 14.5 Education and Health Services 103,476 120,942 17,466 16.9 Leisure and Hospitality 69,807 91,361 21,554 30.9 Other Services, Ex. Public Admin 19,963 24,276 4,313 21.6 Government 65,119 71,028 5,909 9.1 Self Employed and Unpaid Family Workers, All Jobs 41,327 47,860 6,533 15.8 Page 11 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS Collier County unemployment peaked in August 2010 at 13.0% and had generally been declining until the Covid-19 pandemic with unemployment peaking again at 14.3% in April 2020. The rate in 2020 ranged from a low of 3.0% (pre-COVID) to a high of 14.3%. The preliminary reported unemployment rate in August 2021 was only 4.2%. The annual Collier County rate peaked in 2010 at 11.6% and had declined steadily since until the spike from the Covid-19 pandemic in April 2020. However, unemployment numbers have steadily decreased as the economy continues to improve. Series Id: LAUCN 120210000000003 Not Season Ily Adjusted Area: Collier County, FL Area Type: Counties and equivalents StatelRegionlDivision: Florida Measure: unemployment rate 01/11 01/12 01113 01/14 01/15 01/16 01/17 01/18 01/19 01/20 01121 Month As of August 2021, the unemployment rate for the State of Florida was 5.0%, down from the peak in May 2020 of 14.3%. On a national level, the unemployment rate in August 2021 was 5.2%, a decrease from the peak in April 2020 of 14.8%. Collier County currently has a lower August rate, at 4.2%, than state and national levels. The local economy is largely dependent on the real estate market. The following table from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment from 2011 through August 2021. As shown, unemployment from the Covid-19 pandemic has affected the service and leisure and hospitality sectors the most. The leisure and hospitality sector has nearly regained all lost jobs and is only 5.3% down from 2019 levels. The service sector is back at 2019 levels. Page 12 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS Naples - Immokalee - Marco Island Service- % Goods % Mining, Logging, & % Leisure and % All Employees, % Year Providing Change Producing Change Const. Change Hospitality Change Total Nonfarm Change 2011 103,400 3.7% 11,500 0.0•0/o 9,000 -1.1% 22,600 6.1% 114,900 3.3% 2012 106,600 3.1% 12,100 5.2% 9,400 4.49/o 23,600 4.4% 118,700 3.3% 2013 109,700 2.9% 13,500 11.6% 10,500 11.7% 24,400 3.4% 123,300 3.9% 2014 114,500 4.49/o 15,400 14.1% 12,100 15.2% 25,500 4.5% 129,900 5.49/o 2015 119,100 4.0% 17,000 10.4% 13,600 12.49/o 26,500 3.9% 136,100 4.8% 2016 124,000 4.1% 18,700 10.0% 14,900 9.6% 27,500 3.8% 142,600 4.8% 2017 126,300 1.9% 19,400 3.7% 15,400 3.49/o 28,300 2.9% 145,600 2.1% 2018 129,600 2.6% 21,500 10.8% 17,200 11.7% 29,100 2.8% 151,000 3.7% 2019 133,200 2.89/o 22,400 4.2% 17,700 2.9% 30,000 3.1% 155,600 3.0% 2020 126,300 -5.2% 22,200 -0.9% 17,300 -2.3% 25,400 -15.3% 148,400 -4.69/o 2021* 132,200 3.8% 22,900 4.8% 17,900 5.2% 28,400 7.0% 155,000 3.9% "Through August 2021; percentage increase in comparison to August 2020 YTD Source: U.S. Department of Labor Collier County and the entire Southwest Florida Region is substantially dependent on the real estate and construction sectors. Therefore, the area has been and should be more susceptible to cyclical fluctuations that have occurred in other areas dominated by a single industry. The Southwest Florida Economic Development Alliance reports key employers in Southwest Florida (Collier, Lee and Charlotte County) from Biofuels, healthcare, technology, apparel design, to sugar production are a driving force behind the region's success. The table below provides a few examples of some key employers in Southwest Florida. • Industrial Biotechnology, Algenal Biofuels - Global Headquarters • Medical Devices, Arthrex Inc. - Global Headquarters • WorriWs Specialty Apparel Retailer, ChicVs FAS - Global Headquarters • Specialty Electronics Manufacturer, Fox Electronics - Global Corporate Headquarters • Global IT Research and Advising, Gartner, Inc. • Vehicle Rentals and Sales, Hertz Inc. - Global Headquarters ■ Subsidiary Pittsburgh Glass Works, Lynx Services LLC - Customers Service Center • Manufacturing Fluid Management, Shave Development - Global Headquarters • Agricultural and Food Manufacturer, U.S. Sugar Corporation - Headquarters • Healthcare, 21stCentury Oncology- Global Headquarters The following table shows the Top 25 Employers as reported by the Florida Gulf Coast University Regional Economic Research Institute on July 27, 2021. Page 13 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS Rank Company SWFL Employees Industry County 1 Lee Health 14,028 Healthcare and Social Assistance Lee 2 Lee County School District 11,003 Educational Services Lee 3 Publix Super Market 9,768 Retail Trade Charlotte, Collier, Lee 4 Lee County Local Government 9,142 Public Administration Lee 5 NCH Healthcare System 8,159 Healthcare and Social Assistance Collier 6 Walmart 7,286 Retail Trade Charlotte, Collier, Hendry, Lee 7 Collier County School District 5,756 Educational Services Collier 8 Collier County Local Government 5,173 Public Administration Collier 9 Arthrex 4,087 Manufacturing Collier 10 Marriott International, Inc. 3,620 Accommodation and Food Services Collier, Lee 11 Bayfront Health 2,801 Healthcare and Social Assistance Charlotte 12 Charlotte County Local Government 2,614 Public Administration Charlotte 13 McDonald's 2,613 Accommodation and Food Services Charlotte, Collier, Hendry, Lee 14 Home Depot 2,497 Retail Trade Charlotte, Collier, Lee 15 Charlotte County School District 2,152 Educational Services Charlotte 16 Winn -Dixie 1,899 Retail Trade Charlotte, Collier, Hendry, Lee 17 Hope Hospice 1,838 Healthcare and Social Assistance Collier, Lee 18 Chico's Fas Inc. 1,552 Retail Trade Collier, Lee 19 Florida Gulf Coast University 1,519 Educational Services Lee 20 Bloomin' Brands, Inc. 1,395 Accommodation and Food Services Charlotte, Collier, Lee 21 Realogy Holdings Corp. 1,381 Real Estate and Rental and Leasing Charlotte, Collier, Lee 22 Darden Restaurants 1,380 Accommodation and Food Services Charlotte, Collier, Lee 23 Target 1,300 Retail Trade Charlotte, Collier, Lee 24 Walgreens 1,170 Retail Trade Charlotte, Collier, Hendry, Lee 25 Yum! Brands, Inc. 1,141 Accommodation and Food Services Charlotte, Collier, Hendry, Lee Source: Florida Gulf Coast University Regional Economic Research Institute; July 27, 2021 Tourist Tax Revenues The following graph from the Southwest Florida Regional Economic Indicators October 2021 report prepared by Florida Gulf Coast University shows Collier County's tourist tax revenues increase 123% in July 2021 compared to July 2020, with a 9% increase from June 2021. Page 14 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS Chart 5: Coastal County Tourist Tax Revenues (� County Tourist Tax Revenue - 20'16 to present 7.0 T------- 6.5 ------ D 6.0 5,5 ----- All Data Seasonally Adjusted --------- 5.0 -, - ------- 3 4.5 c 4.0 ----- Lee ------------------ ---- - -- - - H 3.0 -------------- 2.5 Collier 2.0 _c 1.5 ----- r_ 1.0 Charlotte 0.5 0.0 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Source: Local County Teurlsm, Tax, and EconornIt 9ewelop men t Reports and seasonal adjustment by RERI Development Growth continues to shift east with Ave Maria becoming the top -selling single-family residential community in Collier County and was recently ranked as one of the Top 25 Selling Master -Planned Communities in the United States. It has maintained the top ranking in the Naples -Fort Myers market for the past seven years and reported a record breaking 450 new home sales through mid September 2021 year-to-date, a 55% increase over the same period in 2020. There are currently four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand opening of The National Golf and Country Club at Ave Maria, a bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. In January 2020, in what has been described as one of the most important votes for the future of growth in Collier County, commissioners approved Rivergrass Village. The village is the first of three planned 1,000-acre villages stretching from just north of Oil Well Road to east of Golden Gate Boulevard East. Rivergrass Village will allow for up to 2,500 homes; 100,000 square feet of retail and office uses and a minium of 25,000 square feet for civic government, and institutional buildings. Longwater Village will allow for up to 2,600 homes; 65,000 square feet of retail and office space and 25,000 square feet for civic government, and institutional buildings and Bellmar Village will allow for up to 2,750 homes; 85,000 square feet of retail and office space and 27,500 square feet for civic government, and institutional buildings. In a near unanimous decision, the Collier Page 15 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS County Planning Commission agreed to recommend approval of Longwater in March 2021. The project has sparked controversy because the property sits in the environmentally sensitive Rural Lands Stewardship Area, or RLSA. Commissioners voted to approve the Longwater and Bellmar Villages on June 8, 2021. According to Collier County Planning Commission Chairman, Mark Strain, there are more than $1 billion in new luxury high-rise developments near the coast including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay (Mystique completed in 2019) and Kalea Bay (Towers 100 and 200 are complete, Tower 300 is expected to be open in October 2022) in North Naples. New commercial development is very active at the intersections of Collier Boulevard and US 41 East as well as Collier Boulevard and Immokalee Road. In its 2nd Quarter 2021 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 16.47% increase in home prices (all -transactions including purchase and refinance mortgage) over the trailing 12 months. Homes prices in the state of Florida increased 18.93% over the past year (2Q 2020 - 2Q 2021) which was 17th in the nation. The continuing care retirement community, Moorings Park, teamed with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings are six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport -Pulling and Livingston Roads. Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47 units in three buildings commenced in December 2018 with completion in May 2020. Arthrex, a medical device manufacturer and one of the county's largest employers, completed construction of its latest expansion plan at its headquarters along Goodlette- Frank Road in early 2020. The development includes a 300,000 square -foot, six -story office complex with an auditorium, a four-story Innovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3-acre park. The hotel hosts orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa -based company, Mainsail, to manage all elements of the hotel operation, including employees. The first regional store for Phoenix -based Sprouts Farmers Market anchors The Landings at Logan, a new 18-acre retail center at the southeast corner of Immokalee Road and Logan Boulevard in North Naples. NCH Healthcare Northeast located at the northeast quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the first free standing ER facility in Collier County. The two-story building consists of approximately 41,500± square feet. Barron Collier Companies and Metro Development Group broke ground on Founders Square, a 55-acre mixed -use development located on the southeast corner of Immokalee Road and Collier Boulevard in January 2020. The development will be anchored by The Pointe, a collection of 10 separate restaurants and other retail tenants. It will also include a 400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot Page 16 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS medical office building; and a 110,000 square foot self -storage facility. The project is expected to be completed in late 2021. Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and Immokalee Roads in North Naples opened in December 2019. The former Albertson's was completely gutted and consists of 77,000+ square foot store with sit-down dining, a full -service bar, three bars for beer and wine, wine room with samples on tap, a wood - fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and even homemade ice cream with indoor -outdoor seating. Paradise Coast Sports Complex, is Collier County's partially completed $100 million Amateur Sports Complex. The county hopes to become a destination for traveling youth sports teams and amateur athletes. While the focus of the complex is athletics, there will be 20 fields between soccer, baseball and softball, plus a 10,000-person championship stadium, the goal is to get people to stay after the game is over with The Cove and The Factory. The Cove is a bar and food truck area for patrons to relax, listed to live music and play a variety of yard games (bag toss, oversized Connect Four and Jenga, plus ping pong). The Factory is an outdoor workout facility focusing on functional fitness (similar to CrossFit) which is available on a monthly membership basis. Additionally, the man- made lake next to The Cove includes a 2/3 mile jogging loop with three workout stations. There is a climbing wall for public use and a beach volleyball court. The county hopes to have sixteen more fields by the end of 2021. Collier County Commissioners approved a $15 million economic development agreement on June 22, 2021 for The Great Wolf Lodge. The Lodge will be built on 20 acres of land along City Gate Boulevard North. It will feature a 2-acre water park, 550-room hotel, indoor adventure park, convention center, and restaurants. The Great Wolf Lodge Vice President said officials are on track to close on the property by the end of July 2021. The property has not yet closed as of September 2021. Investment Trends The following CoStar data shows Collier County trends in the Multi -Family, Retail, Office, and Industrial sectors as of 3Q 2021. Multifamily demand has continued to be sustained by one of the nation's strongest population and job growth rates. Demand has surged, including a record amount of net absorption in the first half of 2021. Since robust supply caused a surge to a record high vacancy of nearly 16% in mid-2019, the average vacancy rate has now declined to 5.3%. Supply is still high with 850 units completed over the past year and the pipeline has 1,200 units underway. Annual rent growth has exploded in 2021 alongside the record levels of demand and rapidly tightening market conditions. Annual rent growth rates established a new record high in 21Q3, approaching 30% growth rates year -over -year. Page 17 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS Market yields have generally held flat over the past two years, with market price growth still inching upward. Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate 12 Mo Mkt Sale Price/Unit Chg $4.1 B $233.9M 4.3% 42.6% Market Sale Price/Unit $350,000 $0,000 $25250,000 $200,000 $150,000 $100,000 $50, 000 $0 11 12 12 13 14 15 16 17 18 19 20 21 Sales Volume $300 M $250 M $200 M $150M $100M $50M $0M 11 12 13 14 15 16 17 18 19 20 21 8.0% Market Cap Rate 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% i 11 12 13 14 15 16 17 18 19 20 21 12 Mo Sales Vol Growth 600% 500% 400% 300% 200% 10% 00 -100% -200% 11 12 13 14 15 16 17 18 19 20 21 Retail demand surged in Naples in the first half of 2021 with the average vacancy rates compressing by 100 basis points. This reversed virtually all of the apparent pandemic effects, which included negative net absorption over the three quarters preceding the rebound. Retail investment activity has picked up over the past three quarters and gained slight momentum in 21 Q2. The frequency of trades over $10 million has also accelerated, including the February sale of Mission Hills Shopping Center for nearly $13.88 million. However, even with a particularly strong fourth quarter in 2020, Naples saw a third straight year of declining sales volume. Market cap rates have gently risen during the prior two years and market price growth has remained flat. Page 18 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate 12 Mo Mkt Sale Price1SF Chg $6.4B $309.5M 5.9% 1.4% $300 Market Sale Price/SF 8.0% Market Cap Rate $250 7.0% 6.0% $200 5.0% $150 4.0% $100 3.0% 2.0% $50 1.0% $0 0.0% 11 12 13 14 15 16 17 18 19 20 21 11 12 13 14 15 16 17 18 19 20 21 $aooM Sales Volume 160% 12 Mo Sales Vol Growth $350M 140% 120% $300M 100% $250M 80% $200M 60% 40% $150M ' . 20% L ' $lo0M milli 0% -_ $50M -20% L 40% $0M -60% 11 12 13 14 15 16 17 18 19 20 21 11 12 13 14 15 16 17 18 19 20 21 The Collier County office market is one of the few in the nation that has seen its office market completely turn around during the pandemic. Office demand has sharply accelerated over the past three quarters and the first half of 2021 was one of the strongest net office absorption halves in that past decade. Office supply sharply increased in Collier County over the past two years; however, the overwhelming majority of the completions were from Arthrex's 300,000 SF build -to -suit corporate campus expansion. While construction has picked up since the beginning of 2020, there should be minimal impact on office fundamentals. There have only been 170,000 SF of deliveries over the past year and the majority of the 190,000 SF underway is build -to -suit. Office investment activity has surged over the past three quarters and has largely normalized to pre -pandemic levels. 21Q2 finished with the highest sales volume of the pandemic era and saw three trades exceeding $5 million. There was also a spike in office asset sales in late 2020 and a particularly strong fourth quarter rebound allowed the year to finish with one of the highest annual sales volumes of the past decade. Page 19 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS Capital Markets Overview Asset Value 12 Mo Sales Volume Market Cap Rate 12 Mo Mkt Sale PricelSF Chg $2.4B $125.9M Market Sale Price/SF $300 $250 a� $200 $150 $100 $50 $0 11 12 13 14 15 16 17 18 19 20 21 Sales Volume $300 M $250 M $200 M $150M $100M $50M $0M 11 12 13 14 15 16 17 18 19 20 21 7.3% 4.9% Market Cap Rate 8.2% 8.0% i 7.8% 7.6% 7.4% 7.2% 7.0% 6.8% 6.6% 6.4% F--- 11 12 13 14 15 16 17 18 19 20 21 12 Mo Sales Vol Growth 600% 500% 400% 300% 200% -100% 11 12 13 14 15 16 17 18 19 20 21 The Collier County industrial market is one of the tightest in Florida and saw virtually no pandemic disruption including an average vacancy rate that has declined since 20Q 1. This halted a cooling trend as the average vacancy rate had risen roughly 200 basis points over the two years leading into the pandemic. Even with the mildly rising vacancies, Collier County had remained exceptionally tight with a vacancy rate below 3%. Industrial activity has surged over the past year, led by nearly $60 million in sales volume during the fourth quarter, the largest quarterly volume on record. While volume fell off a bit in 21Q1, the roughly $20 million that changed hands was one of the strongest first- quarter totals on record and activity significantly accelerated in 21 Q2 thanks to trades such as the three -building North Collier Corporate Center for a little over $13 million. Market cap rates have essentially held flat over the past four years. Page 20 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS Overview 12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 153K 255K 1.9% 5.4% Market Sale Price/SF Market Cap Rate $160 10.0% $140 / 9.0% 8.0% $120 7.0% $100 6.0% $80 5.0% $60 4.0% 3.0% $40 2.0% $20 1.0% $0 0.0% 11 12 13 14 15 16 17 18 19 20 21 11 12 13 14 15 16 17 18 19 20 21 $180M Sales Volume $160M $140M $120M $100M $80M $60M ■ $0M $20M $OM 11 12 13 14 15 16 17 18 19 20 21 Income 12 Mo Sales Vol Growth 200% 150% 100% 50% 10. 0% -50 % 11 12 13 14 15 16 17 18 19 20 21 Personal income is a significant factor in determining the real estate demand in a given market. The following table shows Collier County households by income from the CCIM Site to do Business. Overall, Collier County has an average household income of $111,489 and a per capita income of $46,592. 2021 2026 Households by Income Number Percent Number Percent <$15,000 13,868 8.4 % 12,223 6.8 % $15,000 - $24,999 9,462 5.7 % 6,268 4.6% $25,000 - $34,999 14,287 8.7 % 13,212 7.4 % $35,000 - $49,999 17,646 10.7 % 17,328 9.6 % $50,000 - $74,999 25,972 15.7 % 27,376 15.2 % $75,000 - $99,999 21,204 12.8 % 23,706 13.2 % $100,000 - $149,999 28,435 17.2 % 34,483 19.2 % $150,000 - $199,999 12,457 7.5 % 16,524 9.2 % $200,000+ 21,695 13.1 % 26,605 14.8 % Median Household Income $76,136 $85,369 Average Household Income $111,469 $125,905 Per Capita Income $46,592 $52,741 Page 21 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS Conclusion The long term economic outlook for Collier County is positive. The area lures people from all over the country for tourism as well as retirement, with the beaches and weather considered major demand drivers. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand has increased significantly with record sales in 2020 and 2021 year-to-date. Inventory shortages continue to drive prices up; however, extended shortages and surging construction prices may begin to temper demand. According to the According to the Naples Area Board of Realtors (NABOR), there was a record $18.2 billion in sales in Collier County during 2020. The August 2021 Market Report released by NABOR shows overall closed sales have increased 58% in August 2021 YTD. Home values continue to increase with the August 2021 YTD median closed price of $430,000 up 19.8% from the August 2020 YTD of $359,000. Generally, the commercial market lags the residential market. Aside from some signs of an upcoming decline, characterized by positive but falling demand with increasing vacancy, the overall commercial market was projected to continue to increase at a stabilized rate prior to the coronavirus outbreak. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Page 22 LAKE PARK BOULEVARD PARCELS COLLIER COUNTY AREA ANALYSIS COLLIER COUNTY AREA MAP A, IF San Carlos Park ".• I Estero. � Grp Ray MEW Fiinr Pen S[rand Corkscrew i 41 I Bonita Springs I North Naples Pelican Bey Vineyards r- d, Golden Gate Naples ;.i �� Saurh Naples I I I I I I I 1 1 , -- -- - - - -- -----� , Rural Esla[es Fforida Pan rher iota 60naJ Wifdfife Refuge I . I 93 I~ Picayune S[rand Slate Forest Guilivan Say , I I 1 L"1 1 I Fakaha rchee Strand Preserve State Park 1 1 1 a1 I I a I - 5 Big Cypress j *kyr National Preserve a, �i7 F '13YAtx �kri�- stti�y`---------- --- Page 23 LAKE PARK BOULEVARD PARCELS MARKET AREA ANALYSIS MARKET AREA ANALYSIS Boundaries The property is located within the Royal Fakapalm Planning Community which is east of the South Naples Planning Community. The market area is generally delineated as follows: North Davis Boulevard South Tamiami Trail East East San Marco Road West Airport -Pulling Road A map identifying the location of the property follows this section. Market Area Access and Linkages Primary access to the market area is provided by CR 951 (Collier Blvd), which starts in the north at its intersection with Immokalee Rd (CR 846) and extends south to its eventual ending on Marco Island. CR 951 was recently expanded from four -lanes to six - lanes between U.S. 41 and Davis Boulevard. Land uses fronting CR 951 are characterized by commercial uses such as office, large and small scale retail, restaurants, and convenience stores, as well as limited large-scale residential developments. Tamiami Trail East (US 41) runs through the market area in an easterly/westerly direction. Improvements to the intersection of Tamiami Trail East (US 41) and Collier Boulevard (CR 951) were completed in 2015. One major focus of the project was to eliminate the angle which had 951 jog abruptly at the intersection. The intersection was resurfaced, restored and rehabilitated on S.R. 951 from Tower Road to south of Fiddler's Creek Parkway. The at -grade intersection will accommodate a future grade separated overpass (C.R./S.R. 951 over U.S. 41). According to Collier County Planning Commission Chairman, Mark Strain, construction of the overpass is scheduled to commence in 2021. Overall, vehicular access is good. The extension of Santa Barbara Boulevard between Rattlesnake Hammock Road and Davis Boulevard was completed in mid 2010. The two-mile project consists of a new six - lane roadway with sidewalks and bike lanes on both sides. Overall, vehicular access is good. Public transportation is provided by Collier Area Transit (CAT). The local market perceives public transportation as fair compared to other market areas in the region. However, the primary mode of transportation in this area is the automobile. The Southwest Florida International Airport (RSW) is located about 35 miles from the market area; travel time is about 45 minutes to an hour, depending on traffic conditions. The Naples Municipal Airport (APF) is approximately 7 miles and 15 to 30 minutes west and the Marco Island Airport (MKY) is approximately 10 miles and 20 minutes to an Page 24 LAKE PARK BOULEVARD PARCELS MARKET AREA ANALYSIS hour south of the market area. The Naples CBD, the economic and cultural center of the region, is approximately 7 miles from the market area. Demand Generators/New Development The opening of Physicians Regional -Collier Boulevard in 2007 brought services like obstetrics and pediatrics to East Naples and Marco Island. The 100-bed Physicians Regional Medical Center -Collier Boulevard includes four operating suites, a 20-bed recovery unit and 12 intensive -care beds. Six more operating suites were shelled out at construction. A key component of the hospital is a separate women's pavilion with six birthing suites and a 12-room post-partum/gynecology rooms. There's also a well -baby nursery that can handle 15 babies and two -bed isolation room for sick infants. The NCH Healthcare System opened a 23,000 square foot, two-story, multi -purpose outpatient medical center near the corner of Collier Boulevard and Grand Lely Drive in 2018. The new building replaces the NCH facility located approximately 1.4 miles north on Collier Boulevard across from the Physicians Regional hospital. The building includes a 3,000 square foot Immediate Care Center (urgent care), and 5,500 square feet of outpatient imaging services including ultrasound, X-Ray, CT, MRI, mammography, and DEXA. Additional space of 7,500 square feet is dedicated to primary care physician offices and 4,000 square feet for outpatient rehabilitation services. A 2,500 square foot sleep lab is also part of the project. Florida SouthWestern State College (Formerly Edison State College) is a state college in Florida, part of the Florida College System. The college has its main campus (Lee County Campus) in Fort Myers in Lee County, and branch campuses in Charlotte and Collier counties. The Collier Campus of Florida SouthWestern State College is located at the intersection of Lely Cultural Parkway and Grand Lely Drive. It opened in March of 1992 on an 80-acre site. Hacienda Lakes, a 2,262-acre mixed -use planned development is located east of Collier Boulevard near the Florida Sports Park and Physicians Regional Medical Center. The entire development is approved for up to 1,760 homes, up to 327,000 SF of retail space, 70,000 SF of professional and medical office space, 135 hotel rooms, a 140,000 SF business park, and a public school. Taylor Morrison is developing 152 acres in the community for Esplanade at Hacienda Lakes. The neighborhood includes 443 Mediterranean -inspired villas and single-family homes surrounded by 30 acres of lakes and conservations areas. Toll Brothers is developing Azure at Hacienda Lakes, a luxury, gated master planned community with more than 400 single-family and coach homes. D.R. Horton recently broke ground in February 2021 on Tamarino, a community of 251 single family homes on more than 100 acres along Collier Boulevard, south of Physicians Regional Medical Center and north of VeronaWalk. Taylor Morrison broke ground in 2020 on Esplanade by the Islands, a 525 acre development planned for 1,250 single-family, twin villa, and coach homes. The development is located east of Fiddler's Creek along Tamiami Trail E (US 41). Page 25 LAKE PARK BOULEVARD PARCELS MARKET AREA ANALYSIS Residential development is also ongoing in Lely Resort, Fiddler's Creek, Treviso Bay, Artesia Naples, Naples Reserve, and Winding Cypress and the Isles of Collier Preserve. With more than 12,000 new single- and multi -family units planned in the market area, Collier County Planning Commission Chairman Mark Strain estimates nearly 30,000 new residents at build -out, retail development is following. Kite Realty Group completed Tamiami Crossing, a 120,859 square foot multi -tenant retail center, located at the southeast corner of Tamiami Trail and Collier Boulevard in March 2016. The center is occupied by Ulta, Marshall's, Ross, Stein Mart, Michael's, and Petsmart. An Aldi grocery store is proposed at the Collier Boulevard entrance to Tamiami Crossing. A Fresh Market, BurgerFi, and Panera Bread have been added to the Lowe's anchored center on the southwest corner of Tamiami Trail and Collier Boulevard. A Hobby Lobby opened in October 2016 in the Triangle Plaza, which is also the location of Outback Steakhouse (2014) and Chase Bank (2012). Restaurant Row is located along Collier Boulevard just north of the intersection with Tamiami Trail. The development will consist of at least eight restaurants at completion. Pollo Tropical opened in September 2016 and a drive-thru Starbucks and T-Mobile were completed in October 2016. Chipotle Mexican Grill and Texas Roadhouse opened in the first quarter of 2017 and Pei Wei Asian Diner opened in April 2017. Wa1Mart, located along Collier Boulevard, just south of the intersection with Tamiami Trail was expanded to a Supercenter with the addition of a grocery store and gas pumps and the removal of the auto repair portion. A new Publix opened in the Fiddler's Creek Plaza located a few miles east of Collier Boulevard along the south side of Tamiami Trail in August 2021. A Publix Liquors store is also part of the 64,000-square-foot retail center at the new eastern entrance into Fiddler's Creek. In addition to the Publix, there is approximately 12,000 square feet of inline retail space. Demographics The following table shows the historical, current and projected population, households, housing, and income demographics for the immediate market area defined as a 3 mile radius from the subject. The table was developed using data from STDBOnline.com. Page 26 LAKE PARK BOULEVARD PARCELS MARKET AREA ANALYSIS oesn- Demographic .. Income Profile SWC Tamiami Trail and Lake Park Blvd Prepared by Esn 16572-17098 Tamiami Trl E, Naples, Florida, 34114 Latitude: 26.01977 Ring: 3 mile radius Longitude: -81.63224 Summary Census 2010 2021 2026 Population 4,006 5,434 7,685 Households 1,727 2,291 3,137 Families 1,206 1,571 2,143 Average Household Size 2.30 2.36 2.44 Owner Occupied Housing Units 1,315 1,879 2,718 Renter Occupied Housing Units 412 412 419 Median Age 55.2 56.3 56.0 Trends: 2021-2026 Annual Rate Area State National Population 7.18% 1.31% 0.71% Households 6.49% 1.27% 0.71% Families 6.41% 1.22% 0.64% Owner HHs 7.66% 1.45% 0.91% Median Household Income 1.54% 2.38% 2.41% 2021 2026 Households by Income Number Percent Number Percent c$15,000 208 9.1% 200 6.4% $15,000 - $24,999 78 3.4% 84 2.7% $25,000 - $34,999 176 7.7% 197 6.3% $35,000 - $49,999 192 8.4% 283 9.0% $50,000 - $74,999 495 21.6% 688 21.9% $75,000 - $99,999 349 15.2% 413 13.2% $100,000 - $149,999 254 11.1% 386 12.3% $150,000 - $199,999 157 6.9% 297 9.5% $200,000+ 383 16.7% 590 18.8% Median Household Income $74,779 $80,731 Average Household Income $120,564 $136,176 Per Capita Income $51,806 $56,611 Outlook and Conclusions As with Collier County, the long term economic outlook for the market area is positive. Total population is projected to increase slightly over the next five years and begin a more normalized pattern thereafter. The commercial market is generally in the expansion stage which is characterized as sustained growth in demand and increasing construction. More importantly, the area is projected to experience increasing employment growth. Based on this analysis, it is anticipated that the market area will continue to grow and prosper. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand has increased significantly with record sales in 2020. Inventory shortages continue to drive prices up; however, extended shortages and surging construction prices may begin to temper demand. Generally, the commercial market lags the residential market. Aside from some signs of an upcoming decline, characterized by positive but falling demand with increasing vacancy, the overall commercial market was projected to continue to increase at a stabilized rate prior to the coronavirus outbreak. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Page 27 LAKE PARK BOULEVARD PARCELS MARKET AREA ANALYSIS Market Area Map New Publix } Esplanade by the Islands oogle T, Royal Palm Golf Estates Map data @2021 Page 28 LAKE PARK BOULEVARD PARCELS RETAIL MARKET ANALYSIS RETAIL MARKET ANALYSIS The following table developed from CoStar summarizes the overall retail market statistics as of 3Q 2021 for the Collier County Retail Market. As shown, current rental rents are $24.47 per square foot triple net and have increased 2.8% over the past year. Current vacancy rates are 5.2%. Overview 12 Mo Deliveries in SF 12 Mo Net Absorption In SF Vacancy Rate 12 Mo Rent Growth 256K 166K 5.2% 2.8% KEY INDICATORS Current quarter RBA Vaoat" Rats Market Rent Availability Rate Not Abaorptlon 5F Deliveries sr Under Construction Malls 1,671,471 5.0% $30.41 0.5% 10,704 0 0 Power Center 880,031 12.3% $27.78 12.3% 0 0 0 Neighborhood Center 8,746,476 6.0% $23.39 7.9% 3,814 0 0 Strip Center 1,967,729 4.1% $21.96 4.9% 1,256 0 0 General Retail 10,050,517 2.7% $2475 30% (19,619) 0 192.379 Other 259,753 580% $19.64 58.0% 0 0 ❑ Market 23,575,977 5.2% $24.47 5.7% (3,845) 0 192.379 0 Annual Trends 12 Month Historical Forecast peak when Trough When Average Average Vacancy Change (YOY) -0.3% 5.8% 4.6% 9.3% 201001 2A% 2006 Q1 Net Absorption SF INK 263,680 184,370 1,054,387 200702 (462,798) 2010 Q2 Deliveries SF 256K 362,605 174,761 1,222,183 2008 04 17,935 2012 Q4 Rent G rovAh 2.8% 0.8% 2.3% 5.2% 200701 5.1 % 2009 Q4 Sales Volume $309M $175.6M NIA $378.6M 201501 $45M 2003 Q2 According to the CoStar retail report, retail demand surged in Collier County in 21Q1 with the average vacancy rate compressing 30 basis points. This reversed some of the apparent pandemic effects on the markets, with led to negative net absorption over the three quarters preceding the rebound. The retail sector was one of the more affected property types by the ongoing crisis. However, the pace of store closings has slowed substantially in 2021. The recent improvement is especially welcome as Collier County's retail market fundamentals were already weakening ahead of the pandemic. Retail demand slowed throughout much of 2018 and 2019 and combined with moderately elevated retail construction to drive vacancies up nearly 300 basis points. Retail leasing activity and retail sector job growth rates declined during this timeframe. Annual rent growth has been impacted by the weakened market conditions, cooling steadily over the past two years though it has bounced back in 2021 on the heels of the resurgent demand. Asking rents command significant premiums in Collier County, a reflection of the market's affluence and high cost of living. The retail market rent exceeds Page 29 LAKE PARK BOULEVARD PARCELS RETAIL MARKET ANALYSIS $23 per square foot, one of only five markets in Florida to make this claim and only trailing the much larger South Florida markets With a pipeline of roughly 170,000 SF, Collier County retail construction remains near highest levels in over a decade. Retail supply has been consistently elevated throughout the past ten years, with most years seeing deliveries close to or even greater than the long-term average. This had been quite a contrast to the national environment, where most markets were adding sparse supply or even experiencing contracting inventories Outlying Collier County Retail Submarket The subject is located within the CoStar defined Outlying Collier County Retail Submarket. The following table summarizes the asking rents in each of the Collier County retail submarkets. As shown, the City of Naples submarket has the highest asking rent followed by the North Naples submarket. The Naples Submarket commands the highest rents for any submarket outside of South Florida. Tenants along Fifth Avenue in Old Naples, predominately boutiques and high -end retail, pay the highest rents in the market to capitalize on the high visibility and walk -ability. Proximity to wealthy households along the beach also spurs tenants to pay higher rents. SUBMARKET RENT Market Rent No. Suhmarkat Per Sr 1 East Naples $18.1 2 Golden Gate $19.4 3 Lely $23.4 4 Marco Island $22.8 5 Naples $34.6 $25.9 $19.3 6 North Naples 7 Outlying Collier County 12 MonM Market Rem QTD Annualized Market Rent Rank Cwvwth Rank Grath Rank 8 7 3.1% 3 -1.1% 5 -0.9% 1 8 5 3.0% 4 2 3 3.2% -1.0% 3 2 4 2.0% 7 -1.1% 7 9 2 2.6% 5 6 -1.0% -1.1% 2 6 8 6 3.1 % 2 -1.0% 4 The following graph shows average rental rates and occupancy levels for each submarket. The size of the bubble relates to the size (SF) of the submarket. As shown, the North Naples submarket is the largest submarket followed by the East Naples submarket. As previously mentioned, the City of Naples and North Naples submarkets have the highest average rental rates. With exception of the Outlying Collier County submarket (89.1 %) all submarkets have stabilized occupancy rates above 90%. Page 30 LAKE PARK BOULEVARD PARCELS RETAIL MARKET ANALYSIS O North Naples - Naples • • Estero -Fort Myers . East Naples -Naples • O Bonita Springs - Fort Myers . Naples - Naples . Outlying Collier County - Naples . Marco Island - Naples • Lely- Naples Golden Gate - Naples • 98.0% Radius: Infory SF 96.0% 7+ c 94.0 %rL r0 D U U 0 92.0 % 90.0% 2021 $16.00 $18.00 $20.00 $22.00 $24.00 $26.00 $28.00 $30.00 $32.00 $34.00 $36.00 Market Rent I SF The following table developed from Costar summarizes the Q3 2021 retail market statistics for the Outlying Collier County Retail Submarket. As shown, current market rents are $19.39 per square foot triple net and have increased 3.1 % over the past twelve months. Vacancy rates are currently 10.9%. Overview 12 MO Deliveries in SF 12 MO Nat AbSarption in SF Vacancy Rate 12 Mo Rent Growth 66.2 K 31.8 K 10.9% 3.1 % KEY INDICATORS Current nuertar RBA Vacancy Rate Market Rent Availability Rate Net Absorption Deliveries SF Under sr Construction Malls 0 - - - a 0 0 Power Center 0 - - - 0 0 0 Nelghborhaod Center 432554 13.4% $18.45 6.3% 0 0 0 Strip Center 98,636 0% $19.12 0% 0 0 0 General Retail 1,587,102 2.6% $20.38 4.9% 0 0 130.423 Other 147,453 100% $10.79 100% 0 0 0 Submarket 2,265,745 10.9% $19.39 10.8% W 0 130A23 Annu31 Trends 12 Month Historical Forecast peak When Trough When Average Average Vacancy Change CYOY) 1.2% 6.0% 9.0% 110.9% 202104 0.9% 2007 Q2 Net Absorption SF 31.8K 63,596 53,871 541,367 200702 (97,581) 2018 Q4 Deliveries SF 66.2K 77,921 52,338 527,527 2007 Q4 0 2014 Q2 Rent Growth 3.1% 0.2% 2.2% 5.0% 200701 -4Z% 2009Q4 Sales Volume $8.7M $8M NIA $23.6M 201603 $0 2009 Q3 Page 31 LAKE PARK BOULEVARD PARCELS RETAIL MARKET ANALYSIS As shown in the following graph, net absorption is projected to increase significantly in early 2022 with the absorption of new space and remain slightly positive through 2025. Outlying Collier County vacancy rates are projected to stabilize in the high 8% range by early 2023 with Collier County vacancy rates stabilizing in the mid 4% range. NET ABSORPTION, NET DELIVERIES & VACANCY 250 0 ° precast 200 10% LL , 150 i 9% N 0 100 r , 8% N 50 7% N Z 0 I' 6% � i -50 o 5% N -100 . , 4% -150 ; , 3% -200 2% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 Net Absorption ■ Net Deliveries 1 Vacancy Naples Vacancy Rental rates are generally projected to slightly increase through 2025. MARKET RENT PER SQUARE FEET $28 Forecast , $26 ; $24 , $22 $20 $18 , $16 , , , $14 $12 i , $10 $8 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ■ Neighborhood Center ■ General Retail ■ Other Retail ■ Outlying Collier County ■ Naples Strip Center Page 32 LAKE PARK BOULEVARD PARCELS RETAIL MARKET ANALYSIS VACANCY AND RENTAL RATE TRENDS The following graph shows vacancy and rental rates for all classes of retail space within a five -mile radius of the subject. The data developed from CoStar includes a survey of 626,447 square feet of rentable area. As shown, rental rates have increased since declining in mid-2020 due to the pandemic. The current average rental rate is $18.18/sf triple net. Vacancy rates have fluctuated during this time period and are currently 24.5%. However, the majority of the vacant space is located within the Naples Coastal Shoppes, the 147,500f square foot retail center located along Collier Boulevard, south of US 41. The center was built in 1991 with an addition in 1998 and renovations in 2017. Vacancy & Market Rent Per SF 30°h 28% 2b % 24% m C1 ¢ 22°i T W 20% 18% 16% 14% Inflation Adjusted 5 History 1Y 9Y 5Y 10Y All 6 wra $19.60 $19.40 $19.20 $19.00 u_ u` n $18.80 Co Q $18.60 $18.40 $18.20 $18.00 12% 1 01 18 ' 02 18 Q3 18 Q4 18 1 01 19 02 19 03 19 04 19 1 01 20 02 20 03 20 1 04 20 1 01 21 02 21 Q3 21 04 21 1$17 80 ■ Vacancy Rate 0 Market Ren11SF Page 33 LAKE PARK BOULEVARD PARCELS SITE ANALYSIS PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection and public records including the legal descriptions. Land Summary Gross Land Area Gross Land Area Parcel ID (Acres) (Sq Ft) 00766280009 0.918 40,000 00766320008 0.918 40,000 00770080208 0.918 40,000 00764000003 0.918 40,000 Totals 3.673 160,000 SITE Location: The subject is located on the southwest corner of Tamiami Trail East (US 41) and Lake Park Boulevard. Current Use of the Property: Vacant and densely vegetated. Shape: The site is square. Road Frontage/Access: The subject property has average access with frontage as follows: • Tamiami Trail East (US 41): 400 feet • Lake Park Boulevard: 400 feet The site has an average depth of 400 feet. It is a corner lot. Traffic Count (2020): 4,400 along Tamiami Trail East (US 41) Visibility: Average Topography: The subject has level topography below grade. According to a Development Area Map prepared by Hole Montes dated January 2009, the western approximately 2.01 acres is designated as wetland preserves. The actual wetland preserve area was to be determined at the time of site development plan review. The area is identified as Freshwater Forested/Shrub Wetlands on the Florida Department of Environmental Protection GIS. Soil Conditions: We were not provided with a soils report for the purpose of this appraisal. We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: FP&L Sewer: Municipal sewer Water: Municipal water Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: . Street Lighting: There is no street lighting. Page 34 LAKE PARK BOULEVARD PARCELS SITE ANALYSIS • Sidewalks: There are no sidewalks. • Curbs and Gutters: There are no curbs and gutters. • Curb Cuts: The subject has no existing curb cuts. Access would likely be from Lake Park Boulevard. • Landscaping: The subject is densely vegetated. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in FEMA flood zone AE, which is classified as a flood hazard area. FEMA Map Number: 12021 C 0620H FEMA Map Date: 5/162012 The subject is in a flood zone and within the Coastal High Hazard area. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: We were not provided with an environmental assessment report for the purpose of this appraisal. Environmental issues are beyond our scope of expertise; therefore, we assume the property is not adversely affected by environmental hazards. Encumbrance / Easements: A current title report was not provided for the purpose of this appraisal. We are not aware of any easement, restrictions, or encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. Site Comments: The subject is located on the southwest corner of Tamiami Trail East (US 41) and Lake Park Boulevard. The southeast corner is improved with a former Citgo Gas Station. According to a Development Area Map prepared by Hole Montes dated January 2009, the western approximately 2.01 acres is designated as wetland preserves. ZONING Zoning Code P Zoning Authority Collier County Zoning Description Public Use District Permitted Uses Administrative service facilities; Child care, not for profit; Collection and transfer sites for resource recovery; Communication towers; Education facilities; Educational plants; Essential public service facilities; Fairgrounds; Libraries; Museums; Park and recreational service facilities; Parking facilities; Safety service facilities; and any other public structures and uses which are comparable in nature with the list of permitted uses, and consistent with the purpose and intent statement of the district, as determined by the Hearing Examiner or CCPC, pursuant to LDC section 10.02.06. Current Use Legally Conforming The subject is legal and conforming use. Zoning Change Likely A zoning change is likely. Zoning Change Description A zoning change to Commercial (C-3) is likely. Minimum Lot Area (SF) None Minimum Floor Area (SF) None Page 35 LAKE PARK BOULEVARD PARCELS SITE ANALYSIS Minimum Street Frontage (Feet) Front Set Back Distance (Feet) Rear Set Back Distance (Feet) Side Yard Distance (Feet) Parking Requirement Maximum Density/FAR Maximum Building Height (Feet) None the yard requirements shall be equal to the most restrictive adjoining district the yard requirements shall be equal to the most restrictive adjoining district the yard requirements shall be equal to the most restrictive adjoining district Dependent on specific use None Buildings within 100 feet of an adjoining district are limited to the height of the most restrictive of an adjoining district Zoning Comments According to RZ-PL2009-469, the subject Parcels 00764000003 and 00766320008 were previously zoned Agricultural (A), while Parcels and 00766280009 and 00770080208 were zoned Commercial (C-3). All four parcels were rezoned to Public Use District (P) in 2010 for the development of a Fire Station. A rezone from Public Use District (P) to Commercial Intermediate District (C-3), similar to the subject previous zoning as well as the zoning of the adjacent parcel to the east is likely. Page 36 LAKE PARK BOULEVARD PARCELS SITE ANALYSIS FUTURE LAND USE DESIGNATION Designation Agricultural/Rural Designation - Rural Fringe Mixed Use District - RF-Neutral Description The Rural Fringe Mixed Use District provides a transition between the Urban and Estates Designated lands and between the Urban and Agricultural/Rural and Conservation designated lands farther to the east. Neutral Lands: Neutral Lands have been identified for limited semi -rural residential development. Available data indicates that Neutral Lands have a higher ratio of native vegetation, and thus higher habitat values, than lands designated as Receiving Lands, but these values do not approach those of Sending Lands. Therefore, these lands are appropriate for limited development, if such development is directed away from existing native vegetation and habitat. A lower maximum gross density is prescribed for Neutral Lands when compared to Receiving Lands. Additionally, according to the Conservation and Coastal Management Element (CCME) Preservation and Native Vegetation Retention Standards, land area within the Neutral Lands designation shall have a minimum of 60% of the native vegetation present, not to exceed 45% of the total site area shall be preserved. Permitted Uses The Rural Fringe Mixed Use District allows for a mixture of urban and rural levels of service, including limited extension of central water and sewer, schools, recreational facilities, commercial uses and essential services deemed necessary to serve the residents of the District. Clustering: Clustering of residential development is allowed and encouraged. The minimum project size shall be at least 40 acres. Permitted Density Maximum Density within Neutral Lands: 1 dwelling unit per 5 gross acres (0.2 units per acre) Conformity The subject property conforms to all requirements of the Future Land Use Element of the Comprehensive Plan. Concurrency As of the effective date of this appraisal, traffic, utilities, etc. are at concurrent levels with the future land use requirements. Moratorium As of the effective date of this appraisal, there are no building moratoriums affecting the subject property. Page 37 LAKE PARK BOULEVARD PARCELS SITE ANALYSIS Zoning Map „. Future Land Use Map Subject RURAL NGE MIXED USE DISfRICI San Marco R� - R..mng Lanes sendinUnO= COLL I E R- Neutral Lands S E M I N OL E Page 38 LAKE PARK BOULEVARD PARCELS SITE ANALYSIS Aerial Page 39 LAKE PARK BOULEVARD PARCELS SITE ANALYSIS Flood Map National Flood Hazard Layer FIRMette aLagLsw zc=rsn "i 11;KIA Legend 1:li,UUU 0 250 500 1000 1,500 2.000 8a. map-USGSN--lMap-Orlhoimegery Plata refreshed OeY ,, 2020 vrmou[ ease Flaotl Ekvadon (BFEJ SPECIAL FLOOR xA2ARU AREAS Nim aF£or Repm 2ana AF.Ad, IlI,KpR Regulemry Flmdwey 0.2%Annual menu Mod HUmdtl A. of 1%annual cnante ffaotl wan arerege f eepm�th nnefmtmwen eramage areas of less than one squre mee hmx Fumre Contleionz SY Mnuel — CM1entt Rmd Hazartl tm.x A>� wen R aa«a Mpa Risb aaa m FI-� Isvee_See Nores..max FLooM xAmRR '/p'� Area wan xma Risk ane m Levee:aw p OTHER AREAS GENERAL SIHHINRFS deaeal. A,e. nlMmknalRme Haurtl z.�.. ETkctive LOMRs Asen of Uneecerminee FlmeHazard ��.� ---- anne u e wr �m eerer i i i i i i Levu. Gike, orFbotlwaU '� Cross Seclkns wim l%Annual ��fienure Warm Surface E3evmion — szal SransaR —Eau Flootl Elevation Line�OFE] limi[ol eNdy ' ludztlittbn Ocuntlary Fnnutt Oaulirte OTHER FEATHREE --- stet _ Profee eaupne MrdmgrapM1ic Future Oigice3 Guce Availahle xn Rlgbnl aam A.aemk AIAP Unmapped �PAAN— T The pin d'spk on tM1e map's an epR'uximaoe poet sekmed by the uur and does nm repreunt en eumomat%e ProPertY location. This map mmplkz wRfi FI dig IPootl maps itaisn me good TaraM mfmmetbn is -Nee directlyfmm t0/2D2121 . the aumo Metrve NFHL web ud by FEIRA. This map exportetl on ; ]2[1120120 AM ..d. refktt cM1angeser amendments subsequent ce tM1k tlau antl one.TheNMLantlefintormatkn mry mange or demure superseded W new date overtime. This map image 'Lsmk d Ne one or more of me fvlbwing map ekm .— not appear. baumap magery. Mod mne kbek, legend, s l bye map d FRMn date, d., Vty dem'dkrs, FIRM panel number, antl RRM effective tlace. Map imegesfor regulatory P. Page 40 LAKE PARK BOULEVARD PARCELS SITE ANALYSIS Site Photographs Tamiami Trail East (US 41) — Easterly (Photo Taken on October 2, 2021) Page 41 LAKE PARK BOULEVARD PARCELS SITE ANALYSIS Site Photographs Lake Park Boulevard — Northerly Lake Park Boulevard — Southerly (Photo Taken on October 2, 2021) Page 42 LAKE PARK BOULEVARD PARCELS SITE ANALYSIS Site Photographs Site view from Tamiami Trail E — Southwesterly Site view from Tamiami Trail E / Utilities — Southerly (Photo Taken on October 2, 2021) Page 43 LAKE PARK BOULEVARD PARCELS SITE ANALYSIS Site Photographs Site view from Lake Park Boulevard — Westerly Adjacent former Citgo Gas Station (Photo Taken on October 2, 2021) Page 44 LAKE PARK BOULEVARD PARCELS REAL ESTATE TAXES AND ASSESSMENTS REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. In 2008, Florida voters amended the Constitution to give non -homestead property owners some protection against increases in their annual property tax assessments. As amended, the Florida Constitution now prohibits the assessment of certain non -homestead property from increasing by more than 10% per year. The 10% cap applies to most types of commercial property, including non -homestead residential property (i.e. apartments and other rental property) and nonresidential property (i.e. commercial property and vacant land). The cap was set to expire on January 1, 2019; however, in November 2018 Florida voters amended the Constitution to make the cap permanent. The protection of the 10% cap is lost when there is a change of ownership or control. The property tax identification number and assessed value of the property for tax year 2021 are as follows: Real Estate Assessment and Taxes Tax ID Land Improvements Total Tax Rate Special Ad Valorem Total Taxes Assessment Taxes 00766280009 $80,000 $0 $80,000 1.14% $0.00 $913.80 $914 00766320008 $79,279 $0 $79,279 1.14% $0.00 $905.56 $906 00770080208 $80,000 $0 $80,000 1.14% $0.00 $913.80 $914 00764000003 $79,279 $0 $79,279 1.14% $0.00 $905.56 $906 Totals $318,558 $0 $318,558 $3,639 Notes: No takes are paid by the Greater Naples Fire Rescue District. The tax assessment for subject property is currently $1.99 per square foot. Based on our valuation analysis, the subject's assessment appears low. Page 45 LAKE PARK BOULEVARD PARCELS HIGHEST AND BEST USE HIGHEST AND BEST USE Highest and best use may be defined as: The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 ■ Physically possible for the land to accommodate the size and shape of the ideal improvement. ■ Legally permissible under the zoning regulations, building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. ■ Financially feasible to generate sufficient income to support the use. ■ Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As Vacant Physically Possible The subject site is 3.67 acres or 160,000 square feet with 400 feet of frontage along Tamiami Trail East (US 41) and 400 feet along Lake Park Boulevard. The physical characteristics of the subject tract should reasonably accommodate any use that is not restricted by its size. According to a Development Area Map prepared by Hole Montes dated January 2009, the western approximately 2.01 acres is designated as wetland preserves. The subject's utilities are typical and adequate for the market area. The site is square. The site is located in a FEMA flood zone AE area per FEMA Flood Map Number: 12021C 0620H, dated 5/162012, which is classified as a flood hazard area. There are no known physical reasons that would unusually restrict development. The site is considered to have a functional utility suitable for a variety of uses. Legally Permissible The subject site is zoned Public Use District (P). The purpose and intent of public use district (P) is to accommodate only local, state and federally owned or leased and operated government facilities that provide essential public services.. The subject is also located within the Agricultural/Rural Designation - Rural Fringe Mixed Use District - RF-Neutral. The Rural Fringe Mixed Use District provides a transition between the Urban and Estates Designated lands and between the Urban and Agricultural/Rural and Conservation designated lands farther to the east. 1 The Dictionary of Real Estate Appraisal 6' ed. (Chicago: Appraisal Institute, 2015) Page 46 LAKE PARK BOULEVARD PARCELS HIGHEST AND BEST USE Additionally, according to the Conservation and Coastal Management Element (CCME) Preservation and Native Vegetation Retention Standards, land area within the Neutral Lands designation shall have a minimum of 60% of the native vegetation present, not to exceed 45% of the total site area shall be preserved. The subject parcel has frontage along Tamiami Trail East (US 41) as well as Lake Park Boulevard. According to RZ-PL2009-469, the subject Parcels 00764000003 and 00766320008 were previously zoned Agricultural (A), while Parcels and 00766280009 and 00770080208 were zoned Commercial (C-3). All four parcels were rezoned to Public Use District (P) in 2010 for the development of a Fire Station. The adjacent parcel to the east, located as the southeast corner of Tamiami Trail East (US 41) and Lake Park Boulevard is zoned Commercial Intermediate District (C-3) and improved with a gas station and convenience store. Considering the corner location with frontage along Tamiami Trail East (US 41), a rezone from Public Use District (P) to Commercial (C-3), similar to the previous zoning as well as the zoning of the adjacent parcel to the east is likely. Permitted uses within the Commercial Intermediate District (C-3) include uses in C-1 and C-2 districts as well as activity centers. Additional permitted uses include: Administrative service facilities; Child care, not for profit; Collection and transfer sites for resource recovery; Communication towers; Education facilities; Educational plants; Essential public service facilities; Fairgrounds; Libraries; Museums; Park and recreational service facilities; Parking facilities; Safety service facilities; and any other public structures and uses which are comparable in nature with the list of permitted uses, and consistent with the purpose and intent statement of the district, as determined by the Hearing Examiner or CCPC, pursuant to LDC section 10.02.06. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only commercial uses are given further consideration in determining the highest and best use of the site, as if vacant. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand has increased significantly with record sales in 2020. Inventory shortages continue to drive prices up; however, extended shortages and surging construction prices may begin to temper demand. Generally, the commercial market lags the residential market. Aside from some signs of an upcoming decline, characterized by positive but falling demand with increasing vacancy, the overall commercial market was projected to continue to increase at a stabilized rate prior to the coronavirus outbreak. The significant residential demand since Page 47 LAKE PARK BOULEVARD PARCELS HIGHEST AND BEST USE the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. On this basis, barring unforeseen changes in the market, a well -designed commercial, product that is appropriately marketed and priced, should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Rezone for commercial development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, rezone for commercial development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved No improvements are situated on the site. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size, class, and location of the property, the most probable buyer is an owner -user or developer. Page 48 LAKE PARK BOULEVARD PARCELS VALUATION METHODOLOGY VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is least reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor's perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, different properties require different means of analysis and lend themselves to one approach over the others. Page 49 LAKE PARK BOULEVARD PARCELS VALUATION METHODOLOGY ANALYSES APPLIED A cost analysis was considered and was not developed because there are no improvements that contribute value to the property. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because the subject is not likely to generate rental income as vacant land. Page 50 LAKE PARK BOULEVARD PARCELS SALES COMPARISON APPROACH SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables I have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per square foot as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. Page 51 LAKE PARK BOULEVARD PARCELS SALES COMPARISON APPROACH Comp Address Date Price City Land SF Price Per SF Comments Subject Southwest ComerofTamiami Trail E 10/2/2021 and Lake Park Blvd Naples 1 NW C of Tarriaai Trail E (US 41) and 8/31/2021 $1,550,000 The subject parcel is located at the entrance to NBC Storage Park at the NW C of Basik Dr Tarniami Trail East (US 41) and Basik Drive. It also has frontage along Recycling Way. The site is improved with a parking lot and is filled to approximately 8 feet. There is some curbing and lighting remaining on the site; however, it has not been occupied in Naples 140,001 $11.07 years and is largely overgrown and used for material storage. The subject parcel has use restrictions prohibiting outdoor rental storage, outdoor covered storage, and condominium or equivalent rmrlti-unit owner storage buildings or muhi-unit industrial buildings. Purchased by an investor with plans to potentially develop with quasi- industrlallcommercial uses. 2 14905 Tamiami Trail E 1/19/2021 $697,000 Treed parcel located at the northwest comer of Tamiami Trail E (US 41) and Greenway Rd. Property was purchased in March 2018 for $330,000 and was tuned AG. US 41 was widened to four -lanes in 2018. According to Rob Carroll, seller's agent, this was an off Naples 122,839 $5.67 market flip. 3 14601 Tamiami Trail E 5/7/2021 $2,476,000 Vacant, Largely cleared site located at the NEC of Tarmami Tmil E (US 41) and Joseph Lane. Front approaomately 5 acres is zoned C-2 (Commercial Convenience) with rear approximately 2.3 acres zoned MH (Mobile Home). Site was listed for $2,595,000. Buyer Naples 318,669 $7.77 will use for church. 4 SWC of Golden Cate Blvd E and 8/16/2021 $1,200,000 The subject is located at the signalized southwest comer of Golden Gate Blvd and Everglades Blvd S Everglades Blvd. The usable area excluding the ROW easements is 3.917 acres or 170,633 square feet. The site has no wetlands and is currently zoned Estates (E) which allows for low density residential and limited agricultural uses. The buyer is proposing 30,000 square feet ofconnrercial (C-3) space smilarto the existing PUD's to the north. Naples 238,000 $5.04 The site is located within the Estates Designation Neighborhood Center Subdistrict. The estimated cost to rezone the property including engineering and application fees as well as an allowance for profit, is approximately $200,000 or $1.17 per square foot of usable land area. 5 11270 block ofTamiami Trail East 7/31/2020 $925,000 Listed at$1,200,000. Buyer is an investor. Suitable for single tenant retail. Naples 90,000 $10.28 Page 52 LAKE PARK BOULEVARD PARCELS SALES COMPARISON APPROACH Comparables Map IPMO Bonita Springs Ave Maria Harker Orangetree North Naples 1P ai Vineyards Florida Golden Gage Panther _ National Wildlife... 1,i8 p les I_ely ire Picayune Strand Stale Forest SwEglu Comparables Map — Immediate Proximity Coale L Jemme Copeland Map data @2021 Gflog]e, I N EG I Map data @2021 Page 53 LAKE PARK BOULEVARD PARCELS SALES COMPARISON APPROACH Analysis Grid The above sales have been analyzed and compared with the subject property. I have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. Page 54 LAKE PARK BOULEVARD PARCELS SALES COMPARISON APPROACH Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Name Lake Park Boulevard DJP Land Trust 7-Eleven Venture Church of Golden Cate and 11270 block ofTamiami Parcels Naples Everglades Trail East Address Southwest Comer of NW C of Tanriarni Trail E 14905 Tamiami Trail E 14601 Tantiami Trail E SWC of Golden Gate 11270 block of Tamiami Tamiami Trail E and lake (US 41) and Basik Dr Blvd E and Everglades Trail East Park Blvd Blvd S City Naples Naples Naples Naples Naples Naples Date 10/2/2021 8/31/2021 1/19/2021 5/7/2021 9/16/2021 7/31/2020 Price $1,550,000 $697,000 $2,476,000 $1,200,000 $925,000 Iand SF 160,000 140,001 122,839 318,669 238,000 90,000 Land SF Unit Price $11.07 $5.67 $7.77 $5.04 $10.28 Transaction Adjustments Property Rights Fee Simple Fee Simple o.0% Fee Simple 0.0% Fee Simple 0.0% Fee Smple 0.0% Fee simple 0.0"/ Financing Conventional 0.0% Conventional 0.00/ Cash to seller 0.00/6 Conventional 0.0% Cash sale 0.0% Conditions of Sale Ands Length 0.00/6 Ands Length 50.001, Ands Length 0.00/6 Arms Length 0.00/6 Amts length 0.0"/6 Adjusted Land SF Unit Price $11.07 $8.51 $7.77 $5.04 $10.28 Market Trends Through 10/2/2021 5.0% 0.41/6 0.0% 2.00/6 0.6% 5.99/6 Adjusted Land SF Unit Price $11.12 $8.51 $7.93 $5.07 $10.88 Location Average Superior Superior Superior Superior Superior %Adjustment -10% -20% -to% -15% -101/6 $Adjustment 160,000 -$1.11 140,001 -$1.70 122,839 -$0.79 318,669 -$0.76 238,000 -$1.09 90,000 Land SF %Adjustment 0% 0% 5% 201/6 -10% $Adjustment The subject is densely S0.00 Level withnnprovements $0.00 Treed S0.40 Largely cleared $1.01 Densely vegetated -$1.09 Heavily Treed Topography vegetated. %Adjustment -10% 0% -5% o"/o o"/o $Adjustment Square -$1.11 RectangularMOL $0.00 Trapezoid -$0.40 RectangularMOL $0.00 Rectangular $0.00 Nearly square Shape Adjustment po/ 0% 0% oo/ oo/ $Adjustment 1 P / RFMUD-Neutml $0.00 G5 / RFMUD-Receiving $0.00 AG (rezoned to C-3) / Urban $0.00 G2 and MH / Urban $0.00 E (rezoning to CPUD) / $0.00 C-4 / Urban Coastal Zoning Residential Residential Neighborhood Centre Fringe %Adjustment -35% -25% -30% -15% -35% $Adjustment AE -$3.89 Zone AE 42.13 Zone AE -$2.38 Zone AE -S0.76 Zone AH 43.81 Zone AE Flood Zone %Adjustment oo/ po/ 0% oo/ Ip/ SAdjustmentl S0.00 $0.00 $0.00 $0.00 $0.00 Adjusted Land SF Unit Price $5.00 $4.68 $4.76 $4.57 $4.90 Net Adjustments -55.0% -45.0% -40.0% -10.0% -55.0"/ Gross Adjustments 55.0-1. 45.0% 50.0% 50.0% 55.001. Page 55 LAKE PARK BOULEVARD PARCELS SALES COMPARISON APPROACH Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm's length transactions. According to the seller's agent of Comparable 2, the sellers were aware of Publix planning a new store across the street; however, Publix had not broken ground yet and the market was significantly different when they put the property under contract approximately 30 months prior to closing. He estimated the current market value at approximately 1.5x the selling price. This comparable is adjusted upward accordingly. Economic Trends The following graph developed from Costar shows all commercial land sales, excluding outliers, less than ten acres, in Collier County. Trend Analysis S.- S^nm 53sm Saom • SISm Sls.r.........: ............. ,.....:....... •..........,............... Staoo • • • • • • • • SS,W • • • • Sew W.I.- 12I/.. 3fLOfm20 6f]8/w. 9-r- 114f2@1 4f14=21 ]f23M} 1W 1f2- The survey included 52 transactions. Prices per square foot ranged from $1.84 to $40.44 per square foot and averaged $15.79 per square foot with a median of $12.97 per square foot. The graph indicates an increasing trend in sales prices over the past two years. However, it is noted this is unadjusted raw data and does not relate directly to the subject. Page 56 LAKE PARK BOULEVARD PARCELS SALES COMPARISON APPROACH The analyses and value opinion in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Based on the previous analysis and considering the new development and increased demand for property in the eastern Collier County, we have applied a 5.0% annual adjustment. Location The following table summarizes the population growth and average household income within a three mile radius and the Costar commercial market areas statistics within a five mile radius. Locational Adjustment - Site to Do Business (3 Mile Radius) Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Address SWCofTaraianri TrailE NWC ofTaariami Trail E 14905 Tarniami 14601 Tatniarni SWCofGolden Crate Blvd Eand 11270 block ofTatniami and Lake Park Blvd (US 41) and Basik Dr Trail E Trail E Everglades Blvd S Trail East 2021 Population 5,434 8,567 14,330 14,330 11,190 42,539 2026 Population 7,685 11,548 17,823 17,823 12,147 46,644 % Change 41.42 % 34.80°% 24.38 % 24.38% 8.55 % 9.65 % Avg Household Income $120,564 $115,202 $99,378 $99,378 $89,871 $86,534 CoStar Commercial Analysis (5 mile radius) Total Commercial SF 626,447 1,442,469 1,465,060 1,465,060 139,946 4,723,987 Average Rental Rates $18.18 $21.38 $21.61 $21.61 $19.03 $19.01 Average Vacancy Rate 24.5% 14.0% 13.9% 13.9% 1.8% 8.2% Traffic Count 4,400 4,400 4,400 4,400 23,340 / 5,700 39,000 US 41 / Corner US 41 / Comer US 41 / Corner US 41 / Corner Golden Gate/Everglades US 41 / Corner Sienalized Comer Source: STDB Online and Department of Transportation The subject is located at the southwest corner of Tamiami Trail East (US 41) and Lake Park Boulevard just east of The Links of Naples, an 18-hole golf course that offers night golf, and west of the Royal Palm Golf Estates and Golf Club, a single-family golf course development. D.R. Horton is currently building new homes within the community with prices ranging from the low $500's to over $800,000. Finally, it is approximately one - mile east of the new 525-acre Taylor Morrison Esplanade by the Islands development planned for 1,250 single-family, twin villa, and coach homes. The subject and Comparables 1, 2, and 3 are all located along the Tamiami Trail E (US 41) corridor east of Collier Boulevard. Additionally, all are corner locations. Comparable 1 is located just west of the subject at the entrance to NBC Storage Park, out door storage, and The Hideout Elite Motor Storage, a vehicle storage condominium project. It is also located adjacent to the formerly known Naples Big Cypress Marketplace, an 86,0001 square foot building on approximately 14.95 acres that has reportedly received all approvals to be converted into a self -storage facility. Page 57 LAKE PARK BOULEVARD PARCELS SALES COMPARISON APPROACH Comparable 2 is located catty -corner from the new Publix anchored shopping center and the northeastern entrance to Fiddler's Creek, a master planned community. Comparable 3 is located at the northeast corner of Tamiami Trail East (US 41) and Joseph Lane. Comparables 2 and 3 are located in the area of Tamiami Trail East (US 41) that has been widened to four -lanes. The subject and Comparable 1 are located in an area that has two - lanes. However, Comparable 1 has designated deceleration turn -lanes onto Basik Drive for both easterly and westerly traffic. The subject does not have a designated turn -lane to Lake Park Boulevard. Comparables 1, 2 and 3 all have slightly larger surrounding population as population is more dense further west. The entire area is projected for significant increases in population over the next five years. Comparable 4 is located at the signalized intersection of Golden Gate Boulevard and Everglades Boulevard in Gold Gate Estates. It also has a slightly higher surrounding population base with a lower projected rate of increase as the surrounding area is zoned Estates, low density residential development. Additionally, there are no public utilities available and well and septic will be required. It has significantly higher traffic count exposure. Comparable 5 is located along Tamiami Trail E (US 41) west of Collier Boulevard. Is has a significantly higher surrounding population base and significantly higher traffic count exposure. All of the comparables are considered superior to the subject by various degrees and are adjusted downward accordingly. Size The following graph, developed from the data analyzed in the trend analysis, shows the inverse relationship between size and price per square foot. Page 58 LAKE PARK BOULEVARD PARCELS SALES COMPARISON APPROACH $45.00 $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Size Analysis 50,000 100,000 150,000 200,000 250,000 300,000 350,000-00,000 Based on the preceding analysis, Comparables 3 and 5 are adjusted for their larger and smaller sizes respectively. Comparable 4 included ROW easements for the recent widening of Golden Gate Boulevard. The usable area is 170,633 square feet. This comparable is adjusted upward to account for the significant right-of-way easement. Topography The subject is densely vegetated similar to comparables 2, 4 and 5. Additionally, the western approximately 2.01 acres is designated as wetland preserves. The majority of this area would need to be preserved under the Conservation and Coastal Management Element (CCME) requirements for Neutral Lands. This is accounted for under the zoning adjustment. Comparable 1 is improved with a parking lot and is filled to grade. There is some curbing and lighting remaining on the site; however, it has not been occupied in years and is largely overgrown and used for material storage. It is adjusted downward accordingly. Comparable 3 is largely cleared and is adjusted downward accordingly. Configuration All of the comparables are relatively similar in terms of configuration; therefore, no adjustments are required. Page 59 LAKE PARK BOULEVARD PARCELS SALES COMPARISON APPROACH Zoning As discussed, the subject will require a rezone to commercial prior to development similar to Comparables 2 and 4. Further, I consider the subject is located within the Rural Fringe Mixed Use District — Neutral Lands Future Land Use designation. According to the CCME Preservation and Native Vegetation Retention Standards, land area within the Neutral Lands designation shall have a minimum of 60% of the native vegetation present, not to exceed 45% of the total site area shall be preserved. Comparables 2 and 4 are located within the Urban Residential and Neighborhood Centre future land use designations which are more intensive than the Neutral Lands designation. Comparable 2 was zoned Agricultural (AG) and rezoned to Commercial (C- 3). The buyer's reported costs to rezone were approximately $300,000 or $2.44 per square foot. Comparable 4 is zoned Estates (E) and is in the process of being rezoned to Commercial (PUD). The buyer's reported costs to rezone were approximately $200,000 or $0.84 per square foot of gross land area and $1.17 per square foot of usable land area. Comparables 2 and 4 are adjusted downward for their superior future land use designations accordingly. Comparable 1 was zoned Heavy Commercial District (C-5) with use restrictions prohibiting outdoor rental storage, outdoor covered storage, and condominium or equivalent multi -unit owner storage buildings or multi -unit industrial buildings. Comparable 1 is located within the Receiving Future Land Use designation which only requires a maximum of 25% of the total site area to be preserved. Overall it is considered superior to the subject and adjusted downward accordingly. Comparable 3 was zoned C-2, a less intensive commercial zoning, and Mobile Home (MH). It is also located within the superior Urban Residential future land use designation. Comparable 5 was zoned C-4, a more intensive commercial zoning. It is also located within the superior Urban Coastal Fringe future land use designation. Both are considered superior to the subject to various degrees and are adjusted downward accordingly. Flood Zone The subject and all of the comparables are located within Flood Zone AE; therefore, no adjustments are required. Page 60 LAKE PARK BOULEVARD PARCELS SALES COMPARISON APPROACH Sales Comparison Approach Conclusion All of the value indications have been considered. I place greatest weight on Comparables 1, 2, and 3 which are located along the Tamiami Trail E (US 41) corridor, east of Collier Boulevard. I also consider the subject's Neutral Lands designation which requires preservation of a minimum of 60% of the native vegetation present, not to exceed 45% of the total size area. Therefore, I conclude toward the low end of the range in arriving at my final reconciled per square foot value of $4.60. Land Value Ranges & Reconciled Values Number of Comparables: 5 Unadjusted Adjusted % A Low: $5.04 $4.57 -9.43% High: $11.07 $5.00 -54.81% Average: $7.97 $4.78 -39.99% Reconciled Value/Unit Value: $4.60 Subject Size: 160,000 Indicated Value: $736,000 Reconciled Final Value: $740,000 Page 61 LAKE PARK BOULEVARD PARCELS RECONCILIATION RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, I have reconciled to the following value conclusion(s), as of October 2, 2021, subject to the Limiting Conditions and Assumptions of this appraisal. VALUE CONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple October 2, 2021 $740,000 Significant Factor The world, including the United States, is in the midst of a health crisis since early 2020 due to the rise of COVID 19. The global outbreak was officially declared a pandemic by the World Health Organization (WHO). The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 12 months. Page 62 LAKE PARK BOULEVARD PARCELS CERTIFICATION CERTIFICATION I certify that, to the best of my knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. Rachel M. Zucchi, MAI, CCIM has made an inspection of the subject property. 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. Page 63 LAKE PARK BOULEVARD PARCELS 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. Rachel M. Zucchi, MAI, CCIM has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 16. As of the date of this report, Rachel M. Zucchi, MAI, CCIM has completed the continuing education program for Designated Members of the Appraisal Institute. Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 Page 64 LAKE PARK BOULEVARD PARCELS ASSUMPTIONS AND LIMITING CONDITIONS ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be Page 65 LAKE PARK BOULEVARD PARCELS ASSUMPTIONS AND LIMITING CONDITIONS scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. Page 66 LAKE PARK BOULEVARD PARCELS ASSUMPTIONS AND LIMITING CONDITIONS 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner's financial ability with the cost to cure the non -conforming physical characteristics of a property, we cannot comment on compliance to ADA. Given that compliance can change with each owner's financial ability to cure non -accessibility, the value of the subject does not consider possible non-compliance. A specific study of both the owner's financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. Page 67 LAKE PARK BOULEVARD PARCELS ASSUMPTIONS AND LIMITING CONDITIONS 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client's use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Page 68 LAKE PARK BOULEVARD PARCELS ADDENDA - APPRAISER QUALIFICATIONS ADDENDA *Rn LAKE PARK BOULEVARD PARCELS ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS *Rn LAKE PARK BOULEVARD PARCELS ADDENDUM A - APPRAISER QUALIFICATIONS �I'PRAISAL AND CONSULTING RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner (Retired) rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. ACHI L M. ZUCCHI, MAI. CCIM 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 C. LOWRY, MAI, CPA Phone: 239-596-0800 0UIS C. BOSBITT, MAI www.rklac.com LAKE PARK BOULEVARD PARCELS ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 — Present) President of D&R Realty Group, Inc. Naples, FL (2009 — Present) Senior Real Estate Analyst, Integra Realty Resources — Southwest Florida Naples, FL (2003 — 2009) Research Associate, Integra Realty Resources — Southwest Florida Naples, FL (2002-2003) PROFESSIONAL Member: Appraisal Institute — MAI Certificate Number 451177 ACTIVITIES: President: Appraisal Institute Florida Gulf Coast Chapter (2020) Vice President: Appraisal Institute Florida Gulf Coast Chapter (2019) Secretary / Treasurer: Appraisal Institute Florida Gulf Coast Chapter (2017 / 2018) Region X Representative: Appraisal Institute Florida Gulf Coast Chapter (2017 - 2020) Board of Directors: Appraisal Institute Florida Gulf Coast Chapter (2015 & 2016) LDAC Attendee: Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016, 2017, 2018) Member: CCIM Institute - CCIM Designation Pin Number 21042 Member: Naples Area Board of REALTORS Licensed: Florida State Certified General Real Estate Appraiser License No. RZ 2984 Licensed: Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and Lee County EDUCATION: Bachelor of Arts Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Honor Society, Key Club, Phi Eta Sigma Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution, multi -family and single family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain, bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. *Rn LAKE PARK BOULEVARD PARCELS ADDENDUM A - APPRAISER QUALIFICATIONS Ron DeSantis, Governor db'pr � STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION Julie I. Brown, Secretary FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475, FLORIDA STATUTES :F ' ZUCCHI, RACHEL M 4500 EXECUTIVE DRIVE SUITE 230.,�" BLs NAPLES FL 34119 # t4" E NUMBER: RZ2984 EXPIRATION DATE: NOVEMBER30,2022 Always verify licenses online at MyFloridaUcense.com Do not alter this document in any form. This is your license. It is unlawful for anyone other than the licensee to use this document. Rn* LAKE PARK BOULEVARD PARCELS ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION *Rn Collier County Property Appraiser Property Summary Site Site Zone Parcel No 00766280009 Address Site City NAPLES *Note 34114 *Disclaimer Map No. Strap No. Section Township Range Acres *Estimated 6C20 000100 053 6C20 20 51 27 0.92 20 51 27 COMM N1/4 CNR SECT 20, S 615.43FT TO SW R/W US 41, N 53 DEG W Legal 551.32FT TO POB, N 53 DEG W 200FT, S 36 DEG W 200FT, S 53 DEG E 200FT, N 36 DEG E 200FT TO POB OR 1902 PG 121 Milla a Area & 223 Milla a Rates 9 *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 0 86 - COUNTIES INCLUDING NOW 4.889 6.5335 11.4225 MUNICIPAL GOV. Latest Sales History (Not all Sales are listed due to Confidentialitv) Date Book -Page Amount 04/04/08 4346-968 $ 635,000 09/09/05 3886-3218 $ 44,300 06/24/05 3829-2201 $ 42,500 12/30/98 2496-1320 $ 0 01/01/94 1902-121 $ 0 08/01 /78 765-1188 1 $ 0 02/01/74 580-908 1 $ 0 2021 Preliminary Tax Roll (Subiect to Change) Land Value $ 80,000 +� Improved Value $ 0 (_) Market Value $ 80,000 (_) (_) (_) Assessed Value School Taxable Value Taxable Value $ 80,000 $ 0 $ 0 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site Site Zone Parcel No 00766280009 Address Site City NAPLES *Note 34114 *Disclaimer Name / Address I GREATER NAPLES FIRE RESCUE DISTRICT 114575 COLLIER BLVD NAPLES State I FL Permits (Provided for reference purposes only. *Full Disclaimer. ) Yr Issuer I Permit # I CO Date I Tmp CO I Final Bldg Type Land k# Calc Code Units —14 COMMERCIAL SF 40000 Building/Extra Features # Bur Description Area Area Collier County Property Appraiser Property Summary Site 12901 Site Zone Parcel No 00766320008 Address LAKE PARK Site City NAPLES *Note 34114 *Disclaimer JBLVD Name / Address GREATER NAPLES FIRE RESCUE DISTRICT 14575 COLLIER BLVD City NAPLES State I FL I Zip 34119-5020 Map No. Strap No. Section Township Range Acres *Estimated 6C20 000100 054 6C20 20 51 27 0.91 20 51 27 COMM N1/4 CNR SECT 20, S 615.43FT TO SW R/W US 41, N 53 DEG W Legal 751.32FT, S 36 DEG W 20OFT TO POB, S 36FT, W 200FT, S 53 DEG E 200FT, N 36 DEG E 200FT, N 53 DEG W 20OFT TO POB OR 581 PG 930 Milla a Areas 223 Milla a Rates p *Calculations Sub./Condo 100 - ACREAGE HEADER School Other Total Use Code 0 86 - COUNTIES INCLUDING NOW 4.889 6.5335 11.4225 iMUNICIPAL GOV. Latest Sales History (Net all Sales are listed due to Cnnfidentiality) Date Book -Page Amount 04/04/08 4346-968 $ 635,000 09/13/05 3888-2801 $ 100,000 03/04/74 581-930 $ 0 2021 Preliminary Tax Roll (Subiect to Chanae) +) Land Value Improved Value $ 79,279 $ 0 (_) Market Value $ 79,279 (_) Assessed Value $ 79,279 (_) School Taxable Value $ 0 (_) Taxable Value $ 0 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site 12901 Site Zone Parcel No 00766320008 Address LAKE PARK Site City NAPLES *Note 34114 *Disclaimer JBLVD Name / Address GREATER NAPLES FIRE RESCUE DISTRICT 14575 COLLIER BLVD City NAPLES State I FL Zip 34119-5020 Permits (Provided for reference purposes onl . *Full Disclaimer.-) Tax Yr Issuer Permit # CO Date Tmp CO Final Bldg Type 2006 COUNTY 0511-0958 11/16/05 1 DEMOLITION Land Calc Code Units 1110 COMMERCIAL SF 39639.6 Building/Extra Features # Year Description Area Built Adj Area Collier County Property Appraiser Property Summary Site Site Zone Parcel No 00770080208 Address Site City NAPLES *Note 34114 *Disclaimer Name / Address I GREATER NAPLES FIRE RESCUE DISTRICT 14575 COLLIER BLVD Citv I NAPLES I State I FL I Zia 134119-5020 Map No. Strap No. Section Township Range Acres *Estimated 6C20 000100 152 6C20 20 51 27 0.92 120 51 27 UNRECORDED PARCEL 2 DESC AS: COMM AT 1/4 CNR SEC 17 & 20, S Legal 615.43 FT,,N 5,3 DEG 40' 50" W 851.32 FT, TO POB, S 36 DEG 19' 1,0"W 400 FT, S 53 DEG 40 50 E 100 FT, N 36 DEG 19 10 E 400 FT, N 53 DEG 40 50 W 100 FT PTO POB OR 1525 PG 1812 Milla a Area 9 223 Sub./Condo 100 - ACREAGE HEADER Use Code 0 86 - COUNTIES INCLUDING NON - MUNICIPAL GOV. Latest Sales History (Not all Sales are listed due to Confidentialitvl Date Book -Page Amount 04/04/08 4346-968 $ 635,000 09/01/05 3880-3329 $ 225,000 05/04/90 1 1525-1812 1 $ 0 11/01/88 1 1391-605 1 $ 0 Milla a Rates a *Calculations School Other Total 4.889 6.5335 11.4225 2021 Preliminary Tax Roll (Subiect to Chanae) Land Value $ 80,000 +� Improved Value $ 0 (_) Market Value $ 80,000 (_) (_) (_) Assessed Value School Taxable Value Taxable Value $ 80,000 $ 0 $ 0 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site Site Zone Parcel No 00770080208 Address Site City NAPLES *Note 34114 *Disclaimer Name / Address I GREATER NAPLES FIRE RESCUE DISTRICT 114575 COLLIER BLVD NAPLES State I FL Permits (Provided for reference purposes only. *Full Disclaimer. ) Yr Issuer I Permit # I CO Date I Tmp CO I Final Bldg Type Land k# Calc Code Units —14 COMMERCIAL SF 40000 Building/Extra Features # Bur Description Area Area Collier County Property Appraiser Property Summary Site Site Zone Parcel No 00764000003 Address Site City NAPLES *Note 34114 *Disclaimer Map No. Strap No. Section Township Range Acres *Estimated 6C20 000100 002 6C20 20 51 27 0.91 120 51 27 UNRECORDED PARCEL 1 DESC AS: COMM AT 1/4 CNR SEC 17 & 20, S Legal 615.43 FT,,N 5,3 DEG 40' 50" W 851.32 FT TO POB, S 36 DEG 19' 10 W 400 FT, N 53 DEG 40 50 W 100 FT, N 36 DEG 19 10 W 400 FT, N 53 DEG 40 50 W 100 AFT TO POB OR 1525 PG 1812 Milla a Area 9 223 Sub./Condo 100 - ACREAGE HEADER Use Code 0 86 - COUNTIES INCLUDING NON - MUNICIPAL GOV. Latest Sales History (Not all Sales are listed due to Confidentialitvl Date Book -Page Amount 04/04/08 4346-968 $ 635,000 09/01/05 3880-3329 $ 225,000 05/04/90 1525-1812 $ 0 11/01/88 1391-606 $ 0 03/01/86 1185-1938 $ 45,000 02/01/84 1067-1395 $ 0 Milla a Rates a *Calculations School Other Total 4.889 6.5335 11.4225 2021 Preliminary Tax Roll (Subiect to Chanae) Land Value $ 79,279 +� Improved Value $ 0 (_) Market Value $ 79,279 (_) (_) (_) Assessed Value School Taxable Value Taxable Value $ 79,279 $ 0 $ 0 If all Values shown above equal 0 this parcel was created after the Final Tax Roll Collier County Property Appraiser Property Detail Site Site Zone Parcel No 00764000003 Address Site City NAPLES *Note 34114 *Disclaimer Name / Address I GREATER NAPLES FIRE RESCUE DISTRICT 114575 COLLIER BLVD NAPLES State I FL Permits (Provided for reference purposes only. *Full Disclaimer. ) Yr Issuer I Permit # I CO Date I Tmp CO I Final Bldg Type Land k# Calc Code Units —14 COMMERCIAL SF 39639.6 Building/Extra Features # Bur Description Area Area This Does eat Prepared By aad Retara To: Without Examination or Opinion of Title James A. Pilon, Esq. James A. Pilon, P.A. 1000 Tamiami Trail North, Suite 201 Naples, FL 34102 Parcel to Narabw.. Grantee # I TIN' Grantee 42 TIN. Warranty Deed 4148419 OR: 4346 PG: 0968 RBCORDBD in OFFICIAL RBCORDS of COMIR C08Nfl, n 04/04/2008 at 01:21PN DNIGHT B. BROCI, CLIRI CONS 635000.00 RBC FIB 18.50 DOC-.70 4445.00 Retn: HOLLY 8 CHIRNOFF 2335 TANIANI TRL N 1409 NAPLBS FL 34103 4459 This Indenture, Made this day of , 2008 AD . Between East Trail Properties, Inc., a Florida corporation of the County of , State of Florida , grantor, and East Naples Fire Control and Rescue District who. address is 4798 Davis Blvd. , Naples, FL 34104 of the County of Collier , state of Florida , grantee. WItnesseth that the GRANTOR, far and el considamon of the sum of ------------------------TEN DOLLARS ($10)----------------------- DOLLARS, and other good,, and valuable consideration to GRANTOR in hand paid by GRANTEE, the receipt whereof is hereby acknowledged, has granted, bwgwned �nd sold to the said GRANTEE and GRANTEE'S heirs, successors and assigns forever, the following described lard, situate, lying and inn[y of Collier State of Florida to wit- See AttAbhe&.Exhibit "A" Subject toe ts, restrictions, reservations of record common to the subdiv" on and taxes for the current year and subsequent years. and the grantor does hereby fully warrant the title to said land, endf%-deferd.,t In Witness Whereof, the » hasherewao set its hard and day a Siand delivered in our presence: East Tr Flo r ' Printed Name: By. qhn KI Wi e s �.�- Address. / Printed N . u ,t W},.,L if Le'-- � Witness same against lawful claims of all persons whomsoever. ear first above written. Ll Properties, Inc., a sident ive, Bonita Springs, FL 34134 STATE OF Florida COUNTY OF r.0................. Rjj reyoin� .... nent was acknowledged before me this day .un. n... FREDGR1M/Bple�ry, lires�dent of East Trail Properties, nc. , a F1 c �b0half of the corporation he is ly known to men he ias produced his ,, ` r t `1a Llj CEO;)1/14/2012 `j-e 1 �� T - Florida Notary Am.. Inc - r:............................................: PYfted Name: Notary Public My Commission Expires: 3589@39P WrrG—wd t,CU,pley S-9 Ire., 2008 (863)7635i55 Fm FIM[>t �f (Corporate Seal) 2008 by as i ntificat.00 vs M s. Ns *** OR: 4346 PG: 0969 *** EXHIBIT "A" Parcel 1: Beginning at the 1/4 corner Section 17 and 20, South 0'01'20" West 615.43 feet to a concrete marker on the South Right -of -Way line of U.S. Highway 41; thence North 53°40'50" West 851.32 feet to an iron pin being the POINT OF BEGINNING; thence South 36" 19'1 0"West 400.0 feet to an iron pin; thence North 53°40'50" West 100.0 feet to an iron pin; thence North 36° 19' 10" East 400.0 feet to an iron pin; ter�eouth 53°40'50" East 100.0 feet to an iron pin, bed tjie POINT OF BEGINNING, all in Section 20, Township 51 South, Range 27 East, Collier County, Florida. Parcel ID70080208 Parcel 2: Beginning at the /4 corner Section 17 and 20, South 0'01'20" West 615.43 feet to a concrete marker o�heSouth Right -of -Way line of U.S. Highway 41; thence North 53°40'50" West,$5M.32 feet to an iron pin being the POINT OF BEGINNING; thence South 36'19'10"West 460.0 feet to an iron pin; thence South 53°40'50" 1t; f001q feet to an iron pin; thence North 3699' 10" East 0 0 'feet to an iron pin; thence North 53°40'50" Wes' yet to an iron pin, being the POINT OF BEGINN G ,l in Section 20, Township 51 South, Range 27 East, Collier County, Florida."" Parcel ID: 00764000003 Parcel 3: Begin at the North 1/4 corner of Section 20. T; ship 51 South, Range 27 East, and run South 0° 01' 20" West 615.43 feet to a conete,monument on the Southwestern boundary of the Tamiami Trail; thence4N rth 530 40' 50" West 551.32 feet to the POINT OF BEGINNING; thence-vo'tmu North 530 40' 50" West 200 feet to a point; Thence South 360 19' 10" West feet to a point; thence South 53' 40' 50" East 200 feet to a point; theric or, 6° 10' 10" East 200 feet to the point of beginning. Parcel ID: 00766280009 Parcel 4: Begin at the North 1/4 corner of Section 20, Township 51 South, Range 27 East, and run South 0° 01' 20" West 615.43 feet to a concrete monument on the South Western boundary of the Tamiami Trail; thence North 53' 40' 50" West 751.32 feet to a point; thence South 36' 19' 10" West 200 feet to a POINT OF BEGINNING; thence continue South 36' 19' 10" West 200 feet to a point; thence South 53' 40' 50" East 200 feet to a point; thence North 36' 19' 10" East 200 feet to a point; thence North 53' 40' 50" West 200 feet to the POINT OF BEGINNING. Parcel ID: 00766320008 LAKE PARK BOULEVARD PARCELS ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA *Rn Property Identification Record ID Property Type Property Name Address Location Tax ID Latitude Longitude MSA Market Type Sale Data Grantor Grantee Sale Date Deed Book/Page Property Rights Marketing Time Conditions of Sale Financing Land Sale No. 1 1198 Commercial, Commercial site DJP Land Trust NWC of Tamiami Trail E (US 41) and Basik Dr, Naples, Collier County, Florida 34114 NWC of Tamiami Trail E (US 41) and Basik Dr 00763880402 26.026172 -81.639875 Royal Fakapalm Rural Heritage Property Holdings, LLC Davis S. Ged, Esq. Trustee of DJP Land Trust Agreement August 31, 2021 6011/371 Fee Simple 4-5 months Arm's Length Conventional Land Sale No. 1 (Cont.) Sale History None in previous 3 years Verification David S. Ged, Esq.; 239-514-5048, July 22, 2021; Patty McClimans; SVN Lotus, 239-293-4285, July 13, 2021; Other sources: Listing Brochure; Appraisal, Confirmed by Rachel Zucchi Sale Price $1,550,000 Cash Equivalent $1,550,000 Land Data Zoning C-5, Commercial Topography Level with improvements Utilities All Public Shape Rectangular MOL Flood Info Zone AE Depth 530 Land Size Information Gross Land Size 3.214 Acres or 140,001 SF Front Footage 1,312 ft Total Frontage: 266 ft Tamiami Trail East (US 41) with deceleration lane; 610 ft Basik Dr; 436 ft Recycling Way; Indicators Sale Price/Gross Acre $482,267 Sale Price/Gross SF $11.07 Sale Price/Front Foot $1,181 Remarks The subject parcel is located at the entrance to NBC Storage Park and is within the Naples Big Cypress Land Condominium, at the NWC of Tamiami Trail East (US 41) and Basik Drive. It also has frontage along Recycling Way. The site is improved with a parking lot and is filled to approximately 8 feet. There is a lift station and outfall structures as well as a pump station for irrigation. There is some curbing and lighting remaining on the site; however, it has not been occupied in years and is largely overgrown and used for material storage. The subject parcel has use restrictions prohibiting outdoor rental storage, outdoor covered storage, and condominium or equivalent multi -unit owner storage buildings or multi -unit industrial buildings. Purchased by an investor with plans to potentially develop with quasi-industrial/commercial uses. The site was listed for $2.5 million. Land Sale No. 2 Property Identification Record ID 1169 Property Type Commercial, Commercial site Property Name 7-Eleven Address 14905 Tamiami Trail E, Naples, Collier County, Florida 34114 Location NWC US 41 and Greenway Road Tax ID 00737560004 Latitude 260 2'8.05"N Longitude 81 °39' 17.63 "W MSA South Naples Market Type Suburban Sale Data Grantor TBC Greenway, LLC Grantee 38985 Greenway, LLC Sale Date January 19, 2021 Deed Book/Page 5880/1422 Property Rights Fee Simple Marketing Time 16 months Conditions of Sale Arm's Length Financing Conventional Sale History 3/2018: $330,000 Verification Rob Carroll, MAI, CCIM; IPC; 239-261-3400, July 07, 2021; Other sources: Listing Brochure, Confirmed by Rachel Zucchi Land Sale No. 2 (Cont.) Sale Price $697,000 Cash Equivalent $697,000 Land Data Zoning AG (rezoned to C-3), Commercial Topography Treed Utilities All Public Shape Trapezoid Flood Info Zone AE Depth 490 Land Size Information Gross Land Size 2.820 Acres or 122,839 SF Front Footage 450 ft Total Frontage: 450 ft Tamiami Trail E; Indicators Sale Price/Gross Acre $247,163 Sale Price/Gross SF $5.67 Sale Price/Front Foot $1,549 Remarks Treed parcel located at the northwest corner of Tamiami Trail E (US 41) and Greenway Rd. Property was purchased in March 2018 for $330,000 and was zoned AG. US 41 was widened to four -lanes in 2018. According to Rob Carroll, seller's agent, this was an off market flip. The sellers were aware of Publix planning a new store across the street; however, Publix hadn't broken ground yet and the market was significantly different when they put the property under contract approximately 30 months prior to closing. He estimated the current market value at approximately 1.5x the selling price. The buyers spent approximately $300,000 in rezoning costs to rezone the property to C-3. A 7-Eleven is under construction and is listed for sale at $9,560,494 based on a 4.25% cap rate. Land Sale No. 3 aw Property Identification Record ID 1170 Property Type Commercial, Commercial site Property Name Venture Church of Naples Address 14601 Tamiami Trail E, Naples, Collier County, Florida 34114 Location NEC US 41 and Joseph Lane Tax ID 00738160005 Latitude 260 2'20.26"N Longitude 81039'35.92"W MSA South Naples Market Type Suburban Sale Data Grantor 14601 East Trail, LLC Grantee Venture Church Naples, Inc Sale Date May 07, 2021 Deed Book/Page 5941/3822 Property Rights Fee Simple Marketing Time 9 Months Conditions of Sale Arm's Length Financing Cash to seller Sale History None in previous 3 years Verification David Stevens, CCIM; IPC; 239-777-1042, July 12, 2021; Other sources: Listing Brochure, Confirmed by Rachel Zucchi Land Sale No. 3 (Cont.) Sale Price $2,476,000 Cash Equivalent $2,476,000 Land Data Zoning C-2 and MH, Commercial and Residential Topography Largely cleared Utilities All Public Dimensions 810' x 465' Shape Rectangular MOL Flood Info Zone AE Land Size Information Gross Land Size 7.316 Acres or 318,669 SF Front Footage 1,275 ft Total Frontage: 810 ft Tamiami Trail E (US 41); 465 ft Joseph Lane; Indicators Sale Price/Gross Acre $338,453 Sale Price/Gross SF $7.77 Sale Price/Front Foot $1,942 Remarks Vacant, largely cleared site located at the NEC of Tamiami Trail E (US 41) and Joseph Lane. Front approximately 5 acres is zoned C-2 (Commercial Convenience) with rear approximately 2.3 acres zoned MH (Mobile Home). Site was listed for $2,595,000. Buyer will use for church. Land Sale No. 4 r r a Property Identification Record ID 1197 Property Type Commercial, Acreage Property Name Golden Gate and Everglades Address SWC of Golden Gate Blvd E and Everglades Blvd S, Naples, Collier County, Florida 34117 Location Signalized SWC of Golden Gate Blvd E and Everglades Blvd S Tax ID 40930720009 Latitude 26.229749 Longitude -81.545029 MSA Rural Estates Market Type Rural Sale Data Grantor William A. Vines Grantee Ariva FL Ventures, LLC Sale Date August 16, 2021 Deed Book/Page 6000/2406 Property Rights Fee Simple Marketing Time 7 years Conditions of Sale Arm's Length Financing Conventional Sale History None in previous 3 years Land Sale No. 4 (Cont.) Verification Aidin Khaledi; Buyer; 954-292-0808, July 16, 2021; Other sources: Appraisal, Confirmed by Rachel Zucchi Sale Price $1,200,000 Cash Equivalent $1,200,000 Land Data Zoning E, Estates Topography Densely vegetated Utilities None; well and septic to be installed Dimensions 350' x 680' Shape Rectangular Flood Info Zone AH Depth 680 Land Size Information Gross Land Size 5.464 Acres or 238,000 SF Useable Land Size 3.917 Acres or 170,633 SF, 71.69% Easement Land Size 1.547 Acres or 67,367 SF , 28.31% Planned Units 30,000 Front Footage 1,030 ft Total Frontage: 350 ft Golden Gate Blvd E; 680 ft Everglades Boulevard South; Indicators Sale Price/Gross Acre $219,630 Sale Price/Gross SF $5.04 Sale Price/Useable Acre $306,342 Sale Price/Useable SF $7.03 Sale Price/Planned Unit $40 Sale Price/Front Foot $1,165 Remarks The subject is located at the signalized southwest corner of Golden Gate Boulevard East and Everglades Boulevard South in Golden Gate Estates an unincorporated area of Collier County. According to the survey and plat there is a 50' road easement along the northern and eastern borders of the site. Additionally, according to the Stipulated Final Judgement (OR 5498, PG 1391) an additional 18,367 SF RDUE easement located south of the 50' easement along Golden Gate Blvd was taken for the recent widening. The subject has level topography below grade and no known areas of wetlands. An Informal Wetland Determination prepared by Tropical Environmental Consultants, LLC dated March 30, 2021 identifies 0.0 acres of wetlands. The NW and NE corners were approved for a rezone to a CPUD. The buyer is proposing 30,000 square feet of commercial (C-3) space similar to the existing PUD's to the north. The site is located within the Estates Designation Neighborhood Center Subdistrict. The estimated cost to rezone the property including engineering and application fees as well as an allowance for profit, is approximately $200,000 or $1.17 per square foot of usable land area. The site was listed since approx. Dec. 2014 and reduced multiple times. The most recent price reduction was in Nov. 2019 to $1.2 million. Land Sale No. 5 F Property Identification -1� Record ID 1087 Property Type Commercial, Commercial site Property Name 11270 block of Tamiami Trail East Address 11270 block of Tamiami Trail East, Naples, Collier County, Florida 34113 Location Northwest corner of Tamiami Trail (US 41) and Cypress Lane Tax ID 60783080002 & 60783040000 Latitude 260 5791 "N Longitude 81 °43'45.01 "W MSA Naples Market Type Suburban Sale Data Grantor Carole Construction of Naples, Inc. Grantee Tamiami Cypress, LLC Sale Date July 31, 2020 Deed Book/Page Instr. 5901732 Property Rights Fee simple Conditions of Sale Arm's length Financing Cash sale Sale History None in last 5 years Verification Mike O'Mara w/ Landgwest Commercial; (239) 285-0866, October 21, 2020; Other sources: CoStar, marketing brochure and public records, Confirmed by KC Lowry Sale Price $925,000 Land Sale No. 5 (Cont.) Cash Equivalent $925,000 Land Data Zoning General Commercial District, C-4 , Commercial Topography Heavily treed Utilities All public Dimensions 300' x 211' x 126' x 225' x 300' Shape Nearly square Landscaping Heavily treed Flood Info Zone AE per FIRM 12021C 0603H Depth 300 Land Size Information Gross Land Size 2.066 Acres or 90,000 SF Front Footage 900 ft Total Frontage: 300 ft Tamiami Trail; 300 ft Cypress Lane; 300 ft Tamiami Court; Indicators Sale Price/Gross Acre $447,699 Sale Price/Gross SF $10.28 Sale Price/Front Foot $1,028 Remarks Listed at $1,200,000. Buyer is an investor. Suitable for single tenant retail.